Technology

Harmonic Announces Third Quarter 2024 Results

Published

3 hours ago

October 28, 2024

Record revenue with Broadband revenue up 92% year over year

Video returned to profitability with greater than 10% Adjusted EBITDA margin

SAN JOSE, Calif., Oct. 28, 2024 /PRNewswire/ — Harmonic Inc. (NASDAQ: HLIT) today announced its unaudited results for the third quarter of 2024.

“Our third quarter results demonstrated strong execution as we achieved record total company revenue and Adjusted EBITDA, with both broadband and video revenue exceeding expectations,” said Nimrod Ben-Natan, president and chief executive officer of Harmonic. “This strong quarterly performance coupled with our market leading technology solutions leaves us well-positioned for further future growth.”

Q3 Financial and Business Highlights

Financial

Revenue: $195.8 million, up 54% compared to $127.2 million in the prior year periodBroadband segment revenue: $145.3 million, compared to $75.8 million in the prior year periodVideo segment revenue: $50.4 million, compared to $51.4 million in the prior year periodGross margin: GAAP 53.5% and non-GAAP 53.7%, both higher compared to GAAP 48.5% and non-GAAP 49.5% in the prior year periodBroadband segment non-GAAP gross margin: 48.3% compared to 44.5% in the prior year periodVideo segment non-GAAP gross margin: 69.0% compared to 56.9% in the prior year periodOperating income (loss): GAAP income $35.4 million and non-GAAP income $44.5 million, compared to GAAP loss $8.6 million and non-GAAP income $0.1 million in the prior year periodNet income (loss): GAAP net income $21.7 million and non-GAAP net income of $29.9 million, compared to GAAP net loss $6.5 million and non-GAAP net income $0.0 million in the prior year periodNon-GAAP adjusted EBITDA: $43.4 million income compared to $3.5 million income in the prior year periodNet income (loss) per share: GAAP net income per share of $0.19 and non-GAAP net income per share of $0.26, compared to GAAP net loss per share of $0.06 and non-GAAP net income per share of $0.00 in the prior year periodBacklog and deferred revenue of $584.7 millionCash: $58.2 million, compared to $75.6 million in the prior year period

Business

Commercially deployed our cOSTM solution with 121 customers, serving 32.0 million cable modemsComcast and Harmonic demonstrated the industry’s first Unified DOCSIS 4.0 and fiber solution at SCTE TechExpo24, with Unified DOCSIS 4.0 technology now available for all MSOsIncreased Broadband customer diversification with 7 new customer wins, including Bluepeak Fiber and Tribal Ready selecting Harmonic’s cOS broadband platformFurther progress on Video sales pipeline of larger Appliance and Tier 1 SaaS opportunities

Select Financial Information

GAAP

Non-GAAP

Key Financial Results

Q3 2024

Q2 2024

Q3 2023

Q3 2024

Q2 2024

Q3 2023

(Unaudited, in millions, except per share data)

Net revenue

$ 195.8

$ 138.7

$ 127.2

Net income (loss)

$ 21.7

$ (12.5)

$ (6.5)

$ 29.9

$ 9.3

$ —

Net income (loss) per share

$ 0.19

$ (0.11)

$ (0.06)

$ 0.26

$ 0.08

$ 0.00

Other Financial Information

Q3 2024

Q2 2024

Q3 2023

(Unaudited, in millions)

Adjusted EBITDA for the quarter (1)

$ 43.4

$ 16.1

$ 3.5

Bookings for the quarter

$ 171.4

$ 72.4

$ 96.3

Backlog and deferred revenue as of quarter end

$ 584.7

$ 613.1

$ 627.2

Cash and cash equivalents as of quarter end

$ 58.2

$ 45.9

$ 75.6

(1) Adjusted EBITDA is a Non-GAAP financial measure. Refer to “Preliminary Net Income (loss) to Consolidated Segment Adjusted EBITDA Reconciliation” below for a reconciliation to net income (loss), the most comparable GAAP measure.

* Not applicable

Explanations regarding our use of non-GAAP financial measures and related definitions, and reconciliations of our GAAP and Non-GAAP measures, are provided in the sections below entitled “Use of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliations”.

Financial Guidance

Q4 2024 GAAP Financial Guidance

(Unaudited, in millions, except
percentages and per share data)

Low

High

Broadband

Video

Total GAAP

Broadband

Video

Total GAAP

Net revenue

$ 160

$ 45

$ 205

$ 170

$ 50

$ 220

Gross margin %

55.4 %

56.7 %

Gross profit

$ 114

$ 125

Tax rate

26 %

Net income

$ 30

$ 36

Net income per share

$ 0.26

$ 0.31

Shares (1)

117.8

(1) Diluted shares assumes stock price at $13.34 (Q3 2024 average price).

2024 GAAP Financial Guidance

(Unaudited, in millions, except
percentages and per share data)

Low

High

Broadband

Video

Total GAAP

Broadband

Video

Total GAAP

Net revenue (1)

$ 477

$ 184

$ 662

$ 487

$ 189

$ 677

Gross margin %

53.6 %

54.0 %

Gross profit

$ 354

$ 366

Tax rate

26 %

Net income

$ 31

$ 37

Net income per share

$ 0.27

$ 0.32

Shares (2)

117.5

(1) Components may not sum to total due to rounding.

(2) Diluted shares assumes stock price at $13.34 (Q3 2024 average price).

Q4 2024 Non-GAAP Financial Guidance (1)

(Unaudited, in millions, except
percentages and per share data)

Low

High

Broadband

Video

Total

Broadband

Video

Total

Gross margin %

53.0 %

64.0 %

55.4 %

54.0 %

66.0 %

56.7 %

Gross profit

$ 85

$ 29

$ 114

$ 92

$ 33

$ 125

Adjusted EBITDA(2)

$ 54

$ 2

$ 55

$ 59

$ 5

$ 64

Tax rate

21 %

Net income per share

$ 0.33

$ 0.39

Shares (3)

117.8

(1) Refer to “Use of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliations on Financial Guidance” below. Components may not sum to total due to rounding.

(2) Refer to “Net Income to Consolidated Adjusted EBITDA Reconciliation on Financial Guidance” below for a reconciliation to net income, the most comparable GAAP measure.

(3) Diluted shares assumes stock price at $13.34 (Q3 2024 average price).

2024 Non-GAAP Financial Guidance (1)

(Unaudited, in millions, except
percentages and per share data)

Low

High

Broadband

Video

Total

Broadband

Video

Total

Gross margin %

49.6 %

64.9 %

53.9 %

50.0 %

65.4 %

54.3 %

Gross profit

$ 237

$ 120

$ 356

$ 244

$ 124

$ 368

Adjusted EBITDA(2)

$ 118

$ 1

$ 119

$ 123

$ 4

$ 127

Tax rate

21 %

Net income per share (3)

$ 0.67

$ 0.73

Shares (3)

117.5

(1) Refer to “Use of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliations on Financial Guidance” below. Components may not sum to total due to rounding.

(2) Refer to “Net Income to Consolidated Segment Adjusted EBITDA Reconciliation on Financial Guidance” below for a reconciliation to net income, the most comparable GAAP measure.

(3) Diluted shares assumes stock price at $13.34 (Q3 2024 average price).

Conference Call Information

Harmonic will host a conference call to discuss its financial results at 2:00 p.m. PT (5:00 p.m. ET) on Monday, October 28, 2024. The live webcast will be available on the Harmonic Investor Relations website at http://investor.harmonicinc.com. To participate via telephone, please register in advance using this link, https://register.vevent.com/register/BI24dc955b30d3439abf656ef581cfa35c. A replay will be available after 5:00 p.m. PT on the same website.

About Harmonic Inc.

Harmonic (NASDAQ: HLIT), the worldwide leader in virtualized broadband and video delivery solutions, enables media companies and service providers to deliver ultra-high-quality video streaming and broadcast services to consumers globally. The company revolutionized broadband networking via the industry’s first virtualized broadband solution, enabling operators to more flexibly deploy gigabit internet service to consumers’ homes and mobile devices. Whether simplifying OTT video delivery via innovative cloud and software platforms, or powering the delivery of gigabit internet services, Harmonic is changing the way media companies and service providers monetize live and on-demand content on every screen. More information is available at www.harmonicinc.com.

Legal Notice Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements related to our expectations regarding: net revenue, gross margins, operating expenses, operating income (loss), Adjusted EBITDA, tax expense and tax rate, and net income (loss) per diluted share. Our expectations regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include, in no particular order, the following: customer concentration and consolidation; loss of one or more key customers; delays or decreases in capital spending in the cable, satellite, telco, broadcast and media industries; the possibility that our products will not generate sales that are commensurate with our expectations or that our cost of revenue or operating expenses may exceed our expectations; the market and technology trends underlying our Broadband and Video businesses will not continue to develop in their current direction or pace; the impact of general economic conditions on our sales and operations; the mix of products and services sold in various geographies and the effect it has on gross margins; our ability to develop new and enhanced products in a timely manner and market acceptance of our new or existing products; risks associated with our international operations; exchange rate fluctuations of the currencies in which we conduct business; risks associated with our cOSTM and VOS product solutions; dependence on various broadband and video industry trends; inventory management; the lack of timely availability or the impact of increases in the prices of parts or raw materials necessary to produce our products; the effect of competition, on both revenue and gross margins; difficulties associated with rapid technological changes in our markets; risks associated with unpredictable sales cycles; our dependence on contract manufacturers and sole or limited source suppliers; and the impact on our business of natural disasters. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Harmonic’s filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K for the year ended December 31, 2023, our most recent Quarterly Report on Form 10-Q and our Current Reports on Form 8-K. The forward-looking statements in this press release are based on information available to the Company as of the date hereof, and Harmonic disclaims any obligation to update any forward-looking statements.

Use of Non-GAAP Financial Measures

The Company reports its financial results in accordance with accounting principles generally accepted in the United States (“GAAP” or referred to herein as “reported”). However, management believes that certain non-GAAP financial measures provide management and other users with additional meaningful financial information that should be considered when assessing our ongoing performance. Our management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business, establish operating budgets, set internal measurement targets and make operating decisions.

These non-GAAP measures are not in accordance with, or an alternative for, measures prepared in accordance with generally accepted accounting principles and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. The Company believes that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with Harmonic’s results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate Harmonic’s results of operations in conjunction with the corresponding GAAP measures.

The Company believes that the presentation of non-GAAP measures, when shown in conjunction with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to its financial condition and its historical and projected results of operations. Non-GAAP financial measures should be viewed in addition to, and not as an alternative to, the Company’s reported results prepared in accordance with GAAP.

The non-GAAP measures presented here are: Gross profit, operating expenses, income (loss) from operations, non-operating expenses and net income (loss), Adjusted EBITDA (including those amounts as a percentage of revenue) and net income (loss) per diluted share. The presentation of non-GAAP information is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP, and is not necessarily comparable to non-GAAP results published by other companies. A reconciliation of the historical non-GAAP financial measures discussed in this press release to the most directly comparable historical GAAP financial measures is included with the financial statements provided with this press release. The non-GAAP adjustments described below have historically been excluded from our GAAP financial measures.

Our non-GAAP financial measures reflect adjustments based on the following items, as well as the related income tax effects:

Stock-based compensation – Although stock-based compensation is a key incentive offered to our employees, we continue to evaluate our business performance excluding stock-based compensation expenses. We believe that management is limited in its ability to project the impact stock-based compensation would have on our operating results. In addition, for comparability purposes, we believe it is useful to provide a non-GAAP financial measure that excludes stock-based compensation in order to better understand the long-term performance of our core business and to facilitate the comparison of our results to the results of our peer companies.

Restructuring and related charges – Harmonic from time to time incurs restructuring charges which primarily consist of employee severance, one-time termination benefits related to the reduction of its workforce, and other costs. These charges are associated with material business shifts. We exclude these items because we do not believe they are reflective of our ongoing long-term business and operating results.

Non-cash interest expense expenses related to convertible notes and other debt – We record the amortization of issuance costs as non-cash interest expense. We believe that excluding these costs provides meaningful supplemental information regarding operational performance and liquidity, along with enhancing investors’ ability to view the Company’s results from management’s perspective. In addition, we believe excluding these costs from the non-GAAP measures facilitates comparisons to our historical operating results and comparisons to peer company operating results.

Discrete tax items and tax effect of non-GAAP adjustments – The income tax effect of non-GAAP adjustments relates to the tax effect of the adjustments that we incorporate into non-GAAP financial measures in order to provide a more meaningful measure of non-GAAP net income.

Depreciation – Depreciation expense, along with interest, tax and stock-based compensation expense, and restructuring charges, is excluded from Adjusted EBITDA because we do not believe depreciation and the other items relate to the ordinary course of our business or are reflective of our underlying business performance.

Non-recurring advisory fees – There were non-recurring costs that we excluded from non-GAAP results relating to professional accounting, tax and legal fees associated with strategic corporate initiatives.

Asset impairment and related charges – We exclude asset impairment and related charges due to the nature of such expenses being unusual and arising outside the ordinary course of continuing operations. These costs primarily consist of impairments of fixed assets, right-of-use assets and related leasehold improvements, and other unrecoverable facility costs due to the intended change in use of certain leased space.

Harmonic Inc.

Preliminary Condensed Consolidated Balance Sheets

(Unaudited, in thousands, except par value)

September 27,
2024

December 31,
2023

ASSETS

Current assets:

Cash and cash equivalents

$ 58,174

$ 84,269

Restricted cash

327

—

Accounts receivable, net

173,730

141,531

Inventories

73,864

83,982

Prepaid expenses and other current assets

30,273

20,950

Total current assets

336,368

330,732

Property and equipment, net

28,396

36,683

Operating lease right-of-use assets

13,471

20,817

Goodwill

239,597

239,150

Deferred income taxes

107,380

104,707

Other non-current assets

34,649

36,117

Total assets

$ 759,861

$ 768,206

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Convertible debt

$ —

$ 114,880

Current portion of long-term debt

1,944

—

Current portion of other borrowings

5,285

4,918

Accounts payable

42,480

38,562

Deferred revenue

50,891

46,217

Operating lease liabilities

5,971

6,793

Other current liabilities

55,091

61,024

Total current liabilities

161,662

272,394

Long-term debt

112,819

—

Other long-term borrowings

9,458

10,495

Operating lease liabilities, non-current

15,647

18,965

Other non-current liabilities

31,338

29,478

Total liabilities

330,924

331,332

Stockholders’ equity:

Preferred stock, $0.001 par value, 5,000 shares authorized; no shares issued or outstanding

—

Common stock, $0.001 par value, 150,000 shares authorized; 116,511 and 112,407 shares
issued and outstanding at September 27, 2024 and December 31, 2023, respectively

117

112

Additional paid-in capital

2,424,322

2,405,043

Accumulated deficit

(1,991,615)

(1,962,575)

Accumulated other comprehensive loss

(3,887)

(5,706)

Total stockholders’ equity

428,937

436,874

Total liabilities and stockholders’ equity

$ 759,861

$ 768,206

Harmonic Inc.

Preliminary Condensed Consolidated Statements of Operations

(Unaudited, in thousands, except per share data)

Three Months Ended

Nine Months Ended

September 27, 2024

September 29, 2023

September 27, 2024

September 29, 2023

Revenue:

Appliance and integration

$ 153,685

$ 84,760

$ 329,464

$ 310,681

SaaS and service

42,071

42,443

127,092

130,134

Total net revenue

195,756

127,203

456,556

440,815

Cost of revenue:

Appliance and integration

77,683

48,992

171,635

166,177

SaaS and service

13,341

16,527

43,651

43,960

Total cost of revenue

91,024

65,519

215,286

210,137

Total gross profit

104,732

61,684

241,270

230,678

Operating expenses:

Research and development

30,073

30,316

89,562

96,030

Selling, general and administrative

35,851

39,245

114,537

121,300

Asset impairment and related charges

3,103

—

12,103

—

Restructuring and related charges

281

726

14,800

809

Total operating expenses

69,308

70,287

231,002

218,139

Income (loss) from operations

35,424

(8,603)

10,268

12,539

Interest expense, net

(2,686)

(619)

(4,833)

(2,125)

Other income (expense), net

(3,932)

343

(3,602)

(86)

Income (loss) before income taxes

28,806

(8,879)

1,833

10,328

Provision for (benefit from) income taxes

7,088

(2,384)

736

10,175

Net income (loss)

$ 21,718

$ (6,495)

$ 1,097

$ 153

Net income (loss) per share:

Basic

$ 0.19

$ (0.06)

$ 0.01

$ —

Diluted

$ 0.19

$ (0.06)

$ 0.01

$ —

Weighted average shares outstanding:

Basic

116,403

112,031

114,594

111,431

Diluted

117,358

112,031

117,385

117,910

Harmonic Inc.

Preliminary Condensed Consolidated Statements of Cash Flows

(Unaudited, in thousands)

Nine Months Ended

September 27, 2024

September 29, 2023

Cash flows from operating activities:

Net income

$ 1,097

$ 153

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation

9,171

9,178

Asset impairment and related charges

12,103

—

Stock-based compensation

19,587

20,724

Foreign currency remeasurement

6,513

(814)

Deferred income taxes, net

(2,673)

2,026

Provision for excess and obsolete inventories

3,135

6,514

Other adjustments

435

1,689

Changes in operating assets and liabilities:

Accounts receivable, net

(31,611)

(2,558)

Inventories

6,592

14,532

Other assets

(3,489)

6,164

Accounts payable

1,787

(20,606)

Deferred revenues

2,062

(9,208)

Other liabilities

(11,323)

(27,002)

Net cash provided by operating activities

13,386

792

Cash flows from investing activities:

Purchases of short-term investments

—

(6,305)

Purchases of property and equipment

(6,840)

(5,749)

Net cash used in investing activities

(6,840)

(12,054)

Cash flows from financing activities:

Proceeds from long-term debt

115,000

—

Repayment of convertible debt

(115,500)

—

Payments for debt issuance costs

(332)

—

Repurchase of common stock

(30,047)

—

Proceeds from other borrowings

3,943

3,829

Repayment of other borrowings

(4,797)

(4,721)

Proceeds from common stock issued to employees

6,628

6,552

Taxes paid related to net share settlement of equity awards

(6,877)

(8,643)

Net cash used in financing activities

(31,982)

(2,983)

Effect of exchange rate changes on cash and cash equivalents and restricted cash

(332)

281

Net decrease in cash and cash equivalents and restricted cash

(25,768)

(13,964)

Cash and cash equivalents and restricted cash at beginning of period

84,269

89,586

Cash and cash equivalents and restricted cash at end of period

$ 58,501

$ 75,622

Cash and cash equivalents and restricted cash at end of period

Cash and cash equivalents

$ 58,174

$ 75,622

Restricted cash

327

—

Total cash, cash equivalents and restricted cash as shown in the condensed consolidated statement of cash flows

$ 58,501

$ 75,622

Harmonic Inc.

Preliminary Condensed Consolidated Statements of Cash Flows

(Unaudited, in thousands)

Nine Months Ended

September 27, 2024

September 29, 2023

Supplemental cash flow disclosure:

Income tax payments, net

$ 12,894

$ 6,376

Interest payments, net

$ 4,363

$ 1,921

Supplemental schedule of non-cash investing activities:

Capital expenditures incurred but not yet paid

$ 709

$ 1,802

Supplemental schedule of non-cash financing activities:

Shares of common stock issued upon redemption of the 2024 Notes

4,578

—

Harmonic Inc.

Preliminary GAAP Revenue Information

(Unaudited, in thousands, except percentages)

Three Months Ended

September 27, 2024

June 28, 2024

September 29, 2023

Geography

Americas

$ 167,720

86 %

$ 109,597

79 %

$ 91,221

72 %

EMEA

20,269

10 %

22,680

16 %

28,465

22 %

APAC

7,767

4 %

6,463

5 %

7,517

6 %

Total

$ 195,756

100 %

$ 138,740

100 %

$ 127,203

100 %

Market

Service Provider

$ 159,993

82 %

$ 104,429

75 %

$ 87,747

69 %

Broadcast and Media

35,763

18 %

34,311

25 %

39,456

31 %

Total

$ 195,756

100 %

$ 138,740

100 %

$ 127,203

100 %

Nine Months Ended

September 27, 2024

September 29, 2023

Geography

Americas

$ 370,348

81 %

$ 318,294

72 %

EMEA

66,509

15 %

97,648

22 %

APAC

19,699

4 %

24,873

6 %

Total

$ 456,556

100 %

$ 440,815

100 %

Market

Service Provider

$ 351,115

77 %

$ 314,439

71 %

Broadcast and Media

105,441

23 %

126,376

29 %

Total

$ 456,556

100 %

$ 440,815

100 %

Harmonic Inc.

Preliminary Segment Information

(Unaudited, in thousands, except percentages)

Three Months Ended September 27, 2024

Broadband

Video

Total Segment
Measures

Adjustments (1)

Consolidated
GAAP
Measures

Net revenue

$ 145,338

$ 50,418

$ 195,756

$ —

$ 195,756

Gross profit

70,256

(1)

34,770

(1)

105,026

(1)

(294)

104,732

Gross margin %

48.3 %

(1)

69.0 %

(1)

53.7 %

(1)

53.5 %

Three Months Ended June 28, 2024

Broadband

Video

Total Segment
Measures

Adjustments (1)

Consolidated
GAAP
Measures

Net revenue

$ 92,937

$ 45,803

$ 138,740

$ —

$ 138,740

Gross profit

44,236

(1)

29,494

(1)

73,730

(1)

(273)

73,457

Gross margin %

47.6 %

(1)

64.4 %

(1)

53.1 %

(1)

52.9 %

Three Months Ended September 29, 2023

Broadband

Video

Total Segment
Measures

Adjustments (1)

Consolidated
GAAP
Measures

Net revenue

$ 75,806

$ 51,397

$ 127,203

$ —

$ 127,203

Gross profit

33,763

(1)

29,241

(1)

63,004

(1)

(1,320)

61,684

Gross margin %

44.5 %

(1)

56.9 %

(1)

49.5 %

(1)

48.5 %

Nine Months Ended September 27, 2024

Broadband

Video

Total Segment
Measures

Adjustments (1)

Consolidated
GAAP
Measures

Net revenue

$ 317,172

$ 139,384

$ 456,556

$ —

$ 456,556

Gross profit

151,986

(1)

90,833

(1)

242,819

(1)

(1,549)

241,270

Gross margin %

47.9 %

(1)

65.2 %

(1)

53.2 %

(1)

52.8 %

Nine Months Ended September 29, 2023

Broadband

Video

Total Segment
Measures

Adjustments (1)

Consolidated
GAAP
Measures

Net revenue

$ 273,253

$ 167,562

$ 440,815

$ —

$ 440,815

Gross profit

133,129

(1)

100,158

(1)

233,287

(1)

(2,609)

230,678

Gross margin %

48.7 %

(1)

59.8 %

(1)

52.9 %

(1)

52.3 %

(1) Segment gross margin and segment gross profit are Non-GAAP financial measures. Refer to “Use of Non-GAAP Financial Measures” above and “GAAP to Non-GAAP Reconciliations” below.

Harmonic Inc.

GAAP to Non-GAAP Reconciliations (Unaudited)

(in thousands, except percentages and per share data)

Three Months Ended September 27, 2024

Revenue

Gross Profit

Total
Operating
Expense

Income from
Operations

Total Non-
operating
Expense, net

Net Income

GAAP

$ 195,756

$ 104,732

$ 69,308

$ 35,424

$ (6,618)

$ 21,718

Stock-based compensation

—

294

(5,416)

5,710

—

5,710

Restructuring and related charges

—

(281)

281

—

281

Asset impairment and related charges (1)

—

(3,103)

3,103

—

3,103

Discrete tax items and tax effect of non-GAAP adjustments

—

(871)

Total adjustments

—

294

(8,800)

9,094

—

8,223

Non-GAAP

$ 195,756

$ 105,026

$ 60,508

$ 44,518

$ (6,618)

$ 29,941

As a % of revenue (GAAP)

53.5 %

35.4 %

18.1 %

(3.4) %

11.1 %

As a % of revenue (Non-GAAP)

53.7 %

30.9 %

22.7 %

(3.4) %

15.3 %

Diluted net income per share:

GAAP

$ 0.19

Non-GAAP

$ 0.26

Shares used in per share calculation:

GAAP and Non-GAAP

117,358

(1) Includes write-off of $1.8 million for internally developed capitalized software, and impairment charges of $0.8 million for right-of-use assets, $0.1 million for leasehold improvements and $0.4 million related to the fair value of other unrecoverable facility costs.

Three Months Ended June 28, 2024

Revenue

Gross Profit

Total
Operating
Expense

Income
(Loss) from
Operations

Total Non-
operating
Expense, net

Net Income
(Loss)

GAAP

$ 138,740

$ 73,457

$ 89,087

$ (15,630)

$ (805)

$ (12,532)

Stock-based compensation

—

273

(6,681)

6,954

—

6,954

Restructuring and related charges

—

(11,482)

11,482

—

11,482

Non-recurring advisory fees

—

(406)

406

—

406

Asset impairment and related charges (1)

—

(9,000)

9,000

—

9,000

Non-cash interest expense related to convertible notes

—

338

Discrete tax items and tax effect of non-GAAP adjustments

—

(6,369)

Total adjustments

—

273

(27,569)

27,842

338

21,811

Non-GAAP

$ 138,740

$ 73,730

$ 61,518

$ 12,212

$ (467)

$ 9,279

As a % of revenue (GAAP)

52.9 %

64.2 %

(11.3) %

(0.6) %

(9.0) %

As a % of revenue (Non-GAAP)

53.1 %

44.3 %

8.8 %

(0.3) %

6.7 %

Diluted net income (loss) per share:

GAAP

$ (0.11)

Non-GAAP

$ 0.08

Shares used in per share calculation:

GAAP

115,030

Non-GAAP

116,690

(1) Includes impairment charges of $2.9 million for right-of-use assets, $4.2 million for leasehold improvements, and $1.9 million related to the fair value of other unrecoverable facility costs.

Three Months Ended September 29, 2023

Revenue

Gross Profit

Total
Operating
Expense

Income
(Loss) from
Operations

Total Non-
operating
Expense, net

Net Income
(Loss)

GAAP

$ 127,203

$ 61,684

$ 70,287

$ (8,603)

$ (276)

$ (6,495)

Stock-based compensation

—

606

(6,635)

7,241

—

7,241

Restructuring and related charges

—

714

(362)

1,076

—

1,076

Non-recurring advisory fees

—

(364)

364

—

364

Non-cash interest expense related to convertible notes

—

226

Discrete tax items and tax effect of non-GAAP adjustments

—

(2,390)

Total adjustments

—

1,320

(7,361)

8,681

226

6,517

Non-GAAP

$ 127,203

$ 63,004

$ 62,926

$ 78

$ (50)

$ 22

As a % of revenue (GAAP)

48.5 %

55.3 %

(6.8) %

(0.2) %

(5.1) %

As a % of revenue (Non-GAAP)

49.5 %

0.1 %

— %

Diluted net income (loss) per share:

GAAP

$ (0.06)

Non-GAAP

$ 0.00

Shares used in per share calculation:

GAAP

112,031

Non-GAAP

116,710

Nine Months Ended September 27, 2024

Revenue

Gross Profit

Total
Operating
Expense

Income from
Operations

Total Non-
operating
Expense, net

Net Income

GAAP

$ 456,556

$ 241,270

$ 231,002

$ 10,268

$ (8,435)

$ 1,097

Stock-based compensation

—

1,089

(18,498)

19,587

—

19,587

Restructuring and related charges

—

460

(14,800)

15,260

15,271

Non-recurring advisory fees

—

(755)

755

—

755

Asset impairment and related charges (1)

—

(12,103)

12,103

—

12,103

Non-cash interest expense related to convertible notes

—

567

Discrete tax items and tax effect of non-GAAP adjustments

—

(9,778)

Total adjustments

—

1,549

(46,156)

47,705

578

38,505

Non-GAAP

$ 456,556

$ 242,819

$ 184,846

$ 57,973

$ (7,857)

$ 39,602

As a % of revenue (GAAP)

52.8 %

50.6 %

2.2 %

(1.8) %

0.2 %

As a % of revenue (Non-GAAP)

53.2 %

40.5 %

12.7 %

(1.7) %

8.7 %

Diluted net income per share:

GAAP

$ 0.01

Non-GAAP

$ 0.34

Shares used in per share calculation:

GAAP and Non-GAAP

117,385

(1) Includes write-off of $1.8 million for internally developed capitalized software, and impairment charges of $3.7 million for right-of-use assets, $4.3 million for leasehold improvements, and $2.3 million related to the fair value of other unrecoverable facility costs.

Nine Months Ended September 29, 2023

Revenue

Gross Profit

Total
Operating
Expense

Income from
Operations

Total Non-
operating
Expense, net

Net Income

GAAP

$ 440,815

$ 230,678

$ 218,139

$ 12,539

$ (2,211)

$ 153

Stock-based compensation

—

1,895

(18,829)

20,724

—

20,724

Restructuring and related charges

—

714

(445)

1,159

—

1,159

Non-recurring advisory fees

—

(2,499)

2,499

—

2,499

Non-cash interest expense related to convertible notes

—

672

Discrete tax items and tax effect of non-GAAP adjustments

—

3,099

Total adjustments

—

2,609

(21,773)

24,382

672

28,153

Non-GAAP

$ 440,815

$ 233,287

$ 196,366

$ 36,921

$ (1,539)

$ 28,306

As a % of revenue (GAAP)

52.3 %

49.5 %

2.8 %

(0.5) %

— %

As a % of revenue (Non-GAAP)

52.9 %

44.5 %

8.4 %

(0.3) %

6.4 %

Diluted net income per share:

GAAP

$ —

Non-GAAP

$ 0.24

Shares used in per share calculation:

GAAP and Non-GAAP

117,910

Harmonic Inc.

Calculation of Adjusted EBITDA by Segment (Unaudited)

(In thousands, except percentages)

Three Months Ended September 27, 2024

Broadband

Video

Income from operations (1)

$ 38,192

$ 6,326

Depreciation

2,001

859

Other non-operating expense, net

(2,733)

(1,199)

Adjusted EBITDA(2)

$ 37,460

$ 5,986

Revenue

$ 145,338

$ 50,418

Adjusted EBITDA margin % (2)

25.8 %

11.9 %

Three Months Ended June 28, 2024

Broadband

Video

Income (loss) from operations (1)

$ 13,781

$ (1,569)

Depreciation

2,133

1,093

Other non-operating income, net

406

213

Adjusted EBITDA(2)

$ 16,320

$ (263)

Revenue

$ 92,937

$ 45,803

Adjusted EBITDA margin % (2)

17.6 %

(0.6) %

Three Months Ended September 29, 2023

Broadband

Video

Income (loss) from operations (1)

$ 6,128

$ (6,050)

Depreciation

1,746

1,343

Other non-operating income, net

211

132

Adjusted EBITDA(2)

$ 8,085

$ (4,575)

Revenue

$ 75,806

$ 51,397

Adjusted EBITDA margin % (2)

10.7 %

(8.9) %

Nine Months Ended September 27, 2024

Broadband

Video

Income (loss) from operations (1)

$ 60,567

$ (2,594)

Depreciation

6,120

3,051

Other non-operating expense, net

(2,506)

(1,085)

Adjusted EBITDA(2)

$ 64,181

$ (628)

Revenue

$ 317,172

$ 139,384

Adjusted EBITDA margin % (2)

20.2 %

(0.5) %

Nine Months Ended September 29, 2023

Broadband

Video

Income (loss) from operations (1)

$ 44,307

$ (7,386)

Depreciation

5,061

4,117

Other non-operating expense, net

(44)

(42)

Adjusted EBITDA(2)

$ 49,324

$ (3,311)

Revenue

$ 273,253

$ 167,562

Adjusted EBITDA margin % (2)

18.1 %

(2.0) %

(1) Refer to “Use of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliations” above.

(2) Adjusted EBITDA and Adjusted EBITDA margin are Non-GAAP financial measures. Refer below for the “Net Income (Loss) to Consolidated Segment Adjusted EBITDA Reconciliation”.

Harmonic Inc.

Preliminary Net Income (Loss) to Consolidated Segment Adjusted EBITDA Reconciliation (Unaudited)

(In thousands, except percentages)

Three Months Ended

September 27, 2024

June 28, 2024

September 29, 2023

Net income (loss) (GAAP)

$ 21,718

$ (12,532)

$ (6,495)

Provision for (benefit from) income taxes

7,088

(3,903)

(2,384)

Interest expense, net

2,686

1,424

619

Depreciation

2,860

3,226

3,089

EBITDA

34,352

(11,785)

(5,171)

Adjustments

Stock-based compensation

5,710

6,954

7,241

Restructuring and related charges

281

11,482

1,076

Non-recurring advisory fees

—

406

364

Asset impairment and related charges

3,103

9,000

—

Total consolidated segment adjusted EBITDA (Non-GAAP)

$ 43,446

$ 16,057

$ 3,510

Revenue

$ 195,756

$ 138,740

$ 127,203

Net income (loss) margin (GAAP)

11.1 %

(9.0) %

(5.1) %

Consolidated segment Adjusted EBITDA margin (Non-GAAP)

22.2 %

11.6 %

2.8 %

Nine Months Ended

September 27, 2024

September 29, 2023

Net income (GAAP)

$ 1,097

$ 153

Provision for income taxes

736

10,175

Interest expense, net

4,833

2,125

Depreciation

9,171

9,178

EBITDA

15,837

21,631

Adjustments

Stock-based compensation

19,587

20,724

Restructuring and related charges

15,271

1,159

Non-recurring advisory fees

755

2,499

Asset impairment and related charges

12,103

—

Total consolidated segment adjusted EBITDA (Non-GAAP)

$ 63,553

$ 46,013

Revenue

$ 456,556

$ 440,815

Net income margin (GAAP)

0.2 %

— %

Consolidated segment Adjusted EBITDA margin (Non-GAAP)

13.9 %

10.4 %

Harmonic Inc.

GAAP to Non-GAAP Reconciliations on Financial Guidance (Unaudited)

(In millions, except percentages and per share data)

Q4 2024 Financial Guidance (1)

Revenue

Gross Profit

Total Operating
Expense

Income from
Operations

Net Income

GAAP

$ 205

$ 220

$ 114

$ 125

$ 70

$ 73

$ 44

$ 52

$ 30

$ 36

Stock-based compensation expense

—

(9)

Tax effect of non-GAAP adjustments

—

Total adjustments

—

(9)

Non-GAAP

$ 205

$ 220

$ 114

$ 125

$ 61

$ 64

$ 53

$ 61

$ 39

$ 46

As a % of revenue (GAAP)

55.4 %

56.7 %

34.1 %

33.2 %

21.5 %

23.6 %

14.6 %

16.4 %

As a % of revenue (Non-GAAP)

55.4 %

56.7 %

29.8 %

29.1 %

25.7 %

27.6 %

19.0 %

20.9 %

Diluted net income per share:

GAAP

$ 0.26

$ 0.31

Non-GAAP

$ 0.33

$ 0.39

Shares used in per share calculation:

GAAP and Non-GAAP

117.8

(1) Components may not sum to total due to rounding.

2024 Financial Guidance (1)

Revenue

Gross Profit

Total Operating
Expense

Income from
Operations

Net Income

GAAP

$ 662

$ 677

$ 354

$ 366

$ 301

$ 304

$ 54

$ 62

$ 31

$ 37

Stock-based compensation expense

—

(27)

Restructuring and related charges

—

(15)

Non-recurring advisory fees

—

(1)

Asset impairment and related charges

—

(12)

Non-cash interest expense related to convertible notes

—

Tax effect of non-GAAP adjustments

—

(10)

(9)

Total adjustments

—

(55)

Non-GAAP

$ 662

$ 677

$ 356

$ 368

$ 246

$ 249

$ 111

$ 119

$ 79

$ 86

As a % of revenue (GAAP)

53.6 %

54.0 %

45.5 %

44.9 %

8.2 %

9.2 %

4.7 %

5.5 %

As a % of revenue (Non-GAAP)

53.9 %

54.3 %

37.2 %

36.8 %

16.7 %

17.6 %

11.9 %

12.7 %

Diluted net income per share:

GAAP

$ 0.27

$ 0.32

Non-GAAP

$ 0.67

$ 0.73

Shares used in per share calculation:

GAAP and Non-GAAP

117.5

(1) Components may not sum to total due to rounding.

Harmonic Inc.

Calculation of Adjusted EBITDA by Segment on Financial Guidance (Unaudited) (1)

(In millions)

Q4 2024 Financial Guidance

Broadband

Video

Income from operations (2)

$ 52

$ 57

$ 1

$ 4

Depreciation

Segment adjusted EBITDA(3)

$ 54

$ 59

$ 2

$ 5

2024 Financial Guidance

Broadband

Video

Income (loss) from operations (2)

$ 112

$ 117

$ (2)

$ 1

Depreciation

Other non-operating expense, net

(3)

(1)

Segment adjusted EBITDA(3)

$ 118

$ 123

$ 1

$ 4

(1) Components may not sum to total due to rounding.

(2) Refer to “Use of Non-GAAP Financial Measures” and “GAAP to Non-GAAP Reconciliations on Financial Guidance” above.

(3) Segment Adjusted EBITDA is a Non-GAAP financial measure. Refer below for the “Net income to Consolidated Segment Adjusted EBITDA reconciliation on Financial Guidance”.

Harmonic Inc.

Net Income to Consolidated Segment Adjusted EBITDA Reconciliation on Financial Guidance (Unaudited) (1)

(In millions)

Q4 2024 Financial Guidance

2024 Financial Guidance

Net income (GAAP)

$ 30

$ 36

$ 31

$ 37

Provision for income taxes

Interest expense, net

Depreciation

EBITDA

Adjustments

Stock-based compensation

Restructuring and related charges

—

Asset impairment and related charges

—

Non-recurring advisory fees

—

Total consolidated segment adjusted EBITDA (Non-GAAP) (2)

$ 55

$ 64

$ 119

$ 127

(1) Components may not sum to total due to rounding.

(2) Consolidated Segment adjusted EBITDA is a Non-GAAP financial measure. Refer to “Use of Non-GAAP Financial Measures” above.

View original content to download multimedia:https://www.prnewswire.com/news-releases/harmonic-announces-third-quarter-2024-results-302288744.html

SOURCE Harmonic Inc.

Technology

Marine Robots Market to Grow by USD 4.94 Billion from 2024-2028, Driven by AI-Powered Market Evolution and Investments in Unmanned Surface Vehicles – Technavio

Published

48 mins ago

October 28, 2024

NEW YORK, Oct. 28, 2024 /PRNewswire/ — Report on how AI is driving market transformation- The global marine robots market size is estimated to grow by USD 4.93 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 15.6% during the forecast period. Growing investments in unmanned surface vehicle industry is driving market growth, with a trend towards expanding applications of marine robots. However, high capital cost poses a challenge. Key market players include Advanced Navigation Pty Ltd., Anduril Industries Inc., BeeX, Blue Robotics Inc., ECA Group, ecoSUB Robotics Ltd., EyeROV, General Dynamics Mission Systems Inc., GrayMatter Robotics, Hanwha Systems Co., International Submarine Engineering Ltd., Kongsberg Gruppen ASA, L3Harris Technologies Inc., Liquid Robotics Inc., Marine Robotic Technologies Ltd, Maritime Robotics, Oceanalpha Group Ltd., Planys Technologies, Saab AB, Saildrone Inc., Sea Machines Robotics, Inc, SeaSatellites, Inc., Teledyne Marine Technologies Inc, and UFRJ Nautilus.

AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View your snapshot now

Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Application (Defense and security, Commercial,
Scientific research, Environmental monitoring,
and Others), Type (Autonomous underwater
vehicle, Remotely operated vehicles, Unmanned
surface vehicles, and Hybrid vehicles), and
Geography (North America, Europe, APAC, South
America, and Middle East and Africa)

Region Covered

North America, Europe, APAC, South America,
and Middle East and Africa

Key companies profiled

Advanced Navigation Pty Ltd., Anduril Industries
Inc., BeeX, Blue Robotics Inc., ECA Group,
ecoSUB Robotics Ltd., EyeROV, General
Dynamics Mission Systems Inc., GrayMatter
Robotics, Hanwha Systems Co., International
Submarine Engineering Ltd., Kongsberg Gruppen
ASA, L3Harris Technologies Inc., Liquid Robotics
Inc., Marine Robotic Technologies Ltd, Maritime
Robotics, Oceanalpha Group Ltd., Planys
Technologies, Saab AB, Saildrone Inc., Sea
Machines Robotics, Inc, SeaSatellites, Inc.,
Teledyne Marine Technologies Inc, and UFRJ
Nautilus

Key Market Trends Fueling Growth

The marine robots market is experiencing significant growth due to the increasing demand for efficient and effective solutions in various maritime applications. Traditional methods for oil spill cleanup, such as manual labor, booms, skimmers, and chemical dispersants, face challenges in terms of labor intensity, time consumption, and incomplete remediation, especially in remote or hard-to-reach areas. Adverse weather conditions, ocean currents, and vast spill areas further complicate these efforts. Marine robot swarms offer a transformative solution, covering larger areas more efficiently and adapting to changing conditions. Advanced sensing technologies, like thermal and ultraviolet sensors, help define spill boundaries and create comprehensive spill maps for precise and coordinated cleanup efforts. Marine robots also find applications in underwater exploration, environmental monitoring, and offshore infrastructure maintenance. Autonomous underwater vehicles (AUVs) and remotely operated vehicles (ROVs) provide valuable data on marine ecosystems and geological formations. Real-time data collection in environmental monitoring is crucial for assessing marine environment health. Offshore oil and gas industries benefit from marine robots for pipeline inspection, maintenance, and repair, reducing risks to human workers and increasing operational efficiency. As technology advances, marine robots’ capabilities expand, opening new possibilities across various maritime sectors, thereby driving the growth of the global marine robots market.

The Marine Robots Market is experiencing significant growth due to increasing demand from various industries. Key players like Oceaneering are leading the way with innovative solutions. Military and Defense sector is a major consumer, utilizing marine robots for AI-driven underwater surveillance, deep-sea exploration, and defense applications. Environmental Conservation and Marine Resource Management sectors are using marine robots for sensors, imaging systems, and environmental assessment. Sensors, imaging systems, and automation are crucial for underwater inspections and robotics automation technologies. Heavy-weight vehicles and lightweight/man portable robots serve different purposes, from search and salvage to archaeology. Commercial Exploration, Offshore Operations, and Subsea Structural Examination require and reliable marine robots. Navigation, communication, and electromagnetic waves or free-space optical technologies enable effective operation in challenging environmental conditions. UUVs, submarines, and underwater robotics are transforming drilling, repair, maintenance, and security industries.

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Market Challenges

The marine robots industry encounters substantial financial barriers due to the high costs involved in purchasing, deploying, and maintaining these advanced technologies. Marine robots come with sophisticated sensors, advanced propulsion systems, and durable materials to endure harsh underwater conditions, leading to significant investment. Prices for marine underwater drone robots range from USD4,999 for basic models to USD19,999 for advanced versions, and even standard kits cost around USD2,999. Ongoing maintenance, including inspections, repairs, and upgrades, adds to these expenses, necessitating specialized technicians and spare parts. These high capital costs hinder new entrants and limit the expansion of existing companies, particularly smaller firms. Innovative financing solutions, like leasing options and partnerships, are essential to make marine robotics more accessible and sustainable for a broader range of stakeholders. Despite the financial challenges, marine robots hold immense potential for underwater exploration and various industrial applications, necessitating industry solutions to ensure sustainable growth and broader adoption.The Marine Robots Market encompasses various applications, including underwater robotics for surveillance, drilling, repair, and maintenance in defense, military, and law enforcement sectors. Challenges include navigation and communication in deep water conditions using electromagnetic waves or Free-Space Optical (FSO) systems, sound waves, and Autonomous Underwater Vehicles (AUVs). Commercial exploration in offshore deep-sea oil and undersea mineral exploration by firms like Nautilus Minerals requires cost-effective systems. Oil companies, like Lukoil in the Caspian Sea, and mining companies use marine robots for deep-sea exploration. Marine research, environmental monitoring, marine pollution surveillance, mine detection, offshore inspections, and ocean monitoring are other significant applications. Emerging technologies like Artificial Intelligence (AI), Machine Learning (ML), and Sensor Technology enhance marine robot capabilities. Marine conservation, subsea maintenance, maritime economy, offshore energy projects, defense capabilities, climate research, and fisheries management also benefit from marine robots.

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Segment Overview

This marine robots market report extensively covers market segmentation by

Application 1.1 Defense and security1.2 Commercial1.3 Scientific research1.4 Environmental monitoring1.5 OthersType 2.1 Autonomous underwater vehicle2.2 Remotely operated vehicles2.3 Unmanned surface vehicles2.4 Hybrid vehiclesGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Defense and security- The Marine Robots Market is experiencing significant growth due to increasing demand for automation in ocean exploration and resource extraction. Key players include Hydroid, Blue Robotics, and Sub-C, who offer various types of marine robots such as Autonomous Underwater Vehicles (AUVs) and Remotely Operated Vehicles (ROVs). These robots enhance operational efficiency, reduce risks, and provide valuable data for industries like oil and gas, defense, and research. Market size is projected to reach USD5.8 billion by 2025.

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Research Analysis

The Marine Robots Market encompasses a diverse range of technologies and applications, primarily centered around underwater robotics. These robots, also known as Unmanned Underwater Vehicles (UUVs), play a crucial role in various sectors including underwater surveillance, drilling, repair, and maintenance. Defense applications, including military and law enforcement, are significant markets for marine robots, which are used for tasks such as mine detection and surveillance. Deep-sea exploration and marine research are other key areas, with marine pollution monitoring and environmental conservation gaining increasing importance. Advanced technologies like Artificial Intelligence (AI), Machine Learning, Sensor Technology, Imaging Systems, and Sensors are driving innovation in marine robotics. Heavy-weight vehicles are used for deep-sea exploration, while lightweight/man-portable UUVs are popular for shallow-water applications. Offshore inspections are another major application area, ensuring the safety and efficiency of offshore installations.

Market Research Overview

The Marine Robots Market encompasses a diverse range of technologies and applications, including underwater robotics, underwater surveillance, drilling, repair, and maintenance. These robots are used in various sectors such as defense applications, military, law enforcement, and commercial exploration. The market includes Autonomous Underwater Vehicles (AUVs) and Unmanned Underwater Vehicles (UUVs), which operate in deep water conditions using various navigation and communication systems, such as electromagnetic waves, free-space optical (FSO), and sound waves. The market also includes cost-effective systems used in offshore deep-sea oil and undersea mineral exploration by companies like Nautilus Minerals. Marine research, environmental monitoring, and marine pollution surveillance are other significant applications. Advanced technologies like Artificial Intelligence (AI), Machine Learning, and Sensor Technology are increasingly being integrated into marine robots for automation, subsea maintenance, ocean monitoring, and marine resource management. The market also caters to defense capabilities, climate research, fisheries management, and security. Companies are developing heavy-weight vehicles for deep-sea exploration and lightweight/man-portable systems for offshore inspections, search and salvage, archaeology, and environmental assessment.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ApplicationDefense And SecurityCommercialScientific ResearchEnvironmental MonitoringOthersTypeAutonomous Underwater VehicleRemotely Operated VehiclesUnmanned Surface VehiclesHybrid VehiclesGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

About Technavio

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/marine-robots-market-to-grow-by-usd-4-94-billion-from-2024-2028–driven-by-ai-powered-market-evolution-and-investments-in-unmanned-surface-vehicles—technavio-302287857.html

SOURCE Technavio

Technology

TTEC Recognized as a Leader in Everest Group’s 2024 CXM Services PEAK Matrix® Assessment for the Americas for the Fourth Consecutive Year

Published

48 mins ago

October 28, 2024

The company also named a Major Contender in APAC, EMEA regions for third year in a row

DENVER, Oct. 28, 2024 /PRNewswire/ — TTEC Holdings, Inc. (NASDAQ: TTEC), a leading global CX (customer experience) technology and services innovator for AI-enhanced CX with solutions from TTEC Engage and TTEC Digital, today announced its recognition as a Leader in Everest Group’s 2024 Customer Experience Management (CXM) Services PEAK Matrix® Assessment for the Americas. TTEC was also ranked as a Major Contender in Everest’s assessments for the EMEA and APAC regions. These recognitions highlight TTEC’s global commitment to delivering cutting-edge AI-enhanced CX solutions that drive transformation and innovation for clients worldwide.

TTEC delivers cutting-edge AI-enhanced CX solutions that drive transformation and innovation for clients worldwide.

“Delivering exceptional customer experiences today is complex and businesses need partners who can ensure both quality and value,” commented TTEC Chief Marketing Officer Nick Cerise. “We’re thrilled that TTEC has earned its position as a Leader in the Americas due to our robust digital CX capabilities, extensive delivery footprint, and strategic partnerships with major technology providers such as Genesys, AWS, Microsoft, and Google. We’re also honored that Everest has recognized the transformational nature of our portfolio of CX solutions and our ability to help clients achieve the business outcomes that matter most – increased revenue, profitability and customer loyalty.”

According to Everest Group’s Americas report, TTEC’s adoption of generative AI, conversational messaging, and omnichannel solutions positions it at the forefront of CX innovation. The company’s AI-powered tools, including RealSkill simulated training and LetMeKnow generative AI, were noted for improving employee engagement and accelerating customer outcomes.

“TTEC holds a leading position in the Americas market, leveraging its workforce of over 50,000 agents and advanced AI-driven and digital tools,” said David Rickard, Partner at Everest Group. “TTEC has expanded its global delivery network with new centers across onshore, nearshore, and offshore locations, while launching innovative engagement models, such as SandCastleCX for pre-sales engagement and SurroundCX for managed services, to enhance client satisfaction and operational efficiency. Partnering with hyperscalers, TTEC offers comprehensive CXM solutions, including consulting, implementation, managed services, revenue generation, and tech support. This has helped identify TTEC as a Leader in Everest Group’s Customer Experience Management (CXM) Americas – PEAK Matrix® Assessment 2024.”

In addition to the Americas assessment, Everest has also recognized TTEC as a Major Contender in the EMEA and APAC regions, a position they have held since 2021. According to the report, Major Contender status reflects TTEC’s strong market impact, vision, and capability through its innovative approach to CXM by leveraging AI and automation to enhance customer interactions. TTEC’s expanded global footprint in new geographies including Colombia, Egypt, Malaysia, South Africa and Rwanda combined with its ability to deliver cost-effective and scalable solutions, has been central to its success.

These recognitions from Everest Group reinforce TTEC’s position as a trusted global partner in CXM, driven by its focus on innovation, digital transformation, and AI-powered solutions. As TTEC continues to expand its global reach and enhance its CX capabilities, the company remains committed to helping clients across industries achieve meaningful business outcomes and build lasting customer relationships in an increasingly complex, digital-first world.

About TTEC

TTEC (pronounced T-TEC) Holdings, Inc. (NASDAQ:TTEC) is a leading global CX (customer experience) technology and services innovator for AI-enabled digital CX solutions. Serving iconic and disruptive brands, TTEC’s outcome-based solutions span the entire enterprise, touch every virtual interaction channel, and improve each step of the customer journey. Leveraging next-gen digital technology, the Company’s TTEC Digital business designs, builds, and operates omnichannel contact center technology, CRM, AI and analytics solutions. The Company’s TTEC Engage business delivers AI-enhanced customer engagement, customer acquisition and growth, tech support, back office, and fraud prevention services. Founded in 1982, the Company’s singular obsession with CX excellence has earned it leading client, customer, and employee satisfaction scores across the globe. The Company’s approximately 54,000 employees operate on six continents and bring technology and humanity together to deliver happy customers and differentiated business results. To learn more visit us at https://www.ttec.com.

CONTACT: Meredith Matthews, meredith.matthews@ttec.com

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SOURCE TTEC Holdings, Inc.

Technology

SEMIFIVE Joins World Economic Forum’s Global Innovators Community

Published

48 mins ago

October 28, 2024

SEOUL, South Korea, Oct. 28, 2024 /PRNewswire/ — Expected to engage in sharing insights and connecting with public and private sector leaders to solve key issues for people and planet

SEMIFIVE, a leading design solution provider and pioneer of platform-based custom silicon solutions, announced today that it has been selected as a global innovator by the World Economic Forum (WEF) and has joined the WEF’s Global Innovators Community. This community comprises the world’s most promising growth-stage companies that are at the forefront of disruption and innovation within their industries.

The Global Innovators Community is provided with a platform by WEF to engage with leaders from both the public and private sectors, offering innovative solutions to address current crises and enhance future resilience. SEMIFIVE will actively participate in the Forum’s initiatives to shape the global agenda on critical issues.

“The World Economic Forum is happy to welcome SEMIFIVE to join our Global Innovators community,” said Verena Kuhn, Head of the Global Innovators Community, World Economic Forum. “Including new and innovative voices is essential to the work we do at the Forum. We look forward to how SEMIFIVE’s insights and expertise will support our initiatives, dialogues, and communities of climate action.”

“SEMIFIVE is honored to be recognized by the WEF as a global innovator,” said Brandon Cho, CEO and co-founder of SEMIFIVE. “We are thrilled to contribute our expertise and innovative capabilities to fulfill the community’s mission of safeguarding the lives and livelihoods of communities and industries worldwide. We look forward to collaborating with the Forum to share our knowledge and experience in AI semiconductors with the global community.”

SEMIFIVE was founded in 2019 as one of the pioneering startups specializing in platform-based AI solutions, particularly in SoC platforms and ASIC design solutions. The company’s primary focus is to develop expert SoC design platforms for AI chips, with plans to expand its offerings in response to customer demand for AI custom silicon. To date, SEMIFIVE has developed three SoC design platforms and has successfully completed over seven large-scale AI semiconductor projects utilizing its platforms.

About SEMIFIVE
SEMIFIVE is the pioneer of platform based SoC design, working with customers to implement innovative ideas into custom silicon in the most efficient way. Our SoC platforms offer a powerful springboard for new chip designs and leverage configurable domain-specific architectures and pre-validated key IP pools. We offer comprehensive spec-to-system capabilities with end-to-end solutions so that custom SoCs can be realized faster, with reduced cost and risks for key applications such as data center or AI-enabled IoT. With a strong partnership with Samsung Foundry as a leading SAFETM DSP partner, as well as the larger ecosystem, SEMIFIVE provides a one-stop shop solution for any SoC design needs. For more information, please visit www.semifive.com.

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SOURCE SEMIFIVE