Technology

Harmonic Announces Fourth Quarter and Fiscal 2024 Results

Published

1 year ago

February 10, 2025

Record total quarterly revenue, up 33% year over year, and record quarterly Adjusted EBITDA

Doubles previous stock repurchase program to $200 million

SAN JOSE, Calif., Feb. 10, 2025 /PRNewswire/ — Harmonic Inc. (NASDAQ: HLIT) today announced its unaudited results for the fourth quarter and fiscal year ended December 31, 2024.

“Harmonic achieved record quarterly 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. “The strong performance in Broadband demonstrates our ability to scale to our customers’ needs and our technology leadership has never been stronger, leaving us well-positioned to take advantage of expected long-term growth in broadband DOCSIS 4.0 and Fiber.”

“Our prudent 2025 Broadband revenue guidance reflects shifts in customer deployment timing as operators transition to Unified DOCSIS 4.0. These trends are industry-wide and we believe they are short-term in nature,” said Walter Jankovic, chief financial officer of Harmonic. “We remain confident in our long-term outlook and expect to resume above market growth in 2026 as adoption of DOCSIS 4.0 accelerates and cable capital spending returns to its long-term growth trajectory. Additionally, our board of directors has authorized a new three-year, $200 million share repurchase program, reflecting our confidence in the Company’s strong continued profitability and free cash flow generation. We intend to opportunistically repurchase our shares when we believe that our stock is undervalued relative to the strength of our business, thereby creating value for our long-term shareholders.”

Q4 Financial and Business Highlights

Financial

Revenue: $222.2 million, compared to $167.1 million in the prior year periodBroadband segment revenue: $171.0 million, compared to $115.2 million in the prior year periodVideo segment revenue: $51.1 million, compared to $51.9 million in the prior year periodGross margin: 56.1% for both GAAP and non-GAAP, compared to GAAP 49.0% and non-GAAP 49.3% in the prior year periodBroadband segment non-GAAP gross margin: 52.7% compared to 42.4% in the prior year periodVideo segment non-GAAP gross margin: 67.4% compared to 64.6% in the prior year periodOperating income: GAAP income $52.9 million and non-GAAP income $63.1 million, compared to GAAP income $9.6 million and non-GAAP income $18.9 million in the prior year periodNet income: GAAP net income $38.1 million and non-GAAP net income of $52.4 million, compared to GAAP net income $83.8 million and non-GAAP net income $14.7 million in the prior year periodNon-GAAP adjusted EBITDA: $71.8 million income compared to $21.7 million income in the prior year periodNet income per share: GAAP net income per share of $0.32 and non-GAAP net income per share of $0.45, compared to GAAP net income per share of $0.72 and non-GAAP net income per share of $0.13 in the prior year periodCash: $101.5 million, compared to $84.3 million in the prior year period

Business

Commercially deployed our cOS™ solution with 127 customers, serving 33.3 million cable modemsLargest installed base of DOCSIS 4.0 and now engaged with 10 Tier 1 operators on Unified DOCSIS 4.0Increased Q4 2024 rest-of-world Broadband sales by over 50% from prior quarter, and won five new customers including Blue Stream Fiber (USA) and IPKO (Europe)Formed exclusive technology collaboration with Sercomm to advance DOCSIS 4.0 unified technologiesVideo SaaS (VOS360) is now qualified on a fourth cloud platform with Akamai Cloud Computing; additionally, Akamai has selected Harmonic as the technology vendor for one of their video streaming services

Share Repurchase Program

Harmonic also announced today that its board of directors has terminated the Company’s existing stock repurchase program and authorized a new program under which the Company may repurchase up to $200 million of its outstanding shares of common stock through February 2028. The Company intends to fund the share repurchases from cash on hand and cash generated from operations. Repurchases under the program may be made from time to time through open market purchases and 10b5-1 trading plans, in accordance with applicable securities laws. The timing and amount of any repurchases will depend on a variety of factors, including the price of Harmonic’s common stock, business and market conditions, corporate regulatory requirements, strategic opportunities and other factors. The stock repurchase program does not commit Harmonic to acquire any particular amounts of its common stock, and the program may be amended, suspended or discontinued at any time at the Company’s discretion.

Select Financial Information

GAAP

Non-GAAP

Key Financial Results

Q4 2024

Q3 2024

Q4 2023

Q4 2024

Q3 2024

Q4 2023

(Unaudited, in millions, except per share data)

Net revenue

$ 222.2

$ 195.8

$ 167.1

Net income

$ 38.1

$ 21.7

$ 83.8

$ 52.4

$ 29.9

$ 14.7

Net income per share

$ 0.32

$ 0.19

$ 0.72

$ 0.45

$ 0.26

$ 0.13

Other Financial Information

Q4 2024

Q3 2024

Q4 2023

(Unaudited, in millions)

Adjusted EBITDA for the quarter (1)

$ 71.8

$ 43.4

$ 21.7

Bookings for the quarter

$ 150.0

$ 171.4

$ 196.5

Backlog and deferred revenue as of quarter end

$ 496.3

$ 584.7

$ 653.2

Cash and cash equivalents as of quarter end

$ 101.5

$ 58.2

$ 84.3

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

Q1 2025 GAAP Financial Guidance

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

Low

High

Broadband

Video

Total

Broadband

Video

Total

Net revenue

$ 80

$ 40

$ 120

$ 90

$ 45

$ 135

Gross margin %

55.8 %

57.0 %

Gross profit

$ 67

$ 77

Tax rate

19 %

Net income (loss)

$ (6)

$ 1

Net income (loss) per share

$ (0.05)

$ 0.01

Shares (1)

117.4

118.5

(1) Diluted shares assumes stock price at $13.07 (Q4 2024 average price).

2025 GAAP Financial Guidance

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

Low

High

Broadband

Video

Total

Broadband

Video

Total

Net revenue

$ 400

$ 185

$ 585

$ 450

$ 195

$ 645

Gross margin %

54.5 %

57.1 %

Gross profit

$ 319

$ 368

Tax rate

19 %

Net income

$ 22

$ 53

Net income per share

$ 0.19

$ 0.45

Shares (1)

119.1

(1) Diluted shares assumes stock price at $13.07 (Q4 2024 average price).

Q1 2025 Non-GAAP Financial Guidance (1)

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

Low

High

Broadband

Video

Total

Broadband

Video

Total

Gross margin %

52.0 %

64.0 %

56.0 %

54.0 %

65.0 %

57.7 %

Gross profit

$ 42

$ 26

$ 68

$ 49

$ 29

$ 78

Adjusted EBITDA(2)

$ 9

$ —

$ 9

$ 15

$ 2

$ 17

Tax rate

20 %

Net income per share

$ 0.02

$ 0.08

Shares (3)

118.5

(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 (Loss) to Consolidated Segment Adjusted EBITDA Reconciliation on Financial Guidance” below for a reconciliation to net income (loss), the most comparable GAAP measure.

(3) Diluted shares assumes stock price at $13.07 (Q4 2024 average price).

2025 Non-GAAP Financial Guidance (1)

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

Low

High

Broadband

Video

Total

Broadband

Video

Total

Gross margin %

51.0 %

63.0 %

54.8 %

54.0 %

65.0 %

57.3 %

Gross profit

$ 204

$ 117

$ 321

$ 243

$ 127

$ 370

Adjusted EBITDA(2)

$ 77

$ 8

$ 85

$ 106

$ 17

$ 123

Tax rate

20 %

Net income per share

$ 0.43

$ 0.68

Shares (3)

119.1

(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 (Loss) to Consolidated Segment Adjusted EBITDA Reconciliation on Financial Guidance” below for a reconciliation to net income (loss), the most comparable GAAP measure.

(3) Diluted shares assumes stock price at $13.07 (Q4 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, February 10, 2025. 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-conf.media-server.com/register/BI2f09f965b0ef4108b66aaee0197cd4f5. 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 stock repurchase program and 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: stock repurchases may not be conducted in the timeframe or in the manner we expect, or at all; 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 cOS™ 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 related to convertible notes – 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)

December 31, 2024

December 31, 2023

ASSETS

Current assets:

Cash and cash equivalents

$ 101,457

$ 84,269

Restricted cash

332

—

Accounts receivable, net

178,013

141,531

Inventories

64,004

83,982

Prepaid expenses and other current assets

22,270

20,950

Total current assets

366,076

330,732

Property and equipment, net

26,823

36,683

Operating lease right-of-use assets

12,411

20,817

Goodwill

236,876

239,150

Deferred income taxes

121,028

104,707

Other non-current assets

33,292

36,117

Total assets

$ 796,506

$ 768,206

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Convertible debt

$ —

$ 114,880

Current portion of long-term debt

2,194

—

Current portion of other borrowings

4,941

4,918

Accounts payable

35,250

38,562

Deferred revenue

47,069

46,217

Operating lease liabilities

5,675

6,793

Other current liabilities

72,440

61,024

Total current liabilities

167,569

272,394

Long-term debt

112,084

—

Other long-term borrowings

8,694

10,495

Operating lease liabilities, non-current

14,727

18,965

Other non-current liabilities

28,174

29,478

Total liabilities

331,248

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; 116,735 and 112,407 shares
issued and outstanding at December 31, 2024 and December 31, 2023, respectively

117

112

Additional paid-in capital

2,432,733

2,405,043

Accumulated deficit

(1,953,495)

(1,962,575)

Accumulated other comprehensive loss

(14,097)

(5,706)

Total stockholders’ equity

465,258

436,874

Total liabilities and stockholders’ equity

$ 796,506

$ 768,206

Harmonic Inc.

Preliminary Condensed Consolidated Statements of Operations

(Unaudited, in thousands, except per share data)

Three Months Ended

Year Ended

December 31, 2024

December 31, 2023

December 31, 2024

December 31, 2023

Revenue:

Appliance and integration

$ 177,914

$ 125,197

$ 507,378

$ 435,878

SaaS and service

44,252

41,895

171,344

172,029

Total net revenue

222,166

167,092

678,722

607,907

Cost of revenue:

Appliance and integration

84,072

70,596

255,707

236,773

SaaS and service

13,443

14,629

57,094

58,589

Total cost of revenue

97,515

85,225

312,801

295,362

Total gross profit

124,651

81,867

365,921

312,545

Operating expenses:

Research and development

31,413

30,252

120,975

126,282

Selling, general and administrative

38,587

41,982

153,124

163,282

Asset impairment and related charges

610

—

12,713

—

Restructuring and related charges

1,173

—

15,973

809

Total operating expenses

71,783

72,234

302,785

290,373

Income from operations

52,868

9,633

63,136

22,172

Interest expense, net

(2,493)

(571)

(7,326)

(2,696)

Other income (expense), net

5,725

(249)

2,123

(335)

Income before income taxes

56,100

8,813

57,933

19,141

Provision for (benefit from) income taxes

17,980

(75,028)

18,716

(64,853)

Net income

$ 38,120

$ 83,841

$ 39,217

$ 83,994

Net income per share:

Basic

$ 0.33

$ 0.75

$ 0.34

$ 0.75

Diluted

$ 0.32

$ 0.72

$ 0.33

$ 0.72

Weighted average shares outstanding:

Basic

116,619

112,294

115,120

111,651

Diluted

117,699

115,691

117,482

117,359

Harmonic Inc.

Preliminary Condensed Consolidated Statements of Cash Flows

(Unaudited, in thousands)

Year Ended

December 31, 2024

December 31, 2023

Cash flows from operating activities:

Net income

$ 39,217

$ 83,994

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

Depreciation

12,139

12,255

Asset impairment and related charges

12,036

—

Stock-based compensation

28,073

27,329

Foreign currency remeasurement

315

1,453

Deferred income taxes, net

(16,436)

(92,856)

Provision for excess and obsolete inventories

10,971

7,396

Other adjustments

569

1,920

Changes in operating assets and liabilities:

Accounts receivable, net

(38,241)

(32,695)

Inventories

8,374

35,403

Other assets

3,199

25,483

Accounts payable

(3,107)

(29,358)

Deferred revenues

(2,210)

(20,823)

Other liabilities

7,018

(12,442)

Net cash provided by operating activities

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

(9,186)

(8,475)

Net cash used in investing activities

(9,186)

(8,475)

Cash flows from financing activities:

Proceeds from long-term debt

115,000

—

Repayment of convertible debt

(115,500)

—

Payments for debt issuance costs

(332)

(1,025)

Proceeds from other borrowings

3,943

3,835

Repayment of other borrowings

(5,447)

(4,865)

Repurchase of common stock

(30,047)

—

Proceeds from common stock issued to employees

6,628

6,558

Taxes paid related to net share settlement of equity awards

(7,514)

(9,493)

Net cash used in financing activities

(33,269)

(4,990)

Effect of exchange rate changes on cash and cash equivalents

(1,942)

1,089

Net increase (decrease) in cash and cash equivalents

17,520

(5,317)

Cash and cash equivalents at beginning of period

84,269

89,586

Cash and cash equivalents at end of period

$ 101,789

$ 84,269

Cash and cash equivalents and restricted cash at end of period

Cash and cash equivalents

$ 101,457

$ 84,269

Restricted cash

332

—

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

$ 101,789

$ 84,269

Harmonic Inc.

Preliminary Condensed Consolidated Statements of Cash Flows

(Unaudited, in thousands)

Year Ended

December 31, 2024

December 31, 2023

Supplemental cash flow disclosure:

Income tax payments, net

$ 27,308

$ 18,128

Interest payments, net

$ 6,283

$ 1,626

Supplemental schedule of non-cash investing activities:

Capital expenditures incurred but not yet paid

$ 488

$ 618

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

December 31, 2024

September 27, 2024

December 31, 2023

Geography

Americas

$ 186,907

84 %

$ 167,720

86 %

$ 129,406

77 %

EMEA

26,044

12 %

20,269

10 %

30,041

18 %

APAC

9,215

4 %

7,767

4 %

7,645

5 %

Total

$ 222,166

100 %

$ 195,756

100 %

$ 167,092

100 %

Market

Service Provider

$ 178,266

80 %

$ 159,993

82 %

$ 128,566

77 %

Broadcast and Media

43,900

20 %

35,763

18 %

38,526

23 %

Total

$ 222,166

100 %

$ 195,756

100 %

$ 167,092

100 %

Twelve Months Ended

December 31, 2024

December 31, 2023

Geography

Americas

$ 557,255

82 %

$ 447,700

74 %

EMEA

92,553

14 %

127,689

21 %

APAC

28,914

4 %

32,518

5 %

Total

$ 678,722

100 %

$ 607,907

100 %

Market

Service Provider

$ 529,381

78 %

$ 443,005

73 %

Broadcast and Media

149,341

22 %

164,902

27 %

Total

$ 678,722

100 %

$ 607,907

100 %

Harmonic Inc.

Preliminary Segment Information

(Unaudited, in thousands, except percentages)

Three Months Ended December 31, 2024

Broadband

Video

Total Segment
Measures

Adjustments (1)

Consolidated
GAAP
Measures

Net revenue

$ 171,028

$ 51,138

$ 222,166

$ —

$ 222,166

Gross profit

90,200

(1)

34,451

(1)

124,651

(1)

—

124,651

Gross margin %

52.7 %

(1)

67.4 %

(1)

56.1 %

(1)

56.1 %

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 December 31, 2023

Broadband

Video

Total Segment
Measures

Adjustments (1)

Consolidated
GAAP
Measures

Net revenue

$ 115,229

$ 51,863

$ 167,092

$ —

$ 167,092

Gross profit

48,803

(1)

33,491

(1)

82,294

(1)

(427)

81,867

Gross margin %

42.4 %

(1)

64.6 %

(1)

49.3 %

(1)

49.0 %

Twelve Months Ended December 31, 2024

Broadband

Video

Total Segment
Measures

Adjustments (1)

Consolidated
GAAP
Measures

Net revenue

$ 488,200

$ 190,522

$ 678,722

$ —

$ 678,722

Gross profit

242,186

(1)

125,284

(1)

367,470

(1)

(1,549)

365,921

Gross margin %

49.6 %

(1)

65.8 %

(1)

54.1 %

(1)

53.9 %

Twelve Months Ended December 31, 2023

Broadband

Video

Total Segment
Measures

Adjustments (1)

Consolidated
GAAP
Measures

Net revenue

$ 388,482

$ 219,425

$ 607,907

$ —

$ 607,907

Gross profit

181,932

(1)

133,649

(1)

315,581

(1)

(3,036)

312,545

Gross margin %

46.8 %

(1)

60.9 %

(1)

51.9 %

(1)

51.4 %

(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.”

Harmonic Inc.

GAAP to Non-GAAP Reconciliations (Unaudited)

(in thousands, except percentages and per share data)

Three Months Ended December 31, 2024

Revenue

Gross Profit

Total
Operating
Expense

Income from
Operations

Total Non-
operating
Income, net

Net Income

GAAP

$ 222,166

$ 124,651

$ 71,783

$ 52,868

$ 3,232

$ 38,120

Stock-based compensation

—

(8,486)

8,486

—

8,486

Restructuring and related charges

—

(1,173)

1,173

—

1,173

Asset impairment and related charges (1)

—

(610)

610

—

610

Discrete tax items and tax effect of non-GAAP adjustments

—

4,043

Total adjustments

—

(10,269)

10,269

—

14,312

Non-GAAP

$ 222,166

$ 124,651

$ 61,514

$ 63,137

$ 3,232

$ 52,432

As a % of revenue (GAAP)

56.1 %

32.3 %

23.8 %

1.5 %

17.2 %

As a % of revenue (Non-GAAP)

56.1 %

27.7 %

28.4 %

1.5 %

23.6 %

Diluted net income per share:

GAAP

$ 0.32

Non-GAAP

$ 0.45

Shares used in per share calculation:

GAAP and Non-GAAP

117,699

(1) Includes impairment charges of $0.2 million for right-of-use assets and $0.4 million related to the fair value of other unrecoverable facility costs.

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 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 December 31, 2023

Revenue

Gross Profit

Total
Operating
Expense

Income from
Operations

Total Non-
operating
Expense, net

Net Income

GAAP

$167,092

$81,867

$72,234

$9,633

$(820)

$83,841

Stock-based compensation

—

454

(6,151)

6,605

—

6,605

Restructuring and related charges

—

(27)

—

(27)

—

(27)

Non-recurring advisory fee

—

(2,702)

2,702

—

2,702

Non-cash interest expense related to convertible notes

—

233

Discrete tax items and tax effect of non-GAAP adjustments

—

(78,693)

Total adjustments

—

427

(8,853)

9,280

233

(69,180)

Non-GAAP

$167,092

$82,294

$63,381

$18,913

$(587)

$14,661

As a % of revenue (GAAP)

49.0 %

43.2 %

5.8 %

(0.5) %

50.2 %

As a % of revenue (Non-GAAP)

49.3 %

37.9 %

11.3 %

(0.4) %

8.8 %

Diluted net income per share:

GAAP

$0.72

Non-GAAP

$0.13

Shares used in per share calculation:

GAAP and Non-GAAP

115,691

Twelve Months Ended December 31, 2024

Revenue

Gross Profit

Total
Operating
Expense

Income from
Operations

Total Non-
operating
Expense, net

Net Income

GAAP

$ 678,722

$ 365,921

$ 302,785

$ 63,136

$ (5,203)

$ 39,217

Stock-based compensation

—

1,089

(26,984)

28,073

—

28,073

Restructuring and related charges

—

460

(15,973)

16,433

16,444

Non-recurring advisory fees

—

(755)

755

—

755

Asset impairment and related charges (1)

—

(12,713)

12,713

—

12,713

Non-cash interest expense related to convertible notes

—

567

Discrete tax items and tax effect of non-GAAP adjustments

—

(5,736)

Total adjustments

—

1,549

(56,425)

57,974

578

52,816

Non-GAAP

$ 678,722

$ 367,470

$ 246,360

$ 121,110

$ (4,625)

$ 92,033

As a % of revenue (GAAP)

53.9 %

44.6 %

9.3 %

(0.8) %

5.8 %

As a % of revenue (Non-GAAP)

54.1 %

36.3 %

17.8 %

(0.7) %

13.6 %

Diluted net income per share:

GAAP

$ 0.33

Non-GAAP

$ 0.78

Shares used in per share calculation:

GAAP and Non-GAAP

117,482

(1) Includes write-off of $1.8 million for internally capitalized software, and impairment charges of $3.9 million for right-of-use assets, $4.3 million for leasehold improvements, and $2.7 million related to the fair value of other unrecoverable facility costs.

Twelve Months Ended December 31, 2023

Revenue

Gross Profit

Total
Operating

Expense

Income from
Operations

Total Non-
operating
Expense, net

Net Income

GAAP

$ 607,907

$ 312,545

$ 290,373

$ 22,172

$ (3,031)

$ 83,994

Stock-based compensation

—

2,349

(24,980)

27,329

—

27,329

Restructuring and related charges

—

687

(445)

1,132

—

1,132

Non-recurring advisory fees

—

(5,201)

5,201

—

5,201

Non-cash interest expense related to convertible notes

—

905

Discrete tax items and tax effect of non-GAAP adjustments

—

(75,595)

Total adjustments

—

3,036

(30,626)

33,662

905

(41,028)

Non-GAAP

$ 607,907

$ 315,581

$ 259,747

$ 55,834

$ (2,126)

$ 42,966

As a % of revenue (GAAP)

51.4 %

47.8 %

3.6 %

(0.5) %

13.8 %

As a % of revenue (Non-GAAP)

51.9 %

42.7 %

9.2 %

(0.3) %

7.1 %

Diluted net income per share:

GAAP

$ 0.72

Non-GAAP

$ 0.37

Shares used in per share calculation:

GAAP and Non-GAAP

117,359

Harmonic Inc.

Calculation of Adjusted EBITDA by Segment (Unaudited)

(In thousands)

Three Months Ended December 31, 2024

Broadband

Video

Income from operations

$ 57,787

$ 5,350

Depreciation

2,133

835

Other non-operating expenses, net

4,130

1,595

Adjusted EBITDA(1)

$ 64,050

$ 7,780

Revenue

$ 171,028

$ 51,138

Adjusted EBITDA margin % (1)

37.5 %

15.2 %

Three Months Ended September 27, 2024

Broadband

Video

Income from operations

$ 38,192

$ 6,326

Depreciation

2,001

859

Other non-operating expenses, net

(2,733)

(1,199)

Adjusted EBITDA(1)

$ 37,460

$ 5,986

Revenue

$ 145,338

$ 50,418

Adjusted EBITDA margin % (1)

25.8 %

11.9 %

Three Months Ended December 31, 2023

Broadband

Video

Income (loss) from operations

$ 20,268

$ (1,355)

Depreciation

1,794

1,283

Other non-operating expenses, net

(160)

(89)

Adjusted EBITDA(1)

$ 21,902

$ (161)

Revenue

$ 115,229

$ 51,863

Adjusted EBITDA margin % (1)

19.0 %

(0.3) %

Twelve Months Ended December 31, 2024

Broadband

Video

Income from operations

$ 118,354

$ 2,756

Depreciation

8,253

3,886

Other non-operating expenses, net

1,624

510

Adjusted EBITDA(1)

$ 128,231

$ 7,152

Revenue

$ 488,200

$ 190,522

Adjusted EBITDA margin % (1)

26.3 %

3.8 %

Twelve Months Ended December 31, 2023

Broadband

Video

Income (loss) from operations

$ 64,575

$ (8,741)

Depreciation

6,855

5,400

Other non-operating expenses, net

(204)

(131)

Adjusted EBITDA(1)

$ 71,226

$ (3,472)

Revenue

$ 388,482

$ 219,425

Adjusted EBITDA margin % (1)

18.3 %

(1.6) %

(1) Adjusted EBITDA and Adjusted EBITDA margin are Non-GAAP financial measures.
Refer below for the reconciliation of consolidated adjusted EBITDA to net income (loss), the most directly comparable GAAP measure.

Harmonic Inc.

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

(In thousands)

Three Months Ended

December 31, 2024

September 27, 2024

December 31, 2023

Net income (GAAP)

$ 38,120

$ 21,718

$ 83,841

Provision for (benefit from) income taxes

17,980

7,088

(75,028)

Interest expense, net

2,493

2,686

571

Depreciation

2,968

2,860

3,077

EBITDA

61,561

34,352

12,461

Adjustments

Stock-based compensation

8,486

5,710

6,605

Restructuring and related charges

1,173

281

(27)

Non-recurring advisory fees

—

2,702

Asset impairment and related charges

610

3,103

—

Total consolidated segment adjusted EBITDA (Non-GAAP)

$ 71,830

$ 43,446

$ 21,741

Revenue

$ 222,166

$ 195,756

$ 167,092

Net income margin (GAAP)

17.2 %

11.1 %

50.2 %

Consolidated segment adjusted EBITDA margin (Non-GAAP)

32.3 %

22.2 %

13.0 %

Twelve Months Ended

December 31, 2024

December 31, 2023

Net income (GAAP)

$ 39,217

$ 83,994

Provision for (benefit from) income taxes

18,716

(64,853)

Interest expense, net

7,326

2,696

Depreciation

12,139

12,255

EBITDA

77,398

34,092

Adjustments

Stock-based compensation

28,073

27,329

Restructuring and related charges

16,444

1,132

Non-recurring advisory fees

755

5,201

Asset impairment and related charges

12,713

—

Total consolidated segment adjusted EBITDA (Non-GAAP)

$ 135,383

$ 67,754

Revenue

$ 678,722

$ 607,907

Net income margin (GAAP)

5.8 %

13.8 %

Consolidated segment adjusted EBITDA margin (Non-GAAP)

19.9 %

11.1 %

Harmonic Inc.

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

(In millions, except percentages and per share data)

Q1 2025 Financial Guidance (1)

Revenue

Gross Profit

Total Operating
Expense

Income (Loss)
from Operations

Net Income (Loss)

GAAP

$ 120

$ 135

$ 67

$ 77

$ 71

$ 73

$ (4)

$ 4

$ (6)

$ 1

Stock-based compensation expense

—

(9)

Tax effect of non-GAAP adjustments

—

(1)

(2)

Total adjustments

—

(9)

Non-GAAP

$ 120

$ 135

$ 68

$ 78

$ 62

$ 64

$ 6

$ 14

$ 3

$ 9

As a % of revenue (GAAP)

55.8 %

57.0 %

59.2 %

54.1 %

(3.3) %

3.0 %

(5.0) %

0.7 %

As a % of revenue (Non-GAAP)

56.0 %

57.7 %

51.7 %

47.4 %

5.0 %

10.4 %

2.5 %

6.7 %

Diluted net income (loss) per share:

GAAP

$(0.05)

$0.01

Non-GAAP

$0.02

$0.08

Shares used in per share calculation:

GAAP

117.4

118.5

Non-GAAP

118.5

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

2025 Financial Guidance (1)

Revenue

Gross Profit

Total Operating
Expense

Income from
Operations

Net Income

GAAP

$ 585

$ 645

$ 319

$ 368

$ 281

$ 292

$ 38

$ 76

$22

$53

Stock-based compensation expense

—

(34)

Tax effect of non-GAAP adjustments

—

(7)

(8)

Total adjustments

—

(34)

Non-GAAP

$ 585

$ 645

$ 321

$ 370

$ 247

$ 258

$ 74

$ 112

$51

$81

As a % of revenue (GAAP)

54.5 %

57.1 %

48.0 %

45.3 %

6.5 %

11.8 %

3.8 %

8.2 %

As a % of revenue (Non-GAAP)

54.8 %

57.3 %

42.2 %

40.0 %

12.6 %

17.4 %

8.7 %

12.6 %

Diluted net income per share:

GAAP

$0.19

$0.45

Non-GAAP

$0.43

$0.68

Shares used in per share calculation:

GAAP and Non-GAAP

119.1

(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)

Q1 2025 Financial Guidance

Broadband

Video

Income (loss) from operations

$ 7

$ 13

$ (1)

$ 1

Depreciation

Segment adjusted EBITDA(2)

$ 9

$ 15

$ —

$ 2

2025 Financial Guidance

Broadband

Video

Income from operations

$ 69

$ 98

$ 5

$ 14

Depreciation

Other non-operating expenses

(2)

—

Segment adjusted EBITDA(2)

$ 77

$ 106

$ 8

$ 17

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

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

Harmonic Inc.

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

(In millions)

Q1 2025 Financial
Guidance

2025 Financial Guidance

Net income (loss) (GAAP)

$ (6)

$ 1

$ 22

$ 53

Provision for (benefit from) income taxes

—

Interest expense, net

Depreciation

EBITDA

$ (1)

$ 7

$ 49

$ 87

Adjustments

Stock-based compensation

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

$ 9

$ 17

$ 85

$ 123

(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.

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SOURCE Harmonic Inc.

Technology

ADX welcomes Morgan Stanley as the first international investment bank Remote Trading Member, expanding global access to Abu Dhabi’s capital markets

Published

9 hours ago

May 5, 2026

ABU DHABI, UAE, May 5, 2026 /PRNewswire/ — The Abu Dhabi Securities Exchange (ADX) Group today announced that Morgan Stanley, a leading investment bank and financial services company, has joined the ADX as its first international investment bank Remote Trading Member — enabling Morgan Stanley’s clients to access the ADX directly.

This milestone strengthens ADX’s global connectivity and supports growing international institutional demand for exposure to UAE markets. It also reinforces its position as one of the world’s fastest-growing exchanges by market capitalization, while highlighting the market’s continued progress in depth, liquidity, and inclusion in major global indices.

Remote membership enables Morgan Stanley to provide its clients with direct market access to the ADX, with trading conducted via the firm’s global trading platform. The ADX continues to play a pivotal role in advancing Abu Dhabi’s long-term economic ambitions, as a mechanism for a diversified, innovation-led, knowledge-based economy.

Morgan Stanley’s direct trading access to ADX reflects the strength of Abu Dhabi’s investment proposition and the continued institutionalization of UAE capital markets. Morgan Stanley’s membership will enhance execution quality, optimize order routing, and provide greater control across the end-to-end trade lifecycle, delivering an advanced trading experience for global investors.

The structure follows a proven international access model used by Morgan Stanley and is designed to meet growing client demand for efficient, transparent, and seamless access to ADX-listed opportunities.

Abdulla Salem Alnuaimi, Group Chief Executive Officer of Abu Dhabi Securities Exchange (ADX) Group, said: “This marks a significant step in advancing our ambition to be a leading financial marketplace that drives opportunity and sustainable economic growth. This momentum is reflected in the strong foreign investor participation, with trading value exceeding 85 billion dirhams in the first quarter of 2026 up by 22% year on year. This performance underscores the growing depth and global relevance of our market, while reinforcing our commitment to expanding international access, strengthening cross-border connectivity, and building a world-class market infrastructure that attracts global capital, supports a diverse range of issuers and contributes to Abu Dhabi’s long-term economic prosperity.”

Patrick Delivanis, Regional Co-Head of MENA at Morgan Stanley, said: “Becoming a Remote Trading Member of ADX reflects our focus on providing clients with efficient, seamless access to Abu Dhabi’s capital markets through our market–leading trading platform. We see continued momentum in the institutionalization and international participation of UAE markets, and we’re pleased to support that evolution by enabling international investors to access opportunities in MENA with direct connectivity to local markets, alongside greater transparency and control across the trading lifecycle.”

Morgan Stanley’s participation aligns with ADX’s strategy to strengthen international connectivity, with remote memberships selectively offered to global firms to attract high-quality cross-border liquidity. The announcement builds on the ADX’s expansion momentum: in 2025, foreign investment rose by nearly 14% and institutional trading increased by 10% year on year. Subject to final operational readiness, Morgan Stanley expects to begin trading as a remote member in the coming weeks.

About Abu Dhabi Securities Exchange (ADX)

The Abu Dhabi Securities Exchange (ADX) was established on 15 November 2000 pursuant to Local Law No. (3) of 2000, which granted the exchange legal rights with independent financial and administrative status, as well as the necessary supervisory and executive powers necessary to carry out its functions. On 17 March 2020, the ADX was converted from a public entity into a Public Joint Stock Company (PJSC) in accordance with Law No. (8) of 2020.

The ADX Group, a market infrastructure group comprising the exchange (ADX) and its post-trade ecosystem, including its wholly owned subsidiaries AD Depository and AD Clear, was established. Through its integrated and globally aligned business structure, the ADX Group supports efficient, transparent, and resilient capital markets across trading, clearing, settlement, and custody.

The Group provides an efficient and regulated marketplace for the trading of securities, including equities issued by public joint-stock companies, bonds issued by governments and corporations, exchange-traded funds (ETFs), and other financial instruments approved by the UAE Capital Market Authority.

The ADX is the second-largest exchange in the Arab region by market capitalization. Its strategy of delivering stable financial performance through diversified revenue streams is aligned with the UAE’s national development agenda, “Towards the Next 50”, which aims to build a sustainable, diversified, and high-value-added economy.

For more information, please contact:
Abdulrahman Saleh ALKhateeb
Manager of Corporate Communication
Abu Dhabi Securities Exchange (ADX)
Mobile: +971 (50) 668 9733
Email: ALKhateebA@adx.ae

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SOURCE Abu Dhabi Securities Exchange (ADX)

Technology

Geotab integrates Polestar vehicles into its OEM telematics network

Published

9 hours ago

May 5, 2026

Fleet operators across North America, Europe, and APAC can now access Polestar vehicle data directly in MyGeotab — no aftermarket hardware required.

LONDON, UK, May 5, 2026 /PRNewswire/ — Geotab, a global leader in connected vehicle and asset management solutions, today announced the integration of Polestar vehicles into its OEM telematics network, giving commercial fleet operators seamless access to Polestar data within MyGeotab from day one — with no aftermarket hardware installation required. The integration is available globally across North America, Europe, and Asia Pacific, supporting all Polestar models.

Developed in collaboration with Geotab, among other telematics service providers, Polestar Fleet Telematics integrates directly into MyGeotab. The Geotab integration enables fleet managers to manage Polestar vehicles alongside all other makes and models on a single unified platform — without fitting additional devices.

Connected vehicle data where it matters most

Through Polestar Fleet Telematics, fleet operators gain near-real-time access to a comprehensive dataset — covering EV battery and charging status, location, tyre information, vehicle security, maintenance alerts, and climate data — flowing directly from Polestar’s connected vehicle architecture into MyGeotab, with no physical installation required.

This breadth of data enables fleet managers to move from reactive to proactive operations — scheduling maintenance before failures occur, optimising charge planning across depots, and maintaining duty-of-care oversight across the entire fleet.

Supporting Europe’s Mixed-Fleet Reality

OEM-embedded telematics removes the need for aftermarket device installation across mixed-manufacturer fleets, reducing logistical overhead and supporting compliance with works council and GDPR requirements — a critical consideration for European fleet operators.

“Polestar Fleet Telematics combines sustainability with intelligence, integrating seamlessly with Geotab to deliver these capabilities directly into the platforms fleet operators trust. Continuous data visibility enables more efficient and informed fleet operations, from day-to-day management to long-term planning. By leveraging Polestar vehicles’ embedded connectivity, fleet managers can make smarter, data-driven decisions — without adding hardware or complexity to their operations.” said Emma Knapp, Manager of Global Key Accounts at Polestar.

Polestar joins an OEM telematics network that already spans over 80% of leading global vehicle manufacturers by fleet market share, including BMW Group, Ford, Stellantis, Volkswagen Group, and Volvo Cars. For fleet operators already using MyGeotab, Polestar vehicles can be connected and deliver data without any additional hardware or installation.

“OEM-embedded telematics represents a change in how fleet data reaches the platform — and Polestar’s connected vehicle architecture makes this integration particularly well-suited for markets that are seriously considering transitioning to electric vehicles.” said Christoph Ludewig, Vice President OEM Global at Geotab. “Fleet operators managing mixed EV and internal combustion engine fleets no longer need separate tools or hardware for each vehicle type. Polestar data flows directly into MyGeotab alongside every other vehicle in the fleet — giving operators the consolidated visibility they need to drive efficiency, support duty of care, and manage their EV transition with confidence.”

Global Availability

The integration is available now across North America, Europe, and Asia Pacific, supporting all Polestar models. Fleet managers can activate the service via the Geotab Marketplace or by contacting their Geotab representative.

About Polestar

Polestar (Nasdaq: PSNY) is the Swedish electric performance car brand with a focus on uncompromised design and innovation, and the ambition to accelerate the change towards a sustainable future. Headquartered in Gothenburg, Sweden, its cars are available in 28 markets globally across North America, Europe and Asia Pacific.

Polestar has four models in its line-up: Polestar 2, Polestar 3, Polestar 4, and Polestar 5. Planned models include the Polestar 7 compact SUV (to be introduced in 2028) and the Polestar 6 roadster. With its vehicles currently manufactured on two continents, North America and Asia, Polestar plans to diversify its manufacturing footprint further, with production of Polestar 7 planned in Europe.

Polestar has an unwavering commitment to sustainability and has set an ambitious roadmap to reach its climate targets: halve greenhouse gas emissions by 2030 per-vehicle-sold and become climate-neutral across its value chain by 2040. Polestar’s comprehensive sustainability strategy covers the four areas of Climate, Transparency, Circularity, and Inclusion.

About Geotab

Geotab is a global leader in connected vehicle and asset management solutions, with headquarters in Oakville, Ontario and Atlanta, Georgia. Our mission is to make the world safer, more efficient, and sustainable. We leverage advanced data analytics and AI to transform fleet performance and operations, reducing cost and driving efficiency. Backed by top data scientists and engineers, we serve approximately 100,000 global customers, processing 100 billion data points daily from more than 5 million vehicle subscriptions. Geotab is trusted by Fortune 500 organisations, mid-sized fleets, and the largest public sector fleets in the world, including the US Federal government. Committed to data security and privacy, we hold FIPS 140-3 and FedRAMP authorisations. Our open platform, ecosystem of outstanding partners, and Geotab Marketplace deliver hundreds of fleet-ready third-party solutions. This year, we’re celebrating 25 years of innovation. Learn more at www.geotab.com/uk and follow us on LinkedIn or visit our blog.

GEOTAB and GEOTAB MARKETPLACE are registered trademarks of Geotab Inc. in Canada, the United States and/or other countries.

Media Contact: Geotab Contact, Romina Dashghachian, Strategic Communications Lead, EMEA, pr@geotab.com

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Technology

IDX Opens Geneva Office and Strengthens Global Data & Insights Capability

Published

9 hours ago

May 5, 2026

New Swiss presence and specialist team integration support growing global demand for evidence-based, defensible communications strategies

LONDON, May 5, 2026 /PRNewswire/ — IDX today announced the opening of its new Geneva office and the integration of a specialist Data & Insights team, strengthening the company’s international footprint and expanding its ability to help clients worldwide build communications strategies grounded in evidence, market intelligence and audience insight.

The expansion gives IDX an on-the-ground presence in Switzerland while adding further depth to its Data & Insights capability. The Geneva-based team will work closely with IDX specialists across performance marketing and corporate communications, helping clients develop a clearer view of the markets they operate in and the forces shaping their growth.

The move aligns with Destination 250 – Customers First, IDX’s global strategy to grow its team by 250, focused on deepening client value, strengthening delivery and investing in the capabilities that matter most to clients.

The investment strengthens the Data pillar of IDX’s Connected Content™ model, which combines Creative, Data, Technology and Media to create what IDX calls The Multiplier Effect, helping clients multiply what matters through more connected, measurable and effective work.

“IDX is experiencing phenomenal growth, and our new Geneva office gives us boots on the ground to better serve clients across Europe and globally across performance marketing, investor relations and corporate communications,” said Crispin Beale, Worldwide CEO, IDX. “Data has been at the heart of this business for decades, and this centre of excellence reflects our continued investment in that capability. It’s an incredibly exciting time for IDX, and I look forward to the next phase of our growth as we continue to expand globally.”

“This is an exciting step in IDX’s growth story and a clear response to what clients are asking for: more evidence-based thinking, stronger market context and clearer rationale behind their communications strategies,” said Chris Corrigan, Chief Customer Growth Officer, IDX. “Our new presence in Geneva, combined with deeper Data & Insights expertise, strengthens the way we support clients globally, giving them earlier access to the insight and market context they need to make better-informed decisions and turn evidence into action.”

The Geneva office will strengthen relationships with existing clients in the region, support re-engagement with former partners and create new opportunities for IDX with organisations operating across European and global markets. It reflects IDX’s continued investment in the capabilities that matter most to clients as communications, marketing and corporate reputation work become increasingly data-led and commercially accountable.

“IDX’s integrated offer across insights, performance marketing and corporate communications, powered by the combination of human intelligence, advanced technology and AI, represents exactly where the industry is heading,” said Lonneke de Roo, Head of Data & Insights, IDX. “I am delighted to join the business and help clients navigate increasingly complex markets with clearer evidence, sharper insight and more connected strategies.”

ABOUT IDX

IDX is a global strategic communications and marketing agency, headquartered in London with offices around the world, including New York, London, Phoenix, Helsinki, Gothenburg, Geneva, and Vadodara. Working with more than 1,600 clients across sectors, IDX combines deep industry knowledge with a data-first mindset to help ambitious brands thrive in complex, fast-moving markets. The firm specialises in performance marketing, investor relations, and stakeholder engagement, delivering integrated campaigns that drive meaningful business outcomes. Visit www.idx.inc to learn more.

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