HLITHARMONIC INC.
Radio & Tv Broadcasting & Communications Equipment
- Revenue
- $361M
- 26% YoY
- Operating margin
- 3.9%
- 74% YoY
- EBITDA
- $25M
- 71% YoY
- Market cap
- $1.1B
- Employees
- 534
- $675K revenue each
- Net debt / EBITDA
- -8.8×
- −$221M net debt
- AI in 10-K
- 1.4
- mentions per 10K words
Takeover score 2 of 13
Fixable underperformance 0 of 7
- TSR below peersNo0 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo—Median CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo89× net incomeCash flow under 80% of net income
- Dilutive SBCNo9% of revenueOver 10% of revenue
- Payouts exceed cash flowNo73% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo10% of assetsOver 40% of assets
- Shareholder dissentNo97% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeNo$675K · 69th pctBottom quartile of its SIC industry
- Quiet on AINo1.4 per 10K words · 43rd pctBottom quartile of AI mentions in 10-Ks
- Net cashYesNet cash · 8.8× EBITDAMore cash than debt, positive EBITDA
- Buyout-sizedYes$1.1B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo−$292K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $507M | $625M | $388M | $488M | $361M | 26% |
| Operating income | $19M | $46M | $30M | $75M | $14M | 81% |
| Net income | $13M | $28M | $84M | $39M | $1M | 97% |
| Operating cash flow | $41M | $5M | $7M | $62M | $108M | 74% |
| Capex | $13M | $9M | $8M | $9M | $11M | 21% |
| Stock-based comp | $24M | $25M | $27M | $28M | $32M | 14% |
| Buybacks | $0 | $5M | $0 | $30M | $79M | 163% |
| Dividends | $0 | $0 | $0 | $0 | — |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Jul 12, 2024 | SCOPIA CAPITAL MANAGEMENT LP | SC 13D/A | 3.3% | Active |
| Apr 26, 2024 | SCOPIA CAPITAL MANAGEMENT LP | SC 13D | 5.4% | Active |
| Jan 22, 2024 | SCOPIA CAPITAL MANAGEMENT LP | SC 13D/A | 3.9% | Passive |
| Sep 21, 2023 | SCOPIA CAPITAL MANAGEMENT LP | SC 13D | 5.1% | Active |
| Apr 12, 2023 | SCOPIA CAPITAL MANAGEMENT LP | SC 13D/A | 4.4% | Passive |
| Oct 19, 2022 | SCOPIA CAPITAL MANAGEMENT LP | SC 13D/A | 5.7% | Passive |
| Sep 2, 2022 | SCOPIA CAPITAL MANAGEMENT LP | SC 13D/A | 7.2% | Passive |
| Aug 2, 2022 | SCOPIA CAPITAL MANAGEMENT LP | SC 13D/A | 8.3% | Passive |
| Mar 29, 2022 | SCOPIA CAPITAL MANAGEMENT LP | SC 13D/A | 9.6% | Passive |
| Aug 5, 2021 | SCOPIA CAPITAL MANAGEMENT LP | SC 13D/A | 8.9% | Passive |
Insider trading
- Open-market buys, 12 mo
- $499K · 1
- Open-market sells, 12 mo
- $791K · 5
- Net
- −$292K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 134 | 108 |
| FY2024 | — | — | 170 | 103 |
| FY2023 | — | — | 167 | 91 |
| FY2022 | — | — | 168 | 82 |
| FY2021 | — | — | 151 | 112 |