Harmonic (HLIT) 10-Q2 May 242024 Q1 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	3 Months Ended
Cover - shares	Mar. 29, 2024	Apr. 29, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 29, 2024
Document Transition Report	false
Entity File Number	000-25826
Entity Registrant Name	HARMONIC INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0201147
Entity Address, Address Line One	2590 Orchard Parkway
Entity Address, City or Town	San Jose
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95131
City Area Code	408
Local Phone Number	542-2500
Title of 12(b) Security	Common stock, $0.001 par value
Trading Symbol	HLIT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		116,542,186
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0000851310
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 29, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 84,305	$ 84,269
Accounts receivable, net	105,854	141,531
Inventories	86,631	83,982
Prepaid expenses and other current assets	24,019	20,950
Total current assets	300,809	330,732
Property and equipment, net	35,239	36,683
Operating lease right-of-use assets	19,420	20,817
Goodwill	238,287	239,150
Deferred income taxes	108,418	104,707
Other non-current assets	38,497	36,117
Total assets	740,670	768,206
Current liabilities:
Convertible debt, current	115,109	114,880
Other debts, current	4,813	4,918
Accounts payable	43,844	38,562
Deferred revenue	51,500	46,217
Operating lease liabilities, current	6,507	6,793
Other current liabilities	53,045	61,024
Total current liabilities	274,818	272,394
Other debts, non-current	10,271	10,495
Operating lease liabilities, non-current	17,711	18,965
Other non-current liabilities	28,716	29,478
Total liabilities	331,516	331,332
Commitments and contingencies (Note 13)
Stockholders’ equity:
Preferred stock, $0.001 par value, 5,000 shares authorized; no shares issued or outstanding	0	0
Common stock, $0.001 par value, 150,000 shares authorized; 111,946 and 112,407 shares issued and outstanding at March 29, 2024 and December 31, 2023, respectively	112	112
Additional paid-in capital	2,410,094	2,405,043
Accumulated deficit	(1,992,339)	(1,962,575)
Accumulated other comprehensive loss	(8,713)	(5,706)
Total stockholders’ equity	409,154	436,874
Total liabilities and stockholders’ equity	$ 740,670	$ 768,206

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 29, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares issued (in shares)	111,946,000	112,407,000
Common stock, shares outstanding (in shares)	111,946,000	112,407,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Revenue:
Total net revenue	$ 122,060	$ 157,649
Cost of revenue:
Total cost of revenue	58,979	73,595
Total gross profit	63,081	84,054
Operating expenses:
Research and development	30,705	33,509
Selling, general and administrative	38,865	39,282
Restructuring and related charges	3,037	83
Total operating expenses	72,607	72,874
Income (loss) from operations	(9,526)	11,180
Interest expense, net	(723)	(706)
Other expense, net	(289)	(293)
Income (loss) before income taxes	(10,538)	10,181
Provision for (benefit from) income taxes	(2,449)	5,088
Net income (loss)	$ (8,089)	$ 5,093
Net income (loss) per share:
Basic (in dollars per share)	$ (0.07)	$ 0.05
Diluted (in dollars per share)	$ (0.07)	$ 0.04
Weighted average shares outstanding:
Basic (in shares)	112,350	110,794
Diluted (in shares)	112,350	117,758
Appliance and integration
Revenue:
Total net revenue	$ 81,595	$ 114,794
Cost of revenue:
Total cost of revenue	43,074	59,748
SaaS and service
Revenue:
Total net revenue	40,465	42,855
Cost of revenue:
Total cost of revenue	$ 15,905	$ 13,847

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (8,089)	$ 5,093
Foreign currency translation adjustments	(2,914)	1,959
Other comprehensive income (loss) before tax	(2,914)	1,959
Provision for (benefit from) income taxes	93	(72)
Other comprehensive income (loss), net of tax	(3,007)	2,031
Total comprehensive income (loss)	$ (11,096)	$ 7,124

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2022		109,871
Beginning balance at Dec. 31, 2022	$ 324,506	$ 110	$ 2,380,651	$ (2,046,569)	$ (9,686)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	5,093			5,093
Other comprehensive income (loss), net of tax	2,031				2,031
Issuance of common stock under stock option, award and purchase plans, net (in shares)		1,461
Issuance of common stock under award and purchase plans, net	(3,268)	$ 1	(3,269)
Stock-based compensation	7,424		7,424
Ending balance (in shares) at Mar. 31, 2023		111,332
Ending balance at Mar. 31, 2023	$ 335,786	$ 111	2,384,806	(2,041,476)	(7,655)
Beginning balance (in shares) at Dec. 31, 2023	112,407	112,407
Beginning balance at Dec. 31, 2023	$ 436,874	$ 112	2,405,043	(1,962,575)	(5,706)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(8,089)			(8,089)
Other comprehensive income (loss), net of tax	(3,007)				(3,007)
Issuance of common stock under stock option, award and purchase plans, net (in shares)		1,197
Issuance of common stock under award and purchase plans, net	$ (1,871)	$ 1	(1,872)
Repurchase of common stock (in shares)	(1,700)	(1,658)
Repurchase of common stock	$ (21,676)	$ (1)		(21,675)
Stock-based compensation	$ 6,923		6,923
Ending balance (in shares) at Mar. 29, 2024	111,946	111,946
Ending balance at Mar. 29, 2024	$ 409,154	$ 112	$ 2,410,094	$ (1,992,339)	$ (8,713)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ (8,089)	$ 5,093
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	3,085	3,030
Stock-based compensation	6,923	7,424
Foreign currency remeasurement	(1,108)	1,290
Deferred income taxes, net	(3,806)	547
Provision for excess and obsolete inventories	757	2,027
Other adjustments	240	703
Changes in operating assets and liabilities:
Accounts receivable	35,187	20,530
Inventories	(4,571)	(10,547)
Other assets	(5,041)	(2,566)
Accounts payable	5,988	(12,507)
Deferred revenues	5,071	1,721
Other liabilities	(7,816)	(10,475)
Net cash provided by operating activities	26,820	6,270
Cash flows from investing activities:
Purchases of property and equipment	(1,911)	(2,331)
Net cash used in investing activities	(1,911)	(2,331)
Cash flows from financing activities:
Payments for debt issuance costs	(327)	0
Repurchase of common stock	(21,675)	0
Repayment of other debts	0	(152)
Proceeds from common stock issued to employees	3,542	3,085
Taxes paid related to net share settlement of equity awards	(5,413)	(6,353)
Net cash used in financing activities	(23,873)	(3,420)
Effect of exchange rate changes on cash and cash equivalents	(1,000)	772
Net increase in cash and cash equivalents	36	1,291
Cash and cash equivalents at beginning of period	84,269	89,586
Cash and cash equivalents at end of period	84,305	90,877
Supplemental schedule of non-cash investing activities:
Capital expenditures incurred but not yet paid	$ 396	$ 881

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
BASIS OF PRESENTATION	Mar. 29, 2024
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("U.S. GAAP") and applicable rules and regulations of the Securities and Exchange Commission regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the Company’s audited consolidated financial statements and accompanying notes included in our Annual Report on Form 10-K for the year ended December 31, 2023 (“2023 Form 10-K”). The accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the Company's financial position as of balance sheet dates and its operating results and cash flows for the interim periods presented. Operating results for interim periods are not necessarily indicative of the results that may be expected for any subsequent quarter or for the fiscal year ending December 31, 2024. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The Company’s significant accounting policies are described in Note 2 to its audited Consolidated Financial Statements included in the 2023 Form 10-K. There have been no significant changes to these policies during the three months ended March 29, 2024.

RECENT ACCOUNTING PRONOUNCEMENT

RECENT ACCOUNTING PRONOUNCEMENTS	3 Months Ended
RECENT ACCOUNTING PRONOUNCEMENTS	Mar. 29, 2024
Accounting Changes and Error Corrections [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	RECENT ACCOUNTING PRONOUNCEMENTS In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting, which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The updated standard is effective for our annual periods beginning in fiscal 2024 and interim periods beginning in the first quarter of fiscal 2025. Early adoption is permitted. The Company is currently evaluating the impact the new accounting standard will have on its segment reporting disclosures in the notes to the consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures. This ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. This ASU will result in the required additional disclosures being included in our consolidated financial statements, once adopted.

INVESTMENTS IN EQUITY SECURITIE

INVESTMENTS IN EQUITY SECURITIES	3 Months Ended
INVESTMENTS IN EQUITY SECURITIES	Mar. 29, 2024
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS IN EQUITY SECURITIES	INVESTMENTS IN EQUITY SECURITIES In May 2022, the Company sold its investment in Encoding.com, Inc. for total consideration of up to approximately $10.7 million. The Company received $7.8 million in May 2022 and recognized a gain of $4.2 million. The balance of the consideration of up to approximately $2.9 million is subject to certain conditions and indemnity obligations, and will be recorded upon receipt by the Company. As of March 29, 2024, the Company has not received any of the balance of the consideration.

CONTRACT ASSETS AND DEFERRED RE

CONTRACT ASSETS AND DEFERRED REVENUE	3 Months Ended
CONTRACT ASSETS AND DEFERRED REVENUE	Mar. 29, 2024
Revenue from Contract with Customer [Abstract]
CONTRACT ASSETS AND DEFERRED REVENUE	CONTRACT ASSETS AND DEFERRED REVENUE Contract assets exist when the Company has satisfied a performance obligation but does not have an unconditional right to consideration (e.g., because the entity first must satisfy another performance obligation in the contract before it is entitled to invoice the customer). Deferred revenue represents the Company’s obligation to transfer goods or services to a customer for which the Company has received consideration (or an amount of consideration is due) from the customer. Contract assets and deferred revenue consisted of the following: As of (in thousands) March 29, 2024 December 31, 2023 Contract assets $ 4,380 $ 4,772 Deferred revenue $ 64,694 $ 59,705 Contract assets and the non-current portion of deferred revenue are reported as components of “Prepaid expenses and other current assets” and “Other non-current liabilities,” respectively, on the condensed consolidated balance sheets. The amount of revenues recognized during the three months ended March 29, 2024 and March 31, 2023 that were included in the opening deferred revenue balance as of January 1, 2024 and 2023, respectively, were $16.3 million and $21.2 million. Remaining performance obligations represent contracted revenues that have not yet been recognized and include deferred revenue and unbilled amounts that will be recognized as revenue in the future. The aggregate balance of the Company’s remaining performance obligations as of March 29, 2024 was $677.8 million, 54% of which is expected to be recognized as revenue over the next 12 months and the remainder thereafter. Refer to Note 11, “Segment Information” for disaggregated revenue information.

LEASES

LEASES	3 Months Ended
LEASES	Mar. 29, 2024
Leases [Abstract]
LEASES	LEASES The components of lease expense are as follows: Three Months Ended (in thousands) March 29, 2024 March 31, 2023 Operating lease cost $ 1,729 $ 1,764 Variable lease cost 390 425 Total lease cost $ 2,119 $ 2,189 Supplemental information related to leases are as follows: Three Months Ended (in thousands) March 29, 2024 March 31, 2023 Cash paid for operating lease liabilities $ 1,795 $ 1,828

OTHER FINANCIAL STATEMENT INFOR

OTHER FINANCIAL STATEMENT INFORMATION	3 Months Ended
OTHER FINANCIAL STATEMENT INFORMATION	Mar. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
OTHER FINANCIAL STATEMENT INFORMATION	OTHER FINANCIAL STATEMENT INFORMATION The following tables provide details of selected balance sheet components: Accounts receivable, net: As of (in thousands) March 29, 2024 December 31, 2023 Accounts receivable $ 108,969 $ 144,731 Less: allowances for expected credit losses and sales returns (3,115) (3,200) Total $ 105,854 $ 141,531 Inventories: As of (in thousands) March 29, 2024 December 31, 2023 Finished goods $ 36,931 $ 43,987 Raw materials 36,442 27,806 Work-in-process 5,820 5,056 Service-related spares 7,438 7,133 Total $ 86,631 $ 83,982 Prepaid expenses and other current assets: As of (in thousands) March 29, 2024 December 31, 2023 Prepaid expenses $ 3,869 $ 3,789 Contract assets 4,380 4,772 Other current assets 15,770 12,389 Total $ 24,019 $ 20,950 Property and equipment, net: As of (in thousands) March 29, 2024 December 31, 2023 Machinery and equipment $ 74,964 $ 74,659 Capitalized software 27,036 27,129 Leasehold improvements 40,873 40,931 Furniture and fixtures 2,557 2,547 Construction-in-progress 2,094 1,789 Property and equipment, gross 147,524 147,055 Less: accumulated depreciation and amortization (112,285) (110,372) Total $ 35,239 $ 36,683 Other current liabilities: As of (in thousands) March 29, 2024 December 31, 2023 Accrued employee compensation and related expenses $ 20,360 $ 22,779 Other 32,685 38,245 Total $ 53,045 $ 61,024

CONVERTIBLE DEBT

CONVERTIBLE DEBT	3 Months Ended
CONVERTIBLE DEBT	Mar. 29, 2024
Debt Disclosure [Abstract]
CONVERTIBLE DEBT	CONVERTIBLE DEBT 2.00% Convertible Senior Notes due 2024 (the “2024 Notes”) In September 2019, the Company issued $115.5 million of the 2024 Notes pursuant to an indenture (the “2024 Notes Indenture”), dated September 13, 2019, by and between the Company and U.S. Bank Trust Company, National Association (as successor in interest to U.S. Bank National Association), as trustee. The 2024 Notes bore interest at a rate of 2.00% per year, payable semi-annually on March 1 and September 1 of each year, beginning March 1, 2020. The 2024 Notes would have matured on September 1, 2024, unless earlier repurchased by the Company, redeemed by the Company or converted pursuant to their terms. The 2024 Notes were initially convertible into cash, shares of the Company’s common stock, or a combination thereof, at the Company’s election, at an initial conversion rate of 115.5001 shares of the Company’s common stock per $1,000 principal amount of the 2024 Notes (which is equivalent to an initial conversion price of approximately $8.66 per share). Pursuant to the supplemental indenture entered into by the Company and the trustee during the fourth quarter of the fiscal year ended December 31, 2021, the Company made an irrevocable election to settle the principal amounts of the 2024 Notes solely with cash and may pay or deliver, as the case may be, any conversion value greater than the principal amount in cash, shares of the Company’s common stock or a combination thereof, at the Company’s election. The conversion rate, and thus the effective conversion price, could be adjusted under certain circumstances, including in connection with conversions made following certain fundamental changes or a notice of redemption and under other circumstances, in each case, as set forth in the 2024 Notes Indenture. The 2024 Notes are recorded at face value less unamortized debt issuance costs. Amortization costs are reported as a component of interest expenses and are computed using the effective interest method. On January 30, 2024, the Company issued a notice to redeem the outstanding 2024 Notes in full pursuant to the terms of the 2024 Notes Indenture, which gave holders the right to convert their 2024 Notes prior to the redemption date. On April 18, 2024, the Company settled the conversions of the entire $115.5 million in aggregate principal amount of the 2024 Notes. In accordance with the provisions of the 2024 Notes Indenture, the Company settled such conversions of the 2024 Notes by paying and delivering, as applicable, in a combination of $115.5 million in cash and 4.6 million shares of the Company’s common stock. Refer to Note 14, “Subsequent Event”, of the Notes to the condensed consolidated financial statements for details regarding the 2024 Notes redemption. The following table presents the components of the 2024 Notes: As of (in thousands, except for years and percentages) March 29, 2024 December 31, 2023 Liability: Principal amount $ 115,500 $ 115,500 Less: Debt issuance costs, net of amortization (391) (620) Carrying amount $ 115,109 $ 114,880 The following table presents interest expense recognized for the 2024 Notes: Three Months Ended (in thousands) March 29, 2024 March 31, 2023 Contractual interest expense $ 578 $ 578 Amortization of debt issuance costs 229 223 Total interest expense recognized $ 807 $ 801

STOCKHOLDERS_ EQUITY

STOCKHOLDERS’ EQUITY	3 Months Ended
STOCKHOLDERS’ EQUITY	Mar. 29, 2024
Equity [Abstract]
STOCKHOLDERS’ EQUITY	STOCKHOLDERS’ EQUITY Share-based Compensation Plans The following table sets forth the detailed allocation of the share-based compensation expense which was included in the Company’s condensed consolidated statements of operations: Three Months Ended (in thousands) March 29, 2024 March 31, 2023 Cost of revenue $ 523 $ 850 Research and development expense 1,955 2,099 Selling, general and administrative expense 4,445 4,475 Total $ 6,923 $ 7,424 Restricted Stock Units: (in thousands, except per share amounts) Number Weighted Average Balance at December 31, 2023 3,242 $ 12.42 Granted 1,412 13.78 Vested (1,278) 11.58 Forfeited (91) 12.36 Balance at March 29, 2024 3,285 $ 13.34 The Company’s stock benefit plans include the 2002 Employee Stock Purchase Plan (“ESPP”) and current active stock plans adopted in 1995 and 2002 (“1995 Stock Plan” and “2002 Director Plan”, respectively). Refer to Note 12, “Employee Benefit Plans” of Notes to Consolidated Financial Statements in the 2023 Form 10-K for details pertaining to each plan. As of March 29, 2024, an aggregate of 7,301,248 shares of common stock were reserved for issuance under the 1995 Stock Plan, of which 4,223,142 shares remained available for future grants. As of March 29, 2024, an aggregate of 595,887 shares of common stock were reserved for issuance under the 2002 Director Plan, of which 388,881 shares remained available for future grants. Share Repurchase Program In February 2022, the Board of Directors of the Company (“Board”) authorized the Company to repurchase up to $100 million of the Company’s outstanding shares of common stock through February 2025. The Company is authorized to repurchase, from time-to-time, shares of its outstanding common stock through open market purchases and 10b5-1 trading plans, in accordance with applicable rules and regulations, at such time and such prices as management may decide. The program does not obligate the Company to repurchase any specific number of shares and may be discontinued at any time. The actual timing and amount of repurchases are subject to business and market conditions, corporate and regulatory requirements, stock price, acquisition opportunities and other factors. During the three months ended March 29, 2024, the company repurchased and retired approximately 1.7 million shares of the Company’s common stock for an aggregate amount of $21.7 million. As of March 29, 2024, approximately $73.2 million of the share repurchase authorization remained available for repurchases under this program.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
FAIR VALUE MEASUREMENTS	Mar. 29, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS The applicable accounting guidance establishes a framework for measuring fair value and requires disclosure about the fair value measurements of assets and liabilities. This guidance defines fair value as the exchange price that would be received for an asset or paid to transfer a liability, in the principal or most advantageous market for the asset or liability, in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. This guidance requires the Company to classify and disclose assets and liabilities measured at fair value on a recurring basis, as well as fair value measurements of assets and liabilities measured on a nonrecurring basis in periods subsequent to initial measurement, in a three-tier fair value hierarchy as follows: • Level 1 - Observable inputs that reflect quoted prices for identical assets or liabilities in active markets. • Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The carrying value of the Company’s financial instruments, including cash equivalents, short-term investments, accounts receivable, accounts payable and accrued liabilities, approximate fair value due to their short maturities. The following table sets forth the fair value of the Company’s financial assets measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in thousands): March 29, 2024 December 31, 2023 ( in thousands ) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 32,835 $ — $ — $ 32,835 $ 23,683 $ — $ — $ 23,683 The Company’s financial instruments not recorded at fair value on a recurring basis were as follows: March 29, 2024 December 31, 2023 Carrying Fair Value Carrying Fair Value ( in thousands ) Value Level 1 Level 2 Level 3 Value Level 1 Level 2 Level 3 2024 Notes $ 115,109 $ — $ 181,855 $ — $ 114,880 $ — $ 177,405 $ — The fair value of the Company’s convertible notes is influenced by interest rates, the price of the Company’s common stock and stock market volatility. The difference between the carrying value and the fair value is primarily due to the spread between the conversion price and the market value of the shares underlying the conversion as of each respective balance sheet date.

NET INCOME (LOSS) PER SHARE

NET INCOME (LOSS) PER SHARE	3 Months Ended
NET INCOME (LOSS) PER SHARE	Mar. 29, 2024
Earnings Per Share [Abstract]
NET INCOME (LOSS) PER SHARE	NET INCOME (LOSS) PER SHARE Basic earnings per share is computed by dividing net income (loss) for the period by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is calculated by dividing net income by the weighted-average number of common shares and potentially dilutive securities outstanding during the period using the treasury stock method for the Company’s stock options, restricted stock units, and shares issuable under the ESPP, and the if-converted method for the 2024 Notes. As noted in Note 7, “Convertible Debt,” the principal amount of the 2024 Notes was required to be settled in cash. Therefore, for the purpose of calculating diluted net income (loss) per share, it is assumed that the conversion spread value will be settled in shares. The following table sets forth the computation of the basic and diluted net income per share: Three Months Ended (in thousands, except per share amounts) March 29, 2024 March 31, 2023 Numerator: Net income (loss) $ (8,089) $ 5,093 Denominator: Weighted average number of shares outstanding: Basic 112,350 110,794 2024 Notes — 4,964 Restricted stock units — 2,000 Diluted 112,350 117,758 Net income (loss) per share: Basic $ (0.07) $ 0.05 Diluted $ (0.07) $ 0.04 The following table sets forth the potential dilutive shares that were excluded from the computation of diluted net income (loss) per share, because their effects were anti-dilutive: Three Months Ended (in thousands) March 29, 2024 March 31, 2023 2024 Notes 4,287 — Restricted stock units 3,197 72 Stock purchase rights under the ESPP 316 300 Total 7,800 372

SEGMENT INFORMATION

SEGMENT INFORMATION	3 Months Ended
SEGMENT INFORMATION	Mar. 29, 2024
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION Operating segments are defined as components of an enterprise that engage in business activities for which separate financial information is available and evaluated regularly by the Company’s Chief Operating Decision Maker (the “CODM”), which for the Company is its Chief Executive Officer, in deciding how to allocate resources and assess performance. Based on the internal reporting structure, the Company consists of two operating segments: Broadband and Video. The operating segments were determined based on the nature of the products offered. The Broadband segment provides broadband access solutions and related services to broadband operators globally. A measure of assets by segment is not applicable as segment assets are not included in the discrete financial information provided to the CODM. The Video segment provides video processing, production and playout solutions and services worldwide to broadcast and media companies, new streaming media companies, broadband operators, and satellite and telecommunications (“telco”) Pay-TV service providers. The following table provides summary financial information by reportable segment: Three Months Ended (in thousands) March 29, 2024 March 31, 2023 Broadband Revenue $ 78,897 $ 100,351 Operating income 8,594 20,113 Video Revenue $ 43,163 $ 57,298 Operating loss (7,351) (1,426) Total Revenue $ 122,060 $ 157,649 Operating income 1,243 18,687 A reconciliation of the Company’s consolidated segment operating income to consolidated income before income taxes is as follows: Three Months Ended (in thousands) March 29, 2024 March 31, 2023 Total consolidated segment operating income $ 1,243 $ 18,687 Unallocated corporate expenses (1) (3,846) (83) Stock-based compensation (6,923) (7,424) Consolidated income (loss) from operations (9,526) 11,180 Non-operating expense, net (1,012) (999) Income (loss) before income taxes $ (10,538) $ 10,181 (1) Together with stock-based compensation, the Company does not allocate restructuring and related charges and other non-recurring expenses to the operating income (loss) for each segment because management does not include this information in the measurement of the performance of the operating segments . Disaggregation of Revenues The following table provides a summary of total revenues disaggregated by type: Three Months Ended (in thousands) March 29, 2024 March 31, 2023 Product sales $ 73,916 $ 107,824 Professional services 7,679 6,970 Total Appliance and integration 81,595 114,794 SaaS 12,864 11,583 Support services 27,601 31,272 Total SaaS and services 40,465 42,855 Total revenue $ 122,060 $ 157,649 The following table provides a summary of total revenues by geographic region: Three Months Ended (in thousands) March 29, 2024 March 31, 2023 United States (1) $ 81,992 $ 105,741 Other countries (1) 40,068 51,908 Total revenue $ 122,060 $ 157,649 (1) Revenue is attributed to countries based on the location of the customer. No single country, other than the United States, accounted for 10% or more of the Company’s net revenues for the three months ended March 29, 2024 and March 31, 2023, respectively.

RESTRUCTURING AND RELATED CHARG

RESTRUCTURING AND RELATED CHARGES	3 Months Ended
RESTRUCTURING AND RELATED CHARGES	Mar. 29, 2024
Restructuring and Related Activities [Abstract]
RESTRUCTURING AND RELATED CHARGES	RESTRUCTURING AND RELATED CHARGES The Company has implemented several restructuring plans in the past few years. The goal of these plans was to bring operational expenses to appropriate levels relative to the Company’s net revenue, while simultaneously implementing extensive company-wide expense control programs. The restructuring plans have primarily been comprised of severance payments and termination benefits related to headcount reductions. During the first quarter of 2024, management initiated restructuring plans to further improve Video business efficiencies in order to drive long-term growth and profitability. The total restructuring cost associated with these 2024 restructuring activities is currently estimated to be $17 million and will primarily be recorded to the restructuring expense line item within our condensed consolidated statements of operations. We recorded $3.5 million of restructuring expense in the first quarter of fiscal 2024 and we expect to incur substantially all of the remaining restructuring expense through the end of fiscal 2024. The following table summarizes the activities related to the Company’s restructuring plans accrual, reported as components of “Other current liabilities” on the Consolidated Balance Sheets: (in thousands) Severance and Benefits Balance at December 31, 2023 $ 313 Charges for current period 3,497 Cash payments (2,841) Other (119) Balance at March 29, 2024 $ 850

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 29, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal proceedings From time to time, the Company is involved in lawsuits as well as subject to various legal proceedings, claims, threats of litigation, and investigations in the ordinary course of business, including claims of alleged infringement of third-party patents and other intellectual property rights, commercial, employment, and other matters. The Company assesses potential liabilities in connection with each lawsuit and threatened lawsuits and accrues an estimated loss for these loss contingencies if both of the following conditions are met: information available prior to issuance of the financial statements indicates that it is probable that a liability has been incurred at the date of the financial statements and the amount of loss can be reasonably estimated. While certain matters to which the Company is a party specify the damages claimed, such claims may not represent reasonably probable losses. Given the inherent uncertainties of litigation, the ultimate outcome of these matters cannot be predicted at this time, nor can the amount of possible loss or range of loss, if any, be reasonably estimated.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 29, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Redemption of the 2024 Notes On January 30, 2024, the Company issued a notice to redeem the outstanding 2024 Notes in full pursuant to the terms of the 2024 Notes Indenture, which gave holders the right to convert their 2024 Notes prior to the redemption date. On April 18, 2024, the Company settled the conversions of the entire $115.5 million in aggregate principal amount of the 2024 Notes. In accordance with the provisions of the 2024 Notes Indenture, the Company settled such conversions of the 2024 Notes by paying and delivering, as applicable, a combination of $115.5 million in cash and 4.6 million shares of the Company’s common stock. To finance the conversion of the 2024 Notes, the Company borrowed $75 million under the Revolving Facility and $40 million on the Term Facility, in each case, under its Credit Agreement (each as defined below). As of April 18, 2024, the Company has $45.0 million remaining available for borrowing under the Revolving Facility and no remaining amounts available for borrowing under the Term Facility. Lease In April, 2024, the Company announced a decision to reduce the use of leased space for its headquarters in San Jose, California. The Company plans to consolidate its operations and market the excess space for sublease. Depending on the outcome of marketing the sublease, the Company believes this decision could result in an impairment of the right-of-use assets and the associated leasehold improvement assets for the leased property. The estimated impairment loss is expected to be between $5.5 million and $6.5 million for the quarter ending June 28, 2024.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 29, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net income (loss)	$ (8,089)	$ 5,093

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 29, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
BASIS OF PRESENTATION (Policies)	Mar. 29, 2024
Accounting Policies [Abstract]
Use of Estimates	The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Recent Accounting Pronouncements	In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting, which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. The updated standard is effective for our annual periods beginning in fiscal 2024 and interim periods beginning in the first quarter of fiscal 2025. Early adoption is permitted. The Company is currently evaluating the impact the new accounting standard will have on its segment reporting disclosures in the notes to the consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures. This ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. This ASU will result in the required additional disclosures being included in our consolidated financial statements, once adopted.
Fair Value Measurements	The applicable accounting guidance establishes a framework for measuring fair value and requires disclosure about the fair value measurements of assets and liabilities. This guidance defines fair value as the exchange price that would be received for an asset or paid to transfer a liability, in the principal or most advantageous market for the asset or liability, in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. This guidance requires the Company to classify and disclose assets and liabilities measured at fair value on a recurring basis, as well as fair value measurements of assets and liabilities measured on a nonrecurring basis in periods subsequent to initial measurement, in a three-tier fair value hierarchy as follows: • Level 1 - Observable inputs that reflect quoted prices for identical assets or liabilities in active markets. • Level 2 - Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
Segment Information	Operating segments are defined as components of an enterprise that engage in business activities for which separate financial information is available and evaluated regularly by the Company’s Chief Operating Decision Maker (the “CODM”), which for the Company is its Chief Executive Officer, in deciding how to allocate resources and assess performance. Based on the internal reporting structure, the Company consists of two operating segments: Broadband and Video. The operating segments were determined based on the nature of the products offered. The Broadband segment provides broadband access solutions and related services to broadband operators globally. A measure of assets by segment is not applicable as segment assets are not included in the discrete financial information provided to the CODM. The Video segment provides video processing, production and playout solutions and services worldwide to broadcast and media companies, new streaming media companies, broadband operators, and satellite and telecommunications (“telco”) Pay-TV service providers.

CONTRACT ASSETS AND DEFERRED _2

CONTRACT ASSETS AND DEFERRED REVENUE (Tables)	3 Months Ended
CONTRACT ASSETS AND DEFERRED REVENUE (Tables)	Mar. 29, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Contract Assets and Deferred Revenue	Contract assets and deferred revenue consisted of the following: As of (in thousands) March 29, 2024 December 31, 2023 Contract assets $ 4,380 $ 4,772 Deferred revenue $ 64,694 $ 59,705

LEASES (Tables)

LEASES (Tables)	3 Months Ended
LEASES (Tables)	Mar. 29, 2024
Leases [Abstract]
Schedule of Components of Lease Expense	The components of lease expense are as follows: Three Months Ended (in thousands) March 29, 2024 March 31, 2023 Operating lease cost $ 1,729 $ 1,764 Variable lease cost 390 425 Total lease cost $ 2,119 $ 2,189 Supplemental information related to leases are as follows: Three Months Ended (in thousands) March 29, 2024 March 31, 2023 Cash paid for operating lease liabilities $ 1,795 $ 1,828

OTHER FINANCIAL STATEMENT INF_2

OTHER FINANCIAL STATEMENT INFORMATION (Tables)	3 Months Ended
OTHER FINANCIAL STATEMENT INFORMATION (Tables)	Mar. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Accounts Receivable, Net	The following tables provide details of selected balance sheet components: Accounts receivable, net: As of (in thousands) March 29, 2024 December 31, 2023 Accounts receivable $ 108,969 $ 144,731 Less: allowances for expected credit losses and sales returns (3,115) (3,200) Total $ 105,854 $ 141,531
Schedule of Inventories	Inventories: As of (in thousands) March 29, 2024 December 31, 2023 Finished goods $ 36,931 $ 43,987 Raw materials 36,442 27,806 Work-in-process 5,820 5,056 Service-related spares 7,438 7,133 Total $ 86,631 $ 83,982
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets: As of (in thousands) March 29, 2024 December 31, 2023 Prepaid expenses $ 3,869 $ 3,789 Contract assets 4,380 4,772 Other current assets 15,770 12,389 Total $ 24,019 $ 20,950
Schedule of Property and Equipment, Net	Property and equipment, net: As of (in thousands) March 29, 2024 December 31, 2023 Machinery and equipment $ 74,964 $ 74,659 Capitalized software 27,036 27,129 Leasehold improvements 40,873 40,931 Furniture and fixtures 2,557 2,547 Construction-in-progress 2,094 1,789 Property and equipment, gross 147,524 147,055 Less: accumulated depreciation and amortization (112,285) (110,372) Total $ 35,239 $ 36,683
Schedule of Other Current Liabilities	Other current liabilities: As of (in thousands) March 29, 2024 December 31, 2023 Accrued employee compensation and related expenses $ 20,360 $ 22,779 Other 32,685 38,245 Total $ 53,045 $ 61,024

CONVERTIBLE DEBT (Tables)

CONVERTIBLE DEBT (Tables)	3 Months Ended
CONVERTIBLE DEBT (Tables)	Mar. 29, 2024
Debt Disclosure [Abstract]
Schedule of Components of Convertible Notes	The following table presents the components of the 2024 Notes: As of (in thousands, except for years and percentages) March 29, 2024 December 31, 2023 Liability: Principal amount $ 115,500 $ 115,500 Less: Debt issuance costs, net of amortization (391) (620) Carrying amount $ 115,109 $ 114,880
Schedule of Interest Expense	The following table presents interest expense recognized for the 2024 Notes: Three Months Ended (in thousands) March 29, 2024 March 31, 2023 Contractual interest expense $ 578 $ 578 Amortization of debt issuance costs 229 223 Total interest expense recognized $ 807 $ 801

STOCKHOLDERS_ EQUITY (Tables)

STOCKHOLDERS’ EQUITY (Tables)	3 Months Ended
STOCKHOLDERS’ EQUITY (Tables)	Mar. 29, 2024
Equity [Abstract]
Schedule of Allocation of Share-Based Compensation Expense	The following table sets forth the detailed allocation of the share-based compensation expense which was included in the Company’s condensed consolidated statements of operations: Three Months Ended (in thousands) March 29, 2024 March 31, 2023 Cost of revenue $ 523 $ 850 Research and development expense 1,955 2,099 Selling, general and administrative expense 4,445 4,475 Total $ 6,923 $ 7,424
Schedule of Restricted Stock Units	(in thousands, except per share amounts) Number Weighted Average Balance at December 31, 2023 3,242 $ 12.42 Granted 1,412 13.78 Vested (1,278) 11.58 Forfeited (91) 12.36 Balance at March 29, 2024 3,285 $ 13.34

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
FAIR VALUE MEASUREMENTS (Tables)	Mar. 29, 2024
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following table sets forth the fair value of the Company’s financial assets measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in thousands): March 29, 2024 December 31, 2023 ( in thousands ) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash equivalents Money market funds $ 32,835 $ — $ — $ 32,835 $ 23,683 $ — $ — $ 23,683
Schedule of Financial Instruments Not Recorded at Fair Value on a Recurring Basis	The Company’s financial instruments not recorded at fair value on a recurring basis were as follows: March 29, 2024 December 31, 2023 Carrying Fair Value Carrying Fair Value ( in thousands ) Value Level 1 Level 2 Level 3 Value Level 1 Level 2 Level 3 2024 Notes $ 115,109 $ — $ 181,855 $ — $ 114,880 $ — $ 177,405 $ —

NET INCOME (LOSS) PER SHARE (Ta

NET INCOME (LOSS) PER SHARE (Tables)	3 Months Ended
NET INCOME (LOSS) PER SHARE (Tables)	Mar. 29, 2024
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted Net Income Per Share	The following table sets forth the computation of the basic and diluted net income per share: Three Months Ended (in thousands, except per share amounts) March 29, 2024 March 31, 2023 Numerator: Net income (loss) $ (8,089) $ 5,093 Denominator: Weighted average number of shares outstanding: Basic 112,350 110,794 2024 Notes — 4,964 Restricted stock units — 2,000 Diluted 112,350 117,758 Net income (loss) per share: Basic $ (0.07) $ 0.05 Diluted $ (0.07) $ 0.04
Schedule of Antidilutive Securities	The following table sets forth the potential dilutive shares that were excluded from the computation of diluted net income (loss) per share, because their effects were anti-dilutive: Three Months Ended (in thousands) March 29, 2024 March 31, 2023 2024 Notes 4,287 — Restricted stock units 3,197 72 Stock purchase rights under the ESPP 316 300 Total 7,800 372

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	3 Months Ended
SEGMENT INFORMATION (Tables)	Mar. 29, 2024
Segment Reporting [Abstract]
Schedule of Financial Information by Reportable Segments	The following table provides summary financial information by reportable segment: Three Months Ended (in thousands) March 29, 2024 March 31, 2023 Broadband Revenue $ 78,897 $ 100,351 Operating income 8,594 20,113 Video Revenue $ 43,163 $ 57,298 Operating loss (7,351) (1,426) Total Revenue $ 122,060 $ 157,649 Operating income 1,243 18,687
Schedule of Reconciliation of Operating Income from Segments to Consolidated	A reconciliation of the Company’s consolidated segment operating income to consolidated income before income taxes is as follows: Three Months Ended (in thousands) March 29, 2024 March 31, 2023 Total consolidated segment operating income $ 1,243 $ 18,687 Unallocated corporate expenses (1) (3,846) (83) Stock-based compensation (6,923) (7,424) Consolidated income (loss) from operations (9,526) 11,180 Non-operating expense, net (1,012) (999) Income (loss) before income taxes $ (10,538) $ 10,181 (1) Together with stock-based compensation, the Company does not allocate restructuring and related charges and other non-recurring expenses to the operating income (loss) for each segment because management does not include this information in the measurement of the performance of the operating segments .
Schedule of Disaggregation of Revenue	The following table provides a summary of total revenues disaggregated by type: Three Months Ended (in thousands) March 29, 2024 March 31, 2023 Product sales $ 73,916 $ 107,824 Professional services 7,679 6,970 Total Appliance and integration 81,595 114,794 SaaS 12,864 11,583 Support services 27,601 31,272 Total SaaS and services 40,465 42,855 Total revenue $ 122,060 $ 157,649
Schedule of Total Revenues by Geographic Region	The following table provides a summary of total revenues by geographic region: Three Months Ended (in thousands) March 29, 2024 March 31, 2023 United States (1) $ 81,992 $ 105,741 Other countries (1) 40,068 51,908 Total revenue $ 122,060 $ 157,649 (1) Revenue is attributed to countries based on the location of the customer.

RESTRUCTURING AND RELATED CHA_2

RESTRUCTURING AND RELATED CHARGES (Tables)	3 Months Ended
RESTRUCTURING AND RELATED CHARGES (Tables)	Mar. 29, 2024
Restructuring and Related Activities [Abstract]
Schedule of Activities Related to Restructuring Plans Accrual	The following table summarizes the activities related to the Company’s restructuring plans accrual, reported as components of “Other current liabilities” on the Consolidated Balance Sheets: (in thousands) Severance and Benefits Balance at December 31, 2023 $ 313 Charges for current period 3,497 Cash payments (2,841) Other (119) Balance at March 29, 2024 $ 850

INVESTMENTS IN EQUITY SECURIT_2

INVESTMENTS IN EQUITY SECURITIES (Details) - EDC $ in Millions	1 Months Ended
	May 31, 2022 USD ($)
Equity Securities without Readily Determinable Fair Value [Line Items]
Total consideration (up to)	$ 10.7
Purchases of short-term investments	7.8
Gain on sale of investment	4.2
Potential additional consideration on sale of equity securities	$ 2.9

CONTRACT ASSETS AND DEFERRED _3

CONTRACT ASSETS AND DEFERRED REVENUE - Schedule of Contract Assets and Deferred Revenue (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract assets	$ 4,380	$ 4,772
Deferred revenue	$ 64,694	$ 59,705

CONTRACT ASSETS AND DEFERRED _4

CONTRACT ASSETS AND DEFERRED REVENUE - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Revenue from Contract with Customer [Abstract]
Revenue recognized that was included within the deferred revenue balance	$ 16.3	$ 21.2
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-03-30
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, amount	$ 677.8
Revenue, remaining performance obligation, percentage to be recognized	54%
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-03-30
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period

LEASES (Details)

LEASES (Details) - USD ($) $ in Thousands	3 Months Ended
LEASES (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Mar. 31, 2023
Leases [Abstract]
Operating lease cost	$ 1,729	$ 1,764
Variable lease cost	390	425
Total lease cost	2,119	2,189
Supplemental information related to leases are as follows:
Cash paid for operating lease liabilities	$ 1,795	$ 1,828

OTHER FINANCIAL STATEMENT INF_3

OTHER FINANCIAL STATEMENT INFORMATION - Schedule of Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accounts receivable	$ 108,969	$ 144,731
Less: allowances for expected credit losses and sales returns	(3,115)	(3,200)
Total	$ 105,854	$ 141,531

OTHER FINANCIAL STATEMENT INF_4

OTHER FINANCIAL STATEMENT INFORMATION - Schedule of Inventories (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Finished goods	$ 36,931	$ 43,987
Raw materials	36,442	27,806
Work-in-process	5,820	5,056
Service-related spares	7,438	7,133
Total	$ 86,631	$ 83,982

OTHER FINANCIAL STATEMENT INF_5

OTHER FINANCIAL STATEMENT INFORMATION - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 3,869	$ 3,789
Contract assets	4,380	4,772
Other current assets	15,770	12,389
Total	$ 24,019	$ 20,950

OTHER FINANCIAL STATEMENT INF_6

OTHER FINANCIAL STATEMENT INFORMATION - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 147,524	$ 147,055
Less: accumulated depreciation and amortization	(112,285)	(110,372)
Total	35,239	36,683
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	74,964	74,659
Capitalized software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	27,036	27,129
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	40,873	40,931
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,557	2,547
Construction-in-progress
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,094	$ 1,789

OTHER FINANCIAL STATEMENT INF_7

OTHER FINANCIAL STATEMENT INFORMATION - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 29, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accrued employee compensation and related expenses	$ 20,360	$ 22,779
Other	32,685	38,245
Total	$ 53,045	$ 61,024

CONVERTIBLE DEBT - Narrative (D

CONVERTIBLE DEBT - Narrative (Details) - 2024 Notes $ / shares in Units, shares in Millions	Apr. 18, 2024 USD ($) shares	Sep. 13, 2019 USD ($) $ / shares	Mar. 29, 2024 USD ($)	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
Debt instrument principal amount			$ 115,500,000	$ 115,500,000
Senior Notes
Debt Instrument [Line Items]
Debt instrument stated percentage (as a percent)		2%
Debt instrument principal amount		$ 115,500,000
Debt instrument conversion ratio		0.1155001
Debt instrument conversion price (in dollars per share) \| $ / shares		$ 8.66
Senior Notes \| Subsequent Event
Debt Instrument [Line Items]
Debt instrument principal amount	$ 115,500,000
Settled in cash	$ 115,500,000
Debt conversion, converted instrument, shares issued (in shares) \| shares	4.6

CONVERTIBLE DEBT - Schedule of

CONVERTIBLE DEBT - Schedule of Components of Convertible Notes (Details) - 2024 Notes - USD ($) $ in Thousands	Mar. 29, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Principal amount	$ 115,500	$ 115,500
Less: Debt issuance costs, net of amortization	(391)	(620)
Carrying amount	$ 115,109	$ 114,880

CONVERTIBLE DEBT - Schedule o_2

CONVERTIBLE DEBT - Schedule of Interest Expense (Details) - 2024 Notes - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Debt Instrument [Line Items]
Contractual interest expense	$ 578	$ 578
Amortization of debt issuance costs	229	223
Total interest expense recognized	$ 807	$ 801

STOCKHOLDERS_ EQUITY - Schedule

STOCKHOLDERS’ EQUITY - Schedule of Allocation of Share-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 6,923	$ 7,424
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	523	850
Research and development expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	1,955	2,099
Selling, general and administrative expense
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation	$ 4,445	$ 4,475

STOCKHOLDERS_ EQUITY - Schedu_2

STOCKHOLDERS’ EQUITY - Schedule of Restricted Stock Units (Details) - Restricted stock units shares in Thousands	3 Months Ended
	Mar. 29, 2024 $ / shares shares
Number of Shares
Beginning balance (in shares) \| shares	3,242
Granted (in shares) \| shares	1,412
Vested (in shares) \| shares	(1,278)
Forfeited (in shares) \| shares	(91)
Ending balance (in shares) \| shares	3,285
Weighted Average Grant-Date Fair Value Per Share
Beginning balance (in dollars per share) \| $ / shares	$ 12.42
Granted (in dollars per share) \| $ / shares	13.78
Vested (in dollars per share) \| $ / shares	11.58
Forfeited (in dollars per share) \| $ / shares	12.36
Ending balance (in dollars per share) \| $ / shares	$ 13.34

STOCKHOLDERS_ EQUITY - Narrativ

STOCKHOLDERS’ EQUITY - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2024	Feb. 28, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock repurchase program, authorized amount		$ 100,000
Stock repurchased and retired during period (in shares)	1,700,000
Value of stock repurchased and retired during period	$ 21,676
Remaining stock repurchase authorization amount	$ 73,200
Stock Plan 1995
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance (in shares)	7,301,248
Shares available for grant (in shares)	4,223,142
Director Option Plans 2002
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance (in shares)	595,887
Shares available for grant (in shares)	388,881

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring - Money market funds - USD ($) $ in Thousands	Mar. 29, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 32,835	$ 23,683
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	32,835	23,683
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 0	$ 0

FAIR VALUE MEASUREMENTS - Sch_2

FAIR VALUE MEASUREMENTS - Schedule of Financial Instruments Not Recorded at Fair Value on a Recurring Basis (Details) - 2024 Notes - USD ($) $ in Thousands	Mar. 29, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Carrying value	$ 115,109	$ 114,880
Fair Value, Nonrecurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	0	0
Fair Value, Nonrecurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	181,855	177,405
Fair Value, Nonrecurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair Value	$ 0	$ 0

NET INCOME (LOSS) PER SHARE - S

NET INCOME (LOSS) PER SHARE - Schedule of Computation of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Numerator:
Net income (loss)	$ (8,089)	$ 5,093
Denominator:
Basic (in shares)	112,350	110,794
Diluted (in shares)	112,350	117,758
Net income (loss) per share:
Basic (in dollars per share)	$ (0.07)	$ 0.05
Diluted (in dollars per share)	$ (0.07)	$ 0.04
Restricted stock units
Denominator:
Weighted average number diluted shares outstanding adjustment (in shares)	0	2,000
2024 Notes
Denominator:
Weighted average number diluted shares outstanding adjustment (in shares)	0	4,964

NET INCOME (LOSS) PER SHARE -_2

NET INCOME (LOSS) PER SHARE - Schedule of Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential weighted common shares outstanding excluded from diluted net income (loss) per share (in shares)	7,800	372
2024 Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential weighted common shares outstanding excluded from diluted net income (loss) per share (in shares)	4,287	0
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential weighted common shares outstanding excluded from diluted net income (loss) per share (in shares)	3,197	72
Stock purchase rights under the ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential weighted common shares outstanding excluded from diluted net income (loss) per share (in shares)	316	300

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	3 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Mar. 29, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	2

SEGMENT INFORMATION - Schedule

SEGMENT INFORMATION - Schedule of Financial Information by Reportable Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Revenue	$ 122,060	$ 157,649
Operating income (loss)	(9,526)	11,180
Operating Segments
Segment Reporting Information [Line Items]
Revenue	122,060	157,649
Operating income (loss)	1,243	18,687
Operating Segments \| Broadband
Segment Reporting Information [Line Items]
Revenue	78,897	100,351
Operating income (loss)	8,594	20,113
Operating Segments \| Video
Segment Reporting Information [Line Items]
Revenue	43,163	57,298
Operating income (loss)	$ (7,351)	$ (1,426)

SEGMENT INFORMATION - Schedul_2

SEGMENT INFORMATION - Schedule of Reconciliation of Operating Income from Segments to Consolidated (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Total consolidated segment operating income	$ (9,526)	$ 11,180
Unallocated corporate expenses	(72,607)	(72,874)
Stock-based compensation	(6,923)	(7,424)
Non-operating expense, net	(1,012)	(999)
Income (loss) before income taxes	(10,538)	10,181
Operating Segments
Segment Reporting Information [Line Items]
Total consolidated segment operating income	1,243	18,687
Corporate, Non-segments
Segment Reporting Information [Line Items]
Unallocated corporate expenses	$ (3,846)	$ (83)

SEGMENT INFORMATION - Schedul_3

SEGMENT INFORMATION - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Total revenue	$ 122,060	$ 157,649
Appliance and integration
Segment Reporting Information [Line Items]
Total revenue	81,595	114,794
Product sales
Segment Reporting Information [Line Items]
Total revenue	73,916	107,824
Professional services
Segment Reporting Information [Line Items]
Total revenue	7,679	6,970
SaaS and service
Segment Reporting Information [Line Items]
Total revenue	40,465	42,855
SaaS
Segment Reporting Information [Line Items]
Total revenue	12,864	11,583
Support services
Segment Reporting Information [Line Items]
Total revenue	$ 27,601	$ 31,272

SEGMENT INFORMATION - Schedul_4

SEGMENT INFORMATION - Schedule of Total Revenues by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 29, 2024	Mar. 31, 2023
Segment Reporting Information [Line Items]
Total revenue	$ 122,060	$ 157,649
United States
Segment Reporting Information [Line Items]
Total revenue	81,992	105,741
Other Countries
Segment Reporting Information [Line Items]
Total revenue	$ 40,068	$ 51,908

RESTRUCTURING AND RELATED CHA_3

RESTRUCTURING AND RELATED CHARGES - Narrative (Details) - 2024 Restructuring Plan $ in Millions	3 Months Ended
	Mar. 29, 2024 USD ($)
Restructuring Cost and Reserve [Line Items]
Expected cost	$ 17
Restructuring expenses	$ 3.5

RESTRUCTURING AND RELATED CHA_4

RESTRUCTURING AND RELATED CHARGES - Schedule of Activities Related to Restructuring Plans Accrual (Details) - Severance and Benefits $ in Thousands	3 Months Ended
	Mar. 29, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Beginning balance	$ 313
Charges for current period	3,497
Cash payments	(2,841)
Other	(119)
Ending balance	$ 850

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($) shares in Millions		3 Months Ended
SUBSEQUENT EVENTS (Details) - USD ($) shares in Millions	Apr. 18, 2024	Jun. 28, 2024	Mar. 29, 2024	Dec. 31, 2023	Sep. 13, 2019
Forecast \| Minimum
Subsequent Event [Line Items]
Impairment loss		$ 5,500,000
Forecast \| Maximum
Subsequent Event [Line Items]
Impairment loss		$ 6,500,000
2024 Notes
Subsequent Event [Line Items]
Principal amount			$ 115,500,000	$ 115,500,000
2024 Notes \| Senior Notes
Subsequent Event [Line Items]
Principal amount					$ 115,500,000
2024 Notes \| Senior Notes \| Subsequent Event
Subsequent Event [Line Items]
Principal amount	$ 115,500,000
Settled in cash	$ 115,500,000
Debt conversion, converted instrument, shares issued (in shares)	4.6
Credit Agreement \| Subsequent Event \| Revolving Credit Facility
Subsequent Event [Line Items]
Proceeds from line of credit	$ 75,000,000
Remaining borrowing capacity	45,000,000
Credit Agreement \| Subsequent Event \| Secured Debt
Subsequent Event [Line Items]
Proceeds from line of credit	$ 40,000,000