Click here to close now.

Welcome!

Microsoft Cloud Authors: Aleksei Gavrilenko, Elizabeth White, Liz McMillan, Pat Romanski, Jaynesh Shah

News Feed Item

Calix Reports Fourth Quarter and 2012 Fiscal Year Results

PETALUMA, CA -- (Marketwire) -- 02/05/13 -- Calix, Inc. (NYSE: CALX) today announced financial results for the fourth quarter and fiscal year ended December 31, 2012. Revenue for the fourth quarter of 2012 was $91.4 million, an increase of 12.5% compared to $81.3 million for the third quarter of 2012, and flat compared to $91.6 million for the fourth quarter of 2011.

"Strong fourth quarter results ended 2012 on a positive note," said Carl Russo, Calix president and CEO. "We are carrying this momentum into 2013, with a strengthened organization, an expanded Unified Access portfolio of software, systems and services, and our preferred global reseller agreement with Ericsson providing a solid foundation for growth."

Non-GAAP net income for the fourth quarter of 2012 was $2.9 million, or $0.06 per fully diluted share, an increase of 61.3% compared to non-GAAP net income of $1.8 million, or $0.04 per fully diluted share for the third quarter of 2012, and a decrease of 22.2% compared to non-GAAP net income of $3.7 million, or $0.08 per fully diluted share, in the fourth quarter of 2011.

GAAP net loss for the fourth quarter of 2012 was $6.6 million, or $(0.14) per basic and diluted share, compared to a GAAP net loss of $7.1 million, or $(0.15) per basic and diluted share for the third quarter of 2012, and compared to a GAAP net loss of $5.2 million, or $(0.11) per basic and diluted share reported for the fourth quarter of 2011. A reconciliation of our fourth quarter 2012 operating results from non-GAAP to GAAP is provided below (in thousands, except per share data):


                           Three Months Ended December 31, 2012
              -------------------------------------------------------------
                                               Stock-  Amortization
                       Acquisition  Gain on    Based        of
                         Related    Bargain  Compensa-  Intangible
               Non-GAAP  Expenses   Purchase    tion      Assets      GAAP
              --------- ---------  --------- ---------  ----------  -------
Revenue       $  91,424 $       -  $       - $       -  $        -  $91,424
Cost of
 revenue         51,962         -          -       344       2,088   54,394
              --------- ---------  --------- ---------  ----------  -------
Gross profit     39,462         -          -      (344)     (2,088)  37,030
Gross margin       43.2%        -          -      -0.4%       -2.3%    40.5%
Operating
 expenses        36,693     1,401          -     4,132       2,552   44,778
              --------- ---------  --------- ---------  ----------  -------
Operating
 income
 (loss)           2,769    (1,401)         -    (4,476)     (4,640)  (7,748)
Interest and
 other income
 (expense),
 net                 23         -      1,029         -           -    1,052
              --------- ---------  --------- ---------  ----------  -------
Income (loss)
 before taxes     2,792    (1,401)     1,029    (4,476)     (4,640)  (6,696)
Benefit from
 income taxes      (122)        -          -         -           -     (122)
              --------- ---------  --------- ---------  ----------  -------
Net income
 (loss)       $   2,914 $  (1,401) $   1,029 $  (4,476) $   (4,640) $(6,574)
              ========= =========  ========= =========  ==========  =======

Weighted
 average
 basic and
 diluted
 shares used
 to compute
 GAAP net
 loss per
 common share                                                        48,538
                                                                    =======
Weighted
 average
 diluted
 shares used
 to compute
 non-GAAP net
 income per
 common share    48,836    48,836     48,836    48,836      48,836
              ========= =========  ========= =========  ==========
GAAP net loss
 per common
 share                                                              $ (0.14)
                                                                    =======

Non-GAAP net
 income
 (loss) per
 share        $    0.06 $   (0.03) $    0.02 $   (0.09) $    (0.10)
              --------- ---------  --------- ---------  ----------

Conference Call
Calix will host a conference call to discuss its fourth quarter and fiscal year 2012 results at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) today. Interested parties can listen to a live webcast of the conference call by visiting the Calix Investor Relations website at http://investor-relations.calix.com/ or dialing 877-407-4019 within the U.S. or 201-689-8337 outside the U.S. A replay of the conference call will also be available at http://investor-relations.calix.com/ approximately one hour following the completion of the call. The conference call and webcast will include forward-looking information.

About Calix
Calix (NYSE: CALX) is a global leader in access innovation. Its Unified Access portfolio of broadband communications access systems and software enables communications service providers worldwide to transform their copper- and fiber-based networks and become the broadband provider of choice to their subscribers. For more information, visit the Calix website at www.calix.com.

All statements other than statements of historical facts contained in this press release, including statements regarding our future operations and growth opportunities, are forward-looking statements and are based upon management's current expectations and are inherently uncertain. Forward-looking statements are based upon information available to us as of the date of this release, and we assume no obligation to revise or update any such forward-looking statement to reflect any event or circumstance after the date of this release, except as required by law. Actual results and the timing of events could differ materially from current expectations based on risks and uncertainties affecting the Company's business. The reader is cautioned not to unduly rely on the forward-looking statements contained in this press release. Additional information on potential factors that could affect Calix's results and other risks and uncertainties are detailed in its reports filed with the SEC, including the Company's 2011 Annual Report on Form 10-K and its report on Form 10-Q for the fiscal quarter ended September 29, 2012, available at http://www.sec.gov.

Use of Non-GAAP Financial Information
The Company uses certain non-GAAP financial measures in this press release to supplement its consolidated financial statements, which are presented in accordance with GAAP. These non-GAAP measures include non-GAAP net income and non-GAAP basic and diluted income per share. These non-GAAP measures are provided to enhance the reader's understanding of the Company's operating performance as they primarily exclude certain non-cash charges for stock-based compensation, amortization of acquisition-related intangible assets, gain from bargain purchase of Ericsson's fiber access assets, and non-recurring acquisition-related expenses, which the Company believes are not indicative of its core operating results. Acquisition-related expenses largely include legal and professional expenses, severance and integration-related expenses associated with our merger with Occam in 2011 and our acquisition of Ericsson's fiber access assets in 2012. In addition, acquisition-related expenses for 2011 include the charge resulting from the required revaluation of Occam inventory to its estimated fair value and inventory-related charges upon the completion of the acquisition. Management believes that the non-GAAP measures used in this press release provide investors with important perspectives into the Company's ongoing business performance and management uses these non-GAAP measures to evaluate financial results and to establish operational goals. The presentation of these non-GAAP measures is not meant to be a substitute for results presented in accordance with GAAP, but rather should be evaluated in conjunction with those GAAP results. A reconciliation of the non-GAAP results to the most directly comparable GAAP results is provided in this press release. The non-GAAP financial measures used by the company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.


                                Calix, Inc.
              Condensed Consolidated Statements of Operations
              (Unaudited, in thousands, except per share data)

                         Three Months Ended          Twelve Months Ended
                     --------------------------  --------------------------
                     December 31,  December 31,  December 31,  December 31,
                         2012          2011          2012          2011
                     ------------  ------------  ------------  ------------
Revenue              $     91,424  $     91,585  $    330,218  $    344,669
Cost of revenue:
  Products and
   services(1)             52,306        52,489       185,103       195,698
  Acquisition-
   related expenses             -             -             -        19,966
  Amortization of
   intangible assets        2,088         2,042         7,539         9,552
                     ------------  ------------  ------------  ------------
    Total cost of
     revenue               54,394        54,531       192,642       225,216
                     ------------  ------------  ------------  ------------
Gross profit               37,030        37,054       137,576       119,453
Operating expenses:
  Research and
   development(1)          17,144        17,385        66,748        67,725
  Sales and
   marketing(1)            17,249        16,720        62,129        55,551
  General and
   administrative(1)        6,432         5,552        26,114        27,002
  Acquisition-
   related
   expenses(1)              1,401             -         1,401        12,927
  Amortization of
   intangible assets        2,552         2,553        10,208         8,569
                     ------------  ------------  ------------  ------------
    Total operating
     expenses              44,778        42,210       166,600       171,774
                     ------------  ------------  ------------  ------------
Loss from operations       (7,748)       (5,156)      (29,024)      (52,321)
Interest and other
 income (expense),
 net:
  Interest income               1             7            15            87
  Interest expense            (45)          (45)         (185)         (184)
  Gain on bargain
   purchase                 1,029             -         1,029             -
  Other income
   (expense), net              67            28            (3)           92
                     ------------  ------------  ------------  ------------
Loss before
 provision for
 (benefit from)
 income taxes              (6,696)       (5,166)      (28,168)      (52,326)
Provision for
 (benefit from)
 income taxes                (122)           48           158           224
                     ------------  ------------  ------------  ------------
Net loss             $     (6,574) $     (5,214) $    (28,326) $    (52,550)
                     ============  ============  ============  ============
Net loss per common
 share:
  Basic and diluted  $      (0.14) $      (0.11) $      (0.59) $      (1.15)
                     ============  ============  ============  ============
Weighted average
 number of shares
 used to compute net
 loss per common
 share:
  Basic and diluted        48,538        47,398        48,180        45,546
                     ============  ============  ============  ============
(1) Includes stock-
 based compensation
 as follows:
  Cost of revenue    $        344  $        362  $      1,433  $      1,503
  Research and
   development              1,098         1,067         4,227         4,828
  Sales and
   marketing                1,320         1,244         5,160         4,500
  General and
   administrative           1,714         1,693         6,617         9,538
  Acquisition-
   related expenses             -             -             -         1,234
                     ------------  ------------  ------------  ------------
                     $      4,476  $      4,366  $     17,437  $     21,603
                     ------------  ------------  ------------  ------------


                                Calix, Inc.
                 Reconciliation of GAAP to Non-GAAP Results
              (Unaudited, in thousands except per share data)

                         Three Months Ended          Twelve Months Ended
                     --------------------------  --------------------------
                     December 31,  December 31,  December 31,  December 31,
                         2012          2011          2012          2011
                     ------------  ------------  ------------  ------------

GAAP net loss        $     (6,574) $     (5,214) $    (28,326) $    (52,550)
Adjustments to
 reconcile GAAP net
 loss to non-GAAP
 net income:
Stock-based
 compensation               4,476         4,366        17,437        21,603
Amortization of
 intangible assets          4,640         4,595        17,747        18,121
Acquisition-related
 expenses                   1,401             -         1,401        31,659
Gain on bargain
 purchase                  (1,029)            -        (1,029)            -
                     ------------  ------------  ------------  ------------
Non-GAAP net income  $      2,914  $      3,747  $      7,230  $     18,833
                     ============  ============  ============  ============

Non-GAAP net income
 per common share
  Basic              $       0.06  $       0.08  $       0.15  $       0.41
                     ============  ============  ============  ============
  Diluted            $       0.06  $       0.08  $       0.15  $       0.40
                     ============  ============  ============  ============
Weighted average
 shares used to
 compute non-GAAP
 net income per
 common share -
 Basic                     48,538        47,398        48,180        45,546
                     ============  ============  ============  ============
Weighted average
 shares used to
 compute non-GAAP
 net income per
 common share -
 Diluted (1)               48,836        47,570        48,367        46,947
                     ============  ============  ============  ============

(1) Includes the dilutive effect of outstanding
 stock options and restricted stock units.


                                Calix, Inc.
                   Condensed Consolidated Balance Sheets
                         (Unaudited, in thousands)

                                                 December 31,  December 31,
                                                     2012          2011
                                                 ------------  ------------

ASSETS
Current Assets:
  Cash and cash equivalents                      $     46,995  $     38,938
  Restricted cash                                           -           754
  Accounts receivable, net                             59,519        46,508
  Inventory                                            43,282        45,229
  Deferred cost of revenue                             21,077         7,698
  Prepaid and other current assets                      5,677         4,429
                                                 ------------  ------------
    Total current assets                              176,550       143,556

Property and equipment, net                            21,083        16,130
Goodwill                                              116,175       116,175
Intangible assets, net                                 62,301        80,048
Other assets                                            1,788         2,194
                                                 ------------  ------------
    Total assets                                 $    377,897  $    358,103
                                                 ============  ============

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
  Accounts payable                               $     16,804  $     14,250
  Accrued liabilities                                  36,176        36,214
  Deferred revenue                                     39,315        15,347
                                                 ------------  ------------
    Total current liabilities                          92,295        65,811
Long-term portion of deferred revenue                  15,782        13,347
Other long term liabilities                               745         1,528
                                                 ------------  ------------
    Total liabilities                                 108,822        80,686
                                                 ------------  ------------

Stockholders' equity:
  Common stock                                          1,222         1,195
  Additional paid-in capital                          760,232       740,309
  Accumulated other comprehensive income                  132            98
  Accumulated deficit                                (492,511)     (464,185)
                                                 ------------  ------------
    Total stockholders' equity                        269,075       277,417
                                                 ------------  ------------
    Total liabilities and stockholders' equity   $    377,897  $    358,103
                                                 ------------  ------------


                                Calix, Inc.
              Condensed Consolidated Statements of Cash Flows
                         (Unaudited, in thousands)

                                                     Twelve Months Ended
                                                 --------------------------
                                                 December 31,  December 31,
                                                     2012          2011
                                                 ------------  ------------
Operating activities:
  Net loss                                       $    (28,326) $    (52,550)
  Adjustments to reconcile net loss to net cash
   provided by operating activities:
    Amortization of premiums relating to
     available-for-sale securities                          -           244
    Depreciation and amortization                       8,562         7,954
    Loss on retirement of property and equipment          262         2,449
    Amortization of intangible assets                  17,747        18,121
    Stock-based compensation                           17,437        21,603
    Gain on bargain purchase                           (1,029)            -
    Changes in operating assets and liabilities:
      Restricted cash                                     754           300
      Accounts receivable, net                        (13,011)       13,722
      Inventory                                        11,308         8,557
      Deferred cost of revenue                        (13,378)           73
      Prepaids and other assets                            47          (148)
      Accounts payable                                  2,553        (7,818)
      Accrued liabilities                                (870)         (386)
      Deferred revenue                                 26,404         2,781
      Other long-term liabilities                        (782)         (313)
                                                 ------------  ------------
        Net cash provided by operating
         activities                                    27,678        14,589
                                                 ------------  ------------

Investing activities:
  Purchase of property and equipment                  (10,179)       (7,355)
  Maturities of marketable securities                       -        31,755
  Acquisition of Businesses, net of cash
   acquired                                           (12,000)      (60,809)
                                                 ------------  ------------
        Net cash used in investing activities         (22,179)      (36,409)
                                                 ------------  ------------
Financing activities:
  Proceeds from exercise of stock options and
   other                                                  194           804
  Proceeds from employee stock purchase plan            4,063         3,938
  Taxes withheld upon vesting of restricted
   stock units and restricted stock awards             (1,744)      (10,376)
                                                 ------------  ------------
        Net cash provided by (used in) financing
         activities                                     2,513        (5,634)
                                                 ------------  ------------
Effect of exchange rate changes on cash and cash
 equivalents                                               45            88
Net increase (decrease) in cash and cash
 equivalents                                            8,057       (27,366)
Cash and cash equivalents at beginning of period       38,938        66,304
                                                 ------------  ------------
Cash and cash equivalents at end of period       $     46,995  $     38,938
                                                 ============  ============

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, will explore the IoT cloud-based platform technologies driving this change including privacy controls, data transparency and integration of real time context wi...
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world and it starts with business models and monetization strategies.
Internet of Things is moving from being a hype to a reality. Experts estimate that internet connected cars will grow to 152 million, while over 100 million internet connected wireless light bulbs and lamps will be operational by 2020. These and many other intriguing statistics highlight the importance of Internet powered devices and how market penetration is going to multiply many times over in the next few years.
Internet of Things (IoT) will be a hybrid ecosystem of diverse devices and sensors collaborating with operational and enterprise systems to create the next big application. In their session at @ThingsExpo, Bramh Gupta, founder and CEO of robomq.io, and Fred Yatzeck, principal architect leading product development at robomq.io, discussed how choosing the right middleware and integration strategy from the get-go will enable IoT solution developers to adapt and grow with the industry, while at the same time reduce Time to Market (TTM) by using plug and play capabilities offered by a robust IoT ...
To many people, IoT is a buzzword whose value is not understood. Many people think IoT is all about wearables and home automation. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed some incredible game-changing use cases and how they are transforming industries like agriculture, manufacturing, health care, and smart cities. He will discuss cool technologies like smart dust, robotics, smart labels, and much more. Prepare to be blown away with a glimpse of the future.
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of profound change in the industry.
SYS-CON Events announced today that BMC will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. BMC delivers software solutions that help IT transform digital enterprises for the ultimate competitive business advantage. BMC has worked with thousands of leading companies to create and deliver powerful IT management services. From mainframe to cloud to mobile, BMC pairs high-speed digital innovation with robust IT industrialization – allowing customers to provide amazing user experiences with optimized IT per...
There will be 150 billion connected devices by 2020. New digital businesses have already disrupted value chains across every industry. APIs are at the center of the digital business. You need to understand what assets you have that can be exposed digitally, what their digital value chain is, and how to create an effective business model around that value chain to compete in this economy. No enterprise can be complacent and not engage in the digital economy. Learn how to be the disruptor and not the disruptee.
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will addresses this very serious issue of profound change in the industry.
Business as usual for IT is evolving into a "Make or Buy" decision on a service-by-service conversation with input from the LOBs. How does your organization move forward with cloud? In his general session at 16th Cloud Expo, Paul Maravei, Regional Sales Manager, Hybrid Cloud and Managed Services at Cisco, discusses how Cisco and its partners offer a market-leading portfolio and ecosystem of cloud infrastructure and application services that allow you to uniquely and securely combine cloud business applications and services across multiple cloud delivery models.
In his General Session at 16th Cloud Expo, David Shacochis, host of The Hybrid IT Files podcast and Vice President at CenturyLink, investigated three key trends of the “gigabit economy" though the story of a Fortune 500 communications company in transformation. Narrating how multi-modal hybrid IT, service automation, and agile delivery all intersect, he will cover the role of storytelling and empathy in achieving strategic alignment between the enterprise and its information technology.
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists peeled away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud environment, and we must architect and code accordingly. At the very least, you'll have no problem fillin...
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Opening Keynote at 16th Cloud Expo, Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, d...
Converging digital disruptions is creating a major sea change - Cisco calls this the Internet of Everything (IoE). IoE is the network connection of People, Process, Data and Things, fueled by Cloud, Mobile, Social, Analytics and Security, and it represents a $19Trillion value-at-stake over the next 10 years. In her keynote at @ThingsExpo, Manjula Talreja, VP of Cisco Consulting Services, discussed IoE and the enormous opportunities it provides to public and private firms alike. She will share what businesses must do to thrive in the IoE economy, citing examples from several industry sectors.
In his keynote at 16th Cloud Expo, Rodney Rogers, CEO of Virtustream, discussed the evolution of the company from inception to its recent acquisition by EMC – including personal insights, lessons learned (and some WTF moments) along the way. Learn how Virtustream’s unique approach of combining the economics and elasticity of the consumer cloud model with proper performance, application automation and security into a platform became a breakout success with enterprise customers and a natural fit for the EMC Federation.
SYS-CON Events announced today that the "Second Containers & Microservices Conference" will take place November 3-5, 2015, at the Santa Clara Convention Center, Santa Clara, CA, and the “Third Containers & Microservices Conference” will take place June 7-9, 2016, at Javits Center in New York City. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
SYS-CON Events announced today that the "First Containers & Microservices Conference" will take place June 9-11, 2015, at the Javits Center in New York City. The “Second Containers & Microservices Conference” will take place November 3-5, 2015, at Santa Clara Convention Center, Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal an...
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises are using some form of XaaS – software, platform, and infrastructure as a service.
The 17th International Cloud Expo has announced that its Call for Papers is open. 17th International Cloud Expo, to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, APM, APIs, Microservices, Security, Big Data, Internet of Things, DevOps and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal today!