Welcome!

Microsoft Cloud Authors: Pat Romanski, John Basso, Liz McMillan, Elizabeth White, Mihai Corbuleac

News Feed Item

Calix Reports Second Quarter 2014 Financial Results

PETALUMA, CA -- (Marketwired) -- 07/29/14 -- Calix, Inc. (NYSE: CALX) today announced unaudited financial results for the second quarter ended June 28, 2014. Revenue for the second quarter of 2014 was $98.0 million, an increase of 3.8% compared to $94.4 million for the second quarter of 2013.

"We continue to make solid progress expanding our domestic and international customer footprint and achieved our highest level of sales for a second fiscal quarter," said Carl Russo, Calix president and CEO. "Service providers of all types are pursuing device-enabled subscribers who are increasingly accessing cloud-based content and applications. Calix Unified Access solutions are architected to be flexible, feature-rich and cost-effective in order to meet the demanding requirements of our service provider customers and their subscribers."

The company's non-GAAP net income for the second quarter of 2014 was $5.1 million, or $0.10 per fully diluted share, compared to a non-GAAP net income of $4.8 million, or $0.10 per fully diluted share, for the second quarter of 2013. A reconciliation of GAAP and non-GAAP results is included as part of this release.

The GAAP net loss for the second quarter of 2014 was $4.0 million, or $(0.08) per basic and diluted share, compared to a GAAP net loss of $5.2 million, or $(0.10) per basic and diluted share, for the second quarter of 2013. A reconciliation of our second quarter 2014 operating results from non-GAAP to GAAP is provided below:


                                Calix, Inc.
              (Unaudited, in thousands, except per share data)
                      Three Months Ended June 28, 2014

                                                 Amortization
                                                      of
                                    Stock-Based   Intangible
                       Non-GAAP    Compensation     Assets         GAAP
                     ------------  ------------  ------------  ------------
Revenue              $     98,005  $         --  $         --  $     98,005
Cost of revenue            51,221           354         2,088        53,663
                     ------------  ------------  ------------  ------------
Gross profit               46,784          (354)       (2,088)       44,342
Gross margin                 47.7%           --            --          45.2%
Operating expenses         41,630         4,050         2,552        48,232
                     ------------  ------------  ------------  ------------
Operating income
 (loss)                     5,154        (4,404)       (4,640)       (3,890)
Interest and other
 income (expense),
 net                           42            --            --            42
                     ------------  ------------  ------------  ------------
Income (loss) before
 taxes                      5,196        (4,404)       (4,640)       (3,848)
Provision for income
 taxes                        103            --            --           103
                     ------------  ------------  ------------  ------------
Net income (loss)    $      5,093  $     (4,404) $     (4,640) $     (3,951)
                     ============  ============  ============  ============
Weighted average
 diluted shares used
 to compute non-GAAP
 net income (loss)
 per common share          50,961        50,961        50,961
                     ============  ============  ============
Non-GAAP net income
 (loss) per diluted
 share               $       0.10  $      (0.09) $      (0.09)
                     ============  ============  ============
Weighted average
 basic and diluted
 shares used to
 compute GAAP net
 loss per common
 share                                                               50,573
                                                               ============
GAAP net loss per
 share                                                         $      (0.08)
                                                               ============

Conference Call

In conjunction with this announcement, Calix will host a conference call at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) today to discuss its second quarter 2014 financial results. A live audio webcast and replay of the call will be available in the Investor Relations section of the Calix web site at http://investor-relations.calix.com/.

Live call access information: Dial-in number: (877) 407-4019 (U.S.) or (201) 689-8337 (outside the U.S.)

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.

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 (loss) and non-GAAP basic and diluted income (loss) 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 and amortization of acquisition-related intangible assets, and non-recurring acquisition-related and other expenses, which the Company believes are not indicative of its core operating results. 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       Six Months Ended
                             ----------------------  ----------------------
                              June 28,    June 29,    June 28,    June 29,
                                2014        2013        2014        2013
                             ----------  ----------  ----------  ----------
Revenue                      $   98,005  $   94,439  $  183,825  $  184,987
Cost of revenue:
  Products and services (1)      51,575      49,846      98,381      97,191
  Amortization of intangible
   assets                         2,088       2,088       4,176       4,176
                             ----------  ----------  ----------  ----------
    Total cost of revenue        53,663      51,934     102,557     101,367
                             ----------  ----------  ----------  ----------
Gross profit                     44,342      42,505      81,268      83,620
Operating expenses:
  Research and development
   (1)                           19,544      20,035      39,174      40,206
  Sales and marketing (1)        18,455      17,079      35,845      32,880
  General and administrative
   (1)                            7,681       7,684      14,932      15,815
  Amortization of intangible
   assets                         2,552       2,552       5,104       5,104
                             ----------  ----------  ----------  ----------
    Total operating expenses     48,232      47,350      95,055      94,005
                             ----------  ----------  ----------  ----------
Loss from operations             (3,890)     (4,845)    (13,787)    (10,385)
  Interest and other income
   (expense), net:
  Interest income                    30           1          34           2
  Interest expense                  (58)        (42)       (115)        (70)
Other income (expense), net          70         (43)        103        (322)
                             ----------  ----------  ----------  ----------
Loss before provision for
 income taxes                    (3,848)     (4,929)    (13,765)    (10,775)
                             ----------  ----------  ----------  ----------
Provision for income taxes          103         224         213         581
                             ----------              ----------
Net loss                     $   (3,951) $   (5,153) $  (13,978) $  (11,356)
                             ==========  ==========  ==========  ==========
Net loss per common share:
    Basic and diluted        $    (0.08) $    (0.10) $    (0.28) $    (0.23)
                             ==========  ==========  ==========  ==========
Weighted average number of
 shares used to compute net
 loss per common share:
    Basic and diluted            50,573      49,153      50,425      49,034
                             ==========  ==========  ==========  ==========

-----------------------------

(1) Includes stock-based
 compensation as follows:
    Cost of revenue          $      354  $      377  $      708  $      728
    Research and development      1,306       1,300       2,486       2,486
    Sales and marketing           1,462       1,464       2,830       2,743
    General and
     administrative               1,282       2,134       2,282       4,037
                             ----------  ----------  ----------  ----------
                             $    4,404  $    5,275  $    8,306  $    9,994
                             ==========  ==========  ==========  ==========



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

                               Three Months Ended       Six Months Ended
                             ----------------------  ----------------------
                              June 28,    June 29,    June 28,    June 29,
                                2014        2013        2014        2013
                             ----------  ----------  ----------  ----------
GAAP net loss                $   (3,951) $   (5,153) $  (13,978) $  (11,356)
Adjustments to reconcile GAAP
 net loss to non-GAAP net
 income:
Stock-based compensation          4,404       5,275       8,306       9,994
Amortization of intangible
 assets                           4,640       4,640       9,280       9,280
                             ----------  ----------  ----------  ----------
Non-GAAP net income               5,093       4,762       3,608       7,918
                             ==========  ==========  ==========  ==========
Non-GAAP net income per
 common share:
  Basic                      $     0.10  $     0.10  $     0.07  $     0.16
                             ==========  ==========  ==========  ==========
  Diluted                    $     0.10  $     0.10  $     0.07  $     0.16
                             ==========  ==========  ==========  ==========
Weighted average shares used
 to compute non-GAAP net
 income per common share -
 Basic                           50,573      49,153      50,425      49,034
                             ==========  ==========  ==========  ==========
Weighted average shares used
 to compute non-GAAP net
 income per common share -
 Diluted (1)                     50,961      50,073      50,904      49,751
                             ==========  ==========  ==========  ==========

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



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

                                                   June 28,    December 31,
                                                     2014          2013
                                                 ------------  ------------
ASSETS
Current assets:
  Cash and cash equivalents                      $     32,543  $     82,747
  Marketable securities                                46,439            --
  Restricted cash                                         295           295
  Accounts receivable, net                             47,330        43,520
  Inventory                                            45,888        51,071
  Deferred cost of revenue                             15,957        21,076
  Prepaid expenses and other current assets             5,038         5,757
                                                 ------------  ------------
    Total current assets                              193,490       204,466
  Property and equipment, net                          17,289        17,473
  Goodwill                                            116,175       116,175
  Intangible assets, net                               34,460        43,740
  Other assets                                          1,503         1,745
                                                 ------------  ------------
    Total assets                                 $    362,917  $    383,599
                                                 ============  ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
  Accounts payable                               $     12,850  $     23,163
  Accrued liabilities                                  34,689        32,075
  Deferred revenue                                     26,346        34,862
                                                 ------------  ------------
    Total current liabilities                          73,885        90,100
  Long-term portion of deferred revenue                18,640        18,431
  Other long-term liabilities                             958         1,145
                                                 ------------  ------------
    Total liabilities                                  93,483       109,676
                                                 ------------  ------------
Stockholders' equity:
  Common stock                                          1,273         1,256
  Additional paid-in capital                          791,756       782,253
  Accumulated other comprehensive income                  159           190
  Accumulated deficit                                (523,754)     (509,776)
                                                 ------------  ------------
    Total stockholders' equity                        269,434       273,923
                                                 ------------  ------------
    Total liabilities and stockholders' equity   $    362,917  $    383,599
                                                 ============  ============



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

                                                       Six Months Ended
                                                   ------------------------
                                                     June 28,     June 29,
                                                       2014         2013
                                                   -----------  -----------
Operating activities:
Net loss                                           $   (13,978) $   (11,356)
Adjustments to reconcile net loss to net cash (used
 in) provided by operating activities:
  Depreciation and amortization                          4,522        5,363
  Loss on retirement of property and equipment              --          560
  Amortization of intangible assets                      9,280        9,280
  Amortization of premiums related to available-
   for-sale securities                                     108           --
  Stock-based compensation                               8,306        9,994
Changes in operating assets and liabilities:
  Accounts receivable, net                              (3,809)      (3,207)
  Inventory                                              5,183        5,880
  Deferred cost of revenue                               5,119       (7,991)
  Prepaid expenses and other assets                        960       (2,009)
  Accounts payable                                     (10,313)         (90)
  Accrued liabilities                                    2,601          464
  Deferred revenue                                      (8,307)      16,001
  Other long-term liabilities                             (188)         311
                                                   -----------  -----------
    Net cash (used in) provided by operating
     activities                                           (516)      23,200
                                                   -----------  -----------
Investing activities:
  Purchase of marketable securities                    (46,572)          --
  Purchase of property and equipment                    (4,328)      (3,265)
                                                   -----------  -----------
    Net cash used in investing activities              (50,900)      (3,265)
                                                   -----------  -----------
Financing activities:
  Proceeds from exercise of stock options                  139          288
  Proceeds from employee stock purchase plan             2,453        2,464
  Taxes paid for awards vested under equity
   incentive plans                                      (1,377)        (312)
                                                   -----------  -----------
    Net cash provided by financing activities            1,215        2,440
                                                   -----------  -----------
Effect of exchange rate changes on cash and cash
 equivalents                                                (3)           9
                                                   -----------  -----------
Net (decrease) increase in cash and cash
 equivalents                                           (50,204)      22,384
Cash and cash equivalents at beginning of period        82,747       46,995
                                                   -----------  -----------
Cash and cash equivalents at end of period         $    32,543  $    69,379
                                                   ===========  ===========

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
IoT generates lots of temporal data. But how do you unlock its value? You need to discover patterns that are repeatable in vast quantities of data, understand their meaning, and implement scalable monitoring across multiple data streams in order to monetize the discoveries and insights. Motif discovery and deep learning platforms are emerging to visualize sensor data, to search for patterns and to build application that can monitor real time streams efficiently. In his session at @ThingsExpo, ...
Verizon Communications Inc. (NYSE, Nasdaq: VZ) and Yahoo! Inc. (Nasdaq: YHOO) have entered into a definitive agreement under which Verizon will acquire Yahoo's operating business for approximately $4.83 billion in cash, subject to customary closing adjustments. Yahoo informs, connects and entertains a global audience of more than 1 billion monthly active users** -- including 600 million monthly active mobile users*** through its search, communications and digital content products. Yahoo also co...
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
"Tintri was started in 2008 with the express purpose of building a storage appliance that is ideal for virtualized environments. We support a lot of different hypervisor platforms from VMware to OpenStack to Hyper-V," explained Dan Florea, Director of Product Management at Tintri, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
The best-practices for building IoT applications with Go Code that attendees can use to build their own IoT applications. In his session at @ThingsExpo, Indraneel Mitra, Senior Solutions Architect & Technology Evangelist at Cognizant, provided valuable information and resources for both novice and experienced developers on how to get started with IoT and Golang in a day. He also provided information on how to use Intel Arduino Kit, Go Robotics API and AWS IoT stack to build an application tha...
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
Large scale deployments present unique planning challenges, system commissioning hurdles between IT and OT and demand careful system hand-off orchestration. In his session at @ThingsExpo, Jeff Smith, Senior Director and a founding member of Incenergy, will discuss some of the key tactics to ensure delivery success based on his experience of the last two years deploying Industrial IoT systems across four continents.
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2016 Silicon Valley. The 19th Cloud Expo and 6th @ThingsExpo will take place on November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Interne...
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to imp...
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develo...
SYS-CON Events announced today that MangoApps will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device.
Basho Technologies has announced the latest release of Basho Riak TS, version 1.3. Riak TS is an enterprise-grade NoSQL database optimized for Internet of Things (IoT). The open source version enables developers to download the software for free and use it in production as well as make contributions to the code and develop applications around Riak TS. Enhancements to Riak TS make it quick, easy and cost-effective to spin up an instance to test new ideas and build IoT applications. In addition to...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices 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 opportuni...
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.