0001406666-13-000080.txt : 20131029 0001406666-13-000080.hdr.sgml : 20131029 20131029160936 ACCESSION NUMBER: 0001406666-13-000080 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20131029 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20131029 DATE AS OF CHANGE: 20131029 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CALIX, INC CENTRAL INDEX KEY: 0001406666 STANDARD INDUSTRIAL CLASSIFICATION: COMMUNICATION SERVICES, NEC [4899] IRS NUMBER: 680438710 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34674 FILM NUMBER: 131176498 BUSINESS ADDRESS: STREET 1: 1035 N MCDOWELL BLVD CITY: PETALUMA STATE: CA ZIP: 95954 BUSINESS PHONE: 707-766-3000 MAIL ADDRESS: STREET 1: 1035 N MCDOWELL BLVD CITY: PETALUMA STATE: CA ZIP: 95954 FORMER COMPANY: FORMER CONFORMED NAME: CALIX NETWORKS INC DATE OF NAME CHANGE: 20070713 8-K 1 calx-20130928x8kearningsre.htm FORM 8-K calx-2013.09.28-8KEarningsRelease


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 29, 2013 
CALIX, INC.
(Exact name of Registrant as specified in its charter)
 
 
 
 
 
Delaware
 
001-34674
68-0438710
(State or other jurisdiction
of incorporation)
 
(Commission
File No.)
(I.R.S. Employer
Identification No.)
 
 
1035 N. McDowell Boulevard, Petaluma, California
94954
(Address of principal executive offices)
(Zip Code)
Registrant’s telephone number, including area code: (707) 766-3000
Not Applicable
(Former name or former address if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))





Item 2.02 Results of Operations and Financial Condition.
On October 29, 2013, Calix, Inc. (the “Company”) publicly disseminated a press release announcing financial results for the third quarter ended September 28, 2013. The foregoing description is qualified in its entirety by reference to the Company’s press release, dated October 29, 2013, a copy of which is attached hereto as Exhibit 99.1 and incorporated herein by reference.
Such information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
 
Exhibit No.
  
Description
 
 
99.1
  
Press Release dated October 29, 2013 announcing financial results of the Company.




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Date: October 29, 2013
 
 
 
 
 
CALIX, INC.
 
 
 
 
 
 
 
 
 
 
 
By:
 
/s/ Michael Ashby
 
 
 
 
 
 
 
 
Michael Ashby
 
 
 
 
 
 
 
 
Chief Financial Officer




INDEX TO EXHIBITS
 
Exhibit No.
  
Description
 
 
99.1
  
Press Release dated October 29, 2013 announcing financial results of the Company.


 EX-99.1 2 ex991earningsreleaseq313.htm PRESS RELEASE Ex 99.1 Earnings Release Q3'13



Exhibit 99.1
Calix Achieves Record Revenues in Third Quarter 2013

PETALUMA, CA – October 29, 2013 – Calix, Inc. (NYSE: CALX) today announced unaudited financial results for the third quarter ended September 28, 2013. Revenue for the third quarter of 2013 was a record $103.6 million, an increase of 27% compared to $81.3 million for the third quarter of 2012.
"Our strong Q3 results reflect our solid execution in the quarter," said Carl Russo, president and CEO of Calix. "Our year-to-date progress reflects the increasing value Calix customers place on transforming their access networks."
Non-GAAP net income for the third quarter of 2013 was $10.2 million, or $0.20 per fully diluted share. Non-GAAP net income was $1.8 million, or $0.04 per fully diluted share, for the third quarter of 2012. A reconciliation of GAAP and non-GAAP results is included as part of this release.
GAAP net income for the third quarter of 2013 was $0.5 million, or $0.01 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. A reconciliation of our third quarter 2013 operating results from non-GAAP to GAAP is provided below:

Calix, Inc.
(Unaudited, in thousands, except per share data)
Three Months Ended September 28, 2013
 
 
 
 
 
 
 
 
 
 
 
Non-GAAP
 
Stock-Based Compensation
 
Amortization of Intangible Assets
 
GAAP
Revenue
 
$
103,628

 
$
—

 
$
—

 
$
103,628

Cost of revenue
 
53,770

 
362

 
2,089

 
56,221

Gross profit
 
49,858

 
(362
)
 
(2,089
)
 
47,407

Gross margin
 
48.1
%
 
-0.3
 %
 
-2.0
 %
 
45.7
%
Operating expenses
 
40,258

 
4,609

 
2,552

 
47,419

Operating income (loss)
 
9,600

 
(4,971
)
 
(4,641
)
 
(12
)
Interest and other income (expense), net
 
(18
)
 
—

 
—

 
(18
)
Income (loss) before benefit from income taxes
 
9,582

 
(4,971
)
 
(4,641
)
 
(30
)
Benefit from income taxes
 
(574
)
 
—

 
—

 
(574
)
Net income (loss)
 
$
10,156

 
$
(4,971
)
 
$
(4,641
)
 
$
544

Weighted average shares used to compute
 
 
 
 
 
 
 
 
net income (loss) per common share:
 
 
 
 
 
 
 
 
Basic
 
49,694

 
49,694

 
49,694

 
49,694

Diluted
 
51,142

 
51,142

 
51,142

 
51,142

Net income (loss) per common share:
 
 
 
 
 
 
 
 
Basic
 
$
0.20

 
$
(0.10
)
 
$
(0.09
)
 
$
0.01

Diluted
 
$
0.20

 
$
(0.10
)
 
$
(0.09
)
 
$
0.01



1
                                       
Calix Press Release
 
Page 2


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 third quarter 2013 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 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 and amortization of acquisition-related intangible assets, 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 diluted weighted average shares used to compute both GAAP and non-GAAP net income per share include the dilutive effect of outstanding stock options, restricted stock units, performance restricted stock units, and ESPP, which have been calculated under the treasury stock method. 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 Press Release
 
Page 3


Calix, Inc.
Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except per share data)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
Nine Months Ended
 
 
 
 
September 28,
 
September 29,
 
September 28,
 
September 29,
 
 
 
 
2013
 
2012
 
2013
 
2012
Revenue
 
$
103,628

 
$
81,301

 
$
288,615

 
$
238,794

Cost of revenue:
 

 

 
 
 
 
 
Products and services (1)
 
54,132

 
45,707

 
151,323

 
132,797

 
Amortization of intangible assets
 
2,089

 
2,088

 
6,265

 
5,451

 
 
Total cost of revenue
 
56,221

 
47,795

 
157,588

 
138,248

Gross profit
 
47,407

 
33,506

 
131,027

 
100,546

Operating expenses:
 
 
 
 
 
 
 
 
 
Research and development (1)
 
19,777

 
16,165

 
59,983

 
49,604

 
Sales and marketing (1)
 
16,612

 
15,093

 
49,492

 
44,880

 
General and administrative (1)
 
8,478

 
6,773

 
24,293

 
19,682

 
Amortization of intangible assets
 
2,552

 
2,552

 
7,656

 
7,656

 
 
Total operating expenses
 
47,419

 
40,583

 
141,424

 
121,822

Loss from operations
 
(12
)
 
(7,077
)
 
(10,397
)
 
(21,276
)
Interest and other income (expense), net:
 
 
 
 
 
 
 
 

Interest income
 
2

 
3

 
4

 
14


Interest expense
 
(24
)
 
(41
)
 
(94
)
 
(140
)

Other income (expense), net
 
4

 
19

 
(318
)
 
(70
)
Loss before provision for (benefit from) income taxes
 
(30
)
 
(7,096
)
 
(10,805
)
 
(21,472
)
Provision for (benefit from) income taxes
 
(574
)
 
44

 
7

 
280

Net income (loss)
 
$
544

 
$
(7,140
)
 
$
(10,812
)
 
$
(21,752
)
Net income (loss) per common share:
 
 
 
 
 
 
 
 
 
Basic
 
$
0.01

 
$
(0.15
)
 
$
(0.22
)
 
$
(0.45
)
 
Diluted
 
$
0.01

 
$
(0.15
)
 
$
(0.22
)
 
$
(0.45
)
Weighted average shares used to compute
 
 
 
 
 
 
 
 
 
net income (loss) per common share:
 
 
 
 
 
 
 
 
 
Basic
 
49,694

 
48,353

 
49,255

 
48,059

 
Diluted
 
51,142

 
48,353

 
49,255

 
48,059

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Includes stock-based compensation as follows:
 
 
 
 
 
Cost of revenue
 
$
362

 
$
345

 
$
1,090

 
$
1,089

 
Research and development
 
1,179

 
1,017

 
3,665

 
3,129

 
Sales and marketing
 
1,395

 
1,263

 
4,138

 
3,840

 
General and administrative
 
2,035

 
1,682

 
6,072

 
4,903

 
 
 
 
$
4,971

 
$
4,307

 
$
14,965

 
$
12,961



                                       
Calix Press Release
 
Page 4


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

 
Three Months Ended
 
Nine Months Ended

 
September 28,
 
September 29,
 
September 28,
 
September 29,

 
2013
 
2012
 
2013
 
2012
GAAP net income (loss)
 
$
544

 
$
(7,140
)
 
$
(10,812
)
 
$
(21,752
)
Adjustments to reconcile GAAP net income (loss) to
 
 
 
 
 
 
 
 
non-GAAP net income:
 
 
 
 
 
 
 
 
Stock-based compensation
 
4,971

 
4,307

 
14,965

 
12,961

Amortization of intangible assets
 
4,641

 
4,640

 
13,921

 
13,107

Non-GAAP net income
 
$
10,156

 
$
1,807

 
$
18,074

 
$
4,316

Non-GAAP net income per common share:
 
 
 
 
 
 
 
 
Basic
 
$
0.20

 
$
0.04

 
$
0.37

 
$
0.09

Diluted
 
$
0.20

 
$
0.04

 
$
0.36

 
$
0.09

Weighted average shares used to compute non-GAAP
 
 
 
 
 
 
 
 
   net income per common share:
 
 
 
 
 
 
 
 
Basic
 
49,694

 
48,353

 
49,255

 
48,059

Diluted
 
51,142

 
48,472

 
50,218

 
48,208





                                       
Calix Press Release
 
Page 5


Calix, Inc.
Condensed Consolidated Balance Sheets
(Unaudited, in thousands)
 
 
 
 
 
 
 
September 28,
 
December 31,
 
 
2013
 
2012
ASSETS
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
79,124

 
$
46,995

Restricted cash
 
972

 
—

Accounts receivable, net
 
54,421

 
59,519

Inventory
 
39,376

 
43,282

Deferred cost of revenue
 
26,826

 
21,077

Prepaid expenses and other current assets
 
6,656

 
5,677

 Total current assets
 
207,375

 
176,550

Property and equipment, net
 
18,379

 
21,083

Goodwill
 
116,175

 
116,175

Intangible assets, net
 
48,380

 
62,301

Other assets
 
1,827

 
1,788

 Total assets
 
$
392,136

 
$
377,897

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
 
 
 
 
Accounts payable
 
$
18,073

 
$
16,804

Accrued liabilities
 
35,034

 
36,176

Deferred revenue
 
45,202

 
39,315

Total current liabilities
 
98,309

 
92,295

Long-term portion of deferred revenue
 
18,197

 
15,782

Other long-term liabilities
 
1,321

 
745

Total liabilities
 
117,827

 
108,822

Stockholders' equity:
 
 
 
 
Common stock
 
1,244

 
1,222

Additional paid-in capital
 
776,209

 
760,232

Accumulated other comprehensive income
 
179

 
132

Accumulated deficit
 
(503,323
)
 
(492,511
)
Total stockholders' equity
 
274,309

 
269,075

Total liabilities and stockholders' equity
 
$
392,136

 
$
377,897



                                       
Calix Press Release
 
Page 6


Calix, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)
 
 
 
 
 
 
 
Nine Months Ended
 
 
September 28,
 
September 29,
 
 
2013
 
2012
Operating activities:
 
 
 
 
Net loss
 
$
(10,812
)
 
$
(21,752
)
Adjustments to reconcile net loss to net cash provided by operating activities:
 
 
 
 
Depreciation and amortization
 
7,767

 
6,351

Loss on retirement of property and equipment
 
564

 
262

Amortization of intangible assets
 
13,921

 
13,107

Stock-based compensation
 
14,965

 
12,961

Changes in operating assets and liabilities:
 
 
 
 
Restricted cash
 
(972
)
 
754

Accounts receivable, net
 
5,098

 
(9,359
)
Inventory
 
3,906

 
14,855

Deferred cost of revenue
 
(5,749
)
 
(9,063
)
Prepaid expenses and other assets
 
(466
)
 
491

Accounts payable
 
1,269

 
2,186

Accrued liabilities
 
(1,224
)
 
(2,098
)
Deferred revenue
 
8,302

 
16,755

Other long-term liabilities
 
238

 
(633
)
Net cash provided by operating activities
 
36,807

 
24,817

Investing activities:
 
 
 
 
Purchase of property and equipment
 
(5,475
)
 
(7,879
)
Net cash used in investing activities
 
(5,475
)
 
(7,879
)
Financing activities:
 
 
 
 
Proceeds from exercise of stock options
 
671

 
158

Proceeds from employee stock purchase plan
 
2,464

 
2,222

Taxes withheld upon vesting of restricted stock units and restricted stock awards
 
(2,102
)
 
(880
)
Payments for debt issuance costs
 
(301
)
 
—

Net cash provided by financing activities
 
732

 
1,500

Effect of exchange rate changes on cash and cash equivalents
 
65

 
46

Net increase in cash and cash equivalents
 
32,129

 
18,484

Cash and cash equivalents at beginning of period
 
46,995

 
38,938

Cash and cash equivalents at end of period
 
$
79,124

 
$
57,422



Investor Inquiries:
David H. Allen
408-474-0080
David.Allen@Calix.com


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