0001406666-15-000006.txt : 20150305 0001406666-15-000006.hdr.sgml : 20150305 20150304174414 ACCESSION NUMBER: 0001406666-15-000006 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20150304 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20150305 DATE AS OF CHANGE: 20150304 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: 15674688 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 a8-kupdatedearningsrelease.htm 8-K 8-K Updated Earnings Release 14Q4


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): March 4, 2015
 
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:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
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 March 4, 2015, Calix, Inc. (the “Company”) publicly disseminated a press release announcing the filing of its Annual Report on Form 10-K for the year ended December 31, 2014 with the Securities and Exchange Commission and revising its financial results for the fourth quarter ended December 31, 2014. The foregoing description is qualified in its entirety by reference to the Company’s press release, dated March 4, 2015, 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 March 4, 2015 announcing the filing of the 2014 Annual Report on Form 10-K of the Company and revising its fourth quarter 2014 financial results.




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:
March 4, 2015
 
 
 
 
CALIX, INC.
 
 
 
 
 
 
 
 
 
 
 
By:
 
/s/ William J. Atkins
 
 
 
 
 
 
 
 
William J. Atkins
 
 
 
 
 
 
 
 
Chief Financial Officer




INDEX TO EXHIBITS
 
Exhibit No.
  
Description
 
 
99.1
  
Press Release dated March 4, 2015 announcing the filing of the 2014 Annual Report on Form 10-K of the Company and revising its fourth quarter 2014 financial results.


 EX-99.1 2 ex991updatedearningsreleas.htm EXHIBIT 99.1 Ex 99.1 Updated Earnings Release 14Q4




Exhibit 99.1
Calix, Inc. Files 2014 Annual Report on Form 10-K
and Revises Fourth Quarter 2014 Financial Results

PETALUMA, CA – March 4, 2015 – Calix, Inc. (NYSE: CALX) announced that it has today filed its Annual Report on Form 10-K for the year ended December 31, 2014 with the Securities and Exchange Commission and revised its financial results for the fourth quarter ended December 31, 2014 to reflect an additional accrual of approximately $1.3 million for third-party and other legal fees and associated expenses related to the ongoing Occam class-action litigation. The additional accrual has no impact on the Company’s fourth quarter non-GAAP basic and fully-diluted earnings per share, as the accrual consists primarily of non-recurring acquisition-related costs, which we exclude in our determination of non-GAAP net income.
The impact to the Company’s results of operations from this additional accrual, as compared to the preliminary financial results described in the Company’s February 3, 2015 release of unaudited financial results for the fourth quarter ended December 31, 2014, is to decrease the Company’s non-GAAP net income for the fourth quarter of 2014 from $6.8 million to $6.5 million, with the Company’s non-GAAP earnings per basic and diluted share remaining at the same $0.13 level as previously disclosed. The Company’s GAAP net loss for the fourth quarter of 2014, as compared to the previously released preliminary financial results, increased from $1.7 million to $3.0 million, and the Company’s GAAP loss per share increased from $(0.03) per basic and diluted share to $(0.06).

 



1
                                       
Calix Press Release
 
Page 2 


A reconciliation of our fourth quarter 2014 operating results from non-GAAP to GAAP, before post-close adjustments, is provided below:

Calix, Inc.
Reconciliation of Non-GAAP to GAAP Results
(Unaudited, in thousands, except per share data)
Three Months Ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-GAAP
 
Stock-Based Compensation
 
Amortization of Intangible Assets
 
Acquisition-Related Costs
 
GAAP
Revenue
 
$
111,633

 
$
—

 
$
—

 
$
—

 
$
111,633

Cost of revenue
 
57,898

 
206

 
2,088

 
—

 
60,192

Gross profit
 
53,735

 
(206
)

(2,088
)
 
—


51,441

Gross margin
 
48.1
%
 
(0.2
)%
 
(1.9
)%
 
—
%
 
46.1
%
Operating expenses
 
46,797

 
3,692

 
2,552

 
—

 
53,041

Operating income (loss)
 
6,938

 
(3,898
)
 
(4,640
)
 
—

 
(1,600
)
Interest and other income (expense), net
 
118

 
—

 
—

 
—

 
118

Income (loss) before taxes
 
7,056

 
(3,898
)
 
(4,640
)
 
—

 
(1,482
)
Provision for income taxes
 
253

 
—

 
—

 
—

 
253

Net income (loss)
 
$
6,803

 
$
(3,898
)

$
(4,640
)
 
$
—


$
(1,735
)
Weighted average diluted shares used to compute
 
 
 
 
 
 
 
 
 
 
non-GAAP net income (loss) per common share
 
52,047

 
52,047

 
52,047

 
52,047

 
 
Non-GAAP net income (loss) per diluted share
 
$
0.13

 
$
(0.07
)
 
$
(0.09
)
 
$
—

 
 
Weighted average basic and diluted shares used to
 
 
 
 
 
 
 
 
 
 
compute GAAP net loss per common share
 
 
 
 
 
 
 
 
 
51,300

GAAP net loss per share
 
 
 
 
 
 
 
 
 
$
(0.03
)

A reconciliation of our fourth quarter 2014 operating results from non-GAAP to GAAP, after post-close adjustments, is provided below:
Calix, Inc.
Reconciliation of Non-GAAP to GAAP Results
(Unaudited, in thousands, except per share data)
Three Months Ended December 31, 2014
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-GAAP
 
Stock-Based Compensation
 
Amortization of Intangible Assets
 
Acquisition-Related Costs
 
GAAP
Revenue
 
$
111,633

 
$
—

 
$
—

 
$
—

 
$
111,633

Cost of revenue
 
57,898

 
206

 
2,088

 
—

 
60,192

Gross profit
 
53,735

 
(206
)
 
(2,088
)
 
—

 
51,441

Gross margin
 
48.1
%
 
(0.2
)%
 
(1.9
)%
 
—
%
 
46.1
%
Operating expenses
 
47,072

 
3,692

 
2,552

 
978

 
54,294

Operating income (loss)
 
6,663

 
(3,898
)
 
(4,640
)
 
(978
)
 
(2,853
)
Interest and other income (expense), net
 
118

 
—

 
—

 
—

 
118

Income (loss) before taxes
 
6,781

 
(3,898
)
 
(4,640
)
 
(978
)
 
(2,735
)
Provision for income taxes
 
253

 
—

 
—

 
—

 
253

Net income (loss)
 
$
6,528

 
$
(3,898
)
 
$
(4,640
)
 
$
(978
)
 
$
(2,988
)
Weighted average diluted shares used to compute
 
 
 
 
 
 
 
 
 
 
non-GAAP net income (loss) per common share
 
52,047

 
52,047

 
52,047

 
52,047

 
 
Non-GAAP net income (loss) per diluted share
 
$
0.13

 
$
(0.07
)
 
$
(0.09
)
 
$
(0.02
)
 
 
Weighted average basic and diluted shares used to
 
 
 
 
 
 
 
 
 
 
compute GAAP net loss per common share
 
 
 
 
 
 
 
 
 
51,300

GAAP net loss per share
 
 
 
 
 
 
 
 
 
$
(0.06
)


                                       
Calix Press Release
 
Page 3 


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. 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 costs, which the Company believes are not indicative of its core operating results. Acquisition-related costs include legal fees and associated expenses incurred under a pre-existing contract between Occam and its retained advisor in connection with the Occam 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 Press Release
 
Page 4 


A reconciliation of GAAP to non-GAAP results for the three months and twelve months ended December 31, 2014, before post-close adjustments, is provided below:
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,
 
 
2014
 
2013
 
2014
 
2013
GAAP net loss income
 
$
(1,735
)
 
$
(6,453
)
 
$
(19,561
)
 
$
(17,265
)
Adjustments to reconcile GAAP net loss to
 
 
 
 
 
 
 
 
non-GAAP net income:
 
 
 
 
 
 
 
 
Stock-based compensation
 
3,898

 
4,956

 
16,017

 
19,921

Amortization of intangible assets
 
4,640

 
4,640

 
18,561

 
18,561

Acquisition-related costs
 
—

 
—

 
—

 
—

Utilization of inventory credit
 
—

 
(1,651
)
 
—

 
(1,651
)
Non-GAAP net income
 
$
6,803

 
$
1,492

 
$
15,017

 
$
19,566

Non-GAAP net income per common share:
 
 
 
 
 
 
 
 
Basic
 
$
0.13

 
$
0.03

 
$
0.30


$
0.40

Diluted
 
$
0.13

 
$
0.03

 
$
0.29


$
0.39

Weighted average shares used to compute non-GAAP
 

 


 


 


net income per common share - basic
 
51,300

 
49,892

 
50,808

 
49,419

Weighted average shares used to compute non-GAAP
 


 


 


 


net income per common share - diluted (1)
 
52,047

 
51,068

 
51,450

 
50,437

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

A reconciliation of GAAP to non-GAAP results for the three months and twelve months ended December 31, 2014, after post-close adjustments, is provided below:
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,
 
 
2014
 
2013
 
2014
 
2013
GAAP net loss income
 
$
(2,988
)
 
$
(6,453
)
 
$
(20,814
)
 
$
(17,265
)
Adjustments to reconcile GAAP net loss to
 
 
 
 
 
 
 
 
non-GAAP net income:
 
 
 
 
 
 
 
 
Stock-based compensation
 
3,898

 
4,956

 
16,017

 
19,921

Amortization of intangible assets
 
4,640

 
4,640

 
18,561

 
18,561

Acquisition-related costs
 
978

 
—

 
978

 
—

Utilization of inventory credit
 
—

 
(1,651
)
 
—

 
(1,651
)
Non-GAAP net income
 
$
6,528

 
$
1,492

 
$
14,742

 
$
19,566

Non-GAAP net income per common share:
 
 
 
 
 
 
 
 
Basic
 
$
0.13

 
$
0.03

 
$
0.29


$
0.40

Diluted
 
$
0.13

 
$
0.03

 
$
0.29


$
0.39

Weighted average shares used to compute non-GAAP
 
 
 
 
 
 
 
 
net income per common share - basic
 
51,300

 
49,892

 
50,808

 
49,419

Weighted average shares used to compute non-GAAP
 
 
 
 
 
 
 
 
net income per common share - diluted (1)
 
52,047

 
51,068

 
51,450

 
50,437

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




                                       
Calix Press Release
 
Page 5 


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

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