0001406666-16-000036.txt : 20160209 0001406666-16-000036.hdr.sgml : 20160209 20160209162119 ACCESSION NUMBER: 0001406666-16-000036 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20160209 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20160209 DATE AS OF CHANGE: 20160209 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: 161399963 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-kearningsrelease15q4.htm 8-K 8-K


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): February 9, 2016
 
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 February 9, 2016, Calix, Inc. (the “Company”) publicly disseminated a press release announcing financial results for the fourth quarter ended December 31, 2015. The foregoing description is qualified in its entirety by reference to the Company’s press release, dated February 9, 2016, 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 February 9, 2016 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:
February 9, 2016
 
 
 
 
CALIX, INC.
 
 
 
 
 
 
 
 
 
 
 
By:
 
/s/ William J. Atkins
 
 
 
 
 
 
 
 
William J. Atkins
 
 
 
 
 
 
 
 
Chief Financial Officer




INDEX TO EXHIBITS
 
Exhibit No.
  
Description
 
 
99.1
  
Press Release dated February 9, 2016 announcing financial results of the Company.


 EX-99.1 2 ex991earningsrelease15q4.htm EXHIBIT 99.1 Exhibit




Exhibit 99.1
Calix Reports Fourth Quarter 2015 Financial Results

PETALUMA, CA – February 9, 2016 – Calix, Inc. (NYSE: CALX) today announced unaudited financial results for the fourth quarter ended December 31, 2015. Revenue for the fourth quarter of 2015 was $105.0 million, a decrease of 5.9% compared to $111.6 million for the fourth quarter of 2014.
“Our fourth quarter results were at the upper end of guidance as customer shipments were within expectations,” said Carl Russo, Calix, Inc. President and CEO. “Looking back over the quarter and the year, Calix, Inc. introduced AXOS, our new Software Defined Access platform, as well as announced our new products that leverage next generation technology standards such as G.fast and NG-PON2. In 2015 our customers utilized our latest solutions to create a superior broadband experience for their subscribers. We are excited to see this interest strengthen as we move into 2016,” added Russo.
The company’s non-GAAP net loss for the fourth quarter of 2015 was $1.7 million, or $(0.03) per fully diluted share, compared to a non-GAAP net income of $6.5 million, or $0.13 per fully diluted share, for the fourth quarter of 2014. A reconciliation of GAAP and non-GAAP results is included as part of this release.
“During the quarter, we repurchased $16.1 million worth of common stock via our previously announced $40 million stock buyback authorization,” said William Atkins, Calix, Inc. Executive Vice President and CFO. “Given our long-term outlook for the company, we continue to view share repurchases as an attractive investment at current levels,” added Atkins.
The GAAP net loss for the fourth quarter of 2015 was $9.5 million, or $(0.19) per basic and diluted share, compared to a GAAP net loss of $3.0 million, or $(0.06) per basic and diluted share, for the fourth quarter of 2014. A reconciliation of our fourth quarter 2015 operating results from non-GAAP to GAAP is provided below:


1
                                       
Calix Press Release
 
Page 2 


Calix, Inc.
(Unaudited, in thousands, except per share data)
Three Months Ended December 31, 2015
 
 
 
 
 
 
 
 
 
 
 
 
 
Non-GAAP
 
Stock-Based Compensation
 
Amortization of Intangible Assets
 
Acquisition-Related Costs
 
GAAP
Revenue
 
$
104,999

 
$
—

 
$
—

 
$
—

 
$
104,999

Cost of revenue
 
56,213

 
160

 
2,089

 
—

 
58,462

Gross profit
 
48,786

 
(160
)

(2,089
)
 
—


46,537

Gross margin
 
46.5
%
 
(0.2
)%
 
(2.0
)%
 
—
%
 
44.3
%
Operating expenses
 
50,644

 
3,052

 
2,552

 
24

 
56,272

Operating loss
 
(1,858
)
 
(3,212
)
 
(4,641
)
 
(24
)
 
(9,735
)
Interest and other income (expense), net
 
346

 
—

 
—

 
—

 
346

Loss before provision for income taxes
 
(1,512
)
 
(3,212
)
 
(4,641
)
 
(24
)
 
(9,389
)
Provision for income taxes
 
157

 
—

 
—

 
—

 
157

Net loss
 
$
(1,669
)
 
$
(3,212
)

$
(4,641
)
 
$
(24
)

$
(9,546
)
Weighted average diluted shares used to
 
 
 
 
 
 
 
 
 
 
compute net loss per common share
 
50,578

 
50,578

 
50,578

 
50,578

 
50,578

Net loss per diluted share
 
$
(0.03
)
 
$
(0.06
)
 
$
(0.09
)
 
$
—

 
$
(0.19
)

                                       
Calix Press Release
 
Page 3 


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 fourth quarter 2015 financial results. A live audio webcast and replay of the call will be available in the Investor Relations section of the Calix website 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, Inc. (NYSE: CALX) is a global leader in access innovation. Its Unified Access portfolio of broadband communications access software, systems, and services enables communications service providers worldwide to transform their 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 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.
Forward-Looking Statements
Statements made in this press release and the earnings call referencing the press release that are not statements of historical fact are forward-looking statements. Forward-looking statements are subject to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to, but are not limited to, the execution of a stock repurchase program. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from expectations, including but not limited to the risks described in our 2014 Form 10-K and our quarterly reports on Form 10-Q, each as filed with the SEC and available at www.sec.gov, particularly in the sections titled "Risk Factors." Forward-looking statements speak only as of the date the statements are made and are based on information available to us at the time those statements are made and/or management's good faith belief as of that time with respect to future events. We assume no obligation to update forward-looking statements to reflect actual performance or results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. Accordingly, investors should not place undue reliance on any forward-looking statements.

                                       
Calix Press Release
 
Page 4 


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,
 
 
 
 
2015
 
2014
 
2015
 
2014
Revenue
 
$
104,999

 
$
111,633

 
$
407,463

 
$
401,227

Cost of revenue:
 
 
 
 
 
 
 
 
 
Products and services (1)
 
56,373

 
58,104

 
208,681

 
215,085

 
Amortization of intangible assets
 
2,089

 
2,088

 
8,353

 
8,353

 
 
Total cost of revenue
 
58,462

 
60,192

 
217,034

 
223,438

Gross profit
 
46,537

 
51,441

 
190,429

 
177,789

Operating expenses:
 
 
 
 
 
 
 
 
 
Research and development (1)
 
22,829

 
21,207

 
89,714

 
80,311

 
Sales and marketing (1)
 
21,165

 
21,721

 
78,563

 
76,283

 
General and administrative (1)
 
9,726

 
8,814

 
38,454

 
31,371

 
Amortization of intangible assets
 
2,552

 
2,552

 
10,208

 
10,208

 
 
Total operating expenses
 
56,272

 
54,294

 
216,939

 
198,173

Loss from operations
 
(9,735
)
 
(2,853
)
 
(26,510
)
 
(20,384
)
Interest and other income (expense), net:
 
 
 
 
 
 
 
 
 
Interest income
 
271

 
643

 
1,285

 
729

 
Interest expense
 
(223
)
 
(632
)
 
(1,144
)
 
(806
)
 
Other income (expense), net
 
298

 
107

 
571

 
228

 
 
Total interest and other income (expense), net
 
346

 
118

 
712

 
151

Loss before provision for income taxes
 
(9,389
)
 
(2,735
)
 
(25,798
)
 
(20,233
)
Provision for income taxes
 
157

 
253

 
535

 
581

Net loss
 
$
(9,546
)
 
$
(2,988
)
 
$
(26,333
)
 
$
(20,814
)
Net loss per common share:
 
 
 
 
 
 
 
 
 
 
Basic and diluted
 
$
(0.19
)

$
(0.06
)
 
$
(0.51
)
 
$
(0.41
)
Weighted average number of shares used to compute
 
 
 
 
 
 
 
 
 
net loss per common share:
 
 
 
 
 
 
 
 
 
 
Basic and diluted
 
50,578

 
51,300

 
51,489

 
50,808

 
 
 
 
 
 
 
 
 
 
 
(1) 
Includes stock-based compensation as follows:
 
 
 
 
 
Cost of revenue
 
$
160

 
$
206

 
$
709

 
$
1,120

 
Research and development
 
1,138

 
1,363

 
4,797

 
5,056

 
Sales and marketing
 
943

 
1,455

 
4,712

 
5,601

 
General and administrative
 
971

 
874

 
3,587

 
4,240

 
 
 
 
$
3,212

 
$
3,898

 
$
13,805

 
$
16,017



                                       
Calix Press Release
 
Page 5 


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,

 
2015
 
2014
 
2015
 
2014
GAAP net loss
 
$
(9,546
)
 
$
(2,988
)
 
$
(26,333
)
 
$
(20,814
)
Adjustments to reconcile GAAP net loss to
 
 
 
 
 
 
 
 
non-GAAP net income (loss):
 
 
 
 
 
 
 
 
Stock-based compensation
 
3,212

 
3,898

 
13,805

 
16,017

Amortization of intangible assets
 
4,641

 
4,640

 
18,561

 
18,561

Acquisition-related costs
 
24

 
978

 
372

 
978

Non-GAAP net income (loss)
 
$
(1,669
)
 
$
6,528

 
$
6,405

 
$
14,742

Non-GAAP net income (loss) per common share:
 
 
 
 
 
 
 
 
Basic
 
$
(0.03
)
 
$
0.13

 
$
0.12

 
$
0.29

Diluted
 
$
(0.03
)
 
$
0.13

 
$
0.12

 
$
0.29

Weighted average shares used to compute non-GAAP
 

 


 
 
 
 
net income (loss) per common share:
 
 
 
 
 
 
 
 
Basic
 
50,578

 
51,300

 
51,489

 
50,808

Diluted (1)
 
50,578

 
52,047

 
52,038

 
51,450

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




                                       
Calix Press Release
 
Page 6 


Calix, Inc.
Condensed Consolidated Balance Sheets
(Unaudited, in thousands)
 
 
 
 
 
 
 
December 31,
 
December 31,
 
 
2015
 
2014
ASSETS
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
23,626

 
$
48,829

Marketable securities
 
49,964

 
62,850

Restricted cash
 
—

 
295

Accounts receivable, net
 
47,155

 
30,744

Inventory
 
47,667

 
46,753

Deferred cost of revenue
 
4,918

 
5,080

Prepaid expenses and other current assets
 
9,470

 
12,936

 Total current assets
 
182,800

 
207,487

Property and equipment, net
 
17,149

 
20,144

Goodwill
 
116,175

 
116,175

Intangible assets, net
 
6,618

 
25,179

Other assets
 
1,144

 
1,236

 Total assets
 
$
323,886

 
$
370,221

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
 
 
 
 
Accounts payable
 
$
19,603

 
$
23,629

Accrued liabilities
 
35,512

 
39,443

Deferred revenue
 
12,124

 
12,722

Total current liabilities
 
67,239

 
75,794

Long-term portion of deferred revenue
 
19,569

 
19,393

Other long-term liabilities
 
1,293

 
2,443

Total liabilities
 
88,101

 
97,630

Stockholders' equity:
 
 
 
 
Common stock
 
1,326

 
1,291

Additional paid-in capital
 
818,754

 
801,810

Accumulated other comprehensive income (loss)
 
(195
)
 
80

Accumulated deficit
 
(556,923
)
 
(530,590
)
Treasury stock
 
(27,177
)
 
—

Total stockholders' equity
 
235,785

 
272,591

Total liabilities and stockholders' equity
 
$
323,886

 
$
370,221



                                       
Calix Press Release
 
Page 7 


Calix, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)
 
 
 
 
 
 
 
Twelve Months Ended
 
 
December 31,
 
December 31,
 
 
2015
 
2014
Operating activities:
 
 
 
 
Net loss
 
$
(26,333
)
 
$
(20,814
)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
 
 
 
 
Depreciation and amortization
 
10,262

 
9,263

Loss on retirement of property and equipment
 
24

 
50

Amortization of intangible assets
 
18,561

 
18,561

Amortization of premiums relating to available-for-sale securities
 
907

 
574

Gain on sale of available-for-sale securities
 
—

 
(1
)
Stock-based compensation
 
13,805

 
16,017

Changes in operating assets and liabilities:
 
 
 
 
Restricted cash
 
295

 
—

Accounts receivable, net
 
(16,411
)
 
12,776

Inventory
 
(915
)
 
4,319

Deferred cost of revenue
 
162

 
15,996

Prepaid expenses and other assets
 
2,889

 
(5,908
)
Accounts payable
 
(4,021
)
 
467

Accrued liabilities
 
(3,781
)
 
7,440

Deferred revenue
 
(422
)
 
(21,178
)
Other long-term liabilities
 
(363
)
 
513

Net cash provided by (used in) operating activities
 
(5,341
)
 
38,075

Investing activities:
 
 
 
 
Purchases of property and equipment
 
(7,278
)
 
(11,961
)
Purchases of marketable securities
 
(60,002
)
 
(67,698
)
Sales of marketable securities
 
—

 
615

Maturities of marketable securities
 
71,945

 
3,600

Net cash provided by (used in) investing activities
 
4,665

 
(75,444
)
Financing activities:
 
 
 
 
Proceeds from exercise of stock options
 
638

 
1,668

Proceeds from employee stock purchase plan
 
4,888

 
4,627

Payments for repurchases of common stock
 
(27,177
)
 
—

Taxes paid for awards vested under equity incentive plans
 
(2,352
)
 
(2,720
)
Payments for debt issuance costs
 
(138
)
 
—

Net cash provided by (used in) financing activities
 
(24,141
)
 
3,575

Effect of exchange rate changes on cash and cash equivalents
 
(386
)
 
(124
)
Net decrease in cash and cash equivalents
 
(25,203
)
 
(33,918
)
Cash and cash equivalents at beginning of period
 
48,829

 
82,747

Cash and cash equivalents at end of period
 
$
23,626

 
$
48,829



                                       
Calix Press Release
 
Page 8 


Investor Inquiries:

Thomas J. Dinges, CFA
408-474-0080
Tom.Dinges@calix.com

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