Calix Inc.: Financial Statements (.pdf)

Tickers: CALX
Calix, Inc.

Historical Financial Statements

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GAAP and Non-GAAP Statements of Operations 2019

($ in thousands)

GAAP

Non-GAAP

GAAP

Non-GAAP

GAAP

Non-GAAP

GAAP

Non-GAAP

Qtr Ending

Qtr Ending

Qtr Ending

Qtr Ending

Qtr Ending

Qtr Ending

Ytd Ending

Ytd Ending

3/30/2019

3/30/2019

6/29/2019

6/29/2019

9/28/2019

9/28/2019

9/28/2019

9/28/2019

Revenue:

Systems

$

82,360

$

82,360

$

92,833

$

92,833

$

106,060

$

106,060

$

281,253

$

281,253

Services

6,990

6,990

7,471

7,471

8,425

8,425

22,886

22,886

Total revenue

89,350

89,350

100,304

100,304

114,485

114,485

304,139

304,139

Cost of revenue:

Systems (1) (6) (7)

44,601

42,295

49,561

47,583

57,858

56,279

152,020

146,157

Services (2)

6,406

6,307

6,075

5,982

6,425

6,332

18,906

18,621

Total cost of revenue

51,007

48,602

55,636

53,565

64,283

62,611

170,926

164,778

Gross profit

38,343

40,748

44,668

46,739

50,202

51,874

133,213

139,361

Gross margin %

42.9%

45.6%

44.5%

46.6%

43.9%

45.3%

43.8%

45.8%

Research and development (3)

19,330

18,314

20,700

19,827

20,890

19,857

60,920

57,998

Sales and marketing (4)

19,339

18,265

19,734

18,920

20,123

19,359

59,196

56,544

General and administrative (5)

8,787

7,986

9,165

8,499

9,566

8,824

27,518

25,309

Loss on asset retirement (8)

-

-

-

-

2,474

-

2,474

-

Total operating expenses

47,456

44,565

49,599

47,246

53,053

48,040

150,108

139,851

Income (loss) from operations

(9,113)

(3,817)

(4,931)

(507)

(2,851)

3,834

(16,895)

(490)

Interest expense, net

(108)

(108)

(142)

(142)

(271)

(271)

(521)

(521)

Other income (expense), net

(391)

(391)

123

123

353

353

85

85

Total interest and other income (expense), net

(499)

(499)

(19)

(19)

82

82

(436)

(436)

Provision for income taxes

155

155

95

95

610

610

860

860

Net income (loss)

$

(9,767)

$

(4,471)

$

(5,045)

$

(621)

$

(3,379)

$

3,306

$

(18,191)

$

(1,786)

Non-GAAP bridge to GAAP

(1) Cost of revenue -systems(stock-based compensation)

$

155

$

123

$

130

$

408

(2) Cost of revenue - services (stock-based compensation)

99

93

93

285

(3) Research and development (stock-based compensation)

1,016

873

1,033

2,922

(4) Sales and marketing (stock-based compensation)

1,074

814

764

2,652

(5) General and administrative (stock-based compensation)

801

666

742

2,209

(6) U.S. tariff and tariff-related costs

2,151

1,855

1,097

5,103

(7) Intangible asset amortization

-

-

352

352

(8) Loss on asset retirement

-

-

2,474

2,474

Total non-GAAP expenses

$

5,296

$

4,424

$

6,685

$

16,405

GAAP net loss

$

(9,767)

$

(5,045)

$

(3,379)

$

(18,191)

Calix's non-GAAP measures are not in accordance with, or an alternative for, GAAP and may be different from non-GAAP measures used by other companies. In addition, the above non-GAAP Consolidated Statements of Operations are not based on a comprehensive set of accounting rules or principles.

Calix, Inc.

Historical Financial Statements

Condensed Consolidated Balance Sheets 2019

($ in thousands)

3/30/2019

6/29/2019

9/28/2019

Assets

Current assets:

Cash and cash equivalents

$

44,067

$

34,942

$

37,558

Restricted cash

628

628

628

Accounts receivable, net

55,202

60,186

48,532

Inventory

47,226

45,360

46,355

Prepaid expenses and other current assets

9,961

7,094

8,787

Total current assets

157,084

148,210

141,860

Property and equipment, net

26,372

29,105

28,387

Right-of-use operating leases

17,062

16,422

15,801

Goodwill

116,175

116,175

116,175

Other assets

1,459

1,336

14,288

Total assets

$

318,152

$

311,248

$

316,511

Liabilities and stockholders' equity

Current liabilities:

Accounts payable

$

34,326

$

37,522

$

24,151

Accrued liabilities

55,343

47,657

57,060

Deferred revenue

15,564

18,528

18,101

Line of credit

30,000

25,000

24,300

Total current liabilities

135,233

128,707

123,612

Long-term portion of deferred revenue

18,252

17,792

17,593

Operating leases

15,692

15,045

14,407

Other long-term liabilities

3,134

2,498

14,749

Stockholders' equity:

Common stock

1,488

1,520

1,521

Additional paid-in capital

879,475

886,076

888,828

Accumulated other comprehensive income

(487)

(710)

(1,140)

Accumulated deficit

(694,649)

(699,694)

(703,073)

Treasury stock

(39,986)

(39,986)

(39,986)

Total stockholders' equity

145,841

147,206

146,150

Total liabilities and stockholders' equity

$

318,152

$

311,248

$

316,511

Calix, Inc.

Historical Financial Statements

Condensed Consolidated Statements of Cash Flows 2019 ($ in thousands)

3/30/2019

6/29/2019

9/28/2019

9/28/2019

Operating activities

Net loss

$

(9,767)

$

(5,045)

$

(3,379)

$

(18,191)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

Stock-based compensation

3,145

2,569

2,762

8,476

Depreciation and amortization

2,281

2,363

2,762

7,406

Loss on asset retirements

95

43

2,486

2,624

Changes in operating assets and liabilities:

Accounts receivable, net

11,823

(4,983)

11,654

18,494

Inventory

2,925

1,866

(996)

3,795

Prepaid expenses and other assets

(1,935)

3,632

(1,327)

370

Accounts payable

(6,349)

3,673

(13,372)

(16,048)

Accrued liabilities

(1,614)

(8,700)

7,599

(2,715)

Deferred revenue

719

2,504

(626)

2,597

Other long-term liabilities

(1,696)

(800)

(279)

(2,775)

Net cash provided by (used in) operating activities

(373)

(2,878)

7,284

4,033

Investing activities

Purchases of property and equipment

(5,039)

(4,499)

(2,845)

(12,383)

Net cash used in investing activities

(5,039)

(4,499)

(2,845)

(12,383)

Financing activities

Proceeds from exercise of stock options

290

36

-

326

Proceeds from employee stock purchase plans

-

4,157

-

4,157

Taxes paid for awards vested under equity incentive plans

(27)

(129)

(10)

(166)

Payments related to financing arrangements

(653)

(614)

(735)

(2,002)

Proceeds from line of credit

30,000

59,000

24,300

113,300

Repayment of line of credit

(30,000)

(64,000)

(25,000)

(119,000)

Net cash used in financing activities

(390)

(1,550)

(1,445)

(3,385)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

223

(198)

(378)

(353)

Net increase (decrease) in cash, cash equivalents and restricted cash

(5,579)

(9,125)

2,616

(12,088)

Cash, cash equivalents and restricted cash at beginning of period

50,274

44,695

35,570

50,274

Cash, cash equivalents and restricted cash at end of period

$

44,695

$

35,570

$

38,186

$

38,186

Disclaimer

Calix Inc. published this content on 22 October 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 October 2019 21:12:03 UTC