Form 8-K CALIX, INC For: Oct 29

FREE Breaking News Alerts from StreetInsider.com!

E-mail Address

StreetInsider.com Top Tickers, 10/22/2026

1. META
2. TSLA
3. IBM
4. TXN
5. MRNA
6. MRK
7. LVS
8. SAP
9. CSX
10. LRCX

October 29, 2014 4:14 PM EDT


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, 2014
�
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)
Registrants 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 October�29, 2014, Calix, Inc. (the Company) publicly disseminated a press release announcing financial results for the third quarter ended September�27, 2014. The foregoing description is qualified in its entirety by reference to the Companys press release, dated October�29, 2014, 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, 2014 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, 2014
�
�
�
�
CALIX, INC.
�
�
�
�
�
�
�
�
�
�
�
By:
�
/s/ William J. Atkins
�
�
�
�
�
�
�
�
William J. Atkins
�
�
�
�
�
�
�
�
Chief Financial Officer




INDEX TO EXHIBITS
�
Exhibit�No.
��
Description
�
�
99.1
��
Press Release dated October 29, 2014 announcing financial results of the Company.






Exhibit 99.1
Calix Reports Third Quarter 2014 Financial Results

PETALUMA, CA  October�29, 2014  Calix, Inc. (NYSE: CALX) today announced unaudited financial results for the third quarter ended September�27, 2014. Revenue for the third quarter of 2014 was $105.8 million, an increase of 2.1% compared to $103.6 million for the third quarter of 2013.
In addition to achieving record revenues in the quarter, we continued to innovate and expand our product line and our customer base by launching two entirely new solutions, said Carl Russo, Calix president and CEO.
We launched our new GigaCenters, the industrys first fiber-based products to unleash the power of Carrier-Class Wi-Fi in the home; and the Compass Open Link Cable software solution, allowing cable operators to deliver gigabit services over fiber while continuing to use traditional back office and DOCSIS command and control procedures. These ground-breaking offerings enable our customers to extend the gigabit experience to their subscribers at an accelerated pace and in a cost-effective manner.
The companys non-GAAP net income for the third quarter of 2014 was $4.6 million, or $0.09 per fully diluted share, compared to a non-GAAP net income of $10.2 million, or $0.20 per fully diluted share, for the third quarter of 2013. A reconciliation of GAAP and non-GAAP results is included as part of this release.
The GAAP net loss for the third quarter of 2014 was $3.8 million, or $(0.08) per basic and diluted share, compared to a GAAP net income of $0.5 million, or $0.01 per basic and diluted share, for the third quarter of 2013. A reconciliation of our third quarter 2014 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 September 27, 2014
�
�
�
�
�
�
�
�
�
�
�
Non-GAAP
�
Stock-Based Compensation
�
Amortization of Intangible Assets
�
GAAP
Revenue
�
$
105,769

�
$


�
$


�
$
105,769

Cost of revenue
�
58,394

�
206

�
2,089

�
60,689

Gross profit
�
47,375

�
(206
)

(2,089
)

45,080

Gross margin
�
44.8
%
�


�


�
42.6
%
Operating expenses
�
42,665

�
3,607

�
2,552

�
48,824

Operating income (loss)
�
4,710

�
(3,813
)
�
(4,641
)
�
(3,744
)
Interest and other income (expense), net
�
11

�


�


�
11

Income (loss) before taxes
�
4,721

�
(3,813
)
�
(4,641
)
�
(3,733
)
Provision for income taxes
�
115

�


�


�
115

Net income (loss)
�
$
4,606

�
$
(3,813
)

$
(4,641
)

$
(3,848
)
Weighted average diluted shares used to compute
�
�
�
�
�
�
�
�
non-GAAP net income (loss) per common share
�
51,552

�
51,552

�
51,552

�
�
Non-GAAP net income (loss) per diluted share
�
$
0.09

�
$
(0.07
)
�
$
(0.09
)
�
�
Weighted average basic and diluted shares used to
�
�
�
�
�
�
�
�
compute GAAP net loss per common share
�
�
�
�
�
�
�
51,048

GAAP net loss per share
�
�
�
�
�
�
�
$
(0.08
)

���������������������������������������
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 third 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. For more information about gigabit networks, visit www.calix.com/gigabit/.
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 Press Release
�
Page 4�


Calix, Inc.
Condensed Consolidated Statements of Operations
(Unaudited, in thousands, except per share data)
�
�
�
�
�
�
�
�
�
�
�
�
�
�
�
Three Months Ended
�
Nine Months Ended
�
�
�
�
September 27,
�
September 28,
�
September 27,
�
September 28,
�
�
�
�
2014
�
2013
�
2014
�
2013
Revenue
�
$
105,769

�
$
103,628

�
$
289,594

�
$
288,615

Cost of revenue:
�
�
�
�
�
�
�
�
�
Products and services (1)
�
58,600

�
54,132

�
156,981

�
151,323

�
Amortization of intangible assets
�
2,089

�
2,089

�
6,265

�
6,265

�
�
Total cost of revenue
�
60,689

�
56,221

�
163,246

�
157,588

Gross profit
�
45,080

�
47,407

�
126,348

�
131,027

Operating expenses:
�
�
�
�
�
�
�
�
�
Research and development (1)
�
19,930

�
19,777

�
59,104

�
59,983

�
Sales and marketing (1)
�
18,717

�
16,612

�
54,562

�
49,492

�
General and administrative (1)
�
7,625

�
8,478

�
22,557

�
24,293

�
Amortization of intangible assets
�
2,552

�
2,552

�
7,656

�
7,656

�
�
Total operating expenses
�
48,824

�
47,419

�
143,879

�
141,424

Loss from operations
�
(3,744
)
�
(12
)
�
(17,531
)
�
(10,397
)
Interest and other income (expense), net:
�
�
�
�
�
�
�
�

Interest income
�
52

�
2

�
86

�
4


Interest expense
�
(59
)
�
(24
)
�
(174
)
�
(94
)

Other income (expense), net
�
18

�
4

�
121

�
(318
)
Loss before provision for income taxes
�
(3,733
)
�
(30
)
�
(17,498
)
�
(10,805
)
Provision for (benefit from) income taxes
�
115

�
(574
)
�
328

�
7

Net (loss) income
�
$
(3,848
)
�
$
544

�
$
(17,826
)
�
$
(10,812
)
Net (loss) income per common share:
�
�
�
�
�
�
�
�
�
�
Basic
�
$
(0.08
)

$
0.01


$
(0.35
)
�
$
(0.22
)
�
�
Diluted
�
$
(0.08
)

$
0.01


$
(0.35
)
�
$
(0.22
)
Weighted average number of shares used to compute
�
�
�
�
�
�
�
�
�
net (loss) income per common share:
�
�
�
�
�
�
�
�
�
�
Basic
�
51,048

�
49,694

�
50,635

�
49,255

�
�
Diluted
�
51,048

�
51,142

�
50,635

�
49,255

�
�
�
�
�
�
�
�
�
�
�
(1)�
Includes stock-based compensation as follows:
�
�
�
�
�
Cost of revenue
�
$
206

�
$
362

�
$
914

�
$
1,090

�
Research and development
�
1,207

�
1,179

�
3,693

�
3,665

�
Sales and marketing
�
1,316

�
1,395

�
4,146

�
4,138

�
General and administrative
�
1,084

�
2,035

�
3,366

�
6,072

�
�
�
�
$
3,813

�
$
4,971

�
$
12,119

�
$
14,965



���������������������������������������
Calix Press Release
�
Page 5�


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

�
Three Months Ended
�
Nine Months Ended

�
September 27,
�
September 28,
�
September 27,
�
September 28,

�
2014
�
2013
�
2014
�
2013
GAAP net (loss) income
�
$
(3,848
)
�
$
544

�
$
(17,826
)
�
$
(10,812
)
Adjustments to reconcile GAAP net (loss) income to
�
�
�
�
�
�
�
�
non-GAAP net income:
�
�
�
�
�
�
�
�
Stock-based compensation
�
3,813

�
4,971

�
12,119

�
14,965

Amortization of intangible assets
�
4,641

�
4,641

�
13,921

�
13,921

Non-GAAP net income
�
$
4,606

�
$
10,156

�
$
8,214

�
$
18,074

Non-GAAP net income per common share:
�
�
�
�
�
�
�
�
Basic
�
$
0.09

�
$
0.20

�
$
0.16


$
0.37

Diluted
�
$
0.09

�
$
0.20

�
$
0.16


$
0.36

Weighted average shares used to compute non-GAAP
�

�


�


�


net income per common share - basic
�
51,048

�
49,694

�
50,635

�
49,255

Weighted average shares used to compute non-GAAP
�


�


�


�


net income per common share - diluted (1)
�
51,552

�
51,142

�
51,122

�
50,218

�
�
�
�
�
�
�
�
�
(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)
�
�
�
�
�
�
�
September 27,
�
December 31,
�
�
2014
�
2013
ASSETS
�
�
�
�
Current assets:
�
�
�
�
Cash and cash equivalents
�
$
39,399

�
$
82,747

Marketable securities
�
48,400

�


Restricted cash
�
295

�
295

Accounts receivable, net
�
42,781

�
43,520

Inventory
�
43,845

�
51,071

Deferred cost of revenue
�
11,334

�
21,076

Prepaid expenses and other current assets
�
6,469

�
5,757

�Total current assets
�
192,523

�
204,466

Property and equipment, net
�
20,159

�
17,473

Goodwill
�
116,175

�
116,175

Intangible assets, net
�
29,820

�
43,740

Other assets
�
1,346

�
1,745

�Total assets
�
$
360,023

�
$
383,599

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
�
�
�
�
Accounts payable
�
$
13,258

�
$
23,163

Accrued liabilities
�
37,579

�
32,075

Deferred revenue
�
20,095

�
34,862

Total current liabilities
�
70,932

�
90,100

Long-term portion of deferred revenue
�
18,807

�
18,431

Other long-term liabilities
�
1,743

�
1,145

Total liabilities
�
91,482

�
109,676

Stockholders' equity:
�
�
�
�
Common stock
�
1,280

�
1,256

Additional paid-in capital
�
794,724

�
782,253

Accumulated other comprehensive income
�
139

�
190

Accumulated deficit
�
(527,602
)
�
(509,776
)
Total stockholders' equity
�
268,541

�
273,923

Total liabilities and stockholders' equity
�
$
360,023

�
$
383,599



���������������������������������������
Calix Press Release
�
Page 7�


Calix, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)
�
�
�
�
�
�
�
Nine Months Ended
�
�
September 27,
�
September 28,
�
�
2014
�
2013
Operating activities:
�
�
�
�
Net loss
�
$
(17,826
)
�
$
(10,812
)
Adjustments to reconcile net loss to net cash provided by operating activities:
�
�
�
�
Depreciation and amortization
�
6,772

�
7,767

Loss on retirement of property and equipment
�
41

�
564

Amortization of intangible assets
�
13,921

�
13,921

Amortization of premiums related to available-for-sale securities
�
302

�


Gain on sale of available-for-sale securities
�
(1
)
�


Stock-based compensation
�
12,119

�
14,965

Changes in operating assets and liabilities:
�
�
�
�
Restricted cash
�


�
(972
)
Accounts receivable, net
�
739

�
5,098

Inventory
�
7,226

�
3,906

Deferred cost of revenue
�
9,742

�
(5,749
)
Prepaid expenses and other assets
�
(315
)
�
(466
)
Accounts payable
�
(9,904
)
�
1,269

Accrued liabilities
�
5,520

�
(1,224
)
Deferred revenue
�
(14,391
)
�
8,302

Other long-term liabilities
�
597

�
238

Net cash provided by operating activities
�
14,542

�
36,807

Investing activities:
�
�
�
�
Purchase of property and equipment
�
(9,481
)
�
(5,475
)
Purchase of marketable securities
�
(49,356
)
�


Proceeds from sale of marketable securities
�
615

�


Net cash used in investing activities
�
(58,222
)
�
(5,475
)
Financing activities:
�
�
�
�
Proceeds from exercise of stock options
�
429

�
671

Proceeds from employee stock purchase plan
�
2,453

�
2,464

Taxes paid for awards vested under equity incentive plans
�
(2,505
)
�
(2,102
)
Payments for debt issuance costs
�


�
(301
)
Net cash provided by financing activities
�
377

�
732

Effect of exchange rate changes on cash and cash equivalents
�
(45
)
�
65

Net (decrease) increase in cash and cash equivalents
�
(43,348
)
�
32,129

Cash and cash equivalents at beginning of period
�
82,747

�
46,995

Cash and cash equivalents at end of period
�
$
39,399

�
$
79,124


Investor Inquiries:
David H. Allen
408-474-0080


Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In





Related Categories

SEC Filings