Calix, Inc. | ||||||||||
Historical Financial Statements | ||||||||||
GAAP and Non-GAAP Statements of Operations 2020 | ||||||||||
($ in thousands) | GAAP | Non-GAAP | GAAP | Non-GAAP | GAAP | Non-GAAP | GAAP | Non-GAAP | GAAP | Non-GAAP |
Qtr Ending | Qtr Ending | Qtr Ending | Qtr Ending | Qtr Ending | Qtr Ending | Qtr Ending | Qtr Ending | Year Ending | Year Ending | |
3/28/20 | 3/28/20 | 6/27/20 | 6/27/20 | 9/26/20 | 9/26/20 | 12/31/20 | 12/31/20 | 12/31/20 | 12/31/20 | |
Revenue: | ||||||||||
Systems | $ 94,509 | $ 94,509 | $ 110,841 | $ 110,841 | $ 142,294 | $ 142,294 | $ 160,908 | $ 160,908 | $ 508,552 | $ 508,552 |
Services | 7,173 | 7,173 | 8,182 | 8,182 | 8,214 | 8,214 | 9,118 | 9,118 | 32,687 | 32,687 |
Total revenue | 101,682 | 101,682 | 119,023 | 119,023 | 150,508 | 150,508 | 170,026 | 170,026 | 541,239 | 541,239 |
Cost of revenue: | ||||||||||
Systems (1) (6) (7) (8) | 50,708 | 48,984 | 56,721 | 53,421 | 68,889 | 67,451 | 75,320 | 73,959 | 251,638 | 243,815 |
Services (2) | 5,350 | 5,235 | 5,897 | 5,807 | 5,644 | 5,541 | 5,691 | 5,549 | 22,582 | 22,132 |
Total cost of revenue | 56,058 | 54,219 | 62,618 | 59,228 | 74,533 | 72,992 | 81,011 | 79,508 | 274,220 | 265,947 |
Gross profit | 45,624 | 47,463 | 56,405 | 59,795 | 75,975 | 77,516 | 89,015 | 90,518 | 267,019 | 275,292 |
Gross margin % | 44.9% | 46.7% | 47.4% | 50.2% | 50.5% | 51.5% | 52.4% | 53.2% | 49.3% | 50.9% |
Sales and marketing (3) | 20,624 | 19,668 | 21,343 | 20,341 | 23,079 | 22,044 | 29,139 | 27,860 | 94,185 | 89,913 |
Research and development (4) | 20,671 | 19,661 | 20,921 | 19,824 | 20,378 | 19,141 | 23,288 | 21,896 | 85,258 | 80,522 |
General and administrative (5) | 10,669 | 9,873 | 11,193 | 10,267 | 10,768 | 9,728 | 11,814 | 10,650 | 44,444 | 40,518 |
Restructuring charges (9) | - 0 | - 0 | 6,286 | - 0 | - 0 | - 0 | - 0 | - 0 | 6,286 | - 0 |
Total operating expenses | 51,964 | 49,202 | 59,743 | 50,432 | 54,225 | 50,913 | 64,241 | 60,406 | 230,173 | 210,953 |
Income (loss) from operations | (6,340) | (1,739) | (3,338) | 9,363 | 21,750 | 26,603 | 24,774 | 30,112 | 36,846 | 64,339 |
Interest expense, net | (290) | (290) | (617) | (617) | (356) | (356) | (322) | (322) | (1,585) | (1,585) |
Other income (expense), net | 15 | 15 | (109) | (109) | (707) | (707) | (176) | (176) | (977) | (977) |
Total interest expense and other income (expense), net | (275) | (275) | (726) | (726) | (1,063) | (1,063) | (498) | (498) | (2,562) | (2,562) |
Provision for income taxes | 329 | 329 | 148 | 148 | 149 | 149 | 174 | 174 | 800 | 800 |
Net income (loss) | $ (6,944) | $ (2,343) | $ (4,212) | $ 8,489 | $ 20,538 | $ 25,391 | $ 24,102 | $ 29,440 | $ 33,484 | $ 60,977 |
Non-GAAP bridge to GAAP | ||||||||||
(1) Cost of revenue -systems (stock-based compensation) | $ 107 | $ 126 | $ 159 | $ 184 | $ 576 | |||||
(2) Cost of revenue - services (stock-based compensation) | 115 | 90 | 103 | 142 | 450 | |||||
(3) Sales and marketing (stock-based compensation) | 956 | 1,002 | 1,035 | 1,279 | 4,272 | |||||
(4) Research and development (stock-based compensation) | 1,010 | 1,097 | 1,237 | 1,392 | 4,736 | |||||
(5) General and administrative (stock-based compensation) | 796 | 926 | 1,040 | 1,164 | 3,926 | |||||
(6) U.S. tariff and tariff-related costs | 959 | 723 | 621 | 519 | 2,822 | |||||
(7) Intangible asset amortization | 658 | 658 | 658 | 658 | 2,632 | |||||
(8) Component inventory accrual | - 0 | 1,793 | - 0 | - 0 | 1,793 | |||||
(9) Restructuring charges | - 0 | 6,286 | - 0 | - 0 | 6,286 | |||||
Total non-GAAP expenses | $ 4,601 | $ 12,701 | $ 4,853 | $ 5,338 | $ 27,493 | |||||
GAAP net income (loss) | $ (6,944) | $ (4,212) | $ 20,538 | $ 24,102 | $ 33,484 | |||||
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 2020 | ||||||||||
($ in thousands) | ||||||||||
3/28/20 | 6/27/20 | 9/26/20 | 12/31/20 | |||||||
Assets | ||||||||||
Current assets: | ||||||||||
Cash and cash equivalents | $ 46,189 | $ 50,552 | $ 63,826 | $ 80,807 | ||||||
Restricted cash | 628 | 628 | 628 | - 0 | ||||||
Marketable securities | - 0 | - 0 | 39,986 | 52,982 | ||||||
Accounts receivable, net | 67,136 | 58,590 | 69,131 | 69,419 | ||||||
Inventory | 30,539 | 36,659 | 41,616 | 52,268 | ||||||
Prepaid expenses and other current assets | 11,223 | 11,640 | 9,656 | 11,414 | ||||||
Total current assets | 155,715 | 158,069 | 224,843 | 266,890 | ||||||
Property and equipment, net | 20,402 | 20,966 | 20,168 | 20,381 | ||||||
Right-of-use operating leases | 15,212 | 11,079 | 10,684 | 11,741 | ||||||
Goodwill | 116,175 | 116,175 | 116,175 | 116,175 | ||||||
Other assets | 16,550 | 15,025 | 13,463 | 12,165 | ||||||
Total assets | $ 324,054 | $ 321,314 | $ 385,333 | $ 427,352 | ||||||
Liabilities and stockholders' equity | ||||||||||
Current liabilities: | ||||||||||
Accounts payable | $ 20,464 | $ 10,204 | $ 16,557 | $ 13,115 | ||||||
Accrued liabilities | 57,975 | 64,684 | 60,506 | 68,736 | ||||||
Deferred revenue | 19,912 | 16,359 | 15,591 | 19,189 | ||||||
Line of credit | 30,000 | 26,000 | - 0 | - 0 | ||||||
Total current liabilities | 128,351 | 117,247 | 92,654 | 101,040 | ||||||
Long-term portion of deferred revenue | 17,656 | 18,192 | 19,564 | 19,904 | ||||||
Operating leases | 13,642 | 12,975 | 12,356 | 12,946 | ||||||
Other long-term liabilities | 13,490 | 13,732 | 13,228 | 13,137 | ||||||
Stockholders' equity: | ||||||||||
Common stock | 1,549 | 1,587 | 1,544 | 1,553 | ||||||
Additional paid-in capital | 899,978 | 912,402 | 939,874 | 948,055 | ||||||
Accumulated other comprehensive loss | (1,106) | (1,103) | (693) | (191) | ||||||
Accumulated deficit | (709,520) | (713,732) | (693,194) | (669,092) | ||||||
Treasury stock | (39,986) | (39,986) | - 0 | - 0 | ||||||
Total stockholders' equity | 150,915 | 159,168 | 247,531 | 280,325 | ||||||
Total liabilities and stockholders' equity | $ 324,054 | $ 321,314 | $ 385,333 | $ 427,352 | ||||||
Calix, Inc. | ||||||||||
Historical Financial Statements | ||||||||||
Condensed Consolidated Statements of Cash Flows 2020 | ||||||||||
($ in thousands) | ||||||||||
Qtr Ending | Qtr Ending | Qtr Ending | Qtr Ending | Year Ending | ||||||
3/28/20 | 6/27/20 | 9/26/20 | 12/31/20 | 12/31/20 | ||||||
Operating activities | ||||||||||
Net income (loss) | $ (6,944) | $ (4,212) | $ 20,538 | $ 24,102 | $ 33,484 | |||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||
Stock-based compensation | 2,984 | 3,241 | 3,575 | 4,160 | 13,960 | |||||
Depreciation and amortization | 3,544 | 3,462 | 3,305 | 3,407 | 13,718 | |||||
Asset retirements and write-downs | - 0 | 3,749 | - 0 | 166 | 3,915 | |||||
Changes in operating assets and liabilities: | ||||||||||
Accounts receivable, net | (20,627) | 8,545 | (10,540) | (288) | (22,910) | |||||
Inventory | 9,614 | (6,120) | (4,958) | (10,652) | (12,116) | |||||
Prepaid expenses and other assets | 758 | 417 | 2,535 | (2,937) | 773 | |||||
Accounts payable | 9,472 | (10,143) | 6,287 | (3,426) | 2,190 | |||||
Accrued liabilities | 1,367 | 6,501 | (4,034) | 8,088 | 11,922 | |||||
Deferred revenue | 2,071 | (3,018) | 605 | 3,939 | 3,597 | |||||
Other long-term liabilities | (990) | 264 | (312) | 3,914 | 2,876 | |||||
Net cash provided by operating activities | 1,249 | 2,686 | 17,001 | 30,473 | 51,409 | |||||
Investing activities: | ||||||||||
Purchases of property and equipment | (1,729) | (2,751) | (1,137) | (2,202) | (7,819) | |||||
Purchases of marketable securities | - 0 | - 0 | (39,986) | (32,996) | (72,982) | |||||
Maturities of marketable securities | - 0 | - 0 | - 0 | 20,000 | 20,000 | |||||
Net cash used in investing activities | (1,729) | (2,751) | (41,123) | (15,198) | (60,801) | |||||
Financing activities | ||||||||||
Proceeds from exercise of stock options | 1,099 | 4,509 | 2,133 | 1,243 | 8,984 | |||||
Proceeds from employee stock purchase plans | - 0 | 4,712 | 1,644 | 2,787 | 9,143 | |||||
Payments related to financing arrangements | (842) | (687) | (813) | (3,416) | (5,758) | |||||
Proceeds from the sale of common stock in connection with public offering, net of expense | - 0 | - 0 | 60,063 | - 0 | 60,063 | |||||
Proceeds from line of credit | 30,000 | - 0 | - 0 | - 0 | 30,000 | |||||
Repayment of line of credit | (30,000) | (4,000) | (26,000) | - 0 | (60,000) | |||||
Payments to originate the line of credit | (177) | (108) | - 0 | - 0 | (285) | |||||
Net cash provided by financing activities | 80 | 4,426 | 37,027 | 614 | 42,147 | |||||
Effect of exchange rate changes on cash and cash equivalents | (240) | 2 | 369 | 464 | 595 | |||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (640) | 4,363 | 13,274 | 16,353 | 33,350 | |||||
Cash, cash equivalents and restricted cash at beginning of period | 47,457 | 46,817 | 51,180 | 64,454 | 47,457 | |||||
Cash and cash equivalents at end of period | $ 46,817 | $ 51,180 | $ 64,454 | $ 80,807 | $ 80,807 |
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Disclaimer
Calix Inc. published this content on 27 January 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 January 2021 22:03:06 UTC