Calix : Financial Statements (.pdf)

Calix, Inc.
Historical Financial Statements
GAAP and Non-GAAP Statements of Operations 2019
($ 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			Ytd Ending		Ytd Ending
		3/30/2019		3/30/2019			6/29/2019		6/29/2019			9/28/2019		9/28/2019		12/31/2019	12/31/2019		12/31/2019	12/31/2019
Revenue:
Systems	$	82,360	$	82,360		$	92,833	$	92,833		$	106,060	$	106,060		$	111,978	$	111,978		$	393,231	$	393,231
Services		6,990		6,990			7,471		7,471			8,425		8,425			8,213		8,213			31,099		31,099
Total revenue		89,350		89,350			100,304		100,304			114,485		114,485			120,191		120,191			424,330		424,330
Cost of revenue:
Systems (1) (6) (7)		44,601		42,295			49,561		47,583			57,858		56,279			59,289		57,394			211,309		203,551
Services (2)		6,406		6,307			6,075		5,982			6,425		6,332			6,190		6,086			25,096		24,707
Total cost of revenue		51,007		48,602			55,636		53,565			64,283		62,611			65,479		63,480			236,405		228,258
Gross profit		38,343		40,748			44,668		46,739			50,202		51,874			54,712		56,711			187,925		196,072
Gross margin %		42.9%		45.6%			44.5%		46.6%			43.9%		45.3%			45.5%		47.2%			44.3%		46.2%
Research and development (3)		19,330		18,314			20,700		19,827			20,890		19,857			20,264		19,273			81,184		77,271
Sales and marketing (4)		19,339		18,265			19,734		18,920			20,123		19,359			23,357		22,594			82,553		79,138
General and administrative (5)		8,787		7,986			9,165		8,499			9,566		8,824			9,597		8,849			37,115		34,158
Loss on asset retirement (8)		-		-			-		-			2,474		-			-		-			2,474		-
Total operating expenses		47,456		44,565			49,599		47,246			53,053		48,040			53,218		50,716			203,326		190,567
Income (loss) from operations		(9,113)		(3,817)			(4,931)		(507)			(2,851)		3,834			1,494		5,995			(15,401)		5,505
Interest expense, net		(108)		(108)			(142)		(142)			(271)		(271)			(437)		(437)			(958)		(958)
Other income (expense), net		(391)		(391)			123		123			353		353			(258)		(258)			(173)		(173)
Total interest and other income (expense), net		(499)		(499)			(19)		(19)			82		82			(695)		(695)			(1,131)		(1,131)
Provision for income taxes		155		155			95		95			610		610			302		302			1,162		1,162
Net income (loss)	$	(9,767)	$	(4,471)		$	(5,045)	$	(621)		$	(3,379)	$	3,306		$	497	$	4,998		$	(17,694)	$	3,212
Non-GAAP bridge to GAAP
(1) Cost of revenue -systems(stock-based compensation)			$	155				$	123				$	130				$	99				$	507
(2) Cost of revenue - services (stock-based compensation)				99					93					93					104					389
(3) Research and development (stock-based compensation)				1,016					873					1,033					991					3,913
(4) Sales and marketing (stock-based compensation)				1,074					814					764					763					3,415
(5) General and administrative (stock-based compensation)				801					666					742					748					2,957
(6) U.S. tariff and tariff-related costs				2,151					1,855					1,097					1,138					6,241
(7) Intangible asset amortization				-					-					352					658					1,010
(8) Loss on asset retirement				-					-					2,474					-					2,474
Total non-GAAP expenses			$	5,296				$	4,424				$	6,685				$	4,501				$	20,906
GAAP net income (loss)			$	(9,767)				$	(5,045)				$	(3,379)				$	497				$	(17,694)

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			12/31/2019
Assets
Current assets:
Cash and cash equivalents	$	44,067		$	34,942		$	37,558		$	46,829
Restricted cash			628				628				628				628
Accounts receivable, net			55,202				60,186				48,532				46,509
Inventory			47,226				45,360				46,355				40,153
Prepaid expenses and other current assets			9,961				7,094				8,787				9,698
Total current assets			157,084				148,210				141,860				143,817
Property and equipment, net			26,372				29,105				28,387				21,527
Right-of-use operating leases			17,062				16,422				15,801				15,864
Goodwill			116,175				116,175				116,175				116,175
Other assets			1,459				1,336				14,288				19,440
Total assets	$	318,152		$	311,248		$	316,511		$	316,823
Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$	34,326		$	37,522		$	24,151		$	10,789
Accrued liabilities			55,343				47,657				57,060				57,546
Deferred revenue			15,564				18,528				18,101				17,158
Line of credit			30,000				25,000				24,300				30,000
Total current liabilities			135,233				128,707				123,612				115,493
Long-term portion of deferred revenue			18,252				17,792				17,593				18,340
Operating leases			15,692				15,045				14,407				14,337
Other long-term liabilities			3,134				2,498				14,749				14,625
Stockholders' equity:
Common stock			1,488				1,520				1,521				1,545
Additional paid-in capital			879,475				886,076				888,828				895,899
Accumulated other comprehensive income			(487)				(710)				(1,140)				(854)
Accumulated deficit			(694,649)				(699,694)				(703,073)				(702,576)
Treasury stock			(39,986)				(39,986)				(39,986)				(39,986)
Total stockholders' equity			145,841				147,206				146,150				154,028
Total liabilities and stockholders' equity	$	318,152		$	311,248		$	316,511		$	316,823

Calix, Inc.
Historical Financial Statements
Condensed Consolidated Statements of Cash Flows 2019
($ in thousands)
	Qtr Ending			Qtr Ending			Qtr Ending			Qtr Ending			Ytd Ending
	3/30/2019			6/29/2019			9/28/2019			12/31/2019			12/31/2019
Operating activities
Net income (loss)	$	(9,767)		$	(5,045)		$	(3,379)		$	497		$	(17,694)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating
activities:
Stock-based compensation			3,145				2,569				2,762				2,705				11,181
Depreciation and amortization			2,281				2,363				2,762				1,900				9,306
Loss on asset retirements			95				43				2,486				12				2,636
Amortization of intangible assets			-				-				-				1,010				1,010
Changes in operating assets and liabilities:
Accounts receivable, net			11,823				(4,983)				11,654				2,023				20,517
Inventory			2,925				1,866				(996)				6,203				9,998
Prepaid expenses and other assets			(1,935)				3,632				(1,327)				(432)				(62)
Accounts payable			(6,349)				3,673				(13,372)				(13,393)				(29,441)
Accrued liabilities			(1,614)				(8,700)				7,599				880				(1,835)
Deferred revenue			719				2,504				(626)				(197)				2,400
Other long-term liabilities			(1,696)				(800)				(279)				(587)				(3,362)
Net cash provided by (used in) operating activities			(373)				(2,878)				7,284				621				4,654
Investing activities
Purchases of property and equipment			(5,039)				(4,499)				(2,845)				(970)				(13,353)
Net cash used in investing activities			(5,039)				(4,499)				(2,845)				(970)				(13,353)
Financing activities
Proceeds from exercise of stock options			290				36				-				116				442
Proceeds from employee stock purchase plans			-				4,157				-				4,276				8,433
Taxes paid for awards vested under equity incentive plans			(27)				(129)				(10)				(1)				(167)
Payments related to financing arrangements			(653)				(614)				(735)				(735)				(2,737)
Proceeds from line of credit			30,000				59,000				24,300				30,000				143,300
Repayment of line of credit			(30,000)				(64,000)				(25,000)				(24,300)				(143,300)
Net cash provided by (used in) financing activities			(390)				(1,550)				(1,445)				9,356				5,971
Effect of exchange rate changes on cash, cash equivalents and restricted cash			223				(198)				(378)				264				(89)
Net increase (decrease) in cash, cash equivalents and restricted cash			(5,579)				(9,125)				2,616				9,271				(2,817)
Cash, cash equivalents and restricted cash at beginning of period			50,274				44,695				35,570				38,186				50,274
Cash, cash equivalents and restricted cash at end of period	$	44,695		$	35,570		$	38,186		$	47,457		$	47,457