Calix : Historical Financial Statements GAAP and Non-GAAP Statements of Operations 2020

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
		Qtr Ending		Qtr Ending		Qtr Ending		Qtr Ending		Qtr Ending		Qtr Ending		Ytd Ending		Ytd Ending
		3/28/2020		3/28/2020		6/27/2020		6/27/2020		9/26/2020		9/26/2020		9/26/2020		9/26/2020
Revenue:
Systems	$	94,509	$	94,509	$	110,841	$	110,841	$	142,294	$	142,294	$	347,644	$	347,644
Services		7,173		7,173		8,182		8,182		8,214		8,214		23,569		23,569
Total revenue		101,682		101,682		119,023		119,023		150,508		150,508		371,213		371,213
Cost of revenue:
Systems (1) (6) (7) (8)		50,708		48,984		56,721		53,421		68,889		67,451		176,318		169,856
Services (2)		5,350		5,235		5,897		5,807		5,644		5,541		16,891		16,583
Total cost of revenue		56,058		54,219		62,618		59,228		74,533		72,992		193,209		186,439
Gross profit		45,624		47,463		56,405		59,795		75,975		77,516		178,004		184,774
Gross margin %		44.9%		46.7%		47.4%		50.2%		50.5%		51.5%		48.0%		49.8%
Sales and marketing (3)		20,624		19,668		21,343		20,341		23,079		22,044		65,046		62,053
Research and development (4)		20,671		19,661		20,921		19,824		20,378		19,141		61,970		58,626
General and administrative (5)		10,669		9,873		11,193		10,267		10,768		9,728		32,630		29,868
Restructuring charges (9)		-		-		6,286		-		-		-		6,286		-
Total operating expenses		51,964		49,202		59,743		50,432		54,225		50,913		165,932		150,547
Income (loss) from operations		(6,340)		(1,739)		(3,338)		9,363		21,750		26,603		12,072		34,227
Interest expense, net		(290)		(290)		(617)		(617)		(356)		(356)		(1,263)		(1,263)
Other income (expense), net		15		15		(109)		(109)		(707)		(707)		(801)		(801)
Total interest expense and other income (expense), net		(275)		(275)		(726)		(726)		(1,063)		(1,063)		(2,064)		(2,064)
Provision for income taxes		329		329		148		148		149		149		626		626

Net income (loss)	$	(6,944)	$	(2,343)	$	(4,212)	$	8,489	$	20,538	$	25,391	$	9,382	$	31,537
Non-GAAP bridge to GAAP

(1) Cost of revenue -systems(stock-based compensation)			$	107			$	126			$	159			$	392
(2) Cost of revenue - services (stock-based compensation)				115				90				103				308
(3) Sales and marketing (stock-based compensation)				956				1,002				1,035				2,993
(4) Research and development (stock-based compensation)				1,010				1,097				1,237				3,344
(5) General and administrative (stock-based compensation)				796				926				1,040				2,762
(6) U.S. tariff and tariff-related costs				959				723				621				2,303
(7) Intangible asset amortization				658				658				658				1,974
(8) Component inventory accrual				-				1,793				-				1,793
(9) Restructuring charges				-				6,286				-				6,286
Total non-GAAP expenses			$	4,601			$	12,701			$	4,853			$	22,155
GAAP net loss			$	(6,944)			$	(4,212)			$	20,538			$	9,382

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)
	3/28/2020			6/27/2020
Assets
Current assets:
Cash and cash equivalents	$	46,189		$	50,552
Restricted cash			628			628
Marketable securities			-			-
Accounts receivable, net			67,136			58,590
Inventory			30,539			36,659
Prepaid expenses and other current assets			11,223			11,640
Total current assets			155,715			158,069
Property and equipment, net			20,402			20,966
Right-of-use operating leases			15,212			11,079
Goodwill			116,175			116,175
Other assets			16,550			15,025
Total assets	$	324,054		$	321,314
Liabilities and stockholders' equity

Current liabilities:
Accounts payable	$	20,464		$	10,204
Accrued liabilities			57,975			64,684
Deferred revenue			19,912			16,359
Line of credit			30,000			26,000
Total current liabilities			128,351			117,247
Long-term portion of deferred revenue			17,656			18,192
Operating leases			13,642			12,975
Other long-term liabilities			13,490			13,732
Stockholders' equity:
Common stock			1,549			1,587
Additional paid-in capital			899,978			912,402
Accumulated other comprehensive loss			(1,106)			(1,103)
Accumulated deficit			(709,520)			(713,732)
Treasury stock			(39,986)			(39,986)
Total stockholders' equity			150,915			159,168

Total liabilities and stockholders' equity	$	324,054		$	321,314

Calix, Inc.

Historical Financial Statements

Condensed Consolidated Statements of Cash Flows 2020 ($ in thousands)

	Qtr Ending			Qtr Ending		Qtr Ending		Ytd Ending
	3/28/2020			6/27/2020		9/26/2020		9/26/2020
Operating activities
Net income (loss)	$	(6,944)		$	(4,212)	$	20,538	$	9,382
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Stock-based compensation			2,984			3,241			3,575	9,800
Depreciation and amortization			3,544			3,462			3,305	10,311
Asset retirements and write-downs			-			3,749			-	3,749
Changes in operating assets and liabilities:
Accounts receivable, net			(20,627)			8,545			(10,540)	(22,622)
Inventory			9,614			(6,120)			(4,958)	(1,464)
Prepaid expenses and other assets			758			417			2,535	3,710
Accounts payable			9,472			(10,143)			6,287	5,616
Accrued liabilities			1,367			6,501			(4,034)	3,834
Deferred revenue			2,071			(3,018)			605	(342)
Other long-term liabilities			(990)			264			(312)	(1,038)
Net cash provided by operating activities			1,249			2,686			17,001	20,936
Investing activities:
Purchases of property and equipment			(1,729)			(2,751)			(1,137)	(5,617)
Purchases of marketable securities			-			-			(39,986)	(39,986)
Net cash used in investing activities			(1,729)			(2,751)			(41,123)	(45,603)
Financing activities
Proceeds from exercise of stock options			1,099			4,509			2,133	7,741
Proceeds from employee stock purchase plans			-			4,712			1,644	6,356
Payments related to financing arrangements			(842)			(687)			(813)	(2,342)
Proceeds from the sale of common stock in connection with public offering, net of expense			-			-			60,063	60,063
Proceeds from line of credit			30,000			-			-	30,000
Repayment of line of credit			(30,000)			(4,000)			(26,000)	(60,000)
Payments to originate the line of credit			(177)			(108)			-	(285)
Net cash provided by financing activities			80			4,426			37,027	41,533
Effect of exchange rate changes on cash, cash equivalents and restricted cash			(240)			2			369	131
Net increase (decrease) in cash, cash equivalents and restricted cash			(640)			4,363			13,274	16,997
Cash, cash equivalents and restricted cash at beginning of period			47,457			46,817			51,180	47,457
Cash, cash equivalents and restricted cash at end of period	$	46,817		$	51,180	$	64,454	$	64,454

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Calix Inc. published this content on 20 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 November 2020 11:06:02 UTC

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CALIX, INC.

Calix : Historical Financial Statements GAAP and Non-GAAP Statements of Operations 2020

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