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Calix (CALX) came out with quarterly earnings of $0.21 per share, beating the Zacks Consensus Estimate of $0.20 per share. This compares to earnings of $0.31 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 5%. A quarter ago, it was expected that this cloud, software platforms, systems and services provider for communications service providers would post earnings of $0.37 per share when it actually produced earnings of $0.43, d ...

Revenue Performance - Revenue for the first quarter of 2024 was $226.3 million, within the guidance range provided in January, and represented a 21% decrease from the prior quarter due to lower appliance shipments[36] - Revenue for Q1 2024 was $226.3 million, a decrease of 15% from the prior quarter and 9% year-over-year[42] - U.S. revenue was 93% of total revenue in Q1 2024, down from 94% in Q4 2023, with a 16% sequential decline and an 8% year-over-year decline[8] - Revenue from small customers accounted for 81% of total revenue in Q1 2024, up from 71% in the prior quarter, while revenue from medium-sized customers decreased to 12% from 18%[7] - Revenue from large customers constituted 7% of total revenue in Q1 2024, down from 11% in the prior quarter, reflecting a 46% decrease in absolute dollars from Q4 2023[44] - Revenue guidance for the next quarter is projected between $197.0 million and $203.0 million, with a gross margin expected between 54.25% and 56.25%[86] Operating Expenses - Non-GAAP operating expenses for Q1 2024 were $108.4 million, representing 47.9% of revenue, with a 5.5% increase compared to the same quarter last year[18] - Operating expenses increased to $124.61 million, compared to $118.12 million in the previous year, with significant increases in sales and marketing and general administrative expenses[96] - Operating expenses are anticipated to be between $106.0 million and $109.0 million, a decrease from the previous quarter's range of $122.0 million to $125.0 million[86] Profitability Metrics - GAAP gross margin reached a record 54.2%, up 1,140 basis points sequentially and 300 basis points year-over-year; non-GAAP gross margin was 54.9%, an increase of 80 basis points sequentially[46] - Non-GAAP net income for Q1 2024 was $14.4 million, a decrease of $15.0 million compared to the prior quarter and down approximately $7.1 million from the same quarter last year[63] - GAAP net income for Q1 2024 was $0.1 million, an improvement from a net loss of approximately $6.7 million sequentially and a decrease of about $9.5 million year-over-year[84] - Net income was $0.10 million, a significant drop from $9.60 million, leading to a net income per diluted share of $0.00 compared to $0.14 last year[96] Cash Flow and Investments - Non-GAAP free cash flow for Q1 2024 was $10.982 million, showing consistent cash generation despite market challenges[26] - Cash and investments at the end of Q1 2024 totaled $239.5 million, a sequential increase of $19.1 million[64] - Cash and cash equivalents at the end of the period were $88.4 million, down from $94.2 million at the end of the previous period[77] - Net cash provided by operating activities for the quarter was $14.7 million, an increase from $8.1 million in the same quarter last year[77] - The company reported a net increase in cash and cash equivalents of $25.0 million during the quarter[77] Customer and Market Development - The company added 10 new BSP customers in Q1 2024, indicating a shift towards existing service providers rather than startups[1] - The company added 16 new Calix Cloud deployments in Q1 2024, enhancing its platform offerings[9] - The company added 18 new Revenue EDGE and/or Intelligent Access EDGE customer deployments in Q1 2024, indicating growth in managed services[45] - The company is focusing on new product development and market expansion strategies to drive future growth[96] Future Outlook - The company expects Q2 2024 revenue to be between $197 million and $203 million, anticipating a year of decision-making for U.S. customers regarding government stimulus[21] - The company plans to maintain its current level of operating expense investments in 2024 to capitalize on growth opportunities ahead of anticipated government broadband investments[2] - The company anticipates long-term growth potential supported by a strong balance sheet and expansion of its platform, cloud, and managed services[51]

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SAN JOSE, Calif.--(BUSINESS WIRE)--Today, Calix, Inc. (NYSE: CALX) announced an exclusive partnership with industry-leading funding solution provider Ready.net, Inc. The partnership enables Calix to leverage Ready.net’s powerful tools as part of its existing Funding Consult Program and connect over 1,600 Calix customers with a streamlined portal to apply for and win grant funds, secure capital, and adhere to public funding requirements. At the same time, Calix will be the exclusive broadband platform and ma ...

Financial Position - As of December 31, 2023, the company had cash, cash equivalents, and marketable securities totaling $220.3 million, primarily held in cash and highly liquid securities[154]. - The company believes its existing cash and marketable securities will be sufficient to meet anticipated cash needs for at least the next twelve months[14]. Stock Repurchase Program - The company maintains a stock repurchase program with $113.6 million available as of December 31, 2023, and authorized a $100 million increase to this program in November 2023[14][162]. Operating Expenses - Operating expenses for 2023 were primarily denominated in USD (90%), with RMB (6%), INR (3%), and GBP (1%) making up the remainder[16]. - A 10% appreciation or depreciation of USD relative to RMB, GBP, and INR would have resulted in an approximate $4.9 million change in operating expenses, representing about 1%[160]. Foreign Exchange Risk - The company is exposed to foreign currency exchange risk primarily through its operations in China, India, and the United Kingdom[16]. - The company reported a net translation gain of $0.1 million due to foreign exchange rate fluctuations for the year ended December 31, 2023[160]. - During the year ended December 31, 2023, the net loss related to foreign exchange assets and liabilities was approximately $0.2 million[161]. - The company’s sales contracts are primarily denominated in USD, minimizing direct foreign currency risk[16]. Market Value - The aggregate market value of the company's common stock held by non-affiliates was approximately $2,926 million as of June 30, 2023[23].

SAN JOSE, Calif.--(BUSINESS WIRE)--Calix, Inc. (NYSE: CALX) today announced enhancements to the Calix Broadband Platform that further enable broadband service providers (BSPs) to simplify their operations and run incredibly efficient broadband businesses. The Calix Platform (Calix Cloud®, Intelligent Access™, and Unlimited Subscriber™) enables BSPs to enhance and strengthen their operations, lower expenses, and run greener networks to sustain their business long into the future. With the latest updates to t ...

SAN JOSE, Calif. & LONDON--(BUSINESS WIRE)--Today, Calix, Inc. (NYSE: CALX) released significant updates to Calix SmartBiz™ that further accelerate growth for its customers and the small businesses they serve. These updates deliver multiple benefits for broadband service providers (BSPs), including the ability to onboard small business subscribers faster, expanded support capabilities, and deeper cloud insights to accelerate market penetration. SmartBiz is a purpose-built small business solution that ope ...

SAN JOSE, Calif.--(BUSINESS WIRE)--Calix, Inc. (NYSE: CALX) today announced continued advancements that further enable broadband businesses to transform the way they go to market with bold offerings that delight residential subscribers at home and around town. These updates—encompassing the Calix Broadband Platform and the managed service offerings in Calix SmartHome™—give broadband service providers (BSPs) powerful new ways to simplify and optimize their marketing and support activities. As a result, they ...

SAN JOSE, Calif.--(BUSINESS WIRE)--Calix, Inc. (NYSE: CALX) today announced that Calix management will participate in the upcoming investor events: Event: Morgan Stanley Technology, Media & Telecom Conference Date: March 5, 2024 Presentation time: 9:30 a.m. Pacific Time / 12:30 p.m. Eastern Time Location: Palace Hotel – San Francisco Participants: Chairman, Carl Russo; CFO, Cory Sindelar     Event: 36th Annual ROTH Conference Date: ...