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Calix(CALX) - 2023 Q4 - Annual Report
CALXCalix(CALX)2024-02-22 16:00
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Financial Position - As of December 31, 2023, the company had cash, cash equivalents, and marketable securities totaling 220.3million,primarilyheldincashandhighlyliquidsecurities[154].−Thecompanybelievesitsexistingcashandmarketablesecuritieswillbesufficienttomeetanticipatedcashneedsforatleastthenexttwelvemonths[14].StockRepurchaseProgram−Thecompanymaintainsastockrepurchaseprogramwith220.3 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 100millionincreasetothisprograminNovember2023[14][162].OperatingExpenses−Operatingexpensesfor2023wereprimarilydenominatedinUSD(90100 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 0.1millionduetoforeignexchangeratefluctuationsfortheyearendedDecember31,2023[160].−DuringtheyearendedDecember31,2023,thenetlossrelatedtoforeignexchangeassetsandliabilitieswasapproximately0.1 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].