Calix(US:CALX)2025-01-29 21:14Revenue Performance - Fourth quarter 2024 revenue was $206.1 million, a 2.6% increase from the prior quarter but a 22% decrease year-over-year[11]. - Revenue for Q4 2024 was $206.1 million, down from $264.7 million in Q4 2023, representing a decrease of approximately 22%[46]. - U.S. revenue accounted for 90% of total revenue in the fourth quarter, down from 93% in the previous quarter[19]. - International revenue increased by 54% sequentially and 34% year-over-year, representing 10% of total revenue[19]. - First quarter 2025 revenue guidance is between $204 million and $210 million, reflecting slight growth from the previous quarter[28]. Profitability Metrics - Gross margin for the fourth quarter reached a record 55.0%, up 1,220 basis points year-over-year[20]. - GAAP gross margin for Q4 2024 was reported at 55.0%, up from 42.8% in Q4 2023, indicating a significant improvement[52]. - Non-GAAP net income for the fourth quarter was $5.2 million, a decrease of $3.7 million from the prior quarter[22]. - Non-GAAP net income for Q4 2024 was $5.230 million, compared to $6.715 million in Q4 2023, showing a decrease of approximately 22.1%[56]. - The company reported a non-GAAP net income per diluted common share of $0.08 for Q4 2024, compared to a GAAP net loss per diluted common share of $(0.27)[57]. Operating Expenses - Total operating expenses for Q4 2024 were $132.1 million, compared to $125.3 million in Q4 2023, an increase of approximately 5.6%[46]. - Non-GAAP operating expense guidance for Q1 2025 is $106.5 million, a sequential decrease of $4.3 million[31]. - Operating expenses for Q1 2025 are projected to be between $126.500 million and $128.500 million, with non-GAAP operating expenses expected to be $105.500 million - $107.500 million[59]. Cash and Investments - Cash and investments at the end of 2024 totaled $297.1 million, an increase of $76.8 million compared to the end of 2023[26]. - Cash and cash equivalents at the end of 2024 were $43.162 million, down from $63.409 million at the beginning of the year[50]. - The net cash provided by operating activities increased to $68.400 million in 2024 from $56.251 million in 2023, reflecting a growth of approximately 21.5%[50]. - The net cash used in investing activities was $(109.530) million in 2024, significantly higher than $(6.245) million in 2023, indicating increased investment activity[50]. Performance Obligations and Subscriber Growth - Remaining performance obligations (RPOs) increased by 34% year-over-year and 10% quarter-over-quarter to $325.8 million[4]. - The company added 21 new Unlimited Subscriber and/or Intelligent Access deployments in the fourth quarter[16]. - The company continues to convert legacy operators into new service providers, enhancing their business models and subscriber engagement[36]. - The foundation for growth is based on strong demand for appliances, platform, cloud, and managed services[34]. Equity and Assets - Total current assets as of December 31, 2024, were $584.7 million, a slight decrease from $598.0 million in 2023[48]. - Total stockholders' equity increased to $780.9 million as of December 31, 2024, compared to $719.0 million in 2023[48]. - For the year ended December 31, 2024, the net income was a loss of $29.747 million compared to a net income of $29.325 million in 2023[50]. Tax and Guidance - Non-GAAP effective tax rate for 2025 is expected to be in the range of 22% to 24%[32]. - The company expects a gross margin guidance of 54.0% - 56.0% for Q1 2025, with non-GAAP gross margin projected to be 54.5% - 56.5%[59].