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Calix Reports Fourth Quarter 2015 Financial Results

Calix, Inc. (NYSE: CALX) today announced unaudited financial results for the fourth quarter ended December 31, 2015. Revenue for the fourth quarter of 2015 was $105.0 million, a decrease of 5.9% compared to $111.6 million for the fourth quarter of 2014.

"Our fourth quarter results were at the upper end of guidance as customer shipments were within expectations," said Carl Russo, Calix, Inc. President and CEO. "Looking back over the quarter and the year, Calix, Inc. introduced AXOS, our new Software Defined Access platform, as well as announced our new products that leverage next generation technology standards such as G.fast and NG-PON2. In 2015 our customers utilized our latest solutions to create a superior broadband experience for their subscribers. We are excited to see this interest strengthen as we move into 2016," added Russo.

The company's non-GAAP net loss for the fourth quarter of 2015 was $1.7 million, or $(0.03) per fully diluted share, compared to a non-GAAP net income of $6.5 million, or $0.13 per fully diluted share, for the fourth quarter of 2014. A reconciliation of GAAP and non-GAAP results is included as part of this release.

"During the quarter, we repurchased $16.1 million worth of common stock via our previously announced $40 million stock buyback authorization," said William Atkins, Calix, Inc. Executive Vice President and CFO. "Given our long-term outlook for the company, we continue to view share repurchases as an attractive investment at current levels," added Atkins.

The GAAP net loss for the fourth quarter of 2015 was $9.5 million, or $(0.19) per basic and diluted share, compared to a GAAP net loss of $3.0 million, or $(0.06) per basic and diluted share, for the fourth quarter of 2014. A reconciliation of our fourth quarter 2015 operating results from non-GAAP to GAAP is provided below:

Conference Call

In conjunction with this announcement, Calix will host a conference call at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) today to discuss its fourth quarter 2015 financial results. A live audio webcast and replay of the call will be available in the Investor Relations section of the Calix website at http://investor-relations.calix.com.

Live call access information: Dial-in number: (877) 407-4019 (U.S.) or (201) 689-8337 (outside the U.S.)

The conference call and webcast will include forward-looking information.

About Calix

Calix, Inc. (NYSE: CALX) is a global leader in access innovation. Its Unified Access portfolio of broadband communications access systems and software enables communications service providers worldwide to transform their copper- and fiber-based networks and become the broadband provider of choice to their subscribers. For more information, visit the Calix website at www.calix.com. 

Use of Non-GAAP Financial Information

The Company uses certain non-GAAP financial measures in this press release to supplement its consolidated financial statements, which are presented in accordance with GAAP. These non-GAAP measures include non-GAAP net income (loss) and non-GAAP basic and diluted income (loss) per share. These non-GAAP measures are provided to enhance the reader's understanding of the Company's operating performance as they primarily exclude certain non-cash charges for stock-based compensation and amortization of acquisition-related intangible assets, and non-recurring acquisition-related costs, which the Company believes are not indicative of its core operating results. Acquisition-related costs include legal fees and associated expenses incurred under a pre-existing contract between Occam and its retained advisor in connection with the Occam acquisition. Management believes that the non-GAAP measures used in this press release provide investors with important perspectives into the Company's ongoing business performance and management uses these non-GAAP measures to evaluate financial results and to establish operational goals. The presentation of these non-GAAP measures is not meant to be a substitute for results presented in accordance with GAAP, but rather should be evaluated in conjunction with those GAAP results. A reconciliation of the non-GAAP results to the most directly comparable GAAP results is provided in this press release. The non-GAAP financial measures used by the company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.

Forward-Looking Statements

Statements made in this press release and the earnings call referencing the press release that are not statements of historical fact are forward-looking statements. Forward-looking statements are subject to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to, but are not limited to, the execution of a stock repurchase program. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from expectations, including but not limited to the risks described in our 2014 Form 10-K and our quarterly reports on Form 10-Q, each as filed with the SEC and available at www.sec.gov, particularly in the sections titled "Risk Factors." Forward-looking statements speak only as of the date the statements are made and are based on information available to us at the time those statements are made and/or management's good faith belief as of that time with respect to future events. We assume no obligation to update forward-looking statements to reflect actual performance or results, changes in assumptions or changes in other factors affecting forward-looking information, except to the extent required by applicable securities laws. Accordingly, investors should not place undue reliance on any forward-looking statements.

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