Calix Reiterates Second Quarter Guidance in Connection with Upcoming Investor Events and Board of Directors Approves Extending the Existing $100 Million Stock Repurchase Program

SAN JOSE, Calif.--(BUSINESS WIRE)-- Calix, Inc. (NYSE: CALX) today announced it affirmed the second quarter 2023 guidance that was provided on April 19, 2023.

Second Quarter 2023 Guidance

	Guidance Non-GAAP	Guidance GAAP
Revenue	$255m – $261m	$255m – $261m
Gross margin	51.0% – 53.0% 1	50.4% – 52.4%
Operating expenses	$105.0m – $108.0m 1	$123.0m – $126.0m
Net income per diluted common share 2	$0.28 – $0.34 1	$0.07 – $0.13

1		Non-GAAP excludes stock-based compensation and intangible asset amortization as well as the income tax impact of these items. See the GAAP to non-GAAP reconciliation at the end of the release.
2		Based on 70.1 million weighted-average diluted common shares outstanding.

Removing the Current End Date of the Stock Repurchase Program

On May 11, 2023, the Board of Directors approved an amendment of the $100 million stock repurchase program, previously approved on July 15, 2022, to eliminate the end date of July 15, 2023. The program will now continue until the repurchase program is suspended or discontinued. The repurchase program does not obligate the Company to acquire a particular amount of common stock, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion. As of today, the Company has repurchased $10 million of Calix’s common stock at an average price of $44.53 per share.

Upcoming Investor Events

Calix management will be available at the following upcoming investor events:

Event:	Needham Technology & Media Conference (virtual)
Date:	May 18, 2023
Presentation time:	9:30 a.m. Eastern Time / 6:30 a.m. Pacific Time
Participants:	President & CEO, Michael Weening; CFO, Cory Sindelar
Event:	J.P. Morgan Annual Global Technology, Media and Communications Conference
Date:	May 24, 2023
Location:	The Westin Copley Place, Boston
Presentation time:	12:40 p.m. Eastern Time
Participants:	President & CEO, Michael Weening; CFO, Cory Sindelar
Event:	TD Cowen Technology, Media & Telecom Conference
Date:	May 31, 2023
Location:	Lotte New York Palace, New York City
Meeting Availability:	8:00 a.m. – 3:25 p.m. Eastern Time
Participants:	President and CEO, Michael Weening; CFO, Cory Sindelar
Event:	Craig-Hallum Annual Institutional Investor Conference
Date:	May 31, 2023
Location:	The Depot Renaissance Minneapolis
Meeting Availability:	8:00 a.m. – 3:25 p.m. Central Time
Participants:	Chairman, Carl Russo
Event:	Jefferies Software Conference
Date:	June 1, 2023
Location:	The Resort at Pelican Hill, Newport Coast, CA
Presentation time:	3:30 p.m. Pacific Time
Participants:	President and CEO, Michael Weening; CFO, Cory Sindelar
Event:	Bank of America Technology Conference
Date:	June 6, 2023
Location:	The Westin St. Francis Hotel, San Francisco
Meeting Availability:	8:00 a.m. – 4:00 p.m. Pacific Time
Participants:	Chairman, Carl Russo; CFO, Cory Sindelar
Event:	Rosenblatt Securities Age of AI Technology Summit (virtual)
Date:	June 7, 2023
Presentation Time:	10:00 a.m. Eastern Time / 7:00 a.m. Pacific Time
Participants:	Chairman, Carl Russo; CFO, Cory Sindelar

Institutional investors interested in a meeting should contact their representative at the host firms, or email Calix investor relations at InvestorRelations@calix.com.

About Calix

Calix, Inc. (NYSE: CALX) – Broadband service providers (BSPs) of all sizes leverage the Calix broadband platform and managed services to simplify their businesses, excite their subscribers and grow their value. The Calix platform and managed services enable our customers to grow their subscriber base, revenue, profitability, and subscriber satisfaction—and ultimately transform the communities they serve. Calix is dedicated to driving continuous improvement in partnership with our growing ecosystem to support the transformation of our BSP customers and their communities.

Forward-Looking Statements

Statements made in this announcement 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 second quarter 2023 guidance and the 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 fluctuations in our financial and operating results, the capital spending decisions of our customers, changes and disruptions in the market and industry, availability of capital in the market, changes in and impacts of regulations and/or government sponsored programs, competition, our ability to achieve market acceptance of our platform, systems and solutions, our ability to grow our customer base, fluctuations in costs associated with our systems and services including higher costs, dependence on third-parties for production and resource management associated with our global supply chain that may cause delays in production, protracted product shortages and unavailability of systems to meet customer orders, cost overruns, disruptions in global trade and relations, social unrest and political uncertainties and other unanticipated factors, as well as the risks and uncertainties described in our annual reports on 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. Calix assumes 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.

Category: Financial

Calix, Inc.
Reconciliation of GAAP to Non-GAAP Guidance
(Unaudited, dollars in thousands, except per share data)
Three Months Ending July 1, 2023
		GAAP		Stock-Based Compensation		Intangible Asset Amortization		Non-GAAP
Gross margin		50.4% - 52.4%		0.3%		0.3%		51.0% - 53.0%
Operating expenses		$123,000 - $126,000		$(18,000)		$ —		$105,000 - $108,000
Net income per diluted common share 1		$0.07 - $0.13		$0.20 2		$0.01 2		$0.28 - $0.34

1		Based on 70.1 million weighted-average diluted common shares outstanding.
2		Net of income taxes.

 

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Jim Fanucchi

VP, Investor Relations

InvestorRelations@calix.com

(408) 404-5400

Source: Calix, Inc.