Business Summary
Calix, Inc. develops, markets, and sells broadband communications access systems and software for fiber- and copper-based network architectures that enable communications service providers (CSPs) to transform their networks and connect to their residential and business subscribers. Its Unified Access portfolio includes various platforms and/or nodes comprising the E-Series Ethernet service access platforms and nodes, the B6 Ethernet service access nodes, the C7 multiservice and multiprotocol access platform, and the BLM1500 gigabit passive optical network access terminal. The companys platforms, nodes, and terminals also include P-Series and T-Series optical network terminals, and residential gateways and GigaCenters; and the Calix Management System, Entriview element management software, OpenLink Cable software, and Compass suite of value-added software applications. Its portfolio serves the CSP network from the central office or data center to the subscriber premises and enables CSPs to deliver basic voice and data, and broadband services over legacy and next-generation access networks. The company markets its access systems and software to CSPs in the United States, the Caribbean, Europe, Canada, and internationally through its direct sales force and resellers. Calix, Inc. was founded in 1999 and is headquartered in Petaluma, California.
Valuation Measures
|
Market Cap |
382.72M |
|
Enterprise Value |
283.26M |
|
Trailing P/E |
N/A |
|
Price/Sales (ttm) |
0.96 |
|
Price/Book (mrq) |
1.50 |
|
Enterprise Value/Revenue (ttm) |
0.70 |
|
Enterprise Value/EBITDA (ttm) |
51.21 |
Share Statistics
|
Avg Vol (3 month) |
261,631 |
|
Avg Vol (10 day) |
169,112 |
|
Shares Outstanding |
52.00M |
|
Float |
45.17M |
|
% Held by Insiders1 |
22.67% |
|
% Held by Institutions1 |
64.50% |
|
Shares Short (as of Nov 14, 2014) |
1.69M |
|
Return on Assets (ttm) |
-4.01% |
|
Return on Equity (ttm) |
-9.25% |
|
Fiscal Year Ends |
Dec-15 |
|
Most Recent Quarter (mrq) |
Jun-15 |
Estimates
|
Estimates |
Current Year |
Next Year |
|
Dec-15 |
Dec-15 |
| Earnings Est |
0.20 |
0.40 |
| Revenue Est |
415.27M |
450.14M |
Key Executives
|
0 |
Mr. Carl E. Russo , 59 |
|
1 |
Chief Exec. Officer, Pres and Director |
|
2 |
Mr. William J. Atkins , 53 |
|
3 |
Chief Financial Officer and Exec. VP |
|
4 |
Mr. John N. Colvin , 51 |
|
5 |
Sr. VP of North American Sales |
|
6 |
Mr. Mehdi Bradaran , 57 |
|
7 |
Sr. VP of Product Operations |
|
8 |
Mr. Michel Langlois , 53 |
|
9 |
Sr. VP of Systems Products |
Income statement (Annual)
|
Period Ending |
29.09.2012 |
28.09.2013 |
27.09.2014 |
| Total Revenue |
330,218 |
382,618 |
401,227 |
| Cost of Revenue |
192,642 |
211,544 |
223,438 |
| Gross Profit |
137,576 |
171,074 |
177,789 |
| Operating Expenses |
66,748 |
79,299 |
80,311 |
| Research Development |
88,243 |
100,020 |
107,654 |
| Selling General and Administrative |
1,401 |
- |
- |
| Non Recurring |
10,208 |
10,208 |
10,208 |
| Others |
0 |
0 |
0 |
| Total Operating Expenses |
166,600 |
- |
- |
| Operating Income or Loss |
-29,024 |
-18,453 |
-20,384 |
| Income from Continuing Operations |
|
|
|
| Total Other Income/Expenses Net |
1,041 |
1,341 |
957 |
| Earnings Before Interest And Taxes |
-27,983 |
-17,112 |
-19,427 |
| Interest Expense |
185 |
167 |
806 |
| Income Before Tax |
-28,168 |
-17,279 |
-20,233 |
| Income Tax Expense |
158 |
-14 |
581 |
| Minority Interest |
- |
- |
- |
| Net Income From Continuing Ops |
-28,326 |
-17,265 |
-20,814 |
| Non-recurring Events |
|
|
|
| Discontinued Operations |
- |
- |
- |
| Extraordinary Items |
- |
- |
- |
| Effect Of Accounting Changes |
- |
- |
- |
| Other Items |
- |
- |
- |
| Net Income |
-28,326 |
-17,265 |
-20,814 |
| Preferred Stock And Other Adjustments |
- |
- |
- |
| Net Income Applicable To Common Shares |
-28,326 |
-17,265 |
-20,814 |
Income statement (Quarterly)
|
Period Ending |
27.09.2014 |
27.12.2014 |
28.03.2015 |
27.06.2015 |
| Total Revenue |
105,769 |
111,633 |
91,038 |
99,129 |
| Cost of Revenue |
60,689 |
60,192 |
48,548 |
50,840 |
| Gross Profit |
45,080 |
51,441 |
42,490 |
48,289 |
| Operating Expenses |
|
|
|
|
| Research Development |
19,930 |
21,207 |
21,914 |
22,851 |
| Selling General and Administrative |
26,342 |
30,535 |
29,911 |
28,651 |
| Non Recurring |
- |
- |
- |
- |
| Others |
2,552 |
2,552 |
2,552 |
2,552 |
| Total Operating Expenses |
- |
- |
- |
- |
| Operating Income or Loss |
-3,744 |
-2,853 |
-11,887 |
-5,765 |
| Income from Continuing Operations |
|
|
|
|
| Total Other Income/Expenses Net |
70 |
750 |
427 |
367 |
| Earnings Before Interest And Taxes |
-3,674 |
-2,103 |
-11,460 |
-5,398 |
| Interest Expense |
59 |
632 |
379 |
279 |
| Income Before Tax |
-3,733 |
-2,735 |
-11,839 |
-5,677 |
| Income Tax Expense |
115 |
253 |
91 |
102 |
| Minority Interest |
- |
- |
- |
- |
| Net Income From Continuing Ops |
-3,848 |
-2,988 |
-11,930 |
-5,779 |
| Non-recurring Events |
|
|
|
|
| Discontinued Operations |
- |
- |
- |
- |
| Extraordinary Items |
- |
- |
- |
- |
| Effect Of Accounting Changes |
- |
- |
- |
- |
| Other Items |
- |
- |
- |
- |
| Net Income |
-3,848 |
-2,988 |
-11,930 |
-5,779 |
| Preferred Stock And Other Adjustments |
- |
- |
- |
- |
| Net Income Applicable To Common Shares |
-3,848 |
-2,988 |
-11,930 |
-5,779 |
Peer Comparison
|
|
AAPL |
BBRY |
GOOG |
HPQ |
Industry |
| Market Cap |
382.72M |
734.95M |
N/A |
N/A |
560.98M |
| Employees |
782 |
2,080 |
10,000 |
526,732 |
589 |
| Qtrly Rev Growth (yoy) |
1.0% |
-9.0% |
N/A |
N/A |
14.0% |
| Revenue (ttm) |
407.57M |
609.85M |
32.04B1 |
16.02B2 |
306.12M |
| Gross Margin (ttm) |
48.0% |
46.0% |
N/A |
N/A |
35.0% |
| EBITDA (ttm) |
5.53M |
33.72M |
N/A |
N/A |
10.24M |
| Operating Margin (ttm) |
-6.0% |
3.0% |
N/A |
N/A |
2.0% |
| Net Income (ttm) |
-24.55M |
26.48M |
1.83B1 |
-143.40M2 |
N/A |
| EPS (ttm) |
-0.48 |
0.49 |
N/A |
N/A |
0.04 |
| P/E (ttm) |
N/A |
29.86 |
N/A |
N/A |
18.06 |
| PEG (5 yr expected) |
1.89 |
1.56 |
N/A |
N/A |
0.92 |
| P/S (ttm) |
0.96 |
1.20 |
N/A |
N/A |
1.22 |
Upcoming Events
|
Date |
Event |
| Oct 27 - Nov 2, 2015 (Est.) |
Earnings announcement |
Recent Events
|
Date |
Event |
| 7/28/2015 |
Calix Inc Earnings Call scheduled for 430 pm ET today |
| 7/28/2015 |
CALIX, INC Files SEC form 8-K, Results of Operations and Financial Condition |
| 5/22/2015 |
CALIX, INC Files SEC form 8-K, Submission of Matters to a Vote of Security Holders |
| 5/4/2015 |
CALIX, INC Files SEC form 10-Q, Quarterly Report |
| 4/28/2015 |
CALIX, INC Files SEC form 8-K, Results of Operations and Financial Condition |
| 3/5/2015 |
CALIX, INC Files SEC form 8-K, Results of Operations and Financial Condition |
| 3/4/2015 |
CALIX, INC Files SEC form 10-K, Annual Report |
| 2/3/2015 |
CALIX, INC Files SEC form 8-K, Results of Operations and Financial Condition |
Major Direct Holders
|
Major Direct Holders |
Shares |
Reported |
| RUSSO CARL |
3,226,903 |
Feb-15 |
| ASHBY MICHAEL |
1,498,896 |
Feb-14 |
| LISTWIN DONALD J |
518,182 |
Aug-15 |
| COLVIN JOHN |
165,280 |
Jul-15 |
| DENUCCIO KEVIN A |
96,961 |
May-15 |
Top Institutional Holders
|
Top Institutional Holders |
Shares |
% Out |
Value* |
Reported |
| Vanguard Group, Inc. (The) |
2,782,836 |
5.37 |
21,177,381 |
Jun-15 |
| Lapides Asset Management, LLC |
2,447,600 |
4.72 |
18,626,236 |
Jun-15 |
| Ameriprise Financial, Inc. |
2,082,945 |
4.02 |
15,851,211 |
Jun-15 |
| Dimensional Fund Advisors LP |
1,986,712 |
3.83 |
15,118,878 |
Jun-15 |
| BlackRock Institutional Trust Company, N.A. |
1,942,928 |
3.75 |
14,785,682 |
Jun-15 |
| Alyeska Investment Group, L.P. |
1,631,571 |
3.15 |
12,416,255 |
Jun-15 |
| Renaissance Technologies, LLC |
1,409,500 |
2.72 |
10,726,295 |
Jun-15 |
| Soros Fund Management LLC |
1,406,666 |
2.72 |
10,704,728 |
Jun-15 |
| Nokomis Capital, L.L.C. |
1,349,804 |
2.61 |
10,272,008 |
Jun-15 |
| Segall Bryant & Hamill Investment Counsel |
1,328,555 |
2.56 |
10,110,303 |
Jun-15 |
Balance sheet (Annual)
|
Period Ending |
29.09.2012 |
28.09.2013 |
27.09.2014 |
| Cash And Cash Equivalents |
46,995 |
83,042 |
49,124 |
| Short Term Investments |
- |
- |
62,850 |
| Net Receivables |
59,519 |
43,520 |
30,744 |
| Inventory |
43,282 |
51,071 |
46,753 |
| Other Current Assets |
26,754 |
26,833 |
18,016 |
| Total Current Assets |
176,550 |
204,466 |
207,487 |
| Long Term Investments |
- |
- |
- |
| Property Plant and Equipment |
21,083 |
17,473 |
20,144 |
| Goodwill |
116,175 |
116,175 |
116,175 |
| Intangible Assets |
62,301 |
43,740 |
25,179 |
| Accumulated Amortization |
- |
- |
- |
| Other Assets |
1,788 |
1,745 |
1,236 |
| Deferred Long Term Asset Charges |
- |
- |
- |
|
|
|
|
| Total Assets |
377,897 |
383,599 |
370,221 |
|
|
|
|
| Liabilities |
|
|
|
| Current Liabilities |
|
|
|
| Accounts Payable |
52,980 |
55,238 |
63,072 |
| Short/Current Long Term Debt |
- |
- |
- |
| Other Current Liabilities |
39,315 |
34,862 |
12,722 |
| Total Current Liabilities |
92,295 |
90,100 |
75,794 |
| Long Term Debt |
- |
- |
- |
| Other Liabilities |
745 |
1,145 |
2,443 |
| Deferred Long Term Liability Charges |
15,782 |
18,431 |
19,393 |
| Minority Interest |
- |
- |
- |
| Negative Goodwill |
- |
- |
- |
|
|
|
|
| Total Liabilities |
108,822 |
109,676 |
97,630 |
|
|
|
|
| Stockholders' Equity |
|
|
|
| Misc Stocks Options Warrants |
- |
- |
- |
| Redeemable Preferred Stock |
- |
- |
- |
| Preferred Stock |
- |
- |
- |
| Common Stock |
1,222 |
1,256 |
1,291 |
| Retained Earnings |
-492,511 |
-509,776 |
-530,590 |
| Treasury Stock |
- |
- |
- |
| Capital Surplus |
760,232 |
782,253 |
801,810 |
| Other Stockholder Equity |
132 |
190 |
80 |
| Total Stockholder Equity |
269,075 |
273,923 |
272,591 |
|
|
|
|
| Net Tangible Assets |
90,599 |
114,008 |
131,237 |
Balance sheet (Quarterly)
|
Period Ending |
27.09.2014 |
27.12.2014 |
28.03.2015 |
27.06.2015 |
| Cash And Cash Equivalents |
39,694 |
49,124 |
29,618 |
39,672 |
| Short Term Investments |
48,400 |
62,850 |
68,157 |
59,785 |
| Net Receivables |
42,781 |
30,744 |
39,000 |
41,985 |
| Inventory |
43,845 |
46,753 |
40,637 |
40,710 |
| Other Current Assets |
17,803 |
18,016 |
12,541 |
12,741 |
| Total Current Assets |
192,523 |
207,487 |
189,953 |
194,893 |
| Long Term Investments |
- |
- |
- |
- |
| Property Plant and Equipment |
20,159 |
20,144 |
19,403 |
18,790 |
| Goodwill |
116,175 |
116,175 |
116,175 |
116,175 |
| Intangible Assets |
29,820 |
25,179 |
20,539 |
15,899 |
| Accumulated Amortization |
- |
- |
- |
- |
| Other Assets |
1,346 |
1,236 |
1,113 |
1,241 |
| Deferred Long Term Asset Charges |
- |
- |
- |
- |
|
|
|
|
|
| Total Assets |
360,023 |
370,221 |
347,183 |
346,998 |
|
|
|
|
|
| Liabilities |
|
|
|
|
| Current Liabilities |
|
|
|
|
| Accounts Payable |
50,837 |
63,072 |
52,239 |
55,083 |
| Short/Current Long Term Debt |
- |
- |
- |
- |
| Other Current Liabilities |
20,095 |
12,722 |
9,036 |
9,132 |
| Total Current Liabilities |
70,932 |
75,794 |
61,275 |
64,215 |
| Long Term Debt |
- |
- |
- |
- |
| Other Liabilities |
1,743 |
2,443 |
2,091 |
1,903 |
| Deferred Long Term Liability Charges |
18,807 |
19,393 |
19,428 |
19,371 |
| Minority Interest |
- |
- |
- |
- |
| Negative Goodwill |
- |
- |
- |
- |
|
|
|
|
|
| Total Liabilities |
91,482 |
97,630 |
82,794 |
85,489 |
|
|
|
|
|
| Stockholders' Equity |
|
|
|
|
| Misc Stocks Options Warrants |
- |
- |
- |
- |
| Redeemable Preferred Stock |
- |
- |
- |
- |
| Preferred Stock |
- |
- |
- |
- |
| Common Stock |
1,280 |
1,291 |
1,295 |
1,313 |
| Retained Earnings |
-527,602 |
-530,590 |
-542,520 |
-548,299 |
| Treasury Stock |
- |
- |
- |
-3,377 |
| Capital Surplus |
794,724 |
801,810 |
805,525 |
811,737 |
| Other Stockholder Equity |
139 |
80 |
89 |
135 |
| Total Stockholder Equity |
268,541 |
272,591 |
264,389 |
261,509 |
|
|
|
|
|
| Net Tangible Assets |
122,546 |
131,237 |
127,675 |
129,435 |
Address
|
company |
1035 North McDowell Boulevard |
|
address |
Petaluma, CA 94954 |
|
city_state_zip |
United States - Map |
|
phone |
Fax: 707-283-3100 |
Business Summary
Calix, Inc. develops, markets, and sells broadband communications access systems and software for fiber- and copper-based network architectures that enable communications service providers (CSPs) to transform their networks and connect to their residential and business subscribers. Its Unified Access portfolio includes various platforms and/or nodes comprising the E-Series Ethernet service access platforms and nodes, the B6 Ethernet service access nodes, the C7 multiservice and multiprotocol access platform, and the BLM1500 gigabit passive optical network access terminal. The companys platforms, nodes, and terminals also include P-Series and T-Series optical network terminals, and residential gateways and GigaCenters; and the Calix Management System, Entriview element management software, OpenLink Cable software, and Compass suite of value-added software applications. Its portfolio serves the CSP network from the central office or data center to the subscriber premises and enables CSPs to deliver basic voice and data, and broadband services over legacy and next-generation access networks. The company markets its access systems and software to CSPs in the United States, the Caribbean, Europe, Canada, and internationally through its direct sales force and resellers. Calix, Inc. was founded in 1999 and is headquartered in Petaluma, California.
