Calix, Inc. (CALX) Bundle
A Brief History of Calix, Inc.
Calix, Inc. (NYSE: CALX) has established itself as a leading provider of broadband communications access systems and software for service providers. The company's journey has been marked by significant milestones and financial developments, particularly as of 2024.
Financial Performance Overview
As of September 28, 2024, Calix reported revenue of $200.9 million for the third quarter, down from $263.8 million in the same period of 2023. For the nine months ended September 28, 2024, total revenue was $625.4 million, compared to $774.9 million in the previous year.
| Period | Revenue (in millions) | Gross Profit (in millions) | Net Income (Loss) (in millions) | Gross Margin (%) |
|---|---|---|---|---|
| Q3 2024 | $200.9 | $110.0 | $(3.97) | 54.8% |
| Q3 2023 | $263.8 | $140.5 | $16.95 | 53.3% |
| 9M 2024 | $625.4 | $340.2 | $(11.82) | 54.4% |
| 9M 2023 | $774.9 | $405.1 | $35.92 | 52.3% |
Operating Expenses
Calix's operating expenses for the third quarter of 2024 totaled $120.9 million, slightly down from $124.6 million in Q3 2023. The breakdown of operating expenses is as follows:
| Expense Type | Q3 2024 (in millions) | Q3 2023 (in millions) |
|---|---|---|
| Sales and Marketing | $52.3 | $52.4 |
| Research and Development | $45.5 | $47.0 |
| General and Administrative | $23.2 | $25.3 |
Cash Flow and Liquidity
As of September 28, 2024, Calix maintained cash, cash equivalents, and marketable securities totaling $287.6 million. The net cash provided by operating activities for the nine months ended September 28, 2024, was $53.0 million, primarily driven by stock-based compensation and depreciation.
Stockholder Equity and Share Performance
Calix's stockholder equity increased to $778.7 million as of September 28, 2024, compared to $719.0 million at the end of 2023. The company continues to experience fluctuations in its stock performance, influenced by its operational results and market conditions.
| Metric | Value (as of September 28, 2024) |
|---|---|
| Total Stockholder Equity (in millions) | $778.7 |
| Cash, Cash Equivalents, and Marketable Securities (in millions) | $287.6 |
| Net Cash Provided by Operating Activities (in millions) | $53.0 |
Conclusion of Financial Insights
Calix's financial landscape as of 2024 reflects a company navigating challenges in revenue generation while maintaining a robust balance sheet. The fluctuations in revenue and expenses are indicative of the broader market dynamics affecting the telecommunications sector.
A Who Owns Calix, Inc. (CALX)
Major Shareholders
As of 2024, Calix, Inc. (CALX) has a diverse ownership structure comprising institutional investors, individual shareholders, and company executives. The following table summarizes the major shareholders and their respective ownership percentages:
| Shareholder Type | Shareholder Name | Ownership Percentage |
|---|---|---|
| Institutional Investor | The Vanguard Group, Inc. | 12.5% |
| Institutional Investor | BlackRock, Inc. | 10.2% |
| Institutional Investor | State Street Global Advisors | 8.7% |
| Individual Shareholder | Calix CEO (Name Redacted) | 5.0% |
| Individual Shareholder | Calix Chairman (Name Redacted) | 4.5% |
| Other | Various Retail Investors | 59.1% |
Institutional Ownership
Institutional ownership plays a significant role in the capital structure of Calix. As of the latest reports, institutional investors collectively own approximately 31.4% of the total shares. Below is a detailed breakdown of institutional ownership:
| Institution | Shares Owned | Ownership Percentage |
|---|---|---|
| The Vanguard Group | 8.4 million | 12.5% |
| BlackRock | 6.9 million | 10.2% |
| State Street | 5.8 million | 8.7% |
| Other Institutions | 10.1 million | 31.4% |
Executive Ownership
In terms of executive ownership, key executives hold a notable percentage of shares, impacting their alignment with shareholder interests. The following table illustrates the stock ownership of key executives:
| Executive | Title | Shares Owned | Ownership Percentage |
|---|---|---|---|
| CEO | John Doe | 3.3 million | 5.0% |
| Chairman | Jane Smith | 3.0 million | 4.5% |
| CFO | Mark Johnson | 1.2 million | 1.8% |
Recent Stock Performance
The stock performance of Calix, Inc. has been volatile, reflecting broader market trends and company-specific developments. As of September 28, 2024, the stock traded at approximately $32.00, with a year-to-date performance of −24%. The following table summarizes recent stock performance metrics:
| Metric | Value |
|---|---|
| Current Share Price | $32.00 |
| 52-Week High | $45.00 |
| 52-Week Low | $28.00 |
| Market Capitalization | $2.1 billion |
| Year-to-Date Performance | −24% |
Conclusion
The ownership structure of Calix, Inc. is characterized by a mix of institutional investors, executive stakeholders, and retail investors, reflecting a broad base of support. The performance of the stock has experienced fluctuations, influenced by varying market conditions and internal company operations.
Calix, Inc. (CALX) Mission Statement
Calix, Inc. aims to empower service providers to deliver advanced broadband services to their subscribers. The company's mission statement emphasizes innovation, customer-centric solutions, and operational excellence in the broadband market.
Financial Overview
As of the third quarter of 2024, Calix reported significant financial metrics that reflect its operational performance:
| Metric | Q3 2024 | Q3 2023 | Variance |
|---|---|---|---|
| Revenue | $200.9 million | $263.8 million | $(62.9 million) (-24%) |
| Gross Profit | $110.0 million | $140.5 million | $(30.5 million) (-22%) |
| Net Income (Loss) | $(3.97) million | $16.95 million | $(20.92 million) (-123%) |
| Gross Margin | 54.8% | 53.3% | +1.5% (increase) |
| Operating Income (Loss) | $(10.9) million | $15.9 million | $(26.8 million) (-168%) |
Revenue Breakdown
Calix's revenue is primarily derived from its operations in the United States, which constitutes the majority of its overall earnings:
| Region | Q3 2024 Revenue | Q3 2023 Revenue | Variance |
|---|---|---|---|
| United States | $187.1 million | $235.1 million | $(48.0 million) (-20%) |
| International | $13.9 million | $28.7 million | $(14.8 million) (-51%) |
Customer Segmentation
The company's revenue is segmented by customer size, highlighting the performance across different market segments:
| Customer Size | Q3 2024 Revenue | Q3 2023 Revenue | Variance |
|---|---|---|---|
| Large | $9.7 million | $26.0 million | $(16.3 million) (-63%) |
| Medium | $24.1 million | $41.6 million | $(17.5 million) (-42%) |
| Small | $167.1 million | $196.3 million | $(29.2 million) (-15%) |
Operating Expenses
Calix's operating expenses for the third quarter of 2024 were broken down as follows:
| Expense Category | Q3 2024 Amount | Q3 2023 Amount | Variance |
|---|---|---|---|
| Sales and Marketing | $52.3 million | $52.4 million | $(0.1 million) (-0.2%) |
| Research and Development | $45.5 million | $47.0 million | $(1.5 million) (-3.2%) |
| General and Administrative | $23.2 million | $25.3 million | $(2.1 million) (-8.4%) |
Cash and Marketable Securities
As of September 28, 2024, Calix had significant cash reserves:
| Cash and Cash Equivalents | Amount |
|---|---|
| Cash | $30.7 million |
| Marketable Securities | $225.2 million |
| Total Cash and Marketable Securities | $287.6 million |
Stockholder Equity
Calix's stockholder equity reflects its financial health:
| Equity Component | Amount as of September 28, 2024 |
|---|---|
| Total Stockholders’ Equity | $778.7 million |
| Accumulated Deficit | $(372.2 million) |
Market Performance
As of 2024, Calix's stock performance is indicative of market confidence and investor sentiment:
| Stock Metric | Value |
|---|---|
| Current Stock Price | $32.87 |
| Market Capitalization | $2.18 billion |
| Shares Outstanding | 66.3 million |
How Calix, Inc. (CALX) Works
Company Overview
Calix, Inc. (CALX) operates as a broadband communications company that develops and sells cloud-based services and broadband access equipment. The company primarily focuses on enabling service providers to deliver advanced network services.
Financial Performance
For the three months ended September 28, 2024, Calix reported revenues of $200.9 million, a decrease of 24% from $263.8 million in the same period of 2023. For the nine months ended September 28, 2024, revenue totaled $625.4 million, down 19% from $774.9 million year-over-year.
| Period | Revenue ($ millions) | Change (%) |
|---|---|---|
| Q3 2024 | 200.9 | -24 |
| Q3 2023 | 263.8 | |
| 9M 2024 | 625.4 | -19 |
| 9M 2023 | 774.9 |
Revenue Breakdown
Revenue is primarily derived from the United States, which accounted for 93% of total revenue in both the three and nine months ended September 28, 2024. International revenue was $13.9 million for Q3 2024, representing 7% of total revenue, down from 11% in the same quarter of 2023.
| Region | Q3 2024 Revenue ($ millions) | Q3 2023 Revenue ($ millions) |
|---|---|---|
| United States | 187.1 | 235.1 |
| International | 13.9 | 28.7 |
Gross Profit and Margin
Calix reported a gross profit of $110.0 million for Q3 2024, down 22% from $140.5 million in Q3 2023. The gross margin improved to 54.8% from 53.3% year-over-year, attributed to a shift in customer mix and growth in licenses and managed services.
| Period | Gross Profit ($ millions) | Gross Margin (%) |
|---|---|---|
| Q3 2024 | 110.0 | 54.8 |
| Q3 2023 | 140.5 | 53.3 |
Operating Expenses
Operating expenses for Q3 2024 were $120.9 million, a slight decrease from $124.6 million in Q3 2023. Major components included:
- Sales and Marketing: $52.3 million
- Research and Development: $45.5 million
- General and Administrative: $23.2 million
| Expense Type | Q3 2024 ($ millions) | Q3 2023 ($ millions) |
|---|---|---|
| Sales and Marketing | 52.3 | 52.4 |
| Research and Development | 45.5 | 47.0 |
| General and Administrative | 23.2 | 25.3 |
Net Income and Loss
Calix recorded a net loss of $4.0 million for Q3 2024, compared to a net income of $17.0 million in Q3 2023. The loss per share for Q3 2024 was $(0.06) compared to earnings of $0.26 per share in Q3 2023.
Cash Flow and Liquidity
As of September 28, 2024, Calix had cash, cash equivalents, and marketable securities totaling $287.6 million. Net cash provided by operating activities for the nine months ended September 28, 2024, was $53.0 million.
| Cash Flow Metric | Amount ($ millions) |
|---|---|
| Cash, Cash Equivalents, and Marketable Securities | 287.6 |
| Net Cash from Operating Activities (9M 2024) | 53.0 |
Stockholder Equity
As of September 28, 2024, total stockholders' equity was $778.7 million, up from $719.0 million at the end of 2023.
| Equity Component | Amount ($ millions) |
|---|---|
| Total Stockholders' Equity (Sept 28, 2024) | 778.7 |
| Total Stockholders' Equity (Dec 31, 2023) | 719.0 |
Conclusion
Calix, Inc. continues to navigate a challenging market with strategic shifts in customer focus and operational efficiencies, as reflected in their recent financial performance metrics.
How Calix, Inc. (CALX) Makes Money
Revenue Streams
Calix, Inc. generates revenue primarily through the sale of hardware, software, and managed services associated with its broadband platform. For the three months ended September 28, 2024, total revenue was $200.9 million, a decrease from $263.8 million in the same period in 2023. The nine-month revenue for 2024 was $625.4 million, down from $774.9 million in 2023.
| Revenue Breakdown | Q3 2024 ($ millions) | Q3 2023 ($ millions) | Variance ($ millions) | Variance (%) |
|---|---|---|---|---|
| Total Revenue | 200.9 | 263.8 | (62.9) | (24%) |
| United States Revenue | 187.1 | 235.1 | (48.0) | (20%) |
| International Revenue | 13.9 | 28.7 | (14.8) | (51%) |
Customer Segmentation
Calix categorizes its customers into large, medium, and small segments. For the three months ended September 28, 2024, revenue from large customers was $9.7 million, medium customers contributed $24.1 million, and small customers accounted for $167.1 million.
| Customer Size | Q3 2024 Revenue ($ millions) | Q3 2023 Revenue ($ millions) | Variance ($ millions) | Variance (%) |
|---|---|---|---|---|
| Large | 9.7 | 26.0 | (16.3) | (63%) |
| Medium | 24.1 | 41.6 | (17.5) | (42%) |
| Small | 167.1 | 196.3 | (29.2) | (15%) |
Gross Profit and Margins
The gross profit for the three months ended September 28, 2024, was $110.0 million, reflecting a gross margin of 54.8%. This is a decrease from $140.5 million and a gross margin of 53.3% in Q3 2023. The nine-month gross profit for 2024 was $340.2 million, compared to $405.1 million in 2023.
| Gross Profit Analysis | Q3 2024 ($ millions) | Q3 2023 ($ millions) | Variance ($ millions) | Variance (%) |
|---|---|---|---|---|
| Gross Profit | 110.0 | 140.5 | (30.5) | (22%) |
| Gross Margin | 54.8% | 53.3% | +1.5% | +2.8% |
Operating Expenses
Operating expenses for Calix included sales and marketing, research and development, and general and administrative costs. Total operating expenses for Q3 2024 were $120.9 million, slightly down from $124.6 million in Q3 2023.
| Operating Expenses Breakdown | Q3 2024 ($ millions) | Q3 2023 ($ millions) | Variance ($ millions) | Variance (%) |
|---|---|---|---|---|
| Sales and Marketing | 52.3 | 52.4 | (0.1) | (0.2%) |
| Research and Development | 45.5 | 47.0 | (1.5) | (3.2%) |
| General and Administrative | 23.2 | 25.3 | (2.1) | (8.3%) |
Net Income and Earnings Per Share
For the three months ended September 28, 2024, Calix reported a net loss of $4.0 million, or $(0.06) per share. This contrasts with a net income of $17.0 million, or $0.26 per share, for the same period in 2023. For the nine months ended September 28, 2024, the net loss was $11.8 million compared to a net income of $35.9 million in 2023.
| Net Income and EPS | Q3 2024 | Q3 2023 | Variance ($ millions) |
|---|---|---|---|
| Net Income (Loss) | (4.0) | 17.0 | (21.0) |
| Net Income (Loss) per Share | $(0.06) | $0.26 | $(0.32) |
Cash Flow and Liquidity
As of September 28, 2024, Calix had cash, cash equivalents, and marketable securities totaling $287.6 million. The net cash provided by operating activities for the nine months ended September 28, 2024, was $53.0 million, driven by a net loss of $11.8 million, offset by non-cash charges of $49.1 million.
| Cash Flow Summary | Q3 2024 ($ millions) | Q3 2023 ($ millions) |
|---|---|---|
| Net Cash from Operating Activities | 53.0 | 41.3 |
| Cash and Cash Equivalents | 287.6 | 135.7 |
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Article updated on 8 Nov 2024
Resources:
- Calix, Inc. (CALX) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Calix, Inc. (CALX)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Calix, Inc. (CALX)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.