Calix was founded in 1999 and is headquartered in Petaluma, US

President and Chief Executive Officer

Chief Marketing Officer

Vice President, Systems Hardware Development

VP, Software Products

Calix has offices in Petaluma, San Jose, Goleta, Minneapolis and in 9 other locations

Petaluma, US (HQ)

1035 N Mc Dowell Blvd

Dubai, AE

Office 1711 Al Shatha Tower Dubai Media City

Melbourne, AU

31 120 Collins St

Moskva, RU

3 Begovaya Str., Bld.1 Suite 3195

Singapore, SG

L34 Centennial Tower 3 Temasek Avenue

Hong Kong, HK

31/F, Tower One, Times Square 1 Matheson Street Causeway Bay

Calix's revenue was reported to be $117.5 m in Q1, 2017

USD

## Revenue (Q1, 2017) | 117.5 m |

## Gross profit (Q1, 2017) | 34.4 m |

## Gross profit margin (Q1, 2017), % | 29% |

## Net income (Q1, 2017) | (33.3 m) |

## EBIT (Q1, 2017) | (32.8 m) |

## Market capitalization (25-Jul-2017) | 339.2 m |

## Cash (01-Apr-2017) | 26.3 m |

Calix's current market capitalization is $339.2 m.

- Source: SEC Filings

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Revenue | 382.6 m | 401.2 m | 407.5 m | 458.8 m |

## Revenue growth, % | 5% | 2% | 13% | |

## Cost of goods sold | 211.5 m | 223.4 m | 217 m | 257.6 m |

## Gross profit | 171.1 m | 177.8 m | 190.4 m | 201.2 m |

## Gross profit Margin, % | 45% | 44% | 47% | 44% |

## Sales and marketing expense | 83.7 m | |||

## R&D expense | 106.9 m | |||

## General and administrative expense | 41.6 m | |||

## Operating expense total | 189.5 m | 198.2 m | 216.9 m | 229.3 m |

## EBIT | (18.5 m) | (20.4 m) | (26.5 m) | (28.1 m) |

## EBIT margin, % | (5%) | (5%) | (7%) | (6%) |

## Interest expense | 167 k | 806 k | (1.1 m) | (585 k) |

## Interest income | 7 k | 729 k | 1.3 m | 737 k |

## Pre tax profit | (27.1 m) | |||

## Income tax expense | (14 k) | 581 k | 535 k | 347 k |

## Net Income | (17.3 m) | (20.8 m) | (26.3 m) | (27.4 m) |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Revenue | 98 m | 105.8 m | 91 m | 99.1 m | 112.3 m | 98.4 m | 107.4 m | 121.2 m | 117.5 m |

## Cost of goods sold | 48.5 m | 50.8 m | 59.2 m | 52.9 m | 57.4 m | 67.6 m | 83.1 m | ||

## Gross profit | 42.5 m | 48.3 m | 53.1 m | 45.5 m | 50 m | 53.5 m | 34.4 m | ||

## Gross profit Margin, % | 47% | 49% | 47% | 46% | 47% | 44% | 29% | ||

## Sales and marketing expense | 18.5 m | 18.7 m | 19.8 m | 19.2 m | 18.4 m | 19.1 m | 19.2 m | 20.6 m | 22.4 m |

## R&D expense | 19.5 m | 19.9 m | 21.9 m | 22.9 m | 22.1 m | 22.8 m | 25 m | 28.1 m | 33.8 m |

## General and administrative expense | 7.7 m | 7.6 m | 10.2 m | 9.4 m | 9.1 m | 12.7 m | 11.6 m | 8.6 m | 10.3 m |

## Operating expense total | 45.7 m | 46.3 m | 51.8 m | 51.5 m | 49.7 m | 54.5 m | 55.9 m | 57.3 m | 66.5 m |

## EBIT | (3.9 m) | (3.7 m) | (11.9 m) | (5.8 m) | 877 k | (10.7 m) | (5.9 m) | 735 k | (32.8 m) |

## EBIT margin, % | (4%) | (4%) | (13%) | (6%) | 1% | (11%) | (5%) | 1% | (28%) |

## Interest expense | (58 k) | (59 k) | (379 k) | (279 k) | (263 k) | (164 k) | (170 k) | (155 k) | (44 k) |

## Interest income | 30 k | 52 k | 379 k | 338 k | 297 k | 211 k | 216 k | 184 k | 88 k |

## Pre tax profit | (3.8 m) | (11.8 m) | (5.7 m) | (10.6 m) | (5.7 m) | (32.7 m) | |||

## Income tax expense | 103 k | 115 k | 91 k | 102 k | 185 k | 121 k | 124 k | 209 k | 673 k |

## Net Income | (4 m) | (3.8 m) | (11.9 m) | (5.8 m) | 922 k | (10.7 m) | (5.8 m) | 636 k | (33.3 m) |

- Source: SEC Filings

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Cash | 82.7 m | 48.8 m | 23.6 m | 50.4 m |

## Accounts Receivable | 43.5 m | 30.7 m | 47.2 m | 51.3 m |

## Inventories | 51.1 m | 12.9 m | 9.5 m | 44.5 m |

## Current Assets | 204.5 m | 207.5 m | 182.8 m | 219.3 m |

## PP&E | 17.5 m | 20.1 m | 17.1 m | 18 m |

## Goodwill | 116.2 m | 116.2 m | 116.2 m | 116.2 m |

## Total Assets | 383.6 m | 370.2 m | 323.9 m | 355.5 m |

## Accounts Payable | 23.2 m | 23.6 m | 19.6 m | 23.8 m |

## Current Liabilities | 90.1 m | 75.8 m | 67.2 m | 121.4 m |

## Total Liabilities | 142.5 m | |||

## Additional Paid-in Capital | 782.3 m | 801.8 m | 818.8 m | 836.6 m |

## Retained Earnings | (509.8 m) | (530.6 m) | (556.9 m) | (584.3 m) |

## Total Equity | 273.9 m | 235.8 m | 213 m | |

## Financial Leverage | 1.4 x | 1.4 x | 1.7 x |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Cash | 32.5 m | 39.4 m | 29.6 m | 39.7 m | 36.2 m | 21.4 m | 26 m | 31.8 m | 26.3 m |

## Accounts Receivable | 47.3 m | 42.8 m | 39 m | 42 m | 48.2 m | 43.8 m | 49.1 m | 57.3 m | 64.2 m |

## Inventories | 45.9 m | 43.8 m | 40.6 m | 40.7 m | 43.8 m | 41.1 m | 40.8 m | 40.2 m | 46.5 m |

## Current Assets | 193.5 m | 192.5 m | 190 m | 194.9 m | 197.1 m | 163.3 m | 169 m | 189.2 m | 214.6 m |

## PP&E | 17.3 m | 20.2 m | 19.4 m | 18.8 m | 18.5 m | 16.5 m | 15.6 m | 16 m | 18.1 m |

## Goodwill | 116.2 m | 116.2 m | 116.2 m | 116.2 m | 116.2 m | 116.2 m | 116.2 m | 116.2 m | 116.2 m |

## Total Assets | 362.9 m | 360 m | 347.2 m | 347 m | 344.1 m | 300.4 m | 304.4 m | 323.9 m | 349.8 m |

## Accounts Payable | 12.9 m | 13.3 m | 12.8 m | 18.5 m | 16.8 m | 11.1 m | 13.8 m | 19.3 m | 24.5 m |

## Current Liabilities | 73.9 m | 70.9 m | 61.3 m | 64.2 m | 66.5 m | 64.7 m | 70.1 m | 84.6 m | 146 m |

## Additional Paid-in Capital | 791.8 m | 794.7 m | 805.5 m | 811.7 m | 813.8 m | 821.2 m | 825.8 m | 830.2 m | 839 m |

## Retained Earnings | (523.8 m) | (527.6 m) | (542.5 m) | (548.3 m) | (547.4 m) | (567.7 m) | (573.5 m) | (572.8 m) | (617.7 m) |

## Total Equity | 261.5 m | 256.6 m | 214.8 m | 213.5 m | 218.5 m | 182.2 m | |||

## Financial Leverage | 1.3 x | 1.3 x | 1.4 x | 1.4 x | 1.5 x | 1.9 x |

USD | FY, 2013^{} | FY, 2014^{} | FY, 2015^{} | FY, 2016^{} |
---|---|---|---|---|

## Net Income | (17.3 m) | (20.8 m) | (26.3 m) | (27.4 m) |

## Depreciation and Amortization | 8.4 m | 8.4 m | 8.4 m | 4.1 m |

## Accounts Receivable | 16 m | 12.8 m | (16 m) | (4.2 m) |

## Inventories | (6.1 m) | 4.3 m | (915 k) | 3.1 m |

## Accounts Payable | 6.4 m | 467 k | (4 m) | 4.2 m |

## Cash From Operating Activities | 40.8 m | 38.1 m | (5.3 m) | 24.4 m |

## Purchases of PP&E | (7 m) | (12 m) | (7.3 m) | (9.8 m) |

## Cash From Investing Activities | (7 m) | (75.4 m) | 4.7 m | 12.1 m |

## Cash From Financing Activities | 1.8 m | 3.6 m | (24.1 m) | (9.2 m) |

## Interest Paid | 57 k | 159 k | 127 k | 127 k |

## Income Taxes Paid | 96 k | 72 k | 483 k | 965 k |

USD | Q2, 2014^{} | Q3, 2014^{} | Q1, 2015^{} | Q2, 2015^{} | Q3, 2015^{} | Q1, 2016^{} | Q2, 2016^{} | Q3, 2016^{} | Q1, 2017^{} |
---|---|---|---|---|---|---|---|---|---|

## Net Income | (4 m) | (3.8 m) | (11.9 m) | (5.8 m) | 922 k | (10.7 m) | (5.8 m) | 636 k | (33.3 m) |

## Depreciation and Amortization | 2.1 m | 2.1 m | 2.1 m | 2.1 m | 2.1 m | 1.7 m | 814 k | 813 k | |

## Accounts Receivable | 47.3 m | 42.8 m | 39 m | 42 m | 48.2 m | 43.8 m | 49.1 m | 57.3 m | 64.2 m |

## Inventories | 45.9 m | 43.8 m | 40.6 m | 40.7 m | 43.8 m | 41.1 m | 40.8 m | 40.2 m | 46.5 m |

## Accounts Payable | 12.9 m | 13.3 m | 12.8 m | 18.5 m | 16.8 m | 11.1 m | 13.8 m | 19.3 m | 24.5 m |

Y, 2017 | |
---|---|

## Financial Leverage | 1.9 x |

Calix's Customers was reported to be 1.3 k in FY, 2016, which is a 30% increase from the previous period

Source: 76 public H-1B filings from Calix