Calix, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Calix, Inc. has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

CALIX, INC (CALX) filed a Annual Report (10-K) with the SEC on February 23, 2024. Calix, Inc. filed its 2023 Form 10-K on February 23, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at 2777 Orchard Parkway, San Jose, CA 95134. Calix, Inc. was formerly known as Calix Networks Inc. The SIC code for Calix, Inc. is 4899 (Communication Services, NEC).

Why It Matters

For investors and stakeholders tracking CALIX, INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Calix's financial performance, business operations, and risk factors for the 2023 fiscal year, crucial for investors to assess the company's health and future prospects. Understanding the details within this filing is essential for stakeholders to evaluate Calix's strategic direction, competitive positioning, and compliance with regulatory requirements.

Risk Assessment

Risk Level: medium — CALIX, INC shows moderate risk based on this filing. The company operates in the communication services sector, which is subject to rapid technological changes and evolving regulatory landscapes, posing medium risks to its business model and financial stability.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Calix's performance and potential challenges in the evolving communication services market.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-02-23 — Filing Date (Date of submission)
• 2024-02-22 — Date of Change (Date of change in filing)
• 001-34674 — SEC File Number (SEC filing identifier)

Key Players & Entities

• CALIX, INC (company) — Filer name
• CALX (company) — Ticker symbol
• 2777 ORCHARD PARKWAY (company) — Business address street
• SAN JOSE (company) — Business address city
• CA (company) — Business address state
• 95134 (company) — Business address zip
• CALIX NETWORKS INC (company) — Former company name
• 4899 (company) — Standard Industrial Classification

FAQ

Industry Context

Calix, Inc. operates in the communication services sector, providing platforms and services for broadband service providers. This sector is characterized by rapid technological advancements and increasing demand for high-speed internet.

Regulatory Implications

As a public company, Calix, Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of annual reports on Form 10-K.

What Investors Should Do

1. Analyze the financial statements within the 10-K to understand revenue, expenses, and profitability for FY 2023.
2. Review the 'Risk Factors' section to identify potential challenges and threats to Calix's business.
3. Examine management's discussion and analysis (MD&A) for insights into the company's performance drivers and strategic outlook.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-23: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This filing is the 2023 Form 10-K, providing the latest annual financial and operational data for Calix, Inc.

Key Financial Figures

• $0.025 — ange on which registered Common Stock, $0.025 par value CALX The New York Stock Excha
• $60 b — s approved programs, totaling more than $60 billion, to fund broadband and connectivi

Filing Documents

• calx-20231231.htm (10-K) — 1476KB
• calx-20231231xex211subsidi.htm (EX-21.1) — 6KB
• calx-20231231xex231kpmgcon.htm (EX-23.1) — 2KB
• calx-20231231xex311.htm (EX-31.1) — 11KB
• calx-20231231xex312.htm (EX-31.2) — 12KB
• calx-20231231xex321.htm (EX-32.1) — 10KB
• ex97policyforrecoveryoferr.htm (EX-97.0) — 34KB
• calx-20231231_g1.jpg (GRAPHIC) — 73KB
• 0001406666-24-000012.txt (&nbsp;) — 8307KB
• calx-20231231.xsd (EX-101.SCH) — 55KB
• calx-20231231_cal.xml (EX-101.CAL) — 101KB
• calx-20231231_def.xml (EX-101.DEF) — 223KB
• calx-20231231_lab.xml (EX-101.LAB) — 718KB
• calx-20231231_pre.xml (EX-101.PRE) — 474KB
• calx-20231231_htm.xml (XML) — 1220KB

Risk Factors

Item 1A. Risk Factors 9

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 24

Cybersec urity

Item 1C. Cybersec urity 24

Properties

Item 2. Properties 25

Legal Proceedings

Item 3. Legal Proceedings 25

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 25 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 26

[Reserved]

Item 6. [Reserved] 27

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 27

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 33

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 35

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 60

Controls and Procedures

Item 9A. Controls and Procedures 60

Other Information

Item 9B. Other Information 60

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 61 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 61

Executive Compensation

Item 11. Executive Compensation 61

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 61

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 61

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 61 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 61

Form 10-K Summary

Item 16. Form 10-K Summary 64

Signatures

Signatures 65 2 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS Calix, Inc., together with its subsidiaries, is referred to in this document as "Calix," "we," "our" or "us." This report includes forward-looking statements that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this report, including statements regarding Calix's future financial position, business strategy and plans, product projections, anticipated market and industry trends and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "believe," "could," "expect," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "predict," "will," "would," "project," "potential" or the negative of these terms or other similar expressions. Forward-looking statements include Calix's expectations concerning the outlook for its business, productivity, plans and goals for future operational improvements and capital investments, operational performance, future market conditions or economic performance and developments in the capital and credit markets and expected future financial performance. Forward-looking statements involve a number of risks, uncertainties and assumptions, and actual results or events may differ materially from those projected or implied in those statements. Important factors that could cause such differences include: our ability to predict our revenue and reduce and control costs related to our products or service offerings; fluctuations in our gross margin; our ability to manage our relationships with our third-party vendors, including contract manufacturers, or CMs, original design manufacturers, or ODMs, logistics providers, component suppliers and development partners; our ability to forecast our manufacturing requirements and manage our inventory; supply chain constraints and cost increases

Business

ITEM 1. Business Company Overview Calix was founded in 1999. We develop, market and sell our platform (cloud, software and systems) and managed services that enable service providers of all types and sizes to innovate and transform their businesses. For our customers to successfully transform their businesses into the innovative broadband service providers, or BSPs, of the future, they require actionable data for critical business functions such as network operations, customer support and marketing. However, this data is often trapped in disparate systems or departmental silos. Our platform, which includes Calix Cloud, Revenue EDGE and Intelligent Access EDGE, gathers, analyzes and applies machine learning to deliver real-time insights seamlessly to each key business function. Our customers utilize these data and insights to simplify network operations, marketing and customer support and deliver a growing portfolio of SmartLife managed services and experiences that excite their subscribers. This enables BSPs to grow their brand through increased subscriber acquisition, loyalty and revenue and to reduce their operating costs, creating value for their businesses and the communities they serve. This is our mission: to enable BSPs of all sizes to simplify, excite and grow. We believe our platform offers a competitive edge to BSPs at a critical time of increasing competition from direct-to-consumer cloud companies and device providers as they expand their reach and focus on owning the connected home experience. For example, these over-the-top competitors are entering the home by offering Wi-Fi enabled devices, and then leveraging behavioral insights to expand their direct relationship and build their brand, not the BSP's, with the subscriber by offering additional consumer services. Over time, we expect this competition can erode a BSP's brand and relationship with its subscribers, by reducing broadband to an easy-to-replace commodity, which can increase churn and re

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View this 10-K filing on SEC EDGAR