Calix, Inc. (CALX) · 10+ Years of Financial statements

Income Statement	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Sales/Revenue/Turnover	233	287	345	330	383	401	407	459	510	441	424	541	679	868	1,040
+ Sales & Services Revenue	233	287	345	330	383	401	407	459	510	441	424	541	679	868	1,040
- Cost of Revenue	156	174	225	193	212	223	217	258	337	244	236	274	323	432	521
+ Cost of Goods & Services	156	174	225	193	212	223	217	258	337	244	236	274	323	432	521
Gross Profit	77	113	119	138	171	178	190	201	173	197	188	267	357	435	518
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	96	126	159	165	190	198	217	234	250	217	201	224	283	383	493
+ Selling, General & Admin	49	70	83	88	100	108	117	125	123	127	120	139	182	251	315
+ Research & Development	46	55	68	67	79	80	90	107	128	90	81	85	102	132	178
+ Other Operating Expense	1	1	9	10	10	10	10	2	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	-19	-14	-39	-28	-18	-20	-27	-33	-77	-20	-13	43	73	53	26
- Non-Operating (Income) Loss	3	5	13	1	-1	- -	-1	-6	4	-1	4	9	- -	-1	-9
+ Interest Expense, Net	4	1	- -	- -	- -	- -	- -	- -	- -	1	1	2	- -	-2	-10
+ Interest Expense	4	1	- -	- -	- -	1	1	1	- -	1	1	2	- -	- -	- -
- Interest Income	- -	- -	- -	- -	- -	1	1	1	- -	- -	- -	- -	- -	2	10
+ Other Non-Op (Income) Loss	- -	4	13	- -	-1	- -	-1	-5	5	-1	3	7	- -	1	1
Pretax Income	-23	-18	-52	-28	-17	-20	-26	-27	-82	-19	-17	34	73	54	35
- Income Tax Expense (Benefit)	- -	- -	- -	- -	- -	1	1	- -	1	1	1	1	-166	13	5
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	-22	-19	-53	-28	-17	-21	-26	-27	-83	-19	-18	33	238	41	29
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	-22	-19	-53	-28	-17	-21	-26	-27	-83	-19	-18	33	238	41	29
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	-22	-19	-53	-28	-17	-21	-26	-27	-83	-19	-18	33	238	41	29
- Preferred Dividends	4	1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	-26	-19	-53	-28	-17	-21	-26	-27	-83	-19	-18	33	238	41	29
Basic Weighted Avg Shares	4	30	46	48	49	51	51	49	50	53	55	59	63	65	66
Basic EPS, GAAP	-6.48	-0.65	-1.15	-0.59	-0.35	-0.41	-0.51	-0.56	-1.66	-0.37	-0.32	0.57	3.77	0.63	0.44
Basic EPS from Cont Ops	-5.55	-0.62	-1.15	-0.59	-0.35	-0.41	-0.51	-0.56	-1.66	-0.37	-0.32	0.57	3.77	0.63	0.44
Diluted Weighted Avg Shares	4	30	46	48	49	51	51	49	50	53	55	62	68	69	69
Diluted EPS, GAAP	-6.48	-0.65	-1.15	-0.59	-0.35	-0.41	-0.51	-0.56	-1.66	-0.37	-0.32	0.54	3.51	0.6	0.42
Diluted EPS from Cont Ops	-5.55	-0.62	-1.15	-0.59	-0.35	-0.41	-0.51	-0.56	-1.66	-0.37	-0.32	0.54	3.51	0.6	0.42
EBITDA	-8	-2	-13	-1	10	7	2	-18	-66	-10	-3	57	88	67	42
EBITDA Margin (%)	-3.52	-0.82	-3.86	-0.4	2.69	1.85	0.57	-4.03	-12.99	-2.34	-0.62	10.5	12.98	7.71	4.06
EBITA	-19	-14	-39	-28	-18	-20	-27	-33	-77	-20	-13	43	73	53	26
EBIT	-19	-14	-39	-28	-18	-20	-27	-33	-77	-20	-13	43	73	53	26
Gross Margin (%)	32.9	39.27	34.66	41.66	44.71	44.31	46.74	43.86	33.88	44.73	44.29	49.33	52.49	50.17	49.86
Operating Margin (%)	-8.3	-4.72	-11.43	-8.37	-4.82	-5.08	-6.51	-7.11	-15.15	-4.42	-3.05	7.97	10.77	6.06	2.46
Profit Margin (%)	-9.63	-6.46	-15.25	-8.58	-4.51	-5.19	-6.46	-5.97	-16.27	-4.37	-4.17	6.19	35.09	4.73	2.82
Sales per Employee	572,351	599,255	551,470	462,490	518,453	513,078	455,266	413,694	495,021	550,274	556,134	689,476	712,153	608,574	590,678
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Depreciation Expense	11	11	26	26	29	28	29	14	11	9	10	14	15	14	17

Balance Sheet	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Current Assets	155	177	144	177	204	207	183	219	162	175	144	267	409	547	598
+ Cash, Cash Equivalents & STI	68	98	39	47	83	112	74	78	40	50	47	134	204	242	220
+ Cash & Cash Equivalents	32	66	39	47	83	49	24	50	40	50	47	81	51	79	63
+ ST Investments	36	32	- -	- -	- -	63	50	28	- -	- -	- -	53	153	163	157
+ Accounts & Notes Receiv	47	43	47	60	44	31	47	51	80	67	47	69	85	94	126
+ Accounts Receivable, Net	47	43	47	60	44	31	47	51	80	67	47	69	85	94	126
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	19	25	45	43	51	47	48	45	32	50	40	52	89	149	133
+ Raw Materials	- -	- -	3	9	7	3	2	2	1	11	1	- -	- -	1	22
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	42	34	44	44	45	43	30	39	39	52	89	149	111
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	19	25	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	21	11	13	27	27	18	14	45	11	8	10	11	31	63	119
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	86	80	215	201	179	163	141	136	133	142	173	160	333	337	344
+ Property, Plant & Equip, Net	11	12	16	21	17	20	17	18	16	25	37	32	34	35	39
+ Property, Plant & Equip	50	55	66	77	73	80	75	84	81	79	89	78	75	80	90
- Accumulated Depreciation	39	43	50	56	55	59	58	66	65	54	51	46	41	45	51
+ LT Investments & Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	75	68	198	180	162	143	124	118	117	117	136	128	299	302	305
+ Total Intangible Assets	72	66	196	178	160	141	123	116	116	116	128	126	123	116	116
+ Goodwill	66	66	116	116	116	116	116	116	116	116	116	116	116	116	116
+ Other Intangible Assets	7	1	80	62	44	25	7	- -	- -	- -	12	10	7	- -	- -
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	3	2	2	2	2	1	1	2	1	1	7	3	176	186	189
Total Assets	241	258	358	378	384	370	324	355	295	317	317	427	742	885	942
+ Payables & Accruals	43	36	38	40	42	47	40	53	70	72	39	47	69	94	104
+ Accounts Payable	15	10	14	17	23	24	20	24	36	40	11	13	29	41	35
+ Accrued Taxes	- -	- -	1	2	1	1	1	1	2	2	2	3	4	5	4
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	29	26	23	22	18	22	19	29	32	30	27	30	36	48	65
+ ST Debt	3	- -	- -	- -	- -	- -	- -	- -	30	30	33	3	4	4	4
+ ST Borrowings	3	- -	- -	- -	- -	- -	- -	- -	30	30	30	3	5	- -	- -
+ ST Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	3	3	4	4	4
+ Other ST Liabilities	30	14	28	52	48	29	27	68	29	42	43	51	55	67	79
+ Deferred Revenue	30	14	15	39	35	13	13	49	13	22	24	28	32	39	43
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	- -	- -	12	13	13	16	14	20	16	20	19	24	23	28	37
Total Current Liabilities	77	50	66	92	90	76	67	121	128	144	115	101	128	165	188
+ LT Debt	17	- -	- -	- -	- -	- -	- -	- -	- -	- -	14	13	12	8	7
+ LT Borrowings	17	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Finance Leases	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	14	13	12	8	7
+ Other LT Liabilities	487	12	15	17	20	22	21	21	22	21	33	33	33	31	28
+ Accrued Liabilities	7	11	13	16	18	19	20	20	21	17	18	20	22	25	25
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	481	1	2	1	1	2	1	1	1	4	15	13	11	6	3
Total Noncurrent Liabilities	504	12	15	17	20	22	21	21	22	21	47	46	45	40	35
Total Liabilities	580	62	81	109	110	98	88	143	150	165	163	147	174	205	223
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	53	607	742	761	784	803	820	838	852	878	897	950	999	1,072	1,080
+ Common Stock	- -	1	1	1	1	1	1	1	1	1	2	2	2	2	2
+ Additional Paid in Capital	53	606	740	760	782	802	819	837	851	876	896	948	998	1,070	1,078
- Treasury Stock	- -	- -	- -	- -	- -	- -	27	40	40	40	40	- -	- -	- -	- -
+ Retained Earnings	-392	-412	-464	-493	-510	-531	-557	-584	-667	-685	-703	-669	-431	-390	-360
+ Other Equity	- -	- -	- -	- -	- -	- -	- -	-1	- -	-1	-1	- -	- -	-2	-1
Equity Before Minority Interest	-339	195	277	269	274	273	236	213	145	152	154	280	568	680	719
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	-339	195	277	269	274	273	236	213	145	152	154	280	568	680	719
Total Liabilities & Equity	241	258	358	378	384	370	324	355	295	317	317	427	742	885	942
Shares Outstanding	36	39	48	49	50	52	50	49	52	54	56	62	64	66	65
Capital Leases - Total	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	17	16	16	12	12
Net Debt	-12	-66	-39	-47	-83	-49	-24	-50	-10	-20	-17	-78	-47	-79	-63
Net Debt to Equity	3.48	-33.95	-14.04	-17.47	-30.21	-17.91	-10.02	-23.65	-6.74	-12.93	-10.93	-27.78	-8.2	-11.64	-8.82
Tangible Common Equity Ratio	-243.79	67.49	50.16	45.43	50.97	57.34	56.19	40.45	16.09	17.8	13.64	51.26	71.95	73.3	73.01
Current Ratio	2.02	3.52	2.18	1.91	2.27	2.74	2.72	1.81	1.27	1.22	1.25	2.64	3.19	3.31	3.19
Cash Conversion Cycle	71.57	77.39	85.95	112.73	97.29	74.71	78.09	73.37	54.61	69.11	77.44	85.36	99.92	112.01	109.86
Number of Employees	407	479	625	714	738	782	895	1,109	1,031	802	763	785	954	1,426	1,760

Cash Flow Statement	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
+ Net Income	-22	-19	-53	-28	-17	-21	-26	-27	-83	-19	-18	33	238	41	29
+ Depreciation & Amortization	11	11	26	26	29	28	29	14	11	9	10	14	15	14	17
+ Non-Cash Items	9	27	24	17	19	17	15	15	13	11	14	18	-144	46	58
+ Stock-Based Compensation	9	26	22	17	20	16	14	14	12	17	11	14	24	45	63
+ Deferred Income Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	-168	2	-1
+ Asset Impairment Charge	- -	- -	- -	-1	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Non-Cash Adj	- -	1	3	- -	-1	1	1	- -	- -	-6	3	4	- -	-1	-4
+ Chg in Non-Cash Work Cap	4	-10	17	13	11	14	-23	23	-3	3	-2	-14	-52	-74	-48
+ (Inc) Dec in Accts Receiv	-14	4	14	-13	16	13	-16	-4	-29	14	21	-23	-16	-9	-32
+ (Inc) Dec in Inventories	5	-6	9	11	-6	4	-1	3	13	-21	10	-12	-37	-60	16
+ (Inc) Dec in Prepaid Assets	-4	1	- -	- -	1	-6	3	-31	35	4	- -	1	-27	-38	-61
+ Inc (Dec) in Accts Payable	8	-7	-8	2	2	8	-8	39	-8	7	-31	14	19	33	31
+ Inc (Dec) in Other	9	-2	3	13	-2	-5	- -	16	-14	-2	-1	6	8	- -	-1
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Operating Activities	1	9	15	28	41	38	-5	24	-63	4	5	51	57	27	56
+ Change in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Fixed Prod Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-5	-6	-7	-10	-7	-12	-7	-10	-8	-10	-13	-8	-10	-14	-18
+ Acq of Fixed Prod Assets	-5	-6	-7	-10	-7	-12	-7	-10	-8	-10	-13	-8	-10	-14	-18
+ Acq of Intangible Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Change in LT Investment	-36	3	32	- -	- -	-63	12	22	28	- -	- -	-53	-100	-10	12
+ Dec in LT Investment	- -	83	32	- -	- -	4	72	38	36	- -	- -	20	198	181	228
+ Inc in LT Investment	-36	-79	- -	- -	- -	-68	-60	-16	-9	- -	- -	-73	-298	-191	-216
+ Net Cash From Acq & Div	- -	- -	-61	-12	- -	- -	- -	- -	- -	10	- -	- -	- -	- -	- -
+ Cash from Divestitures	- -	- -	- -	- -	- -	- -	- -	- -	- -	10	- -	- -	- -	- -	- -
+ Cash for Acq of Subs	- -	- -	-61	-12	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Cash for JVs	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Investing Activities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Investing Activities	-41	-2	-36	-22	-7	-75	5	12	20	- -	-13	-61	-111	-24	-6
+ Dividends Paid	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Net Cash From Debt	-1	-20	- -	- -	- -	- -	- -	- -	30	- -	-3	-36	- -	- -	- -
+ Cash From Debt	20	- -	- -	- -	- -	- -	- -	- -	171	558	143	30	- -	- -	- -
+ Repayments of Debt	-21	-20	- -	- -	- -	- -	- -	- -	-141	-558	-146	-66	- -	- -	- -
+ Cash (Repurchase) of Equity	- -	57	4	- -	- -	- -	-27	-13	- -	- -	- -	60	- -	- -	-86
+ Increase in Capital Stock	- -	57	4	- -	- -	- -	- -	- -	- -	- -	- -	60	- -	- -	- -
+ Decrease in Capital Stock	- -	- -	- -	- -	- -	- -	-27	-13	- -	- -	- -	- -	- -	- -	-86
+ Other Financing Activities	50	-10	-10	3	2	4	3	4	2	7	9	18	24	25	20
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Cash from Financing Activities	49	28	-6	3	2	4	-24	-9	32	7	6	42	24	25	-66
Effect of Foreign Exchange Rates	- -	- -	- -	- -	- -	- -	- -	-1	- -	- -	- -	1	- -	- -	- -
Net Changes in Cash	9	34	-27	8	36	-34	-25	27	-11	11	-3	33	-29	28	-16
Capital Expenditures	-5	-6	-7	-10	-7	-12	-7	-10	-8	-10	-13	-8	-10	-14	-18
EBITDA	-8	-2	-13	-1	10	7	2	-18	-66	-10	-3	57	88	67	42
EBITDA Margin (%)	-3.52	-0.82	-3.86	-0.4	2.69	1.85	0.57	-4.03	-12.99	-2.34	-0.62	10.5	12.98	7.71	4.06
Net Cash Paid for Acquisitions	- -	- -	61	12	- -	- -	- -	- -	- -	-10	- -	- -	- -	- -	- -
Free Cash Flow	-4	4	7	17	34	26	-13	15	-71	-7	-9	44	46	13	38
Free Cash Flow to Firm	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	45	- -	13	38
Free Cash Flow to Equity	-8	-17	7	17	34	26	-13	15	-41	-7	-11	8	46	13	38
Free Cash Flow per Basic Share	-0.91	0.12	0.16	0.36	0.68	0.51	-0.25	0.3	-1.41	-0.13	-0.16	0.74	0.73	0.2	0.58
Price/Free Cash Flow	- -	34.33	12.31	9.53	9.86	10.26	208.14	10.88	-5.63	35.06	24.92	31.66	79.22	113.31	40.95
Cash Flow to Net Income	-0.06	-0.49	-0.28	-0.98	-2.36	-1.83	0.2	-0.89	0.76	-0.18	-0.26	1.54	0.24	0.66	1.92

Calix, Inc.

CALX US

35.24