Calix Reports Historical Quarterly Financial Information
PETALUMA, Calif.--(BUSINESS WIRE)-- Calix, Inc. (NYSE:CALX) today publicly released historical quarterly financial information for the quarters ended March 31, 2008 through June 26, 2010.
About Calix
Calix, Inc. (NYSE:CALX) is a leading provider in North America of broadband communications access systems and software for copper- and fiber- based network architectures that enable communications service providers to connect to their residential and business subscribers. Calix enables communications service providers to provide a wide range of revenue-generating services, from basic voice and data to advanced broadband services, over legacy and next-generation access networks. The Calix Unified Access Portfolio helps these companies to transform their legacy and mixed protocol access networks to fiber and Ethernet. Calix has shipped over six million ports of its Unified Access Infrastructure portfolio to more than 500 North American and international customers, whose networks serve over 40 million subscriber lines in total. For more information, visit the Calix website at www.calix.com.
Use of Non-GAAP financial information
The Company uses certain non-GAAP financial measures in the attachments to this press release to supplement its consolidated financial statements, which are presented in accordance with GAAP. These non-GAAP measures are provided to enhance the reader's understanding of the Company's operating performance as they exclude certain non-cash charges which the Company believes are not indicative of its core operating results. Management believes that the non-GAAP measures used in the attachments to this press release provide investors with important perspectives into the Company's ongoing business performance and management uses these non-GAAP measures to evaluate financial results and to establish operational goals. The presentation of these non-GAAP measures is not meant to be a substitute for results presented in accordance with GAAP, but rather should be evaluated in conjunction with these results. A reconciliation of the non-GAAP results to the most directly comparable GAAP results is provided in the attachments to this press release. The non-GAAP financial measures used by the company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.
The Company makes adjustments for the following items in analyzing its operating results as it does not consider these items as part of the Company's ongoing operating activities or meaningful in evaluating the Company's financial performance:
Stock-based compensation
A non-cash expense incurred in accordance with SFAS 123R using the modified prospective transition method.
Amortization of acquisition related intangible assets
A non-cash expense resulting from intangible assets acquired in the acquisition of Optical Solutions, Inc. (OSI) in February 2006. The Company is required to amortize these assets over their expected useful lives.
Change in fair value of preferred stock warrants
A non-cash expense or benefit resulting from the revaluation of the Company's preferred stock warrant liability. Upon completion of the Company's initial public offering, the preferred warrant liability was reclassified as a component of stockholders' equity, and the Company is no longer required to revalue the warrants.
Preferred stock dividends
Preferred stock dividends represent Series I preferred stock dividends paid to the Company's Series I stockholders prior to the conversion of preferred stock into common stock in connection with the Company's initial public offering.
Calix, Inc.
Historical Financials
Non-GAAP Income Statements 2010
($ in
thousands)
GAAP Non-GAAP GAAP Non-GAAP GAAP Non-GAAP
Qtr Ending Qtr Ending Qtr Ending Qtr Ending Ytd Ending Ytd Ending
3/27/2010 3/27/2010 6/26/2010 6/26/2010 6/26/2010 6/26/2010
Revenue $ 48,203 $ 48,203 $ 71,653 $ 71,653 $ 119,856 $ 119,856
Cost of
revenue:
Products and 30,171 30,031 41,855 41,371 72,026 71,402
services (1)
Amortization
of existing 1,360 - 1,360 - 2,720 -
technologies
(2)
Total cost of 31,531 30,031 43,215 41,371 74,746 71,402
revenue
Gross profit 16,672 18,172 28,438 30,282 45,110 48,454
Gross margin % 34.6 % 37.7 % 39.7 % 42.3 % 37.6 % 40.4 %
Research and
development 11,847 11,277 13,086 11,400 24,933 22,677
(3)
Sales and 8,422 7,988 10,184 8,937 18,606 16,925
marketing (4)
General and
Administrative 4,748 3,085 7,423 3,659 12,171 6,744
(5)
Amortization
of intangible 185 - 185 - 370 -
assets (6)
Total
operating 25,202 22,350 30,878 23,996 56,080 46,346
expenses
Net operating (8,530 ) (4,178 ) (2,440 ) 6,286 (10,970 ) 2,108
income (loss)
Interest 74 74 103 103 177 177
income
Interest (473 ) (473 ) (620 ) (620 ) (1,093 ) (1,093 )
expense
Change in fair
value of
preferred (173 ) - - - (173 ) -
stock warrants
(7)
Other income / 11 11 (2 ) (2 ) 9 9
(expense)
Total other
income / (561 ) (388 ) (519 ) (519 ) (1,080 ) (907 )
(expense)
Provision for 171 171 243 243 414 414
income taxes
Net income / (9,262 ) (4,737 ) (3,202 ) 5,524 (12,464 ) 787
(loss)
Preferred
stock (900 ) - - - (900 ) -
dividends (8)
Net income /
(loss)
attributable $ (10,162 ) $ (4,737 ) $ (3,202 ) $ 5,524 $ (13,364 ) $ 787
to common
stockholders
Non-GAAP
bridge to GAAP
(1) Cost of
Sales 140 484 624
(stock-based
compensation)
(2) Cost of
Sales
(amortization 1,360 1,360 2,720
of existing
technology)
(3) Research
and
development 570 1,686 2,256
(stock-based
compensation)
(4) Sales and
marketing 434 1,247 1,681
(stock-based
compensation)
(5) General
and
administration 1,663 3,764 5,427
(stock-based
compensation)
(6) Operating
expense
(amortization 185 185 370
of intangible
assets)
(7) Change in
fair value of 173 - 173
preferred
stock warrants
(8) Preferred
stock 900 - 900
dividends
Total Non-Cash 5,425 8,726 14,151
Expenses
GAAP net
income /
(loss) $ (10,162 ) $ (3,202 ) $ (13,364 )
attributable
to common
stockholders
Calix's non-GAAP measures are not in accordance with, or an alternative for, generally accepted
accounting principles and may be different from non-GAAP measures used by other companies.
In addition, the above non-GAAP Consolidated Statements of Operations are not based on a comprehensive
set of accounting rules or principles.
Calix, Inc.
Historical Financials
Condensed Balance Sheets 2010
($ in thousands)
3/27/2010 6/26/2010
Assets
Current assets:
Cash and cash equivalents $ 80,963 $ 24,721
Marketable securities 36,840 77,166
Restricted cash - -
Accounts receivable, net 25,178 35,540
Inventory 26,267 24,943
Deferred cost of goods sold 13,846 15,846
Prepaids and other current assets 3,560 3,584
Total current assets 186,654 181,800
Property and equipment, net 11,591 11,818
Goodwill 65,576 65,576
Intangible assets, net 5,150 3,605
Other assets 863 2,416
Total assets $ 269,834 $ 265,215
Liabilities, convertible preferred stock and
stockholder's deficit
Current liabilities:
Accounts payable $ 7,486 $ 4,309
Accrued liabilities 28,808 26,510
Preferred stock warrant liabilities - -
Loans payable 5,000 -
Current portion of deferred revenue 25,030 29,263
Total current liabilities 66,324 60,082
Loan payable 15,000 -
Long-term portion of deferred revenue 6,928 8,572
Other long-term liabilities 1,089 1,040
Convertible preferred stock - -
-
Stockholders' deficit: -
Common stock 909 933
Additional paid-in capital 581,926 600,157
Other comprehensive income 2 (23 )
Accumulated deficit (402,344 ) (405,546 )
Total stockholders' deficit 180,493 195,521
Total liabilities, convertible preferred stock and $ 269,834 $ 265,215
Stockholders' deficit
Calix, Inc.
Historical Financials
Condensed Statements of Cash Flows 2010
($ in thousands)
Qtr Ending Qtr Ending Ytd Ending
3/27/2010 6/26/2010 6/26/2010
Operating activities
Net cash used in operating $ 5,058 $ (5,258 ) $ (200 )
activities
Investing activities
Acquisition of property and (1,481 ) (1,425 ) (2,906 )
equipment
Purchase of marketable securities (7,434 ) (49,133 ) (56,567 )
Sale of marketable securities 6,708 8,500 15,208
Net cash provided by (used in) (2,207 ) (42,058 ) (44,265 )
investing activities
Financing activities
Proceeds from bank borrowings - - -
Principal payments on bank - (20,000 ) (20,000 )
borrowings
Proceeds from exercise of stock 62 10 72
options and warrants
Repurchase of common and preferred - - -
stock
Proceeds from initial public 46,229 11,064 57,293
offering of common stock
Net cash provided by (used in) 46,291 (8,926 ) 37,365
financing activities
Net increase (decrease) in cash and 49,142 (56,242 ) (7,100 )
cash equivalents
Cash and cash equivalents at 31,821 80,963 31,821
beginning of period
Cash and cash equivalents at end of $ 80,963 $ 24,721 $ 24,721
period
Calix, Inc.
Historical Financials
Non-GAAP Income Statements 2009
($ in
thousands)
GAAP Non-GAAP GAAP Non-GAAP GAAP Non-GAAP GAAP Non-GAAP GAAP Non-GAAP
Qtr Ending Qtr Ending Qtr Ending Qtr Ending Qtr Ending Qtr Ending Qtr Ending Qtr Ending Ytd Ending Ytd Ending
3/28/2009 3/28/2009 6/27/2009 6/27/2009 9/26/2009 9/26/2009 12/31/2009 12/31/2009 12/31/2009 12/31/2009
Revenue $ 37,146 $ 37,146 $ 47,842 $ 47,842 $ 59,600 $ 59,600 $ 88,359 $ 88,359 $ 232,947 $ 232,947
Cost of
revenue:
Products and 25,391 25,212 31,076 30,908 37,117 36,948 57,279 57,113 150,863 150,181
services (1)
Amortization
of existing 1,360 - 1,360 - 1,360 - 1,360 - 5,440 -
technologies
(2)
Total cost of 26,751 25,212 32,436 30,908 38,477 36,948 58,639 57,113 156,303 150,181
revenue
Gross profit 10,395 11,934 15,406 16,934 21,123 22,652 29,720 31,246 76,644 82,766
Gross margin % 28.0 % 32.1 % 32.2 % 35.4 % 35.4 % 38.0 % 33.6 % 35.4 % 32.9 % 35.5 %
Research and
development 10,468 9,739 10,742 10,123 11,977 11,356 12,945 12,257 46,132 43,475
(3)
Sales and 7,209 6,754 7,988 7,566 8,494 8,084 9,795 9,343 33,486 31,747
marketing (4)
General and
Administrative 3,663 2,753 4,238 3,270 3,728 2,688 3,984 2,784 15,613 11,495
(5)
Amortization
of intangible 185 - 185 - 185 - 185 - 740 -
assets (6)
Total
operating 21,525 19,246 23,153 20,959 24,384 22,128 26,909 24,384 95,971 86,717
expenses
Net operating (11,130 ) (7,312 ) (7,747 ) (4,025 ) (3,261 ) 524 2,811 6,862 (19,327 ) (3,951 )
income (loss)
Interest 79 79 27 27 38 38 101 101 245 245
income
Interest (943 ) (943 ) (1,079 ) (1,079 ) (1,404 ) (1,404 ) (441 ) (441 ) (3,867 ) (3,867 )
expense
Change in fair
value of
preferred - - 95 - (23 ) - (35 ) - 37 -
stock warrants
(7)
Other income / 64 64 40 40 9 9 6 6 119 119
(expense)
Total other
income / (800 ) (800 ) (917 ) (1,012 ) (1,380 ) (1,357 ) (369 ) (334 ) (3,466 ) (3,503 )
(expense)
Provision for 130 130 138 138 (217 ) (217 ) (403 ) (403 ) (352 ) (352 )
income taxes
Net income / (12,060 ) (8,242 ) (8,802 ) (5,175 ) (4,424 ) (616 ) 2,845 6,931 (22,441 ) (7,102 )
(loss)
Preferred
stock (652 ) - - - (2,389 ) - (706 ) - (3,747 ) -
dividends (8)
Net income /
(loss)
attributable $ (12,712 ) $ (8,242 ) $ (8,802 ) $ (5,175 ) $ (6,813 ) $ (616 ) $ 2,139 $ 6,931 $ (26,188 ) $ (7,102 )
to common
stockholders
Non-GAAP
bridge to GAAP
(1) Cost of
Sales 179 168 169 166 682
(stock-based
compensation)
(2) Cost of
Sales
(amortization 1,360 1,360 1,360 1,360 5,440
of existing
technology)
(3) Research
and
development 729 619 621 688 2,657
(stock-based
compensation)
(4) Sales and
marketing 455 422 410 452 1,739
(stock-based
compensation)
(5) General
and
administration 910 968 1,040 1,200 4,118
(stock-based
compensation)
(6) Operating
expense
(amortization 185 185 185 185 740
of intangible
assets)
(7) Change in
fair value of - (95 ) 23 35 (37 )
preferred
stock warrants
(8) Preferred
stock 652 - 2,389 706 3,747
dividends
Total Non-Cash 4,470 3,627 6,197 4,792 19,086
Expenses
GAAP net
income /
(loss) $ (12,712 ) $ (8,802 ) $ (6,813 ) $ 2,139 $ (26,188 )
attributable
to common
stockholders
Calix's non-GAAP measures are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from non-GAAP measures used
by other companies.
In addition, the above non-GAAP Consolidated Statements of Operations are not based on a comprehensive set of accounting rules or principles.
Calix, Inc.
Historical Financials
Condensed Balance Sheets 2009
($ in thousands)
3/28/2009 6/27/2009 9/26/2009 12/31/2009
Assets
Current assets:
Cash and cash $ 18,980 $ 47,884 $ 55,622 $ 31,821
equivalents
Marketable - - 6,272 36,228
securities
Restricted cash 2,815 628 628 629
Accounts 24,665 34,830 42,515 46,992
receivable, net
Inventory 19,744 17,508 13,917 18,556
Deferred cost of 14,510 18,073 19,370 16,468
goods sold
Prepaids and other 2,022 1,616 1,712 4,018
current assets
Total current 82,736 120,539 140,036 154,712
assets
Property and 9,383 8,890 10,900 11,293
equipment, net
Goodwill 65,576 65,576 65,576 65,576
Intangible assets, 11,330 9,785 8,240 6,695
net
Other assets 360 309 681 2,840
Total assets $ 169,385 $ 205,099 $ 225,433 $ 241,116
Liabilities,
convertible
preferred stock and
stockholder's
deficit
Current
liabilities:
Accounts payable $ 6,187 $ 8,266 $ 10,669 $ 14,635
Accrued liabilities 15,896 14,640 19,221 28,629
Preferred stock 232 137 160 195
warrant liabilities
Loans payable - - 1,111 3,333
Current portion of 26,144 33,044 34,242 29,921
deferred revenue
Total current 48,459 56,087 65,403 76,713
liabilities
Loan payable 21,000 21,000 18,889 16,667
Long-term portion 4,758 4,738 5,260 6,556
of deferred revenue
Other long-term 963 1,424 959 910
liabilities
Convertible 427,055 461,313 478,981 479,628
preferred stock
-
Stockholders' - -
deficit:
Common stock 100 100 100 102
Additional paid-in 45,758 47,945 50,185 52,739
capital
Other comprehensive - - (23 ) (17 )
income
Accumulated deficit (378,708 ) (387,508 ) (394,321 ) (392,182 )
Total stockholders' (332,850 ) (339,463 ) (344,059 ) (339,358 )
deficit
Total liabilities,
convertible
preferred stock and $ 169,385 $ 205,099 $ 225,433 $ 241,116
Stockholders'
deficit
Calix, Inc.
Historical Financials
Condensed Statements of Cash Flows 2009
($ in
thousands)
Qtr Ending Qtr Ending Qtr Ending Qtr Ending Ytd Ending
3/28/2009 6/27/2009 9/26/2009 12/31/2009 12/31/2009
Operating
activities
Net cash
used in $ (3,432 ) $ (4,595 ) $ 1,681 $ 7,736 $ 1,390
operating
activities
Investing
activities
Acquisition
of property (790 ) (769 ) (1,927 ) (1,578 ) (5,064 )
and
equipment
Purchase of
marketable - - (6,295 ) (29,950 ) (36,245 )
securities
Sale of
marketable - - - - -
securities
Net cash
provided by
(used in) (790 ) (769 ) (8,222 ) (31,528 ) (41,309 )
investing
activities
Financing
activities
Proceeds
from bank - - 20,000 - 20,000
borrowings
Principal
payments on - - (21,000 ) - (21,000 )
bank
borrowings
Proceeds
from Series
J
investors, - 34,258 15,279 (59 ) 49,478
net of
issuance
costs
Proceeds
from
exercise of - 10 - 50 60
stock
options and
warrants
Repurchase
of common
and (12 ) - - - (12 )
preferred
stock
Proceeds
from
initial
public - - - - -
offering of
common
stock
Net cash
provided by
(used in) (12 ) 34,268 14,279 (9 ) 48,526
financing
activities
Net
increase
(decrease) (4,234 ) 28,904 7,738 (23,801 ) 8,607
in cash and
cash
equivalents
Cash and
cash
equivalents 23,214 18,980 47,884 55,622 23,214
at
beginning
of period
Cash and
cash
equivalents $ 18,980 $ 47,884 $ 55,622 $ 31,821 $ 31,821
at end of
period
Calix, Inc.
Historical Financials
Non-GAAP Income Statements 2008
($ in
thousands)
GAAP Non-GAAP GAAP Non-GAAP GAAP Non-GAAP GAAP Non-GAAP GAAP Non-GAAP
Qtr Ending Qtr Ending Qtr Ending Qtr Ending Qtr Ending Qtr Ending Qtr Ending Qtr Ending Ytd Ending Ytd Ending
3/31/2008 3/31/2008 6/30/2008 6/30/2008 9/29/2008 9/29/2008 12/31/2008 12/31/2008 12/31/2008 12/31/2008
Revenue $ 59,661 $ 59,661 $ 60,820 $ 60,820 $ 59,317 $ 59,317 $ 70,665 $ 70,665 $ 250,463 $ 250,463
Cost of
revenue:
Products and 41,358 41,227 39,331 39,121 39,158 38,967 46,078 45,881 165,925 165,196
services (1)
Amortization
of existing 1,360 - 1,360 - 1,360 - 1,360 - 5,440 -
technologies
(2)
Total cost of 42,718 41,227 40,691 39,121 40,518 38,967 47,438 45,881 171,365 165,196
revenue
Gross profit 16,943 18,434 20,129 21,699 18,799 20,350 23,227 24,784 79,098 85,267
Gross margin % 28.4 % 30.9 % 33.1 % 35.7 % 31.7 % 34.3 % 32.9 % 35.1 % 31.6 % 34.0 %
Research and
development 10,850 10,291 11,900 10,810 11,055 10,288 10,543 9,770 44,348 41,159
(3)
Sales and 7,303 6,956 8,396 7,811 7,814 7,354 8,114 7,618 31,627 29,739
marketing (4)
General and
Administrative 3,392 2,525 4,066 2,741 3,948 3,040 3,847 2,813 15,253 11,119
(5)
Amortization
of intangible 185 - 185 - 185 - 185 - 740
assets (6)
Total
operating 21,730 19,772 24,547 21,362 23,002 20,682 22,689 20,201 91,968 82,017
expenses
Net operating (4,787 ) (1,338 ) (4,418 ) 337 (4,203 ) (332 ) 538 4,583 (12,870 ) 3,250
income (loss)
Interest 221 221 101 101 153 153 144 144 620 620
income
Interest (215 ) (215 ) (164 ) (164 ) (809 ) (809 ) (900 ) (900 ) (2,089 ) (2,089 )
expense
Change in fair
value of
preferred 546 - - - 557 - 226 - 1,329 -
stock warrants
(7)
Other income / 10 10 (23 ) (23 ) 14 14 9 9 10 10
(expense)
Total other
income / 562 16 (86 ) (86 ) (85 ) (642 ) (521 ) (747 ) (130 ) (1,459 )
(expense)
Provision for 45 45 101 101 73 73 (300 ) (300 ) (81 ) (81 )
income taxes
Net income / (4,270 ) (1,367 ) (4,605 ) 150 (4,361 ) (1,047 ) 317 4,136 (12,919 ) 1,872
(loss)
Preferred
stock (479 ) - (540 ) - (2,441 ) - (605 ) - (4,065 ) -
dividends (8)
Net income /
(loss)
attributable $ (4,749 ) $ (1,367 ) $ (5,145 ) $ 150 $ (6,802 ) $ (1,047 ) $ (288 ) $ 4,136 $ (16,984 ) $ 1,872
to common
stockholders
Non-GAAP
bridge to GAAP
(1) Cost of
Sales 131 210 191 197 729
(stock-based
compensation)
(2) Cost of
Sales
(amortization 1,360 1,360 1,360 1,360 5,440
of existing
technology)
(3) Research
and
development 559 1,090 767 773 3,189
(stock-based
compensation)
(4) Sales and
marketing 347 585 460 496 1,888
(stock-based
compensation)
(5) General
and
administration 867 1,325 908 1,034 4,134
(stock-based
compensation)
(6) Operating
expense
(amortization 185 185 185 185 740
of intangible
assets)
(7) Change in
fair value of (546 ) - (557 ) (226 ) (1,329 )
preferred
stock warrants
(8) Preferred
stock 479 540 2,441 605 4,065
dividends
Total Non-Cash 3,382 5,295 5,755 4,424 18,856
Expenses
GAAP net
income /
(loss) $ (4,749 ) $ (5,145 ) $ (6,802 ) $ (288 ) $ (16,984 )
attributable
to common
stockholders
Calix's non-GAAP measures are not in accordance with, or an alternative for, generally accepted accounting principles and may be different from non-GAAP measures used
by other companies.
In addition, the above non-GAAP Consolidated Statements of Operations are not based on a comprehensive set of accounting rules or principles.
Calix, Inc.
Historical Financials
Condensed Balance Sheets 2008
($ in thousands)
3/31/2008 6/30/2008 9/29/2008 12/31/2008
Assets
Current assets:
Cash and cash $ 8,564 $ 22,354 $ 27,735 $ 23,214
equivalents
Marketable 5,029 3,011 - -
securities
Restricted cash 4,625 - 4,840 4,856
Accounts 33,040 38,905 36,265 32,783
receivable, net
Inventory 14,323 13,798 17,392 23,397
Deferred cost of 17,922 18,596 20,719 14,208
goods sold
Prepaids and other 1,321 1,932 1,608 2,247
current assets
Total current 84,825 98,596 108,559 100,705
assets
Property and 9,613 9,403 9,495 9,940
equipment, net
Goodwill 65,576 65,576 65,576 65,576
Intangible assets, 17,510 15,965 14,420 12,875
net
Other assets 386 391 395 359
Total assets $ 177,910 $ 189,931 $ 198,445 $ 189,455
Liabilities,
convertible
preferred stock and
stockholder's
deficit
Current
liabilities:
Accounts payable $ 11,864 $ 24,188 $ 18,930 $ 18,490
Accrued liabilities 15,230 17,073 18,608 16,347
Preferred stock 1,015 1,015 457 232
warrant liabilities
Loans payable 11,000 9,750 - -
Current portion of 30,434 30,875 34,095 24,233
deferred revenue
Total current 69,543 82,901 72,090 59,302
liabilities
Related party loan - - 21,000 21,000
payable
Long-term portion 3,833 3,874 4,200 4,580
of deferred revenue
Other long-term - - 567
liabilities
Convertible 422,817 423,357 425,797 426,403
preferred stock
-
Stockholders' - -
deficit:
Common stock 100 100 100 100
Additional paid-in 35,337 38,590 40,964 43,497
capital
Other comprehensive 39 13 - -
income
Accumulated deficit (353,759 ) (358,904 ) (365,706 ) (365,994 )
Total stockholders' (318,283 ) (320,201 ) (324,642 ) (322,397 )
deficit
Total liabilities,
convertible
preferred stock and $ 177,910 $ 189,931 $ 198,445 $ 189,455
Stockholders'
deficit
Calix, Inc.
Historical Financials
Condensed Statements of Cash Flows 2008
($ in
thousands)
Qtr Ending Qtr Ending Qtr Ending Qtr Ending Ytd Ending
3/31/2008 6/30/2008 9/29/2008 12/31/2008 12/31/2008
Operating
activities
Net cash
used in $ (9,534 ) $ 14,212 $ (7,478 ) $ (2,751 ) $ (5,551 )
operating
activities
Investing
activities
Acquisition
of property (1,036 ) (1,151 ) (1,436 ) (1,804 ) (5,427 )
and
equipment
Purchase of
marketable - - - - -
securities
Sale of
marketable 3,286 1,991 2,999 - 8,276
securities
Net cash
provided by
(used in) 2,251 840 1,563 (1,805 ) 2,849
investing
activities
Financing
activities
Proceeds
from bank - - 21,000 - 21,000
borrowings
Principal
payments on (5,512 ) (1,250 ) (9,750 ) - (16,512 )
bank
borrowings
Proceeds
from Series
J
investors, - - - - -
net of
issuance
costs
Proceeds
from
exercise of 17 7 46 35 105
stock
options and
warrants
Repurchase
of common
and - (19 ) - - (19 )
preferred
stock
Proceeds
from
initial
public - - - - -
offering of
common
stock
Net cash
provided by
(used in) (5,495 ) (1,262 ) 11,296 35 4,574
financing
activities
Net
increase
(decrease) (12,778 ) 13,790 5,381 (4,521 ) 1,872
in cash and
cash
equivalents
Cash and
cash
equivalents 21,342 8,564 22,354 27,735 21,342
at
beginning
of period
Cash and
cash
equivalents $ 8,564 $ 22,354 $ 27,735 $ 23,214 $ 23,214
at end of
period
Source: Calix, Inc.
Released July 22, 2010