Calix (CALX) Q3 FY2023 earnings: revenue $264 million, up 11.6% on the year

Calix, Inc. (CALX) reported revenue of $264 million for Q3 FY2023, the quarter ended 30 September 2023, up 11.6% on the same quarter a year earlier. Net income was $17 million, up 26.1% on the year, and diluted earnings per share $0.24. The figures are the company's own, from the 10-Q it filed with the SEC on 24 October 2023.

Revenue$264 millionup 11.6%

Net income$17 millionup 26.1%

Diluted EPS$0.24

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	264	n/a	n/a	n/a
Cost of revenue	123	n/a	n/a	n/a
Gross profit	141	n/a	n/a	n/a
Gross margin	53.3%	n/a	n/a
Research and development	47.0	n/a	n/a	n/a
Operating income	15.9	n/a	n/a	n/a
Operating margin	6.0%	n/a	n/a
Pre-tax income	18.1	n/a	n/a	n/a
Income tax	1.2	n/a	n/a	n/a
Effective tax rate	6.6%	n/a	n/a
Net income	17.0	n/a	n/a	n/a
Net margin	6.4%	n/a	n/a
Diluted EPS	$0.24	n/a	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	15.8	n/a	n/a	n/a
Capital expenditure	3.8	n/a	n/a	n/a
Free cash flow	12.0	n/a	n/a	n/a
Free cash flow margin	4.5%	n/a	n/a
Cash from investing	57.3	n/a	n/a	n/a
Cash from financing	-27.5	n/a	n/a	n/a
Share-based compensation	16.0	n/a	n/a	n/a
Buybacks	32.4	n/a	n/a	n/a
Diluted shares, weighted	70m	n/a	n/a	n/a
Shares outstanding at period end	66m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	751	n/a	n/a	n/a
Debt	0.0	n/a	n/a	n/a
Operating lease liabilities	8.4	n/a	n/a	n/a
Other liabilities	167	n/a	n/a	n/a
Total liabilities and equity	927	n/a	n/a	n/a
Fixed assets	29.1	n/a	n/a	n/a
Goodwill	116	n/a	n/a	n/a
Cash and equivalents	136	n/a	n/a	n/a
Receivables	80.7	n/a	n/a	n/a
Inventory	150	n/a	n/a	n/a
Other assets	415	n/a	n/a	n/a
Total assets	927	n/a	n/a	n/a

Questions

What was Calix's revenue in Q3 FY2023?

Calix (CALX) reported revenue of $264 million for Q3 FY2023, the quarter ended 30 September 2023, up 11.6% on the same quarter a year earlier.

How much did Calix earn in Q3 FY2023?

Net income for Q3 FY2023 was $17 million, up 26.1% on the year, and diluted earnings per share $0.24.

When did Calix report Q3 FY2023 results?

Calix filed its 10-Q for the quarter ended 30 September 2023 with the SEC on 24 October 2023.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	264	265	226	198	201	206	220	242	265	272	280	293
Cost of revenue	123	151	104	90.5	90.9	92.8	97.5	106	113	115	121	133
Gross profit	141	113	123	108	110	113	123	136	152	157	159	160
Gross margin	53%	43%	54%	54%	55%	55%	56%	56%	57%	58%	57%	55%
R&D	47.0	42.3	44.4	44.1	45.5	45.9	44.0	45.8	47.1	53.5	54.6	52.8
Operating income	15.9	-12.1	-2.0	-11.4	-10.9	-18.8	-6.1	0.4	17.4	9.3	12.7	21.8
Operating margin	6%	-5%	-1%	-6%	-5%	-9%	-3%	0%	7%	3%	5%	7%
Pre-tax income	18.1	-9.0	0.5	-8.7	-7.8	-15.6	-3.0	3.4	20.3	13.4	15.2	23.6
Tax rate	7%	n/a	78%	n/a	n/a	n/a	n/a	106%	23%	46%	26%	27%
Net income	17.0	-6.6	0.1	-8.0	-4.0	-17.9	-4.8	-0.2	15.7	7.2	11.2	17.1
Net margin	6%	-2%	0%	-4%	-2%	-9%	-2%	-0%	6%	3%	4%	6%
Diluted EPS	$0.24	-$0.09	$0.00	-$0.12	-$0.06	-$0.27	-$0.07	$0.00	$0.22	$0.10	$0.16	$0.26
Operating cash flow	15.8	14.9	14.7	22.3	16.0	15.4	17.2	39.4	32.3	46.0	14.6	16.5
Capital expenditure	3.8	4.0	3.7	6.0	3.2	5.1	4.3	3.7	5.6	5.8	8.1	4.6
Free cash flow	12.0	11.0	11.0	16.4	12.8	10.2	12.9	35.6	26.7	40.3	6.5	11.9
Buybacks	32.4	44.0	3.7	0.0	0.0	7.0	40.0	33.6	3.5	16.6	171	69.4
Shares outstanding	66m	65m	66m	66m	66m	66m	66m	65m	66m	67m	64m	63m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 24 October 2023, accession 0001406666-23-000040: the filing on EDGAR. All of Calix, Inc.'s filings: EDGAR company page.

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