Item 2.02 Results of Operations and Financial Condition.
On January 25, 2023, Calix, Inc. (the "Company") issued a press release
announcing it has publicly disseminated a stockholder letter with its financial
results for the fourth quarter ended December 31, 2022. The press release is
attached hereto as Exhibit 99.1. The stockholder letter, a copy of which is
attached hereto as Exhibit 99.2 and incorporated herein by reference, includes
reference to the non-GAAP measures of non-GAAP gross margin, non-GAAP operating
expenses, non-GAAP net income, non-GAAP net income per diluted common share and
non-GAAP free cash flow. These non-GAAP measures are provided to enhance the
reader's understanding of the Company's operating performance as they primarily
exclude non-cash charges for stock-based compensation, intangible asset
amortization, U.S. tariff refunds, restructuring benefit and impact from changes
in income taxes, which the Company believes are not indicative of its core
operating results. Management believes that the non-GAAP measures used in this
stockholder letter 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 U.S. GAAP, but rather should be evaluated
in conjunction with those GAAP results. A reconciliation of the non-GAAP results
to the most directly comparable U.S. GAAP results is contained in tabular form
in Exhibit 99.2. 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.
Such information shall not be deemed "filed" for purposes of Section 18 of the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), and is not
incorporated by reference into any filing of the Company, whether made before or
after the date hereof, regardless of any general incorporation language in such
filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
99.1 Press Release, dated January 25 , 202 3 announcing
fourth quarter 2022 financial results.
99.2 Stockholder Letter dated Jan uary 25 , 202 3 announcing
financial results of the Company.
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