The following is a summary of the Calix, Inc. (CALX) Q3 2024 Earnings Conference Call Transcript:
Financial Performance:
Calix, Inc. reported Q3 2024 revenue of $201 million, a 1.4% sequential growth.
Record non-GAAP gross margin reached 55.4% during the third quarter.
Non-GAAP operating expenses were $105 million, up $1 billion from the prior quarter primarily due to marketing expenses.
Business Progress:
Calix sustained engagement in strategic customer and market expansion by adding 13 new customers and entering new verticals with 23 customers launching managed services for the first time.
They highlighted ongoing investment in their platform, cloud, and managed services to enable growth and improve operational efficiencies.
Opportunities:
The growth in Remaining Performance Obligations (RPOs) suggests sustained demand for Calix's services, expecting further growth as customers expand their subscriber base.
The upcoming Broadband Equity, Access, and Deployment (BEAD) program is seen as a significant growth driver once states begin to award funds, expected to boost bookings by early 2025.
Risks:
The normalization of buying patterns for appliances indicates a modest growth outlook in the near term.
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