Calix, Inc. (NYSE:CALX) Q1 2022 Earnings Conference Call April 26, 2022 8:30 AM ET
Company Participants
Carl Russo – Chief Executive Officer
Cory Sindelar – Chief Financial Officer
Michael Weening – President and Chief Operating Officer
Conference Call Participants
Paul Silverstein – Cowen
Michael Genovese – Rosenberg Securities
George Notter – Jeffries
Christian Schwab – Craig-Hallum
Chris Howe – Barrington Research
Tim Savageau – Northland Capital
Fahad Najam – Loop Capital
Ryan Koontz – Needham
Operator
Greetings, and welcome to the Calix First Quarter 2022 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded.
Today on the call, we have Calix’s Chairman and CEO, Carl Russo; Chief Financial Officer, Cory Sindelar; and President and Chief Operating Officer, Michael Weening.
As a reminder, yesterday, after the close of the market, Calix released its letter to stockholders in an 8-K filing as well as on the Investor Relations section of the Calix website. This conference call will be available for audio replay in the Investor Relations section of the Calix website.
During this call Calix will refer to forward-looking statements, which include all statements the company will make about its future financial and operating performance, growth strategy and market outlook. And actual results may differ materially from those contemplated by these forward-looking statements. Factors that could cause actual results and trends to differ materially are set forth in the first quarter 2022 letter to stockholders in their annual and quarterly reports filed with the SEC. Calix assumes no obligation to update any forward-looking statements, which speak only as of their respective dates.
Also on this conference call, Calix will discuss both GAAP and non-GAAP financial measures a reconciliation of GAAP to non-GAAP measures is included in the first quarter 2022 letter to stockholders. Unless otherwise stated, all numbers will reference on this call will be non-GAAP measures.
With that, let me turn it over to Calix’s Chairman and CEO, Carl Russo. Carl?
Carl Russo
Thank you, Laura. Robust demand for our all platform offerings continued in the first quarter as the Calix team again, executed with excellence. This combination delivered a breakthrough in our business model, a 5% sequential increase in revenue from the fourth quarter of 2021. We have put the seasonality associated with traditional systems businesses in our rear view mirror, and we are confident we will deliver sequential quarterly revenue growth from now on. This is the last significant piece of our evolution to delivering increased predictability resulting from our continued shift to our all platform model. This shift continues to build as over 70% of our bookings in the quarter came from our software platforms and associated systems and services. This is up from 50%, just three quarters ago. Our platforms enable BSPs to offer broadband as an exceptional service rather than just a dumb pipe. This makes our BSPs essential to their subscribers and thus very resistant to macroeconomic factors.