Calix, Inc. (NYSE:CALX) Q1 2024 Earnings Conference Call April 23, 2024 8:30 AM ET
Company Participants
Jim Fanucchi - Vice President of Investor Relations
Michael Weening - President & Chief Executive Officer
Cory Sindelar - Chief Financial Officer
Conference Call Participants
Ryan Koontz - Needham & Company
George Notter - Jefferies
Samik Chatterjee - JPMorgan
Scott Searle - ROTH MKM
Tim Savageaux - Northland Capital Markets
Christian Schwab - Craig-Hallum
Operator
Greetings, everyone and welcome to the Calix First Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the brief prepared remarks. [Operator Instructions] As a reminder, this conference call is being recorded.
It is now my pleasure to introduce your host, Jim Fanucchi, Vice President of Investor Relations. Sir, please go ahead.
Jim Fanucchi
Thank you, Melissa and good morning, everyone. Thank you for joining our first quarter 2024 earnings call. Today on the call we have President and CEO, Michael Weening; and Chief Financial Officer, Cory Sindelar. As a reminder, yesterday after the market closed, Calix issued a news release which was furnished on our Form 8-K along with our stockholder letter, and was also posted in the Investor Relations Section of the Calix website. Today's conference call will be available for webcast replay in the Investor Relations Section of our website.
Before I turn the call over to Michael for his opening remarks, I want to remind everyone on this call, we will refer to forward-looking statements, including 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 2024 letter to stockholders, and in the 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 in this conference call, we will discuss both GAAP and non-GAAP financial measures. A reconciliation of the GAAP to non-GAAP measures is included in the first quarter 2024 letter to stockholders. Unless otherwise stated, all financial information referenced in this call will be non-GAAP.
With that, it is my pleasure to turn the call over to Michael. Michael, please go ahead.
Michael Weening
Thank you, Jim. Our results in the first quarter demonstrated the continued execution and strength of our strategy. Our platform, cloud and managed services are enabling our broadband customers to succeed against their competitors every day. Their success delivers value to their stakeholders and in turn to Calix. Our unique broadband business model delivered record gross margins as BSPs deployment of the Calix platform, cloud and managed services continued unabated [ph]. However, our clients business remains challenged in the same way the market is, with larger customers re-evaluating their CapEx plans; this trend continued into the second quarter, which we did not forecast. Now that we understand this larger customer dynamic, we have adjusted our expectations accordingly.