For consistent and significant growth in
revenue, profits, and stock return over three years, Calix earns
recognition on the Fortune list of “100 Fastest-Growing Companies”
for 2023
Calix, Inc.(NYSE: CALX) made its debut on Fortune’s 38th annual
“100 Fastest-Growing Companies” list for 2023, ranking 82nd based
on growth in revenue, profits, and stock returns. All companies
named to the list have delivered an average annual return of 42
percent to their shareholders and outperformed the S&P 500’s
annual return of 15 percent over a three-year period through June
2023. Each of the fastest-growing companies reflects steady and
continuous growth over multiple years, indicative of leadership and
expertise for their respective industries. Calix joins the list
alongside technology leaders such as Tesla and Nvidia.
Calix was founded in the United States 24 years ago by the
current board chairman, Carl Russo, with an initial strategic focus
on serving rural American broadband service providers (BSPs). This
conscious strategy has ensured that the company builds products to
reflect the innovation in rural America that Russo admires while
enabling Calix to transform the service provider industry as he did
previously with Cerent, which was sold to Cisco for $6.9 billion in
1999.
“By starting the company focused on the needs of rural America,
Calix has avoided the pitfalls and myopia that are common when
start-ups build for a single large customer,” said Michael Weening,
president and chief executive officer at Calix. “The Calix
broadband platform was built to serve the market and BSPs of all
sizes. The platform serves Verizon, who sole-sourced their
next-generation network to Calix—which will address the needs of
tens of millions of subscribers with operational savings as high as
80 percent a month—while also enabling the success of much smaller
BSPs. A great example is Cumberland Connect, in Clarksville,
Tennessee, who is leveraging the platform to transform their
business for tens of thousands of subscribers, to grow the
communities they serve by delivering exceptional experiences, as
evidenced by their incredible Net Promoter Score℠ (NPS®) of
+90.”
Twelve years ago, Russo set Calix on a disruptive path to
transform from a network hardware company into a software and cloud
platform company. “Russo foresaw the disruption that is currently
engulfing the broadband industry,” said Weening. “Today, legacy
network operators measure success by homes passed and use broadband
speed as their go-to-market strategy. That is not a winning
playbook. Calix-partnered BSPs are leveraging our $1.2 billion,
12-year investment in our platform and growing portfolio of managed
services to disrupt the market through a new business model that is
winning. We call this the ‘Transform Your Community’ playbook.”
BSPs are leveraging the Calix broadband platform and “Transform
Your Community” playbook to:
- Simplify their business, yielding record operating
margins and time to market, as evidenced by Tombigbee Fiber.
Founded during the global pandemic by the 90-year-old Tombigbee
Electric Power Association, Tombigbee Fiber embraced the complete
Calix broadband platform to become cash-flow positive in just two
years—versus the seven-to-12-year norm—while achieving seven-figure
monthly profitability in their third year. They quickly embraced
managed services, launching Bark in only 14 days to protect
children in their communities from digital dangers like
cyberbullying, a custom integration that would have taken one to
two years in a legacy model. As a result, Tombigbee Fiber has
achieved a stunning NPS of +91 in an industry that commonly sees
single-digit or negative scores.
- Excite their subscribers by leveraging a rapidly
expanding portfolio of managed services fully integrated for the
Calix platform. Each managed service works seamlessly with all
Calix GigaPro™ and Calix GigaSpire® BLAST systems—making up the
industry’s largest portfolio of Wi-Fi systems. The Calix platform
allows the BSP to meet the needs of residential, business, local
government, and community subscribers by mixing and matching Wi-Fi
systems and SmartLife™ offerings—encompassing SmartHome™,
SmartTown™, SmartBiz™, SmartMDU™, and ManagedBiz™—to transform the
entire community. The power of this transformative business model
is evidenced by Hunter Communications, which has achieved a 4.8 out
of 5 Google star rating (when legacy competitors are as low as
1.1), and ALLO Communications, which has achieved an incredible NPS
of +73 in residential.
- Grow for their investors and members. By investing in
the end-to-end Calix broadband platform, Lumos has achieved 67
percent year-over-year growth with an NPS of +75 and remains on
track to connect one million homes over the next five years.
Meanwhile, cooperative United Fiber returned $9 million to their
cooperative members after decades of financial struggles.
Similarly, Gibson Connect is transforming the 13th poorest region
in America into a thriving community for generations to come.
Finally, the financial success of Tombigbee Fiber enabled them to
further invest in their community by leveraging SmartTown to cover
nine local football fields with Wi-Fi.
The Calix transformation to a platform company was completed in
2022, solidly placing the company in a unique position to enable
BSPs of all sizes to disrupt legacy network operators and transform
the communities they serve at an opportune time. In the coming
years, the U.S. government will provide more than $60 billion in
funding to transform rural America with broadband connectivity.
This funding is designated to drive growth for exactly the kind of
rural and regional businesses that Calix has partnered with for
decades.
The power of the Calix broadband platform and managed services
model has been evidenced in the company’s ongoing fiscal results.
In Q3 2023, Calix delivered record revenue (the 10th consecutive
quarter of sequential revenue growth) and record GAAP gross margin
(highlighted by the fifth consecutive quarter of sequential gross
margin expansion), and beat earnings per share (EPS)
expectations.
Of note, with the revenue guidance included in its October 23,
2023, stockholder letter, Calix is on track to organically grow
annual revenue past $1 billion in fiscal 2023, a milestone that
only 1 in 400 companies achieve.
“I decided to leave Salesforce and join Calix seven years
ago—halfway through its transformation from a hardware company to a
platform company—based on the customer-centric, purpose-driven
culture and Carl’s vision of the broadband industry’s inevitable
disruption,” said Weening. “Legacy network operators who believe in
the homes passed goal and that a fast broadband speed will win are
failing as they come up against Calix platform-enabled BSPs who are
changing the game—the essence of a disruption. These BSPs are
leveraging our platform to serve their entire
community—residential, business, education, and local
government—and deliver results that have never been seen in the
broadband industry before. Those results include incredibly high
NPS scores of 80 and 91, which are typical for Calix customers but
uncommon industrywide, where such scores are usually in the single
or negative digits; homes and businesses connected by percentages
of 50, 60, or even 70; and repeatable margin growth and record cash
flow. The Calix broadband platform and managed services model works
by enabling the Calix ‘Transform Your Community’ playbook that we
have developed in partnership with our innovative BSP customers. We
are proud that we are living our purpose—making these BSPs and the
communities they serve wildly successful. Best of all, we are just
getting started.”
Calix was recently named one of the Top 10 Businesses in America
(innovation category) by the CEO Forum Group. To understand the
Calix journey to this point, read the interview with Michael
Weening in CEO Forum Magazine.
About Calix
Calix, Inc. (NYSE: CALX)—Broadband service providers of all
sizes leverage the Calix platform and teams to simplify their
business and excite their subscribers to grow the value of their
business and for their communities for generations. The
democratizing power of the platform and portfolio of managed
services enables them to operate efficiently, acquire subscribers,
and deliver exceptional experiences. Calix is dedicated to driving
continuous improvement in partnership with our growing ecosystem to
support the transformation of our customers and their
communities.
This press release contains forward-looking statements that are
based upon management’s current expectations and are inherently
uncertain. These forward-looking statements include, but are not
limited to, statements regarding revenue growth and growth
trajectory, predictability of Calix’s performance and the continued
demand of its broadband platform and managed services model, the
amount and availability of government subsidies, the benefits of
Calix’s broadband platform and managed services to BSPs, and
customer achievements. Forward-looking statements are based upon
information available to us as of the date of this release, and we
assume no obligation to revise or update any such forward-looking
statement to reflect any event or circumstance after the date of
this release, except as required by law. Actual results and the
timing of events could differ materially from current expectations
based on risks and uncertainties affecting Calix’s business. The
reader is cautioned not to rely on the forward-looking statements
contained in this press release. Additional information on
potential factors that could affect Calix’s results and other risks
and uncertainties are detailed in its Quarterly Reports on Form
10-Q and Annual Report on Form 10-K filed with the SEC and
available at www.sec.gov.
Calix and the Calix logo are trademarks or registered trademarks
of Calix and/or its affiliates in the U.S. and other countries. A
listing of Calix’s trademarks can be found at
https://www.calix.com/pages/trademarks.html. Third-party trademarks
mentioned are the property of their respective owners.
Net Promoter®, NPS®, NPS Prism®, and the NPS-related emoticons
are registered trademarks of Bain & Company, Inc., Satmetrix
Systems, Inc., and Fred Reichheld. Net Promoter Score℠ and Net
Promoter System℠ are service marks of Bain & Company, Inc.,
Satmetrix Systems, Inc., and Fred Reichheld.
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version on businesswire.com: https://www.businesswire.com/news/home/20231109269355/en/
Press Inquiries: Zach Burger 669-369-1991
zach.burger@calix.com
Investor Inquiries: Jim Fanucchi
investorrelations@calix.com
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