Item 5. Market for Registrant’s Common Equity
ITEM 5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Comparative Stock Prices
Our common stock has been trading on the New York Stock Exchange, under the trading symbol “CALX” since our initial public offering on March 24, 2010. Prior to this time, there was no public market for our common stock.
Number of Common Stockholders
As of February 10, 2021, the approximate number of holders of our common stock was 498 (not including beneficial owners of stock held in street name).
Dividends
We have never declared or paid any cash dividends on our common stock, and we do not currently intend to pay any cash dividends on our common stock in the foreseeable future. In addition, our BofA Loan Agreement requires BofA's consent before dividends can be declared. See Note 5 “Credit Agreements” of Notes to Consolidated Financial Statements included in this Annual Report on Form 10-K.
Recent Sales of Unregistered Securities
None.
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Performance Graph
The following graph shows a comparison of the cumulative total stockholder return on our common stock with the cumulative total returns of the NYSE Composite Index, Russell 2000 Index and the S&P 500 Communications Equipment Index. The S&P 500 Communications Equipment Index replaces the Morningstar Communication Equipment Index in this analysis and going forward, as the latter data is no longer accessible. The latter index has been included with data through 2019. The graph tracks the performance of a $100 investment in our common stock and in each of the indexes during the last five fiscal years ended December 31, 2020. Data for the Russell 2000 Index and S&P 500 Communications Equipment assume reinvestment of dividends. Stockholder returns over the indicated period are based on historical data and should not be considered indicative of future stockholder returns.
This performance graph shall not be deemed “soliciting material” or to be “filed” with the SEC for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities under that Section, and shall not be deemed to be incorporated by reference into any filing of Calix, Inc. under the Securities Act of 1933, as amended.
ITEM 6. Selected Financial Data
The following selected consolidated financial data should be read in conjunction with our consolidated financial statements and the related notes thereto, of this Annual Report on Form 10-K, the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the other financial information and data appearing elsewhere in this Annual Report on Form 10-K. The selected financial data included in this section is not intended to replace and is not a substitute for, the consolidated financial statements and related notes in this Annual Report on Form 10-K.
We derived the statements of operations data for the years ended December 31, 2020, 2019 and 2018 and the balance sheet data as of December 31, 2020 and 2019 from our audited consolidated financial statements and related notes thereto of this Annual Report on Form 10-K. We derived the statements of operations data for the years ended December 31, 2017 and 2016 and the balance sheet data as of December 31, 2018, 2017 and 2016 from our audited consolidated financial statements and related notes which are not included in this Annual Report on Form 10-K. Historical results for any prior period are not necessarily indicative of future results for any period.
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Years Ended December 31,
2020 2019 2018 2017 2016
(In thousands, except per share data)
Statement of Operations Data:
Revenue $ 541,239 $ 424,330 $ 441,320 $ 510,367 $ 458,787
Cost of revenue (1)
274,220 236,405 243,938 337,477 257,569
Gross profit 267,019 187,925 197,382 172,890 201,218
Operating expenses:
Sales and marketing (1)
94,185 82,553 86,432 82,781 83,675
Research and development (1)
85,258 81,184 89,963 127,541 106,869
General and administrative (1)
44,444 37,115 40,500 39,875 41,592
Restructuring charges 6,286 — 5,705 4,249 —
Loss on asset retirement — 2,474 — — —
Gain on sale of product line — — (6,704) — —
Amortization of intangible assets — — — — 1,701
Litigation settlement gain — — — — (4,500)
Total operating expenses 230,173 203,326 215,896 254,446 229,337
Income (loss) from operations 36,846 (15,401) (18,514) (81,556) (28,119)
Interest and other income (expense), net (2,562) (1,131) (254) (233) 1,064
Income (loss) before provision for income taxes 34,284 (16,532) (18,768) (81,789) (27,055)
Provision for income taxes 800 1,162 530 1,243 347
Net income (loss) $ 33,484 $ (17,694) $ (19,298) $ (83,032) $ (27,402)
Net income (loss) per common share:
Basic $ 0.57 $ (0.32) $ (0.37) $ (1.66) $ (0.56)
Diluted $ 0.54 $ (0.32) $ (0.37) $ (1.66) $ (0.56)
Weighted-average number of shares used to compute net income (loss) per common share:
Basic 59,074 54,993 52,609 50,155 48,730
Diluted 61,998 54,993 52,609 50,155 48,730
(1) Includes stock-based compensation as follows:
Cost of revenue $ 1,025 $ 896 $ 1,248 $ 749 $ 672
Sales and marketing 4,736 3,415 5,787 3,433 4,586
Research and development 4,273 3,913 5,969 4,869 5,125
General and administrative 3,926 2,957 4,469 3,317 3,902
$ 13,960 $ 11,181 $ 17,473 $ 12,368 $ 14,285
December 31,
2020 2019 2018 2017 2016
(In thousands)
Balance Sheet Data:
Cash, cash equivalents, restricted cash and marketable securities $ 133,789 $ 47,457 $ 50,274 $ 39,775 $ 78,107
Working capital 165,850 28,324 31,079 34,123 97,926
Total assets 427,352 316,823 317,080 295,070 355,475
Common stock and additional paid-in capital 949,608 897,444 877,555 852,475 837,931
Total stockholders’ equity 280,325 154,028 151,934 144,963 212,964
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