Calix, Inc

Greetings and welcome to the CALEX first quarter 2021 earnings call. At this time, all participants are in a listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. It is now my pleasure to introduce Tom Dinges, Director of Investor Relations

Thank you. You may begin. Thank you, Operator, and good morning, everyone. Thank you for joining our first quarter 2021 earnings call. Today on the call, we have CEO Carl Russo, Chief Financial Officer Corey Sindelar, and President and Chief Operating Officer Michael Weaning. As a reminder, yesterday after the close of market, we released our letter to stockholders and an 8 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. Before I turn the call over to Carl for his brief opening remarks, I want to remind you that in this call we refer to forward-looking statements, which include all statements we make about our 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 our first quarter 2021 letter to stockholders and in our 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, we will discuss both GAAP and non-GAAP financial measures. Reconciliation of GAAP to non-GAAP measures is included in our letter to stockholders. unless otherwise stated on this call, we will reference non-GAAP measures. With that, let me turn the call over to Carl. Carl?

Thanks, Tom. One year ago, we saw our business begin to accelerate, and we questioned how much of the growth was due to the work-from-home shift driven by the pandemic, and how much from investments in our new platform offerings. As the year progressed, we became more comfortable that the majority was due to an uplift in our all-platform offerings. While there is much work to be done, we can now see a path to ending the pandemic. And with the pandemic slowing across most of the regions we serve, our bookings remain strong and were robust this quarter. It is clear Calix platforms have been the substantial driver of our growth for the last four quarters. In a quarter where we again had no 10% customers, we grew revenue by 60% year over year. We saw strength across the business and our visibility continues to improve. While supply limitations remain our largest challenge, we again outperformed in the quarter, enabling us to exceed our guidance and build inventory to support the success of our customers. However, With silicon lead times stretched out to 50 weeks from 30 weeks in some cases, we expect supply to be a challenge throughout the remainder of this year and well into next year. As we continue to invest in growing our team, we also remain focused on keeping our culture tight. This keeps us well positioned to continue to capitalize on the opportunity ahead. We have the financial strength and the process maturity to execute on our mission to help our customers simplify their businesses, excite their subscribers, and grow their value. With that, let us open the call for questions. Daryl? Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment, please, while we poll for your questions. Thank you. Our first questions come from the line of George Nader with Jefferies. Please proceed with your questions.