Calix, Inc

Greetings and welcome to the Calix third quarter 2021 earnings call. At this time, all participants are in the 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. As a reminder, this conference is being recorded. I'd now like to turn the conference over to your host, Mr. Tom Dinges, Director of Investor Relations for Calix. Thank you. You may begin.

Thank you, operator, and good morning, everyone. Thank you for joining our third quarter 2021 earnings call. Today on the call, we have Chairman and CEO Carl Lusso, Chief Financial Officer Corey Sindelar, and President and Chief Operating Officer Michael Weaney. As a reminder, yesterday after the close of market, we released our letter to stockholders in an AP filing, as well as on the investor relations section of the Calex website. This conference call will be available for audio replay in the investor relations section of the Calex 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 third quarter 2021 letter to stockholders and in our annual and quarterly reports filed with the FCC. 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 are 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. Bookings in the quarter continue to be led by the unrelenting growth of our all-platform offerings. Demand continued to broaden as we added 38 new customers to our already diverse base of broadband service providers of all types and sizes. The exceptional growth we have achieved over the last two years speaks to the power of our platforms, systems, and services. Fresh off our 16th Connections Conference, It is clear our customers are putting our platforms to good use, as many stood on stage and shared their stories of success with their peers. In short, our all-platform customers are taking share in their markets as they build the next generation of broadband service providers, and we are excited to help them win. While we are clearly positioned in front of a multi-year secular growth opportunity, it is also clear that the short-term supply challenges will persist for longer than we anticipated just a quarter ago. We now expect the supply challenges to persist through the entirety of 2022. While our supply chain team, again, performed well in the third quarter, their struggle will continue for the next four or five quarters. That said, we are up for the challenge. We have a high-performing team that continues to attract outstanding talent from many industries, supported by a strong balance sheet leveraging a focused product strategy. We are excited every day to help our customers simplify their business, excite their subscribers, and grow their value. With that, let's open the call for questions. Operator?