Calix, Inc

Greetings and welcome to the Calix third quarter 2022 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. 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. It's now my pleasure to introduce your host, Jim Finucchi, Investor Relations with Calix. Sir, please go ahead.

Thank you, Operator, and good morning, everyone. Thank you for joining our third quarter 2022 earnings call. Today on the call, we have Calix Chairman Carl Russo, President and CEO Michael Weaney, and Chief Financial Officer Corey Sindelar. As a reminder, yesterday after the market closed, Calix issued a news release and filed an AK with the SEC, noting that our stockholder letter had been 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 the Calix website. Before I turn the call over to Carl and Michael for their 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 made different 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 third quarter 2022 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 GAAP to non-GAAP measures is included non-GAAP measures. With that, it is my pleasure to turn the call over to Carl. Carl?

Thank you, Jim. Robust demand continued in our third quarter, which resulted in a 37% year-over-year increase in revenue and a 65% year-over-year increase in RPOs. This growth continues to be driven by broadband service providers that are providing broadband as a service rather than just a dumb pipe. We expect this trend to continue, and many of our aggressive BSC customers are using the economic slowdown as an opportunity to gain share by delivering an exceptional subscriber experience to those who have never received one. On the supply front, the Calix team again outperformed, and we benefited from a pull forward of inventory, which provided us with the resources to meet more demand and enter the fourth quarter in a better position to meet our customers' subscriber growth. Higher revenue in the third quarter, combined with the revenue guide for the fourth quarter, puts us on a pathway to deliver our third consecutive year of 25% growth.