Calix, Inc

Greetings, everyone, and welcome to the Calix fourth quarter 2025 earnings call. At this time, all participants are in a listen-only mode. The 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 is now my pleasure to introduce your host, Nancy Fazioli, Vice President of Investor Relations. Nancy, please go ahead.

Thank you, Daryl, and good morning, everyone. Thank you for joining our fourth quarter 2025 earnings call. Today on the call, we have President and CEO Michael Leaning and Chief Financial Officer Corey Sindelar. As a reminder, yesterday after the market closed, Calus issued a news release, which was furnished on a Form 8K along with our stockholder letter and was also posted in the investor relations section of the Calus website. Today's conference call will be available for webcast replay in the investor relations section of our website. Before I turn the call over to Michael for his opening remarks, I want to remind everyone that 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 that 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 the fourth quarter 2025 letter to stockholders and in the 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 in this conference call, we will discuss both GAAP and non-GAAP financial measures. A reconciliation of GAAP to non-GAAP measures is included in the fourth quarter 2025 letter to stockholders. And once otherwise stated, all financial information referenced in this call will be non-GAAP. With that, Michael, please go ahead.

Thank you, Nancy, and good morning. We closed 2025 with the best performance in the company's history, expanding our strong foundation that we have invested 15 years building with team members, customers, and partners. Record revenue, our sixth quarter of consecutive revenue growth while guiding higher in first quarter. Record gross margin, our eighth quarter of consecutive margin improvement, expanding RPOs driven by excitement around our third generation platform, and continued operational discipline, yielding our 11th consecutive quarter of eight-figure free cash flow and ending the year with record cash. These results underscore the strength of our platform model as we contribute to the success of our broadband experience provider customers. We also launched the third generation of our Calix platform in December, with more than 300 customers already migrated as of today, and we are working to complete all customer migrations by the end of first quarter. This marks a significant milestone for Calix and our customers as Calix agent workforce integrates into everything that we do, while our partnership with Google Cloud allows our platform to be deployed to any customer in the world whether Calix hosted or as a private instance for a large customer. Last, we continue to improve the culture that supports the success of our customers every single day, as evidenced by our 44 culture and 20 innovation awards, adding 16 awards in fourth quarter alone. Our team is particularly proud of these awards as success starts with people. The Q4 results are strong culture and the successful launch of the third generation of our platform that adds capacity and capability for existing customers through agent workforce cloud, the opportunity in the MDO market with SmartLife and the ability to address new global markets and large customers with private clouds has our team entering 2026 very confident in our ability to continue our track record of enabling customers to simplify operations and go to market, innovate across residential, business, MDU, and municipal segments, which enables them to grow for their members, investors, and the communities they serve at a faster and faster pace. As we exit 2025, it also marks the end of the early adopter phase of the market disruption, and with demand visibility at an all-time high, our entrance into a sustained growth phase for 2026 and beyond. Corey, over to you to walk through the specifics of our Q4 performance.