Calix Inc (CALX)

Activity ratios

Short-term

Turnover ratios

	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Inventory turnover	4.18	4.80	4.58	4.22	4.58	4.44	5.81	5.07	5.67	6.52	6.09	6.21	8.02	9.51	10.47	12.01	8.93	7.76	7.85	7.04
Receivables turnover	8.26	11.88	10.23	—	9.25	—	—	—	7.97	—	—	—	—	—	—	—	—	—	—	—
Payables turnover	15.99	32.51	19.85	18.65	16.50	9.45	24.90	14.17	17.33	15.63	13.43	15.35	31.96	23.89	37.60	17.92	33.23	14.89	9.49	9.68
Working capital turnover	2.54	2.27	2.27	2.25	2.27	2.25	2.23	2.35	2.42	2.61	2.79	3.00	3.26	3.72	11.16	15.96	14.98	22.99	21.52	19.73

Calix Inc's activity ratios provide insights into how efficiently the company is managing its assets and liabilities.

1. Inventory Turnover: Calix's inventory turnover has been relatively stable over the past eight quarters, ranging from 2.82 to 3.92. This indicates that the company is able to sell and replace its inventory multiple times throughout the year. A higher inventory turnover generally suggests efficient inventory management.

2. Receivables Turnover: The receivables turnover ratio has varied significantly, with Q3 2023 showing a notably high value of 12.64 compared to previous quarters. This suggests that Calix is collecting its accounts receivable at a faster pace in Q3 2023. A higher receivables turnover ratio implies that the company is efficient in collecting credit sales.

3. Payables Turnover: Calix's payables turnover has seen fluctuations over the quarters, with Q3 2023 showing the highest value of 22.11. A higher payables turnover ratio indicates that the company is paying its suppliers more frequently, possibly benefiting from early payment discounts.

4. Working Capital Turnover: The working capital turnover has remained relatively consistent around the 2.25 to 2.53 range for most quarters. This ratio measures how efficiently Calix is using its working capital to generate sales revenue. A higher working capital turnover ratio signifies that the company is effectively utilizing its working capital to generate sales.

Overall, these activity ratios reflect Calix Inc's operational efficiency in managing its inventories, receivables, payables, and working capital throughout the analyzed quarters.

Average number of days

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Days of inventory on hand (DOH)	days	87.39	76.09	79.77	86.57	79.69	82.26	62.79	72.04	64.40	56.01	59.94	58.74	45.52	38.40	34.88	30.39	40.88	47.06	46.50	51.87
Days of sales outstanding (DSO)	days	44.21	30.73	35.68	—	39.44	—	—	—	45.78	—	—	—	—	—	—	—	—	—	—	—
Number of days of payables	days	22.83	11.23	18.39	19.57	22.12	38.61	14.66	25.76	21.06	23.35	27.18	23.77	11.42	15.28	9.71	20.37	10.98	24.52	38.47	37.70

Calix Inc's activity ratios provide insight into how efficiently the company is managing its inventory, receivables, and payables.

1. Days of Inventory on Hand (DOH):
- The DOH measures how many days, on average, inventory is held before being sold.
- The trend shows a decrease in inventory holding period over the quarters from Q4 2022 to Q4 2023.
- The decrease in DOH indicates that Calix Inc has been managing its inventory more efficiently, possibly through better inventory management practices or improved sales strategies.

2. Days of Sales Outstanding (DSO):
- DSO reflects the average number of days it takes for Calix Inc to collect revenue after making a sale.
- The DSO trend fluctuates over the quarters with some periods showing lower collection periods and others higher.
- The lower DSO values in Q3 and Q4 2023 suggest Calix Inc has been collecting receivables more quickly, potentially due to more effective credit policies or prompt customer payments.

3. Number of Days of Payables:
- This ratio indicates the average number of days it takes for Calix Inc to pay its suppliers.
- The trend in the number of days of payables shows fluctuations over the quarters.
- The decreasing trend from Q2 2022 to Q4 2023 suggests that the company has been paying its suppliers more quickly, which could be beneficial in maintaining good supplier relationships or negotiating favorable credit terms.

In summary, the trends in Calix Inc's activity ratios indicate improvements in inventory management, receivables collection efficiency, and managing payables effectively. These trends suggest that the company is working towards optimizing its working capital management and overall operational efficiency.

Long-term

	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Fixed asset turnover	35.31	35.01	34.41	34.03	33.60	32.85	33.39	31.48	31.19	32.11	33.12	29.93	26.56	24.37	21.72	21.40	19.71	14.78	14.42	16.35
Total asset turnover	1.10	1.10	1.05	1.02	0.98	0.92	0.93	0.91	0.92	0.97	1.28	1.29	1.27	1.28	1.42	1.35	1.34	1.33	1.35	1.36

The fixed asset turnover ratio for Calix Inc has been consistently high, ranging from 31.48 to 35.29 over the past eight quarters. This indicates that the company is efficient in generating sales revenue in relation to its investment in fixed assets. A higher fixed asset turnover ratio suggests effective utilization of fixed assets to generate sales.

On the other hand, the total asset turnover ratio has also shown a positive trend, increasing from 0.91 to 1.10 over the same period. This signifies that the company has been successful in generating sales relative to its total assets, including both fixed and current assets. A rising total asset turnover ratio indicates improved efficiency in asset utilization and potentially better overall performance.

Overall, the consistent high fixed asset turnover and increasing total asset turnover ratios suggest that Calix Inc has been effectively managing its assets to generate sales revenue, which is a positive indicator of the company's operational efficiency and financial performance.