Several people have described the same issue I have:
Each time you open dialer, the first time you hit the numpad icon, instead of numpad showing up, whitespace does (the numpad overlay/window appears, but the contents are not correctly painted and I wasn't adventurous enough to try randomly jabbing things, but I suspect the buttons may not work).
IF you backed out of this messed up display to regular dialer window, then hit the numpad icon again, number pad window shows up and works correctly.
Madriss solution (changing the Animation duration scale in the developer options under settings) does make this behaviour cease and numpad comes up correctly the first time. Thank you Madriss!

:dancing2:
I experienced this issue all the way up to and including a current 4.4 release of Android for my Nexus 4. They have not fixed it.
The nature of the issue suggests some sort of timing/initialization issue the first time the numpad window is required after dialer start. The fact changing the animation duration slightly fixed it probably confirms that.
Now, it's ridiculous to have to change a developer setting to a non-default setting to get your MOST BASIC FUNCTION on a phone to not glitch.
Any answer that starts with 'The problem will go away if you factory reset your phone....' is also a big FAIL (someone else suggested this, Madriss answer does not require this). I probably have 100 apps installed and configured plus boat loads of data on my phone. Even if this could all be easily replaced, the time hit to do a full factory reset and then reload and reconfigure is on the order of 15+ hours I imagine. There's NO EXCUSE for this kind of solution to be required on what are CORE PHONE FUNCTIONS.
I can't believe the poor quality control that let this one ever get deployed to devices. Even the most basic dialer test would reveal this one and the dialer should have a high priority. I think Google frequently drops balls and this is one example (kind of like removing table of contents with page numbers from desktop Google Docs and never replacing it....WT#BBQ!!???). I've worked on a lot of large software projects and even the crappiest of companies would have thought twice about letting this one go out.
Tom
On my Nexus 5 I had this problem too where if I press the icon at the bottom to bring up the dialpad it would just give me a bit of white space, then I'd have to press back and then press it again to get it to appear.
I found another discussion about this here:
https://code.google.com/p/android/issues/detail?id=62394
It turns out I had "Animator duration scale" set to "Off" in the developer settings, and changing that to ".5x" fixed the problem for me.
Apparently the Nexus 4 had the same problem so maybe it's a similar thing happening with the Moto X.