Company: CALX
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001406666-25-000008
Chunk: 168

Company: CALIX, INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 8
Chunk 168
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 tax credits14.0 (13.5)(9.1)U.S. tax impact of foreign operations(0.4)(2.4)7.8 Stock-based compensation(24.3)8.8 — Other permanent items(1.7)2.5 1.2 Provision to return adjustments6.4 (9.7)(0.4)Valuation allowance(2.1)— 1.3 Attribute expiration(0.1)0.8 5.5 Uncertain tax positions(3.5)4.7 1.7 6.0 %15.6 %24.1 %

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The significant components of the Company’s deferred tax assets were as follows (in thousands):December 31,2024 2023Deferred tax assets:Net operating loss carryforwards$1,405 $1,020 Tax credit carryforwards53,788 58,349 Inventory14,737 16,592 Accruals and reserves5,090 6,684 Deferred revenue9,463 13,460 Stock-based compensation13,787 12,087 Lease liability1,445 2,277 Capitalized R&D114,050 93,340 Other383 144 Gross deferred tax assets214,148 203,953 Valuation allowance(30,571)(29,908)Total deferred tax assets183,577 174,045 Deferred tax liabilities:Fixed assets(1,760)(1,484)Right of use assets(1,006)(1,710)Intangible assets(3,211)(3,160)Total deferred tax liabilities(5,977)(6,354)$177,600 $167,691 All deferred taxes, along with any related valuation allowance, are classified in the Consolidated Balance Sheet as long-term.A valuation allowance is required when, based upon an assessment of various factors, including recent operating loss history, anticipated future earnings, and prudent and reasonable tax planning strategies, it is more likely than not that some portion of the deferred tax assets will not be realized. At each reporting period, the Company assesses the estimated future realizability of the gross carrying value of its deferred tax assets. The Company’s periodic assessments take into consideration both positive evidence (future profitability projections for example and recent financial performance) and negative evidence (historical financial performance for example) as it relates to