Company: CALX
Filing Date: 2025-04-22
Form Type: 10-Q
Source: 0001406666-25-000016
Chunk: 15

Company: CALIX, INC
Filing Date: 2025-04-22
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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, 0.2 million shares were purchased under the ESPP. As of March 29, 2025, unrecognized stock-based compensation expense of $0.9 million related to the ESPP is expected to be recognized over a remaining service period of 0.4 years.The NQ ESPP allows eligible employees to purchase shares of the Company’s common stock through payroll deductions of up to 25% of their eligible recurring compensation. Eligible employees have the right to (a) purchase the maximum number of whole shares of common stock that can be purchased with the elected payroll deductions during each offering period for which 

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the employee is enrolled at a purchase price equal to the closing price of the Company’s common stock on the last day of such offering period and (b) receive an equal number of shares of the Company’s common stock that are subject to a risk of forfeiture in the event the employee terminates employment within the one year period immediately following the purchase date. The NQ ESPP provides quarterly offering periods from February 8th through May 7th, May 8th through August 7th, August 8th through November 7th and November 8th through February 7th of each year, with a maximum of 0.35 million shares allocated per purchase period. The maximum number of shares of common stock currently authorized for issuance under the NQ ESPP is 7.5 million shares. As of March 29, 2025, there were 2.0 million shares available for issuance under the NQ ESPP. During the three months ended March 29, 2025, 0.2 million shares were purchased and issued. As of March 29, 2025, unrecognized stock-based compensation expense of $12.0 million related to the NQ ESPP is expected to be recognized over a remaining weighted-average service period of 0.8 years.Stock-Based CompensationThe following table summarizes stock-based compensation expense (in thousands): Three Months EndedMarch 29,2025March 30,2024Cost of revenue$780 $636 Sales and marketing6,469 4,850 Research and development5,081 4,515 General and administrative7,415 6,855 $19,745 $16,856 Income tax benefit recognized$1,494 $3,312 Stock Repurchase ProgramThe Company maintains a common stock repurchase program. Under the repurchase program