Company: CALX
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001406666-25-000045
Chunk: 123

Company: CALIX, INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 2
Chunk 123
---
 inventory deposits.

Net cash provided by operating activities was $53.0 million for the nine months ended September 28, 2024 and consisted of a net loss of $11.8 million offset by non-cash charges of $49.1 million and cash flow increases of $15.7 million reflected in the net change in assets and liabilities. Non-cash charges primarily consisted of stock-based compensation of $48.7 million and depreciation and amortization of $14.8 million partially offset by deferred income taxes of $10.4 million and the net accretion of available-for-sale securities of $4.0 million. Cash flow increases resulting from the net change in assets and liabilities primarily consisted of a decrease in accounts receivable of $40.8 million and inventory of $32.4 million, both in line with our revenue decline, and a decrease in prepaid expenses and other assets of $7.7 million mainly due to a decrease in our inventory deposits. These changes were partially offset by a decrease in accrued liabilities of $42.6 million relating to various factors including a decrease in our liability for components, a decrease in incentive compensation related accruals and the settlement of a legal matter; a decrease in accounts payable of $11.8 million due to decreased inventory purchases; and a decrease in deferred revenue of $10.6 million primarily due to the recognition of previously deferred revenue and a trend to move customers to monthly from annual billing arrangements.

Investing Activity

For the nine months ended September 27, 2025, cash used in investing activities of $0.9 million consisted of capital expenditures of $13.7 million, consisting primarily of purchases of test equipment, partially offset by net maturities and sales of marketable securities of $12.8 million.

For the nine months ended September 28, 2024, cash used in investing activities of $75.9 million consisted of net purchases of marketable securities of $63.0 million and capital expenditures of $12.9 million, consisting primarily of purchases of test and computer equipment.

Financing Activities

Net cash used in financing activities of $36.2 million for the nine months ended September 27, 2025 primarily consisted repurchases of our common stock of $77.0 million partially offset by proceeds from the issuance of common stock related to our equity plans of $40.8 million.

Net cash provided by financing activities of $21.7 million for the nine months ended September 28, 2024 primarily consisted of proceeds