Company: CALX
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001406666-25-000045
Chunk: 13

Company: CALIX, INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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 Commercial paper21,180 22,715 U.S. government agency securities14,502 24,411 Certificates of deposit7,025 16,520 Total marketable securities244,611 253,929 $339,623 $297,091 The carrying amounts of the Company’s money market funds approximate their fair values due to their nature, duration and short maturities. The amortized cost and fair value of marketable securities were as follows (in thousands):As of September 27, 2025Amortized CostUnrealized Gains (Losses), netFair ValueCorporate debt securities$144,834 $516 $145,350 Commercial paper68,721 (15)68,706 U.S. government securities57,620 181 57,801 U.S. government agency securities14,481 21 14,502 Certificates of deposit7,020 5 7,025 $292,676 $708 $293,384 As of December 31, 2024Amortized CostUnrealized Gains, net Fair ValueCorporate debt securities$123,519 $182 $123,701 U.S. government securities74,118 14 74,132 Commercial paper32,766 7 32,773 U.S. government agency securities24,380 31 24,411 Certificates of deposit16,505 15 16,520 $271,288 $249 $271,537 

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Table of Contents

4. Fair Value Measurements

The Company measures its cash equivalents and marketable securities at fair value on a recurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The Company utilizes the following three-tier value hierarchy, which prioritizes the inputs used in measuring fair value:Level 1 – Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.Level 2 – Observable inputs other than quoted prices included in Level 1 for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-driven valuations in which all significant inputs and significant value drivers are observable in active markets.Level