Company: CALX
Filing Date: 2025-04-22
Form Type: 10-Q
Source: 0001406666-25-000016
Chunk: 29

Company: CALIX, INC
Filing Date: 2025-04-22
Form: 10-Q
Item: Part I, Item 1
Chunk 29
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 in accrued liabilities of $14.6 million relating to various factors including a decrease in incentive compensation related accruals.

Net cash provided by operating activities was $14.7 million for the three months ended March 30, 2024 and consisted of net income of $0.1 million and non-cash charges of $17.9 million offset by cash flow decreases of $3.3 million reflected in the net change in assets and liabilities. Non-cash charges primarily consisted of stock-based compensation of $16.9 million and depreciation and amortization of $4.9 million partially offset by deferred income taxes of $2.4 million and the net accretion of available-for-sale securities of $1.4 million. Cash flow decreases resulting from the net change in assets and liabilities primarily consisted of a decrease in accrued liabilities of $28.9 million due to the payout of incentive compensation and a decrease in the reserves for inventory held at suppliers, and a decrease in accounts payable of $16.0 million due to the timing of inventory payments. These changes were partially offset by a decrease in accounts receivable of $25.7 million, due to the timing of customer payments and lower sales in the first quarter of 2024 than the prior quarter, a decrease in inventory of $13.2 million as the supply chain continued to normalize, and an increase in deferred revenue of $2.3 million primarily due to support contract renewals as well as an increase in customer payments received or due in advance of satisfying the related contract’s performance obligation.

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Investing Activity

For the three months ended March 29, 2025, cash provided by investing activities of $11.0 million consisted of net purchases of marketable securities of $15.3 million and partially offset by capital expenditures of $4.3 million, consisting primarily of purchases of test and computer equipment.

For the three months ended March 30, 2024, cash provided by investing activities of $3.3 million consisted of net maturities of marketable securities of $7.0 million partially offset by capital expenditures of $3.7 million, consisting primarily of purchases of test and computer equipment.

Financing Activities

Net cash used in financing activities of $29.1 million for the three months ended March 29, 2025 primarily consisted repurchases of our common stock of $40.0 million partially offset by proceeds from the issuance of common stock related to our equity plans of $10.8 million.

Net