Company: CALX
Filing Date: 2025-07-22
Form Type: 10-Q
Source: 0001406666-25-000035
Chunk: 52

Company: CALIX, INC
Filing Date: 2025-07-22
Form: 10-Q
Item: Part I, Item 8
Chunk 52
---
 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 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 SPMP 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 for the combination of the purchase and matching components. As of June 28, 2025, there were 1.8 million shares available for issuance under the NQ ESPP. During the six months ended June 28, 2025, 0.5 million shares were purchased and issued. As of June 28, 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 EndedSix Months EndedJune 28,2025June 29,2024June 28,2025June 29,2024Cost of revenue$764 $707 $1,544 $1,343 Sales and marketing11,047 4,191 17,516 9,041 Research and development5,890 4,398 10,971 8,913 General and administrative7,912 6,162 15,326 13,018 $25,613 $15,458 $45,357 $32,315 Income tax benefit recognized$3,664 $2,114 $5,157 $5,426 Stock Repurchase ProgramThe Company maintains a common stock repurchase program. Under the repurchase program, repurchases can be made from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions or otherwise, all in accordance