Company: CALX
Filing Date: 2025-07-22
Form Type: 10-Q
Source: 0001406666-25-000035
Chunk: 66

Company: CALIX, INC
Filing Date: 2025-07-22
Form: 10-Q
Item: Part I, Item 8
Chunk 66
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2024 mainly due to increases in personnel expenses of $2.8 million and stock-based compensation of $2.3 million. These increases were partially offset by a decrease in professional services expenses of $1.0 million.

22

Table of Contents

For the three and six months ended June 28, 2025, general and administrative expenses as a percentage of revenue were flat compared to the same periods in 2024. We expect our general and administrative investments to be fairly constant in absolute dollars in the near term and decline as a percentage of revenue.

Interest and Other Expense, net

The following table sets forth our interest and other expense, net (dollars in thousands): Three Months EndedSix Months Ended June 28,2025June 29,2024VarianceinDollarsVarianceinPercentJune 28,2025June 29,2024VarianceinDollarsVarianceinPercentInterest and other expense, net$3,036 $2,674 $362 14 %$6,127 $5,174 $953 18 %Percent of revenue1 %1 %1 %1 %

Interest and other expense, net increased by $0.4 million and $1.0 million as compared with the corresponding periods in 2024 mainly due to a larger cash and marketable securities balance.

Income Taxes

The following table sets forth our income taxes (dollars in thousands):

 Three Months EndedSix Months Ended June 28,2025June 29,2024VarianceinDollarsVarianceinPercentJune 28,2025June 29,2024VarianceinDollarsVarianceinPercentIncome taxes (benefit)$3,626 $(724)$4,350 (601)%$5,423 $(359)$5,782 (1,611)%Effective tax rate105.8 %8.3 %1,241.0 %4.4 %

For the three and six ended June 28, 2025, our income tax expense was $3.6 million for an effective tax rate of 105.8%, which differed from the statutory rate of 21% primarily due to the effect of non-deductible stock-based compensation for executive officers offset by the favorable impact of U.S. federal research tax credits, excess tax benefits from stock-based compensation and the U.S. tax impact of foreign operations. The effective tax rates