Company: CALX
Filing Date: 2025-07-22
Form Type: 10-Q
Source: 0001406666-25-000035
Chunk: 53

Company: CALIX, INC
Filing Date: 2025-07-22
Form: 10-Q
Item: Part I, Item 8
Chunk 53
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 with the rules of the SEC and other applicable legal requirements. The specific timing, price and size of the purchases depends on prevailing stock prices, general economic and market conditions and other considerations consistent with the Company’s capital allocation strategy. The repurchase program does not obligate the Company to acquire a particular amount of common stock, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion. In April 2025, the Company’s Board of Directors authorized a $100.0 million increase to this program. During the three months ended June 28, 2025, the Company purchased 1.0 million shares of common stock for an aggregate purchase price of $33.6 million at an average price per share of $33.24. During the six months ended June 28, 2025, the Company purchased 2.2 million shares of common stock for an aggregate purchase price of $73.5 million at an average price per share of $33.95. As of June 28, 2025, the remaining authorized balance under this program was $129.4 million.

8. Revenue from Contracts with Customers

Contract AssetContract assets include amounts recognized as revenue prior to the Company’s contractual right to bill the customer. Amounts are billed in accordance with the agreed-upon contractual terms. Contract assets were $4.5 million as of June 28, 2025 as compared to $2.8 million as of December 31, 2024, and are included in prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets. The Company expects to bill 47% of the June 28, 2025 balance during 2025.Contract LiabilityDeferred revenue was $45.9 million, $50.8 million and $47.6 million as of June 28, 2025, March 29, 2025 and December 31, 2024, respectively. The decrease in the deferred revenue balance for the three and six months ended June 28, 2025 was driven by $11.8 million and $16.4 million of revenue recognized that was included in the deferred revenue balance at the beginning of each respective period, partially offset by cash payments received or due in advance of satisfying the Company’s performance obligations.Remaining performance obligations (“RPOs”) represent contractual commitments that have not yet been fulfilled, which include deferred revenue and amounts that will be invoiced and recognized