Company: CALX
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001406666-25-000008
Chunk: 102

Company: CALIX, INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 1B
Chunk 102
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 as a percentage of net income before income taxes, were as follows:Years Ended December 31,2024 2023 2022Federal statutory rate21.0 %21.0 %21.0 %Impact of state taxes0.9 2.6 (4.9)Foreign operations(4.2)0.8 — R&D tax credits14.0 (13.5)(9.1)U.S. tax impact of foreign operations(0.4)(2.4)7.8 Stock-based compensation(24.3)8.8 — Other permanent items(1.7)2.5 1.2 Provision to return adjustments6.4 (9.7)(0.4)Valuation allowance(2.1)— 1.3 Attribute expiration(0.1)0.8 5.5 Uncertain tax positions(3.5)4.7 1.7 6.0 %15.6 %24.1 %

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The significant components of the Company’s deferred tax assets were as follows (in thousands):December 31,2024 2023Deferred tax assets:Net operating loss carryforwards$1,405 $1,020 Tax credit carryforwards53,788 58,349 Inventory14,737 16,592 Accruals and reserves5,090 6,684 Deferred revenue9,463 13,460 Stock-based compensation13,787 12,087 Lease liability1,445 2,277 Capitalized R&D114,050 93,340 Other383 144 Gross deferred tax assets214,148 203,953 Valuation allowance(30,571)(29,908)Total deferred tax assets183,577 174,045 Deferred tax liabilities:Fixed assets(1,760)(1,484)Right of use assets(1,006)(1,710)Intangible assets(3,211)(3,160)Total deferred tax liabilities(5,977)(6,354)$177,600 $167,691 All deferred taxes, along with any related valuation allowance, are classified in the Consolidated Balance Sheet as long-term.A valuation allowance is required when, based upon an assessment of various factors, including recent operating loss history, anticipated future earnings, and prudent and reasonable tax planning strategies, it is more