Company: CALX
Filing Date: 2025-04-22
Form Type: 10-Q
Source: 0001406666-25-000016
Chunk: 9

Company: CALIX, INC
Filing Date: 2025-04-22
Form: 10-Q
Item: Part I, Item 1
Chunk 9
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$318 $126,497 Commercial paper49,624 (9)49,615 U.S. government securities48,915 121 49,036 U.S. government agency securities19,838 37 19,875 Certificates of deposit12,612 11 12,623 $257,168 $478 $257,646 As of December 31, 2024Amortized CostUnrealized Gains, net Fair ValueCorporate debt securities$123,519 $182 $123,701 U.S. government securities74,118 14 74,132 Commercial paper32,766 7 32,773 U.S. government agency securities24,380 31 24,411 Certificates of deposit16,505 15 16,520 $271,288 $249 $271,537 

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Table of Contents

4. Fair Value Measurements

The Company measures its cash equivalents and marketable securities at fair value on a recurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The Company utilizes the following three-tier value hierarchy, which prioritizes the inputs used in measuring fair value:Level 1 – Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.Level 2 – Observable inputs other than quoted prices included in Level 1 for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-driven valuations in which all significant inputs and significant value drivers are observable in active markets.Level 3 – Unobservable inputs to the valuation derived from fair valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The fair value hierarchy also requires the Company to maximize the use of observable inputs, when available, and to minimize the use of unobservable inputs when determining inputs and determining fair value.The following tables sets forth the Company’s financial assets measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in thousands): As of March 29, 2025Level 1Level 2TotalMoney market funds$8,937 $— $8,937 U.S. government securities49,036 —