Company: CALX
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001406666-25-000045
Chunk: 121

Company: CALIX, INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 2
Chunk 121
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 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 EndedNine Months Ended September 27,2025September 28,2024VarianceinDollarsVarianceinPercentSeptember 27,2025September 28,2024VarianceinDollarsVarianceinPercentInterest and other expense, net$2,929 $3,104 $(175)(6)%$9,056 $8,278 $778 9 %Percent of revenue1 %2 %1 %1 %

For the three months ended September 27, 2025, interest and other expense, net was down slightly compared with the corresponding period in 2024 due to lower accretion of marketable securities. For the nine months ended September 27, 2025, interest and other expense, net increased by $0.8 million compared with the same period a year ago as we had a larger average cash balance.

Income Taxes

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

 Three Months EndedNine Months Ended September 27,2025September 28,2024VarianceinDollarsVarianceinPercentSeptember 27,2025September 28,2024VarianceinDollarsVarianceinPercentIncome taxes (benefit)$4,676 $(3,824)$8,500 (222)%$10,099 $(4,183)$14,282 (341)%Effective tax rate23.0 %49.1 %48.6 %26.1 %

For the three and nine months ended September 27, 2025, our income tax expense was $4.7 million and $10.1 million for an effective tax rate of 23.0% and 48.6%, respectively, 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 and excess tax benefits from stock-based compensation. The effective tax rate for the three months ended September 27, 2025 is lower than the corresponding period in 2024 primarily due to lower return-to-provision adjustments and higher excess tax benefits from share-based compensation exercises, offset by a relatively higher level of non-deductible stock-based compensation for