Company: CALX
Filing Date: 2025-04-22
Form Type: 10-Q
Source: 0001406666-25-000016
Chunk: 44

Company: CALIX, INC
Filing Date: 2025-04-22
Form: 10-Q
Item: Part I, Item 8
Chunk 44
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th through February 7th of each year, with a maximum of 0.35 million shares allocated per purchase period. The maximum number of shares of common stock currently authorized for issuance under the NQ ESPP is 7.5 million shares. As of March 29, 2025, there were 2.0 million shares available for issuance under the NQ ESPP. During the three months ended March 29, 2025, 0.2 million shares were purchased and issued. As of March 29, 2025, unrecognized stock-based compensation expense of $12.0 million related to the NQ ESPP is expected to be recognized over a remaining weighted-average service period of 0.8 years.Stock-Based CompensationThe following table summarizes stock-based compensation expense (in thousands): Three Months EndedMarch 29,2025March 30,2024Cost of revenue$780 $636 Sales and marketing6,469 4,850 Research and development5,081 4,515 General and administrative7,415 6,855 $19,745 $16,856 Income tax benefit recognized$1,494 $3,312 Stock Repurchase ProgramThe Company maintains a common stock repurchase program. Under the repurchase program, repurchases can be made from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions or otherwise, all in accordance 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. During the three months ended March 29, 2025, the Company purchased 1.2 million shares of common stock for $40.0 million at an average price per share of $34.56. As of March 29, 2025, the remaining authorized balance under this program was $62.9 million. In April 2025, the Company’s Board of Directors authorized a $100.0 million increase to this program.

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