Company: CALX
Filing Date: 2025-04-22
Form Type: 10-Q
Source: 0001406666-25-000016
Chunk: 27

Company: CALIX, INC
Filing Date: 2025-04-22
Form: 10-Q
Item: Part I, Item 1
Chunk 27
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 as we continue to expand the functionality and capabilities of our platform, cloud and managed services.

General and Administrative Expenses

The following table sets forth our general and administrative expenses (dollars in thousands):

 Three Months Ended March 29,2025March 30,2024VarianceinDollarsVarianceinPercentGeneral and administrative expenses$26,750 $26,290 $460 2 %Percent of revenue12 %12 %

General and administrative expenses for the three months ended March 29, 2025 increased by $0.5 million as compared with the corresponding period in 2024 mainly due to increases in personnel expenses of $1.6 million and stock-based compensation of $0.6 million. These increases were partially offset by decreases in professional services expenses of $1.8 million.

For the three months ended March 29, 2025, general and administrative expenses as a percentage of revenue were flat compared to the same period in 2024. We expect our general and administrative investments to be fairly constant in absolute dollars in the near term, but 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 Ended March 29,2025March 30,2024VarianceinDollarsVarianceinPercentInterest and other expense, net$3,091 $2,500 $591 24 %Percent of revenue1 %1 %

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Interest and other expense, net increased by $0.6 million as compared with the corresponding period in 2024 mainly due to a larger cash and marketable securities balance.

Income Taxes

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

 Three Months Ended March 29,2025March 30,2024VarianceinDollarsVarianceinPercentIncome taxes$1,797 $365 $1,432 392 %Effective tax rate(60.1)%78.0 %

For the three ended March 29, 2025, our income tax expense was $1.8 million for an effective tax rate of (60.1)%, which differed from the statutory rate of 21% primarily due to the effect of non-deductible stock-based compensation for executive officers and excess tax expense from stock-based compensation offset by the favorable impact of U.S. federal research tax credits and