Company: CALX
Filing Date: 2025-04-22
Form Type: 10-Q
Source: 0001406666-25-000016
Chunk: 16

Company: CALIX, INC
Filing Date: 2025-04-22
Form: 10-Q
Item: Part I, Item 1
Chunk 16
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, 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 in accordance with the agreed-upon contractual terms. Contract assets were $3.2 million as of March 29, 2025 as compared to $2.8 million as of December 31, 2024, and are included in prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets. The Company expects to bill 36% of the March 29, 2025 balance during 2025.Contract LiabilityDeferred revenue was $50.8 million and $47.6 million as of March 29, 2025 and December 31, 2024, respectively. The increase in the deferred revenue balance for the three months ended March 29, 2025 was driven by cash payments received or due in advance of satisfying the Company’s performance obligations offset by $11.0 million of revenue recognized that was included in the deferred revenue balance at the beginning of the period.Revenue allocated to remaining performance obligations (“RPOs”) represents contract revenue that has not yet been recognized, which includes deferred revenue and amounts that will be invoiced and recognized as revenue in future periods but excludes variable consideration where the monthly invoicing is based on usage or where actual usage exceeds the minimum commitment. RPOs were $340.4 million as of March 29, 2025,