Company: CALX
Filing Date: 2025-10-30
Form Type: 10-Q
Source: 0001406666-25-000045
Chunk: 57

Company: CALIX, INC
Filing Date: 2025-10-30
Form: 10-Q
Item: Part I, Item 8
Chunk 57
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,658 $(3,968)$10,672 $(11,823)(1) GAAP cost of revenue adjusted for stock-based compensation and intangible asset amortization.(2) GAAP sales and marketing operating expenses adjusted for stock-based compensation.(3) GAAP research and development operating expenses adjusted for stock-based compensation.(4) GAAP general and administrative operating expenses adjusted for stock-based compensation.(5) Other segment items consisted of stock-based compensation expense and intangible asset amortization.

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Table of Contents

10.  Income Taxes

The following table presents income taxes and the effective tax rates for the periods indicated (in thousands, except percentages): Three Months EndedNine Months EndedSeptember 27,2025September 28,2024September 27,2025September 28,2024Income (loss) before income taxes$20,334 $(7,792)$20,771 $(16,006)Income taxes (benefit)$4,676 $(3,824)$10,099 $(4,183)Effective tax rate23.0 %49.1 %48.6 %26.1 %The Company’s income taxes for the three and nine months ended September 27, 2025 and September 28, 2024 were determined using an estimated effective tax rate adjusted for discrete items that occurred during respective periods. The Company’s effective tax rate for the three and nine months ended September 27, 2025 differed from the statutory federal corporate tax rate of 21% primarily due to state taxes, 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 Company’s effective tax rate for the three and nine months ended September 28, 2024 differed from the statutory federal corporate tax rate of 21% primarily due to state taxes, the effect of non-deductible stock-based compensation for executive officers offset by the favorable impact of U.S. federal research tax credits, excess tax benefits from stock-based compensation and the U.S. tax impact of foreign operations.The Company maintained a valuation allowance of $30.6 million for the three and nine months ended September 27, 2025, compared to $29.3 million for the three and nine months ended September 28, 2024, on certain state deferred tax assets that the Company believes are not more likely than not to be realized in future periods.The Company