What changed in this filing

/stocks — the workspaceLOADING

Item 1. Business

2025-02-21 compared with 2024-02-23 · 96 added, 126 removed, 99 unchanged (69% of the section changed)

1 unchanged sentence

Calix was founded in 1999.

We develop, market and sell our platform (cloud, software and systems) and managed services that enable service providers of all types and sizes to innovate and transform their businesses.

For our customers to successfully transform their businesses into the innovative broadband service providers, or BSPs, of the future, they require actionable data for critical business functions such as network operations, customer support and marketing.

We develop, market and sell our appliance-based platform, cloud and managed services that enable service providers of all types and sizes to innovate and transform their businesses.

For our customers to successfully become Broadband Experience Providers, or BEPs, of the future, they require actionable data for critical business functions such as network operations, customer engagement and service.

However, this data is often trapped in disparate systems or departmental silos.

Our platform, which includes Calix Cloud, Revenue EDGE and Intelligent Access EDGE, gathers, analyzes and applies machine learning to deliver real-time insights seamlessly to each key business function.

Our customers utilize these data and insights to simplify network operations, marketing and customer support and deliver a growing portfolio of SmartLife managed services and experiences that excite their subscribers.

This enables BSPs to grow their brand through increased subscriber acquisition, loyalty and revenue and to reduce their operating costs, creating value for their businesses and the communities they serve.

Our platform, which includes Calix Cloud, Intelligent Access, and Unlimited Subscriber, gathers, analyzes and applies machine learning to deliver real-time insights seamlessly to each key business function.

Our customers utilize these data and insights to simplify network operations, customer engagement and service and innovate for their consumer, business and municipal subscribers with a growing portfolio of SmartLife managed service experiences that grow their businesses and the communities they serve.

This partnership enables BEPs to grow their brand through increased subscriber acquisition, loyalty and revenue while reducing their operating costs.

This is our mission:

to enable BSPs of all sizes to simplify, excite and grow.

We believe our platform offers a competitive edge to BSPs at a critical time of increasing competition from direct-to-consumer cloud companies and device providers as they expand their reach and focus on owning the connected home experience.

For example, these over-the-top competitors are entering the home by offering Wi-Fi enabled devices, and then leveraging behavioral insights to expand their direct relationship and build their brand, not the BSP’s, with the subscriber by offering additional consumer services.

Over time, we expect this competition can erode a BSP’s brand and relationship with its subscribers, by reducing broadband to an easy-to-replace commodity, which can increase churn and reduce revenue.

Our platform enables BSPs to build next generation networks and offer higher-value managed service offerings that enable them to grow revenue, increase subscriber loyalty and monetize their network investments.

Innovative BSPs, who embrace our platform, understand this competitive threat and that their brand’s central position in the home is their most valuable strategic asset.

to enable BEPs of all sizes to simplify, innovate and grow.

We believe our platform offers a competitive edge to BEPs at a critical time of increasing competition.

With the increase in both private and public funding of broadband access, we anticipate at least two fiber-to-the-home providers vying for subscribers in every market.

These providers have a choice:

become a speed provider focused on offering the fastest speeds at the lowest price, or become an experience provider focused on delivering innovative, value-added services that improve the lives of their subscribers.

Our platform enables these service providers to build next generation networks and offer higher-value managed service experiences that enable them to grow revenue, increase subscriber loyalty and monetize their network investments for generations.

BEPs, who embrace our platform, understand this competitive threat and that their brand’s central position in the home, the business and the town is their most valuable strategic asset.

As such, they must protect and expand continually.

Our Intelligent Access EDGE network solution and Revenue EDGE subscriber solution are designed to allow BSPs to simplify their businesses and reduce operating costs, while launching exciting new services in a matter of days and weeks instead of months and years.

Our role-based cloud enables BSP teams, such as marketing, operations or customer support, to leverage real-time behavioral analytics to anticipate the subscriber’s needs, whether they are in the home, roaming across the town or managing a small business.

Our platform is built to enable BSPs to quickly and easily deploy a growing portfolio of SmartLife managed services to connect entire communities.

This enables BSPs to establish themselves as essential technology innovators that are enabling their communities to grow and thrive.

The BSPs’ teams can utilize insights from Calix Cloud to offer these new and innovative services to those subscribers who have the propensity to buy, thereby growing revenue as they deliver a connected experience at significantly lower operating costs.

Our Intelligent Access network solution and Unlimited Subscriber solution are designed to allow BEPs to simplify their businesses and reduce operating costs, while launching innovative new services in a matter of days and weeks instead of months and years.

Our role-based cloud enables BEP teams, such as marketing, operations or customer support, to leverage real-time behavioral analytics to anticipate the subscriber’s needs, whether they are in the home, roaming across the town or managing a small business.

Our platform is built to enable BEPs to quickly and easily deploy a growing portfolio of SmartLife™ managed services to connect entire communities.

Embracing this strategy enables BEPs to establish themselves as essential technology innovators that are enabling their communities to grow and thrive.

The BEPs’ teams can utilize insights from Calix Cloud to offer new and innovative services to those subscribers who have the propensity to buy, thereby growing revenue as they deliver a connected experience at significantly lower operating costs.

This also enables them to build their brand and value proposition around innovation and subscriber experience.

As a result, many of Calix’s BSP customers have experienced improved customer satisfaction scores, minimal churn and significant growth.

To expand our reach in the market, we will continue to pursue strategic technology and distribution relationships that align with BSPs’ strategic priorities.

At the same time, we offer our Calix Customer Success and Support Services along with a growing portfolio of award-winning market activation resources that provide the BSPs with best practices and programs to strengthen and grow their brand with their subscribers, thereby increasing subscriber loyalty and opportunities to grow their subscriber base.

As a result, many of Calix’s BEP customers have experienced improved customer satisfaction scores, minimal churn and significant revenue growth.

To expand our reach in the market, we will continue to pursue strategic technology and distribution relationships that align with BEPs’ strategic priorities.

At the same time, we offer our Calix Success Services along with a growing portfolio of award-winning market activation resources that provide BEPs with best practices and programs to strengthen and grow their brands with their subscribers, thereby increasing subscriber loyalty and opportunities to grow their subscriber bases.

Strategy Overview

Our strategy is to position Calix as the key partner providing a broadband delivery platform (cloud, software and systems) and managed services to enable and facilitate the transformation of BSP networks and the residential and small business network experience in order to excite all of their subscribers.

Most BSPs will require transformation of their business and operations to become an essential provider of data-driven, high-value managed services to their subscribers.

Our strategy is to position Calix as the key partner providing a broadband delivery platform (cloud, software and systems) and managed services to enable and facilitate the transformation of BEP networks and the residential, community and business network experience in order to innovate for all of their subscribers.

Most BEPs will require transformation of their business and operations to become an essential provider of data-driven, high-value managed services to their subscribers.

The principal elements of our strategy are:

Starting with the data – The principal way we gather, analyze and deliver actionable insights for BSPs is via the Calix Cloud.

Our role-based Calix Cloud enables critical functions within a BSP’s business, such as marketing, operations and support, to leverage real-time data to continually understand and optimize the experience for their subscribers.

Starting with the data – The principal way we gather, analyze and deliver actionable insights for BEPs is via Calix Cloud.

Our role-based Calix Cloud enables critical functions within a BEP’s business, such as marketing, operations and support, to leverage real-time data to continually understand and optimize the experience for their subscribers.

Building and evolving our platform – Our product strategy centers on our strategic platform.

Our platform simplifies BSPs’ businesses by delivering intelligence and automation across the entire subscriber facing network – from the data center edge to the subscriber’s devices.

Our strategy is to continually augment and extend our platform with features and services directly or through partners to allow our BSP customers to deliver cutting-edge services to their subscribers.

Engaging directly with BSP customers – We continue to invest in our direct sales capabilities so that we can engage deeply with our BSP customers to help them understand the differentiable value that our platform provides.

Our platform simplifies BEPs’ businesses by delivering intelligence and automation across the entire subscriber facing network – from the data center edge to

the subscriber’s devices.

Our strategy is to continually augment and extend our platform with features and services directly or through partners to allow our BEP customers to deliver cutting-edge services to their subscribers.

Engaging directly with BEP customers – We continue to invest in our direct sales capabilities so that we can engage deeply with our customers to help them understand the differentiable value that our platform provides.

As we deploy new solutions, we are building the expertise of our team by adding specialized resources in areas such as marketing, cloud and network operations.

Our direct model is complemented with selective programs for our channel partners, who have established local market expertise and have demonstrated the ability to generate new market opportunities and support sales of cutting-edge technologies for BSPs.

Expanding customer footprint across our total addressable opportunity – Our total addressable opportunity includes service providers of any type and size, including local and competitive exchange carriers, cable multiple system operators, or cable MSOs, wireless internet service providers, or WISPs, fiber overbuilders such as municipalities and electric cooperatives and tribal communities, multiple dwelling units and hospitality providers.

For the past four years, we have averaged adding over 90 new BSP customers per year purchasing directly or through our partners.

Expanding customer footprint across our total addressable opportunity – Our total addressable opportunity includes service providers of any type and size, including local and competitive exchange carriers, cable multiple system operators, or cable MSOs, wireless internet service providers, or WISPs, fiber overbuilders such as municipalities, electric cooperatives, tribal communities, multiple dwelling units and hospitality providers.

For the past four years, we have averaged adding over 90 new customers per year purchasing directly or through our partners.

Our diverse and growing customer footprint is a critical source of our future growth as we expand our portfolio and sell additional components of our platform and managed services to both new and existing customers.

2 unchanged sentences

We will also continue to pursue service provider segments where there is an opportunity to grow our current share, such as cable MSOs, large traditional wireline-focused service providers and international markets.

Extending portfolio of Calix services – Our services team, Calix Services, supports our BSPs as they define their transformation strategies, build new skills, implement new technologies and deploy new subscriber services.

Calix Services’ capabilities address the BSP’s entire network and service delivery lifecycle.

These services allow BSPs to benefit directly from our deep expertise working with service providers to optimize their operations and leverage our advanced analytics to improve the operational efficiency of their teams.

Pursuing strategic relationships – We will continue to pursue strategic technology and distribution relationships that help us align with BSPs’ strategic priorities.

Extending portfolio of Calix services – Our Success team supports our customers as they define their transformation strategies, build new skills, implement new technologies and deploy new subscriber services.

Calix Success’ capabilities address our customers’ entire network and service delivery lifecycle.

These services allow our customers to benefit directly from our deep expertise working with service providers of all types and sizes to optimize their operations and leverage our advanced analytics to improve the operational efficiency of their teams.

Pursuing strategic relationships – We will continue to pursue strategic technology and distribution relationships that help us align with our customers’ strategic priorities.

We continue to invest to provide technical synergy across the ecosystems that support our customers’ most critical business processes through our partner program.

By adding new solutions to our platform ecosystem, we significantly enhance the value that our platform delivers to BSPs.

In addition, we are expanding our relationships with organizations that help our customers plan and execute in-market.

Examples of these partners are Conexon Connect, LLC, ePlus Technology, inc.

and The Pivot Group, LLC.

By adding new solutions to our platform ecosystem, we significantly enhance the value that our platform delivers to our customers.

In addition, we are continuing to expand our relationships with organizations that help our customers plan and execute in-market.

Examples of these partners are Conexon, LLC, ePlus Technology, Inc., BroadEngagement (Refindable LLC business) and GOCare™ (NuTEQ Solutions, LLC business).

Product Overview

2 unchanged sentences

• Calix Cloud ® , which comes in three role-base editions:

Calix Engagement Cloud (formerly Calix Marketing Cloud), Calix Service Cloud (formerly Calix Support Cloud) and Calix Operations Cloud.

• Calix Intelligent Access EDGE™, access network solution for automated, intelligent next generation networks.

• Calix Revenue EDGE™, our premises solution for subscriber managed services.

Our SmartLife managed services offerings, which consist of:

Calix Engagement Cloud, Calix Operations Cloud and Calix Service Cloud.

• Calix Intelligent Access™ our network solution for automated, intelligent next generation networks.

• Calix Unlimited Subscriber™ our premises solution for subscriber managed services.

Our SmartLife™ managed service offerings, which consist of:

• SmartHome™ managed services and applications to enhance, operate and secure the connected experience of subscribers in their home, including managed Wi-Fi, advanced content control, network security, connected cameras, social media monitoring for kids and device protection programs.

• SmartTown ® managed services that reimagine community Wi-Fi as a ubiquitous, secure and managed experience across a BSP’s footprint by making their town a SmartTown.

By leveraging residential and small business Wi-Fi systems combined with strategically deployed outdoor Wi-Fi access points, BSPs can serve subscribers, schools, municipalities, organizations, planned communities and more.

These opportunities open new markets and relationships with the public sector to reduce reliance on and protect against 5G LTE fixed wireless access.

• SmartBiz™ managed services that address the business networking and productivity needs of small business owners with an all-in-one managed service that increases staff productivity, secures critical business systems and enhances customer loyalty.

Each managed subscriber service is complemented by real-time subscriber insights via Calix Engagement Cloud, Calix Service Cloud and Calix Operations Cloud offerings, which are configurable to display role-based insights for BSP general management, marketing, support, operations and engineering staff.

These insights enable BSPs to anticipate and target new revenue-generating services and applications through our mobile application, CommandIQ ® for residents and CommandWorx ™ for businesses.

• SmartTown ® managed services that reimagine community Wi-Fi as a ubiquitous, secure and managed experience across a BEP’s footprint by making their town a SmartTown.

By leveraging residential and small business Wi-Fi systems combined with strategically deployed outdoor Wi-Fi access points, BEPs can serve subscribers, schools, municipalities, organizations, planned communities, parks, marinas and more.

These opportunities open new markets and relationships with the public sector to reduce reliance on and augment 5G LTE fixed wireless access.

• SmartBiz™ managed services that address the business networking and productivity needs of small business owners with an all-in-one solution that increases staff productivity, secures critical business systems and enhances customer loyalty.

• SmartMDU™ managed services provide purpose-built, flexible connectivity solutions for multi-family properties of any type, enabling service providers and property owners to exceed resident expectations with a simple, secure, personalized and efficient managed Wi-Fi solution.

• ManagedBiz™ is a cloud-managed network security and connectivity solution tailored for large businesses with complex information technology use cases, featuring a security and routing appliance, multi-layer network security and seamless management via the Calix Broadband Platform.

Each subscriber managed service is complemented by real-time subscriber insights via Calix Engagement Cloud, Calix Operations Cloud offerings and Calix Service Cloud, which are configurable to display role-based insights for general management, marketing, support, operations and engineering staff.

These insights enable BEPs to anticipate and target new revenue-generating services and applications through our mobile application, CommandIQ ® for residents and CommandWorx ™ for businesses.

Our Calix Cloud enables simple integrations with other market-leading workflow solutions for marketing (including Facebook, Mailchimp, Constant Contact and HubSpot), support ticketing solutions and operations support systems and business support systems.

The SmartLife™ managed services are built on the Calix Platform and fully integrated with our GigaSpire ® and GigaPro ® family of Wi-Fi systems to be ready for deployment as a complete subscriber experience solution for a BSP’s residential subscribers, small business subscribers and community networks.

Calix customers are evolving their go-to-market strategies to go beyond marketing broadband speed.

Increasingly, they are becoming “experience” providers by delivering valuable managed services built on top of their Wi-Fi offerings.

This unique portfolio gives BSPs more opportunities to provide differentiated services to their subscribers and grow their revenue.

The SmartLife™ managed services are built on the Calix platform and fully integrated with our GigaSpire ® and GigaPro ® family of Wi-Fi systems to be ready for deployment as a complete subscriber experience solution for a BEP’s residential subscribers, business subscribers and community networks.

Calix customers are evolving their go-to-market strategies to go beyond marketing broadband speed by delivering valuable managed services built on top of their Wi-Fi offerings.

This unique portfolio gives them more opportunities to provide differentiated services to their subscribers and grow their revenue.

Our access network solutions redefine the access edge of the network by simplifying its architecture and operations.

The Calix Platform’s access network component is implemented in our E-Series family of modular, non-blocking systems, enabling BSPs to meet a wide variety of deployment scenarios.

BSPs can consolidate multiple access network elements into a single system using specialized software modules that add functionality and remove complexity, thereby reducing the total cost of ownership and the time to market for new services.

We offer a range of training, professional and success services to assist BSPs in every domain of network management from strategy to deployment and management.

Our platform’s access network component is implemented in our E-Series family of modular, non-blocking systems, enabling BEPs to meet a wide variety of deployment scenarios.

our customers can consolidate multiple access network elements into a single system using specialized software modules that add functionality and remove complexity, thereby reducing the total cost of ownership and the time to market for new services.

We offer a range of training, professional and success services to assist BEPs in every domain of network management from strategy to deployment and management.

These offerings are sold independently and offer unique entry points for new customers, who are partnering with Calix to transform their businesses.

Moreover, an increased segment of our customer base is leveraging all components of our platform and managed services in an end-to-end strategy to simplify their businesses, excite their subscribers and grow the value that they deliver for their subscribers and communities.

Finally, to support these managed services, we offer market activation resources and customer support programs through our customer success organization to enable BSP teams to quickly deploy, manage and monetize each service that they provide to subscribers.

These resources include marketing content that can be easily customized with on-line tools, training programs, success services and professional services.

Moreover, an increased segment of our customer base is leveraging all components of our platform and managed services in an end-to-end strategy to simplify their businesses, innovate for their subscribers and grow the value that they deliver for their consumer, business and municipal subscribers.

Finally, to support these managed services, we offer market activation resources and customer support programs through our Success organization to enable BEP teams to quickly deploy, manage and monetize each service that they provide to subscribers.

These resources include marketing content that can be easily customized with on-line tools, training programs and success services.

We market and sell our platform (cloud, software and systems) and managed services to service providers of all types and sizes.

To date, we have focused primarily on service providers in the North American market.

Our customers span all sizes of broadband subscriber count from a few hundred to more than six million.

Our customers span all sizes of broadband subscriber count from a few subscribers to more than eleven million.

We currently have approximately 1,600 active service provider customers, purchasing directly and through partners, to deploy passive optical, Active Ethernet or point-to-point Ethernet access networks or subscriber premise systems.

Our service provider customers include:

ALLO Communications;

ALLO Communications, LLC;

Connect Holding II LLC (dba Brightspeed);

CityFibre Holdings Limited;

Conexon Connect;

Cox Communications;

Gibson Connect, LLC;

Conexon Connect, LLC;

Cox Communications, Inc.;

Hunter Communications;

Jade Communications;

Gridiron Fiber Corporation (DBA Lumos);

Lumen Technologies, Inc., or Lumen;

Paul Bunyan Communications;

Silver Star Communications;

ICS Advanced Technologies;

Jade Communications, LLC;

New Visions Communications, Inc.;

Rally Networks;

South Central Telephone Association, Inc.;

Tombigbee Electric Power Association and Tombigbee Fiber, LLC and Verizon Communications Inc.

Federal government has approved programs, totaling more than $60 billion, to fund broadband and connectivity expansion across the United States.

Calix has a dedicated team of funding specialists, assisting our customers with the most up-to-date information on broadband funding opportunities as they are introduced and personalized strategies to maximize their grants to support their growth.

Federal government has approved programs, totaling more than $60 billion, to fund broadband and connectivity expansion across the rural parts of the U.S.

Calix has a dedicated team of funding specialists, assisting customers and prospects with the most up-to-date information on broadband funding opportunities as they are introduced and personalized strategies to maximize their grants to support their growth.

We classify service providers into large, medium and small based on the number of broadband subscribers they serve.

2 unchanged sentences

Small service providers consist primarily of over 1,000 predominantly local independent operating companies, or IOCs, typically focused on a single community or a cluster of communities.

They include a growing number of municipalities, cable MSOs, electric cooperatives, fiber overbuilders and WISPs.

These entities range in size from a few hundred to 250,000 broadband subscribers.

They include a growing number of municipalities, cable MSOs, electric cooperatives, fiber overbuilders, tribal entities and WISPs.

These entities range in size from a few subscribers to 250,000 broadband subscribers.

No customer represented more than 10% of revenue in 2024, 2023 or 2022.

Sales to customers outside the United States represented 9% of our revenue in 2023, 9% of our revenue in 2022 and 17% of our revenue in 2021.

Our sales outside the United States have been and are currently predominantly to customers in the Americas and Europe.

Sales to customers outside the U.S.

represented 8% of our revenue in 2024 and 9% of our revenue in 2023 and 2022.

Our sales outside the U.S.

have been and are currently predominantly to customers in the Americas and Europe.

Customer Engagement Model

7 unchanged sentences

Our research and development team is composed of engineers with expertise in software and cloud platforms, optics, wireless technologies and systems engineering.

Our research and development team is responsible for designing, developing and enhancing our platform and managed services, performing product and quality assurance testing and ensuring the compatibility of our products with third-party hardware and software products.

Our research and development team is responsible for designing, developing and enhancing our platform, cloud and managed services, performing product and quality assurance testing and ensuring the compatibility of our products with third-party hardware and software products.

Increasingly, our engineers are focused on enhancements to our cloud and software platform components.

6 unchanged sentences

We rely on CMs, ODMs and third-party logistics partners for the supply and distribution of our products.

Our global supply chain management organization oversees these third parties to source and procure materials, manufacture and deliver our products.

Our global supply chain management organization consists of order management, planning, sourcing, logistics, test and manufacturing engineers and new product introduction personnel.

We tightly integrate our supply chain management and new product introduction activities with the activities outsourced to these third parties.

We believe that our relationships with and our reliance on third parties allow us to improve new product introduction time, conserve working capital, reduce product costs and minimize delivery lead times while maintaining high product quality as well as the ability to scale quickly to handle increased order volume.

We continue to qualify and utilize additional vendors for various portions of our supply chain from time to time.

The COVID-19 pandemic-induced global demand surge resulted in supply chain challenges, including component shortages or unavailability, end-of-life notifications, extended lead times, elongated transit times, port congestion, spot market purchases, multiple price increases and surcharges.

These challenges abated during 2023.

The overhang from these events is a buildup of inventory in the supply chain.

At our direction, our suppliers built up inventory to buffer against the long lead-times for semiconductors and other electronic components.

We are using this as an opportunity to realign our strategic buffer inventory to protect against future disruptions.

Most of the excess inventory will be worked off during the normal course of business.

As time goes on, there may be components that become obsolete due to technology shifts or demand changes.

This will be reflected in our inventory reserve balance as it becomes apparent during our financial reviews.

For example, during the fourth quarter of 2023, we wrote down obsolete inventory and accrued a liability for components at suppliers primarily related to the wind down of our legacy product family that existed before our shift to an all-platform model.

The global supply chain organization oversees these third parties to source and procure materials, manufacture and deliver products.

This organization includes order management, planning, sourcing, logistics, test and manufacturing engineers, and new product introduction personnel.

We integrate our supply chain management and new product introduction activities with those outsourced to third parties.

Relationships with and reliance on these third parties allow us to improve new product introduction time, conserve working capital, reduce product costs and minimize delivery lead times while maintaining product quality and scaling quickly to handle increased order volume.

We continue to qualify and utilize additional vendors for various portions of the supply chain as needed.

Sustainability

We operate with a “sustainable by design” approach, integrating sustainability practices and goals into our business.

Product planning incorporates consideration for improvements in energy efficiency, product durability and recyclability.

Our human capital management emphasizes employee engagement and talent development.

Supply chain management includes adherence to our supplier code of conduct, transparent tracking of sustainability goals and the importance of using different suppliers.

We track our enterprise greenhouse gas emissions and report them via our website.

Fluctuations in our revenue occur due to many factors, including the varying budget cycles and seasonal buying patterns of our customers.

4 unchanged sentences

Competition is largely based on any one or a combination of the following factors:

functionality and features, price, existing business and customer relationships,

product quality, installation capability, service and support, long-term returns, scalability, development and manufacturing capability.

functionality and features, price, existing business and customer relationships, product quality, installation capability, service and support, long-term returns, scalability, development and manufacturing capability.

We compete with several companies within the markets that we serve, and we anticipate that competition will intensify.

Vendors with which we compete include:

ADTRAN, Inc.;

Vendors with which we may compete include:

ADTRAN Holdings, Inc.;

Ciena Corporation;

CommScope Inc.;

CommScope Holding Company, Inc.;

eero/Ring (Amazon companies);

5 unchanged sentences

and Ubiquiti Inc.

In various geographic or vertical markets, there are also several smaller companies with which we compete.

As we expand into adjacent markets, we expect to encounter new competitors.

In various geographic or vertical markets, there are also several smaller companies with which we may compete.

As we expand into adjacent markets and expand our platform, cloud and managed services offerings, we expect to encounter new competitors.

Many of our competitors have the financial resources to offer competitive products at a below market price, which could prevent us from competing effectively.

14 unchanged sentences

Human Capital

We employed 1,760 employees globally as of December 31, 2023 with 1,055 employees located in the United States and 705 outside of the United States, primarily in Canada, China and India.

We employed 1,820 employees globally as of December 31, 2024 with 1,013 employees located in the U.S.

and 807 outside of the U.S., primarily in Canada, China and India.

Except for one employee located in France and subject to customary local collective bargaining arrangements, we do not have any employees represented by a labor union with respect to their employment with us.

3 unchanged sentences

Our talent strategy focuses on our culture and core values, our talent programs and the overall well-being and safety of our talent.

Culture and values.

At Calix, we believe culture is how each employee treats their teammates, customers and partners every day.

Each employee is entrusted with our culture to create a positive work experience for all.

This is grounded by each employee knowing their purpose, their commitment to creativity, collaboration and communication as well as investing in the success of others.

From leadership down, Calix embraces a “better, better, never best” philosophy, which we believe encourages continuous improvement and experimentation.

This culture enables Calix to deliver on its mission to help BSPs simplify their businesses, excite their subscribers and grow value for their communities.

Talent Development.

We prioritize the ongoing professional growth of our team by providing on-demand access to training through top-notch industry platforms.

Additionally, we provide educational resources and the chance to glean insights from subject matter experts spanning diverse topics.

Our commitment extends globally, fostering a collaborative space for leaders to connect and evolve as Calix champions.

Complementing these efforts, we offer valuable developmental opportunities such as stretch assignments and participation in our mentorship program.

We firmly believe that sustained investment in the skills and knowledge of our team is pivotal to ensuring our enduring success.

Diversity, Equity and Inclusion.

At Calix, we strive to create an inclusive culture that values diversity, promotes equity and celebrates the differences among us.

We believe a diverse workforce is at the core of our innovation and drives productivity and growth.

Our diversity and inclusion strategy takes into consideration the entire employee life cycle, from recruitment, to learning and development and total rewards.

We support a range of employee programs and initiatives designed to foster belonging, engagement, acceptance and diversity through employee-led affinity groups, leadership events, meetups and celebrations.

We are proud and honored to be recognized by industry experts for our diverse culture.

Community Outreach.

Calix is committed to creating a positive social impact by leveraging our resources, expertise and network to address pressing societal challenges.

We strive to give back to the community whenever possible.

To establish a rhythm and cadence, Calix sponsors two major giving campaigns throughout the year – National Volunteer Month in April and

Season of Giving in the fourth quarter as well as ongoing initiatives throughout the year.

We believe together we can be a force for good and are determined to drive change in the communities where we operate and beyond.

Our wellness, safety and health programs.

At Calix, employee well-being is crucial to creating a healthy workplace where employees can do their best work.

We recognize that employees have diverse needs when it comes to health and well-being and provide an expanded library of tools and apps, including “Unmind,” an app that provides digital tools and techniques designed to empower employees to live a more fulfilling and balanced life.

To further support employees and their wellness journey, we launched a “LifeStyle” Wellness Reimbursement Program that offers employees a quarterly wellness allowance to help employees reach their personal wellness goals and support a healthy lifestyle.

We also implemented Productivity and Recharge Days and a Leadership Cares program for leaders to send gifts to employees.

We believe that these initiatives have helped Calix become a top company to work for.

Corporate Information

9 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business