0001406666-24-000030 | 10-Q | XBRL Viewer

Cash, Cash Equivalents and Marketable Securities

6 Months Ended

Jun. 29, 2024

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Marketable Securities

The Company has invested its excess cash primarily in money market funds and highly liquid marketable securities such as U.S. treasury securities, corporate debt instruments, commercial paper and U.S. government securities. The Company considers all investments with maturities of three months or less when purchased to be cash equivalents. Marketable securities represent highly liquid U.S. treasury securities, corporate debt instruments, commercial paper and U.S. government securities with maturities greater than 90 days at date of purchase. Cash equivalents are stated at amounts that approximate fair value based on quoted market prices. Marketable securities are recorded at their fair values.

Marketable securities with maturities greater than one year are classified as current because management considers all marketable securities to be available for current operations.

The Company’s investments have been classified and accounted for as available-for-sale. Such investments are recorded at fair value and unrealized holding gains and losses are reported as a separate component of accumulated other comprehensive loss in stockholders’ equity until realized. Realized gains and losses on sales of marketable securities, if any, are determined on the specific identification method and are reclassified from accumulated other comprehensive loss to results of operations as other expense, net. Realized gains and losses were de minimis for the three and six months ended June 29, 2024 and July 1, 2023.

Cash, cash equivalents and marketable securities consisted of the following (in thousands):


	June 29, 2024		December 31, 2023
Cash and cash equivalents:
Cash	$	45,382	$	18,040
Commercial paper	39,039		32,837
Money market funds	65		2,563
U.S. government securities	—		9,969


Total cash and cash equivalents	84,486		63,409
Marketable securities:
Corporate debt securities	66,441		7,000
U.S. government securities	46,929		92,277
U.S. government agency securities	35,559		43,521
Commercial paper	21,544		14,139
Certificates of deposit	6,260		—
Total marketable securities	176,733		156,937
	$	261,219	$	220,346

The carrying amounts of the Company’s money market funds approximate their fair values due to their nature, duration and short maturities.

The amortized cost and fair value of marketable securities were as follows (in thousands):


As of June 29, 2024	Amortized Cost		Unrealized Losses		Fair Value
Corporate debt securities	$	66,526	$	(85)	$	66,441
Commercial paper	60,610		(27)		60,583
U.S. government securities	46,954		(25)		46,929
U.S. government agency securities	35,694		(135)		35,559
Certificates of deposit	6,263		(3)		6,260
	$	216,047	$	(275)	$	215,772


As of December 31, 2023	Amortized Cost		Unrealized Losses		Fair Value
U.S. government securities	$	102,167	$	80	$	102,247
Commercial paper	47,003		(28)		46,975
U.S. government agency securities	43,573		(52)		43,521
Corporate debt securities	6,999		1		7,000

	$	199,742	$	1	$	199,743

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 29, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Stockholders' Equity - Employee Stock Purchase Plans (Details) $ in Millions	6 Months Ended
	Jun. 29, 2024 USD ($) plan period shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of employee stock purchase plans \| plan	2
Shares available for future grant (in shares)	2,800,000
Recognition period	2 years 1 month 6 days
Unrecognized stock-based compensation expense, stock options \| $	$ 70.8
Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of offering periods \| period	2
Offering period	6 months
ESPP, discounted purchase price percentage	85.00%
Shares purchased under ESPP (in shares)	200,000
Unrecognized stock-based compensation expense \| $	$ 0.3
Employee termination period following purchase date to receive shares subject to risk of forfeiture	1 year
Maximum number of shares allocated per purchase period (in shares)	250,000
Number of shares authorized (in shares)	7,500,000
Number of shares issued (in shares)	500,000
Number of shares purchased (in shares)	500,000
Unrecognized stock-based compensation expense, stock options \| $	$ 14.1
Employee Stock Purchase Plan \| Amended And Restated Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESPP, maximum employee payroll deduction percentage	15.00%
Shares available for future grant (in shares)	4,300,000
Recognition period	1 month 6 days
Employee Stock Purchase Plan \| 2017 Nonqualified Employee Stock Purchase Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
ESPP, maximum employee payroll deduction percentage	25.00%
Shares available for future grant (in shares)	2,900,000
Recognition period	10 months 24 days

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 84,486	$ 63,409
Marketable securities	176,733	156,937
Accounts receivable, net	82,064	126,027
Inventory	113,484	132,985
Prepaid expenses and other current assets	113,391	118,598
Total current assets	570,158	597,956
Property and equipment, net	31,058	29,461
Right-of-use operating leases	8,250	9,262
Deferred tax assets	173,047	167,691
Goodwill	116,175	116,175
Other assets	19,208	21,320
Total assets	917,896	941,865
Current liabilities:
Accounts payable	11,697	34,746
Accrued liabilities	89,145	116,227
Deferred revenue	32,298	36,669
Total current liabilities	133,140	187,642
Long-term portion of deferred revenue	21,936	24,864
Operating leases	5,859	7,421
Other long-term liabilities	2,737	2,956
Total liabilities	163,672	222,883
Commitments and contingencies (See Note 6)
Stockholders’ equity:
Preferred stock, $0.025 par value; 5,000 shares authorized; no shares issued and outstanding as of June 29, 2024 and December 31, 2023	0	0
Common stock, $0.025 par value; 100,000 shares authorized; 65,800 shares issued and outstanding as of June 29, 2024, and 65,052 shares issued and outstanding as of December 31, 2023	1,645	1,627
Additional paid-in capital	1,121,786	1,078,393
Accumulated other comprehensive loss	(973)	(659)
Accumulated deficit	(368,234)	(360,379)
Total stockholders’ equity	754,224	718,982
Total liabilities and stockholders’ equity	$ 917,896	$ 941,865

Cash, Cash Equivalents and Marketable Securities (Tables)

6 Months Ended

Jun. 29, 2024

Cash and Cash Equivalents [Abstract]

Schedule of Cash and Cash Equivalents

Cash, cash equivalents and marketable securities consisted of the following (in thousands):


	June 29, 2024		December 31, 2023
Cash and cash equivalents:
Cash	$	45,382	$	18,040
Commercial paper	39,039		32,837
Money market funds	65		2,563
U.S. government securities	—		9,969


Total cash and cash equivalents	84,486		63,409
Marketable securities:
Corporate debt securities	66,441		7,000
U.S. government securities	46,929		92,277
U.S. government agency securities	35,559		43,521
Commercial paper	21,544		14,139
Certificates of deposit	6,260		—
Total marketable securities	176,733		156,937
	$	261,219	$	220,346

Schedule of Debt Securities, Available-for-Sale

The amortized cost and fair value of marketable securities were as follows (in thousands):


As of June 29, 2024	Amortized Cost		Unrealized Losses		Fair Value
Corporate debt securities	$	66,526	$	(85)	$	66,441
Commercial paper	60,610		(27)		60,583
U.S. government securities	46,954		(25)		46,929
U.S. government agency securities	35,694		(135)		35,559
Certificates of deposit	6,263		(3)		6,260
	$	216,047	$	(275)	$	215,772


As of December 31, 2023	Amortized Cost		Unrealized Losses		Fair Value
U.S. government securities	$	102,167	$	80	$	102,247
Commercial paper	47,003		(28)		46,975
U.S. government agency securities	43,573		(52)		43,521
Corporate debt securities	6,999		1		7,000

	$	199,742	$	1	$	199,743

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

Fair Value Measurements

6 Months Ended

Jun. 29, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

The Company measures its cash equivalents and marketable securities at fair value on a recurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The Company utilizes the following three-tier value hierarchy, which prioritizes the inputs used in measuring fair value:

Level 1 – Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets.

Level 2 – Observable inputs other than quoted prices included in Level 1 for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-driven valuations in which all significant inputs and significant value drivers are observable in active markets.

Level 3 – Unobservable inputs to the valuation derived from fair valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The fair value hierarchy also requires the Company to maximize the use of observable inputs, when available, and to minimize the use of unobservable inputs when determining inputs and determining fair value.

The following tables sets forth the Company’s financial assets measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in thousands):


As of June 29, 2024	Level 1		Level 2		Total
Money market funds	$	65	$	—	$	65
U.S. government securities	46,929		—		46,929
Corporate debt securities	—		66,441		66,441
Commercial paper	—		60,583		60,583
U.S. government agency securities	—		35,559		35,559
Certificates of deposit	—		6,260		6,260
	$	46,994	$	168,843	$	215,837


As of December 31, 2023	Level 1		Level 2		Total
Money market funds	$	2,563	$	—	$	2,563
U.S. government securities	102,246		—		102,246
Commercial paper	—		46,976		46,976
U.S. government agency securities	—		43,521		43,521
Corporate debt securities	—		7,000		7,000

	$	104,809	$	97,497	$	202,306

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Balance Sheet Details (Tables)

6 Months Ended

Jun. 29, 2024

Balance Sheet Related Disclosures [Abstract]

Schedule of Accounts Receivable, Net

Accounts receivable, net consisted of the following (in thousands):


	June 29, 2024		December 31, 2023
Accounts receivable	$	82,471	$	126,331
Allowance for doubtful accounts	(407)		(304)
	$	82,064	$	126,027

Schedule of Inventory

Inventory consisted of the following (in thousands):


	June 29, 2024		December 31, 2023
Raw materials	$	28,110	$	22,119
Finished goods	85,374		110,866
	$	113,484	$	132,985

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	June 29, 2024		December 31, 2023
Supplier deposits	$	70,335	$	78,131
Prepaid expenses and other current assets	43,056		40,467
	$	113,391	$	118,598

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	June 29, 2024		December 31, 2023
Test equipment	$	56,610	$	50,853
Computer equipment	14,334		13,615
Software	11,045		12,972
Leasehold improvements	2,086		2,122
Furniture and fixtures	1,274		1,283
Total	85,349		80,845
Accumulated depreciation and amortization	(54,291)		(51,384)
	$	31,058	$	29,461

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	June 29, 2024		December 31, 2023
Compensation and related benefits	$	31,749	$	36,741
Component inventory held by suppliers	17,331		32,182
Professional and consulting fees	6,543		7,717
Customer advances or rebates	6,044		5,967
Current portion of warranty and retrofit	5,216		5,655
Operating leases	4,281		4,142
Taxes payable	3,361		4,317
Product returns	2,913		2,897
Insurance	2,125		2,107
Freight	1,003		1,510
Travel expenses	1,001		599
Business events	841		2,938
Litigation settlement	—		3,250
Other	6,737		6,205
	$	89,145	$	116,227

Schedule of Product Warranty Activities

Changes in the Company’s accrued warranty and retrofit liability were as follows (in thousands):


	Three Months Ended				Six Months Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Balance at beginning of period	$	7,655	$	8,445	$	8,029	$	8,386
Accruals for product warranty and retrofit	392		802		731		1,817
Cost of warranty and retrofit claims	(676)		(941)		(1,389)		(1,897)

Balance at end of period	$	7,371	$	8,306	$	7,371	$	8,306

Company and Basis of Presentation	6 Months Ended
Company and Basis of Presentation	Jun. 29, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Company and Basis of Presentation	Company and Basis of Presentation Company Calix, Inc. (together with its subsidiaries, “Calix” or the “Company”) was incorporated in August 1999 and is a Delaware corporation. The Company is the leading global provider of a platform (cloud, software and systems) and managed services that focus on the subscriber-facing network, the portion of the network that governs available bandwidth and determines the range and quality of services that can be offered to subscribers. This platform and managed services enable broadband service providers (“BSPs”) of all sizes to innovate and transform their businesses. The Company’s BSP customers are empowered to utilize real-time data and insights from the Calix platform to simplify their businesses and deliver experiences that excite their subscribers. These insights enable BSPs to grow their businesses through increased subscriber acquisition, loyalty and revenue, thereby increasing the value of their businesses and contributions to their communities. Basis of Presentation The accompanying unaudited condensed consolidated financial statements, including the accounts of Calix, Inc. and its wholly-owned subsidiaries, have been prepared in accordance with the requirements of the U.S. Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. generally accepted accounting principles (“GAAP”) can be condensed or omitted. In the opinion of management, the financial statements include all normal and recurring adjustments that are considered necessary for the fair presentation of the Company’s financial position and operating results. All intercompany balances and transactions have been eliminated in consolidation. The Condensed Consolidated Balance Sheet as of December 31, 2023 has been derived from the audited financial statements at that date. The results of the Company’s operations can vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be the same as those for the full year or any future periods. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The Company’s fiscal year begins on January 1st and ends on December 31st. Quarterly periods are based on a 4-4-5 calendar with the first quarter ending on the Saturday closest to March 31st. As a result, the Company had one less day in the six months ended June 29, 2024 than for the six months ended July 1, 2023. The preparation of financial statements in conformity with GAAP for interim financial reporting requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Commitments and Contingencies

6 Months Ended

Jun. 29, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Lease Commitments

The Company leases office space under non-cancelable operating leases. Certain of the Company’s operating leases contain renewal options and rent acceleration clauses. Future minimum payments under the non-cancelable operating leases consisted of the following as of June 29, 2024 (in thousands):


Period	Future Minimum Lease Payments
Remainder of 2024	$	2,402
2025	4,545
2026	1,672
2027	1,240
2028 and thereafter	1,048

Total future minimum lease payments	10,907
Less imputed interest	(767)
	$	10,140

As of June 29, 2024, the operating lease liability consisted of the following (in thousands):



Accrued liabilities - current portion of operating leases	$	4,281
Operating leases	5,859
	$	10,140

The Company leases its headquarters office space in San Jose, California under a lease agreement that expires in December 2025. The future minimum lease payments under the lease are $3.7 million and are included in the table above.

The weighted average discount rate for the Company’s operating leases as of June 29, 2024 was 5.0%. The weighted average remaining lease term as of June 29, 2024 was 3.0 years.

For the three and six months ended June 29, 2024, rent expense was $1.1 million and $2.3 million, respectively. For the three and six months ended July 1, 2023, rent expense was $1.2 million and $2.4 million, respectively. Cash paid within operating cash flows for operating leases was $2.2 million and $2.3 million for the six months ended June 29, 2024 and July 1, 2023, respectively.

Purchase Commitments

The Company’s contract manufacturers (“CMs”) and original design manufacturers (“ODMs”) place orders for component inventory based upon the Company’s build forecasts and pursuant to stated component lead times to ensure adequate component supply. The components are used by the CMs and ODMs to build the products included in the build forecasts. The Company generally does not take ownership of the components held by CMs and ODMs. The Company places purchase orders with its CMs and ODMs in order to fulfill its monthly finished product inventory requirements. The Company incurs a liability when it takes ownership of the finished goods inventory after the CMs and ODMs convert the component inventory into a finished product.

The Company has from time to time, and subject to certain conditions, reimbursed certain suppliers for component inventory purchases when this inventory has been rendered excess or obsolete, for example due to manufacturing and engineering change orders resulting from design changes, manufacturing discontinuation of products by its suppliers, or in cases where the Company has committed inventory levels that greatly exceed actual demand. In the event of termination of services with a manufacturing partner, the Company has purchased, and may be required to purchase in the future, certain of the remaining components inventory held by the CM or ODM as well as any outstanding orders pursuant to the contractual provisions with such CM or ODM. The estimated excess and obsolete component liabilities related to manufacturing and engineering change orders, termination of manufacturing partners and other factors are included in “Accrued liabilities” in the accompanying Condensed Consolidated Balance Sheets, because the corresponding component parts have not been received by the Company. The Company records the related charges in “Cost of revenue” in its Condensed Consolidated Statements of Comprehensive Income (Loss).

As of June 29, 2024 and December 31, 2023, the Company had approximately $136.3 million and $176.3 million, respectively, of outstanding purchase commitments for inventories to be delivered by its suppliers, including CMs and ODMs.

Litigation

From time to time, the Company is involved in various legal proceedings arising from the normal course of business activities. The Company is not currently a party to any legal proceeding or any legal proceeding known to be contemplated by government authorities that, if determined adversely to the Company, in management’s opinion, is currently expected to individually or in the aggregate have a material adverse effect on the Company’s business, operating results or financial condition taken as a whole.

Income Taxes - Income Taxes And The Effective Tax Rates (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Income Tax Disclosure [Abstract]
Income (loss) before income taxes	$ (8,682)	$ 14,229	$ (8,214)	$ 25,638
Income taxes (benefit)	$ (724)	$ 4,856	$ (359)	$ 6,667
Effective tax rate	8.30%	34.10%	4.40%	26.00%

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Revenue from Contracts with Customers

6 Months Ended

Jun. 29, 2024

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

The Company develops, markets and sells a broadband platform and managed services, and there are no segment managers who are held accountable for operations, operating results and plans for levels or components below the Company unit level. Accordingly, the Company is considered to be a single reporting segment and operating unit structure. The Company’s chief operating decision maker is the Company’s Chief Executive Officer, who reviews financial information presented on a Company-wide basis, for purposes of allocating resources and evaluating financial performance.

The following is a summary of revenue disaggregated by geographic region based upon the location of the customers (in thousands):


	Three Months Ended				Six Months Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
United States	$	182,705	$	232,423	$	392,795	$	460,362
Americas ex U.S.		7,052		11,329		14,187		18,866
Europe		6,712		14,737		13,572		27,106
Middle East & Africa		1,441		2,375		3,330		4,148
Asia Pacific		229		152		565		542
	$	198,139	$	261,016	$	424,449	$	511,024

Contract Asset

Contract 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 $3.3 million as of June 29, 2024 as compared to $4.7 million as of December 31, 2023, and are included in prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets. The Company expects to bill 35% of the June 29, 2024 balance during 2024.

Contract Liability

Deferred revenue was $54.2 million, $63.9 million and $61.5 million as of June 29, 2024, March 30, 2024 and December 31, 2023, respectively. The decrease in the deferred revenue balance for the three and six months ended June 29, 2024 was driven by $13.4 million and $20.2 million of revenue recognized that was included in the deferred revenue balance at the beginning of each respective period and to a trend to move to monthly from annual billing arrangements. This was partially offset by cash payments received or due in advance of satisfying the Company’s performance obligations.

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 $266.9 million as of June 29, 2024, and the Company expects to recognize as revenue 39% of this amount over the next 12 months and nearly all of the remainder over the two years thereafter.

Contract Costs

The Company capitalizes certain sales commissions related primarily to multi-year subscriptions and extended warranty support for which the expected amortization period is greater than one year. As of June 29, 2024 and December 31, 2023, the unamortized balance of deferred commissions was $12.7 million and $12.0 million, respectively. For the three and six months ended June 29, 2024, the amount of amortization was $2.1 million and $4.2 million, respectively, compared to $1.5 million and $2.9 million for the three and six months ended July 1, 2023, respectively. There was no impairment loss in relation to the costs capitalized for these periods.

Concentration of Customer Risk

No customer accounted for more than 10% of the Company’s revenue for the three and six months ended June 29, 2024 and July 1, 2023.

One customer represented 14% of the Company’s total receivables as of June 29, 2024. Two customers represented 19% and 14% of the Company’s accounts receivable as of December 31, 2023.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Cover - shares	6 Months Ended
Cover - shares	Jun. 29, 2024	Jul. 15, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 29, 2024
Document Transition Report	false
Entity File Number	001-34674
Entity Registrant Name	Calix, Inc
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	68-0438710
Entity Address, Address Line One	2777 Orchard Parkway
Entity Address, City or Town	San Jose
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	95134
City Area Code	408
Local Phone Number	514-3000
Title of 12(b) Security	Common Stock, par value $0.025 per share
Trading Symbol	CALX
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		65,800,523
Entity Central Index Key	0001406666
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31

Revenue from Contracts with Customers - Performance Obligations (Details) $ in Millions	Jun. 29, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, amount	$ 266.9
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-06-30
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percentage	39.00%
Performance obligations expected to be satisfied, expected timing	12 months

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning Balance (in shares) at Dec. 31, 2022		65,735,000
Balance at beginning of period at Dec. 31, 2022	$ 679,567	$ 1,644	$ 1,070,100	$ (2,473)	$ (389,704)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	34,064		34,064
Issuance of common stock under equity incentive plans, net of forfeitures (in shares)		810,000
Issuance of common stock under equity incentive plans, net of forfeitures	18,284	$ 20	18,264
Repurchases of common stock (in shares)		(225,000)
Repurchases of common stock	(10,000)	$ (6)	(9,994)
Net income (loss)	18,971				18,971
Other comprehensive income (loss)	884			884
Ending Balance (in shares) at Jul. 01, 2023		66,320,000
Balance at end of period at Jul. 01, 2023	741,770	$ 1,658	1,112,434	(1,589)	(370,733)
Beginning Balance (in shares) at Apr. 01, 2023		66,244,000
Balance at beginning of period at Apr. 01, 2023	717,839	$ 1,656	1,097,596	(1,307)	(380,106)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	17,844		17,844
Issuance of common stock under equity incentive plans, net of forfeitures (in shares)		276,000
Issuance of common stock under equity incentive plans, net of forfeitures	5,813	$ 7	5,806
Repurchases of common stock (in shares)		(200,000)
Repurchases of common stock	(8,817)	$ (5)	(8,812)
Net income (loss)	9,373				9,373
Other comprehensive income (loss)	(282)			(282)
Ending Balance (in shares) at Jul. 01, 2023		66,320,000
Balance at end of period at Jul. 01, 2023	$ 741,770	$ 1,658	1,112,434	(1,589)	(370,733)
Beginning Balance (in shares) at Dec. 31, 2023	65,052,000	65,052,000
Balance at beginning of period at Dec. 31, 2023	$ 718,982	$ 1,627	1,078,393	(659)	(360,379)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	32,315		32,315
Issuance of common stock under equity incentive plans, net of forfeitures (in shares)		862,000
Issuance of common stock under equity incentive plans, net of forfeitures	$ 14,834	$ 21	14,813
Repurchases of common stock (in shares)	(100,000)	(114,000)
Repurchases of common stock	$ (3,738)	$ (3)	(3,735)
Net income (loss)	(7,855)				(7,855)
Other comprehensive income (loss)	$ (314)			(314)
Ending Balance (in shares) at Jun. 29, 2024	65,800,000	65,800,000
Balance at end of period at Jun. 29, 2024	$ 754,224	$ 1,645	1,121,786	(973)	(368,234)
Beginning Balance (in shares) at Mar. 30, 2024		65,525,000
Balance at beginning of period at Mar. 30, 2024	742,693	$ 1,638	1,102,314	(983)	(360,276)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	15,458		15,458
Issuance of common stock under equity incentive plans, net of forfeitures (in shares)		275,000
Issuance of common stock under equity incentive plans, net of forfeitures	$ 4,021	$ 7	4,014
Repurchases of common stock (in shares)	0
Net income (loss)	$ (7,958)				(7,958)
Other comprehensive income (loss)	$ 10			10
Ending Balance (in shares) at Jun. 29, 2024	65,800,000	65,800,000
Balance at end of period at Jun. 29, 2024	$ 754,224	$ 1,645	$ 1,121,786	$ (973)	$ (368,234)

Income Taxes (Tables)

6 Months Ended

Jun. 29, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Taxes

The following table presents income taxes and the effective tax rates for the periods indicated (in thousands, except percentages):


	Three Months Ended						Six Months Ended
	June 29, 2024			July 1, 2023			June 29, 2024			July 1, 2023
Income (loss) before income taxes	$	(8,682)		$	14,229		$	(8,214)		$	25,638
Income taxes (benefit)	$	(724)		$	4,856		$	(359)		$	6,667
Effective tax rate	8.3		%	34.1		%	4.4		%	26.0		%

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jun. 29, 2024
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements, including the accounts of Calix, Inc. and its wholly-owned subsidiaries, have been prepared in accordance with the requirements of the U.S. Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. generally accepted accounting principles (“GAAP”) can be condensed or omitted. In the opinion of management, the financial statements include all normal and recurring adjustments that are considered necessary for the fair presentation of the Company’s financial position and operating results. All intercompany balances and transactions have been eliminated in consolidation. The Condensed Consolidated Balance Sheet as of December 31, 2023 has been derived from the audited financial statements at that date. The results of the Company’s operations can vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be the same as those for the full year or any future periods. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The Company’s fiscal year begins on January 1st and ends on December 31st. Quarterly periods are based on a 4-4-5 calendar with the first quarter ending on the Saturday closest to March 31st. As a result, the Company had one less day in the six months ended June 29, 2024 than for the six months ended July 1, 2023. The preparation of financial statements in conformity with GAAP for interim financial reporting requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Newly Adopted Accounting Standard and Recent Accounting Pronouncements Not Yet Adopted	Newly Adopted Accounting Standard The Company did not adopt any new accounting standards during the six months ended June 29, 2024 that were significant to the Company. Recent Accounting Pronouncements Not Yet Adopted There have been no additional accounting pronouncements or changes in accounting pronouncements during the six months ended June 29, 2024 as compared with the recent accounting pronouncements described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, that are significant or expected to be significant to the Company.
Cash, Cash Equivalents and Marketable Securities	The Company has invested its excess cash primarily in money market funds and highly liquid marketable securities such as U.S. treasury securities, corporate debt instruments, commercial paper and U.S. government securities. The Company considers all investments with maturities of three months or less when purchased to be cash equivalents. Marketable securities represent highly liquid U.S. treasury securities, corporate debt instruments, commercial paper and U.S. government securities with maturities greater than 90 days at date of purchase. Cash equivalents are stated at amounts that approximate fair value based on quoted market prices. Marketable securities are recorded at their fair values. Marketable securities with maturities greater than one year are classified as current because management considers all marketable securities to be available for current operations. The Company’s investments have been classified and accounted for as available-for-sale. Such investments are recorded at fair value and unrealized holding gains and losses are reported as a separate component of accumulated other comprehensive loss in stockholders’ equity until realized. Realized gains and losses on sales of marketable securities, if any, are determined on the specific identification method and are reclassified from accumulated other comprehensive loss to results of operations as other expense, net.
Fair Value Measurements	The Company measures its cash equivalents and marketable securities at fair value on a recurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The Company utilizes the following three-tier value hierarchy, which prioritizes the inputs used in measuring fair value: Level 1 – Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2 – Observable inputs other than quoted prices included in Level 1 for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-driven valuations in which all significant inputs and significant value drivers are observable in active markets. Level 3 – Unobservable inputs to the valuation derived from fair valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The fair value hierarchy also requires the Company to maximize the use of observable inputs, when available, and to minimize the use of unobservable inputs when determining inputs and determining fair value.
Revenue Recognition	The Company develops, markets and sells a broadband platform and managed services, and there are no segment managers who are held accountable for operations, operating results and plans for levels or components below the Company unit level. Accordingly, the Company is considered to be a single reporting segment and operating unit structure. The Company’s chief operating decision maker is the Company’s Chief Executive Officer, who reviews financial information presented on a Company-wide basis, for purposes of allocating resources and evaluating financial performance.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-17

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 19
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-19

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-18

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-18

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-20

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-20

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 20
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-20

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Paragraph 20
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-20

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (e)
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483426/235-10-50-4

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 176,733	$ 156,937
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	66,441	7,000
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	21,544	14,139
U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	35,559	43,521
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	6,260	0
Fair Value, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	215,837	202,306
Fair Value, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	46,994	104,809
Fair Value, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	168,843	97,497
Fair Value, Recurring \| U.S. government securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	46,929	102,246
Fair Value, Recurring \| U.S. government securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	46,929	102,246
Fair Value, Recurring \| U.S. government securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Fair Value, Recurring \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	66,441	7,000
Fair Value, Recurring \| Corporate debt securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Fair Value, Recurring \| Corporate debt securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	66,441	7,000
Fair Value, Recurring \| Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	60,583	46,976
Fair Value, Recurring \| Commercial paper \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Fair Value, Recurring \| Commercial paper \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	60,583	46,976
Fair Value, Recurring \| U.S. government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	35,559	43,521
Fair Value, Recurring \| U.S. government agency securities \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
Fair Value, Recurring \| U.S. government agency securities \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	35,559	43,521
Fair Value, Recurring \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	6,260
Fair Value, Recurring \| Certificates of deposit \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0
Fair Value, Recurring \| Certificates of deposit \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	6,260
Fair Value, Recurring \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	65	2,563
Fair Value, Recurring \| Money market funds \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	65	2,563
Fair Value, Recurring \| Money market funds \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	$ 0	$ 0

Net Income (Loss) Per Common Share (Tables)

6 Months Ended

Jun. 29, 2024

Earnings Per Share [Abstract]

Schedule of Net Income (Loss) Per Share

The following table sets forth the computation of basic and diluted net income (loss) per common share for the periods indicated (in thousands, except per share data):


	Three Months Ended				Six Months Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Numerator:
Net income (loss)	$	(7,958)	$	9,373	$	(7,855)	$	18,971
Denominator:
Weighted-average common shares outstanding used to compute basic net income (loss) per share	65,678		66,271		65,509		66,157
Effect of dilutive common stock equivalents	—		3,386		—		3,527
Weighted-average common shares outstanding used to compute diluted net income (loss) per share	65,678		69,657		65,509		69,684
Net income (loss) per common share:
Basic net income (loss) per common share	$	(0.12)	$	0.14	$	(0.12)	$	0.29
Diluted net income (loss) per common share	$	(0.12)	$	0.13	$	(0.12)	$	0.27
Potentially dilutive shares excluded, weighted average	12,300		4,714		11,863		3,786

Commitments and Contingencies - Operating Leases (Details) $ in Thousands	Jun. 29, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Remainder of 2024	$ 2,402
2025	4,545
2026	1,672
2027	1,240
2028 and thereafter	1,048
Total future minimum lease payments	10,907
Less imputed interest	(767)
Operating lease liability	$ 10,140

Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023	Dec. 31, 2023
Commitments and Contingencies [Line Items]
Total future minimum lease payments	$ 10,907		$ 10,907
Weighted average operating discount rate used to determine the operating lease liability (percent)	5.00%		5.00%
Weighted average remaining lease term for operating lease	3 years		3 years
Rent expense	$ 1,100	$ 1,200	$ 2,300	$ 2,400
Operating lease, payments			2,200	$ 2,300
Outstanding purchase commitments	136,300		136,300		$ 176,300
San Jose, California
Commitments and Contingencies [Line Items]
Total future minimum lease payments	$ 3,700		$ 3,700

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Balance Sheet Details - Inventory (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 31, 2023
Summary of inventory, net
Raw materials	$ 28,110	$ 22,119
Finished goods	85,374	110,866
Total inventory	$ 113,484	$ 132,985

Net Income (Loss) Per Common Share

6 Months Ended

Jun. 29, 2024

Earnings Per Share [Abstract]

Net Income (Loss) Per Common Share

The following table sets forth the computation of basic and diluted net income (loss) per common share for the periods indicated (in thousands, except per share data):


	Three Months Ended				Six Months Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Numerator:
Net income (loss)	$	(7,958)	$	9,373	$	(7,855)	$	18,971
Denominator:
Weighted-average common shares outstanding used to compute basic net income (loss) per share	65,678		66,271		65,509		66,157
Effect of dilutive common stock equivalents	—		3,386		—		3,527
Weighted-average common shares outstanding used to compute diluted net income (loss) per share	65,678		69,657		65,509		69,684
Net income (loss) per common share:
Basic net income (loss) per common share	$	(0.12)	$	0.14	$	(0.12)	$	0.29
Diluted net income (loss) per common share	$	(0.12)	$	0.13	$	(0.12)	$	0.27
Potentially dilutive shares excluded, weighted average	12,300		4,714		11,863		3,786

Potentially dilutive shares have been excluded from the computation of diluted net income (loss) per common share when their effect is antidilutive. These antidilutive shares were from stock options.

Commitments and Contingencies (Tables)

6 Months Ended

Jun. 29, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases

Future minimum payments under the non-cancelable operating leases consisted of the following as of June 29, 2024 (in thousands):


Period	Future Minimum Lease Payments
Remainder of 2024	$	2,402
2025	4,545
2026	1,672
2027	1,240
2028 and thereafter	1,048

Total future minimum lease payments	10,907
Less imputed interest	(767)
	$	10,140

Schedule of Lessee, Operating Lease Liability

As of June 29, 2024, the operating lease liability consisted of the following (in thousands):



Accrued liabilities - current portion of operating leases	$	4,281
Operating leases	5,859
	$	10,140

Revenue from Contracts with Customers - Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 198,139	$ 261,016	$ 424,449	$ 511,024
United States
Disaggregation of Revenue [Line Items]
Total revenues	182,705	232,423	392,795	460,362
Americas ex U.S.
Disaggregation of Revenue [Line Items]
Total revenues	7,052	11,329	14,187	18,866
Europe
Disaggregation of Revenue [Line Items]
Total revenues	6,712	14,737	13,572	27,106
Middle East & Africa
Disaggregation of Revenue [Line Items]
Total revenues	1,441	2,375	3,330	4,148
Asia Pacific
Disaggregation of Revenue [Line Items]
Total revenues	$ 229	$ 152	$ 565	$ 542

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
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-Section S99
-Paragraph 1
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Stockholders' Equity (Tables)

6 Months Ended

Jun. 29, 2024

Equity [Abstract]

Schedule of Disclosure of Share-Based Compensation Arrangements by Share-Based Payment Award

The following table summarizes stock-based compensation expense (in thousands):


	Three Months Ended				Six Months Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Cost of revenue	$	707	$	780	$	1,343	$	1,580
Sales and marketing	4,191		5,053		9,041		9,484
Research and development	4,398		4,860		8,913		9,172
General and administrative	6,162		7,151		13,018		13,828
	$	15,458	$	17,844	$	32,315	$	34,064
Income tax benefit recognized	$	2,114	$	2,955	$	5,426	$	7,107

Commitments and Contingencies - Operating Lease Liability (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Accrued liabilities - current portion of operating leases	$ 4,281	$ 4,142
Operating leases	5,859	$ 7,421
Operating lease liability	$ 10,140
Operating lease, liability, current, statement of financial position	Accrued Liabilities, Current

Stockholders' Equity

6 Months Ended

Jun. 29, 2024

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

2019 Equity Incentive Award Plan

Employees and consultants of the Company, its subsidiaries and affiliates, as well as members of the Company’s Board of Directors, are eligible to receive awards under the 2019 Equity Incentive Award Plan (the “2019 Plan”). The 2019 Plan provides for the grant of stock options, including incentive stock options and nonqualified stock options, stock appreciation rights, restricted stock, restricted stock units, other stock or cash-based awards and dividend equivalents to eligible individuals. As of June 29, 2024, there were 2.8 million shares available for issuance under the 2019 Plan.

During the three months ended June 29, 2024, time-based stock option awards exercisable for up to an aggregate of 0.1 million shares of common stock were granted with a grant date weighted-average exercise price of $30.07 per share. During the six months ended June 29, 2024, stock option awards exercisable for up to an aggregate of 0.4 million shares of common stock were granted with a grant date weighted-average exercise price of $34.36 per share. These stock option awards vest 25% on the first anniversary of the vesting commencement date and on a quarterly basis thereafter over an additional three years.

In February 2024, performance-based stock option awards exercisable for up to an aggregate of 2.4 million shares of common stock were granted to certain Company executives with a grant date exercise price of $34.26 per share and divided into two plans, with the first plan accounting for 75% of the total shares granted and the second plan accounting for 25% of the total shares granted. The actual number of shares earned is contingent upon achievement of annual corporate financial targets for bookings and non-GAAP net operating income for 2024 (collectively, the “2024 Performance Targets”) during the one-year performance period. These performance-based stock option awards will vest, subject to certification by the Compensation Committee of the Company’s Board of Directors upon the achievement of the 2024 Performance Targets, as to 25% of the shares of common stock earned on the one year anniversary of the date of grant, and as to the remaining 75% of the shares of common stock earned, in substantially equal quarterly installments over the subsequent 36 months, subject to the executive’s continuous service with the Company through the respective vesting dates. For the first plan, if the non-GAAP net operating income target and the bookings target are each achieved below 80% of target, no shares would be awarded, and the performance-based stock option awards would be forfeited in full. If either target is achieved at the minimum threshold of 80% of target, then the shares are awarded at 75% of the granted shares, with an increasing percentage of shares awarded above the minimum thresholds up to 120% of the granted shares for each target. Each target result is then weighted by 50% and the combined total determines the percent of target shares. The maximum combined award is 100%. For the second plan, if the bookings target is achieved below 90% of target, the performance-based stock option awards would be forfeited in full. If the target is achieved at the minimum threshold of 90% of target, then the shares are awarded at 75% with an increasing percentage of shares awarded above the minimum thresholds up to 100% of the granted shares. The maximum award is 100%. The probability of meeting a portion of the performance conditions related to these performance-based stock option awards was assessed to be probable as of June 29, 2024, and stock-based compensation expense of $1.1 million was recognized for the three months ended June 29, 2024. For the six months ended June 29, 2024, stock-based compensation expense of $2.8 million was recognized.

During the three months ended June 29, 2024, 30,000 shares of common stock were issued pursuant to the exercise of stock options at a weighted-average exercise price of $9.11 per share. During the six months ended June 29, 2024, 0.2 million shares of common stock were issued pursuant to the exercise of stock options at a weighted-average exercise price of $8.64 per share. As of June 29, 2024, unrecognized stock-based compensation expense of $70.8 million related to stock options, net of estimated forfeitures, is expected to be recognized over a weighted-average period of 2.1 years.

Employee Stock Purchase Plans

The Company maintains two employee stock purchase plans - the Amended and Restated Employee Stock Purchase Plan (the “ESPP”) and the Amended and Restated 2017 Nonqualified Employee Stock Purchase Plan (the “NQ ESPP”).

The ESPP allows eligible employees to purchase shares of the Company’s common stock through payroll deductions of up to 15% of their eligible compensation subject to certain Internal Revenue Code limitations.

The offering periods under the ESPP are two six-month offering periods from August 15th through February 14th and February 15th through August 14th of each year. The price of common stock purchased under the ESPP is 85% of the lower of the fair market value of the common stock on the commencement date and the end date of each six-month offering period. As of June 29, 2024, there were 4.3 million shares available for issuance under the ESPP. During the six months ended June 29, 2024, 0.2 million shares were purchased under the ESPP. As of June 29, 2024, unrecognized stock-based compensation expense of $0.3 million related to the ESPP is expected to be recognized over a remaining service period of 0.1 years.

The NQ ESPP allows eligible employees to purchase shares of the Company’s common stock through payroll deductions of up to 25% of their eligible recurring compensation. Eligible employees have the right to (a) purchase the maximum number of whole shares of common stock that can be purchased with the elected payroll deductions during each offering period for which the employee is enrolled at a purchase price equal to the closing price of the Company’s common stock on the last day of such offering period and (b) receive an equal number of shares of the Company’s common stock that are subject to a risk of forfeiture in the event the employee terminates employment within the one year period immediately following the purchase date. The NQ ESPP provides quarterly offering periods from February 8th through May 7th, May 8th through August 7th, August 8th through November 7th and November 8th through February 7th of each year, with a maximum of 0.25 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 June 29, 2024, there were 2.9 million shares available for issuance under the NQ ESPP. During the six months ended June 29, 2024, 0.5 million shares were purchased and issued. As of June 29, 2024, unrecognized stock-based compensation expense of $14.1 million related to the NQ ESPP is expected to be recognized over a remaining weighted-average service period of 0.9 years.

Stock-Based Compensation

The following table summarizes stock-based compensation expense (in thousands):


	Three Months Ended				Six Months Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Cost of revenue	$	707	$	780	$	1,343	$	1,580
Sales and marketing	4,191		5,053		9,041		9,484
Research and development	4,398		4,860		8,913		9,172
General and administrative	6,162		7,151		13,018		13,828
	$	15,458	$	17,844	$	32,315	$	34,064
Income tax benefit recognized	$	2,114	$	2,955	$	5,426	$	7,107

Stock Repurchase Program

The 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. No shares were purchased during the three months ended June 29, 2024. For the six months ended June 29, 2024, the Company purchased 0.1 million shares of common stock for $3.7 million at an average price per share of $32.87. As of June 29, 2024, the remaining balance under the current authorizations was $109.9 million.

Balance Sheet Details - Warranty Reserve (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 7,655	$ 8,445	$ 8,029	$ 8,386
Accruals for product warranty and retrofit	392	802	731	1,817
Cost of warranty and retrofit claims	(676)	(941)	(1,389)	(1,897)
Balance at end of period	$ 7,371	$ 8,306	$ 7,371	$ 8,306

Balance Sheet Details - Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 31, 2023
Summary of accrued liabilities
Compensation and related benefits	$ 31,749	$ 36,741
Component inventory held by suppliers	17,331	32,182
Professional and consulting fees	6,543	7,717
Customer advances or rebates	6,044	5,967
Current portion of warranty and retrofit	5,216	5,655
Operating leases	4,281	4,142
Taxes payable	3,361	4,317
Product returns	2,913	2,897
Insurance	2,125	2,107
Freight	1,003	1,510
Travel expenses	1,001	599
Business events	841	2,938
Litigation settlement	0	3,250
Other	6,737	6,205
Total accrued liabilities	$ 89,145	$ 116,227

Revenue from Contracts with Customers - Contract Costs (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Capitalized contract cost, gross	$ 12,700,000		$ 12,700,000		$ 12,000,000
Capitalized contract cost, amortization	$ 2,100,000	$ 1,500,000	4,200,000	$ 2,900,000
Capitalized contract cost, impairment		$ 0	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 29, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.025	$ 0.025
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.025	$ 0.025
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, shares issued (in shares)	65,800,000	65,052,000
Common stock, shares outstanding (in shares)	65,800,000	65,052,000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Operating activities:
Net income (loss)	$ (7,855)	$ 18,971
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Stock-based compensation	32,315	34,064
Depreciation and amortization	9,988	7,915
Deferred income taxes	(5,284)	884
Net accretion of available-for-sale securities	(2,716)	(1,897)
Changes in operating assets and liabilities:
Accounts receivable, net	43,962	(3,176)
Inventory	19,500	(4,234)
Prepaid expenses and other assets	6,420	(26,123)
Accounts payable	(23,424)	(6,305)
Accrued liabilities	(26,787)	(502)
Deferred revenue	(7,300)	8,626
Other long-term liabilities	(1,781)	(2,647)
Net cash provided by operating activities	37,038	25,576
Investing activities
Purchases of property and equipment	(9,661)	(10,107)
Purchases of marketable securities	(148,897)	(105,888)
Sales of marketable securities	48,734	0
Maturities of marketable securities	82,805	97,223
Net cash used in investing activities	(27,019)	(18,772)
Financing activities:
Proceeds from common stock issuances related to employee benefit plans	14,834	18,284
Repurchases of common stock	(3,738)	(10,000)
Payments related to financing arrangements	0	(4,088)
Net cash provided by financing activities	11,096	4,196
Effect of exchange rate changes on cash and cash equivalents	(38)	114
Net increase in cash and cash equivalents	21,077	11,114
Cash and cash equivalents at beginning of period	63,409	79,073
Cash and cash equivalents at end of period	$ 84,486	$ 90,187

Balance Sheet Details

6 Months Ended

Jun. 29, 2024

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Details

Accounts receivable, net consisted of the following (in thousands):


	June 29, 2024		December 31, 2023
Accounts receivable	$	82,471	$	126,331
Allowance for doubtful accounts	(407)		(304)
	$	82,064	$	126,027

Inventory consisted of the following (in thousands):


	June 29, 2024		December 31, 2023
Raw materials	$	28,110	$	22,119
Finished goods	85,374		110,866
	$	113,484	$	132,985

Prepaid expenses and other current assets consisted of the following (in thousands):


	June 29, 2024		December 31, 2023
Supplier deposits	$	70,335	$	78,131
Prepaid expenses and other current assets	43,056		40,467
	$	113,391	$	118,598

Property and equipment, net consisted of the following (in thousands):


	June 29, 2024		December 31, 2023
Test equipment	$	56,610	$	50,853
Computer equipment	14,334		13,615
Software	11,045		12,972
Leasehold improvements	2,086		2,122
Furniture and fixtures	1,274		1,283
Total	85,349		80,845
Accumulated depreciation and amortization	(54,291)		(51,384)
	$	31,058	$	29,461

Accrued liabilities consisted of the following (in thousands):


	June 29, 2024		December 31, 2023
Compensation and related benefits	$	31,749	$	36,741
Component inventory held by suppliers	17,331		32,182
Professional and consulting fees	6,543		7,717
Customer advances or rebates	6,044		5,967
Current portion of warranty and retrofit	5,216		5,655
Operating leases	4,281		4,142
Taxes payable	3,361		4,317
Product returns	2,913		2,897
Insurance	2,125		2,107
Freight	1,003		1,510
Travel expenses	1,001		599
Business events	841		2,938
Litigation settlement	—		3,250
Other	6,737		6,205
	$	89,145	$	116,227

Changes in the Company’s accrued warranty and retrofit liability were as follows (in thousands):


	Three Months Ended				Six Months Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Balance at beginning of period	$	7,655	$	8,445	$	8,029	$	8,386
Accruals for product warranty and retrofit	392		802		731		1,817
Cost of warranty and retrofit claims	(676)		(941)		(1,389)		(1,897)

Balance at end of period	$	7,371	$	8,306	$	7,371	$	8,306

Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 29, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Revenue From External Customers by Geographic Areas

The following is a summary of revenue disaggregated by geographic region based upon the location of the customers (in thousands):


	Three Months Ended				Six Months Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
United States	$	182,705	$	232,423	$	392,795	$	460,362
Americas ex U.S.		7,052		11,329		14,187		18,866
Europe		6,712		14,737		13,572		27,106
Middle East & Africa		1,441		2,375		3,330		4,148
Asia Pacific		229		152		565		542
	$	198,139	$	261,016	$	424,449	$	511,024

Balance Sheet Details - Prepaid Expenses and Other Assets (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 31, 2023
Balance Sheet Related Disclosures [Abstract]
Supplier deposits	$ 70,335	$ 78,131
Prepaid expenses and other current assets	43,056	40,467
Total prepaid expense and other assets	$ 113,391	$ 118,598

Stockholders' Equity - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 15,458	$ 17,844	$ 32,315	$ 34,064
Income tax benefit recognized	2,114	2,955	5,426	7,107
Cost of revenue
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	707	780	1,343	1,580
Sales and marketing
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	4,191	5,053	9,041	9,484
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	4,398	4,860	8,913	9,172
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 6,162	$ 7,151	$ 13,018	$ 13,828

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes

6 Months Ended

Jun. 29, 2024

Income Tax Disclosure [Abstract]

Income Taxes

The following table presents income taxes and the effective tax rates for the periods indicated (in thousands, except percentages):


	Three Months Ended						Six Months Ended
	June 29, 2024			July 1, 2023			June 29, 2024			July 1, 2023
Income (loss) before income taxes	$	(8,682)		$	14,229		$	(8,214)		$	25,638
Income taxes (benefit)	$	(724)		$	4,856		$	(359)		$	6,667
Effective tax rate	8.3		%	34.1		%	4.4		%	26.0		%

The Company has historically recorded its interim period provision for income taxes by applying a forecasted annual effective tax rate to year-to-date earnings and adjusting for discrete items. However, due to the level of forecasted provision for income taxes relative to the forecasted pre-tax income used in computing the effective tax rate, the effective tax rate is highly sensitive

to fluctuations in pre-tax income and does not provide a reasonable estimate for income taxes in the interim period. As such, the Company has computed its provision for income taxes for the three and six months ended June 29, 2024 using an actual year-to-date tax calculation. The Company plans to revert to applying a forecasted annual effective tax rate to year-to-date earnings and adjusting for discrete items once that method produces more reasonable results.

The Company’s effective tax rate for the three and six months ended June 29, 2024 and July 1, 2023 differed from the statutory federal corporate tax rate of 21% primarily due to state taxes and 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 has net deferred tax assets that have arisen primarily as a result of temporary differences, capitalized research and development costs and tax credits. The Company’s ability to realize a deferred tax asset is based on its ability to generate sufficient future taxable income within the applicable carryforward period and subject to any applicable limitations. Management believes that it is more likely than not that the Company will utilize a significant portion of its deferred tax assets.

The Company maintained a valuation allowance of $29.9 million for the three and six months ended June 29, 2024 and July 1, 2023 on certain U.S. federal and state deferred tax assets that the Company believes are not more likely than not to be realized in future periods.

The Company considered scheduled reversals of deferred tax liabilities, historic profitability, projected future taxable income, ongoing tax planning strategies and other matters, including the period over which its deferred tax assets will be recoverable, in assessing the need for and the amount of the valuation allowance. In the event that actual results differ from these estimates, or if the Company decides to adjust these estimates in the future periods, further adjustments to its valuation allowance may be recorded, which could materially impact the Company’s financial position and net income in the period of the adjustment.

In December 2021, the Organization for Economic Cooperation and Development enacted model rules for a new global minimum tax framework (“Pillar Two”), and certain governments in countries which the Company operates have enacted local Pillar Two legislation, with an effective date from January 1, 2024. The Company currently does not expect Pillar Two to have a material impact on its financial statements.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Fair Value Measurements (Tables)

6 Months Ended

Jun. 29, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets Measured on Recurring Basis

The following tables sets forth the Company’s financial assets measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in thousands):


As of June 29, 2024	Level 1		Level 2		Total
Money market funds	$	65	$	—	$	65
U.S. government securities	46,929		—		46,929
Corporate debt securities	—		66,441		66,441
Commercial paper	—		60,583		60,583
U.S. government agency securities	—		35,559		35,559
Certificates of deposit	—		6,260		6,260
	$	46,994	$	168,843	$	215,837


As of December 31, 2023	Level 1		Level 2		Total
Money market funds	$	2,563	$	—	$	2,563
U.S. government securities	102,246		—		102,246
Commercial paper	—		46,976		46,976
U.S. government agency securities	—		43,521		43,521
Corporate debt securities	—		7,000		7,000

	$	104,809	$	97,497	$	202,306

Net Income (Loss) Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Numerator:
Net income (loss)	$ (7,958)	$ 9,373	$ (7,855)	$ 18,971
Denominator:
Weighted-average common shares outstanding used to compute basic net income (loss) per share (in shares)	65,678	66,271	65,509	66,157
Effect of dilutive common stock equivalents (in shares)	0	3,386	0	3,527
Weighted-average common shares outstanding used to compute diluted net income (loss) per share (in shares)	65,678	69,657	65,509	69,684
Net income (loss) per common share:
Basic net income (loss) per common share (in dollars per share)	$ (0.12)	$ 0.14	$ (0.12)	$ 0.29
Diluted net income (loss) per common share (in dollars per share)	$ (0.12)	$ 0.13	$ (0.12)	$ 0.27
Potentially dilutive shares, weighted average (in shares)	12,300	4,714	11,863	3,786

Balance Sheet Details - Accounts Receivable (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 31, 2023
Summary of accounts receivable, net
Accounts receivable	$ 82,471	$ 126,331
Allowance for doubtful accounts	(407)	(304)
Accounts receivable, net	$ 82,064	$ 126,027

Stockholders' Equity - Stock Repurchase Program (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Equity [Abstract]
Shares repurchased (in shares)	0		100,000
Repurchases of common stock		$ 8,817	$ 3,738	$ 10,000
Average price paid per share (in dollars per share)			$ 32.87
Remaining authorized repurchase amount	$ 109,900		$ 109,900

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Cash, Cash Equivalents and Marketable Securities - Schedule of Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 176,733	$ 156,937
Short-Term Marketable Securities And Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	216,047	199,742
Unrealized Losses	(275)	1
Fair Value	215,772	199,743
Corporate debt securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	66,441	7,000
Corporate debt securities \| Short-Term Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	66,526	6,999
Unrealized Losses	(85)	1
Fair Value	66,441	7,000
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Fair Value	21,544	14,139
Commercial paper \| Short-Term Marketable Securities And Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	60,610	47,003
Unrealized Losses	(27)	(28)
Fair Value	60,583	46,975
U.S. government securities \| Short-Term Marketable Securities And Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	46,954	102,167
Unrealized Losses	(25)	80
Fair Value	46,929	102,247
U.S. government securities \| Short-Term Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	46,929	92,277
U.S. government agency securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	35,559	43,521
U.S. government agency securities \| Short-Term Marketable Securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	35,694	43,573
Unrealized Losses	(135)	(52)
Fair Value	35,559	43,521
Certificates of deposit
Debt Securities, Available-for-sale [Line Items]
Fair Value	6,260	$ 0
Certificates of deposit \| Short-Term Marketable Securities And Cash Equivalents
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	6,263
Unrealized Losses	(3)
Fair Value	$ 6,260

Significant Accounting Policies	6 Months Ended
Significant Accounting Policies	Jun. 29, 2024
Accounting Policies [Abstract]
Significant Accounting Policies	Significant Accounting Policies The Company’s significant accounting policies are disclosed in its Annual Report on Form 10-K for the year ended December 31, 2023. The Company’s significant accounting policies did not change during the six months ended June 29, 2024. Newly Adopted Accounting Standard The Company did not adopt any new accounting standards during the six months ended June 29, 2024 that were significant to the Company. Recent Accounting Pronouncements Not Yet Adopted There have been no additional accounting pronouncements or changes in accounting pronouncements during the six months ended June 29, 2024 as compared with the recent accounting pronouncements described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, that are significant or expected to be significant to the Company.

Balance Sheet Details - Property and Equipment, net (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 31, 2023
Summary of property and equipment, net
Property and equipment, gross	$ 85,349	$ 80,845
Accumulated depreciation and amortization	(54,291)	(51,384)
Property and equipment, net	31,058	29,461
Test equipment
Summary of property and equipment, net
Property and equipment, gross	56,610	50,853
Computer equipment
Summary of property and equipment, net
Property and equipment, gross	14,334	13,615
Software
Summary of property and equipment, net
Property and equipment, gross	11,045	12,972
Leasehold improvements
Summary of property and equipment, net
Property and equipment, gross	2,086	2,122
Furniture and fixtures
Summary of property and equipment, net
Property and equipment, gross	$ 1,274	$ 1,283

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Pay vs Performance Disclosure
Net income (loss)	$ (7,958)	$ 9,373	$ (7,855)	$ 18,971

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revenue from Contracts with Customers - Concentration Risk (Details) - Customer Concentration Risk - Accounts Receivable	6 Months Ended	12 Months Ended
	Jun. 29, 2024	Dec. 31, 2023
Customer One
Concentration Risk [Line Items]
Concentration risk, percentage	14.00%	19.00%
Customer Two
Concentration Risk [Line Items]
Concentration risk, percentage		14.00%

Stockholders' Equity - Equity Incentive Award Plan (Details) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Feb. 29, 2024 plan $ / shares shares	Jun. 29, 2024 USD ($) $ / shares shares	Jun. 29, 2024 USD ($) $ / shares shares	Jul. 01, 2023 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future grant (in shares)		2,800,000	2,800,000
Stock options granted (in shares)		100,000	400,000
Weighted-average grant date fair value (in dollars per share) \| $ / shares		$ 30.07	$ 34.36
Stock-based compensation \| $			$ 32,315	$ 34,064
Stock options exercised (in shares)		30,000	200,000
Weighted-average exercise price per share, stock options (in dollars per share) \| $ / shares		$ 9.11	$ 8.64
Unrecognized stock-based compensation expense, stock options \| $		$ 70,800	$ 70,800
Recognition period			2 years 1 month 6 days
Stock Options \| Period One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage			25.00%
Stock Options \| Period Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Performance Based Stock Options \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)	2,400,000
Weighted-average grant date fair value (in dollars per share) \| $ / shares	$ 34.26
Number of plans \| plan	2
Award performance period	1 year
Stock-based compensation \| $		$ 1,100	$ 2,800
Performance Based Stock Options \| Period One \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	25.00%
Award vesting period	1 year
Grants in period percentage	75.00%
Net income per share, target achievement performance threshold, percent	80.00%
Number of shares granted if non-GAAP income below 80% and bookings below 90% of target (in shares)	0
Performance target achievement, percentage of shares awarded	75.00%
Target achievement threshold for shares award sliding scale	120.00%
Shares award weighted percent	50.00%
Maximum combined payout percent	100.00%
Performance Based Stock Options \| Period Two \| Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, percentage	75.00%
Award vesting period	36 months
Grants in period percentage	25.00%
Net income per share, target achievement performance threshold, percent	90.00%
Performance target achievement, percentage of shares awarded	75.00%
Target achievement threshold for shares award sliding scale	100.00%
Maximum combined payout percent	100.00%

Cash, Cash Equivalents and Marketable Securities - Summary of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 31, 2023
Cash and Cash Equivalents [Line Items]
Total cash and cash equivalents	$ 84,486	$ 63,409
Marketable securities	176,733	156,937
Total cash, cash equivalents, and marketable securities	261,219	220,346
Corporate debt securities
Cash and Cash Equivalents [Line Items]
Marketable securities	66,441	7,000
Corporate debt securities \| Short-Term Marketable Securities
Cash and Cash Equivalents [Line Items]
Marketable securities	66,441	7,000
U.S. government securities \| Short-Term Marketable Securities
Cash and Cash Equivalents [Line Items]
Marketable securities	46,929	92,277
U.S. government agency securities
Cash and Cash Equivalents [Line Items]
Marketable securities	35,559	43,521
U.S. government agency securities \| Short-Term Marketable Securities
Cash and Cash Equivalents [Line Items]
Marketable securities	35,559	43,521
Commercial paper
Cash and Cash Equivalents [Line Items]
Marketable securities	21,544	14,139
Certificates of deposit
Cash and Cash Equivalents [Line Items]
Marketable securities	6,260	0
Cash
Cash and Cash Equivalents [Line Items]
Cash	45,382	18,040
Commercial paper
Cash and Cash Equivalents [Line Items]
Cash equivalents	39,039	32,837
Money market funds
Cash and Cash Equivalents [Line Items]
Cash equivalents	65	2,563
U.S. government securities
Cash and Cash Equivalents [Line Items]
Cash equivalents	$ 0	$ 9,969

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Income Statement [Abstract]
Revenue	$ 198,139	$ 261,016	$ 424,449	$ 511,024
Cost of revenue	90,536	124,546	194,269	246,503
Gross profit	107,603	136,470	230,180	264,521
Operating expenses:
Sales and marketing	52,238	54,596	106,135	106,461
Research and development	44,123	45,341	88,545	88,514
General and administrative	22,598	24,722	48,888	47,799
Total operating expenses	118,959	124,659	243,568	242,774
Operating income (loss)	(11,356)	11,811	(13,388)	21,747
Interest income and other expense, net:
Interest income, net	2,960	2,255	5,595	3,895
Other income (expense), net	(286)	163	(421)	(4)
Total interest income and other expense, net	2,674	2,418	5,174	3,891
Income (loss) before income taxes	(8,682)	14,229	(8,214)	25,638
Income taxes (benefit)	(724)	4,856	(359)	6,667
Net income (loss)	$ (7,958)	$ 9,373	$ (7,855)	$ 18,971
Net income (loss) per common share:
Basic (in dollars per share)	$ (0.12)	$ 0.14	$ (0.12)	$ 0.29
Diluted (in dollars per share)	$ (0.12)	$ 0.13	$ (0.12)	$ 0.27
Weighted-average number of shares used to compute net income (loss) per common share:
Basic (in shares)	65,678	66,271	65,509	66,157
Diluted (in shares)	65,678	69,657	65,509	69,684
Net income (loss)	$ (7,958)	$ 9,373	$ (7,855)	$ 18,971
Other comprehensive income (loss), net of tax:
Unrealized gain (loss) on available-for-sale marketable securities, net	5	(141)	(206)	921
Foreign currency translation adjustments, net	5	(141)	(108)	(37)
Total other comprehensive income (loss), net of tax	10	(282)	(314)	884
Comprehensive income (loss)	$ (7,948)	$ 9,091	$ (8,169)	$ 19,855

Revenue from Contracts with Customers - Contract Asset and Liability (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 29, 2024	Jun. 29, 2024	Mar. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Contract with customer, asset	$ 3.3	$ 3.3		$ 4.7
Contract with customer, asset, expected to be billed remainder of year, percent	35.00%	35.00%
Deferred revenue	$ 54.2	$ 54.2	$ 63.9	$ 61.5
Contract with customer, liability, revenue recognized	$ 13.4	$ 20.2

Income Taxes - Narrative (Details) - USD ($) $ in Millions	Jun. 29, 2024	Jul. 01, 2023
Income Tax Disclosure [Abstract]
Valuation allowance	$ 29.9	$ 29.9