CALX CALIX, INC

Did the company actually spend money buying back stock in 3+ of the last 4 quarters?

Bought back stock in 2/4 quarters. Q3 2025: $0M, Q2 2025: $0M, Q1 2025: $4M, Q3 2024: $32M

Is the most recent quarter's buyback spend more than 15% above the trailing average?

Latest quarter $0M vs trailing avg $12M (-100%)

What percentage of free cash flow is going to buybacks? Bull: 30-80%. Bear: <10% or >80%.

Buyback $36M / FCF $28M = 130% of FCF

How fast are they shrinking the float? Bull: 2%+ annually. Bear: under 0.5%.

Repurchased 5,700,000 shares = 8.6% of 66,434,000 outstanding (annualized)

Are officers and directors buying stock with their own money on the open market?

15 open-market purchases by 3 insiders

• Weening Michael (President & CEO) bought 341 shares at $34.98 on 2023-08-14
• LISTWIN DONALD J () bought 10,000 shares at $50.94 on 2022-02-04
• LISTWIN DONALD J () bought 23 shares at $74.36 on 2021-11-04
• LISTWIN DONALD J () bought 15,000 shares at $60.00 on 2021-10-28
• Weening Michael (President & COO) bought 337 shares at $31.28 on 2021-08-14
• LISTWIN DONALD J () bought 20,000 shares at $35.75 on 2021-02-09
• LISTWIN DONALD J () bought 20,000 shares at $22.53 on 2020-11-10
• SINDELAR CORY (Chief Financial Officer) bought 5,000 shares at $19.75 on 2020-08-31
• LISTWIN DONALD J () bought 21,936 shares at $20.40 on 2020-08-26
• LISTWIN DONALD J () bought 5,109 shares at $19.82 on 2020-08-25

Are insider purchases happening during the same quarters the company is actively buying back stock?

Insider buying coincided with company buybacks in 1 of 4 quarters

• Q3 2024: Weening Michael bought while company spent $32M

Looking at all open-market transactions, are insiders net buyers or net sellers?

Insiders bought $5M, sold $193M (net selling)

Active buyback + insiders net selling 3x+ more than buying. Company cash may be supporting price while insiders exit.

Company buying back stock while insiders sold 42.0x more than bought. 4 C-suite officers among sellers

• Eleniak Shane Todd Marshall (Chief Product Officer) sold 24,000 shares on 2025-11-10
• SINDELAR CORY (Chief Financial Officer) sold 50,000 shares on 2025-11-06
• Eleniak Shane Todd Marshall (Chief Product Officer) sold 50,000 shares on 2025-11-04
• Weening Michael (President & CEO) sold 150,000 shares on 2025-10-30
• Weening Michael (President & CEO) sold 50,000 shares on 2025-10-30
• Weening Michael (President & CEO) sold 74,000 shares on 2025-11-03
• SINDELAR CORY (Chief Financial Officer) sold 10,000 shares on 2025-10-30
• SINDELAR CORY (Chief Financial Officer) sold 10,000 shares on 2025-10-31
• Weening Michael (President & CEO) sold 150,000 shares on 2025-09-10
• Weening Michael (President & CEO) sold 7,990 shares on 2025-09-10