August 2016

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This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements relate to future events and expectations and involve known and unknown risks and uncertainties. Examples of forward-looking statements include, but are not limited to, statements about our development of new products and product features; our anticipated growth and growth drivers; our future financial condition and results of operations; our future business, operational and financial performance; and the success and/or market adoption of our products and solutions. We have based these forward-looking statements on our current expectations, assumptions and projections. Our actual results or actions may differ materially from those projected in forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and factors that could cause results to differ materially as described in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K and quarterly reports on Form 10-Q. Except as may be required by law, Calix, Inc. undertakes no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.

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1.

2.

3.

4.

Calix at a Glance

Value Shift from Hardware to Software

The Access Market Opportunity

Financials Update

5. Appendix

Calix at a Glance

4

2010 2011 2012 2014 2015

• IPO on NYSE • Occam acquisition

• EMEA and Australia expansion

• Ericsson fiber access products acquisition

• Ericsson global reseller agreement

• Launched Open Link Cable

• Introduced GigaCenter

• Introduced AXOS platform

• Launched G.fast and NG-PON2 products

• Expanded GigaCenter platform

Serving over 1,200 customers in more than 70 countries

5

22%

66%

12%

Customer Mix - 2015

Tier 1 Tier 2/3 International

Data Center Outside Plant

Broadband Aggregation

Optimization

Success-based Pay-as-you-grow Architecture

Subscriber Edge

Technology & Service

Optimization

E3-48C

716EE7-2

E7-20

E5-48

E5-216F

GigaFamily

6

E3-8G

Value Shift from Hardware to Software

7

The World’s Most Advanced Operating System for Access Networks

8

9

Typical NOS Architecture� Application enhancements require

frequent base code changes

� No formalized programming interfaces (APIs)

� Private/Proprietary kernel Extension

� Large diverse systems withopposite needs

� Stateless modules

� No object model

� Deep integration with ASIC/SiliconAccelerating

rate of change

Spaghetti

OS

ServicesStacks

NativeApps

On-box

Off-box

Applications

ServicesModules

Pristinebase gated

OS

Accelerating rate of change

AXOS Infrastructure

MODULES

Compass/OSS/IT Integration

REST SNMPNETCONF /

YANGCLI

HARDWARE ABSTRACTION LAYER

Multi-Service Protocols

OAM Timing Layer 3 Protocols Host Services Open Flow

Topology & Discovery Protocols

Layer 2 ProtocolsMulticast Protocols

Traffic Management

Performance Monitoring

QoS ManagerPlatform

Configuration and Upgrade

Diagnostics Syslog

OF Config

SERVICE ABSTRACTION LAYER/TRANSPARENT MOPS

Merchant Silicon / New Technology

� Structured like a disaggregated model

� Formalized programming interfaces (API)

� AXOS isolated from physical layer

10

FAST. Time to Revenue

� Speed of New Features. Individual software components are containerized which simplifies adds /deletes /changes and eliminates the need to constantly re-test the entire OS, thus maximizing reuse, while leveraging industry standards and open source software

� Speed of New Products. The unique hardware and software abstraction layers (HAL / SAL) preserve software independence from the underlying hardware and allow rapid development for any new access technology

ALWAYS ON. Resilient

� Eliminates maintenance windows through the live upgrade functionality

� Minimizes downtime using self-diagnosis, self-healing and process auto-restart

� Provides unprecedented visibility into application performance via monitoring and streaming data off the systems to feed third-party or open source monitoring tools

SIMPLE. Operational ease and flexibility

� Plugs into any open standard orchestration and management solution because it supports dynamic “state” manipulation through standard, open interfaces

� Portable across the network with common, stable field deployed components

Rapid delivery of new services, superior customer experience and unparalleled reliability

11

Controlled environment

Short lifecycle / Easy to replace

Partially to fully exposed environments

Long lifecycle / Difficult to replace

Data Center Access NetworkData Center Access Networkvs.

12

The Access Market Opportunity

13

Source: Infonetics, Morgan Stanley Research, UBS Research, Barclays Research, Company estimates

14

15

• 10 percent of all Americans (34 million people) lack access to 25 Mbps/3 Mbps service

• Wide disparity between urban and rural subscribers

• 4 percent of urban Americans lack access to 25Mbps/3Mbps service

• 39 percent of rural Americans lack access to 25 Mbps/3 Mbps service

• US broadband access ranked 16th out of 34 countries

• Universal Service Fund transitioned to Connect America Fund to accelerate broadband penetration

Source: FCC Broadband in America (January 2015)

Source: Morgan Stanley Research, Barclays Research, Nielsen Global Digital Landscape Report March 2015, Nielsen Total Audience 4Q14 Report,

Comscore

16

COPPERFIBERWIRELESSCABLE

Unified Access

Bandwidth on demand

Transparent quality of experience

VDSL2Unlicensed Spectrum

Wi-Fi 4x4

5G / WiFi

GPONEPON

XGPON-1

NGPON2

DOCSIS 3.0

CCAP

G.fast A2Unmatched subscriber experience

G.hnXGS-PON

CommunityWi-Fi

G.fast A1HotSpot 2.0Remote OLT

DOCSIS 3.1

FTTH

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Gigabit experience

DOCSIS 3.024 Bonded

Gigabit GPON DOCSIS 3.1 (initial)

10000

Gigabit FTTH

10G PONXGS/NG-PON2

…

10G XGS/NG-PON2

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Lower Operating Costs

Source: RVA LLC: North American FTTH Accelerates, (Q4 2014), RVA LLC North America FTTH Progress and Impact 2015 (June 2015), Google Fiber Kansas City, Bernstein Proprietary Census. Survey conducted by Haynes and Company (May 2014)

Estimated Operating Expense Savings

High Customer Take Rates

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20

Cincinnati Bell continues to see benefits from fiber rollout

Source: Cincinnati Bell (September 2014)

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%

100% Aerial/0% MDU

100% Aerial/20% MDU

50% Aerial/0% MDU

50% Aerial/50% MDU

Non-Electronics/Sub Electronics/Sub

Source: Suburban FTTP Network Scenarios, Telecom & Networking Equipment, The FTTP Renaissance,

Implications for Vendors – Jefferies Group LLC May 6, 2015

Electronics represent ~15-25% of the total capex cost per unit served in a fiber deployment after initial build costs

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• Calix is a leader in G.fast technology as the first company in the world to publicly demonstrate a true gigabit experience via bonded G.fast over copper at Broadband World Forum 2015 with speeds up to with 1.5 Gb/s at 250m

• G.fast solutions are ideally suited for short loops < 500 m and speeds from 150Mb/s to >1 Gb/s

• Per U.S. Census data there are over 34 million multi-tenant housing units in the U.S. (per 2013 ACS) with an estimated more than 50% of these units built before 1980

• Aged residential and commercial units are characterized by difficulties in riser access and restricted building access

• G.fast provides fiber-like broadband speeds when fiber is not available

MDU

Riser

GPON/GE

G.fast

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Financials

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($ in millions, except per share amounts) Actual Guidance

Revenues $107.4 $104.0-$108.0

Non-GAAP gross margin 47.5% 46%-47%

Non-GAAP operating expenses $53.0* $52.0-$53.0**

Non-GAAP EPS – excluding Occam litigation $0.02 ($0.04) – $0.00

Non-GAAP EPS – including Occam litigation ($0.04) ($0.09) – ($0.05)

Cash flow from operations $0.1 Negative

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* Includes approximately $2.8M of Occam litigation-related expenses** Included approximately $2.4M of Occam litigation-related expenses

Please refer to the reconciliations of Non-GAAP to GAAP financial measures in the appendix and on the Investor Relations section of our website

$40.0

$42.0

$44.0

$46.0

$48.0

$50.0

$52.0

$54.0

3 Q 1 4 4 Q 1 4 1 Q 1 5 2 Q 1 5 3 Q 1 5 4 Q 1 5 1 Q 1 6 2 Q 1 6

OP

ER

AT

ING

EX

PE

NS

ES

IN $

M

25

Revenues +8% y/y

� 2 > 10% customers

� Growth across customers, platforms and geographies

Non-GAAP gross margins of 47.5%

� Favorable product and customer mix

� Offset by continued ramp of turnkey network improvement project

Non-GAAP operating expenses within guidance

� R&D increase to support growth initiatives

� Litigation expense higher than expected

Non-GAAP EPS above guidance

� Leverage from higher sales and gross profits

� Non-operating items in line with expectations

($0.15)

($0.10)

($0.05)

$0.00

$0.05

$0.10

$0.15

$0.20

3 Q 1 4 4 Q 1 4 1 Q 1 5 2 Q 1 5 3 Q 1 5 4 Q 1 5 1 Q 1 6 2 Q 1 6

NO

N-G

AA

P E

PS

44.8%

48.1%

49.2%

51.0%

49.3%

46.5%

48.1%47.5%

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

Gross Margin (%)

$60.0M

$70.0M

$80.0M

$90.0M

$100.0M

$110.0M

$120.0M

2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16

Domestic Revenues International Revenues

Please refer to the reconciliations of Non-GAAP to GAAP financial measures in the appendix and on the Investor Relations section of our website

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Revenues +8% y/y

� Growth across customers, platforms and geographies

� Benefit from ramp of turnkey network improvement project

Non-GAAP gross margins of 47.8%

� Less favorable product and customer mix

� Accelerated ramp of turnkey network improvement program

Non-GAAP operating expenses +5% ex-litigation

� Hiring to support growth initiatives

� Litigation expenses drove ~50% of total y/y increase

Non-GAAP EPS of ($0.13) $0.00 ex-litigation

� Higher revenues offset by litigation expenses and lower gross margins

� $0.13 drag from litigation expenses

45.2%

47.9%

46.9%

50.1%

47.8%

2012 2013 2014 2015 2016

(7.0%)

17.5%

(0.6%)

3.5%

8.2%

5.9%

16.7%

3.4%

15.9%

9.6%

13.6%

5.3%

2012 2013 2014 2015 2016

1H Revenue (% change)

Operating Expenses (% change)

Operating Expenses ex-litigation (% change)

$0.05

$0.16

$0.07

($0.00)

($0.13)

$0.03

($0.00)

($0.15)

($0.10)

($0.05)

$0.00

$0.05

$0.10

$0.15

$0.20

2012 2013 2014 2015 2016

EPS EPS ex-litigation

$100.0M

$120.0M

$140.0M

$160.0M

$180.0M

$200.0M

$220.0M

2012 2013 2014 2015 2016

Domestic Revenues International Revenues

Please refer to the reconciliations of Non-GAAP to GAAP financial measures in the appendix and on the Investor Relations section of our website

$88.1M

$112.0M

$97.8M$99.5M$93.9M

$73.6M

$64.3M$64.2M

$0.0M

$20.0M

$40.0M

$60.0M

$80.0M

$100.0M

$120.0M

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

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Cash of $64.2M

� Decline y/y due to completion of $40M repurchase authorization in Q1 2016

� $50M line of credit expiring September 2018 remains undrawn

Inventory velocity improving

� Focus on key platforms

� Increased commonality of critical components

Positive operating cash flow

� Operating cash flow generation of $0.1M

� Solid revenue linearity

� Focus on working capital velocity

Non-GAAP cash conversion cycle improvement

� Inventory velocity improves by 10 days

� Linearity and key focus on working capital

101 Days

91 Days

113 Days108 Days

90 Days

104 Days107 Days101 Days

0 Days

20 Days

40 Days

60 Days

80 Days

100 Days

120 Days

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

3.0 x

3.2 x

3.4 x

3.6 x

3.8 x

4.0 x

4.2 x

4.4 x

4.6 x

4.8 x

5.0 x

$37.5M

$39.5M

$41.5M

$43.5M

$45.5M

$47.5M

$49.5M

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

Inventory

Inventory Turns (annualized)

$15.1M

-$2.5M

-$11.9M

$5.0M$5.1M

-$4.5M

$5.3M

$0.1M

-$15.0M

-$10.0M

-$5.0M

$0.0M

$5.0M

$10.0M

$15.0M

$20.0M

3Q14

4Q14

1Q15

2Q15

3Q15

4Q15

1Q16

2Q16

Please refer to the reconciliations of Non-GAAP to GAAP financial measures in the appendix and on the Investor Relations section of our website

Revenues $115-$119M

Non-GAAP gross margin 45.5-46.5%

Non-GAAP operating expenses – excluding litigation $53.0-$54.0M

Non-GAAP operating expenses $48.5-$49.5M*

Non-GAAP EPS– excluding litigation ($0.01) – $0.03

Non-GAAP EPS $0.08 – $0.12*

Cash flow from operations Negative

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*Includes $4.5M (or $0.09 per share) in expected settlement proceeds for Occam litigation

Please refer to the reconciliations of Non-GAAP to GAAP financial measures in the appendix and on the Investor Relations section of our website

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Industry and location no longer the key distinction between customers

22%66%

12%

2015 Customer Mix

Tier 1

Tier 2/3

International

40%60%

Target Customer Mix

Small-to-medium customer

Large customer

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($ in millions, except per share amounts) 2015 Long-TermTarget

Revenues $407.5 $600.0

Non-GAAP gross margin 49.0% >50%

Non-GAAP operating expenses (%) 47.4% 38-42%

Non-GAAP operating margin 1.5% >10%

Non-GAAP EPS $0.12 >$1.25

Predictable, profitable long-term growth

Reaccelerated top-line growth rate

Increased leverage from Operating Platform investments

Accelerated rate of change across industry

Demand drivers remain intact

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Q&A

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Appendix

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PARTNERSPARTNERSSALESSALESENGINEERINGENGINEERING

LEVERAGE

� Solve a hard problem once

� Reuse successful components

� Leverage silicon innovation

� Can integrate Open Source value

CUSTOMERSCUSTOMERS

VALUE

� ConsistentBehavior

� Service Resiliency

� Workflow Simplicity

� Upgradability( features + fixes)

� Reduce OPEX

PORTFOLIO EFFECT

� Cross-selling and pull-through sales

� Sell once, train once

� Solution DeliveryEnd to End

� Reduce Cost of Sales

INTEGRATION

� Tighter integration

� Broader opportunities

� Round out the portfolio

� Solution Ecosystemversus largervendors

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Infrastructure Layer

Protocol Framework Layer

Protocol and Services Layer

User Interface Layer

Policy and Management Layer

Hardware Abstraction Layer

AXOS

Merchant Silicon / New Technology

Decoupled hardware and software, loosely coupled components

� Simplistic 3-layer model transformed to fine-grained independent software components abstracted from the physical layer

� Support for 3rd party components with internal and external APIs

DATA PLANE

CONTROL PLANE

MANAGEMENT PLANE

D1 D2 D3 D4

C1 C2 C3 C4

B1 B2 B3 B4

A1 A2 A3 A4

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Expanded Revenues

•New Products & Markets

•Focus on NFV & SDN

Opportunity

Increased Gross Profit

•Consistent Gross Margin

Expansion

•Funds R&D

R&D Investment

•Operating System

•Access Solutions

Long-Term Operating

Profit Growth

G.fastAXOS

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“Strategic revenues were up more than 25%, compared to the second quarter of 2015 as our fiber expansion continues to drive favorable returns... as we continue to transition customers from legacy-bases copper services to more strategic-based fiber offerings…Our customers' response to our fiber-based products has been outstanding. As video content consumption evolves and demand for increased bandwidth speeds accelerates, it is important for us to remain connected to our customers and to react accordingly to their changing video and data needs.” August 4, 2016

"FiOS total revenue grew 3.7%. FiOS revenue was strong, even with the work stoppage and a high prior-year comparable pay-per-view fight event. The growth in FiOS is driven by a higher customer base and the demand for higher Internet speeds. Approximately 11% of our FiOS Internet base has opted for speeds of 100 megabits or greater…We believe we have an opportunity to further penetrate the markets we serve.” July 26, 2016

“We are upgrading our broadband network to establish a foundation for sustainable growth. This segment generates attractive cash flow by serving our largely rural footprint and the network enhancements we are making position us well competitively in our markets. During the quarter, we increased Internet availability across all speed tiers and can now offer premium Internet speeds at 50 meg and higher to approximately 23% of our footprint.” August 4, 2016

“We also are continuing to invest with a ‘network first’ focus on delivering higher broadband speeds and in the transformation and virtualization of our network infrastructure through the deployment of NFV and SDN technologies. We ended the quarter with more than 8.4 million addressable households and businesses with 40 Mbps or higher speeds, including 1.2 million GPON-enabled addressable units. We expect to reach 11 million 40 Mbps or higher, including 2 million GPON-enabled addressable households and businesses by year-end 2017.” August 3, 2016

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Source: Company reports

Latest QuarterWireline revenues +1% y/yFioptics revenues +34% y/y

Latest QuarterWireline revenues -2% y/yFios revenues +8% y/y

38

$2

,47

8

$2

,56

2

$2

,60

2

$2

,67

8

$2

,68

9

$2

,77

0

$2

,76

1

$2

,77

6

3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16

FiOS Rev ($M)

30.0%

32.0%

34.0%

36.0%

38.0%

40.0%

42.0%

3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16

FiOS Internet Penetration FiOS Video Penetration

0

100

200

300

400

5,900

5,950

6,000

6,050

6,100

6,150

3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16

Broadband Subscribers ('000s) - LHS

Prism Subscribers ('000s) - RHS

$7

12

$7

27

$7

38

$7

58

$7

63

$7

73

$7

74

$8

00

3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16

Consumer Strategic Rev ($M)

$3

7

$4

0

$4

2

$4

5

$4

9

$5

5

$5

8

$6

2

3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16

Fioptics Rev ($M)

0%

10%

20%

30%

40%

50%

60%

70%

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

4Q

15

1Q

16

2Q

16

Fioptics availability

“Broadband access has become a necessity in our everyday lives. In the past few

years, broadband has brought sweeping changes in the ways Americans communicate, gather information, conduct commerce, and entertain themselves.”

STATEMENT OF FCC CHAIRMAN TOM WHEELER

“Broadband is not just a technology, it’s a platform for opportunity.”

STATEMENT OF COMMISSIONER JESSICA ROSENWORCEL

Source: 2015 BROADBAND PROGRESS REPORT AND NOTICE OF INQUIRY ON IMMEDIATE ACTION TO ACCELERATE

DEPLOYMENT, FCC, January 9 2015

39

Source: Telecom & Networking Equipment, The FTTP Renaissance, Implications for

Vendors – Jefferies Group LLC May 6, 2015

40

14

31

43

65

76

100

122

131 132 134

0

20

40

60

80

100

120

140

160

Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016

*Additional customer deployments from Calix customers have been secured but not yet announced.

Totals: 134 gigabit deployments (as of July 11, 2016)States: 43Outside U.S.: 2 Canadian provinces and 4 other countries

Calix Gigabit Deployments

41

42

Source: NTCA 2015 Broadband/Internet Availability Survey Report, June 2016Survey responses 131 (22% of NTCA membership)

41%

45%

55%

30%

35%

40%

45%

50%

55%

60%

2013 2014 2015

Percent of providers covering 50% of customer with FTTH

61%

67%

78%

40%

45%

50%

55%

60%

65%

70%

75%

80%

2013 2014 2015

Percent building FTTH to >50% of customers 3-years out

CAPEX $25KCAPEX $8KOPEX $1KOPEX $32K

Central

Office

Generic

Home

20 Mbps

MDU

1:32 split

BPON ONTs

+ 1 GPON system+ 32 GPON ONTs + 2 CO techs (day)+ 32 techs in field (simultaneously)

GPON ONTs

GPON OLTs

BPON OLTs

Total cash spend = $66K -- or $2,063 per home

43

CAPEX $4K

OPEX $120

Home

MDU

1:32 split

BPON OLTsGPON OLTsBPON OLTs

+ 1 GPON line card+ 1 GPON OIM- 1 BPON trade-in + 1 CO tech (2 hrs)+ 0 techs in field (no truck roll)

80 Mbps to 1Gbps

GPON ONTs

Auto-detect

PO ONTs

Central

Office

GPON OLTs

Total cash spend = $4.12K -- or $128 per home

44

45

46

47

* Based on litigation expense reimbursement with estimated timing of settlement accrual in Q3 2016

Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016E*

Occam Litigation Expense ($M)

($1.7M) ($0.1M) ($0.6M) ($0.8M) ($3.4M) ($2.8M) $4.5M

Per share impact ($0.03) ($0.00) ($0.01) ($0.02) ($0.07) ($0.06) $0.09

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($ in millions, except per share amounts)

(Unaudited) Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016

GAAP Revenues $105,768 $111,633 $91,.038 $99,129 $112,297 $104,999 $98,375 $107,425

GAAP Cost of revenue $60,689 $60,192 $48,548 $50,840 $59,184 $58,462 $52,893 $57,419

Stock-Based Compensation (206) (206) (175) (211) (163) (160) (127) (183)

Amortization of Intangibles (2,089) (2,088) (2,088) (2,088) (2,088) (2,089) (1,663) (814)

Acquisition-Related Costs 0 0 0 0 0 0 0 0

Non-GAAP Cost of revenue $58,394 $57,898 $46,285 $48,541 $56,933 $56,213 $51,103 $56,422

GAAP Gross Profit $45,080 $51,441 $42,490 $48,289 $53,113 $46,537 $45,482 $50,006

GAAP Gross Margin 42.6% 46.1% 46.7% 48.7% 47.3% 44.3% 46.2% 46.5%

Stock-Based Compensation 206 206 175 211 163 160 127 183

Amortization of Intangibles 2,089 2,088 2,088 2,088 2,088 2,089 1,663 814

Acquisition-Related Costs 0 0 0 0 0 0 0 0

Non-GAAP Gross Profit $47,375 $53,735 $44,753 $50,588 $55,364 $48,786 $47,272 $51,003

Non-GAAP Gross Margin 44.8% 48.1% 49.2% 51.0% 49.3% 46.5% 48.1% 47.5%

Q3 2014 – Q2 2016 Cost of Revenue and Gross Profit

49

($ in millions, except per share amounts)

Unaudited Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q2 2016

GAAP Operating Expenses $48,824 $54,294 $54,377 $54,054 $52,236 $56,272 $56,220 $55,887

Stock-Based Compensation (3,607) (3,692) (3,487) (4,130) (2,427) (3,052) (2,594) (2,785)

Amortization of Intangibles (2,552) (2,552) (2,552) (2,552) (2,552) (2,552) (1,701) 0

Acquisition-Related Costs 0 (978) (190) (52) (106) (24) (275) (76)

Non-GAAP Operating Expenses $42,665 $47,072 $48,148 $47,320 $47,151 $50,644 $51,650 $53,026

GAAP Net Income/(Loss) ($3,848) ($2,988) ($11,930) ($5,779) $922 ($9,546) ($10,729) ($5,826)

Stock-Based Compensation 3,831 3,898 3,662 4,341 2,590 3,212 2,721 2,968

Amortization of Intangibles 4,641 4,640 4,640 4,640 4,640 4,641 3,364 814

Acquisition-Related Costs 0 978 190 52 106 24 275 76

Non-GAAP Net Income/(Loss) $4,624 $6,528 ($3,438) $3,254 $8,258 ($1,669) ($4,369) ($1,968)

Basic Shares 51,048 51,300 51,732 51,950 51, 756 50,578 48,591 48,371

Diluted Shares 51,552 52,047 51,732 52,455 52,016 50,578 48,591 48,371

GAAP Income/(Loss) per share ($0.08) ($0.06) ($0.23) ($0.11) $0.02 ($0.19) ($0.22) ($0.12)

Stock-Based Compensation 0.07 0.07 0.07 0.08 0.05 0.06 0.06 0.06

Amortization of Intangibles 0.09 0.09 0.09 0.09 0.09 0.09 0.07 0.02

Acquisition-Related Costs 0.00 0.02 0.00 0.00 0.00 0.00 0.01 0.00

Non-GAAP Income/(Loss) per share $0.09 $0.13 ($0.07) $0.06 $0.16 ($0.03) ($0.09) ($0.04)

Q3 2014 – Q2 2016 Operating Expense and Net Income/(Loss)

� Additional information available at http://investor-relations.calix.com/ • Stock Information

• Financial Information

• Events & Presentations

• Corporate Governance

• Investor Resources

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