1 © Calix, Inc.

Calix Investor Presentation

ACCESS INNOVATION

November 18, 2015

2 © Calix, Inc.

Forward-Looking Statements

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 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.

3 © Calix, Inc. 3

Agenda

History and Background

Value Shift from Hardware to Software

The Access Market Opportunity

Calix Financials

4 © Calix, Inc.

History and Background

5 © Calix, Inc.

2015: Introduced AXOS, G.fast and NG-PON2 products; Over 300

customers to-date have placed orders for GigaCenters

2014: Launched Open Link Cable and GigaCenter solutions

2012: Acquired Ericsson fiber access products and sales channel

2011: Acquired Occam; expanded into EMEA and Australian markets

2010: IPO on NYSE; Expansion into Latin American market

2008: Expanded into MSO market

2007: Introduced first E-Series products

2006: Acquired OSI added subscriber edge capability

2005: Expanded into Caribbean market

2002: Carl Russo appointed CEO; Expansion into Tier 2 carriers

2001: Shipped first product - C7

1999: Calix founded

Company History

6 © Calix, Inc.

IOCs

Over 1,200 Global Customers

Serving Customers in More than 70 Countries

7 © Calix, Inc.

Data Center Outside Plant

Fiber Optimized Pay-as-you-grow

architecture

Premises

Service

optimized

E3-48 716EE7-2

E7-20

E5-48

Calix Solutions from Datacenter to Subscriber Edge

P870-F

GigaFamily

8 © Calix, Inc.

Value Shift from Hardware to Software

9 © Calix, Inc.

Software Defined AccessIntroducing

The World’s Most Advanced Operating System for Access Networks

10 © Calix, Inc.

AXOS: The Most Advanced OS for Access Networks

FAST. Time to RevenueSpeed 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. ResilientEliminates 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 flexibilityPlugs 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 © Calix, Inc.

Controlled environment

Short lifecycle / Easy to replace

Partially to fully exposed environments

Long lifecycle / Difficult to replace

Data Center Network vs. Access Distribution Network

Data Center Access NetworkData Center Access Networkvs

12 © Calix, Inc.

Changing the software development paradigm

Separation of Applications from Infrastructure

Applications

Services

Base OS

AXOS Architecture Structured around features and

applications

Formalized programming interfaces (API)

Accelerating

rate of change

13 © Calix, Inc.

Fast, Always On, Simple

Agility

Modularity, Component

management, Operational agility

and flexibility in build/packaging,

Faster deployment with DevOps

High Availability

Process failover, Restartability,

Reliability, Robustness,

Resiliency, Recovery, Backup

Manageability

SDN support, Ease of

integration, Ease of use

Serviceability

Diagnostics, Application

monitoring, Health monitoring,

Resource monitoring,

Supportability, Debuggability

Security

Internal security, Reduce

vulnerabilities, Attack prevention, Self-

protection

Portability & Virtualization

Centralized or distributed functionality (off or on

box) & virtualized, Hardware emulation,

Leverage for internal testing

Programmability

Automation, DevOps,

Customization, High level and

Low level APIs

Telemetry & Analytics

Reporting, Statistics, Accounting, Logging,

Tracing, Instrumentation, Analytical capability,

Bi-directional information exchange

… and so much more

14 © Calix, Inc.

The Access Market Opportunity

15 © Calix, Inc.

Consumers Driving Broadband Investment

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

4Q14 Report, Comscore

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

A15-20 A21-34 A35-49 A50-64 A65+

In-Home Video Consumption by Device Type

Television Computer Mobile Phone Tablet

23%

10% 9%

44%

13%

18%

11% 12%

43%

17%

<6 months 6-12 months 12-24 months >24 months Never had Pay TV

% o

f re

spondents

Of respondents without Pay-TV, how long since they last subscribed?

2014 survey 2015 survey

Less TV-based consumption among viewers under

age 35

More non-TV based consumption dependent on

broadband access

Cord cutting shows “no major change”

Increase in ‘Cord-Nevers’ consumer segment

increases broadband-only household count

16 © Calix, Inc.

Driving toward gigabit speeds…

DOCSIS 3.0

24 BondedGigabit GPON

DOCSIS 3.1

(initial)

10000

Gigabit FTTH

10G PON

XGS/NG-PON2

…

10G XGS/NG-PON2

17 © Calix, Inc.

…And Compelling Benefits From Fiber Networks…

Source: RVA LLC: North American FTTH Accelerates, (Q4 2014), Google Fiber Kansas City, Bernstein Proprietary

Census. Survey conducted by Haynes and Company (May 2014)

Higher ARPU

$142

$110

Estimated Operating Expense Savings

35%

22%

43%

<10% 10-20% >20%

Lower Operating Costs

83%

62%

81%

72%

27%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

Wornall Homestead Countryside Roanoke Cental Hyde Park Community College

Median HH Income Take Rate

Driving Increased Customer Take Rates

18 © Calix, Inc.

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

…In Broadband Deployments Infrastructure Leads Electronics…

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

19 © Calix, Inc.

…With Next Generation Copper Technology Leveraging

Installed InfrastructureG.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 high speed when fiber is not

available

On June 2, 2015 Calix announced a trio of

new products which will leverage standards-

based G.fast technology to bring a gigabit

experience to subscribers located in multi-

dwelling unit (MDU), multi-tenant unit (MTU),

and high-density single family unit (SFU)

dwellings

MDU Tower

Riser

Living

Units

G.Fast nodeGPON/AE870

20 © Calix, Inc.

CAPEX $25K

CAPEX $8K

OPEX $1K

OPEX $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

BPON to GPON upgrade: The Conventional Way

21 © Calix, Inc.

CAPEX $4K

OPEX $120

Home

MDU

1:32

split

BPON

OLTs

GPON

OLTs

BPON

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

BPON to GPON upgrade: The Calix Way

22 © Calix, Inc.

Cable operators challenged to offer gigabit speeds over existing HFC plant

Next gen DOCSIS 3.1 scheduled for initial deployments late 2015

Largest unanswered question is the cost per household threshold that forces the

switch to fiber-based systems

Cable Networks: The Conventional Way

23 © Calix, Inc.

Calix Open Link Cable software translates GPON into

DOCSIS for a seamless transition

No change to back office OSS or DOCSIS provisioning

No change to service turn-up procedures

Calix Networks: Calix GPON over DOCSIS Today

24 © Calix, Inc.

Calix Financials

25 © Calix, Inc.

Q3 2015: Key Developments

Revenues of $112.3M, +6.2% y/ySlightly above the high-end of $107-$111M guidance led by strength across multiple customer sets

Seventh consecutive quarter at or above revenue guidance range

Nine-month 2015 revenues +4.4% y/y

Non-GAAP Gross margins increase to 49.3%, +451bps y/y

Second highest reported non-GAAP gross margins as a public company

Nine-month gross margins up 372bps y/y

Favorable product and geographic mix compared to the year ago period as well as benefits from the long-term shift to

software-centric platform offerings

Increased operating profits on the back of strong revenue growth and expansion of gross

margins

Gross profit dollars +17% y/y with improved mix

26 © Calix, Inc.

Q3 2015 Financial Results vs. Guidance

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

Revenues $112.3 $107.0-$111.0

Non-GAAP gross margin 49.3% 49%-50%

Non-GAAP operating expenses $47.2 $50.0-$51.0

Non-GAAP EPS $0.16 $0.05 – $0.09

Cash flow from operations $5.5 Positive

27 © Calix, Inc.

Balance Sheet & Cash Flow Highlights

Cash and equivalents of $93.9MOperating cash flow of $5.5M

$2.3M spent on capital expenditures

$7.7M used to buyback 1.0M shares of

CALX common

Buyback activity increasedStock repurchase activity level more than

doubled q/q

$28.9M remaining on original $40M

buyback authorization

YTD 1.45M shares repurchased at an

average cost of $7.69

$80.1M $83.0M$75.5M

$79.3M

$88.1M

$112.0M

$97.8M $99.5M$93.9M

$0.0M

$20.0M

$40.0M

$60.0M

$80.0M

$100.0M

$120.0M

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

0.41.0

1.4

$3.4

$7.7

$11.1

Q2 2015 Q3 2015 YTD Buyback

Shares Repurchased (M) Dollars Spent ($M)

28 © Calix, Inc.

Q3 2015 Income Statement HighlightsGross margins of 49.3%

Inline with 49-50% guidance due to

favorable product and regional mix

Gross profit dollars +17% y/y

Second highest level of non-GAAP gross

margins as a public company

Long-term non-GAAP gross margin

target remains >50%

Non-GAAP operating expenses

increase to support future growth

opportunitiesR&D investment up 13% y/y to support

next generation products in order to

expand opportunities with new as well as

existing customers

Due to higher revenues, quarterly Non-

GAAP operating expenses as a

percentage of revenue were 160bps

below trailing 3-year quarterly average

levels

30.0%

35.0%

40.0%

45.0%

50.0%

55.0%

$36.0

$38.0

$40.0

$42.0

$44.0

$46.0

$48.0

$50.0

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

Operating Expenses Percent of Revenue

44.0%

45.0%

46.0%

47.0%

48.0%

49.0%

50.0%

51.0%

52.0%

$35.0

$40.0

$45.0

$50.0

$55.0

$60.0

3Q

13

4Q

13

1Q

14

2Q

14

3Q

14

4Q

14

1Q

15

2Q

15

3Q

15

Gross Profit Gross Margin (%)

29 © Calix, Inc.

Q4 2015 Operating Performance Guidance

Revenues $102-$106M

Gross margin 47-48%

Operating expenses $51.5-$52.5M

Non-GAAP EPS ($0.07) – ($0.03)

Cash flow from operations Neutral

30 © Calix, Inc.

Consistency Relative to Guidance Continues

Seventh consecutive quarter of

reported revenues in-line or better

than guidanceVisibility remains challenged amid

uneven customer spending environment

New product offerings as well as

improved customer value proposition

driving revenues

Non-GAAP EPS at or above

guidance for seventh consecutive

quarterCommon operating system and product

specific momentum drive improvement in

gross profits

Lower than expected hiring expenses led

to improved near-term earnings

$75.0

$80.0

$85.0

$90.0

$95.0

$100.0

$105.0

$110.0

$115.0

Q 1 2 0 1 4

Q 2 2 0 1 4

Q 3 2 0 1 4

Q 4 2 0 1 4

Q 1 2 0 1 5

Q 2 2 0 1 5

Q 3 2 0 1 5

RE

VE

NU

ES

IN

$M

($0.15)

($0.10)

($0.05)

$0.00

$0.05

$0.10

$0.15

$0.20

Q 1 2 0 1 4

Q 2 2 0 1 4

Q 3 2 0 1 4

Q 4 2 0 1 4

Q 1 2 0 1 5

Q 2 2 0 1 5

Q 3 2 0 1 5

NO

N-G

AA

P E

PS

31 © Calix, Inc.

Appendix

32 © Calix, Inc.

Core

Aggregation

Access

From the Data Center: What Works in Access Network

Mesh or redundant high speed topologies

VM (Virtual Machine) Automation

Virtualization of Resources (Pooled Resources)

Active / passive splitter distribution architecture

Method of Procedure (MOPS) Workflow

Automation

Virtualization of the Network (Flattened Network)

Data Center Access Network

33 © Calix, Inc.

PARTNERSSALESENGINEERING

Why A Unified Access OS Matters?

LEVERAGE

Solve a hard

problem once

Reuse successful

components

Leverage silicon

innovation

Can integrate

Open Source

value

CUSTOMERS

VALUE

Consistent

Behavior

Service Resiliency

Workflow Simplicity

Upgradability( features + fixes)

Reduce OPEX

PORTFOLIO EFFECT

Cross-selling and pull-

through sales

Sell once, train once

Solution Delivery

End to End

Reduce Cost of Sales

INTEGRATION

Tighter integration

Broader

opportunities

Round out the

portfolio

Solution

Ecosystem

versus larger

vendors

34 © Calix, Inc.

Infrastructure

Layer

Protocol Framework

Layer

Protocol and

Services Layer

User Interface

Layer

Policy and

Management Layer

Hardware Abstraction Layer

AXOS

Merchant Silicon / New Technology

AXOS Platform ArchitectureDecoupled 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

35 © Calix, Inc.

Success is the sum of three powerful forces

From OS to Service Provider Agent of Success

Differentiated

Architecture

Open

EcosystemAccess Portfolio

Extensibility+ +

36 © Calix, Inc.

SDN/NFV Accelerate Access Innovation

Source: AT&T Vision Alignment Challenge Technology Survey, AT&T Domain 2.0 Vision White Paper, November 13,

2013

SDN and NFV started in the datacenter with the shift away from proprietary integrated hardware

solutions dominated by a few major suppliers towards standard hardware and network functions

shifted to software applications

The underlying software applications are written with standard APIs and allow for more rapid

implementation within the network

Each node of the network will shift, but the implementation within each node will be different

37 © Calix, Inc.

SDN/NFV Accelerated by Calix

Source: “Evaluating “The State of the State” of Virtualization, Light Reading, June 2015

NFV requires faster broadband

connections, driven by shared

functionality between the data

center and the subscriber edge

SDN demands flexible, rapidly

deployable software

applications in order to provide

customer friendly solutions on

demand

The key differentiator for a

systems vendor is to have an

operating system that

facilitates network operators’

flexible deployment of software

applications across their

networks as well as in

customer specific situations

38 © Calix, Inc.

“…to capture the cost saving and revenue generating potential

of SDN and NFV, communications service providers (CSPs)

have to embrace new ways of achieving traditional

objectives...What that requires of vendors is to design network

platforms and applications that evolve so that they no longer

rely on the hardware providing the reliability but instead are

designed to assume the probability of hardware failures and

perform failover in software instead”

“A significant part of the value proposition of a more software-

centric network is that it enables CSPs to respond much more

rapidly to both network conditions and customer demands.”

Source: Evaluating “The State of the State” of Virtualization, Hewlett-Packard, Light Reading, Heavy Reading (July 2015)

What does SDN/NFV require?

39 © Calix, Inc.

Calix Platform Captures the Value Shift

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.fast

$43$49

$63 $63

$74 $75

$85

2009 2010 2011 2012 2013 2014 2015E

2015 R&D expense includes consensus estimates for Q4 2015

35.5%

41.8%43.7% 44.4%

47.3% 46.7%49.9%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

2009 2010 2011 2012 2013 2014 2015E

2015 gross margins include Q4 2015 Guidancemid-point

AXOS

40 © Calix, Inc.

“The Fioptics suite of products continues to resonate with customers, even as our cable competition

aggressively focuses on increasing market share. Fioptics revenue increased 34% compared to a

year ago…”

November 4, 2015

“Our Wireline quarterly results were highlighted by FiOS revenue and customer growth with

sequential increases in both Internet and video subscribers. We are investing over $4 billion into the

Wireline company a year,… We have already passed 20 million homes when we committed to

originally 18 million, so we are very committed to the fios product.”

October 20, 2015

“We made key broadband investments to improve speed and reliability which will increase customer

retention, improve ARPU and expand our market share…These network upgrades provide a great

customer experience, drive higher ARPU and allow us to increase market share.”

November 5, 2015

“As we continue to deploy GPON and Prism TV to more locations throughout our footprint, we're

attracting more high-value customers and we have increased our ARPU through the continued

launch of GPON, higher-value bundled sales and select pricing increases.”

November 4, 2015

Economics Favor Broadband Solutions

41 © Calix, Inc.

Broadband is a Bright Spot for Carriers

Source: Company reports

$29

$31

$34

$37

$40

$42

$45

$49

4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15

Fioptics Rev ($M)

0%

10%

20%

30%

40%

50%

60%

4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15

Fioptics availability

0

100

200

300

5,900

5,950

6,000

6,050

6,100

6,150

4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15

Broadband Subscribers ('000s) - LHS

Prism Subscribers ('000s) - RHS

Latest Quarter

Wireline revenues +1% y/y

Fioptics revenues +34% y/y

Latest Quarter

Wireline revenues -2% y/y

Fios revenues +8% y/y

Latest Quarter

Wireline revenues +1% y/y

Strategic revenues +7% y/y

Prism subscribers +17% y/y

$2,9

65

$3,0

41

$3,1

25

$3,2

00

$3,3

08

$3,3

52

$3,4

38

$3,4

39

4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15

Fios Rev ($M)30%

32%

34%

36%

38%

40%

42%

44%

4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15

Fios Internet Penetration Fios Video Penetration

$683

$702

$709

$712

$727

$738

$758

$763

4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15

Strategic Rev ($M)

42 © Calix, Inc.

“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

Broadband Access is a “Necessity”

43 © Calix, Inc.

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

for Vendors – Jefferies Group LLC May 6, 2015

Deployments Accelerating

44 © Calix, Inc.

14

31

43

65

76

100

0

20

40

60

80

100

120

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

Calix Customer Deployments Rising

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

Calix Gigabit Deployments

45 © Calix, Inc.

Tier 3 Carrier Deployments Rising

Source: NTCA 2014 Broadband/Internet Availability Survey Report, June 2015.

45% of survey respondents currently deploying fiber cover at least

50% of customers with FTTH solutions

Up from 41% in 2013

67% of survey respondents plan to offer FTTH to at least 50% of customers by 2017

85% of survey respondents have a long-term fiber deployment

strategy

74% of survey respondents plan to offer FTTN to more than 75% of customers by

2017

25% of survey respondents have already completed fiber deployments to 100% of

customers

46 © Calix, Inc.

Additional Information

Additional information available at http://investor-relations.calix.com/

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