This presentation includes forward-looking statements about Calix's products, growth drivers, and financial condition and results. Any forward-looking statements are subject to risks and uncertainties that could cause actual results to differ. Examples of forward-looking statements include statements about new product and feature development, anticipated growth and growth drivers, future financial performance, and market adoption of Calix's products. Calix's actual results may differ materially from projected results.

1. May 2016
1

2. 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.
2

3. 3
1.
2.
3.
4.
Calix at a Glance
Value Shift from Hardware to Software
The Access Market Opportunity
Financials Update
5. Appendix

4. Calix at a Glance
4

5. 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.fastand
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

6. Data Center Outside Plant
Broadband
Aggregation
Optimization
Success-based Pay-
as-you-grow
Architecture
Subscriber
Edge
Technology &
Service
Optimization
E3-48C
716E
E7-2
E7-20
E5-48
E5-216F
GigaFamily
6
E3-8G

7. Value Shift from Hardware to
Software
7

8. The World’s Most Advanced Operating System for Access Networks
8

9. 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
9

10. Controlled environment
Short lifecycle / Easy to replace
Partially to fully exposed environments
Long lifecycle / Difficult to replace
Data Center Access NetworkData Center Access Networkvs.
10

11. The Access Market Opportunity
11

12. 12

13. Source: Infonetics, Morgan Stanley Research, UBS Research, Barclays Research, Company estimates
13

14. 14
• 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)

15. Source: Morgan Stanley Research, Barclays Research, Nielsen Global Digital Landscape Report March 2015, Nielsen Total Audience 4Q14 Report,
Comscore
15

16. DOCSIS 3.0
24 Bonded
Gigabit GPON DOCSIS 3.1
(initial)
10000
Gigabit FTTH
10G PON
XGS/NG-PON2
…
10G XGS/NG-PON2
16

17. 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
17

18. 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
18

19. • 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
19

20. 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
20

21. 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
21

22. 22

23. 23

24. Financials
24

25. ($ in millions, except per share amounts)
Actual Guidance
Revenues $98.4 $95.0-$99.0
Non-GAAP gross margin 48.1% 47%-48%
Non-GAAP operating expenses $51.7* $52.0-$53.0**
Non-GAAP EPS – excluding Occam litigation ($0.02) ($0.10) – ($0.06)
Non-GAAP EPS – including Occam litigation ($0.09) ($0.15) – ($0.11)
Cash flow from operations $5.3 Negative
25
* Included approximately $3.4M of Occam litigation-related expenses
** Included approximately $2.6M of Occam litigation-related expenses
Please refer to the reconciliation of GAAP to non-GAAP financial measures on the Investor Relations section of our website

26. 26
$75.0
$80.0
$85.0
$90.0
$95.0
$100.0
$105.0
$110.0
$115.0
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
REVENUESIN$M
($0.15)
($0.10)
($0.05)
$0.00
$0.05
$0.10
$0.15
$0.20
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
NON-GAAPEPS
Revenues +8% y/y
 2 > 10%
customers
 Growth across
customers,
platforms and
geographies
Gross margins of
48.1%
 Favorable product
and customer mix,
offset by full
quarter
contribution from
turnkey network
improvement
program
Revenues within
guidance
 Growth across
customers,
platforms and
geographies
EPS above guidance
 Better
performance on
gross margin and
operating
expenses
contained
$0.5M
$20.5M
$40.5M
$60.5M
$80.5M
$100.5M
$120.5M
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
Domestic Revenues International Revenues
45.9%
47.7%
44.8%
48.1%
49.2%
51.0%
49.3%
46.5%
48.1%
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
Gross Margin (%)
Please refer to the reconciliation of GAAP to non-GAAP financial measures on the Investor Relations section of our website

27. 27
$75.5M
$79.3M
$88.1M
$112.0M
$97.8M$99.5M
$93.9M
$73.6M
$64.3M
$0.0M
$20.0M
$40.0M
$60.0M
$80.0M
$100.0M
$120.0M
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
Cash of $64.3M
 Operating cash
flow generation of
$3.2M
 No debt and
untapped $50M
line of credit
expiring
September 2018
Buyback activity
complete
 Program
completed.
Repurchased
5.3M shares at
an average cost
of $7.50 per
share 0.4 1.0 2.1 1.8
5.3
$3.4
$7.7
$16.1
$12.8
$40.0
Q2 2015 Q3 2015 Q4 2015 Q1 2016 Total
Buyback
Shares (M) Repurchased
$M Repurchased
Operating cash flow
rebounds
 Improved cash
cycle
 Strong collection
culture
Cash conversion cycle
improvement
 Inventory velocity
improves by 10
days
 Linearity and key
focus on working
capital
-$5.2M
$4.7M
$15.1M
-$2.5M
-$11.9M
$5.0M
$5.1M
-$4.5M
$5.3M
-$15.0M
-$10.0M
-$5.0M
$0.0M
$5.0M
$10.0M
$15.0M
$20.0M
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
132 Days
115 Days
101 Days
91 Days
113 Days
108 Days
90 Days
104 Days107 Days
0 Days
20 Days
40 Days
60 Days
80 Days
100 Days
120 Days
140 Days
1Q14
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
Please refer to the reconciliation of GAAP to non-GAAP financial measures on the Investor Relations section of our website

28. Revenues $104-$108M
Gross margin 46.0-47.0%
Operating expenses– excluding litigation $49.6-$50.6M*
Operating expenses $52.0-$53.0M*
Non-GAAP EPS– excluding litigation ($0.04) – $0.00*
Non-GAAP EPS ($0.09) – ($0.05)*
Cash flow from operations Negative
28
*Does not take into account $4.5M (or $0.09) litigation settlement proceeds likely to be realized in Q2 or Q3 2016
Please refer to the reconciliation of GAAP to non-GAAP financial measures on the Investor Relations section of our website

29. Predictable, profitable long-term growth
Reaccelerated top-line growth rate
Increased leverage from Operating Expense investments
Accelerated rate of change across industry
Demand drivers remain intact
29

30. Q&A
30

31. Appendix
31

32. PARTNERSSALESENGINEERING
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
32

33. 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
33

34. Source: AT&T Vision Alignment Challenge Technology Survey,AT&T Domain 2.0 Vision White Paper,November 13, 2013
34

35. 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
35

36. “…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)
36

37. 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
AXOS
37

38. “Total Internet subscribers grew by more than 19,000 from a year ago, as we ended the quarter with over
290,000 subscribers. Fioptics Internet subscriber additions totaled nearly 11,000 for the quarter, which is a
15% increase compared to the first quarter of 2015, with Internet penetration rates exceeding 35%. Fioptics
Internet ARPU totaled $47, up 12% compared to a year ago.” May 5, 2016
"In the consumer [wireline] business, FiOS remains the driver of revenue growth, and now represents around
81 percent of consumer revenue. In the first quarter, consumer revenue grew 28 percent," Verizon CFO Fran
Shammo said during the company's earnings conference call with investors. “…fully 60 percent of new
customer FiOS sales opt for 100 Mbps speeds and above.” April 21, 2016
“We are expanding and upgrading our broadband network to establish a strong foundation for sustaining
growth. We will grow consumer revenue in 2016 as we benefit from employment of 50, 75 and 100 Meg
premier speeds which were rolled out during the fourth quarter 2015 to approximately 1 million locations….
We also launched one gig Internet services in four market areas including Nebraska, Kentucky, Texas and in
several areas surrounding Charlotte, North America North Carolina -- from our broadband infrastructure.”
May 5, 2016
“We've got the rapidly expanding GPON markets. We've gone up again, and we're now at 1.5 million homes
and businesses we're here passing the grid out. We've got -- with the exclusion of the last couple hundred
thousand, I know we were at 21% penetration at the end of March. We just started over the last year with that
GPON work….So that along with MDU and MTU focus we have now, we have fiber to a number of MDUs MTU
that are going to help drive revenue.” May 4, 2016
38

39. Source: Company reports
Latest Quarter
Wireline revenues +1% y/y
Fioptics revenues +34% y/y
Latest Quarter
Wireline revenues -2% y/y
Fios revenues +8% y/y
39
$3,125
$3,200
$3,308
$3,352
$3,438
$3,439
$3,534
$3,521
2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16
Fios Rev ($M)
30.0%
32.0%
34.0%
36.0%
38.0%
40.0%
42.0%
44.0%
2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16
Fios Internet Penetration Fios Video Penetration
$709
$712
$727
$738
$758
$763
$773
$774
2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16
Consumer Strategic Rev ($M)
0%
10%
20%
30%
40%
50%
60%
2Q14
3Q14
4Q14
1Q15
2Q15
3Q15
4Q15
1Q16
Fioptics availability
$34
$37
$40
$42
$45
$49
$55
$58
2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16
Fioptics Rev ($M)
0
100
200
300
400
6,000
6,020
6,040
6,060
6,080
6,100
6,120
6,140
2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16
Broadband Subscribers ('000s) - LHS Prism Subscribers ('000s) - RHS

40. “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 PROGRESSREPORT AND NOTICE OF INQUIRY ON IMMEDIATE ACTION TO ACCELERATE
DEPLOYMENT, FCC, January 9 2015
40

41. Source: Telecom & Networking Equipment, The FTTP Renaissance, Implications for
Vendors – Jefferies Group LLC May 6, 2015
41

42. 14
31
43
65
76
100
122
131
0
20
40
60
80
100
120
140
Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015
*Additional customer deployments from Calix customers have been secured but not yet announced.
Calix Gigabit Deployments
42

43. 43
45% of survey respondents currently deploying fiber cover at least
50% of customers with FTTH solutions (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 with
 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
Source: NTCA 2014 Broadband/Internet Availability Survey Report, June 2015.

44.  Additional information available at http://investor-relations.calix.com/
• Stock Information
• Financial Information
• Events & Presentations
• Corporate Governance
• Investor Resources
44

45. 45