July 26, 2021 Fellow Calix stockholders: As vaccinations continue to rollout, economies around the world are starting the process of reopening and attempting to return to some semblance of pre-pandemic activity. For some industries, there likely may not be a return to pre-pandemic or normal activity. While for other industries, the new normal will likely look a lot like the near-term normal. While vaccinations remain on an upward trajectory, we are still far from levels needed to resume all normal social ac ...

Calix, Inc. (NYSE:CALX) Q1 2021 Earnings Conference Call April 28, 2021 8:30 AM ET Company Participants Carl Russo - President & CEO Cory Sindelar - CFO Michael Weening - President & COO Tom Dinges - Director, IR Conference Call Participants George Notter - Jefferies Paul Silverstein - Cowen & Company Michael Genovese - WestPark Capital, Inc. Ryan Koontz - Needham & Company Tim Savageaux - Northland Capital Markets Operator Greetings, and welcome to the Calix First Quarter 2021 Earnings Call. At this time, ...

April 27, 2021 Fellow Calix stockholders: One year after the start of the coronavirus pandemic, we can now see the contours of how it may end. Vaccines, some built on a revolutionary new platform, are being deployed globally. The United States is making very good progress on vaccinations with some 25% of the population fully vaccinated at the time of this writing. This progress has caused some to imagine what post-pandemic life might look like, while others may be lowering their guard prematurely. For Calix ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-34674 Calix, Inc. | --- | --- | --- | |---------------------------------------------------------|------------------------------------- ...

Calix, Inc. (NYSE:CALX) Q4 2020 Results Conference Call January 28, 2021 8:30 AM ET Company Participants Tom Dinges - Director, Investor Relations Carl Russo - President & Chief Executive Officer Cory Sindelar - Chief Financial Officer Michael Weening - President & Chief Operating Officer Conference Call Participants George Notter - Jefferies Paul Silverstein - Cowen Rich Valera - Needham & Company Christian Schwab - Craig-Hallum Tim Savageaux - Northland Capital Operator Greetings, and welcome to the Calix ...

Financial Data and Key Metrics Changes - The company reported all-time record quarterly revenue of $151 million, with a gross margin of 51.5% and net income of $25 million or $0.40 per share [6][7]. Business Line Data and Key Metrics Changes - The customer base for smaller customers (250,000 subscribers or less) grew by 53% year-over-year, contributing to 76% of revenue [18][16]. - The company is seeing growth not only in smaller customers but also in medium-sized customers, indicating a broader market expansion [18]. Market Data and Key Metrics Changes - The company added 21 new customers in the quarter, reflecting a growing class of service providers building new business models [8]. - International revenues are expected to maintain elevated levels, driven by ongoing ramps and rollouts rather than a pull-forward dynamic [36]. Company Strategy and Development Direction - The company is transitioning to an all-platform model, which is enhancing visibility and driving demand [14]. - The management emphasized the importance of partnerships with service providers to help them navigate business transformations in a competitive landscape [24]. Management Comments on Operating Environment and Future Outlook - Management noted that the pandemic has accelerated demand and disruption in the communications industry, leading to strong bookings [5]. - There is confidence that the current demand level is sustainable, with no anticipated negative growth air pockets [12][26]. Other Important Information - The company is facing component lead-time challenges, particularly with complicated silicon components, which are impacting supply chain dynamics [32]. - The management is cautious about growth projections for 2021, guiding a conservative 5% growth rate until more visibility is achieved [26]. Q&A Session Summary Question: Impact of pull-forward demand due to work from home - Management acknowledged that there is a pull-forward effect but believes it reflects a new level of demand rather than a temporary spike [10][12]. Question: Growth from smaller customer base - The smaller customer base is indeed driving significant revenue growth, with a noted increase in subscriber numbers [16][18]. Question: Future growth expectations and RDOF impact - Management clarified that current growth is not directly tied to RDOF, but some incremental business from it is expected in 2021 [41]. Question: International market strength - The international market is characterized by ongoing ramps and rollouts, with expectations for continued strength [36]. Question: Supply chain challenges - The company is primarily facing challenges with larger silicon components, which are critical for their offerings [32].

Financial Data and Key Metrics Changes - The second quarter of 2020 saw strong bookings driven by increased demand due to the COVID-19 pandemic, which accelerated trends in the communications industry [6][10] - The company delivered results above the high end of its guidance, indicating strong performance despite supply chain challenges [7][10] Business Line Data and Key Metrics Changes - The all-platform offerings are gaining traction, with 18 new customers added in the second quarter, reflecting a positive trend in customer acquisition [10] - Systems gross margins improved by three percentage points compared to previous quarters, attributed to better product and customer mix [11][13] Market Data and Key Metrics Changes - The company noted that all customer segments (large, medium, and small) are now growing, indicating a recovery from previous headwinds [25] - U.S. small carrier or rural broadband growth was significant, with estimates suggesting mid-20s growth rates [43] Company Strategy and Development Direction - The company is embracing a full work-from-anywhere culture, leading to a reduction in real estate footprint [8] - There is a focus on helping service providers transform their business models, which is seen as a strategic driver for future growth [45][53] Management Comments on Operating Environment and Future Outlook - Management highlighted that the pandemic has created a unique opportunity for service providers to accelerate their transformations, which is beneficial for the company's all-platform offerings [10][53] - The Rural Digital Opportunity Fund (RDOF) is expected to distribute funds in the third quarter of next year, with potential for earlier distribution depending on congressional discussions [30] Other Important Information - The company experienced challenges with expedite fees and spot charges on components due to supply chain issues, which impacted gross margins [15][16] - A bad debt write-off for one international customer was noted, but management does not expect similar occurrences in the future [27] Q&A Session Summary Question: Inquiry about gross margins and supply chain impacts - Management acknowledged that gross margins benefited from a favorable product mix and noted that expedite fees are included in gross margins, with ongoing supply chain challenges [12][15] Question: Clarification on Access EXOS Cloud and Edge revenue contribution - Management confirmed that the contribution from these segments remains between 10% and 50% of total revenue, continuing to grow aggressively [22][23] Question: Comments on CenturyLink's performance - Management expects CenturyLink to remain flat year-over-year, with no significant changes anticipated in their business plan [26][36] Question: Discussion on international market performance - International business is described as lumpy and smaller in proportion, with no significant conclusions to draw from recent performance [44] Question: Insights on supply chain outperforming expectations - Management indicated that the supply chain outperformed expectations for Q2, but does not view it in terms of market share against competitors [47][48] Question: Future demand scenarios and capacity additions - Management emphasized that while current demand is strong, the focus is on long-term strategic shifts rather than temporary pull-forwards [51][53]

Financial Data and Key Metrics Changes - The company reported strong earnings per share at the top of its guidance range despite the uncertainties caused by the COVID-19 pandemic [10] - Positive cash flow from operations was generated in the quarter, indicating a sound and strong balance sheet [8] Business Line Data and Key Metrics Changes - The company saw a significant increase in customer diversification and penetration of its platform offerings, leading to strong guidance for the second quarter [11] - New customers have been virtually 100% platform customers, with a very high percentage adopting Calix Cloud and GigaSpire products [14][15] Market Data and Key Metrics Changes - The pandemic has accelerated demand for cloud services, as service providers require solutions to operate remotely [15] - The company noted that many families faced challenges with broadband infrastructure due to increased demand from multiple users at home [19] Company Strategy and Development Direction - The company aims to seize the opportunity presented by the pandemic to accelerate transformation for its customers [11] - Management emphasized the importance of maintaining a strong balance sheet and operational flexibility during uncertain times [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence that the future success of the company is more certain than ever, despite the ongoing pandemic [6] - There is an expectation of continued demand growth, although it is too early to determine if the current uptick in demand is sustainable [44] Other Important Information - The company is experiencing supply constraints due to the pandemic, which has affected lead times and shipping costs [54] - The Rural Digital Opportunity Fund (RDOF) is expected to have a minimal impact in 2020, with more significant contributions anticipated in 2021 [57] Q&A Session Summary Question: Adoption rates for Calix Cloud and CPE strategy - Management indicated that nearly all new customers are adopting platform products, with a high percentage utilizing Calix Cloud and GigaSpire [14][15] Question: Incremental business from work-from-home activity - Management acknowledged a pickup in business due to work-from-home trends, with strong guidance for Q2 reflecting this demand [17] Question: Sustainability of CenturyLink as a strong customer - CenturyLink accounted for 15% of revenue, and management believes this level is reasonable for the remainder of the year [22][23] Question: Visibility of backlog and demand - Management noted a strong backlog but refrained from quantifying it, indicating an uptick in demand [24][25] Question: Site access issues affecting revenue recognition - Management reported minimal impact from site access issues, as many customers adapted to the situation [29][30] Question: Margin progression and supply chain constraints - Management confirmed that expedite costs are affecting margins in the near term, but the long-term margin progression story remains unchanged [54][55] Question: Impact of government subsidies and RDOF - RDOF is expected to have a minimal impact in 2020, with more significant contributions anticipated in 2021 [57]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-34674 Calix, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware 68-0438710 (State or Other Jurisdiction of Incorpora ...

January 28, 2020 Fellow Calix stockholders: Our mission is to connect everyone and everything. Calix platforms empower our customers to build new business models, rapidly deploy new services and make the promise of the smart, connected home and business a reality. The fourth quarter brought a fitting close to 2019, a pivotal year in our transformation. Beginning with significant headwinds from certain of our medium and large customers and a tariff accelerated redesign of our supply chain, 2019 saw us return ...