Group 1: Earnings Performance - Calix reported quarterly earnings of $0.33 per share, exceeding the Zacks Consensus Estimate of $0.20 per share, and up from $0.09 per share a year ago [1] - The earnings surprise for this quarter was +65.00%, following a previous surprise of +46.15% in the last quarter [2] - Over the last four quarters, Calix has surpassed consensus EPS estimates three times [2] Group 2: Revenue Performance - The company posted revenues of $241.88 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 8.02%, compared to $198.14 million in the same quarter last year [3] - Calix has also topped consensus revenue estimates three times over the last four quarters [3] Group 3: Stock Performance and Outlook - Calix shares have increased approximately 53.9% since the beginning of the year, significantly outperforming the S&P 500's gain of 7.1% [4] - The current consensus EPS estimate for the upcoming quarter is $0.23 on revenues of $226.85 million, and for the current fiscal year, it is $0.86 on revenues of $901.91 million [8] - The Zacks Industry Rank for Internet - Software is in the top 32% of over 250 Zacks industries, indicating a favorable outlook for the sector [9]

Exhibit 99.2 July 21, 2025 Fellow Calix stockholders: During the second quarter of 2025, the Calix team delivered strong sequential revenue growth of 10%, as our broadband experience provider customers (BXPs) continued to win new subscribers, drive down churn and grow revenue via the unique capabilities of our appliance-based platform, cloud and managed services model. As a result, our remaining performance obligations (RPOs) rose 30% year-over-year and 2% quarter-over- quarter to $347 million, and gross ma ...

Core Insights - Calix, Inc. (NYSE: CALX) was rated a Hold in January due to solid execution and improving gross margins, but faced challenges with slower growth and uneven customer momentum [1] Company Analysis - The business is executing well, with a platform strategy taking shape and gross margins improving [1] - Growth has been slower than expected, indicating potential challenges in maintaining customer momentum [1] Analyst Background - The analyst has a background in petroleum and gas engineering and has transitioned into finance, focusing on technology, infrastructure, and internet services [1] - The analyst emphasizes the importance of strong fundamentals and long-term investment potential [1]

Industry Overview - The Internet Software and Services sector is experiencing growth due to increased IT spending on solutions that support hybrid operating environments [1] - The Internet Software industry is ranked in the top 17% of Zacks Industry Rank, indicating an expectation to outperform the market in the next three to six months [2] Company Highlights UiPath Inc. (PATH) - UiPath offers an end-to-end automation platform with a range of robotic process automation solutions [6] - The platform includes AI, ML, and NLP capabilities, enhancing decision-making and information processing [7] - Expected revenue and earnings growth rates for the current year are 8.5% and 3.8%, respectively, with a 1.9% improvement in earnings estimates over the last week [8] Five9 Inc. (FIVN) - Five9 provides intelligent cloud software for contact centers, enabling a wide range of customer service functions [11] - The platform includes AI-driven features such as virtual agents and workflow automation, benefiting from the growing adoption of AI tools [13] - Expected revenue and earnings growth rates for the current year are 9.6% and 11.7%, respectively, with a 5.7% improvement in earnings estimates over the last 60 days [14] Fastly Inc. (FSLY) - Fastly offers infrastructure software for cloud computing, security, and edge computing solutions [15] - The Fastly AI Accelerator was introduced to optimize LLM generative AI applications [15] - Expected revenue and earnings growth rates for 2025 are 8.6% and 25%, respectively, with a 10% improvement in earnings estimates over the last week [17] Calix Inc. (CALX) - Calix provides cloud and software platforms for broadband service providers [18] - The company has integrated AI into its platforms to enhance operations and service delivery [20] - Expected revenue and earnings growth rates for 2025 are 7.1% and 65.4%, respectively, with a 21.1% improvement in earnings estimates over the last 60 days [20] Confluent Inc. (CFLT) - Confluent operates a data streaming platform that allows real-time data streaming for various industries [21][22] - Expected revenue and earnings growth rates for the current year are 19% and 24.1%, respectively, with a 2.9% improvement in earnings estimates over the last 60 days [23]

Financial Data and Key Metrics Changes - The company has experienced a sequential growth rate that has exceeded previous expectations, moving beyond the anticipated low single-digit growth [16][19] - The business fundamentals are based on subscribers transitioning to broadband experience providers, which has led to increased confidence in growth [20][21] - The company has maintained a strong balance sheet and is focused on leveraging cash to build inventory while navigating tariff uncertainties [28][30] Business Line Data and Key Metrics Changes - The Platform Cloud and Managed Services business has shown consistent growth, while hardware sales have fluctuated due to pandemic-related disruptions [20][21] - The introduction of SmartMDU is expected to expand the addressable market significantly, as 30% of subscribers live in multi-dwelling units [60][61] Market Data and Key Metrics Changes - The U.S. market remains the primary focus, with 95% of revenue generated domestically, providing a safe harbor amid geopolitical uncertainties [24][25] - The company is witnessing a shift from legacy service providers to broadband experience providers, which is indicative of market disruption [68][69] Company Strategy and Development Direction - The company aims to help service providers transition to broadband experience providers, focusing on delivering superior subscriber experiences [13][14] - There is a clear strategy to separate appliance revenues from other business segments by 2026, allowing for better visibility into financial performance [56][57] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the inelastic demand for broadband services, noting that many subscribers are dissatisfied with their current providers [20][21] - The ongoing consolidation in the service provider space is seen as a sign of market disruption, with legacy players struggling to retain subscribers [68][69] Other Important Information - The company is focused on maintaining a disciplined approach to stock buybacks, evaluating market conditions and internal financial metrics [88][90] - The management team is committed to enhancing transparency regarding recurring revenue and software revenue as the competitive landscape evolves [55][56] Q&A Session Summary Question: What is the biggest upside opportunity right now? - The biggest opportunity lies in expanding into multi-dwelling units (MDUs) and transforming existing customer business models [84] Question: What's holding back larger revenues in Europe? - The primary constraint is the investment portfolio, as opportunities in the U.S. are significantly larger [86] Question: Are you still buying back stock at these levels? - The company employs a disciplined stock buyback strategy, assessing market conditions and internal financial health before making purchases [88][90]

Group 1 - Calix, Inc (CALX) has reached a key level of support, with its 50-day simple moving average crossing above its 200-day simple moving average, indicating a "golden cross" which may signify a potential bullish breakout [1] - A golden cross consists of three stages: a downtrend that bottoms out, a shorter moving average crossing above a longer moving average, and a subsequent upward price movement [2] - CALX has experienced a rally of 33.7% over the past four weeks, and currently holds a 3 (Hold) rating on the Zacks Rank, suggesting it could be poised for a breakout [3] Group 2 - There have been two upward revisions in earnings expectations for CALX in the current quarter, with no downward revisions, and the Zacks Consensus Estimate has also increased [3] - The combination of positive earnings estimate revisions and the technical breakout signals indicates that investors should monitor CALX for potential gains in the near future [4]

Summary of Calix (CALX) FY Conference Call - May 13, 2025 Company Overview - **Company**: Calix (CALX) - **Industry**: Broadband Equipment and Services Key Points and Arguments Industry Dynamics - The company is experiencing a wave of disruption in the broadband equipment landscape, particularly post-COVID, with a return to sequential growth and gross margin expansion [1][6] - Larger public companies are losing broadband subscribers to "broadband experience providers," which are gaining market share due to superior customer experiences [5][6] Customer Engagement and Strategy - Calix focuses on helping broadband experience providers enhance their service offerings, which leads to high net promoter scores and low churn rates among subscribers [6][7] - The company emphasizes the importance of deployment rates and customer success, indicating that they have direct relationships with customers to monitor and support their growth [17][18] Financial Performance - Calix reported a 16% continuous annual growth rate from Q1 2019 to the present, with gross margins expanding by 175 basis points annually [13][14] - Gross margins have improved from 50% during the pandemic to 56.2% currently, indicating recovery and growth in profitability [15] Market Trends and Customer Behavior - Higher interest rates are seen as beneficial for Calix, as they prompt customers to optimize their network infrastructure and subscriber acquisition strategies [8][9] - The company has observed lumpiness in customer spending patterns, which is attributed to varying deployment schedules among small, medium, and large customers [12][16] Growth Drivers - The primary growth driver for Calix is the expansion of existing customers rather than acquiring new ones, focusing on a "land and expand" model [28] - The deployment of GigaSpire systems is a key indicator of new subscriber acquisition and overall business health [26][27] Supply Chain and Tariff Management - Calix is proactively managing supply chain challenges and tariffs, with plans to move manufacturing to Mexico to mitigate costs [30][31] - The company aims to minimize disruption to customers and will only pass on tariff costs as a last resort [32][36] Future Outlook - The company expects to maintain a long-term growth rate of 10% to 15% annually, with margin expansion of 100 to 200 basis points, despite uncertainties in the macroeconomic environment [71][72] - The potential relaxation of technology rules in government funding programs is anticipated, which could further benefit the broadband sector [64][67] Managed Services and Cloud Offerings - Adoption of managed services is increasing, with a notable ramp-up in customer deployments, which is expected to positively impact gross margins [48][51] - The Service Cloud is the most advanced offering, while the Engagement Cloud is growing as customers evolve into broadband experience providers [54][56] Government Funding and BEAD Program - There is ongoing uncertainty regarding the BEAD program, but no indications of cancellation have been reported, suggesting continued investment opportunities in the broadband space [62][63] Additional Important Insights - The company has a strong focus on cash flow management, emphasizing the importance of maintaining gross profit neutrality amidst changing market conditions [75][78] - Calix's strategic positioning and customer-centric approach are expected to provide a competitive advantage in the evolving broadband landscape [36][67]

Core Insights - Calix (NYSE: CALX) reported a strong quarter with positive growth across its financial metrics, indicating robust performance [1] - The company is successfully transitioning its business model towards a more SaaS and subscription-based approach, which is expected to enhance visibility for investors [1]

Core Insights - The strategic paper emphasizes the need to transition from outdated copper networks to advanced technologies like fiber optic, wireless, and satellite for high-speed connectivity [1][3][4] - The collaboration among Calix, Corning, and Brightspeed aims to address the digital divide and enhance broadband access, particularly in underserved rural areas [2][4][5] Industry Context - The paper is published at a time when broadband infrastructure funding is at an all-time high, largely due to the Broadband Equity, Access, and Deployment (BEAD) program, which is the largest broadband construction initiative in U.S. history [3][4] - The goal is to provide communities with access to alternative communication technologies, especially fiber broadband, to improve U.S. competitiveness [4][5] Technology Evaluation - The paper evaluates various communication technologies, including copper, fiber, wireless, low Earth orbiting satellites, and coaxial cable, highlighting the limitations of copper in meeting current and future demands [5][7] - Fiber optics are identified as superior due to their faster speeds, higher reliability, better security, and lower maintenance costs compared to copper networks [7] Company Contributions - Calix focuses on enabling broadband service providers to innovate and grow value for their communities through its platform and managed services [2][8] - Corning is recognized for its expertise in materials science and its role in developing next-generation fiber and connectivity solutions [2][10] - Brightspeed is positioned as a significant player in expanding fiber connectivity, aiming to serve over 7.3 million homes and businesses [2][11]

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $220 million, representing a 7% sequential growth and a 39% year-over-year increase in RPOs to $340 million [17][18] - Non-GAAP gross margin reached a record 56.2% in Q1, driven by customer mix and new subscriber wins [18] - Cash and investments totaled $282 million, with double-digit free cash flow generated for the eighth consecutive quarter [19][20] Business Line Data and Key Metrics Changes - The company added 16 new BSP customers in Q1, primarily through competitive takeaways, indicating strong demand for its platform [18] - The introduction of SmartBiz for small businesses and SmartMDU for multi-dwelling units expanded the customer base and service offerings [9][18] Market Data and Key Metrics Changes - Demand for broadband experiences remains strong and inelastic, with consumers prioritizing broadband over discretionary spending [12][44] - The company anticipates continued growth in demand through 2025, supported by its unique business model [11][12] Company Strategy and Development Direction - The company aims to differentiate itself from traditional speed-based network operators by focusing on experience-based broadband services [7][8] - The strategy includes leveraging marketing analytics to help customers reduce churn and grow revenue per subscriber [35][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of broadband demand despite potential economic downturns, citing historical trends during the pandemic [44][46] - The company raised its revenue guidance for Q2 2025, expecting revenue between $221 million and $227 million [21] Other Important Information - The board approved an additional $100 million for the stock repurchase program, reflecting confidence in the company's financial health [23] - The company plans to keep operating expenses flat to slightly up in 2025, while gross margins are expected to improve [22] Q&A Session Summary Question: Insights on macro spending environment and CapEx plans - Management noted that customers are continuing to invest appropriately in capital expenditures, driven by consumer and business demand [34][36] Question: Clarification on customer pull-forwards - Management clarified that the pull-forwards were not related to tariffs but were due to inherent business lumpiness [39][40] Question: Expectations for sequential revenue growth - Management confirmed expectations for continued sequential growth, even with the pull-forward from a large customer [49] Question: Impact of tariffs on gross margins - Management stated that there was no impact from tariffs in Q1, and they will pass through any future costs without adding a profit margin [54][56] Question: Opportunities from DZS bankruptcy - Management expressed sympathy for affected customers but noted that they are offering support and assistance to those in need [102][103]