Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)  

JDS Uniphase Corporation (NASDAQ:JDSU)

Morgan Stanley Technology, Media & Telecom Conference Call

February 26, 2013 7:25 pm ET

Executives

Thomas Waechter – President and Chief Executive Officer

Alan Lowe – President-Communications and Commercial Optical Products Business Segment

Analysts

Kimberly Watkins – Morgan Stanley

Kimberly Watkins – Morgan Stanley

Okay, welcome everyone. You’re in the JDSU session. And my name is Kim Watkins. I am on the Communication Equipment Research team here at Morgan Stanley, Headed by Ehud Gelblum. Unfortunately, he was unable to be here with us today, so it’s my great pleasure to welcome Tom Waechter, President and CEO; and Alan Lowe, President of Communications and Commercial Optical Products, which we’ll call CCOP.

Before we get started, I need to read one disclosure. Please note that all important disclosures, including personal holdings disclosures and Morgan Stanley disclosures, appear on the Morgan Stanley public website at morganstanley.com/disclosures or are available at the registration desk. So welcome Tom and Alan, thanks for being with us here today.

Thomas Waechter

Thanks Kim.

Alan Lowe

It’s good to be here.

Kimberly Watkins – Morgan Stanley

Thank you. So I thought we would start out just at a general level. Your Analyst Day was about two weeks ago, really bullish tone, curiously you’re hearing from customers as far as investing plans later this year.

Thomas Waechter

Yeah I think in general what we’re discussing with customers has encouraging to see that there is some, there is planned activity out there in the market. We’re also seeing what they’re saying publicly and their public statements and also what’s being reported out there seems to be pretty consistent that to calendar year 2013 looks to be a year where there will be a spending pick up from the network operators.

Kimberly Watkins – Morgan Stanley

Okay, so it’s all very positive, but it sounds like as a result of that there is a little bit of pause near-term giving the guidance a little bit lower for the March quarter.

Thomas Waechter

Yeah, the March quarter is typically, a seasonally soft quarter for us. That’s when the network operators planned their budgets and released their budgets. So typically that doesn’t happen until about mid February or later, our anticipation is that could be a little bit later this year, so that makes it a pretty short period to respond to those budgets that are released in the March quarter, more of that would be seen out into the June quarter.

Kimberly Watkins – Morgan Stanley

So certainly a high class problem to have it sounds like…

Thomas Waechter

Yeah, we would rather see that situation and opposite for sure.

Kimberly Watkins – Morgan Stanley

Yeah, okay. If I tell you throughout your Analyst Day, you introduced some pretty interesting information about your TAMs and just sort of high level, again if I add is that correctly, your TAM this year is about $31 million including adjacent markets things that we will get into a minute, at a high level. Last year the market size is somewhat smaller around $23 million. Can you bridge the gap for us and tell us this is a very high and then we will drill in and where there is commentary where is growing?

Thomas Waechter

I think the biggest increase in the TAM was around their commercial laser of products. So we’ve seen an increase there as we’re moving more into the macro machining and then some of what we’re seeing in the micro machining area. And then I think also in our comp test area where we’re expanding more in to the area and then intelligence gathering in the network.

Kimberly Watkins – Morgan Stanley

Okay. Actually commercial laser is a perfect set right to bring on into the conversation. There are a number of transitions going on right now in the commercial laser market including in the case of fiber lasers, lasers now has been slot for you for the last two quarters. How large is that fiber opportunity you know when you think out longer term. And how does this competitive landscape looks relative to the larger market for you today which I believe ourselves that involve state and then we’ll get into some other questions

Thomas Waechter

Yeah, I think the flat revenue for the last two quarters is really a result of softening demand in the semiconductor space, which we use our solid-state lasers to address, micro-machining and semiconductors is the biggest application we participate there. And as far as the fiber laser is concerned, last quarter we did just under $7 million in fiber laser and that market is very large. So we’re just at the front-end of addressing that market. And we believe that as we focus on our next generation of fiber lasers, we’ll satisfy not only our prime and sole customer at this point, which is Amada but we’ll also branch out to other customers and really have a very cost competitive high performance product offering to go against the broader range of competitors we see.

Kimberly Watkins – Morgan Stanley

And who are some of those competitors that you’re seeing in that market?

Thomas Waechter

IPG is the clear leader in the fiber lasers today and we think that with our product road map that we have in differentiated products and vertical integration, we believe we’ll able to compete very effectively with our next generation products.

Kimberly Watkins – Morgan Stanley

Okay. That’s interesting that that's where you see the growth in the TAM, but I want to bring it back to a larger piece of your business right now with CommTest. And you’ve just announced a very interesting solution, packet portal. On your earnings call, you said you had 11 customers, at your Analyst Day you said you had 14, so clearly some momentum there, not really expecting that product revenue to ramp until the second half of calendar year 2013. Can you just take us through what is this platform? It’s quite a bit different than the existing product family that JDSU has. How large is the opportunity and it seems that the revenue has ramped a little slower than you initially anticipated. Why is that?

Thomas Waechter

Yeah, first of all, it’s a disruptive technology, so typically with disruptive technology, it’s difficult to understand the exact timing of the adoption of the technology. But it’s really a technology that allows the network operators to see what’s happening in their network.

Today, there is a lot of blind spots out there in the network especially as a gap towards the edge of the network where a lot of the problems exist today because of the new devices, new applications. So this is a pure software play for JDSU for CommTest business, and that’s not the typical business that we’ve been in the past, so it’s a software type of solution.

We've had a lot of success with a large number of trials, we either completed or in the process of completing 36 trials, we’ve had about a 60% hit rate out of that trial process and we are typically happens from there then a small deployment in either the lab setting or a small deployment on in the field follows that. And then what we are expect to happen as an expansion into large area of the network out into the future, and that’s again we see happening out towards the second half of calendar year 2013, although difficult to get the exact timing, because of the adoption of this new technology.

Kimberly Watkins – Morgan Stanley

And why was the product a little bit later to ramp is that macro-related or related to the testing cycle being longer than you anticipated?

Thomas Waechter

No, I think we’ve been on schedule as far as what we had planned. So we are on track to where we thought we would be. It’s just again to get the broad spread deployment. It’s really the operators getting through their qualification process and that takes sometime.

Kimberly Watkins – Morgan Stanley

Okay. Another piece that you touched on, when you are talking about the PAM differential, some of the wireless test pieces and the wireless test have actually been growing for you quite nicely. It’s up about 10%. I think 11% year-over-year. Revenue in the entire CommTest business only grew 4%, so what explains, wireless if I understand correctly is about 40% of revenue. What explains the weakness in the rest of the business and how long is it going to be before that shrinks to a level or stops declining so no longer report on the revenue side.

Thomas Waechter

Yeah, the other largest part of our business is field instrumentations around basically wireline test. We know that more of the spending by the operators is moving over to the wireless side and that’s been a big incentive for us, either organically or through acquisitions to move all of our test capabilities over to the wireless side.

We do believe that the wireline test will still be needed as we look out into the future and recently we added a new software product called StrataSync, which actually ties over a 100,000 instruments that we deployed in the field up to the cloud, and then able to bring information back out of the cloud. So we think that has some additional capabilities to that hardware to those instruments that make them stickier as we look out into the future.

Kimberly Watkins – Morgan Stanley

Okay, it will be primarily a migration over the increased emphasis on wireless in that business segment?

Thomas Waechter

Yes, with time.

Kimberly Watkins – Morgan Stanley

Okay. Last year’s Analyst Day, you made some changes to your operating model, specifically within CommTest. You increased the gross margin to achieve your targets, the targets 20%, 23% operating margin, that’s from the same, but you upped the gross margin level, and the new levels 64% to 66%. When I look at your performance over the last four quarters, I think you’ve been only at the low end of the range, one of the last four quarter. So I am curious, what was the impetus for raising the guidance range and how you actually get in there on a sustainable basis?

Thomas Waechter

Yeah, so I think if you look at the December quarter, $194 million approximately of revenue for CommTest we got into the range. We are over 64% gross margins. So I think what’s happening is the mix is improving for us. They did about 58% revenue from new products. Products are two years old or less in that quarter, so the mix continues to work in our favor with the new product adoption with more software content and the products have also been pulling costs out of the manufacturing base. A couple of years ago, we did some pretty heavy lifting of moving most of the manufacturing to outsource partners. Now we’re starting to consolidate that and more emphasis back into the supply chain. So that’s also helping this gross margin. So based on what we saw as far as that progression as when we moved the gross margin level, continue to work on OpEx, but I think we will continue to spend pretty equivalent aggregate dollars in the R&D because of the benefits of the new products and the opportunities that we see there, but we will I think be able to scale, grow our top-line without proportionally adding the OpEx and...

Kimberly Watkins – Morgan Stanley

Okay. And so on the gross margin comments, just coming back to that for a minute, do you think that that’s sustainable to operate at that level or will that fluctuate with some of the seasonality in the business?

Thomas Waechter

Based on the volume at the top line that will fluctuate somewhat, it will fluctuate also somewhat quarter to quarter based on mix. But I think the mix will stay reasonable. I think it’s be more dependent on the total volume that we moved through the model.

Kimberly Watkins – Morgan Stanley

Okay. What are the some of the higher margin products within that category, just so we can think about how margin, how mix (inaudible)?

Thomas Waechter

Well the software products, things like PacketPortal, PacketInsight, TrueSpeed, StrataSync those tend to have higher gross margins in the average for the CommTest business, tend to see a little bit higher margins in the mobility side, in the wire line side. So it would be that mix that would help us.

Kimberly Watkins – Morgan Stanley

I just wanted to transition over and talk about your business, Alan, a little bit in more detail. I think one of the comments that was really interesting to me at the Analyst Day is you suggested that you expect to hit the $210 million top line that you need to meet your operating margin targets at 16% to 20% this calendar year, which means you need roughly $25 million of incremental revenue to get there which is about 10%, 15% higher than your top line was last quarter. So how do you get there? Is this volume only? Is there a mix component? Can you talk us through that, please?

Thomas Waechter

Yeah, I think what I said is we could see ourselves getting there this year and the incremental 25 million really comes through just typical market growth and that we expect this year. But really more fundamentally is our new products and new introduction of things like TrueFlex and ROADMs product line. All those 18 blades that we have in our NPI funnel, gesture recognition that we expect to ramp in the June quarter as well as products like Tunables XFP plus and 100-gig that is really ramping. So I think with the combination of that and then you put on top of that our entrance into the Datacom market where we’ve been relatively small but we’re making great inroads with several customers. We think all that combined could get us to the business model at the top level, if those things happen as we expect.

Kimberly Watkins – Morgan Stanley

Okay. I want to drill into all of those because they’re pretty interesting trends going on I think underneath. You’re introducing and you’ve been long been a leader in ROADM. But you’re introducing a new product line. You mentioned TrueFlex. Without getting too technical, what’s unique or different about this technology compared to what you see in the market? And how should we think about revenue ramping for that product line?

Thomas Waechter

Sure, while we have a small amount of revenue last quarter as we’ve gone into the qualification and final qualification stages of what we call our TrueFlex twin 1x20 products. So it’s basically two ROADMs in a single box that gives our customers the ability to eliminate components, as well as drive network speeds of greater than a 100-gigabits per second. And so our customers really have seen how it works and now its real and it’s in their lab and being qualified. And the service providers have seen the advantages of taking our twin TrueFlex 1x20 and putting it into their network architecture. So the pull from the service providers as well as the network equipment manufacturers seeing the benefit of our TrueFlex technology and the twin product as our first offering that we’ll release this quarter to general availability is really exciting from the standpoint of next generation ROADMs. And we don’t believe that anybody else has anything quite like it. And if our competitor were try to duplicate that, they’d have to put two ROADMs in the same spot that we have the single TrueFlex product.

Kimberly Watkins – Morgan Stanley

Do you have plans to augment that product line further just a first entry point and over what time period?

Thomas Waechter

Yeah, absolutely. And think over the next year, you’ll see a whole series of products from the low port count ROADMs that address the edge of the network to smaller twins that address kind of the metro area of the network as well as optical channel monitor that all have the same commonality and architecture from the standpoint of true flexibility and grid spacing for beyond 100 gigabits per second.

Kimberly Watkins – Morgan Stanley

Thank you, Thomas. One of the other comments that you made is you’re getting traction in Datacom. And this has been an area where it seems that it’s taken a little while for JDSU to warm up to the market. What’s changed there and where are you seeing the opportunity?

Thomas Waechter

It her looks changed is our persistence. I mean we’ve been continuing, well that’s maybe not changed. But we’ve targeted that area of the market three years ago, but we were behind technology wise three years ago, so we put added R&D dollars into our investments to really come up with differentiated products because we were only addressing the small part of the markets. And there is a few OEMs that really are the majority share of that market, and penetration into those accounts, really takes a differentiated technology or product offerings. And that’s we really setup to do. We’re now in those accounts in opening the door and trying to expand our footprint now.

Kimberly Watkins – Morgan Stanley

So when you say into those accounts, comes to mind is Finisar, they've got pretty heavy concentration. At a company like Cisco is that what we should be thinking of or are you thinking of a different customer?

Thomas Waechter

Well, we don’t mentioned customers by name, but there is a couple of customers that makes about 50% of the market on the enterprise segment. So those are the ones we are addressing and targeting.

Kimberly Watkins – Morgan Stanley

Okay. And what types of products shall we be thinking about?

Thomas Waechter

Well, things from mainstream shortwave 10-gig, 8-gig products 40-gig QSFP plusses, both short reach and long reach and then fiber channel products as well 16-gig.

Kimberly Watkins – Morgan Stanley

Okay, so sounds like you have a relatively full portfolio within Datacom...

Thomas Waechter

Yeah, I mean we’ve been working on it for, as you say quite sometime (inaudible).

Kimberly Watkins – Morgan Stanley

Okay interesting. So another area that you mentioned was gesture recognition. And a couple of years ago this was actually a relatively large revenue source for JDSU, about $65 million if I calculated correctly. What do you make that addresses this market and how do you expect it to ramp? And where do you see the opportunity going longer-term?

Thomas Waechter

Sure, so a couple of years ago in that $65 million a year, with our first entrance in the just recognition and the first application was gaming, so today we have four customers that we are working with. One in gaming, two in personal computer space, and one in home entertainment or television we expect to, we produce products both in CCOP as well as in our OSP division. We make the laser diodes in our group and OSP we make the optical filters both components go into these cameras. We expect to ramp in the next generation of gaming in the June quarter, and what we also said at the Analyst Day that our content per camera is doubling from what it was in the first generation of product. So we expect as that product ramps will get even better benefits have been we have a couple of years ago.

Kimberly Watkins – Morgan Stanley

So just to clarify and when you say your content is doubling, is that from a revenue perspective?

Thomas Waechter

From a revenues perspective. Yeah.

Kimberly Watkins – Morgan Stanley

Okay, that could be even larger than your $65 million year?

Thomas Waechter

Well, a lot as to do with the success of our customers well so…

Kimberly Watkins – Morgan Stanley

Yeah

Thomas Waechter

The good news is we’re designed in and where ramping and we’ll see how the rest place out.

Kimberly Watkins – Morgan Stanley

Okay. Tom I don’t want to leave you out of the conversation.

Thomas Waechter

Sure.

Kimberly Watkins – Morgan Stanley

Alan has a lot going on in this business. But one of the things that JDSU is kind of known for is being inquisitive. And the last few years you certainly added quite a few smaller acquisitions I'd say. And from comments that you've made at your Analyst Day sounds like you expect that trend to continue. Where do you see opportunities or holes within your portfolio now? And do you have an appetite for doing something larger, Acterna size-ish, which was $700 million to $1 billion type size range.

Thomas Waechter

Yeah, so I think first of all we do look across for the entire portfolio, but almost recent acquisition in all the activities around the context base especially the mobility, because its fragmented market there is a number of opportunities out there that we see in the market that could have strategically to the build out overall mobility and even software place that we’re looking at for solution in that business so I would say that’s probably the prime area that we are looking at. And there are opportunities out there. The space is consolidating pretty rapidly and we will likely continue to play a part in that consolidation.

I think as far as size, our sweet spot, as I look at these past acquisitions, it’s been kind of medium to small companies with real technology, real customers, but don’t really have the ability to expand at the pace they need to expand, especially out in the sales channels both direct and indirect. So those have worked well for us, but that does not preclude us from doing something larger if it works, if it fits into our overall strategy.

Kimberly Watkins – Morgan Stanley

How do you think about dilution when you think about acquisitions?

Thomas Waechter

Yeah, I mean I think we have a pretty good track record of being immediately accretive with these smaller to medium size acquisitions. So obviously that’s our intent, but we can’t guarantee that with all the acquisitions, but we would expect to be in a reasonable period of time accretive, I think in the case of a pure software, it’s a little bit different situation when you have (inaudible) type of issues where the bookings and cash flows are usually ahead of when you recognize the revenues, so that could be a potential exceptions to the model we went done in the past.

Kimberly Watkins – Morgan Stanley

So that's on the table to augment software or even?

Thomas Waechter

Well, software is an area where we’re continuing to expand. So it makes sense to what both do it organically, but also look out at that the inorganic opportunities there?

Kimberly Watkins – Morgan Stanley

Interesting. Okay, so going back to optical, because there are a couple of other areas I want to hit on. One is the tunable SSP plus market. What is the newest case for these products? And is it also some more to the tunable XOPs that we saw deployed? Is this about saving money on spares or is there something else here? How is the TAM relative to the XFP market because that's a market that you've enjoyed sole ownership of for several years now? And is this revenue incremental for this product line or is there any source of risk of cannibalization?

Thomas Waechter

I think initially there won’t be any cannibalization because it will address either a different market or a different system within our customers’ architecture. So the initial product offerings that we’re go into is really size, power, consumption, savings, and faceplate. So you can put many, many more of these in the same single slot racks then you could have on a 300 pin device or even a tunable XFP is running at the 3.5 watts where our tunable XFP plus is running at 1.5 to 2 watts depending on the version. So that will allows our customers to put more on in the real estate and then deploy those into the field more cost effectively. As far as the TAM is concerned, it’s a big TAM between XFP plus that are fixed web links as well as tunability in the market where we see a tunable market growing at 22% CAGR at 10-gig. So it’s a pretty exciting space to be here right now.

Kimberly Watkins – Morgan Stanley

And that 22% is to clarify that’s for XFP tunability or the XFP…

Thomas Waechter

All tunable 10-gig growth and we expect it to continue at that rate because there is always going to be a need for a 10-gig product, especially at that kind of cost points and power consumption that we see more at the edge of the networks.

Kimberly Watkins – Morgan Stanley

Okay. Within the tunable XFP market, in the alphabet here, you’ve got two competitors entering that market whereas I mentioned earlier you’ve had basically 100% share for the past couple of years (inaudible). Could meet your tunable XFP revenue grows? I mean you talked about the strong CAGR despite new competitors entering that market this year?

Thomas Waechter

Well that’s certainly our plan and I think having been in the market for over three years, we’ve driven down the cost curve and up the learning curve to the point where we can really meet our customers needs from a cost standpoint and the two other competitors as you say just entering the market today, after three years, so we’ve been in the market. So, we do believe, we can grow that on an absolute dollar standpoint even with these entrants coming in, but really if you combined tunable XFP and tunable XFP plus together that certainly should be able to grow on an absolute basis.

Kimberly Watkins – Morgan Stanley

Okay, are there any questions from the audience?

Question-and-Answer Session

Kimberly Watkins – Morgan Stanley

On the PacketPortal, if you could talk about the, when you look out in the next two years, how big of an opportunity is this like two years out? On an annual basis, what would you be happy with and what's the gross margin contribution?

Thomas Waechter

Yeah, at our Analyst Day few weeks ago, we talked about the fiscal year 2014 being between $10 and $15 million estimate for revenue. We said the TAM as we look out over the next few years is about $1 billion TAM looking at the number of portals available out there in the market today and if we implemented this on a certain percentage of this portals that would be the TAM, the total available market. We have not given revenue direction beyond FY 2014 as far as what our expectations are, but again, we are working with Tier 1 and Tier 2 customers with success, we expect that to expand significantly out into their networks.

Kimberly Watkins – Morgan Stanley

And gross margin TAM.

Thomas Waechter

Yeah, gross margin, we have not given specifics on the gross margin, but it is things were the sales well by the average that were experiencing in context today.

Alan Lowe

This is something that when you look two, three year out $100 million to $200 million business something of that magnitude I mean that does that.

Thomas Waechter

Yeah, again if you looking at the (inaudible) as we getting fortunately the half. Obviously that’s a potential, but we’re not projecting that at this point.

Unidentified Analyst

(Inaudible)

Kimberly Watkins – Morgan Stanley

Just a quick question and I’m sure you’ve been answered sometimes in the past, but an update on Cisco’s acquisition of light wire. Does that have any impact on you, or is it just limited to the CPAC module or can be extrapolate that technology to go to other parts of your Datacom business?

Thomas Waechter

Yeah, I’m not really comment on specific customers and what their plans are, but I can talk about consumer electronics in general of that would be...

Kimberly Watkins – Morgan Stanley

Yeah

Thomas Waechter

I mean it’s an interesting technology a lot of in the markets something that we’re paying close attention to see if that make sense to partner with somebody. I think certainly from our perspective, customers who have invested in this technology become an opportunity to us, because we have a very small footprint from the standpoint of Datacom as we talked about earlier in that certainly the initial target for those product. So we are certainly looking with potential partners to figure out does it make sense to invest further in that area or the partner with a company to allow us to enter that market, but our focus primarily is to drive functional integration at the chip level in any Uniphase for instance, how do in the tunable XFP plus and tunable XFP as well as 100-gig tunable modulators of the future.

Kimberly Watkins – Morgan Stanley

Any other, okay.

Thomas Waechter

In gesture recognition what is the GEN 2 product advantage over the GEN 1. What is GEN 2 due to the GEN 1? It does not do, what is to do better. Well, again we really can’t discuss our customer’s products, but from our perspective, the advantages that we have placed the revenue for unit chip, so definitely, I mean we’ve been working on this with our customer for sometime now. So there must be an advantage. And I think the question then becomes where the applications to drive the demand of this product and that will be interesting to see when they are ready to announce this.

Kimberly Watkins – Morgan Stanley

Okay, I think we have time for another quick one if anyone has one? You mentioned the wireless communication space, potential acquisitions. What’s so attractive about that space? Why that is fragmented as it has been and what do you think you can bring to bear by consolidating players?

Thomas Waechter

Yeah, I think if you look at wireless comparative to wireline obviously, it’s a much newer part of the industry in newer markets then we have a lot smaller players that are serving niche kind of various within the wireless space are part of our strategy has end-to-end solutions. I think there is a real advantage to these end-to-end solutions for our customers, especially as they are getting into more complex type of situations with their network. So we have to do strength some of these acquisitions together to cover more complete portfolio and then solutions is attractive and again more of the lowest share of our network operators that’s going over to the wireless side. So as Kim mentioned earlier, we’re tending to see a much higher CAGR in that part of the business compared to wireline part.

Unidentified Analyst

(Inaudible)

Thomas Waechter

I didn’t hear the last part of that.

Unidentified Analyst

(Inaudible)

Thomas Waechter

Its part of its testing and part of it is service assurance for the network, so typically our LTE is rolling out. We will participate in the early stage in the lab and early deployments to protocol analysis and drive test. And then wants the network start filling up, then there will be more service assurance ongoing, and I’ll starts wiring on top of each other, as you get out three to four years into the deployment that’s when you start seeing the higher revenue levels, it tends to because it a solution side, having more of a software content and analytics in it. You will tend to see higher gross margins in that part.

Kimberly Watkins – Morgan Stanley

Okay, I think we’re out of time for today, but thank you so much for coming. And thanks, Tom and Alan, for being here with us.

Thomas Waechter

Thank you, Kim. Thanks everybody.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: JDS Uniphase's CEO Presents at Morgan Stanley Technology, Media & Telecom Conference (Transcript)
This Transcript
All Transcripts