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JDS Uniphase Corporation (NASDAQ:JDSU)

Barclays Global Technology, Media and Telecommunications Conference

May 22, 2013 3:40 pm ET

Executives

Rex S. Jackson - Chief Financial Officer and Executive Vice President

Analysts

Joseph Wolf - Barclays Capital, Research Division

Joseph Wolf - Barclays Capital, Research Division

Okay. Good afternoon, I'm Joseph Wolf from Barclays. And we've got Rex Jackson from JDS Uniphase here. We're going to do this, I guess, fireside chat moderator style, but we would encourage questions. I've also been told to wait for the microphone so that everybody on the web can hear you, so if we could all do that, that would be helpful.

Why don't we start off with just a review of kind of what's been going on this year first quarter and the business environment and if we focus it by comments on each business segments, to put some -- put everything into perspective.

Rex S. Jackson

Okay. Thank you, and thanks, everyone, for being here. So again, Rex Jackson, CFO of JDS Uniphase. If you look back at our year, thus far, fiscal year is a June 30 year so we are currently in our fourth quarter. At a pretty good first half, a really strong second quarter, the December quarter. And the third quarter as we were going into it, we felt like we would see some slowness from the carriers in terms of releasing their budgets and then following into releasing orders for our 2 main businesses. That turned out to be true. In fact, it turned out to be a little bit, just slightly more true than we expected so we ended up at the low-end of our guidance for the last quarter.

Looking into this quarter, we're being guarded and cautious about carrier budgets and their investments in our main spaces and so we're watching to see how things pan out here in the June quarter. Joseph asked me to touch on just briefly the 3 businesses that we have in JDS Uniphase. We're in 2 main sectors, there is the core network businesses, which is CCOP, which is our optical communications components and higher orders assembly business. We also have a lasers component to that business, it's about 40% to 45% of the company's revenue at any given quarter.

The other network related business that we have is CommTest, and that's our test and measurement business. It also runs between 40% and 45% of our revenue, focused on providing test and measurement equipment to enable the support networks.

In addition, we have a smaller unit, that's our optical security products business. It runs somewhere between, let's say, 12% and 17% of the business, balancing out the other 2, focused on any counterfeiting solutions in particular, pigments for the currency applications around the world.

So anyway, back to where we are, we got a guidance out there for Q4, the June quarter, $420 million to $440 million on the top line. We are watching carefully as the carriers spend, hopefully we'll increase here through the balance of the year that certainly what they're saying's going to happen, and we're waiting to see how that plays out.

Question-and-Answer Session

Joseph Wolf - Barclays Capital, Research Division

Just to, I guess, follow-up on that, I know everybody's focused on the carrier CapEx trends, maybe just talk about what kind of spending you're seeing, where you're seeing it, how it's simple seeing the 2 different sides of the business where that's related to and how you're thinking about what could happen or what might happen over the course of the calendar year versus the fiscal year?

Rex S. Jackson

So I think that we're, from a geographic perspective, we're seeing a relative health here, a good health here in North America. EMEA seems to be mired in a bit of a trough or a bit of a flat environment and we are seeing a little bit more favorable wins in Asia. Our breakdown for revenue between the business -- our geographies is usually around 50% North America and 25% each in EMEA and Asia-Pac. With North America, slightly north of that. EMEA is south of that and the balance is picked up by Asia-Pac. We do see in CommTest and CCOP, we're steady, I'd say we're having a seasonal to slightly better than seasonal uptick from Q3 to Q4 because we typically have upward movement from Q3 to Q4 in those businesses. Whether or not we'll see a better than seasonal uptick because of increased carrier spend this year remains to be seen.

Joseph Wolf - Barclays Capital, Research Division

There's a lot of talk about activity when sales are not going as expected or not growing quickly. Could you talk a little bit about what that activity is -- needs [indiscernible] in terms of the progress of your product technology and where you think you'll be as things or if things or when things start to come back?

Rex S. Jackson

Sure. So I do think where seeing a good level of qualification -- design qualification and award activity in both business units. I think CCOP, in particular, has a lot of different slots that its competing for. We're continuing to broaden our customer base, both within telecom and more particularly outside of telecom into the Datacom space. Just in terms of being qualified and knowing that if there's an uptick in that particular space or once a given program gets going, we're feeling pretty good about our placement there. In CommTest, we may have some small penetration in China. So when the China rollouts happens, we feel like we'll be well positioned there. We are continuing to support the major carriers here in North America from a product set standpoint, we think we're very well-positioned there but from the tests and measurements side and in some of our newly released products like PacketPortal, PacketInsight and StrataSync with soft higher margin software businesses. In those cases, we have a number of trials going, a lot of qualification efforts there. So I do think that what we've managed to do here with waiting for the top line to get ready, we've done a lot of things to position ourselves for when the spend levels uptick, we'll be in great shape to pick up the business.

Joseph Wolf - Barclays Capital, Research Division

I guess, first, focusing in on the product initiatives and the things that will drive that kind of revenue growth, I guess, and also, touching on some of the, I guess, less volatile businesses, you've got some things going on in commercial lasers, the gesture recognition and the anticounterfeiting. So just some of the new products, the things that we may not think about all the time but might be interesting to talk about right now.

Rex S. Jackson

Sure. So I think we've got gesture, obviously, in CCOP, I know a number of people know that we did a significant gaming platform gesture recognition product a couple of years ago. We are the sole supplier for a next gen on that, which we hope will be kicking in this year when that hit full steam that hit about 4% of our overall revenue at its peak and we're looking to replicate that performance on this new platform. Behind that, we have 3 other gesture recognition customers that we're working with. So very different from last time when it was 1 customer 1 product. We actually built the reputation in the gesture recognition space and still have 1 application in -- 2 applications, sorry, in PCs, 1 in home entertainment and then obviously, the gaming one that we're working on now, we would expect to see some revenue from those 3 next year. Also in CCOP, we're working on the next gen for our fiber laser, which has been a technology or technically leading product. So we would see some uptick from that the next year. We are very well placed in CCOP in terms of our pluggables, tunables and 100G lines, so I think there's -- we've been making great progress there. From a CommTest perspective, I'd have to say that we feel very good about our field instruments business, that's about 70% of that business operation. Very solid, #1 in that space. We did a good augment on that with StrataSync, which is a SaaS-based solution sitting on top of our instrument base, and provided customers the ability to manage, to train, to pull data back, et cetera. Basically, remotely dataset that field service inventory.

In addition, we have a number of software programs that we're pursuing in CommTest. The biggest one you've heard is PacketPortal, that is a product that allows us to seek -- to pull information from the live network. Have a variety of partners that are on software, too, to work with the data. We've gotten our first expand deal in that product, that's actually this quarter with a major U.S. cable operator managing voice over IP application for them. In addition, we have PacketInsight, which is technology for -- allows us to take enormous amounts of data traffic and then runs searches on it much like you would rather Google search and it's speed is at approximately a Google search. And then, so those are the 3 main things that we have in CommTest. And we're also excited about the recent Arieso acquisition.

Unknown Analyst

So if you put that all to context with the new product launches and, I guess, the slow macro environment for the products, can we talk a little bit about gross margins, operating margins, where margins can go? And, I guess, both from the internal where can you go, how could it was margins and then if you put yourselves in the context of the competitive environment, what kind of targets you can set and how pricing or other things are influencing your ability to expand margins?

Rex S. Jackson

Well, I think, from a gross margin and an operating margin perspective, we've done a lot of good work over the last couple of years in positioning the company for success. I know we've published business models that we've [indiscernible] at work. In all 3 of our businesses, driving those businesses to those models, clearly all of them have a revenue target. We've successfully got in there in our OSP or anti-counterfeiting business, I think we've demonstrated in CommTest, specifically in Q2, our ability to hit our targets if we can get revenue significantly above 1 75 and headed towards a 2 15, there's a lot of leverage in that business and I think, we've also shown some progress in CCOP towards this business model. But again, there, that's the tougher business, tougher to maintain margins so we've got some work to do there. I think that if you put that in a competitive context from a CommTest perspective, I'd say, we're sort of -- we're middle, as far as gross margins are concerned. We have a different product mix in some of the higher margin companies like [indiscernible] or [indiscernible]. They're up into 70s and 80s and obviously, were in the 60s. I do think though as we continue and are successful with our new -- with Arieso, StrataSync, PacketPortal, et cetera, now that we'll be able to trend our margins up certainly into the higher 60s, remains to be seen whether or not we could actually break-in to the 70s. I wouldn't forecast that. CCOP has always -- well, maybe CCOP has always been a game of the laser content, that we need to get our laser content up in order to move the margins there, continue to have success in broadening the portfolio and also continuing to have success in a lot of the internal operational things that we've been doing on deals, scrap reduction working closely with, CMs, et cetera. Now the margins at our OSP business have been very healthy. They've shown their ability -- to usually meet their model, they need to model more often than not. I think to see that trend up from a margin perspective, you need to have some meaningful revenue growth there. I think we've telegraphed that we expect OSP to be -- to work -- be working through some inventory issues with major customers for at least the next several quarters. So that, that's out the midterm as opposed to the short-term.

Joseph Wolf - Barclays Capital, Research Division

So you take margins and then you push down towards cash generation, cash flow and the overall balance sheet as you think about both the CFO but also in terms of business development needs and what investors are looking for just to address the cash side of the business.

Rex S. Jackson

So, I think -- so, I said earlier, we're sort of been part at work operationally. I'm trying to set the table for a growth environment. We've done a very good job, in my opinion, in terms of maintaining positive cash flow for the company. So we are reliable in that regard, which is good. Because of that, we have also been able to maintain a strong balance sheet. We just recently paid off our convertible debt so we'll be fundamentally debt-free by the end of this quarter. So I think from a sheer balance sheet strength standpoint, we're in great shape there. I do think some of our operational metrics, we need to work to improve, we got to drive down -- got to drive our DSO down. It's like to drive our DPO up but I guess, there's some work to be done there. But I feel pretty good about us from an operational standpoint. Obviously, there was improvement and from a balance sheet standpoint as well.

Joseph Wolf - Barclays Capital, Research Division

So coming back, you've got the new products, you've mentioned the acquisitions especially in the CommTest. I guess, talk about your philosophy or what you've been doing, how you built that out, how you've integrated the company in terms of layering in those acquisitions and what you're looking for as you move forward in terms of, I guess, we could start with the CommTest side of the business what you think you need [indiscernible] and how you're thinking about the extension there?

Rex S. Jackson

So I think at the high-level, I would describe it as fairly acquisitive as opposed to hungrily acquisitive. So we've done probably 5 deals in the last 3 or 4 years, we've done some smaller stuff that wouldn't count. But in terms of meaningful deals, about 5. We've focused most of that activity and would expect to continue focusing that activity on CommTest, the test and measurement space. So last the 3 have been very specific to wireless and then Arieso. So not only wireless but also very much a software company. The way that we have worked to integrate those, we've fully integrated the older ones, the 3 that we've done in the last 18 months are in various stages of integration. I think we are pretty good at that and hopefully getting better. Looking forward, if we were to do additional acquisitions, they would be, as we stated, very strategically focused on mobility and wireless applications, we've taken a look at cloud and data center but I wouldn't claim it to be necessarily active in the short-term in that area. And then to the extent that we can push our software content to where it is today, which is closer to around 30%, we'd like to push that up to 50% or 60%. As a general rule, our acquisition strategy is to do accretive deals and to taste [ph] more prices. Particularly, we got a good deal on the Arieso transaction. But obviously, we'll need to provide some additional data to the streets but then to fully understand exactly how that begins to contribute to the profitability of the company.

Joseph Wolf - Barclays Capital, Research Division

And I guess, just taking that a step further as you move, I guess, more towards software, can you describe within the company as you move, I guess, from a field test, towards sort of a test equipment towards a more integrated part of a management software type of application. How that changes? What the company is doing? How you're selling it and the role that you're playing within your customer's network?

Rex S. Jackson

So, that's a great question. Certainly, the way that we sell it is different. Our sales force is very accustomed to selling hardware and -- to customers that they've known for a long, long time. So I'd say one of the reasons why PacketPortal is a little slower than we'd like for it to be is that we're learning how to be a software company. Being a software company affects you internally any a number of ways. You got to become experts in revenue recognition. You've got to think differently in how you contract with customers, and how you support customers ongoing. And then you make an excellent point, it's a very different thing for us to say to a customer, "Here's a piece of test equipment, give it to your field force, arise, go forth and conquer." versus "Hey, we're putting software into your network and trying to become an integral part of your network operations team, not only providing a solution that does you good walking out -- while walking in the door, but also, so what do we develop and what features do we add next? It's a much -- it's collaborative at field test but its a much, much deeper relationship with customers when you're talking software.

Joseph Wolf - Barclays Capital, Research Division

And I guess if we can jump over to the telecom or the Optical Communications side of the business. Talk about what you guys are looking at, trends there, what are you seeing in the growth and where you might be thinking about extending or how you think about extending the capabilities of the company?

Rex S. Jackson

So I think that the -- our Optical Communications businesses has done a great job being one of the broader suppliers in the telecom space. We've done, I think, a great job internally working with both in operations and our R&D groups to build a very, very strong technology platform. We're obviously, strong at 10G, we're players at 40 and we're players as well at 100, which we see building some steam. I think that we do have an enormous amount of technology built in. In fact, we have our own fab, so that gives us, I think, a great strength relative to the market. We have chosen to be a very broad provider to our customers. One of the benefits that I see of that is it's allowed us to have conversations not only about the historical telecom strengths but also to get some inroads into Datacom. So I do think that there's an area of real opportunity for us to extend and grow the business by obviously, not taking our ball out of the telecom by providing -- being a serious competitor on the Datacom space as well. And I would expect to begin to give people some greater visibility as to how those 2 shake out in the next several quarters. So I think, CCOP, the gestures obviously, a new adjacency to add to, what CCOP is up too. It's a very well-positioned -- I think it's very well-positioned in the market to be one of the leading players.

Joseph Wolf - Barclays Capital, Research Division

Just over the last couple, I guess, it was even last week, there's been an uptick in the publicly talked about deals in silicon photonics. You mentioned the 100G, well, I think the company's already doing work on the traditional optical side. But could you talk about things like silicon photonics? How the company thinks about where you need to be, whether you need to be all things to all people, how that fits into that specific trend it fits into? Without getting too technical, how that fits into what you're thinking about right now?

Rex S. Jackson

I think there's no danger of me getting too technical. The silicon photonics is a -- it's a real technology that's something that we think actually will have a place in the data center, they have a place in the telecom market at some point. Right now, we think it's easily 1 year to 3 years away from being directly relevant to anything we do today. However, as we move into Datacom, that is going to be one of the relevant technologies to that effort. We do see it as more likely to be something that's more in proprietary settings as opposed to the more commercial setting that we're competing for, whether it's in Datacom or telecom. Because it is -- a lot talked about and it's one of those things that could -- it could be big, we don't think it's a big at all right now, but it could be big. We certainly are putting our energies behind working with the -- working the technology, understanding the players, seeing if they're partners that we need to have. We are very committed to it. If this becomes relevant to our business, we'll make it part of our business as opposed to getting people buy it.

Joseph Wolf - Barclays Capital, Research Division

And so, I guess, talking about -- you go back, you talked about wanting to do accretive acquisitions. As you start to see things heat up a little bit, can you talk about the valuation environment in terms of, I mean, would you want to be -- if you see something developing over the next 1 to 3 years, would you rather be early at a better price or later at a higher price. How are you thinking about that?

Rex S. Jackson

Is that specific with silicon photonics or generally?

Joseph Wolf - Barclays Capital, Research Division

Just in general.

Rex S. Jackson

Generally speaking, I think that we do favor accretive deals and we have been very careful in terms of the pricing that we've done. Having said that, if you look at Arieso, we paid what we thought was a fair multiple not a crazy multiple for that business. It's not accretive due to accounting out of the gate. But it's officially strategic and dead spot on what we're trying to accomplish. We felt like that was the right thing to do and that we could we could walk our analysts and investors through it. So I think we will be opportunistic. We would consider both smaller and larger deals. We would consider debt if we had to do debt to do a larger deal. We really are open-minded and quite opportunistic. What I don't think we would do, we're not very stretch-oriented, right? So we're not going to go out and do anything crazy. We have seen some out there multiples but that's just not us.

Joseph Wolf - Barclays Capital, Research Division

Then, I guess -- oh, go ahead. Wait, let's wait for a microphone. Is there a microphone? Okay. Thank you.

Unknown Analyst

Just -- if you can provide some color. Some of the commentary out there in telecom spending is that budgets have been released but there is some pause at the carriers because of their decisions trying to be made in terms of the technology they're moving, going to be going with moving forward and it's causing them to, maybe, pause a little more than you would have hoped for. If you could just talk about sort of what it is that's troubling with, in terms of how they are detecting the networks going forward and moving onto the 100 gig or whatever they're struggling with right now.

Rex S. Jackson

So I can provide a little bit of color on that. We're finding, specifically in CommTest, that yes, budgets are released and I'd say that's pretty universal at this point. In terms of people actually releasing orders against those budgets, it's a real mixed bag in terms of customer by customer. We do see people moving to newer technologies and focused on wireless and LTE, those types of things, that's a fairly significant shift. So one of the things you saw us last quarter was terminate one of our legacy wireline product lines. It's just because people are not ordering the stuff they always do when they're just adding either coverage or capacity. They're really shifting to new technologies. And specifically, more wireless LTE infill type things. And so, not surprising that, that might cause a little bit of a delay in terms of people saying, okay, well, what I thought I was going to do, I'm not going to do it anymore because that's what I used to always do, just to get the [indiscernible]. We got to be a lot more strategic. The other thing we're seeing is and, again, specific to CommTest is, at least with respect to one of the larger providers, yes, they're establishing standards but they're trying to push their ordering and their -- and the logistics down. So rather than getting a single central order, relieve the quarter that we fulfilled during the quarter, it's starting to be more, if we get orders in this region, orders from this region, and it just introduces more time in the system. So I think you're right, I think the technology shift issue and then place it with the largest customer we have in this area, there's a logistics issue and an internal change that they've made in terms of how they look at business.

Unknown Analyst

And just real quick, on StrataSync and PacketPortal, I mean, those are early products. I mean, what would you expect on this to have any kind of material contribution to the -- today?

Rex S. Jackson

So we've estimated for PacketPortal, next year, we think that could be $10 million to $15 million in revenue. Understand that it is a software model, so component of that is licensing, component of that is maintenance. StrataSync, we haven't put a number to but we are -- we released that very recently, and we're pounding away with our customer base to make that a meaningful contributor next year. I wouldn't say that either one of them are going to be big needle movers in that by '14.

Joseph Wolf - Barclays Capital, Research Division

Question right there.

Unknown Analyst

The optical components space has been really fragmented for a very long time and I feel it very similar to the hard drive market, which until recently, has been consolidated. Since you guys are one of the leaders, what do you think's stopping this? You don't seem to want to be a consolidator. What do you think that some other players have tried to consolidate and seemed to have failed or had difficulties? What do you -- what's your outlook and how -- is this market going to consolidated or not, I guess, is from your perspective?

Rex S. Jackson

The first thing is I must be crazy because I used to work in the disk drive business. So now I'm back at it in a tough technology business. But I think that our main focus has been, frankly, to strengthen ourselves and get ourselves operationally where we need to be. I think the output that we've shown from an innovation standpoint over the last several years has been outstanding. And then if you look out at the market then you go totally agree with you, we should consolidate and there is some consolidation albeit not enough. So you [indiscernible] go picking up and say, optics, for example. You have at least 1 large player that's on tough times that would be very interesting to see what happens there. We just -- we look out and we say, well there's 2 kinds of things that we could do that we're participating consolidation and that's either something that's opportunistic from a technology standpoint, something we don't have. Or something that's provide us a bunch of scale but probably would involve an enormous amount of cleanup, which would be hard to do as a public company or a combination of the 2. And as we look at those, I just go, "Hey, I think we're executing well enough in our business that we should focus on opportunistic deals and stay away from places where we're going to have to do all over again what we just did the last 3 or 4 years." So you wouldn't see us acting as the big consolidator. I don't just see it.

Unknown Analyst

Okay. In terms of acquisitions, which have been talked a lot. Software, you're moving in that direction. What about -- is there an affinity towards doing private with transactions versus public transactions? I mean, you seem you want to make accretive deals, I mean, it's easier to say it's an accretive deal, it's a private company because people don't really know. Like, okay, to be, to not be. But if the public company, it's more visible and people can run numbers and say, "Okay, this deal isn't accretive." So are you more afraid to do a public deal versus a private deal?

Rex S. Jackson

Right, right. No, not at all. I kind of chuckle when I logged it as some days a domestic deal because I was in with the company for 2.5 years and all the deals we've done has been international, private and international. So I think the -- again, there's 2 types of deals we do in CommTest so that the end result's not necessarily the same. They're the opportunistic ones, which tend to be smaller technology buys, the [indiscernible] that we have. It's strategic but not necessarily move the needle, almost -- very much by definition, if you're going to buy a public company, you're talking a significantly larger play and just a bigger bet. So would we do a larger deal? Yes, would we do one that wasn't accretive? I'd be stunned if we would do one that wasn't accretive, there's been a reason to do that. And so that's kind of the -- those are the 2 ways that we look at it from a CommTest perspective.

Unknown Analyst

The last quarter, your CommTest gross margins were down, about, I think 5% sequentially and you gave 3 reasons, higher pricing pressure, unfavorable mix and some temporary costs resulting from outsourcing. Can you give an idea of how much all of those contributed to the down 5% gross margins and also, kind of what's going to turn them around or kind of explain a little bit like the unfavorable mix, is that more wireless than wireline? Or the other way around? And just give a little color, that would be great.

Rex S. Jackson

So the first thing I would comment on is the starting point at Q2, was a -- I don't think it's of historic high but it's a very nice high watermark for CommTest in recent history. So the size of the swing, obviously, is exaggerated by that. If you look at the ones where we've called the one-time and the unusual factors, I would love those together and say that those a 3-ish percentage points, again just in CommTest. We said on our earnings call that we believe that we're going to get a recovery in the CommTest gross margin in Q4. And that was premised on those factors going away. So the pricing pressure, we're believing and hoping that would be fairly temporary. The shift, that was the accounting-related shift, that definitely is onetime. We did it and it was done and associated with finalizing our move to outsourced manufacturing with the exception of our factories in Europe. So we're done with that, and then the mix, we just anticipate a more favorable mix this time. So I'd say, it should be around 3 points.

Unknown Analyst

[indiscernible] what's the better margin to [indiscernible]?

Rex S. Jackson

I think, you generally find that any of our software offerings and then our wireless portfolio would probably be the stronger of the 2. Their field instruments are very healthy. But well, you'll get some variability based across just the field instruments line. But it's to the extent that our wireless offerings and our software offerings are being successful, it will drive it.

Joseph Wolf - Barclays Capital, Research Division

Any more questions? Yes?

Unknown Analyst

[indiscernible] Just come on the ROADM market and just competitively, it seems like there's different approaches to it and what you think you're differentiation is in the marketplace?

Rex S. Jackson

Yes. So I think that as we said the last couple of calls, the ROADM revenue that we showed, it's a little higher, a little lower, it really is based on timing of customer programs. We do think that we are the leader in the market. There is competition. Were not losing a bunch of slots to other players. So I think we have been and we'll continue to be highly competitive. And I think we anticipated on our last call, we received some sudden improvement in the ROADM business this quarter. So again, from a competitive standpoint, I think we're in great shape and we'll see some fluctuations as you go along because customer ordering patterns in the time of neither programs is just going to vary.

Unknown Analyst

I guess, I would have a follow on to that. If you think about competitive, the competitive landscape when orders aren't great. Is there a share shift going on or not when there's -- when revenues aren't occurring? So as you plan for the architecture [indiscernible] architectures if anything happening behind the scenes where you'd say, "When spending comes back, we're going to have a better market share?" Or I guess, more simply put, if they spend money, you're going to win rather than sitting around waiting for something to happen?

Rex S. Jackson

So in one of our -- at one meeting today, someone said something that I liked and said, "It's not that you're not getting it, you're not spending it." Right? To your point? So I think if you were to look at our activities in CCOP, in particular, over the last several years, one thing that you would notice is that we have worked hard to maintain and did increase the level of our R&D spend. So notwithstanding the fact that the winds are blowing as strongly as any of us would like, we've not retrenched in the area that we think is the most important. We haven't taken our eye off the ball in terms operational excellence and operational improvement. So absolutely, our goal has been, frankly, in both business but obviously particularly in CCOP, is not to give up ground to anybody even if things are slower than they'd like. So we've not -- we've made decisions on programs that we need to be on, customers that we need to support, places we think that are attractive and invest in those. We just have to pull back it all. So obviously if it's a bad thing to invest in, we'll do it but the places we need to be, we are. So we don't think we're losing share when it slowed.

Joseph Wolf - Barclays Capital, Research Division

Any other questions in the audience?

Unknown Analyst

[indiscernible] .

Rex S. Jackson

It does.

Joseph Wolf - Barclays Capital, Research Division

Okay. Good. Do you have a closing remarks or any other questions that [indiscernible]?

Rex S. Jackson

Just thanks, everyone, for coming and giving me the opportunity to chat with you. I appreciate it. Thank you.

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