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Ruckus Wireless Inc. (NYSE:RKUS)

Deutsche Bank dbAccess Technology Conference

September 11, 2013 11:10 AM ET

Executives

Seamus Hennessy - CFO

Selina Lo - President and CEO

Analysts

Brian Modoff - Deutsche Bank

Brian Modoff - Deutsche Bank

Good morning everyone. I know you’re awake now. With us today this morning kicking off the second day of the Deutsche Bank Technology Conference are Selina Yo and the CFO of Ruckus Wireless, Seamus Hennessy. Ruckus is one of leading suppliers of high density, high capacity Wi-Fi systems. The company sells these products into enterprises which have been a strong growth area for them, particularly vertical that need that dense high reliability network places like hospitals, convention centers, hotels, those kind of markets but also carriers. Carriers as you know have increasingly pushed to deploy Wi-Fi hotspots around over dense areas and Ruckus' equipment is geared for that. The main thing that is issue about Wi-Fi as a technology is it's unlicensed. Because it’s unlicensed anybody can transmit in these frequencies what their Wi-Fi gear.

If you’re using that you have to able to deal with that interference. It takes a lot of engineering talent to be able to mitigate that inferences and still drive high capacity. Ruckus has developed those kinds of solutions. They are a leader in the space. I think Seamus is going to have a few words and Selina is going to go through about five or seven slides and then we’ll jump in the Q&A. So thank you.

Seamus Hennessy

Thanks very much Brian. Thanks everybody for joining us here this morning. Just to expand our forward-looking statement; in regards to the small bit about Ruckus, as Brian mentioned Ruckus is a leader in what we classify as carrier-class Wi-Fi systems that we sell to both enterprises and service providers all based upper course smart antenna technology. In the most recent quarter, we had the highest revenue of the Company’s history, $64 million, up 30% year-on-year and 12% sequentially delivering $0.05 EPS. We added over 2900 new customers in the most recent quarters bringing our total customer count to over 27,300. We have a very strong balance sheet with no debt and a fantastic employee base to helping us to scale the company.

And now I will turn over to Selina.

Selina Lo

Thank you. So to characterize the two markets that we participate in, the Enterprise Wi-Fi market and the Service Provider Wi-Fi market, both are benefiting from the mobile internet movement and it’s a secular trend that is quite -- it’s strong, it’s global and it’s not subject to economic ups and downs.

The Enterprise Wi-Fi market is growing healthily at about 15% per year. Ruckus has done very well going from 0 market share in 2008 to now being number three together with HP just right behind Aruba and Cisco. In the service provider Wi-Fi market though, that’s a market that is smaller than the Enterprise Wi-Fi market today but it’s growing at over 50% per year and Ruckus is right behind Cisco as a leader in that market. We pioneered that market and we’re in a very strong position.

Most carriers, in fact the majority of carrier want dual-vendor solutions. So we end up with Cisco in the same account a lot times and we have over 90 Service Provider customers that have purchased from us and we continue to win Service Provider customers to the order 10 to 15 per quarter.

Now what do we have over our competitors that make our story so compelling? Our competitors use Enterprise Wi-Fi class product to go after service providers and there are three areas that they really cannot address for service providers.

First is interference in public venue. This is a big problem as Brian said earlier because Wi-Fi uses unlicensed spectrum. Second is integration. Service providers need a whole different size of network. And third is scalability. The Service Provider class network is much bigger. And integration, the ability to integrate Wi-Fi and cellular so that users can have a seamless user experience. These are three things that Ruckus addressed very uniquely compared to our competitors.

We talked about interference problem. Just to give you an example. In Times Square, New York City, any given day you see 300 Wi-Fi networks around competing for airspace, for bandwidth and this is major problem. When there is interference it causes transmission problems, it causes the performance to degrade and made even to a point where you see the never ending circle, you just cannot connect to network.

Ruckus has a unique solution to address that. Our cofounders innovated adaptive antenna system that we call BeamFlex 10 years ago and through today we continue to tune this system and it has been a unique solution for us that has gained us the market position we are in.

What it is, is it’s an antenna system that’s controlled by software that continuously learned the environment, it continuously measures the performance of every signal path and on a per packet basis the software will reconfigure the antenna to select the most optimum signal path and you can see in the lower part of the slide how dramatic the difference is compared to our competitors, when there is significant interference problems. We also announced the highest capacity Wi-Fi controller in the market that integrates not just Wi-Fi controller functions but also a cellular Wi-Fi gateway function.

This allows mobile operators to integrate the Wi-Fi radio network and the cellular radio network to the same mobile core without changing anything in the mobile core and that’s very important to them because now they have a single subscriber management system, single policy system, single billing system to manage both Wi-Fi subscribers and cellular subscribers. So when they rollout services they only have to do it once instead of on two separate networks. We are the only Wi-Fi solution providers that haven’t integrated cellular to Wi-Fi gateway function on the controller.

On top of that this controller that I’m talking about is called Smart Cell Gateway. It just started shipping generally to our customer base. It has been in design for the last two years. We designed this product specifically for the scale that service providers need. A single unit can support 10,000 APs, which is the highest capacity controller there is in the market but the architecture is designed to scale linearly, it has distributed cluster type of architecture so that you can add capacity just by adding controllers and the whole thing can be managed as a cluster. So as a result, we can easily support network that have hundreds of thousands to millions of access points. And again this kind of capacity is just not available with any other Wi-Fi provider.

So to conclude.

Seamus Hennessy

So, as I mentioned earlier in the quarter, Ruckus had very strong financial results in the most recent quarter and grew about over 30% in the most recent quarter. We also added over 15 new service providers, bringing our total service provider count to almost 90. And in the last three quarters over half the service providers are new customers to Ruckus.

And according to Infonetics Ruckus is actually the leading vendor in regards to manufacturers under consideration in the Wi-Fi segment today and in the most recent quarter we also completed an acquisition with a company called YFind for us to be able to offer location based services on top of our core Wi-Fi infrastructure. The Americas region and the EMEA region, both had very strong quarters for us delivering profitable results for Ruckus.

Ultimately, we see ourselves as the market leader in carrier Wi-Fi with a substantial market opportunity ahead of us. We’ve built this all on top of our core proprietary technology leveraging our enterprise base and the service provider base as well as our global channels infrastructure. Ultimately, we expect this to deliver profitable and attractive business model for Ruckus in the long term. Thank you.

Question-and-Answer Session

Brian Modoff - Deutsche Bank

Okay, thank you. So Selina if we look at kind of your -- since your IPO you had a good first quarter, you had a little tougher second quarter, a better third quarter. There were a few players in Wi-Fi that also experienced tougher Q2 or Q1, including some of the private companies that we know out there as well. So how you see the market overall in terms of demand? Was this a bit of a pause that we saw out there and kind of a Q1 time frame; what’s your view?

Selina Lo

So we had little bit of difficultly in Q1 because of the lumpiness of some of our service provider deals. Basically there were a number of service provider deals that we expected to close in Q1 that took a little longer. Today we have closed every one of those deals. They have all come in. Our strategy on the service provider side is to continue to grow the base so that with a large number of service provider we can even out the lumpiness and we’re starting to see the result of that.

In the service provider market, we don’t see any slowing down in the Wi-Fi side because they truly all need Wi-Fi now. Just to give you an example; tablets, 88% of the tablets that has ever shipped have no 3G or 4G plans attached to it. So all these guys are demanding, all the people that have tablets are going to demand public Wi-Fi access. So we see this Service Provider Wi-Fi market as a very strong trend.

And in the Enterprise space, there is always some seasonality because of education and because of hospitality but overall we see strength everywhere. China is a little bit weak because I think the economy is being softened, been calmed a little bit. But other than that we see strength everywhere, both developed markets and developing markets.

Brian Modoff - Deutsche Bank

So you feel like this has just rebounded since Q1?

Selina Lo

Yes, we had a good Q2 and we think that the market is very strong.

Unidentified Analyst

Okay. And on the service provider side, who do you see as competition there? Who do you primarily run into there? Obviously Aruba, they came out with a product but in our view, and they’re going to be speaking later today, it’s really a software load on their existing product, really not designed for doing kind of the carrier Wi-Fi load requirements, performance requirements that are necessary. What’s your view?

Selina Lo

Right, so our primary competition in the service provider space is Cisco. According to Infonetics, in 2012 Cisco has about 30% market share in the service provider Wi-Fi space. Ruckus is number two with 18% market share, that’s in 2012. Aruba is not even really in that market, Aruba, a service provider would only sell Aruba -- serving as a channel for Aruba when the customer ask for Aruba, when the Enterprise customer.

So Aruba is really only in the managed services side of Service Provider Wi-Fi and only when the customer, the end customer asks for it. BelAir who used to be a competitor was acquired by Ericsson over a year ago and ever since BelAir got acquired, we actually saw them less than less. I believe that the main reason is that Ericsson acquired BelAir so that they can have a Wi-Fi solution in their small cell picocell, integrated picocell.

Standalone Wi-Fi’s projects are just too small for Ericsson’s type of appetite. I always joke that Ericsson sales people don’t get up for anything less than $100 million. And Wi-Fi projects tend to be single million to, or actually when it starts smaller than single million all the way to double digit millions.

Brian Modoff - Deutsche Bank

And you mentioned kind of Femtocells and so a couple of questions around that. You are seeing a lot of the Femto providers putting Wi-Fi as part of the solution. The one concern I have about that is Wi-Fi signals do not propagate at the same level as cellular signals. They actually propagate at probably 15% to 20% of the level of cellular. So you have, if you just do one for one, you're going to have significant holes in your network, if you’re trying to have ubiquitous coverage.

That said, you do have a number of larger players like Ericsson as you mentioned trying to do more of an integrated solution. You've got Alcatel-Lucent and Qualcomm announcing Small Cell collaboration as well. What’s your view on how that’s going to evolve?

Selina Lo

There are a number of pieces to that question. So let me address the first one. Brian, it's absolutely right that the coverage of small cell and a cellular and of are Wi-Fi are different and so it’s hard to integrate them into one box and expect the coverage to be even.

But on top of that, we have been in the Wi-Fi market for five plus years and so have others. Other than radio coverage, there is just a lot of things that go into make the Wi-Fi work well, traffic management, client load management, dynamic interference mitigation and that’s just a few of the things. And a lot of cellular vendors just think that Wi-Fi is Wi-Fi. I mean you can find a hundred ODMs that would sell you a Wi-Fi component. So, it’s not hard for them to find a Wi-Fi solution to integrate into their small cell. But to make it work is much harder. Especially making it work in the public venue, as you have seen in the performance comparison that I show you. So, we are very confident that people will just integrate brand X Wi-Fi. It’s just not going to have it work very well and we have actually seen that.

Now that said, Ruckus does think that there is a segment of a market that would be an integrated Wi-Fi and Enterprise Femto and in that area we are working with cellular partners. We can’t announce anything yet but we are working with guys that are strong on the cellular side to integrate it as unified solutions for our operator customers.

Brian Modoff - Deutsche Bank

And Nokia-Siemens doesn’t have a, or a Nokia doesn’t have product in this area?

Selina Lo

Nokia-Siemens or NSN. It's still NSN. NSN is a partner of ours. It’s a global partner of ours. They resell and integrate and help deploy a lot of Ruckus networks and even ALU is also a partner of ours. We haven’t announced a global agreement but we actually are collaborating in a number of accounts. And between NSN and ALU, basically anybody that is Cisco and Ericsson’s competitor is my friend. So, we work with a number of these guys.

Brian Modoff - Deutsche Bank

You mentioned your smart cell gateway. How has the product been received by the carriers? What’s the feedback been and how many customers you have of that product?

Selina Lo

I’ll let Seamus talk to the numbers but in terms of the quality of the customer feedback, it's been very strong. We have put this product in trial for about a year and so we have worked through a lot of new product issues and now the product is in general release. Customers love it. The high capacity is something that they really like and we recently also have deployed some customers with Wi-Fi and cellular gateway.

Seamus Hennessy

In regards to number of customers, we have over 10 customers on the platform that actually doubled from Q1 to Q2 in production and a lot more actually in trials at the moment. But it’s been very well received and actually some other reasons why we have actually some recent deals predominantly because of the scalability of the product and the architecture.

Brian Modoff - Deutsche Bank

Another question for you is and then I'll see if anyone has any in the audience; cable operators. They don’t have cellular spectrum per say, yet they want to provide wireless services. We look at them potentially as a significant opportunity or even Google for that matter with wanting to deploy free Wi-Fi in urban areas. How do you look at those customers as an opportunity?

Selina Lo

It is amazing that all the fixed line providers have become strong base for Wi-Fi deployment. Because if you imagine how many of you, with the system that's in front of you, how many of those systems have an Ethernet port even? None of these devices, no appliance devices now come with an Ethernet port. And so if you have a glob of fiber, what you need at the end of the fiber? You need a Wi-Fi access point, you need a Wi-Fi radio. Otherwise there is nothing to feed the fiber.

All fixed line providers have become a prospect or a customer for carrier Wi-Fi. We are seeing -- the earliest deployment was from all the cable operators in the U.S. For example the Cable Wi-Fi Alliance which is an alliance of the five biggest cable operators. They have together a 150,000 Wi-Fi hotspot footprint that their subscribers can roam on. We are starting to see cable operators in Europe, in South America and in Asia getting active in this. So that is a very strong play. And Google same thing, Google they are installing globs of fiber in the lot of places but guess what, in order for Android devices to get on to the fiber, they need Wi-Fi.

Brian Modoff - Deutsche Bank

Excellent. Okay. Question from the audience. Right here.

Unidentified Analyst

You said that the carriers want to have wireless. Is it for like DAS networks for offloading or is it, just they want to have wireless in an area that would say whatever AT&T Wireless and is it both and kind of how does your growth play in to that?

Selina Lo

There are number of our drivers for that. For mobile operators, most of them want Wi-Fi for 3G, 4G upload. Even 4G, even LTE, KDDI told us, when they deployed their 4G, their LTE. A year later when they measured the traffic, 4G traffic has overtaken 3G traffic but their Wi-Fi traffic continue to grow even when they deploy LTE. So, it’s for offloading the network for mobile operators.

For fixed line operators, guess what it’s for turn prevention for the cable guys. They are seeing double digit turn prevention benefits from having a Wi-Fi offering bundle with their broadband service. And then for guys like Google, they are trying to upset the Apple cat. So anybody that doesn’t have spectrum, doesn't have a cellular business and wants to participate in the mobile internet movement, Wi-Fi is the only game in town.

Brian Modoff - Deutsche Bank

Another question out there?

Unidentified analyst

Could you talk a little bit about how Hotspot 2.0 might affect the overall industry?

Selina Lo

Yes. So Hotspot 2.0 is a standard that allows -- today when you sign on to Wi-Fi network, it's a real hassle. You have to go look for the Wi-Fi network that you want to sign on and you have to enter all your credentials. Well, Hotspot 2.0 completely obviates that. It allows the carrier to authenticate all of your devices by just the SIM card and it also allows inter carrier roaming. So Hotspot 2.0 makes Wi-Fi work much more like cellular, so that you can just press your app button and you get connected.

So that will be significant in driving Wi-Fi and we're seeing Hotspot 2.0 deliver on iOS 7 as well as Android devices now. We think that 2014 will see continued penetration of Hotspot 2.0 technology in all the handsets. And for Wi-Fi equipment, Hotspot 2.0 is a software upgrade. So Ruckus already supports it across our product line and we think that Hotspot 2.0 will become a very common standard by next year.

Brian Modoff - Deutsche Bank

Question over here?

Unidentified analyst

Do you see Ubiquity Networks as a competitor?

Selina Lo

We don’t really compete with them. We see them sometimes in developing markets, India, Middle East, Africa, but they tend to sell to wireless ISPs, whereas we tend to sell to Tier 1, Tier 2 operators. So we don’t really come across them.

Seamus Hennessey

Yes, the one thing Ubiquity lacks is, they lack a lot of the back office integration or software capabilities. It's just hard to take their product and plug it into the billing systems to use it in kind of a carrier class environment, risk [ph] to build networks at a very kind of creatively and so they're less concerned with some of the requirements that a Telco or a cable operator would have from a standpoint of interoperability, ability to hook into the OS and the ability to hook into the billing systems, all of that. So just, it's not a consideration with operators. That's the problem. It's meant for a specific targeted market. That's separate from what Ruckus competes in.

Unidentified analyst

You focus a lot on the service provider side but I think more of your business actually happens to be on the Enterprise side. Can you give any sort of update on your view of the Enterprise market?

Selina Lo

So, I'll give a quick one and I'll let Seamus address that. On the enterprise Wi-Fi market, Ruckus has a unique space that has made us very successful and that is not only the simplicity and the reliability of our product but also our channel base. We have developed a large channel. We are 100% 2 tier distribution worldwide and the channel has been our big machine in that space, and it has carried us for five plus years.

Seamus Hennessey

Yes, and Enterprise historically for us has been about two thirds of our business but a significant amount of our Enterprise business is actually sold through the managed service arms of service providers and these are the same operators that actually will deploy mobile operator networks too as well. So we're starting to see the synergy of penetrating the Enterprise actually help us on the service provider side.

In addition to that, where we've been historically strong on the Enterprise side, education, hospitality, public venues, these are the locations that service providers want to deploy Wi-Fi, which is actually creating another synergy. So the two markets are actually starting to bleed over into each other.

Unidentified analyst

How much of the Enterprise in your business is reserved [ph] by your internet?

Seamus Hennessey

We've not broken that out but it’s a material part of our Enterprise business.

Selina Lo

I'll give you some examples. Some of our strongest channels in the enterprise are Swisscom Hospitality, NTT Docomo interTouch which is an Enterprise arm of Docomo, AT&T on the hospitality side, Oi in Brazil, so a number of Tier 1 operators.

Brian Modoff - Deutsche Bank

So you think that's actually what Aruba's trying to do with their product is to really target that part of the carrier market in trying to have that kind of a relationship because for them on the outside, or to deploy it out into high density areas where Ruckus plays, it's not, the box isn't designed for that.

Selina Lo

Aruba tends to be more deployed account by account. So let's say a carrier wins a global 1000 account base and the account asks for Aruba, they'll roll out Aruba, whereas with Ruckus it's more of a strategic, like for example NTT Docomo interTouch, for all their hospitality, it’s all Ruckus. So they make that decision even though it's managed services and we count that on the Enterprise side, they make a decision to go Ruckus for all the hotels, and other than the hotels that really object which we haven't come across they use Ruckus exclusively.

Brian Modoff - Deutsche Bank

Okay. Another question around 802.11ac, we're starting to see it show up in the market now. How do you see that affecting you? Do you see any impact from it from a standpoint okay, I'm waiting for an 802.11ac product or do you see it as an element of deployment, which would you?

Selina Lo

So today 802.11ac is a beauty contest. Customers want to get a hold of it, to play with it, test it. They may want to marketing reasons. Some people may want to claim that they support 11ac, but they all know that Wave 1 of 11ac is really billed for residential Wi-Fi versus Enterprise or service provider Wi-Fi. So nobody is deploying 11ac massively. They are all deploying 1c, 2c. 2014 is when we will see general deployment of Wave 1 of 11ac and 2015 is going to be the general deployment of Wave 2 and Wave 2 is really the phase of 11ac that works for enterprise and service providers, and Wave 1 and Wave 2 require different chipset. So we don’t see that Wave 1 is going to be widely deployed. Wave 2 is really the real 11ac for enterprise and service providers.

Brian Modoff - Deutsche Bank

And what are the unique difference there? What sort of changes in 2 versus 1 that are drivers.

Selina Lo

Wave 2 supports something called multi-user MIMO. Without that in Wave 1 you can have gigabit Wi-Fi. They can lump a bunch of these channels together to make a big pipe. But they cannot support many simultaneous users in Wave 1. So Wave 1 is really big pipe, it's intended for AV usage, for streaming video at home and within short distance. Wave 2 is when multi-user MIMO technology kicks in and that will allow many people to share that big pipe efficiently.

Brian Modoff - Deutsche Bank

Excellent, another question from the audience. So Seamus, DSOs spiked last quarter. How is that going now? How is it looking in this quarter?

Seamus Hennessey

It will come down this quarter. When we came into last quarter, we came off a tough Q1 where backlog was definitely down and we had orders from service providers that had paused. When we looked at Q2, Q2 bookings was in line with our expectations, but when we received large orders, it's not an immediate book and ship. They schedule the products because they need delivery. So the DSOs are more tied to actually shipment of the product versus when we actually get the bookings but we do expect it will come down this quarter, back to start to recover.

Brian Modoff - Deutsche Bank

Can someone talk a little bit about YFind? Why did you buy it and what are you going to do with it and when do you see it as having an effect on your revenue stream?

Selina Lo

So YFind is a pioneer in location based services. Location based services is becoming important to Wi-Fi build out, because a lot of the commercial for mobile Internet is tied to locations, and outdoor locations you get Google and you get GPS systems and Google and Apple are both really going after it.

But when you go inside, when you are indoors you lose that GPS capability. And also even with Google and Apple they can tell because they know where your handset is, they can tell the location. But lot of times the venue owners and the service providers want a piece of that potential huge commerce capability. And so they want to get a piece of the piece and Ruckus by acquiring YFind will be able to identify very accurately the location of all the handsets, as well as the type of handsets that are using or not even using, that are just around our access points and we will be able to provide that information to applications that are doing analytics or mapping or coupon promotions and safety, security and all different types of applications. So we believe that the acquisition of YFind actually helps strengthen our position in the overall Wi-Fi infrastructure market both Service Provider and Enterprise.

Brian Modoff - Deutsche Bank

So it's really meant as an enhancement to the product offering rather than the separate revenue stream?

Selina Lo

There will be revenue. We will offer products that will generate revenue but really the big picture for us is to help us increase market share in Wi-Fi.

Brian Modoff - Deutsche Bank

Another question, so one of the things that we were looking at around your IPO was the combination of Wi-Fi and cellular is where you were actually going to do some of these Femto architectures. Can you give us some update on how that's going?

Selina Lo

So clearly Hotspot 2.0 is first step towards Wi-Fi-Cellular integration and Ruckus has been a driver in that. In fact the Hotspot 2.0 test bed, some of the equipment actually comes from Ruckus. Beyond that the next phase for operators is they want the back end to be integrated. Traditionally Wi-Fi and Cellular will run as two independent networks and the mobile operators want to integrate that, so that they have a single core, single back end system that drives both networks.

So Ruckus, we just started shipping the Wi-Fi gateway, the gateway that integrates both Wi-Fi and cellular so that you can have a single mobile core and that has been going very well. That is a major differentiator for us, and that product is currently being deployed actually in a production network by an operator. So we continue to see a major differentiation factor by the capability.

The next step is integration at the radio level in terms of small cell and Wi-Fi into the same radio. As I said earlier we are looking with some cellular suppliers on that. I can't say beyond that because it's unannounced at this point.

Brian Modoff - Deutsche Bank

But how is that performance going? You have a commercial network now. What's the feedback you are getting on it?

Selina Lo

The Wi-Fi gateway?

Brian Modoff - Deutsche Bank

Yes.

Selina Lo

It's working very well. The customer that's deploying it in production is very happy about it. Basically there are two ways of doing this Wi-Fi gateway. You can either, if it's not implemented on the Wi-Fi controller like Ruckus is doing, then the customer will have to add a Wi-Fi gateway in the mobile core and send all the traffic centrally to that gateway.

A lot of operators don't want to do that because that would increase the load on their back haul. They don't want all Wi-Fi traffic to go back. So the reason why people deploy our gateway is they want to strip off some of that Wi-Fi traffic right at the edge of the network.

Brian Modoff - Deutsche Bank

Excellent. And then last question Selina. So if we look out over the next year, what do you see, as you have talked a lot about the various opportunities you have, what do you see your best growth drivers over the next year? Is it going to be mobile operators? Is it going to be certain enterprise verticals? Is it going to be the Googles or cable operators of the world? What do you see as kind of the biggest drivers to your business?

Selina Lo

So the service provider market is definitely growing much, much faster than the Enterprise Wi-Fi market and I think that's going to drive a lot of our growth. And among the service providers we see mobile operators deploying Wi-Fi in a big way but not at the same pace as the cable operators. The cable operators are just so aggressive and it's becoming a worldwide phenomenon. So that continues to drive a key part of our business.

And other guys like Googles of the world, it's interesting to see how aggressive they are in terms of geography. Actually what Google is doing today, even what they are doing today has surprised a lot of people. And I think you'll see more and more of that type of implementation, the alternative service providers who want to really change the paradigm.

Brian Modoff - Deutsche Bank

Okay. Thank you. Thank you for coming.

Seamus Hennessey

Thank you.

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