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Cyan Inc (NYSE:CYNI)

Q4 2013 Earnings Conference Call

February 11, 2014 05:00 PM ET

Executives

Maria Riley - IR

Mark Floyd - CEO

Mike Zellner - CFO

Michael Hatfield - President and Founder

Analysts

Rod Hall - JPMorgan

George Notter - Jefferies & Company

Brent Bracelin - Pacific Crest Securities

Scott Thompson - FBR Capital Markets & Co.

Operator

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the Cyan Inc Fourth Quarter 2013 Earnings Conference Call. During today's presentation all parties will be in a listen-only mode. Following the presentation the conference will be opened for questions. (Operator Instructions) This conference is being recorded today, Tuesday February 11, 2014.

Now I would like to turn the conference over to Maria Riley, Investor Relations, please go ahead.

Maria Riley

Thank you and thank you everyone for joining us today for Cyan’s Fourth Quarter and the year 2013 financial results conference call. I am joined by Mark Floyd, Cyan’s Chief Executive Officer, Mike Zellner, Cyan's Chief Financial Officer and Michael Hatfield, President and Founder.

Shortly after the markets closed, Cyan issued a press release announcing the results for fourth quarter and year ended December 31, 2013. If you would like a copy of today’s press release you may access it online at the company’s website at www.cyaninc.com.

During the course of today's conference call management will make forward-looking statements regarding a number of topics. These may include forecasts of financial results and business performance, the market and prospective customers for our products, expectations regarding our existing customers demand for our product strategies, product plans and future capital expenditures, trends affecting gross margins, operating expenses, operating results and cash requirements for future periods and other matters.

Forward-looking statements include those in which we use the terms believe, anticipate, expect and target. These statements are just predictions and actual results or events may differ materially. We refer you to the reports on Form 10-K, 10-Q and 8K that we made with the SEC from time-to-time, including our Form 10-Q that we filed for the quarter ended September 30, 2013. These documents contain important factors that could cause the company’s actual results to differ materially from those contained in our forward-looking statements.

Please also note that we will discuss certain non-GAAP financial results. Our non-GAAP results and reconciliations of non-GAAP to the most comparable GAAP measures can be found in our financial results in press release in our website. The information we are providing represents our views of the matters discussed as of today February 11, 2014. Except to the extent that we have a duty to update, we do not expect to update our disclosure even if circumstances change.

Before I turn the call over to Mark Floyd, I would like to note that management will present at the Goldman Sachs conference tomorrow February 12, 2014 at San Francisco and the Cowen and Company one-on-one networking and telecom forum in New York City on March 13, 2014. We hope to see many of you there.

I would now turn the call over to you, Mark Floyd.

Mark Floyd

Thank you, Maria and thank you all for joining us. On today’s call I’ll be providing a recap of Cyan’s fourth quarter and performance for the year, I also want to provide you with an update on the industry and our progress Cyan is making in the market. Mike Zellner will discuss the details of our financial performance under close with commentary on our first quarter outlook.

To begin the fourth quarter we delivered revenue $20.9 million below our original forecast but in line with our revised guidance that we announced last month. As we discussed on our third quarter conference call we were starting to see cautious order patterns among our customers as our CapEx budgets were becoming exhausted for the end of year.

Additionally, revenue from our largest customer declined from $19 million in the third quarter to $2.3 million in the fourth quarter which as we have previously disclosed was significantly greater than expected.

We believe our relationship with this customer is strong and we expect them to remain an important customer as they continue to build up their network to deliver clarity for another services. Note: we except the revenues from this customer may continue to fluctuate from quarter-to-quarter.

While our fourth quarter results were disappointing, the growing need for our innovative packet optical and network virtualizations solutions remains unchanged. We believe we’re well positioned to take advantage of market opportunities in front of us and I would like to highlight several achievements in the fourth quarter to demonstrate our progress and the continued adoption of our platforms.

First, Colt a Pan-European carrier uses Cyan’s solution to deploy an automated software-controlled multicentre network. While many of the legacy equipment centers position carrier SDN as a concept Colt’s deployment validates Cyan’s carrier SDN is here today.

Demonstrating the success of our LAN and expand strategy, a major internet franchise placed a large follow-on order as they continue to deploy our Z-series, our Blue Planet solutions to interconnect data centers. Next, we partner with our customer, DukeNet, which was recently acquired by the Time Warner Cable, that show how they could offer their customers ability to dynamically extend the data center virtual machines and visualized network resources through a Blue Planet portal. This capability will also revive DukeNet an important new means to monetize its network investment by offering its customers new, flexible and elastic SDN enabled services. As we unveil our multi-vendor NFV orchestration proof-of-concept technology at the Layer 123 SDN event in Barcelona. At this event we showed Blue Planet orchestrating a Metaswitch route reflector, open-source virtual DHCP and Connectem’s Virtual Evolved Packet Core.

We continue to make progress on our Tier 1 carrier initiatives. We’re in trials with four Tier 1 carriers focused on SDN and NFV functionality of our Blue Planet SDN platform, and we are in discussions with several others. We’ve added five new partners to our Blue Orbit Ecosystem; Connectem, Mellanox, Metaswitch, RAD and Red Hat. And finally, our Blue Planet SDN platform won two industry awards. In October, Blue Planet was named best new telecom product by Live Reading at its annual reading live event and in December was named SDN Innovation of the Year in the 2013 Telecom Asia Readers' Choice & Innovation Awards. Blue Planet was recognized for its market traction and the ability to address multilayer, multivendor WAN, datacenter and NFV orchestration challenges for network operators.

For the full 2013 year, this brings us to total revenue of $116.6 million, up 22%; revenue growth of 34%, excluding our largest customer; international revenue more than doubled in 2013 and we now have a direct sales presence in 15 countries and have 26 international channel partners. On this topic, last week we were happy to announce a significant win with Telefield, our partner in South Korea. Together, we’re helping a large South Korean province, serve its 2 million citizens with a state-of-the-art Carrier Ethernet network for e-government applications.

We now have approximately 120 Blue Planet deployments versus just three at the end of 2012. We have seen a fundamental shift and mindset of network operators around the globe. Global network operators including Tier 1 service providers are actively looking to move to a new network architecture that is controlled by software versus the conventional hardware controlled approach. Competition from over-the-top content and application providers and massive increases in capacity requirements are fueling this transformation in the network. Important industry examples of this includes, AT&T’s domain 2.0 initiative, Deutsche Telekom’s TeraStream architecture and all of the carriers involved in SDNFV activities.

Why is this happening? As you may know, the way we consume data has drastically changed, other networks have not. Network operators are in a significant pressure to reduce both operating cost and capital expenses, yet still increased performance, capacity and deliver new services. The conventional hardware controlled approach to carrier infrastructure is complex, expensive static and hinders their ability to introduce new revenue generating services. Given this growing need for change, network operators are moving to transform their networks by deploying SDN and NFV technologies. We are still in the very early stages, and transformation takes time. We are proud to be on the forefront of this network transformation.

Ultimately, with our focus on packet optical innovation and SDN thought leadership, we believe Cyan is helping to define the next phase of networking and is in a unique position to partner with customers as they transform their network. Expanding our capabilities, tomorrow we will announce significant upgrades to our Z series packet optical platforms focused on a 100G scale, optical performance and Ethernet functionality. We will also launch our first northbound API focused on MEF carrier Ethernet 2.0 service automation. Northbound APIs are required to connect existing OSS and BSS for provisioning platforms to systems such as Cyan’s Blue Planet to drive lower OpEx and faster time to service.

At this time, I’d like to turn the call over to Mike who will walk you through our financial performance. Mike?

Mike Zellner

Thank you, Mark, and good afternoon, everyone. First of all let me remind you that unless otherwise noted, with the exception of revenues, the financial results and guidance discussed today are non-GAAP. Non-GAAP results exclude the effect of stock-based compensation and the effect of preferred stock warrants that were converted in connection with our initial public offerings. Our GAAP and non-GAAP results as well as non-GAAP to GAAP reconciliations are included in today's press release.

As Mark noted, revenue for the quarter was $20.9 million compared with $29.8 million reported for the fourth quarter of last year and $37.7 million in the third quarter of 2013. In the fourth quarter, revenue from our largest customer totaled $2.3 million, or 11% of revenue, compared with $19 million, or 50% of revenue, in the third quarter. International revenue in the fourth quarter were $3.5 million, or 17% of revenue, compared with $4.9 million in the third quarter and $2.8 million in the fourth quarter of 2012. While we expect our international go-to-market investments to continue to drive long-term growth given the nature of our customers buying patterns and the relatively small revenue base; in the near-term, we expect revenue mix by geography to fluctuate from quarter-to-quarter. For the full year, revenue grew to $116.6 million, up 22% over 2012 revenue of $95.9 million. We have two greater than 10% customers for 2013. Windstream contributed 39% of revenue and TDF contributed 11%. Excluding Windstream our revenues grew 34% in 2013 to $71.1 million, up from $53.1 million in 2012.

Our international revenue more than doubled in 2013 to reach $10.3 million. For the fourth quarter, gross margin was 40.7% compared to 40.3% in the same period of last year and 40.2% in the third quarter of 2013. For the year, gross margin increased a120 basis points to 41.5%. Sales and marketing expense in the fourth quarter was $10.1 million relatively flat with the third quarter. R&D expenses were $7.3 million, down from $8.4 million in the third quarter. G&A expense was $2.4 million compared to $3.1 million in the third quarter. The decreases in R&D and G&A expenses were primarily attributed to a reduction in incentive compensation.

Total fourth quarter operating expenses were $19.9 million down from $21.5 million in the third quarter. Net loss for the quarter was $11.5 million or $0.25 per share based on $46.4 million weighted average shares outstanding. This compares with a net loss of $6.4 million or $0.14 per share in the third quarter of 2013. For the year, net loss was $30.9 million or $1 per share, up from a net loss of $9.2 million or $3.64 per share in 2012. Details about weighted average shares outstanding at the end of 2012 and the end of 2013 are contained in the table accompanying our press release.

Moving onto the balance sheet and cash flow. We ended the year with cash, cash equivalent and marketable securities of $64.1 million compared with $77 million on September 30. In the quarter ending December 31, 2013; cash used in operations was $11.3 million. In the quarter we sold $9.2 million of the $9.8 million lease receivables for the lease program we have launched in the third quarter. DSOs at the end of fourth quarter were 64 days, up from an adjusted 63 days in the third quarter. Third quarter DSOs are adjusted to take into account the lease receivables on the book at the end of the third quarter.

We ended the quarter with $20.7 million in inventory, an increase of $5 million from September 30. The increase in inventory is primarily attributable to lower than expected revenue in the quarter. Inventory turns decreased to 2.7 from 6.3 in the third quarter. Deferred revenue was $19.1 million at December 31, down from $20.8 million at September 30. As a reminder, deferred revenue witnessed primarily of shipped and built hardware awaiting customer acceptance. The remainder consist of software along with support and maintenance revenue that is recognized ratably over the related contractual period.

With that I would like to turn the call back over to Mark for a look at our guidance.

Mark Floyd

Thank you, Mike. Looking forward, we believe that we will continue to make strides towards leading this network transformation. 2014 will be an important year as network operator starts to move from trials to initial deployments. We are excited about the market opportunities we see ahead as more and more network operators migrate toward network automation, scale, simplification and virtualization. However, we are still in the very early stages and as with every major change with technologies and architectures, this process can take time and is likely to vary from quarter-to-quarter. Given this environment along with our first quarter seasonality, we are estimating our first quarter revenue of 2014 to be between $16 million and $18 million. And arriving at this guidance were modeling revenue from our largest customer conservatively. We expect non-GAAP net loss of $14 million to $16 million, the net loss per share to range from $0.30 to $0.33.

On a GAAP basis, we expect net loss to be $16 million to $18 million and net loss per share to range from $0.35 to $38. Given the evolving nature of our markets and business we will not be providing annual guidance. To meet our goals, Cyan plans to expand our international presence, continue to focus on new verticals and use cases and watch new packet optical and SDN based products. In 2014, we will focus on meeting these goals while operating in an extensive envelope that ensures we have a liquidity to pursue our longer term opportunity. We remain committed to our investors, customers, partners, and employees; and we like to thank you for your support.

With that I’ll turn it over to the operator to open up the call for questions.

Question-and-Answer Session

Operator

Thank you Sir. We will now begin the question and answer session. (Operator instructions) Your first question comes from the line of Rod Hall with JPMorgan; please go ahead.

Rod Hall - JPMorgan

I just wanted to; I guess its a million dollar question really a multimillion dollar question, as this is a Windstream revenue question. I guess telecoms is a volatile place, especially telecoms equipments. I totally get that it’s tough to predict how these guys are going to spend money, it feels like the guidance suggests you know, you are not anticipating any large bounce back. I just wonder you feel like it is bottomed out now, I mean it’s finally down to a couple of million bucks, is that a sustainable level or should we be assuming that maybe eventually this goes down a little bit further and then stabilizes. Just trying to get a feel for where the floor on revenue is this year?

Mark Floyd

If you think about our business going forward, Windstream has been a great customer of ours, and we anticipate them to be a great long-term customer with us going forward, I think just because of the fourth quarter and we’re being conservative, we have our guidance where it is but I just want to reiterate that these guys are -- have great applications and a great customer and we will continue to work with them.

Rod Hall - JPMorgan

Mark, can you tell us how much Windstream revenue is built into that guidance, 16 to 18?

Mark Floyd

No. I appreciate that. We usually don’t comment on any dollar amount and any custom value. I think the best way to described it is that I think it’s conservative and we’ll go from there.

Operator

Our next question comes from the line of George Notter with Jefferies & Company, please go ahead.

George Notter - Jefferies & Company

I just wanted to ask about, through the other customer opportunities that you have got, can you tell us about Colt Telecom, this as you referenced it on your comments earlier. Can you give us a sense for how that falls over the course of the year in terms of timing, is that, did you get revenue from Colt in Q4, is that multimillion opportunity with an impulse in front of us and how do you think it validate, and how big might that be potentially going forward?

Mark Floyd

Yes George, Colt is a great example, that is the first company out there that’s actually rolled out a software controlled network and we started shipping to them in the third quarter, they started deploying in the fourth quarter. So they’re just down the initial stages of deployment. We expect them to continue deploying all throughout 2014. I think it will be a very good customer of ours, I think it’s from a -- how big can they get, I think it’s in the single-digit millions to the low two-digit millions and yes that’s the ballpark that I see it. Mike do you want to add any flavor to that.

Mike Zellner

George this is Mike, the other thing I would add is that that sort of reference design, I mean done there, we have been taking to other customers, and there’s a great deal of enthusiasm around what we have done there. So I think we are going to continue to see a strong market acceptance of the way we have deployed the Blue Planet in combination with our hardware there.

George Notter - Jefferies & Company

Mark you were also referencing your new opportunity with an Internet content provider, you were also referencing a number of Tier 1 trials here, is that -- are those opportunities we can think of as seeing meaningful or interesting in terms of revenue impact this year or you see them more in 2015. And I guess if I kind of sit back, I take the guidance and I look at the outlook over the balance of the year, would you expect that the company grows on a revenue perspective this year versus last year, or I mean how do I kind of put all these things in the context of a revenue outlook.

Mark Floyd

George, we haven’t given the annual guidance so I can’t comment on the year. A couple of flavors I can give you. Number 1, our non-Windstream business grew 34% last year and I expect that will continue to grow in 2014. I do think Windstream’s going to be a great customer for us in 2014, but you know I cannot give any numbers associated with that at this time. As far as the enterprise and content provider, we are successful there. I think we are going to see revenue in 2014. And looking at the Tier 1s, it’s clearly the back half of ’14 for trials but it is really best 2015 revenue. But you know that’s a part of our focus we are going after.

Operator

Thank you. Our next question comes from the line of Brent Bracelin with Pacific Crest Securities, please go ahead.

Brent Bracelin - Pacific Crest Securities

A couple of questions for Mark and then one for Mike I guess. Mark, first half, well a little over a 100 Blue Planet kind of deployments this year as we think about kind of measuring the yardstick of progress in 2014. Are you looking to add another hundred Blue Planet kind of deployments or is it early about converting those Blue Planets deployments to some trials to production. And if so, could you give us a little more color around what the ASP potential is of a Tier 2 transitioning from trial to deployment, production deployment, and maybe a Tier 1 revenue opportunity of Blue Planet going from trial to full deployment in production?

Mark Floyd

Yes. If you think about Blue Planet what I think we’re going to find or our hope is we’ll increase the customer count on that obviously but I think you’re going to see in 2014 as we start adding more applications and we start controlling more network elements our existing customer base is going to grow in revenue. And we think about it from a Tier 2, your question Tier 2. Those are usually a six figure numbers and a Tier 1 is a seven plus figure number. And but I think you’re going to find with the NFV coming on and functionality that we’re providing as well, our goal is to grow that software revenue in 2014.

Brent Bracelin - Pacific Crest Securities

And the intent to get software to north of 10% of revenue, is that still a realistic goal that you think is achievable this year at some point?

Mark Floyd

I think I mentioned it, I’d like to get that can be revenue to be over 10% later on in back half of ’14 and I still think that’s an opportunity to do that. But it’s -- that's something we have got to accomplish first.

Brent Bracelin - Pacific Crest Securities

Sure. And then just remind me the software rev-rec is that going to be subscription basis term or is it perpetual?

Mike Zellner

We have some of each, to be clear. But it’s really intended to be a routal recognized profile and as we grow that’s how we expect to see it manifest itself.

Mark Floyd

Yes. I think most of our customers is really looking at on a subscription based model and it’s going to be, it’s really based on the number of network nodes and a number of applications.

Brent Bracelin - Pacific Crest Securities

Okay, helpful. And then second you talked about kind of a new Z series platform being launched and I believe tomorrow could you just give us a couple features that are going to be new or is there kind of customers waiting for this new product, help us understand kind of what you really announcing tomorrow, what’s going to be new about the new platform?

Mike Zellner

Yes. This is Mike. It’s not a new platform it’s enhancements to the existing Z series so it’s not a new shop for anything, a significant upgrade to our existing platform by bringing in a 100 gig packet capability so it significantly changes the economics for packet and the scale. And then also our 10x10 gig box for 100 gig application. So basically sort of finishes off the 100 gig portfolio and the packet offering realms and the full dynamic then for 100 gig both on the packet and optical side.

Brent Bracelin - Pacific Crest Securities

Okay, great. And then Mike, couple of questions for you. On the inventory build is the inventory build older products or is it related to some of these newer Z series products that just came out?

Mike Zellner

Yes, it’s definitely inventory that is current. And we have no expectation that won’t be able to pass this through actually even in the upcoming quarter. So it really has to do with the fact that revenue dropped off late in last quarter unexpectedly, but no issues with the inventory that way at all.

Brent Bracelin - Pacific Crest Securities

Okay, great. Well, my last question is really around just kind of optimizing the business model obviously with the largest customer spending being depressed here in the short run, the cash burn goes up, right? Obviously $64 million still in cash reserves. But at a $15 million kind of quarterly burn rate how you balancing cost controls, expense management versus kind of the revenue levels that you’re at and at what point in the foreseeable future if you don’t see a snapback in Windstream when you look to reduce the expense structure of the overall business balancing it with where the revenues were at today?

Mark Floyd

Well certainly working capital in the first quarter will play to the favor of cash as that gets adjusted we just talked about inventory so that’s just a great example as we bring that down. We absolutely believe we have the right kind of capital structure and cash if you will to execute on the plans of the company long-term all the programs that we think will drive revenue for us going forward are fully funded that way and we see no issue at all. We can react, if things turn out to be different than we see it today but that’s how we see it today.

Brent Bracelin - Pacific Crest Securities

Okay. Fair enough. Thank you.

Operator

Thank you. (Operator Instructions) Our next question comes from the line of Scott Thompson with FBR. Please go ahead.

Scott Thompson - FBR Capital Markets & Co.

Thank you. A couple of quick questions, you guys mentioned potential new NFV functionality coming out of Blue Planet. Can you expand on that and kind of talk a bit about the potential revenue opportunities for your existing customer base with that, is it too soon to be talking about that?

Mark Floyd

No, it’s not too soon as we give you a sense for that. So, the NFV functionality is encountered with what SC announced just over a year ago in the report that they’ve opened up for proof-of-concepts to be administered by them. So you come with a proof-of-concept you submit it to the SC group and then they prove it as being worthy of a proof-of-concept. We submitted two and have both of them approved. The one is for orchestration of an evolved packet core, so a pure software NFV solution for wireless networks and that’s partnership with us, Intel, Red Hat and Connectem. We will be demonstrating that at the Mobile World Congress this month. The second of those POCs is being sponsored by CenturyLink, and I forgot to mention the evolved packet core one is being sponsored by, from a carrier perspective, Telefónica. The one that we are dealing with CenturyLink is for NFV functionality for Ethernet services. And the concept there is that you have a lot of carriers sale Ethernet sort of as a bare pipe. There’s an opportunity using NFV technology to enhance that solution to include things like firewall, encryption. And so we are demonstrating the use of NFV as an enhancement to Ethernet services and that the partnership’s there are us, Fortinet and Certes along with CenturyLink.

Scott Thompson - FBR Capital Markets & Co.

Okay. So, these are new product evolution type of project, do they have any contractual revenue link to them or is that just a step you are trying to develop in concert with these other partners and carriers?

Mark Floyd

What I would describe is that the way of showing the technology supports it, it’s an enhancement to Blue Planet. It’s known as separate product, it’s just a continuation of Blue Planet development and that is a way of demonstrating that it can be done and then moving from there into commercialization.

Scott Thompson - FBR Capital Markets & Co.

Okay, got it. Tell me little bit more about the DukeNet opportunity, I think that’s one of the first times I have heard about it. Is that, is it something that’s going to continue now that they are part of Time Warner Cable or is it how continuous might that opportunity be?

Mark Floyd

Sure, so we did that, it was another one of those Blue Planet application, this was not a specific pot. This was a separate one that we did to demonstrate the ability to spin-up virtual machines and datacenter application and then allocate bandwidth according to that. So, you can imagine there is a number of players in the network that happen today where our particular activities happening in the datacenter, by spinning up that activity there is a burden put on the connecting network and the desire to increase the bandwidth and capacity into that datacenter. So, that we demonstrated with DukeNet.

In terms of anything related to how that integrates with their Time Warner Cable, I think you would have to ask them about that. But we feel very good about, so that the positioning we have been able to deal with that.

Scott Thompson - FBR Capital Markets & Co.

Okay, got it. And then on Windstream, do you guys see any market share loss there do you think or is it just a complete pause through the December timeframe on what their spending, can you give a full insight there?

Mike Zellner

Yeah, I think it’s more of the latter. We don’t see any market share loss within Windstream and again we had a great relationship with those guys, they are great carrier and we expect going to be very good customer for us this year.

Scott Thompson - FBR Capital Markets & Co.

Okay. We have asked a lot of questions already. Those were the top-of-mind things that I had. Thank you for your thoughts.

Operator

Thank you. There are no additional questions at this time. I would like to turn the conference back to Mr. Floyd for any closing remarks.

Mark Floyd

Thank you all for joining the call and we appreciate your interest and our goal is to continue to grow our company in this changing market. And we look forward to talking to you guys soon. Thanks.

Operator

Thank you. Ladies and gentlemen this concludes the Cyan Inc.’s fourth quarter 2013 earnings conference call. If you would like to listen to a replay of today’s conference, you can do so by dialing 303-590-303 or 1800-406-7325 and entering the access code of 465-8025 followed by the pound sign. We thank you for your participation. You may now disconnect.

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