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Executives

Mike Healy - SVP & CFO

Analysts

[Unidentified Analyst]

ShoreTel, Inc. (SHOR) JP Morgan Global Technology Media and Telecom Conference May 15, 2012 10:00 AM ET

Operator

Mike Healy

…in Silicon Valley. We have about, on the premise side about just over 20,000 customers we’ve sold to over the last 16 years, and on the Cloud side we have about 2,000 customers that came to us through our M5 acquisition. Our target market is the worldwide IP telephony market. From a UC standpoint, everything that goes into UC, which is voice, collaboration, IM presence; in both markets, whether it’s premise or hosted, are expected to grow reasonably well. Premise side, I think the growth this year with CAGR over the next five years will be +30%. So, two growing markets, obviously hosted is growing a lot faster, it’s a little smaller. Premise side is about a $15 billion annual market when you put voice, contact center and UC applications altogether.

From a focus standpoint, our focus is certainly to continue to grow the premise business, get that growth rate back up into the 20%, but really focus on software, Cloud and mobility. The two newest areas of our portfolio are really Cloud and mobility. The reason we do so well and we take market share on the premise side is the brilliant simplicity that comes with the architecture that our founder developed 16 years ago, and still is with us today. It leads to great levels of customer satisfaction, a great product, easy to learn, easy to install and the lowest total cost of ownership in the industry. Most of that total cost of ownership doesn’t come from the capital cost up-front when customers buy from us, but it’s really the system management and maintenance of the system, whether it’s moves, adds and changes, or training, or getting users up. We don’t even, in the total cost of ownership we don’t even add in any productivity gains from the employees’ love with our system.

We did close our acquisition of M5 Networks on March 23rd, so we just had about eight days of results in the March quarter, and obviously we’ll have a full quarter of results in the June quarter. For the March quarter, they had very strong bookings, certainly better than their plan, and good growth over the December quarter. We’ll talk more about the results of M5 in the upcoming quarter, as we’ll have a full quarter of data.

But the biggest thing for us right now, on both sides of the business, is we’re committed to profitability for fiscal year ’13, and we’ve kind of been in and out of profitability every quarter, the last couple quarters, when our revenue goes down a little bit, our expenses are pretty consistent, and so we’ve been in and out of profitability. We’re striving for profitability for our fiscal year ’12, which ends in June. To do that, we have to hit the high end of the range of guidance for the quarter. But June is going well, we expect a strong quarter. It’s usually a big, strong quarter for us from a booking standpoint. It’s the end of our fiscal year, so our sales guys are really doing well to meet their year-end quotas, and at the end of the day we’re growing market share, we’ve got the best product industry, a high level of customer satisfaction, and we’re focusing on two key areas that are growing relatively fast, mobility and Cloud. And so, that’s a brief overview of where our focus is as a company, and then Rod has a number of questions and we’ll open it up.

Question-and-Answer Session

[Unidentified Analyst]

Thanks, Mike. Sorry I wasn’t here to introduce you. Thanks for kicking it off. I wanted to just go back to the hosted market a little bit, and talk about I guess the future, how you guys see the future developing. Premise has been the way things are done, hosted’s kind of this interesting new rent-it-while-you-use-it model. How do you think the market’s going to evolve over the next five years, do you think most people will end up hosted in the small and medium business category or do you think an awful lot will still be premise and there won’t be, hosted will still kind of be a small niche market?

Mike Healy

We think hosted will continue to grow rapidly. We think it’ll be bigger and bigger. Right now the average seat size of a hosted customer on our business is about 30 seats. I think that will grow over time. At a certain spot, it may make more sense for a customer to go to premise than hosted. In reality, I think at the end of the day, years from now, I think what we’ll have is potentially a hybrid solution where a lot of customers, they’ll have a decent-sized I.T. staff at their headquarters, and they may do on-premise there, where they can manage it, and then their remote locations, they may even go to a hosted solution there, so kind of a best of both worlds, so they don’t have to deploy staff, it’s easy to manage and manage the infrastructure out in these remote locations. Our goal is we’re going to give the customer an option, if they want hosted or premise. Frankly, we’re going to be impartial. Most customers have decided what they want to do when they come and put in an RFP, and then we’ll fulfill as they need, but we’re going to be impartial between whatever the customer wants and I think we’re one of the few that can offer that kind of solution.

[Unidentified Analyst]

Okay. I wonder if you could talk a little bit about BYOD, you know, the fact that we’ve all got these iPads and we’ve got mobile phones now, and you hear a lot of people talking about elimination of the desktop phone, and just kind of, why do we need that when we have all these neat communication products in our pockets. How does the move toward that kind of seamless integration between a mobile device and your desk device affect you guys’ business? Or, you know, what do you need to do to accommodate that change?

Mike Healy

Good question. So, BYOD, Bring Your Own Device, is a big premise behind our – a couple years ago, we bought a little start-up called Agito that had great mobility technology designed for really Cisco and Avaya PBXs, where it’s really, you put your smartphone on, I mean your PBX on your smartphone, so almost all the same functionality you get on your desktop PBX, you have on your smartphone today, whether it’s conferencing or routing calls. Mine works great when I’m in areas that I don’t get a signal, as long as I get Wi-Fi access then I can ride the Wi-Fi to make a call. It’s four-digit dialing using my cell phone, so it’s a great application. We’re getting a lot of good progress on our mobility side, and frankly it’s bringing in still customers on the premise side, even though they may not buy mobility off-the-bat; because we have that technology it helps us win a number of deals. So, we haven’t seen a real drop-off on our attach rate on our sale of desktop phones. As you imagine, we sell over 100,000 phones a quarter, and the same amount of licenses, relatively speaking. And to-date, we’ve been tracking that, not a big drop-off, so today I would say mobility is complementary to the desk phone, but we are prepared if there’s a change in behavior. And some companies, they take more of an approach, if there’s a mobile office worker, like a salesperson that’s not in an office very often, they may not get them a desk phone, they may just give them a mobility license. For us, the gross margins are actually better on the mobility product than they are on the desktop phone, as you can imagine. So again, we’re kind of impartial where it goes. You know, the other things we’re looking at is enhancing mobility in terms of using an iPad potentially as part of our premise-based solution, the iPhone, Android, Blackberry, we all support in our mobility solution. So, it’s a big piece of our strategic direction, BYOD and mobility.

[Unidentified Analyst]

Okay. I wonder if you could talk a little bit about whether there’s any synergy with some of the OS platform manufacturers, because you see guys like Apple and Google wanting to move more and more into services, you know, they seem interested in doing lots more for us on these devices, not just providing us the devices but doing things, you know, providing Cloud services to support them. Has anybody talked to you about that? I mean, is that something that you think makes any sense for someone, a company like ShoreTel to potentially do some sort of a partnership with an OS platform company, or with another mobile phone company?

Mike Healy

I mean, we wouldn’t be opposed to it, in terms of matching up with whoever’s interested. We’ve got a great product, customers love to use it, high levels of customer satisfaction, so in terms of – and we work well with Blackberry and Apple naturally, and we’re going to continue to progress, but we don’t want to invent or compete against some of these bigger guys. We’re not going to do our own iPad, for instance, anything like that. Our goal is to provide the best UC experience using whatever device a customer wants to use, whether it’s a desktop phone and computer, mobile, mobility, or an iPad for instance.

[Unidentified Analyst]

Okay. What about APIs, do you guys offer open APIs so people can link into your systems and integrate them if they want to?

Mike Healy

Yes, we have a developers’ program where people that want to develop around the ShoreTel infrastructure can write APIs and we test them and make sure they work, and then they get blessed, and then they can sell them as add-ons. We do a lot of work with integrating with a lot of, either on the Cloud or the premise side, with Salesforce.com and NetSuite and applications like that. And we do a fair amount of custom work for customers, if they want to integrate, for instance, a legal billing platform into their system as they take calls and they can pull up and mark their clients and things like that. So, a fair amount of custom integration is done through APIs and other work.

[Unidentified Analyst]

Okay. I wanted to see if you could comment on the market conditions right now. Cisco flagged the telepresence, and more widely their collaboration revenues were just flat, and Polycom also not having a great quarter this last time around, so just wondering if you could talk a little bit about whether that’s a general trend that you see in the unified communication space, or is that something that’s just limited to telepresence systems and some of the things that Cisco and Polycom specialize in.

Mike Healy

Yes, I mean our March results on the premise side were kind of in-line with expectations. They were down a little bit from the previous quarter, that’s what we expected. We do have seasonality in our business, in that our March and September quarters are usually slower than our June and December quarters. June is our fiscal year-end, and then December is a lot of calendar companies’ year-ends, so there’s more budget that’s being used then. So, we expected a downturn, a little bit drop-off in bookings in the March quarter, that’s what we got, we hit right in the middle of our guidance. And so as the quarter went on, I felt better about our results as I saw a number of companies in the I.T. infrastructure space either missing their guidance or showing soft quarters and guiding to soft quarters for the following quarter. So, I do think the market was probably soft in the March quarter. I haven’t seen any market share data; it’ll come out probably at the end of this month. I speculate, my guess is the market was flat to down a little bit; in the December quarter, it was up a couple points. So I feel like we probably held our own in the March quarter. In the June quarter I think, we usually have a pretty good big bounce-back in bookings on the premise side, and I expect the hosted side to again do well on the bookings. So, we’ll see how the market is. I think next year it’ll be no better than single-digit growth. Our goal is to at least double that in terms of how our performance has been on the revenue line. For the last five years, we’ve been able to outpace the market growth by about 20 points, 20 points or more. For instance, fiscal year ’11, in the U.S. the market grew about 5%, and we grew our revenue about 35%.

[Unidentified Analyst]

Okay. I mean growth, you talked in your opening comments about slowing growth, and wanting to re-accelerate the growth. How much of the growth slowdown do you think is market-related, just overall market growth slowing, and how much do you think has been execution-related at ShoreTel?

Mike Healy

I think it’s a little bit of both. We don’t like to blame the market for any results, so I do think with some of our peers coming out and talking about their issues, that there was a slowdown in the market. But we do need to perform better, whether it’s our new partner ramp in revenue, our bads growing in the business, that’s ScanSource, Ingram, Westcon. We’ve got to get our sales productivity up higher, so we’ve made a few changes in the sales organization to address some of these concerns we have internally. We made a lot of those April 1st so they’re beginning to take hold now. So, it’ll take a few quarters to make sure we’re on the right track, but we do have a few internal execution issues we’ve been dealing with, but we feel those are behind us and we’re all over making the changes appropriate to get the revenue growth back up.

[Unidentified Analyst]

Okay. Could you talk a little bit about your relationship with service providers? Is there any chance those guys come in and compete with you and offer at least hosted services? Or do you think that they’re happy to just leave the market as-is and stay out of it, just provide the transport?

Mike Healy

Our service providers are a great, important channel for us on the premise side, so that’s AT&T, Quest, Verizon and Windstream. Last quarter they were about 13% of our revenue overall. So they continue to do well. CenturyLink and Windstream are growing pretty fast for us, typically. AT&T is one of our largest resellers. And so that’s a good, strong relationship. We’re starting to push more on the mobility side too, especially AT&T as you can imagine. We recently, we’re just opening up an internal market sales center inside of AT&T, which should really help us grow. Think of it as a kind of inside sales force, solely dedicated to ShoreTel. So on the premise side, all that business is going extremely well. On the hosted side, those guys you mentioned do offer some forms of hosted solutions, some through BroadSoft. So we see them as complementary. They weren’t upset when we announced our acquisition of M5 and that Cloud business. At the end of the day, we want to support our customers the best way we can, and our Cloud business really provides a service. It takes away the PBX vendor, the telco vendor if that’s what the customer wants, and you know, the internal I.T. organization needed to support the UC offering. So all that’s done by our Cloud division, so it eliminates a pretty good chunk of costs related to supporting a voice system, voice and UC.

[Unidentified Analyst]

Okay. One other, just conscious of time, I want to make sure people in the audience have a chance to ask questions if you have any, so does anyone out in the audience have any questions for Mike? If not, I can just keep rolling, but I just want to make sure people get a chance to ask their questions. Okay. Can we talk a little bit about pricing competition, you know, what’s going on with some of your key competitors? I guess Cisco is a key competitor but there are others. What’s happening in the market from a competitiveness point-of-view, and a pricing point-of-view?

Mike Healy

We’ve actually been holding our own on pricing. Last quarter, in the March quarter, I was encouraged by our results in that our discounting actually went down a little bit, and obviously helped our gross margins, so we had to discount one to one-and-a-half points less. And a lot of it is, we’re doing our job and selling total cost of ownership. We really shouldn’t have to discount aggressively to meet Cisco or Avaya, if they’re getting aggressive on discounting. They hate it when we get into demos and do side-by-side demos, because then really the true attributes of the ShoreTel system come out and demonstrate how much total cost of advantage we have over them. But the environment, I would say our pipeline is good and growing, so that’s the good news. The bad news is the closure rate on the pipeline was a little slower in March, as people delayed some purchasing decisions. You know, we’ve seen that before, and so it’s just a matter of getting bigger pipeline, better execution of that pipeline. But not a lot of change overall from the competitors, I’d say probably a little bit more aggressive. And then I’m always asked about Microsoft Link and what’s happening with them. We see them once in a while, not too often, rarely lose opportunities to them, maybe a couple a quarter. I do think they’re operating in the higher-seat levels, 5,000 seats and above, and so Cisco and Avaya may see them more often than we do, but if you look at the data from Synergy that I look at, it says Microsoft Links revenue has been pretty consistent quarter-over-quarter the last four or five quarters, so they haven’t been growing market share at all in the UC place we play in.

[Unidentified Analyst]

Okay. You said people are delaying purchasing. Is that because of all the macro-uncertainty mainly, or are there other things going on?

Mike Healy

Yes, I think it’s, I’m the typical buyer, right, of a UC system, the CIO or the CFO, but eventually the CFO signs off on the purchase order, and when the market gets a little strange or skittish, I get a little skittish in terms of capital expenditures, and so there may be an extra level or review done by the CFO or the CIO before he makes a UC decision. But, as long as we’re in there pitching TCO and showing them, well, this thing is going to pay back in two years, and if you’re on a TDM system, you rarely have got hidden costs throughout your P&L that you’re not even seeing, that those go away when you convert to an IP solution, let alone all the productivity gains you get from your employees, where they’re able to respond much quicker to people, and communicate whether they’re in the office or out of the office.

You know, on the hosted side, we’re doing extremely well in terms of moving up the ladder in terms of penetration to customer sizes. For instance, in the March quarter, the average customer size was about 50 seats, versus 30 in the December quarter. Now that was helped by a large, existing customer adding another 1,000 seats or so, but I expect that trend to continue up. The beauty there is, that helps with bookings. Typically, larger customers, they may not want us to manage their telco, and so the margins would go up on that deal if we’re not managing the telco, getting T1s provisioned and turned on and lit up and paying the bills for that.

So as our larger customers get installed, the install time will take a little longer, because it’s just harder to get a customer installed if they’re doing it on their own and have their own telco on the hosted side. So the installation, after we get the bookings, the installation time may spread out a little, but we are seeing an increase in bookings. I think some of that is because the M5 name was good but not as well-known and branding around the ShoreTel name, so I think the branding around ShoreTel in our Cloud division formally M5 is helping the overall bookings of that division as well.

[Unidentified Analyst]

Okay. How do you think people behave if, God forbid, we do get into a downturn? You know, do they move more toward hosted solutions or do you think they just keep right on looking at the premise-based stuff?

Mike Healy

I think there’ll be a little bit more trend towards hosted because you don’t have to put up that capital, up-front cost. It’s a monthly charge. We ask for a year commitment and then it’s month to month after that and you know, in that business, the key is keeping your customers happy, keeping the churn down as much as possible.

We’ve got a great churn rate on the hosted side. It kind of averages 5 to 7% annually, which is the best in the industry that I’ve seen. So very low churn is the key. And I do think customers, over time, especially if things get a little bit tighter, you know, we’ll look at hosted more often than they are today.

[Unidentified Analyst]

Okay. And the – this may be a little bit of an unfair question, that’s kind of my job to ask unfair questions. But the – I wonder if you could – you see people delaying purchasing. What do you think it takes to get people off the dime and to make them actually make decisions because this world’s been pretty uncertain for a while, you know, and it doesn’t look like we’re going to get any solutions any time soon. So do you think people just need to have another couple months under their belt to feel that they understand what’s going to happen next, or do you think this is an indefinite period of time where people are just tough to get to make a decision?

Mike Healy

I mean, I think, you know, it’s been that way for a couple years. If it gets a little tighter, I think people button it up a little bit more. Usually what we’ll do is provide some, you know, promotions, incentives for people to buy in any one quarter and help our linearity. So we’ll create, you know, a reason to buy in order to get the premise sale done. And we – we plan on that every quarter, we bake into our guidance in terms of promotions that we’re going to run in any one quarter.

So that’s no different than kind of, it’s – it always has been in terms of getting – getting people to make a purchasing decision. But you know, the best way we do it is we give a prospective customer, you know, a list of five CEIOs of customers to go call and say, you know, how has your life changed after you put in a ShoreTel system. You know, talk to a peer in your industry about how easy it is to manage, how he gets high-fives walking down the hallway because now he’s got a UC system that his employees actually know how to use and it provides productivity enhancements versus just a phone on a desktop.

So you know, there’s nothing magic about how we sell, but you know, when you have a great product and a very high level of customer satisfaction, it makes it a little easier.

[Unidentified Analyst]

Okay. I know you guys are keeping M5 from ShoreTel at the moment. At what point does it make sense to integrate the two, or do you think it ever makes sense? Is it better just to keep them operating separately the way you are now?

Mike Healy

Yes. So our M5, our cloud division, we’ve kept as a separate division; sales, R&D, operations, all separate. You know, we’re doing the normal things you would expect on the G&A side of combining operations there. But essentially, we wanted to make sure that they can perform, you know, standalone, let them – Dan Hoffman is a great leader and GM of that division. He can run that business, make – we’re going to make sure we fund it appropriately so they can do well and grow the business.

You know, there’s a number of synergies we’re going to get from M5 or Cloud selling our phones relatively soon, turning on our channel partners to sell with the Cloud division, adding apps to the Cloud division like Mobility. We’ve already ported over our Mobility offering that we had so the cloud division should have that ready to go in a couple months so they can sell it to customers and say, okay, for an extra $5 or whatever it’s going to be a month, you can have a Mobility solution added to your offering. So we’ll go to our installed base and try to sell that.

So that’s – that’s another one of the synergies we identified when we made the acquisition; there’s a lot of product offerings we can add to the cloud side that – that they didn’t have or we’re working on, but we’re in various stages of development.

[Unidentified Analyst]

Okay. There are a lot of vendors out there in the IPBX world. I’m just wondering whether you’d see market consolidation at any point? Do you see yourself as a potential consolidator? What do you think the market structure looks like in the few-years’ time?

Mike Healy

Well, I mean, it’s interesting because the IP Telephony market, you know, has a few bigger players. We’ve been the fastest growing in terms of market share growth over the last four or five quarters, or four or five years, sorry. You know, two of our major competitors have a major amount of debt, whether it’s Avaya or Mitel. You know, and Nortel was the same way, right. They had $2.4 billion of debt when they went into bankruptcy. So you know, if you have an enormous amount of debt, I think it makes it tough to perform in that environment.

So you know, there could be consolidation there. I think, you know, as we progress and start to hit our numbers and our stock price comes back and we get to profitability, we’ll look to continue to look at M&A strategically, you know, and probably more on the hosted side than on the premise side. If there’s IP out there that we want to go get, we’ll procure it through patents or licensing or outright acquisition.

But certainly, none of those – none of those things are planned in the short term. Right. We’ve got to execute, get the M5 acquisition all done and integrated as best we can and continue to grow the company.

[Unidentified Analyst]

And from an acquisition logic point of view, is it just about buying customers or is there any other synergy that you get if you put two – two IP telephony companies together?

Mike Healy

Well yeah, if you did two IP Telephony companies, you would get synergy, I think, on you know, systems and R&D and the G&A side. So it wouldn’t necessarily just be about customers, it’s usually about technology.

On the Cloud side, if we were going to go do something there and M5 had made two acquisitions previously, that would be more about getting a customer and getting that monthly recurring revenue pumped up even more. Because, it’s not that hard to go get a group of customers and then port them into the Cloud services offering. So that’s a little bit easier to do on the Cloud side than the premise side.

[Unidentified Analyst]

Okay. We’re running up to the end of time. Yeah, a question here in the middle?

[Unidentified Analyst]

[Inaudible] the profitability for the next fiscal year? [Inaudible] a full year of M5, or I guess includes [inaudible]?

Mike Healy

Yes, so the question is the push to profitability, how do we get there. So a little bit is certainly leverage in the model as we grow revenue. And but clearly, we’re going to have to do some – do some things to right size in our P&L to get to sustained profitability.

So we’re analysing that to see what changes we need to make and, you know, ideally, we’re going to make those relatively soon. So it’s more than just, you know scaling up the business. Our R&D is about 21, 22% of revenue. That’s high for the industry. You know, our architecture is, you know, a great blessing, but it does require a lot of support for the code.

And we have a philosophy when we go get some technology, we want to integrate it into the core business and make it seamless. So we don’t expect customers, like some of our competitors, they buy technology whether it’s IM or video, or E911 to log in and to administer that separately. We want it all on one single interface. So we spend a lot of time and effort when we get technology to incorporate it into our core base.

So it does require, you know, a little bit higher level R&D spending. We’re revving up our phone line, for instance, so that’s causing a little bit of blip in spending as well as mobility we’re investing pretty heavily in today. And then we’re converting the code to Linux at the same time. So there’s a little blip in R&D spending right now. But – in a little while, that should come down naturally. But we are committed to do the right things to ensure we have profitability in our fiscal year ’13, which starts in July.

[Unidentified Analyst]

Okay, any other questions out there? All right, you know, I guess I’ll ask one last question then and then we’ll wrap it up.

Can you talk a little bit about interoperability? I mean, you know, you talked about consolidation, but are these systems, when you look at Mitel or Cisco or – is there anybody proprietary? Is there any ability for these systems to – if you do stick them together, do they interoperate very well?

Mike Healy

Not, not too well. I mean, we can do some things if a customer has an old Mitel solution and wants to maintain the phones, we can try to make a semi-elegant solution by using a ShoreTel solution. But typically, it’s more of a rip and replace.

On the mobility side, absolutely. There’s interoperability. We can go in and sell our mobility solution to a Cisco or an Avaya, or a Mitel PBX customer and it works perfectly well. That’s – it was originally designed to work on Cisco and Avaya and we put it over to work on ShoreTel as well.

So that’s kind of a – we use that as a Trojan horse philosophy to get into some of these accounts that we wouldn’t normally get into. We can show them our mobility offering and get in and then demo our premise-based, our cloud solution too at the same time and they say, well, you know, this mobility solution works pretty well, it’s easy to use, let me look at the rest of the UC offering you have. So we’ve done that and that’s one of the big attributes of the mobility offering, is that it’s multi-device and multi-PBX supported.

[Unidentified Analyst]

Great. With that, we’ll wrap it up. Thank you.

Mike Healy

Thank you.

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