Q3 2012 Earnings Call Transcript

Transcript Call Date 05/02/2012

Operator: Good day ladies and gentlemen, and welcome to the Third Quarter 2012 JDSU Earnings Conference Call. My name is Keisha and I will be your operator for today. At this time, all participants are in listen-only mode. Later, we will conduct a question-and-answer session. As a reminder this conference is being recorded for replay purposes.

I would now like to turn the call over to Cherryl Valenzuela, Senior Manager of Investor relations. Please proceed.

Cherryl Valenzuela - IR: Thank you, operator. Welcome to JDSU's fiscal 2012 third quarter financial results conference call. Joining me on the call today are Tom Waechter, Chief Executive Officer; Dave Vellequette, Chief Financial Officer; David Heard, President of the CommTest Business Segment will join us today during the Q&A section of the call.

I'd like to remind you that this call will include forward-looking statements about the future financial performance of the Company. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from management's current expectations. We encourage you to look at the Company's most recent filings with the SEC, particularly the risk factors section of our Annual Report on Form 10-K filed on August 30, 2011. The forward-looking statements, including guidance provided during this call are valid only as of today's date, and JDSU undertakes no obligation to update these statements as we move through the quarter.

Please note that all numbers are non-GAAP, unless otherwise stated. A detailed reconciliation of these non-GAAP results to our GAAP results, as well as a discussion of their usefulness and limitations is included in today's news release announcing our results, which is available on our website at

As a reminder, the quarterly earnings press release, supplementary slides, and historical financial tables are posted at under the Investor Resources section. Finally, and as a reminder, this call is being recorded and will be available for replay from the Investor section of our website.

I would now like to turn the call over to Tom.

Thomas Waechter - President and CEO: Thank you, Cherryl, and good afternoon. I will provide an overview of our March quarter and market trend before handing the call to Dave for a more detailed discussion of our financial results. JDSU delivered fiscal third quarter revenue of $409 million, within $1 million of the lower end of our guidance range. The March quarter typically has a seasonal revenue decline due to the timing of budget releases by carriers. This year, we experienced a later than expected budget and order release cycle. In addition, there has been continued cautious spending by European customers and a higher mix of deferred revenue from software and solution sales

In spite of the slow start to the quarter, book-to-bill was above 1 for JDSU, as well as the CCOP and CommTest. CommTest had approximately 50% of its bookings take place in the last four weeks of the quarter, which impacted revenue by approximately $3 million. The AOT segment's book-to-bill came in slightly below 1, following exceptionally strong bookings in December.

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