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Technology Stocks : JDS Uniphase (JDSU)

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To: Kent Rattey who started this subject	10/26/2000 6:24:48 PM
From: peggylynn	Read Replies (3) of 24042

These are some very, very rough notes/impressions from the CC and probably have some mistakes. Hopefully Pat will post some better notes later. I had a very difficult time understanding Josef. - peggylynn Demand is strong Capex reduction - JDSU products have overwhelming benefits in reducing costs. Carriers have expressed same sentiments. Growth is accelerating Customer base is growing Checked with customers and no excess customer inventory beyond normal. 23% sequential increase - all organic Telecommunications +26% up from high teens guidance - includes discussions with NT this week. Guidance for next quarter upped to high teens. Guidance for 2001 up. Segments Active +29% 27% margins Passive +60 43% margins ALA, LU and NT 10% companies LU declined as a percentage of sales. Grew less than overall sales. Not an ETEK customer. Sales to NT grew faster than overall sales. DSO's 57 days. Inventory turnover rate 4.0 15 new amp customers DO NOT see any systematic slowdown -- no double bookings -- no stretch-out of deliveries Customer demand is keeping up with growth--lead times unchanged. Sufficiently broad customer base that even 10% customers are higher or lower than JDSU growth other customers evens out bumps. No meaningful evidence of industry slowdown Passed several customer qualifications for MEMS during the quarter. Remain capacity constrained. Better gross margins - 30 factories-several parts. Increased numbers due to acceptance of advanced products and increased yields. Within guidance. Systems deployment v/s components growth disconnect - Good product mix with lots of high margin, high value-added product. Lead times will not shorten in the foreseeable future due to strong demand/capacity constraints. Ramen early stages of product introduction so doesn't want to comment on design wins. JDSU does not do SONET -- only DWDM -- SONET slowing will have no effect. Getting design wins in metro and starting to see that market get traction. A couple of customers might become 10%'ers. Productivity per employee continues to improve but numbers skewed negatively by hiring in China for new plant. Will be very active in the narrow channel market. Book to bill comfortably above 1.

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