Quick Q1 CC notes, may need to re-listen tomorrow:
- Revenue was $71M, DR was down $4M to $90M, their Shipped, Billed, but not yet booked went up $4M to $16M. The latter two wash each other out. They had a very sizable network expansion at an existing customer fall out of Q1 or we would have been much higher. The requirements to book this revenue have not been met yet, so they are not guaranteeing it will fall in Q2.
- Cash up $5M to $366M.
- Gross margins were up from Q4 and are above 62%, the high end of their target range. They expect to be at the high end of their GM target range for the remainder of 2007.
- They are maintaining H12007 revenue guidance at the high end of 20%-25%, despite seeing only 17% in Q1. Maintaining revenue forecast for FY2007 also.
- Book-To-Revenue was below 1.
- Sonus has been selected by one NEW Tier1 operator that ranks in the Top5 worldwide and one NEW Tier1 operator that ranks in the Top10 worldwide. Both are new customers with deployments underway. They now have 5/5 and will update us on how many of the Top10 they now have.
- 40+ Network operators have licensed their NBS, including one or both of the new Tier1's.
- Europe is now their 2nd strongest market. Int'l represented 17% of revenue in Q1.
- Cingular was the only 10%er, the Top5 represented 66%. There were 63 revenue producing customers in Q1, down from 64 in Q4.
- For the remainder of the year, they expect operating expenses to decline as a percentage of revenue(even if excluding the options review expense, which was $4M), so they are very confident operating margins will be in their target range of 17%-20% in H22007, sustaining this level thereafter.
- 913 employees vs 850 in Q4.
- Expect Carphone to leverage their Sonus-based model in the UK to other markets internationally.
- MOT is using Sonus IMS solution for a customer announcement they made at 3GSM.
Cooters |
