|Exam Name||:||FNC4-7E Foundry Networks Certified Layer 4-7 Engineer|
|Questions and Answers||:||270 Q & A|
|Updated On||:||April 19, 2019|
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FN0-202 exam Dumps Source : FNC4-7E Foundry Networks Certified Layer 4-7 Engineer
Test Code : FN0-202
Test Name : FNC4-7E Foundry Networks Certified Layer 4-7 Engineer
Vendor Name : Foundry
Q&A : 270 Real Questions
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April 08, 2019 (ACCESSWIRE by means of COMTEX) -- Former Brocade government brings wide economic administration management to his new role
SAN JOSE, CA / ACCESSWIRE / April 8, 2019 / Energous agency WATT, -1.67% the developer of WattUp, a revolutionary wireless charging 2.0 expertise, today introduced the addition of Dan Fairfax to its board of directors, effective immediately. Fairfax joins Energous' board with more than 25 years of monetary and operational leadership journey at expertise businesses together with Brocade Communications systems, which became bought with the aid of Broadcom in 2017, and Foundry Networks, amongst others.
"we're pleased to welcome Dan Fairfax as the newest member of our board of administrators and price his wide adventure and enterprise acumen, working at organizations corresponding to Brocade and Foundry Networks," pointed out Stephen R. Rizzone, president and CEO of Energous company. "Fairfax joins us at a thrilling time for the business as wireless charging 2.0 starts to take cling and we continue to exelovable upon our mission of bringing genuine instant charging 2.0 to market."
Fairfax is a pro government who has served in lots of economic management and operational management roles throughout his profession. He most these days served as senior vice chairman and chief monetary officer at Brocade through its acquisition via Broadcom. At Brocade, Fairfax additionally served because the company's vice chairman of world service and aid, and as vp of company operations, following Brocade's acquisition of Foundry Networks, the place he become chief economic officer. just before that role, he served in numerous senior fiscal management positions at businesses equivalent to GoRemote cyber web Communications, Ironside technologies, Acta know-how, NeoVista utility, and Siemens and Spectra-Physics. moreover serving on Energous' board, he's a member of the board of directors for Saama applied sciences.
"In an business expected to be worth more than $20 billion through 2023 based on analysis, I see enormous market opportunity for Energous with its full spectrum portfolio of products that span silicon chips, antennas, application and a regulatory-approved expertise that is mass-construction competent," said Dan Fairfax, board of administrators member at Energous enterprise. "I look ahead to contributing to Energous' board discussions, drawing on my technology industry experience to provide strategic tips because the business progresses within the years ahead."
To learn extra about Energous, please seek advice from Energous.com or follow the company on Twitter, fb and LinkedIn.
About Energous enterprise
Energous supplier WATT, -1.sixty seven% is leading the next generation of instant charging - wireless charging 2.0 - with its award-profitable WattUp® technology, which supports speedy, productive contact-based charging, as well as charging over-the-air. WattUp is a scalable, RF-primarily based wireless charging technology that offers large improvements involved-based charging efficiency, international object detection, orientation freedom and thermal efficiency compared to older, coil-primarily based charging applied sciences. The know-how may also be designed into numerous sized digital instruments for the home and office, as smartly as the scientific, industrial, retail and automotive industries, and it ensures interoperability throughout items. As a systems solutions enterprise, Energous develops silicon-primarily based wireless energy switch (WPT) technologies and customizable reference designs. These encompass ingenious silicon chips, antennas and utility, for a large diversity of purposes, similar to smartphones, fitness trackers, hearables, medical sensors and greater. Energous obtained the world's first FCC half 18 certification for at-a-distance wireless charging, and the company has greater than one hundred eighty awarded patents/allowed purposes for its WattUp instant charging know-how to-date. For greater counsel, please talk over with Energous.com.
protected Harbor commentary This press liberate carries forward-looking statements that describe our future plans and expectations. These statements generally use phrases corresponding to "consider," "are expecting," "may additionally," "will," "should still," "could," "seek," "intend," "plan," "estimate," "assume" or equivalent terms. Examples of our forward-searching statements during this release consist of our statements about technology traits and instant charging innovation. Our ahead-searching statements communicate simplest as of this date; they are in accordance with existing expectations and we undertake no obligation to replace them. elements that might cause precise consequences to differ from what we expect consist of: doubtful timing of critical regulatory approvals; timing of consumer product development and market success of consumer products; our dependence on distribution companions; and excessive trade competitors. We urge you to consider those factors, and the different risks and uncertainties described in our most contemporary annual file on form 10-okay and subsequent quarterly experiences on form 10-Q, in evaluating our forward-searching statements.
For greater guidance, please contact:
Energous Public members of the family PR@energous.com (408) 963-0200
Energous Investor members of the family Mike Bishop(415) 894-9633IR@energous.com
supply: Energous organisation
View source version on accesswire.com:
Copyright 2019 ACCESSWIRE
decades ago I created and ran the CloudU application, a vendor-impartial cloud training initiative that, in its day, had many lots of people take part and graduate from the application. The reason for developing the application back then changed into what I noticed occurring in the industry: a whole lot interest in cloud as an idea, but little figuring out of what it really is and how to use it. bear in mind this turned into years ago, earlier than cloud grew to be the default position for every thing.
The theory of presenting education courses to assist people transition into a new way of thinking and working is a good one. an analogous situation exists today with the flow far from server-based mostly infrastructures (be they physical or virtual) and into container or serverless-primarily based strategies. very nearly we’re seeing challenges across the realizing and implementation of new “cloud native” approaches of building applications.
So, it's enjoyable to hear that the Cloud Foundry foundation, the firm shepherding the Cloud Foundry open source platform as a service (PaaS) along its manner, is introducing a cloud-native developer certification. The Cloud Foundry licensed Developer application might be delivered in partnership with the Linux groundwork, the corporation it is responsible for working towards and certifying greater developers on open-source utility than any firm on the planet.licensed Developer application fills a necessity
The need for classes like here's glaring. while it's a bit of clichéd to assert agencies want to seriously change through digital applied sciences, it's also an correct cliché. There are currently an estimated quarter-million job openings for software developers within the U.S. by myself, half a million unfilled jobs which have a requirement for tech potential, and a forecast 1 million expert worker shortfall inside the next decade. So, getting people up to speed is a crucial need.
Like my CloudU software lower back in the day, the Cloud Foundry Developer Certification is efficiency- and neighborhood-based mostly and independent of any distribution vendor. businesses committing to present the working towards application encompass IBM, Pivotal and SAP. And the conclusion-consumer demand would appear to be very real:
"The Cloud Foundry licensed Developer program might be an immense value to the neighborhood," talked about Brian Gregory, director of Cloud method and Engineering for specific Scripts, a Fortune one hundred healthcare company. "In our shift to Cloud Foundry, we've considered a large uptick in productivity and business effects. So a whole lot so that the business continues to demand more from us within the effort to make prescriptions safer and greater low-priced for our three,000 shoppers and eighty five million contributors. We can't hire builders speedy satisfactory—we currently have a purpose of hiring 1,000-plus developers. realizing a developer is Cloud Foundry licensed might streamline our hiring procedure and aid make sure we're bringing on certified candidates."
The certificate software suite comprises:
a real want is being fulfilled in a pragmatic and applicable means. this is exactly the function that foundations such because the Cloud Foundry should take on. I appear ahead to hearing how an awful lot less complicated hiring is after this certification is rolled out.be part of the network World communities on fb and LinkedIn to comment on issues that are right of intellect.
Brocade this week made several updates to its channel software aimed toward sweetening rewards and coupon codes for high-tier companions and enabling extra answer providers to head to market with Brocade's application-defined networking (SDN) products.
The up to date Brocade Alliance companion community application contains a brand new deal registration program and, for the primary time, makes it possible for answer providers to sell Brocade's Vyatta line of virtual routers. The application also includes new associate practising substances round SDN, including an SDN-focused North American accomplice street exhibit Brocade will kick off in March.
in accordance with invoice Lipsin, vp of global channel and international techniques integrator sales at Brocade, the brand new Brocade companion program is designed to nudge partners toward the alternatives being created through SDN, a market IDC initiatives to be worth $3.7 billion by means of 2016.
[Related: Brocade Names New Global Channel Chief ]
"community virtualization and software-defined networking is becoming lots more of a mainstream dialog," Lipsin noted. "purchasers are already showing an pastime, so our subsequent step is to arm our partners with the ability to answer some of those questions."
With the arrival of the brand new Brocade associate application, the business's Vyatta line of digital routers, together with its vRouter 5410, 5415 and 5420 models, will now be sold during the channel. The Vyatta line changed into already being sold through the roughly 100 solution issuer companions Brocade won with its 2012 acquisition of network virtualization startup Vyatta, Lipsin talked about, but now not by way of the Brocade channel at massive.
Brocade is providing a number of accomplice elements, including new training courses and pre- and submit-earnings aid around SDN and Brocade vRouters, to aid companions go to market with the Vyatta line.
Brocade's opt for, Premier and Elite partners are all eligible to promote Vyatta, however they have to meet distinct necessities to do so. The lessen-level choose companions are suggested to have one licensed Brocade vRouter engineer on team of workers; Premier companions deserve to have two licensed vRouter engineers on staff, and they will additionally should meet a $25,000 annual profits requirement; and Elite partners, meanwhile, need to have two certified vRouter engineers and two licensed vRouter specialists -- who focal point on pre- and put up-revenue efforts -- on staff as well as meet a $50,000 annual revenue requirement.
Brocade spoke of it will offer free, web-primarily based associate trainings around the vRouter items to ensure that companions to earn these certifications.
subsequent: Brocade's New Deal Reg constitution web page
Rodney Turner, CEO of Layer 3 Communications, an Atlanta-based mostly solution provider and Brocade companion, talked about Layer 3 is already taking steps to earn the new vRouter certification, considering that SDN and community virtualization are "where the market is moving."
"The issue i love about Brocade is that from a feature, function and product perspective, they are moving in a direction this is in step with the place we need to take our enterprise," Turner instructed CRN. "From a manufacturer alignment standpoint, we are evolving our company from an SDN and virtualization viewpoint, and Brocade's method is complementing our own internal method."
Brocade's new Alliance companion community program also contains a revamped deal registration constitution that presents greater discounts to its Elite-stage partners. the brand new constitution will present Brocade Elite companions a 15 p.c bargain off of Brocade's retail expenditures, in preference to 10 percent because the enterprise has offered in the past. The discount for mid-degree Premier companions remains the identical, while the bargain for select partners is in reality losing from 7 percent to 5 %, Brocade mentioned.
"We wanted to make sure we had been building greater differentiation between our associate tiers and giving enhanced rewards to that desirable tier that has made huge investments in Brocade," stated Raelyn Kritzer, director of world channel advertising and marketing at Brocade.
also new is an additional three % bargain for all companions once they register a deal with a internet new Brocade client.
Brocade informed CRN it plans to make other changes to its Alliance associate network in the 2d half of the year, together with the launch of latest in-depth accomplice specializations and new courses and rewards for companions investing in cloud and managed functions.
published FEB. 7, 2014
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In a recent Q4 earnings call, Red Hat CEO Jim Whitehurst informed investors that the Raleigh, N.C.-based software vendor reached a significant milestone in 2015: $2 billion in annual revenue.
While that's an impressive take for a company dealing exclusively in open-source technologies, Whitehurst's keynote at this week's partner conference in New Orleans looked well beyond that number.
Before sharing his long-term goal with partners, Whitehurst took some time to talk to CRN about why he believes his company will get to $5 billion in sales in the next five years.
[Related: Red Hat CEO To Partners: 'Each Of You Has A Piece Of $4 Billion']
That ambition is rooted in the potential Whitehurst sees for the future of the open-source movement; next-gen technologies that Red Hat is betting on big like OpenStack, Docker and Kubernetes; and a network of partners capable of delivering those open-source solutions to the enterprise market. To illustrate his points, Whitehurst generously peppered in thoughts on industry partners and competitors (for Red Hat, they're often the same), including Microsoft, VMware, Google, Pivotal, IBM and AWS.
Open-source has become the default methodology for building next-generation architectures that will serve the cloud and mobile era, he said, and that's why Red Hat can more than double its business in half a decade. Here, a Q&A with Whitehurst:
CRN: So you recently announced hitting $2 billion in revenue last year, which is kind of astonishing, given the nature of Red Hat's business. And the theme of your keynote ... is going to be the new goal you've set for the company of reaching $5 billion within five years. What is going to allow Red Hat to accelerate its growth going forward and double the size of the business?
J.W.: Red Hat's first decade, or really I'll say the first decade of RHEL [Red Hat Enterprise Linux], and RHEL came out in 2002, was very much about demonstrating open-source could be a viable alternative to traditional software.
So if you look at whether it was RHEL versus UNIX or Windows, or the JBoss stack versus WebSphere or WebLogic, we kind of got to the point where people said, OK, that's a viable alternative. What we're seeing in the cloud-mobile era, which I look at like client-server as just kind of one thing, the architecture of that, open source is the default choice.
If you say the default choice in the mainframe era was IBM and there were some alternatives, and the default choice in the client-server era was Wintel and there were some alternatives, the default choice in the cloud-mobile world is clearly open source.
What that means for us is we have a really nice tailwind of CIOs and senior IT leaders to come to us to talk about the pace of innovation. Because if you look at the major things happening in computing now, in terms of innovation, it's almost all happening in open source. Big data and analytics, everything is happening there. Containers, cloud management, orchestration, automation, all those things are happening first in open source. I'm not trying to pick on a partner because they're a great partner, but there's still not native support for containers in Windows, right? It's a Linux-based thing.
At a high level, what I would say is we built a nice multibillion-dollar business being a viable alternative, but what's really going to drive us to the next level is the fact that open source is the default choice.
Now that doesn't mean that Red Hat is the default choice. Open source is the default choice and our role is to make it consumable for enterprise customers. A big role that we play is to make this innovation that's happening largely at Web 2.0 companies consumable for enterprise customers.
So, you've passed this inflection point where open source is no longer merely an alternative. It’s the driver of innovation. But it took almost 15 years since the launch of Red Hat Enterprise Linux to reach $2 billion in sales. How do you more than double that mark in just five years?
It's basically a five-year plan, $5 billion. It does imply an acceleration in our growth rate. And a lot of that is because we are at the center of key trends, whether that's private cloud infrastructure, telco NFV [network function virtualization], containers and all the components around containers, and how you manage all of that in a hybrid cloud way.
Again, the default choice is open source, so we have a seat at the table with CIOs as they're thinking about the future. That's very different than when we were a viable alternative and were helping the purchasing people and the data center people carve out costs, which is perfectly fine. But now it's much more. As we're building out next-generation architectures, that’s primarily an open-source question.
That's why you see Microsoft starting to embrace open source more. It's not because, I think, they want to give away software. It's that developers are using open source so you've got to open source .NET to be relevant.
And Microsoft is also offering Red Hat Linux in their cloud.
Right. Think about PaaS. IBM is using Cloud Foundry. We're obviously using Kubernetes and Docker. That whole next generation of infrastructure is going to be open.
What products do you see driving Red Hat's growth?
At the IaaS layer, OpenStack, and we're seeing tremendous traction. OpenStack has been around for a while but it's just now reaching a level of maturity that we see enterprises running material large workloads.
The problem before, I think OpenStack kind of went through this hype-cycle and then kind of dipped down. Because it was open source, so many vendors wanted to jump on it and get there early, they were putting out alpha-level code. No vendor if they controlled that code would have put it out that early, but people were jumping forward on it.
I think now that's matured and there are only several companies offering an enterprise distribution, a lot of the others have winnowed down. We believe we were clearly the leader of that, and that's going to be a core component of infrastructure at our enterprise customers.
The interesting thing about it is that's kind of scale-out, stateless workloads. That’s also now dragging us in as a VMware replacement on stateful workloads because we had the same technology architectures in terms of the hypervisor -- KVM -- and RHEL; they're both components of our scale-up stateful workloads -- we call that RHEV [Red Hat Enterprise Virtualization], and our scale-out OpenStack.
A lot of people will say, "Hey, I'm a big VMware customer, but I want to talk to you about my scale-out, next-gen workload OpenStack stuff." And then they say, "Wow, why am I paying for VMware when I can use a similar management plane to look across both these things?"
So both sides of that business are growing because of OpenStack. And then where really CIO interest is -- I don't want to say peaking, but is exploding -- is around containers.
Is that specifically focused on Docker?
Yes. Docker is the dominant format and Docker itself is basically a specification for containers. The container itself is a Linux container, it’s a series of technologies in Linux that allow you to isolate an application and specify the amount of resources it can have, and guarantee amounts.
So we're one of the largest contributors to Docker, so we certainly support that format. We have several products that actually leverage Docker, including our PaaS, which is OpenShift, which is a Docker-Kubernetes combination for running and orchestrating applications and then a developer tool chain on top.
To go back to OpenStack, people have been saying for a while now that the challenge in working with that technology is finding the engineering talent. More than a year ago, you acquired eNovance, an OpenStack services provider, which I think was recognized as a really prescient move from a vendor to seize OpenStack talent. Is the dearth of talent still holding back the technology?
So we've now trained over 10,000 engineers. We have 10,000 Red Hat-certified OpenStack engineers out there. The technology matures, the level of engineering talent you need starts to drop. So at some point, it's matured enough and the number of people that have been trained, those lines kind of cross. And we're still not fully there, but we're getting much closer. That’s why you have some customers running pretty big installs of production applications. Also telco with NFV is kind of a killer use case that's really helping drive it forward.
It's interesting in that I think people have been frustrated to some extent over the last several years, but there's no real alternative unless you want to go back to proprietary stack, and very few enterprises want to go back to a proprietary stack.
To some extent, the positive thing I'd say about VMware is they have a really strong technology road map and vision. The problem is, bluntly, they have the wrong innovation model. Nobody wants to create the next Microsoft, and Microsoft has obviously gotten more open, but in terms of somebody who controls a layer.
And when I say nobody, I mean customers and vendors. So there's a lot propelling OpenStack in the vendor community and with customers, and OpenStack is that kind of default choice that everyone's behind. Even though it's taken a little longer than people thought to ramp, now that it's matured, we're starting to see big deployments. People are waiting for it versus thinking about what their alternatives are.
What are the big themes you want to discuss with partners here in New Orleans?
OpenStack finally hitting the point where we have great use cases that we can show them, big financial services applications, good momentum there, that, in terms of dollars, [are] starting to really ramp nicely.
And on the innovation side we can talk about OpenShift, we call it Atomic Platform. Container management, how you manage and secure them, and obviously all of that kind of wrapped in hybrid cloud. And the whole message of: build to this infrastructure and you can run it on-premises, you can run it on Amazon, Azure, Google. That’s part of the value we provide.
Also again, no one wants to get locked in to Amazon, either. So in the same way RHEL kind of abstracted you from the server vendor you were running on, our broader platform abstracts you from the deployment model, again on a cloud provider or on your own data center, and that's kind of a key part of the value.
When I talked to you a year ago, during your last partner conference, you said you found the open-source business model mind-bending. How has it bent your mind more since then?
It continues to be mind-bending. Technology in general and digital disruption is basically starting to disaggregate products across the board. One could argue the reason GM made a billion-dollar investment in Lyft is they're thinking, "Wow, I thought my product was the car, but it's actually transportation."
All of sudden, you start saying, maybe the product is different from what I thought it was.
Red Hat is a little of that around software. When you were buying a piece of software, you thought you were buying functionality but you were buying a lot of things. There was an assumption of a life cycle, assumption a vendor was going to stand behind you, an assumption that that vendor has built relationships with other people in the community. So if you're running SAP on this, that all works together, a whole bunch of things that you're buying, not just functionality.
So what's mind-bending about the whole open-source model is, we're basically pulling out a chunk of that, which is the functionality itself, the source code, and we're providing everything else around that.
The hard part is, you have to explain that message, which is, you're still buying everything else, but we just de-aggregated a component. But slicing out that component changes the nature of the whole system. All of a sudden it becomes a user-innovation model, where all of a sudden Google and Amazon and Facebook are working together and driving road maps.
You talk about open-source and the de-aggregated system, but it's hard to talk about that without then coming around and saying, what you're also getting is a user-driven innovation model versus a vendor-led one, and all the characteristics associated with that. That's really why I think we're seeing open-source drive innovation. It's nothing fundamental about the source code that’s open. It’s the fact that users are driving that model.
Then you get to vendor incentives. For us, we have no incentive to drive upgrades in terms of versions because we don’t charge for that. It's a subscription because we don’t charge for the code itself, and so if a new feature comes in, we'll put it in version 4.7 of a product versus rolling version 5 because we don't get paid on an upgrade. That's one of the things that customers say they love is, we never force an upgrade cycle on people.
Where it gets mind-bending, you can break it out and say, first order, the source code is free. But then you say, well second order, it fundamentally changes how the software gets developed. And third order, it fundamentally changes the vendor incentives and therefore what you deliver and the value propositions around that.
What do you want your partners to leave here thinking about uniquely this year, as opposed to maybe last year or previous conferences? Drill home on one message.
I think the key message is even clearer than ever before: The next-generation architecture, for this cloud-mobile architecture, open source is the default choice. Period. Full stop.
If you want to be relevant for your customers going forward and talking about new workloads, you have to have a point of view and value added around open source, because that's where the world's gone. You cannot do a big data implementation without using open source. There's just not a big data equivalent of Hadoop, or Cassandra, or Spark.
Because it's become the default choice, you got to figure out your value proposition. And of course, our self-serving answer to that is Red Hat can help you do it. We've been doing it for a long time. We know how to do this, we have programs, etc. But more broadly, even in areas we're not in, if you want to talk to your customers about big data and how you can help them there, you better have figured out open source and a strategy around it.
Does it feel good to say this business was ahead of the curve?
I wish I could say we were really that good. To some extent I kind of reflect back, I think we got a little bit lucky.
The Web 2.0 companies just kind of took control and started driving the heartbeat and kind of blew past vendors in terms of cadence and innovation and we just happened to be there to catch it.
A lot of what our DNA is, we do ultimately have to pick which communities to get involved in. OpenStack is a classic example. When we decided to get involved in OpenStack, we weren't even one of the early people there. We were external, kind of getting beaten up for observing it.
But the reason we do that is, we don't know how to run a data center better than people running data centers. We waited to see what architecture and participation emerged, and even when we chose OpenStack, CloudStack was more mature, as a technology, feature for feature, line them up Chinese menu, CloudStack all the way.
But I think what we're good at is seeing which projects have the best architecture participation, which have the right neutral, non-vendor control, etc., etc., and getting involved and helping with those. The brilliant thing that NASA and Rackspace did is, they said, "We're willing to give control over to a completely neutral foundation." And that’s what got all of us to jump in and get involved and actually work well.
Again, not to beat up on a competitor, if you look at the Cloud Foundry Foundation, Pivotal's got control. Nobody's contributing code. Because you're not going to contribute code when somebody else really controls it. So it's just to say a lot of what we do is think about what's the community participation and is it truly neutral.
Even something like Kubernetes where, yeah Google's driving the majority of the contribution, it's truly an open-source project. It’s a meritocracy and we're a massive contributor to that. And we fight with them all the time. Sometimes we win and sometimes not, but it's the engineers working, it's not Google corporate and Red Hat corporate having conversations about it. It's truly a user-led engineering project. And so that excites us.
I don’t want to just sound like we're the people that take this stuff and make it consumable. That's a lot of what we do, but we do ultimately decide which projects to get involved in, we help with the governance, we try to be good upstream as well. Which comes around back to this DNA. We're generally willing to partner with anybody.
(EDGAR Online via COMTEX) -- Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which are subject to the "safe harbor" created by those sections. These statements involve known and unknown risks, uncertainties and other factors, which may cause our actual results to differ materially from those implied by the forward-looking statements. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "can," "will" and similar expressions identify such forward-looking statements. We make a number of forward-looking statements that relate to future periods and include statements relating to our anticipation that the rate of new orders and shipments may vary significantly from quarter to quarter; our expectations regarding market acceptance of our products using our innovative solutions; our expectations regarding sustained investments leading to new growth opportunities; our expectations regarding the declaration of, timing of, funding of, payment of and quarterly amount of dividends; our expectations regarding industry trends; our expectations regarding our inventory levels; our expectations regarding the amount of our future sales in Asia; our expectations regarding competition; our expectations relating to the protection of our intellectual property; our expectations regarding the amount of customer concentration in the future; our plans and expectations regarding our auction rate securities; our expectations regarding acquisitions, investments, strategic alliances and joint ventures; our expectations regarding net revenue, cost of goods sold as a percentage of revenue and operating expenses for the first quarter ending May 3, 2014 compared with the fourth quarter ending February 1, 2014; our expectations regarding the growth of solid state drive revenue; our expectations regarding the impact of legal proceedings and claims; our ability to meet our capital needs for at least the next 12 months; our ability to attract and retain highly skilled personnel; our expectations regarding future growth opportunities; our plan regarding forward exchange contracts and the effect of foreign exchange rates; our expectations regarding unrecognized tax benefits; the effect of recent accounting pronouncements and changes in taxation rules; our expectation regarding the effectiveness of our hedges of foreign currency exposures; our expectations that quarterly operating results will fluctuate from quarter to quarter; our expectations regarding the current economic environment; our expectations regarding arrangements with suppliers; our expectations regarding our ability to develop and introduce new products and achieve market acceptance of our products; our expectations regarding pricing; our expectations regarding demand for our products and the impact of seasonality on demand; our expectations regarding defects; our expectations regarding the implementation and improvement of operational and financial systems, as well as the implementation of additional procedures and other internal management systems; our expectations regarding gross margin and the events that may cause gross margin to fluctuate; our expectations to transition our semiconductor products to increasingly smaller line width geometries; our expectations regarding the portion of our operations and sales outside of the United States; our expectations regarding the adequacy of our internal control over financial reporting; our expectations regarding future impairment review of our goodwill and intangible assets; and the anticipated features and benefits of our technology solutions. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements. Factors that could cause actual results to differ materially from those predicted, include but are not limited to, our dependence upon the hard disk drive and mobile and wireless markets, which are highly cyclical and intensely competitive; our ability and the ability of our customers to successfully compete in the markets in which we serve; our dependence on a small number of customers; the outcome of pending or future litigation and legal proceedings; the impact of international conflict and continued economic volatility in either domestic or foreign markets; our ability to scale our operations in response to changes in demand for existing or new products and services; our maintenance of an effective system of internal controls; our ability and our customers' ability to develop new and enhanced products and the adoption of those products in the market; our success in integrating businesses we acquire and the impact such acquisitions may have on our operating results; our ability to estimate customer demand and future sales accurately; the success of our strategic relationships; our reliance on independent foundries and subcontractors for the manufacture, assembly and testing of our products; our ability to manage future growth; the development and evolution of markets for our integrated circuits; our ability to protect our intellectual property; the impact of any change in our application of the United States federal income tax laws and the loss of any beneficial tax treatment that we currently enjoy; the impact of changes in international financial and regulatory conditions; and the impact of lengthy and expensive product sales cycles. Additional factors which could cause actual results to differ materially include those set forth in the following discussion, as well as the risks discussed in Part II, Item 1A, "Risk Factors," and other sections of this Quarterly Report on Form 10-Q. These forward-looking statements speak only as of the date hereof. Unless required by law, we undertake no obligation to update any forward-looking statements.
We are a fabless semiconductor provider of high-performance application-specific standard products. Our core strength of expertise is the development of complex Systems-on-a-Chip devices, leveraging our extensive technology portfolio of intellectual property in the areas of analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. The majority of our product portfolio leverages the ARM technology portfolio. We also develop platforms that we define as integrated hardware along with software that incorporates digital computing technologies designed and configured to provide an optimized computing solution. Our broad product portfolio includes devices for data storage, enterprise-class Ethernet data switching, Ethernet physical-layer transceivers, mobile handsets, connectivity and other consumer electronics. Our products serve diverse applications used in carrier, metropolitan, enterprise and PC-client data communications and storage systems. Additionally, we serve the consumer electronics market for the convergence of voice, video and data applications. As a fabless integrated circuit company, we rely on independent, third party contractors to perform manufacturing, assembly and test functions. This approach allows us to focus on designing, developing and marketing our products and significantly reduces the amount of capital we need to invest in manufacturing products.
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A significant number of our products are being incorporated into consumer electronics products, including gaming devices and personal computers, which are subject to significant seasonality and fluctuations in demand. Holiday and back to school buying trends may at times negatively impact our results in the first and fourth quarter and positively impact our results in the second and third quarter of our fiscal years. In addition, consumer electronics sales are heavily dependent on new product launch timelines and product refreshes. For example, our sales of wireless connectivity products may increase significantly during a period when one of our consumers launches a new gaming console, and these sales may taper significantly after the initial launch period.
A relatively large portion of our sales have historically been made on the basis of purchase orders rather than long-term agreements. In addition, the sales cycle for our products is long, which may cause us to experience a delay between the time we incur expenses and the time revenue is generated from these expenditures. We anticipate that the rate of new orders may vary significantly from quarter to quarter. Consequently, if anticipated sales and shipments in any quarter do not occur when expected, expenses and inventory levels could be disproportionately high, and our operating results for that quarter and future quarters may be adversely affected.
In this Quarterly Report on Form 10-Q, we refer to the fiscal year ended February 2, 2008 as fiscal 2008, the fiscal year ended January 31, 2009 as fiscal 2009, the fiscal year ended January 30, 2010 as fiscal 2010, the fiscal year ended January 29, 2011 as fiscal 2011, the fiscal year ended January 28, 2012 as fiscal 2012, the fiscal year ended February 2, 2013 as fiscal 2013, the fiscal year ending February 1, 2014 as fiscal 2014 and the fiscal year ending January 31, 2015 as fiscal 2015.
Critical Accounting Policies and Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States ("GAAP") requires management to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities. Actual results could differ from these estimates, and such differences could affect the results of operations reported in future periods. For a description of our critical accounting policies and estimates, please refer to the "Critical Accounting Policies and Estimates" section of our Management's Discussion and Analysis of Financial Condition and Results of Operations contained in our Annual Report on Form 10-K for the year ended February 1, 2014.
Results of Operations
Net revenue for the three months ended May 3, 2014 was higher by approximately 30% compared to the three months ended May 4, 2013, led by year over year growth in the mobile and wireless end markets, together with stable growth in the storage market. On a sequential basis net revenue grew approximately 3% during the first quarter of fiscal 2015 compared to the fourth quarter of fiscal 2014, despite the first quarter normally being a seasonally down quarter, as we saw strong growth from sales of products in our mobile market from multiple Tier-1 customers who have launched their 4G LTE smart phones in China based on our solutions. We are seeing many of our customers introducing new devices using our innovative solutions, which we believe will drive success across all of our end markets. Our future growth is expected to be driven by areas such as mobile handsets, tablets, connectivity, smart home devices and solid state drive ("SSD") controllers.
In the mobile market, we continued to make steady progress with our LTE solutions, where we passed qualifications in China in fiscal 2014. We continue to focus on the LTE market in China and we are seeing more OEM partners start new 4G LTE smart phone, tablet and mobile broadband device projects with our chipsets. We are also expanding into multiple geographies. In North America, we became fully certified for voice and data at AT&T in fiscal 2014. Most recently, we achieved another important milestone with the completion of LTE certification at Verizon. We are on track to powering more multimode LTE devices from leading OEMS for deployment around the world later this year. However, we expect increased competition in LTE later this year, as multiple competitors will come to production with their devices. In addition to competing for design wins and unit sales, this increased competition could drive pricing lower. Our 3G unified platform is still in production at multiple top tier OEMs. In addition to our dual-core devices, our quad-core platform is also in production with leading OEM customers who have introduced multiple quad-core smartphone models targeting the mass-market segments for both WCDMA and TD-SCDMA.
In the wireless connectivity market, we experienced growth in the gaming market where our wireless connectivity solutions are being used in new game consoles that were launched for the past holiday season. We expect wireless connectivity and other advanced features in these new game consoles to help drive growth for us this year in this industry. In the smart phone market, we continue to have on-going 100% attach rates on our new mobile platforms for our connectivity solutions with our 3G and 4G mobile platforms. We are seeing new opportunities for our connectivity solutions across multiple market segments. We are also seeing increased momentum for both our 1x1 and our 2x2 combo solutions in mobile computing, dongles, set-top boxes and home automation. Our WiFi and Zigbee devices are gaining strong adoption in new IoT-type devices, home automation and smart lighting applications, and we expect volume to ramp up later this year. Our connectivity products have superior RF performance which helps accelerate customer on-boarding and reduce their time-to-market.
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In the networking market, we experienced softer than expected demand in the first quarter of fiscal 2015 from some of our enterprise networking customers due to a weaker market overall. Since we announced our first 28nm network processor and traffic management solutions with our Xelerated AX and HX family of products targeting the infrastructure market, we have engaged with Tier-1 customers on these new high-performance products for their next generation networking equipment. We continue to gain momentum in closing design-wins and driving new opportunities with our latest family of network processing solutions.
Our cost of goods sold as a percentage of net revenue for the three months ended May 3, 2014 was higher compared to both the three months ended February 1, 2014 and May 4, 2013. As we expand our presence and grow revenue in the mobile and wireless end markets, we expect our gross margin to face downward pressure, as these end markets generally have lower average gross margins than the rest of our business. However, we expect this growth will result in improvement to total gross margin dollars and operating profit. In addition, we are focused on efforts to improve both aspects of our gross profit, including through cost improvement and pricing.
Our financial position is strong and we continue to generate significant positive cash flows. Our cash, cash equivalents and short-term investments were $2.1 billion at May 3, 2014 and we generated cash flow from operations of $235.1 million through the first quarter of fiscal 2015. We paid a cash dividend of $0.06 per share for a total of $30.2 million during the first quarter of fiscal 2015 and we recently announced a dividend of $0.06 per share to be paid during the second quarter of fiscal 2015.
We are currently involved in a patent litigation action with Carnegie Mellon University ("CMU") (See "Risk Factors" under Part II, Item 1A of this Quarterly Report on Form 10-Q and "Note 10 - Commitments and Contingencies" in the Notes to Unaudited Condensed Consolidated Financial Statements for a further discussion of the risks associated with this matter and other patent litigation matters). A jury has awarded past damages of $1.17 billion, and the Court calculated damages, including enhancement, to total approximately $1.54 billion. The Court also held that CMU is entitled to post judgment interest and an on-going royalty. Based on the royalty rate assessed by the District Court, such additional royalties through May 3, 2014 would be approximately $250 million. On May 7, 2014, the District Court entered final judgment and on May 14, 2014, we filed a notice of appeal and posted a bond to stay execution of judgment pending the appeal. We strongly believe that we do not infringe on the methods described in the CMU patents and that our products use our own internally developed patented read channel technology.
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The following table sets forth information derived from our unaudited condensed consolidated statements of operations expressed as a percentage of net revenue:Three Months Ended May 3, May 4, 2014 2013 Net revenue 100.0 % 100.0 % Operating costs and expenses: Cost of goods sold 51.6 45.7 Research and development 30.8 38.0 Selling and marketing 4.0 5.4 General and administrative 3.2 3.6 Amortization and write-off of acquired intangible assets 0.7 1.5 Total operating costs and expenses 90.3 94.2 Operating income 9.7 5.8 Interest and other income, net 0.2 0.4 Income before income taxes 9.9 6.2 Benefit for income taxes (0.5 ) (1.0 ) Net income 10.4 % 7.2 %
Three months ended May 3, 2014 and May 4, 2013
Net RevenueThree Months Ended May 3, May 4, % 2014 2013 Change (in thousands, except percentage) Net revenue $ 957,830 $ 734,369 30.4 %
Net revenue for the three months ended May 3, 2014 increased by $223.5 million compared to the three months ended May 4, 2013. The increase in net revenue during the three months ended May 3, 2014 was led by sales of our mobile and wireless products where we saw strong growth from multiple Tier-1 customers who have launched their 4G LTE smart phones in China based on our solutions. Sales of our 3G products in the three months ended May 3, 2014 were also higher compared to the three months ended May 4, 2013. In our storage market, we saw higher HDD revenue, which was mostly driven by continued growth for our 500 gigabyte per platter products and increased demand for enterprise drives at a top North America based HDD customer. In addition, revenue for SSD controllers increased significantly compared to the prior year.
We currently expect overall net revenue for the three months ending August 2, 2014 to be in the range of $940 million to $980 million. At the midpoint of this range, we expect revenue from all of our end markets to be relatively flat compared the three months ended May 3, 2014.
Historically, a relatively small number of customers have accounted for a significant portion of our net revenue. We had two end customers who each represented greater than 10% of our total net revenue for the three months ended May 3, 2014 and May 4, 2013, respectively. Net revenue from one of these two customers for the three months ended May 3, 2014 and May 4, 2013 was 19% and 28% of total net revenue, respectively. Net revenue from the other customer for the three months ended May 3, 2014 and May 4, 2013 was 11% of total net revenue for each fiscal year. We also had one distributor who represented 10% of our net revenue for the three months ended May 3, 2014. No distributors accounted for more than 10% of our net revenue for the three months ended May 4, 2013. We expect to continue to experience similar customer concentration in future periods.
Most of our sales are expected to continue to be made to customers located outside of the United States, primarily in Asia. Sales to customers located in Asia represented 95% of our net revenue for the three months ended May 3, 2014 compared to 93% of our net revenue for the three months ended May 4, 2013. Because many manufacturers and manufacturing subcontractors of our customers are located in Asia, we expect that most of our net revenue will continue to be represented by sales to our customers in that region.
Table of ContentsCost of Goods Sold Three Months Ended May 3, May 4, % 2014 2013 Change (in thousands, except percentage) Cost of goods sold $ 493,860 $ 335,438 47.2 % % of net revenue 51.6 % 45.7 %
Cost of goods sold as a percentage of net revenue was higher for the three months ended May 3, 2014 compared to the three months ended May 4, 2013 due to a shift in the mix of our revenue towards our mobile and wireless products which have a higher average cost of goods sold as a percentage of revenue. In addition, we had higher inventory write-downs and increased royalty expense. Our cost of goods sold as a percentage of net revenue may fluctuate in future periods due to, among other things, changes in the mix of products sold; the timing of production ramps of new products; increased pricing pressures from our customers and competitors, particularly in the consumer product markets that we are targeting; charges for obsolete or potentially excess inventory; changes in the costs charged by our foundry; assembly and test subcontractors; product warranty costs; changes in commodity prices such as gold; and the margin profiles of our new product introductions.
We currently expect cost of goods sold as a percentage of net revenue for the three months ending August 2, 2014 to be slightly higher compared to the three months ended May 3, 2014.Share-Based Compensation Expense Three Months Ended May 3, May 4, 2014 2013 (in thousands) Cost of goods sold $ 2,299 $ 1,867 Research and development 20,368 23,279 Selling and marketing 2,928 3,392 General and administrative 4,374 4,975 $ 29,969 $ 33,513
Share-based compensation expense decreased by $3.5 million for the three months ended May 3, 2014 compared to the three months ended May 4, 2013. The decrease was primarily due to the reversal of previously recognized expense associated with unvested equity awards that were cancelled as a result of the resignation in February 2014 of our Chief Technology Officer, combined with lower expense related to the employee stock purchase plan.Research and Development Three Months Ended May 3, May 4, % 2014 2013 Change (in thousands, except percentage) Research and development $ 295,363 $ 279,052 5.8 % % of net revenue 30.8 % 38.0 %
Research and development expense increased by $16.3 million for the three months ended May 3, 2014 compared to the three months ended May 4, 2013. This increase was primarily attributable to $22.7 million of higher personnel-related costs associated with new employees hired during the quarter to support new designs and an increase in average employee compensation. In addition, there was $4.7 million of restructuring and other exit-related costs included in research and development expenses, which is further described in the restructuring section of Management's Discussion and Analysis of Financial Condition and Results of Operations. These increases were offset by $14.9 million of higher reimbursements for non-recurring engineering services from our customers.Selling and Marketing Three Months Ended May 3, May 4, % 2014 2013 Change (in thousands, except percentage) Selling and marketing $ 38,358 $ 39,989 (4.1 )% % of net revenue 4.0 % 5.4 %
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Selling and marketing expense decreased by $1.6 million for the three months ended May 3, 2014 compared to the three months ended May 4, 2013. The decrease was primarily attributable to a $1.1 million decrease in expenses for marketing communication activities as a result of our efforts to control discretionary spending.General and Administrative Three Months Ended May 3, May 4, % 2014 2013 Change (in thousands, except percentage) General and administrative $ 30,573 $ 26,323 16.1 % % of net revenue 3.2 % 3.6 %
General and administrative expense increased by $4.3 million for the three months ended May 3, 2014 compared to the three months ended May 4, 2013. This increase was due primarily to a $4.0 million increase in legal expenses for . . .
Jun 05, 2014
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IAAP [1 Certification Exam(s) ]
IAHCSMM [1 Certification Exam(s) ]
IBM [1533 Certification Exam(s) ]
IBQH [1 Certification Exam(s) ]
ICAI [1 Certification Exam(s) ]
ICDL [6 Certification Exam(s) ]
IEEE [1 Certification Exam(s) ]
IELTS [1 Certification Exam(s) ]
IFPUG [1 Certification Exam(s) ]
IIA [3 Certification Exam(s) ]
IIBA [2 Certification Exam(s) ]
IISFA [1 Certification Exam(s) ]
Intel [2 Certification Exam(s) ]
IQN [1 Certification Exam(s) ]
IRS [1 Certification Exam(s) ]
ISA [1 Certification Exam(s) ]
ISACA [4 Certification Exam(s) ]
ISC2 [6 Certification Exam(s) ]
ISEB [24 Certification Exam(s) ]
Isilon [4 Certification Exam(s) ]
ISM [6 Certification Exam(s) ]
iSQI [7 Certification Exam(s) ]
ITEC [1 Certification Exam(s) ]
Juniper [65 Certification Exam(s) ]
LEED [1 Certification Exam(s) ]
Legato [5 Certification Exam(s) ]
Liferay [1 Certification Exam(s) ]
Logical-Operations [1 Certification Exam(s) ]
Lotus [66 Certification Exam(s) ]
LPI [24 Certification Exam(s) ]
LSI [3 Certification Exam(s) ]
Magento [3 Certification Exam(s) ]
Maintenance [2 Certification Exam(s) ]
McAfee [8 Certification Exam(s) ]
McData [3 Certification Exam(s) ]
Medical [68 Certification Exam(s) ]
Microsoft [375 Certification Exam(s) ]
Mile2 [3 Certification Exam(s) ]
Military [1 Certification Exam(s) ]
Misc [1 Certification Exam(s) ]
Motorola [7 Certification Exam(s) ]
mySQL [4 Certification Exam(s) ]
NBSTSA [1 Certification Exam(s) ]
NCEES [2 Certification Exam(s) ]
NCIDQ [1 Certification Exam(s) ]
NCLEX [3 Certification Exam(s) ]
Network-General [12 Certification Exam(s) ]
NetworkAppliance [39 Certification Exam(s) ]
NI [1 Certification Exam(s) ]
NIELIT [1 Certification Exam(s) ]
Nokia [6 Certification Exam(s) ]
Nortel [130 Certification Exam(s) ]
Novell [37 Certification Exam(s) ]
OMG [10 Certification Exam(s) ]
Oracle [282 Certification Exam(s) ]
P&C [2 Certification Exam(s) ]
Palo-Alto [4 Certification Exam(s) ]
PARCC [1 Certification Exam(s) ]
PayPal [1 Certification Exam(s) ]
Pegasystems [12 Certification Exam(s) ]
PEOPLECERT [4 Certification Exam(s) ]
PMI [15 Certification Exam(s) ]
Polycom [2 Certification Exam(s) ]
PostgreSQL-CE [1 Certification Exam(s) ]
Prince2 [6 Certification Exam(s) ]
PRMIA [1 Certification Exam(s) ]
PsychCorp [1 Certification Exam(s) ]
PTCB [2 Certification Exam(s) ]
QAI [1 Certification Exam(s) ]
QlikView [1 Certification Exam(s) ]
Quality-Assurance [7 Certification Exam(s) ]
RACC [1 Certification Exam(s) ]
Real Estate [1 Certification Exam(s) ]
Real-Estate [1 Certification Exam(s) ]
RedHat [8 Certification Exam(s) ]
RES [5 Certification Exam(s) ]
Riverbed [8 Certification Exam(s) ]
RSA [15 Certification Exam(s) ]
Sair [8 Certification Exam(s) ]
Salesforce [5 Certification Exam(s) ]
SANS [1 Certification Exam(s) ]
SAP [98 Certification Exam(s) ]
SASInstitute [15 Certification Exam(s) ]
SAT [1 Certification Exam(s) ]
SCO [10 Certification Exam(s) ]
SCP [6 Certification Exam(s) ]
SDI [3 Certification Exam(s) ]
See-Beyond [1 Certification Exam(s) ]
Siemens [1 Certification Exam(s) ]
Snia [7 Certification Exam(s) ]
SOA [15 Certification Exam(s) ]
Social-Work-Board [4 Certification Exam(s) ]
SpringSource [1 Certification Exam(s) ]
SUN [63 Certification Exam(s) ]
SUSE [1 Certification Exam(s) ]
Sybase [17 Certification Exam(s) ]
Symantec [135 Certification Exam(s) ]
Teacher-Certification [4 Certification Exam(s) ]
The-Open-Group [8 Certification Exam(s) ]
TIA [3 Certification Exam(s) ]
Tibco [18 Certification Exam(s) ]
Trainers [3 Certification Exam(s) ]
Trend [1 Certification Exam(s) ]
TruSecure [1 Certification Exam(s) ]
USMLE [1 Certification Exam(s) ]
VCE [6 Certification Exam(s) ]
Veeam [2 Certification Exam(s) ]
Veritas [33 Certification Exam(s) ]
Vmware [58 Certification Exam(s) ]
Wonderlic [2 Certification Exam(s) ]
Worldatwork [2 Certification Exam(s) ]
XML-Master [3 Certification Exam(s) ]
Zend [6 Certification Exam(s) ]
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