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Procera Networks, Inc. Message Board

  • petercohen33 petercohen33 Nov 8, 2013 12:04 PM Flag

    Stifel Nov 8th / Procera: Highlights from Midwest 1x1 Conference

    We hosted Procera CFO Charles Constanti and VP of Product Management Cam
    Cullen at Stifel’s Midwest 1x1 conference. Key highlights include:
    The company has been able to gain market share over Allot (Procera will likely
    grow 30% this year, versus flat performance by Allot) by putting more sales
    resources in markets where Allot traditionally had a strong presence – Latin
    America and Europe.
    The deal that impacted gross margins in 3Q – with British Telecom – has
    surprised the company on the upside in terms of how much hardware the carrier
    has deployed. Consequently, we expect meaningful software contribution from
    this customer in 2014, which should help gross margins.
    British Telecom is using Procera equipment to monitor the service quality of its
    Premier League broadcast. Because the carrier is paying around $380 million a
    year to broadcast 38 Premier League matches in a market that has so far been
    dominated by BSkyB, it wants to ensure that quality and experience for
    customers are excellent. If the Procera equipment shows that quality is
    degrading for certain subscribers, British Telecom has the ability to move them
    around the network. Procera equipment also allows British Telecom to monitor
    the viewing habits of its subscribers.
    With British Telecom contributing $7 million in sales in 3Q (33% of revenues)
    and likely another $2 million in 4Q, in order to make the company’s implied 4Q
    guide, other carrier customers (outside of British Telecom) will have to grow
    around 40%-50% sequentially. According to management, that is not unusual as
    it had numerous similar situations in the past when Shaw or Cox were large
    customers. The company believes the funnel is stronger versus a quarter ago
    and there are numerous ways to get to the fourth quarter guide of 14%
    sequential growth. Additionally, we believe that the company entered 4Q with
    around 35%-40% of revenues booked.

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