You can get link to both the CC and the accompanying slide show on their website. In a nutshell, BakerStBoys have made a phenominal investment(read: and so have you!).
More detail presented on the three major tier one OEM products ramping this year includind HP's new 3PAR aggressively going after the market; Microsoft/StorSimple/Azure datacenter and cloud solution; and their yet to be named "major tier 1" OEM line launching this month.
More HPC detail in that their TAM has sigificantly increased from $4 billion to $7 billion thru their introduction of Hadoop architecture to their Lustre soloutions, opening up immediate access to enterprise/big data market.
Lots of players are just now designing models built around their own cloud; cheap and easy to access and maintatin captive customer cloud accounts eg everything from gaming to smartphone carriers. Expect more major tier one sign ons this year.
These margins will rise toward the 35-45% range versus their historic 14-15% range. I did type that correctly, 35-45%.
-Dividend was part of plan to ensure any takeover would ensure adequate premium to shareholders.
-XRTX fundamentally disagrees with a number of BakerSt views, specifically R&D spend.
-Q1 solutions revs $20 million. Still forecasting 2013 $60-100M.
-OEM slowdown in 2012 bottomed and slowly picking up. Chance of catch up demand later this year.
-HDD will be profitable and expected to get better, sustainable 25-30%margins, $150-200M revs.
Sounds like a lot of the same stuff as last month. I was hoping they'd see material revenue gains in their forecasts, but it doesn't appear to be taking hold yet. Laying the groundwork for partnerships and new customers, but still tons of work to do to turn that into real profits.
I would still like to see Baker get some guys on the board. I agree with them that having Pearce on there is a conflict of interest.