Riverbed Technology (NASDAQ:RVBD) recently reported its first quarter earnings and discussed the following topics in its earnings conference call.
WAN Optimization Market
Sanjiv Wadhwani – Stifel Nicolaus & Company, Inc.: A question either for Ernie or Jerry, I just wanted to clarify that the guidance that was given post Q4 for Q1 was a non-GAAP guidance, which sort of included that deferred revenue adjustment.
Jerry M. Kennelly – Chairman and CEO: That’s correct. That was non-GAAP guidance.
Sanjiv Wadhwani – Stifel Nicolaus & Company, Inc.: And then a broader question, Jerry, I know you talked about sort of the slowdown in the WAN optimization market. I’m just trying to get to the bottom of, what do you think is causing that slowdown? Is it some changes that have happened in sort of the way MAPI and CIFS are behaving, or is there some other stuff going on that has led to that slowdown? Any color there would be helpful.
Jerry M. Kennelly – Chairman and CEO: Yeah, I’ll say a few words and maybe I’ll let Eric say a few words too. I mean, it has slowed down to mid-upper single-digits, that’s for sure. The core sale of the product to be bandwidth and MAP optimization; it’s still a big good market, but it caps out at penetration rate of the customers; that’s in 15% to 20% range and that’s why we started this program several years ago to see if we could get even penetration, get up to the 40%, 50% at the big customers and to do that, you have to have a more extended functionality where it’s an architectural design to put Steelhead in as many of your branches as possible. And so, Granite is the start of that architectural design, where if you buy into the premise of handling your remote stores that way instead of only putting the Steelhead branches that have a bad WAN link, you’ll put it almost at every branch where that’s your architectural approach to your storage. And so Eric alluded, there’s other things that we’re coming that are similar architectural choices about the way you operate at the branch level. That can again extend that penetration above the 20% rate. The core business hasn’t gone away. We’ve gotten bigger, we’re at a $1 billion now. We’re finishing our 11th year. We started year 12 next month and so you have to – the history of Silicon Valley is that you have to have products coming all the time to expand the markets. We’ve worked hard at that, number one, and then number two, we’re now longer only do optimization, we have these synergistic additional products that are very important and be diversified. But we think we can make the WAN op business strong. We think it has a future, it’s not dead. It can offer good growth in the future. So, I actually feel pretty good about our future. We got to get through 2013. Hopefully the second half is better. I think it can be, and these things we have in the works will start panning out. We could just be screaming in 2014.
RPM Quota & OPNET
Jayson Noland – Robert W. Baird & Co., Inc.: I wanted to ask about the guidance Jerry, are you assuming any revenue synergy meaning our OPNET people selling Steelhead, Riverbed people selling OPNET and are you applying RPM quota to both sides of the house?
Jerry M. Kennelly – Chairman and CEO: It’s a great question. So, we are applying RPM quota, so all of Cascade and OPNET people will have a total quota that includes both Cascade and OPNET, and then the core team will have a quota that includes RPM revenue and they won’t care whether it’s Cascade or OPNET. They will just get comped in that. So, the comp will extend the (craft), the entire sales force. But again, we did what we said we were going to do, was leave it alone for Q1, let them finish out their fiscal year, finish out their comp plans, drive their pipeline as it was, that worked as we hoped, you are now sort of in the uncertain territory where we have to do these things, we have to put them together. It’s the right thing to do. The future of that is quite bright, but it has – it just injects some uncertainty into our second quarter, and that’s just the way it is. It’s like sometimes you take a half step back, so you can take two steps forward, and that’s what happens when you make a big acquisition.
Jayson Noland – Robert W. Baird & Co., Inc.: Are you assuming any revenue synergy for Q2, or is that still more of a calendar ’14 thing?
Jerry M. Kennelly – Chairman and CEO: That’s more later, I’d say. Q2 will depend on current pipeline.