JDS Uniphase Corp (NASDAQ:JDSU) recently reported its fourth quarter earnings and discussed the following topics in its earnings conference call.
Kent Schofield – Goldman Sachs: I live to dive into what I think you are calling now network enablement on the CommTest side of things. It looks like with the guidance you are guiding to, what would be the first year-on-year growth in an extended period of time during the September quarter. So, I was wondering if you could look back over the last year or two in terms of some of those declines and what’s driven that, and then what do you think will bring you to growth on the year-on-year basis in the September quarter?
Thomas Waechter – President and CEO: So, I think primarily if I look back, a lot of it’s been the change in technology that’s been going on, and as we mentioned in our last earnings call, the legacy technologies and products have been dropping off very quickly and we’re starting to see the newer technologies really start to ramp. So, I think part of that was that leg in investment between the legacy dropping off and the ramp of the new products such as things like LTE deployment, 100 gig et cetera. I think we’ve also positioned ourselves better for those high growth areas both the regional play whether it’d be China or some of the other high growth regions, but also the markets around mobility and providing more visibility and control in the markets for the network operators. So, I think that organic development also the recent acquisitions have really helped us to align well where the growth is coming and we see that continuing for a period of time now.
Kent Schofield – Goldman Sachs: Is the 40% number that you gave for the wireless side of things, is that a good proxy to look at the legacy versus the new? Or is there more that number? Just trying to get a sense for where we’re at in terms of that legacy as a percentage of the revenues so that we can get comfort that we won’t see another leg down from kind of that legacy type deployment…
Thomas Waechter – President and CEO: As we announced last time, last quarter, we had pruned out some low-speed wireline types of instruments. So, I think that was probably the – we’ll continue on an ongoing basis pruning but that was probably the larger bit of the legacy product still remaining. There are products that aren’t in the wireless space that I would consider new generation of products for us, including some of the field instruments where we’re actually adding more software content things like StrataSync, so they can be connected to the cloud, et cetera. So the 40% for mobility is some of the newer products, but we still have other products in the remaining 60% that I would consider high growth and have moved beyond the legacy type of products.
Bookings vs Conservative Guidance
Mark Sue – RBC Capital Markets: If I could balance your conservative guidance with what seems to be very strong bookings and overall strengthening trends and orders. Is some of that related to timing, is some of it related to kind of the lag between orders and revenue recognition, and does the pattern of the order trends imply a sharp ramp by the time we get to the end of the calendar year. Should the kind of sense of the bookings order balance between that and your conservative revenue guidance.
Thomas Waechter – President and CEO: I think market’s a little bit of each one of those we did say that the larger bookings that we brought in from individual customers, we believe will most of that were shipped out by the end of the calendar year. So some of that spreads over multiple quarters, which is not typically the situations we look in the past. So that’s one item there. I think with more software related revenue, and especially acquisition of Arieso, we do see timing issue. So, there is a delay between the timing we shift the product, or the software out to the customer when we’ll actually realize the revenue for the products.
Mark Sue – RBC Capital Markets: And then, Thomas, if we do get a seasonal flush this year some years we do, some years we don’t that would actually be all additive I would imagine and maybe any early indications of how you might feel for that?
Thomas Waechter – President and CEO: Yeah, I don’t think any of the large orders that we received this past quarter are related to any kind of budget flush it’s way too early for that. So, if we do see any budget flush in the December quarter that should be incremental to what we’ve already received as far as bookings.
Mark Sue – RBC Capital Markets: And then, one quick one just on your view of (C-pack) versus what you’re working on with CFP2 and subsequently with CFP4 and then lastly just on gaming, I guess we have a sense of historic units for Xbox and Connect sales. Yet if I think about how gaming world has changed because of consumption of smartphones and tablets, maybe how we should kind of think about framing the opportunity for JDSU this second time around?
Alan Lowe – CCOP Business Segment: This is Alan. Thanks for the question. I can’t specifically comment about any of our customers proprietary designs, but what I can say is that we believe that our CFP2 offering and the feedback we’ve been getting from our early shipments to our customers is going to be first to market, lowest power consumption and highest performance. So, we’re very excited about competing in the open market with that product and then following on next year with our CFP4 offering and then subsequent to that, the QSFP 28 offering. So, we’re pretty excited about the whole roadmap we have on high speed datacom going forward and have entire suite of products. The critical thing there is that the TOSA and ROSA which are the optical elements in those CFP2 and QSFP 28, we design for the smallest form factor and smallest power consumption requirement of the QSFP 28, so we won’t be needing to do a lot of redesigning of the optics part of those modules as we go forward. And we think that will give us a competitive advantage for time to market. As for the gesture-recognition question, we really can’t comment too much about any specific products in the market, but what we did say at our Analyst Day which is valid is that we believe that our content on this generation of product versus the prior generation of product would be more than two times the revenue per unit shipped. Does that answer your question?