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    Alex Henderson

    Managing Director and Senior Research Analyst at Needham

    Alex Henderson is a Managing Director and Senior Research Analyst at Needham & Company, specializing in network technology and emerging technologies in security, data networking, and optical research. He covers major companies such as Cloudflare, Arista Networks, Infinera, Silicom, Ceragon Networks, Extreme Networks, and Varonis Systems, and is recognized for his performance including 17 Institutional Investor All-Star appearances and 11 number-one rankings, as well as significant return calls such as a 275% gain on Silicom and 169% on Ceragon Networks. Henderson began his career at The Boston Consulting Group and held senior analyst positions at Prudential Securities, Citigroup, and Miller Tabak before joining Needham in 2012, accumulating over 25 years of sector-focused experience. He has served as director of technology research, is recognized in the Institutional Investor Hall of Fame, and maintains professional registrations with SIPC & SIFMA.

    Alex Henderson's questions to INFN leadership

    Alex Henderson's questions to INFN leadership • Q4 2023

    Question

    Asked for a bridge to the 25% EPS growth guidance, the financial drag from accounting issues, the ramp cadence and scope of the new 800G hyperscaler contract, and the economics of managed optical fiber network (MOFN) deals.

    Answer

    The 25% EPS growth is driven by revenue growth, 200 bps of gross margin expansion, and controlled OpEx. The accounting drag was ~$3M in Q4 and will be similar in Q1. The 800G contract is for 'hundreds of millions' over 3 years starting in 2025, with a fast ramp, and is for pluggables, though Infinera can compete separately for the systems. MOFN deals are structured like traditional large service provider system sales.

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    Alex Henderson's questions to HCP leadership

    Alex Henderson's questions to HCP leadership • Q3 2024

    Question

    Asked about the impact of enterprise AI adoption on infrastructure demand and whether the recent 'year of efficiency' is now driving adoption of tools like Terraform to prevent future waste.

    Answer

    AI is viewed as a tailwind, accelerating multi-cloud adoption and driving interest across the HashiCorp portfolio. The efficiency trend has accelerated the creation of centralized platform teams, which are HashiCorp's primary customers, creating a favorable long-term dynamic for the company.

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    Alex Henderson's questions to JNPR leadership

    Alex Henderson's questions to JNPR leadership • Q3 2023

    Question

    Asked for a timeline on when backlog and excess inventory are expected to normalize, and whether there is any risk of inventory obsolescence.

    Answer

    Backlog is expected to fully normalize by the middle of 2024. Inventory normalization will take longer, likely a few years, and will settle at a new, higher-than-historical normal. The costs associated with higher inventory, including excess and obsolescence reserves, are already being incurred and are factored into the financial guidance.

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