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    Alexander Henderson

    Managing Director and Senior Research Analyst at Needham

    Alexander Henderson is a Managing Director and Senior Research Analyst at Needham & Company, specializing in network technology, data networking, security, and telecom equipment. He provides coverage of leading companies such as Palo Alto Networks, Arista Networks, Luna Innovations, CyberArk Software, Lumentum Holdings, and Extreme Networks, with a performance record including multiple high-return calls such as a 700% surge in Luna Innovations and a 76% gain in Palo Alto Networks. Henderson began his career as a consultant at The Boston Consulting Group, then spent significant tenures at Prudential Securities—where he led technology research—Citigroup, and Miller Tabak before joining Needham in 2012. He holds notable credentials, having been named in the Institutional Investor All-Star Poll 17 times and elected to the Institutional Investor Hall of Fame, with recognized memberships in SIPC and SIFMA.

    Alexander Henderson's questions to INFN leadership

    Alexander Henderson's questions to INFN leadership • Q3 2023

    Question

    Asked for clarification on the accounting change's impact on margins, the Q4 gross margin guide, 2024 hiring plans, potential tough year-over-year comparisons from backlog burn-down, and the full-year book-to-bill ratio.

    Answer

    The accounting change has a direct flow-through impact but doesn't alter the overall margin structure. The Q4 margin reflects product mix and new technology ramps. The company is managing expenses tightly for 2024 and does not face a tough comparison issue as its growth has been steady. The full-year book-to-bill was not above 1.

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