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    Andrew Spinola • UBS

    Andrew Spinola's questions to Motorola Solutions Inc (MSI) leadership

    Andrew Spinola's questions to Motorola Solutions Inc (MSI) leadership • Q2 2025

    Question

    Andrew Spinola of UBS Group AG questioned the strategic rationale behind the Silvis acquisition, asking whether it represents an expansion into defense technology as a new business line or if it's expected to become a core component of the public safety portfolio, similar to the Avigilon acquisition.

    Answer

    Chairman & CEO Greg Brown described Silvis as a market leader that provides exposure to the new, fast-growing unmanned systems market while also being complementary to Motorola's core LMR and video businesses. EVP & CTO Mahesh Saptharishi highlighted Silvis's capabilities in spectrum monitoring for drone detection. EVP & CFO Jason Winkler noted the opportunity to add recurring service revenues.

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    Andrew Spinola's questions to Viavi Solutions Inc (VIAV) leadership

    Andrew Spinola's questions to Viavi Solutions Inc (VIAV) leadership • Q4 2025

    Question

    Andrew Spinola asked for the relative contribution from data center versus aerospace and defense to the strong Q1 outlook and inquired about the long-term operating margin potential for the NSE segment.

    Answer

    President and CEO Oleg Khaykin stated that both data center and A&D were strong contributors to the Q1 guidance but declined to provide a specific split. Regarding margins, he explained the long-term goal for NSE is to return to the mid-to-high teens and eventually 20% operating margin, driven by revenue growth. He noted that higher data center margins are largely offset by slightly lower A&D margins.

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    Andrew Spinola's questions to Viavi Solutions Inc (VIAV) leadership • Q3 2025

    Question

    Andrew Spinola questioned the recent strength in the NSE business, asking if there was a pull-forward of service provider demand and whether the spending recovery trend remains intact despite a softer Q4 guide.

    Answer

    CEO Oleg Khaykin asserted there was no demand pull-in, noting that the March quarter was unseasonably strong for service providers, which he views as a sign of healthy, recovering demand. He and CFO Ilan Daskal attributed the conservative Q4 outlook primarily to potential order delays from tariff-related PO revisions, not a change in end-market demand. Khaykin specified that service providers are the most likely to see delays.

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    Andrew Spinola's questions to Viavi Solutions Inc (VIAV) leadership • Q2 2025

    Question

    Andrew Spinola asked for a breakdown of the quarter's revenue upside, seeking to understand the contribution from the cyclical service provider recovery versus secular growth drivers. He followed up by asking about the potential upside in the fiber lab business, particularly its exposure to high-growth, AI-driven end markets.

    Answer

    President and CEO Oleg Khaykin attributed about one-third to one-half of the upside to a broad-based service provider recovery, with the remainder coming from diversification into fiber lab, production, and aerospace and defense. He elaborated that the fiber lab business could realistically double or triple over the next 3-4 years, driven by faster technology node migrations in datacom (spurred by AI) compared to the traditional telecom cycle.

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    Andrew Spinola's questions to Axon Enterprise Inc (AXON) leadership

    Andrew Spinola's questions to Axon Enterprise Inc (AXON) leadership • Q2 2025

    Question

    Andrew Spinola from UBS asked for more details on the recently announced contract in the gaming vertical, specifically which products were included in the deal.

    Answer

    President Josh Isner stated that the gaming contract is centered on video solutions, including body cameras and FUSYS. He also noted that there are future opportunities for less-lethal products within the gaming security space.

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    Andrew Spinola's questions to Ciena Corp (CIEN) leadership

    Andrew Spinola's questions to Ciena Corp (CIEN) leadership • Q1 2025

    Question

    Andrew Spinola of UBS asked a high-level question about the gross margin trajectory, wondering if it should be modeled as a steady increase with scale or as being flat before inflecting higher as revenue mix shifts.

    Answer

    CFO Jim Moylan explained that gross margin is heavily influenced by product mix. Currently, the mix is weighted toward lower-margin initial line system deployments (RLS) and early-stage pluggables. He expects margins to trend up over time as higher-margin capacity is added to these systems and pluggable costs decrease. He anticipates a return to the mid-40s range by fiscal 2027, but not in the next year.

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