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Wind River Systems, Inc. (WIND) Q2 2009 Earnings Call August 29, 2008 5:00 PM ET

Executives

Ken Klein - Chairman, President and Chief Executive Officer

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Ian Halifax - Chief Financial Officer

Anne Marie McCauley - Vice President of Investor Relations

Analysts

Matt Petkun - DA Davidson & Company

Michael Huang - Thinkpanmure

Aaron Schwartz - JP Morgan

Richard Williams - Cross Research

Nabil Elsheshai - Pacific Crest

Brent Williams - Benchmark Company

Operator

Ladies and gentlemen, good afternoon, and thank you for joining the Wind River Systems' Q2 Fiscal Year 2009 Earnings Conference Call. After prepared comments by management, the company will host a Q&A Session. At this time, I will turn the call over to Anne Marie McCauley, Vice President of Investor Relations at Wind River Systems. Ms. McCauley, you may begin.

Anne Marie McCauley - Vice President of Investor Relations

Thank you, Anida. Good afternoon and welcome to Wind River's Q2 fiscal 2009 conference call. Joining me today is Ken Klein, our Chairman, CEO, and President; and Ian Halifax, our CFO.

Before we start, I’d like to remind you that this call is being webcast. The webcast and a second quarter update presentation can be accessed on the Wind River Investor Relations' website at www.windriver.com. A replay will also be available shortly after the conclusion of the call and will remain available for approximately one year.

The purpose of this call is to revise you with information regarding Q2 FY '09. However, some of our comments and responses to your questions will include forward-looking statements such as statements regarding our estimated revenue, GAAP net income per share, non-GAAP net income per share, and estimated expenses, margins, and cash flows for the upcoming quarter or full fiscal year 2009, direction of commentary on expected financial performance for fiscal year 2010, potential design wins, market opportunities, and expected business and market growth and development, new business models, expected new products or product features, and the benefits of new products, and the return on investments we have made in our products, sales organization, and alliances.

These forward-looking statements are based on certain assumptions and are subject to a number of risks and uncertainties. Actual future results may vary materially. I encourage you to read the risk factors described in the company’s annual report on Form 10-K for the fiscal year ended January 31, 2008, as well as other reports filed with the SEC after that date, including our Form 8-K filed today.

I’d also like to point out that results discussed today include certain supplemental non-GAAP financial measures. We provide these non-GAAP financial measures because we believe that they provide important supplemental information about our core operating results. These non-GAAP financial measures have not been prepared under any comprehensive set of accounting rules. All non-GAAP financial measures should be read in conjunction with the comparable GAAP information.

For a description of non-GAAP financial measures and reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the section of Wind River’s earnings release issued today entitled “about non-GAAP financial measures” and supplemental information posted on the Wind River Investor Relations' website at www.windriver.com.

With that, I’ll turn the call over to Ken Klein.

Ken Klein - Chairman, President and Chief Executive Officer

Thanks Anne Marie and good afternoon everyone. We are pleased to report that the momentum we saw in our Q1 business continued into Q2. The quarter was again marked by solid execution on all fronts driving return on the investments we made over the last year. Wind River is making excellent progress across all product lines and all targeted vertical markets.

Revenue for the quarter was $91.9 million, an increase of 9% over anomalously strong Q2 last year. The combination of deferred revenue and services backlog was approximately $163 million, an increase of 20% over Q2 last year. Q2 GAAP net income per share was $0.11, an increase of 120% over Q2 last year and non-GAAP earnings per diluted share were $0.17, an increase of 42% over a very strong Q2 of $0.12 last year.

Our focus this year is on execution and return on investment. Our Q2 results clearly demonstrate our ability to execute consistently. We believe that the investments we have made in products, sales and alliances along with our alignment by product division and vertical market focus has fueled our momentum in the first half of fiscal year 2009. We are also encouraged by robust sales pipelines for Q3 and beyond.

Let me take a few minutes to review Q2 highlights and describe the key market trends that are benefiting us. Our increased focus on a named accounts sales model supported by geography based sales teams is enabling us to sell higher and more broadly into customers' organizations. As a result, we are seeing a higher frequency of larger transactions.

This quarter we had eight deals greater than $1 million and 155 deals greater than $100,000. These transactions are spread across all our target vertical markets, with a strong design win quarter surpassing 250 wins in Q2. Also we had groundbreaking wins this quarter in our MILS, industrial and mobile segments.

From a product line perspective, VxWorks 6 bookings were up 21% year-over-year. Results were very solid in our aerospace and defense vertical market. We are seeing increased demand resulting from our investment in VxWorks for the MILS, Multiple Independent Layers of Security architecture.

MILS enables our defense and commercial customers to build systems with certified high assurance that can securely and concurrently process classified or commercial data for multiple sources. With several wins in the quarter for the MILS architecture including one with a major defense prime. Our pipeline contains additional MILS opportunities we hope to capture in the second half of the year.

We extended our position in the avionics market with bookings for our ARINC 653 solution up 27% over the quarter a year ago. This platform provides customers with a proven safe and reliable solution for their safety critical control systems.

Customers in Q2 for the VxWorks 653 platform were geographically dispersed across the Americas, Europe and Asia. We also delivered certification evidence to several customers this quarter. Our VxWorks based business in the industrial vertical market grew 50% over year ago quarter. During the quarter, we had a large industrial win in Europe with Bosch Rexroth were the customers like our VxWorks based industrial platform for use in motion control systems.

The key driver for this design was our comprehensive software support of their multi-core hardware environment including both our VxWorks symmetric multiprocessing solution and associated development tools.

During the quarter, we announced Wind River Multi-Core Software, the industry's most comprehensive multicore and virtualization technologies. As part of this announcement, we introduced a scalable hypervisor allowing multiple operating systems to share underlying processing cores, memory, and other hardware resources.

While the early access release for our hypervisor is just now becoming available, we have already seen an early virtualization win as part of a large automotive customer transaction. We believe that our multicore software and virtualization technologies will be applicable across a broad range of vertical markets including networking equipment, automotive, industrial and medical.

To extend our solutions and market presence, we continue to collaborate deeply with the leading multicore silicon companies including Cavium, Freescale, Intel, and Raza. For example, we announced a close development partnership with Freescale on their new core IQ multicore chip family. We will innovate our VxWorks and Linux operating systems as well as our tools with our new simulation technologies. This will uniquely enable our joint customers to more easily migrate existing projects or start new development projects in advance of hardware availability.

In Q2, we got another excellent Linux quarter as bookings grew 115% over last year. At current levels, we are rapidly approaching $100 million in run rate. The execution of our strategy in the mobile handset and mobile Internet device vertical is progressing well. Our unique position in the open handset alliance i.e. Google's Android and Intel's Mobilin and in LiMo has significantly increased our Linux sales pipeline.

Each of these Mobile Linux consortia is taking a different approach to consolidate the fragmented Mobile Linux market. Regardless of which approach the market embraces, we are well aligned with a key hardware and middleware providers, handset manufacturers and mobile operators to benefit. During Q2, we had services led Android space design win with a major mobile operator.

Within LiMo, all five LiMo OEMs began using our Linux build system and tool chain to make up contributions to the LiMo platform. We also had a design win with Kyocera. We are helping them develop a next-generation consortia based smart phone. Wind River intends to provide Kyocera with Linux and proprietary technology, development tools, and customization expertise.

We are further strengthening our Mobile Linux capabilities with today's announcement agreement to acquire MIZI. MIZI is a Korean based company founded in 1999 with 65 employees focused on the development of mobile software for embedded Linux. This acquisition will provide us with incremental expertise in Mobile Linux. We will also benefit from their customer relationships and capabilities in telephony, user interface design, and multimedia. We expect to leverage this expertise in developing IP for use in consortia projects including OHA, LiMo, and Moblin.

We also announced a groundbreaking partnership this quarter in the broader mobile market with Intel. With support from Intel, we will introduce a commercial Moblin based Linux platform for the Mobile Internet device for mid market. The platform will be application ready and optimized for the newly Intel Adam processor. We intend to drive per unit fees for mid customers tied to their production volumes.

We also saw strength in our Linux consumer device solutions outside the mobile segment. We had a new design win in the high end digital television space. The manufacturer is creating a new family of Internet connected Linux based products and will rely on Wind River to be the software systems integrator cording across multiple vendors.

In addition, we saw further adoption of our Linux solutions in the automotive infotainment market. Leveraging work we have done with BMW, Intel and others, we had a design win with a customer building a second generation telematics platform. We will service the systems integrator for this program integrating our Linux solutions with our new virtualization technology based on hypervisor. At the Intel IDF or Developer Forum last week, BMW and Intel demonstrated our new Linux for automotive infotainment platform on main stage to over 2,000 attendees.

We had continued success with VxWorks, Linux and Tools in the important networking vertical. In Q2, every major network equipment provider purchased our networking solutions including Alcatel-Lucent, Cisco, Ericsson, Huawei, Motorola, NEC, Nokia, Siemens and Nortel. We are seeing a number of these providers adopt our Wind River Linux platform as they start their 4G wireless designs including both LTE and WiMax.

In the device management business, we recently announced Test Management. Wind River's first solution targeted specifically at the QA department. This application enables our customers to automate the test process and will help our customers shorten their testing cycles, lower product development costs, and achieve faster time to market for devices.

Before I turn the call over to Ian, I would like to summarize.

To reiterate, our focus this year is on continuous execution in driving return on the investments we made last year. We have started the year on a strong note. Given our investments, vertical market focus, and targeted strategic initiatives, we believe we are well positioned to build on the momentum of the first half of FY '09 as we head into the second half and beyond. Thank you very much.

Ian Halifax - Chief Financial Officer

Thank you, Ken. Good afternoon. I would now like to review our second quarter fiscal year 2009 financial performance and highlight key metrics for the first half of FY '09. additionally, we will review guidance for both the third quarter and full fiscal year 2009 and provide some directional commentary on fiscal year 2010.

Before discuss our Q2 performance, it's important to remind that Q2 last year was very strong from a revenue and earnings perspective due to anomalous one-time event. For the second quarter of fiscal year 2009, net revenues were $91.9 million, reflecting a 9% increase over the strong second quarter of fiscal year 2008. This brings revenues for the first half of fiscal year 2009 to $179.8 million an increase of 11% over the first half of fiscal year 2008.

Subscription revenue for the quarter was up 8% year-on-year to $32.5 million. Product revenue, including project-based perpetual and term licenses as well as production licenses was $34.9 million up 9% compared to $32 million in the second quarter of fiscal year 2008.

Perpetual and term licenses contributed $13.6 million to product revenue, reflecting rapid adoption of our recently implemented term license model. Going forward, we anticipate product revenue to trend above last year’s run rate due to our shift to term licenses for large multiple element arrangements.

Services revenue, including maintenance, professional services, and training was $24.5 million, up 9% compared to the same quarter a year ago. Deferred revenue for the quarter ended at $134.2 million, representing a 16% increase over the second quarter of fiscal year 2008.

At the end of the second quarter, we had services backlog of approximately $29 million. This represents an increase of over 37%, compared to the same quarter a year ago was driven by large services led engagement wins in the quarter. The combination of deferred revenue and services backlog this quarter is approximately $163 million, representing an increase of 20% over the same quarter a year ago. As a reminder, this metric is intended to provide a gauge of the overall demand for our products and services.

VxWorks revenue for the second quarter of fiscal year 2009 was $65.6 million, an increase of 9% compared to the second quarter of fiscal year 2008. Linux revenue this quarter was $10.1 million, an increase of 60% compared to the same quarter a year ago.

Other revenue, including revenue from non-core products designed services tools and device management for the second quarter of fiscal year 2009 was $60.2 million, a decrease of 11% compared to the second quarter of fiscal year 2008.

In terms of geographers, the Americas represented 47% of total revenue for the second quarter. EMEA contributed 29% and Asia Pacific, including Japan, contributed 24%.

In terms of bookings, some of the top customers in the quarter included Alcatel Lucent, Oski, Bausch, Intel, Lockheed, Motorola, Northrop Grumman, Rafeon, Ricoh and Siemens. We had 155 deals, greater than $100,000 during the quarter. We had 8 deals greater than $1 million during the quarter.

Our bookings profile by end market for the quarter was as follows: Network Infrastructure accounted for 29%; Aerospace and Defense, 22%; Industrial and Automotive, 20%; and Digital Consumer, 29%.

Gross margin on a non-GAAP basis for the second quarter of fiscal year 2009 was 79%, a slight increase over the second quarter a year ago. This was driven primarily by improved services margins. As anticipated, non-GAAP operating expenses decreased in Q2 from Q1 levels to $58.4 million. This sequential decrease of $2.4 million or 4% was due to lower sales and marketing program spend and lower professional services fees. We remain very focused on margin spend, anticipating non-GAAP operating expenses to reach well in excess of $60 million.

Non-GAAP operating income in the second quarter was $13.7 million compared to $9.7 million in the same quarter a year ago. This translates into second quarter non-GAAP operating margin of 15%.

Interest and other income on a non-GAAP basis was $1.7 million for the quarter. The impacts of FAS 123 are expensing of stock-based compensation in the quarter was $4.2 million.

Net income on a GAAP basis in the second quarter of fiscal year 2009 was $8.8 million compared to net income of $4.3 million in the same quarter a year ago, an increase of 104%. Non-GAAP net income in the second quarter of fiscal year 2009 was $14 million compared to $10.5 million in the same quarter a year ago, an increase of 53%.

On a diluted share basis of 79 million shares, GAAP net income per share in the second quarter was $0.11, an increase of 120% over the same quarter a year ago. On a diluted share base of 80.3 million shares, non-GAAP earnings per share in the second quarter were $0.17, an increase of 42% over the same quarter a year ago.

For the first half of fiscal year 2009, GAAP net income was $9.3 million or $0.11 per share. Non-GAAP net income was $21.7 million or $0.26 per share, an EPS increase of 63% over the first half of fiscal year 2008.

Q2 FY '09 ended with $201.6 million in cash, cash equivalents, and investments. Cash flow from operations were $9.9 million for the quarter. This brings cash flow from operations for the first half of fiscal year 2009 to $39.5 million, an increase of 69% over the first half of fiscal year 2008.

During the second quarter of 2009, we repurchased 2.2 million shares for a total amount of $18.6 million. On June 17th, we announced an additional $50 million share repurchase program and as such we currently have a balance of $65 million available to buy back shares.

The account receivable balance as of July 31, 2008 was $65.6 million. Day sales outstanding was 65 days compared to 74 days last quarter.

Depreciation in the second quarter was $2.3 million. Capital expenditures were $1.8 million, including approximately $0.8 million for internal use software projects.

At the end of July, our total headcount was 1,512, including sales headcount of 405. We had roughly 160 quota-bearing sales personnel at the end of Q2.

Now, let me take a moment to welcome the 65 employees from MIZI who will be joining our team. This group will bring extensive mobile expertise and services capability to Wind River. As we stated in the release today, we expect to put up to $60 million in cash to acquire substantially all of the outstanding shares of MIZI. Subject to customary closing conditions, we expect this acquisition to close in Wind River's fiscal third quarter. We expect that the acquisition will not have a material impact on GAAP and non-GAAP earnings per share in FY '09. We anticipate to be accretive to GAAP and non-GAAP earnings per share in FY '10.

I would now like to review the financial outlook we included in today’s earnings press release. We are providing guidance for Q3 for the first time and are raising our earnings per share projections for the full fiscal year 2009.

As a brief reminder, guidance for the upcoming quarter and for the year are set with a focus on sales forecast and pipelines, the conversion of orders into revenue, and our ability to carefully manage expense. A key challenge is projecting the quarter in which large deals will close and convert to revenue.

In Q2, we saw a further rapid adoption of the term licenses model as well as a number of large transactions close earlier than originally forecast. Hence, for fiscal year 2009, we continue to anticipate revenues in the range of $365 to $375 million dollars. GAAP net income per share is now projected at $0.17 to $0.19 and non-GAAP net income per share is now forecast to be $0.50 to $0.52.

In the third quarter of fiscal year 2009 we anticipate revenues in the 88 to $90 million range. GAAP net income per share of $0.01 to $0.02, and non-GAAP net income per share of $0.08 to $0.09.

It's important to highlight as the GAAP profitability increases and becomes more predictable, we maybe in a position to release our valuation allowance related to our US deferred tax assets. The release would result in a one-time significant benefit to a GAAP tax charge in the quarter in which the release occurs. While we are unable to predict, if this release will occur late in FY '09 or in FY '10 the impact will result in a change to the GAAP tax rate. We do not expect a material impact to the non-GAAP tax rate this year. We are in a process of assessing longer term tax practice to match our overall effective tax rate.

We continue to be encouraged by positive momentum in our business. As we are looking to FY '10 we believe that from a current FY '09 target we can grow revenues in a range of 10 to 14%, while expanding operating margins by further careful management of our cost infrastructure. If we accomplish this we will achieve continued bottom line leverage resulting non-GAAP earnings per share growth in the range of 20 to 25%.

Wind River has demonstrated solid execution in the first half of fiscal year 2009. Given our investments, organizational structure, vertical market focus, and target strategic initiatives, we believe we are positioned to build on our momentum. Continued and consistent execution will be key in translating our business opportunities into revenues and earnings per share in the fiscal year 2009 and beyond.

At this point, Ken, I would like to open the call for questions.

Question-and-Answer Session

Operator

(Operator Instructions). So our first question comes from Matt Petkun of DA Davidson & Company.

Matt Petkun

Hi, good afternoon, nice quarter. A few questions, primarily on the continued use of this term deals, I find that interesting, can you guys continue to comment as to why you are moving more away from the subscription and towards the terms deals with your larger contracts?

Ken Klein

Yeah, sure. Let me make two or three points. Now the first is its not a wholesale migration from one pole to another, about 3% of revenues in Q2 came from terms licenses. Mostly two to three year deals have 30% maintenance components. And the reason we have adopted this approach is really, you know, it's a couple of reasons. One is they make accounting for multiple element arrangement which include services and other elements rather simpler. We believe we will see improving yield rates and easy renewals with this model and we believe that although timing will increase sales run rate to pursue new design wins. So those are the main reasons.

Matt Petkun

Okay. And then, if I look at the bookings number and obviously we never get a perfect insight into this, but looking at the change especially in the short term subscription deferred revenue and the total subscription deferred chase, it would look like at least from a bookings perspective, you saw a meaningful decline in subscription bookings activity. Can you comment on that?

Ken Klein

Yeah. So Matt, it's Ken. I will give you the overall bookings picture and then Ian can talk about subscription bookings in particular. So as you know we don’t talk about bookings in general but I will tell you several things. One is that in Q2, bookings obviously exceeded revenue. Secondly, the bookings growth rate overall was actually substantially exceeded the revenue growth rate. And again the thing I would call your attention to is what we mention in both of our prepared remarks that be combination of deferred revenue and services backlog was $163 million with increase of 20% over our Q2 last year.

Matt Petkun

Okay, great. And then, when we look towards Q4 kind of we now have Q3, so are able to guess of roughly where Q4 should shake out, where do you see the real pick up then from a revenue perspective because we already have a good sense of roughly what the subscription run rate should be headed into those quarters. So if you had to weigh up between real pick up in services, the production run time revenue or perpetual term deals, where is the biggest pick up coming to get you closer to that 100 million run rate?

Ian Halifax

Yeah. I think there is no single element which will drive the pickup. Once I think we said on -- I don’t know like Analyst Day in the recent calls, we do expect the product line to grow more quickly than subscription. So expect that to be one driver of growth along with services which we have a very good quarter and we expect further momentum there albeit Q3 and Q4.

Matt Petkun

Okay. Then just one final question for me. Ian, the nice tick up that we saw in the services backlog we are now annualizing when you first started giving us that number. Was there one specific renewal that helped drive that kind of $9 million increase or is it just kind of the aggregation of the total business?

Ian Halifax

There was at least one large deal in that but it wasn't just one deal, it was several deals.

Matt Petkun

But a deal that was renewing from a previous contracting backlog?

Ian Halifax

No, this is new business.

Matt Petkun

Okay. Nice quarter.

Ian Halifax

Thanks.

Operator

Your next question comes from the line of Michael Huang of Thinkpanmure. Sir, your line is open.

Michael Huang

Thanks very much. Good afternoon guys.

Ian Halifax

Good afternoon Michael.

Michael Huang

The first -- the theme that you getting some strong services work around Linux across verticals which is encouraging. Could you help us understand, I mean, is this a leading indicator for subscription deals or licensees down the road? And then kind of per the license deals that are subscription or license, what percentage of these deals right now are attacking some form of unit pricing.

Ken Klein

Sure. Hi Mike. In general, these are services led engagements and we talked about a handful of them including the transaction with Intel, Moblin and basically enabling the Adam processor for MIZI, which -- so they are NRE upfront and the way the business model work it's a combination of that plus technology access, fee associated with that, per developer fee, and then per unit fees to track with customer volumes later on when these devices enter production. So a lot of the services led engagements we are doing in mobile and in automotive, our structure is exactly this way. It's very similar to what we have already been able to do successfully in networking equipment. So in fact we believe that is to be a leading indicator of follow on product now, that product again as Ian mentioned depending on how we structure those they could be done as term transactions or subscription depending upon to what make sense for that people or customer.

Michael Huang

Okay. And in term of your royalty compliance program I know that you guys had focused quite a bit on that totally last year. I was wondering whether or not did that contribute to Q2 performance on the royalty line and are we pretty much all caught up there?

Ian Halifax

Yeah, really because truly we had some help from compliance in Q2 this year, as to the last year also. But I think as a -- it’s a very decent pipeline for compliance activity going forward.

Michael Huang

Okay. And then last question for you guys. So with respect to device management, we have been hearing some encouraging feedback on that. Can you talk about which verticals are the ones that are earliest embraced that product area and just from the magnitude side, as sampling tells, help us understand how optic that opportunity is?

Ken Klein

Well its fairly -- its still pretty early days with device management and by the way, we are really focusing on this -- device manager as a life cycle quality management. And as we have seen from our announcements now we are really focusing on this QA opting which we think to be very, very large and we are very excited about that. In terms of early adopters, it’s no great surprise that the networking equipment is probably the segment where we are seeing the most traction and also aerospace and defense and surprisingly. On a go forward basis we believe that test management which is really the newest addition to the device management portfolio will have cross vertical applicability ie, it will be just as relevant in other verticals such as industrial and consumer.

Michael Huang

Okay. Thanks very much guys.

Operator

Your next question comes from the line of Aaron Schwartz with JP Morgan. Sir your line is open.

Aaron Schwartz

Good afternoon. I had a question about the revenue guidance. You talked about a very strong pipeline and the revenue has really been the function of the timing of closing transaction out of that pipeline. It certainly have seen better close rate here in the first half, is that really how we should think about it for Q3 that you would assume sort of that same base line premise and if you happened to see an acceleration in close rates or similar transaction that would be upside to the revenue guidance that you provided?

Ian Halifax

Yes, just sort to involve the Q3 guidance, Q3 has been -- so it was last year in my first two, three the seasonal quarter. If you look at the data from last year we saw about $3 million dropping revenue from Q2 to Q3. So we are sensitive to that. I think that is the major best of the guidance. Of course if we see similar very, very strong execution in Q3, obviously from Q2, there could possibly some upside, but I will not claim nor I sign up for that right now.

Aaron Schwartz

Okay, fair enough. And then in terms of the mobile handset, initiative obviously you have invested heavily in that segment. Is it fair to assume that in FY '10 that we should start to think about some of the production license coming into where its starting to be meaningful and obviously that carry so much higher margin. Is that the right time for him to think about?

Ken Klein

Aaron, yeah that’s right. That’s our intention. Obviously, we are not waiting around to monetize this before that time, because there is -- we have opportunities with us -- services led and array technology access fees and developers say it’s the -- yeah we would expect to see per unit fees manifest in FY '10. I can't give you a lot of granularity on that right now because that’s obviously a lot it has to do with the uptick of our platforms and how quickly they make their way into production with high volume devices. But again we have a lot of irons in the buyer right now with Moblin, with LiMo with Google android and obviously we are putting even more wood behind the aero in terms of our capacity to deliver on this with the acquisition of MIZI which we announced today.

Aaron Schwartz

Okay. And that’s actually related to my last question. Obviously that you put some commentary in the release that they shouldn’t be all that material to your margins targets here, but does that push out the profitability target just on your Linux business?

Ken Klein

No.

Ian Halifax

No, not at all.

Aaron Schwartz

Okay, terrific. Well congratulations on the quarter and thanks for taking my question.

Ian Halifax

Thank you.

Ken Klein

Thanks Aaron.

Operator

You next question comes from the line of Richard Williams with Cross Research. Sir your line is open.

Richard Williams

Can you hear me guys?

Ken Klein

Yes.

Richard Williams

Okay. Congratulation on quarter.

Ken Klein

Thank you.

Richard Williams

I wonder if you could give us some color on the different geographies to start with.

Ken Klein

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Yeah, this quarter I mean again – depending on the quarter we see fluctuation but the stars were the Americas and Asia Pacific.

Richard Williams

Okay. And also I may have missed it before, I apologize if I did, but what were the uses of cash flow because it was such a strong top line and bottom line quarter, it seems like cash flow was little bit late?

Ian Halifax

No, one fact we did drive cash-flow to $9.8 million. We did see a drop in deferred revenue, in fact it was the main driver. But if you look at the half year metrics, cash flow for the half year was very, very strong indeed and we feel very good about that.

Richard Williams

Sure. And what was your full year target or did you give that?

Ian Halifax

We didn’t tell them of course like last quarter we said in excess of $60 million and I think we are still comfortable with that.

Richard Williams

Okay. And let’s see, can you give us anymore color either on the handset side or the infotainment any events upcoming, any interesting developments beyond what you have already said? And thank you.

Ken Klein

Well, I think that -- again I don’t want to allude what we have already said here. I mean the fact that we have announced a major Android operator. When? At this time, we can’t reveal who that is. I think that’s quite material because we think that operators are very much like market makers and they can influence the entire supply chain all the way down through OEMs down into actually to silicon. And so very much the way we saw this manifest itself with our win at BMW, we are making a market for Linux based infotainment systems. We think this is kind of the clear path to do that. I think the other thing I had mentioned with MIZI, MIZI brings to us customer relationships and operator relationships as well including China Unicom where in fact there is a special edition, Olympics handset actually distributed by China Unicom built by or designed and with IP from MIZI. And so these kinds of relationships, the business model that we put in place we think is a quite exciting. On the telematics side, again I think we certainly see an uptick and in terms of our pipeline based on the success that we have had so far that we are able to – I would just say Intel and BMW were able to actually demonstrate our Linux Infotainment platform in front of 2,000 attendees at the Intel Development Forum is important and we think that’s gong to be help us continue to grow the pipeline.

Richard Williams

Have you at least which car models are going to have that infotainment system available first?

Ken Klein

Well, what we can say is that there is a 3 Series BMW on stage that’s all we can say.

Richard Williams

Fair enough. Okay. That’s it for me. Congratulations and good luck for the coming quarter.

Ken Klein

Thank you.

Ian Halifax

Thank you.

Operator

Your next question comes from Nabil Elsheshai of Pacific Crest. Sir, your line is open.

Nabil Elsheshai

I think you just answered my question. I was wondering if you can talk a little bit about MIZI and what it brings that you guys didn’t have already, is it mainly the development, is it services and the region, just a little more color there?

Ken Klein

Yeah, so I think at the end of the day it brings us tremendous credibility beginning with expertise and capability around mobile devices specifically the kind of expertise we are going to need in order to execute on our strategy with the key consortia that we talked about Google, the work we are doing with Intel around Moblin and Limo. Clearly that’s number one. Number two, they have IP that we believe we can look into our platforms that will be differentiating for us. And number three, customer relationships, not only OEM relationships such as LG and Samsung as you might expect being a Korean firm, but also relationships with some of the large operators like China Mobile and China Unicom.

Nabil Elsheshai

Great. And then what I presume most of the costs there will be in the R&D line or they are spread out a little bit.

Ken Klein

Elizabeth Olsen

No the comps will actually be in the professional services line.

Nabil Elsheshai

Okay.

Ian Halifax

So its cost to revenues for the most part.

Nabil Elsheshai

Okay, great. Thank you very much.

Ken Klein

Thanks welcome.

Operator

Your last question comes from the line of Matt Petkun of DA Davidson & Company. Sir your line is open.

Matt Petkun

Just a quick followup question. Ken, help me understand why those operator is selecting Wind River that’s a change in how we think about product development a little bit?

Ken Klein

Sure. Well, I think one of the trends that we have been talking about all along is this one of just inter mediation where operators are starting to really want to -- really differentiate their offering and they really want -- in order to do that they need better control of the entire supply chain, which cannot actually mean and include the audience or others some work and so forth. So what we are generally hearing is that if they can mandate the software stack that they can develop software services that are differentiating for the specific operators. And so I think that’s the motivation is really want of control and want to differentiation rather then being holding to if you will the design schedules that the multiplicity of OEMs or ODMs. So I think that’s the reason for it. And what's grate for Wind River clearly is that we are at the kind of the head of the stream on that. We can do things once and then monetize the entire supply chain across multiple OEMs, ODMs and SIMI.

Matt Petkun

Yeah that’s fantastic. And then one other question I had Ken. So you commented from a bookings kind of overall perspective that the bookings were nicely ahead of revenues this quarter. The old math that we used to use of change in deferred plus the revenue number is not working like it used to. Clearly the cash collection cycles have changed a little bit partly with the term deal on and maybe just overall. So can you help us understand that a little bit, I mean we obviously saw that the drop in deferred this quarter, but I am just trying to understand a little bit more how we should be thinking about that?

Ken Klein

Well, I think your math is partially right, but you are missing those another variable in equation, which is the off balance sheet services. And so if you add that to in the delta and those off balance sheet services to change in deferred to revenue and look at that quarter-over-quarter than you would see that, Q2 '09 is substantially higher than Q2 '08.

Matt Petkun

Okay. And so your comment from a broad perspective is really talking about the total package including services?

Ken Klein

And that’s how we go to market today.

Matt Petkun

Exactly. Thank you.

Operator

Your final question comes from the line of Brent Williams from Benchmark Company. Sir your line is open.

Brent Williams

Hi guys. Let see any sort of change in the mix in the automotive market of revenue coming from design starts or project starts versus deployment related revenue. I mean is it still pretty much unchanged as you know the production forecast have been bouncing along the line?

Ken Klein

Yeah, we are still early in the curve -- on the curve here. So the monetization that we are experiencing there is well in design starts. I mean that the models -- many of models that we are talking about are 2012 models. And so we are not being affected by the fluctuations in the overall automotive market right now. I mean right now you are seeing automotive manufactures looking to at differentiating features and a lot of that is based on software and you are right, if you will in the nexus of that trend you know, differentiate cars based on software and software and services capabilities. So again whether car sales go up or down has no impact on our business whatsoever.

Brent Williams

Got it, okay. Can you give us some color on -- of the APOs over a million was the largest coverage unusually large or were they all kind of a million and a bunch or were they like I would say one giant deal?

Ian Halifax

No. There are number of deals in the several million dollar range, (inaudible). Couple of quarters now we have seen deals in the high number of millions. Now we were that.

Brent Williams

Okay. Now one of things can you talk about the services backlog, are you guys at all deliver (inaudible) services right now just growing, just because its going, I mean how are you dealing with that sort of supply demand balance?

Ken Klein

Yes. We have 8 service centers around the world including our service centre in -- I mean that’s why is the reasons we acquired MIZI was to be able to deliver on the demand that we have in the mobile space. And so again that’s what one of the key reasons we did that. We do by the way have an ecosystem of partners that have various vertical expertise that we can complement our in house consultants. And so that we are always keeping it through our buffer of consultants that we can basically flex the demand.

Brent Williams

Okay, great. And I think all my other questions have already been asked. Thanks very much.

Ken Klein

You are welcome.

Ian Halifax

Thanks Brent.

Anne Marie McCauley

With that there are no more questions so we thank you very much for joining us today.

Operator

Thank you for joining us today. We look forward to speaking you on our Q3 FY '09 call in December.

Huawei Technologies Co. Ltd. (/ˈhwɑːˌweɪ/; pinyin:Huáwéi) is a Chinese multinational networking and telecommunications equipment and services company headquartered in Shenzhen, Guangdong.^[3] It is the largest telecommunications equipment manufacturer in the world, having overtaken Ericsson in 2012.^[4]

Huawei was founded in 1987 by Ren Zhengfei, a former engineer in the People's Liberation Army. At the time of its establishment, Huawei was focused on manufacturing phone switches, but has since expanded its business to include: building telecommunications networks; providing operational and consulting services and equipment to enterprises inside and outside of China; and manufacturing communications devices for the consumer market.^[5][6] Huawei has over 170,000 employees as of September 2015, around 76,000 of whom are engaged in research and development (R&D).^[7][8] It has 21 R&D institutes in countries including China, the United States,^[9]Canada,^[10] the United Kingdom,^[11]Pakistan, France, Belgium, Germany, Colombia, Sweden, Ireland, India,^[12]Russia, Israel, and Turkey,^[13][14] and in 2014, the company invested $6.4 billion USD in R&D, up from $5 billion USD in 2013.^[15]

In 2014, Huawei recorded a profit of 34.2 billion CNY (5.5 billion USD).^[16] Its products and services have been deployed in more than 140 countries and it currently serves 5 of the world's 50 largest telecoms operators.^[17]

Name

Huawei is the official transliteration of the firm's Chinese name (simplified Chinese:华为; traditional Chinese:華為; pinyin:Huáwéi). The etymology of the character 华 is derived from '花' which means 'flower'. This is hinted at in Huawei's logo. The character can also mean 'splendid' or 'magnificent', but nowadays mostly refers to 'China' or '(ethnic) Chinese' (see also Names of China). It is common for Chinese companies to use this word; another example being the Taiwanese company Asus (simplified Chinese:华硕; traditional Chinese:華碩; pinyin:Huáshuò; literally: 'Chinese-Eminent') that was founded back in 1989. The second character of Huawei's name, 为, means 'action' or 'achievement', thus Huawei literally means 'Chinese achievement'. It is pronounced 'Wah-Way' according to a Gizmodo video that claims to provide the 'official' pronunciation,^[18] as well as many other internet sources. However, 'Wah-Way' is incorrect, and is an unfortunate perpetuation of a mistaken combination of the Cantonese and Mandarin pronunciations for the first and second characters, respectively. The Cantonese pronunciation is 'Wah-Waii',^[19] while the Mandarin pronunciation is 'Hwa-Way' (IPA:[ˈhwɑːˌweɪ]). Although the company is based in the Cantonese-speaking area of Guangdong, the use of Huawei as the spelling for its name refers to the Mandarin pronunciation of 'Hwa-Way'.

History

Early years

During the 1980s, China's government tried to modernize the country's underdeveloped telecommunications infrastructure. A core component of the telecommunications network was telephone exchange switches, and in the late 1980s several Chinese research groups endeavored to acquire and develop the technology, usually through joint ventures with foreign companies.

Ren Zhengfei, a former deputy director of the People's Liberation Army engineering corp, founded Huawei in 1987 in Shenzhen. Rather than relying on joint ventures to secure technology transfers from foreign companies (which were often reluctant to transfer their most advanced technologies to Chinese firms), Ren focused on local research and development to produce the switches through reverse-engineering of foreign technologies. At a time when all of China's telecommunications technology was imported from abroad, Ren hoped to build a domestic Chinese telecommunication company that could compete with foreign competitors.^[20]

The company reports that it had RMB 21,000 in registered capital at the time of its founding. The Far Eastern Economic Review also reported that it received an $8.5 million loan from a state-owned bank, though the company has denied the existence of the loan.^[5][21]

During its first several years the company's business model consisted mainly of reselling private branch exchange (PBX) switches imported from Hong Kong. Meanwhile, it was reverse-engineering imported switches and investing heavily in research and development to manufacture its own technologies.^[5] By 1990 the company had approximately 500 R&D staff, and began its own independent commercialization of PBX switches targeting hotels and small enterprises.^[22]

The company's first major breakthrough came in 1993, when it launched its C&C08 program controlled telephone switch. It was by far the most powerful switch available in China at the time. By initially deploying in small cities and rural areas and placing emphasis on service and customizability, the company gained market share and made its way into the mainstream market.^[23] The company also developed collusive joint venture relationships with local authorities, whereby it would provide 'dividends' to the local officials in exchange for their using Huawei products in the network. Ahrens writes that these methods were 'unorthodox, bordering on corrupt,' but not illegal.^[5]

Huawei also gained a key contract to build the first national telecommunications network for the People's Liberation Army, a deal one employee described as 'small in terms of our overall business, but large in terms of our relationships.'^[21] In 1994, founder Ren Zhengfei had a meeting with Party General Secretary Jiang Zemin, telling him that 'switching equipment technology was related to international security, and that a nation that did not have its own switching equipment was like one that lacked its own military.' Jiang reportedly agreed with this assessment.^[5]

Another major turning point for the company came in 1996, when the government in Beijing adopted an explicit policy of supporting domestic telecommunications manufacturers and restricting access to foreign competitors. Huawei was promoted by both the government and the military as a national champion, and established new research and development offices.^[5]

International expansion

In 1997, Huawei won its first overseas contract,^[24] providing fixed-line network products to Hong Kong company Hutchison Whampoa.^[23] Later that year, Huawei launched its wireless GSM-based products and eventually expanded to offer CDMA and UMTS. In 1999, the company opened a research and development (R&D) center in Bangalore, India to develop a wide range of telecom software.^[22] From 1998 to 2003, Huawei contracted with IBM for management consulting, and underwent significant transformation of its management and product development structure. After 2000, Huawei increased its speed of expansion into overseas markets, having achieved international sales of more than US$100 million by 2000^[24] and establishing an R&D center in Stockholm, Sweden. In 2001, Huawei established four R&D centers in the United States, divested non-core subsidiary Avansys to Emerson for US$750 million and joined the International Telecommunications Union (ITU). By 2002, Huawei’s international market sales had reached US$552 million.^[22]

In 2004 Huawei continued its overseas expansion with a contract to build a third-generation network for Telfort, the Dutch mobile operator.^[22] This contract, valued at more than $US25 million, was the first such contract for the company in Europe.^[25]

In 2005, Huawei’s international contract orders exceeded its domestic sales for the first time. Huawei signed a Global Framework Agreement with Vodafone. This agreement marked the first time a telecommunications equipment supplier from China had received Approved Supplier status from Vodafone Global Supply Chain. The agreement established the terms and conditions for the supply of Huawei's solutions to any one of the Vodafone operating companies worldwide.^[26] Huawei also signed a contract with British Telecom (BT) for the deployment of its multi-service access network (MSAN) and Transmission equipment for BT's 21st Century Network (21CN), providing BT and the UK telecommunications industry with some infrastructure necessary to support future growth as these companies are multi vendor infrastructure.^[27]

In May 2008, Huawei and Optus developed a mobile innovation centre in Sydney, Australia, providing facilities for engineers to develop new wireless and mobile broadband concepts into 'ready for market' products.^[28] In 2008, the company embarked on its first large-scale commercial deployment of UMTS/ HSPA in North America providing TELUS's new next generation wireless network and Bell Canada with high-speed mobile access.^[29]

Huawei delivered one of the world’s first LTE/EPC commercial networks for TeliaSonera in Oslo, Norway in 2009. The company launched the world's first end-to-end 100G solution from routers to transmission system that same year, to help meet the rapid growth of network traffic and enhance router efficiency and reliability.^[22]

In July 2010, Huawei was included in the Global Fortune 500 2010 list published by the U.S. magazine Fortune for the first time, on the strength of annual sales of US$21.8 billion and net profit of US$2.67 billion.^[30] In late 2010 it was reported that Huawei is planning to invest around US$500 million (Rs 2,200 crore) to set up a telecom equipment manufacturing facility in Tamil Nadu, India and $US100 million to expand its R&D center in Bangalore.^[31][32]

In October 2012, it was announced that Huawei would move its UK headquarters to Green Park, Reading, Berkshire.^[33] The company also, in an effort to increase its prominence in the United States, became the main sponsor of the Jonas Brothers' 2013 summer tour.^[34]

In September 2013, Huawei opened a new Canadian office in Regina, Saskatchewan—Huawei had collaborated with the local carrier SaskTel to build its HSPA+ and LTE networks. The company also announced that SaskTel would carry its new Ascend Y300 smartphone.^[35]

In October 2013, Huawei has been selected by TDC A/S as a sole vendor to modernize the nationwide GSM/UMTS/LTE network in Denmark and provide managed services over a six-year period. The value of the contract is over $700 million over the term of the agreement.^[36]As per the latest rankings by The Economist, Huawei is the number one Telecom Vendor in the world.

Investment and partnerships

Huawei has focused on expanding its mobile technology and networking solutions through a number of partnerships. In March 2003, Huawei and 3Com Corporation formed a joint venture company, 3Com-Huawei (H3C), which focused on the R&D, production and sales of data networking products. The company later divested a 49% stake in H3C for US$880 million in 2006. In 2005, Huawei began a joint venture with Siemens, called TD Tech, for developing 3G/ TD-SCDMA mobile communication technology products. The US$100 million investment gave the company a 49% stake in the venture, while Siemens held a 51% stake.^[22] In 2007, after Nokia and Siemens co-founded Nokia Siemens Networks, Siemens transferred all shares it held in TD Tech to Nokia Siemens Networks. At present, Nokia Siemens Networks and Huawei hold 51% and 49% shares of TD Tech respectively.^[37]

In 2006, Huawei established a Shanghai-based joint R&D center with Motorola to develop UMTS technologies.^[22] Later that year, Huawei also established a joint venture with Telecom Venezuela, called Industria Electronica Orinoquia, for research and development and sale of telecommunications terminals. Telecom Venezuela holds a 65% stake while Huawei holds the remaining 35% stake.^[38]

Huawei and American security firm Symantec announced in May 2007 the formation of a joint-venture company to develop security and storage solutions to market to telecommunications carriers. Huawei initially owned 51% of the new company, named Huawei Symantec Inc. while Symantec owned the rest. The joint-venture was based in Chengdu.^[39] In March, 2012, Symantec announced the sale of its portion of the joint venture to Huawei.^[40]

Grameenphone Ltd. and Huawei won the Green Mobile Award at the GSMA Mobile Awards 2009.^[41] In March 2009, the Wimax Forum announced four new members to its Board of Directors including Thomas Lee, the Vice Director of the Industry Standards Department at Huawei.^[42]

In 2008, Huawei launched a joint venture with UK-based marine engineering company, Global Marine Systems, to deliver undersea network equipment and related services.^[43]

Recent performance

In April 2011, Huawei announced an earnings increase of 30% in 2010, driven by significant growth in overseas markets, with net profit rising to RMB23.76 billion (US$3.64 billion; £2.23 billion) from RMB18.27 billion in 2009.^[44] In 2010 sales outside China continued to be the main driver of Huawei’s business. Overseas revenue rose 34% to RMB120.41 billion in 2010 from RMB90.02 billion in 2009, fueled by regions including North America and Russia. Revenues from China rose 9.7% to RMB64.77 billion, as the country's big telecom operators reduced their investment last year.^[45]

Huawei's revenues in 2010 accounted for 15.7% of the $78.56 billion global carrier-network-infrastructure market, putting the company second behind the 19.6% share of Telefon AB L.M. Ericsson, according to market-research firm Gartner.^[45]

Huawei is targeting a revenue of $150 million through its enterprise business solutions in India in the next 12 months. It denied using Chinese subsidies to gain global market share after being recently accused by US lawmakers and EU officials of unfair competition at best.^[46][47]

Corporate affairs

Huawei classifies itself as a 'collective' and does not refer to itself as a private company. Richard McGregor, author of The Party: The Secret World of China's Communist Rulers, said that this is 'a definitional distinction that has been essential to the company's receipt of state support at crucial points in its development.'^[48] McGregor argued that 'Huawei's status as a genuine collective is doubtful.'^[48]

Leadership

Ren Zhengfei is the president of Huawei and has held the title since 1987.^[49] Huawei disclosed its list of board of directors for the first time in 2010. Ms. Sun Yafang is board chair. As of 2011, the members of the board^[50] are Ms. Sun Yafang,^[51][52] Guo Ping, Xu Zhijun, Hu Houkun,^[53] Ren Zhengfei,^[54] Xu Wenwei, Li Jie, Ding Yun, Meng Wanzhou, Chen Lifang,^[55] Wan Biao, Zhang Pingan, and Yu Chengdong.^[50] The members of the Supervisory Board are Liang Hua, Peng Zhiping, Ren Shulu, Tian Feng, and Deng Biao.^[56] Richard Yu Chengdong is the Chairman of Huawei Device, its mobile phone division.^[57] On 1 July 2013, Huawei Device announced former head of Nokia Colin Giles joined the company as Executive Vice President of Consumer Business.^[57]

Ownership

Officially, Huawei is an employee-owned company, a fact the company emphasizes to distance itself from allegations of government control.^[5] What “employee-owned” means in practice at Huawei, however, is quite complex—so much so that according to the Chinese media company Caixin, “even longtime employees admit the [employee shareholding] system is nearly impossible to understand.”^[58]

Ren retains a direct 1.42 percent share of the company. The remainder of the shares is held by “a trade union committee tied to the affiliate Shenzhen Huawei Investment Holding Co.”^[59] This body represents Huawei’s employee shareholders. About 64 percent of Huawei staff participate in this scheme (approximately 61,000 Chinese employees; the 50,000-plus foreign employees are not eligible^[60]), and hold what the company calls “virtual restricted shares.” These shares are nontradable and are allocated to reward performance.^[61] When employees leave Huawei, their shares revert to the company, which compensates them for their holding.^[62] Although employee shareholders receive dividends, it is reported that they have no information on their holding.^[59]

Employees' shares do not entitle them to any voice in management decisions. Richard McGregor, author of The Party: The Secret World of China's Communist Rulers, claimed that the majority of shares are likely owned by Ren Zhengfei and Ren's managers, though the company states Ren directly owns less than 1.5%.^[48]

Partners and customers

As of the beginning of 2010, approximately 80% of the world's top 50 telecoms companies had worked with Huawei.^[63]Prominent partners include:

• BT^[64]
• Vodafone^[65][66]
• Motorola^[67][68]
• Orange^[69]
• Clearwire^[63]

In May 2011 Huawei won a contract with Everything Everywhere, the UK’s biggest communication company, to enhance its 2G network. The four-year deal represents Huawei's first mobile network deal in the UK.^[70]

Products and services

Huawei is organized around three core business segments:

1. Telecom Carrier Networks, building telecommunications networks and services
2. Enterprise Business, providing equipment, software and services to enterprise customers, e.g. Government Solutions^[71] etc.^[72]
3. Devices, manufacturing electronic communications devices^[6]

Huawei announced its Enterprise business in January, 2011 to provide network infrastructure, fixed and wireless communication, data center, and cloud computing solutions for global telecommunications customers.^[73] Huawei has stated that it aims to increase enterprise sales to US$4 billion in 2011 and $15 billion within three to five years.^[74][75]

In 2016, Huawei enterprise business group launched a new marketing slogan defining its position for the enterprise market, 'Leading New ICT, Building a Better Connected World' at CeBIT 2016.^[76]

Telecom networks

Huawei offers a variety of network technologies and solutions to help telecommunications operators expand the capacity of their mobile broadband networks. Huawei’s core network solutions offer mobile and fixed softswitches, plus next-generation home location register and Internet Protocol Multimedia Subsystems (IMS). Huawei assists content service providers looking to migrate from copper to fiber with solutions that support xDSL, passive optical network (PON) and next-generation PON (NG PON) on a single platform. The company also offers mobile infrastructure, broadband access and service provider routers and switches (SPRS). Huawei’s software products include service delivery platforms (SDPs), BSSs, Rich Communication Suite and digital home and mobile office solutions.^[77]

Global services

Huawei Global Services provides telecommunications operators with equipment to build and operate networks as well as consulting and engineering services to improve operational efficiencies.^[70] These include network integration services such as those for mobile and fixed networks; assurance services such as network safety; and learning services, such as competency consulting.^[77]

In 2010, Huawei won 47 managed services contracts to help improve network performance and efficiency for customers, as well as reducing the costs of network operations and maintenance.^[78] In 2010 Huawei's global services revenues grew 28.6% to US$4.82 billion.^[79]

Huawei Handset Driver

Ascend smartphones and devices

Huawei's Devices division provides white-label products to content-service providers, including USB modems, wireless modems and wireless routers for mobile wifi,^[80][81]embedded modules, fixed wireless terminals, wireless gateways, set-top boxes, mobile handsets and video products.^[82] Huawei also produces and sells a variety of devices under its own name, such as the IDEOS smartphones, tablet PCs and Huawei Smartwatch . Recent products include U8800, U8860, E220, Ascend, U7519, Huawei Mercury M886, Huawei Honor 6,^[83] Honor 6 Plus,^[84] Huawei Honor 5C ^[85] and U8150. On April 15, 2015, Huawei launched the Huawei P8 and Huawei P8 Max, two high-end Android smartphones.^[86]In 2010, Huawei Devices shipped 120 million devices around the world.^[6] 30 million cell phones, of which 3.3 million units were smartphones, were shipped to markets such as Japan, the United States and Europe.^[87] Huawei also partnered with Google to build the Nexus 6P.

Tecal servers

Competitive position

Huawei Technologies Co Ltd, is the world's largest telecom equipment maker^[4][88] and China’s largest telephone-network equipment maker.^[89] As of 2008, Huawei ranked first in terms of global market share in the mobile softswitches market,^[90] tied with Sony Ericsson for lead market share in mobile broadband cards by revenue,^[91] ranked second in the optical hardware market,^[92] stayed first in the IP DSLAM market,^[93] and ranked third in mobile network equipment.^[94] In 2009, Huawei was ranked No. 2 in global market share for radio access equipment.^[95] In addition, Huawei was the first vendor to launch end-to-end (E2E) 100G solutions, enabling operators to establish enhanced ultra-broadband networks, improving their service and simplifying their network architecture.^[96][97]

According to the World Intellectual Property Organization (WIPO) on 27 January 2009, Huawei was ranked as the largest applicant under WIPO's Patent Cooperation Treaty (PCT), with 1,737 applications published in 2008. Overall, the total number of international patent filings under WIPO's PCT for 2008 represents the highest number of applications received under the PCT in a single year and China improved its ranking by one place, to become the sixth largest user of the PCT, with 6,089 filings.^[98] As of February 2011, Huawei has applied for 49,040 patents globally and has been granted 17,765 to date.^[99] In 2014, Huawei became the world's No. 1 applicant for international patents in 2014, with 3,442 patents.^[100][101]

Sales

Huawei's global contract sales for 2006 reached US$11 billion (a 34% increase from 2005), 65% of which came from overseas markets.^[102][103] By the end of 2008, global contract sales of Huawei Technologies, China's largest telecoms gear maker, jumped 46 percent to US$23.3 billion.^[104] Huawei experienced sales exceeding US$30 billion in 2009,^[104][105] and global sales increased by 24 percent to 185.2 billion yuan in 2010.^[106]

Recognition

Huawei Technologies was one of six telecom industry companies included in the World's Most Respected 200 Companies list compiled by Forbes magazine in May 2007.^[107] In December 2008, BusinessWeek magazine included Huawei in their inaugural list of 'The World's Most Influential Companies'.^[108]

In 2010 Fast Company ranked Huawei the fifth most innovative company in the world.^[109] The same year, Huawei received three honors at the Global Telecom Business Innovation Awards including 'Green base station innovation', 'Wholesale network innovation' and 'Consumer voting innovation' awards with Vodafone, BT and TalkTalk, respectively.^[110] In 2010 Frost & Sullivan recognized Huawei as the 2010 SDM Equipment Vendor of the Year^[111] and in the contact center application market with the 2010 Asia Pacific Growth Strategy Leadership Award.^[112] On 29 July 2010, Huawei was recognized by British Telecom with Best in Class 21CN Solution Maturity, Value, Service and Innovation award, for its innovation and contribution in 21CN and Next Generation Access project.^[113] Also in 2010 The Economist recognized Huawei with its Corporate Use of Innovation Award.^[114] In May 2011 Huawei won two awards at the LTE World Summit 2011 for 'Significant Progress for a Commercial Launch of LTE by a Vendor' and 'Best LTE Network Elements.' As of May 2011, Huawei has deployed over 100 SingleRAN commercial networks, which are capable of evolving into LTE, and of those that have deployed SingleRAN networks, more than 40 operators have announced the launch or the imminent launch of distinct LTE services.^[115]

Huawei has been described as 'perhaps China's most globally successful company'.^[48] In 2014, Huawei was the first Chinese company to join Interbrand's 'Best Global Brands' at the 94th most valuable brand at $4.3 billion.^[116]

Sponsorship

Huawei sponsors Bundesliga club Borussia Dortmund.^[117] On 15 September 2013, Huawei were announced as the new shirt sponsors of A-League club Wellington Phoenix F.C. as well as the sponsor of Liga de Fútbol Profesional (LFP) in Spain.^[118]

On 17 January 2014, Arsenal F.C. announced that Huawei will become their official 'Global Smartphone Partner.'^[119]

In March 2014, Huawei becomes the shirt sponsor of Rayo Vallecano for two La Liga matches against Real Madrid and Athletic Bilbao.^[120]

In April 2014, Huawei became the 'Official Partner' of Paris Saint-Germain for the next three seasons.^[121]

Huawei debuted to the field of Cricket in April 2014 by becoming the principal sponsor of Royal Challengers Bangalore, a domestic cricket team that plays in the Indian Premier League.

Ghana Football Association announced Huawei as its sponsor for the Black Stars for the 2014 FIFA World Cup finals in Brazil. The one-year sponsorship deal was worth US$100,000 plus products.^[122]

On 12 September 2014, Galatasaray S.K. (football) announced that Huawei will become their journey sponsor for one-year period in Turkish National Süper Lig.

Since October 2014 Huawei has been the main sponsor of South African Premier Soccer League club Ajax Cape Town.^[123]

In Costa Rica, Huawei sponsors the current champions Club Sport Herediano and also Deportivo Saprissa.On 4 January 2015 Huawei was announced as the main sponsor of the current champion of the Colombian First Division Tournament, Independiente Santa Fe, for the next two years (2015 - 2017).^[124]

As of 12 February 2015, Huawei was announced as another sponsor for Mexico's Liga MX, Club América. They're on negotiation to being the main sponsor for the following season in Mexico, replacing Grupo Bimbo on the front part of the shirt, as of right now they'll provide cellphone equipment to the team members and will be part of the celebration for the centenary for the club.^[125]

On th 14 of October 2015, Huawei announced a sponsorship deal with Arsenal FC´s Alexis Sanchez for Huawei Chile.^[126]

In 2014, Huawei partnered with the FISE World Series of extreme sports competitions. The first event Huawei supported was the FISE World Chengdu (China) where the mountain bike competition was called the Honor Mountain Bike Slopestyle Pro contest.^[127] At FISE World Malaysia 2014, Huawei continued to support the FISE BMX and the mountain bike events with a loop promoting the Huawei Talkband B1. In 2015, Huawei supported the largest extreme sports event in the world: the FISE World Montpellier with the loop promoting the Talkband B2.

In 2016, Huawei announced a sponsorship deal with Argentine Primera División team, Boca Juniors, for the next two years (2016 - 2018).^[128]

On 2 September 2016, Huawei was announced as the official sponsor of the Serbian national football team.^[129]

Corporate social responsibility

As part of its international support for technology and telecommunications education and training, Huawei has contributed funding and equipment to a number of universities and training centers in countries such as Kenya,^[130] India,^[131] Indonesia,^[132][133] Bangladesh,^[134] and Nigeria.^[131] In the U.S., since 2008, Huawei has sponsored MIT’s Communications Futures Program, a research collaboration that studies the future of the telecommunications industry.^{[135][136][137]}

In 2010, Huawei joined the Broadband Commission for Digital Development, formed by the ITU and UNESCO to support broadband deployment to developing nations.^{[138][139][140]} In the same year, Huawei joined the Green Touch consortium, an industry group that aims to make communications networks 1000 times more energy efficient than they are today.^[141]

In June 2011, Huawei signed a five-year agreement to contribute donated services, equipment and technical expertise worth over US$1.4 million to Carleton University, in Ottawa, Canada, to establish a research lab dedicated to cloud computing technology and services.^[142] The same month, Huawei published its 2010 Corporate Social Responsibility (CSR) Report.^[143][144]

Controversies

Intellectual property rights

In February 2003 Cisco Systems sued Huawei Technologies for allegedly infringing on its patents and illegally copying source code used in its routers and switches.^[145] According to statement by Cisco, by July 2004 Huawei removed the contested code, manuals and command-line interfaces and the case was subsequently dropped.^[146] Both sides claimed success – with Cisco asserting that 'completion of lawsuit marks a victory for the protection of intellectual property rights', and Huawei's partner 3Com (which was not a part of lawsuit) noting that court order prevented Cisco from bringing another case against Huawei asserting the same or substantially similar claims.^[147] Although Cisco employees allegedly witnessed counterfeited technology as late as September 2005,^[148] in a retrospective Cisco's Corporate Counsel noted that 'Cisco was portrayed by the Chinese media as a bullying multi-national corporation' and 'the damage to Cisco's reputation in China outweighed any benefit achieved through the lawsuit';^[149] however the same article that quoted the remarks of the Corporate Counsel also notes the remarks of Jay Hoenig of Hill and Associates, a security and risk management consultancy, who encouraged foreign companies to take greater advantage of civil litigation and said that it was hard to make the argument that China's civil system was ineffectual if litigants did not pursue all of the legal remedies available to them.^[149]

Huawei's chief representative in the US subsequently claimed that Huawei had been vindicated in the case, breaking a confidentiality clause of Huawei's settlement with Cisco. In response Cisco revealed parts of the independent expert's report produced for the case which proved that Huawei had stolen Cisco code and directly copied it into their products.^[150]

In June 2004, a Huawei employee was caught after hours diagramming and photographing circuit boards from a competitor booth at the SuperComm tradeshow.^[151] The employee denied the accusation, but was later dismissed.^[152][153]

In July 2010, Motorola filed an amended complaint that named Huawei as a co-defendant in its case against Lemko for alleged theft of trade secrets.^[154][155] The case against Huawei was subsequently dropped in April 2011.^{[156][157][158]} In January 2011, Huawei filed a lawsuit against Motorola to prevent its intellectual property from being illegally transferred to Nokia Siemens Networks ('NSN') as part of NSN’s US$1.2 billion acquisition of Motorola's wireless network business.^{[159][160][161][162]} In April 2011, Motorola and Huawei entered into an agreement to settle all pending litigation,^{[157][163][164]} with Motorola paying an undisclosed sum to Huawei for the intellectual property that would be part of the sale to NSN.^{[165][166][167]}

Wind River True Story

In a further move to protect its intellectual property, Huawei filed lawsuits in Germany, France and Hungary in April 2011 against ZTE for patent and trademark infringement.^{[168][169][170]} The following day, ZTE countersued Huawei for patent infringement in China.^[171][172]

Security concerns

In the US, Huawei has been challenged due to concerns of United States security officials that Huawei-made telecommunications equipment is designed to allow unauthorized access by the Chinese government and the Chinese People's Liberation Army,^{[173][174][175][176]} given that Ren Zhengfei, the founder of the company, served as an engineer in the army in the early 1980s.^[177] In the United Kingdom, the Conservative Party raised concerns about security over Huawei’s bid for Marconi in 2005,^[175] and the company's equipment was mentioned as an alleged potential threat in a 2009 government briefing by Alex Allan, chairman of the Joint Intelligence Committee.^[178] In December 2010, Huawei opened a Cyber Security Evaluation Centre to test its hardware and software to ensure they can withstand growing cyber security threats.^[179][180] In the U.S., some members of Congress raised questions about the company's proposed merger with communications company 3Com in 2008,^[181] and its bid for a Sprint contract in 2010.^[177] In addition, Huawei withdrew its purchase of 3Leaf systems in 2010, following a review by the U.S. Committee on Foreign Investment (CFIUS).^[174]

In a 2011 open letter, Huawei stated that the security concerns are 'unfounded and unproven' and called on the U.S. government to investigate any aspect of its business.^[182][183] The US-based non-profit organization Asia Society carried out a review of Chinese companies trying to invest in the U.S., including Huawei. The organization found that only a few investment deals were blocked following unfavorable findings by the CFIUS or had been given a recommendation not to apply, however all large transactions had been politicized by groups including the U.S. media, members of Congress and the security community.^[184] However, another article unrelated to the report published by the Asia Society reported that, 'fear that the P.R.C. government could strongarm private or unaffiliated Chinese groups into giving up cyber-secrets is reflected in the U.S. government's treatment of Chinese telecom company Huawei.'^[185]

In October 2009, the Indian Department of Telecommunications reportedly requested national telecom operators to 'self-regulate' the use of all equipment from European, U.S. and Chinese telecoms manufacturers following security concerns.^[186] Earlier, in 2005, Huawei was blocked from supplying equipment to India's Bharat Sanchar Nigam Limited (BSNL) cellular phone service provider.^[187] In 2010, the Indian Central Bureau of Investigation (CBI) insisted on cancelling the rest of the Huawei contract with BSNL and pressed charges against several top BSNL officers regarding their 'doubtful integrity and dubious links with Chinese firms'.^[188][189] In June 2010, an interim solution was introduced that would allow the import of Chinese-made telecoms equipment to India if pre-certified by international security agencies such as Canada’s Electronic Warfare Associates, US-based Infoguard, and Israel’s ALTAL Security Consulting.^[190]

In October 2011, the Wall Street Journal reported that Huawei had become Iran's leading provider of telecommunications equipment, including monitoring technologies that could be used for surveillance.^[191] Huawei responded with a statement claiming the story misrepresented the company's involvement: 'We have never been involved and do not provide any services relating to monitoring or filtering technologies and equipment anywhere in the world'.^[192]

In December 2011, Bloomberg reported that the U.S. is invoking Cold War-era national security powers to force telecommunication companies including AT&T Inc. and Verizon Communications Inc. to divulge confidential information about their networks in a hunt for Chinese cyber-spying, with Richard Falkenrath, a senior fellow in the Council on Foreign Relations Cyberconflict and Cybersecurity Initiative, saying, 'This is beyond vague suspicions..Congress is now looking at this as well, and they’re doing so based on very specific material provided them in a classified setting by the National Security Agency.' The action represents a concern that China and other countries may be using their growing export sectors to develop built-in spying capabilities in U.S. networks. The U.S. House Permanent Select Committee on Intelligence said it would investigate potential security threats posed by some foreign companies, and mentioned Huawei specifically. A spokesman for Huawei said that the company conducts its businesses according to normal business practices and actually welcomed the investigation.^[193]

In 2001, it was alleged that Huawei Technologies India had developed telecommunications equipment for the Taliban in Afghanistan, and newspapers reported that the Indian government had launched a probe into the firm's operations.^[194][195] Huawei responded, stating that the company did not have 'any link with the Taliban', as its only customers are telecommunications carriers^[196] and its facilities 'always operate according to U.N. rules and the local laws of each country'.^[197] On 15 December 2001, the Indian authorities announced that they had not found any evidence that Huawei India had any connection to the Taliban,^[198] although the U.S. remains suspicious.^[199]

In March 2012, Australian media sources reported that the Australian government had excluded Huawei from tendering for contracts with NBN Co, a government-owned corporation that is managing the construction of the National Broadband Network,^[200] following advice from the Australian Security Intelligence Organisation regarding security concerns.^[201] The Attorney-General's Department stated in response to these reports that the National Broadband Network is 'a strategic and significant government investment, [and] we have a responsibility to do our utmost to protect its integrity and that of the information carried on it.'^[202]

In July 2012, Felix Lindner and Gregor Kopf gave a conference at Defcon to announce that they uncovered several critical vulnerabilities in Huawei routers (models AR18 and AR29)^[203] which could be used to get remote access to the device. The researchers said that Huawei 'doesn't have a security contact for reporting vulnerabilities, doesn't put out security advisories and doesn't say what bugs have been fixed in its firmware updates', and as a result, the vulnerabilities have not been publicly disclosed. Huawei replied that they were investigating the claims.^[204]

On 8 October 2012, a US House Intelligence Committee panel issued a report describing Huawei as a 'national security threat' due to its alleged ties to various Chinese governmental agencies. The panel's report suggested that Huawei should 'be barred from doing business with the US government', and additionally alleged that the telecom manufacturer had committed 'potential violations' related to immigration, bribery, corruption, and copyright infringement.^[205] However, a subsequent White House-ordered review found no concrete evidence to support the House report's espionage allegations.^[206]

On 9 October 2012, a spokesman for Canadian Prime Minister Stephen Harper indicated that the Canadian government invoked a national security exception to exclude Huawei from its plans to build a secure government communications network.^[207]

On 25 October 2012, a Reuters report^[208] wrote that according to documents and interviews, an Iranian-based seller of Huawei (Soda Gostar Persian Vista) last year tried to sell embargoed American antenna equipment (made by American company Andrew LLC to an Iranian firm MTN Irancell). Specifically, the Andrew antennas were part of a large order for Huawei telecommunications gear that MTN Irancell had placed through Soda Gostar, but the MTN Irancell says it canceled the deal with Huawei when it learned the items were subject to sanctions and before any equipment was delivered.^[206] Vic Guyang, a Huawei spokesman, acknowledged that MTN Irancell had canceled the order; Rick Aspan, a spokesman for CommScope, said the company was not aware of the aborted transaction.^[206]

On 19 July 2013, Michael Hayden, former head of U.S. National Security Agency and director of Motorola Solutions, said he was aware of hard evidence of spying activity by Huawei. Huawei and Motorola Solutions had previously been engaged in intellectual property disputes for a number of years. Huawei's global cybersecurity Officer, John Suffolk, described the comments made by Hayden as 'tired, unsubstantiated, defamatory remarks' and challenged him and other critics to present any evidence publicly.^[209][210]

In 2014 the New York Times reported, based upon documents leaked by Edward Snowden, that the U.S. National Security Agency has since 2007 been operating a covert program against Huawei. This involved breaking into Huawei's internal networks, including headquarter networks and founder Ren Zhengfei's communications.^[211]

Treatment of workforce and customers

A U.S. Army Strategic Studies Institute report on Argentina published in September 2007 describes Huawei as 'known to bribe and trap clients.' The report details unfair business practices, such as customers framed by 'full-paid trips' to China and monetary 'presents' offered and later used by Huawei as 'a form of extortion.'^[212]

According to a WikiLeaks cable, in 2006, Michael Joseph, then-CEO of Safaricom Ltd, allegedly struggled to cancel a contract with Huawei due to poor after-sales experience, after which the Kenyan government pressured him to reinstate the contract.^[213] When questioned regarding this incident, Joseph replied, 'It [the cable] is not a reflection of the truth as evidenced by Safaricom being a major purchaser of Huawei products including all 3G, switching and the recent OCS billing system upgraded over the weekend.'^[214]

In May 2010, it was reported in the Times of India, that security agencies in India became suspicious of Chinese Huawei employees after learning that Indian employees allegedly did not have access to part of Huawei's Bangalore research and development (R&D) office building.^[215] Huawei responded that the company employs over 2,000 Indian engineers and just 30 Chinese engineers in the R&D center in Bangalore, and 'both Indian and Chinese staff have equal access rights to all our information assets and facilities'.^[216] According to the Times of India, the intelligence agencies also noted that Chinese employees of Huawei had extended their stay in Bangalore for many months.^[215] Huawei stated that many of these employees were on one-and-a-half-year international assignments to serve as a technical bridge between in-market teams and China, and that 'all the Chinese employees had valid visas and did not overstay'.^[217]

In October 2007, 7,000 Huawei employees resigned and were then rehired on short-term contracts, thereby apparently avoiding the unlimited contract provisions of the Labour Contract Law of the People's Republic of China. The company denied it was exploiting loopholes in the law, while the move was condemned by local government and trade unions.^[218][219]

Huawei's treatment of its workforce in Guangdong Province, Southern China also triggered a media outcry after a 25-year-old software engineer, Hu Xinyu, died in May 2006 from bacterial encephalitis, as a result of what is believed to have been work-related fatigue.^[220][221]

In its 2010 Corporate Social Responsibility report, Huawei highlighted the importance of employee health and safety. In 2010, Huawei provided annual health checks to all full-time employees and performed 3,200 checks to employees exposed to occupational health risks.^[222]

Also, in 2011 Huawei initiated a Scholarship program, 'Huawei Maitree Scholarship', for Indian students studying in China.^[223]

See also

References

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Further reading

• 'Huawei probed for security, espionage risk', 60 Minutes, Sunday, 7 October 2012. An investigative report on Huawei by Steve Kroft.
• U.S. panel cites risks in Chinese Equipment 9 October 2012 New York Times

External links