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TMCNet:  Brocade Reports Fourth Quarter and Fiscal 2012 Earnings

[November 19, 2012]

Brocade Reports Fourth Quarter and Fiscal 2012 Earnings

(Marketwire Via Acquire Media NewsEdge) SAN JOSE, CA -- (Marketwire) -- 11/19/12 -- Brocade® (NASDAQ: BRCD) today reported financial results for its fourth quarter and full fiscal year 2012 ended October 27, 2012. Brocade reported record fourth quarter revenue of $578 million, representing an increase of 5% year-over-year and 4% quarter-over-quarter. Revenue for fiscal year 2012 was $2,238 million, a record for the company, up 4% year-over-year. The resulting GAAP diluted earnings per share (EPS) was $0.11 for Q4 and $0.41 for fiscal 2012, on record annual net income of $195 million. Non-GAAP diluted EPS was $0.17 for Q4, the fifth consecutive quarter of year-over-year EPS growth, and $0.66 for the year.

"Q4 was an excellent quarter for Brocade and a strong ending for fiscal year 2012 during which we established a number of company records including revenue, net income, and operating cash flow," said Michael Klayko, CEO of Brocade. "Our product portfolio across all areas of our business is the strongest it has ever been and we are driving industry transformation in emerging areas of growth including virtualized data centers, cloud computing, and software-defined networking. We believe Brocade is well-positioned for continued growth in fiscal 2013." Summary of Q4 and fiscal 2012 results: Q4 2012 Storage Area Networking (SAN) business revenue, including products and services, was $394 million, up 9% year-over-year and 4% quarter-over-quarter. SAN product revenue increased 12% year-over-year and 5% quarter-over-quarter, in a seasonally strong quarter for the Company. Brocade's 16 Gbps Fibre Channel products represented nearly 35% of director and switch revenue in the quarter. Fiscal 2012 SAN business revenue was $1,578 million, up 7% year-over-year. Q4 2012 IP Networking business revenue, including products and services, was $184 million, down 3% year-over-year and up 4% quarter-over-quarter. Ethernet switch revenue was up 5% year-over-year and 1% quarter-over-quarter, while routing revenue was down 10% year-over-year and up 9% quarter-over-quarter. From a customer standpoint, Federal and Service Provider revenues were both up sequentially, while Enterprise revenue was lower. Fiscal 2012 IP Networking business revenue was $659 million, down slightly year-over-year. Q4 2012 GAAP gross margin was 62.4% and non-GAAP gross margin was 64.8%, compared with 59.5% and 62.9% in Q4 2011, respectively. The year-over-year improvement in gross margin was due to higher revenue, favorable product mix, and lower fixed costs. Fiscal 2012 GAAP and non-GAAP gross margin improved to 61.8% and 64.5%, respectively, compared with 59.8% and 62.5% in fiscal 2011, due to higher revenue and favorable product mix. GAAP operating margin was 14.9% and non-GAAP operating margin was 22.5% in Q4 2012, compared with 9.9% and 21.0% in Q4 2011, respectively. Operating margin expanded both year-over-year and quarter-over-quarter on higher revenue and improved gross margin. Fiscal 2012 GAAP operating margin was 12.4% and non-GAAP operating margin was 20.5%, compared with 8.3% and 17.6% in fiscal 2011, respectively. The improvement in operating margin for the full year was a result of higher gross margin and lower operating expenses as a percentage of revenue. Fiscal 2012 GAAP EPS of $0.41 was up 310% year-over-year on net income of $195 million, up more than 280% year-over-year. Fiscal 2012 non-GAAP EPS of $0.66 was up 33% year-over-year on non-GAAP net income of $311 million, up 26% year-over-year. Average diluted shares outstanding for Q4 2012 were lower by 11.7 million from Q4 2011, principally from share repurchases during the past year, including 11.2 million shares ($60 million) repurchased during Q4 2012. Operating cash flow was $210 million in Q4 2012 and $591 million in fiscal 2012, both records. During the quarter, the Company paid the remaining $30 million of its term loan and ended the year with a cash balance of $713 million and cash, net of debt, of $108 million.

Brocade management will host a conference call today at 2:30 p.m. PT (5:30 p.m. ET) to discuss fiscal fourth quarter and full year results, as well as a fiscal first quarter 2013 outlook. To access the webcast please go to www.brcd.com/events.cfm. A replay of the conference call and the prepared comments and slides will be available at www.brcd.com.

Other Q4 2012 product, customer, and partner announcements are available at http://newsroom.brocade.com/.

Financial Highlights and Additional Financial Information Q4 2012 Q3 2012 Q4 2011 --------- --------- --------- Revenue $ 578M $ 555M $ 550M GAAP net income (loss) $ 54M $ 43M $ (4M) Non-GAAP net income $ 78M $ 67M $ 79M GAAP net income (loss) per share -- diluted $ 0.11 $ 0.09 $ (0.01) Non-GAAP EPS -- diluted $ 0.17 $ 0.14 $ 0.16 GAAP gross margin 62.4% 61.3% 59.5% Non-GAAP gross margin 64.8% 63.7% 62.9% GAAP operating income $ 86M $ 70M $ 55M Non-GAAP operating income $ 130M $ 108M $ 116M GAAP operating margin 14.9% 12.6% 9.9% Non-GAAP operating margin 22.5% 19.5% 21.0% Adjusted EBITDA (1) $ 153M $ 131M $ 138M Cash provided by operations $ 210M $ 113M $ 206M Q4 2012 effective GAAP tax rate was 25.1% and effective non-GAAP tax rate was 32.4%. Q4 2012 total SAN port shipments were approximately 1.13 million.

Please see important note of explanation on Non-GAAP measures below, including a detailed reconciliation between GAAP and Non-GAAP information in the tables included herein.

Q4 2012 Q3 2012 Q4 2011 --------- --------- --------- As a % of total revenues OEM revenues 65% 67% 62% Channel/Direct revenues 35% 33% 38% 10% or greater customer revenues 46% 55% 41% Domestic revenues 63% 64% 62% International revenues 37% 36% 38% SAN product revenues 59% 58% 55% IP Networking product revenues 26% 26% 29% Global Services revenue 15% 16% 16% SAN business revenues (2) 68% 68% 66% IP Networking business revenues (2) 32% 32% 34% Estimates as a % of IP Networking business revenues: Enterprise, excluding Federal 45% 52% 57% Federal 24% 19% 18% Service Provider 31% 29% 25% Q4 2012 Q3 2012 Q4 2011 --------- --------- --------- Cash, cash equivalents and short-term investments $ 713M $ 581M $ 415M Deferred revenues $ 293M $ 280M $ 270M Capital expenditures $ 17M $ 18M $ 20M Total debt, net of discount $ 601M $ 630M $ 789M Days sales outstanding 37 days 38 days 41 days Employees at end of period 4,536 4,597 4,546 (1) Adjusted EBITDA is as defined in the Term Debt Credit Agreement.

(2) SAN and IP Networking business revenues include product and global services revenues.

Non-GAAP Financial Measures This press release contains non-GAAP financial measures. In evaluating Brocade's performance, management uses certain non-GAAP financial measures to supplement consolidated financial statements prepared under GAAP.

Management believes that non-GAAP financial measures used in this press release allow management to gain a better understanding of Brocade's comparative operating performance both from period to period, and to its competitors' operating results. Management also believes these non-GAAP financial measures help indicate Brocade's baseline performance before gains, losses or charges that are considered by management to be outside ongoing operating results. Accordingly, management uses these non-GAAP financial measures for planning and forecasting of future periods and in making decisions regarding operations performance and the allocation of resources. Management believes these non-GAAP financial measures, when read in conjunction with Brocade's GAAP financials, provide useful information to investors by offering: the ability to make more meaningful period-to-period comparisons of Brocade's ongoing operating results; the ability to make more meaningful comparisons of Brocade's operating performance against industry and competitor companies; the ability to better identify trends in Brocade's underlying business and to perform related trend analysis; a better understanding of how management plans and measures Brocade's underlying business; and an easier way to compare Brocade's most recent results of operations against investor and analyst financial models.

Management excludes certain gains or losses and benefits or costs in determining non-GAAP net income that are the result of infrequent events or arise outside the ordinary course of Brocade's continuing operations. Management believes that it is appropriate to evaluate Brocade's operating performance by excluding those items that are not indicative of ongoing operating results or limit comparability. Such items include: (i) provision or benefit from certain pre-acquisition litigation (ii) legal fees associated with certain pre-acquisition litigation, (iii) legal fees associated with indemnification obligations and other related costs, net, (iv) acquisition and integration costs, (v) loss on sale of property, (vi) interest expense related to the adoption of new standards relating to convertible debt instruments, (vii) original issue discount and debt issuance costs of debt related to lenders that did not participate in refinancing, and (viii) loss on sale of a subsidiary.

Management also excludes the following non-cash charges in determining non-GAAP net income (i) stock-based compensation expense and (ii) amortization of purchased intangible assets. Because of varying available valuation methodologies, subjective assumptions and the variety of award types, management believes that the exclusion of stock-based compensation allows for more accurate comparisons of our operating results to our peer companies. Management believes that the expense associated with the amortization of acquisition-related intangible assets is appropriate to be excluded because a significant portion of the purchase price for acquisitions may be allocated to intangible assets that have short lives and exclusion of the amortization expense allows comparisons of operating results that are consistent over time for Brocade's newly acquired and long-held businesses.

Finally, management believes that it is appropriate to exclude the tax effects of the items noted above in order to present a more meaningful measure of non-GAAP net income.

Limitations These non-GAAP financial measures have limitations, however, because they do not include all items of income and expense that impact the Company. Management compensates for these limitations by also considering Brocade's GAAP results. The non-GAAP financial measures that Brocade uses are not prepared in accordance with, and should not be considered an alternative to measurements required by GAAP, such as operating income, net income and net income per share, and should not be considered measurements of Brocade's liquidity. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP measures. In addition, these non-GAAP financial measures may not be comparable to similar measurements reported by other companies.

Cautionary Statement This press release contains statements that are forward-looking in nature, including statements regarding Brocade's future financial performance. These statements are based on current expectations on the date of this press release and involve a number of risks and uncertainties which may cause actual results to differ significantly from such estimates. The risks include, but are not limited to, changes in IT spending levels in one or more of our target markets, including the government sector, Brocade's ability to capitalize on new Brocade sales and marketing initiatives, including expanded go-to-market activities in our IP Networking business, customer acceptance of Brocade's Ethernet fabric solutions, Brocade's ability to continue to successfully innovate new products and services on a timely basis and achieve widespread market acceptance, and the effect of increasing market competition and changes in the industry. Certain of these and other risks are set forth in more detail in our Form 10-Q for the fiscal quarter ended July 28, 2012 and in "Item 1A. Risk Factors" in Brocade's Annual Report on Form 10-K for the fiscal year ended October 29, 2011. Brocade does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise.

About Brocade Brocade (NASDAQ: BRCD) is the pure-play networking company that innovates to make high-performance networks easier to deploy, manage, and scale in the most demanding environments.

ADX, Brocade, Brocade Assurance, Brocade One, the B-wing symbol, DCX, Fabric OS, ICX, MLX, MyBrocade, SAN Health, VCS, and VDX are registered trademarks, and AnyIO, HyperEdge, NET Health, OpenScript, and The Effortless Network are trademarks of Brocade Communications Systems, Inc., in the United States and/or in other countries. Other brands, products, or service names mentioned may be trademarks of their respective owners.

© 2012 Brocade Communications Systems, Inc. All Rights Reserved.

BROCADE COMMUNICATIONS SYSTEMS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended For the Year Ended ------------------------ ------------------------ October 27, October 29, October 27, October 29, 2012 2011 2012 2011 ----------- ----------- ----------- ----------- (In thousands, except per share amounts) Net revenues Product $ 491,169 $ 460,993 $ 1,890,856 $ 1,789,814 Service 87,188 89,479 346,914 357,628 ----------- ----------- ----------- ----------- Total net revenues 578,357 550,472 2,237,770 2,147,442 ----------- ----------- ----------- ----------- Cost of revenues Product 176,635 179,184 689,856 677,196 Service 41,032 43,773 164,895 186,712 ----------- ----------- ----------- ----------- Total cost of revenues 217,667 222,957 854,751 863,908 ----------- ----------- ----------- ----------- Gross margin 360,690 327,515 1,383,019 1,283,534 Operating expenses: Research and development 90,310 83,733 363,090 354,401 Sales and marketing 150,581 145,523 608,502 608,513 General and administrative 18,831 16,330 74,583 69,506 Amortization of intangible assets 14,737 14,476 59,204 60,713 Restructuring, integration and indemnification costs (recoveries) (89) -- (89) 125 Loss on sale of subsidiary -- 12,756 -- 12,756 ----------- ----------- ----------- ----------- Total operating expenses 274,370 272,818 1,105,290 1,106,014 ----------- ----------- ----------- ----------- Income from operations 86,320 54,697 277,729 177,520 Interest expense (14,684) (13,481) (52,488) (97,838) Interest and other income (expense), net 531 (81) (814) (378) Gain (loss) on sale of investments and property, net (26) (13) (26) 124 ----------- ----------- ----------- ----------- Income before income tax 72,141 41,122 224,401 79,428 Income tax expense 18,140 45,446 29,220 28,818 ----------- ----------- ----------- ----------- Net income (loss) $ 54,001 $ (4,324) $ 195,181 $ 50,610 =========== =========== =========== =========== Net income (loss) per share -- basic $ 0.12 $ (0.01) $ 0.43 $ 0.11 =========== =========== =========== =========== Net income (loss) per share -- diluted $ 0.11 $ (0.01) $ 0.41 $ 0.10 =========== =========== =========== =========== Shares used in per share calculation -- basic 459,333 474,975 456,629 474,259 =========== =========== =========== =========== Shares used in per share calculation -- diluted 474,213 474,975 472,343 497,030 =========== =========== =========== =========== BROCADE COMMUNICATIONS SYSTEMS, INC.

CONSOLIDATED BALANCE SHEETS (Unaudited) October 27, October 29, 2012 2011 ----------- ----------- (In thousands, except par value) Assets Current assets: Cash and cash equivalents $ 713,226 $ 414,202 Short-term investments -- 774 ----------- ----------- Total cash, cash equivalents and short-term investments 713,226 414,976 Accounts receivable, net of allowances for doubtful accounts of $827 and $1,388 at October 27, 2012 and October 29, 2011, respectively 233,139 249,141 Inventories 68,179 74,172 Deferred tax assets 91,539 53,604 Prepaid expenses and other current assets 49,496 52,308 ----------- ----------- Total current assets 1,155,579 844,201 Property and equipment, net 518,940 532,384 Goodwill 1,624,089 1,630,967 Intangible assets, net 109,265 214,697 Non-current deferred tax assets 136,175 210,028 Other assets 37,213 42,031 ----------- ----------- Total assets $ 3,581,261 $ 3,474,308 =========== =========== Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 117,350 $ 109,471 Accrued employee compensation 182,597 118,298 Deferred revenue 216,283 201,421 Current liabilities associated with facilities lease losses 976 1,456 Current portion of long-term debt 1,977 40,539 Other accrued liabilities 91,285 94,802 ----------- ----------- Total current liabilities 610,468 565,987 Long-term debt, net of current portion 599,203 748,904 Non-current liabilities associated with facilities lease losses 1,606 2,496 Non-current deferred revenue 76,907 69,024 Non-current income tax liability 47,370 63,593 Other non-current liabilities 9,887 10,166 ----------- ----------- Total liabilities 1,345,441 1,460,170 ----------- ----------- Commitments and contingencies Stockholders' equity: Preferred stock, $0.001 par value, 5,000 shares authorized, no shares issued and outstanding -- -- Common stock, $0.001 par value, 800,000 shares authorized: Issued and outstanding: 456,913 and 448,022 shares at October 27, 2012 and October 29, 2011, respectively 457 448 Additional paid-in capital 2,009,190 1,984,830 Accumulated other comprehensive loss (9,864) (11,996) Retained earnings 236,037 40,856 ----------- ----------- Total stockholders' equity 2,235,820 2,014,138 ----------- ----------- Total liabilities and stockholders' equity $ 3,581,261 $ 3,474,308 =========== =========== BROCADE COMMUNICATIONS SYSTEMS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Three Months Ended ------------------------ October 27, October 29, 2012 2011 ----------- ----------- (In thousands) Cash flows from operating activities: Net income (loss) $ 54,001 $ (4,324) Adjustments to reconcile net income (loss) to net cash provided by operating activities: Excess tax benefits from stock-based compensation (3,803) (393) Depreciation and amortization 47,535 50,899 Loss on disposal of property and equipment 479 279 Loss on sale of subsidiary -- 12,756 Amortization of debt issuance costs and original issue discount 4,021 1,259 Net (gains) losses on investments (144) 8 Provision for doubtful accounts receivable and sales allowances 1,768 1,286 Non-cash compensation expense 18,423 19,671 Changes in assets and liabilities: Accounts receivable (3,753) 39,759 Inventories 6,755 4,258 Prepaid expenses and other assets 1,312 2,381 Deferred tax assets 1,075 (2,181) Accounts payable (756) (7,043) Accrued employee compensation 42,125 22,400 Deferred revenue 13,367 6,280 Other accrued liabilities 28,315 59,755 Liabilities associated with facilities lease losses (228) (817) ----------- ----------- Net cash provided by operating activities 210,492 206,233 ----------- ----------- Cash flows from investing activities: Proceeds from maturities and sale of short-term investments 952 -- Purchases of property and equipment (16,792) (20,136) Proceeds from sale of subsidiary -- 3,905 ----------- ----------- Net cash used in investing activities (15,840) (16,231) ----------- ----------- Cash flows from financing activities: Payment of principal related to the term loan (30,000) (50,001) Payment of fees related to the term loan -- (77) Proceeds from term loan -- 1 Payment of principal related to capital leases (477) (450) Common stock repurchases (60,056) (200,654) Proceeds from issuance of common stock 22,319 3,819 Excess tax benefits from stock-based compensation 3,803 393 ----------- ----------- Net cash used in financing activities (64,411) (246,969) ----------- ----------- Effect of exchange rate fluctuations on cash and cash equivalents 2,359 (1,390) ----------- ----------- Net increase (decrease) in cash and cash equivalents 132,600 (58,357) Cash and cash equivalents, beginning of period 580,626 472,559 ----------- ----------- Cash and cash equivalents, end of period $ 713,226 $ 414,202 =========== =========== BROCADE COMMUNICATIONS SYSTEMS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) For the Year Ended ------------------------ October 27, October 29, 2012 2011 ----------- ----------- (In thousands) Cash flows from operating activities: Net income $ 195,181 $ 50,610 Adjustments to reconcile net income to net cash provided by operating activities: Excess tax benefits from stock-based compensation (5,141) (312) Depreciation and amortization 192,218 206,352 Loss on disposal of property and equipment 883 2,325 Loss on sale of subsidiary -- 12,756 Amortization of debt issuance costs and original issue discount 7,788 13,183 Write-off of debt issuance costs and original issue discount on debt extinguishment -- 25,465 Net gains on investments (179) (340) Provision for doubtful accounts receivable and sales allowances 11,301 9,343 Non-cash compensation expense 77,169 83,076 Changes in assets and liabilities: Accounts receivable 4,701 53,561 Inventories 4,656 1,327 Prepaid expenses and other assets 3,987 (1,688) Deferred tax assets 1,256 (2,158) Accounts payable 7,720 (38,917) Accrued employee compensation 47,679 216 Deferred revenue 22,744 19,579 Other accrued liabilities 20,277 20,878 Liabilities associated with facilities lease losses (1,370) (6,024) ----------- ----------- Net cash provided by operating activities 590,870 449,232 ----------- ----------- Cash flows from investing activities: Purchases of short-term investments -- (38) Proceeds from maturities and sale of short-term investments 952 1,604 Purchases of property and equipment (72,797) (96,797) Proceeds from sale of subsidiary 35 3,905 ----------- ----------- Net cash used in investing activities (71,810) (91,326) ----------- ----------- Cash flows from financing activities: Payment of principal related to the term loan (190,000) (359,898) Payment of fees related to the term loan -- (1,167) Proceeds from term loan -- 198,950 Payment of principal related to capital leases (1,866) (1,761) Common stock repurchases (130,209) (210,698) Proceeds from issuance of common stock 98,791 97,152 Excess tax benefits from stock-based compensation 5,141 312 ----------- ----------- Net cash used in financing activities (218,143) (277,110) ----------- ----------- Effect of exchange rate fluctuations on cash and cash equivalents (1,893) (578) ----------- ----------- Net increase in cash and cash equivalents 299,024 80,218 Cash and cash equivalents, beginning of year 414,202 333,984 ----------- ----------- Cash and cash equivalents, end of year $ 713,226 $ 414,202 =========== =========== BROCADE COMMUNICATIONS SYSTEMS, INC.

RECONCILIATION BETWEEN GAAP AND NON-GAAP NET INCOME (Unaudited) Three Months Ended ------------------------ October 27, October 29, 2012 2011 ----------- ----------- (In thousands, except per share amounts) Net income (loss) on a GAAP basis $ 54,001 $ (4,324) Adjustments: Stock-based compensation expense included in cost of revenues 3,388 4,345 Amortization of intangible assets expense included in cost of revenues 10,713 14,090 Legal fees associated with certain pre- acquisition litigation -- 59 ----------- ----------- Total gross margin adjustments 14,101 18,494 ----------- ----------- Legal fees recovery associated with indemnification obligations and other related costs, net (89) -- Stock-based compensation expense included in research and development 4,211 3,984 Stock-based compensation expense included in sales and marketing 8,311 8,987 Stock-based compensation expense included in general and administrative 2,513 2,355 Amortization of intangible assets expense included in operating expenses 14,737 14,476 Loss on sale of subsidiary -- 12,756 ----------- ----------- Total operating expense adjustments 29,683 42,558 ----------- ----------- Total operating income adjustments 43,784 61,052 Income tax effect of adjustments (19,443) 22,018 ----------- ----------- Non-GAAP net income $ 78,342 $ 78,746 =========== =========== Non-GAAP net income per share -- basic $ 0.17 $ 0.17 =========== =========== Non-GAAP net income per share -- diluted $ 0.17 $ 0.16 =========== =========== Shares used in non-GAAP per share calculation -- basic 459,333 474,975 =========== =========== Shares used in non-GAAP per share calculation -- diluted 474,213 485,895 =========== =========== BROCADE COMMUNICATIONS SYSTEMS, INC.

RECONCILIATION BETWEEN GAAP AND NON-GAAP NET INCOME (Unaudited) For the Year Ended ------------------------ October 27, October 29, 2012 2011 ----------- ----------- (In thousands, except per share amounts) Net income on a GAAP basis $ 195,181 $ 50,610 Adjustments: Stock-based compensation expense included in cost of revenues 15,433 15,606 Amortization of intangible assets expense included in cost of revenues 46,229 57,489 Benefit from certain pre-acquisition litigation -- (14,335) Legal fees (recovery) associated with certain pre-acquisition litigation (465) 443 ----------- ----------- Total gross margin adjustments 61,197 59,203 ----------- ----------- Legal fees (recovery) associated with indemnification obligations and other related costs, net (89) 125 Stock-based compensation expense included in research and development 17,952 18,959 Stock-based compensation expense included in sales and marketing 33,257 36,068 Stock-based compensation expense included in general and administrative 10,527 12,442 Amortization of intangible assets expense included in operating expenses 59,204 60,713 Loss on sale of subsidiary -- 12,756 ----------- ----------- Total operating expense adjustments 120,851 141,063 ----------- ----------- Total operating income adjustments 182,048 200,266 Debt issuance costs and original issue discount of debt related to lenders that did not participate in refinancing -- 25,465 Income tax effect of adjustments (66,458) (29,886) ----------- ----------- Non-GAAP net income $ 310,771 $ 246,455 =========== =========== Non-GAAP net income per share -- basic $ 0.68 $ 0.52 =========== =========== Non-GAAP net income per share -- diluted $ 0.66 $ 0.50 =========== =========== Shares used in non-GAAP per share calculation -- basic 456,629 474,259 =========== =========== Shares used in non-GAAP per share calculation -- diluted 472,343 497,030 =========== =========== Add to Digg Bookmark with del.icio.us Add to Newsvine BROCADE CONTACTS Public Relations John Noh Tel: 408-333-5108 jnoh@brocade.com Investor Relations Robert Eggers Tel: 408-333-8797 reggers@brocade.com Source: Brocade

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