Showing posts with label Financials. Show all posts
Showing posts with label Financials. Show all posts

Wednesday, August 8, 2018

Equinix now has an 82% utilization rate across its global data centers

Equinix reported quarterly revenue of $1.262 billion, up 18% year-over-year or up 9% yoy on a normalized and constant currency basis. Net income amounted to $68 million and adjusted EBITDA was $604 million, with a 48% adjusted EBITDA margin.

Peter Van Camp, Executive Chairman and Interim CEO and President, Equinix: “Equinix delivered another strong quarter with record bookings across all three regions and virtually all key operating metrics showing solid momentum in our go-to-market engine and interconnection strategy. Our unique global platform of 200 data centers, and the customer ecosystems within them, remain at the heart of our strategy, as evidenced by strong cross-regional sales and healthy interconnection activity in Q2."

Some highlights for the quarter:

  • Interconnection revenue continued to outpace colocation revenue, reflecting the rapid adoption of hybrid, multicloud as the preferred IT deployment model
  • Cross connects between customers increased to more than 288,000
  • The Equinix Cloud Exchange Fabric platform now serves more than 1,200 customers. 
  • Completed expansions in the Amsterdam, Denver and London metros
  • Achieved a utilization rate of 82% across the platform
  • There is an active pipeline of 32 expansion projects currently underway, including a partnership with Omantel
  • Key customer wins and expansions included China Mobile, Lithia Motors and Tencent
  • Customer deployments across multiple metros increased to 85% of total recurring revenue.

Monday, August 6, 2018

Acacia is cautiously optimistic with recent lifting of ZTE ban

On August 2, Acacia Communications reported Q2 revenue of $65.0 million, a decrease of 18% year-over-year. The GAAP gross margin was 38.8%; and there was a GAAP net loss of $3.2 million. Non-GAAP net loss amounted to $3.2 million.

“During the second quarter, we stayed focused on execution, particularly around new product development and revenue diversification,” said Raj Shanmugaraj, President and Chief Executive Officer of Acacia Communications. “We are pleased with the ramp of our newer products and the revenue growth opportunities we are seeing in the second half of 2018 over the first half.  As we continue to execute on our strategic vision, we believe we are well positioned with our differentiated product portfolio to further diversify our customer and revenue base and benefit from growth in the overall coherent market.”

“Our second quarter results were in-line with our expectations, despite being negatively impacted by the imposition of the ZTE denial order in April,” said John Gavin, Chief Financial Officer of Acacia Communications. “As a result of our ongoing focus on operational efficiencies, we were able to further strengthen our balance sheet while continuing to fund our core strategic projects. Additionally, with the recent lifting of the ZTE ban, we are cautiously optimistic that our re-engagement with ZTE will become more ordinary course over the next few quarters.”

http://ir.acacia-inc.com/news-releases/news-release-details/acacia-communications-reports-second-quarter-2018-results




Tuesday, July 31, 2018

Huawei's first half sales were up 15%

Huawei reported revene of CNY 325.7 billion (US$47.80 billion), an increase of 15% over the same period last year. The company's operating margin in 2018 H1 was 14%.

In its carrier business, Huawei said it continues to focus on end-to-end 5G solutions, driving the continuous evolution of LTE – as well as Intent-Driven Networks, cloud data centers, etc.

In its enterprise business, Huawei remains committed to building integrated, innovative, and open digital platforms for its customers. The company said its focus is on cloud computing, IoT, artificial intelligence (AI), and big data.

In its consumer business, Huawei has maintained a tight focus on technological innovation, including its P20 series smartphones, its GPU Turbo graphics processing acceleration, and its MateBook X Pro notebooks.

In the cloud domain, Huawei has picked up the pace of its innovation in cloud infrastructure. Two major focuses include providing stable, reliable, secure, trusted, and sustainable cloud services for customers, and building an AI platform that is affordable, intuitive, and secure for all users.

MACOM's quarterly sales drop to $137.9m

MACOM Technology Solutions, which supplies high-performance RF, microwave, millimeterwave and lightwave semiconductor products, reported revenue of $137.9 million for its 3rd fiscal quarter, a decrease of 29.1% compared to $194.6 million in the previous year fiscal third quarter and a decrease of 8.3% compared to $150.4 million in the prior fiscal quarter. Fiscal third quarter revenue included $0.4 million compared to $12.4 million in the fiscal second quarter from the LR4 subassembly business divested on May 10, 2018.

Gross profit was $48.2 million, a decrease of 48.0% compared to $92.6 million in the previous year fiscal third quarter and a decrease of 26.6% compared to $65.6 million in the prior fiscal quarter. The net loss from continuing operations was $85.2 million, or $1.31 loss per diluted share, compared to net loss from continuing operations of $14.0 million, or $0.22 loss per diluted share, in the previous year fiscal third quarter and net loss from continuing operations of $15.5 million, or $0.50 loss per diluted share, in the prior fiscal quarter.

"Overall the quarter played out largely as expected," commented John Croteau, President and CEO of MACOM. "We made tangible progress in yield improvements for our 25G lasers and are now starting to execute a controlled ramp, scaling into high volume production. Based on our expected higher production volumes of 25G lasers, we added a new white-box transceiver customer, thereby launching our Data Center solutions business model. This business model provides dedicated transceiver manufacturing capacity and a ready-made supply chain to the end markets, and for MACOM, a dedicated customer which we anticipate will consume our Data Center semiconductor components as we scale production in the second half of calendar 2018. With increasing availability of our lasers, we believe that we are well positioned to step and repeat, scaling our solutions business model by enabling multiple, high-volume manufacturing customers to begin production ramps to meet industry demand over the course of the coming quarters.

Monday, July 2, 2018

Dell plots return to public market, VMware to pay $11 billion dividend

Dell Technologies will return to the public equity market by offering a new class of publicly listed common stock in exchange for existing Dell Technologies Class V tracking stock. The Class V stockholders will have the option to elect $109 in cash consideration per Class V share, up to $9 billion in aggregate, which represents a 29% premium to the Class V closing share price immediately prior to announcement.

As part of the plan, the Board of Directors of VMware announced an $11 billion one-time special dividend pro-rata to all VMware stockholders.

Michael Dell, who currently owns 72% of Dell Technologies common shares, stated: “I am proud to lead this great company into its next chapter as we continue to evolve and grow to the benefit of our customers, partners, investors and team members. Unprecedented data growth is fueling the digital era of IT, and we are uniquely positioned with our portfolio of technologies and services to enable the digital, IT, security and workforce transformations of our customers. Most importantly, I remain deeply committed to this company and working with our world-class team to build the long-term value of Dell Technologies and its businesses.”

Pat Gelsinger, chief executive officer, VMware commented, “We are pleased to be in a position to return capital to stockholders through this one-time special dividend, which is the result of the exceptional performance of our business and our broad-based portfolio’s strong cash flow generation. We remain laser focused on our strategy to deliver innovative software that drives customer success as a strategic and growing independent entity.”

Regarding VMware's status, Michael Dell, who is chairman of the VMware Board as well as the Dell Board, stated: “VMware has thrived as part of the Dell Technologies family and has seen tremendous traction and strategic relevance with all customers, resulting in significant revenue growth and financial performance. After the transaction concludes, I am looking forward to VMware’s continued independent status, strategy and capital allocation policy for organic investment, M&A and shareholder returns."

https://www.vmware.com/company/news/releases/vmw-newsfeed.VMware-Announces-One-Time-Special-Dividend-to-Stockholders.2205706.html

Thursday, May 24, 2018

Nutanix posts revenue of $289.4 million, up 41%


Nutanix reported revenue of $289.4 million for its third quarter of fiscal 2018, ended April 30, 2018, up 41% year-over-year, and reflecting the elimination of approximately $52 million in pass-through hardware revenue in the quarter as the company executes its shift toward increasing software revenue.


GAAP gross margin was 67.0%, up from 59.5% in the third quarter of fiscal 2017.  GAAP net loss was $85.7 million, compared to a GAAP net loss of $96.8 million in the third quarter of fiscal 2017. Non-GAAP net loss amounted to $34.6 million, compared to a non-GAAP net loss of $45.7 million in the third quarter of fiscal 2017.

“Demand for our solutions remains strong as we saw 67 percent growth in software and support billings and 55 percent growth in software and support revenue. We had strong success in our hiring in the quarter that positions us to deliver on our future growth plans, as we outlined at our March Investor Day,” said Duston Williams, CFO of Nutanix. “The continued growth in our software and support billings and gross margin expansion in the quarter demonstrates we are successfully executing on our transition to a software-defined business model.”

Some highlights:


  • During the quarter, Nutanix grew software and support billings by 67 percent year-over-year, including three software and support deals worth more than $5 million each. Pass-through hardware billings decreased to 17 percent of total billings in the quarter, down from 25 percent in the year-ago quarter.
  • Improved AHV Penetration: Grew adoption of AHV, the company’s built-in hypervisor, to 33%, based on a four-quarter rolling average of nodes using AHV as a percentage of NX nodes sold.
  • Nutanix ended the third quarter of fiscal 2018 with 9,690 end-customers, adding 820 new end-customers during the quarter and growing deals greater than $1 million by 28 percent year-over-year.


Monday, May 21, 2018

Pure Storage hits quarterly revenue of $255.9 million, up 40% yoy

Pure Storage posted revenue of $255.9 million for its quarter ended April 30, 2018., up 40% yoy, exceeding the high end of previously issued guidance. The was a GAAP operating loss of $61.9 million, compared to a loss of $58.2 million in the same period a year ago.

"Pure has delivered another strong quarter as we lead the industry in delivering new data-centric architectures that enable enterprises to succeed both today and tomorrow," said Pure Storage CEO Charles Giancarlo. "The combination of our innovative business model, first-to-market technology innovations, and focus on customer success drove continued momentum in Q1."

Monday, May 14, 2018

Switch hits revenue of $98 million, up 10% yoy

Las Vegas-based, colocation provider Switch Inc, reported Q1 2018 revenue of $97.7 million, compared to $89.2 million for the same quarter in 2017, an increase of 10%. Net income was $4.0 million, compared to $20.3 million for the same quarter in 2017.  Net income in the first quarter of 2018 includes $12.4 million in equity-based compensation expense compared with $2.3 million in equity-based compensation expense in the same quarter of 2017.

"We are pleased with our progress in growing our ecosystem and positioning Switch as a partner of choice for global enterprises," said Thomas Morton, president and general counsel of Switch.  "Our highly differentiated and strategically located campus ecosystems continue to attract primary deployments, while our unique telecom capabilities enable hybrid cloud environments and hyperscale cloud deployments with AWS Direct Connect, Microsoft Express Route, and Google Cloud Interconnect."

Switch completed its IPO in October 2017.

Friday, May 11, 2018

Amdocs posts quarterly sales of $992M, up 2.7% yoy

Amdocs reported revenue for its second fiscal quarter ended March 31, 2018 of $992.3 million, up 1.5% or $14.6 million sequentially from the first fiscal quarter of 2018 and up 2.7% as compared to last year’s second fiscal quarter.  GAAP net income for the second quarter of fiscal 2018 was $101.7 million, or $0.70 per diluted share, compared to GAAP net income of $112.6 million, or $0.76 per diluted share, in the prior fiscal year’s second quarter. Net income on a non-GAAP basis was $137.4 million, or $0.95 per diluted share.

“We are pleased to report solid results for our second fiscal quarter which included double-digit growth in Europe and record revenue in Rest of World. Our operating profitability was stable and we grew our 12-month backlog to another new high. Additionally, we extended our technology leadership with the launch of AmdocsOne at Mobile World Congress and we utilized our cash to close on the acquisitions of Vubiquity, as well as UXP Systems, a leader in User Lifecycle Management solutions,” said Eli Gelman, president and chief executive officer of Amdocs Management Limited.

Amdocs announced a contract with Safaricom, a major mobile network operator in Kenya with 29.5 million customers. Safaricom will use revenue assurance technology and expertise from Amdocs to provide more comprehensive and adaptive revenue safeguards for the entire lifecycle of new services across its entire business.

Wednesday, May 9, 2018

CenturyLink sees rise in business, dip in consumer sales

CenturyLink reported revenues of $5.95 billion for first quarter 2018, compared to $4.21 billion for first quarter 2017. Diluted earnings per share was $0.11 for first quarter 2018, compared to diluted earnings per share of $0.30 for first quarter 2017.

"CenturyLink achieved solid results for first quarter 2018, the first full quarter of operations following the acquisition of Level 3," said Glen F. Post, III, CenturyLink chief executive officer. "Now positioned as one of the world's leading network providers, we believe we have significant opportunities to grow our business and drive long-term shareholder value," Post concluded.

"We are focused on our sales force integration and driving profitable revenue growth while improving our customer experience," said Jeff Storey, CenturyLink president and chief operating officer. "Our integration efforts to date are leading to the synergies we expected and helping us move toward sustainable improved profitability and cash flow generation."



Infinera posts Q1 revenue of $203 million

Infinera reported GAAP revenue for its first quarter ended March 31, 2018 of $202.7 million compared to $195.8 million in the fourth quarter of 2017 and $175.5 million in the first quarter of 2017.

GAAP gross margin for the quarter was 40.5% compared to 24.1% in the fourth quarter of 2017 and 36.5% in the first quarter of 2017. GAAP net loss for the quarter was $(26.3) million, or $(0.17) per share, compared to a net loss of $(40.5) million, or $(0.28) per share, in the first quarter of 2017. Non-GAAP net loss for the quarter was $(7.2) million, or $(0.05) per share, compared to a net loss of $(18.6) million, or $(0.12) per share, in the fourth quarter of 2017, and net loss of $(21.7) million, or $(0.15) per share, in the first quarter of 2017.

“Our financial performance in Q1 reflects continued strong growth from our next-generation products that offset typical seasonal weakness,” said Tom Fallon, Infinera’s Chief Executive Officer. “In 2018, we remain focused on winning new customers that will diversify our revenue base, drive multi-year growth and leverage our unique vertically-integrated operating model. We also remain committed to returning to profitability during the second half of 2018.”

Tuesday, May 8, 2018

NeoPhotonics posts revenue of $68.6 million, 100G and up now at 86% of sales

NeoPhotonics reported Q1 revenue of $68.6 million, down 4% year-over-year and 11% quarter-over-quarter. The gross margin was 13.4%, compared to 20.4% in the prior quarter. There was a GAAP net loss of $18.2 million, compared to a net loss of $14.3 million in the prior quarter. Non-GAAP net loss amounted to $14.6 million, compared to a net loss of $11.7 million in the prior quarter.

“Continuing our focus on 100G and above High Speed Products, which reached the highest proportion of revenue in our history at 86% in the quarter, we introduced and demonstrated new products for 400G and 600G coherent and datacenter applications. During the quarter we saw strength in metro and DCI deployments, driven by North America, and we have accelerating demand for these segments going into the remainder of the year,” said Tim Jenks, NeoPhotonics Chairman and CEO. “At the same time, while demand in China had stabilized, the recent regulatory and trade actions have introduced new uncertainty in that region, we continue to monitor and adjust plans accordingly.”

Twilio's cloud communications hits Q1 revenue of $129M, up 48% yoy

Twilio reported revenue of $129.1 million for the first quarter of 2018, up 48% from the first quarter of 2017 and 12% sequentially from the fourth quarter of 2017. AAP loss from operations of $24.3 million for the first quarter of 2018, compared with GAAP loss from operations of $14.8 million for the first quarter of 2017. Non-GAAP loss from operations of $4.7 million for the first quarter of 2018, compared with non-GAAP loss from operations of $3.7 million for the first quarter of 2017.

Twilio had 53,985 active customer accounts as of March 31, 2018, compared to 40,696 active customer accounts as of March 31, 2017.

"We are honored that a growing list of companies around the world are placing their trust in Twilio. Our first quarter results exhibited broad-based strength across multiple areas of our business, especially with continued expansion with existing customers,” said Jeff Lawson, Twilio’s Co-Founder and Chief Executive Officer. “Our continued devotion to innovation was highlighted by the launch of Twilio Flex - the first fully programmable cloud contact center application platform.”

With its acquired product lines, Extreme hits revenue of $262 million

Extreme Networks reported revenue of $262.0 million for its fiscal third quarter ended March 31, 2018. GAAP gross margin for the third fiscal quarter was 54.6%, a decrease of 90 basis points year-over-year, and non-GAAP gross margin was 57.9% year-over-year, an increase of 70 basis points year-over-year.  GAAP net loss for the third fiscal quarter was $13.6 million, or $0.12 per basic share, a decrease of $8.6 million and $0.07 per basic share, respectively, year-over-year. Non-GAAP net income was $19.0 million, or $0.16 per diluted share,

"We made significant progress continuing to build the 'new' Extreme in the third fiscal quarter with year-over-year revenue growth and non-GAAP gross margin improvement, hitting all of our critical milestones associated with the systems integration of our newly acquired assets," stated Ed Meyercord, President and CEO of Extreme Networks.

"We achieved organic growth of 8% in core Extreme revenue, driven by strength in our wireless business, and 10% sequential growth in our acquired Campus Fabric revenue. Given strong demand, we built our order backlog by over $7M during the quarter. We expect improvement in our gross margins in our last fiscal quarter of 2018 as we continue to approach our 60% target, in addition to significant sequential and year-over-year quarterly revenue growth."

Extreme's recent acquisitions include Avaya's networking business and Brocade Communications Systems' data center switching, routing, and analytics businesses.


Sunday, May 6, 2018

Alibaba's cloud revenue grew at 103% yoy pace in March quarter

Alibaba Group reported that its cloud division (Aliyun) generated revenue of RMB 4.385 billion (US$699 million) for its fiscal quarter ending 31-March-2018, representing 103% increase over the same period last year, and an 8% growth.

Aliyun currently represents 7% of Alibaba's overall revenue, which amounted to  RMB 61.932 billion (US$9.873 billion) for the quarter, an increase of 61% year-over-year.

The gross market value (GMV) transacted on Alibaba's China retail marketplaces for the full fiscal year ended 31-March-2018 was RMB 4,820 billion (US$768 billion), representing an accelerated year-over-year growth rate of 28% (compared to an annual growth rate of 22% in fiscal year 2017).

Some highlights of the Aliyun business

In the March 2018 quarter, Aliyun launched 316 new products and features, over 60 of which were
focused on artificial intelligence, data management and security.

Aliyun launched Link Edge, a proprietary edge computing software to enable the development of IoT applications in industries such as manufacturing, real estate and public facilities, such as airports and train stations.

Aliyun continues to expand its global footprint and customer base, most recently adding a new data
center in Indonesia, increasing the global footprint to 18 countries and regions worldwide.
Here are some selected large customers:

  • China National Petroleum Corporation, one of the largest petroleum companies in China, is building its procurement platform on Alibaba Cloud, leveraging private cloud, big data, and security products and services.
  • Malaysia Digital Economy Corporation is using the City Brain platform for traffic management in Malaysia’s capital city Kuala Lumpur. This platform leverages advanced technologies, including AI, big data analytics and computer vision to manage and optimize city traffic.
  • Cathay Pacific, a leading global airline headquartered in Hong Kong, adopted Alibaba's security and data protection consultancy services to protect its operations in China.

Tuesday, May 1, 2018

Juniper sees better than expected Q1 results despite declining routing and switching sales

Juniper Networks reported net revenues of $1,082.6 million for the first quarter of 2018, a decrease of 11% year-over-year and 13% sequentially. GAAP operating margin was 5.1%, a decrease from 12.8% in the first quarter of 2017, and a decrease from 16.4% in the fourth quarter of 2017. GAAP net income was $34.4 million, a decrease of 68% year-over-year, resulting in diluted net income per share of $0.10. Non-GAAP net income was $99.5 million, a decrease of 44% year-over-year and 50% sequentially, resulting in diluted earnings per share of $0.28.

“We hit the high-end of our guidance during the March quarter due to better than expected results from our cloud vertical and another quarter of growth in our enterprise business," said Rami Rahim, chief executive officer, Juniper Networks. "We are encouraged by the trends we are seeing in several areas of our business and remain confident in our expectation to deliver sequential growth through 2018 and a return to year-over-year growth by the December quarter."

Some highlights from the company's quarterly report:

  • Cloud revenues were up slightly sequentially and ahead of the company's expectations. 
  • The Service Provider vertical was challenged due to the timing of customer deployments, resulting in decreases both year-over-year and sequentially.
  • Enterprise increased 4% year-over-year due to strength from all technologies. 
  • Routing product revenue amounted to $408 million, down 22% year-over-year and down 20% sequentially. 
  • Switching product revenue amounted to $230 million, down 5% year-over-year and down 1% sequentially. 
  • Security product revenue was $73 million, up 11% year-over-year and down 17% sequentially. 
  • Service revenue was $372 million, down 5% year-over-year and down 9% sequentially. 
  • Of the top 10 customers for the quarter, four were Cloud, four were Service Provider, and two were Enterprise. Of these customers, four were located outside of the U.S.
  • Sales in the Americas amounted to $588 million, down 17% year-over-year and down 17% sequentially. 
  • Sales in EMEA amounted to $308 million, up 8% year-over-year and down 5% sequentially. 
  • Sales in APAC amounted to $187 million, down 17% year-over-year and down 11% sequentially

MACOM reports upturn in its most recent fiscal quarter

MACOM reported revenue of $150.4 million for its fiscal second quarter ended March 30, 2018, a decrease of 19.2% compared to $186.1 million in the previous year fiscal second quarter and an increase of 14.9% compared to $130.9 million in the prior fiscal quarter. Gross margin was 43.6%, compared to 37.0% in the previous year fiscal second quarter and 46.6% in the prior fiscal quarter. Net loss from continuing operations was $15.5 million, or $0.50 loss per diluted share, compared to net loss from continuing operations of $134.3 million, or $2.21 loss per diluted share, in the previous year fiscal second quarter and net loss from continuing operations of $17.0 million, or $0.49 loss per diluted share, in the prior fiscal quarter.

“The December quarter marked the bottom of the cycle for MACOM in terms of revenue and demand, as evidenced by our 15% sequential growth. Across our served markets, order intake and customer forecasts returned to more normalized patterns in our fiscal second quarter,” commented John Croteau, President and CEO of MACOM.

“Following last year’s cyclical downturn in China, we believe we are entering the next phase of global infrastructure spending driven by 5G Telecom, continued strong investment by Cloud Service Providers, and now, a surge in defense spending and industrial capital investment. We’ve spent the last couple of years developing a portfolio of disruptive products and technologies to service these targeted areas of secular growth. Major customers have validated our technology and capabilities and are actively sponsoring us as we work to ramp volume.”

American Tower reports robust demand as sales grow 7.8% yoy

American Tower reported revenue of $1.742 billion for Q1 2018, up 7.8% over last year.

“The strong demand we experienced in late 2017 for our telecommunications real estate further accelerated in the U.S. as well as in our Latin America and EMEA regions in the first quarter of 2018. Notably, record levels of new business commencements, along with a robust pipeline of applications for both amendments and new colocations resulted in our increase in expectations for full year U.S. Organic Tenant Billings Growth to approximately 6.5% in 2018," stated Jim Taiclet, American Tower’s Chief Executive Officer.

During Q1, American Tower spent approximately $673 million to acquire nearly 10,600 sites primarily in international markets, including approximately 10,200 sites in India as part of its previously announced transaction with Vodafone India Limited.

Monday, April 30, 2018

Akamai continued to grow at 11% annual clip in Q1

Akamai Technologies reported revenue was $669 million, an 11% increase over first quarter 2017 revenue of $600 million and a 9% increase when adjusted for foreign exchange. GAAP net income was $54 million, a 28% decrease from first quarter 2017. Non-GAAP net income* was $136 million, a 19% increase from first quarter 2017.


  • Web Division revenue was $353 million, up 16% year-over-year and up 13% when adjusted for foreign exchange.
  • Media and Carrier Division revenue was $316 million, up 6% year-over-year and up 4% when adjusted for foreign exchange
  • Cloud Security Solutions revenue was $149 million, up 36% year-over-year and up 32% when adjusted for foreign exchange
  • Revenue from Internet Platform Customers was $44 million, down 14% year-over-year and when adjusted for foreign exchange.

"We are very pleased with the results of our first quarter performance, which featured continued outstanding growth in our security business, substantial improvement in our media business, margin expansion and accelerated revenue growth overall," said Dr. Tom Leighton, Chief Executive Officer.



ZTE posted a Q1 growth rate of 12% prior to export ban on its suppliers

ZTE reported revenue of RMB 28.879 billion (US$5.548 billion) for the first quarter of 2018, up 12% over the same period in 2017. Net profit after extraordinary items attributable to holders of ordinary shares of the listed company amounted to RMB 1.368 billion (US$216 million).

The company said it is still assessing the impact of the export ban imposed on its U.S. suppliers by the U.S. Department of Commerce, stating that this action will have adverse effects.

The 2018 First Quarterly Report was prepared prior to the issuance of the export ban order, therefore ZTE said it was unable  "to ensure the truthfulness, accuracy and completeness of the contents of this report" in light of the order.


See also