Mavenir Analyst Day - November 04, 2014

Mavenir Analyst Day November 4, 2014
Transforming Mobile Networks

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Today’sAgenda

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Forward Looking Statements
Statementsinthispresentationthatarenothistoricalfactareforward-lookingstatements. Someoftheforward-lookingstatementscontainedinthispresentationcanbeidentifiedbytheuseofforward-lookingwordssuchas“anticipate,”“believe,”“could,”“expect,”“should,” “plan,”“intend,”“estimate”and“potential,”amongothers.Forward-lookingstatementsinclude,butarenotlimitedto,statementsregardingourintent,belieforcurrentexpectationswithrespecttomatterssuchasfutureindustrytrends,capitalexpendituresbymobileserviceproviders,theadoptionof4GLTEtechnologybymobileserviceprovidersandusers,andourexpectedfinancialperformancesubsequenttoourmostrecentlyreleasedfinancialresults.Forward-lookingstatementsarebasedonourmanagement’sbeliefsandassumptionsandoninformationcurrentlyavailabletoourmanagement.Suchstatementsaresubjecttorisksanduncertainties,andactualresultsmaydiffermateriallyfromthoseexpressedorimpliedintheforward-lookingstatementsduetovariousfactors.InvestorsshouldreviewfactorsdescribedinourfilingswiththeU.S.SecuritiesandExchangeCommission,includingundertheheading“RiskFactors”insuchfilings.Forward-lookingstatementsspeakonlyasofthedatetheyaremade,andwedonotundertakeanyobligationtoupdatetheminlightofnewinformationorfuturedevelopmentsortoreleasepubliclyanyrevisionstothesestatementsinordertoreflectlatereventsorcircumstancesortoreflecttheoccurrenceofunanticipatedevents.

Company Overview
Pardeep Kohli
President & CEO

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Strong Execution Since IPO(Nov 7, 2013)    
5th successive quarter exceeding top /bottom line guidance
2014 9 Mo. Revenue growth of 30% ($96.1M vs $74.1M)
Increased investment in product development and trials
Several new customer wins/expansions globally
Multiple new product launches
Significant VoLTE launches & announcements
Strong Business and Financial Performance Since IPO  

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Customers include 12 of top 20 operators globally; Top 4 US operators & 4 of top 5 in Europe
First mover advantage with several world’s first commercial deployments of 4G LTE solutions
Capitalizing on 2 key network trends: 4G All-IP and software- based cloud deployments
1050 employees 870 across
eng/ops
Founded in 2005 with a vision to lead the transformation to 4G LTE
A leading provider of converged voice, video, messaging and mobile core network solutions
Disruptive, virtualized software platform with >30 products
Company Highlights
$101M 2013 Rev
37% YoYGrowth
30% YoYGrowth
$96.1M 9mo Rev

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Company Milestones
T-Mobile US IMS
(E2E Provider & Strategic Partner)
T-Mobile US SMS (SMS FDA Across US & APAC)
AT&T / MetroPCS(Strategic 4G wins for VoLTE & RCS)
DTAG & VF VoLTE (Strategic 4G wins & EMEA Beachheads
EMEA Expansion
(4G wins @ Tele2, MTS, DT Intl, others)
APAC E2E 4G (Strategic Partner & APAC Beachhead)
AirwideSolutions (EMEA & APAC Presence)
‘13
‘09
‘10
‘11
‘12
‘08
‘14
VoWiFi
VoLTE
RCS 5

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mOne®Convergence Platform
Multimedia Services Network
Network Functions Virtualization (NFV)
Open APIs
mOne®Convergence Platform
500+ Staff Years Invested
30+ SW Products
Fully Virtualized (NFV)
Hardware Agnostic
Commercially Proven

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Mavenir 4G Solutions & Technology
Best-in-Breed Wireless Applications & Services
Fully Virtualized Software Product Portfolio
High Performance Media Handling Architecture
1
2
3
Session Control
Session Border Controller
Voice & Video
IMS-PBX
IMS Core Network
IMS Centralized Services GW
Rich Message Server
Presence Server
Telephony Server
Mobility Management Entity
SAE Gateways
Evolved Packet Core Network
Evolved Packet Data Gateway
Optimized E2E LTE Architecture for Voice (R4)
4
Enhanced Messaging
Access Network
Cable
LTE
Wi-Fi
Fixed
OSS
OSS/BSS
Billing
NMS
SLA
CRM

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IMS-PBX Rationale ( VoLTE+)
Typical UC Offering:
•Internet Phone Call
•Fixed IP Phones
•Features like call Fwd. conference, transfer, private dialing plan
•Instant Messaging
•Presence (availability)
•Fax over IP
•Web , Advanced Audio & Video Conferencing
Typical VoLTEOffering:
•IP based Phone Call
•Features like call Fwd. conference
•Instant Messaging
•Presence (availability)
•Video Conferencing

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Mavenir Customer Highlights
VoLTE
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RCS
15
CORE
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Growing Roster of Blue Chip 4G Customers
•Top 4operators in the US; 3 of top 4 operators in Europe
Diversified 4G Customer Base
•Geographically diverse, as well across product lines
Strong 2G/3G Customer Base
•12 of top 20 operators globally
2G/3G/4G
120+
Based on Mavenir 2Q2014 data

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Mavenir 4G Customer Launches
Mavenir 4G solutions are proven in commercial networks across US and European markets carrying live traffic
RCS
Launched
March 2013
VoWiFi
Launched
July 2014
1
DRA
Launched
June 2014
Tier One European MNO
VoLTE
Launched
May 2014
VoLTE
SMS over IMS
Launched
May 2014
3
4
5
2

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MavenirCustomers’ 4G LTE Subscriber Base
35%
CAGR
396M
4G LTE subscriber penetration in 2013 is 90M (9% of 1,035M total)
4G LTE subscriber growth through 2018 projected at 35% CAGR
2018
1,170M
90M
2013
1,035M
4G LTE subscriber penetration for 2018 is 396M (34% of 1,170M total)
(1) Represents total subscribers with Mavenir’scurrent customers.
Source: GSMA –October 2014.
Total Subscribers (1):
124M
2Q2014
1,014M
<5% VoLTE

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4G LTE Progress
Operators globally
1000+
743invested in LTE
<5%
395launched
Connections on LTE
Source: GSMA, Oct. 2014

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Speed
up to 15xfaster
Services
more
revenue
Savings
less
cost
Spectrum
up to 10xbetter
Why 4G LTE is a Necessity

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Phase 1
Phase 2
4G LTE
High
SpeedData
2G/3G
Circuit
Switched
Voice
4G LTE
Better Voice
High Speed Data
Rich, New Services
First Phase of LTE is “Data Only”…
Two Networksfor Voice & Data
Next Phase of LTE is “Unified”…
One Networkfor Voice and Data
Reallocate Spectrum from 2G/3G to spectrally efficient 4G LTE
4G LTE Network Evolution Phases

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Transition to All-IP
Launch Voice over LTE
Launch 4G LTE Data
Coverage
Capacity
Launch New Services
Global 4G LTE CAPEX
Source: Gartner -September 2014.
2018
$9.3B
$34.3B
2013
30%
CAGR

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Software Based
Transition to Software Networks
2G/3G
4G LTE
Hardware Based
INTEGRATED SOFTWARE ON
SPECIALIZED HARDWARE
VIRTUALIZED SOFTWARE ON
GENERAL PURPOSE HARDWARE

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2014 Awards and Recognition
IMS World Forum
Global Telecoms
Innovation
LTE World
MTBC Emerging Company CEO
Best RCS
Best IMS Core Network
Best VoLTEInnovationNFV Innovation of the year
PardeepKohli
NFV Innovation of the year
LTE Asia
IMS World Forum
Best WebRTCPlatform; Best VoLTEProduct; Most Innovative IMS Service Launch
Network Virtualization Industry Awards
Light Reading Leading Lights
CTIA Emerging Technology
Company of the Year (Public)
Mobile Cloud Client and VideoMail

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MavenirTAM
Sources: Dell Oro, Infonetics, Markets & Markets and Mavenir
Forecast (in Millions)
2014
2015
2016
2017
2018
Evolved Packet Core
DSC
427
724
1,067
1,427
1,809
MME
1,127
1,113
1,087
1,060
1,037
PGW (Includes SGW)
1,131
1,458
1,717
1,899
2,070
PCRF
380
843
985
1,082
1,171
Subtotal
3,065
4,138
4,856
5,468
6,087
IP Multimedia Subsystem
HSS
558
777
834
888
915
CSCF
943
1,006
1,078
1,166
1,222
SBC
836
925
1,022
1,126
1,245
VAS
435
610
688
758
836
RCS
225
358
589
1,005
1,782
PBX/UC
1,867
2,153
2,460
2,770
3,076
Subtotal
4,864
5,829
6,671
7,713
9,076
Total
7,929
9,967
11,527
13,181
15,163

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Competitive Landscape
End to End (proprietary H/W)
Point S/W-based Solutions
Complete S/W Portfolio

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Progress on 2014 Objectives
Focus on increasing our direct sales
Enter the data networking space
1
2
Leverage our product portfolio
3
Target adjacent markets
4

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Highly Diversified Revenue Profile
Increasing Direct revenue
•Leveraging brand recognition
•Improving profitability

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Q3 to Date 2013 vs 2014 Revenue
$5.2
$16.2
$52.7
$9.2
$30.4
$56.4
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
New Customers
New Products toExisting Customers
Existing Products toExisting Customers
YTD Q3 Revenue
2013
2014
7%
22%
71%
Q3 2013 to Date
New Customers
New Products to Existing Customers
Existing Products to Existing Customers
9%
32%
59%
Q3 2014 to Date
New Customers

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New Investments in Growth Drivers
Next Generation Products
SBC and EPC markets are being disrupted by mobile operator requirements for Next Generation products
SBC
EPC
Wireless
Scale
Cloud
NFV/SDN
Software
Real-time (VoLTE)

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Service Provider Broadband Trends
Cable
Mobile
Service provider broadband strategies driving towards converged networks to deliver content and services

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Addressing Interoperability and Security Markets
Policy Control
EPC-RAN Border
SGW
SEG
EPC Core
PGW
ePDG
IMS Core
Core
SBC
PCRF
DRA
Carrier
Networks
“Verizon and AT&T Move Toward Voice over LTE (VoLTE) Interoperability”
Carrier
Networks
“Working with other providers to expand interoperability across the industry”
Nov 3, 2014

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Reasons Why We Win
Flexibility
Innovation
Technology
Experience
•Customer First attitude
•Adapting products to existing networks
•Lower Total Cost of Ownership
•Accelerate Time To Market
•Disruptive SW platform
•Best-in-breed wireless applications
•First Mover Advantage
•Passionate and knowledgeable workforce
Vision
•Mobile network transformation
•Evolution to the cloud

Financials
Terry Hungle
CFO

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Investment Highlights
1,050 employees, 868 across engineering/operations
Visionary company –leading the transformation to 4G
Blue chip customer base with 3 of top 4 US, 12 of top 20 globally
Proven leadership team consisting of industry pioneers
Growth at scale:$101M 2013 Revenue; +37% Y/Y
$96M YTD 3Q14 Revenue; +30% Y/Y
Attractive financial model with significant operating leverage
Note: Data as of September 30, 2014.

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Typical Deployment Model
Svcs
Hw
Svcs
Hw
Sw
Lab
Deployment
Initial Production Deployment
Capacity
Expansion
NETWORKS
REVENUE
Svcs
Hw
Sw
INCREASING MIX OF SOFTWARE TO DRIVE MARGINS

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Focus in 2014
•Drive Revenue Growth
•Increase Direct Sales
•Enter Packet Core Market, Gain SBC Market Share
•Lever Portfolio with Existing Customers
•Expand into Adjacent Markets
Grow Revenue and Target Addressable Market

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YTD 3Q14 and YTD 3Q13 Results
9 Months9 Months20132014TrendRevenue$74M$96M↑30% Next Gen Revenue$49M$78M↑61% Direct Revenue$33M$65M↑68% Gross Margin55.2%55.8%↑60bpsOperating Expenses$46.4M$60.7M↑31% EPS($0.34)($0.11)↑68% Net Cash Used in Operating ActvitiesHeadcount7491,050↑40% ($17M)($13M)↑$4M

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Highly Diversified Revenue Profile

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Product Groupings
Telephony Application Server (VoIP, VoWi-Fi)
Circuit Switched Fall Back
IMS Core
–Call Session Control Function
Single Radio Voice Call Continuity
Session Border Controller
WebRTC
$66M YTD Q3 2014 Revenue
Voice and Video
Enhanced Messaging
RCS
Presence
mStore™
MMSC
2G/3G Messaging
$30M YTD Q3 2014 Revenue

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Q3 to Date 2013 vs 2014 Revenue
$5.2
$16.2
$52.7
$9.2
$30.4
$56.4
$0.0
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
New Customers
New Products toExisting Customers
Existing Products toExisting Customers
YTD Q3 Revenue
2013
2014
7%
22%
71%
Q3 2013 to Date
New Customers
9%
32%
59%
Q3 2014 to Date
New Customers

Mavenir Analyst Day November 4, 2014 37
Historical Revenue Growth
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14
Historical Revenue Growth by Category
Next Gen Revenue ToLteagla Rcey vReenvueenue

2013-2014 Metrics (Non-GAAP)
US$ Millions
($0.20)
($0.15)
($0.10)
($0.05)
$0.00
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
EPS
$0
$5,000
$10,000
$15,000
$20,000
$25,000
$30,000
$35,000
$40,000
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
Revenue
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
Gross Margin %
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
70.0%
80.0%
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14
OpEx %

Balance Sheet Trends
$16.9
$23.6
$18.0
$29.7
$33.8
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
$40.0
3Q13 4Q13 1Q14 2Q14 3Q14
Accounts Receivable
$8.7
$11.2
$16.6
$13.4
$14.9
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
$16.0
$18.0
3Q13 4Q13 1Q14 2Q14 3Q14
Unbilled Revenue
63
90
56
80
90
-
10
20
30
40
50
60
70
80
90
100
3Q13 4Q13 1Q14 2Q14 3Q14
Days Sales Outstanding
$9.4
$15.8
$12.7
$11.4 $11.6
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
$16.0
$18.0
3Q13 4Q13 1Q14 2Q14 3Q14
Deferred Revenue
US$ Millions

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Long Term Financial Goals (Guidance Range)
Q1/14
Q2/14
Q3/14
Guide Range Q4/14
Guide Range 2014
Long Term
GrossProfit Margin %
57%
57%
54%
59%-63%
57%-58%
69-73%
Research& Dev’t%
19%
20%
21%
17-19%
Sales & Marketing %
24%
24%
23%
21-23%
General & Admin %
15%
13%
13%
8-10%
Operating Expense%
58%
57%
57%
61%-62%
58%-59%
46-50%
OperatingIncome %
(1%)
0%
(3%)
(4%)-1%
(1%)
21-25%
All amounts are presented on a non-GAAP basis. A reconciliation to the relevant GAAP amounts is provided in the Appendix.
These objectives are forward-looking, are subject to significant business, economic, regulatory and competitive uncertainties and contingencies, many of which are beyond the control of Mavenirand its management, and are based upon assumptions with respect to future decisions, which are subject to change. Actual results will vary and those variations may be material. For discussion of some of the important factors that could cause these variations, please consult the “Risk Factors” section of the preliminary prospectus. Nothing in this presentation should be regarded as a representation by any person that these goals will be achieved and Mavenirundertakes no duty to update its goals.

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2015 Directions
•2015 is expected to be a year of solid growth
•Strengthening gross margin performance driven by software component in the revenue mix
•Leverage Opex –slow growth of the opex investments
•Higher gross margins + Opex leverage leads to profitability
On track -driving towards longer term business model

Break

Market & Solutions
Ian Maclean
VP, Strategy

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Capitalizing on 2 Major Trends
Investing in New Growth Drivers
Market Update
Technology Overview
MajorTrends & Growth Drivers
1.Transition to All-IP …VoLTE & What’s Beyond VoLTE
2.Transition to Software Networks …NFV/SDN
3.IMS-PBX …Addressing the SP Micro/SMB Market Segment
4.sEPC…Leveraging SDN Concepts for a Smarter Data Network
5.vSBC…Leveraging Disruptive SW Platform for Next Gen SBC

Capitalizing on Two Major Trends
Transition to All-IP …VoLTE & What’s Beyond VoLTE

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VoLTE Market Status –Launched in Key Markets
Launches Planned
Operators
Launched
Operators
Trialing
Devices
Available
2014
2015
11
32
18
94
2H 2014
Source: GSMA, GSA -September 2014.

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VoLTE Market Forecast –Rapid Growth
59.6m
VoLTEsubscriptions in 2014
1200m
VoLTEsubscriptions in 2019
Source: ABI Research June 2014
82%
CAGR

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Mavenir’sMarket Leading VoLTE Solution
Mavenir’s VoLTE solution is the market leading solution chosen by early adopters & large tier one mobile operators globally
Telephony Application Server (TAS)
100% Service Parity
•Backwards Compatible to existing services
mOne® Software Platform
•Virtualized, Common across IMS/EPC
Converged Voice Solution for Multiple Market Segments
•VoLTE/VoWi-Fi, Fixed, Enterprise
Service Innovations
•Multidevice, Multiline, OTT UX
World’s First
Converged
Virtualized
Wi-Fi Calling
Innovative

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Launched
May 22nd2014
Launched
Nov 2011
Nationwide
100%
Launched
Sept 17th2014
Planned
2015
Nationwide
Limited2
Launched
May 23rd2014
Planned
2015
Regional
Upper Midwest
Limited1
RCS
TelePresence
Not Disclosed
Uncarrier
Advanced Calling
HD Voice
VoLTE
Brand
Availability
Compatibility
VoWi-Fi
What’s Next?
VoLTEin US

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Service Transformation: Voice over LTE & Wi-Fi
EPC
IMS
Devices
Same Reliability as 2G/3G
Better Voice Service with 4G
Network Modernization (IP)
All-IP Platform (IMS)
VoLTE Drivers & Benefits
VoWi-Fi Drivers & Benefits
Same IP Coverage as OTT
Better Mobility than OTT
Different User Expthan OTT

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EPC
IMS
Devices
Cloud Store
Identity
Mgmt.
Internet
RCS
Service Transformation: RCS & Multi-Device
RCS & Multi-Device Drivers & Benefits
LTE Device Ecosystem
User Experience & Demand
OTT/Apple UX
Service Extensions -RCS
Single Mobile Identity
Interoperable Ecosystem

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Beyond VoLTE: Untethered Network
Mobile Consumer
Devices
Markets
Fixed / Cable
Enterprise
FMC
IMS-PBX
VoLTE
RCS
Residential Voice
Hosted PBX / UC

Technology Overview
Terry McCabe
CTO

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Demonstration: Adding PBX / UC Features to the IMS network
Mobile Network
Oriented to consumer service
Mavenir IMS-PBX
Incremental approach
Cost
Reduced by delivering services to niche markets from common core
Complexity
Minimized replication of service elements between consumer and enterprise
Functionality
Brought enterprise applicability to rich media communication
Presence AS
EPC
Messaging AS
Telephony AS
IMS Core
EPC
Presence
Messaging
Conferencing
Cloud Storage
Attendant
UC
Telephony
Multi-Line
IMS Core
Multi- Device
WebRTC

Enterprise Demo Participants
Cellphone Tablet
Amy Smith
Cellphone Desk Phone
Carlos Sanchez
Cellphone Desk Phone
Raj Verma

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Scenario: Extension Dialing
1) Raj dials Carlos’ extension (102) from his cellphone
•All of Carlos’ devices ring
2) Raj dials Carlos’ extension (102) from his desk phone
•All of Carlos’ devices ring
3) Customer dials Amy’s business number (9725550101) from any telephone
•All of Amy’s devices ring
Consistent experience across all devices

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Scenario: Audio Conferencing
1) Raj messages Audio conferencing information (conference bridge: 9725550001 passcode: 5257#) to Amy
•Amy Smith receives the message on all her devices
2) Amy joins the conference from her cellphone
3) Raj opens conference bridge from his desk phone
4) Raj invites Carlos to join the conference from within the bridge
Flexible On-demand Conferencing from Within Hosted Enterprise Environment

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Scenario: Auto Attendant
1) A Customer dials Enterprise number (972) 555-0000
•The customer is greeted by Auto Attendant. “ …If you know your party’s extension dial it now, to dial by name enter 999””
2) The Customer selects dial by name
•Prompted “Dial the Last Name first 3 letters of the person you are trying to reach”
3) The Customer wants to reach Carlos so they dial “SAN”
•All of Carlos Sanchez’s devices ring
Consistent experience across all devices

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2/3Scenario: In-call sharing and Wi-Fi calling
1) Raj calls Amy and shares his location
•Using RCS in-call sharing
2) Amy says she is already there and shows a picture
•Prompted “Dial the Last Name first 3 letters of the person you are trying to reach”
3) T-Mobile Wi-Fi Calling on iOS
•Seamless experience on iPhone devices
4) 3UK ThreeeinTouchWi-Fi Calling for coverage extension
•Downloaded experience on any device
Leveraging the investment in Rich Communications and Wi-Fi deployment

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VoWi-Fi Case Studies
http://youtu.be/UhpkFybIpWM
http://youtu.be/nxK7ikDKGPc

Capitalizing on Two Major Trends
Transition to Software Networks …NFV/SDN

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Key Elements of Software Networks
NFV
Network Functions Virtualization
SDN
Software Defined Networking
Revolutionizes the Data Network
Revolutionizes the Data Center
Changes the cost equation
Smarter and easier to manage network

63
How NFV is Changing the Game
“Virtualization allows IT systems to function with fewer pieces of hardware…less- specialized and cheaper variety. “These capabilities lead to a
70% reduction
in costs,”
Marian Croak, AT&T’s SVP for Domain 2.0,told CIO Journal.
Deployment
Flexibility
Elasticity
Service Agility
Scalability
Source: CIO Journal May2014

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Mavenir’sLeadership in Virtualization
Mavenir is leading the industry in making virtualization a reality
Mavenir provides a fully virtualized end-to-end mobile core network product portfolio enabling a broad suite of 4G LTE voice, video, rich communications and data services
Products
In virtualized IMS & EPC product portfolio
Over30
Customers
For virtualized VoLTE
& RCS solutions
14Tier 1
Awards
Virtualized IMS platform
Ecosystem
Open approach to virtualization partners

IMS-PBX …Addressing the SP Micro/SMB Market Segment

66
Enterprise Services Landscape
SOHO /
Micro /
SMB
Large
Enterprises
10%
•BUSINESS MOBILITY
•BYOD
Market Segments
90%
Device Ecosystem
Major Trends
Service Providers
Large Operators
Cloud Telephony

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Solution Targeting SMB Productivity & Mobility
Personal#
Personal
Work
Family
2.5G
3G
4G
Work#
Family#
Multi-Lines Handling Personas
Multi-Device Extending Reach
Integrated UC for Collaboration
Custom Service Personalization

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All-In-One UC
Multipoint / Multimedia
Communication
Collaboration
IMS Reuse
IMS-As-A-Platform
Standards-based
Open
Contextual
Business & Social
SOHO/Micro/SMB
Work/Family/Community
Connected
BYOD, Personas
Service Mobility
Smart Devices
IMS-PBX
IMS-PBX: Integrated Business/Social Communication

69
Operator Network Transformation
CS
Voice + Text
Hosted
PBX + UC
MNO
Consumer
Business
Native
VoLTE
RCS
All-IP
Voice + Text
IMS-PBX
CONVERGENCE
OTT
NATIVE

EPC: Leveraging SDN Concepts for a Smarter Data Network

71
Mobile Data Traffic is Exploding
Source: Cisco VNI June 2014
Over 50%
of all IP traffic will originate with non-PC devices
IP video will be 79% of all IP traffic up from 66 percent in 2013.
Globally, mobile data traffic will increase
11x from 2013
There will be nearly as many M2M connections as there are people on earth.
2018

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EPC Market Dynamics Driving Change
Internet Browsing
Streaming Video
Non–RealtimeQOS
Central IP PoP
Hierarchical
HW-Based
Box/Monolithic
3GPP Standard
Architecture
Functionality
Deployments
Voice, Data, Video
M2M
Peer To Peer
RealtimeQOS
NFV/SDN
Distributed
SW-Based
Cloud/Flexible
Modular/Distributed
Current Requirements
Internet Access
New Requirements
Operator Services

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Traditional Incumbents
Point Solutions
EPC Competitive Landscape
2G/3G (GPRS)
Few Devices
Low Throughput
4G (LTE)
Many Devices
Higher Throughput
NFV/SDN
Many Devices
Higher Throughput
Wireless 4G Pure Play
When ?
NFV/SDN Disrupts EPC Market

74
Mavenir’s Virtualized SDN EPC
Software
Fully Virtualized
Infinitely Scalable
Hardware Agnostic
Architecture
Modular/ Distributed
Separated Signaling/ Media
Multi-Access
VoLTE/VoWiFI
M2M Device Management
Optimized
Unique One Touch
Local Caching
sEPC

75
Mavenir’s SDN EPC Architecture
Media
Region 1
Media
Region N
…
Signaling
Data Center 1
Reduced HW Footprint
Reduced Backhaul
Simplified Management
One Touch Media Plane
Centralized
Distributed
Improved Latency
Leveraging SDN Principles to Improve Network Efficiency

76
Mavenir’s SDN EPC Benefits
Mavenir’s unique architecture addresses the “data deluge problem” by handling media at the network edge
Optimized network design provides differentiated capabilities and compelling benefits
Optimized Video with Local Data Caching
Redefining LTE architectures for Voice
1
2
Improved Software Performance to Lower TCO
3

SBC: Leveraging Disruptive SW Platform for Next Gen SBC

78
SBC Market Dynamics Driving Change
VoIP
Mature
Robust
Enterprise
IP Interconnect
Wireline
HW-Based
Box/Monolithic
Rigid
Architecture
Functionality
Deployments
Scale
VoLTE/RCS
3GPP (Wireless)
Wireless Access
NFV/SDN
SW-Based
Cloud/Flexible
Modular/Distributed
Current Requirements
Wireline/Enterprise
New Requirements
Wireless/Consumer

79
Wireless 4G Pure Play
Point Solutions
Point Solutions
Point Solutions
Wireless 4G Disrupts SBC Market
Fixed/Enterprise
Wireless 2G/3G
Wireless 4G
SBC Competitive Landscape
Who ?

80
SBC Global Market
0
300
600
900
1200
1500
1800
2013
2014
2015
2016
2017
2018
Wireline SP
Enterprise
Wireless SP
Source: Dell’OroGroup -July 2014
US$M
$1.6Bn
Wireless CAGR: 28%

81
Session Border Controller (SBC)
Software
Fully Virtualized
Functionally Robust
Security/ Signaling Rich
Architecture
Modular/ Distributed
Separated Signaling/ Media
Hardware Agnostic
Wireless
VoLTE/RCS Functions
3GPP Compliant
Experience
End-to-End Wireless
Wireless 4G Deployments
SBC

82
Mavenir’sPresence in Session Border Controller
Mavenir has already established itself with its virtualized SBC with 14 deployments in 7 networks globally
Proven in large scale networks across several types of deployment models
I-SBC Interconnect
A-SBC
VoLTE, RCS
I-SBC IPX,
IMS Hub
WebRTCGateway
5
4
1
4

Thank You

Q & A

Transforming Mobile Networks
Appendix

86
Long-Term Financial Goals(GAAP to Non-GAAP Reconciliation)
GAAP
Non-GAAP
GrossProfit Margin %
68-72%
69-73%
Research &Development %
18-20%
17-19%
Sales & Marketing %
22-24%
21-23%
General& Admin %
8-10%
8-10%
OperatingIncome %
18-22%
21-25%

87
Q3 2014 Results(Non-GAAP Net Loss Reconciliation)
*(Note: 000’s USD except share and per share data)
Three Months Ended30-Sep-14Total Revenue$34,052Gross Profit (GAAP)$17,982 Amortization and Depreciation279 Stock Based Compensation221Gross Profit (Non-GAAP)$18,482Operating Income (GAAP)($3,837) Amortization and Depreciation1,336 Stock Based Compensation1,357Operating Income (Non-GAAP)($1,144) Net Interest$404Pre-Tax Income($1,548) Income Taxes (GAAP)($657) Adjustment for Uncertain Tax Provisions(102) Net Loss (Non-GAAP)($789) Adjusted weighted average common shares outstanding27,392,000Non-GAAP Net Loss Per Share($0.03)

Mavenir Analyst Day - November 04, 2014

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