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ANADIGICS, Inc. (NASDAQ:ANAD)

Q4 2012 Earnings Call

February 19, 2013 05:00 pm ET

Executives

Ron Michels – President & Chief Executive Officer

Terry Gallagher – Vice President & Chief Financial Officer

Analysts

Quinn Bolton – Needham & Company

Anthony Stoss – Craig Hallum

Edward Snyder – Charter Equity Research

Aalok Shah – DA Davidson & Company

Operator

Good afternoon. My name is Natalie and I will be your conference operator today. At this time I would like to welcome everyone to the ANADIGICS Q4 Earnings Conference Call. (Operator instructions.) Thank you. Mr. Terry Gallagher, Vice President and Chief Financial Officer of ANADIGICS, you may begin your conference.

Terry Gallagher

Thank you, Natalie. Good afternoon, everyone, and welcome to ANADIGICS’ Q4 2012 conference call. With me today is Ron Michels, our President and Chief Executive Officer.

During the call we will make forward-looking statements about our business. I must remind you that actual results could differ materially from our projections based on various risk factors including those described in the press release issued earlier today and our reports on Forms 10(k), 10(q) and other filings with the Securities and Exchange Commission.

All numbers during the call will be presented on a non-GAAP basis. Non-GAAP financial measures exclude equity compensation charges and other specifically identified non-routine items, including in Q4 2012 a one-time charge of $1.1 million for product scrap and replacement costs following an equipment change as noted in our press release. The non-GAAP measures are provided to enhance the understanding of our core operating performance. A full reconciliation of these non-GAAP measures to our GAAP results was presented in the press release.

With that said I will begin our financial discussion. For Q4 revenue was $30.5 million which I will now summarize into three market applications as follows: $23.7 million in cellular wireless, up $2.6 million sequentially; $1.1 million in legacy WiFi, down slightly from Q3’s $1.3 million; and $5.6 million in infrastructure which compares to $6.2 million in Q3.

Sequentially, this represents an overall increase of $1.8 million over Q3 or 6.4% and was driven by cellular’s $2.6 million increase. That cellular increase represents 12.5% sequentially and layers on top of Q3’s healthy 17.4% sequential increase for a composite 32.0% increase from Q2. This quarter’s cellular increase came principally in WCDMA along with some continued sequential growth in LTE.

For the quarter we again had three greater than 10% customers – Samsung, Huawei and ZTE – and we had three customers in the 5% to less than 10% range. Those customers were Cisco and two of our distributors, Richardson and World Peace.

Gross profit was $0.8 million in Q4 and was driven by contribution on our incremental revenues. Gross margin improved to 2.5% in Q4 and increased sequentially by $0.7 million in dollar terms. In the last six months we have seen a $5.4 million increase in quarterly revenue driven by cellular wireless and added $2.6 million to gross profit in that time. Looking ahead, we expect margin headwinds should ease as revenues grow, particularly in WiFi and we continue our mix of new product to transition.

Research and development expenses in the quarter were $9.9 million, lower by 5.2% sequentially although we continued to bring more product to market and our new product introductions accelerated. We are receiving positive feedback from customers and are securing design wins in support of revenue growth in 2013.

Selling and administrative expenses were essentially flat at $4.9 million as we saw a small, 2% sequential decline in Q4 cost. In the cost area we have a plan to continue to control and reduce costs and remain diligent in adding to our efficiencies.

Our net loss in Q4 decreased by $1.4 million sequentially to $13.9 million or $0.20 per share. Similarly our EBITDA loss declined by $1.2 million to $10.1 million for the quarter, an improvement of 10.9%. We ended the year with a strong balance sheet including a solid $51.5 million in cash and marketable securities. Working capital was again well-controlled with accounts receivable on a days basis approximating 38 days or $12.2 million, a sequential decrease of $1.3 million. That reduction was used to support a $1.3 million build in inventory to better support our customers and short-turn orders.

Our year-end inventory approximated 64 days or 5.7 turns per year. Capital spending in the quarter was $0.4 million and depreciation expense declined slightly to $4.0 million. For the quarter, capacity utilization approximated 55%. For the full year, capital spending was $2.8 million and depreciation was $16.5 million. As in past quarters we will not be providing specific guidance, however when looking at Q1 as indicated in our press release we expect revenue growth in WiFi to offset some of the seasonal softness in cellular wireless.

In closing, I am pleased with the progress we’ve made over the last year and look forward to more in 2013. And now I’d like to turn the call over to Ron Michels, our President and CEO, for more on our growth strategies.

Ron Michels

Great, thank you Terry, and good afternoon everyone. I’m extremely pleased with our ability to drive demand for our innovative new products during Q4. By continuing to strengthen our relationship with leading customers and targeting high-growth markets, we achieved a 6.4% sequential increase in sales. I’d like to share with you some highlights from the quarter and discuss our business strategy moving into 2013.

We continue to focus on three market drivers that expand our served available market and provide a platform for continued growth. The first driver is the acceleration of data consumption and adoption of 3G/4G connectivity in wireless mobile devices. The second driver is the rapid adoption of WiFi connectivity across an expanding array of applications, and the third driver is the expansion of infrastructure networks to support greater wireless and broadband data use.

Our cellular product group is focused on the continued migration to 3G and 4G high-speed data connectivity in mobile devices. These devices have significantly greater power amplifier content and more stringent performance requirements, especially for LTE. Our products support these two characteristics by offering greater performance and integration, and these advantages are validated by our tier one OEM customers – Samsung, Huawei, and ZTE.

During the past year we’ve launched an unprecedented level of new products and customer reception has been phenomenal. Our single-band [ProEficient] power amplifiers offer outstanding efficiency in both low-power and high-power modes for longer talk time and data use. Throughout Q4 and already this year, we’ve added design wins across several frequency bands. These ProEficient power amplifiers are expected to ramp into production and begin delivering additional revenue growth in Q2 2013.

Our new space-saving dual band ProEficient Plus power amplifiers maximize battery life with the industry’s highest efficiency across all power levels and customer interest has been outstanding. Working closely with leading OEMs, we have increased our sampling activity in support of a new, low-cost 3G reference design which we expect to results in WDCMA design wins in Q2 2013. During Q4, we also achieved strong sales in our multi-mode, multi-band power amplifiers including NEC Casio for G’zOne and Medias models. Our MMPAs help customers reduce RF complexity and speed time to market.

Our penta-band multi-mode 3G/4G power amplifier is now in production and will provide additional revenue growth throughout 2013. This solution features five independent power amplifier chains that enable operation in 21 different 3G and 4G frequency bands and band classes. I’m very pleased with the extraordinary traction that we continue to achieve with this product as manufacturers seek to take advantage of the tremendous space savings offered over a discrete solution.

We now have design wins in a variety of applications including data cards, automotive, and M2M. Data cards will drive increasing revenue throughout 2013 followed by automotive and M2M in 2014. Our cellular power amplifiers help manufacturers to solve real world problems such as extending battery life and saving space in 3G/4G mobile applications. These advantages are substantiated by major OEM design wins that we’ve achieved with our new products. We continue to collaborate closely with reference design icons to further strengthen our product development pipeline to support future revenue growth.

Our second growth driver is the continued expansion of high performance WiFi across a variety of consumer and enterprise applications. During the quarter, our WiFi group has achieved significant design traction with our latest products that enable an enhanced user experience in the mobile WiFi connectivity.

This dynamic market can be segmented into three categories – first is the mobile segment including smartphones, which is seeing increased attach rates for high performance WiFi particularly in the 5GHz band; second is the connectivity segment, which includes tablets, ultrabooks and notebooks which is seeing a rapid adoption of the new 802.11ac WiFi standard; third is the WiFi infrastructure segment including routers and access points which is also shifting to the ac and carries an increased RF content with multi-stream transmit and receive.

Our new 802.11n and ac WiFi frontend solutions are not only uniquely positioned to address the mobile market but we are also seeing solid customer interest for use in connectivity and infrastructure as well. The FEIC combines with power amplifier, low noise amplifier, RF switch all in a compact single IC solution. This level of integration helps our customers save valuable PCB space, reduced design complexity, and speeds time to market.

Our FEICs also set the industry standard with the best combination of efficiency and linearity. This is the critical combination to help maximize battery life in mobile and connectivity segments. In the infrastructure segment these performance advantages enable high data throughput at expanded range.

We have design wins at top-tier manufacturers, a strong product ramp starting in Q1 and specification on leading reference designs. We continue to experience outstanding market pull from both our 802.11n and ac FEICs and are engaged in design and application activities at multiple OEMs and ODMs for a variety of applications.

Turning to infrastructure, we continue to commercialize new CATV and wireless small cell solutions to support increased data use. Our CATV infrastructure solutions continue to lead the market in both reliability and performance. MSOs are aggressively rolling out and promoting triple play services that enable consumers to consume greater video, voice, and data content. Our complete family of line amplifiers is optimized to help manufacturers meet the stringent RF system performance requirements in these triple play networks.

In Q4 we expanded our offering with the introduction of new hybrid line amplifiers that are optimized for CATV networks in Asia. These hybrid solutions offer the same exceptional ruggedness and reliability that has made our surface-mount line amplifiers an industry standard. Customer demand for these new products is very strong and we anticipate commencing production shipments in Q2 2013.

In the emerging small cell segment of the wireless infrastructure market, we continue to hold the leadership position. As demand for wireless data accelerates carriers are turning to small cell infrastructure to increase capacity. These devices target a specific area of dense broadband demand to help carriers quickly and economically meet the data consumption challenge.

Our complete portfolio of small cell power amplifiers leads the industry with a combination of efficiency, linearity, output power and thermal characteristics. Manufacturers are able to leverage this performance to develop infrastructure solutions that consume less power, provide higher throughput and greater coverage.

We continue to work closely with leading OEMs and ODMs and our solutions are specified on top-tier reference designs including Qualcomm, Mindspeed, and Ubiquitous. During Q4 we expanded our family and the customer interest has been strong. We have attained solid sales growth and continued to secure design wins for these industry-leading small cell power amplifiers. As carrier demand increases we expect manufacturers to ramp production of additional devices.

In summary, we’ve made tremendous strides in executing to our growth strategy. In cellular wireless, we successfully revitalized the product line throughout 2012 and continued to gain design win momentum. Our new WiFi frontend ICs are now specified in leading reference designs and ramping production to meet accelerating demand. And our infrastructure solutions continue to support increasing network build outs. We believe that we have the right products, relationships, and market focus to position the company for continued success in 2013.

Thank you and we’ll now open the floor for questions.

Question-and-Answer Session

Operator

(Operator instructions.) Your first question comes from the line of Quinn Bolton with Needham & Company.

Quinn Bolton – Needham & Company

Hi Terry, congratulations on the good results and the nice design win momentum in WiFi. I was hoping to start on the WiFi. Terry, you mentioned that WiFi should help offset some of the seasonality in Q1. I was wondering if you could give us a little bit more color on this little bit of WiFi ramp with the new products and specifically can you give us a sense of when you think the new WiFi product might hit 10% of total revenue?

Terry Gallagher

Yeah, good question, thanks Quinn and it’s good to talk with you. So yeah, we are very excited about WiFi. That can be in the order of magnitude of several million dollars’ improvement. And it getting to 10%, yeah, we can see that presently. We should be able to see it in Q1.

Quinn Bolton – Needham & Company

So the new WiFi product could actually be 10% of rev’s even in Q1.

Terry Gallagher

Yes sir.

Quinn Bolton – Needham & Company

And then I guess normal seasonality in cellular is probably normally down 10% to 15%. I mean I guess I’d do the math and if the new WiFi product can be 10% of rev’s it sounds like revenue has a chance of being pretty close to being even in Q1. I’m just wondering if I’m missing anything in cellular or perhaps the infrastructure business being down.

Terry Gallagher

Yeah sorry, I do need to correct you, Quinn. For ANADIGICS, and if you’ll recall we do a fair amount of business with the Chinese and they’re very, very sharply seasonal. We’ve seen it kind of 25% or even 30% in past years so you know, we will see a good bit more than your 10% to 15% that you were suggesting. And while we don’t give guidance, we do expect seasonality to be less than in the past but we’d still expect it to be in the double digits, something like that.

Quinn Bolton – Needham & Company

Okay, and then just one last question on the revenue trends knowing that perhaps you see a little bit more seasonality in Q1 because of your customer base: would you be able to characterize what you would describe as normal seasonality in Q2? Does it tend to snap back more in Q2 than say the industry at-large given the bigger sort of industry decline in Q1?

Terry Gallagher

Yeah, as I say we don’t give guidance for Q1 so I’m not going all the way out to Q2. One of the things we are working on a little bit in the course of ’13 is enriching the mix that we’ve got inside wireless so that’s to pay a lot more attention to those products that are delivering a more appropriate contribution and for some of the other ones that are just volume for volume’s sake. We’re deemphasizing those and kind of moving on from them so we’ve become, it’s not a fan of volume but it’s a fan of profitability.

Quinn Bolton – Needham & Company

Okay, great. And then just a last question then, I know in the past you’ve talked about a goal of reaching EBITDA breakeven by the end of 2013. I just wanted to see if that’s still a good goal for us to be thinking about.

Terry Gallagher

Yes, we continue to target EBITDA breakeven end of year. We’re very firm about controlling our costs, reducing, and enhancing the efficiency of our business. We’re excited with the addition of WiFi as the third leg; enhanced product mix then with WiFi and infrastructure balancing off some of the cellular and then even the changeover in products inside cellular.

Quinn Bolton – Needham & Company

Great, okay, thank you very much.

Operator

Your next question comes from the line of Anthony Stoss with Craig Hallum.

Anthony Stoss – Craig Hallum

Hey guys, a couple questions: to start with on the gross margins side, Terry maybe you can help us out and let us know what capacity utilization was. And then the second part is on what you can do to continue to improve gross margins going forward. And then lastly on OPEX, should we keep OPEX fairly flat from what you put up in Q4? And in your assumption of getting the EBITDA breakeven in Q4 does that assume kind of, or what OPEX range does that assume? Thanks.

Terry Gallagher

Gotcha. Thanks, Tony. So I think the easiest one first – capacity utilization was approximately 55%. There was some inventory build in there and then with that charge we took for the equipment change, that drove a little bit more utilization as well. So the 55% doesn’t necessarily match or equate to a $30 million revenue number.

Further, to improve in gross margin I think I was trying to lay it out just a bit earlier. We’ve got WiFi that’s coming in and that does enrich the mix. And then we are reviewing that wireless portfolio and enhancing the contributions in margins that we realize on those products.

Ron Michels

I’ll add one more thing on that, I’m sorry, Terry. We’re very excited about switching all of our product line with time to the ILD process. So in general, anything that’s running on the old process is lower gross margin for us so that’s a big driver as we move through the year and get closer to EBITDA breakeven. We think that by the end of the year we should be 80% crossed over to that new process.

Anthony Stoss – Craig Hallum

Ron, just to follow up on that, your low-cost 3G references that you talked about on the WCDMA side, is that on the new process and do you expect reasonable gross margins on that product line even though it’s 3G, not 4G?

Ron Michels

Yes, I’m glad you asked because I wanted to slip that in someplace. But yeah, that actually is done on the ILD process. It is correct, 3G. It’s a low-cost market that is going to be a very, very big market for us and all of our competitors, we’re very excited about it. We’re glad to have this particular set of products to address the market and the margins on it will be okay. They won’t be as good as they are in WiFi but they will be not bad for what we consider a good margin in cellular.

Terry Gallagher

And Tony, just before we get too far away I mean we do continue to wear some yield. We’re working on that learning curve and consolidating our knowledge and we’ll continue to drive them down. But that’s going to be further boosts to margins as we go forward.

Anthony Stoss – Craig Hallum

And then just OPEX on a go forward basis throughout the year, if you have any view that would be helpful. Thanks.

Terry Gallagher

Yeah, so we’re never done in terms of cost and making it more and more efficient. I think you can model costs to continue to decrease, maybe getting to $14 million or less.

Anthony Stoss – Craig Hallum

Okay, good luck. Thanks guys.

Operator

Your next question comes from the line of Edward Snyder with Charter Equity Research.

Edward Snyder – Charter Equity Research

Thank you very much. Terry, I apologize if I missed it – can you remind us what utilization was last quarter? And I know you don’t forecast it but I expect it would be reasonable to assume that CAPEX will remain fairly low for 2013 – is that a good assumption? And then Ron, should we expect, and obviously with the WiFi coming online that’s going to improve your mix but you’re going to have lower revenue, so the net of all this, how does this net out? Should WiFi boost, if you hit 10% should we see gross margins trend up, flat, or down? And then on the MMPA, including the Penta-band is that for the 1605 transceiver and if not can you give us some idea of what platform you’re paired with on that part?

Ron Michels

Okay, so you’ve asked so many questions if I forget the first one because I’ll start with the last one please remind me. So yes on the transceiver, that is the one. As far as the gross margins go, there are two or three things that will be happening as we progress through the year. One is what I had mentioned before and that’s switching to the ILD process which means any product that’s running that process has a smaller di. The process cost is equivalent but the dye is smaller so that raises the gross margin.

WiFi has a better gross margin in general than our cellular products. A lot of the WiFi products are basically not modules, so that has something to do with it and then there’s other reasons. WiFi leverages this new ILD process that we have that allows all of these different functions to be on one substrate and we think we’ve saved a few cents in doing that. WiFi will increase the margins that the company sees because basically it’s higher than the average margin.

So I guess I forgot your first question or was it for Terry?

Terry Gallagher

Utilization in Q4 was 55%.

Edward Snyder – Charter Equity Research

Okay. Oh, I mean Q3, the previous quarter.

Terry Gallagher

Okay. Q3 was 45% approximately.

Edward Snyder – Charter Equity Research

Okay. So Ron, what I was trying to get to on Q1, certainly WiFi is going to be a higher margin and the ILD is going to help out but you’re going to have a lower run rate so utilization goes down. So kind of on Q1 does it net out do you think to a modest improvement in gross margins or how do you think that’s shaking out? And then the bigger question, I do understand trying to get away from volume for volume’s sake because it hurts gross margin but that’ll also lower your utilization. So I’m just wondering how you feel the profile of that will shake out. Will you try only to back off of volume products as your other products move in so that your utilization doesn’t take a big hit versus just shutting them off and moving on?

Ron Michels

Yeah, I’ll let Terry answer the gross margin question but the one on as we bring in more higher-margin products what happens to the utilization, no, the revenue with the exception of Q1 should increase we think at a substantial rate quarter-by-quarter this year until we end the year with EBITDA breakeven and that will be due to substantially higher utilization. But we do have some products that are very, very low-margin that we feel we need to end of life. Certainly we wouldn’t want to use valuable capacity to run products that are not profitable, so I think that was our intention there but we will not be turning down any additional utilization. There’s plenty of opportunity.

Terry Gallagher

Okay, so Ed then, in terms of the gross margin and expectations, and again we don’t give guidance so you’re going to have to fill in some of the blanks for yourself. But when you look at a double digit revenue reduction you’re not going to be able to hold your gross margins when we’re at these low levels, this circa 2.5% that we just saw. So you maybe do not want to be as aggressive as that on the Q1 margins. We’ll see some pickup as we step out further into the year but you know, that’s some comments for you to chew on.

Edward Snyder – Charter Equity Research

That makes sense. And then some of your competitors in the past have gone through dye shrinks which has certainly helped out their margin profile, but it also dramatically increased their revenue throughput on the fab. If today we just took a snapshot of the fab and it was all ILD and a much smaller footprint, can you give us some idea of what your revenue capacity is with what you’ve got today? Or have you done that experiment yet?

Terry Gallagher

I’m a simple financial guy so I haven’t necessarily done the experiment, but I think we should be safely through the 50%’s or something on the back of this fab.

Edward Snyder – Charter Equity Research

Okay, and final question. I know ANADIGICS has been involved with SOI for some time. There’s a big uptick in demand as we get into these multi-band phones, especially the two leading smartphone OEMs. You’ve had a long relationship with Mirada and they’re supplying several of the modules for some of the higher profile phones – do you feel your product is competitive at this point where that might be a slot that you could look at? Or would you be more inclined to sell directly to the OEM? I’m just trying to get an idea of your SOI development now. Are you in a product phase; will it be direct to the OEM? Will it be through modules; is this something we should be focusing on for 2013 or is it more of an out year type product.

Ron Michels

The work we’re doing in SOI is to supplement products that are largely gallium arsenide. So we don’t have any specific SOI products that we’re looking to market at this point. Instead we think, we have a very interesting switch capability with this process that we currently are using. It can’t do everything SOI can do but it can do quite a bit that allows you to do things and integrate them on the same substrate that our competitors need to go to SOI to get the same performance. But no, we’re not planning on marketing specifically SOI products.

Edward Snyder – Charter Equity Research

Okay, so to the extent that you’re using it it’s all for internal, like in some of your modules or your penta-band, or is it all stuff done on the ILD process for [gas] that you’re using mostly your switch business for now?

Ron Michels

No, our higher complexity modules have a mix. So they have some silicon in them.

Edward Snyder – Charter Equity Research

Excellent, thanks Ron.

Operator

Your next question comes from the line of Aalok Shah with DA Davidson & Company.

Aalok Shah – DA Davidson & Company

Hi Terry and Ron, just a couple quick clarification questions. Terry, you mentioned that WiFi could be 10% of your business in Q1. I’m curious just to make sure that I got it right, the new product would be 10% of revenue – not legacy WiFi.

Terry Gallagher

Yeah, that’s fair.

Aalok Shah – DA Davidson & Company

Okay. So was there any new product revenue in Q4?

Terry Gallagher

Yeah, I don’t know that it would have appeared on the radar but not [what] we’re talking about.

Aalok Shah – DA Davidson & Company

Okay. And your comment, Terry, about wireless typical seasonality for you guys being down 25% to 30% - that’s just for the wireless segment. What’s the kind of overall seasonality in Q1 for you guys?

Terry Gallagher

Yeah, I think as I said earlier it’s probably going to be less than we’ve seen in the past but it’s still going to be double digits.

Aalok Shah – DA Davidson & Company

Okay. And does infrastructure also see negative seasonality in Q1?

Ron Michels

Infrastructure tends to bounce around a little bit, so not always.

Aalok Shah – DA Davidson & Company

Okay. And Ron, in terms of infrastructure are you seeing anything pick up on the cable TV side at all at this point?

Ron Michels

I would say the pickup that we’re seeing is in design wins which will bring revenue in in the second half of the year. And that’s because of some expansion in product lines. We’re able to get into some areas that we couldn’t get into before on the line amp side. We’re also hearing that the infrastructure side of cable may actually start to do better in the second half of next year and a lot of that depends of course on what happens in Europe. But I am hearing that.

Aalok Shah – DA Davidson & Company

Okay, and then last one [it seems like] there’s a chance for you guys to get back in the Rim. How do you feel about your relationship with the Rim at this point?

Ron Michels

The relationship is very good and we’re sampling parts to Rim both on the cellular and on the WiFi side.

Aalok Shah – DA Davidson & Company

Okay great, thank you so much.

Operator

We have no further questions.

Ron Michels

Well thank you very much for joining the call this evening. We appreciate it and we’ll talk to everyone soon. Goodnight.

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