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Executives

Brad Buss - CFO

Analysts

Cypress Semiconductor (CY) Morgan Stanley Technology, Media & Telecom Conference February 26, 2013 6:15 PM ET

Unidentified Corporate Participant

Good afternoon, thank you. We’re very fortunate that today Brad Buss, the CFO of Cypress is up here. So Brad, I don’t know if you want to go through a brief overview just to give us – for people who don’t know the story, just three or four minutes on the different pieces of the company and we can go on from there.

Brad Buss

I’d be glad to. I just want to thank you for hosting a great conference. It’s very unusual that you can actually get Grape Crush at an investor conference and never mind a real man’s breakfast.

Unidentified Corporate Participant

We’ve got great kudos on snacks and food.

Brad Buss

I was impressed with it. It worked on the wireless and everything’s good.

((Crosstalk))

So I think big picture we’ve got a couple of main divisions. We’ve got the memory products group which I think most people know SRAM as the pioneers in SRAM, the last man standing. Samsung is leading that area. We’ve got dominant market share, very profitable.

We’re not doing internal R&D profits development. We went to a foundry. So very big difference where that group used to be. Obviously doesn’t have the growth characteristics like some of the other divisions do but been a very profitable one and one where we’ve made one of our few acquisitions, at least since I’ve been there.

I’ve been more divesting than acquiring (inaudible). So we’re going through the first full quarter of that puppy getting through that. And I think that’ll be a nice addition to that portfolio.

The non-volatile RAM business is actually growing quite nicely, a very strong basin, industrial metering, automotive areas that we tended to be a little weaker in. So it gives us some new end market exposure and, more importantly, thousands of new customers that really only have known (Ramtron) through the nonvolatile that now we could introduce the other memory products, the USB and the entire user interface portfolio of what we have, so that will really be the second step once we do that.

So we’re going through the converging of the (inaudible) revenue from sell-in to sell through. There’s a few bumps in the road there. We’ve taken the boots to the cost structure pretty much in Q4, so we’re starting to see the benefits of that. And I think net-net we’ll get close to a $40 million-ish business that can run operating margins greater than what we do in our regular business.

Yes, so that’s the one area and then if you go into DCD is really our USB division. So the big thing now is we’ve got USB 3.0 finally rolling out. Connectivity is a big deal. There’s a lot of data running around, a lot of video running around.

We’ve got some interesting areas that some of the blue tooth low energy that I think we’ll be pushing into as well. That’s the baby division, the smallest in size.

Then big daddies really are (PSOC), programmable systems division, which is our largest division by revenue. And then our touch screen stuff, love it or hate it depending on your vice and the buy side and sell side is still our current largest single product line even after the few bumps in the road that we’ve had in that area.

So that encompasses really the base (PSOC) business, which we call (PSOC) 1, 3 and 5, so i.e. the programmable system on a chip, which is basically an embedded chip with programmable logic, digital.

There’s ram on there, there’s flash on there. You get the micro controller for free as we like to say and there’s different flavors of it all the way up to the arm 32 bit and then really the user interface portfolio, which is cap sense the button replacement.

We do the home buttons on the high-end Galaxy phones at the bottom, all the way to touch screen, all the way into track and clip pads that we really just started a couple years ago. So that’s been responsible for a lot of the growth and then a lot of the pain in ’12 and then we’re looking at that area coming back nicely with some good growth this year, which I’m sure we’ll touch on. So we’re rapid there.

And then the last piece that’s a little different for Cypress versus most semiconductor companies is what we call our merging tech division. So we actually do some Greenfield startups, do some kind of crazier out of the box stuff, i.e. remember the solar company called Sun Power came out of that. (PSOC) actually graduated out of that group as well.

So we’ve got a couple companies in there and one, namely, (Decateck). If we have time, we should touch on later. But it’s something you should keep your eye on. I don’t think anybody has subscribed real value to it because it’s small. There isn’t a lot of revenue. It’s hard to count units or whatever it may be and it really has been a drag on the financials that will eventually turn that around.

So I look at that as really a hidden call option that’s buried in the company that will be spending more and more time over this year trying to show you the value of that.

Unidentified Corporate Participant

I think we’ve learned by history not to ignore that stuff.

Brad Buss

It’s a safety one.

Unidentified Corporate Participant

So can you talk about – before we get into those drivers a little bit more, can you talk about just the overall cycle view? You guys had a different spin on things than a lot of people because you had weakness at the end of December that you didn’t receive in early December.

Brad Buss

Thanks for reminding me.

Unidentified Corporate Participant

And clearly it looks like it’s getting better and you’re bottoming out. But can you just describe what you’ve seen subsequent to December and January and February?

Brad Buss

Yes, we’re one of the earlier guys reporting, so a lot of the stuff we saw – I think you saw a lot of other guys echo it about bookings and backlog and that. And I think everybody in the industry is really seeing that.

Lead times for us and really through the entire supply chain that we participate in remain very low. For us they’re near historical lows or at historical lows, I should say. I’ve never seen them in my eight years there be that low. We’re running around four to six weeks.

So really there isn’t a need to get in front of visibility yet people are giving some more. Part of it’s new program where they want to give you more than lead times so that you can ramp it.

But I think they’re starting to get a little bit of people going the world hasn’t blown up, our company’s doing okay, we’re going to continue to roll out new programs and do I have enough inventory? Everybody’s cut back. The (inaudible) cut back. They’ve cut back. Us guys have all cut back.

I think there is a little bit of unevenness that’s out there. Everyone’s waiting for the mythical lead times extend and everything goes ape shit and we all go on the cycle and then you guys all dump it, whatever you all do.

But I still think it could be an environment where the lead times may not go totally nuts even as demand comes back. But it’s still early to tell.

Unidentified Corporate Participant

But what surprised me a little bit about the weakness in the fourth quarter was that I thought we entered the fourth quarter with very lean inventory across most end customers. And so it didn’t feel like there was room to take another leg down in inventory that would cause that kind of weakness under a (inaudible) macro environment.

Brad Buss

Yes, I don’t disagree. Like in ours it was predominantly all in the (inaudible) where we’re all (inaudible), so you don’t really get a view until they POS. In hindsight now they’ve all said a lot of guys shut down more than we thought including that first week of January. So they weren’t taking the inventory to sit on it at the end of the year, which no one likes to do.

And then they just did some of the refresh into to January, hence where I think you saw the bookings for a lot of guys, seemed to be a little better. And January tends to be a good bookings month because you come off that lull out of Christmas.

Some guys there’s a little bit of stuff before Chinese New Year because they tend to shut down. They want to make sure they have stuff when they get back, so nothing really out of the ordinary there.

The nice thing is we don’t see a lot of cancellations. You don’t see a lot of expedites and, more importantly, we look at the barometer being design activity and business activity. So we’re seeing very strong design wins which means people are still rolling out new projects. They’re not cancelling them.

They’re not saying I used to do five; I’m only going to do three and just a ton of travel. We have people in and out of our place like crazy. Quarterly business reviews are very active. Guys are talking about their roadmaps for the next couple years, so there’s a lot more confidence I think in the various end markets and customers than I think what we’ve probably seen in a year or so.

Unidentified Corporate Participant

And is that through February? Is that then similar to what you saw in January? Is it a continuance?

Brad Buss

Yes, I think it’s pretty consistent, yes.

Unidentified Corporate Participant

And then maybe we could walk through some of the product drivers and we’ll start with touch because it’s the question I get the most. CJ had some interesting, colorful language to describe the business on the call.

Brad Buss

Oh, the C word?

Unidentified Corporate Participant

Yes. And talking about it being commodity and silver dollar and making a ram comparison, I believe, at one point.

Brad Buss

Yes, I dropped him in the head at that point. I was throwing stuff during the call but he kept talking.

Unidentified Corporate Participant

Your pointed out we’re still growing that business –

Brad Buss

Yes.

Unidentified Corporate Participant

So can you talk about what’s going on there, your commitment to the business?

Brad Buss

Well, I think it’s a word use, right. By no mean is a product a true commodity, not pin for pin compatible. There’s not 14 guys you could just call up and someone could deliver the parts next day and they go on the board.

It’s a very engineering-driven pre-sale as well as implementation because of all the software. And where he was really coming from in his mind – when you saw rams that could be multiple dollars, when you get to run a (inaudible) mind, he looks at it like a commodity price ASP, not necessarily the product as a commodity.

We’re not changing our stance. We just rolled gen five out. It’s – we’re already starting to work on gen six. Our gen five is going to be the best chip up to 15 inches, single chip out there. We’re not changing any commitment. If anything, we’re focusing more on spreading our reach up into the tablets and the bigger PC stuff where we’ve really waited to see that area shake out, which I think we’ve been right.

The whole Win 8 thing, we think it’s very good. We think it’s too early. But it’s going to come and it’ll be there and we are definitely going to play into that end of it, the high end.

We’re not abandoning any segment at all. If anything, we probably have the most focus out of all the competitors across that space.

Unidentified Corporate Participant

So it’s not a commodity in the sense that there’s still a battle that’s (fought) like designs in (inaudible) commodity relation but it is getting more crowded, or at least it’s –

Brad Buss

Not really. The same guys that we deal with are the same ones we dealt with three years ago. There’s all this new guy, this new guy, someone gets one win here, one win there but if you’re not seeing – who’s the fifth person in touch?

We could do a pull and I bet you everybody has a different name and it could change every week really depending on what design win someone got in. The ability to get in, stay in and then go wider at one customer has been very tough for anyone else, never mind the fourth biggest guy is carrying that in to other customers.

It’s very, very tough and the feature set where we raised the bar with gen five and then it’s the value added feature for the pilots or the waterproof. And then IT is a really big deal. It’s second or third question every time you go into a sell agreement right now because they’re very concerned on it and dealing with an up and coming guy where ASPs are to save a nickel isn’t as big of a deal versus two years ago where maybe it’s a dollar. Maybe it’s worthwhile.

Unidentified Corporate Participant

And if you’re seeing 25% growth, where does that come out in terms of units prices? How do you draw –

Brad Buss

Well, that’s a revenue base, so obviously we’re assuming ASP decrease again this year, part of it normal volume, part of it mixed. So obviously the units are growing faster than that. We think we’ll be a net share gainer.

A lot of it’s new customers and, more importantly, this is probably one of the better years as far as having that forward design visibility into this year, what design has already won. So we don’t have to play the game of hoping to win the design and then do the ramp on time and then how well do they do. So that – we’re in a much better position from that perspective.

And then our dominant customer is Samsung, who’s got good mojo this year, so we’re very happy there and picking up some additional share.

Unidentified Corporate Participant

So that business is coming back. In terms of the (PSOC) business, you’ve had recent product launch of the (PSOC) 5, the low power version (side). Where do you see that business going over the course of this year? What are the big verticals we should watch that could drive that growth?

Brad Buss

Well, all of (PSOC) is really interesting in that. It really can go into every end market out there, even (PSOC) 1. We scored big when we got into (Cap Sense) and then that turned into touch, so pretty interesting.

And if it wasn’t for (PSOC), we would not be in touch, zero. So if you look at three and five, a lot more of a play in higher income industrial, medical, automotive opportunity because (PSOC) 1 was only a (for met) micro.

The analog was pretty basic, pretty wide. It wasn’t high performance analog. For three and five, that’s very high performance analog and we add new analog functionality every quarter via the software, so it’s a big deal.

It’s more about displacing analog chips than it is the micro controller. And it’s nice because you get the bang for the buck. So for instance, system management control that’s been an interesting one.

A lot of them made for iPod, iPad connecting devices and that’s been another interesting one that we’ve seen. In some of the com equipment where (PSOC) 1 we could blink the lights red or green, now we’re doing actual functionality in some of those devices.

And car is a very big focused area for us but I think that’s going to take – before that turns into revenue with those design cycles, that’s going to be much, much longer. But you’ve seen it in – I think we put the Toyota one out today or it’s coming.

But and that’s more in touch screen, though, but we’ve laid a really big foundation in cars, a lot of the touch and the (Cap Sense) stuff that now that we’re in there and they know us and what we can do, we’re now bringing in the (PSOC) portfolio to say there’s 100 other chips normally in other cars and, guess what, we can stuff a lot of them into one chip, which for a car guy is a big deal for the call and reliability stuff.

Unidentified Corporate Participant

And so away from the touch portion of the piece, obviously we should think of this as being an analog type of product –

Brad Buss

Very analog, very broad, just like everyone else. They probably don’t have 3% customers unless they score in a cell phone. It’s a hodge podge of stuff but it’s really neat stuff and it tends to be a longer revenue cycle. It’s definitely taken us longer to get ramping in that area because of the design cycle.

But once we’re in, the revenue producing cycles tend to be much larger as well. So we’ve got north of 1700 design wins cooking in that area and a lot of them are small to mid-size thing but they’ll start to layer in every year really for the next – I hope to be retired before that thing peaks out.

And then we’re going to end up refreshing (PSOC) 1. We’ll bring out a new version. That puppy’s been 10 years out there, so we’re going to upgrade the micro controller and all the analog and all the software that goes with that and that’s going to be a pretty amazing chip, I think.

It’s going to have a tremendous amount of functionality for the size, the power and the cost but as there are little buzz words (inaudible) of everything or the world, whatever the hell’s all flying around.

These are perfect sensor touch enabled chips that really can go anywhere. And they’ll be very reasonably priced.

Unidentified Corporate Participant

Do you have all the building blocks you need do you think with (PSOC) or do you need to find other sources of IP to bring them in?

Brad Buss

It’s an interesting one. I think for the vast majority with the fact that we’ve went to the 80-15 one end arm for the micro processor, boom, boom, boom, slam-a-ram, the design tools are great. Everyone knows how to use it.

And the analog functionality is really –we’re doing it via software, so we’ve got 170 different software engineers in the company and not all of them are doing analog obviously, but we’re rolling out a couple of new, like I said, analog functionality in the software every quarter.

But as we sit back, we look at IP that do we do it ourselves, do we buy it, do we, like you said, basically go in there and then start taking this into other areas? And that’s the other thing we’re doing in the cell phones.

We’ve got the touch end of it. We’ve got programmable logic and analog box. What else can we start (busting) in cell phones now that we’ve poked our nose under there and there’s a couple of opportunities that we’re already heading down that path on?

So we’re looking at buying stuff. The (ramtron), tucked in acquisitions that make sense or maybe some IP or software-related things are probably the bigger focus in the short term.

Unidentified Corporate Participant

Can you talk about what those other software blocks may be? (Inaudible).

Brad Buss

I’d rather not, not at this point. We’re still flushing out a few things and don’t want to tip our hat too much.

Unidentified Corporate Participant

So I’ll ask about (inaudible) and then I’ll open it up to the audience.

Brad Buss

It won’t be base stand processor. I can tell you that. We’ve been offered many of them.

Unidentified Corporate Participant

You (inaudible) the announcement this week (inaudible). (inaudible), what are the drivers of adoption? It seems like you’ve got the PC side of it now, so you can start to see where the portfolio’s kind of rolling in.

Brad Buss

Yes, the portfolio has been the lag. The early stuff has really been industrial. Industrial, security, a lot of – anything with a lot of video and data. It’s been interesting. A lot of them are new customers for us.

The nice thing with the 3.0, the ASPs are much higher, so even if the guy was on two and went to three, we’re getting an ASP bump rather than just cannibalizing ourselves.

But the vast majority of initial design wins has actually been new customers as well or divisions we haven’t played in historically with the USB.

So I think you’re going to see that continue to grow really throughout the rest of this year and into early next year. You don’t really see it in the divisional results because we’ve had the (Westbridge), that old chip that never died. It’s finally been slowly atrophying down and it’s pretty much gone.

So some of the early USB 3 got (knossed) by that. The (Westbridge) stuff is pretty much hit the bottom, so now we’re pretty clean. So I think the growth from here on will be the USB 3 related.

You’ll see some of the older stuff that’s PC related. PCs are getting smacked in the head a little bit as we all know. And that’ll go down a little bit but not too bad. We’re not really directly in the PCs. We’re more in the peripheral end of life.

Question-and-Answer Session

Unidentified Analyst

(inaudible) seems like there was some parts development problems in the way that Cypress was interfacing with customers in terms of how they were approaching the touch product and trying to decide –

Brad Buss

Oh, the gen four?

Unidentified Analyst

Yes, and then there was a big deal made in the last call how that was fixed. Can you give some more color on that just to (inaudible) that this is a fixed –

Brad Buss

Sure, oh totally. Well, in technology, I’m not sure what repeats or doesn’t repeat. But the big thing there, it was really more on the firmware side, so in the touch area you’ve got the chip but you’ve got the firmware. And both are very important.

And actually I’d probably say the firmware is becoming even more important. So the firmware guys are behind the silicon guys, ran into a few issues, so that ended up getting delayed a little bit, which caused you to miss some design cycles at certain customers.

All of that has gone. Some of the designs in growth that really most of the growth that you’re going to see that we quoted for ’13 is going to be because gen four is coming into revenue finally.

And the gen five that we just announced the other day, you probably won’t see hardly any revenue in that in this year and that’ll be more for revenue cycles for next year.

So we’re very confident obviously in the fixes because of the design wins that we actually have and we have them booked.

So to my earlier point up front, our book design visibility is much better this year than last year. It’s because of the timing of when the gen four was. We weren’t sure which way a guy was going to go at what time and then he didn’t go that way.

Firmware issue, timing issue, confidence, whatever it may be, he kind of lost out. Well, that’s all fixed. Now you’re back in the wagon and away you go.

Unidentified Analyst

(Inaudible – off mic)

Brad Buss

Oh, tremendous changes, tremendous, all the way from organizational, to process, to testing and that’s been all applied on gen five. And actually now we won’t even release a product like we just did if we don’t have all the firmware and hardware all done off and signed off and it’s all done by a separate independent group. So we learned a lesson per the maturity of doing software in a chip company.

Unidentified Analyst

(inaudible – off mic)

Brad Buss

The question was share in touch notebooks and when you’re saying touch are you talking – you’re talking the full blown touch screen versus the touch pad, right? Virtually zero. Where it can go I think it’s a definite area of growth for the industry and for us.

I think, like I commented earlier, the big (hoopila) around Win 8, we were saying early on that we think it’s too early. It’s been multichip solutions in a lot of it for some of the competitors, which you know isn’t going to stay. We’ve all been through that scenario before.

So our focus is really on nailing the gen five and the gen five version that can go all the way up to 15 entrants in a single chip, such that when that market is ready to go we’re going to have the best chip out there and then we’ll go pick and choose with the guys that we want to engage in.

It’s a very fragmented market right now, no clear winner and it’s a tremendous amount of work with each one of these things for a couple hundred thousand units here this year, that there. So I think this year a little more. I think you’re going to see it be really for us in the industry.

15 will be the bigger year. And on the tablet end of it, ereaders and tablets, that’s an area that, again, we’ve bee strategically spending our time and efforts and we’ll continue to do that.

So we’ve been 90% plus phones historically. I expect that to still continue and I expect to see the tablets and the PC end of it will start growing, really exiting this year.

So I look at that as another big growth opportunity in general. That and then the cars, like I said, are just coming, cameras, GPS, all these other little devices we talked about appliances and that. All of that is coming, phones, desktop phones for those of us that will still have them.

Unidentified Analyst

(inaudible – off mic)

Brad Buss

How large is the touch business on Samsung? Well, that’s an interesting question since we don’t tend to give that number out. But I will say Samsung is a 10% plus customer for the company, which thus means in touch they’re pretty big. They are by far our biggest touch customer.

Unidentified Analyst

(inaudible – off mic)

Brad Buss

I’m very excited to be concentrated with that customer. There is probably a couple guys in the electronics world you want to have business with. They’re definitely one of them and the nice thing, it’s not one SKU. We’re in multiple SKUs with them, so you may lose on one. You may gain on another.

To lose them all would be pretty tough, not impossible, but it’s not like it’s one device like some other companies out there in the semi world. I wouldn’t want to be in their shoes if you paid me. It’s great for a while and then it’s not and it’s very, very hard to replace.

Unidentified Analyst

An earlier comment about touch on the PC notebooks, if I may – right here – do you not see anything back from (Haswell) and the convertibles coming end, end of this year for the Christmas time because the (Haswell) is rolling out?

Intel is actually buying out touch screen supplies. (Inaudible) translate into something for you. But to your earlier answer, from a touch –

Brad Buss

If that happens from an earlier design to do into that, we have not participated in some of those earlier designs, so I would expect very, very limited – I wouldn’t even – it’s not even going to be on the radar screen for us.

Unidentified Analyst

One follow-up question, from a micro controller perspective, given the move towards the arm, do you see that C word being even more dominant from a commoditization perspective since –

Brad Buss

No, not at all. If anything, like I said earlier, the micro controller part of it really isn’t the secret sauce and the big sell with the customer. It’s the ability to take three, four, five discrete really generally analog chips plus the micro controller and put it onto one chip.

And then from there, depending upon the application, like take a portable medical device, if you can do all of that, shrink the board and then I have touch or (Cap Sense) built into the (PSOC), which they can then use to implement an interface on top of it, that’s a very powerful consolidation chip for them to go out there with. And that’s really the focus of what we’re doing.

Unidentified Analyst

Do you see any threat from the folks that have developed the (SOC)s for the environment of the smartphones coming in to actually address these automotive and embedded applications with those (SOC)s that are truly micro processor-based but really bringing them into height with that would be competing with (PSOC) type of products.

Brad Buss

It’s a whole different area. A lot of it’s, like I said, the analog, those other devices don’t tend to be really – they’re more logic heavy, really than analog heavy. The price point is the size, different animal.

It would be pretty tough to do and we’ve seen no willingness. Much like us, we don’t really want to migrate up. We don’t want to become an (FPGA) company, for instance. We’re going at things in a very, very different way, whole different architectures and softwares.

Not to say that either couldn’t do it but I don’t think it’s anything that you’re ever going to see anytime soon.

Unidentified Analyst

I believe one of the advantages that you – that I think Cypress has talked about in the past is the ability to – the sensitivity with the touch controller to work with – I think it’s one layer of glass. And I’m wondering has that played out already? What percentage of the market has –

Brad Buss

Oh, no, it’s very early, very early. That’s where you’re going to see a lot of the emerging market. We just put out the one today I think it went out talking about the slim architect, which is the single layer of glass.

Depending on the configuration, the size, the cost can be at 20%, 40% cost savings to the OEM while still getting the full responsiveness features of the touch jet. So obviously bomb cost is bomb cost and our goal is to go out there and enable you to reduce your bomb cost, whether it’s the slim architecture you wan to go in-sell, on-sale, whatever you want to do, whatever operating system, we want to be the Swiss arms dealer from a touch controller standpoint, so that’s very early on.

There is a handful of designs that have just gone into production on that. I think you’ll see that become a much bigger portion of the business over the next couple of years for sure.

Unidentified Analyst

Is it in the tens of millions of dollars range – tens of millions of units at this point?

Brad Buss

Not at this – no, not shipping right now, no. But it will.

Unidentified Analyst

Less than that.

Brad Buss

Yes. Very early on, I would say you’re at first base, so to speak. Good questions, thank you.

Unidentified Corporate Participant

We’re out of time. Thank you very much.

Brad Buss

Yes, my pleasure. Enjoy the conference.

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