RRSat Global Communications Network Ltd. (RRST) Q4 2012 Earnings Call March 11, 2013 9:00 AM ET
Brett Maas – Investor Relations
Avi Cohen – Chief Executive Officer
Itzhak Zion – Chief Financial Officer
Martin Yang – Oppenheimer Securities
Ladies and gentlemen, thank you for standing by. Welcome to the RRSat Global Communications Network Fourth Quarter and Full Year 2012 Conference Call. At this time, all participants are in a listen-only mode. During today presentation there will be a question-and-answer session and instructions will be provided. (Operator Instructions).
And I would now like to turn the conference over to Mr. Brett Maas of Hayden IR. Please go ahead.
Thank you, Operator. Good morning everyone and thanks for joining us. We are excited to start working together with RRST and its impressive management team. We will be reaching out to shareholders over the next few weeks and we’d like to take this opportunity to request you, contact us if you wish to be added to our distribution list or require more info on the company. I can be reached at firstname.lastname@example.org.
Joining us today on the call is Mr. Avi Cohen, CEO; Mr. Itzhak Zion, CFO; and Mr. Lior Rival, VP Sales and Marketing. Following the prepared statements by management, we will open the call to question-and-answer session. I would like to remind our listeners that comments made today will contain forward-looking statements and management may make additional forward-looking statements in response to your questions. Such written or oral disclosures are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995.
Please note that the Safe Harbor statement in today’s press release only applies to this conference call. Please also note that the results presented today includes results that are on a non-GAAP basis. A full reconciliation table of the non-GAAP measures to GAAP measures can be found in the Company's press release issued earlier today. If you have not received it, please contact us at 646-536-7331 or 917-607-8654.
And with that, I’d like to turn the call over to Avi Cohen, CEO of RRSat. Avi, please go ahead.
Thank you, Brett. Good day everyone and welcome to our conference call. We are glad to start working with Hayden and MS IR team and we are confident that together we will be able to enhance shareholder value and expand our outreach to investors globally. We would also like to take this opportunity to thank our previous IR team [CCG] for working with us and supporting us for many years.
We reported today a record finish to a record year, delivering our highest ever revenue for both the quarter and full year period. Our gross and operating margin reached 10 quarters highest. Across the board our financial metrics demonstrates that this was a successful year concluding with an excellent fourth quarter. Clearly we are on track producing year-over-year improvements in our key financial metrics, and I certainly believe that our focus will enable us to further improve on this financial performance.
In the fourth quarter, we continued our sequential revenue growth reaching $29.4 million, while overcoming some competitive negative currency effects upon which Itzhak will elaborate later.
We increased our backlog while maintaining our average consolidation building an expanding base of contracted long-term recurring business and finally we again managed to sequentially increase our EBITDA, and a strong balance sheet providing resources to fuel our growth well into the future including a selected potential few strategic investments which are further discussed during the call and which should further improve profitability.
As most of you know, I joined RRSat last year on July 1, I am fortunate to have taken over such a strong business, strategically positioned to benefit from the continued positive trends in our industry.
Television viewership particularly in the United States has continued to increase in the recent years, while in parallel new means of viewing content such as Internet streaming, grew in popularity. Even with an increasing array of streaming and online entertainment option available to consumers, the amount of traditional television watching by consumer is growing especially when it comes to sports and specialized events.
High definition TV popularity and by the way the emerging promise of Ultra HD or also known as 4K over the not too distant horizon also creates challenges for our industry. Challenges that RRsat is uniquely positioned to address. As a result we continue to experience strong interest in our services, leading to new consumer wins for digital media broadcasting services.
Let me speak briefly about Ultra HD or 4K, the next generation of high quality television. Over the next few years, the average size of television sets will likely to become steadily larger, requiring larger number of dots to fill up the screen. On 9 inch screen, HD picture viewed from the distance of 20 meters will be viewed as pixelated image, the desire for high quality TV entertainment is the main driver for the trend towards HD and Ultra HD, this continuing trend will contribute to our revenues in the coming years.
The recent report by Deloitte claims that by year-end 24k television set models will be available and during this year, a range of content will become available as well. 4K is four times the resolution of high definition television, and in terms more sophistication in terms of the technical solution. It also requires a tremendous demand of bandwidth, which is one of the major bottlenecks to offer a 4K services.
With currently available encoding technology like MPEG-4 and 18 megabits per second link will be required in order to achieve a brilliant quality Ultra HD picture that is in comparison to 18 to 25 megabit per second to high definition, and 4 to 8 megabit per second for standard definition. As a result point to multi-point distribution of Ultra HD via satellite become economically to serve quicker than in the case of HD. This will work so well for us creating more demand for our expertise and our sophisticated solutions.
According to industry experts, the transition from HD to Ultra HD will be shorter than the one from standard definition to high definition. We expect to begin seeing 4K content towards the end of this year, and we will look to increase our market presence to enable us to capture market share as this transaction accelerates.
In addition over the past two years, we’ve strengthened our ability to provide customers with an end-to-end content delivery service for sports specialized events. These services also known as occasional user view provide both sectors with the ability to distribute content to the world occasionally as the event happens, sometimes with the very short set of time. This content includes the coverage, live coverage of both events, special entertainment events, and other news events. This part of business accounts for approximately 5% of our revenue during the last two years, and most of which is not included in our backlog. It is also higher margin business for RRSat as it involves more sophisticated solution and services.
The global broadcast reflects sports and events, particularly in high definition as well as other special events like news is growing significantly and this is driving growth in the occasional use segment for our market. As part of our recent completed strategic planning process, we have decided to increase our focus on sports, special event and other occasional use services and we believe this accelerate our top and bottom line result in the months to come.
To facilitate the objective of growing the segment of our business, last November we acquired SM2 Sports & Media Solutions, a U.S. based premier provider of occasional use international sports distribution and syndication services. This acquisition gave us direct access to a top-tier customer base including the U.S. National Football League, the United States Golf Association, the Ladies at PGA, and ESPN International.
SM2 was the one that assisted the NFL in delivering its initial high definition broadcast of the Super Bowl to its European broadcast partners. Beyond the U.S., SM2’s global customers include IMG Media, BSkyB and Viasat among others. We just completed a successful seasoning of distributing the NFL games to Europe and Asia.
During the season, we distributed eight simultaneous games each week to Europe and Asia. We also distributed the playoffs, the Pro Bowl and ultimately the Super Bowl. This involve 28 all new version tailored to each market and localized graphics in the language of the local audiences as well as subtitles and other localization services.
Our M2M Solutions allowed the NFL to deliver right quality, high definition transmission of live games to millions of fans across the world. Our recent acquisition of SM2 coupled with our increased internal focus has resulted in an increase of our sports and event services beyond 5%, but still comprised less than 10% of our total revenues. We believe the depth that we have a significant opportunity for accelerated growth of this portion for our business over the coming years, particularly as we expand our geographic presence.
We also saw a positive development in terms of our existing customers in new business, our ability to provide state of the art solutions and unrivaled service enables us to exceed our customers need. This curtails, support our goals with existing customers and present the value proposition that ensures the addition of new channels.
In summary, our financial results demonstrate our successful execution and I am increasingly excited about the opportunities in front of us. We have a strong management team in place, state of the art facility in the New Zealand and the U.S., as well as the renewed focus and the energy amongst the employees of RRSat.
And now, I would like to hand over to Itzhak to review our financial results. Itzhak?
Thank you, Avi. I will provide the summary of the quarter results and then discuss our full year results and after that we will open after this for the Q&A.
Revenue in the fourth quarter of 2012 totaled a record $29.4 million compared with $28.8 million in the fourth quarter of 2011 and compared to $28.5 million in the previous quarter. In term of our fourth quarter revenue breakdown on a geographical basis; 43% of revenue originated from customers located in Europe, 30% from North America, 9% from Asia, 8% from the Middle East excluding Israel, 7% from Israel and 3% from the rest of the world. Our largest customer accounted for approximately 6% of revenues, and the 10 largest customers contributed approximately 22% of revenues.
Most notable of the quarter, was the continuous improvement in our gross margin and operating margin, which were at the highest level more than 2.5 years. Our gross margin was 25.1%, a strong improvement compared to 23.8% in the fourth quarter of last year and 24.5% in last quarter. As a result gross profit was $7.7 million in the quarter, an increase of 7.5% compared to $6.9 million reported in the third quarter of last year, an increase of 5.4% compared to $7 million, reported last quarter.
Our gross margin improvement was mainly due to a more favorable product mix and improved leverage of our infrastructure. Operating expenses were $4.7 million, compared with $4.4 million reported in the fourth quarter of last year, a $4.4 million reported last quarter, the increase in operating expenses is mainly due to the acquisition of SM2 and an increase in sales and marketing activities. The operating income on a GAAP basis for the fourth quarter of 2012, $2.7 million this is a 8.6% increase compared to operating income of $2.4 million in the fourth quarter of last year and 3.4% higher than the $2.6 million reported last quarter.
Operating margin on a GAAP basis in the quarter was 9%, compared to 8.5% in the fourth quarter of last year and 9% in the previous quarter. On a non-GAAP operating income, excluding non-cash stock-based compensation, amortization of acquisition related intangibles, acquisition related expenses and amortization of acquisition related prepaid compensation expenses was $2.9 million during the quarter, an increase of 13.5% compared to $2.6 million in the fourth quarter of last year than an increase of 7.3% compared to $2.7 million in the previous quarter.
Operating margin on a non-GAAP basis in the quarter was 9.9%. the highest level since the second quarter of 2010, 3.9% in the fourth quarter of last year and compared to 9.5% in the previous quarter. It is important to note that the sharp increase, sharp changes in the value of the U.S. dollar versus both the euro and the Israeli shekel impacted our GAAP net income as well as our revenues during the quarter. The sharp change in the level of the euro versus the dollar, caused the change in the value with our credit currency derivatives, and yet we don’t see meaningfully positive impacts from our fourth quarter results. This is a non-cash impact that we exclude from our non-GAAP net income.
Currency fluctuations that also positively impacted our specific tax rate, most of our taxes are calculated based on Israeli tax laws, and based on Israeli Shekels denominated currency terms. The devaluation of the U.S. dollar against the Shekel during the current quarter resulted in lower shipment income for tax purposes. As a result our safety tax rate for the fourth quarter of 2012 was 18.4% compared to 24.5% in the third quarter last year.
Net income on a GAAP basis was $2.4 million for the quarter an increase of 55.2% compared to $1.6 million in the fourth quarter of 2011 and till now today it’s $2.4 million net income in the previous quarter. GAAP fully diluted net income per share of total $0.14 compared to $0.09 in the fourth quarter of last year and $0.14 in the previous quarter.
Non-GAAP income totaled $2.4 million an increase of 64.2% compared with $1.5 million in the same quarter last year and 15.5% improvement compared to $2.1 million in the previous quarter. Non-GAAP fully diluted net income per share totaled $0.14 compared to $0.09 in the fourth quarter of 2011 and $0.12 in the previous quarter.
Finally, our adjusted EBITDA for the fourth quarter of 2012 totaled $5 million compared to $4.9 million in the fourth quarter of 2012 and $4.9 in the previous quarter. This represents an unrealized EBITDA rate of approximately $12 million.
Now, I’ll discuss the full year financial results. Revenues for the year totaled $113.4 million compared to $112.9 million in 2011. The strengthening of the US dollar versus the euro over the past year had a negative impact of approximately $3 million on a top line compared to 2011, about 30% of our revenue euro denominated in our usually back-to-back euro denominated supply of capacity contracts and European satellites. Therefore the impact of the US Dollar volatility on a gross margin is more limited.
Full year gross margin was 23.9% an improvement compared to 23% last year. Gross profit was $27.1 for the year an increase of 4.5% compared to $26 million reported last year.
Operating expenses was $17.5 million slightly above the $17.2 million reported last year. As a result, our GAAP operating income for 2012 totaled $9.7 million this is a 9.9% increase compared to operating income of $8.8 million last year. Operating margin on a GAAP basis for the year was 8.5% compared to 7.8% last year. Our non-GAAP operating income was $10.3 million for the year, an increase of 11.5% compared to $9.2 million last year. Our non-GAAP operating margin for the year was 9.1% versus 8.2% last year.
A sharp change in the level of the Euro versus US dollar of course we’re changing the fair value of converted (inaudible) on annual basis, less than $2 million positive impact for the year compared to $2.1 million negative impact last year.
However if you look the non-cash impact, it will exclude from our non-GAPP net income. As a result, our net income on a GAAP basis was $8.3 million, compared to $4.3 million in 2011, representing a 91.2% increase. GAAP fully diluted net income per share totaled $0.48, compared to $0.25 in 2011. Non-GAAP net income totaled $7.9 million, an increase of 25.7% compared to $6.3 million last year. Non-GAAP fully diluted net income per share totaled $0.46, compared to $0.36 in 2011. Finally, our adjusted EBITDA for the year totaled $18.9 million, an increase of 8.5%, compared to $17.4 million last year.
Moving to our backlog; backlog of signed agreements as of December 31, 2012 totaled $194.6 million, compared to a backlog of $184 million at the end of the previous quarter. This includes signed agreements to provide broadcasting services as well as mobile satellite services, approximately $87 million of the year-end backlog is scheduled to be recognized over the next 12 months.
Cash, cash equivalents and marketable securities as of December 31, 2012 totaled $26.4 million, compared with $36.9 million as of September 30, 2012. The change in cash position during the quarter was mainly attributable to a positive operating cash flow of $2.8 million, offset by a dividend payment of $10 million, the acquisition of SM2 and capital expenditure of $3.3 million.
I would like to highlight that as we said during the past two quarters, our capital expenditure has substantially declined from a $14.7 million last year to $6.6 million this year, since the completion of the infrastructure outbreak that remained till June, 2011.
In addition, due to improved financial performance overall, we have generated $18.9 million in EBITDA over the last 12 months, compared to $17.4 million in 2011. This changes has had a very positive impact on our cash flow and lead us to generate $12.3 million in free cash flow over this period.
If you can (inaudible) to note that we plan to invest in a few initiatives during 2013, which will result in a temporary increase in our CapEx. In particular, we plan to consolidate during the year our two main operational sites within, moving our channel regulation operation in these facility and to our own facility. This will result in a one time CapEx investment of approximately $4 million recognized during 2013.
Our result was completed. This consolidation will result in OpEx reduction, EBITDA improvements, the infrastructure updates that will allow us to increase of content management customer base. As a result, we believe that our capital expenditure will total approximately $11 million to $12 million during 2013.
Although in the future, we believe we should look at annual CapEx $6 million to $8 million once these consolidation is complete.
Year 2012 returned fixed income $8 million for our shareholders through dividends including $10 million one-time dividends during the fourth quarter. According to our dividend policy our board of director reviewed our cash position, free cash flow and potential investment including potential overlay opportunities and in input for dividend distribution decisions. We will continue to evaluate in terms of shareholders and a popular (inaudible).
Now we would like to focus on our guidance for the fourth quarter of 2013. (Inaudible) is revenue the increase as of today and we do not commit. Management expects revenue for the full year 2015 to be in the range of $120 million to $125 million representing 6% to 10% year-over-year growth and gross margin for the year to improve over 2012.
Given some level of seasonality associated with the revenue outcome of today, 24x7 services we expect some level of variation in the mix from quarter-to-quarter level to some fluctuations, the revenue and gross margin between the quarters. For the first quarter of 2013 we expect revenues to be in the range of $28.7 million, $29.7 million representing 4.5% year-over-year growth and gross and EBITDA margin similar to the fourth quarter.
I will now turn the call to Avi. Avi?
Thank you, Itzhak. I think it’s evident why we are very pleased with the results and progress we were able to make during this, and this year. We continue to grow our revenues and have demonstrated three consecutive quarters of top-line growth.
In closing, I’d like to say that we have made a growth strategy that is based on organic growth, coupled with strategic and accretive acquisitions focused on expanding our global offering by creating the proper foot print in selected geographies, as well as increasing profitability and cash generation.
We’re well positioned to grow all segments of our business and especially our global channel origination and sports event. As the demand for sports and events increases, so does the complexity in broadcasting. Our focus on growing this high margin business which currently generates less than 10% of our revenue should help us to further expand both our revenue and profitability. Our recent acquisition SM2 was the first major step in this direction and proved to be a very successful combination.
In addition, we are focused in growing our channel origination also know as digital content management to present in North America and later in Europe, but mainly Western Europe and Russia.
Channel origination increasingly requires the local presence, so we were the new content creator. We have hit success in persuading content creators to allow us to manage the content from our headquarters in Israel. But in order to accelerate our growth, we would like to create presence in the country or continent for origin.
We are also extending our OTP over the top beneficial offering to our customers, like completing our OTP platform and services and further providing an one stop shop for customers. I’m confident that these revenue streams will grow faster and we expand our global business.
Our strategy relies on very strong foundation; our stable financial model consists of 88% recurring revenue, our average content renewal rate is 75%, and we're actually collecting payment for our services prior to providing it, which enhances our cash position. This foundation together with our commitment to grow will enable us to enhance shareholder value.
Before we move to the Q&A portion of our call, I’d like to mention that we will be presenting at the 25th Annual ROTH Conference, at The Ritz Carlton in Dana Point, California. Our presentation is scheduled for 11:30 am Pacific Time on March 18 and I’d hope to see many of you there. There also be an opportunity to have a one-one meeting. Please contact our investor relations team if you are looking to sched a meeting with us.
And with that note I’d like to open the call for the Q&A session. Operator?
Thank you. (Operator Instructions) Your first question will come from the line of Andrew Uerkwitz of Oppenheimer & Co. Please go ahead.
Martin Yang – Oppenheimer Securities
Gentlemen can you hear me?
Martin Yang – Oppenheimer Securities
Good afternoon gentlemen, this is Martin Yang on behalf of Andrew Uerkwitz. Congratulations on the good quarter, I just have a couple of questions. So my first question is regarding the growth opportunities such as live entertainment, can you give me more color on the sales process, should we expect more uptake in the SNG line to support this endeavor?
I am not sure that we understood the question, we missed the word, you wanted some color on what?
Martin Yang – Oppenheimer Securities
Oh okay let me repeat. So provide us with more color on the sales process of your live entertainment business, and should we expect more uptick in the sales and general expenses?
Okay I think I got it now. Okay till the sales forces stuff, first of all this is not new to us, we’ve been in this for a while, it hasn’t been a major focus of the Company but we’ve been doing that for a while as a matter of fact in the way we organize and the way usually that works is we have something called booking department that essentially it’s called at any time of the day 24x7. We have call from customers that most of them are customers where we work with that if sign up was to provide them with what’s called occasional use services, they would call and say that we need the service at a certain time at a certain day, for a certain length and they will tell us what their needs and what exactly set up the day they are looking for, sometime it’s a day before, sometime it’s a week before, sometime it’s half an hour before. We have the necessary set up in our infrastructure to be able to configure it and support it and we can do multiple services in parallel.
The booking department is supported by few sales people; they are part of our global sales team. We have intellectual of what we call all new sales as part of our commercial organization, and I hope that give you some color on our sales force in the way it works, in terms of, I think you are asking something about, should we expect a change in the SG&A?
Martin Yang – Oppenheimer Securities
I think look, we are investing in our commercial products, we’re certainly planning to enhanced our presence in different geographies as part of our strategy, and among other things we will be heading footprint to cover more customers, but it will be well balanced with our ability to acquire new customers, and yes I would imagine that not imagine I know that there will be some increase, but it would come with the revenue increase so I think it will be together.
Martin Yang – Oppenheimer Securities
Perfect. Thank you. My next question is, how do you see the revenue mix evolving over the next few years.
Well, I guess we get some guidance for the revenue for 2013, and probably stay with that. We’ve also made a statement that we have plans to grow organically as well as inorganically, and that’s about all we can say about that as well. So the only other color that I can give you on that is that, we most likely will be seeing a change of mix. Today the large part of our business means based on our 24x7 global distribution of content or digital content, and the processing of digital content, and we will be growing that by in addition to that we will be accelerating much further.
We believe in the other pieces of our business, where we didn’t have a great focus over the years, and we have enhanced that focused for now as well as in certain geographies, so I think what you can expect is that that mix will change, and those in the account of 24x7, but also that we believe that was obviously (inaudible) for our business because that was so small compared to the opportunity around the world that we will be able to grow those pieces much, much faster than the growth of the main part of the business to there which is there 24x7.
Martin Yang – Oppenheimer Securities
Got it, and my last question is, can you provide an estimate as to the number of channels your clients will have on the content management umbrella by the end of this year.
No, I think our general estimate has been two pieces all right. We do channel distribution globally and I think we, I believe our PRs continue to state that we have above 630 channels, and in addition to that we as I mentioned in my comments, we do channel origination over to be called more broadly content management we do about 130 or a little more channel for our headquarters and we hope to develop that part by the way globally. I can tell you that we do more than 100 channels today on Internet. But that’s about how much I’m going to go into it. We don’t provide the exact numbers.
Martin Yang – Oppenheimer Securities
Okay. Thanks you so much and congratulations again on the good quarter.
Thank you very much. Thanks a lot.
(Operator Instructions) And we have a question on the line from (inaudible) of [Aquiline Capital]. Please go ahead.
Hi, guys. Congratulations on another great quarter. The question I have for you today just have to do with the one-time CapEx plan that you have this year. Could you elaborate a little bit more about some of the benefits of that program, and why do you think that’s a good capital?
Hi, Phil and thank you very much for your comments. I’ll give you a little bit of it and maybe Itzhak want to shed some light on it as well. But in principle, we have been organized in Israel in our headquarters in two different sites in terms of our services. When our Teleport in Emek HaEla was acquired two years ago, we had removed over time most of our distribution, global distribution to Emek HaEla. And we have the bulk of our VPB and antennas essentially to deal with the services that we provide in the distribution.
However historically, we’ve had another site, which is about 20 miles away from that place, where we started the Company, and there we have still all of our layout of channel origination services as well as the minor part of our distribution. We made a decision that consolidating all into a single site will be the right move in terms of both economics, logistics, ability to sniff out some of our processes, and therefore we embark on this project, I think it started about a year ago. But when I came on board, during the first few months I looked at it, and just started to push the button on that.
So we’ve been really, really busy working on that. We believe, we will have it completed this summer. We’ll have our services all consolidated and by the end of the year, we will exit completely, the other site which goes to rental space versus our main two teleport which we own.
I’ll let Itzhak to give you some more color in terms of savings et cetera but in general debts just of the move. Itzhak, you want to take your time?
As I mentioned during the call, we expected an improved EBITDA with some savings, operational savings, and by the end of the day; it was on actual turnaround investment they do reflect consolidation.
Okay. Can you give us a sense for the savings from closing down that facility?
It would be more than 10% earnings.
I’m sorry, more than 10% of what?
Return on investments.
Right, I’ll just follow-up with you, after the call. Thank you, guys.
Thank you (inaudible).
(Operator Instructions) And Mr. Cohen and gentlemen, there are no further questions at this time. Please continue.
Okay, well. Let me summarize, thank you all for joining us today. I just want to say that 2012 was a very exciting year for me. Personally as a new CEO joining RRSat as well as for the Company that had moved to a new state-of-the-art facility, executed a successful acquisition, and continued global expansion. Now that we entered into fortunes in place, our free cash flow is high and our backlog continued to go. We are well positioned to take RRSat even further. I look forward to speaking with you next quarter, have a good day.
And thank you. Ladies and gentlemen this does conclude the conference call for today. We do thank you for your participation and you may now disconnect your lines.
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