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Silicon Image Inc. (NASDAQ:SIMG)

Q1 2009 Earnings Call

April 23, 2009 05:00 PM ET

Executives

Michael Bishop - Investor Relations - The Blueshirt Group

Steve Tirado - President and Chief Executive Officer

Harold Covert - Chief Financial Officer

Analysts

Blaine Curtis - Jefferies & Co.

Richard Shannon - Northland Securities

Operator

Please standby we're about to begin. Good day and welcome to the Silicon Image Investor Relations Call First Quarter 2009 Financial Results. Today's call is being recorded. At this point I would like to turn the call over to Mr. Michael Bishop please go ahead sir.

Michael Bishop

Good afternoon and welcome to Silicon Image's first quarter 2009 financial results conference call. I am Mike Bishop from Silicon Image's Investor Relations. Joining me today is Steve Tirado, the company's President and CEO, and Hal Covert, the Chief Financial Officer.

The agenda for today's call includes a discussion of first quarter results and company's strategy from our CEO, followed by the CFO with a more in-depth discussion of financial results in the first quarter of 2009 and financial performance estimates for our Q2. We will then open the call for Q&A.

Before I turn the call over to Steve, let me remind listeners that we will be making forward-looking statements based on our current expectations during the call regarding many aspects of our business and the markets in which we operate; including but not limited to forward-looking statements about our future products and their anticipated benefits, the timing of new product introductions, average selling prices, design wins, market demand for our products, financial results and performance.

Actual results may differ materially from our forward-looking statements. Moreover, our forward-looking statements and the company's future results are subject to certain risks and uncertainties, which we described in today's press release as well as in our filings with the SEC, including but not limited to our most recent periodic reports on Forms 10-K and 10-Q. These documents describe certain relevant risk factors that could affect our financial results.

I also want to mention that we have provided a financial metrics table and a reconciliation of our non-GAAP financial information to GAAP information in our first quarter 2009 financial results press release, which is available on the Investor Relations section of our website at siliconimage.com. I'll now turn the call over to Steve.

Steve Tirado

Thank you Mike, and good afternoon everyone. Before I begin my commentary I'd like to let our listeners know that my financial comments will be made on a non-GAAP basis.

Our financial results for the first quarter of 2009 came in with revenue of 40.5 million and gross margins of 55%. Our revenue for the first quarter was inline with our expectations, go down in all segments compared to Q4. Additionally we were able to control expenses better than our expectations entering the quarter. Order visibility into Q2 is about the same as last quarter, although our distributors and customers have started to order in a more normal pattern versus the last two quarters.

Going forward we expect to drive improvements in digital television, mobile, storage and IT licensing revenue somewhat offset by continued declines in PC revenue. We will continue to monitor and control expenses and believe that we can improve bottom-line results going forward this year. We expect to be cash flow neutral for the year and anticipate growth in revenue in the second half based on design wins at several major OEMs, in the DTV storage in mobile areas.

I'll now cover six key highlights for Q1 before handing the call over to Hal for his financial summary and our guidance.

As I mentioned last quarter, we've introduced three new technology initiatives with the goal of creating three international new international standards. I'll first give a brief update on these initiatives and then provide some comments on some key product areas, including HDMI 1.4, our DTV port processor product line and our SteelVine storage processors.

On the initiative front, let me start with MHL, the mobile high-definition link, which is targeted at mobile devices, especially mobile phones where our micro USB type connector supporting as few as five pins can support high definition quality digital video and audio, USB charging and other capabilities.

I'm pleased to say we now have a design win going into production with this -- and going to production with this technology starting in Q3 of this year with a major mobile phone OEM. This solution will use our first generation MHL transmitter in the phone, and an active dongle cable with one of our MHL to my bridge chips to allow a direct MHL to HDMI DTV connection.

We believe this represents an important milestone in the validation of our MHL technology. At the same time we are working with a leading DTV OEM to support native MHL technology in selected DTV models which are expected to be available at the end of this year. This design win is part of, what is driving the expected improvement in mobile chip sales in 2009. Additionally, we expect to ship over 30 million InstaPort and MHL enabled DTV port processors this year, creating the opportunity for MHL support on a significant number of DTV platforms entering 2010.

Stay tuned for announcements related to the formation of a working group to promote the MHL standard internationally for mobile devices. It's our view that the market potential for MHL devices exceeds 1.5 billion devices today and has additional product and license potential later this year. The second standard LiquidHD is a comprehensive protocol suite designed to usher in a new generation of digital devices to enable high definition video and audio content distribution in the home and mobile environment. We are still on track to begin sampling our first generation LiquidHD software and micro client or DTV chip hardware this quarter. We continue to receive strong interest in evaluating this new digital content distribution platform from cable, digital television and PC companies.

And thirdly the serial port memory standards initiative targeted at the mobile phone market as well where low pin count, high performance and low power is needed to enable new more powerful applications in a constrained implementation environment is expected to announce the formation of a promoters motors group this quarter. Sample implementations of this new memory interface technology have now been tested and validated.

Next moving to the key product areas, HDMI 1.4; the next version of HDMI supporting Ethernet and audio return channel, 3D formats and new higher resolution 4K by 2K panel support among other features is still on track for announcement this quarter. Silicon Image expects to ship products based on this new standard before the end of this year.

The second product area, the DTV port processor area represents the product family that has been the vehicle for implementing our industry leading InstaPort and MHL technologies. InstaPort takes the switching time between source devices from several seconds down to sub-second switching between devices, when connected to a television. Now-a-days most TV manufacturers in the 40-inch and above category wants to support four to five HDMI ports.

Last year -- late last year Samsung announced in its Silicon Image press release, the implementation of InstaPort with our port processor on all high end models and I'm pleased to say these designs are ramping to production this quarter. In March of this year Toshiba announced their implementation of InstaPort from their high-end down to their 32 inch models for their Japan TV offering, and will soon roll out worldwide models. These designs are also ramping to production with our DTV port processor. InstaPort has become a must have in the DTV market and as I said previously we expect to capture over 30 million units of DTV volume this year, with most major OEM.

And finally on the storage front, our SteelVine storage processors continue to do well. We will be rolling out our newest version processor next quarter and expect second half growth based on this new platform. As I stated earlier we are on track to grow revenue in DTV, mobile storage and IP licensing in the second half of '09, based on established design wins. Given this expectation even with the projected continued decline in PC revenue, we anticipate revenue growth in the second half of '09 when compared to the first half of the year.

With that I'll turn the call over to Hal for a financial update before we take your questions. Hal.

Harold Covert

Thanks Steve, good afternoon. I'd like to cover three topics; highlights of our financial results for Q1 '09, our financial performance estimates for Q2 '09 and comments about the second half of 2009.

Unless otherwise indicated gross margin, expense and earnings related items are reported on a non-GAAP basis, which excludes stock-based compensation expense, amortization of intangible assets, restructuring charges as well as the write-off of goodwill recorded in Q1 '09. Our GAAP financial results and a reconciliation of non-GAAP measures referenced in today's call are available on the Investor Relations page of our website www.siliconimage.com.

Revenue for Q1 '09 was 40.5 million compared to 59.4 million for Q4 '08, and 67.1 million for Q1 '08. The sequential drop in revenue reflects the unfavorable global economic environment and to a lesser extent normal seasonality patterns. The year-over-year drop in revenue reflects the unfavorable global economic environment. Product revenue for Q1 '09 was 34.6 million, for Q4 '08 49.2 million and Q1 '08 57.2 million. License revenue for the quarter was 5.9 million versus 10.2 million in Q4 '08 and 9.9 million in Q1 '08.

CE product revenue accounted for 80% of our total product revenue in Q1 '09, while PC product revenue represented 10% and storage product revenue 10%. Average selling prices for product sales of $1.60 during the quarter were inline with our expectations. Our gross margin for Q1 '09 was 55%, versus 58.9% for Q4 '08 and 58.6% for Q1 '08.

Product gross margin for Q1 '09 was 47.9 million compared to 50.6 million in Q4 '08 and a 52% in Q1 '08; while our license gross margin was 96.7% in Q1 '09, 98.8% in Q4 '08 and 96.5% in Q1 '08. Product mix and the impact of fixed overhead with lower product revenue volume in Q1 '09 were the primary reasons for the decrease in product gross margin as a percent of revenue when compared to sequential and year-over-year results.

Operating expenses for Q1 '09 were 28.1 million compared to 32.4 million in Q4 '08 and 36.2 million in Q1 '08. The decrease in operating expenses is a result of restructuring programs and expense controls implemented during the second half of 2008. Headcount as of March 31, '09 was 597 compared to 610 as of December 31, '08 and 642 as of March 31, '08.

Our operating loss fro Q1 '09 was 5.8 million or 14.3% of revenue versus operating profit of 2.7 million or 4.5% of revenue for Q4 '08 and 3.1 million or 4.7% of revenue for Q1 of '08. The decrease in operating profit both sequentially and year-over-year is primarily due to lower revenue and to a lesser extent a decrease in gross margin as a percent of revenue both of which were partially offset by lower operating expenses. For Q1 '09 other income was 0.9 million, compared to 1.1 million for Q4 '08 and 1.9 million for Q1 '08. The decrease in interest income on a year-over-year basis reflects the use of $68 million of cash in the first six months of 2008 for our stock repurchase programs.

For Q1 '09, our non-GAAP effective income tax rate was 25%. Our GAAP tax expense for Q1 '09 was 3.5 million after taking into account the recording of evaluation allowance against the company's California deferred tax asset totaling 9.4 million due to a recent favorable change in California law related to its importunate (ph) factors.

As a result of the law changed, our California deferred tax assets are no longer expected to be realized. Prior to this change, we expected to realize differed tax assets to offset related future tax obligations. In Q1 '09 we had a non-GAAP loss of $3.6 million or $0.05 per share versus Q4 '08 non-GAAP net income of $15.7 million or $0.21 per diluted share and non-GAAP net income of $3.4 million or $0.04 per diluted share for Q1 '08.

Non-GAAP net income for Q4 '08 consisted of approximately $3.8 million or $0.05 per diluted share from operations and 11.9 million or $0.16 per diluted share attributable to income tax benefits. Our GAAP net lost for Q1 '09 was $33.3 million or $0.45 per share, compared to GAAP net income of $5 million in Q4 '08 or $0.07 per diluted share and a GAAP net lost of $0.6 million or one penny for a share in Q1 '08.

A GAAP net loss for Q1 '09 consisted of approximately 9.8 million from operations or $0.13 per share, 20 million for the write-off of goodwill and other restructuring charges or $0.27 per share, and a tax provision of 3.5 million that was included in the reversal of the deferred tax asset previously discussed -- $0.04 or $0.05 per share. The goodwill write off is the result of our net book value exceeding our market capitalization during Q1 '09 which led us to review goodwill for impairment in accordance with accounting standards. The write-off is a non-cash item and results in all goodwill being eliminated from our balance sheet.

Our GAAP net income for Q4 '08 consisted of a loss of approximately 6.8 million from operations or $0.09 per share which was more than offset by tax credit of 11.9 million or $0.16 per share. Stock-based compensation which is not included in our non-GAAP net income was 3.6 million in Q1 '09, compared to 5.1 million in Q4 '08 and 4 million in Q1 '08. Amortization of intangible assets which is not include under our non-GAAP net income was 1.5 million in Q1 '09 and 1.6 million in Q4 '08 and Q1 '08. We also incurred a restructuring charge, which is not included in our non-GAAP net income, and Q4 of '08 of approximately 4 million primarily due to expense reduction efforts implemented in December '08. Shares outstanding for Q1 '09 were 74.4 million and diluted shares outstanding for Q4 '08 were 74.9 million and for Q1 '08, 81.6 million.

Moving to the balance sheet, cash and investments as of March 31, 2009 were 169 million compared to 185 million on December 31, '08 and 194 million on March 31, '08. The sequential decrease is due for the most part to the use of cash in connection with our day sales outstanding or DSO, returning to our normalized level. Year-over-year the decrease in cash and investments is due to the use of cash for our stock repurchase programs.

For Q1 '09 our account receivables were 17.5 million, which equates to DSO of 39 days as opposed to nine days for Q4 '08. The low level of DSO for Q4 '08 was due to shipments for the quarter being front end loaded. Our DSO for Q1 '08 was 36 days. Net inventory as of March 31, '09 was 12.2 million which represent approximately 5.9 turns on an annualized basis. This compares to net inventory of 12.8 million on December 31, '08 and 14.1 million on March 31, '08. Both our channel inventory and in house inventory were at the low end of historical inventory patterns as of March 31, '09. Capital expenses for Q1 '09 were 0.8 million compared to 0.2 million for Q4 '08 and 3.1 million for Q1 '08.

Now I'd like to discuss the company's common stock repurchase program. We did not repurchase any of our common stock during Q1 '09. We have repurchased $5 million of our common stock under our current $100 million three year stock repurchase program, that was implement in June 2008. This completes my summary of our Q1 '08 financial results.

Next I would like to discuss our financial estimates for Q2 '09 and provide some comments about the second half of 2009. The following is a summary or our financial estimates for Q2 '09. Revenue 40 to 42 million, gross margin 54 to 55%, GAAP operating expenses 35 to 36 million, which includes stock based compensation expense and amortization of intangible assets of approximately 4.5 million and 1.5 million respectively. These expenses are not included in non-GAAP expenses. Non-GAAP operating expenses 29 to 30 million; interest income 0.8 to 0.9 million, diluted shares outstanding 75 million and finally, being cash flow neutral for the quarter.

Now turning to the second half of 2009; during the last six months we have continued to experience a slow bookings environment. We do not expect this situation to improve in a meaningful way until the second half of 2009. Although bookings visibility remains problematic, we want to provide some insight into how management is operating the company. At this time our breakeven annual revenue is approximately 200 million, assuming our target gross margin of 55% to 57% and current operating expense infrastructure.

In addition based on our projected operating plan for 2009, we anticipate being cash neutral for the year. Given the financial factors just described going forward in 2009, our focus will continue to be on the roll off of our new products and capturing new design wins thereby enhancing our competitive position and improving the efficiency of our current operating infrastructure. This concludes my remarks. Operator we will now take the questions.

Question-and-Answer Session

Operator

Thank you. (Operator Instructions). We'll take our first question from Rajiv Gill (ph) from Needham & Company.

Unidentified Analyst

Yeah, hi thank you. Just a question on your second half. If you take the mid point of the second quarter guidance, you are looking at nearly 50% ramp in the second half. So I wanted to get a better sense of what gives you confidence in terms of that second half? I know you mentioned design wins and order visibility improving. But specifically what revenue contribution are you looking for MHL, what revenue contribution are you looking for the new HDMI 1.4 standard and are you assuming some sort of growth in your existing legacy products as well?

Harold Covert

Yes, I think as Steve just indicated based on design wins that we have in hand now we see opportunity certainly on the DTV side, the next generation of the HDMI standard and moving forward, as our customers start to see increased volume with our design wins in place we expect to pick up revenue in the second half of the year.

Unidentified Analyst

Is there a way you can quantify the revenue contribution from the MHL that will be ramping in Q3?

Steve Tirado

Well, the mobile that's the mobile we call that just mobile revenue. Which actually includes some HDMI chips as well. But actually the mobile business itself is going to ramp pretty aggressively. It's going to go up this quarter quite a bit and it's going to ramp pretty significantly from kind of single million up to 2 to 3 million per quarter, may be even a little bit higher in Q3 and Q4. And that's just based on design wins that we've got.

Unidentified Analyst

And if you could just quickly describe the business model for the MHL so I understand that that will be helpful?

Steve Tirado

So, MHL is going to be eventually both a standard initiative where there will be some money is gotten through that for people who adopt the standard pay subscriptions and there is likely to be a small royalty associated with that. And then there is the product revenue. So one of the things we announced today is that we got a phone a phone OEM who is going into production next quarter with the Smartphone using in MHL. And so there is a chip inside the phone. Okay. And then they wanted a chip that a phone that could talk to any TV. So they have an active cable that has a small chip from us that bridges MHL to HDMI -- standard HDMI. So you can literally plug into any television.

So there's an opportunity in the legacy, what I call the legacy space which is when you wanted to connect MHL to any TV out there, standard HDMI there's a chip, the bridge chip and there's a chip inside of the phone device itself. Overtime what we've done is, we've seeded the market through the sale of our port processors with MHL capability integrated. And then it just becomes a question of a little bit of additional circuitry to enable native HDML in the television and we've got one OEM who is planning to go to production before the end of this year.

So we're going to -- so this is a link right. So you get people who are interested in it from the source side mainly kind of the cell phone type guys, but also some camera -- camcorder platforms and then what we've done with the port processor strategy this year is in addition to InstaPort being a hot feature, we went ahead and integrated MHL, so that we gave the DTV OEM the option to enable that, if they choose to going forward. And I think a lot of that will be not that much this year on TV side, but we think in 2010 we'll see more OEMs wanting to go ahead and enable that capability. Especially as they see phone vendors announcing support for it.

Unidentified Analyst

Okay, got you. And switching gears, if -- could describe just quickly the inventory situation both from the retail and the customer inventory for -- in the digital TV space, any updates on what how that inventory progress is working through?

Harold Covert

Yeah, I think if you look at it from two aspects, first of all, our in house inventory and our channel inventory as I indicated during the opening remarks, we're at historical whole levels for both right now. And based on our knowledge from working with customers, we think for our parts in particular that they are at fairly low levels. So we're hopeful and confident that as things start to pick up in the back half of the year as we've had just been describing that we should see some stability and may be a pick up just from the inventories returning to a more normal level.

Unidentified Analyst

Thank you.

Operator

Next we'll hear from Adam Benjamin from Jefferies.

Blaine Curtis - Jefferies & Co.

Thanks, this is Blaine Curtis for Adam. Just a question on your guidance, you guided flat revenue basically all segments up except for PC. But PC was only $3 million. So are just trying figure out one, PC essentially go to the zero and then two, I guess that implies the consumer business isn't up that margin and atypically a seasonally stronger period for TV and then in fact in the supply chain, China saw some decent pick up in Q1. So wonder if you can give me a little more color on that?

Harold Covert

Yeah, it just to start of with as you may recall PC was a strong performer for us last year. And again due to the integration we had planned for -- and it's actually happening now, where our PC revenues are dropping off. It's not going to go to zero this year. It will probably be may be roughly half of what it was last year and then the following year continue that pattern as it drives down until we introduce some new products if we end up doing that. I think the uptick that we see as we indicated a few minutes ago, on the DTV side with our port processor as well as we're expecting the next generation of HDMI to provide some uptick for us also. So that's where the focus is at right now.

Blaine Curtis - Jefferies & Co.

No I get it I'm saying you must not be seeing much of an uptick given that you guided flat and PC can only be down a million or two.

Harold Covert

Yeah and I think what we said was, in the second quarter we are guiding flat. And where we see the uptick actually taking off is in the back half of the year.

Steve Tirado

The other comment that I would make Blaine is that some of our business which was in Blu-ray players and some of the set top boxes out there, is definitely down. The HD set top box, the subscription rates for some of our customers have gone down, so volumes have gone down there. We usually tend to just bundle into the CE bucket. And Blu-ray has been fairly big disappointment so far, it may pick up -- we'll see.

Blaine Curtis - Jefferies & Co.

Got it. And I just want to clarify Hal's comment, he said half -- I mean is it 40 million in PC. You're starting off the first half with maybe 5 million in revenue, 4 or 5 million?

Harold Covert

I think it's going to be down more than that. I mean -- I think it will be less than half, based on what we're seeing now. The integration of HDMI into the South Bridge has basically taken most of the business away. What is compensating somewhat for that and I saw this in the Atheros calls as well, because they are getting on these platforms. We're getting into these net books, these mids as they call them. But the volume there is nowhere near enough to offset the kind of decline that we're going to see on PC. We are running close to 10 million a quarter and it's just dropped way off.

Blaine Curtis - Jefferies & Co.

Got it, helpful. And then one last question on OpEx. You're guiding it up sequentially, you talked about which is driving the uptick and then as you look out the rest of the year initially think of that flat or you expect more increases?

Harold Covert

Yeah, I think we got it slightly up for Q2 and it's primarily because we had a lot of paid time off activity in the first quarter. And we're going to try to repeat that in all the remaining quarters of the year. So in general I would look for OpEx to be flat with a downward trend over the balance in the second half of the year in particular and we'll see what happens in the current quarter. Again, we gave the guidance for the current quarter and that's where we are at this point in time.

Blaine Curtis - Jefferies & Co.

So the 29.5 you guided to OpEx, is that assuming no paid time off. Is that -- are you back to your regular run rate?

Harold Covert

It's back to -- I would say, a low level of PTO, and then again in the second half of the year we've taken some additional actions that will actually start driving down the cost as we get into the back half.

Blaine Curtis - Jefferies & Co.

Okay, Thanks guys.

Operator

(Operator Instructions) Our next question will come from Richard Shannon from Northland Securities.

Richard Shannon - Northland Securities

Oh hi, Steven how are you.

Steve Tirado

We're good.

Richard Shannon - Northland Securities

Good. And I apologize I have been ping-ponging back between a couple of different calls, I might have missed some of your comments in response to the questions; but I guess my first one on MHL you mentioned expecting your vendor to ship some of your products with some of your MHL in the third quarter. Kind of interested in the visibility you are seeing from that customer and others about spreading the MHL across a wider -- broader width of their handset portfolio. What are you seeing in terms of interest along those lines?

Steve Tirado

Well, we are trying to push you know further down the line. This is going to be very high end what they call smartphone. And I actually had the product in the office yesterday, it's an awesome phone works great, plugs right in TV and looks beautiful. So, this is a little bit of kind of a trial for the vendor. But they have interest in taking it further into the line. But they're going to market this for a while and kind of test it and see how people react and see if it's a feature differentiator and an improver of sales starting in Q3.

So, I'm not expecting -- we are going to see for our mobile business a fairly significant improvement going in the second half. But I think that once these things get announced, then we'll start to we'll be able to gauge a little bit better if we're get a little bit more. I would say for this year, this particular vendor there is a chance we'll get on a couple of more lines.

Richard Shannon - Northland Securities

Okay. And is it this going to be a handset that's marketed with MHL or is this going be like on the board, but not?

Steve Tirado

I can't say that right now. All I can say is that they've gone to production and it'll be in there. So I'm not -- I don't know that they are going to do that.

Richard Shannon - Northland Securities

Okay fair enough. May be one other question from me. Talked about -- last quarter you talked about that within the thought process of you're thinking about $200 million of revenues for this year, you thought may be IP would be, may be a little bit more than your historical level of about 15% of sales. I guess we're looking at the numbers for the first quarter thus far it seems starting a little bit lower than that. Do you still expect IP to be may be a little bit higher than that normal range or has your outlook changed anyway there?

Harold Covert

Yes. So just a couple points, we mentioned $200 million as a kind of our breakeven level for the year, not necessarily our guidance for the year. And then the second part of that is that, I think as we've mentioned in the past the license revenues are a bit bumpy and has bumps in it so far. This was kind of a low point for us but for the full year, we expect to maintain our historical patterns at roughly about 15% of total revenue.

Richard Shannon - Northland Securities

Okay, great thanks a lot. I will jump out of line.

Operator

Thank you. And at this point we have no further questions. I would like to turn the call back over Mr. Michael Bishop for any additional or closing remarks.

Michael Bishop

Thanks. I'd like to thank everyone for participating in today's call. We appreciate your continued support of Silicon Image. And with that, that concludes the conference call.

Operator

Thank you. This concludes today's teleconference. We thank you for your participation. Have a great day.

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