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MICROS Systems, Inc. (NASDAQ:MCRS)

F3Q09 (Qtr End 03/31/09) Earnings Call

April 30, 2009 4:45 pm ET

Executives

Peter Rogers - EVP of IR

Tom Giannopoulos - Chairman, President, CEO

Gary Kaufman - CFO

Analysts

Ross Macmillan - Jefferies and Company

Dan Perlin - RBC

Andrey Glukhov - Brean Murray

Gil Luria - Wedbush

Corey Tobin - William Blair & Company

Edward Hemmelgarn - Shaker Investments

Ross MacMillan - Jefferies

Brad Reback - Oppenheimer

Louis Tomas - Delta Partners

Will Hamilton - SMH Capital

Brian Murphy - Sidoti and Company

Operator

Welcome to the MICROS Systems Inc. fiscal year 2009 third quarter conference call. (Operator Instructions).

I would now like to turn the conference over to Tom Giannopoulos, Chairman and Chief Executive Officer.

Tom Giannopoulos

Good afternoon everyone. Thank you for being with us today as we're reviewing the financial results for quarter three of our fiscal year 2009. Fiscal year 2009 ends in June as we all know.

Here with me, as always, are Gary Kaufman, Tom Patz, and Peter Rogers, and we will begin with Peter and the disclaimer.

Peter Rogers

Thank you, Tom. Good afternoon, ladies and gentlemen.

Some of the comments today are forward-looking statements that involve risks and uncertainties such as uncertainties of product demand and market acceptance, the impact of competitive products and pricing on margins, the ability to obtain on acceptable terms the right to incorporate in MICROS's products and services technology patented by others, environmental and health related events, unanticipated tax liabilities and the effects of terrorist activity and armed conflict.

MICROS undertakes no duty to update any forward-looking statements to conform to actual results or changes in MICROS's expectations. Other risks and uncertainties associated with MICROS's business are identified in the "Management's Discussion and Analysis of Financial Conditions and Result of Operations" and "Business and Investment Risks" sections of MICROS's SEC filings.

Tom Giannopoulos

Thank you, Peter. I'm assuming that you all have seen press release this afternoon, some general comments about the Q3.

First, as we all know, the business conditions for many industries continue to be less than favorable. Strategy, which we have articulated during the conference calls last October and this past February, is and continues to be; number one, keep our revenue to respectable level whatever the market place allows. Number two, we have stated whatever the revenue is, we are driving to keep our profitability high, keep our operating margins above 15% by aggressive operational improvements.

Number three, maintain or increase our strong cash position, a position which we have enjoyed now for many years. Number four; continue to spend on product development, which will drive our revenue line when the recession is over. Number five, leveraging our financial health to increase our market share as some of our small competitors have a difficult time surviving.

With these parameters in mind, Q3 was a very good quarter for us. For a March quarter which is seasonably a low quarter and with all the issues around the $205 million of sales was very good. The revenue of $205.666 million from the press release was also negatively affected to the tune of about $21 million due to the stronger dollar. As we all know, about 50% of our revenue comes from international subsidiaries.

Gross margin for the quarter was very excellent, 54%, or a $111 million. 54% is highest probably in the last 10 years. Gross margin for the hardware was 38.5%, which is on a good side from hardware gross margin point of view. Gross margin for the software came in at 76.9%, which is on the average side. Gross margin for the service was 54.1%, which is on the average side as well.

Expenses for the quarter came in at $75.612 million. This is without the stock option expense on a non-GAAP basis or 36.8%. The ratio of 36.8% is high as a result of low revenue line. In real dollars, our operating expenses have come down substantially, came down about $12 million from the September quarter, from $87.626 million in September to $75.612 million now, and some $7.599 million from the December quarter from the $83.211 million in December quarter to $75.612 million now. So we continue to address costs and hope to drive the quarterly expenses to below the $75 million dollar figure that we have May, in the third quarter.

As a result, our operating profit came in at $35.439 million or 17.2%. 17.2% in these conditions is a spectacular ratio. Net income is down at $25.714 million and EPS of $0.32 for the quarter versus $0.34 in last year's third quarter, very excellent bottom line performance under the circumstances.

Our year-to-date nine-month performance is consistent with our strategy, keep revenue as high as the business environment allows but deliver very good bottom line results. The EPS of $1.02 for the nine months this year improves on the $0. 97 that we had a year ago and gross margin for the nine months is 52.9% versus 52.2% last year and operating profits came in at 17% versus 15.9% last year.

Our cash position in the March quarter increased by $50 million from $390 million in December to $440 million in March. That's also a very good thing.

I will ask Gary to give you the additional information from the balance sheet.

Gary Kaufman

Thanks, Tom. The highlights of the March 31, balance sheet are as follows: MICROS had cash of $440 million compared to $391 million at December 31, an increase of $50 million. During FY '09, we generated approximately $117 million from operating activities, while spending $10.4 million on property, plant and equipment, approximately $50 million for the acquisition of Fry. This includes the payment of debt associated with the acquisition and $15 million for the repurchase of common stock.

During the third quarter, we did not repurchase any common stock. Year-to-date we have purchased 595,000 shares at cost of $15.4 million. At the current time there are 1.5 million shares remaining from the current authorized buyback. The accounts receivable balance $173 million is a decrease of $2 million from last quarter and a decrease of $19 million from June 30.

Day sales outstanding, as of March 31, were 75.8 days, an increase of 9.7 days from December. Domestic day sales outstanding were 50.7 days, a decrease of one day from last quarter. International DSOs were 104 days, an increase of 22.6 days from December. The primary reason for the increase internationally was due to the timing of maintenance billing. A large percent of the January first billing were not collected as of March 31

The inventory balance of $41.7 million is a decrease of approximately $6 million from last quarter and a decrease of approximately $22 million from prior year end. The decrease is due to both the success of our corporate planned inventory reduction program and the strengthening of the US dollar. Inventory turns for the quarter were 7.3 turns, a decrease of 0.3 turns from December quarter.

Deferred revenues $125 million is an increase of approximately $32 million from December. This is the result of the timing of our international maintenance billing. September and March are the quarters when our deferred revenue increases.

Some miscellaneous items, maintenance revenue for the quarter was $76.4 million, basically the same as last quarter. Non-operating income for the quarter was $1.3 million, consisting primarily of net interest income. The tax rate for the quarter was only 29.2% on a non-GAAP basis, because of a one time, $1.4 million, credit taken in the quarter. Our total year forecasted tax rate for GAAP is 33% and slightly less than that for non-GAAP.

Tom Giannopoulos

Thanks Gary. In regards to the future, again, we will give no guidance for the fourth quarter. We, like everyone else, are hoping that conditions worldwide are improving and that the Feds report after their meeting yesterday about the economy is beginning to stabilize as a fact. Our goal remains of deliver respectable earnings. We hope to close the fiscal year in June above the $900 million in revenue. How much higher will depend on the strength of the dollar, and obviously, on any tangible improvements of the business conditions.

As a reference $900 million plus in revenue would represent a year-to-year positive growth of about 3%, when last year's revenue at $954.2 is adjusted for the dollar strength versus other currencies. We hope to close the year with earnings per share which meet the presently published number, which I believe is about $0.32 for the quarter, if we do this we would essentially produce EPS in fiscal year 2009 which would be about the same as last year's fiscal year 2008 and that would be fantastic from our point of view.

When we meet again in August we hope that the global stagnation is behind us and that there will be a much clearer picture of the world economies, so that at that particular time we can again begin to talk about annual growth rates and the like.

Question-and-Answer Session

Operator

(Operator Instructions). Your first question comes from the line of Ross Macmillan with Jefferies and Company.

Ross Macmillan - Jefferies and Company

Tom, worst on revenues, but better on costs, I guess just one point I was curious about, the sequential decline in software was quite market notable I would guess. Given that you were sort of flat last quarter sequentially, is there something happening at the hotel side that is driving that lower or do is there any other explanation for the big sequential drop in software? Thanks.

Tom Giannopoulos

As a matter of fact the hotel business unit in the US is having a great year. It's one of the three or four business units that are exceeding their budgeted number from this year. So I think, overall, what we have seen is what we said all along that the street business is not up to par versus last year. And that's what the decline is representing.

Operator

Our next question comes from the line of Dan Perlin with RBC.

Dan Perlin - RBC

Tom if we could stay along that same lane, which is street business, I'm just wondering, are you seeing your clients actually getting difficulty financing through third party lessors to buy the equipment or are they just pushing off any new purchases?

Tom Giannopoulos

Well, I think its both. Both from financing perspective, obviously, and as long as that dark cloud was there, especially, in the first quarter, they're not opening any new or they're not open to any new purchases, upgrades, or new restaurants on the street level coming into play. I think from my point of view, there was a high optimism in the January timeframe, because of the new government coming in and the stimulus monies or plan coming in and that hasn't really changed anything dramatically. So the first quarter suffered as a result of those attitudes. Obviously, there is some optimism now that we're seeing and hoping that's going to last.

Dan Perlin - RBC

If we look at maybe some past trends when businesses were weak and the street business was having some doubts about the overall economy, how long did it take for them actually start to reengage on the orders? Were they pretty immediate or was it just a couple of quarter lag before they started to really engage?

Tom Giannopoulos

That would be five to six months normally.

Dan Perlin - RBC

Gary, do you constant currency growth for segments, hardware, software and services to help us get a sense, because I'm assuming, as you break those out, FX had a pretty big role in some of those declines as well?

Gary Kaufman

Dan, the only thing I can tell you is in total and it was up about 8.8% in total.

Dan Perlin - RBC

Okay. So constant currency would have been down 4% roughly in aggregate? Okay. Then Tom did you say you are trying to manage your operating expenses to remain on absolute dollar level below $75 million, is that kind of a magic number you are trying to manage towards, I know you pretty much did it this quarter, is it that some sort of run rate that we should be thinking about over the course of the next quarter or so?

Tom Giannopoulos

I don't think it's a magic number, but we are trying to get it closer to $70 million from my point of view, if we can, by just looking at the operational and taking actions in regards to inefficiencies in the company.

Dan Perlin - RBC

Okay. And then just lastly, you said you didn't buy back any stock in the quarter. Am I to assume that it's just a function of wanting to conserve your cash in the current environment?

Tom Giannopoulos

Absolutely yes.

Operator

Our next question comes from the line of Andrey Glukhov with Brean Murray.

Andrey Glukhov - Brean Murray

Tom, can you please give us some feedback on what you guys are seeing in the major account restaurant segment? How is that performing relative to the North American distribution business?

Tom Giannopoulos

It's interesting enough in the major accounts segment of the restaurant and other accounts that we have and their rollouts that we have. We haven't really seen really any delays. In regards to some new potential contracts that we've been negotiating or talking to, there have been some delays, a month or two months. So they are dragging their feet in making a decision and we've seen that and the negotiations activity though in the last 15 days has increased from our point of view.

Andrey Glukhov - Brean Murray

Okay. Now that most of your customers have had a chance to go through a budgeting process of their [group] calendar fiscal year end, so by March their budgets are set, what are you hearing from them generally as far as sort of their IT spending plans, I mean the feed back you are getting is roughly inline with what you thought they would say, worse than that, best or better than that?

Tom Giannopoulos

It's a mix bag of things. What we know not what we hear. What we know is, a substantial number of cuts have come from IT staff of our customers, again we discussed this before, it's an opportunity for us for future business. Short-term, you can't really make heads or tails of anything that is going on. So that's why our position is, maximize the revenue stream, not to bastardize our pricing, which just shows up we are doing a good job in regards to gross margin.

Then improve the corporation in regards to operational efficiencies, headcount, eliminate a lot of unnecessary expenses that we would be spending in good times. Then whatever the number is next year, weather its 900 or 950 on a billion then our operating margins should be higher, I can tell you that the $205 million in the March quarter is probably the lowest that we would experience in this fiscal year and probably the lowest that we are going to experience in the next 12 months.

Andrey Glukhov - Brean Murray

Okay. That's helpful. And then lastly Gary, the hardware margin continues to be still here at 38% unchanged, is that good level going forward?

Gary Kaufman

I would say, it should be in the 35% area. That should be the average.

Operator

Our next question comes from the line of Gil Luria with Wedbush.

Gil Luria - Wedbush

Thank you for taking my question. One of the other participant (inaudible) at least talked last week about Visa and MasterCard pulling back from enforcing or what they are saying about enforcement of PCI standards, at least as far as it concerns gas stations and convenience stores. Do you think there maybe a broader implication in terms of the enforcement of PCI compliance on restaurants and hotels? Have you heard anything from them about that? And if they do would that impact how your customers are planning to upgrade?

Tom Giannopoulos

I will have Peter answer that question.

Peter Rogers

No, we have not seen any thing in terms of relaxing any of the enforcement to hotels and restaurants. So from our view that's going to continue and well that whole program with PCI started several years ago in the US is now extended globally, which is actually very beneficial for us, because there are concerns out there for customer's way beyond their payment application of general business. So from our perspective it is important thing that Visa and MasterCard both continue to push that at least in our core markets.

Gil Luria - Wedbush

Then you mentioned that your hotel business is having great year better than budget, has grown year-over-year in the last nine months?

Tom Giannopoulos

Yes. It's right. It has grown from year-to-year and exceeding their budgeting number and their budgeting number was based on the August numbers that we had, which was a $1.75 billion. We continue to have good business with IHG and all the other major hotel companies that we are engaging with; that has not slowed down at all. And of course, we are increasing our market share in the lower end of the spectrum where we in '09 have products to address the limited service market and hotel. So that's good, that's healthy and better than last year.

Gil Luria - Wedbush

Last question on the tax rate, I'm not sure whether you were talking about the tax rate year-to-date or tax rates going forward. What do you expect the tax rate to be for the full year, including the June quarter and should that be an indication for what the tax rate is going to be in the next fiscal year?

Gary Kaufman

For this year it's going to be 33%, that's our estimate at this time for the total year. As far as next year, I'd rather not make a projection at this time.

Tom Giannopoulos

That qualifies the statement what the Congress is doing and what they're looking in regards to new taxes for corporations and so forth. So that's why he's hedging.

Operator

Our next question comes from the line of Corey Tobin with William Blair & Company. Please proceed with your question.

Corey Tobin - William Blair & Company

Just thinking about the end market share, if we had to summarize, it seems that the hotel business is doing very well. Is there any other major factor that changed in the March quarter versus December quarter, besides the street business, is there any other segment of the business that is notably weaker?

Tom Giannopoulos

Not really, I mean we have as you know, we have a subsidiary that sells pagers to restaurants and that business was not up to par. It's a small business, but that was lesser revenue that we had expected. Obviously, that business is suffering as a result of the present situation. But other than that the retail business was on plan and the rest of the business was obviously lesser than the budgeted numbers that we had a year ago, but we haven't seen anything specific.

Corey Tobin - William Blair & Company

When you say the street business, Tom, are you speaking of the restaurant side or the hotels side or both?

Tom Giannopoulos

I am talking about substantially the restaurant business, but I am talking about it globally, not just that you asked. As normally, of course, you impact there, but the limited service hotels are part of global chain and they have, let's say dictates to convert to the new system so that business continues to grow, but there is still obviously independent hotel sights that have delayed their purchases.

Corey Tobin - William Blair & Company

So last question on this topic, how large at this point, as a percentage of revenue, is the global street restaurant business?

Tom Giannopoulos

For the $900 million of last year's it's about a $100 million.

Corey Tobin - William Blair & Company

Then switching gears now, you've mentioned a couple of things with regard to optimism and increased activity in last 15 days, can you pinpoint what has changed in the last 15 days, is it financing environment, is it just general optimism amongst the customers, what do would you say has changed the outlook in last 15 days?

Tom Giannopoulos

From my point of view, the optimism comes from the fact that its spring. People think differently and their optimism and that's drives people feeling better and buying things.

Corey Tobin - William Blair & Company

Okay.

Tom Giannopoulos

I mean that's a fact.

Corey Tobin - William Blair & Company

So, nothing structural on the industry, more than just a more optimistic outlook?

Tom Giannopoulos

Right.

Corey Tobin - William Blair & Company

SG&A was obviously down quite a bit. Can you give us a little bit of feeling? I'm assuming to be (inaudible) that was obviously in the sales line, I guess it's tied to commissions, but was there anything in particular in there that was down significantly to that decrease?

Tom Giannopoulos

This is cost reductions across the board, nothing specific.

Operator

Our next question comes from the line of Edward Hemmelgarn with Shaker Investments. Please proceed with your question.

Edward Hemmelgarn - Shaker Investments

I think I heard something, is it you or that you are [staying] at the Subway account, haven't you lost that? Can you comment on that?

Tom Giannopoulos

We have not lost the Subway account. We are one of the preferred vendors.

Edward Hemmelgarn - Shaker Investments

Has there always been multiple vendors for it?

Tom Giannopoulos

Yes. I think the confusion stems from the fact that there was an additional preferred vendor added to the list and you know there was maybe some press releases and so forth. We continue to supply product to that particular customer of ours.

Edward Hemmelgarn - Shaker Investments

It's a fairly large operation, what percentage of the market share do you have roughly?

Tom Giannopoulos

We have more than 95%, I would say.

Gary Kaufman

Edward, we've actually been working with Subway at this [speed] of for over 12 years, and we have shipped well over 20,000 terminals to Subway. Subways have average one to two terminals. So it's a very important customer to us. Not as large as it was several years ago when they completed the major rollout back in 2002, but we are one of their preferred vendors.

Edward Hemmelgarn - Shaker Investments

It just wasn't very clear there, that's why I just wanted to clear the air. Thanks.

Operator

Our next question comes from the line of Ross Macmillan with Jefferies and Company. Please proceed.

Ross MacMillan - Jefferies

Tom, you mentioned that you saw this quarter, March, would be the trough quarter, both in terms of sequential growth and next. Then, even as you look into next year, clearly FX should start to get better. I'm just curious as to what other factors outside of that 15 days of optimism you kind of take to be supportive of that idea that we are through the worst, if you will?

Tom Giannopoulos

What I said is that the 205 in the March quarter was the loss for this year, fiscal year. So that implies of course that the June quarter would be higher than 205. From a historical perspective, and what we expect to be next year, which we will talk about in August, in the preliminary budgets that I have, preliminary information that I have from all the distribution channels and business units, based on how close they are to existing or negotiated contracts. As long as it qualified all along, that business conditions improve, then it should be the lowest and we should be again, at some times, in returning to a growth perspective from year-to-year.

Operator

Our next question comes from the line of Brad Reback with Oppenheimer. Please proceed with your question.

Brad Reback - Oppenheimer

Just real quickly, I can't remember if you mentioned this earlier in the call or not, I know you guys to get to see a fair amount of credit card data going through your systems. Can you give us any sense of how that transaction volume has looked year-over-year for the last couple of months?

Tom Giannopoulos

My credit card expert, Mr. Rogers will respond to that.

Peter Rogers

Brad, we actually had a record number of transactions in our network in March. Obviously, we do have a larger base. Specifically, it's running about 97.5 to 98% versus a year ago. So it's a reduction in transaction per site per day by about 2. We have seen significant upturn from the low of December, which sort of tracks consumer behavior. And in part of Tom's optimism we are seeing that and some of that number later improving.

Operator

Our next question comes from the line of Dan Perlin with RBC. Please proceed with your question.

Dan Perlin - RBC

I just wanted to follow up on one thing. On the hardware margins, I heard you guys talk about, Gary you wanted to kind of get it to 35 for the year. Is there a mix shift that's occurring, so that you can get kind of these peak 38 margins in the middle of the year, in a relatively weak FX environment? Is there different types of products that are being sold there at a higher margin?

Gary Kaufman

There is a bit of a mix, and believe it or not, there are a few customers that we got some better margin on.

Dan Perlin - RBC

So you've got a little bit of pricing and then some of the newer hardware stuff that you are selling out, is all of that a better margin as well?

Tom Giannopoulos

Yes, and cost reduction on the hardware that we sell.

Dan Perlin - RBC

Okay. Then the other thing, I wanted to just make sure I was clear on through the kind of cost rationalization Tom, moist of that is I'm assuming fixed costs, you guys are actually taking out of the business hopefully permanently, so that when you get your volumes returning sometime in 2010 you get some leverage on that or is there still big variable chunk?

Tom Giannopoulos

You're right. It's taking out fixed cost, its addressing things that we are not doing as efficiently from our suppliers as well. If I say, I can bring it down to $72 million or $73 million then for next year you take 72 million a quarter times four regardless of what the volume is and that's where our expense line should be. So if we can get to $900 million, $950 million or whatever then operating margin should be closer as result of these cost reduction to the 20% that we've been talking about for two years now.

Operator

Our next question comes from the line of Louis Tomas with Delta Partners.

Louis Tomas - Delta Partners

Hi. This is Louis Tomas with Delta Partners. Just a quick question on the tax, just to make sure I am doing my math right if you are saying that it is going to be 33%, that implies that next quarter is going to be around 40% am I thinking about that right or?

Gary Kaufman

You are little high on that. Next quarter on a GAAP basis it should be about 34.5% and on the non-GAAP basis it should closer to 35.5%.

Operator

(Operator Instructions) The next question will come from the line of Will Hamilton with SMH Capital.

Will Hamilton - SMH Capital

Good afternoon, I was wondering first if you could tell us just a revenue from acquisitions was it around 8.5 again or?

Gary Kaufman

Revenue from new acquisitions was nothing.

Will Hamilton - SMH Capital

No additional revenue from that? Okay.

Gary Kaufman

From the acquisitions that we've made over past 12 months I think the revenue was in the $5 million region.

Will Hamilton - SMH Capital

I was wondering if you could update kind of your thoughts on the use of cash, now that you continue to build it. Are you looking at acquisitions more? You talk about some of your competitors' being a little bit weaker? Now that you are maybe thinking this is the trough, might look to resume share buybacks?

Gary Kaufman

The share buyback, obviously we are going to resume and as far as acquisitions, the same words apply. We are always looking, we will always have a [analyst]. We have some potential buys. We are not going to do anything stupid and acquire somebody that will destroy our business model. So, yes, if the optimism that everybody feels today depending on what news you read, continues, then we will resume the stock buyback program, and then, let's see what happens with acquisitions.

Tom Giannopoulos

Honestly, we are not going to sit on our cash and just sit there for a long time. We will do something.

Operator

Our next question comes from the line of Brian Murphy with Sidoti and Company.

Brian Murphy - Sidoti and Company

Tom, obviously a tough environment on the restaurant side. From a market share perspective, can you give us some color on how you are doing, relative to competitors?

Tom Giannopoulos

It's kind of difficult to. Weekly, when we meet on our staff meeting, we know that NTTA that had so many different in some region, whatever, Chicago, Boston and so forth have closed doors and are not operating anymore. This is small competitors that we have across the land and we keep a list of wins versus our other competitors and that list healthier nowadays than ever before.

Brian Murphy - Sidoti and Company

The Burger King win was obviously a strategic win for you guys. Is most of that rollout still ahead of you?

Tom Giannopoulos

So far, we have done about 198, 200 stores. We do about 8 to 9 stores a week. We have 150 to go.

Operator

At this time, there are no further questions from the phone line. Please continue with your presentation.

Tom Giannopoulos

Thank you everyone and we will talk to you again in August, when hopefully everything is going to be fine. Thanks again. Thanks Allen.

Operator

Ladies and gentlemen, that does conclude the conference call for today. We thank you for your participation and ask that you please disconnect your lines.

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