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International Rectifier Corporation (NYSE:IRF)

F3Q2013 Earnings Call

April 29, 2013 5:00 pm ET

Executives

Chris Toth - Executive Director, Investor Relations

Ilan Daskal - Chief Financial Officer, Executive Vice President

Oleg Khaykin - President, Chief Executive Officer, Director

Analysts

Atif Malik - Citi

James Schneider - Goldman Sachs

Alex Gauna - JMP Securities

Steven Chin - UBS

Amit Chanda - Wells Fargo

Operator

Good afternoon. My name is Samantha, and I will be your conference operator today. At this time, I would like to welcome everyone to the International Rectifier third quarter fiscal year 2013 earnings conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions). Thank you.

I would now turn the call over to our host, Mr. Chris Toth, Investor Relations. Sir, you may begin your conference.

Chris Toth

Thank you, Samantha. Hello and good afternoon. We all welcome you to the International Rectifier conference call. On the call today are Chief Executive Officer, Oleg Khaykin, and Chief Financial Officer, Ilan Daskal. I trust you have all seen copies of our press release which was published about an hour ago. If not, the press release can be found on our website at investor.irf.com in the Investor Relations section.

Before we begin, I would like to remind you that except for historical information the matters that we will be describing this afternoon will be forward-looking statements that are dependent upon certain risks and uncertainties including factors such as orders received and shipped during the quarter, level of bookings, the timing and introduction of new technologies and products, general semiconductor industry conditions and the overall economy in financial markets. In addition to these risks, we refer you to the risk factors included in our press release that we issued about an hour ago and in our most recent SEC filings.

I would also like to mention that in addition to reporting our GAAP financial results, wee present supplemental non-GAAP financial data. A reconciliation of the non-GAAP to GAAP measures set out in our release and discussion today can be found on our press release and our website. We believe providing non-GAAP measures combined with our GAAP results provides a more meaningful representation regarding the company's operational performance.

Our non-GAAP presentation and EPS calculations exclude certain items, such as restructuring and severance charges, amortization of acquisition-related intangibles and certain discrete tax items among others. Lastly, I would like to highlight the following upcoming events on Tuesday, May 14, we will be attending a JMP Securities Research Conference in San Francisco.

Now, Ilan will discuss our most recent financials. Ilan?

Ilan Daskal

Thank you, Chris. Good afternoon and thank you all for joining us. For the third quarter of fiscal 2013, IR reported a revenue of $224.3 million, which was about flat compared to the prior quarter and a 9.6% decrease from the year ago quarter.

Gross margin was 24.3%. The gross margin increase from the prior quarter was primarily due to better mix and manufacturing efficiencies. Overall, the GAAP net loss was $21.2 million, or $0.31 per share for the quarter. This compares with a GAAP net loss of $32.7 million, or $0.47 per share in the prior quarter and GAAP net loss of $2.5 million, or $0.04 per share in the prior year quarter.

Non-GAAP net loss was $19.8 million, or $0.29 per share for the quarter. The non-GAAP net loss excluded $900,000 of asset impairment, restructuring and other charges, amortization of intangibles of $1.7 million, and a net tax benefit of $1.1 million. This compares with a non-GAAP net loss of $30.3 million or $0.44 per share in the December quarter and a non-GAAP net loss of $14.9 million, or $0.22 per share in the March quarter of last year.

Moving on to operating expenses. For the March quarter, R&D expenses declined to $28.9 million, which represented 12.9% of revenue. SG&A expenses declined to $43 million and represented 19.2% of revenue. Amortization of acquisition related intangibles was $1.7 million. During the quarter, we recorded $900,000 in asset impairment, restructuring and other charges.

GAAP tax for the quarter was $1.6 million expense. Excluding a net tax benefit of $1.1 million, mainly due to a one-time release of tax reserves and adjusting for net tax effects on one-time items, our non-GAAP tax expense for the quarter was $2.7 million.

Turning to the balance sheet. Total cash, cash equivalent, and investments increased $20 million to $403.4 million at the end of the third quarter, which included $1.4 million of restricted cash. During the quarter, we decreased inventory by about $29 million from the prior quarter to $231.7 million. Weeks of inventory decreased to 17.7.

In the March quarter, we generated $33.2 million in cash from operating activities, mainly due to improved working capital. Cash capital expenditures for the quarter were $12.9 million or about 5.7% of revenue. Free cash flow was $20.3 million. Depreciation and amortization expense was $22.8 million and stock-based compensation was $5.3 million.

Now, moving on to our outlook. I would like to point out that there is 14 weeks in our June quarter this year as part of our fiscal calendar. We currently expect revenue for the June quarter to be between $255 million and $265 million. On a 13 week normalized basis, this translates to a revenue range of $237 million to $246 million or a 6% to 10% increase from the prior quarter.

We currently estimate gross margin for the June quarter to be between 29% and 30%. Utilization and mix improvement are driving gross margin expansion. We expect R&D expenses to be about $32 million. SG&A expenses are expected to be about $47 million. OpEx of $79 million is a result of the 14 week June quarter. On a 13 weeks basis, we are on target with our goal of about $75 million.

Amortization of acquisition related intangibles is expected to be about $1.7 million. For the June quarter we expect approximately $1 million to $2 million in restructuring and other charges resulting from the resizing of our manufacturing facilities and other cost reduction efforts. Other expense net is expected to be about $1 million. Tax for the June quarter is expected to be about $4 million expense, mainly due to foreign tax accruals. Finally, we expect our cash capital expenditures to be about $15 million.

Now, Oleg will give you the latest update on our business. Oleg?

Oleg Khaykin

Thank you, Ilan. During the March quarter, we managed to significantly reduce our inventory, continue to execute on cost reduction initiatives and increased our cash balance by $20 million. During the quarter, all of our business end markets saw significant improvement in booking trends. Both our three and six month bookings continued to trend higher as the same time last quarter, giving us optimism that we are seeing a steady rebounded in business demand.

Geographically, for the March quarter, Europe increased significantly, as we saw encouraging signs of stabilization and inventory replenishment particularly in the automotive and industrial. North Americas and Japan remained steady and Asia declined modestly, mainly impacted by seasonal weakness in computing and consumer demand and offset increases in automotive, industrial and appliance end markets.

Moving onto our business units. As expected, the enterprise power business unit revenue decreased significantly to $20.5 million, mainly due to weakness in the computing end market. That said, we expect enterprise power revenue to rebound significantly in the June quarter. We have secured strong design wins on the Haswell platform and in Romley server programs that are expected to start ramping in the June quarter.

In the second half of 2013, design wins in gaming and on the Brickland server platform are also expected to contribute. For calendar 2014, we remained well-positioned on the Grantley server platform as Tier-1 customers adopt our digital power management solutions. Design win activity to date has been strong and we expect to increase our share relative to Romley.

Our power management devices business unit revenue increased 2% from the prior quarter. The increase was mainly due to a pickup in industrial and power supply demands that offset the weakness in computing and consumer end markets. Our MOSFET inventory is lower and we are starting to see initial signs of lead time expansion in certain products. We currently expect revenue in the June quarter to grow significantly driven by seasonality and market recovery.

Our energy savings products business unit revenue increased 21% compared to the December quarter buoyed by a recovery in orders in both the industrial and appliance end markets, particularly in China. The past six quarter notwithstanding, we believe the secular trend towards energy efficient variable speed motors is here to stay and as such believe our investment thesis in this market is as a strong as ever.

Penetration rates of these products throughout the world remain low and in many cases our products enable the cost of variable speed motor to be equal to a single speed motor while offering a significant improvement in energy efficiency. For June, we expect another significant quarter of growth. OEM inventory levels, particularly in industrial and appliances, have come down significantly and we believe our current shipments are more in line with the end market demand.

Our automotive products business unit revenue increased 9% compared to the prior quarter mainly due to broad market strength in new product ramps. The automotive end market continues to remain strong for us and our design win activity continues to exceed historical levels. We continue to see automotive as one of our strongest long-term growth drivers at IR and for June, we expect automotive to increase as revenue is projected to reach record levels.

Lastly, our Hydro business unit revenue decreased 7% compared to the December quarter. The decline in revenue and gross margin was primarily due to production issues associated with a fab transfer. We are working to complete fab transfer and products requalifications and we expect the June revenue to increase back to the high 40s level. We expect gross margins to recover to historical levels over the next several quarters. Overall, bookings and backlog continued to be strong in all of our Hydro markets and we continue to see steady long-term growth in our business.

Now an update on channel inventories. During the March quarter, sell-through increased to 7% compared with the December quarter. Sell-through outpaced sell-in last quarter and as a result, we decreased channel inventory in absolute dollars and reduced overall weeks to allow it. During the March quarter, we continued to prioritize inventory reduction at the expense of gross margin. As such over the last two quarters, we actively reduced inventory levels by $53 million.

Now, with the business conditions starting to improve, we are increasing utilization to production levels that are in line with product shipments. Combined with our Feb footprint resizing, manufacturing efficiencies and improving product mix, our gross margin recovery is tracking ahead of earlier expectations.

Now I would like to provide a few updates to some of our ongoing initiatives. Over the past several quarters, we took a number of strategic options to reduce our manufacturing footprint and optimize our supply chain. Our El Segundo facility is now closed and our Newport resizing remains on track. With these restructuring actions, our internal capacity is expected to scale to about $850 million per year depending on mix.

We also started to look at areas where we could further increase efficiencies in our manufacturing. This includes accelerating our long-term manufacturing plan to target up to 50% external manufacturing on the front-end and up to about 70% on the assembly and test. At the end of the March quarter, we have slightly exceeded our target on the assembly and test.

We believe these actions will allow us to more effectively scale the business, manage inventories, reduce volatility in the down cycle and expand our margins. In the March quarter, we made further progress in reducing our OpEx. Our goal is to maintain OpEx at about $75 million quarterly level as we grow revenue to about $300 million to $350 million per quarter.

In conclusion, our design win traction continues to gain momentum and long-term business driver such as automotive electrification, adoption of variable speed motors, digital power management and gallium nitride are strong. We have significantly reduced our fixed cost and remain confident in our strategy that we are starting to see the positive results from the actions we have taken.

This concludes our prepared remarks. We will now open the session to your questions. Operator?

Question-and-Answer Session

Operator

Your first question comes from the line of Terence Whalen with Citi.

Atif Malik - Citi

Hi, this is Atif Malik for Terence. Can you provide the utilization levels for the March quarter and what are your expectations for the June and then into the September quarter?

Ilan Daskal

So the utilization for March was in the 70s. We don’t guide for the utilization, going forward but it is going to be higher than that.

Atif Malik - Citi

Okay, and then as a follow-up, is the management thinking about moving to a more flexible or variable compensation structure given lower operating margins versus some of your peers?

Ilan Daskal

I am not sure I understand what you mean by variable compensation structure.

Atif Malik - Citi

Yes, basically I am trying to ask the long term model for the company given the resizing of the manufacturing facilities. Like, what's your long-term gross margin, operating margin target?

Ilan Daskal

So what is your question. I really don’t understand what you are asking.

Atif Malik - Citi

The long-term gross margin, operating margin target for the company.

Ilan Daskal

Right. So you know, basically our long-term stays intact of the $1.25 billion in revenue and gross margin, high 30s to the low 40s as we progress with our resizing our manufacturing footprint and we are trying to keep our goal to keep the OpEx at $75 million a quarter and that will get you to the operating level of mid-teens to the high-teens.

Atif Malik - Citi

Okay, and then, with respect to your bookings into the summer. Historically, in the last four years, we have seen bookings moderate or come down in the summer. What are your expectations for bookings trajectory in to the summer and why would things be any different this year versus the last four years?

Oleg Khaykin

I don’t know where you are taking the numbers from. Traditionally, summer quarter is one of our stronger quarters for our business. So I don’t know. I don’t know where you are taking the data that summer is weaker. It is actually opposite.

Ilan Daskal

We did indicate last time, that we have a better visibility into the outlook of the bookings. So we extended from the traditional last years lead the three months with the six-month. With that said, we do not guide and it is very difficult to assess how the second half of the year will shape up there but definitely if the gradual recovery will continue, we believe that the bookings will shape up the same end and seasonality will actually be a little bit different this time. It is totally defined by the end markets.

Oleg Khaykin

And, historically, summer quarter has been the stronger quarter for IR.

Operator

Your next question comes from the line of James Schneider with Goldman Sachs.

James Schneider - Goldman Sachs

Good afternoon. Thanks for taking my question. If you look into your gross margin guidance for the June quarter, can you give us any sense about how much of the increase is being driven by mix and how much by utilization?

Ilan Daskal

So, Jim, the abnormal level that we were prior to March definitely contributes a lot to the improvement of the margin, but definitely the fact that we see more on the industrial end market, an increase on the revenue there, helped a lot also this quarter specifically in the overall gross margin improvement. When you think about June, definitely the continuation of having the better absorption does help the utilization more than the rest of the components there.

Oleg Khaykin

So, Jim also I would add, if you look, as far as June quarter is concerned, mix probably plays a little bit greater role than anything because remember although utilization in June quarter is much stronger, you are still a carrying of bulk of lower utilization from the March quarter in your P&L. So, actually the result of strong June quarter utilization will be more pronounced into the September quarter. So as far as the June quarter comes along the clearly better mix and higher utilization both play meaningfully, but probably, I would say, mix gives you a bit more credit that it normally would in the typical quarter.

James Schneider - Goldman Sachs

Okay, that’s helpful. Then if you look at the pricing environment you are currently seeing certainly there's been pricing pressure for a while as we have been bouncing along the bottom of the cycle. Are you seeing any kind of changes in the pricing environment from competitors and specifically are you seeing any changes from your Japanese competitors, given the depreciation of the yen?

Oleg Khaykin

So actually, Jim, for the March quarter pricing pressure was not, I can say, almost not there. It was the regular even below the normal price erosion that we are accustomed to. So, specifically for March, it's definitely different than what you have described that what we have seen kind of last year and before then.

Ilan Daskal

In fact, I would actually go further to say that we are seeing pricing is firming up as a lead times and inventories have been pretty much depleted and a lot of distributors are sitting on very lean inventories and at least I don't see anybody offering big discounts. With extending lead times and lower inventories, if anything we have seen people placing orders at the current book pricing. So the aggressive tactical pricing is pretty much behind us at this time. Who knows? Maybe somebody will come out surprise me. But at this point in time, we are not seeing any irrational behavior.

James Schneider - Goldman Sachs

That’s helpful. Then just a final housekeeping question for me which is, in the quarter your gross margins in enterprise power segment went up significantly despite the 29% sales decline sequentially. So can you explain what happened there?

Ilan Daskal

Well, in this particular, it's really mix because we had a big revenue drop mainly a lot of the computing business went away. Enterprise power actually sources quite a bit of its manufacturing services externally. So as a result, there is less of the underutilization burden on the enterprise power from our internal factories. Conversely, business units like power management devices, automotive and especially energy saving products carry a greater under-absorption burden within our manufacturing facilities.

Oleg Khaykin

The enterprise power, Jim, revenue actually it just pushed out. As we said already in June, it's going to be up very nicely.

Operator

Your next question comes from the line of Alex Gauna with JMP Securities.

Alex Gauna - JMP Securities

Yes, thanks very much for taking my question. Oleg, you touched on this a bit. I know you said that the September quarter is historically your strongest. Last couple of years that turned out not to be the case. Can you maybe give us an idea in that six months backlog that's improving, what's working and what may be still on more shaky ground so we can think about what would drive an up versus a flat or down sequential September in your view?

Oleg Khaykin

Hi, Alex. Sorry, I think it came out a little bit unclear. I said our June quarter, historically, is our strongest. You are right. In the last two years, there was a lot of cancellations in May, June. September came in weaker but generally when the economy is solid, our September quarter and the June quarter are pretty close and generally when the market is enjoying a solid demand, September quarter is a little bit stronger than the June quarter.

Ilan Daskal

Alex, I would also add regarding September. First of all, obviously, we do not guide for September but even taking a flat revenue from June which basically implies when you normalize the 14 weeks to 13 weeks, it does imply about a 7% growth between June and September. Even, we see for that level, we see a nice margin leverage due to the better absorption and the high utilization that we expect.

Alex Gauna - JMP Securities

Yes, and if I could ask about that, Oleg. You mentioned that also previously with the higher absorption and utilization. Even on flat you would expect to see a gross margin improvement. Can you give us some idea on what that might be? I know mix is going to play a lot in how that moves around but how much gas is left in the tank, just from absorption in terms of margin improvement as you see it going into the back half?

Oleg Khaykin

Well, there's clearly a lot of gas left in the tank because we just started, right. If you think about our March quarter we were still prioritizing inventory burn over utilization. So we had an abnormally lower utilization. It's picking up in June. It's going to continue to pick up in September if the market demand persists but what you do and what you are getting is you are getting about one quarter lag in benefit of the higher utilization.

So, we actually see margin, if we perhaps assume that the markets stays good and does not get any worse throughout the year, we can see our gross margin expanding through the rest of the year. Purely on the utilization.

Ilan Daskal

Again, I would (inaudible) from trough to peak, just utilization, it is about 9% leverage there.

Oleg Khaykin

That's right.

Ilan Daskal

So we are not yet there.

Alex Gauna - JMP Securities

Okay, and are you where you want to be in inventory? Or is there still a little bit more work down on that? Then one more if I could. You mentioned getting back to your or towards your, on a normalized quarter basis back towards $75 million in OpEx. Can that $75 million be achieved in September? Or is there still a little bit more time as you consolidate facilities?

Oleg Khaykin

So I will just start with your question on the revenue and I will let Ilan address the OpEx. So looking at our inventories, well, we believe right now we are at balance between what we are actually producing and what is being shipped by our customers, also if you look at the June quarter midpoint of our guidance around $260 million.

Well, one thing about the revenue, even though it's a 14-week quarter, the revenue does not always come in linear. So really your true growth rate is somewhere between in terms of being purely linear and being more towards the backend loaded, right. That's how our customers place their orders.

So if you take $260 million as the number and recalculate how many weeks the current level of inventory in the channel translates to, what's 11-weeks of inventories on $224 million is significantly fewer weeks at $260 million run rate even if you discounted or normalized it for the 14-weeks. So, as a result, we feel the levels of inventories that we are currently carrying and the production levels to which we are planning much better in line with what the end market demand is representing.

Ilan Daskal

So, Alex, first, I will address the inventory question also that you had there. Generally speaking, we target to be at about 16 weeks. With that said, we had 17.7, but if you break down the inventory into the different business units, obviously in the end markets, some of those, they have already normalized in terms of the level of inventory that we carry. Therefore all have already indicated for the extended lead times in those parts. In others, we are still working to reduce little bit more but we are not far apart from that, between 17.7 and the 16 weeks that we target to be at.

To your other question on the OpEx, I don't guide currently for September, but the goal is definitely to get to $70 million odd in the second half. It could be also in September but currently I am not guiding for it.

Operator

Your next question comes from the line of Steven Chin with UBS.

Steven Chin - UBS

Hi, Oleg, Hi, Ilan. Thanks for taking my question. First question is on some of your comments on the European demand earlier in the prepared remarks. You mentioned that European market demand was up significantly. I was wondering if that's just for the near term here, as they replenish the inventory and especially given the macro backdrop, do you think that's going to normalize maybe even soften up as we move into fiscal '14 here?

Oleg Khaykin

Sure, I think we all saw the article in The Wall Street Journal this morning and all those companies crying that their European business is not growing as fast and I think the emphasis was at the slowing growth. The reality for us was in the last year, a year and half. A lot of our European customers were mainly focused on burning off inventory. So our demand for the component has dropped significantly.

Now that the demand and supply are more in line and the inventories have been depleted, I think just purely returning to a more normalized run rate for the European demand represents a significant uptick on our quarterly run rate. So that's what we mean by stabilizing as things are being more in line between supply and demand that are matched between what's being shipped and what's being supplied.

Steven Chin - UBS

That’s very helpful. Then my other question is on gross margins. When we look at the breakdown on the gross margin for different divisions. Obviously, mix was a big factor in helping the improvement and also likely for the current June quarter. I was wondering are there any unique product ramps that are helping that to drive that mix up and will there be a potential reversal of those favorable tailwinds on the mix front, that may happen later this year? Thanks.

Oleg Khaykin

Sure. So clearly, one of the things that's really coming back is the industrial demand and that's where we enjoy generally better margins. The clear beneficiary of that is going to be the energy saving products. That is the area where we have some of the biggest inventories that have been burned down significantly. As a result, they are carrying the biggest share of under absorption and it pushed their margins down significantly.

Another business unit is power management devices and as industrial comes back, the overall mix shifts and we should see further improvement in those margins. Of course, as our internal factories fill up, both front end and back end, automotive is going to see much better absorption of the underutilization and we should see margins expanding there as well.

So I would say, the three areas they are going to benefit the most from improved utilization and recovery in industrial automotive demand are the power management devices business unit, energy saving products business unit and automotive.

Operator

(Operator Instructions) Your next question comes from the line of Amit Chanda with Wells Fargo.

Amit Chanda - Wells Fargo

This is Amit, calling in for David Wong. Thanks for taking my questions. Oleg, in terms of linearity, could you comment on how POS sales progressed through the March quarter and if you saw any signs of restocking?

Oleg Khaykin

Well, the linearity, clearly in the March quarter, you had this dead spot called Chinese New Year. So if you take that aside, I would say, probably end of January and second half of February and March we are heavier demand. Beginning of January it was lower demand coming after the Christmas Holidays.

Restocking, we saw much more restocking in Europe. We saw much more portion in Asia, mainly due to the computing market weakness. But towards the end of the quarter and early in April, we actually saw Asia coming back and starting to place orders, as they saw lead times starting to stretch in some products lines and they clearly realize there is going to be no end the quarter incentives coming from the industry. At least that's my view in trying to second guess their behavior.

Amit Chanda - Wells Fargo

Okay, thank you. That’s helpful Then as a follow-up, can you maybe talk about your micro module launch and how that's tracking relative to your expectations and when we should expect micro module to start to contribute to ESP revenue in a material way?

Ilan Daskal

Well, actually they are already contributing in a meaningful way. It continues to ramp. So I would probably say already today, it has got a meaningful percentage of revenue and it will be material share of ESP revenue over the next nine months.

Amit Chanda - Wells Fargo

Okay, and do you expect ESP revenue to naturally hit through the mid to high $60 million level going into the back of calendar year '13? Is that still a reasonable expectation?

Ilan Daskal

I don't know about the mid-60, but judging from the momentum in all the segments gradual recovery, I think we definitely expect a significant snapback on the business unit throughout the remainder of the 2013.

Oleg Khaykin

And Amit, obviously, we will caveat it with the micro situation. We all experienced last year in the same time frame that it did not materialize as we all expected last year in the second half of the year and we all like to be kind of remindful of last year.

Amit Chanda - Wells Fargo

Okay, great. Thank you very much.

Operator

(Operator Instructions).

Oleg Khaykin

Well, at this point, it looks like there's no more questions. So thank you very much for joining us today and we look forward to speaking with you in person over the next several weeks. Thanks.

Operator

Ladies and gentlemen, this concludes today's conference call. You may now disconnect.

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