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TeleCommunication Systems, Inc. (NASDAQ:TSYS)

Q1 2013 Earnings Call

May, 02, 2013, 05:00 pm ET

Executives

Maurice Tosé - Chairman & CEO

Tom Brandt - SVP & CFO

Bruce White - SVP, General Counsel & Corporate Secretary

Analysts

Mark Jordan - Noble Financial

Chris Quilty - Raymond James

Jack Wallace - Sidoti & Co.

Operator

Good day ladies and gentlemen and welcome to the TeleCommunication Systems Inc., First Quarter 2013 Earnings Conference Call. At this time, all participants are in a listen-only mode. Following today's presentation the conference will be opened for questions. (Operator Instructions)

I would now like to turn the conference over to Chairman and CEO, Maurice Tosé. Please go ahead sir.

Maurice Tosé

Thank you. Good evening and thank you for joining us to discuss TeleCommunication Systems first quarter 2013 report. Tom Brandt, our CFO; and Bruce White, our General Counsel are with me. Before proceeding, Bruce will advise listeners as to cautions with regard to the content of this call and following our presentation we’ll open the lines for Q&A. Bruce?

Bruce White

Thank you, Maurice. Some of the statements you will hear during this call are forward-looking within the meaning of Federal Securities Laws. Some but not all of these statements include language such as believes, expects or anticipates and you shouldn’t listen to these statements with the knowledge that actual results may differ materially from the forward-looking statements.

For example, without limitation our statements about the 2013 outlook, and guidance, our strategies for capitalizing on large IDIQ contracts awards, opportunities avail to E-carriers and NG9-1-1 public safety innovations and expectations regarding IP monetization are all forward-looking. The risk factors that could cause these results to differ also may be found in our SEC filings, including Forms 10-K and 10-Q. We encourage all investors to read these documents.

Also, during the call we may refer to measures of income which are not computed in accordance with Generally Accepted Accounting Principles. To the extent that we refer to non-GAAP data, we have provided a reconciliation in our press release and on our website.

Maurice?

Maurice Tosé

Thank you, Bruce. First quarter 2012 earnings release was issued about 4:15 today and a full text copy has been distributed via email and is also available on our website. Our first quarter came in about as we expected with government budget issues affecting the funding for communications technology, working state, local and federal governments for the first half of 2013.

In addition, to the operating results that I will go or I'll get into in a moment, two important areas received focus attention during this past quarter. First, we have been monitoring credit market conditions with an eye to the November 2014 maturity of convertible notes that we issued in 2009. Today, the company announced an exchange of $50 million of the 2009 notes for new notes due June 30, 2018 which is expected to close next Tuesday. Terms of the new notes are essentially the same as the old notes, except they are redeemable and bear interest at 7.75%. Further details are on a separate press release issued this afternoon and will be included in our SEC filings.

And second, it was a period of accelerating collaboration among the technical and management leaders of the company on new applications of our technology oriented to wireless network communication security. We have a lot of depth in the field. Our experts teach an expanding curriculum of cyber security techniques to the US Military. Our engineers design and manage a broadening total comm. solution set for defense, security and federal civilian customers including state and local public safety infrastructure for the most critical of emergency responses.

And our wireless professionals have directly worked on the evolution of commercial digital cellular infrastructure on the network intelligence that enables text messaging to the uses for the precise location of a mobile device. We are actively building our cohort of partners and channels to address CIO and network operator needs for tools preserved security and reliability.

So now moving on to business highlights from the quarter. Government segment revenue was $53 million in the first quarter of 2013, down from last year’s $57 million, as continued growth in service revenue partly offset the lower volume of systems and components sales. Both periods have been affected by declining war related funding as well as turmoil in Congress’ approach to the federal budget for 2013.

The federal government has been operating under both the continuing resolution and sequestration. The continuing resolution authorizes government agencies to fund at the current level until either the resolution expires or an Appropriations Bill is passed. No new program starts are allowed. Sequestration refers to budget cuts to particular categories of federal spending as a fiscal austerity policy. The cuts enacted by the Budget Control Act of 2011 were initially set to begin on January 1, 2013, but were postponed for two months by the American Taxpayer Relief Act of 2012.

Uncertainty has caused government procurement officials to postpone purchases of new systems and services and while TCS has been affected by these conditions in the first half, we are now starting to see increased activity around all our products and services as the dust settles which should lead to a strong second half.

First quarter government services revenue was $36 million, up 8% from Q1 of 2012, resulting in $11 million of gross profit, which is up 32%. Professional services revenue was strong in the quarter, led by program support and readiness and maintenance of SNAP, [Whipple] and other C4ISR systems. Revenue from cyber security training and other professional services revenue was also up as well as in building wireless and emergency preparedness solutions.

Additional revenue was generated from managed network services including customer end-to-end support, operational availability, throughput and quality of services through TCS’ phoned-in operated network infrastructure.

In April, we received a contract from the Defense Information Systems Agency or DISA to provide managed satellite services, KU satellite bandwidth, terrestrial support and 24 hour support services for the Marine Corps Tactical Satellite Communications Network. Initial funding on this award is $15.3 million for the base period through April 2014, and if it's four, one year option terms are exercised; it will have a total contract value of $72.3 million. TCS will be providing the Marine Corp with commercial satellite services to various terminals to extend the Marine Corps in a price network to deployed users. The US General Services Administration and DISA manage this procurement through the $2.6 billion custom SATCOM solutions or CS2 contract vehicle. This is the first awarded CS2 tax quarter.

During the first quarter, we attain educational certifications for our Art of Exploitation cyber security training curriculum from the American Council on Education. Accreditation enabled students to receive continuing education credit for courses taken that can be applied to earning a college degree. As a result, we have executed an agreement with the International Council of E-Commerce Consultants or EC Council, which is a member-based organization that certifies individuals in various information security and E-Business skills. EC Council has been certified by American National Standards Institute and is the owner and creator of the world famous Certified Ethical Hacker Program as well as many other license programs that are offered in 87 countries, that are training network of 450 training partners.

Government systems revenue for the quarter including shipments of the first of our SNAP like 1.2 meter satellite terminal and impact tactical based band kits, which are produced as company command post small form factor terminals for the Army under the WWSS IDIQ; company command post enables the military to extend the same communication capabilities that’s not offered at the brigade and battalion levels down to the company echelons. We expect funding for additional deliveries throughout 2013 and beyond. And while the politics of improving the Presidents budget has been unpredictable in recent years, the draft army submission for fiscal 2014 includes for the first time TCS specific line items for our SNAP turbo deliverables. TCS secured wireless distribution system Impact Tactical Baseband has been selected for testing by the army and its network integration evaluation 14.1 slated to take place early this call in Fort Bliss, Texas. The system reduces the time required to have communications fully operational within an army brigade or battalion tactical operation center to minutes.

During the quarter we acquired design engineering and testing resources to build transportable, fly away, multi band, air bone and shipboard antennas. Our expanded proprietary capabilities include a patented system which combines multiple frequency band coverage into a single feed, reducing both footprint and overall lifecycle cost and enabling higher margin opportunities on components otherwise outsourced. We have expanded our reach into marine, mobile and emerging markets with applications from unmanned vehicles to commercial cruise lines and now have an installed base in six countries and 39 ships.

TCS system revenue includes higher liability components for satellite in launch vehicles. TCS is durable SSD storage is increasingly designed in for marquee military platforms in the US and Europe. We are doing work for the new ORION launch vehicles as well as key US Missile Defense Programs like FAD. Our component engineering expertise is enabling TCS business growth in Europe, Brazil, China and Russia. As the developing world’s demand for communication satellite grows. We expect to build on our six years of successes of prime vendor under the $5 billion worldwide satellite systems or WWSS contract vehicle as requirements are transitioned and released for open solicitation under the $10 billion global tactical advance communications systems or GTACS vehicles. GTACS has an expanded scope of work that includes deployable satellite systems, tactical network equipment and related professional and technical services. After some initial delay, there have recently been 22 draft requests for information under the contract. Our company has received highly favorable feedback on the quality of our work under one of our largest contracts. A recent report from the customer said TCS over the last year has performed exceptionally in every aspect.

Our GSA-IT schedule 70 contract was renewed through January 2018 to which our company has historically generated about $50 million of revenue over each of the previous five year periods. Now for the commercial segment, first quarter revenue was $42 million about flat two years ago and gross profit was up 4% after a significant shift in business mix. Our software based solutions are primarily delivered under hosted, managed or cloud based service delivery business models, so most of this segment’s revenue is reported as services. The change in mix year-over-year is toward 911 related business, which includes wireless and voice over IP network monitoring for call routing and now next generation 911 systems deployments and related professional services. This led to 10% year-over-year growth in commercial systems revenue from Next-Gen 9-1-1 state and local government projects along with the sales of license and customized navigation software for the wireless device platform market.

Wireless carriers are migrating their networks to LTE that is the long term evolution air interface successor to GSM and CDMA. We have evolved our wireless E9-1-1 technology to deliver 911 via voice over LTE, which will enable TCS revenue retention from these customers. In Q1 TCS signed a tier-one carrier to a five-year deal for our initial LTE deployment and we expect to sign contracts with additional LTE carriers this year. We have also entered in to a five-year contract with a leading tier-one carrier to improve the E9-1-1 behavior of their fixed wireless phone systems as part of a residential landline replacement product. TCS augments the 911 location delivery of a service to report the customer’s precise street address to public safety, as opposed to latitude and longitude coordinates which are less useful in residential environments.

Next Generation 911 Systems enable delivery of data such as photos, videos and opt-in data access such as health records, in addition to location to public safety first response dispatches. During Q1, we signed several Next Gen call and handling deals and renewed several maintenance agreements with existing customers. The FCC has predicted $1.2 billion of spending or Next Generation 911 of non-recurring investment and $300 million of annual recurring spending over the next 10 years. Customers are primarily state and local governments, pace of this spending is tied to government funding.

Enabling text in to Next Gen 911 systems is one of many innovations that TCS expects to bring to public safety in the years to come. During the quarter, we expanded live SMS 9-1-1 traffic to additional entry points in Texas, New York and Maryland. As TCS continues to expand Verizon’s SMS capable footprint under our nation-wide agreement with them. Now, an update on mobile applications and infrastructure; late last year, we reported that we're working with Blackberry to power Blackberry maps with navigation, maps and search. We successfully launched in several countries in the first quarter and are working closely with Blackberry on their feature roadmap for future products and global rollout plans. These features will leverage components from our location tool kit platform, which was announced in Mobile World Congress in Barcelona in February. We are in discussions with other device manufactures about our Location Toolkit platform, which provides a broad set of software development kits, which can be utilize to develop custom location based applications and solutions. Goldman Sachs projects robust carrier capital spending in the balance of 2013.

Our top tier operator customers continue to purchase additional licensed capacity to support their growth in revenue generating network based location services. As TCS continues it's investment in R&D, we systematically protect the results of that investment through patent filings worldwide. The company filed 90 US patent applications in the first quarter and was issued 13 new US and one foreign patents. We now hold 277 issued patents worldwide and more than 360 applications pending. In February, we closed with an Acacia subsidiary a monetization transaction dealing with about 15% of our current location based services patent portfolio. This is in addition to our 2012 Acacia, deals involving inter-carrier messaging patents and about 15% of our current wireless data synchronization and data transfer patent portfolio.

We continue to work with patent licensing in enforcement companies, licensing agents and IP brokers and consultants to identify monetization opportunities. We are currently deploying a leading intellectual asset management system, which will give us enhanced portfolio management capabilities and will reduce IP management and patent prosecution cost.

We believe that our inventions cover valuable technologies used by other companies and there is a number of active projects grows, the flows of funds will be an important dimension of our company. Our goal in 2013 is to have at least five to seven patent families under enforcement action and complete the sale of up to three non-essential patents or patent families. We estimate that our portfolio today is comprised of about a 150 patent families.

Now Tom will provide some updated color on our financial position and outlook.

Tom Brandt

Thank you, Maurice. The details of the first quarter results are included in the press release that may be viewed in context by the model posted on our company’s website. At quarter end, the company had about $89 million of total liquidity, comprised of $31 million of unused borrowing availability under our bank credit line and $58 million of cash equivalents and marketable securities.

Funds were generated in the quarter from $9.5 million of EBITDA and $10.4 million decreased in working capital while $9.3 million of cash was used for net debt repayments, $3.4 million for capital expenditures including software development and $1.2 million for cash interest taxes and other items.

We were pleased to announce today that we priced the exchange $50 million of our convertible notes due in November 2014 and the $50 million of new convertible notes maturing in June 2018. The conversion price for the new convertible notes remains $10.35 a share, the same as the existing notes conversion price so there's no additional common equity dilution from the new notes.

The coupon on the new notes is 7.75% versus 4.5% on the old notes. Together with our repurchase of $10 million of convertible notes during fourth quarter of last year, the company has reduced as we planned the amount of convertible notes due in November 2014 from $103.5 million to $43.5 million.

The purpose of the exchange was the latter maturities of our term debt and we are pleased to be able to extend the maturity of these notes by more than 3.5 years at an attractive interest rate. We eliminated the day by securities regulations pending next Tuesday’s closing as to what further we can say about the financing.

We believe that together with our senior borrowing capacity, our overall term debt interest costs upon completion of our refinancing will average less than 6%. At March 31, 2013 funded backlog was $309 million. We expect to recognize about $195 million during the next 12 months.

Our methodology for computing backlog for our subscriber and other businesses is described in our press release and SEC filings. At this time, we have no changes to our previously issued 2013 guidance for revenue, a range of $450 million to $475 million or for EBITDA, a range of $46 million to $50 million. We continue to expect back half loaded seasonality in 2013 as in 2012.

For the government segment the Next Gen 9-1-1 work or government funding uncertainties will likely impact the second quarter and as our public safety business volume continues to ramp.

The convertible exchange transaction announced today will result in about $1 million more cash interest expense for full year 2013 than in our earlier guidance. There will also be a non-recurring $24 million non-cash second quarter charge writing off on amortized debt issuance expense and we expect our overall effective tax rate to increase to about 60% because of lower deductible regional issue discount amortization that was associated with the 2009 convertible notes.

We now expect adjust net income for full year 2013 to be in the $14 million to $18 range or $0.23 to $0.30 per diluted shares using 60 million shares. We continue to expect full year 2013 investment and company-wide capital expenditures including capitalized software development of $20 million to $25 million.

Company is continuing to invest in R&D and related CapEx for Next Gen 9-1-1, software hosting infrastructure, new secure applications, deployable systems and commercial apps, as well as other initiatives to enhance our deliverables. The expected effects of the refinancing announced today are reflected in the spreadsheet model in the IR section of the website. At this time, I will turn the call back to Maurice.

Maurice Tosé

Thank you, Tom. The company is pleased to price start note exchange and expected to close on Tuesday. Our government team is executing on expanded pipeline of C4ISR and cyber security opportunities, mission critical areas of federal government spending. Our expanded prime contracted footprint enhances our growth prospects in areas that would be least affected by spending cuts as the federal spending outlook continues to stabilize in the second half.

The commercial business is focused on high growth Next Generation 9-1-1 solutions while our applications and platforms are successfully performing in the new competitive ecosystem of device operating systems like BlackBerry. We're convinced that our expanding portfolio of intellectual property and our systematic process to monetize it will continue to be a growing contributor to earnings in 2013 and beyond.

More than ever, our government and commercial credentials feed and impact one another. TCS expertise in cyber security and securing sensitive communications is increasingly important to network operators and individuals using mobile devices to send sensitive information. TCS location, messaging and wireless network expertise developed in commercial work now guide solutions offered to government customers.

Unlike in the earlier years of our company’s development of proprietary technology, we're not limited to channels to get our solutions to market. We see the leading opportunities for secured communications solutions to be in the government where we've built significant scale and creditability as a direct prime contractor and the solutions first used there will be widely used in non-government enterprise networks for years to come.

We thank you for your time and support and we’d now like to open the call to any questions. Operator?

Question-and-Answer Session

Operator

(Operator Instructions) Our first question comes from the line of Mark Jordan from Noble Financial. Please go ahead.

Mark Jordan - Noble Financial

Like a little more commentary on this contract, I believe that has not been formally announced by you yet, does not represent a new business for you, expansion of business and when should revenue start and how will they ramp?

Maurice Tosé

Mark, it is a new win that we’re hoping to be able to announce at our press release shortly and just shortly before the call began, we were notified that the contract is under protest, but it is a new reward.

Mark Jordan - Noble Financial

Okay. And so obviously it won’t start I think until the -- it's not going on now so that it won’t start in global process, it's been resolved one way or other, any ideas to how long that should be?

Maurice Tosé

That is correct, a stop work order was just issued along with the protest, I am not sure of the guidelines or timing, but I believe its maximum or normally 90 days.

Mark Jordan - Noble Financial

Okay. I guess finally related to that if the stop work order had not been issued, how quickly would that ramp and where those revenues be basically even really weighted over the $15 million over the first 12 months of the contract?

Maurice Tosé

I think in the initial transition it was a little lighter and then it would become fairly consistent thereafter.

Mark Jordan - Noble Financial

All right; Tom a question for you, relative to your modeling, you talked about some specific goals with regards patent enforcement activities. Do you have any actual award revenues or sales revenues in your current month 2013 financial model that you have post on your website and its how much?

Tom Brandt

Yeah, there is some money in there for that we have to break it out separately; we have generated money both last quarter and this quarter and it is going to be lumpy. But it’s a fairly modest amount that we’re capped on for this year and I don't think we’re ever going to get back granular at what we published.

Mark Jordan - Noble Financial

Okay. I am just trying to get other question of could there be meaningful upside surprises to what is laid out in your model and in fact you positive resolution on a number of these items?

Tom Brandt

Yes, I think the answer to that yes; the nature of the intellectual property involved is such that we think its being used by some big users. The process of reaching resolution is not easy to predict timing wise and of course the amounts; but as you can imagine these are ventures that took place during key period of development of these technologies and now they are actively being used.

Maurice Tosé

Right and as our press release said today some of these go back with the priority data 2000 which is up significant in import and that we've been at investing in R&D and investing in leading and bleeding edge technology and also in protecting it and as we continue to get more and more patent families under license or prosecution, we believe that unlike where we are now with it being modest and being lumpy as time progresses, we hope to get this to a place in where we can be more forthcoming with predictable with some degree of predictability.

Mark Jordan - Noble Financial

Okay. A final question if I may, the debt refinancing that you have for the $50 million, I know you talked previously about having sufficient liquidity to service all of the converged under the original loan maturity date. Is this decision to move forward to ladder your debt a signal that you have some interest in being more active in the M&A market going over the next 12 to 18 months?

Maurice Tosé

I wouldn’t say that's necessarily a direct correlation in part we were looking at addressing what appeared to some to be an overhang on the stock was the ability to hand all the upcoming maturity in a manner that was best for TCS and shareholders.

Operator

(Operator Instructions) and our next question comes from the line of Chris Quilty, Raymond James.

Chris Quilty - Raymond James

Just wanted to get a sense from you from the last time we spoke here we've gotten some budget submissions that have come in for FY14 and perhaps a little bit more certainty on what's going to happen with sequestration, can you give us A, your thoughts on what you've seen so far in ’14 budget, and B whether you've been able to identify any specific impacts from sequestration.

Tom Brandt

Well, I mean one of the things I've said in the remarks Chris is that we actually are in the President’s budget with a specific line item for TCS and our 3T or our Tropo SCADA solution which is a first having it appear as a budgetary line item. We are getting more visibility and just as last year was a back end loaded year, we see pretty much that being the case this year as well as even with sequestration continue resolutions, the government Department of Defense is still going to find a way to meet a C4ISR and cyber security and other things in which play heavily and we're beginning to get some clarity there.

Chris Quilty - Raymond James

Okay, I guess specifically on regional opportunities as we see more of a shift out of Afghanistan and broadly in to the Pacific region, how do you feel about your positioning relative to funding probably shifting from the army towards navy, marine and whether you are positioned for that?

Tom Brandt

Well, again the award, which is the first award on the CS2, we thought was a very good indicator of our positioning for that and it's again a very good indicator in our continuing, and growing support, in fact to the Marine Corps. Tactical communication needs. We talked about acquiring engineering and other scale capability in the quarter and it was, we attained some engineering expertise that we had been partnering with in the past, had a very, very modest, very modest cost to us but a great capability that’s just further enhances our position, in fact around the planet, to where our diversification becomes pretty good and our ability to support antennas or [feeds] both in the air at sea, land based I mean this is a very good thing, so we wish that sequestration and CRs were thing of the past but we have dealt with sequestration before, but we doubt under continue resolution for some time now. And we again believe that where the company is positioned and our reputation again of performing of being a go-to-provider bodes well for us. And we believe we are in a very good position to capitalize even as budget on certainty remains in Washington.

Chris Quilty - Raymond James

And permanent infrastructure perspective do you have the teleport and fibre capabilities in place for dealing with a geographical shift?

Tom Brandt

We have and we have partners. Again the network in which was announced it's a substantial network, it's a very nice piece of work to be performing.

Chris Quilty - Raymond James

Got you, and can you talk specifically about where your focused or the capabilities are in some of the comps on moods stuff that seems to beginning a lot of traction recently?

Tom Brandt

Yeah. I mean we are positioning there in both conventional protected comps on a move. We talked for sometime about our relationship Lockheed Martin and Northrop Grumman with AEHF and our position with them on protected comps and comps on the halt, but we as well look at non-protected comps on the move and it to be in area as well in which through partners and partnerships we look to bring additional offerings to the market.

Operator

(Operator Instructions) Our next question comes from the line of Jack Wallace with Sidoti & Co. Please go ahead.

Jack Wallace - Sidoti & Co.

Just wondering if you can give us a little more detail on the BlackBerry deal, I wasn't sure if, maybe I missed it from BlackBerry release some of the financial details that was by you guys, anything else that you can tell us about that it?

Maurice Tosé

At this time we can just say that we are working together to enhance Q-10 and Z-10 and other products that might be released into marketplace. And again, we personally believe that BlackBerry stands a very good or is likely to take the mantle of the number three provider. We believe that again its expertise or prowess in security and securing devices resonates greatly and it complements the things that we do in security and again we just believe that they are going to take that number three spot.

Jack Wallace - Sidoti & Co.

That's helpful, but again no information on say some of the financial details on it.

Tom Brandt

Jack, it’s not likely we are going to be able to talk about the business model anytime soon. We've got a very trusting relationship with this company right now and we'd really be compromising that relationship if we got to chatty about business.

Jack Wallace - Sidoti & Co.

Totally understand. Kind of next question just in regards to the I guess the new contracts or new localities that for the Next Gen 9-1-1, I believe you guys mentioned what New York and Maryland. So wondering were those localities state wide, can you maybe give us a little more detail on that?

Tom Brandt

They are subsets; they are not the entire states. So this is going to roll out slowly and that this was (inaudible).

Jack Wallace - Sidoti & Co.

Got you. And were these say some of the larger cities in New York City?

Tom Brandt

I think in Maryland it was [Frederick], so it's -- I don't remember the other locations, Jack.

Operator

And, Mr. Tosé, I'm showing no further questions at this time.

Maurice Tosé

Well, this concludes our first quarter 2013 investor call and we look forward to speaking with you again to discuss our second quarter 2013 results.

Operator

Ladies and gentlemen, this concludes the conference for today. We thank you for your participation. You may now disconnect.

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