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magicJack VocalTec Ltd (NASDAQ:CALL)

Q1 2013 Earnings Conference Call

May 9, 2013 5:00 p.m. ET

Executives

Gerald Vento – CEO

Jose Gordo – CFO

Analysts

Tim Horan – Oppenheimer & Co.

Operator

Good day and welcome to the magicJack VocalTec First Quarter 2013 Financial Results Conference. Today’s conference is being recorded. Joining us today on the call are Gerald Vento, Chief Executive Officer; and Jose Gordo, Chief Financial Officer.

At this time, I’d like to turn it over to Mr. Gordo. Please go ahead, sir.

Jose Gordo

Thank you, operator. Good afternoon and welcome to the magicJack's first quarter 2013 earnings call. I’m Jose Gordo, CFO. With me on the call today is Jerry Vento, President and CEO.

During the call, we may make statements related to our business that may be considered forward-looking in nature under Federal Securities Laws. These statements reflect our current views only as of today and should not be reflected upon as representing our views as of any subsequent dates. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations.

For discussion of the material risks and other important factors that could affect our actual results, please refer to Annual Report on Form 10-K which was filed with the SEC on April 2, 2013. Also, during the course of today's call, we will refer to certain non-GAAP financial measures. There is a reconciliation schedule showing GAAP versus non-GAAP results currently available in our press release issued after the close of the market today, which is located on our website at www.vocaltec.com.

With that, I would like to turn the call over to Jerry.

Gerald Vento

Thanks, Jose. Good afternoon and thanks for joining our earnings call to discuss our first quarter financial results. We have several positive developments in our business to report on updates our financial performance for Q1, prior development initiatives, changes in managements and full year 2013 financial guidance.

First, let me congratulate our great quarter our new CFO of magicJack. I also want thank Peter Russo our outgoing CFO for his dedication and commitment to this company since inception. While Jose will cover our financials in greater details shortly, let me begin with an overview of some of those key financial and operating metrics that highlight our strong Q1 results.

For the quarter, we had 36.9 million in GAAP revenue consistent with previously issued guidance. After eliminating onetime items totaling 4 million in Q1 2012 net revenues increased approximately 10% on a year over year basis. We also grew access rate revenue by approximately 32% to 13.5 million on a year of year basis and we generated 15.2 million in GAAP operating income an increase of 161% on a year over year basis and 9 million 600 in net incomes which was a 17% increase over Q1 2012.

On a non-GAAP basis, we have generated 15.6 million of adjusted EBITDA and produced 16 million 500,000 and free cash work for the quarter. We ended the quarter with 48.9 million in cash and marketable securities and no debts. We clearly have an estimated 3.27 million active magicJack subscribers which we need to find as users of magicJack or magicJack pots that are under an active subscription contract.

Looking forward for the full year 2013, we are pleased to provide the following guidance. We expect revenues for the year to be in a range of 155 million and 160 million. We expect adjusted EBITDA to be in the range of 52 million and 55 million. And we expect to provide the GAAP operating income and EPS guidance on our next quarters call.

So to summarize our Q1 financial performance strong guidance for the full year 2013 and strong balance sheet underscores that magicJack is in excellent shape to continue its strong growth.

On our last call I discussed that in 2012, I believe significantly enhanced our market position and firmly established magicJack as a top consumer voice service provider in the United States. We now intend to focus more attention on expanding in to mobile and international opportunities through international inbound minutes to the US.

Our network assets will play an integral role in our capability to grow into this new area. And since 2007, our strategy has been to vertically integrate these network assets enabling us to offer excellent products at a compelling price point. Today, we have an efficient cost structure and strong technology to deliver features and continue to grow our customer base. We expect our infrastructure continue to pay dividends for shareholders and customers as we bring future products to the market. Now turning to product development, we set to launch the new magicJack pots by the end of May to internet customers and in late June to retail customers.

In US market promoter and may see this is huge estimated at 200 billion dollars per year and we believe our new magicJack pots will be a compelling offerings for customers priced that $49.95 which will include six months of free service. The new pricing for the new magicJack pots will be in the same a lot of those current pricing at $29.95 cents per year for the one year renewal and $19 95 a year for the 5-year renewal. The new magicJack pots will improve a free app with text messaging were available later in the year.

We also developed a new online registration feature for customers to purchase our new product that will make it even easier to activate their device..To register the new magicJack pots and start using it immediately consumers will be able to go directly to www.mgong.com on any computer iPad or other device without plugging in the new device to a computer.

At a registration site customers will provided with detailed video instructions and on screening pops. So turning to our new magicJack product who has superior voice quality compared to our current products have three times the processing power, three times the memory capacity enable customers to make and carry two simultaneous calls at the same time as 2 U as B pods offering customers the ability to plug in 4G or LTE resource that will allows customers to add and connect the desk phone or a cordless phone and enables small business users to wirelessly connect up to 10 business phones in an office environment.

Consumers will enjoy our most powerful combination of features to-date at a low entry level price point with our award winning features such as two local and long distance calling a free phone number international calling, free voicemail, free continuing using the few magicJack apps and free text messages through use of that app. Let’s turn to the app. It works on any IRS or Android device as well as the PC. It allows users to make and receive calls on any of these devices for free when connected to Wi-Fi.

New apps excellent features including superior voice quality and the videos a free phone number for incoming and outgoing calls, live online customer care and free text messaging. The app has experienced about the 8 million activation since its launch and for the period from March 25th to April 25th 2013 we had approximately 2.23 million app users.

We are trying to begin monetizing that app during the second half of the year for now we are in the process of capturing and analyzing more usage data to fill the develop our revenue model. As I said in our last earning call, we do not expect revenue in 2013 from the sale of the app to be material. I object this to continue to grow the customer base for revenue contribution for the future.

Let me take a moment to talk about our online customer chat support service. We haven’t talked about that before. We handle approximately 6000 customer chats per day. The average wait time per customer to chat with an agent is 2 seconds.

Our online chat support agent realization is running at 95%. And this online customer supports service provide the cost effective scale above platform to support company current operations in future growth.

Finally, before turning the call over to Jose let me briefly say that we plan to expand beyond our core magicJack product offline.

We produced solid financial results. We have demonstrated that magicJack as a strong consumer PO with approximate a 3.27 million active customers. So now we are ready to take advantage of our recognized brand. Our direct and retail distribution channels a device experience and cost effective network assets and our strong balance sheet with approximately 50 million in cash. We intend to drive two gross initiatives beyond the launch of our new product. We are focused on mobile product and services and international opportunities mainly inbound to the US. I hope to be in the position to provide more details on product development and rule out strategy on our next call.

So with that let me turn it back to Jose.

Jose Gordo

Thank you Gerald, good afternoon everyone. We have going to review our strong first quarter components which contributed to our great start for 2013 as magicJack continuous to deliver on its legacy products and corporation of the new product launch probably differ in access rights revenues.

I first of all detailed on the company first quarter financial results and I conclude that the raise in full year 2013 financial guidance.

Let me begin with the quarter results starting with the PNR. The important total GAAP net revenues of 36.9 million. In Q1 2012, we had end time revenue items totaling 4 million consistent of 18 million operational challenge attributable to pre paid minutes and discontinued revenue use of one million.

After adjustment produced onetime items. Revenues increased year over year at an estimated 10%. Revenues from magicJack sales for the quarter increased slightly by 20% to 50 million well access rights removal revenue increased 32% on a year over year basis to 13.5 million and accounted for 37% of total revenues. We are particularly pleased with the word of access rights removal revenue. Since we represent the recurring portion of our business and has becoming an more important component with overall revenue stream.

When we got some magicJack sales for the quarter unit sale in unit sale outlets representing 74% of total unit sale as compared with 60% for the prior year. Direct sales represented 26% and 4% of unit sales respectively for the same period last year.

Cost of revenues for the quarter decreased 28% year-over-year to $11.1 million from $15.6 million for the first quarter in 2012. The decrease in cost of revenues was primarily attributable to $2.6 million decrease from a favorable impact of a settlement with a retail sales broker and lower inventory cost of MagicJack PLUS unit sold.

Additionally we experienced a $1.6 million reduction in network and carrier charges as we continued to negotiate better rates with other carriers, further groomed our network to derive increased cost efficiencies and this continued selling to certain high cost wholesalers.

Total operating expenses for the quarter decreased 35% year-over-year to $10.5 million from $16.2 million for the first quarter in 2012. The decrease in operating expenses was primarily due to a $5.9 million decrease in advertising related expenses driven primarily by reduction in long form and short form advertising for the MagicJack PLUS as we prepared to launch the new MagicJack PLUS in June 2013.

Turning to profitability for the quarter, GAAP operating income was $15.2 million, a 161% increase compared to GAAP operating income of $5.8 million for the first quarter of 2012. For the quarter we had a tax expense of $5.2 million as compared to $30,000 for the first quarter in 2012. This tax expense reflects our current projected effective 2013 tax rate of approximately 35% as compared to 0.36% for the same period last year.

GAAP net income for the quarter increased 17% to $9.6 million after taking into account the increase in tax expense as compared to GAAP net income of $8.2 million for the same period last year.

GAAP diluted earnings per share for the first quarter was $0.51 based on 18.7 million weighted average diluted shares outstanding as compared to the $0.39 based on 21.2 million weighted average diluted shares outstanding for the same period last year.

Turning to the balance sheet and cash flow statement, as of March 31, 2013, we had cash, cash equivalents and marketable securities of $48.9 million and no debt. As we have said before, we believe we have one of the strongest balance sheets in our industry. When combined with our strong ongoing free cash flow generation this gives us significant flexibility to pursue growth opportunities and increased shareholder value.

Deferred revenues increased to $128 million as of the quarter end as compared to $125.2 million as of yearend December 31, 2012. Operating cash flows for the quarter were $16.6 million as compared to $24.2 million for the same period last year. This $7.5 million decrease in operating cash flows primarily reflects higher sales of access right renewals experienced in 2012 in anticipation of a price increase per renewal packages offsetting part by increased profitability in Q1 2013.

Turning to our results on a non-GAAP basis, we had substantial increases in a number of areas. For the quarter adjusted EBITDA was $15.6 million as compared to $3.7 million for the same period last year. Non-GAAP net income was $14.5 million as compared to $3.2 million for the same period last year. Non-GAAP net income per diluted share was $0.78 for the quarter based on 18.7 million weighted average diluted shares outstanding compared to $0.15 per share based on 21.2 million weighted average diluted shares outstanding for the same period last year.

In terms of free cash flow, we generated $16.5 million in free cash during the first quarter as compared to $24.1 million for the same period last year. As discussed earlier this decrease in free cash flows primarily attributable to higher sales of access rights renewals experienced in Q1 2012. A reconciliation of GAAP to non-GAAP financial measures has been provided in the financial statement tables included in our earnings press release from earlier today and is available on our website.

Turning to our financial outlook for the full year 2013, we’re pleased to be providing the following guidance. We expect revenues for the year to be in the range of $155 million to $160 million after adjusting for approximately $8 million in one-time revenue items in fiscal year 2012, we believe our revenue guidance imply the top line growth rate between 3% and 7% year-over-year while including only six months of sales of the new MagicJack PLUS.

On a non-GAAP basis we expect adjusted EBITDA to be in the range of $50 million to $55 million. This range implies a projected adjusted EBITDA growth rate of between 10% and 17% on a year-over-year basis. We expect our effective tax rate for the year to be approximately 35%. While this is our best current estimate of our tax rate, we’re in the process of undertaking a comprehensive analysis of tax planning strategies that we may be able to utilize to reduce our rate further whether in the U.S. or Israel or both. We will provide an update on this analysis in the future as it further develops.

We expect to be providing operating income and EPS guidance on next quarter’s call as we have further visibility into various statements on the income statement. Although we’re not reporting quarterly guidance, we thought it important to provide some color on the second quarter. Given the timing of the ramp down of MagicJack PLUS in advance of the launch of the new MagicJack PLUS, we expect Q2 2013 revenues to be slightly below Q1 2013 revenues. Our full year 2013 guidance reflects our second quarter expectations and still projects solid growth in revenues and profitability for the full year.

Additionally, we note that our revenue targets for Q3 and Q4 have us exiting the year at a double digit top line growth rate. Going forward we intend to continue targeting double digit year-over-year growth as our new product launch schedules become more consistent and we continue to benefit from the growth of recurring access rights revenue.

With that I would like to turn the call back over to Gerry.

Gerald Vento

Great, thanks Jose. To summarize we produced strong financial results and profitability for the quarter. We have a balance sheet with nearly $50 million of cash and marketable securities and no debt as of the 31 March. We have a new product launch scheduled for June. In our 2013 guidance, projects continued strong growth in revenue and profitability.

And with that I’m happy to turn the call over to questions. Thank you.

Question-and-Answer Session

Operator

Thank you. (Operator Instructions) We’ll hear first from Tim Horan of Oppenheimer & Co.

Tim Horan - Oppenheimer & Co.

Hi guys, good quarter, thanks for the color and congratulations also good luck.

Gerald Vento

Thank you, Tim.

Tim Horan - Oppenheimer & Co.

Any more color maybe on volumes on the quarter, could you give us maybe some color on device sales or number of renewals or anything like that?

Gerald Vento

Tim, we haven’t put that out previously and I think it somewhat still accessing particularly in light of, sort of competitive issues. But, I think you can see that when you backed up that revenue that we discussed in the first quarter of last year, we think, revenue is heading in the right direction, particularly when you consider that in the first quarter of last year, we were still sort of at the peak of MagicJack PLUS and this quarter is very different as you know, we’re sort of ramping MagicJack PLUS down. And that really speaks to the momentum of our renewals and the stability of the subscription base.

Tim Horan - Oppenheimer & Co.

Great, great. And the $3.2 million subs on the contract that’s a bit below what I was kind of calculating myself, but can you give us any color on later around the five contracts versus kind of one year recurring contracts?

Gerald Vento

Yeah that’s also not something we put out, but I think what we’re representing is those depth number of subscribers on current active contracts.

Tim Horan - Oppenheimer & Co.

Both one year and five year, correct?

Gerald Vento

That’s right to everybody that’s correct.

Tim Horan - Oppenheimer & Co.

Great, great. Can you give us a little bit more, I think, you said you would be able to buy new device online I think in the May, just in a week or two here?

Gerald Vento

Yeah, that’s right Tim. We will be shipping, I think, within a very short period of time and the first shipment is intended for internet sales.

Tim Horan - Oppenheimer & Co.

Great. Can you talk a little bit about the pre-orders are quite from retail or how many you plan on manufacturing or maybe manufacturing capability or any kind of color around that would be great?

Gerald Vento

I don’t think we’re in a position to really want to give away that competitive information, but I probably can give you some color on. As we looked at the launch in the fall of 2011 and looked at the volume of units that were sold within specific periods of time, looked at what was produced and what was shipped and took some historical relevance from that experience we think there is going to be a very large uptake in this case and as you know, we’ve been managing inventory pretty closely with the old product and so, the first thing we will do is be replenishing our retail channels. So, it’s pretty significant number of the units.

Tim Horan - Oppenheimer & Co.

Great. And your change in the pricing era from the old model you just have one-year kind of contracting better than there. Can you talk about the net effect is of the pricing changes do you think?

Gerald Vento

Well look, we did some price testing and I think I mentioned that during the last call and we did that in Radio Shack to be specific. But, even after that price testing of course, lower the price more units you sell, but what it really comes down is, is a strategic decision on our part to really create a great entry level price point that’s going to be less expensive for our customers to buy this product. And, we want to sell more products, our goals to get more of these customers on our network; the renewal piece of the revenue applies quite valuable to us. And so, attracting as many customers we can at the right point really was our objective without really affecting our margins. You see the guidance we’ve given for the year on our results and there is no real diminishing of margin points here.

Tim Horan - Oppenheimer & Co.

But, was there much elasticity, I guess, the previous price point was $74 and now basically $50, could you find much elasticity in the different price points?

Jose Gordo

Well, just remember Tim, the former offering is of one year offer, this is a six month contract.

Tim Horan - Oppenheimer & Co.

Sure.

Jose Gordo

But there is a difference there and obviously as Gerry said, our thought is get folks in the door, get them happy with our product which we had a lot of success doing and then at the six month mark put into $30 one-year or $20 a year, five year renewal.

Tim Horan - Oppenheimer & Co.

Again, I guess, I’m asking, but as you trial that into different Radio Shack stores did you notice an uptick in volume at the difference price point?

Gerald Vento

Yeah, that’s how we came to the 4995 number and then we had to essentially rely on the fact that we’ve got a proven product, we’ve got a great brand, we’ve got great distribution, we’ve got good network cost structure in terms of a competitive advantage and we felt that 4995 really does move the needle with consumers who are buying that product in Radio Shack and Circuit City and Wal-Mart and so many other retailers that we have in our channel partnership.

Tim Horan - Oppenheimer & Co.

Great, and this product, you think this product is good for a year or is it more like two to three years, I guess, the last product is almost getting onto closer two years now, how long do you think the shelf life for this is?

Jose Gordo

We’re looking at this as probably a little over a year, obviously we’re working on other things as Gerry mentioned and Gerry will brand those at future calls, but on this product a little over a year.

Tim Horan - Oppenheimer & Co.

Great. Just maybe on the competitive front, I think, advantage is coming with $10 a month plan, how do you think that kind of shapes up with your offering on both from price and maybe a quality perspective?

Gerald Vento

Without going into names there is a lot of competitors out there in the marketplace, and as I said, we’ve got a proven product, we’ve got a great brand and I think the story here is really simple, so many times telephony folks not you particularly, but they get wrapped around the Exelon complexity. This is pretty simple, we’ve got, we’ve an economic advantage in our cost structure, Russo referenced that on the call just a few minutes ago, we’ve got strong retail distribution, we have strong retail partnering going on with Wal-Mart and Radio Shack and others and a compelling offering at 4995 and if you do the math, as I read the press release, our competitor here is talking about something in excess of 120 bucks a year. So, I think we’re nicely positioned to do well with our new product offering.

Tim Horan - Oppenheimer & Co.

I know you don’t want to give a lot of guidance on the volumes, but can you maybe talk about the retail interest, how many retails you signed up and how excited are they now versus kind of where you were at two years ago?

Gerald Vento

I think they’re very excited. I don’t want to go beyond that because that is some competitive intelligence that I really don’t want to give up. We’re in the process of doing some things that will demonstrate that to marketplace.

Tim Horan - Oppenheimer & Co.

Great. And then, on the operating cost side, I think there was $2.6 million one-time benefit there, were there any offsets or were any one-time expenses in the quarter that we should think about?

Gerald Vento

Are you talking about the – which time exactly?

Tim Horan - Oppenheimer & Co.

I think you said the cost of revenue there was a $2.6 million settlement that lowered the cost of sales by $2.6 million did I misunderstand it?

Gerald Vento

No that’s right that went right to the bottom-line that’s correct.

Tim Horan - Oppenheimer & Co.

And that was one-time in nature?

Gerald Vento

Correct.

Tim Horan - Oppenheimer & Co.

Were there any one-time expenses, sorry to offset that at all or that was the only kind of one-time in the quarter, okay, great. But, it did sound like you lowered, I think, you said you lowered your operating cost on a ongoing basis on the network quite a bit, was that fully reflected in the first quarter or is that kind of ramping through for the next couple of quarters?

Gerald Vento

You know, I will tell we just want to leave ourselves a little bit of room in the cost components, we feel comfortable with the adjusted EBITDA guidance we put up, so I wouldn’t necessarily drive towards the direction on SG&A.

Tim Horan - Oppenheimer & Co.

Sure, sure, sure, got you. On the tax side, is that basic, I know, you’re still working on it, but would that be all cash taxes do you think or is it, would the cash taxes be materially different from the GAAP taxes?

Gerald Vento

There may be a difference there and it may or may not be meaningful. They’re almost likely will be a difference, we have some difference between our book accounting and our tax accounting that can be somewhat meaningful because we collect cash essentially at the point of sale and we pay taxes essentially ahead of time that we’re actually recognizing for accounting purposes. But, there could be a discrepancy there and it’s just hard to say how material it would be right now.

Tim Horan - Oppenheimer & Co.

I was a little surprised by the tax rate because I thought you still had quite bit of NOLs in Israel and I thought Israel had substantially lower tax rate in the United States and I thought you still had a lot of intelligent IT over there that you’re running to some of the earnings through. I guess this being extremely conservative at this point or you just don’t think you can use those tax benefits?

Gerald Vento

What I would say is, we’re working that issue very hard, this is what we thought would be a prudent message to the marketplace, it’s one we worked on internally and that’s been externally vetted for now, but we’re working aggressively to use, I think you’re referring to our NOLs in Israel which are still somewhat significant as well as looking other strategies in Israel which could reduce our short, medium and long term tax rate there.

Tim Horan - Oppenheimer & Co.

So, I mean, it sounds like 35% a worst case scenario?

Gerald Vento

I wouldn’t, I don’t know if I call it the worst case scenario, but we certainly hope to do better.

Tim Horan - Oppenheimer & Co.

Got you. I mean, last thing, you told that you will be producing decent chunk of free cash again, I guess, with the tax rates that’s obviously cut quite a bit, but it is going to be an incremental, I guess, $30 million or so EBITDA on your guidance, is there any other items that might affect the free cash flow generation this year and you know, that’s going to be pretty big chunk of cash that you have in your books here, any other thoughts what you might do with that free cash flow?

Gerald Vento

Well, Tim, just for a minute we go back to your $2.6 million number, I’m just looking here, so I think $1.2 million of that is non-recurring and that would be a settlement, but the remaining $1.4 would be sort of real if you will.

Tim Horan - Oppenheimer & Co.

Okay. I got you, misunderstood, so $1.2 million is a one-time, great.

Gerald Vento

That’s right. Hey Tim, just a point of reference, the Israeli tax rate at the high end is 25% so just keep that in mind and we are exploring the intervals and we are in a free tax zone environment with a law and all of this that Jose described under significant review with the effort to see if those are well through architect inappropriate and we’ve given that pass going for.

This may be just a watch, can you give more color or saying it really goes down how much many comp is allocated here in US persons in job and just want to give you one more guideline we are looking into a strategies that were unseen in a very transparent fashion, allocate more than in com2 as well and led the big events of that. We try to segregate as much as possible as well as we did better than good under some strategies there that reflect. We don’t get another solvent we will be certainly providing more information on this feature cost.

Tim Horan – Oppenheimer & Co.

What will be the laws remaining in Israel at this point.

Gerald Vento

Total number is about a 130 million or so of which we could given the tax rate use may be recall of that.

Tim Horan - Oppenheimer & Co.

Its 20 to 25 million in tax rate, that is 20% tax rate.

Gerald Vento

Correct.

Tim Horan - Oppenheimer & Co.

Okay, got you.

Jose Gordo

Well we are actually just on the app here what’s the timing on when you have texting capabilities, do you think that way you must have marketing that have more aggressively at that point, we have in built in them and happy demographically achieve one on one and expect have that full various thing after launch.

Tim Horan - Oppenheimer & Co.

Great. So that’s kind of two months (iaudible)?

Gerald Vento

Hey Tim, one quick info before you go, that one time I believe we thought them to bed out in our adjusted EBITDA and we do not take credit for that this quarter. We look at reconciliation tables.

Tim Horan - Oppenheimer & Co.

Okay, what is the online net income normalize that EBITDA for the quarter just the one and the same page.

Gerald Vento

That pretty with our normalize 15.6 million.

Tim Horan - Oppenheimer & Co.

Okay, great, thank guys.

Gerald Vento

Thanks.

Operator

Again to our audience, if you would like a question today (Operator Instructions). Gentlemen it appears there are no further questions today, I’ll turn the conference back to you for any additional or closing remarks.

Gerald Vento

Thank you very much I’ll see you on next call.

Operator

Ladies and gentlemen that will conclude today’s conference. Thank you all for joining us.

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