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Audience, Inc. (NASDAQ:ADNC)

JPMorgan Global Technology, Media and Telecom Conference Call

May 14, 2013 2:10 pm ET

Executives

Peter Santos – President, Chief Executive Officer & Director

Kevin Palatnik – Chief Financial Officer

Analysts

Harlan L. Sur – JPMorgan Securities LLC

Harlan L. Sur – JPMorgan Securities LLC

We’re ready to start. Okay, great, good afternoon. My name is Harlan Sur, Semiconductor Analyst here at JPMorgan. I’m very pleased to have the team from Audience with us here today, Peter Santos, President and Chief Executive Officer; and Kevin Palatnik, Chief Financial Officer. What I’ve done is I’ve asked Peter to give us a brief overview of the company that will be followed by a few sets of questions for me and then I think we’ll have some time for questions from the audience as well. So gentlemen thank you for joining us this afternoon and Peter let me go ahead and turn it over to you.

Peter Santos

Thanks, Harlan. Audience is the leading provider of mobile, voice and audio processors. We created the advanced voice market in the mobile phone industry, just over four years ago. And to date, our mobile voice processing chips have been included in over a 150 different smartphone and tablet designs that have shipped over 300 million units.

Most recently, we’ve been included in the Samsung Galaxy S4 phone as well as the LG Optimus G Pro, the Nexus 10 tablet as well as for the first time putting us in the PC industry two different Dell laptop designs. We’ve achieved this by applying core technology that is based upon the human hearing system, using what we’ve learned from leading auditory neuroscientists about the way that people hear; we’ve included technology that has the same ability that you do to tell the difference between my voice and this sound in our chips.

And what that’s allowed us to do is not only bring for the first time almost complete noise removable from basic cell phone calls but also allows us to solve much harder use cases in isolating voice such as when you’re holding the device away from your or to PC or car or your supporting wider frequency ranges or you want to perform that trick in the service of automatic speech recognition robustness or in sound capture for video recording. And indeed we see voice and audio has becoming a core user interface technology from mobile and other kinds of devices.

Now importantly, we’ve leveraged this core technology with an ecosystem strategy that’s been designed to create demand for our First-Mover technology, both the original mobile voice quality advancement that we made as well as subsequent features that we’ve been the first to introduce it to the market like improving speech recognition and wideband voice processing and multimedia capture and we’ve done that with mobile carriers worldwide. And in the tablet and the PC industry, we’re giving the same thing with OS players and also with ODMs that build reference designs to again create demand for our solutions. And more recently, we’ve begun performing that strategy in the automotive market where of course the automotive OEMs are in the lead position in specifying capability for their devices.

Now, this differentiated technology and our execution of the delivery of this technology to the market has gotten real results. We’ve recorded over a $140 million in revenue last year by an overwhelming record and in the first quarter of this year $47 million in revenue. Now, the majority of this revenue has been for smartphones as where a lot of our business has been. But one of the things that we now see is very significant interest as I’ve highlighted in my comments here in not just the PC market but also in tablets, in automotive and also for television remotes.

So we see what we’re doing as part of a larger revolution in user interface that includes not just touch and gesture and sensing, but also voice and Audience is in a leadership position in bringing advanced voice to all the devices that you interact with.

Harlan L. Sur – JPMorgan Securities LLC

Great, thanks Peter. Let me kick it off with the first few questions. So Samsung has emerged as a largest customer, I believe they’re about 62% of your total sales last quarter. As you mentioned, you designed into the Galaxy S4, the Galaxy Note II, they were hugely successful last year. This year, your design into the Samsung Galaxy S4 and a plus 4 of midrange smartphones at Samsung as well.

It’s great, obviously, to have the largest smartphone company in the world as your largest customer, but what is the team doing to maintain the proposition at Samsung on s go forward basis, number one? And what are the trends that are driving Samsung to use your solution not just in their premium end phones, but also now starting to proliferate that into their midrange smartphone platform?

Peter Santos

Yes. Harlan, in terms of maintaining our proposition at Samsung, a couple of the keys have been very steady introduction of new technology features. Samsung has been successful as they have by being the first to market with new capabilities across the spectrum of mobile phone interface technologies. So by continuing to introduce new features like Audio Zoom, like a Driver to make you sound closer by solving their really difficult range of used case requirements. We’ve been able to maintain and even extend our share in their high-end devices.

With regard to midrange phones, some of the key things that we’ve done have included providing excellent support to Samsung on a very large number of models of having a portfolio of products at different price points that has enabled us to participate in that business. But also there’s something we’ve done externally that helped and that is the work that I mentioned that we do with mobile network operators.

And Samsung being a broad-based global supplier, what they are beginning to see is the requirement for advanced voice quality, very specifically better noise reduction in wideband, narrowband, speakerphone across your customer base and in a way that is growing year in and year out, and I think they realized that Advanced Voice is something that they need to have further down in their portfolio.

Harlan L. Sur – JPMorgan Securities LLC

So although Samsung is your top customer, if we look at your non-Apple, non-Samsung smartphone customers, revenues from these set of customers actually doubled in the fourth quarter of last year. They grew 13% sequentially in Q1 and I think implied within your guidance for Q2 is for these set of customers to grow 25% to 30% sequentially. So you are diversifying beyond just their top two vendors in the market.

And in fact if you exclude the pooling by Samsung from Q2 to Q1, your non-Apple, non-Samsung business has outgrown your overall business for the last three quarters. So talk to us about these set of customers? What is driving the design win momentum with these customers? And do you expect that these set of customers will continue to grow faster than your top two customers on a go-forward basis?

Peter Santos

So, Harlan, I’ll start at the end. And I would say yes we expect that this set of customers is going to grow faster than Samsung over the near-term. So who are next customers? It includes LG, HUAWEI, ZTE, Motorola and a company called Xiaomi that is the probably fastest growing smartphone maker in the world, very innovative company based in China.

Those are the players in the smartphone market. We’ll come to adjacent markets in a moment, but what’s driving our adoption into that user base are some of the same trends that I mentioned with Samsung, the proliferation of requirements among operators, and the availability from us of leading-edge best-in-class voice quality, which is becoming something that they expect. And when some of these new players, such as Xiaomi a year ago, started to look around and say, how should I implement Advanced Voice, how can I get better voice quality? What they hear in the industry is Audience is the best solution.

So, those are some of the main trends, but one is also important in terms of growth for this year is if you think of that list of customers that I read, 2013 is really the second year of commercial adoption, and for Audience the game is not about getting a 100 customers, it’s about getting high share at 10 or 15 customers. And in that list of about five companies or so, we started last year with anywhere from two to four, or five models where they use our technology.

Harlan Sur - JPMorgan

Yeah

Peter Santos

And this year, we’re moving to the second stage of adoption where they work with us much more broadly having getting exposure to our technology to our support. So, while these customers are starting to become much more noticeable as a group this year, the seeds of this were laid in 2012 with initial revenue, and actually in 2011 with initial design wins just as they were with Samsung about two years probably.

Harlan Sur - JPMorgan

So, I guess that’s the point there which is the same strategy that you’ve been successful with that Samsung, which we just talked about right, which is getting at the high-end, prove the differentiators that you can bring to them, and then over time proliferate into their mid-end products. You’re trying to replicate that same model with your customers outside of Samsung.

Peter Santos

Exactly and that’s the perspective in the smartphone share of that additional customer group and the smartphone does represent the large share of Samsung AX Apple revenue, but also included in that revenue base for this year is revenue from PC vendors, such as Dell, and we expect other design wins and then production to be coming in the next six to 12 months. And we also expect to see a little bit of revenue towards the end of this year and that group from the television applications.

Harlan L. Sur – JPMorgan Securities LLC

So, maybe just sticking along that because that is something that is going to be, you’re starting from a zero, the compute market is an area where you have virtually zero revenues from today. It will be a bigger part of your business in the second half of the year. With the smartphone vendors, it was all about voice quality, morphing to assisted speech recognition. Can you tell us what the usage model is in PCs and why are your partners like Intel and Microsoft pushing very hard to incorporate your solution into their next generation ultrabooks?

Peter Santos

That’s good question. And the computer and PC market is in fact quite different in terms of the drivers. While there is interest in the quality of real time communicant and that’s a challenge in use case because in a PC, it’s wideband, you are farther away from the microphones. And there are few OEMs that are really teed on that. When we look at the PC opportunity broadly, the driver is really getting speech recognition to work on the PC platform with the microphones far away potentially with these convertible PCs and who knows what position…

Harlan L. Sur – JPMorgan Securities LLC

Yeah.

Peter Santos

…as your flipping the screen around, and this is being driven by OEMs that are interested in having speech recognition be part of the PC user interface. It’s also being driven by Intel who is part of the third ultrabook spec is beginning to require and include our requirement for speech recognition performance in the real world. And finally, it’s something that Microsoft is pushing because they want to see robust voice enablement and voice wakeup as part of their connected standby initiative. So, while real-time communications is part of the picture in PC…

Harlan L. Sur – JPMorgan Securities LLC

Yeah

Peter Santos

… I’d predominant is the requirement for automatic speech recognition systems where we have some very unique capability as well as partnerships with leading speech rec companies.

Harlan L. Sur – JPMorgan Securities LLC

And as we try to figure out what the opportunity is like for, I think we can understand that – let’s see on the 12 to 18 month perspective, the PC opportunity will potentially be a quick big opportunity for you, kind of initially starting off second half of the year. Are you starting to get some visibility in terms of ultrabook SKUs and the penetration rates of your solution into those SKUs?

Peter Santos

Yes, we are starting to get visibility into that and what sort of revenue impact it will have later this year. That said, the second quarter is really that designing season for an upcoming generation of PCs in general and ultrabooks and I think our visibility will improve quite a bit over the next quarters.

Harlan L. Sur – JPMorgan Securities LLC

So I guess it’s fair to say that maybe by the July earnings call, you’ll be able to maybe help us quantify that?

Peter Santos

Yeah, I would expect so.

Harlan L. Sur – JPMorgan Securities LLC

Okay thank you. Gross margin guidance for the second quarter called for a 300 basis point improvement over the first quarter, and that’s despite your Apple royalties starting to roll off here. I think the team attributed this step up mostly due to the ramp up of your third-generation eS325 voice processor. This chip, as you pointed out, is designed into the Galaxy S4 that is ramping now. It’s ramping into LG’s new flagship smartphone, which is also starting to ramp now. And I think you expect this product to be a big driver of your top line this year. And so, obviously, given the higher margins for this product, your ASPs much be higher versus the prior generation. Help us to understand the performance and the feature set improvements on this new product relative to the prior generation eS305 product.

Peter Santos

The eS325 that we introduced has for the first time, what we call an Audio Zoom capability that takes our signal separation technology and I think I referred to this earlier, allows you to interview or record video, and have some selectability as to whether you’re capturing mainly your voice in narration mode, or whether you’re capturing the voice of the person that you’re shooting. We also have significantly enhanced our Automatic Speech Rec assist capability, both in terms of its core performance, as well as its range of flexibility to be able to be used, for example in some of these really difficult and unusual use cases that we see in PC and television applications.

We also, for the first time, can support much wider ranges of voice frequency, up to 48 kilohertz sampling, which means that we can capture, almost CD quality sound with our noise reduction. That’s been a key core technology to support this Audio Zoom capability. And finally, we’ve introduced something called bandwidth enhancement that can make your phone if it is an HD voice phone that supports wider frequencies, still sound like it has wider frequencies even in cases where you’re talking to someone that’s on the landline, which is a very challenging thing to do because we have to look at what information we have and what are frequencies and estimate what the higher frequencies would sound like.

Harlan Sur – JPMorgan Securities LLC

Great, do we have any questions from audience?

Question-and-Answer Session

Unidentified Analyst

(Question Inaudible)

Peter Santos

You want to repeat the question?

Harlan Sur – JPMorgan Securities LLC

Question was, in terms of the Apple roll-off, what solution are they using and what solutions do we see competing with us?

Peter Santos

The choice that Apple made we believe was to go with an internal solution. There is no evidence that what they decided to use was from another vendor, and they have a pattern of taking core user interface technologies and bring them inside the company. We saw that with the iPod, where they went from Semantic’s, went to an internal solution with the acquisition of Siri, and most recently and Concurrent with their decision on us with regard to voice decision to bring maps internally.

And what we saw when that firm launched was a capability that in terms of our analysis, independent assessments and also information on this support plug of what appears to be a pretty significant regression from the phone that used our technology, and it appears that they prioritize control over performance. We don’t see any other OEMs contemplating that sort of regression.

In terms of other competition that we see, it really cleaves into either baseband SoC players and there is one baseband vendor that has an incorporated solution today, which is Qualcomm. We don’t seek solutions from any of the other baseband players.

The second category of competition is companies that today sell stereo audio codecs, the analog audio chips that today sit beside our chip in designs. And we, earlier this year announced the eS515 that combines our digital voice processor with analog audio codec functionality. So, needless to say people that make those analog audio codes are looking to compete with us that would be Maxim, Wolfson, Yamaha. We believe strongly that we are better positioned to bring analog audio functionality into our solution than competition is positioned to bring voice quality into theirs, given the amount of investment we’ve had to make the difficulty that Qualcomm has had competing with us even thought they’ve invested it for five years.

Harlan L. Sur – JPMorgan Securities LLC

Any other questions in the audience? So, let’s a talk…

Peter Santos

Sorry.

Unidentified Analyst

(Question Inaudible)

Peter Santos

So, just generally, I mean clearly we haven’t declared an M&A strategy per se. We do have a healthy amount of cash. It’s invested very conservatively. Frankly, given the compelling opportunities that we see in front of us. We’re going to use the majority of that cash to invest in our business to go attack those opportunities. and if along another way, technology that comes along, that synergistic too harsh, then we would look at that.

Harlan L. Sur – JPMorgan Securities LLC

So, Peter you talked a bit about the competitive environment. It seems like from our perspective that you have at least two generation lead over your nearest competitor, and even with some of those other competitors that you’ve talked about there are further behind. So how does the Audience team continue to maintain this cadence of more features, more functionality, more integration, better performance? How do you maintain that two generation lead over your competitors? And when it comes to new features and functionality, maybe you can articulate to us what should we expect to see in some of your products on a go-forward basis?

Peter Santos

So I’ll take the how and then talk about the what.

Harlan L. Sur – JPMorgan Securities LLC

Sure.

Peter Santos

How we’ll be continuing to do what we are done, which is to blend our vision for what kind of user experience is possible with voice and audio with feedback that we get from customers, and from carriers, and other partners keeping the ecosystem and also by maintaining a sense of urgency. We’ve– are clearly more visible to potentially to competitors now than we used to, and we have actually accelerated the pace of our product development. We’ve recently [spaded] up to the point that we are doing a new generation of algorithmic technology and custom hardware every year. So that phase is a big part of it.

And in terms of that how that translates into actual capabilities, just to give a couple of examples, I talked earlier about our Audio Zoom capability, which allows you while you’re recording to be selective about sound you’re going to capture. There is huge headroom in that and I envision a roadmap that goes all the way to fall on de-mixing capability, where you can in post production combine whatever sound you wanted that was in recording.

There is a tremendous headroom still in our ability to make speech recognition work in noise and our ability to remove noise from phone calls. And more broadly, I think you will see us take advantage of opportunities to provide services and capabilities on top of our core signal isolation technology. There are our singing and entertainment applications. There are our applications towards speech recognition where we can get a better combination of our technology and the voice understanding in speech recognition.

Harlan L. Sur – JPMorgan Securities LLC

There are actually is some; it’s interesting; there are actually is some interesting use cases that your customers are adopting, that requires your solution in order to make their applications more effective. Maybe you can give us the example of NTT DoCoMo and I think those smartphones maybe starting to ramp in the second of the year. But why don’t you give the Audience the example of NTT DoCoMo and the unique use application that they’re finding for your products?

Peter Santos

Sure. So, as you may know, NTT DoCoMo is the largest carrier in Japan and they do not carry the iPhone. And they launched a personal assistance service called Shabette Concier, which is a service where you can on your phone ask questions, directions, would be able to buy things. And it actually has been widely successful. They’ve been really pleased with how it’s rolled out. But what they found is that it really has challenged when it’s noisy and users have to find a quite place to use it. So we’re working with DoCoMo and their speech recognition partner, QTrac which is the number one Japanese language technology provider. And we’re making that service work on the noisy streets of Tokyo by putting our technology in phones, so that it can connect to our service.

Harlan Sur – JPMorgan Securities LLC

Great. So, let’s talk about your roadmap, your Smart Sound Processor chip solution which you’ve talked about previously, the eS515 with integrated audio, stereo codec. I think you – the team has said that you expect to see customers ramping this solution towards the back half of the year,. Obviously, I’m assuming you already have some design win visibility for this particular product, the expected solution to be used more predominately on premium-end smartphones or on more cost-conscious mid-end segment of the market where the benefits of integration fit nicely with kind of the lower bum cost profile. And in the second question, there is – can you give us a rough sense about ASPs and margins for this particular product relative to your eS325 or eS305 products?

Peter Santos

Yeah, Harlan, I’ll talk to the market segment and then let Kevin talk about the ASPs.

Peter Santos

Where we are seeing interest initially is mainly in the higher end, premium smartphone segment, but we actually have a few opportunities that are midrange phones, where there is a real desire for an integrated solution. And while we designed it for the high-end, we’re seeing more traction than we expected on midrange phones. What I expect over time in our roadmap is we’ll start building purpose-built high-end and midrange products, but the 515 is seeing in both.

Harlan Sur – JPMorgan Securities LLC

Okay.

Kevin Palatnik

So, with regard to ASPs on the 515 number, again, it’s an integrated product. It basically takes the function of a discrete audio codec integrated with our Advanced Voice Processor. Today in the market, both of those are around $1 ASP. We expect to go to market with slightly less than double, our Advanced Voice processor ASP, so little less than $2 if you will. From a margin perspective, I expect them to approach the margins that we have on the Advanced Voice processor today. We may decide to get a little more aggressive with our first offer to market in this space with those Smart Sound Processor, which might put some pressure on margins early on, but it will be in that neighborhood of current product margins, but with ASPs that are slightly less than double.

Harlan L. Sur – JPMorgan Securities LLC

How do we, so, you brought up the topic of expansion into new markets. Obviously, your core market right now is smartphones and tablets. We’ll start to see the compute markets start to layer on some revenues this year, obviously a bigger book of your business next year. You’ve talked about consumer electronics. You’ve talked about the automotive markets.

Help us understand how those two end markets from a revenue perspective are going to start to incrementally impact your topline. And I guess my other question there would be, when we think about consumer electronics, obviously, automotive, I think we know handsfree usage is very important and more improved speech rec comparability is pretty critical for the effectiveness of these. But for consumer electronics, I think a lot of us, when we think about things like speech recognition, we’re not sure what the usage models are or what kind of devices these things are going to be showing up on, so maybe if you can help us understand that as well.

Peter Santos

Yes. Sure. So, on, there are a couple of different kinds of applications that we can think of in consumer electronics, and the first is solving clear and present problems in terms of interaction. And automotive is probably the best example of that. Both automotive as an end market, but also the automotive use case if we think about mobile devices.

So the benefit whether you’re driving your car and you don’t have a phone, or you’re in your car and you want to use your phone of being able to do things with voice is huge, is huge in terms of safety, in terms of convenience, in terms of comfort. There’s certain level of stress that’s involved with the multitasking and driving the car and using the device should it be legal in your state.

So that’s a core benefit, another one that we feel strongly about is, even if you are not in a car, but if you are in any environment, being able to use voice for text answering, keyboards on mobile phones have come a long way, but it’s still a lot easier to just say something than it is to be able to type it in, even if you don’t have the distraction of trying to drive a car at the same time.

So, those are a couple of the clear and present [killer] applications of speech recognition. But, going beyond that, our view is that the current user interface around touch, or graphical user interface on the PC is fundamentally a two dimensional interface. You can only interact with what you see in front of you, and the use of voice as either as a control, or exploration mechanism will add tremendous depth to the user experience that we have with really anything that has a screen. And those, of course, are includes computing devices, cars, also things like kiosks that we engage with. So that’s a little bit longer-term modality but I think it’s one that as people start to use voice for these clear and present killer applications and start becoming comfortable with that.

They will start to expect to be able to use it. And for that experience to reach that what I think it as the required level of excellence, and the previous example we have is the first iPhone, there was touch, touch existed before the first iPhone, but that was the first time it achieved the required level of excellence that people just said, wow, this is great and I’m going to use it. For voice, and especially for this three dimensional role that voice can play, the robustness is going to have to be very, very high. If you come out of the situation where it works some of the time, touch would not have taken off if it didn’t work in great way, for example. So, I believe that Audience has a big role to play in both of these faces of adoption, the killer app and also deeper experience by making it consistently excellent.

Harlan L. Sur – JPMorgan Securities LLC

And it does seem like the trends are moving in that way, right, because if you look at the latest GS4, right, it has a combination of touch, it has a combination of gesture, and it has a combination of speech recognition. So maybe a sign off things to come as you mentioned, lots of discussion on verbal devices lately. And the interesting thing with verbal devices is that obviously speech recognition in a lot of these verbal devices is actually the only user interface. So first question is, is Audience doing work here with customers that are developing verbal devices for this market and number two what sort of your view again in terms of when this is become a more meaningful revenue driver for you.

Peter Santos

Harlan, we are doing work on a couple of verbals opportunities. We are very bullish about verbals in the long-term for the reason that you highlighted that it is really it’s among the sole opportunities you have to interact the device other than a couple of buttons and we like many people I think see verbals becoming really important, are they really important in four years or two years or one? Probably, not, but beyond that I think there is a possibility that verbals could be quite significant in the industry in general and for Audience in particular, but I don’t expect that while we may see some revenue in the next year or so….

Harlan Sur – JPMorgan Securities LLC

Yeah

Peter Santos

That we are going to be talking about it as a big chunk of our revenue stream.

Harlan Sur – JPMorgan Securities LLC

Great, and then Kevin question for you, so given all of the opportunities in front of you, given all the market pool for your products is obvious that the team will continue to grow their R&D investment this year and on a go forward. So how should we think about total OpEx growth relative to your topline growth over the next sort of let’s say two to four years?

Kevin Palatnik

Well, let me start in a near-term relative to OpEx and then as a subset R&D, as I mentioned in the last earnings call in Q2 you will see a definite tick up specific to R&D, obviously driving overall OpEx as well, similarly you will see that ramp down a little bit, tick down a bit in Q3 as we no longer have the mass costs related to our fourth generation product. But we are investing in headcount both in the field and in the factory, field being of AEs to support the tuning of our products and the like and then it’s clearly our R&D investment. So a tick up in Q2, a tick down in Q3 and then probably some growth in Q4 as well, as we continue invest in headcount and that tends to grow OpEx over time. As I look out over the next two to three to four years, steady state where we’d like to be is to grow OpEx out about half the rate of revenue growth and that’s the long-term steady state model.

Harlan Sur – JPMorgan Securities LLC

Okay great. And then my final question and I think somebody had asked this in the audience as well, which is $124 million of cash in the balance sheet that’s about $5.30 of net cash per share. Any other adjacent technologies that the team is looking at to add to the portfolio kind of the near to mid-term?

Peter Santos

Yeah, nothing we can talk out specifically. Clearly, there are adjacent technologies that would benefit the company. I mentioned earlier if they are synergistic to what we do or on the adjacencies of what we do, we want to take a hard look at that but nothing to comment on beyond that.

Harlan Sur – JPMorgan Securities LLC

Great, well we’re out of time. Thank you Kevin, thank you Peter and we look forward to monitoring the progress of Audience as the year unfolds.

Peter Santos

Thanks Harlan.

Kevin Palatnik

Thanks Harlan.

Harlan Sur – JPMorgan Securities LLC

Kevin, thank you.

Kevin Palatnik

You bet.

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