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Executives

Ryan Flaim

Thomas Gutierrez - Chief Executive Officer, President and Director

Richard J. Gaynor - Chief Financial Officer and Vice President

Analysts

Jonathan Dorsheimer - Canaccord Genuity, Research Division

Krish Sankar - BofA Merrill Lynch, Research Division

Stephen Chin - UBS Investment Bank, Research Division

Brandon Heiken - Crédit Suisse AG, Research Division

Jeffrey D. Osborne - Stifel, Nicolaus & Co., Inc., Research Division

Pavel Molchanov - Raymond James & Associates, Inc., Research Division

Mark J. Heller - Credit Agricole Securities (NYSE:USA) Inc., Research Division

GT Advanced Technologies (GTAT) Q2 2013 Earnings Call August 6, 2013 8:00 AM ET

Operator

Good morning. Welcome to the GT Advanced Technologies Second Quarter Calendar Year 2013 Earnings Call. [Operator Instructions] As a reminder, this call may be recorded. Now I'll turn the call over to Ryan Flaim, Vice President of GT Advanced Technologies, Investor Relations. You may begin.

Ryan Flaim

Thank you, and good morning. As we begin, I would like to remind everyone that certain statements made during this call may be forward-looking for purposes of the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995. We may discuss our expectations regarding future events. In particular, these may be forward-looking statements regarding estimated future financial results for calendar 2013 and beyond, factors likely to affect financial results and other forward-looking statements regarding market conditions and factors which may affect the performance of each of our business segments.

In this connection, we direct your attention to the slide entitled Forward Looking Statements and the final slide in the presentation accompanying this call. Important factors that could cause actual results to be different than our expectations are discussed in GT Advanced Technologies Inc.'s filings with the Securities and Exchange Commission, including the statements under the heading Risk Factors in the company's report on form 10-Q for the quarter ended March 30, 2013.

Statements made during this call should be evaluated in light of these important factors. GT Advanced Technologies is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

A webcasted replay of today's presentation will be available for 90 days beginning at approximately 10 a.m. Eastern today and can be accessed on the IR section of our website. An audio replay will also be available through August 13, 2013. Please refer to our website for details. Following today's call, we will be posting a copy of our prepared remarks to our website. [Operator Instructions]

With that, I will now turn the call over to Tom Gutierrez, President and CEO of GT Advanced Technologies.

Thomas Gutierrez

Good morning. With me today is Rick Gaynor, our Chief Financial Officer. After my opening remarks, Rick will report on our Q2 results, which exceeded expectations for gross margin, non-GAAP EPS, and cash and were in line for revenue. He'll also provide details on our current outlook for calendar year '13, which remains unchanged from our prior guidance. First, I'll provide some color on our performance in Q2 and then an update on our new business initiatives.

Our polysilicon segment was the main driver of the business during the second quarter as we delivered and were able to recognize revenue for a significant number of SDR 400 reactors shipped in the first half of the year. We continue to have very good visibility in the poly revenue for the balance of the calendar year '13 and have a robust pipeline of opportunities, which we believe, in combination with our existing backlog, will drive polysilicon revenues over the next several years. We're encouraged by a number of recent developments on the polysilicon front, including stable to rising spot prices and emerging projections of tightening poly supply in the next 12 to 18 months.

We also believe that the preliminary antidumping duties recently issued by China on polysilicon imports favor our largest polysilicon customer, Korea-based OCI, who will have to pay only a small 2.4% tariff on their exports into China. It's unclear whether tariffs on European players will be reduced. However, we expect that tariffs on new U.S. exports are likely to remain high. We expect this will allow OCI to remain one of the leading polysilicon importers into China, which bodes well for GT. In addition, we expect that GT's strong competitive position and acknowledged technical leadership will continue to position us as the polysilicon equipment supplier of choice when the industry enters its next growth cycle.

In our PV business, we continue to successfully convert DSS inventory into cash, exceeding our initial expectations with this initiative. We recognized over $15 million of DSS revenue in the first half of 2013, and we expect shipments to continue through the balance of the year. We also continue to make good progress on the development of our HiCz N-type materials solution and have an ongoing dialogue with several manufacturers who view HiCz as a potential competitive edge.

We're also encouraged by the recent news that China and the EU have agreed to settle their ongoing PV trade dispute by instituting a price floor on Chinese solar panels imported into Europe. We see this an important step forward for the solar industry. And if the settlement holds up, the agreement should remove an uncertainty that was stalling industry investment decisions. And it should help improve the financial health of some of our Chinese PV customers. However, we do not expect an immediate positive impact as these customers will need time to recover financially before they can make significant capital investments.

In the interim, we expect that PV producers in Taiwan and other regions outside of China could benefit from this agreement, as they are not subject to the pricing restrictions, and are positioned to compete as low-cost producers. We're also encouraged by recent announcements by the Chinese government with respect to their commitment to increase domestic consumption. We believe these developments support our view that the next PV capital investment cycle, while not imminent, is on the horizon. And we continue to expect that this will likely begin to occur in late 2014, early 2015.

The key driver of our overall business for the balance of this year and through 2014 will be our sapphire business. We're encouraged by developments in the LED segment, where end-market conditions are improving, prices continue to increase and reports are indicating that sapphire may be in short supply in the coming year. In fact, our Asian ASF customers are, on average, running at approximately 80% utilization on installed units. We also continue to make progress and see significant opportunity in developing our sapphire business beyond the LED market. Conversations with potential non-LED customers have continued to progress. And while there is some timing uncertainty, we remain as optimistic as ever about our ability to expand our sapphire business beyond the LED market.

We're also excited about the addition of new sapphire products from Thermal Technology, our most recent acquisition. In particular, we believe Thermal's annealing platform, in combination with our Intego automated inspection tools and Hyperion solution enhance our position on the sapphire industry.

We continue to drive down the cost of manufacturing sapphire. And based on our technology roadmap, we're confident that our customers will be positioned with the most cost-effective structure in the industry.

Based on the significant opportunities we see, we expect ASF orders and shipments to resume in the second half of the year. At this time, we see no one else as well positioned as GT in the sapphire market.

Before turning the call over to Rick, I'd like to provide additional color on GT’s other diversification and growth initiatives. At the end of Q2, we released our first generation silicon carbide sublimation furnace. Design-in cycles for power devices are relatively long. And as such, we expect our silicon carbide business to ramp slowly. In the longer-term, the higher growth opportunity with silicon carbide for GT is in pairing it with our Hyperion technology in order to produce thin silicon carbide lamina at a fraction of the cost of what silicon wafers cost today.

We've made excellent progress with our Hyperion technology development, and are confident that the technology can be used for the broad range of important monocrystalline materials. In fact, we've already achieved significant results on critical monocrystalline materials, including silicon, sapphire and silicon carbide. This level of success early in the R&D cycle is very encouraging.

In addition, we've identified opportunities in other industries where we believe Hyperion -- the Hyperion platform will enable commercial scale production of ultrathin monocrystalline films. Our latest generation Hyperion implanter is running in our development lab in Danvers, Massachusetts, and we expect to be in a position to take this technology to market and begin generating significant revenue in 2015.

We believe that once Hyperion matures, this business could rival the size of our PV business at its speak.

Our HVPE platform is progressing well. The HVPE tool that we are developing is expected to significantly lower the cost of LED production by providing a more efficient and optimal way to rapidly grow thicker, higher quality n-GaN buffer layers on bulk sapphire substrates. We've received very positive feedback from major LED producers in Asia on our HVPE offering. We're hearing a clear and concise message that industry leaders are seeking ways to continue to reduce LED manufacturing costs, and are very interested in technologies that better utilize their existing MOCVD capital assets, lower consumables costs and reduce cycle times. We believe HVPE will be a key part of that solution.

With that, I'll turn the call to Rick to review our Q2 results and calendar year '13 guidance.

Richard J. Gaynor

Okay. Thanks, Tom, and good morning, everyone. Before I provide details on our June quarter performance, I would like to note that a full reconciliation of the GAAP and non-GAAP financial measures that we will be discussing today are included in our press release and in the presentation accompanying this call, both of which can be found at www.gtat.com. In addition, I would like to note that the financials for the recently acquired Thermal Technology business are being reported as part of our sapphire segment.

Moving onto the results for the second quarter of 2013, which ended on June 29. Q2 revenue was $168 million, within our guidance range and a significant improvement over Q1. This included approximately $151 million of polysilicon revenue primarily related to SDR 400 shipments during the first half of the year, $11 million of PV revenue related to DSS sales and $6 million of sapphire revenue related primarily to materials. The Thermal Technology acquisition, which closed on May 16, did not contribute meaningfully to Q2 revenue. Revenue for the first 6 months of calendar year '13 was $226 million.

Moving onto gross margin. Our Q2 gross margin was approximately 35%, which was above our guidance. Gross margin by segment was as follows: 6% for PV, reflecting our continued success in converting DSS inventory to cash at aggressive pricing; 41% for polysilicon; and we had a negative gross margin for our sapphire segment as a result of the low level of ASF revenue and the impact in overhead absorption. Our year-to-date gross margin was 32%.

Operating expenses before contingent consideration were $42 million in Q2. Total operating expenses, including contingent consideration, was lower at $37 million. This was largely due to a $4.3 million credit recorded to our P&L during the quarter, mostly related to certain payout milestones associated with the Confluence acquisition that were not met.

R&D expenses were $19 million, up slightly from Q1. Year-to-date total operating expenses, including contingent consideration and restructuring, were $77 million, which includes $35 million of R&D.

Moving onto EPS. The Q2 fully diluted non-GAAP EPS was $0.15, which came in above our guidance range primarily as a result of favorable gross margin and OpEx. Year-to-date, non-GAAP EPS was $0.08.

Moving onto our balance sheet. We ended the June quarter with approximately $295 million of cash and cash equivalents, which was above our midyear cash guidance of $260 million to $285 million. At the end of the quarter, we had approximately $260 million of total balance sheet debt, which included approximately $98 million related to our credit facility and $163 million related to the fair value of our convertible bonds.

In the June quarter, operations consumed approximately $22 million of cash. In addition, we used $1.8 million of cash to pay down part of our term loan. And we used approximately $1 million for capital expenditures.

Moving onto our backlog. Orders in the second quarter were approximately $14 million, which included $6 million for DSS and $8 million for sapphire. We debooked less than $1 million of backlog in the second quarter. We were pleased with this low level of backlog adjustments in light of the volatile environment in which -- in our served markets. Our quarter ending reported backlog was $702 million, which included $340 million of polysilicon, $3 million of PV and $359 million of sapphire, which included $6 million of backlog obtained through the Thermal Technology acquisition.

Our total reported backlog security as of the end of the June quarter was approximately 26%, with $68 million in deferred revenue, $7 million in letters of credit and $111 million in nonrefundable customer deposits.

Now moving on to our guidance for calendar year '13. As a reminder, in addition to the charges that we typically exclude for non-GAAP, our guidance also exclude any asset impairment and the residual charges that we may take in the balance of 2013 related to any gain or loss associated with the potential disposition of our facility in St. Louis. We are reiterating our calendar year '13 revenue guidance of $500 million to $600 million. Assuming the midpoint of our range, we expect that the split by business will be approximately 4% from PV, 40% from polysilicon, 56% from sapphire, which includes modest contribution from our Thermal Technology and silicon carbide businesses. We expect the vast majority of the year's remaining revenue to come from our sapphire business, and to be heavily weighted into the fourth quarter.

We are reiterating calendar year '13 gross margin in the range of 35% to 37%. Inclusive of restructuring costs, total operating expenses are expected in the range of $150 million to $155 million. This includes $70 million to $75 million of R&D expense.

Our calendar year '13 CapEx is expected to be approximately $10 million to $12 million, the bulk of which is being directed at new technology investments.

Rather than providing you with an effective tax rate for the year, we believe you should assume a full year tax provision of $2 million.

Despite the additional shares issued as part of the Thermal Technology acquisition, we are reiterating our calendar year '13 non-GAAP EPS range of $0.25 to $0.45. This assumes a diluted outstanding share count of 124 million shares for the year. We expect that a significant majority of our 2013 non-GAAP EPS will be generated in the fourth quarter, reflective of improved revenue and mix during that period. We are narrowing our year-end cash guidance to the higher end of our previous range, and now expect the year ending cash balance in the range of $200 million to $235 million.

Now with that, operator, we will turn the call over to questions.

Question-and-Answer Session

Operator

[Operator Instructions] Our first question is from Jed Dorsheimer of Canaccord.

Jonathan Dorsheimer - Canaccord Genuity, Research Division

[Indiscernible] background noise. I guess the first question, Tom, is just relating to order activity. We're encouraged by what we see and certainly what you're talking about in sapphire, but the orders have been relatively flat. The narrowing of the cash balance would imply that you're expecting to see a pretty significant pickup in orders. Is that the case in terms of how we should view that for the second half?

Thomas Gutierrez

Okay. I think the -- a couple of things. I think the order rates and all that, Jed, have been pretty much as expected in the way that we've modeled the year. I think the narrowing of the cash is more driven by our performance in this quarter and year-to-date. However, we do expect substantial order recovery -- orders to recover starting this quarter and going into the fourth quarter. So we do expect a real pickup in order rates.

Jonathan Dorsheimer - Canaccord Genuity, Research Division

And just in the discussions with the ASF customers, is it spread equally between LED and non-LED applications? Do they have that level of visibility? And then I have a follow-up.

Thomas Gutierrez

Well, I think there's multiple scenarios. I think what -- and you'll notice a shift in my rhetoric a little bit this quarter versus last. The mix between LED and non-LED is moving around. There's multiple scenarios that we can look at and that we're basing our guidance for the balance of the year. And so I can tell you that there probably is very substantial potential opportunity in the non-LED area, as well as in the LED area. But how that mix actually ends up landing, given that at some point in the fourth quarter, we'll probably become capacity-bound for some period of time is yet to be determined. But I'm hearing noise out of our LED customers, that are running at a very high utilization rate, that they may start or considering starting to capitalize again.

Jonathan Dorsheimer - Canaccord Genuity, Research Division

Okay. And then lastly, and I'll jump back in the queue. Previously, I think you had mentioned an aftermarket cover glass in this year. Is that still your expectation regarding a milestone for that new initiative?

Thomas Gutierrez

I know that there's a player out there that is selling aftermarket in very low volumes. We're not directly involved in, although we believe that one of our customers is actually providing the aftermarket cover glass. But I wouldn't count that as a major event at the moment. I think that, as I said earlier, the mix of what actually happens here through the balance of the year is still somewhat up in the air as to which particular application takes off first.

Jonathan Dorsheimer - Canaccord Genuity, Research Division

One last. Could you give us any update on cost levels of sapphire cover glass for say, 4.8-inch screen? Any update on how far -- I know you've done a lot in terms of the acquisitions that you've made to try and reduce cost. Any update on how fast those costs seem to be falling and where we should expect those costs to reach maybe next year?

Thomas Gutierrez

Not a projection. I mean, we stand behind our initial comments that as the market initiates the implementation of cover glass that the cost is likely to be in the $10- to $15-range. But beyond that, we don't have an update.

Operator

Our next question is from Krish Sankar of Bank of America.

Krish Sankar - BofA Merrill Lynch, Research Division

Couple of them. First, on the sapphire driving the second half of the year, do you guys have any view on whether it's being driven by backlighting, gender lighting or mobile at this point?

Thomas Gutierrez

As I indicated to Jed, I mean there's multiple scenarios. And I'm not in a position yet to declare which of those applications will drive the balance of the year. I just know that there is enough opportunity amongst them all for us to feel confident about our guidance.

Krish Sankar - BofA Merrill Lynch, Research Division

Got it. And is it fair to assume that the spread in the guidance of $100 million is all driven by the sapphire for mobile?

Thomas Gutierrez

It's driven by sapphire.

Krish Sankar - BofA Merrill Lynch, Research Division

All right. And then one final question. I'm not sure if you guys gave 3Q revenue guidance. If not, I'm just trying to get a sense of if I take the midpoint of the full year, would your 4Q revenue EPS be better than 2Q?

Thomas Gutierrez

Well, we expect the year to be -- or the balance of the year to be heavily back-end loaded into the fourth quarter. But we have not provided third quarter guidance at this point and won't be because of the many different scenarios that are yet to come clear. And so the one thing that I can say, Krish, is that it will be very, very back-end loaded.

Operator

Our next question is from Stephen Chin of UBS.

Stephen Chin - UBS Investment Bank, Research Division

Just a clarification on the implied second half sales guidance. What percentage of that sales do you expect to come out of the backlog?

Thomas Gutierrez

I think that's part of the mix that's still in play, okay? There's opportunities for some of it to come out of backlog. There's opportunities for it to be new customers. And the exact composition of which of those 2 occur is yet to be determined. As you know, 2 quarters ago, we took a move to take some of our more suspect sapphire backlog out of our reported backlog. And so we feel pretty decent about the backlog composition as it is right now. But the actual rollout in the fourth quarter depends largely on who moves first.

Stephen Chin - UBS Investment Bank, Research Division

Okay. And then maybe a follow-up question. On the expectation about sales being heavily weighted into the fourth quarter in the ASF business, would you expect that to be across all of your ASF -- or the majority of your ASF customers? Or it's still pretty concentrated around a few ASF customers that you're looking at in that fourth quarter?

Thomas Gutierrez

Stephen, I could almost think that you're trying to ask me the same question again. But no, the mix is yet to be determined, I mean exactly as to whether it's going to come from a concentrated couple of existing customers or whether it's going to be broader in terms of new customers.

Stephen Chin - UBS Investment Bank, Research Division

Okay. Maybe I'll ask an unrelated question. Just for Rick on the EBITDA, Rick, can you just remind us how much you need to generate in EBITDA in the second half to meet the covenant?

Richard J. Gaynor

We didn't give -- oh, how much we needed to be at the full year EBITDA number, I think, has to be $68 million at the end of the year. And we feel, with the visibility we have right now, we're comfortable that we have no issue to covenants this year.

Thomas Gutierrez

Sure. And I'd add, Stephen, if I didn't make it clear, I mean although I'm sort of waffling a little bit on what the mix is going to be, we're very confident about our business, in our sapphire business through the back end of the year and going into next year.

Operator

Our next question is from Brandon Heiken of Credit Suisse.

Brandon Heiken - Crédit Suisse AG, Research Division

Was wondering if you could talk about Hyperion that you mentioned that you've made some great progress. And I was wondering how much of your success in Hyperion, how much of that will dictate, you think, your customers' adoption of the sapphire equipment. And with the recent progress, how much more do you think you need to spend on R&D for that development?

Thomas Gutierrez

Well, I think there's no gigantic bump in R&D for us to complete development of the project. I mean, we've moved around and prioritized our R&D spending accordingly. Hyperion is not a first-generation product. Hyperion is a follow-on second- and potentially third-generation product. And it won't be the same as pure sapphire. There's pure sapphire and then there'll be these composite structures that will come out. And so we think it's significant, but we don't believe it will have an impact on first-generation adoption. It's more of how does the -- how do these applications unfold later. And Hyperion is -- it is a tool that can be used with sapphire. But we're just as excited, if not more excited about the applications of silicon carbide and silicon and other monocrystalline materials where, for example, silicon carbide wafer today and epi-ready wafer cost $800 to $900. We believe that we could substantially change that equation if we're successful with silicon carbide lamina. So very exciting opportunities outside of sapphire, again, but not a short-term implication to it in the market.

Brandon Heiken - Crédit Suisse AG, Research Division

And do you have any plans to raise additional capital either this year or next year?

Richard J. Gaynor

We have no current plans at this point in time.

Thomas Gutierrez

Correct.

Operator

Our next question is from Jeff Osborne of Stifel.

Jeffrey D. Osborne - Stifel, Nicolaus & Co., Inc., Research Division

Just a couple of quick questions here on the -- can you quantify how much DSS inventory is left to be sold?

Richard J. Gaynor

Well, as you know, we took a fairly significant write-down on that DSS inventory at the end of last fiscal year. And we've been very successful right now in terms of writing or converting the remaining inventory to cash. Right now, we have approximately $5 million still sitting on the balance sheet for value. Obviously, we'd like to think we can yield more than that when we try to sell, but the book values is down to $5 million.

Jeffrey D. Osborne - Stifel, Nicolaus & Co., Inc., Research Division

Great. And then the last question, anything on conversations, why is it you're having with those customers over the past year that have been debooked and possibly converting them back into orders?

Thomas Gutierrez

Nothing that would change my mind about keeping them off the reported backlog.

Operator

Our next question is from Pavel Molchanov of Raymond James.

Pavel Molchanov - Raymond James & Associates, Inc., Research Division

Just wanted to check in and see how things are going with Motorola Solutions. You announced that earlier in the year. Have you guys actually delivered any product under that contract?

Thomas Gutierrez

Well, it's an active program. And it's an active customer. And we're continuing to service them. I've said beyond that, probably, I wouldn't be able to give you additional color.

Pavel Molchanov - Raymond James & Associates, Inc., Research Division

Okay. Any sense of when backlog or what backlog will be at the tail end of the year? You guys gave cash guidance, just curious if you can do that for backlog?

Thomas Gutierrez

Yes. We'll provide full 2014 guidance here at the end of this quarter. And just as I anticipate your follow-on question, I mean, we're feeling positive about our prospects for 2014. I'm not ready to sort of give guidance, but we think things are headed in the right direction for us. And next year will be driven by our sapphire and poly businesses. And towards the back end, we'll have some contribution from some of the new initiatives that we've got, but not ready yet to provide the kind of guidance you're asking for.

Operator

Our next question comes from Mark Heller of CLSA.

Mark J. Heller - Credit Agricole Securities (USA) Inc., Research Division

I was wondering if you can give us an update on the poly business into -- looking into 2014. I mean, I know OCI Phase 4 is now still a substantial part of the backlog. Can you just give us an update of when you expect that to ship in revenue?

Thomas Gutierrez

Well, our projections for 2014 are not highly dependent on OCI in 2014. We've generally assumed that that's a 2015 piece of business. That could change, but at the moment -- given the backdrop of everything that's happening in the poly business. But at the moment, we're assuming that the bulk of that business will fall into 2015 and beyond.

Mark J. Heller - Credit Agricole Securities (USA) Inc., Research Division

Great. And can you also give us an up -- remind us how much Thermal is contributing this year?

Thomas Gutierrez

It's not significant. And we are consolidating it with our sapphire business.

Operator

[Operator Instructions] I'm not showing any further questions in the queue.

Thomas Gutierrez

Okay. Well, I thank everybody for listening today. And I don't want to miss the opportunity to thank our employees and our, basically, partners in the industry for the tremendous job that's been done during what has been a very difficult time in the marketplace. We're very proud of what's been accomplished in that timeframe. And we look forward to keeping up with our shareholders and analyst community as we continue to drive our diversification strategy, and continue to deliver the results that are expected. Thank you very much. Good day.

Operator

Ladies and gentlemen, thank you for participating in today's conference. This concludes today's program. You may all disconnect. Everyone, have a great day.

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