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Intermolecular, Inc. (NASDAQ:IMI)

Q3 2013 Earnings Conference Call

October 24, 2013 4:30 PM ET

Executives

Gary Hsueh – Senior Director of Corporate Development and Investor Relations

David Lazovsky – Founder, President and Chief Executive Officer

C. Richard Neely – Chief Financial Officer

Analysts

Edwin Mok – Needham & Company, LLC

Vasanth Mohan – Morgan Stanley & Co. LLC

Brian Freckmann – LS Capital Advisors LLC

Operator

Good day, ladies and gentlemen and welcome to Intermolecular’s Third Quarter 2013 Earnings Conference Call. All participants will be in a listen-only mode. Please note this call is being recorded. My name is Karen. And I’ll be your operator for today.

I’ll now like to turn the conference over to your host for today, Mr. Gary Hsueh, Senior Director of Corporate Development and Investor Relations. Please proceed sir.

Gary Hsueh

Thank you, Karen. Good afternoon and welcome to Intermolecular’s third quarter 2013 earnings conference call. We announced results after the close today and you’ll find a copy of the press release on our website at www.intermolecular.com. On the call with us today are Dave Lazovsky, President and Chief Executive Officer and Rick Neely, Chief Financial Officer.

Today’s conference call contains forward-looking statements. Any statement that refers to expectations, projections or other characterizations of future events including any statements that relates to development and application of our HPC platform, market trends, our CDP and micro-CDP activities and any statements regarding financial projections and future market conditions is a forward-looking statement.

Actual results may differ materially from those expressed in these forward-looking statements. Intermolecular assumes no obligation to update these forward-looking statements, which speak only as of today. For more information about factors that may cause actual results to differ materially from forward-looking statements please refer to the press release we issued today as well as the risks described in our Form 10-K for fiscal 2012 and our subsequent quarterly reports on Form 10-Q as filed with the SEC, particularly in the sections titled Risk Factors.

Before we begin, please note that during this call, we will discuss non-GAAP financial measures as defined by the SEC and Regulation G. We believe non-GAAP financial measures provide useful supplemental information to both management and investors, but note that these measurements are not a substitute for GAAP and should only be used to evaluate the Company’s results of operations in conjunction with corresponding GAAP measures. All non-GAAP measures are reconciled to the most directly comparable GAAP financial measures in our press release issued today.

And with that, I will now turn the call over to Dave.

David Lazovsky

Thanks Gary. Good afternoon everyone and thank you for joining us on today’s call and webcast. Our Q3 results were better than originally expected with revenue of $17.7 million reflecting a recently signed long-term multi-element deal with Ulnanotech, a Nanotechnology Center in the Russian Federation partially funded by RUSNANO.

In the third quarter, we increased a level of investment to further enhance our technology and business development pipeline to drive future collaborative development program or CDP revenue growth. This increase contrast the second quarter when our internal R&D expense declined 12% sequentially and some of our internal programs converted into paid CDPs. We have also made incremental investments in micro-CDPs in Q3 and expect to continue these investments in Q4 to lay the foundation for future growth.

This activity is focused on areas that include adjacent applications for our existing customers which have the potential of catalyzing expansion of our existing CDPs as well as new applications with new customers. With these investments non-GAAP net loss was $847,000 slightly ahead of our original guidance for our non-GAAP net loss in the range of $1 million to $2 million.

Before I go any further on financials, I would like to introduce Rick Neely, Intermolecular’s recently appointed Chief Financial Officer. Rick has more than 30 years of financial and operations management experience in semiconductor and related industries as well as with start-ups in young high growth companies. Before joining Intermolecular, he was a CFO of Tessera Technologies, a billion dollar market cap semiconductor intellectual property provider and before that he was CFO of Monolithic Power Systems, a fast growing analog power management semiconductor company with a current market cap of over a $1 billion.

And we look forward to Rick’s financial leadership in guiding Intermolecular’s trajectory and delivering sustainable growth to shareholder value. Now I’m going to provide you with you an update on a couple of our key CDPs. With GLOBALFOUNDRIES the refocusing that we embarked on last quarter is progressing. We are now engaged on a smaller set of higher value projects.

Over the last quarter, significant progress has also been made with GLOBALFOUNDRIES inserting CDP developed technologies into current production. For example GLOBALFOUNDRIES is in a process of qualifying a process technology change driven by results obtained from our joint work that has indicated the manufacturing yield improvement at 28-nanometers. We believe the realignment and focus on 14-nanometer should have a positive impact at GLOBALFOUNDRIES resulting for us in a higher potential for volume based royalties in the future.

With Micron we are pleased that we have now fully integrated our DRAM CDP following Micron’s acquisition of Elphida. We are also now fully up and running on the non-volatile memory CDP. Our CDPs with Micron encompass highly focused projects spanning DRAM and non-volatile memory that all have the same end goal. The development of predefined IP blocks was established economics generating licensing revenue streams as those technologies are implemented in volume manufacturing. As you know Intermolecular’s mission is to accelerate development of critical path technologies collaboratively with Tier 1 customers in large markets, leveraging our HPC innovation platform.

We are off to a solid start with Micron, engaging at the onset with them on key DRAM and non-volatile memory projects. And we feel more confident today that the realignment of our CDP with GLOBALFOUNDRIES puts us squarely in our critical path, which will increasingly provide better visibility on our licensing and royalty revenue streams in 2014 and beyond.

On the clean energy front, we are making steady progress and meeting customer product and technology specifications as well as in building out our internal capabilities. Guardian remains committed to commercializing new coated glass products based on technology developed within a molecular and is working through a number of production and commercial logistics, leading up to a production implementation anticipated next year.

In the display sector, we are finding that our capabilities and value proposition resonate strongly with large Tier 1 players in the display ecosystem. Many companies are facing challenges in developing and commercializing manufacturable, high mobility, Thin Film Transistor or TFT backplane that would enable ultrahigh definition OLED TVs as well as lower power consumption for higher resolution mobile displays.

In recent weeks, we signed a new micro-CDP focused on this application. In addition to display program we announced last quarter.

Now before I turn the call over to Rick, I want to provide more color on our new agreement with a Russian Nanotechnology Center, Ulnanotech for establishing joint development programs. In September, we signed a long-term multi-element agreement with Ulnanotech one of 12 Nanotechnology Centers in Russia, partially funded by RUSNANO, Russian state investment agency.

Investing in advanced materials, thin film R&D infrastructure and expertise is a core element of Russia’s long-term initiative to incubate domestic start-ups that attract increase private capital. We are pleased to be an early participant in this strategic undertaking and we believe that there will be long-term benefits to Intermolecular’s future growth and aligning with Russia’s emerging Nanotechnology industry.

Russia has a stated investment goal. RUSNANO has a stated investment goal for catalyzing Russia’s Nanotechnology industry to roughly $30 billion in annual sales over the next several years. Our agreement with Ulnanotech consists of two main elements, near-term HPC platform sales as well as our longer-term element that consist of profit sharing, licensing and royalties.

The objective of our engagement with Ulnanotech is to leverage our HPC platform and technical expertise as well as our CDP and IP licensing model to target Russia’s Nanotechnology industry. We believe that the structure of our agreement with Ulnanotech is a unique win-win. This provides us look opportunity for broad exposure of our proprietary R&D platform to a new and potentially sizable market requiring zero upfront capital with potential for recurring licensing and royalty streams.

Moreover, there was no overlap with our core business model of collaborative IP development and licensing with Tier 1 players in large markets.

With that, please welcome Rick, who will walk you through our Q3 financial results. Rick?

C. Richard Neely

Thanks Steve. Now I’ll briefly summarize select financial results for the third quarter. Revenue for the third quarter of 2013 was $17.7 million, which was up 7% sequentially, compared to the second quarter and up 8% versus the third quarter of 2012.

CDP revenue represented 63% of total revenue in the third quarter, licensing and royalty revenue 22% and workflow sales 15%. We had four customers, which were greater than 10% of total revenue during the third quarter. Together, these four customers represented 62% of total revenue in the third quarter.

Net loss in the third quarter of 2013 on a GAAP basis was $2.2 million for a loss of $0.5 per basic share, this compares to a net loss of $744,000 or a loss of $0.02 per basic share of common stock in the previous quarter. In the same period a year ago, we reported a net loss of $112,000 or a loss of zero cents per basic share.

Please review today’s earnings press release for both GAAP and non-GAAP measures and the reconciliation between our GAAP and non-GAAP results. The key item in our reconciliation from GAAP to non-GAAP measures is the exclusion of stock-based compensation expense.

We delivered a non-GAAP net loss for the third quarter of 2013 in the amount of $847,000 or a loss of $0.02 per share on a basic share basis. This compares to non- GAAP income of $620,000 or $0.01 per diluted share in the second quarter and a non-GAAP net income of $821,000 or $0.02 per diluted share in the year ago period.

Gross margin in the quarter was 48.9%, lower than the 57.0% in the prior quarter and 56.3% in the third quarter of 2012. As we had mentioned last quarter, we expected some delay in the timing of the reduction of costs related to our amended CDP with GLOBALFOUNDRIES. This introduced gross margin pressure in Q3 and was projected in our adjusted earnings guidance for Q3.

While we expect to see incremental improvement from continued cost reduction in our CDP with GLOBALFOUNDRIES, we are also making incremental investments in Q4 in micro-CDPs with new customers that will likely result in below target level gross margin in the near-term.

Total operating expense in the third quarter was $10.7 million, compared to $10.1 million in the second quarter and $9.1 million in the same period a year ago, the 6% sequentially increase in total operating expense for the third quarter was partly attributed to a increase in our internal R&D spend to enhance our development pipeline targeting new applications and industries that we expect to turn into paid CDPs in 2014.

Other net expense during the quarter of $170,000 reflects our quarterly net interest expense related to our short-term bank line at 2.75% interest. As of September 30, 2013 our balance sheet including cash and investments of $74.5 million the decrease from June 30, 2013 in cash and investments was primarily the result of timing of customer payment, which resulted in a corresponding increase in accounts receivable and the realignment of out CDP with GLOBALFOUNDRIES.

At the end of September, backlog applicable to the remainder of 2013 revenue was approximately $15 million. Now for the financial outlook for the fourth quarter of 2013, I would like to remind everyone that the following statements are based on current expectation as of today and include forward-looking statements actual results may differ materially.

Our guidance for the fourth quarter of 2013 is as follows, we project revenue in the range of $15 million to $16 million. This revenue projection includes approximately $15 million from backlog at the end of September 2013; non-GAAP net income excluding stock-based compensation expense is projected between a non-GAAP net loss of $3.5 million and $2.5 million or between a negative $0.08 per share to a negative $0.05 per share on approximately 46 million basic shares outstanding. Now I’ll turn the call back to Gary.

Gary Hsueh

Thanks, Rick. Now we’ll be happy to take your questions Karen would you provide everyone with instructions for Q&A please.

Question-and-Answer Session

Operator

(Operator Instructions) Our first question comes from the line of Harlan Sur from J.P. Morgan.

Unidentified Analyst

Hey, guys. This is [indiscernible] for Harlan Sur, few questions I have basically as you look into 2014 how should we think about new customers CDP growth in coming quarters I’m particularly interested in new CDP a Tier 1 semiconductor customers, you guys have been involved with or engaged with TSMC for a while. So any update or any new CDP we can expect in the following quarters?

David Lazovsky

Sure, this is Dave. We’re not providing guidance around 2014 at this point but in general our growth strategy as we have discussed in previous quarters remains focused on three primary adapters which include extension and expansion of existing customer collaborative development programs which is strongly a function of our execution with those customers as well as in new customers and opportunities and applications in semiconductors and clean energy.

Your question about specifics in Tier 1s we’re clearly focused on the Tier 1s both in semiconductors and in clean energy and we are executing against micro-CDPs in certain cases across both semiconductors and in clean energy in the interest of transitioning those micro CDPs to full bound CDPs next year that will clearly increase the CDP revenue run rate.

Unidentified Analyst

And the other question I have Micron couple of weeks ago during the earnings call announced that they will be ramping their 20-nanometers pilot production will be in the first half of 2014 with production ramp in second half 2014. How should we think about fixed licensing revenue that is associated with the 20-nanometer ramp at Micron? Is the company entitled to collect fixed licensing revenue during the pilot production phase or is it mainly in the ramp phase?

David Lazovsky

Yes, so we can’t go into the specifics around the agreement structure but what I can tell you is that our IP licensing agreement the overall CDP agreement with Micron is tied to the commercialization of technology resulting from our collaborative development program and those and the increase in the IP licensing streams result from the implementation of IP blocks. So as those technologies move into volume manufacturing the increase would result in a quarterly licensing run rate and we are quite confident in our position currently with the DRAM collaborative development program that’s ongoing with Micron.

Unidentified Analyst

In your prepared remarks you mentioned that you guys are also engaged with display customer in a new capacity – into the new micro-CDP. Can you elaborate a little bit more about the scope of the project?

David Lazovsky

At this stage, I can’t go into any specifics around the customer. The application space as I mentioned in my prepared comments are focused around a high mobility Thin Film Transistor technology and really the transition away from a more silicon or silicon based TFTs to non-silicon based systems.

Unidentified Analyst

Okay. Thank you. I’ll get into queue then. Thanks.

David Lazovsky

Yeah.

Operator

Thank you. And our next question comes from the line of Edwin Mok from Needham & Company.

Edwin Mok – Needham & Company, LLC

Hi, thanks for taking my questions. First question is on GLOBALFOUNDRIES you mentioned that you have some process qualified 28-nanometer, is that – would that provide incremental royalty revenues for you guys or is that something that is always in the model?

David Lazovsky

Hi, everyone. It is Dave. That we do not expect a significant increase in the royalty revenue associated with the qualification of that technology. We anticipate that the primary inflection point associated with the technologies we have in developments with GLOBALFOUNDRIES will initiate at the 14-nanometer node primarily.

Edwin Mok – Needham & Company, LLC

Okay. That’s helpful. And then secondly I think last quarter you guys highlighted number of customers you guys are engaged with both with micro-CDP level – sorry in CDP level as well as in royalty paying level right. Should we get add $1, $2 based on this new announcement of the Russian Nanocenter or is there anything reported on that?

David Lazovsky

Yeah, we wouldn’t I guess we could potentially classify this as a CDP. We’re focused the Ulnanotech program is really focused around laying out a pipeline for new collaborative own program and IP licensing deals. So I personally I wouldn’t classify that as an addition to one of the nine to be frank. It’s more of incremental leverage to create more CDPs in the future in a region that where otherwise be on top.

Edwin Mok – Needham & Company, LLC

Do you guys need to put that additional resources and people over there as a result of sales or is it just largely [indiscernible] in the market and not a lot of incremental cost associated with?

David Lazovsky

That’s right. Very few incremental resource, no incremental resources in the region, it’s more training them on our HPC workflows and methodologies.

Edwin Mok – Needham & Company, LLC

I see. Very, very helpful. And then I guess just two questions, I guess once evaluate guidance where your backloads are – and then historically you guys really generate some incremental revenue based on some deals that you have existing on your backlog. It seems like $15 million to $16 million looks a little conservative. Is it just because we are towards the end of year, so the new efforts that you guys are putting on is more coming in 2014 and therefore you guys don’t expect a lot new announcement this quarter or am I reading too much into that?

David Lazovsky

Well, I think the first part of your statement is correct which is that our practice for guidance remains consistent with previous quarters and that we do only guide the business that is currently booked and contracted.

Edwin Mok – Needham & Company, LLC

I see, okay. That’s fair. Okay, last question I have in the operating expense. It looks like trends up this quarter and I think will take your earnings guidance implied that will go up a little bit more in the coming quarter. Can you wait and kind of help us think about operating expense as we look longer-term in 2014 or any help would be helpful?

David Lazovsky

Hi it’s Mrs. Rick Neely glad to meet you. We will be following up on sure, I have got all of three weeks experience but we are working closely with the team. Looking ahead on the operating expense increases in the near term moderate increases you would expect similar increases for our guidance from the prior quarter and that really split between some operating expense increases on developing new R&D projects as well as micro-CDPs, which as you know from our business model, when we go into the micro-CDP, it’s a below target of our normal operating margin for CDP, which is 40% to 45%.

A lot lower margin just to do some development work and we’re doing more of those in the next couple of quarters. So that’s what you’re going to see why there is a modest increase of operating expense.

Edwin Mok – Needham & Company, LLC

I know I maybe through income with your commentary unfold on the prepared remarks as well as this commentary. We have to use all of those, do you, is it fair to say that you guys are engaging in more programs now than you were six months or year ago, was it just newer program that some of those has already obviously trying to do CDP, the real CDP program, right or is it just newer programs? I’m just trying to understand when I say more is it really more in terms of numbers or is it just incremental of the new programs?

David Lazovsky

So yeah, Edwin, it’s Dave. Yeah, it is incrementally more programs. So we have new customers and new applications that we are moving into. As we mentioned last quarter, we have the largest scale programs that we’ve added including the three big ones in the first half of the year and then we have micro-CDPs that we’re adding at both in semiconductors and in clean energy, which are focused on well positioned customers and large markets and on the right applications that are high value applications with those customers. We’re working with them. We can accelerate time to market for a high value products.

Edwin Mok – Needham & Company, LLC

Great, that’s very, very helpful. Thanks.

David Lazovsky

Okay, thanks.

Operator

Thank you. (Operator Instructions) Our next question comes from the line of Joe Moore from Morgan Stanley.

Vasanth Mohan – Morgan Stanley & Co. LLC

Hi, this is Vasanth Mohan for Joe Moore. I have a question on the product revenue. The $2.75 million is that from one tool sale or is it from two tools sales. And if it is from one, do we expect another one coming up in Q4?

David Lazovsky

So yeah, we typically don’t breakout the specifics around the number of tools sales included in the product revenues. But I can tell you that that does include the shipment of HPC workflows or the sale of HPC workflows specifically to Ulnanotech. And your question, “Do we expect any tools in Q4?” We do expect a small amount of workflow sales in the current quarter of Q4.

Vasanth Mohan – Morgan Stanley & Co. LLC

And my second question is on the AMAT, TEL deal. I believe that you have had some conversations or some engagements with TEL at some level? Is that going to help or would you continue something on that level with Applied know that that they are going to be margin?

David Lazovsky

So I think the relationship that Intermolecular has established throughout the supply chain both the equipment and materials companies has been strong hence our business relationships are increasing in momentum, not just related to our historic work with Tokyo Electron.

But generally again our platform and our team has the ability to add a lot of value throughout the supply chain from material companies to equipment companies. Hence there are clearly synergies for us to collaborate in helping those players in the value chain create value, increase the product gross margin and increase their market share.

Vasanth Mohan – Morgan Stanley & Co. LLC

And just one last question on gross margins; are they any different between your semi-customers and non semi-customers, I know you don’t break it down, but can we expect assume the intensity of your effort going into semi-customers higher than that of non-semi?

David Lazovsky

Now we don’t really see significant difference in the gross margin levels between semi and clean energy. It’s very consistent from the standpoint of our engagement model. But as Rick pointed out earlier, we do see some differences in the level of the gross margins as we transition from micro-CDPs, which are typically below our CDP target level. And so we publicly disclose what our CDP target levels are which is 40% to 45% and then you know clearly our gross margin level, which is the product of the CDPs, IP licensing and royalties is typically closer to 99%.

Vasanth Mohan – Morgan Stanley & Co. LLC

Thank you.

David Lazovsky

You’re welcome. Thank you.

Operator

Thank you. And our next question is the follow-up from the line of Harlan Sur from JPMorgan.

Unidentified Analyst

Hi, this is [indiscernible]. In terms of your guidance and you mentioned that there is a little bit of workflow sale embedded in the 4Q guidance. Would it be fair to assume then both of your CDP in licensing and royalty will be growing sequentially in fourth quarter?

David Lazovsky

Yeah. So this is Dave again. So we expect the recurring base of our CDP in licensing and royalties to be relatively consistence in terms of what’s provided in the guidance from Q3 to Q4. The variability from Q3 to Q4 is primarily product sales only.

Unidentified Analyst

Okay, thank you.

David Lazovsky

Sure.

Operator

Thank you. And our next question comes from the line of Brian Freckmann from LS Capital.

Brian Freckmann – LS Capital Advisors LLC

Hey guys. How are you?

David Lazovsky

Good.

Richard Neely

Good.

Brian Freckmann – LS Capital Advisors LLC

Just sort of following up there, just a quick question, what percent of the Ulnanotech was in the product? I’m just trying to figure out sort of how much product was different that one time or from the most recent announcement?

David Lazovsky

Brian, can you repeat the question?

Brian Freckmann – LS Capital Advisors LLC

Was the majority of the product revenue from the Ulnanotech deal?

David Lazovsky

Yes, the major of the product revenue for the quarter was Ulnanotech.

Brian Freckmann – LS Capital Advisors LLC

Okay, okay. And then just I guess since you guys or I guess I will say in a different way. You’ve increased your R&D indicating sort of a view of strength in the future and I will say that the stock prices obviously gone down indicating there is bit of disconnect.

And so I appreciate you not giving us guidance for 2014 although I should love it, would you be willing to sort of help us look at it may be by customer base as we start it model out our 2014 and we can come up with other own numbers but sort of help us figure us sort of which customers should be producing some form of revenue as we kind of look at it to the calendar, you know I think there is a disconnect between the opportunity and the stock price and sort of any help you can start us with would be beneficial if you continue decide to sort of not give us a 2014 number?

David Lazovsky

Yeah, so we are guiding and providing guidance in general for the current quater on myself the guidance we provided Brian is Q4 only and as you note – a little bit of backdrop the guidance that we’ve provided last quarter for Q3 included the realignment of our GLOBALFOUNDRIES program, which we anticipated a run rate reduction of on the order of $1.6 million; at that point, which we expected recur through Q4.

So that’s included in the forecast. What we’re focusing right now as I mentioned earlier in terms of increasing the run rate for collaborative development programs based on the vectors of growth, which are extending and expanding existing customer CDPs.

Hence we feel very confident about some of the upcoming renewals, including the Guardian, SanDisk, Toshiba renewals that are coming forth in the next couple of quarters, as well as converting some of the early stage engagements with new customers in semiconductors and clean energy to full scale CDPs as we progress into 2014 and through 2014.

Brian Freckmann – LS Capital Advisors LLC

Maybe to ask in better way, aside from just on the CDP side, I mean I think I’ve got sort of an expectation that you guys will increase your revenue in 2014, maybe on the licensing and royalty side from Micron, Elpida, GLOBALFOUNDRIES, Guardian and ATMI in 2014 and not sure when, but I should have those in my calendar 2014 number. Is there anyone who has been included pushed from any of those estimates that maybe I should take out or I should put in as my expectation for some additional license royalty in 2014?

David Lazovsky

The visibility that we shared last quarter around the next wave of licensing and royalties remains consistent and they are those that you mentioned for 2014 initiating.

Brian Freckmann – LS Capital Advisors LLC

Okay. So there is no addition just subtraction?

David Lazovsky

Not at this point.

Brian Freckmann – LS Capital Advisors LLC

Okay.

David Lazovsky

No, no additions at this point and no subtractions.

Brian Freckmann – LS Capital Advisors LLC

Okay. Great, thanks guys.

David Lazovsky

Yeah. Thank you.

Operator

Thank you. And that concludes our question-and-answer session for today. I would like to turn the conference back to Gary Hsueh for any concluding remarks.

Gary Hsueh

All right. Well, thanks Karen. I’d like to thank everyone for joining us today on the call and our webcast. A replay of today’s call will be available on our website at ir.intermolecular.com. Thank you.

Operator

Ladies and gentlemen, thank you for your participation in today’s conference. This does conclude the program and you may now disconnect. Everyone have a good day.

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