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ANADIGICS, Inc. (NASDAQ:ANAD)

Q3 2013 Earnings Conference Call

November 04, 2013, 17:00 PM ET

Executives

Terry Gallagher - CFO

Ron Michels - CEO

Analysts

Anthony Stoss - Craig Hallum Capital

Quinn Bolton - Needham & Company

Paul McWilliams - Next Inning Technology Research

Ryan Carver - Credit Suisse

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the ANADIGICS' Third Quarter 2013 Earnings Conference Call. All lines have been placed on-mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions).

Thank you. I would now like to turn the call over to Terry Gallagher, Vice President and CFO. You may begin.

Terry Gallagher

Thank you, Victoria. Good afternoon, everyone. Welcome to ANADIGICS' third quarter 2013 conference call. With me today is Ron Michels, our Chairman and CEO. First, I will take you through our adjusted financial results and then Ron will review the business performance of our products, as well as our growth strategy.

Before I begin, I would like to remind you that in light of the SECs fair disclosure rules we are limited in responding to enquiries in a non-public forum. Therefore, we encourage you to ask all questions of a material nature on this call.

Some of the information we present today maybe forward-looking in nature. I must remind you that the forward-looking statements are subject to a number of important factors that may cause the actual results to differ materially from our projections based on various risk factors, including those described in the press release issued earlier today and our reports on Forms 10-K, 10-Q and other filings with the Securities and Exchange Commission.

All numbers during the call will be presented on a non-GAAP basis. Non-GAAP financial measures exclude equity compensation charges, marketable auction rate securities movements, restructuring charges and other specifically identified non-routine items.

The non-GAAP measures are provided to enhance the understanding of our core operating performance and a full reconciliation of these non-GAAP measures to our GAAP results was presented in our press release.

I will now begin with our financial discussion which focuses on sequential changes. For the third quarter of 2013 our revenue totaled $37 million comprised of $23 million in Cellular, $10 million in WiFi and $4 million in infrastructure. That represents a $2.4 million overall sequential increase or 7.1% and 29.2% above the year-ago quarter.

Growth of 7% sequentially was in line with our guidance and driven by Cellular's very strong growth of 27.8%. There was some channel inventory balancing during the third quarter resulting in WiFi's sales declining by 12.4%, albeit following Q2's 135% increase. Infrastructure sales declined to 22.7% as build out spending continued to defer. In the quarter we had one greater than 10% customer in Samsung.

Gross profit was $4.4 million, a sequential improvement of $2.5 million on our $2.4 million sales increase. Gross margin for the quarter was 11.9%, a solid 640 basis point sequential improvement expanding on Q2's 540 basis point sequential improvement over Q1. We are pleased with the outstanding leverage our manufacturing investment is providing. The 640 basis point sequential margin improvement was accomplished in spite of the sales mix cross wins where we faced decreases in WiFi and infrastructure which were offset by Cellular's revenue growth.

The Q3 margin expansion was driven principally by operational improvement as we benefitted from higher manufacturing throughput and other efficiencies as we optimize our ILD technology, improve yields, move newer products into larger volumes and improve on production costs. We are pleased with the progress made in the quarter and look ahead to further operational leverage.

Third quarter research and development expenses increased modestly by 2.5% sequentially to $8.9 million, reflecting incremental project spend to help drive new products for 2014. Selling and administrative expenses decreased slightly by 5.5% to $5 million. Overall below the line costs were sequentially lower by $100,000 at 13.9 million as we maintained tight control over costs to deliver a leverage return on our growth. Net loss for the quarter was $9.5 million or $0.11 per share, a sequential improvement of $0.03 per share.

Our EBITDA loss was $5.9 million, a sequential improvement of 2.5 million mirroring the revenue and gross profit improvements. Q3's results represents a 30% sequential improvement in EBITDA and is strong testimony to the operating leverage at ANADIGICS. We finished the quarter with a solid balance sheet including cash and marketable securities of $32 million. Working capital was well controlled with accounts receivable of 16 million or 39 days. Inventories stood at 22.7 million increasing slightly by four days to 59 days and enhanced our ability to respond to our customers' quick turn needs.

Depreciation was 3.6 million and capacity utilization in the quarter approximated 70%, down from last quarter despite the revenue increase. Capital investment was $1.7 million and supported our more efficient ILD capacity. The increasing mix of ILD and realizing further production efficiencies leaves us with adequate available capacity beyond our expected 2014 growth.

I am pleased to share this financial progress that we have made during 2013 and in the quarter, specifically with Q3's impressive Cellular revenue growth, more efficient production and the outstanding leverage on our largely fixed expense base. For the fourth quarter we are seeing an uptick in infrastructure and WiFi orders offset by some market softness in Cellular. As indicated in our press release, overall we expect revenues in the fourth quarter to be flat to down 5% sequentially while this revised mix supports an improvement in gross margin.

I'd now like to turn the call over to Ron for more on our products and growth strategies.

Ron Michels

Great. Thank you, Terry. Good afternoon, everyone. I'm extremely pleased with our continued ability to drive customer demand resulting in a 7% sequential increase in sales and an impressive 29% year-over-year revenue growth. This was exceptional third quarter performance and it was fueled by a significant increase in our Cellular product sales.

Developing innovative new products to target three industry growth drivers is the cornerstone of our aggressive business strategy. First, we are enabling a rapid adoption of WiFi. Second, we're supporting the acceleration of data consumption and adoption of 3G and 4G connectivity in cellular devices and focusing on the 2G to 3G transition in emerging markets. And third, we're powering the expansion of infrastructure networks to support greater data use.

In addition to delivering targeted differentiated solutions, we continue to forge new industry relationships, achieve primary positions on key reference designs and strengthen our collaboration with existing customers. We believe that our design wins for flagship devices including the Samsung GALAXY Note 3, the LG G2 and the Samsung Note 10.1 2014 edition are a direct result of the strategy and are contributing to our continued improvements and financial performance.

I'd like now to share with you some highlights from the third quarter and discuss the traction we're achieving moving forward. Over the past four quarters, we have launched a completely new portfolio of frontend ICs and power amplifiers for the 802.11n and 11ac WiFi market. We've been specified on nine new leading reference designs and have secured design wins for a variety of market leading smartphones, tablets and access points. This has fueled an unprecedented 633% year-over-year WiFi sales growth.

In addition, we're ramping the fourth quarter as customers demand for WiFi world class solutions increases. Specifically we're gaining traction on our 802.11n and ac FEICs with both module and OEM chip-on-board opportunities. We believe that this growth is being driven by the exceptional combination of linearity, efficiency and thermal characteristics that they provide.

This level of performance enables stable, high throughput connectivity at extended range and also maximizes battery life in power hungry mobile devices and improves thermal management in MIMO infrastructure devices that use multiple ICs. With deep customer relationships and primary positions on a variety of leading mobile connectivity and infrastructure reference designs, demand for WiFi ICs is very strong.

Our new family of WiFi power amplifiers targeting 802.11ac infrastructure applications have launched with phenomenal demand by delivering an industry-leading combination of high gain, output power and linearity to maximize data throughput. Developed specifically for infrastructure and multimedia applications, these power amplifiers ensure reliable transmission of HD video. We started shipping production volumes with these power amplifiers in support of multiple design wins and aggressive customer ramps.

With volume shipments to leading OEMs in the segment such as Ubiquiti Networks and Aruba Networks, we anticipate that our infrastructure products will continue to WiFi's sales growth in the fourth quarter. Our WiFi solutions are truly raising the bar in both performance and integration to help differentiate our customers' products. Through continued close collaboration with leading chipset providers and tremendous design win activity, we anticipate that WiFi products will continue to fuel company growth moving forward.

Turning our attention to Cellular, we're pleased to highlight that our focused product development initiative is proving to be a catalyst for profitable sales growth, as manufacturers work to reduce the design complexity in cost of smartphones and tablets while at the same time increasing multimedia capabilities, ProEfficient and ProEfficient plus solutions standout as critical enablers. These ILD-based products leverage our patented power saving BiFET technology to deliver the world's highest level of overall efficiency to maximized battery life.

In addition they serve to simplify the total bill of materials by eliminating the need for external components such as DC to DC converters. In the third quarter we also launched our new ProVantage power amplifier family. These 3G, 4G products combine industry leading high power model efficiency with space saving integration and lower overall systems costs to provide manufacturers with exceptional value. They are also ideally positioned to support the transition of 2G to 3G in emerging markets with compatibility across multiple low cost WCDMA chipset suppliers.

Customer response has been extremely positive and we now have design wins at several OEMs ramping into production. In fact the significant traction we are achieving in WCDMA phones for emerging markets with our ProVantage power amplifiers is expected to fuel Cellular growth in 2014.

Our expanded Cellular portfolio now includes ProEfficient, ProEfficient plus, ProVantage and Penta-band power amplifiers. By segmenting the market we are now able to offer solutions optimized for a wider variety of applications. While we are seeing some market softness in the start of the fourth quarter as key OEMs manage inventory and portfolio transitions, we believe that ANADIGICS is well positioned to resume profitable sales growth over the longer term with our cellular products.

Moving to our infrastructure products, we are positioned for growth with the launch of several new DOCSIS 3.1 solutions. This new standard extends frequencies above 1.2 gigahertz with a high split return path to enable ultra high data speeds as well as additional HDTV content in IP voice capabilities. We recently expanded our DOCSIS infrastructure product family with new gallium arsenide MESFET and gallium nitride or GaN line amplifiers and customer reception has been fantastic. These solutions provide outstanding output power, gain in linearity to ensure optimal performance across the expanded frequency range.

By combining world-class RF performance with our superior field proven reliability, we are helping manufacturers to develop newest generations of DOCSIS 3.0 equipment at maximized operating life and uptime. These advantages deliver enormous value to our customers and has been validated by several new design wins at major infrastructure OEMs. We will continue launching new products to address DOCSIS 3.1 as MSOs prepare the transition of networks to the new standard over the next couple of years.

We also have new design wins with our 1 gigahertz power doubler at key OEMs. We are helping a number of our customers expand the use of our existing infrastructure amplifiers into new applications. This is a great way for ANADIGICS to drive efficient growth of our infrastructure product line and extend the life of our world-class existing portfolio of designs.

In addition to CATV solutions, our infrastructure group continues to work closely with leading small cell OEMs and chipset developers. We believe that these relationships coupled with our high performance products will enable us to capture a leadership position as the small cell industry expands.

We believe that our product portfolio is leading the industry in support of high speed communication infrastructure upgrades. Additionally we are developing opportunities in new markets with targeted R&D taking place within this group. We expect results from these efforts to meaningfully contribute to revenue growth in the second half of 2014.

In summary, we believe that our business is benefiting from a sharp focus of three growth drivers all fueled by the acceleration in data consumption. First, our differentiated WiFi frontend ICs and power amplifiers provide a compelling path to high throughput connectivity. This is expected to drive WiFi growth in the fourth quarter as manufacturers continue to adopt 802.11ac particularly for infrastructure applications demanding high output power for better WiFi range and coverage.

Second, our segmentation of the Cellular market provides OEMs with optimized solutions to support the transition to 3G and 4G data services, especially in China and emerging markets. While market softness will temper cellular sales in the fourth quarter, we are encouraged by design win activity and expect to resume profitable growth in cellular next year.

Third, DOCSIS 3.1 in small cell solutions are supporting the newest generation of high data throughput cable in wireless infrastructure. We anticipate infrastructure sales growth in the fourth quarter as network infrastructure upgrades ramp. In addition to our focus on sales growth, we are dedicated to improving profitability by continuing our product transition to the proven ILD process, by keeping our new products focused on customer value and by carefully improving cost efficiencies and manufacturing operations we remain steadfast in our efforts to expand gross margins in the fourth quarter.

Leveraging our leading edge semiconductor technology and RF design prowess, strong relationships with the industry leaders and world-class manufacturing capabilities, we believe that ANADIGICS is well positioned for long-term profitable growth.

Thank you. We'll open up the floor for questions.

Question-and-Answer Session

Operator

Certainly. (Operator Instructions). Your first question is from Anthony Stoss with Craig Hallum Capital.

Anthony Stoss - Craig Hallum Capital

Ron and Terry, a couple of quick ones here. Ron, if you wouldn't mind sharing your view on the mix in terms of WiFi to cellular, what you think it's going to be in 2014 if you're expecting growth in both, do you expect your WiFi to continue to ramp faster? And then secondly, Terry probably more meant to you. On the OpEx front for December, should we expect OpEx as a whole down sequentially or how should we look at that? And then also what do you expect it to 2014? Thanks.

Terry Gallagher

Sure. Tony, let me take the OpEx question first. Thanks for being on the call. So R&D, SG&A below the line costs, if you will, should be flat in Q4 as compares looking back on Q3. And then I think there may be a little bit more we can squeeze out going forward, but we've done a good job in taming those expenses. Ron, back to you.

Ron Michels

Yes. Hi, Tony.

Anthony Stoss - Craig Hallum Capital

Hi.

Ron Michels

Good questions. So I'd say for next year we're looking at primarily growth in WiFi as we've had in this year. I would say that on the WiFi side, the large growth area for us is going to be the infrastructure side. On the cellular side, there will be less growth in WiFi but we see definitely that area growing as well. And infrastructure should have a very large increase over this year. I don't want to get more specific than that but I think what you're going to see is growth in all three areas. The infrastructure area of WiFi growing the largest and the infrastructure business, the business that we call infrastructure which is primarily cable TV, is also going to grow at a very large rate.

Anthony Stoss - Craig Hallum Capital

Then how should we think of gross margins on the infrastructure side versus say portable on the WiFi that is significantly better or little better and also your view kind of in the 2014 gross margins, are they in line with what you thought on last quarterly call or up or down? Curious if you can give us any more detail?

Ron Michels

Yes, I'm actually quite excited about where the gross margins are going. I mean if you look at this quarter, the dropdown was phenomenal. We're looking at a mix that I think we're going to like next quarter and I think that kind of mix change follows into next year. And we don't give specific information as far as what the margins are and specific areas, but I think our infrastructure business has margins that are pretty impressive and the WiFi is better than cellular, of course, but the infrastructure WiFi is almost as good as the CATV margins. So I think that we're looking at a very nice mix for next year.

Anthony Stoss - Craig Hallum Capital

Okay, great. Thank you guys.

Terry Gallagher

Thanks, Tony.

Operator

Your next question is from Quinn Bolton with Needham.

Quinn Bolton - Needham & Company

Hi, guys. Ron, just wanted to start with the Cellular outlook. You mentioned in your prepared script that you are seeing some inventory adjustments affecting the fourth quarter outlook. Was that primarily with one customer or was that sort of across the board that you're seeing that inventory affect?

Ron Michels

No, that's primarily one Korean customer.

Quinn Bolton - Needham & Company

Okay. And then as sort of follow-on, I know you're not giving guidance yet for next year but last year in the first quarter you guys saw, I think, your Cellular business down as much as 25% to 30% which you sort of pegged to be a seasonal pattern for you given the mix of Chinese and Korean customers. Do you think the seasonality is going to be that extreme again in 2014 or do you think 25% to 30% might be too steep of a seasonal factor especially coming off of a slower fourth quarter this year?

Ron Michels

Yes. I would say we will not see what we saw last year. I think it will be more of a normal seasonal drop.

Quinn Bolton - Needham & Company

Okay, great. And then shifting over to the infrastructure business, you gave us in good detail on the infrastructure WiFi, the small cells, the cable TV, but you mentioned some new investments and new infrastructure opportunities that were slated to begin to contribute meaningful revenue in the second half of 2014. Is there any more detail you can share as to what applications you're going after or are these entirely new infrastructure markets or are they just complementary to your existing either WiFi or cable infrastructure markets?

Ron Michels

Yes, actually it's both. Some are complementary and there's one or two that are different. And we'll have more information on that as we proceed forward, but not at the moment.

Quinn Bolton - Needham & Company

Okay. Then just the last question and sort of in breaking down your growth sort of projections for 2014, you sort of expected to see lower growth in the cellular WiFi and just wondering is that because of pricing pressure, is it because of greater competition, any more color you can provide us on perhaps why the cellular growth is going to be a little bit slower in '14 than this year?

Ron Michels

I think first of all that the focus of the company and this was something that we started two years ago with the new management team, has always been we want to raise margins. We want profitability and we're not shooting for revenue to increase without the worry of what the bottom line is. There's a lot of business we can win on the cellular side that might have looked good to us two years ago that looking forward, it may not be a business that we're interested in. So we're directing all of our R&D efforts towards where we think the highest margins are. And I think that's showing up in what we're going to be seeing very shortly and what our mix will be looking like and what our profitability will be looking like. So that's really where we're directing our efforts. So in some cases we'll be a little bit less growth but in other cases, the growth will be larger and that's where the profitability will be.

Quinn Bolton - Needham & Company

Okay. I guess then maybe just one follow-on for Terry. To the extent you're really focusing on the opportunities with greatest gross margins, do you have sort of a new target breakeven financial model in terms of what's required for revenue, what do you think the gross margin would be at that breakeven point? It sounds like perhaps slower revenue but higher margins kind of with this new focus on higher margin opportunities?

Terry Gallagher

Sure, Quinn. As we look forward, I think what Ron is outlining is longer term, I think it's going to be happening over the course of 2014 but in the short term I wouldn't move a whole lot off of a prior numbers of kind of 45, maybe a little bit lower and some 20-something gross margin percentages to go along with that. We'll get there. But as you saw this quarter, the dropdowns can be quite breathtaking. As we look out to next quarter, Q4, we're seeing an improvement in gross margins on sales that are flatter or down, so this acceleration in gross profit that I think Ron is trying to bring out, that's kind of the change in the company and that's more – it's going to be taking place over the course of '14 but to get to EBITDA breakeven, I wouldn't change the models because that's coming in the shorter term.

Quinn Bolton - Needham & Company

Okay. Thank you very much.

Operator

Our next question is from Rick Solomon with Verition Fund [ph].

Unidentified Analyst

Hi. This is Christian Shokar [ph] in for Rick. Just one quick question. How comfortable are you with your cash position given the lower revenues in Q4 and the seasonally lower Q1?

Terry Gallagher

Thanks, Christian. This is Terry. So as you saw there was a substantial drop in EBITDA loss, I think it was down about 30% down to less than 6 million. We're comfortable with that EBITDA burn shrinking as we go forward and therefore we're comfortable with the cash and our ability to execute.

Unidentified Analyst

Okay, great. Thank you.

Operator

Your next question is from Paul McWilliams with Next Inning.

Paul McWilliams - Next Inning Technology Research

Hi, guys. They dropped me off there on that first question, so excuse me if I repeat anything. Are you still on target for breakeven during the first half of next year?

Terry Gallagher

Hi, Paul. This is Terry. So the specific crossover period is less important I think than where we are lacking away at the EBITDA loss and making it smaller. Our goals remain the same and I do see that kind of crossover somewhere around midyear.

Paul McWilliams - Next Inning Technology Research

Okay. So it could be a Q2, maybe a Q3 thing?

Terry Gallagher

It's a crossover. I mean arguably you're breakeven for a day and then you're into the green.

Paul McWilliams - Next Inning Technology Research

Okay. When you say Q1, you anticipate that to be more typical seasonal. Is that in the down 10% to 20% range? Would that be what you consider to be more typical?

Ron Michels

Hi, Paul. This is Ron. I think specifically it's about 15%. Last year it was worse than that, so I would say we're probably closer to the typical.

Paul McWilliams - Next Inning Technology Research

Okay. What do you expect for capacity utilization in Q4?

Terry Gallagher

I would expect to see that less than 70%, Paul. A lot of that – the ILD capacity where we've been making that incremental CapEx over the course of '13 that's really into place and that's opened up some capacity for us. As you know, the ILD products are capacity efficient for the company, so we're also starting to see that blend of kind of 50-50 old technology, new technology is now tilting over a little bit more to the ILD side.

Paul McWilliams - Next Inning Technology Research

Got you. What would you say your capacity is revenue wise next year then?

Terry Gallagher

I don't know, Ron, if you wanted to take that…

Ron Michels

Yes, so we're 70% utilized today approximately and that's on 37 million. So we have incremental increases with capacity that we can kick in when we decide to depreciate certain pieces of equipment. So at the moment we can comfortably get up into the 55 million, 60 million and we can go beyond that if we chose to late into next year or after that.

Terry Gallagher

Yes, I think Paul where are we stumbling a little bit was allowing for the mix as it gets more towards these infrastructure style of products you can take a big step up in terms of revenue capacity. So as I tried to indicate in my remarks, we've got ample capacity to take on things in '14.

Paul McWilliams - Next Inning Technology Research

Okay, excellent. One last question. I missed when you thought that the DOCSIS 3.1 would start to really build some traction and contribute meaningfully.

Ron Michels

Yes. I'm not sure I specifically said but we see some of those build outs beginning second half or probably a little in Q3 and then a lot more in Q4 of next year. Certainly it will keep increasing and it will peak around the middle of 2015.

Paul McWilliams - Next Inning Technology Research

Okay. Ron, I'm sorry, there was one last thing here I had on my little tick list. Just back of the envelope, it kind of looks like your 15, 16 percentage on non-GAAP gross margin, do you feel like that's reasonable modeling?

Terry Gallagher

I wouldn't call you out on that, Paul. I think that's a reasoned estimate.

Paul McWilliams - Next Inning Technology Research

Okay, excellent. I really appreciate your time. Thank you.

Ron Michels

Thank you, Paul.

Operator

(Operator Instructions). Your next question is from John Pitzer [Credit Suisse].

Ryan Carver - Credit Suisse

Hi. This is Ryan in for John. Good job on the top line for you guys this quarter guys. Just one question on the gross margin side. So if I heard correctly you guys had lowest sequential utilization but yet you had sort of north of 100% fall through on the gross margin side. So I'm just curious how much of the gross margin contribution for the September quarter was sort of mix versus I guess maybe more of a structural mix in terms of gross margins within the product segment versus sort of operational improvements or transition from sort of lesser profitable process to more profitable process, is there a way to sort of parse that out in terms of how much was which?

Ron Michels

Yes. Let me take a shot at it and Terry you can follow-up. We had an improvement in our mix but the larger contributor was operational.

Terry Gallagher

Right. Okay, so following up on that, Cellular was the predominant growth driver in the quarter on the revenue front. We made some gains on profitability and within side of Cellular the mix favored us as we said before, ILD products are a better margin contributor for us than maybe some of the old technology. So what we saw in Cellular was an improvement on intracellular mix, but that was offsetting some revenue declines in infrastructure and WiFi. Normally that's a bad thing but we were able to get the cellular growth and cellular improvement to kind of offset that. So that contributed a bit. The primary contributor in the course of Q3 was operationally, so we put some what I'll call annuities into place. We got on top of yields and did a lot better there. Some of the throughput was – so while our utilization was down, our throughput was up. Does that make sense, Ryan, or do I have to go deeper into that?

Ryan Carver - Credit Suisse

Yes. I mean you guys are essentially getting better yields on the wafers you're putting through, so you're aggregate throughput number went up because you're yielding more die per wafer.

Terry Gallagher

Yes, there's that in addition to with the CapEx we've been opening up some ILD capacity, so our capacity improved as an overall – increased as an overall.

Ron Michels

Yes. Actually, every aspect of our operations we need to and we are commending operational organization here. Every aspect of it has been improving and we look forward to more of that happening next quarter. But it's not only yields, it's the way we test parts. We test them more efficiently and less expensively. The way we're getting pricing from vendors has improved. So I think across the board, everything has become more efficient and we're not there yet. So for the next two or three quarters, you're going to see many more operational improvements that are in front of us.

Ryan Carver - Credit Suisse

Got it. And then on the gross margins sort of expected to be kind of flat to slightly up on down revenue for the December quarter, is that because you're seeing sort of some of lower margin cellular stuff fall off more than the ILD stuff. And I guess the question would be, should we think of as cellular comes back that you're going to see a higher percentage of your better margin in that business, so cellular will sort of structurally improve on a gross margin basis from a segment perspective?

Ron Michels

That's a beautiful way to put. I wish I had that in my script but that's exactly correct.

Terry Gallagher

Only correction I'd make is we weren't saying – we don't expect margins to be flat. We do expect them to be expanding.

Ryan Carver - Credit Suisse

Okay. That's all I had guys. Thanks.

Ron Michels

Thank you, Ryan.

Operator

There are currently no further questions.

Ron Michels

Okay. Thank you very much everybody. We'll see you a quarter. Have a good night.

Operator

Thank you for your participation in today's call. This concludes the conference. You may now disconnect.

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