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Silicon Image, Inc. (NASDAQ:SIMG)

Q1 2010 Earnings Call Transcript

April 27, 2010 5:00 pm ET

Executives

Mike Bishop – IR

Camillo Martino – CEO

Noland Granberry – VP of Finance, Corporate Controller & CAO

Analysts

Christopher Longiaru – Sidoti

Raji Gill – Needham & Co.

Todd Cohen – MTC Advisors

Operator

Good day, everyone and welcome to the Silicon Image's first quarter 2010 earnings conference. Today's call is being recorded. At this time, I would like to turn the call over to Mike Bishop. Please go ahead.

Mike Bishop

Good afternoon and welcome to the Silicon Image's first quarter 2010 financial results conference call. I’m Mike Fisher from Silicon Image's Investor Relations. Joining me today is Camillo Martino, the Company's Chief Executive Officer and Noland Granberry, the Company's Vice President of Finance and Chief Accounting Officer.

The agenda for today's call includes the discussion of the financial results and the product and market strategy from Camillo. Noland will then provide a more in-depth discussion of the financial results and provide a financial performance estimates for the second quarter of 2010. We will then open the call for Q&A.

Before I turn the call over to Camillo, let me remind the listeners that we will be making forward-looking statements based on our current expectations during the call regarding many aspects of our business and the markets in which we operate, including, but not limited to forward-looking statements about our financial results and performance, our current and future products and technologies, the timing of new product introductions, average selling prices, design wins, market demand for our products and the anticipated impact of our operational infrastructure improvements on our business going forward.

Our actual results may differ materially from our forward-looking statements. Moreover, the forward-looking statements and the company's future results are subject to certain risks and uncertainties, which we described in today's press release, as well as in our filings with the SEC including but not limited to our most recent periodic reports on Forms 10-K and 10-Q. These documents describe certain relevant risk factors that could affect our future results.

I also want to mention that we have provided a financial metrics table and a reconciliation of non-GAAP financial information to GAAP information in our first quarter 2010 financial results press release, which is available on the investor relations section of our Web site at www.siliconimage.com.

And with that I’ll now turn the call over to Camillo.

Camillo Martino

Thank you, Mike. Thank you and thank you everyone for participating in our conference call today. This is a very exciting time at Silicon Image. We believe we have made a lot of progress on improving the company’s business and achieving an important milestone.

First, let me start by highlighting the quarter’s financial results. In the March quarter we performed better than anticipated. With revenue of $34.3 million above the top end of our revenue guidance range, with gross margins of 57.3% and a non-GAAP loss of $0.05 per share. The stronger than expected results were primarily due to increased customer activity, particularly, in licensing and continued and continued strong demand for our InstaPort-enabled HDMI port processors.

We believe that this increased customer demand is due to an improving consumer electronics market environment that features growing demand for new technologies such as 3D and InstaPort. With our active involvement in the industry leading HDMI standard and broad market adoption of our port processors, we are in a prime position to capitalize on this trend.

Given the increased demand for consumer electronics and the resulting tight supply of components within the overall semiconductor industry we continue to work proactively with our strategic suppliers to support our requirements.

On April 14, we along with Nokia, Samsung, Sony and Toshiba announced a formation of the MHL consortium. We’re very excited and pleased to have achieved this important milestone. I would touch on this more again in a few minutes.

Now, before turning the call over to Noland to cover our financial results in more detail, I would first like to discuss with you our overall strategy and then get into more detail about our products and technologies.

Our core competency has always been mixed signal serial connectivity. And we’re continuing to build on a heritage as we move into 2010. Our vision is to develop, market, sell and establish leading edge connectivity, technologies as industry standards for use in consumer electronics and mobile application. And we’re working with the world largest consumer electronics companies to bring these technologies to market.

However, we’re also focusing our efforts on developing and introducing new and innovative technologies on a regular and timely basis. We strive to offer the market our standards plus products that are both compliance with industry standards and incorporate our latest enhancements and innovations. In other words, we are dedicated to providing our customers with advanced functionality that is standard compliance but also goes well beyond the standard.

Our InstaPort technology is one example of this. Fast switching between ports is not part of the HDMI’s specification. However, we have developed and incorporated this technology into our HDMI-enabled products to make a compelling value-added offering.

Naturally, our customers are looking for a competitive advantage in the aggressive consumer electronics markets. And through our standards plus products model we believe that we provide our customers this competitive advantage.

We have strong relationships with the world’s top consumer electronics companies and we work closely with them to develop innovative technologies that will enable them to go to market with differentiated products. That not only our standards compliance, but are more feature rich.

Looking beyond DTV. MHL is the newer standard which champion together with mobile market leaders. We have solid working relationships with the largest names in the mobile segment and plan to follow a market strategy similar to our successful implementation of the HDMI technology where we’ve established strong alliances with market leaders to advance our DTV business. Following widespread adoption of MHL, our strategy is to pursue the standards plus business model.

Moving to products, our product revenue this quarter was derived primarily from the sale of our family of HDMI port processors with InstaPort technology. Sony, Samsung, Sharp and Toshiba among others have deployed our InstaPort technology in their product lines, finding it to be a compelling feature rich differentiator.

Our two biggest selling port processors are 9287, which is often optimized for mainstream digital televisions and the 9389 which is targeted for the higher end 3D-enabled digital televisions.

The 9287 includes four HDMI ports and is compliant with the HDMI 1.3 specification. The 9389 has five HDMI ports is compliant with the HDMI 1.4 specification and enables HEC, ARC and 3D. Both products feature our industry leading InstaPort technology.

Moving on to mobile. In February, we participated at the Mobile World Congress in Barcelona, the largest mobile trade show in the industry. There was tremendous interest in the mobile HD video at this conference. In March, at CTIA in Las Vegas, Sprint and HTC launched a 4G Mobile HD Phone, which was a big hit at the show. We believe this is the start of a significant trend towards incorporating HD video into a wide array of mobile devices.

We believe that mobile HD devices are a great market opportunity for MHL technology. MHL technology features a single cable with a low pink count interface able to support up to 10 AP high-definition video and digital audio while simultaneously providing power to the mobile device.

In the space conscious mobile market when minimizing the number of connectors is highly critical MHL has significant benefits. Prior to large scale adoption of MHL our mobile customers are currently deploying with a 9024 low power HDMI transmitters, which we introduced last year.

The addressable market for mobile HD video which includes smartphones, digital still cameras, camcorders as well as other mobile devices, is roughly a 300 million units for 2010 and we expect this to grow at a rate of 10% to 15% per year. This is a much larger market opportunity than our currently addressed digital TV market.

As with any new technology there is an adoption too. And as we stated last quarter we don’t expect to start generating meaningful revenue from the mobile segment until 2011. While it is still too early to make any revenue commitments we are very encouraged by our prospects.

Turning to IP licensing. Our IP license revenue was higher than we anticipated, making up approximately 23% of our total revenue. As we have indicated in the past our IP license revenue can be lumpy and for this quarter the increased activity in our CE segment resulted in stronger results. We anticipate our IP license revenue to normalize through approximately 15% to 20% of total revenue in the second quarter.

Over the last few months I had a chance to talk with many members of the investment community. Over the next couple of months we plan to continue our investor (inaudible) with a few non-deal road shows in order to address questions about our product and market strategy and financial goals discussed today. I look forward to meeting you then.

I will now turn the call over to Noland to provide a more detailed update of our financial results and our financial goals for Q2 2010. Noland?

Noland Granberry

Thanks, Camillo. Good afternoon. I would like to cover two topics, highlights of our financial results for Q1 2010 and our financial performance estimates for Q2 2010.

Unless otherwise indicated, gross margin, expenses, and earnings related items are reported on a non-GAAP basis, which excludes stock-based compensation expense, amortization of intangible assets, restructuring charges and other non-recurring expenses. Our GAAP financial results and a reconciliation of non-GAAP measures referenced in today's call are available on the investor relations page of our Web site, www.siliconimage.com.

Revenue for Q1 was $34.3 million, exceeding the high end of our Q1 guidance of 32 million, primarily as a result of stronger than anticipated CE activity. The favorable activity primarily impacted IP license revenue however, our product revenues were also favorably impacted as well. Revenue for Q4 ‘09 was $35.6 million and for Q1 '09 was $40.5 million.

Product revenue totaled $26.3 million or 77% of total revenue for Q1 2010 versus $27.9 million or 78% of total revenue for Q4 '09 and $34.6 million or 85% of total revenue for Q1 '09. Product revenue was lower sequentially due to seasonality and lower than the same period in 2009 due to the new product transition that is in process.

IP License revenue for Q1 2010 was $8 million or 23% of total revenue, versus $7.7 million or 22% of total revenue for Q4 '09, and $5.9 million or 15% of total revenue for Q1 '09. IP License revenue was slightly higher sequentially and on a year-over-year basis due to higher royalty revenue on increased activity.

As we believe Q1 product revenues represent the low point of our revenues for 2010, product revenues as a percentage of total should begin to return back to approximately 80% to 85% of total revenue.

Total CE revenue accounted for 88% of total revenue and PC and storage combined to account for 12% of total revenue.

Average selling price for product sales was $1.39 per unit during Q1 2010 and was in line with expectations. Product gross margin for Q1 2010 was 44.3%, as compared to 42.3% for Q4 '09 and 47.9% in Q1 '09. Product gross margin for Q1 2010 was also in line with expectations.

Our IP license gross margin was 99.7% in Q1 2010, 92.4% in Q4 '09 and 96.7% in Q1 '09. The increase in IP license gross margin was a result of a lower mix of IP customization revenues during the quarter.

Our overall gross margin for Q1 2010 was 57.3% and was higher than our expected range of 54% to 55% as a result of the higher mix of IP license revenue. Gross margin was 53.1% for Q4 2009, and 55% for Q1 2009. Our target gross margins continue to be in the 54% to 55% range

Operating expenses for Q1 2010 were $23.2 million compared to $24 million in Q4 '09, and $28.1 million in Q1 '09. Our operating expenses were lower sequentially as a result of our 2009 restructuring programs offset in part by employer payroll taxes that are generally higher during first two quarters of the year. Operating expenses are lower on a year-over-year basis primarily reflecting the results of our 2009 restructuring program.

Headcount, as of Q1 2010 was 406 as compared to 405 at the end of Q4 '09, and 597 at the end of Q1 '09. Our operating loss for Q1 2010 was $3.5 million compared to an operating loss of $5.1 million for Q4 '09 and an operating loss of $5.8 million for Q1 '09. Our higher gross margins and reduction in operating expenses help reduce our loss.

For Q1 2010 other income was $0.6 million compared to $0.8 million for Q4 09 and $0.9 million for Q1 '09. Stock-based compensation which is included from our non-GAAP results was 2.2 million for Q1 2010 as compared to 2.7 million for Q4 '09 and 3.6 million for Q1 '09.

For Q1 2010, our non-GAAP net loss was $3.6 million or $0.05 per share, versus a non-GAAP net loss for Q4 '09 of $5 million or $0.07 per share. For Q1 '09, our non-GAAP net loss was $3.6 million or $0.05 per share.

On a GAAP basis, our net loss was $7.2 million or $0.10 per share for Q1 '10, as compared to our Q4 GAAP net loss of $66.9 million or $0.89 per share and our GAAP net loss of Q1 '09 of $33.3 million or $0.45 per share.

The 2009 first quarter results included the write-off of goodwill, totaling 19 million. The 2009 fourth quarter results included charges for restructuring, the write-off of intellectual property and tax charges totaling 57 million.

Weighted-average shares outstanding for Q1 2010, Q4 '09 and Q1 '09 were 76 million, 75.4 million and 74.4 million respectively.

With respect to the balance sheet, as of March 31, 2010, cash and investments amounted to 163.3 million versus 150.6 million at December 31, 2009 and 159 million at March 31, 2009. Prior to the end of the quarter we received our tax refund from our net operating loss carryback which totaled 21.5 million.

Severance costs totaling a 11.5 million were paid during the quarter as a result of the previously announced restructuring activity. As of March 31, 2010, our remaining severance liability is approximately 5.5 million which we expect to pay in the second quarter. In addition to the tax refund, strong receivables collections during the quarter favorably impacted our cash balance.

For Q1 2010, our accounts receivable totaled $17.6 million or 46 days sales outstanding, or DSO, and was more favorable than our target DSO of 55 days. Days sales outstanding for Q4 '09 and Q1 '09 was 55 days and 39 days respectively. The lower DSO in Q1 was a result of timing of collections on higher revenues during that quarter.

Net inventory as of March 31, 2010 was $6.5 million representing 9 turns on an annualized basis, exceeding our target of 7 turns on an annualized basis. This compares to 8.3 turns at December 31, 2009 and 5.9 turns at March 31, 2009.

Capital expenditures for Q1 2010 were a $1 million compared to $1.9 million for Q4 '09 and $0.8 million for Q1 '09.

This completes my summary of our Q1 2010 financial results. Next, I would like to discuss our Q2 2010 financial outlook.

The following are our financial estimates for Q2 2010. Revenue, $37 million to $39 million, gross margin 54% to 55%, GAAP operating expenses $25 to $26 million, non-GAAP operating expenses approximately $23 million, interest income approximately $0.6 million, diluted shares outstanding, approximately 76.5 million, non-GAAP tax rate approximately 2% of revenue.

We anticipate the use of cash for payment of the remaining severance costs related to the closure of our European R&D facilities as well as our working capital purposes. Considering these uses of cash we expect to exit the quarter with approximately $153 million.

As we have seen in our Q1 results and projected Q2 results Silicon Image experienced non-typical fee seasonality. With the business activity we are seeing in our current business ability our Q2 guidance represents approximately 20% sequential growth and product revenue which is higher than a typical Q1 to Q2 seasonal CE grow.

As far as the second half of the year we expect product revenue growth to be more in line with typical CE industry seasonality which would approximate to 10% to 15% sequential product revenue growth for Q3 and a flat to slightly down Q4.

This concludes my remarks. Operator, we will now take questions.

Question-and-Answer Session

Operator

Thank you. (Operator instructions) We’ll go first to Christopher Longiaru with Sidoti.

Christopher Longiaru – Sidoti

Can you hear me?

Camillo Martino

Yes.

Christopher Longiaru – Sidoti

Hello. Yes, okay. Hi, guys. How are you?

Camillo Martino

Pretty good.

Christopher Longiaru – Sidoti

Yes, the first thing I wanted to ask is just in response to mobile high-definition link. Can you give us any insight into what’s going on in the consortium? What’s being talked about? And what are some of the concerns and what are some of the things that the people in the consortium are excited about?

Camillo Martino

Well, obviously, we can’t go into the exact details that you’re looking for. But suffice to say that the MHL consortium was announced in April 14, we anticipate that the full specification, the actual 1.0 specification to be released by the first half of this year. So I think there is positive energy amongst the consortium members and we anticipate more excitement from other partners and potential adopters in the coming months ahead.

I think what we’ve addressed is a unique opportunity here to enable consumers with a mobile phone to directly connect to the high-definition television without any power cables or anything like that. So we’re really think it’s a great opportunity to be able to take the power, leverage the power on the television and charge the mobile phone while you’re playing high-definition video content. I mean that’s the real interest level by everybody.

Christopher Longiaru – Sidoti

Got it. And the other thing I wanted what’s the turns level you’re assuming for guidance at this point?

Noland Granberry

Our inventory turns we expect to get back to our target of about 7 on an annualized basis.

Christopher Longiaru – Sidoti

Okay. And just going forward, you said your IP licensing revenue was higher than unusual and intends to be lumpy. This means that either next quarter or the quarter after that we’re going to be below that 15% to 20% range. Do you expect that to happen?

Noland Granberry

So as we highlighted our overall revenues for the quarter were better than expected, but we anticipate the target to move back towards the 15% to 20% range relative to IP incurred revenue.

Christopher Longiaru – Sidoti

Okay, that’s all I have for now. Thanks, guys.

Noland Granberry

Okay.

Operator

(Operator instructions) We’ll now go to Raji Gill with Needham & Co.

Raji Gill – Needham & Co.

Yes, thank you. Congrats on good results. Wanted to just dig a little bit deeper into the June guidance of $38 million. Within the product segment, what's been the, I guess, the adoption of your InstaPort processors quarter-over-quarter. What has been the design wins that you’re seeing in that particular product? Also with respect to 1.4 HDMI, are you starting to see kind of a replacement cycle in your forecast or is that more of a kind of a second half early 2011 story?

Camillo Martino

Sure, Raji. As we mentioned last quarter and we’re considering it to see this quarter, the growth that we’re experiencing this year is driven by our InstaPort feature product. So that’s really what’s driving it now. The products that are being shipped today are primarily also based in compliance with the 1.3 specification as opposed to the 1.4, which you also asked about. So that’s what really driving and feeling the growth that we’re seeing today. Now, moving forward, if you look at 3D in general, the 3D market opportunity as a percentage of the total digital TV market this year probably presents maybe 10%, maybe a little bit more of the overall DTV market and next year you expect it to grow further. That’s true. But this year we expect it to be the 10% range.

So we would expect our higher end products that we talked about earlier with the 3D support and the 1.4 compliant specification, we start seeing some design wins and some revenue, some more in the back half of the year but I wouldn’t say it’s a replacement cycle for this year, it’s more of a mainstream TV versus a higher end digital TV strategy. I think we also mentioned on the last call we don’t believe that particular product which by the way is a 9389, we don’t believe it to be real material revenues for this year. It’s growing, it’s a growing number, we’re happy with the progress so far. But it’s not a what I would say a real material revenue of the overall plan

Raji Gill – Needham & Co.

Okay, got it. And going into kind of the third quarter, September and the fourth quarter, I think Noland talked about kind of going back into more normal seasonality patterns for consumer electronics at 10% to 15% quarter-over-quarter and then kind of flat. If I take those kind of numbers that basically means that you’re probably going to start getting to kind of the low end of that $160 million to $165 million annual rate that you provided last quarter. So I’m just wondering is that a conservative assumption into third quarter and fourth quarter? As best as you can see, what is the visibility into the second half? What’s the design polling pipeline looking like?

Camillo Martino

Sure. So I’ll start off and maybe Noland can add a couple more comments, but I think one point in my prepared remarks that I made on the last call, I believe I mentioned that the $160 million to $165 million that was what we successfully achieved, that’s was the breakeven point for the Company. I don’t believe that we officially guided that, that’s the first point. Noland, you might want to just add some more color on that?

Noland Granberry

Yes, I was just going to mention that the guidance for the quarter that we laid out was 37 and 39 and our intent with the comments that I made was really that we felt that the bulk from Q1 to Q2 is sort of out of the norm and a point I was mentioning that we think we will get back into a more normal seasonality was really the intent of them. We’re not looking to guide outside of the quarter which is our listing policies.

Raji Gill – Needham & Co.

Both kind of represent historical patterns?

Noland Granberry

Yes.

Raji Gill – Needham & Co.

Fourth quarter.

Camillo Martino

Then you could be above that or below that but we don’t know that yet.

Raji Gill – Needham & Co.

Yes, okay. I got you on that one. Any sense though of what the demand pipeline is looking like into the second half? You successfully kind of brought InstaPort to some of these main big tier one OEMs in the mid-range. What’s the I guess the strategy in the second half? Is it to continue to ramp those volumes? Or expand it to more customer segments because you’re not really, you’d like to see, you’re not really banking a lot of 1.4 revenue to come in this year, it’s more of just an InstaPort fueling the growth. So what’s your specific strategy or any details around that would be helpful?

Camillo Martino

So as I mentioned, Raji, what’s really fueling the growth not just for Q1 and Q2, but we anticipate through the second half of the year is the 92, the early generation product focused on the mainstream, the 9287. So that’s what really fueling the majority of the revenue for this year. And the 9389 which is more targeted towards the 3D TV which is also compliant with the 1.4, that will be bumping up the overall volume. I’d say that’s more bumping up the overall volume as opposed to a real material portion of the overall volume.

Raji Gill – Needham & Co.

Is there a chance that you could be breaking even, sometime in the second half or is that in the roadmap?

Noland Granberry

As Camillo indicated that our breakeven point is that 160 to 165 and we outlook for Q2 37 to 39 and we sort to give you an indicator for back end our regular seasonality where that might go, but we’re still committed to just guiding for the current quarter. We can give you more update on that at the end of the next quarter.

Raji Gill – Needham & Co.

Okay, great. And in terms of like ASP pressure, do you see ASP pressure are accelerating as you kind of go to the mid-range of the market? And in the competitive landscape, are you seeing kind of competitive threats from the SoC suppliers as you kind of bring InstaPort? InstaPort is a separate product, a standalone product line, but is there any pressure on the ASPs as you kind of move downstream?

Noland Granberry

I highlighted on my remarks that we’re at a $1.39 for the quarter and that was actually in line with what, in fact it was a little bit better than what we expected. But it was definitely in line and we anticipate at the outlook and look at in the future. We expect the typical CE declines to happen over the next quarter. So we do have competitors out there that are challenging as we don’t see that the ASP decline would be outside of that.

Camillo Martino

So Raji, in addition to that, that’s more of the financial answer to your question, but on a strategic level, as we mentioned before we’re continuing to innovate outside the HDMI specification, standard specification. So we’re committed to introducing new innovation, new technology on an annual basis on the timely manner and that is what’s going to consolidate or really reaffirm the standalone component that sits outside the SoC. It is true that we’re not targeting the low end of the digital TV market. That is true. But we’re very much focused on the mainstream digital TV market as well as the high end digital TV market which is why we have two product positions in the overall market strategy. We think our portfolio is pretty well balanced.

Raji Gill – Needham & Co.

Okay, great. Thank you and congrats again, on good results.

Noland Granberry

Thank you.

Operator

And we move now onto Todd Cohen with MTC Advisors.

Todd Cohen – MTC Advisors

Good afternoon. Just to clarify, the 20% growth you outlined for the second quarter, which you suggested is kind of beyond seasonal. That’s specifically related to the product revenues?

Noland Granberry

Yes.

Todd Cohen – MTC Advisors

Okay. And then the 10% to 15% going into the third quarter would be from the second quarter base, not from the first quarter?

Noland Granberry

Yes, that’s true.

Todd Cohen – MTC Advisors

Okay, good. And secondly, could you highlight the tax refund again? I kind of missed that.

Noland Granberry

Yes, we actually received a refund (inaudible) the end of the quarter of $21.5 million. It was actually we’re expecting and we talked about that on our last call that we’re doing all we could to have it happen in the quarter and we’re pretty excited that we’re actually able to make it happen in the quarter.

Todd Cohen – MTC Advisors

Good job on that. Was that a little bit higher than you had anticipated?

Noland Granberry

And we’re working through it. There were some things in the analysis that was going on. So we’re happy that we’re able to get that amount.

Todd Cohen – MTC Advisors

Okay. And then I guess the other question would be you announced I think a new InstaPort type product with Samsung that you were incorporating into a product to them. First of all, am I correct about that? Then secondly, if I am, is that something that could be rolled out with your other customers or is that just tied to Samsung?

Camillo Martino

The release we made I think a couple of weeks ago. It was called InstaPort S. What that refers to is a slightly tighter specification as a faster port switching time. Samsung was actually the first customer to release that. And all customers are able to also release that in the future. Absolutely.

Todd Cohen – MTC Advisors

Great, thanks.

Operator

And it appears there are no other questions at this time. Mr. Bishop, I’ll turn the conference back to you.

Mike Bishop

Thank you. We’d like to thank everyone for participating on today’s call. And we appreciate your continued support of Silicon Image. And with that, that concludes today’s call. Thank you very much.

Operator

Again, that does concludes our conference. We thank you for joining us.

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