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To Maxwell Technologies Inc. (MXWL)

Q4 2013 Earnings Conference Call

February 20, 2014 5:00 PM ET

Executives

Mike Sund – VP, Communications and IR

John Warwick – Interim CEO and President

Kevin Royal – SVP, CFO, Treasurer and Secretary

Analysts

Philip Shen – ROTH Capital

Alex Potter – Piper Jaffray

JinMing Liu – Ardour Capital

Jeff Osborne – Stifel

Presentation

Operator

Good day, everyone and welcome to today’s Maxwell Technologies Fourth Quarter and Fiscal Year 2013 Financial Results. At this time all participants are in a listen-only mode. Later you will have the opportunity to ask questions during the Q&A session. I will be standing by should you need any assistance.

And it is now my pleasure to turn the conference over to Mike Sund. Please go ahead.

Mike Sund

Good afternoon. And thanks for joining us today. In a few moments, you’ll hear from John Warwick, Maxwell’s Interim President and CEO; and Kevin Royal, our Chief Financial Officer.

First, we need to advise you that the following discussion will include forward-looking statements based on our current expectations and assumptions. These statements are subject to numerous risks and uncertainties and changes in circumstances and assumptions. Forward-looking statements in the following discussion do not purport to be predictions of future events or circumstances and may not be realized. For further information regarding such risks and uncertainties, please refer to the MD&A and Risk Factor sections of our SEC filings, including our most recent Form 10-Q and our Annual Report on Form 10-K.

Electronic copies of these filings may be accessed by visiting the Investors Section of our website maxwell.com, or via the SEC’s website. Printed copies may be obtained by contacting the company. We encourage all investors to read these reports and our other SEC filings. Some of you are listening via the Internet and an archived replay of the call will be available online at our website. All information in today’s call is as of February 20, 2014. The company undertakes no duty to update our forward-looking statements to conform the statements to actual results or changes in the company’s expectations.

It is now my pleasure to introduce Maxwell’s Interim President and CEO, John Warwick.

John Warwick

Thank you, Mike, and good afternoon everyone. I will talk about our business execution then Kevin will review our financial results. First, I will provide a brief summary of our 2013 performance.

Revenue for the year totaled $193.5 million up 22% over the prior year with non-GAAP EPS at $0.36 flat year-over-year. Our non-GAAP gross margins were 39.5% and we managed to grow our cash position during 2013 despite unusually large capital investments, which greatly expanded our production capabilities to meet projected growing demand for our ultracapacitor products.

I’m pleased with our rapid progress on building out our executive team with the additions of our VP of Marketing and Engineering, VP of Business Development and VP of Sales. Maxwell team is rapidly improving our product development and commercialization capabilities to fully utilize our leading technology, manufacturing and intellectual property and [indiscernible] to provide greater value to our customer solution. Due to the timing of reduced government infrastructure spending, our high voltage products, our global softness in the second half of 2013 and we expect this trend to continue well into 2014.

Our microelectronics products first half of 2013 and strengthened the second half of the year, although we do not have sufficient information that indicates a rebound is underway in 2014.

We are pleased with the traction we are seeing across the transportation industry for our ultracapacitor products. The revenue contribution from the Continental stop-start idle program with PSA Peugeot Citroën has been consistent and I remain highly confident that Maxwell will attain multiple auto design wins across multiple applications in 2014.

We are experiencing strong growth with rail customers and we are actively working across Europe, Asia and Americas on many additional rail opportunities. While our urban bus business has been extremely volatile over the past few years, we are in the early stages of undeniable ramp of larger German plug-in hybrid buses in China. The world’s largest bus manufacturer recently publicly stated they will produce more than 10,000 new energy buses in 2014 with potential upside to 20,000 buses during this year. China’s new energy bus policy runs through the end of 2015 and the overall demand projected by China’s bus OEMs is approximately 60,000 new energy buses through 2015. Also as a new China hybrid bus subsidy program is announced, Maxwell is extremely well-positioned to deliver on a rapid increase in demand if that occurs.

Looking to further growth drivers, our engine start products sold primarily into the heavy truck fleets and OEMs continued to make progress. We are pleased with our engine start module has been named the top 20 product of the year by Heavy Duty Trucking, an industry publication. Our recently announced design-win with Idle Free, which develop systems to reduce the requirements for idling work vehicles is an example of how engine starting products are expanding beyond simple truck engines starting application.

We continue to make early progress on customer adoption with increasing valuation installations and initial fleet retrofit opportunities. We expect to increase the rate of fleet adoption with our targeted sales and marketing investments geared toward accelerating large fleet adoption, building out our distribution and certifying solar network and working closely with OEMs and large fleets enable direct factory ordering of the engine start module in the future.

Ultracapacitor sales into wind turbine pitch control systems continue to be a strong ultracapacitor revenue source. The trend towards larger and offshore turbines placed ultracapacitors high-power and no maintenance value proposition. This strategy coupled with additional design wins enables us to believe we will continue to increase market share and grow our revenue at a rate in excess of the industry as a whole.

We will demonstrate our first ultracapacitor based grid firming system this year with many additional pilot projects in the works. As renewable energy sources such as wind and solar, whose output is inherently variable account for a larger share of total energy generation managing the output variability becomes a significant challenge for the energy utility.

We believe Maxwell’s rapid high-power, high-duty cycle ultracapacitor solutions can help solve the utilities renewable energy variable output problem. This renewable energy outlet firming market represents a significant future opportunity for Maxwell. However, it will take time to develop.

Ultracapacitors can also claim increasing role in the backup and bridge power solutions for mission-critical facilities such as telecommunication base stations and new cloud data centers.

The 200 [indiscernible] megatrends of the growing global demand for power coupled with the mandates through these harmful emissions created by burning fossil fuels is driving increasing demand for Maxwell ultracapacitor products today and well into the foreseeable future.

These megatrends Maxwell’s market leadership position, our proprietary molecular chemistry and manufacturing process, our manufacturing scale and leading industry certifications and our recently strengthened executive team neatly positioned Maxwell to remain the leader in the growing ultracapacitor markets we serve.

I will now turn this over to Kevin to review our financial performance.

Kevin Royal

Thank you, John. I’m going to spend a few minutes providing some additional details on our 2013 financial results for the fourth quarter and the full year. Our revenues were $39 million for the fourth quarter of 2013 down 24% from the revenues, a $51.2 million recorded in Q3 2013.

Of the total decrease in revenues the $12.2 million in Q4 2013 versus Q3 2013, $11.3 million is related to recognizing revenue in Q3 2013 on shipments from prior quarters net of amount shipped and deferred in Q3 because they did not meet revenue recognition criteria.

Revenues for ultracapacitor products were $26.3 million for the fourth quarter compared with $37 million in the third quarter. Ultracapacitor revenues for the fourth quarter include $700,000 in additional revenues from the net impact of recognizing revenue on deferred shipments compared to $11.7 million in additional revenues in the third quarter of 2013 from recognizing revenue on deferred shipments.

Revenues for our high voltage capacitor products were $9 million down 7% from $9.7 million in Q3 due to a general decline in global demand, our revenues from our microelectronics products which tend to vary from quarter-to-quarter, $3.7 million down from $4.5 million in Q3.

For the full year total revenues were $193.5 million an overall increase of 22% compared with 2012. This growth is primarily attributable to higher revenue for our ultracapacitor products for which revenue increased by 42% to $136.3 million in 2013 compared with $96 million in 2012.

This increase in revenues for ultracapacitor products is primarily attributable to revenue growth in the two primary market in which we currently sell our products. The hybrid transit vehicle and wind energy markets. In addition, the increase in our ultracapacitor revenues is partially due to $11.3 million an additional revenue in 2013 related to the net impact of recognizing revenue on previously deferred shipments. For 2012, there was a net decrease to ultracapacitor revenues of $6.1 million related to the net impact of deferring revenue on shipments.

Non-GAAP gross profit for Q4 2013 was $14.7 million compared with $21.3 million in Q3 of 2013. Non-GAAP gross profit was 38% of revenue for the fourth quarter compared to 42% for the third quarter. The decrease in gross margin was primarily due to lower gross profit and high voltage in microelectronics product groups did lower volumes and excess inventory charges in the microelectronics product group.

For the full year, non-GAAP gross profit was $76.4 million for 2013 compared with $65.8 million for 2012 and was 39% from 41% of revenues for 2013 and 2012 respectively. We expect gross profit in the last quarter of 2013 to decline slightly to approximately 37% as we bring on our Peoria, Arizona electrode manufacturing facility.

Total non-GAAP operating expenses for Q4 2013 were $15.9 million up from $14.4 million for Q3 2013. This increase is mostly due to compensation expenses associated with a retirement of our prior COO. For the full year, non-GAAP operating expenses increased $10.9 million to $63.8 million from $52.9 million in 2012, which is primarily due to $4.9 million in cost incurred earlier in the year associated with the investigation and internal review and restatement of previously issued financial statements.

In addition, payroll expense increased $3.3 million as a result of head count growth as well as the cost associated with the retirement of our previous CEO. And bonus expense increased by $2.4 million as the performance target under our 2013 bonus program achieved whereas the targets in our 2012 bonus program we then achieved. We expect operating expenses in Q1 2014 in a range of $15.5 million to $16 million.

Non-GAAP net loss is $1.5 million or $0.05 loss per share for the fourth quarter compared with non-GAAP net income of $6.7 million or $0.23 per share for the third quarter of 2013.

For the full year, non-GAAP net income was $10.3 million or $0.36 per share for 2013 compared with $10.3 million or $0.36 per share for 2012. Although we achieved an increase in non-GAAP gross profit of $10.6 million in 2013 this was offset by the increase in operating expenses in 2013, $10.9 million that I described earlier resulting no substantial change year-over-year to annual non-GAAP net income. Our non-GAAP earnings before interest, taxes, depreciation and amortization or EBITDA was $1.2 million in Q4 compared with $9.3 million in Q3. For the full year non-GAAP EBITDA was $31.7 million in 2013 compared with $20.3 million in 2012.

Now I’d like to turn to the balance sheet, we ended the quarter with cash of $30.6 million which represents a decrease in cash and restricted cash of $10.5 million from Q3 of 2013. We reported negative cash flows from operation of $4.8 million for the quarter, which reflects the quarterly GAAP net loss of $2.8 million and other cash usage of $2 million.

During the fourth quarter, we spent $5.1 million on capital investments primarily related to our new Peoria, Arizona manufacturing facility and our San Diego technology center. As of December 31, 2013, we had $8 million in debt obligations outstanding, this debt balance consist of an equipment term loan of $2.2 million and debt of $5.8 million held by our Swiss subsidiary which has very favorable borrowing terms.

Now, I will turn it back over to John to discuss other areas of the business.

John Warwick

Thank you, Kevin. As you may have heard via Corning February 7 Investor Conference, Corning and Maxwell has signed a memorandum of understanding outlining a relationship through which we plan to develop advanced technologies and join forces on market development activities for ultracapacitor products. We are excited about this relationship and what it can be for Maxwell’s future, but we will not be providing any additional information until agreements are signed.

I would also like to update you on the company’s continuing CEO search. The Maxwell Board of Directors is conducting the search with a leading executive recruiting firm and an announcement will be made as soon as the search is finalized. I am an internal candidate for the position and no matter what the outcome of the search is, I remain excited about Maxwell’s future growth opportunities and I’m fully committed to leading Maxwell well in to the future.

Finally as stated in today’s press release based on current order flow customer projections the year appears to be off to a good start and we expect revenue for the last quarter of 2013 to be flat to slightly higher than a revenue on the last quarter of 2013. Kevin and I will now take your questions.

Question-and-Answer Session

Operator

(Operator Instructions) Our first question comes from Philip Shen with ROTH Capital. Please go ahead.

Philip Shen – ROTH Capital

Hey, guys. Thanks for taking my questions.

John Warwick

Absolutely.

Philip Shen – ROTH Capital

I’d like to start on with China. So that was a great color in terms of the volumes that could come out of China. Do you have a sense for what the mix of new energy buses might be relative to plug-in hybrids versus just pure hybrids and perhaps other bus types that they are considering? And do you have an idea of the potential timing of the demand of those buses?

John Warwick

I’ll try to answer your question Philip. We have, what we’re seeing right now is based on the new energy policy a vast majority of the demand in the 80% to 95% range is plug-in hybrid. There might be 2% to 5% electric throughout the year, pure electric vehicles, the rest will be plug-in hybrid. And those will be actually fairly evenly split between compressed natural gas plug-in hybrid and diesel plug-in hybrid buses. The hybrid bus will be a very, very small portion say 5%ish perspective unless there is a new hybrid bus subsidy that the China government comes out with.

Philip Shen – ROTH Capital

Great. That’s helpful. And then, what are your thoughts on timing? Do you think there could be meaningful impact to demand of your ultracaps come Q2 or even Q1?

John Warwick

Well, certainly if there is a hybrid subsidy announced that’s going to be pure upside from anything we’re projecting or out looking to that. So that if that happens that demand picks up fairly rapidly it might take four to eight weeks for it to fully pickup so that’s always a possibility. The rest of it we expect to continued strong ramp again whereas the very early stages of the ramp plug-in hybrid vehicles we started really seeing production demand at the end of November and so we’re still on the early stages but it will be accelerating throughout this year.

Philip Shen – ROTH Capital

Okay. Great. Thanks John. In terms of the truck engine start module, congrats on being named top 20 product. And I think on the last call you guys were targeting may be 1500 trucks to be fitted with the device by early 2014, can you just give us an update on progress there and if that’s still a target that that you guys are shooting for?

John Warwick

Yes. We’re still tracking to that. And it is in early thing adoption and we’re investing what we believe is very strategically to accelerate the adoption in the trucking industry. The evaluations do take anywhere from three months up to a year by the large trucking fleets, since they are fairly sophisticated and how they operate or actually very sophisticated in how they operate.

Philip Shen – ROTH Capital

Okay. Great. And one more question, I’ll jump back in queue. I think in recent quarters you’ve been providing this break down but in the fourth quarter if you can help us understand what the ultracap revenues were by major end market wind, bus, et cetera that would be helpful.

Kevin Royal

Okay. Phil, this is Kevin. I’ll just try to give you a little bit color on that. So in the fourth quarter and I will do this five percentages, so of our ultracapacitor revenues that were about $26.3 million 42% were related to bus and 13% of those revenues were related to wind, another significant category in Q4 is automobile at 24% and then solid state disk drives at 6% and miscellaneous categories for the remainder.

Philip Shen – ROTH Capital

Okay. Thank you, Kevin. Thank you, John as well. I’ll jump back in queue.

Operator

Thank you. We’ll go next to Alex Potter with Piper Jaffray. Please go ahead.

Alex Potter – Piper Jaffray

Hi, guys. I was hoping you could give a little bit more color on the fluctuation in gross margin from a sequential standpoint obviously there is a drop in volume that we’re dealing with so presumably that came into play also may be the new facility ramping up. But I’m just trying to get – I guess get a read on that it’s difficult to get ahead of big swings in gross margins.

So I’m just wondering if looking back over the last couple of years it seems like there has been President for some big swings in the fourth quarter, I don’t know if that’s just a coincidence or is there something seasonal going on there and then expectations looking forward. I know that you mentioned bringing that new facility up and online should have an impact potentially you’d be around 37% again in the first quarter. Just wondering if you think that whether anything structural has changed there if we should see that start coming back up for the high 30s low 40s range?

John Warwick

Hey, Alex. As far as anything in Q4 that is seasonal recurring there really isn’t anything of that nature as majority of the impact in Q4 of 2013 was actually driven by microelectronics where we had additional inventory reserve in the quarter compared to earlier quarters and that’s the analysis that we do of course every quarter.

Looking forward to Q1 as we highlighted we expect to be at about 37% overall and Peoria is driving part of that and mixed within the various product groups its having an impact as well. We would expect it’s on our planning that our gross profit will be relatively flat in the first and second quarter, and then as we have cost improvements and anticipated volume improvements will continue to – will increase to kick back up closer to the 40% overall corporate target.

Alex Potter – Piper Jaffray

Okay. That’s helpful. I was wondering too, I think last quarter you had suggested that OpEx in the current quarter or OpEx in Q4 should be 14.5 to 15.5 and I expect that came in a little above that was like, it sounded like there were some CEO severance or compensation going on there. I was just wondering what the delta was versus expectations?

John Warwick

Yes. That really losses the majority of the delta, I think it was $1.1 million charge in Q4 that would have I guess, I think actually below the target that we had talked about. Moving forward we expect to invest as we’ve got ramping demand and increasing revenue so the first quarter we think will be around $15.5 million to $16 million but as the business picks up we will invest in particularly in R&D and sales and marketing.

Alex Potter – Piper Jaffray

Okay. That makes sense. I guess it would be great I know that this is a little bit tricky to try to dance around. But it sounds like you were pretty emphatic there about the expectation that there will be multiple design wins in auto coming this year, any additional color insights you can give there regarding timing, potential size ,I mean these major contracts that you’re working on similar to the size that you’ve already got in the bag with PSA or any additional color you can give would be helpful?

John Warwick

The only like other color I can give at this time is they are with some of the top Tier-1 auto manufacturers across the globe.

Alex Potter – Piper Jaffray

Okay, very good. I guess that does it for me. I’ll take the rest of my stuff offline. Thanks guys.

John Warwick

Thank you.

Operator

Thank you. (Operator Instructions) We’ll go next to JinMing Liu with Ardour Capital. Please go ahead.

JinMing Liu – Ardour Capital

Hi. Thanks for taking my questions. First, it’s about the new energy bus opportunities in China, from what I read, it looks like China lowered their subsidy for new energy buses of 5, I think its 10%, 5% to 10% this year and next. Do you think that will affect your sales in China or it’s just too late or give a fact?

John Warwick

No. We don’t really believe there will be an impact while they lowered that their amount of renminbi per bus. They significantly increased the spent and the amount of cities that it’s offered to across China. So it’s actually meant to increase the production of new energy buses and that’s exactly what the forecast and what the bus manufacturers are telling us it would be a significant increase.

JinMing Liu – Ardour Capital

Okay. And also in part of that policy I believe buses use nitro gas are also considered new energy buses, my question is do you think that will have an impact on your sales into the more traditional plug-in hybrid buses?

John Warwick

What I was referring to for the compressed natural gas – liquid natural gas buses they are plug-in hybrid compressed natural gas or liquid natural gas buses. And the ultracap solution plays there just as well as it does with the diesel plug-in hybrid bus version.

JinMing Liu – Ardour Capital

Okay, okay. That’s helpful. Regarding the opportunities in the wind applications, I think China – both China and the U.S. will see a higher wind installation this year. I’m just trying to get the sense how much kind of increase you guys are expecting for your sales into that market?

John Warwick

We don’t give guidance on an annual basis at that level. But I can say that again, based on the move to larger and offshore wind turbines plus the additional design wins that we have had and are still working on, we expect to grow our wind business much faster than the market is growing.

JinMing Liu – Ardour Capital

Okay. I think another trend in China, at least in China – in the Chinese one market is, they are trying to build the turbines for low-end speed areas, are you participating in those type of wind turbine designs?

John Warwick

Yes, we are. We are working with wind turbine manufacturers on all types.

JinMing Liu – Ardour Capital

Okay, good. Switch to the grid firming application, you felt like you believe that is huge market for your ultracapacitor sales, you said possible for you guys to share – give us some sense, how big that market can be, whether is – will be bigger than the past market or additional comparable?

John Warwick

We see that market as really, really big from an opportunity perspective. And as we do more of these pilot projects, we will be refining what we expect that available market is for the grid firming application. And we will be providing more information on that later this year.

JinMing Liu – Ardour Capital

Okay.

John Warwick

It’s definitely a very large target market for us.

JinMing Liu – Ardour Capital

Okay. Got that. Thanks a lot.

Mike Sund

Operator, we have time for one more question.

Operator

Certainly, we will go last to Jeff Osborne with Stifel. Please go ahead.

Jeff Osborne – Stifel

Yes. Good evening. I was wondering if you could touch on the automotive piece 24%, 25% of ultracap sales. I assume the bulk of that’s Peugeot, just forward looking, have you had any discussions with them since the down paying investment, does it help, what’s the opportunities out there?

John Warwick

I will take the second part of the question and then hand it over to Kevin, for the first part. The Dongguan, Peugeot announcement we haven’t had any discussions with Peugeot about that at this point in time. Clearly, that does represents opportunity when you look at China’s vehicle consumption of being the largest consumer in the world of cars that 20 million vehicles a year and growing very rapidly coupled with their pollution problems that are challenged with. We expect all sorts of machine reduction standards coming out of the China government and therefore there will be lots of opportunity in the auto industry for mild hybridization type solutions micro hybridization type solution like a stop-start.

Kevin Royal

Jeff, this is Kevin. The numbers that I provided it is the sales – strictly the sales to Peugeot that go through Continental.

Jeff Osborne – Stifel

Okay. Got you. I wasn’t sure if – as you talked about articulating adding new customers to this year, there is demonstration units are – if there is fleets from a test perspective that are being done at this point or if that’s too early to talk about. But, that’s helpful.

And then you said you don’t really wanted to discuss Corning in terms of specifics, but could you just possibly give us a sense of timing on when you would have that done.

John Warwick

We are in the work – on the agreement, and these agreements can take 3 to 6 months, [indiscernible] to say typically can take 3 to 6 months.

Jeff Osborne – Stifel

Then they are going here – new applications or distribution of existing applications, I just want to get a sense of kind the impetus of doing such a deal. It sounds like a wonderful opportunity, but again, a bit unclear as to what exactly it will accomplish?

John Warwick

Yes. We have no additional comment on the Corning, Memorandum of Understanding at this point in time.

Jeff Osborne – Stifel

Okay. And then just last two questions, I had is on – on the new facility in Peoria. Can you just talk about what the cost reduction on an apples-to-apples basis, versus your existing facility. I was a bit surprised that you reiterated 40% gross margin, I would have thought over time, you can potential exceed that but are you passing on any cost reductions to your existing customers?

Kevin Royal

Right now, its absorption. We need to get our facility fully absorbed or at least 80% absorbed in the one line in Peoria, we can do what we have in five lines in San Diego. So that was a large capital expansion it doubled our electric capacity.

Jeff Osborne – Stifel

Okay.

Kevin Royal

So we expect to be running a lot stronger than the end of this year, second half of this year than we are in the first half of this year and that will improve margins from an absorption point of view.

John Warwick

I will just – the 40% target that I gave was really for this year as we move into future periods, absent price erosion, we would expect that Peoria will yield lower cost and therefore high gross profit margin.

Jeff Osborne – Stifel

Great. So I thought the case was – and is the last point, you mentioned the award you won in the trucking side and the target of couple of thousand units, if it’s the exact number, but can you just talk about the changes you made to distribution there, an update on the fleet test could have been done and when you see the proverbial hockey stick in that market that holds a lot of promise really picking up, do you feel do you have the right path to market or not?

John Warwick

Yes. When I first came on, we definitely had improvements to do there. We used a good supplier, but they were cable harness and radio supplier into the distributor and to the trucking fleet and that was our channel to market. We are working diligently on expanding that and have to contracts that we’re in the work with on expanding that channel.

So again, we can hit the aftermarket fleet in an appropriate manner and have a certified installation that work as well. And so we are excited about the progress we are making there. We have also tripled our investment than our own internal sales and marketing activity. And those investments are geared towards working with the largest fleet as well our OEM and the largest fleets to get to the factory install option. And we are making good progress with the OEM and developing that certified and distribution channel.

Jeff Osborne – Stifel

Excellent. Thank you. Appreciate it.

John Warwick

Okay. Thank you. And I think operator, I think we are finished at this point in time.

Operator

Thank you very much gentlemen. This does conclude today’s program. We do appreciate your participation. You may disconnect at any time and have a great day.

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