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Audience Inc. (NASDAQ:ADNC)

Q1 2014 Earnings Conference Call

May 1, 2014 4:30 PM ET

Executives

Melanie Solomon – IR

Peter Santos – President and CEO

Kevin Palatnik – CFO

Analysts

Harlan Sur – JP Morgan

Brian Modoff – Deutsche Bank

Suji De Silva – Topeka Capital Management

Operator

Good day ladies and gentlemen, and welcome to the Audience, Inc., First Quarter 2014 Earnings Conference Call. At this time, all participants are in listen-only mode. Later, we will conduct a question-and-answer session and instructions will be given at that time. [Operator Instructions]. As a reminder, this conference is being recorded.

I’ll now introduce your host for today’s conference, Melanie Solomon, Investor Relations. You may begin.

Melanie Solomon

Thank you. Good afternoon everyone, and thank you for joining us on today’s conference call to discuss Audience’s first quarter 2014 financial results. The webcast of this call may be accessed through our website audience.com and will be archived for one month. Today’s call is been hosted by Peter Santos, President and CEO; and Kevin Palatnik, CFO. During this conference call, we will make forward-looking statements regarding future events or results of the company. Actual events or results could differ materially from those projected in the forward-looking statements. Please refer to our SEC filings including our most recent Form 10-K which contain important factors that could cause actual results to differ materially from the forward-looking statements.

In addition, Audience reports gross margin, net income, basic and diluted net income per share in accordance with GAAP and additionally on a non-GAAP basis. Management believes that non-GAAP information is useful because it can enhance the understanding of the company’s ongoing economic performance. Audience uses non-GAAP reporting internally to evaluate and manage the company’s operations. Audience has chosen to provide this information to investors to enable the comparisons of operating results in a manner that the company analyzes its operating results. The full reconciliation of the GAAP to non-GAAP financial data can be found in our earnings release issued earlier today and we ask that you review it in conjunction with this call.

And now let me turn the call over to Peter Santos, President and CEO of Audience.

Peter Santos

Thanks, and welcome to everyone on the call. 2014 is off to a solid start for Audience. Following the successful introduction of our fourth generation eS700 series voice processors at the Consumer Electronics Show in January. We announced a series of exciting new products at Mobile World Congress in February including innovations in motion, multi-sensor processing and leading edge analog audio circuits. Additionally, we saw the use of our products in several highly visible smartphone, TV and PC products during the first quarter. Today, I’ll briefly discuss our first quarter 2014 results, and then address key business developments in the quarter and trends for the year. Looking to our business performance, first quarter total revenue was $36.1 million. Our largest customer in the quarter was Samsung which represented 74% of total sales. Non-GAAP gross margin for the first quarter was 52.1% and pro forma loss per share totaled $0.15 for the quarter.

On the product front, the first quarter of 2014 was the most exciting and prolific ever for Audience product introductions. First at CES in January, we announced our innovative eS704 voice processor, including our fourth generation advanced voice capability plus continuous VoiceQ which delivers high performance, continuous key word detection and command recognition with extremely low power consumption. Continuing this VoiceQ enables your mobile device to wake to your voice even in noisy conditions, without comprising precious battery life when it is in idle listening state. It’s Always-on voice capability is in high demand for many of this year’s smartphone designs. At Mobile World Congress in February, we announced the eS754 smart audio codec, combining the powerful voice capability of eS704 with a world class smartphone analog audio codec. Not only was the product enthusiastically received in Barcelona, but we’ve seen strong advanced demand for it in our customer base worldwide, and we expect revenue from this product to ramp in the second half of 2014.

Also at Mobile World Congress, we launched our first motion processing and multi-sensory product offerings. The MQ100 motion processor provides a full set of sensor interfaces and leverages our unique hardware acceleration capability to deliver extremely low power Always-on motion sensing and motion applications. We believe that our deep experience in neuroscience-based computing, uniquely positions us for this new segment. In the same way, that our Always-on voice cue technology enables your voice to wake devices and issue simple commands, Motion Q technology draws on cues from the gyroscope, magnetometer, accelerometer and pressure sensors to provide contextual information. This information can then be used power applications spanning fitness, navigation and activity recognition, as well as the ability to detect typical smartphone gestures such as taps, shakes and more. This product has been very well received by the increasing number of customers looking to bring Always-on motion capability to their mobile platforms.

Finally, we announced our very first multi-sensory product at Mobile World Congress, eS705 which combines the voice processing capability at the eS704 including Always-on voice, with Always-on motion sensing to help our customers provide a seamless and natural user interface using a single device. We expect initial production of the MQ100 motion processor and eS705 multi-sensory processor to begin by the end of 2014. Together, we believe that these product announcements will place Audience in a strong position as a provider of complete multi-sensory systems solutions, including both advanced sensory processing and interfaces to a wide range of sensors including sound and motion. These solutions will support applications such as motion enabled voice processing and ultra-low power highly accurate sleep monitoring based on sound and motion synthesis. More than a decade of research and development into cognitive computing allows us to develop this level of functionality, while maintaining very low power enabling new applications to be provided with minimal battery life impact.

Turning now to customer activity in the quarter, Samsung continues as a large and important customer for us, driving our Samsung related revenues in the first quarter was the successful launch of the Galaxy S5 which like predecessors, utilizes our most current earSmart Technology, in this case our eS704 voice processor. With this and other design wins, we maintain a strong position on high end portfolio and are increasing share in [inaudible] products. We also see strong growth in the Chinese smartphone market with a range models utilizing our technology launched during the first quarter by customers that have been notable share gainers in the worldwide smartphone market. Newly launched models include the ZTE Star 1, Yulong Coolpad 5952 and China domestic version of the Huawei Mate 2. In other China developments, China Mobile released their TDS CDMA 3G voice quality specification, and we expect to see the 4G voice clouding specification later this year in which China Mobile aims to substantially improve the user experience with voice calls.

Turning to adjacent markets, we continue to gain traction in ultrabooks and tablets, two new product releases in the first quarter utilizing our eS305 chip to improve user experience of applications like voice-over-IP and speech-to-text program. We also have a strong pipeline of projects in progress with major U.S. and Taiwan PC customers. In the television market, a number of recent product and service launches have highlighted the enormous impact that natural and dependable voice search capability can have on TV user experience. It also demonstrates that when user interface developers focus on removing obstacles immediate content purchase, voice becomes key. We believe this marks the beginning of increased market activity as voice is poised to become a key user interface capability for television entertainment, particularly where natural interface enables commerce. In summary, 2014, is off to a strong start for Audience, with both our delivery to market up a leading smart audio codec and entry into multi-sensory applications providing further opportunity for long-term growth and diversification.

With that I’ll now turn the call over to Kevin for his review of the first quarter financials and our forward guidance.

Kevin Palatnik

Thanks, Peter and good afternoon everyone. Today, I’ll first summarize Q1 2014 financial results and move to the outlook to Q2. I’ll discuss primarily non-GAAP results and ask that you refer to today’s press release for a detailed reconciliation between GAAP and non-GAAP financial results. Non-GAAP adjustments relate primarily to stock-based compensation expense, treatment of non-cash rent expense and related tax adjustment. Q1 2014 results for the company’s key operating metrics with total revenue of $36.1 million, non-GAAP gross margin 52.1% and non-GAAP operating margin was of a negative 4%. In Q1, GAAP net loss was $7.2 million. This amounts to a loss of $0.32 per diluted share based on weighted average shares outstanding of $22.2 million. That compares to GAAP net income of $4.6 million or $0.20 per diluted share based on weighted average shares outstanding of 23.3 million in the same period in 2013. On a non-GAAP basis, we recorded a loss of $0.15 per diluted share based on weighted average shares outstanding of 22.2 million. That compares to net income of $0.27 per diluted share based on 23.3 million shares for the same period in 2013.

Total revenue for the first quarter was $36.1 million, hardware revenue was $34.2 million and license revenue was $1.9 million. Samsung represented approximately 74% of revenue in Q1, as a result of the ramp up of their flagship Galaxy S5 compared with approximately 62% of revenue in Q4. As expected, Apple became a less than 10% customer in the quarter, representing approximately 5% of revenue in Q1 compared with approximately 13% of revenue in Q4. Revenue from customers other than Samsung and Apple comprised 21% of revenues in Q1 as compared with 25% of revenues in Q4. Largest OEM in this group is Xiaomi and represented 14% of revenues in Q1 compared with 18% of revenues in Q4 as a result of purchases made in Q4 ahead of Chinese New Year. Non-GAAP gross margin for Q1 was 52.1% that compares to 52.5% in Q4. Operating expenses on a non-GAAP basis for Q1 were $22.9 million. Non-GAAP operating margins for Q1 was a negative 11.4% compared to a negative 10.4% for Q4. Q1 ending headcount was virtually flat to Q4, 338.

With regards to the balance sheet, cash and cash equivalents were approximately $108 million at the end of Q1. In addition, we have approximately $17 million invested in marketable securities. Total DSOs for Q1 were 29 days compared to 15 days in Q4. And finally, inventory at the end of Q1 was $18.7 million, a sequential increase of approximately of $5.3 million as we build inventory for the ramp up of handsets that were expected to launch at Q1 and Q2, 2014. Now I’ll turn to our outlook for Q2 2014. We expect revenue for Q2 to be in the range of $37.5 million to $40.5 million. Q2 non-GAAP gross margin is expected to be in the range of 51.5% to 54.5%. Q2 non-GAAP operating margin is expected to be in the range of negative 7% to a negative 9%. GAAP EPS for the second quarter is expected to be in the range of a negative $0.17 to negative $0.21 per diluted share and non-GAAP EPS is expected to be in the range of a negative $0.10 per diluted share to negative $0.14 per diluted share based on approximately 22.5 million shares.

Operator, we’ll now take questions.

Question-and-Answer Session

Operator

Thank you. [Operator Instructions]. Our first question comes from Harlan Sur of JP Morgan. Your line is open.

Harlan Sur – JP Morgan

Great. Thanks for taking my question and nice job on the quarter and the outlook. On the strong June quarter guidance up 8% sequentially on revenues, is that mainly a continuation of the GS5 product ramp or is it new model introduction that’s driving the growth at Samsung potentially? And is China growing for you within that 8% sequential guide as well? And if so, is that more 3G focused or 4G focused?

Kevin Palatnik

Yeah Harlan, this is Kevin. You’re right. The 8% sequential growth is driven impart via the growth of GS5 ramp of GS5 moving into Q2, but at the top level it’s also growth in the Chinese OEMs. We see overall growth as we look into Q2 for actual both of those and I’ll turn it over to Peter in terms of 3G versus 4G.

Peter Santos

In the second quarter Harlan, generally it’s probably an equal mix of 3G and 4G, but there are some I would say pockets of greater strength in 4G including for example for some of the Yulong devices, Yulong Coolpad devices where they have a strong and strengthened exposition in the China market in 4G devices.

Harlan Sur – JP Morgan

Got it. And then on the last call, you were pretty optimistic on the prospects of getting design wins with your smart audio codec product 75x family that you’ve talked about. And you also talked about on the last call, having about seven or eight major engagements with the potential for meaningful second half revenue contribution and based on your prepared remarks today, it looks like you have secured design wins and you are expecting revenues from this in the second half. So the question is are these with multiple customers and are these on multiple smartphone models? And can you just remind us on sort of the rough dollar content step up on the eS75 family versus kind of your standalone voice processors?

Peter Santos

Thanks, Harlan, it’s Peter. On our progress in the market we’re very much on track with where we expected to be in terms of market traction for the codec process products. We’ve been qualified at a number of major accounts and are in progress at additional accounts and our view that we expressed in the last call that would be at least single digit percentages, mid-single digit percentages for our codec product by the second half of the year is still the case today.

Kevin Palatnik

And Harlan, this is Kevin. In terms of pricing given the marriage of our fourth generation eS705 voice processor along with the analog circuitry and the codec, we expect pricing in that space to be around 2x may be a little less than 2x or standalone voice processor. So it should represent pretty significant step up in average ASPs.

Harlan Sur – JP Morgan

Yeah, great. Thanks. And then thanks Peter for the update on China Mobile. I think you talked about the voice quality spec being realized later this year for 4G, but I guess the bigger question is having spec put in place really impact the design win traction with the China 4G smartphone suppliers? I would think that they would have to design in your products now anyway in anticipation of the potential mandate getting put in place. So in other words, are you already starting to see your design win and attached rates to upcoming 4G China Mobile smartphones starting to increase?

Peter Santos

Yes Harlan we are. The way that process works between China Mobile and its OEM is that there is an advance notice of specs emerging. So for example with, the lease of the 3G spec there was an indication there would be a 4G spec that was coming. The mandate of course won’t go into effect until later, but there is an effect in which OEMs learn in advance the spec is coming and we’re seeing the results of that in our business in China.

Harlan Sur – JP Morgan

Great. And my last question and I’ll get back into the queue. Kevin if I back up OpEx mid guidance looks like it’s growing about 4% or 5% sequentially. I mean obviously you’re still generating good operating leverage because it’s growing slower than your top-line. But can you just help us understand where the incremental OpEx is being allocated to currently? And then how should we think about OpEx as we move through the second half of the year?

Kevin Palatnik

Yeah, so Harlan in terms of Q1 certainly was a step up from Q4 as we’ve talked in prior earnings releases. Q1 is always interesting because typically Silicon Valley companies that’s when they do merit and bonuses and the like, so that certainly had an impact. As you know, Q1 as we talked about in Peter’s prepared remarks Q1 is a little bit heavier in terms of trade shows CES in January MWC in Spain in February, there is myriad of things that are at much smaller level, but sequentially those are the big drivers. As we look through the rest of the year, certainly there is a small implied growth given 2Q guidance. Beyond that, it will increase incrementally very small. We’re now looking for step functions of growth in both R&D and SG&A, but it will grow throughout the year as we look at investments being made for 2015 2016 and beyond.

Harlan Sur – JP Morgan

Okay. Thanks a lot. I’ll get back into the queue.

Kevin Palatnik

Thank you.

Peter Santos

Thanks, Harlan.

Operator

Thank you. Our next question comes from Brian Modoff of Deutsche Bank. Your line is open. [Audio Gap]

Peter Santos

We expect that growth to be primarily on the R&D side in terms of OpEx

Kevin Palatnik

Brian, this is Kevin. It is weighted the bias is towards R&D. We also from a China perspective, we see so much opportunity out there that we will invest in China and we will invest in some on the SG&A side. Our field support sits inside SG&A the field and we’ve got to fill that out in China. So you’ll see both grow very small, incrementally over the next couple of quarters with a small bias on R&D.

Brian Modoff – Deutsche Bank

Go ahead.

Peter Santos

Brian, this is Peter I’ll highlight the support that we provide to our customers for voice and user interface integration is an addition to our technology one of the things that distinguishes us as a company and we’ve actually seen some accounts coming to us or growing use of our solution because of the support we provide.

Brian Modoff – Deutsche Bank

The Samsung 74% revenues, how do you see it flying up either this year that’s obviously very high customer concentration. So how do you plan to diversify away and how do you obviously you’re growing that will be one answer but give us some idea how you see revenues there flying out through the year?

Kevin Palatnik

Yeah Brian, Kevin again. Again at the very top level, I suspect that the Samsung concentration will come down a bit, just a bit. As Peter mentioned in his prepared remarks, as we look at end of year and second half there is certain ramps that are in terms of both adjacent markets and existing handset markets related to the codec that will both help in hertz[ph] concentration at Samsung. I do expect it to reduce normally over the remaining year.

Brian Modoff – Deutsche Bank

Okay. And then kind of your new products around motion and around voice, how do you see those kind of laying out? You said you do expect some in towards the end of the year just can you just walk through how you see it playing out in some of your revenues and into next year as well? Thank you. And that will be my last question.

Peter Santos

Thanks, Brian. This is Peter. For the motion products, we announced those at these shows at Mobile World Congress we’ll also be talking about them at Mobile Expo in June. We’ll start sampling around that time and expect design wins to be occurring beginning in the third quarter and initial production to begin in the fourth quarter. So the actual level of production that we’d see is going to be low single digit percentages of revenue, but we expect it to be a substantial source of revenue as we go to ‘15.

Brian Modoff – Deutsche Bank

Okay. And then – all right. That’s fine. Thank you.

Operator

Thank you. Our next question comes from John Pitzer from Credit Suisse. Your line is open.

Unidentified Analyst

Hi, this is Ryan Carper for John Pitzer. Just looking at Xiaomi it was 18% last quarter 14% this quarter, presumably the deceleration and the decline in that business rather was around some digesting of initial builds. Can you talk about may be your expectations for Xiaomi in terms of either the products you’re currently in or your expectations your incremental wins as we kind of look out throughout the year?

Kevin Palatnik

Sure, Ryan. This is Kevin. So that’s right we move from 18 points to 14 points with Xiaomi sequential Q4 Q1 as I mentioned in my prepared remarks in Q4 given Chinese New Year many of the Chinese OEMs order in advance a bit. So a couple of points if you look at absolute dollars there, it’s relatively small. They have two major product lines out there today the Mi2, Mi3 we are in both of those platforms if you will. The Mi2 has been out there a year in change if not a little bit longer so it’s getting a little bit longer than two. We are working on future projects with them that I can’t talk about. So I rather than talk about it prospectively, I’d rather talk about it when we have the calls. But it’s going to hover a couple of points plus or minus from where we are today as we look through the rest of the year.

Unidentified Analyst

Got it. Thanks. And I have my follow up question, exciting news obviously about you guys moving to the motion control and sensor products. I guess as I think about sort of voice and motion, there are a number of guys out there that also do sort of motion control products, and other competitors obviously in the voice side as well. How do you sort of think of sort of for lack of better term input management or input processing in smartphones moving forward? Do you see a something where the sensory motion processing and voice gets consolidated over time or do you see this as something that’s going to remain sort of specialized and discrete kind of over the next one to two generation devices?

Peter Santos

Ryan, this is Peter. We very much see them coming together and in the near-to-medium term as opposed to long-term and for a couple of reasons. One is the kinds of opportunities for user interface that are there very much revolve around on Always-on experience. And in terms of having an optimal power management and the natural user interface you want to be able to have Always-on voice and motion together. So you want those energy detectors if you will, for sound and motion to be coming into the same place and determining which sensors need to be turned on and which complication stacks need to be woken up. So there is architectural synergy between voice and motion and other sensory modalities. But beyond that, the direction that we see things going and where we see opportunity is for joint computing of multiple sensor types. And I talked about this in my prepared remarks examples like motion enabled voice in which you use most of the information to influence and inform the multi-microphone advance voice processing that we do, or using bound in motion to do sleep quality assessment and monitoring. So, that’s really where the wind is in our view not just bring these things into the device but doing joint computation if you will, of all these sensor types.

Unidentified Analyst

Great guys. Thanks a lot.

Kevin Palatnik

Thanks, Ryan.

Operator

Thank you. Our next question comes from Suji De Silva of Topeka. Your line is open.

Suji De Silva – Topeka Capital Management

Hi guys. Nice job on the quarter. First off in the guidance can you talk about what’s your assumptions are on Apple whether that has the cliff dropped off or just kind of hold to this level just to get an understanding there?

Kevin Palatnik

Sure, Suji this is Kevin. From what you can see in the P&L effectively license revenue is all the revenue we received today. As we look through the rest of the year, we see that hovering around plus or minus around the same as they prepare for the next generation announcement let’s say it is September. We would expect that the current low in product 4S to be end of life. As you may know, we recognize royalty revenue or license revenue one quarter so it wouldn’t impact Q4 revenues, but looking into Q1 of ‘15 it would. So, we see the license revenue maintaining plus or minus small decline as we move throughout the year, but we’ll see this tail through the end of ‘14.

Suji De Silva – Topeka Capital Management

Great. Thanks. Another question is on Samsung the penetration’s below the flagships in the mid range and you watch from 70% revenues, you talked about Samsung coming down is it possible to get back at or below 60% by the end of the year? It’s kind of matched up with the first question of your penetration beyond the flagships.

Kevin Palatnik

Yeah Suji, Kevin again. It will certainly be our goal to get Samsung concentration down to 60% or even below that. There are many dependencies to make that happen. I think at 74% as a peak I think you’ll see a small decline as we move throughout the year, it’d be a great goal to get to 60% but I wouldn’t prospectively I wouldn’t commit to that.

Suji De Silva – Topeka Capital Management

All right. Do you feel like you’re showing up the new models versus the flagships that kind offsets that opportunity at Samsung?

Peter Santos

Suji, this is Peter. We are seeing additional penetration into the midrange models that of course doesn’t reduce our Samsung concentration it increases it. That said, it’s still business we’re very interested in getting and business be successful at pursuing.

Suji De Silva – Topeka Capital Management

Last question on Motion Q is that Peter competitor to sensor hubs or somehow complementary if you could kind of place those for me in the landscape? Thanks.

Peter Santos

It is competitive to sensor hubs and what we bring to this market is principally much lower power and lower area. We by virtue of hardware acceleration are able to do the motion computing that’s involved in context awareness and step counting and fitness and those kind of applications, with much lower power than the typical microcontroller architectures that are used in sensor hubs, and because of the process technology that we use we also have a smaller physical area. So, both the – how we’re able to deliver and help enable Always-on and the physical size of our devices is proving to be attractive to customers that want motion processing and it also helps us to engage earlier in motion plus voice .

Suji De Silva – Topeka Capital Management

Thanks guys.

Kevin Palatnik

Thank you.

Operator

Thank you. Our next question comes from Harlan Sur of JP Morgan. Your line is open.

Harlan Sur – JP Morgan

Hey guys. Thanks for taking my follow up. So going back to our discussion on China Mobile. So, given what appears to be good attach rates and good design win rates of your products, some of the upcoming China Mobile 4G smartphones. And knowing that China mobile in terms of the 4G ramp is going to be more second half weighted, is it fair to assume that your 3G, 4G mix from China is going to be more heavily weighted to 4G in the second half of the year?

Peter Santos

Harlan, it’s Peter there certainly will be a mix of 4G we’re not prepared to make a call at this point on which will actually will be the absolute majority of shipments. So the trend is clear the crossover point when 4G becomes larger and 3G is a question of how individual models fare in the market against one and another? How individual vendors fare in the market against one another? As I highlighted earlier, our mix of design wins and revenue of 4G versus 3G does vary somewhat from one customer to another.

Harlan Sur – JP Morgan

Makes sense. Okay. And great to see your voice processor in the Amazon Fire TV platform, what other Audience powered non-smartphone applications you’ll be expecting to see in the market as we move to the second half of this year?

Peter Santos

Harlan, it’s Peter as I said in my prepared remarks we have a number of PC and tablet opportunities that are in the pipeline. We also starting to see significant interest in our capabilities in a handful of major wearable opportunities and we have opportunities in television remotes as well. So, across the span of adjacent markets we believe that we’ll see design wins and or device launches as we go through the rest of this year in the adjacent markets.

Harlan Sur – JP Morgan

Great. And then my final question I appreciate it. Does the competitive landscape change much for you post the announcement of Cirrus acquiring Wolfson, neither on a standalone basis have really been an incredible threat to Audience. I assume the combination of the two won’t change that but would love to get your thoughts.

Peter Santos

The combination doesn’t. It is something that comes at an interesting time as we are becoming qualified with our codec capability at major accounts, and we really see it as a consolidation of competitors one less player on the field. As we’ve said before, we haven’t seen Cirrus a great deal outside of Apple, and we really see it as if anything a reduction in the number of competitors and it does not change the fundamental competitive dynamic between Audience and these companies in that. We have deep experience, deep technology in voice processing that we think is going to be very difficult for these companies to match, [deep IP] as well. And we’ve demonstrated that we do have the ability to match their analog codec capability with most recently this qualification. So the competitive dynamic in which we think we’re much better positioned to move on to their analog audio turf than they are to move on to ours unchanged by this combination.

Harlan Sur – JP Morgan

Yeah. Great. Thank you very much.

Peter Santos

Thank you.

Operator

Thank you. I’m not showing any further questions in queue. I’d like to turn the call back over to management for any further remarks.

Peter Santos

Thank you everyone for calling in this afternoon. We’ll be at the JP Morgan conference in Boston later this month and look forward to seeing you many of you there.

Operator

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

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