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ANADIGICS, Inc. (NASDAQ:ANAD)

Q3 2010 Earnings Call

November 1, 2010 8:30 am ET

Executives

Tom Shields - EVP and CFO

Mario Rivas - President and CEO

Analysts

Anthony Stoss - Craig-Hallum

Harsh Kumar - Morgan Keegan

Edward Snyder - Charter Equity Research

Aalok Shah - D. A. Davidson

Todd Koffman - Raymond James

Quinn Bolton - Needham and Company

Richard Shannon - Northland Capital

Cameron Wright - Jay Fishman

Operator

Good morning. At this time, I would like to welcome everyone to the ANADIGICS third quarter earnings conference call. (Operators Instructions)

Thank you. I'll now turn the call over to Tom Shields, Executive Vice President and CFO.

Tom Shields

Good morning, everyone, and welcome to the ANADIGICS third quarter 2010 earnings conference call.

Before we get started, please remember any comments made in this call by management as part of prepared remarks or in response to your questions may contain forward-looking information. Such information is subject to risks and uncertainties as described in this morning's press release and in the company's various filings with the SEC.

I would like now to turn the call over to Mario for his opening remarks.

Mario Rivas

Thank you, Tom, and good morning everyone. I'm very pleased to report that results were unexceptional for the quarter for the company, which exceeded our expectations and previous financial guidance. Growth during the quarter was driven by continued momentum in the 3G and 4G wireless market as well as plans in cable infrastructure on WiMAX.

Revenue for the third quarter was $61.3 million, representing a sequential increase of 19% versus the guidance of 11% and reflects a 67% increase year-over-year. The better than expected revenue growth during the quarter was driven by an increase in term business mostly in wireless.

Wireless revenue increased 18% sequentially, and broadband revenue was up a solid 20%. Our team did an outstanding job successfully building and meeting customer orders on short notice during the last month of this third quarter.

The quarter also brought some other notable accomplishments, including record shipments to RIM for the Bold 9650 on installs in 3G Pearl. We also had product shipments for Samsung for the Galaxy S Epic 4G and Galaxy tablets. And we also secured multiple Android design wins at ZTE, Huawei and LG.

Our customer relationships and design win momentum continues to expand. Our top customers in the third quarter were Cisco, LG, RIM, Samsung, World Peace Group and ZTE.

Our third quarter also demonstrated strong engagement with our chipset partners. At Qualcomm, we are well positioned on both their present and future platforms, incorporating Gobi, HELP4, LTE and Multi Mode Multi Band products. With Ericsson, we are actively working on HELP4 and Quad Band H for next-generation designs.

We also formalized a relationship with Infineon through a mutual cooperative agreement, incorporating our HELP4 LTE, our Multi Mode Multi Band products. Additionally, we've also completed negotiations on a product purchasing agreement with one of the largest Tier I OEMs.

With the industry's strong market unit growth forecasted next year for wireless handsets, we expect 2011 to be a positive year for our company.

Now, I would like to talk a few minutes about our strategic initiatives, which include maintaining profitable growth, leveraging operations and the ongoing production of superior products that have enabled us to capitalize on the fast growing 3G and 4G markets.

As our results indicate, our strategy is working. In the third quarter, we delivered $0.06 non-GAAP earnings per share, exceeding our guidance of $0.04. Our operations group continues to achieve world-class product cycle times of less than 30 days with yields in the mid-to-high 90s, while we have simultaneously continued to scale our business.

Our new product pipeline produced over the last year accounted for over 40% of our revenue in the third quarter, and our supply chain remains healthy and strong.

I'll talk about what's driving our growth and the demand for our products. The demand by consumers for instantaneous connectivity anytime anywhere, a lot of which is driven by social networking, it's increasing the need for greater and greater bandwidth on the still growing 3G market. The annual growth for 3G is expected to be 35% through 2014.

And according to a recent report we received from Strategy Analytics, today ANADIGICS has a 22% global market share for wireline CDMA power amplifiers, up from 18% in the second quarter.

The demand for our integrated HELP3 power amplifiers, HELP3 HELP4 stoppers and HELP4 wideband CDMA single-band amplifiers remain strong with consistent high attach rates across many customers globally.

Turning to 4G, we are seeing carriers continue to roll out both WiMAX and LTE networks. In September, we began production of the Samsung Epic smartphone. Our AWT6264 product is now playing a key role in bringing 4G to end users as well.

ANADIGICS is at the forefront of 4G market with LTE markets introduced as early as February 2009. And since that time, we have produced some of the most innovative power amplifiers for the LTE market, including products for USB modules, new-generation handsets and femtocells.

Speaking of femtocells, according to ABI Research and our own research, this market is projected to more than double from 2010 through 2014. To capitalize on this market opportunity, ANADIGICS has leveraged its experience in 3G and 4G mobile power amplifier architectures to develop multiple products for the femtocell market with different optimal out power levels and the highest linearity and efficiency in the industry.

Let me now turn to our broadband business and what we're seeing in this market. In the third quarter, broadband increased sequentially by 20%, driven by double-digit increases in cable infrastructure and WiMAX. That said, offsetting this strong revenue growth in broadband reported in the third quarter, we are expecting a more seasonal fourth quarter that will result in a decrease in broadband revenue of approximately 25% sequentially.

Despite the short-term seasonal fluctuations in this business, we remain confident in the long-term growth opportunities for ANADIGICS in this market. Based on the industry research and our own internal estimates, we project a compounded annual growth rate from 2009 to 2014 for cable infrastructure and mobile WiMAX market to be 14% and 73% respectively.

We also have a lineup of new products addressing market drivers in DOCSIS 3.0-enabled devices, cable modems, cable TV subscriber home gateways, hybrid line amplifiers and 75-Ohm gain blocks for cable infrastructure, mobile WiMAX-enabled devices and small-cell wireless infrastructure for 3G and 4G coverage including picocells and femtocells. We are well positioned to benefit from future growth in both of these markets in the coming years.

Before I turn the call over to Tom, I would like to summarize a few key points. We had an exceptional third quarter, with results that exceeded expectations in terms of revenue, gross profit, cash flow and earnings. Our aggressive new product development plans over the past year drove over 40% of our revenue this quarter.

The relationships with our chipset partners and customers are solid and expanding. And lastly, our fourth quarter guidance is reflective of expected seasonality in our broadband business. However, our long-term growth trajectory remains on track.

With that, I will turn this over to Tom for our financial updates.

Tom Shields

Thank you, Mario. As a follow-up to Mario's comments for the third quarter results, our financial performance continued to favorably expand across all metrics.

Revenue increased to $61.3 million, growing sequentially by 18.6% and year-over-year by 67%. For the full year, revenue was $156.5 million and increased 59% over the full year 2009.

Wireless revenue was $45.2 million, growing sequentially by 18.1%. For the full year or nine months, wireless revenue was $113.9 million and increased 65% over nine months 2009. Broadband revenue was $16.1 million growing sequentially by 20%, the nine month 2010 revenue was $42.6 million and increased 44% over nine months 2009.

Turning to gross profit, we achieved $22.8 million or 37.2% on revenue for the third quarter. The sequential improvement in GP was 160 basis points over third quarter.

Fab utilization exiting Q3 was in the low 70s and we expect that the FAZ rerunning in the mid 70s during Q4.

Turning to operating expenses, we recorded $12.4 million in R&D and $6.2 million in SG&A for the third quarter. As discussed last quarter, we anticipated that R&D might have increased by $1 million versus our quarterly target of $500,000 due to certain favorable customer specific projects that the company would fund for the next generation design and that's what we did during the quarter.

Turning to cash, we generated cash flow from operations of $5 million in the third quarter, contributing to our existing balance in cash, cash equivalence and short and long term marketable securities of $96 million. Depreciation was $5.1 million and capital expenditures were $1.4 million in the third quarter.

Looking ahead into the fourth quarter of 2010, in regard with our FAZ practice of providing guidance equal to our existing forward backlog, we're expecting revenue of approximately $57 million we believe this reflects a pause in orders caused by inventory rebalancing by our broadband customers following the robust 20% sequential growth reported in the third quarter.

And we're seeing shortened order lead times by wireless customers, particularly in Korea and China and perhaps attributable to the solid pool that we've seen in the third quarter. While broadband revenue declined sequentially by approximately 25%, this is viewed as temporary given the typical fourth quarter seasonality that affected in our business in prior years.

Our current backlog for wireless is equal to the wireless revenue reported in the third quarter, but higher than historical fill levels. Sequentially, we expect slightly higher gross margin and lower operating expenses with both GAAP and non-GAAP earnings per share in the fourth quarter to approximately third quarter levels of $0.03 and $0.06 respectively.

We also expect to exit the year above $100 mm in cash, cash equivalence, and short and long term marketable securities on anticipated positive cash generation in the fourth quarter.

With that, I'll ask the operator to open the line for Q&A.

Operator

(Operator Instructions) Your first question comes from the line of Anthony Stoss of Craig-Hallum.

Anthony Stoss - Craig-Hallum

Let me start with gross margin again. Tom, if your broadband is down 25%, can you help us understand why gross margins will be up sequentially in Q4?

Tom Shields

Obviously, the fab is running very efficient. So yields have been up. We see some pretty good product mix in the quarter, particularly in wireless. And also we mentioned the fab utilization will be stronger in the fourth quarter as well.

Anthony Stoss - Craig-Hallum

Mario, the product purchase agreements signed with a Tier 1 OEM, can you elaborate on that? Is it LTE in nature? Can you also give us a sense of when you expect that to be material to revenues, which quarter do you think that will begin?

Mario Rivas

It is both 3G and LTE, Tony. And we have already received some revenue from this particular customers. And what we've looking for is revenue expansion. Also it will be late 2011 or early 2012 when that comes of ignificance.

Anthony Stoss - Craig-Hallum

Okay. And then give us a sense of your view on March if you could? Past year you guys have been better than seasonal, what's your view on March, specially since your utilization rates going up in Q4?

Mario Rivas

We have the practice of giving back in the quarter at the time. And it's too early to making a forecast of the March quarter.

Operator

Your next question comes from the line of Harsh Kumar of Morgan, Keegan.

Harsh Kumar - Morgan Keegan

Let me jump into the guidance, let me try to understanD. A. little bit. I think you said, Mario, that you guys give guidance based purely on backlog, but you also said that you're experiencing shorter lead time with your customers and comps were higher. First of all, what were the comps in the September quarter? What is your assumption for comps in terms for the fourth quarter? And is a situation where simply people are ordering less because they expect to come back in the fourth quarter and just basically pick up the product in a short notice?

Mario Rivas

That is true; we have made it a practice over the last few years to tell you what our backlog is for our guidance. Even the low horizon that we have been experiencing that was the prudent thing to do. So saw our backlog on Friday and that's what we gave you as our guidance for the quarter. And we also specify that our customers mix is interesting in that, some of them only have a four week lead time on orders. Therefore they will not be on our backlog.

So do we expect returns? Yes. Do we expect any push-ups? Well, obviously, I don't, but it can happen. And that is why we stick with the backlog.

Harsh Kumar - Morgan Keegan

I got you; this is very helpful in understanding the guidance. And, Tom, maybe you could highlight on returns, how much are historical returns and how much did they shoot up in the third quarter and again your assumption for the fourth quarter?

Tom Shields

Well, you can track our guidance in prior quarters and you used Q3 as a guide, we guided at 57.5 and we achieved 61. So it's very unclear exactly how turns business will unfold. Certainly as Mario mentioned and we articulated on the call, shortened new order lead times.

Harsh Kumar - Morgan Keegan

I get it now, very helpful again. And then, your largest customer, Korean customer, what was that as a percentage of sales? Or maybe you could also talk to us about what you did with them? And what your goal is exiting the year? Or whatever goal you want to give us, 6 months, 9 months, 4 months out.

Mario Rivas

Yes, our largest customer in Korea was a 10% customer to us. And we feel that that is the customer where we can achieve nice growth going into 2011. And based on the conversation we had with their development team as well as their purchasing team, that should become a reality. That will be one of our engines of growth.

Operation

Your next question comes from the line of Patrick Newton of Stifel Nicolaus

Patrick Newton - Stifel Nicolaus

Mario or Tom, just keeping on this wireless inventory correction, how do you anticipate this correction playing out, I guess, just based on the lead times? And what you're seeing from customers, do you think that this is going to be relegated to the fourth quarter? Or do you think that this burn off could slip into the March quarter?

Mario Rivas

I don't remember saying inventory correction, but the wireless will be flat to maybe slightly up Q3 to Q4; that's what the projection showed today. Typically, there is a seasonality up in the fourth quarter, Q3 was exceptionally strong. So I do not detect a huge inventory correction. It's more, as I say, the change in the mix of our customers that perhaps their percentage have shortened order lead times is higher and therefore my backlog at time of the call is perhaps lower.

Patrick Newton - Stifel Nicolaus

Sorry to use correction, I guess it was rebalancing that was in the press release. And then just one for Tom, I guess, a question on the gross margin front. By my math, contribution margin was about 46% in the September quarter. And I realized that you are having less of a utilization tail end, but it is the lowest level in four quarters despite a better broadband mix, I guess could you walk us through your gross margin dynamics and perhaps, may be some reasons it was a little bit low in the quarter.

Tom Shields

On a gross levels, gross margin was above 38%, but we did take some inventory reserves during the quarter. So it would have been above the 50% threshold that we've been communicating to the street.

Operator

Your next question comes from the line of Edward Snyder of Charter Equity Research.

Edward Snyder - Charter Equity Research

You said you have 22% market share in wideband CDMA products. Generally, what is the product mix? If you can just give us general outline of this, between say power modules, filter modules or power duplex modules? Lot of conversations with several of your competitors about the changing dynamic of the configuration as we move into 3G and, more importantly, into smartphones with a lot of different bands? And just curious if you can give us a quick breakdown of how that works out?

And then also, one of your major competitors is predicting revenue from converged solutions from three OEMs next year beginning in 2Q. Will ANADIGICS participate in this new segment? And if so, what kind of an approach are you look at, several of your other competitors are talking about getting into it later in the year and then at different types of configuration? Just curious about what your product roadmap looks in that regard.

Mario Rivas

I believe you're talking about the nature of our sales. I will say, 90% to 95% of our sales are discrete power amplifiers. And then come in singe band and dual band types or verities. We filled some dye to partners that convert them into modules, and it's over to them to include the filters and the switches and all the other components. Most of the smartphones that you see in the market actually have this discrete, they don't have running modules per say.

So it's interesting to me that leads you into your second question on that. Now we seem to have a band on front end modules and start talking about multi-mod, multi-band devices which is farther level of integration. We definitely want to participate; I will echo another company in the field that stated, "We are not certain what percentage of their sales are going to be transformed into multi-mod, multi-band devices." It is 10% to 20%. Definitely will not be the majority of the business, because it takes away flexibility.

It helps during cost and size, but you pay in terms of performance and power. We'll be giving more details tomorrow during our analyst day on the approach that we're going to take. And our goal is of course to introduce a product that gives you the cost and the advantages without loosing performance. We would like to remain at the foreground of the performancer.

Operator

Your next question comes from the line of Aalok Shah of D. A. Davidson

Aalok Shah - D. A. Davidson

Tom, if you could may be talk a little bit about the linear in Q3? And then also, what have you seen so far in the first month of the quarter? I'm assuming then, you've seen lower order turns coming in so far in the first 30 of the month?

Tom Shields

For Q3, when we had the earnings call, we were booked to guidance at the low 57. And in the turns business, as we talked about it earlier in the call for the quarter, we mentioned on the call that lead time by customers have been shorter. We've been responding very favorably to those shortened order lead times. So coming out of the box, we feel pretty good relative to what the backlog is. I only wish it was one higher. But we're still seeing a lot of good commentary coming back from the field relative to Q4; and that's certainly first half to 2011.

Aalok Shah - D. A. Davidson

Just in terms of the turn rate, did the turns start to slow down as we exit Q3? Or have they moderated just a tad? What in your view has kind of led to this change a little bit from your customer's forecast, I guess, in terms of Q4?

Mario Rivas

Let's separate the forecast from the backlog. So I am not giving you a guidance in terms of forecast, I'm giving your what my backlog is at a particular time. In this case, on Friday. And the forecast, it's a little bit more positive that that. But we are not stating it. We're giving you what our backlog is. So we don't say this is the target and we're 90% booked. We'd say this is the number that we have in orders today.

Aalok Shah - D. A. Davidson

I understand that, Mario. But at the same time, if you're seeing that, I just want to get a sense of what we could potentially expect our of turns this quarter, just so that we have a little bit better sense of what the number really could be if we do start to see some kind of increase in order and turns?

Mario Rivas

I don't know, I cannot predict the turns, I cannot predict potential push-up. That's why I consider prudent just to give you my backlog.

Operator

Your next question comes from the line of Todd Koffman of Raymond James.

Todd Koffman - Raymond James

Could you give the break-out within the broadband segment of set-top infrastructure, wireless LAN and WiMAX?

Tom Shields

Set-top box was essentially $5.6 million. Infrastructure was $6.3 million with wireless LAN up 0.6 and WiMAX was 3.4 and we had some others. It was roughly 0.2 to get to the 16.1 million in broadband revenue for the quarter.

Todd Koffman - Raymond James

What is the meaning of the comments, within the business outlook comments where you say the current order backlog for wireless equals the wireless revenue reported win rate, you say was higher than historical fill levels.

Thomas Shields

What that means essentially is that when we look at our order bookings, at this point in time, compared to prior quarters at the same point during the quarter we are saying that the bookings are higher. So for example, (if today) arbitrarily as my bookings as we suggested is equal to third quarter revenue at $45 million, it may have not been $45 million as we are stating in the press release. It was not $45 million, historical time periods at this point in time during those quarters.

Todd Koffman - Raymond James

I think you referenced LG is greater than 10%. Could you call out the 10% customers?

Mario Rivas

We did not say 10%. This would be 10% and top customers in the high single digits was Cisco, LGE, RIM, Samsung, World Peace Group and DTE.

Todd Koffman - Raymond James

And then one last follow-up comment. When you were referring to the completed negotiations on the product purchase agreement for one of the larger Tier 1s, and you said you are doing a little bit of business with that Tier 1, is that Tier 1 one of your anchor customers or is that a completely new Tier 1 who historically has not been a sweet spot customer for ANADIGICS?

Mario Rivas

That is there in the release that I just gave you.

Operator

Your next question comes from the line of Quinn Bolton of Needham and Company.

Quinn Bolton - Needham and Company

Just wanted to confirm, Mario. You said you have not seen any push-outs our cancellations yet in the business. It's certainly more a function just of reduced lead times across those business lines.

Mario Rivas

In general terms, that's correct.

Quinn Bolton - Needham and Company

And then for Tom, I think what I heard, your wireless backlog today, roughly $45, that's higher than where it stood in Q3. So if they're already turns business, you could see growth sequentially in the wireless business?

Mario Rivas

That's correct.

Quinn Bolton - Needham and Company

And then, you're talking about lead times. Is there any material difference in lead times between the broadband and the cellular business?

Mario Rivas

Absolutely; wireless is shorter.

Quinn Bolton - Needham and Company

Okay, but they've both come down?

Mario Rivas

No, I wouldn't say that. The inference will be the shortness of cycle that's related to wireless customers.

Quinn Bolton - Needham and Company

Okay, so most are on the wireless side?

Mario Rivas

Yes, that's correct.

Quinn Bolton - Needham and Company

And then just lastly, not really asking for guidance, out and just around Q2 of 2011, clearly some concern about capacity at some of your competitors. You guys clearly have some upside left in your Fab. Have you seen any design activities, like shift your way because of your capacity constraint to your competitors? Are you, do you think benefiting from some of that tightness at your competitors?

Mario Rivas

The best way to answer that is, when we speak with our large customers, they want more assurances that we are capable of supply and indicate future business based on that capacity. So capacity has become almost as important if not more important than pricing.

Quinn Bolton - Needham and Company

I chipped on a couple of minutes late, so you might have referenced this. But any update on your foundry agreement with WIN and progress to-date on that relationship?

Mario Rivas

Yes, we did not speak about it but we have the products, say COMPASS products that's in our lab. And we have some customers that are anxious to qualify them because of the capacity constraint, and we will continue to move forward with it. So we feel very confident on our ability to scale.

Operator

Your next question comes from the line of Harsh Kumar of Morgan Keegan.

Harsh Kumar - Morgan Keegan

Just kind of want to dig into the broadband guidance. Any areas that are weaker than others, or customers and products or is it kind of kind of spread across the board?

Thomas Shields

It's general across each of the customers.

Operator

Your next question comes from the line of Richard Shannon of Northland Capital.

Richard Shannon - Northland Capital

Just a couple of quick questions from me. I guess first one for you Tom, you mentioned some inventory reserves you took in the third quarter. Were those substantial in any way that you can quantify that, and were they more than normal?

Thomas Shields

Yes. In total, the inventories are within $1000. So without the inventory reserve, we probably would have about 38.5% GP. But on certain programs, the customized programs, they didn't go to the market.

Richard Shannon - Northland Capital

And then, second thing also on inventory. Where do you expect to finish inventory exiting this quarter on dollar rates? They'll be flat or up or how do you see those?

Thomas Shields

We still need to fill some safety stock, so we'll expect that it's going to be up in the fourth quarter. We're looking to (get) on hand roughly between 50 to 60 range.

Richard Shannon - Northland Capital

Then last question from me. Your churns business in your wireless area, specifically, how does that normally trend, how does that finish your quarter and as opposed to how that finishes in other quarters during the year? Is it a little bit less churns normally or how does that (inaudible) out?

Thomas Shields

Now it's down. We typically have seen, at least in the past three quarters in 2010, you see top turns business, magnitude of which can be anywhere between $2 to $4 million. As Mario mentioned, when you have shortened order lead times, and we are trying to understand best is, is they are just cautionary measures taken by the customers, because they are trying to figure out what the sell-through activity is and is the channel coming up a nice strong Q3?

So it still remains to be seen, the contract business we'll see for the fourth quarter.

Operator

Your next question comes from the line of Cameron Wright of Jay Fishman.

Cameron Wright - Jay Fishman

Two questions for you. With your cash balance approaching $100 million, do you have a target level for that? And then what do you plan on doing with all the cash?

Thomas Shields

I think when we started the year we would have been be able to be at $80 million, and we are even happier to be at $100 million. So we are looking for opportunities to make strategic investments, but if that is the extent of our wish to spend the money then that is possible.

Cameron Wright - Jay Fishman

Now, part of my second question, do you see increased R&D spending in future quarters, or do you expect that to continue to 500K quarter-over-quarter increases?

Thomas Shields

We are trying to be prudent on our increases, and we go after opportunities. And in the case multi-mode, multi-band, we have 3G (term) partnerships going in parallel, and that increases our level of R&D. But as we announced, 40% of our revenue in the third quarter was from new products, which tells you, we are in technology, therefore we had to invest. Now we don't want to "storage" but we do want to be investing on our R&D because that's our future.

So that's part of the use of the money, and if we can strategically acquire either a company or a group of engineers that can help us accelerate, develop then we will.

Operator

At this time, there are no further questions. I will now turn the call to management for any closing remarks.

Mario Rivas

I believe the third quarter has further solidified our company's financial position and ability to deliver consistent quarterly results and profitable growth going forward. We have been very successful developing some of the most innovative products for the 3G and 4G markets, which is clearly demonstrated by the percentage of new product revenues in the most recent quarter.

I am confident that we can continue to leverage the success along with our world-class operational excellence to deliver growth and value to our shareholders in the coming quarters.

I would like to take this opportunity to thank the employees for their hard work, and the participants on this call and our shareholders for their continued support. Thank you very much and have a wonderful day.

Operator

Thank you for participating in the ANADIGICS third quarter earnings conference call. You may now disconnect.

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