Maxwell Technologies' (MXWL) CEO Franz Fink on Q2 2014 Results - Earnings Call Transcript

Jul.31.14 | About: Maxwell Technologies, (MXWL)

Maxwell Technologies, Inc. (NASDAQ:MXWL)

Q2 2014 Results Earnings Conference Call

July 31, 2014, 05:00 p.m. ET


Mike Sund – VP, IR

Dr. Franz Fink – President and Chief Executive Officer

Kevin Royal – Senior Vice President, Chief Financial Officer, Treasurer & Secretary


Philip Shen – ROTH Capital

Alexander Potter – Piper Jaffray

Tyler Hojo – Sidoti & Company

Jinming Liu – Ardour Capital


Good evening and welcome to the Second Quarter 2014 Financial Results Conference Call. All lines are currently in a listen-only mode. Later, you will have the opportunity to ask questions during the question-and-answer session.

It is now my pleasure to turn the conference over to Mike Sund, Vice President, Investor Relations. Please go ahead.

Mike Sund

Good afternoon. In a few moments, you will hear from Dr. Franz Fink, Maxwell’s 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 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, 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 July 31, 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 President and CEO; Dr. Franz Fink.

Franz Fink

Thank you, Mike, and good afternoon everyone. In today’s call, I will provide a short review of our second quarter performance, a general update on our business as well as our view on the market. Before we comment on these results, I would like to briefly introduce myself.

As most of you are aware, I was appointed as Maxwell’s President and Chief Executive Officer on May, 1st. I would like to take this opportunity to thank John Warwick our Senior Vice President and COO for his leadership as Interim President and CEO earlier this year. Let me first say that I’m very happy to be a part of the team at Maxwell. The Company has solid core businesses, a strong technical foundation and a dedicated and talented employee base.

I am committed to working closely with the team to build upon this excellent foundation and to develop and deliver market leading products and solutions, to continuing to build strong customer and partner relationships, to establishing credibility with our stakeholder base, to developing teams and talent and to drive profitable growth and ultimately shareholder value.

Let me now comment on the second quarter results. We achieved a solid second quarter performance by delivering $46.1 million in revenues which were similar to first quarter revenues as well as in line with our guidance. This was driven by the continued solid demand for many of our products across a number of our market segments.

Our gross margins declined slightly to 36% due to less favorable revenue mix and we generated operating income of nearly 600,000 on a non-GAAP basis. At the end of the second quarter our cash position remains strong at $30.7 million.

Second quarter revenue from our ultracapacitor product increased by 6% to $33.9 million compared to $32 million in the first quarter of 2014, revenues from our China bus business during the second quarter rose off and we continued to be cautious about the pace and timing of the near term rent.

While based on our customer input we remained confident about the fundamentals of the longer term rent of new energy buses in China, due to the type of current and potential future government subsidies and new technology competition, the mix of new energy buses to be built remains unclear at this point in time. Our ultracapacitor link related sales increased by over 40% and rail revenues more than doubled compared to the first quarter of 2014.

Ultracapacitor sales in the wind pitch-control systems continue to gain momentum, driven by continued production rents of our 2013 design wins. We are excited about the rapidly developing large potential ultracapacitor rail market as our products are enabling rail system operators to achieve up to 20% energy savings and significantly reduce infrastructure costs.

Automotive revenue remained a solid contributor in the second quarter and we expect revenue from our continental stop-start program to remain strong. Over the past few months, I met with key leading automotive OEMs in tier 1 and from the feedback they have provided, I am very confident that we are continuing to make good progress in this market.

In view of the design-in cycles and the automotive industry, however, revenue will take time to rent and it will start to rent into premium car segment and then gradually migrate down to higher volume car platforms as systems costs come down overtime.

So automotive market represents an important market segment for us and we are focusing to position ourselves to even better leverage these opportunities in future. I am encouraged by the OEM in large truck king fleet which runs through our product line of engine starting modules, which are designed to search the medium and heavy duty class 3 through 6 trucks.

We are working with all four heavy duty truck OEMs and we have passed evaluation for our in evaluation with approximately 50 fleets including 6 fleets each consisting of more than 10,000 trucks. We are working with multiple OEM after market divisions and many of the leading independent after market resellers as we are making good progress on building out our distribution and installation network.

I believe engine starting and trucking will be an important growth driver for Maxwell in the years to come. Our micro electronics revenues continued to be adversely impacted by the United States governments hold on granting expert licenses to Russia as part of the sanctions program resulting from the prices in the Ukraine.

Sales into various Russian space programs have become a significant portion of our micro electronics revenue stream so we are confronting the loss of about $2 million growth of business there this year.

High voltage capacitor sales are stable, but global electric utility infrastructure spending has been softening as a result of budget pressures in China and elsewhere, so we do not expect to see growth this year with our high voltage products.

During the second quarter, we introduced several new industry gross product. In April, we announced an ultracapacitor supply agreement with ABB for breaking energy recuperation system. ABB is installing for the Philadelphia Area Light Rail System. This system is the first of its kind in the world going beyond the recovery of breaking energy by also helping the electricity grids to be more stable and efficient. We are continuing to make good progress in this market segment and we expect to be in a position to share more exciting news in the near future.

In June, we launched a new 2.85-Volt, 3400-Farad ultracapacitor cell that sets a new industry standard for both energy density and power density and introduces our durable shock and vibration technology that increases vibration resistance by approximately 300% and shock immunity by 400% as compared to competing products.

This latest addition to our differentiated portfolio of ultracapacitor cells combines our unit and patented dry electrode formation and manufacturing process with a robust proprietary cell structure designed to meet or exceed. The most demanding shock and vibrational requirement of the growing number of power hungry applications in the global transportation market.

As communicated earlier, we have signed a memorandum of understanding regarding a technology development partnership with [Sunkyung] and we are making excellent progress in negotiating the terms of a definitive agreement. I am optimistic that we will be in a position to share more details about this strategic agreement in the very near future.

During the past few months, I met with a significant number of our customers and potential partners seeking feedback on how to better serve our customers and exploring opportunities for growth. I am encouraged by the feedback we have received and confident we can further leverage our core technologies into selected markets to provide a competitive advantage for our sales and for our customers.

We remain committed to continue to establish an ever strong attachment to the port infrastructure to better serve and support our global customer base. We are very excited about the potential of our recent interviews and products as well as the progress we are making with our customers.

We are continuing to invest in our core portfolio to profitably grow our business. I’ll now turn it to Kevin to review our second quarter results.

Kevin Royal

Thank you, Franz. I'm going to spend a few minutes providing some additional details on our financial results for the second quarter of 2014. Our revenues were $46.1 million for the second quarter of 2014 which were up slightly from the $46 million recorded in the first quarter. Revenues for our ultracapacitor products increased 6% to $33.9 million for the second quarter of 2014 compared with $32 million for the first quarter of 2014. This increase was primarily driven by increases in sales for wind energy and rail applications which offset a decline in sales for plug in hybrid bus applications.

Revenues for our high voltage capacitor products were $10million for the second quarter of 2014, down slightly from $10.1 million Q1. Revenues from our microelectronics products which tend to vary widely from period to period were down 44% to $2.2 million, from $3.9 million in Q1 2014.

Our non-GAAP gross profit for Q2 was $16.8 million compared with $18.1 million in Q1 of 2014. Non-GAAP gross profit was 36% of revenue for the second quarter compared with 39% for the first quarter.

The decrease in gross profit was primarily due to product mix, higher manufacturing cost associated with our new electrode facility and a higher level of unabsorbed manufacturing cost due to lower production volumes.

Total non-GAAP operating expenses for Q2 2014 were $16.2 million, down from $16.6 million for Q1. Lower operating expenses are due to lower marketing spending during the quarter.

We expect non-GAAP operating expenses in Q3 2014 to be in a range of $17 million to $17.5 million. Our non-GAAP net loss was $15,000 or break even per share for the second quarter of 2014 compared with a non-GAAP net income of $1.1 million or $0.04 per diluted share for the first quarter of 2014. This decrease in bottom-line is mainly attributable to the decrease in gross profit in the second quarter partially offset by the decline in operating expenses. Our non-GAAP earnings before interests, taxes, depreciation and amortization or EBITDA was $3.5 million in Q2 2014 compared with $4.2 million in Q1 2014.

Now I would like to turn to the balance sheet. We ended the quarter with cash of $30.7 million, which represents a decrease in cash and restricted cash of $1.8 million from Q1 2014. We reported cash used in operations of $885,000 for the quarter. During Q2, 2014, accounts receivable increased $2.2 million primarily associated with shipment linearity patterns where sales are more heavily rated to the end of the quarter.

During the second quarter, we spent $891,000 on capital equipment primarily related to investments in our research and development facility in San Diego, and production capacity expansion in our contract manufacturing operations in China.

As of June 30, 2014, we have $10.2 million in debt obligations outstanding. This debt balance consists of $3 million under our revolving line of credit and equipment loan of $1.4 million and debt of $5 million held by our Swiss subsidiary.

Now I’ll turn it back over to Franz, to discuss other areas of the business.

Franz Fink

Thanks, Kevin. We are encouraged by the continued in activities of our new products across all of our market segments. As stated in our press release today, limited visibility into the plug-in hybrid bus market in China continues to makes it difficult to forecast ultracapacitor sales with the high degree of certainty.

Based on customer forecast for bus and other ultracapacitor applications and order flow for microelectronics and high voltage capacitor products, total revenue for the third quarter is likely to be down as much as 15% compared with that recorded in the second quarter. Despite these uncertainties we continue to focus in our customers and to execute our business strategy.

We have a solid balance sheet and sound business fundamentals in place and continue to expand our portfolio to accelerate our growth potential. I am excited about opportunities at Maxwell. I look forward to working with the team as we develop and execute our strategies.

Operator, we ready to turn the call over to questions.

Question-and-Answer Session


Thank you. (Operator Instructions) We’ll take our first question from Philip Shen with ROTH Capital. Please go ahead.

Philip Shen - ROTH Capital

Hey, guys. Thank you for taking my questions. First off, Franz, congratulations on your new position.

Franz Fink

Thanks, Philip.

Philip Shen - ROTH Capital

Let’s talk about guidance. What kind of conservatism have you baked into guidance? We spoke with Yutong earlier this week. And they sure that they expect back half new energy bus sales to be up 50% for first half, are you seeing any of this as well?

Franz Fink

Well, we have seen indeed on the positive side, some orders in the second quarter from broader customer base. However, visibility into this market remains very limited and therefore we remain cautious about the pace and the timing of the near-term revenue ramp.

Additional, automotive is seasonally soft during the third quarter mainly driven by lower business from Europe throughout the summer holiday months. Most other ultracapacitor markets remain strong and solid, and in this context we remained excited about our opportunities that lay ahead of us. But clearly, it’s a lack of visibility makes us to take a cautious view with respect to the pace and timing of the near-term ramp of the business in the China bus market.

Philip Shen - ROTH Capital

Okay, great. Shifting gears, let’s talk about the auto segment. I think earlier this year, you guys were talking about a multiple auto design wins across multiple applications in 2014. Can you give an update on this segment in this opportunity? What your sense of timing of a potential win and how many OEMs are you currently in discussion with?

Franz Fink

Right. Let me just first start with the business that obviously you all know we have which is Continental Stop-Start program that remains a solid contributor and we expect revenue from this to remain strong.

Also, as you might know, I have been working personally in automotive for almost eight years. So, I know this market quite well. So over the past few months I might with key leading automotive OEMs in Tier 1s. And from the feedback they have provided -- I’m very confident that we are making very, very good progress in this market.

However, I also would like us to acknowledge that in few of the longer design-in cycles in this market, as well as the fact that the revenue start to ramp at the premium car segment and then migrates down to a broader mass market platforms, a systems cost come down, obviously we’ll have to be taken into consideration as we look at the revenue ramp in this market segment.

But to summarize, nothing has changed fundamentally from what’s the team has been generally communicating. I’m very encouraged about the progress we are making in the market segment, and we are really focused on even better position ourselves to better leverage sales opportunities in future.

Philip Shen - ROTH Capital

Great. One more question from me and I’ll jump back in queue. How do you guys think about your business over the medium term? Your [sales] for Chinese hybrid-bus market, when do you expect to have a greater balance of revenues and what you see as the key contributing segments?

Franz Fink

Right. So, obviously as we communicated we had very robust ultracapacitor revenues and very encouraging growth in a few of the segments. Wind market is very stable. Has been contributing here very nicely over the last few quarters year-over-year, and we expect this to be a very solid market in the year-over-year basis while their seasonality growing moderately moving forward.

In the rail market where we just had recent announcement as late as in April with ABB, we’re making good progress. That market has been very significantly growing year-over-year. And I’m also very encouraged that we’re making good progress in the market with news we will be able to share here with the public in the very near future.

On top of this, we talk about automotive. Again I would like to reemphasize that we have a very strong relationship with Continental and of course, Continental is focused on leveraging their differentiating Stop-Start System and focused proliferating that further to other OEMs.

In the truck market, as I pointed out, we are really taking this from three different angles. We are really working here with OEMs, with the fleet, fleet owners, but also with service and retail channels. And while this market take obviously some time as we expect qualifications, most of them go through a four-season testing.

I’m very encouraged that this market – so engine starting and trucking will be an important growth driver for us in the years to come. And then, high voltage where we’re already very well established with key customers in the energy grid, as new renewable energy get introduced into the energy grid, more and more -- we see more and more ultracapacitor opportunities there. And while this is a little bit further out, certainly in the long-term that has very good prospectus for us too.

I would like to also point out that with the product we deliver into the engine starting for trucking obviously [indiscernible] generator sets also represent the very good opportunity and we have seen here initial interest and initial good momentum.

Philip Shen - ROTH Capital

Great, thank you Franz. I’ll jump back in queue.


Thank you. We’ll take our next question from Alexander Potter with Piper Jaffray. Please go ahead.

Alexander Potter - Piper Jaffray

Hi, guys. Thanks. I was wondering if you could first of all, just from housekeeping standpoint give the segment revenue or sub-segment revenue from autos, buses, winds as you have typically done in the ultracapacitor segment?

Kevin Royal

Alex, this is Kevin, happy to do that. What I’ll do is I’ll just provide the percentage of the various segments as a total of the ultracapacitor revenues which were $33.9 million in Q2. So just a quick breakdown, buses represented 37% of total ultracapacitor revenues, wind represented 25% of those ultracapacitor revenues. Our rail market was up from 4% of total revenues in Q1 to 8% in Q2.

The revenues that we put through distribution were 3%, that’s down to tick from Q1 where they were 4%. So we don’t know in every instance in the applications, but through distributor we had 3% of our ultracapacitor revenues for the quarter. Automotive was 14% in Q2 and then the solid state disk drive business was 4% in the second quarter.

Alexander Potter - Piper Jaffray

Okay, very good. That’s helpful. Then I guess switching over to automotive, early in the year, John was relatively specific about the guidance, multiple design wins, multiple segments in the auto segment in 2014 and I guess, there’s nothing has changed in the auto segment than we should still be expecting multiple design wins before the end of 2014 in the auto segment, does that still accurate?

Franz Fink

Well, let me be more specific with respect to my comment. With respect to that, nothing fundamentally has changed. I’m referring to that, we are indeed working with Tier 1s and OEMs on a number of projects, and I’m very encouraged with respect to the progress we are making.

As far as I’m concerned, I just would like to also emphasize that I feel comfortable to talk about automotive design wins at a time when we have authorization from our customers to do so. In the mean time, I would like to reemphasize that we are making good progress in this market and we remained focus to better position ourselves in this market for the future.

Alexander Potter - Piper Jaffray

Okay. That makes sense. I was wondering also on China hybrid bus. If you could -- I know if its possible to do this, but maybe name obviously everybody knows you’re working with, but there’s a number of other bus OEM that there? You mentioned, you are getting orders from a broader customer base. Can you just name some of the bus OEMs that are using Maxwell’s ultracapacitors and then comment I guess maybe on the penetration of their bus models that use ultracaps versus the ones that don’t?

Franz Fink

Yes. I rather don’t go into a customer-by-customer basis, but I’m sure it’s a Top Five of the bus customers there. With respect to the models, obviously, we are in the plug-in hybrid buses. It’s also known that we are -- as we are energy source agnostic in some of the few electric buses.

However that is a very minority percentage today and we are obviously focused and improving that moving forward. But once more, as far as customer-by-customer name is concern, I think it’s very well known what the top five are and we are pretty much involved with most of them.

Alexander Potter - Piper Jaffray

Okay. Very good, last question from me. I was wondering if you’re seeing any competition, new competition maybe low cost competition coming from the developing world, from China or from the developed world than Europe or North America as specifically into these larger industrial applications. Thanks.

Franz Fink

Are you talking generally or are you talking China bus market?

Alexander Potter - Piper Jaffray

Well, I guess China bus market first and foremost, but broadly speaking as well.

Kevin Royal

Yes. Obviously we take a no business for granted. So we are always focused on of course first of all, our customers, but also what competition is doing and what we need to do to position ourselves providing a competitive advantage.

I think it also has been communicated previously that as the bus market in China grows with respect to the percentage of new energy buses becoming a higher share of roughly approximately 80,000 buses manufactured in China every year, that this will attract more competitors.

And so, in that context we do not expect to be on our own as this market unfolds. And of course, we are not just focused here on competitors, likes the ones from Korea, but clearly also low cost competitors from China.

In summary, we think we have a solid position, but clearly as a market get larger, more competition will get attracted. As far as other markets is concern, we have a very unique differentiated product line, but -- and have differentiated capability. But that’s sort of dry electrode or other features just like introduced through the latest addition of our 285 volt higher voltage cell.

But clearly in -- most of the applications we are looking at and the ones we are working on. Customers are looking at what’s available and you have to earn the business. And that’s what the team is focus on. What do we need to do to have a better infrastructure, better support our customer and deliver an ever increasing more differentiating product portfolio, modules and system solutions to their customer base.

Alexander Potter - Piper Jaffray

Okay. Thanks.


Thank you. We’ll take our next question from Tyler Hojo with Sidoti & Company. Please go ahead.

Tyler Hojo - Sidoti & Company

Good evening. Thanks for taking the question. Just to go back to the China bus market. So, look, I mean, when we look back to kind of your commentary on the last earnings call, essentially you guys indicated that you thought ultracap sales to the China bus market would be up year-over-year?

So just trying to kind of circle that square in terms of kind of remaining cautious on the market, has the outlook changed or just has the outlook change in regards to the third quarter?

Franz Fink

Well, basically there always has been limited visibility and in that context it always has been difficult to forecast here even as near-term as a next quarter. In that context you go with your best judgment what your customers tell you. And indeed from – and I just visited obviously China just recently too. Indeed from what they have been thinking initially as a new subsidy was been put in place, new plug-in hybrid buses and what that could mean, is the infrastructure going to build or not build.

I would just position it like this. They all were a little bit more bullish and then as they saw they maybe infrastructure is not quite there, is my judgment obviously their expectations have been coming down and in that context that it has been somehow coming down and the lack of visibility that always has been there and is still there. We are just very cautious with respect to pace and timing of this near-term ramp.

Tyler Hojo - Sidoti & Company

Okay. I mean, certainly that make sense. What is the updated expectation for the year? I mean, it certainly seems like you don’t expect the market to be up this year. I mean is that a safe assumption?

Franz Fink

Well, quite honesty in few of the limited visibility and what we hear from our customers. At this point in time, we just remain very, very cautious and feel that we cannot make a real projection for the whole year.

Tyler Hojo - Sidoti & Company

Okay. That’s fair. Maybe you can discuss a little bit how that relates with how you’re dealing with inventory. Last quarter, I know, you all were building inventory basically with the expectation that the orders would start flooding in. Has that kind of view on inventory change? It looks it has just by looking at your balance sheet?

Franz Fink

Well, maybe I make a general comment on inventory and how we mange it and then Kevin will provide more details, but obviously in view of our cautious stands we are taking due to the lack of visibility particularly on the bus market in China. We will manage all our supply chain and manufacturing operations with respect to inventory accordingly.

Kevin Royal

Yes. What would say as far as inventory, we’re basically consistent with the levels that we had at Q1. And you are correct that we built inventory in anticipation of ramps. So the levels are high in relation to historical levels. Our manufacturing will be lower in Q3, as we said we expect our revenues to be down. But as we get better look into Q3 and in particular if we get better visibility in Q4 than that ramp could certainly change.

We’ve got the capacity, the module that we sale into the China bus market is the same for our customers. So we tend to take the view that we want to have the inventory available to sell, because we know that ultimately whether it takes a couple of quarters more than plan, that inventory will be solved and will not go excess or [absolutely].

Tyler Hojo - Sidoti & Company

Got it. Okay. Thanks for that and just maybe lastly from me. Just looking at rail I mean, up really nicely on the sequential basis and I know that’s a lumpy as basically sales are just starting to ramp. But maybe you can talk a little bit kind of what the bookings pipeline looks like within the rail market?

Franz Fink

Yes. As you point out pilot, a little bit difficult from a standpoint that rail like other markets is really project based and in that context on a quarter-over-quarter basis it’s difficult to go into more detail with respect to your question. I will like – I would like to see some reemphasize that we have encouraging traction here as the result show and we are making good progress in the market. And I am cautiously optimistic that we have more news to share in the very near future with respect to progress in the rail market.

Tyler Hojo - Sidoti & Company

Hey, wonderful. That’s all I had. Thanks a lot.

Franz Fink

Operator, I think we have few of the time for one more questions.


We’ll take our last question from Jinming Liu with Ardour Capital. Please go ahead.

Jinming Liu - Ardour Capital

Thanks for taking my question. Firstly, on the cost receivable. The second quarter number increased from first quarter number that which is already was not higher than the last year’s level. My question is, did you how do you attend to your cost receivable policy or your credit policy with all your customers?

Franz Fink

There has been some slight changes in the quarter where we extended some payment terms from 30 days to 45 days, but that was really just a few customers. I think what you are really seeing there is that there was a linearity issue where more of the quarter shipments ended up in the third month of the quarter as compared to Q2. We did have a few payments, a few significant customer accounts that slipped into the one to 30 day past due, but only we’re talking about a week or two and all of those and that was about $2 billion, all of those amounts have been paid through today’s day with the exception of just a couple of small accounts lower than a $100,000. So just to summarize, we did have some terms extension but not that significant. The increase is really more related to the linearity and the slip into the past two buckets was relatively minor at $2 million in that, these have been collected, committed or the accounts that remain are small.

Jinming Liu - Ardour Capital

Okay. Switch to the Chinese bus market. Do you have any idea how much, what is the human’s level or the capacitors had to your customer side? What are we trying to carry is whether they pre-ordered their supply and anticipate of a large increase of sales.

Franz Fink

We have to some level an understanding but not to the point where we by customer base really knows the detail and that combined with a lack of visibility they have to some extent obviously makes it difficult to forecast.

Jinming Liu - Ardour Capital

Okay. Lastly, regarding your cost of product sale in the second quarter, was there any event for [indiscernible] in your cost number for the second quarter?

Franz Fink

No there was no inventory write up. I think there was minor reserves that we took related to some electrode out of our new facility, but we’re talking about under $80,000 so nothing significant in the quarter. The main reason for the lower gross profit was basically tied to lower production levels as well as lower revenue levels for micro electronics which tends to have significantly higher gross profits in corporate averages.

Jinming Liu - Ardour Capital

Okay. Got that, thanks.

Franz Fink

Allright. With this, again, thanks for participating today. Thanks for your interest and we are certainly committed to keep the lines of communication open and looking to meeting with you over the weeks and months to come. Thanks for participating today.


And this concludes today’s conference. You may now disconnect your lines and have a wonderful day.

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