Orbotech Ltd. (NASDAQ:ORBK)
Q2 2016 Results Earnings Conference Call
August 03, 2016, 09:00 AM ET
Rami Rozen – Director, IR
Asher Levy - CEO
Amichai Steimberg - President and COO
Ran Bareket - CFO
Joseph Wolf - Barclays
Harlan Sur - JPMorgan
Wayne Loeb - Cowen and Company
Jaeson Schmidt - Lake Street Capital Markets
Andrew Uerkwitz - Oppenheimer
Andrew Abrams - Supply Chain Market Research
Good day and welcome to the Orbotech Second Quarter 2016 Conference Call. Today's conference is being recorded.
At this time, I would like to turn the conference over to Mr. Rami Rozen, Director of IR. Please go ahead, sir.
Thank you, Operator. Joining me on the call today are Asher Levy, Chief Executive Officer; Amichai Steimberg, President and Chief Operating Officer; and Ran Bareket, Chief Financial Officer.
Please note that certain statements that are not historical are forward-looking, within the meaning of the Private Securities Litigation Reform Act of 1995. The words estimate, project, intend, expects, believe and similar expressions are intended to identify forward-looking statements. And these forward-looking statements involve known and unknown risks and some uncertainties. Any factors could cause the actual results, performance or achievements of the company to be materially different from those that may be expressed or implied by such forward-looking information.
Additional information regarding risk and uncertainties associated with the company's business are included in, but not limited to, the Company's reports filed from time to time with the Securities and Exchange Commission.
In August, the Management will participate in Oppenheimer Technology, Internet & Communications Conference, and Canaccord Genuity Growth Conference in Boston and in September in Citi's Global Technology Conference in New York.
With that said, I would like to turn the call over to Asher Levy.
Thank you, Rami and thank you everyone for joining our second quarter 2016 financial results conference call. I'm pleased to report continued strong momentum across our business. Orbotech is uniquely positioned to meet our customers' demands for innovative solutions through manufacturing challenges.
In the second quarter, we again achieved financial results which reflect the success that we continue to have in supporting our customers, as they respond to significant technological changes in their manufacturing processes.
Based on the strength of our bookings, we continue to expect the revenue during the second half of 2016 will grow compared to the first half of 2016. Our results for the second quarter and year-to-date are consistent with our expectations coming into the year and our outlook for the rest of 2016 remains unchanged. We continue to see strong investment by our customers across our product line which supports our growth trajectory.
Now, let me briefly touch upon the development in each of our three divisions. First, the Printed Circuit Board division, the PCB division recalls a solid performance with continued growth and balanced results across all of our product lines. Similarly to the first quarter, PCB's financial performance was strong for our Direct Imaging product portfolio. We also introduced new and innovative product solutions which were instrumental in driving growth.
During the quarter, we launched our newest DI solutions Nuvogo Fine which is becoming the defective standard used for the PCB production for next generation of smartphone devices. This quarter we sold and installed initial Nuvogo Fine systems at key customers and the indications we’re seeing are very positive and will result in additional opportunities.
In addition we also launched the Precise 800 for advanced high-density interconnect, HDI and complex multilayer PCB manufacturing. The Precise 800 is capable of both removing excess copper for shorts shaping and depositing missing copper for opens shaping. This one stop solution is the first of its kind and increases PCB use significantly by practically eliminating scrap thus allows PCB manufacturers to realize cost savings and achieve faster return on investment.
We are pleased to report that this innovative solution was booked by major customers after long testing period and used in their production flow. Broadly in Direct Imaging, we are very well positioned with rich product portfolio which enables us during the quarter to capture opportunities in the solar mass market with the Diamond system. And we design models for the MLB, multilayer board market and also in the flexible PCB market.
We continue to view the flex PCB as future growth opportunity and we’ll continue to contribute new solutions for this product category. We are working closely with key players in the PCB ecosystem including major designer and leading customers. This close collaboration allows us to continue to launch advanced new solutions that address the requirement of our customers. It provides us with additional growth opportunities and cements our position as technological leader. To us this is an important ingredient in our business strategy which enables us to grow faster than the PCB industry.
Let me turn next to the Flat Panel Display division. In FPD the investment plans are on schedule and the trends continue to be strong. The business momentum continues to improve and the orders in our backlog enhance our confidence in continuous revenue growth during the second half of 2016. You all will recall that over the last two quarters, we have introduced new products, the Quantum High-Resolution and the Prism 2 our latest inspection of repair system.
Coupled with the Exelon, the special design for cell contact testing system, we now offer the comprehensive product mix for the small to medium OLED flexible displays. In the second quarter, we recorded strong revenues for the Quantum HR and for the Prism 2. This strong underlying investment in technology coupled with our increased penetration to the flexible displays in OLED market including new applications for PCs is creating additional opportunities for further growth of our total available market.
During the quarter we achieved additional win with flexible OLED manufacture that enables our marketing position in this sector. Importantly, we continue to see momentum building across the FPD solution sector as our customer are now making additional announcements with investment in OLED and flexible displays with future investments plans in Gen 10 and LCD for larger displays. We believe that this sets the ground for additional strong momentum for FPD going into 2017 as well.
Let me now turn to our semiconductor device division. In the semiconductor device division we see particular strength in the power segment for both 200 and 300 millimeter wafers, as well as solid performance in the RF business. Not surprisingly portable devices and automotive solution continue to drive growth in this category. RF in particular showed good performance over a board range of applications including Valiant after [indiscernible] semiconductors used as power amplifiers in modern phone in bulk acoustic wave and surface acoustic wave filters.
We are also continuing to see investment by the Orbotech outsource semiconductor assembly and test company in advance packaging including winning another new customer. This customer will use our Sigma PVD system to be public the interconnect layer in fan-out wafer level packaging.
The fan-out sector continues to grow at a greater pace than the rest of the advanced packaging market with Texas opening its wafer start forecast at an 87% CAGR. We’re seeing other companies investing in fan-out architecture to take advantage of its low cost, higher IO and lower volume [ph] I mentioned. We expect to continue to leverage our early success in this space and grow accordingly.
Similar to both PVD and FPD we also introduced a new product in the semiconductor device division this quarter, the 300 millimeter Mosaic system for Plasma Dicing. This completes our portfolio of Plasma Dicing solution and we now have the ability to simulate wafers from 150 millimeters to 300 millimeters format. The range from full thickness to full wafer mounted on Tape Frames.
Acceptance of our Mosaic product line has been good and we’ve already received orders for this product in the second quarter. I am pleased to note that our revenues in this division reflect a good product mix, as well as good geographic diversification.
So now let me conclude with a few thoughts before turning the call over to Ran. The result of the second quarter demonstrates the continued success of executing our growth strategies across all of our business lines. The strong underlying demand for our innovative products and unique solution is supported by new product introduction and entry into new markets. With a strong product mix and excellent geographic diversification, we are extremely well positioned to continue to grow our business. I am very pleased with what we’ve achieved so far this year and I look forward to updating you further as the year progresses.
With that I would like to turn over the call to Ran to discuss our financial results in more detail. Ran?
Thank you, Asher and good morning everyone. I am pleased to report another strong quarterly execution continuing the positive business momentum of 2016. Before going into the second quarter numbers, let me quickly address the set of financial transactions we announced during June. This included two strategic moves designed to enhance Orbotech balance sheet, substantially reduce our interest expense and decrease the amount of secured assets on our balance sheet.
The refinancing moves include a public offering of 3.85 million shares for a total proceeds of 100 million. In addition we enter into a new debt agreement in the amount of 110 million at LIBOR plus 145 basis points compared to effectively 5% interest rate in the previous debt. The additional weighted average number of shares for the second quarter resulting from the public offering is 642,000 shares.
As of June 30, 2016, the actual numbers of ordinary shares outstanding was approximately $47.3 million. Due to the timing of the refinancing the impact of the public offering on the second quarter non-GAAP financial results was significant. However on a GAAP basis during the second quarter we recorded a charge of $6.2 million associated with a retirement of the 2014 credit agreement.
Our goals in this transaction were to reduce the financial leverage in our bottom sheet thus preparing the company for future growth opportunities as well as to reduce our interest expense all without damaging shareholders volume. Following the completion of this transaction, our interest expense will decline approximately $2 million per quarter as of the seventh quarter.
Now let me review our financial performance for the second quarter. Revenues for the second quarter totaled $196 million up 3% compared to the previous quarter and 4% year-over-year. Product sales accounted for 72% of total revenues while service accounted for 28%. The PCB division generated total revenues of $73 million in Q2, 2016 up 11% compared to the second quarter the last year. We continue to enjoy improved market condition as well as a wider product portfolio. The FPD division revenues were $50 million down 7% from the second quarter last year and up 12% from the previous quarter.
The positive momentum from the first quarter continues and as mentioned earlier we expect the second half of the year to be stronger than the first half due to the timing of large projects. The SD division generated total revenues of $67 million up 11% from the second quarter last year. The growth in revenues was mainly due to the growth in power and advance packaging demand. Gross margin rate was 45.9% for the quarter a bit higher than our expectations due to product mix and better fixed cost utilization.
Non-GAAP operating expenses were $56.4 million in line with our expectation. In the first quarter, we expect these expenses which we defined as R&D and SG&A expenses adjusted for equity-based compensation to increase due to the investment in R&D and valuable cost in order to support the expected increase in revenues. Adjusted EBITDA was $39 million for the quarter reflecting a margin of 20% which is 60 basis points improvement year-over-year. GAAP net income was $13.3 million including a charge of $6.2 million associated with the retirement of the 2014 credit agreement.
Non-GAAP net income for Q2 was $27 million up from $22.9 million year-over-year. Non-GAAP EPS for Q2 was $0.60 up from $0.53 in Q2 last year all on a diluted basis .Cash flow from operations during the quarter was $21.7 million compared with $25.3 million in Q2 last year. As a result of the financial transactions I discussed earlier our cash position has improved significantly and our net cash balance is now $89.6 million.
Moving on to the outlook for the Q3.We expect revenues for the first quarter of 2016 to be in a range of $200 million to $208 million and the gross margin would be in a range of 45.5 to 46% based on current expectation for product mix.
I will now turn over the call to the operator for the Q&A session.
[Operator Instructions] And we will take our first question from Joseph Wolf of Barclays. Please go ahead. Your line is open.
Thank you. Couple of questions. Ran, you just mentioned the gross margin expectation for the third quarter based on mix. I'm wondering if you could give us a little bit more granularity with two things in mind. One is a lot of new product introductions; I'm wondering how the pricing is going there, along with the margins as those go into the field. And also some operating leverage just based on the volume and the higher revenues that you've now achieved going through the $200 million mark on the guidance. At what point does the overall business just start to push the margin higher based on the volume of the overall business?
Hi, this is Rami Rozen, so it was one question. As for the new products relatively speaking and based on our track record the new product comes with a higher margin relatively this period of introduction that comes with the regional costs but on the long term this product should have a positive impact on the gross margin.
The same goes for the top line. You should continue to see improvement in our gross margin and with the growth on the top line. However, this is not a new thing. We are very sensitive to product mix and geographical mix so right now based on what Ran shared his view on the guidance I think the levels of 45.5 and 46 is a reasonable level to the 200 level top line numbers.
Okay. You mentioned this briefly, but I'm wondering if you could elaborate on this as well, because I think you talked about it in the past. With the OLED market starting to pick up a little bit and seeming it could be one of the drivers of growth, you've talked about a expansion in terms of your addressable market, giving more opportunities to do more things for your customers. Has that already begun? Are you sampling new product or is it in test phases that we should start to see in 2017? Just a little bit more color on the OLED opportunity.
Hi Joseph this is Asher. First of all in terms of product portfolio I mentioned that we have three new solutions all of them addressing the OLED flexible display market between the Quantum HR for inspection, Prism 2 for repair and Exelon for our testing. So we have I think a very good product to address the requirements of OLED.
Second we estimate that the OLED is in an opportunity to increase our total available market normally in a new LCD fab, our share from the total capital investment is around 2%. We believe that with OLED we should expect to be or to grow up to about 2.5% to 3% out of the CapEx and I think that there will additional opportunities.
During the last several months we were able to penetrate to four customers specifically for our OLED flexible displays, applications are mainly related for inspection of thin film encapsulation and glass barrier layers all of this are protective layers and there is a strong need to detect faulty curves, cracks and bubbles in these layers and apparently we have a very good solution.
So on one end we see the opportunity, on the other end we see nice penetration into this market but I believe that these are only the first few fits as we enter this market and as customers will move to more and more volume production of OLED flexible displays, I think we will be able to realize the investment that we have on all these new products.
Thank you. And then finally, just on the pound, given the volatility of the currency. Any impact that you guys see in the business or is that a manageable item right now?
No, so if you recall we did a 6-K talking about what is going on in the U.K. and we don’t see any impact currently on the business not at all. And in terms of the currency keep in mind that we have an expense, we have cost to incur in the U.K. in pounds in one had but we don’t have a income, we are not selling equipment of providing services in pounds.
So the devaluation of the pounds to some extent will help us a little bit in one hand and in another hand that and we talked about it in the past, that we are hedging our risk in currency, so the impact is not going to be significant in any case in the near future.
Okay. Thank you very much.
We will take our next question from Harlan Sur of JPMorgan. Please go ahead. Your line is open.
Thank you for taking my question. Congratulations on the good execution. Within the growth outlook for the second half, can you help us understand if you'd be guiding growth across all three segments? The demand drivers seem to be pretty broad-based and you've got a lot of new products that seem to have a lot of good traction so it seems that all three segments will grow, but wanted to get your views.
Hi Harlan, this is Asher. Yes your view is correct, we see growth opportunities, and actually our work lines indicates that we plan on growth in each one of our markets and within our present division like the semiconductor device division, we expect more in sectors.
Part of that has to with trends in the market whether it is display, additional investments in China, additional investments in large sized fabs, Gen 10, Gen 10.5, in other the panel architecture and definitely part of that is coming from new product.
We said several times in the past that for sampling PCB, we see most of our growth coming from technology and new product and not that much related to the overall growth of the markets. To sum it up here, our expectation is that we’ll see growth in each one of our three divisions.
Thank you for the insights there. And then, I'm sorry if I missed this, Asher, but have you guys started receiving orders for flex OLED? In their last earnings call, I think LG announced their new E6 line which is focused on small, mid flexible OLED. I think mass production is targeted for 2018. Samsung announced some new expansion around some of its lines for their OLED small and mid OLED display package.
So activity is really picking up on flex. I'm just wondering if you guys are starting to see the orders there.
Yes, I mentioned that we already penetrated to four customers who are producing OLED flat panel displays and we are making progress in that markets. So the answer is yes.
Great. Thank you very much.
We will take our next question from Wayne Loeb of Cowen and Company. Please go ahead. Your line is open.
Hello, thank you for taking my question. Following up on the very last question, so recently there was news of a second Korean manufacturer expanding OLED capacity. So could you talk a little bit about your flat panel display outlook, specifically from Korea? And can you talk about how much of the flex OLED orders are from Korea?
Okay. Obviously I cannot be too specific, we mentioned at several times that the complexity of our situation in Korea given the situation in Samsung versus LG, nevertheless we are getting business from Korea, one of the two names that they mentioned is very strong customer focus, we are fully involved in those future plans and future investments and I think we are in very good position but the totality in other future equipment which is related to flexible OLED in Korea.
Thanks. That really helps. So on the semiconductor device business, so can you talk about which product lines led to a little bit of weakness -- well, contraction in sales this quarter? And how do you see the outlook for fan-out packaging growth for the rest of the year.
Well we obviously see significant opportunity coming from the advanced packaging market, not only for H2 but we see that as the long term viable opportunity. In the MEMS specifically, we see that the business is little bit soft, some of that is related to the smartphone sector and why we see additional opportunities coming from automotive and smart homes, the performance in that segment at least for H2 is not expected to be a very strong.
Nevertheless we follow the announcement specifically we could probably read some announcement that came over the last couple of days ago some of the players in the auto sector and their view of the business in the second half of the year, Impala specifically we expect to see better performance in the second half of the year versus the first half of the year.
Thank you very much.
We will take our next question from Jaeson Schmidt of Lake Street Capital Markets. Please go ahead. Your line is open.
Hi, guys. Thanks for taking my questions. Just following up on that last question, looking out maybe next year or even 2018, do you anticipate any significant mix changes between your three segments?
Well, when you - hi, Jaeson. This is Asher. It all depends on again on the growth expectations for each one of the markets. So but it’s not only that because we feel opportunity, different opportunities in each one of the markets mainly PCB, FPD and also the semiconductor device division.
But when you zoom in and analyze the data so all this lead to advanced packaging and specifically the Fan-Out architecture is a very, very significant growth opportunity which again if everything will go in accordance to the research and market expectations and all the data that we’re talking about 50, 60, 70% CAGR growth then obviously it will be very significant.
But at the same time I can share with you that we see right now three customers making plans in the display market for investment in Gen 10.5 fab, which by the way seems sharp investment in Gen 10 which was nine years ago we didn’t see any Gen 10, any new Gen 10. And now suddenly the three customers are talking about Gen 10.5. Well, that’s a significant opportunity for us.
When you look at the total available market in a Gen 10.5 facility product for the optical equipment that’s a very significant opportunity for us. If you go talk about the PCB I mentioned briefly something about new PCB product technologies for next generation of smart mobile devices.
Specifically given the positioning that we’ve had in these airports for developing some new technology for future model of smartphone has definitely become a reality. And I’m following on what you’ve said let’s talk about 2018.
So without say this one will be bigger than the other. The main point is that we see significant opportunities in each one of three divisions. And I hope I answered your question, Jaeson.
Yes, that's helpful. And then just looking at operating expenses, I know you said they're going to tick up here, because of continued investment in Q3. Going forward, should we look for continued growth in line with revenue? Or how should we be thinking about OpEx?
Yes, so this Ran Jaeson. So first of all the answer is yes. When we will grow the business obviously our OpEx expense will grow like happened between Q1 to Q2. Now the way – the right way to look at that is basically separate in the OpEx line between two things, the R&D and the SG&A. On the R&D if you recall we keep on the same line that we will invest anywhere between 12 to 14% from the revenue.
So as we grow which will allow us to invest more in R&D. So this is on the R&D side. On the SG&A side, there was a significant portion of SG&A which is a fixed cost and it will not grow. However the valuable costs like commission like bonds that related to the top line will growth with the business. And you can take the same range that happened that increased between Q1 to Q2 and apply it to the additional growth that we expect to see in Q3.
Okay, thanks a lot.
[Operator Instructions] Our next question comes from Andrew Uerkwitz of Oppenheimer. Please go ahead. Your line is open.
Hi, thanks gentlemen. Most of my questions have been answered, but I'm just curious on visibility. Is it getting better? Is it getting worse as far as orders go across the three segments? And then a follow up to that, how should we think about the lumpiness that you sometimes get with orders? Is that gone now, in that you have the three segments? Or could it get worse? Can you just give a little color there on how we should think about it going forward, your order book? Thanks.
Hi, Andrew this is Asher. Can you remind me the first question, I was focusing so much on the lumpiness. Can you briefly…
Yes, okay, I got that. I think that broadly speaking the visibility is mainly including on the flat panel display business. Obviously with the increasing number of new investments and obviously with three major or mega investments in Gen 10.5 that should impact our visibility, and our visibility is becoming better.
As for the other two division it’s pretty much the same, with one exception that the fact that we have now higher involvement in new projects for developing new technologies the immediate implication of that is that we have engagement in relatively early stages of developing this technology.
So at least part of the business is more secure from the point of view that we know what is the technology and when is this technology scheduled to go into production for next generation of products. But broadly I would say that in FPD it’s clearly better visibility and the other two divisions I mentioned the PCB but also in advanced packaging and fan-out there is specifically if the market expectations will turn out to be really the reality then obviously it will also improve our visibility. So that’s on the visibility.
In terms of the lumpiness clearly when we are now a company with three divisions, three divisions but each one of them is a far significant size, meaning each one the divisions is between 25% to 35% of the business.
One of the division is going here to show them down pricing we have much better opportunity with other two divisions to overcome to a certain extent the downturn in one significant market. By the way and we said to a large extent that was the case in 2015 with the PCB. The PCB market in 2015 contracted for sure those were the initial projections for PCB in 2016 and we were able to stay on line with our initial target because of the fact that we have other two divisions the semiconductor device division and the flat panel display division so and to improve, to overcome that lumpiness.
So no doubt the fact that we have three divisions is making viability to all the drama to be more immune to shorter cycles, we are totally in different place right now.
Great, I appreciate that color. And then just a real quick on. I think that about 12 to 18 months ago you guys put out sort a long term targets EBITDA margin targets, revenue targets as kind of long term view. Where do you feel, you feel you are on track to meet those, you still support those, are you ahead of schedule, do you have any updates there?
We’re on schedule.
Great. Thank you, guys.
[Operator Instructions] Our next question comes from Andrew Abrams of Supply Chain Market Research. Please go ahead. Your line is open.
A couple of quick questions. First, on the Gen 10 fabs that you were talking about. I know it's hard for you to pinpoint the timing on these fabs, especially given their size and their cost. But given the fact that you're in discussions with at least three customers, do those fabs look like the timing will be 2018 or would you expect those to be later?
Hi, Andrew. I expect a bulk of that also to materialize in 2017 in terms of moving data equipment.
Got it. Is it possible for you to quantify the opportunity for, let's say, a 30k Gen 10.5 fab for you guys in terms of both AOI and array test?
Well, it's not that much good different from the number of solutions or systems that will be required for either inspection, testing or repair with two exception. The first one is that the AFC for which one of the systems given the size will be higher, in certain cases significantly higher, and the other part of that is that I believe that all those customers will move in Gen 10.5, the main three priorities of reducing the risks, meeting the time to market and the quality requirement I believe that we have a much better position in gaining larger share of the older at least in the first stage and I believe this beyond the first stage.
So overall I think that our opportunity is significantly larger from the point of few of the position that we have for this view, and the ASP that will be higher than ASP, let’s say Gen 8.5 facilities.
Got it. Do you have any update on the copper add system for LCD in terms of timing?
For which system Andrew?
For the repair system, for adding copper on the LCD side not the PCB side.
Okay. So first of all its not a copper, it's different material. Copper is being used – it's totally different material much more complicated and complex, we are in still test. Test can last - the technology challenge itself significant, we are testing the system in the field, the plan is to do that within 2015 in two different locations but we are not able to deploying that we can sort creating expectations that are in the second half and may be even longer than second half of 2016 we would realize initial revenue it will take time.
Okay. Lastly, have you seen any change in -- either on the delay side or pull-ins, for LCD from major customers. I'm assuming, based on your comments for the second half, the answer is no. Also, are the tools the same for OLED flex and for static, or is there a separate set of tools for only flex and static OLED has its own set?
So, first of all there are some changes not major changes in terms of our schedules our customer and about, it's not about significant and its mainly in the positive direction meaning that they are not delays in certain cases moving data might be better than initially expected.
In terms of OLED the products that we are OLED is dedicated systems as they mentioned Quantum HR that can be also used for other types of this display but the Prism 2 and the Exelon are specifically systems that were designed for the requirements of OLED displays.
Got it. Thanks very much.
As there are no further questions in the queue. I will hand the call over to Mr. Rami Rozen for any additional or closing remarks.
A - Rami Rozen
This concludes our today's call. Thank you very much all for joining us today. And we look forward to meeting you in the upcoming conferences.
Thank you. That will conclude today's conference call. Thank you for your participation ladies and gentlemen. You may now disconnect.
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