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Executives

David Tacelli - President and CEO

Mark Gallenberger - VP and CFO

Analyst

Vernon Essi - Needham & Company

Olga Levinzon - Barclays Capital

Patrick Ho - Stifel Nicolaus

Farhan Rizvi - Credit Suisse

David Dooley - Steelhead Securities

Christian Schwab - Craig-Hallum Capital

Tom Diffely - D. A. Davidson

LTX-Credence Corporation (LTXC) F3Q12 (Qtr End 04/30/2012) Earnings Call May 23, 2012 10:00 AM ET

Operator

Good morning and welcome to the LTX-Credence Corporation third quarter analyst conference call. (Operator Instructions) At the request of LTX-Credence, this conference call is being recorded. The speakers for today's call will be David Tacelli, Chief Executive Officer and President; and Mark Gallenberger, Vice President and Chief Financial Officer.

At this time, I would like to turn the call over to Mr. Mark Gallenberger.

Mark Gallenberger

Thank you. Welcome to LTX-Credence Corporation's third quarter fiscal year 2012 conference call for the period ended April 30, 2012. Joining me on today's call is Dave Tacelli, CEO and President.

After my introductory comments, Dave will discuss the company's performance for the third quarter and discuss the business outlook. Then I will provide further detail on the company's financial performance during the third quarter as well as provide guidance for the fourth quarter of fiscal year 2012. We will take your questions after our prepared remarks.

A replay of this call will be made available through June 22 by dialing 855-859-2056 and the passcode is 77734913, or you can visit our website at ltxc.com. As a reminder, the only authorized spokespeople for the company are Dave Tacelli, Rich Yerganian and myself.

Now for our Safe Harbor statement. During the course of this conference call, we will make forward-looking statements regarding LTX-Credence's business outlook or the future financial performance of the company. We wish to caution you that these statements such as projected revenues, net income or loss, earnings or loss per share, operating expenses, gross margin, cash flow, non-GAAP measures and breakeven targets are management's current predictions and that actual events or results may differ materially.

These statements provided during this call represent the company's estimates as of this day and the company assumes no obligation to update them after this call. Please refer to our Safe Harbor statement in our earnings release for more information on important factors that could cause actual results to differ.

Now on to the call. Dave?

David Tacelli

Thank you, Mark, and good morning everyone. During today's call, I'll review our third quarter performance and then spend the majority of my prepared remarks on the major factors expected to drive the company's topline growth over the next business cycle.

Our third quarter financial results for revenues were slightly better than the midpoint of our guidance and EPS was better than the high end of the range as our business model continues to perform better than planned. With the momentum in the marketplace, our goal is to reach profitability in the fourth fiscal quarter. As we begin this next business cycle, our financial model is prime to deliver strong results and our newest products are expected to achieve our gross margin target starting with initial shipments.

From balance sheet perspective, we currently have $137 million in cash with no debt. By far, this is the best position the company has ever been in at the beginning of a growth cycle. As revenues climb over the next several years, we expect to generate strong cash flow, which will allow us to invest in all opportunities to grow our business.

While visibility beyond the next three months is limited, the positive information we're getting from customers indicate business expansion into the second half of the year. Utilization rates have increased dramatically across both IDMs and OSATs, and we received multiple requests asking for accelerated deliveries. Fortunately, our outsourced manufacturing model gives us the flexibility to ramp shipments in respond to changing customer demand.

As our guidance suggests, industry conditions are improving and the recovery has broadened beyond the RF power amplifier market. The ASSP and Power Management segments in particular are expected to show recovery for us in the fourth quarter, driven in part by customer wins in the automotive and mobility markets.

Business cycles in the ATE industry generally lasts three years and the shape of the curve is unique to each cycle as external factors such as macroeconomic conditions, disruptive global events or high growth new product introductions influence industry revenues. We don't expect quarter to be up and to the right, but we believe our trend lines for the next two years will be positive. We think this is so because of the general industry trend and because of anticipated growth from our recent product introductions.

We believe our growth in the new cycle will come from three sources: first, leveraging on existing customer base as the business recovery drives capacity expansion; second, incremental business with existing products from several new customers expected to ramp in the second half of the calendar year; and third, new opportunities from our Diamondx product. We expect initial revenues for the engineering and development testers in our fourth quarter and revenues associated with volume production in our first fiscal quarter starting in August.

During our last conference call, we discussed the imminent launch of our new product, Diamondx, at SEMICON China. Diamondx is targeted at the ASSP market and approximately $400 million market segment of the SoC tester space. The launch was extremely successful and the customers thought that the new product was even better than anticipated.

Customers see that Diamondx is a differentiated product for the ASSP market segment, one that delivers significant cost of cash savings when compared to big iron testers our competitors offer in the space. Diamondx offers these savings to reduce capital acquisition costs, higher throughput and substantial operating cost reduction in the form of lower power consumption and reduced service expense.

Diamondx packs a lot of capability into a small package. The high-density instruments and high speed architecture of the tester delivers fast test times and increased multi-site capability, creating high throughput solutions. When combined with our Integrated Multi-System Architecture or IMA, the throughput advantages of Diamondx are even more impressive.

IMA technology allows customers to easily combine individual Diamondx testers together, creating in essence a single tester with massive number of potential instrument resources, thereby increasing the number of devices tested in parallel. And if our customers' product mix change, then they can separate these testers and run them independently, satisfying lower pin count devices in different applications. No one else can offer this capability.

The physical size of the tester is indicative to the amount of operating cost savings customers can expect. The Diamondx is approximately one-fifth the size of the big iron testers it will replace. And this translates into a 50% to 80% savings from an operating expense standpoint. In most cases, the improved energy efficiencies, service cost reductions and floor space savings can fund the purchase of the equipment in just a few years. It's like getting the tester capacity for free.

Well, key to its success, the attraction of Diamondx is in only about delivering the lowest cost of test. It's also about the technical innovation that allows us to offer performance equal to or better than its competitors for a wide range of mobility and connectivity devices.

Another example of our innovation can be found in our new DragonRF instrument that we also introduced in March. This new RF subsystem provides several differentiating capabilities when compared to competitive offerings. These advantages include: a significantly wider IF bandwidth, which allows capturing all data at one time instead of in segments, resulting in much faster test time; a superior dynamic range that improves device correlation; and an architecture that provides more parallel measure capability allowing for increased multi-site.

While engineering innovation is a key focus of the company, what sets us and our products apart from the competition is the mission we have to drive down the cost of test for our customers. This goal carries across all functional groups of the company and results in a very strong lineup of products for our targeted market segments.

We're very excited about the early adoption of the Diamondx by several customers. As of this conference call, we already have installations at half a dozen different companies and we expect this number to grow as the product gains momentum in the marketplace.

We expect to see initial revenues for the product in our fourth fiscal quarter and anticipate these revenues to ramp as we progress through next fiscal year. We expect Diamondx will account for 20% to 30% of the product sales in the fiscal 2013 which starts in August.

Within the last 18 months, we've introduced three major new products, the ASLs, PAx and Diamondx. Each of these product lines have the same goal which is to lower our customers cost of test in our target markets. And all three are enjoying success in the marketplace because of that focus.

We continue to have a full pipeline of products and development that will keep us ahead of the pack when it comes to understanding the pressure of our customers are constantly under to lower the cost of test.

At the same time, we've built the company and a business model that can deliver industry-leading gross margins and strong cash generation and profits in the growth phase of our industry cycles.

We began the initial growth phase of this new business cycle with a growing customer base, solid lineup of products and strong financial foundation. In the history of the company, we've never been a better position to take advantage of a new cycle.

In conclusion, it appears the stage is set for the next industry cycle and we're excited about our opportunities to grow the business. We've introduced some very innovative products that will expand our market share and add significant customers to our portfolio. We believe we are on track to gain 3 to 5 points of share over the next cycle which would result in a 20% increase in revenues while generating significant cash and net income.

I'd now like to turn the call over to Mark for his detailed comments about the fiscal quarter. Mark.

Mark Gallenberger

Thanks Dave. Revenue for the quarter was $30.8 million, which is an increase of 28% from the prior quarter. Gross margin was 51.3% which is an increase of 610 basis points from the last quarter which is also in line with our target model at this revenue level.

Total operating expenses increased about $300,000 from last quarter primarily due to higher variable expenses that are tights of the revenue increase. Amortization of purchase intangible assets associated with the Credence merger was $791,000.

Net loss for the quarter was a $6.6 million or $0.14 loss per share on a GAAP basis. However, excluding amortization of $791,000 and the restructuring expense of $739,000, our non-GAAP net loss for the quarter was a negative $5.1 million or $0.10 loss per share.

Our EBITDA for the quarter was negative $2.4 million. This calculation excludes stock based compensation expense of approximately $900,000 and $739,000 restructuring charge.

Next I'll provide breakdown of revenue for the quarter. 53% of revenue came from IDMs, while 47% came from subcontract test and fabless companies.71% of revenue was for product, while 29% was for service. For the quarter we had two customers, each represent greater than 10% of revenue.

Now, on to the balance sheet. We ended the quarter with net cash of approximately $137 million, a decrease of $6.8 million which is better than our original plan for decrease of approximately $8 million due primarily to better working capital management.

We finish the quarter with trade accounts receivable of $28.7 million, an increase of $7.9 million sequentially. DSOs increased to 84 days, primarily driven by the timing of shipments being concentrated in the second half of the quarter.

Inventory was $28.6 million, which is approximately flat from the prior quarter and you should expect to see inventory decline over the next several quarters as business conditions continue to improve. Net capital expenditures during the quarter were $1.4 million while depreciation expense was $1.9 million. We ended the quarter with accounts payable of $10.7 million and stockholders equity of $216 million.

Guidance for Q4 is as follows: We expect revenue to be in the range of $42 million to $46 million and non-GAAP earnings per share to be in the range of $0.00 to $0.04, and that's assuming 49.7 million shares outstanding. The non-GAAP guidance excludes amortization of purchased intangible assets of $791,000.

At the mid point of this guidance range, gross margin is expected to be approximately 54% and EBITDA to be approximately a 10% of revenue. During this last downturn, the company had accumulative EBITDA loss of less than $10 million, and we expect to recapture about 50% of this amount over the next three months based on our Q4 guidance.

In summary, our business model is ready to deliver strong profit leverage as our revenue ramps during this next up cycle but more importantly we're confident that the new Diamondx product which expands our adjustable market by $400 million gives us significant opportunities to grow the top line over the course of the next cycle.

This concludes our prepared remarks and at this time we will take your questions.

Question-and-Answer Session

Operator

(Operator Instructions) We have a question from Vernon Essi of Needham & Company.

Vernon Essi - Needham & Company

Mark, I was wondering if you could dive in a little bit more on your gross margin on the guidance front. I just want to make sure, I heard you correctly, you said you're expecting gross margin in the 54% range, is that correct?

Mark Gallenberger

Yes, that's correct. It's about 54% at the midpoint of the guidance. So depending on where the actual results end up it could be a little bit higher or lower than that number. And that gross margins are pretty much consistent with our target model.

Vernon Essi - Needham & Company

And I just want to make sure, I understand maybe what could be the puts and takes behind on that, I would have expected a candid way a little bit of higher gross margin on that revenue growth also. I mean, even if you look at incremental gross margins are just sort of a bottoms up. I'm getting something a little bit higher than that, is there anything that would be adversely impacting that on a sequentially basis?

Mark Gallenberger

No. There actually isn't Vernon. And like I said before, it's a pretty much inline with our target model which we've talked about in past calls where incremental revenue drops about 60% rate down to the gross margin line. And I believe if you do that math, that's pretty much inline with that drop through rate.

And what you maybe comparing it to, is in the last cycle we may have had some quarters with similar revenue levels in which we're actually above our target model. So you can't go back to those past quarters or that in the past cycle and say, okay, what we did 55% or 56% gross margin on the same revenue level. At that point in time, we were probably above the target model and that maybe skewing your assumptions a little bit.

Vernon Essi - Needham & Company

And just to move over to the ASSP or Dragon are actually Diamondx products. You're guiding a nice robust July quarter but it sounds from your comment that really you're not expecting to recognize revenue on any of that product in the July quarter, is that correct?

Mark Gallenberger

Vernon, there maybe a one or two testers recognize for revenue that that customers have already taken delivery of, but that's over counting on right now. The real revenue ramp would start in our first fiscal quarter which is in August.

Vernon Essi - Needham & Company

And so you would just shock up, I mean as your prepared comment in the press release indicates sort of an increased utilization, it seems where grew nicely at the lease up cons and that's sort of where you're seeing the near-term demand right now, is that fair?

Mark Gallenberger

We're seeing it there. One of the other areas we highlighted was the automotive market, mainly due to wins we had over the past several quarters. Some of those devices are starting to ramp in production and we're shipping some capacity to support those.

Operator

Next question is from CJ Muse of Barclays.

Olga Levinzon - Barclays Capital

Hi this is Olga calling in for CJ. Given your commentary around anticipated pickup in both ASSP and automotive and it seems like and feel as well as we look over the next few quarters, can you comment on what you think the SoC test market is likely to be this year and how you see your share for calendar '12?

David Tacelli

Let me take the overall markets question first. I think there is many people in the space and many of my competitors in the space that are looking at somewhere in the $2.2 billion to $2.4 billion range for the overall market. When I look at the market that we address inside that, it's about 60% to 70% of it.

So if you look at the target five markets, we go after at somewhere in the $1.5 billion, $1.6 billion range. When I think about overall share, it's very hard because some of the market segments we don't play in there has been tremendous amount of capital buying in those markets, mainly in the microprocessor space which we don't have a play in that market.

What I can tell you is in the five markets we do play in and I expect my share to grow slightly over 2011, probably in the $1 billion to $1.5 billion range. But the overall market, it gets very hard like I said, because there're segments we don't play in and there has been some significant buying.

Olga Levinzon - Barclays Capital

And then, I guess as the quarter there in to that it sounds like for the April quarter, most of the strength is driven by RFs, the current or the July quarter guidance, ASSP and automotive, recognizing there is a relatively limited visibility, but all of these revenue drivers from an end market standpoint in the second half of the year?

David Tacelli

Let me give you some specific devices. In the automotive market, three major areas for us, power management or engine management. There are some microcontroller component and that automotive space and also the entertainment space in that automotive market related to wireless or communication devices.

We are also seeing somewhat growth in the consumer digital space more, for set-top box. And we also think there is going to be additional growth in the general purpose wafer probes part of the market in the back half of the year.

So in addition to things we've talked about in the connectivity and mobility space, those are few areas where we see continued strength.

Operator

Our next question is from Patrick Ho of Stifel Nicolaus.

Patrick Ho - Stifel Nicolaus

Dave, maybe following up on that last question about some of the end markets drivers in the second half of the year. How do you see the microcontroller market as a whole shaping up for you guys?

David Tacelli

Patrick, I think it's going to be much stronger in the second half than it's been over the past, I'd say, 12 months. The general purpose microcontroller market for us has been a little bit slower. We've seen a pick up breaking it down in the automotive microcontrollers picking up and now we're seeing general purpose microcontrollers relating to touch screens, smartphones actually picking up in the second half. So I think overall, it will be far better business for us in the second half than it's been really for the past 12 months.

Patrick Ho - Stifel Nicolaus

And in terms of the new products that you mentioned, it looks like you guys are doing a pretty good job on the OpEx. What are the leverage there that are keeping those in line particularly with a new product. Typically, new product ramps half higher cost related to them. I guess, what are some of the variables there that are keeping things in line for you?

David Tacelli

Well, Patrick, the easiest way to say this is because we've been an outsource manufacturer for many years. We've got a strong history of developing products and launching hitting target margins right out of the gate. So you don't have a lot of the cost associated with, what are called prototype runs or small volume runs to start. Our suppliers and specifically Jabil Circuit has done a really good job of controlling that supply chain and getting that launched pretty fast.

Patrick Ho - Stifel Nicolaus

Right, and final question for me, I know that the Diamondx is targeted and the ASSP marketplace as you'd mentioned in the past, can you go one-step below that and give a little color on, I guess the sub-segments within that that you're seeing the greatest traction initially with what type of customers on that front.

David Tacelli

Number one space that we've seen traction today's in connectivity. So anything related to mobile communication, single-chips cell phone, combinations of high digital content and some level of interface whether that be a Bluetooth or GPS or some type of device like that. That's we're seeing the greatest amount of traction up front.

The second area we're seeing a lot of traction is as customers want to do higher pin count microcontrollers and they want to do more multi-side and they want to add again some interface like the Zigbee interface we're seeing more traction there as well.

Operator

Our next question is from Satya Kumar of Credit Suisse.

Farhan Rizvi - Credit Suisse

This is Farhan calling for Satya. Given the recent macro concern what trends are you seeing on the test utilization in last several weeks at your wireless semi company?

David Tacelli

So test utilization, well do you talking to specific OSAT.

Farhan Rizvi - Credit Suisse

Just wireless, in general.

David Tacelli

What I would say, in certain companies the same utilization go up dramatically. It's hard for me to put a percentage on that. But I can tell you that the companies we deal with in that space for that market segment have requested expedited deliveries which ties back to the commons of the mobility space.

Farhan Rizvi - Credit Suisse

And one more question on your mix for second quarter. Can you talk about IDM and OSATs, how you see the mix shaping up for second quarter and some of the OSATs had guided that CapEx for the second quarter to be the peak quarter for the quarter. So just want to hear your thoughts on where you see that strength coming into second half?

Mark Gallenberger

I think it's been pretty consistent. We haven't seen massive OSAT buying. I think that overall probably in the 70%, 30% range. 70% IDMs, 30% OSAT, that's been pretty consistent plus or minus five points.

Operator

The next question is from David Dooley of Steelhead Securities.

David Dooley - Steelhead Securities

Clarification, when you talked about the five sectors that you measure your market share in, could you just tell us what those are and what your rough market share is in each sector.

David Tacelli

I don't have, Dave, the market share data by each sector but the way of look at it is the RFPA space, power management space, ASSP, Converter and Analog.

David Dooley - Steelhead Securities

And when you talk about, I think in your prepared comments, you said 20% to 30% via revenue in fiscal 2013 might come from this new product that's depending upon which revenue number you pick, I guess that's probably something around $50 million. And I'm just kind of wondering, does that cannibalize any of your other product areas or do you see this is mostly all new revenue and then can we take your previous peak and add this revenue to it, kind of suggest what's your new peak will be?

Mark Gallenberger

It's a great question, Dave, what I would say looking at the customer's that will buy and that we're anticipating taking delivery of Diamondx. Somewhere between 65% and 75% of the revenue we're targeting is going to brand new customers that we haven't done business with.

So the other 35% could be new applications at customers or it could be replacing equipment that they would have purchased different types of equipment. And that 25%, 35% is hard to gain or gage.

David Dooley - Steelhead Securities

So we could take it being roughly, if my number is right, $15 million times 60% for nice round math to kind of get a $30 million number, divide that by 4, and that might be what we take your new peak revenue expectation to be.

David Tacelli

I don't know if I'd be that exact, but you're in the ballpark.

David Dooley - Steelhead Securities

Could you just talk about what the cash flow from operations was last quarter and what you expect it to be this quarter?

Mark Gallenberger

The total cash for the quarter or cash balance, it declined by $6.8 million. But we had a large increase in AR. So if you look at just the cash flow from operations, it was about negative $5.5 million. Of course, we had some CapEx of $1.4 million. For next quarter, I'm currently forecasting around $3.5 million positive cash flow from operations.

David Dooley - Steelhead Securities

As far as the Diamondx, I think you mentioned you had six installations. Not talking about specific customers, but how do you expect that revenue to transpire? Do you expect it to be in big lumps or kind of a slow, gradual progression across those six customers?

David Tacelli

It will all depend on the devices that are targeted for those testers and how they ramp those in their production schedule. If those devices are very successful, the ramp will be very fast. So it really is going to be dependent on their success.

Operator

Our next question is from Christian Schwab of Craig-Hallum Capital.

Christian Schwab - Craig-Hallum Capital

Just following up on the previous gentleman's discussion regarding next cycle peak revenue, earlier you talked in your prepared comments about gaining 3 points to 5 points of market share and then 20% revenue growth year-over-year this cycle. I would assume you're implying to the previous fiscal year '11 at $250 million and package it to $300 million. So are we thinking about that right, the $300 million is what you're targeting in the next cycle peak at a minimum?

Mark Gallenberger

Christian, if you go back during the last cycle, our last quarterly peak was $75 million to $76 million. And our goal right now is to watch the whole cycle move by 20%. So the next cycle peak would be in the $90 million range. Then you need to follow whatever pattern depending on the cycle, how that cycle plays out, is it $280 million or $320 million is anyone's guess. But our goal is to add about 20 percentage points to the peak quarterly revenue and then watch the cycle play.

Operator

The next question is from Tom Diffely of D. A. Davidson.

Tom Diffely - D. A. Davidson

Mark, is restructuring done at this point?

Mark Gallenberger

Yes. I mean all the restructuring from the Credence merger has been done for a number of quarters, actually a couple of years now. What you see in the results for this quarter was some changes that we had organizationally, some process changes and that affected some headcount. And so as a result of that, we took some severance charges in the quarter. We also had one office we terminated that lease early and there was a small termination fee that we accrued for inside the quarter as well.

Tom Diffely - D. A. Davidson

Going forward, you expect just minimal restructurings charges?

Mark Gallenberger

Yes, nothing significant. In my opinion, even though when we took this quarter was not all that significant, we just felt like it made sense to break it out on the non-GAAP reconciliation table. But you shouldn't expect to see anything significant.

Tom Diffely - D. A. Davidson

So at this point, is all the manufacturing in Asia?

Mark Gallenberger

That's correct.

Tom Diffely - D. A. Davidson

And does that change your tax outlook going forward?

Mark Gallenberger

No, not at all. We've been outsourced to Jabil Circuit and (inaudible) for a number of years. And so there is no change there.

Tom Diffely - D. A. Davidson

It sounds like there was a little bit of U.S. manufacturing that you just recently transferred to note that was going to impact the overall outlook?

Mark Gallenberger

No, we did not transfer anything from the U.S. We did transfer from two outsourced suppliers down to one, but both of those were offshore already.

Tom Diffely - D. A. Davidson

What are your expectations for operating expenses in the quarter? I assume they ramped a little bit with the revenue.

Mark Gallenberger

Yes, they do ramp a little bit with the revenue. There is variable expenses that obviously are tied to the revenue increase, to sales commissions and distributor commissions. Now that we're turning into the profit profile again, there is employee profit sharing accruals that are tied to operating income. So you'll see those types of variable expenses expand in contract depending on where we are with the revenue.

But once again, go back to that 60%-50% or 60%-55% model that we've talked about in the past 60% of incremental revenue drops through to the gross margin line and around 50% to 55% drops through to the bottomline. So that usually will get you pretty close for the modeling perspective.

Tom Diffely - D. A. Davidson

In the last couple of years, there has been a few quarters where you've had over 61%, 62% gross margins. What drove the upside in those quarters?

David Tacelli

A lot of it was mix in those quarters depending on configurations that we had going out the door. We could actually be above the target model. And that's why we never really went back and reset the target model, because we knew that those are really mix dependent. And so depending on the next cycle, we could potentially see those low 60% gross margins again, but it's all a function of mix.

Tom Diffely - D. A. Davidson

And then, Dave, you talked about potentially nice little ramp here in automotive and microcontroller. What about the analog spaces? Is that seeing a recovery at this point?

David Tacelli

We haven't seen the same general recovery in what I call low end analog space as we've seen in some of the other markets. We are shipping product to support several customers who focus on that space, but I haven't seen the ramp that way I've seen it in the connectivity or in automotive and some microcontroller markets.

Operator

Thank you. We have no further questions at this time. I'd like to turn the call over to Mr. Gallenberger for any closing remarks.

Mark Gallenberger

I want to thank everybody for joining us today and participating on the call. Have a very good day. Bye now.

Operator

Ladies and gentlemen, thank you for your participation in today's conference. This concludes the program. You may now disconnect. Have a wonderful day.

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