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Executives

Ed McGregor - Director of Investor Relations

Thomas E. Gay - Chief Financial Officer, Principal Accounting Officer and Secretary

Thinh Q. Tran - Founder, Chairman, Chief Executive Officer and President

Kenneth Lowe - Vice President of Strategic Marketing

Analysts

Philip Lee

Vahid Khorsand - BWS Financial Inc.

Gary W. Mobley - The Benchmark Company, LLC, Research Division

Stephen Chin - UBS Investment Bank, Research Division

Sigma Designs (SIGM) Q1 2013 Earnings Call May 23, 2012 5:00 PM ET

Operator

Good day, ladies and gentlemen, and welcome to the First Quarter 2013 Sigma Designs Earnings Conference call. My name is Deana, and I'll be your operator for today. [Operator Instructions] And as a reminder, today's conference is being recorded for replay purposes.

I would now like to turn the conference over to your host for today, Mr. Ed McGregor, Director of Investor Relations. Please go ahead.

Ed McGregor

Thank you, Deana. Welcome to Sigma Designs conference call to discuss financial results for our first quarter of fiscal 2013. I am Ed McGregor, Sigma's Director, Investor Relations. And with me today are Thinh Tran, Sigma's Chairman and CEO; Tom Gay, our CFO; and Ken Lowe, our Vice President of Strategic Marketing. The press release containing the quarterly results, including selected income statements and balance sheet information, was released after the market closed today. If you did not receive the results, the release is available in the Investors section of our website.

Today's agenda will begin with my brief introduction, a review of selected financials by Tom, an executive overview by Thinh, a market update by Ken and comments and guidance by Thinh. We'll then open the call to questions from analysts and institutional investors, and we expect to conclude the call within one hour.

Before we begin, I'd like to remind everyone that today's call contains forward-looking information including guidance we provide about our future revenue, gross margins and other financial measures and anticipated trends in our target market. We caution you that the forward-looking information that we present today is based on our current results. Beliefs and assumptions and expectations speak only as of today's date and involve risks and uncertainties that could cause actual results to differ materially from our current expectations. Other risk factors that may affect our business and future results are detailed from time to time in Sigma's SEC reports, including Sigma's annual report on Form 10-K as filed with the SEC on March 29, 2012. A partial list of these important risk factors is set forth at the end of today's earnings press release. Sigma undertakes no obligation to revise or update publicly any forward-looking statements except as required by law.

In addition, during today's call, we will be reporting certain financial information on a non-GAAP basis such as non-GAAP net income, which excludes certain costs and expenses. These items are described in more detail in today's earnings press release, along with a detailed reconciliation of our GAAP to non-GAAP results.

And with that, I'll turn it over to Tom.

Thomas E. Gay

Thank you, Ed. For the first quarter of fiscal 2013, revenue was $40.3 million, an increase of $4.7 million or 13% compared to $35.6 million in the previous quarter. Compared to the year-ago quarter, our revenue decreased $20.3 million or 34% from $60.6 million.

Our revenue breakouts for the quarter are as follows. By target market and percentage of total revenues for the quarter, Home Networking represented $20.8 million or 52% of the total; IPTV media processors, $10.4 million or 26%; Connected Media Players, $3.2 million or 8%; Home Control and Energy Management, $3.2 million or 8%; Prosumer, $2.6 million or 6%.

During the first quarter, we had 3 customers that each exceeded 10% of our net revenue. Motorola at $6.4 million or 16% of the total; Flextronics, $6.3 million or 16% of the total; and Gemtek, $5.6 million or 14% of the total.

GAAP gross margins were 52.4% for the first quarter compared to 46.6% in the preceding quarter and 49.1% in the same period last year. Non-GAAP gross margins were 56.4% for the first quarter compared to 51.4% in the preceding quarter and 53.7% in the same period last year. One significant factor in our better-than-expected margin was the benefit from the sale of product that have been previously reserved which decreased our cost of goods sold by $1.1 million and added 2.7% to the margin on both a GAAP and non-GAAP basis.

GAAP net loss for the first quarter of fiscal 2013 was $13.7 million or $0.42 per diluted share. This compares to GAAP net loss of $18.8 million or $0.58 per diluted share in the previous quarter, and GAAP net loss of $5.7 million or $0.18 per diluted share in the year-ago quarter.

On a non-GAAP basis, net loss for the first quarter was $8.5 million or $0.26 per diluted share. This compares to non-GAAP net loss of $14 million or $0.43 per diluted share in the previous quarter and non-GAAP net income of $2.3 million or $0.07 per diluted share in the year-ago quarter. Please refer to our press release for a detailed reconciliation of our GAAP to non-GAAP performance.

The reconciliation includes the following 3 categories of differences for the first quarter. First, amortization of intangible assets associated with acquisitions, a total of $1.9 million. Second, stock-based compensation of $2.8 million. And third, expenses related to our recent acquisition of Trident's DTV business, which totaled $0.5 million.

Now I'd like to cover a few areas from our balance sheet. Cash, cash equivalents, restricted cash and marketable securities totaled $141 million at the end of the quarter, a decrease of $9 million or $0.32 per share outstanding compared to the beginning of the fiscal quarter. Based on our shares outstanding at the end of the quarter, the total value of cash, cash equivalents, restricted cash and marketable securities equaled $4.28 per share outstanding. Significant items contributing to the year-to-date decrease in cash include payments for capital and other assets of $2.7 million.

Cash used by operations in the first quarter was $6.9 million. Net accounts receivable was $23.6 million at the end of the first quarter, an increase of $2.4 million compared to the beginning of the fiscal quarter. The average days sales outstanding for our receivables at the end of the first quarter was 53 days, a decrease of 1 day compared to the previous quarter. Net inventory was $18.6 million at the end of the quarter, a decrease of $3.4 million compared to the beginning of the fiscal quarter. The decrease in inventory brings our inventory turns for the quarter to 3.8 on an annualized basis.

Now I will turn the call over to Thinh for an executive overview.

Thinh Q. Tran

Thank you, Tom. I would like to start by thanking all of you for joining us today and for your continued interest in Sigma. In today's call, I would like to review the results of the first quarter and discuss our achievement. First off, we are pleased to report $40.3 million in revenue for the first quarter, in line with the upper end of our previous guidance.

Though our current revenue continued to be impacted by product transitions, we are gaining new traction that has begun to fuel our growth. This quarter witnessed increased strength in our Home Connectivity products, largely due to emerging deployment in Latin America and expanded deployment in North America. We are also gaining additional traction in IPTV space with design wins that we'll begin to deploy later this year.

Our new generation aggressively-positioned media processors provide us with cost and performance advantages that should result in higher overall unit volumes as we penetrate and deploy to widening set of accounts over the course of this year.

Another area of increased traction is in Z-Wave, where our design win put us on track for a record year of revenue. Our confidence in our long-term strategy drive us to continue investing in new technologies that will enable Sigma to become the leading connected media platform company.

At this time, I would like to highlight our most important event during this quarter, the acquisition of Trident's Digital TV business unit. This acquisition represent a significant step forward in our company long-term strategy of being the industry-leading provider of advanced system-on-a-chip solution for converged media platform.

With this transaction, we have increased our revenue scale, expanded our product offerings and we have the ability to leverage our combined operational resources and OEM relationship across some of the largest high-growth consumer markets. Using this new resources, we are focused on successfully growing the DTV business and our existing business, and believe the outcome of this transaction will provide long-term benefit to our customers, employees and shareholders.

Now I would like to provide some additional background behind the Trident DTV business and our short-term plans for it. In the past 2 years, the Trident DTV business has been increasingly focused on innovative solutions for connected and Smart TV, where they gained traction with a number of digital TV system-on-a-chip. As a result, Trident was projecting sales of $100 million for calendar year 2012, about $70 million of which is a strategic growth segment of Smart TV system-on-a-chip and frame rate conversion chips. As we move forward, we will mainly focus on the growth of the Smart TV SoC segment, which dogtails significantly with both our Connected Media Player business and IP Set-Top box business.

Trident penetrated a number of Tier 1 customers, including their top customer, Philips, as well as OEMs such as TPV. Sigma intends to expand this customer base over next year to include a very select group of strategic partners. Supporting this business was a resource base of 484 employees, 86% of which were performing engineering functions. As a result of our acquisition, we now employ approximately 320 of these employees, only 2/3 of original staff. This eliminate duplicate job function due to R&D leverage, unnecessary resource for legacy products and other nonessential jobs.

Trident Foundational Technologies was wrought over 10 years of R&D investment, providing a deep basis of both hardware and software elements of their products. We will be continuing this investment in the area that provide us with the most leverage across all our product lines.

I'd now like to pass the call over to Ken, who will discuss the long-term significance of these technologies and the market they play into. Ken?

Kenneth Lowe

Thank you, Thinh. Sigma continues to make substantial investments toward becoming the long-term leader in Connected Media platforms. For this call, I'll summarize the outlook and strategic perspective before drilling down on the details.

First, we're continuing to see the impacts of our product transitions, however, we're seeing signs of regrowth through new opportunities.

Second, we expect our overall market position in IPTV to become stronger over the course of this year, owing largely to the introduction of unique new IPTV and hybrid technologies that match the desire of operators.

Third, we're encouraged by the positive response we received from existing Trident DTV customers and expect that our direction toward technology convergence with our existing product lines will increase their attractiveness.

Fourth, overall demand for our Z-Wave product line continues on a high-growth trajectory based on continued adoption by strategic operator accounts.

Fifth, we're continuing to execute our strategy to deliver complete platform solutions that emphasize the strong synergies between our technologies. This should result in increased revenue per share per unit and improved time-to-market for our customers.

From a long-term perspective, Sigma's overall strategy is to make intelligent media platforms the core of our development and translate this leveraged investment into market share growth within the Smart TV, Connected Media Player and IPTV set-top box markets. These intelligent media devices all share the same fundamental elements, which include IP video streaming, Internet and web access, over-the-top content and home connectivity for content sharing.

With the addition of Trident's Digital TV business, Sigma will accelerated its roadmap towards connected media solutions for global video delivery convergence. Moving forward, our strategy is to use the Trident assets to create the strongest profile of Connected Media platforms, expand our core markets to include the strong growth of Smart TV, increase our SoC footprint within leading consumer OEMs, enable substantial R&D leverage along with the support for all broadcast standards, and improve our revenue scale for all forms of operating leverage.

Let's drill down to some of our specific market segments now. IPTV continues to remain on a growth trend as evidenced by the majority of industry analyst forecasts. Many broadcast operators are planning their transition to an IP delivery strategy within the home, which will eventually result in IPTV and hybrid set-top boxes becoming the dominant form of video delivery in the future. Based on this combined trend, MRG Research just recently released a report indicating the number of global IPTV subscribers to grow from 53 million in 2011 to 105 million in 2015, a compound annual growth rate of 18.7%.

In the Telco segment, Sigma has established strong relationships with the majority of top-tier operators around the world, which provides ongoing visibility, influence and opportunity. Recently, our penetration has been most successful in the Americas, tapping into both the expansion of Latin American video services and the addition of second tier North American operators. As a result, we have one or more opportunities for new upcoming deployments of Media Processor or connectivity solutions at each of the following telcos that we would expect to result in additional revenue growth for 2012 and beyond. These include AT&T, Telefonica, Deutsche Telekom, Telus, CenturyLink, Bell Canada, SimpleCom, Verizon, Oy, GVT, plus many second and third tier opportunities, as well as operators in developing countries.

We continue to win new designs with our 865x product line second-generation Mediaroom Media Processor family, which offers the highest performance, lowest power and lowest BAM cost of any Mediaroom SoC. As a result, we expect to see our deployment start to ramp at multiple providers during calendar 2012.

We're also beginning to participate in opportunities for hybrid set-top boxes which combine IP with satellite, terrestrial or cable broadcast reception. In this segment, we're pursuing platforms that incorporate the DVB-T, C or S, ISDB-T or ATSC based broadcast reception, along with middleware from 3view, Ginga and HbbTV.

The market Connected Media Players continues to expand and evolve new product classes. As a leading CMP vendor, Sigma offers a strong class of value line processors with comprehensive over-the-top content support that are optimal for these expanding consumer applications, which include Digital Media Adapters, smartphones-to-TV WiFi dongles, PC to TV WiDi dongles, DLNA streamers, media players with Skype videoconferencing and ultra-thin client platforms with built-in powerline networking.

The market for Smart TV is expanding rapidly with demand projected to exceed 140 million internet-enabled televisions by the year 2015. As a result of acquisition, Sigma has become a leading vendor of Smart TV solutions, inheriting a strong reputation for picture quality, over-the-top software platforms and frame rate conversion technology. Taking over for Trident, we are serving a number of Tier 1 OEM and ODM customers, including Philips, Visio and TPV.

Developing new accounts require separate solutions for OEMs and ODMs, each extensively supported by talented design-in teams to work intensively with each OEM. Our OEM solution is based on supporting a proprietary user interface and software stack to enable customization of branded products. Our ODM solution is based on an open-architecture turnkey design that's ready for market and readily extensible through open standards.

We believe that our new Smart TV SOC product line offers certain distinctive advantages for differentiated products, including superior picture quality based on award-winning algorithms, promotion-compensated deinterlacing and noise reduction, integrated motion estimation and motion compensation, frame rate conversions for up to 240 hertz; and advanced support for 2D to 3D format conversion and 21 x 9 CinemaScope technologies. As a result, we anticipate growth of our Smart TV product line over the next 2 years, with the addition of 2 to 3 major TV manufacturers.

The market for home control continues to expand as new initiatives are taking place with many large operators -- large providers for energy management and security services. More and more operators, especially telcos, have been entering this market to increase their average revenue per unit. As a result, major design wins have been emerging over the last year with Sigma becoming a leader in much of these applications through the appeal of our Z-Wave product line. This will result in increased revenue as these announced design wins continue to ramp. Furthermore, these design wins work synergistically with the development of our industry-leading home control ecosystem, which now supports over 650 interoperable consumer devices on the market today. We expect Z-Wave to continue its growth in the foreseeable future, as well as provide value-added leverage to our position within set-top boxes and operator deployment plan.

Sigma's Prosumer video processing offerings provide studio quality video for a host of professional and high-end consumer applications. This market serves to drive our video processing technology and has grown into a highly profitable segments of around $3 million per quarter.

Moving to connectivity, we see continuing growth for home video networks in most regions around the world and we're working with some of the largest operators to plan future deployments of Sigma-driven solutions for a wide range of technologies. HomePNA solutions continue to deploy in mass volumes for North America, with major new rollouts ramping in Latin America. Based on current usage trends, we expect the strong base business to continue until it blends into the growth of G.hn solutions.

HomePlug AV solutions, featuring our patented ClearPath technology, have begun early deployments and are expected to ramp modestly throughout this year. G.hn solutions are now in field trials and expected to begin deployments by the end of this year, driven largely by robust power line connectivity and all-wire flexibility.

WiFi solutions based on Sigma's Media Processor reference designs with key industry partners are being evaluated for use in many product classes. Based on current demand trends and partnership models, Sigma expects to participate in a wide range of WiFi deployments in the future.

As a long-term goal, Sigma is developing differentiated technologies for consumer entertainment products that's delivered with a corrected media platform. Since new products and technologies are the lifeblood of the semiconductor industry, Sigma is continuing to invest in its core areas at a record rate to develop complete technology platforms to enable products for the way consumers want to live.

I'll now pass the call to Thinh to cover our forward guidance.

Thinh Q. Tran

Thank you, Ken. As indicated, we are confident our long-term strategy to build a leading Connected Media platforms company will eventually result in strong future growth. Overall, we remain heavily engaged in service providers and OEM and continue to win new accounts for the Media Processor, Home Networking, Home Control and Smart TV.

Moving onto our formal guidance we would like to shape the expectations of the Sigma performance in the second quarter of this fiscal year. Given reasonable visibility at this time, we expect total revenue for the second quarter to be between $61 million to $67 million. We expect Sigma core revenue to represent about $40 million. We expect the Digital TV revenue from the acquisition to represent about $24 million.

We expect our second quarter gross margin on a pro forma basis to remain similar for our core business, and our branded gross margin with the new Trident products should be in the 45% range.

In summary, I would like to reinforce that our fundamentals remain strong, our team is in place and our processes are being optimized to maximize our long-term success.

We'd now like to open up the call for Q&A.

Question-and-Answer Session

Operator

[Operator Instructions] And the first question comes from the line of Philip Lee, Lazard Capital Markets.

Philip Lee

The IPTV was down slightly from last quarter. And I guess you had mentioned you see AT&T coming back online. When can we see the timeframe on this?

Kenneth Lowe

We expect to see impact of that in a material sense in the second half of this year.

Philip Lee

Calendar or fiscal?

Kenneth Lowe

Well, second half of our fiscal year. We'll probably maybe see a trickle of it in the second quarter but more materially in the second fiscal half.

Philip Lee

And what is the percentage that you're seeing in your Latin America business versus North America?

Kenneth Lowe

Well, for our Connectivity Solutions, especially HPNA, we're seeing a very strong trend there. It's going to have to work hard to catch up with North America but there's a lot of deployment opportunities down there. It's still going to be much higher for North America because that's continuing to expand.

Philip Lee

What about in the IPTV space?

Kenneth Lowe

In the IPTV space, I think we're still going to be, substantive part of our market, there is going to be more North America. I'd say it's going to be still an 80/20 rule for a while, 80% in North America, 20% Latin.

Operator

The next question comes in the line of Vahid Khorsand, BWS Financial.

Vahid Khorsand - BWS Financial Inc.

First question, given that there's an activist involvement with Sigma right now being undertaken, were there any operational changes to improve breakeven point and neutralize the need for an activist?

Thomas E. Gay

All we can say at this time is that we are hopeful we can avoid an expensive and disruptive proxy contest, but we cannot comment any further at this time.

Vahid Khorsand - BWS Financial Inc.

You're not going to tell us if anything changed internally as far as operation points? I mean, that can be neutral of an activist. I mean, was anything changed operationally since the Trident transaction at least?

Thomas E. Gay

It's been business as usual operationally.

Vahid Khorsand - BWS Financial Inc.

And I didn't hear you guys break it down but could you tell us what -- how much of Trident was -- for this past quarter, how much was Trident and how much was Sigma, if there was any Trident.

Thomas E. Gay

Trident actually closed early in the second fiscal quarter so there was 0 impact. We did have some acquisition expenses that we broke out in the pro forma details of our press release. A little under $0.5 million was expended during the first quarter, but no revenues or other expenses directly from the employees or cost of goods sold.

Vahid Khorsand - BWS Financial Inc.

Okay, and in your guidance, do have any one-time revenues assumed?

Thomas E. Gay

No, those are pretty much the normal baselines and expectations with the business as it should be ongoing.

Vahid Khorsand - BWS Financial Inc.

And my final question, do you know what the status of gaining back business in the storage market is?

Kenneth Lowe

The storage marketing, you mean in the connected media devices that have storage built into them?

Vahid Khorsand - BWS Financial Inc.

Yes.

Kenneth Lowe

Well, yes, we're continuing to ship into the market. Gaining back share is really what are a lot of our investments are about, building more over-the-top content and applications that allow us to connect into the cloud. So we are heavily moving ahead in that. That's actually one of the biggest synergies we have with the Smart TV products from Trident. That same investment into connecting into cloud services and over-the-top apps is exactly the same thing that you put inside of a Smart TV and the same thing you build inside the connected media device whether or not it has hard storage or not. So yes, we absolutely expect to continue to grow that business.

Operator

And the next question comes from the line of Gary Mobley, Benchmark.

Gary W. Mobley - The Benchmark Company, LLC, Research Division

I apologize I got on the call late. I was hoping that you can give us or remind us of the specific date of the Trident acquisition closure and I was hoping as well to get some more details on the operating expense guidance for combined companies not only for the current second quarter but on a go-forward basis. And then finally, on the gross margin front, some additional detail as to where the gross margin is now. You mentioned 45%, but more importantly, where can it go looking out 1 or 2 quarters?

Thomas E. Gay

To the -- acquisition closed on May 4. So there's about one week of our quarter that will not include any Trident revenue, 12 weeks that will. Let's see, I'd have to refer back to the breakdown of expenses that we gave earlier. We'll have to get back to you with some of those details. Let's see, the other part you were asking about was margin, and the guidance we gave is pretty much where we expected to be in the next few quarters before any of our product transitions and newer generations are introduced to the market.

Gary W. Mobley - The Benchmark Company, LLC, Research Division

Again, I apologize, I just landed and haven't gone through all the details and refreshed in all the details as well, but with respect to the combined operating expenses, any real variance from your last call and guidance that you gave at that time?

Thomas E. Gay

That's still the best set of numbers we have. There are some changes underway. We're still solidifying the number of employees that are accepting offers and a few other details in the expenses. But they're still in the ballpark of what we guided to.

Operator

The next question comes from the line of Stephen Chin, UBS.

Stephen Chin - UBS Investment Bank, Research Division

Just wanted to, one, in terms of the I guess first of all, if you could remind us on the target for Trident's revenues for this calendar year. And also what kind of seasonality should be expected for the second half of the year, like for example, is calendar Q3 going to be the big quarter and then you see a big drop off seasonally calendar Q4, that will be helpful.

Kenneth Lowe

For our guidance, we will star our second quarter expecting about $24 million from the Trident operation. And I think roughly speaking, as an average, that's about what we're expecting right now. There are some counterbalancing trends there. So that's about as good of guidance as we're going to give right now, is $24 million on a quarterly basis.

Stephen Chin - UBS Investment Bank, Research Division

And I guess just referencing the $100 million per year target that you mentioned earlier in your prepared remarks, was that with the Trident business for this year or was that...

Kenneth Lowe

That was for the Trident business for this year and so there is some seasonality. Q3 is generally a high quarter because of the consumer seasonality. Q4 is usually a little bit down as far as that goes.

Operator

And we have a follow-up question from the line of Vahid Khorsand, BWS Financial.

Vahid Khorsand - BWS Financial Inc.

Looking at the numbers again, it sounds like you're saying that without Trident, you're saying there's no growth in the core Sigma assets. Is that what you're seeing?

Thomas E. Gay

Yes, after the surge that we experienced in the current quarter, we feel that it's going to be similar in Q2 sequentially. The mix may not be identical though. There may be a little bit of change here and there but we aren't providing any details on that.

Vahid Khorsand - BWS Financial Inc.

In the last call, I guess you had set a target point for coming out even by the end of the fiscal year, I believe that's what you had said. Is that -- are you pushing that timeline back?

Thomas E. Gay

It still seems a reasonable expectation from this point of view.

Vahid Khorsand - BWS Financial Inc.

Is that reasonable, including the Trident asset, or are you saying including just Sigma core assets?

Thomas E. Gay

Including Trident.

Vahid Khorsand - BWS Financial Inc.

Okay, so without the Sigma core assets, it wouldn't be breakeven?

Thomas E. Gay

Actually, Trident, we're expecting to be neutral to slightly positive once the integration takes place, which we see is in Q4. And we feel that our core businesses should reach a point where they're able to become positive.

Vahid Khorsand - BWS Financial Inc.

Did you say by the end of the fourth quarter, you're saying, they're expecting to be positive?

Thomas E. Gay

By the end of the fourth quarter, yes.

Operator

And at this point, I'd like to turn the call back to Ed McGregor, Director of Investor Relations.

Ed McGregor

Thanks, Deana. Well, we'd like to thank everybody for attending our conference call to discuss our results for our first quarter of fiscal 2013. We do appreciate your interest in Sigma and we do look forward to our next scheduled call to discuss our second quarter results for fiscal 2013. Thank you.

Operator

Thank you, again, ladies and gentlemen. This concludes today's conference. You may now disconnect, and have a great day.

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