Radiant Systems, Inc. Q1 2008 Earnings Call Transcript

May.16.08 | About: NCR Corporation (NCR)

Radiant Systems Inc. (RADS) Q1 2008 Earnings Call April 30, 2008 4:30 PM ET

Executives

John Heyman - Chief Executive Officer

Mark Haidet - Chief Financial Officer

Andy Heyman - Chief Operating Officer

Analysts

Vincent Colicchio - Noble Financial Group

Brian Murphy - Sidoti & Co.

Gil Luria - Wedbush Morgan Securities

Scott Stevens - Coatue Management LLC

Ted Bates - Hilliard Lyons

J.D. Padgett - Boston Company Asset Management, LLC

Operator

Welcome and thank you for standing by. At this time, all participants are in a listen only mode. (Operator Instructions) Now, I would like to turn the meeting over to Mr. John Heyman. Thank you.

John Heyman

Mary, thank you and thanks to everyone for joining us on a busy afternoon. With me here today are Alon Goren, our Chairman and Chief Technology Officer, Andy Heyman, our Chief Operating Officer, and Mark Haidet, our Chief Financial Officer. And before I get started, Mark's going to run through the forward-looking caveats.

Mark Haidet

Thanks, John. As always, certain statements contained in this conference call are forward-looking statements within the meaning of the Securities Act of 1995, such as statements relating to financial results and plans for future business development activities, and are thus prospective. Investors are cautioned that any such forward-looking statements are not guarantees of future performance, and involve risks and uncertainties, many of which are beyond the company's ability to control. These risks are detailed in our most recent 10-K filed with the Securities and Exchange Commission.

During this call, we will also discuss certain non-GAAP financial measures. Reconciliations of these financial measures to comparable GAAP financial measures can be found in our earnings release and on our web site, at radiantsystems.com under investor relations.

John Heyman

Mark, thank you very much and thanks again to everyone for joining us today. We're obviously pleased with another strong quarter that again exceeded our expectations. Some quick highlights.

Revenues grew over 22% from $57.4 million to $70.2 million in the quarter. Adjusted operating income grew 49% as operating margins continue to outpace revenue growth. Adjusted operating margins expanded from 10.3% from Q1 of last year to 12.6% this past quarter, as we continue to gain leverage in our operations.

Our two growth engines, restaurants and specialty retail, grew 20% and 26.5% compared to the same quarter last year. Entertainment, our movie theater business grew 5% in the quarter, and our petroleum and convenience group declined by roughly 8% in the quarter. Our petroleum convenience group had a lumpier revenue stream and has been modestly impacted by the economic environment, but we're obviously pleased that the strength in other areas of the business have more than made up for that decline.

Our pipeline of direct deals also expanded during the quarter, indicating continued robust demand environment for our products. Some brands and markets continue to expand their site counts. Others have antiquated technology that is very costly to maintain, and accordingly they're looking to replace it, and still others who have perhaps curtailed site growth are looking to Radiant to help them with rising food costs, rising labor costs, optimizing inventory, and complying with new and evolving credit card industry standards.

I know it can sometimes be difficult for buyers to distinguish between competitive offerings and is that much more difficult for investors. At the heart of our value proposition to our customers is the following. One, we produce systems that are easy to use and highly reliable. We provide our operators with tools that help them serve their customers faster with higher order accuracy, and in a manner that lets our customers understand their customers better. And three, we provide robust back office systems that have demonstrated an ability to offer very high paybacks through food, inventory, and labor cost reductions.

Of course, we also have exceptionally strong customer satisfaction ratings in the industry, which combined with a continued innovation and a passionate group of employees and channel partners, is continuing to help Radiant win market share.

In summary, as we exit the quarter, we do so with a very large pipeline, a stable of new products, and great momentum in our channels. Accordingly, we continue to have a strong outlook to the rest of the year, despite a slowing economic environment. I think there are a few reasons for this.

One, our growth businesses compete in industries where we have a traditionally strong value proposition, relative to our competitors, and many opportunities to continue to gain increases in market share. Thus, as our share continues to increase, we can grow even when less sites are being built in the industry.

Two, we see operators getting operators getting more focused on operating efficiencies as growth is slowed in their businesses. For instance, restaurant management teams that were focused on adding sites are now vigorously trying to attack food and labor costs. This plays heavily to our product advantage and is behind much of our pipeline increases and wins.

And three, we serve a variety of segments and increasingly, a variety of geographies. Our strength in the quick service restaurant industry, for instance, with brands such as Dunkin' brands, Chick-fil-A, Burger King, and others, and the ability of our retail product to serve more budget oriented retailers, as well as higher fashion concepts, all plays well. And we're beginning to see strong strength in Europe and in Asia, including China.

Our business is performing ahead of expectations at this point. Clearly, in this environment, we must at least give consideration to the potential for weakness in certain areas or geographies. However, it's our strong belief that areas of strength will at least make up for any weaknesses and permit us to continue to achieve our plans.

There is also an advantage to this economy. Specifically, as we aspire to add more value to every one of our customers and expand the markets for our products, prices for other companies are lower and their buyers have become more willing sellers, excuse me; their owners have become more willing sellers. Part of this is due to the curtailment of private equity, part is due to the contraction in values we see across the public markets, and part is due to sellers' desires to just take chips off the table. All these factors are creating more opportunities to accelerate our strategy.

We recently purchased a service provider in the United Kingdom, Hospitality EpoS. Unlike most of our channel partners, their business is focused on larger accounts in this region, and will immediately help us expand our infrastructure in Europe to serve what is a growing customer base and pipeline.

So, as we head in to May, we do so with continued strength. We expect continued growth throughout the year and expect to compliment this growth with small acquisitions of companies that will continue to let us accelerate our desire to add more value to our customers and expand our markets.

Mark's going to run through the financials quickly, as well as update our guidance, and then we will take questions. Thank you.

Mark Haidet

Thanks, John. As John described, we had a very successful quarter, with revenue growing at 22% over the prior year. Specifically, our restaurant business continued to see strong growth, exceeding 20% in the quarter. This was driven by new client wins as well as additional sales into existing customers and our small business channel.

Both our service revenue and systems revenue grew at 22% compared to the first quarter of 2007, while our gross profit margin remained relatively consistent with the previous quarter and previous year. Our adjusted operating income grew 53% compared to the first quarter of 2007, which resulted in adjusted operating margin of 12.9%, an increase of 260 basis points from the same quarter last year. Our adjusted net income for the quarter was $5.8 million or $0.17 per diluted share for the quarter, representing a $0.04 improvement over the same quarter last year.

From a balance sheet standpoint, our working capital was $50.5 million, an increase of $1.2 million from the quarter, with a cash from operations of $900,000 in the quarter, which is consistent with our typical first quarter cash flow where we pay out our annual bonuses from the previous year. Our working capital metrics remain within our target levels with inventory levels at 3.5, I should say inventory turns at 3.5, and our day sales outstanding at 57, and generally our debt positions similar to the first quarter with the addition of the acquisition of Hospitality EpoS adding slightly to our overall debt level. We still have ample opportunity within that facility. As you'll remember, we had a new facility put in place at the beginning of the year, which gives us significant capability to go out and do future acquisitions in our existing capital structure.

Now I'll turn to our guidance and our expectations for the future. Based on our current visibility and market assumptions, we're providing guidance for the second quarter of 2008 with revenue in the range of $73 million to $75 million and we expect adjusted earnings in the range of $0.20 to $0.21 per share. For the year, we maintain our revenue estimate in the range of $305 million to $308 million and our adjusted earnings estimate of $0.84 to $0.88 per diluted share.

As a final note, it's important to remember that all of our earnings guidance is on an adjusted basis, which excludes amortization of acquisition related intangibles, employee stock compensation expense and nonrecurring charges, and it includes the ongoing cash benefit of the utilization of our net operating losses and tax credits. John?

John Heyman

Thanks, Mark, and Mary, now we will take questions.

Question-and-Answer Session

Operator

Thank you. We will now begin the question and answer session. (Operator Instructions) Our first question comes from Vincent Colicchio. Sir, your line is open.

Vincent Colicchio - Noble Financial Group

Nice quarter, guys, just a couple of questions. It sounds like your overall market on the restaurant side remains quite vibrant. Could you give us a little more color in terms of quick service, fast casual, and TSR, how things are shaking out?

Andy Heyman

Yeah. This is Andy. The hospitality business, when we look at geographic success, product success, or segment success, and your question was along the lines of segment success in terms of table service, or fast casual, or fast food. We're having consistent success across all of those segments right now. We have a very balanced portfolio and so we're encouraged by the strength across the board in the segments we're serving.

Vincent Colicchio - Noble Financial Group

And in those segments, have the competitors re-priced offerings, anything changing on the competitive landscape?

Andy Heyman

It's a great question. We stay very close to that as we have over the years. And I think there's two kinds of competitors that we're seeing right now. One is the smaller competitors, and there's over 50 competitors in the hospitality space, but the smaller competitors make up the vast majority of those and we have seen a retraction from them, in terms of how they are spending and how they are trying to go after the market.

So we have seen a pull back as a general rule with them. With what I'd say are the largest competitors, what we are seeing now is it's really difficult when you have a history of poor service and low-end product offerings like they do. That it's tough to make up for that with simple pricing tricks in tough times. Our customers and the industries we serve are too smart for that.

Vincent Colicchio - Noble Financial Group

I have a question on the specialty retail side. Is the weak economy helping you accelerate your build-out of your sales force? Can you give us an update there?

John Heyman

Well, we've continued to add to the sales force. It's probably grown to, at this point, over 40 people who are being productive, and they've driven probably closer to 50 people that are being productive. Just to give you a flavor, the group itself grew 26.5% in the quarter, but the systems growth of the business in the quarter because their legacy business has a high amount of recurring revenues, the systems business in the quarter grew over 50%.

So that's an indication of what having more feet on the street is doing for us. I would say the economy itself, in terms of being able to hire people; certainly it's easier to hire people right now. But I don't look at that as something specific in retail. It's just across the business. It's easier to hire good people right now.

Vincent Colicchio - Noble Financial Group

Okay. One last question on the convenience store side. What are you budgeting through, what's implicitly implied in your annual forecast? What kind of growth are you looking for in the convenience store side?

John Heyman

Growth in convenience stores, Mark, on the budget, it was very slow growth, less than 5%?

Mark Haidet

Yeah. I mean and our budgets have a range, but generally a fairly flat year for the convenience store industry was in our plan.

Vincent Colicchio - Noble Financial Group

Okay. So, you're expecting some improvement going forward, I assume? Obviously.

Mark Haidet

Well, I think as John mentioned, we've seen a weakness in the beginning for that industry. And so, we're not yet expecting to see an improvement. It looks like it could be have a softer year. Offset by some of the other areas of strength in the business. So we'll be keeping an eye on it.

Vincent Colicchio - Noble Financial Group

Okay. I'll go back in the queue. Thanks, guys.

John Heyman

Yeah. Just let me make a note on that real quick, Vincent. While it didn't happen, per se, in the quarter, we just signed two very significant deals actually in the industry. The question now is when will the rollouts occur and we're working with our customers on that.

Vincent Colicchio - Noble Financial Group

Okay. Thank you.

Operator

And our next question comes from Brian Murphy. Sir, your line is open.

Brian Murphy - Sidoti & Co.

Hi. Thanks for taking my question. Mark, what was the contribution from Quest in the quarter?

Mark Haidet

Yeah. It was I'd say kind of one. It was kind of in our expectations of what we expected for the year. We don't break it out specifically in the financials. But they were on track for the quarter where we expected them to be.

Brian Murphy - Sidoti & Co.

Okay. And I think going into the year before you made the acquisition, you were sort of targeting organic growth in the 15% range. Is that still a good number?

Mark Haidet

Yeah. I'd say what we're seeing is still consistent with that.

Brian Murphy - Sidoti & Co.

Okay. And I think you mentioned on the last call that January was your best, year-over-year month ever for specialty retail. How did that trends during the quarter and did you see any sort of weakness in that business in the back half or the back end of the quarter?

John Heyman

Yeah. I think it continued to trend strongly in the quarter. I think what we were talking about end of January was new system sales, and that was exceptionally strong. Again, 50% plus kind of systems growth and if you look at software growth, new software sites even higher than that. So, we're really pleased with where the business is trending.

Brian Murphy - Sidoti & Co.

Got it. And I think, Mark I missed the number you put out for growth in the restaurant segment. Was it 22%?

Mark Haidet

It was 20%.

Brian Murphy - Sidoti & Co.

20%.

Mark Haidet

Yeah. The company was 22% overall, restaurant segment was 20%.

Brian Murphy - Sidoti & Co.

Okay. All right. That's all for me. Thank you.

Mark Haidet

Yes.

John Heyman

Thank you.

Operator

And our next question comes from Gil Luria. Your line is open, sir.

Gil Luria - Wedbush Morgan Securities

Thank you for taking the question. In terms of geographies, it would be helpful; could you break out what percentage was from international? And then, within that, if you could give us a little more detail so the breakout between restaurants and convenience and maybe some of the geographies that are more substantial in size?

Mark Haidet

Yeah, Gil, this is Mark. Overall, our international business was up 35% over this time last year. It totaled for the company 12% of revenue in the quarter. As far as the questions on other geographies, we don't really have other geographic split outs that we provide. But I would just say, and maybe Andy wants to comment later on international growth, I think we've seen a fairly good growth across our international businesses so far.

As it relates to the industry breakdowns, the revenue was a consistent breakdown to previous quarters really, with restaurant revenue being the majority, nearly 60% of revenue. And then the next largest piece being the convenience store, which was 20%. The balance was split fairly evenly between the other verticals that we're in.

Gil Luria - Wedbush Morgan Securities

Got it. And then another geographic question is if you're noticing more divergence within different regions in the U.S. Regions that are impacted more by real estate. Are you noticing that your business in those regions is impacted more than other regions?

Mark Haidet

And you're talking specifically the United States now?

Gil Luria - Wedbush Morgan Securities

Yeah. Just in the U.S.

Mark Haidet

Yeah. We've definitely seen a little bit of softness in California and Florida. And of course more than offset with the other 47 states that we do business in. We don't do business in Alaska, but we had a little bit of softness in California and Florida.

Gil Luria - Wedbush Morgan Securities

Got it. I think you almost did this, but could you break out what organic growth was just for the quarter?

Mark Haidet

Yeah. It was roughly 15%, in line with our annual guidance. It's consistent with that range of 15%.

Gil Luria - Wedbush Morgan Securities

Got it.

John Heyman

Let me just make sure we captured; I think you had a question also on international, about how the industry is. Andy, did you want to add some color on hospitality outside the U.S.?

Andy Heyman

Well, I would just say right now, we've been pretty cautious for a few years now on what's going to drive our success outside the U.S. in hospitality. And I think we're sitting here today now in the 35% growth in the quarter certainly is indicative of. But even more indicative, I’d say is we now feel like we are building some strategic platforms both in Europe and in Asia-Pacific.

I've been in Asia-Pacific three times over the last nine months. And each time I come back I'm more excited about the opportunities when I listen to our customers talk about how much they are loving our system. When I hear our partners talk about the ability to continue to expand.

We just signed a Burger King China agreement two days ago. They have plans to open hundreds of sites there over the next few years. So right now, we are even more excited about the possibilities outside the U.S. and we're building the strategic platforms to support that.

Gil Luria - Wedbush Morgan Securities

Are you selling through your sales force or through resellers in those geographies?

Andy Heyman

It's a combination.

Gil Luria - Wedbush Morgan Securities

Okay. Would you mind telling us what the count is of resellers within the U.S. and outside the U.S. just for restaurants?

Andy Heyman

Inside the U.S., roughly you're looking at 70. Outside the U.S., it's probably in the 30 neighborhood.

Gil Luria - Wedbush Morgan Securities

Great. Thank you very much.

John Heyman

Thank you.

Operator

Our next question comes from Scott Stevens. Your line is open.

Scott Stevens - Coatue Management LLC

Hi. Can you talk about some of the leverage you guys are going to get as revenue grows from the OpEx line? And in it, looking at next quarter it seems like you'll have margins expand slightly. And just talk about how should we think about margins going forward and where the real leverage will come from?

Mark Haidet

Yeah. This is Mark. Kind of consistent with the guidance we gave for the year; we expect our operating margin to continue to expand throughout the year. On average for the year, our guidance contemplates a 14% adjusted operating margin. And that will incrementally grow throughout the year. The primary leverage in that will come through leveraging our operating expenses with greater growth. We do expect to see a little bit of gross profit improvement, but we're not counting on a significant improvement during the year in gross profit.

John Heyman

And I think longer-term; the leverage is going to come out of the product development as we continue to expand regions where we can sell our existing products. The products run in lots of different countries today, and our distribution is starting to catch up with it. So we'll be able to leverage our product investments that much more. And then of course, on the G&A line. I do not expect a lot of leverage on the sales and marketing line going forward.

Scott Stevens - Coatue Management LLC

If I just think about some of your guidance for next quarter, now obviously there's some economic changes you need to be cautious on, but if I just add Quest and some of the other acquisitions, it seems like the guidance you're giving implies almost no growth to the core organic business, at least from the product side.

Mark Haidet

Well, I don't know your math specifically, but that's not.

Scott Stevens - Coatue Management LLC

Well, just if I look at the service business, which I assume will grow, and add some of the Quest business in the Q2, it just seems like the product growth that you guys are implying is not tremendous for Q2. Is that conservatism or an affect of the environment?

Mark Haidet

Well, again, I don't have your math in front of me, but my math would not say that the system's business will not grow. The Quest revenue is already in the run rate into Q1 and Hospitality EpoS, the acquisition we've recently done, really when you look at the overlap of revenue with the channel partner, and the relatively small amount of revenue there, there's really not a material add to revenue. So we do expect to see our systems revenue grow in the quarter as well as the services revenue.

John Heyman

Yeah. Scott, I don't have your model in front of me, but we're counting on significant double-digit percentage organic growth in the second quarter.

Scott Stevens - Coatue Management LLC

Yeah. No. I understood. Just wanted to make sure about if this was factoring in the environment or just a recent guidance as well.

John Heyman

Yeah. Well, all of our guidance factors in the environment, certainly.

Scott Stevens - Coatue Management LLC

Thank you.

John Heyman

Thank you.

Operator

Our next question comes from Ted Bates. Sir, your line is open.

Ted Bates - Hilliard Lyons

I just have a quick question on the tax rate in the quarter? Lower?

Mark Haidet

Yeah. It think that the cash tax rate was 23%.

Ted Bates - Hilliard Lyons

Okay.

Mark Haidet

Were you referring to the cash or the GAAP?

Ted Bates - Hilliard Lyons

GAAP.

Mark Haidet

GAAP was.

Ted Bates - Hilliard Lyons

32%, I believe?

Mark Haidet

Yeah. Right around 32%. We've had with our international acquisitions with Quest and some of the things we've been able to do from a tax structure standpoint, we are seeing some benefit to our overall GAAP tax rate for the year.

Ted Bates - Hilliard Lyons

And should we expect that run rate going forward from 32%, low 30s?

John Heyman

We're looking about a 35% for the year. Obviously, there's some variables, depending on the mix of business.

Ted Bates - Hilliard Lyons

Okay. Great. And this is my last question being your service gross margins declined both sequentially and year-over-year and I was just wondering what's going on there. Thank you.

Mark Haidet

Sure. Yeah. Our service margins were down some. Not significantly, not to any point of concern. They do tend to fluctuate quarter-to-quarter and we expect to see those move back up in the next or throughout the year.

Operator

And our next question comes from J.D. Padgett. Sir, your line is open.

J.D. Padgett - Boston Company Asset Management, LLC

Yeah. Hi. Nice results, guys. I think you provided some partial explanation for this question, but with the acquisition of EpoS, how does that impact the incremental revenue to you, given that they were already a reseller for you?

Mark Haidet

Yeah. This is Mark. It's a fairly immaterial impact, given that there's a good amount of overlap in what we book. They have a fairly narrow gross profit margin. Their cost of goods sold is in essence our revenue. So the incremental revenue would really be their gross profit. So, it's not a significant net add to the revenue. It does provide us a pretty significant strategic opportunity to grow that business and I'll let Andy talk a little bit more about that strategy.

Andy Heyman

Yeah. The way we're looking at the U.K., it's a piece of a European puzzle, and as we see increased demand, we realize we need a larger physical footprint there, and so the timing was right with the owners of Hospitality EpoS to secure it. So we're able now to add sales people at the rate that we want to delivery people, and really have that as a foundation for how we serve Europe.

J.D. Padgett - Boston Company Asset Management, LLC

And you don't lose any of their existing relationships with other vendors?

Andy Heyman

No. They were what I would call a Radiant, fully-integrated service provider. So this is just adopting that and then expanding it as to that they had a lot of third party things that they were buying.

J.D. Padgett - Boston Company Asset Management, LLC

How much did you pay for it?

John Heyman

$6 million, roughly.

Mark Haidet

Yeah. $6 million U.S.

J.D. Padgett - Boston Company Asset Management, LLC

Okay. And what's the cash and debt position right now?

Mark Haidet

For the company, we had cash around $23 million. And debt in the neighborhood of $65 million.

J.D. Padgett - Boston Company Asset Management, LLC

Okay. Great. Thank you.

John Heyman

Thank you.

Operator

(Operator Instructions) Once again we have a question from J.D. Padgett. Sir, your line is open.

J.D. Padgett - Boston Company Asset Management, LLC

Sorry. I forgot one. Interest expense? What would be your expectation around that?

Mark Haidet

Interest expense, we were coming into the year thinking it would roughly around 5% to 5.5%. At this point, I think it'd be probably be closer to 6%. Obviously, there's variables with that. And that's kind of interest in other category.

J.D. Padgett - Boston Company Asset Management, LLC

But it seemed like; interest expense was running a little high in the first quarter, just relative to your initial expectation. If it was going to be $5 million for the year, why was that? Is there any foreign exchange impacts in there?

Mark Haidet

There was with interest expense, we have interest in other. I think the actual pure interest expense was about $1.3 million in the quarter and then there was $100,000 or $200,000 of other items that fees and such that go into that.

J.D. Padgett - Boston Company Asset Management, LLC

Okay. All that netted together, probably somewhere around 6% for the year?

Mark Haidet

Yeah.

J.D. Padgett - Boston Company Asset Management, LLC

Okay. So kind of consistent with the Q1 run rate?

Mark Haidet

Right.

J.D. Padgett - Boston Company Asset Management, LLC

Okay. Thank you.

Mark Haidet

Thank you.

Operator

And our final question comes from Ted Bates. Sir, your line is open.

Ted Bates - Hilliard Lyons

Oh yes. Just a follow-up on a tax rate. Did you guys; is that what you, the tax rate, does that assume and obviously your guys' internal guidance, when you guys gave fiscal year guidance in the last call?

Mark Haidet

The number that we assumed in our model was 25% for the year.

Ted Bates - Hilliard Lyons

Okay.

Mark Haidet

So, it's slightly lower than that.

Ted Bates - Hilliard Lyons

Okay. Thank you.

Mark Haidet

Yes.

Operator

Thank you. That's all the questions, sir.

John Heyman

All right. Again, thanks everyone for joining us. Look forward to being with you in July and again I'd be remiss, the results we have been able to produce is due to the incredible efforts of our 1,000-plus people and thanks to each of them as well. Look forward to speaking to you in July.

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