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MICROS Systems, Inc. (NASDAQ:MCRS)

Q4 2012 Earnings Call

August 23, 2012 04:45 pm ET

Executives

Tom Giannopoulos - Chairman, President, and Chief Executive Officer

Peter Rogers - Executive Vice President, Investor Relations and Business Development

Cindy Russo - Executive Vice President, Chief Financial Officer

Tom Patz - Executive Vice President, Strategic Initiatives, and General Counsel

Analysts

Gil Luria - Wedbush Securities

Ross MacMillan - Jefferies

Dan Coholan - RBC Capital Markets

Eric Lemus - Raymond James

Keith Housum - Northcoast Research

Operator

Welcome to the MICROS Systems Fiscal Year 2012 Fourth Quarter Conference Call. During the presentation, all participants will be in listen-only mode. Afterwards, we will conduct a question-and-answer session. (Operator Instructions). As a reminder, this conference is being recorded, Thursday, August 23, 2012.

I would now like to turn the conference over to Tom Giannopoulos, Chairman and CEO. Please go ahead, sir.

Tom Giannopoulos

Thank you, Kevin, and good afternoon, everyone. Thank you again for attending today's conference call. Again, to remind everyone, this is the fourth quarter of our fiscal year 2012 conference call that ended in June.

As you know our fiscal year is July 1st through June 30th. With me as always are, Cindy Russo, who is our CFO, Tom Patz, who is the Legal Council and Business Development EVP, and Peter Rogers and we will commence with Peter and the disclaimer. Peter?

Peter Rogers

Thank you, Tom. Good afternoon, ladies and gentlemen. Some of the comments today are forward-looking statements that involve risks and uncertainties such as uncertainties of product demand and market acceptance, the impact of competitive products and pricing on margins, ability to obtain on acceptable terms the right to incorporate in MICROS's products and services, technology patented by others, environmental and health related events, unanticipated tax liabilities and the effects of terrorist activity and armed conflict. MICROS undertake no duty to update any forward-looking statements to conform to actual results or changes in MICROS' expectations.

Other risks and uncertainties associated with MICROS business are identified in the management's discussion analysis of financial condition, results of operations and business for investment risk sections of MICROS's SEC filings. Tom?

Tom Giannopoulos

Thanks, Peter. Our financial results for the quarter and the fiscal year were outstanding under any circumstances, but especially when you consider the global events and turmoil of the past 12 months.

Specifically in looking at the numbers from the press release this afternoon, revenue for the quarter grew from $274 million to $302 million, plus 10%, 10% plus 0.36%, which is consistent with our goal of upper single-digit revenue growth, while increasing profitability. This is what we have said, we want to do these during these difficult business times.

Revenue for the year grew from $1,007,859 to $1,107,531 a 9.9% growth. Gross margin was an excellent 55.51% for the year 614,805. Record income from operations of over $250 million, which is 22.7%, all the way down to the bottom of the page or net income on non-GAAP basis increased by 15.3% from $158 million to $182,650 and EPS also increased by 15.60% from $1.92 to $2.22.

I will ask Cindy to give you the additional details on cash and other numbers. Cindy?

Cindy Russo

Thanks, Tom. The highlights of the balance sheet for the quarter and the year are as follows. MICROS had $616.5 million of cash and investments at June 30, 2012, negating the adverse impact of foreign exchange amounting to $60.5 million, and our recent purchase of Torex Retail at $258.2 million. This amounts to an increase of $108.7 million, or 13.1% over the prior year balance. In fiscal 2012, MICROS generated $180.2 million from operating activities while receiving $99.7 million from the net maturities of investments.

On the financing end, the company received $19.4 million from the exercise of stock options and the related tax benefit and spent $59.2 million on the repurchase of common stock. During the fiscal year, we purchased a total of 1.3 million shares of which 110,000 were purchased in the fourth quarter. Thus far in Q1, MICROS has repurchased 200,000 shares of common stock at an average price of $47.30 per share leaving board approval for an additional $1.4 million.

Capital expenditures in the year amounted to $17.5 million. I would forecast a spend of approximately $20 million for fiscal 2013 as we continue to invest in our global cloud infrastructure.

From an R&D standpoint, gross expenditures totaled $58 million in the current fiscal year of which we capitalized $7.2 million as our teams work to expand our core products and web offerings across all verticals. Finally, the company's cash split by segment now stands at U.S. and Canada 63%; International 37%.

The accounts receivable balance of $235.4 million includes $33.7 million, purchased with Torex Retail. Days sales outstanding at quarter end were 63.1 days consisting of International DSOs at 72.9 days and U.S. Canada day sales outstanding of 49.4. The June inventory balance of $44.3 million includes $8.1 million related to Torex.

The core inventory balance decreased $1.9 million over the prior year. Inventory turns in the period were a record $11.2 million. The combined current and long-term deferred revenue balance of $173.1 million has increased $26.5 million, or 18.1% since June 2011, and I am pleased to provide our annual backlog disclosure of $470 million as of the close of our fiscal year, a 16.1% increase over the prior year.

Moving onto the income statement. From a revenue perspective the segment split for both, the quarter and the year were U.S.Canada 47%, International 53%. On a constant currency basis, MICROS sales grew 15.6% over the parallel quarter, affected by a foreign exchange decrease amounting to $14.4 million. The FX impact on the sales in the year was a negative $10.4 million, decreasing annual earnings per share by $0.04.

Total recurring revenues for the quarter grew 16% from the prior year to $120 million, or $441 million for the year. The company is proud to have grown its recurring revenue balance to 40% of total revenues compared to 30% just five years prior. The SaaS and hosting portion of recurring revenues grew 35% to finish out the year at $74.8 million.

Headcount at quarter end was approximately 6,400, of which 38% reside in North America. Non-GAAP income from operations grew 11.3% in the year to $251.4 million. Non-operating income for the quarter was $1.3 million. This figure includes $1.7 million in interest income offset by $0.1 million in interest expense.

The currency loss this quarter amounted to $0.4 million. From a GAAP perspective, MICROS took an impairment of $4 million in its holdings of option rate securities. From a modeling perspective, we recommend that you model a 29% to 30% fiscal 2013 effective tax rate compared to GAAP and a non-GAAP perspective. Tom?

Tom Giannopoulos

Okay. Thanks, Cindy. Some additional information you'll find useful, again, the split between International and Domestic was 53% and 47%. The SaaS and hosting revenue increased year-to-year 35% to $74.8 million.

Total recurring revenue increased to $440.9 million. You should know that the large business units of the company grew revenue and profitability very nicely. If you look at North America, they grew revenue almost 11%, South America region increased revenue 17.5%, EAME which is our largest business unit increased revenue by 15.05% on a constant currency basis and AP increased from $116 million to $146 million, or 26.13%.

The rest of the units were up and down, reflecting basically the abnormality of the economies around the world. If you look at the hotel business unit, which is a $55 million to $60 million business unit, it grew positively, but it was below budget.

Major account restaurants and majority of them in the U.S. was down from last year. It was down, obviously, from budget perspective reflecting the uncertainty even in the U.S. now of the economic environment. L&E, which is stadiums and ballparks and so forth was up rather the new ballparks would be built in and installed. It was above last year's numbers and above budget numbers.

MICROS retail, the store systems was up and unfortunately the e-commerce business, where we're trying to expand, it's our first step there was down, not significantly but a good number. Overall, the business units did well and we are encouraged by the fact that the large business units Asia-Pacific, South America, EAME and AP have done very well and grew double-digit growth so far.

In summary, we had an outstanding year overall for the company. The acquisition of Torex set us up very nicely to reach our goal of $2 billion that we have set for ourselves, and in regards to guidance for fiscal year 2013, again will be on the cautious side until we see some changes in the geopolitical arena. As a result, we have set our revenue for $1.3 billion to $1.325 billion and then EPS of $2.40 to $2.44.

Kevin, we'll take questions now.

Question-and-Answer Session

Operator

Thank you, Sir. (Operator Instructions). Our first question comes from the line of Gil Luria with Wedbush Securities. That line is open.

Gil Luria - Wedbush Securities

Yes. Good afternoon and thanks for taking my question. First of all on currency and your guidance, how much of a drag do you foresee currency being on that 1.3 to 1.25 versus this year, since the currency has gone down throughout the year based on today's rates?

Then what contribution you expect for next year from Torex? Obviously, currency has gone down since you announced the deal, so that 1.40 to 1.50 is probably also lower. Let me start with that.

Peter Rogers

Gil, it is Peter. In terms of the currency, we're going to base the total model. Really, the euro was [and GBP 1]. Those are the things that are moving, so I think the euro is at 1.22 and GBP 1, somewhere in the mid-1.50, so we take that as the base level. That goes up, goes down and it is what it is.

In terms of Torex, we are really looking at that 1.50 range this year. Yes, the currency has moved a bit but not material since we closed in June 1st.

Gil Luria - Wedbush Securities

Given that the pound and the euro have gone down throughout this year, does that not mean that there is 4% or 5% drag for fiscal '13, versus fiscal '12 from currency?

Tom Giannopoulos

Yes. That is correct.

Gil Luria - Wedbush Securities

Then last one on Torex. I'll jump back in queue. The run rate for Torex was higher than 150 is probably closer to 200, but you can't recognize a lot of that revenue in the first year, because of deferred revenue and GAAP rules around that. Does that now mean that your revenue and earnings will be more back-end loaded since that impact is going be stronger in the first half of the fiscal year?

Tom Giannopoulos

A couple of things here, the run rate, of course, as you are talking about is based on June numbers, and June is the last month of the fiscal year. They are also on July through June fiscal year, so what you saw in that number is probably the best revenue stream etcetera, so that kind of skews the numbers a little bit. If you understand what I am talking about. What was the other question, Gil?

Gil Luria - Wedbush Securities

Because of this type of revenue recognitions, does that not mean that most of the attrition will be in the second half of the fiscal year?

Tom Giannopoulos

Absolutely, yes.

Peter Rogers

Some of that catches up in the second half. It's really going to be more of a major pickup in the second full year of the acquisition a year from now, we have to move from a private company account to public sector accounting. IFRS International Financial Accounting Standards to GAAP, and we've done a number of private deals before and it is just invariably we know there are revenue recognitions away. That does catch up in year too.

Gil Luria - Wedbush Securities

Let me squeeze another small one in, which was what was Torex contribution for that June month?

Cindy Russo

For June, it was approximately $16 million.

Gil Luria - Wedbush Securities

Great. Thank you very much.

Operator

(Operator Instructions) Next question comes from the line of Ross MacMillan with Jefferies. Sir, your line is open.

Ross MacMillan - Jefferies

Thanks a lot. Just a question on SG&A. A nice beat in the quarter on earnings, but I think the SG&A number was significantly lower than what we expected and I think it was actually sequentially down on a non-GAAP basis. Can you just talk about what happened on the SG&A line in the quarter?

Cindy Russo

Within the quarter, sequentially to Q4 last year, it is slightly higher but in this quarter it is a little bit lower than what was originally expected, because there were some one-time adjustments. Going forward, for the total year approximately 27%, and I will continue with that percentage 27% and 28%.

Ross MacMillan - Jefferies

Was there some previously accrued cost that you effectively didn't need to take in Q4? Is that the right way to think about?

Cindy Russo

That's correct.

Ross MacMillan - Jefferies

Okay. Could you quantify that at all in terms of the reversal?

Cindy Russo

No.

Ross MacMillan - Jefferies

Okay.

Cindy Russo

We'll continue on with the 27%. If you can see from both, last year and this year, it's very consistent at a 27 percentage.

Ross MacMillan - Jefferies

Okay. Great. Thank you. Then, Tom, I think I am right in saying that the growth in international as we look over the last 12 months has really been the primary driver of aggregate growth for MICROS, and with all the kind of cross currents and what's going on in the world today, if we just think about core MICROS, are you still anticipating that the International business is an aggregate are going to continue to be faster growing organically than the domestic business. If so, what's driving that? What are the factors that are really driving that?

Tom Giannopoulos

The factors driving is the fact that, let's say, most of the customers and most of the large entities have plans and continue to plan to grow internationally, especially in the Far East, India, China etcetera.

When you look at the hotel chains of one kind of another, they are obviously expanding a little bit in the U.S. but they consider themselves saturated and they look at growth opportunities. They look at them internationally. They look at Far East, they look at Eastern Europe and they look at Africa, and that's where the growth is going to come from and that's where they are planning to grow in the future. That’s why we are making the assumption that the growth is going to be higher internationally than it is going to be domestically.

Ross MacMillan - Jefferies

Okay. That's helpful. Some of the change in which you already have kind of contacted rollouts, I think some of those are European. Is that correct? That's helping as well?

Tom Giannopoulos

Correct.

Ross MacMillan - Jefferies

Okay. Then, I will be remiss if I didn't ask. Any further thoughts about any of the domestic hotel opportunities?

Tom Giannopoulos

The domestic hotel opportunities that we've talked about before continues. We're getting closer and closer, but it's a slow process from their point of view and very careful. Of course, at this time because of the recession, they are not in a hurry to do anything real fast. Now, we are in a better position to obtain those contracts than we were last quarter and there is a light at the end of the tunnel.

Ross MacMillan - Jefferies

Great. Congratulations. Thanks again.

Tom Giannopoulos

Thank you.

Operator

Our next question comes from line of Dan Coholan with RBC Capital Markets.

Dan Coholan - RBC Capital Markets

Hi. One of the things I was trying to figure out was, this quarter the services margins were much stronger than they were sequentially, and I would have thought given the mix of revenues that come out of Torex, which I think is like 70% services, which are much lower would have actually hurt that, so is there anything that you can call out that some of the people that didn't sign up for the maintenance are signing back up?

Peter Rogers

Dan, this is Peter. What we just saw it clearly, I think yes, Torex margins are a bit lower than the normal MICROS Service margins by several points, but the fact that we had very strong revenue growth in the recurring revenue line which is good margin offset that, plus we had a very good quarter in terms of installation and our installation margins proven just from better productivity, so it was really a positive mix of items for us, so we really had Torex really for one month.

Dan Coholan - RBC Capital Markets

Right, but I mean even still it jumped up about a 100 basis points, sequentially, so that's a pretty good call out, so most of that was coming from new installations? Is that what I'm to hear?

Peter Rogers

New installations, the growth of recurring revenue that fixed cost there, so clearly we have very good contribution margin. It has really have been major focus here to really just improve overall service margins across the board and that will continue.

Dan Coholan - RBC Capital Markets

Yes, but as we think about modeling for '13, that sort of line item has to come down. We can't keep it at 56% for the year and that's safe to assume. Correct?

Peter Rogers

Yes. I think that you bring up a good point. I think in terms of modeling that people have shared probably good lead in. I would use for the hardware margins and the fact bringing Torex in for full year, will bring our gross margins down about close to 200 basis points as we said before.

For those who want to model MICROS, I would use a hardware margin of about 33% to 33.5%, software margins at 86% and service margins about 53.5%, and that will give you a weighted average about 53.5%, and that's consistent with what we said, now clearly in fiscal '14 we should get a big pickup as we improve the margins with Torex, but I have used this for fiscal '13.

Dan Coholan - RBC Capital Markets

Okay, and one of the things I wanted to just trying to get update from you on was where are you in the process of working with the piloting and anything that you can give us would be helpful there.

Peter Rogers

Well, I hate to talk about specific customers, but suffice to say that with the key accounts that we go into pilot, it's fairly large base of customers. I won't say much more than that at this point, but the second one was above the Version 2. There's another version come up this fall that fits in the multi-tenanted platform that makes it a lot more efficient for smaller properties, so we're really starting to see significant pickup in demand and interest for Simphony. As we said, would happen once we got some of these new versions out.

Dan Coholan - RBC Capital Markets

Let me ask another question if I could around Simphony. The Square announces obviously the big deal is Starbucks this week. You guys had a ERP system for Starbucks running Simphony and we are getting this question obviously all the time, so what is that you see you have to do in terms of integrating Square into your system if at all?

Then do you see some sort of competitive threat with them and then taking that to the next level, how do we get comfortable with the hardware revenue run rate numbers and we see more and more of these iPads coming into the market as a hardware replacement cycle? Thanks.

Tom Patz

Dan this is Tom Patz. Let me just quickly comment on the Starbucks, Square press release. That obviously does not impact our relationship. Let me just clarify for the record. I don't think it at all impact our relationship with Starbucks. Our partnership with Starbucks actually continue to go quite well.

They fully deployed Simphony, as you know across all of U.S., Canada, U.K., Ireland it's performing well for them and they are looking at new market opportunities and we are going to be the POS that's introduced, so at our workshops it's clearly noted in multiple interviews, the Square products complements Simphony and it is not a Simphony replacement.

The integration with Simphony is very, very simple and easy, okay? To that point, let me just really kind of spend 30 seconds sharing really what the bigger narrative is about mobile payments and payment processing, because over the past few years there has been a huge proliferation of new devices and services relating to mobile payments, so you have of course, Square, you have PayPal, you have ISIS, Google Wallet, Tabbedout, Intuit. You have the Walmart, Target initiative that was just announced last week called Merchant Customer Exchange.

All of these involve the mobile apps and those are all exciting technologies, but the reality is MICROS has always been completely payment device and payment processing agnostic, so we need to maintain that Swiss neutralities since different customers have different payment processing and payment device preferences.

We also know who the winners and the losers are going to be. We simply know that we will interface the all payment products that our customers utilize, so that's why we do have relationships right now on that front with Google, with Google Wallet Tabbedout and with ISIS, and we have had to do certain modifications to our software products over the years, the last two years to address that and to make it easily integratable with those products as possible.

We continue to introduce a multitude of applications that run on the mobile devices, but the smartphones, or iPads, or tablets and even the payment devices but the device itself and the processing were completely neutral, so the message is while our core focus continues to be and our expertise continue to be as the keystone ERP provider to the industries we serve with the developments for a point-of-sale applications, the back office, with inventory, labor, gift, royalty and of course the headquarter functions with BI reporting their newly released online the call center loss prevention and audits.

Peter Rogers

Yes. Dan, I want elaborate positive very good job laying out the Starbuck Square, and I get that question a lot in Investor Relations. Today, Square really is a competitor for the loan cash registers, the acquirers and the credit card providers to terminals only for MICROS merchants.

When you look at our business, the heart in MICROS primarily with restaurants. Yes. There will be some evolution, some cannibalization with iPads with some of those fixed terminals, but we've lived with that for 20 years moving back early 1990s from proprietary hub or the open platforms. Our products, they were actually introduced iPad implementations, so yes there is some cannibalization.

At the same time, we have new billable app we provide to these iPads, so, it’s really an evolution of business, but I think it's remiss to think that our hardware business is going away anyways. Remember in retail and hotel, we are really hardware agnostic anyways with primarily just the softened service, so our business tool is more of an opportunity rather than a threat.

Dan Coholan - RBC Capital Markets

Okay. Superb. Thank you, guys. Good luck.

Tom Patz

Thank you.

Operator

(Operator Instructions) We do have a question from the line of Eric Lemus with Raymond James. That line is open.

Eric Lemus - Raymond James

Hi, guys. Thanks for taking the question. You guys noted $115 million could be potential revenue from Torex in the next year. Are you guys contributing any sort of potential synergies in that number? If any or if not at all, where could be potential synergies come from either on revenue or cross-sell or whatever it is? Thanks.

Tom Giannopoulos

Eric, let me just note this. Right now, no. There are no revenue synergies built into the model. We are in the early stages of the integration, but the integration is actually right on schedule and proceeding smoothly. Specifically, new management structure and organization has been announcing to implemented and this involves the integration of certain sales organizations geographically, which again as you may recall is principally in Europe, 98% of the business is in Europe and certain R&D functions.

Where the pickup could occur and this is really the second phase of the integration, which will take place really over the next 8 to 12 months is introducing some of their products in geographies where Torex has never played, or hasn’t played in many, many years. We actually were really a little headed schedule on that, because right now in two different negotiations with companies with large presences in countries, where Torex has not played.

The only reason we are in there now is, because we do have offices and we are able to open those doors, so that's where the potential revenue pickup could be, but again as Peter noted earlier, we would really see the full force of that surfacing gain in fiscal year '14.

Eric Lemus - Raymond James

Okay. Great. Yes. It's really helpful. As far as the SaaS business, another year of strong growth in that particular business. Any sense of growth expectations for the value defined SaaS business into the next year?

Peter Rogers

Eric, like I said, we reiterate, we actually grew the SaaS. This year it was $74.8 million, last year it was $55.4 million, so it was up 35%, it's hard to predict that to be exact. I would bench that the SaaS business this year will continue to grow at least in the 25%-plus range, but is it 30%, 35% surprise me? No. I'm always a bit cautious that lease to 25%.

There is significant demand, so we're very pleased. As Cynthia said, we're really beefing up, not only in terms of our hardware investment, remember we actually lease centers around the world and perform more personnel, but at least a 25% organic growth rate.

Tom Patz

We really don't want it to grow too fast, because it takes business away from the license revenue and you have to be very careful to replace one versus the other, so I think the growth that we have planned is on schedule and it's on our own terms, and we need to be very careful, not to all of a sudden go to all SaaS model and/or license revenue whatsoever.

Eric Lemus - Raymond James

Got it. Great. Thanks, guys.

Operator

We do have a question from the line of Keith Housum with Northcoast Research. The line is open.

Keith Housum - Northcoast Research

Okay. Good afternoon, guys. Thanks for taking my call. Question for you on the independent restaurant segment, your hardware number is up quite a bit year-over-year, and Tom if I heard correctly, your national chains were actually down a little bit? I'm imagining if your independent restaurants are really driving that hardware growth. Can you just shed little bit of color on what you're seeing there and what your thoughts are going forward in that continuing?

Tom Patz

Keith, the North American marketplace, as Tom reiterated was up close to 11%-plus this year. The hardware number we have is then again a global number, so we're actually seeing a pickup in demand and restaurants not just in North America, but internationally. We are seeing especially in Latin America, Asia Pacific, even Eastern Europe, so I think, it's just broadly reflect of that consumer demand, especially in North America has been very good.

Restaurant sales are up 7% this year internationally, so overall it's very strong, plus we also have seen a pickup in hardware for retail, so that was sort of a pleasant surprise this year, so it's not just attributed to restaurants.

The consumer trends have actually been very positive across all verticals. At the same time, we see these clouds geopolitically, so there's some separation. We're always a bit guarded, especially given what we read in papers but the fact is that consumer demand has been very positive, especially internationally and that's reflective in the increased demand for hardware and software licenses, which will reflect in the numbers.

Keith Housum - Northcoast Research

Okay. Great. I appreciate that, and a quick follow-up regarding Torex. If I remember correctly, the guidance there from an EPS perspective was $0.04 to $0.06 for FY'13. Is that still the range that you are looking at for FY'13?

Peter Rogers

Well, yes. It's all blended into the estimates. We are not going to provide it separately, but we took that into account when Tom gave the guidance for the year.

Keith Housum - Northcoast Research

Understood. Thank you.

Operator

We have no further questions from the phones at the moment.

Tom Giannopoulos

All right, then we'll close it. Thank you very much for attending our conference call and we will talk to you again in October.

Thank you. Bye, bye.

Peter Rogers

Bye, bye, Kevin.

Operator

Thank you, sir. Ladies and gentlemen, that does indeed conclude your conference call for today. We thank you for your participation and you may now disconnect your lines.

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