Q1 2020 Earnings Call
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Depending on the ongoing impact to the pandemic, we expect she's sample normal ensuring samples before the end of the second quarter. So stay tuned.
Turning to slide six as Fiveg market continues to evolve we believe the challenges that existing bonds at par solution stays and getting the technical requirements of fiveg applications create even greater opportunities for our partners.
Hi, Ci applications, where a minimum of 10% or us bandwidth to deliver on the consumers' expectations of application performance.
But as far resonators use aluminium nitrite that has a native bandwidth of 3% to 4%.
Well just can be created with approximately twice resonator bandwidth.
Many companies you skandia doping to increase resonator balance the six or 7%.
This change negatively affects performance.
This still doesn't meet the bandwidth requirements and doctors or implied with further which further for performance.
The solution to be low loss high rejection is used to filters combined with our switches to meet these requirements.
These approaches using standard Bobby's solutions, great performance increased costs.
Turning to slide seven.
Thanks for based filters meets the requirements for Fiveg natively.
As far as our revolutionary bar resonator structure is opened designs using our eyes and platform.
Can't be manufactured using standard fabrication sets, making experts solutions extremely competitive and cost effective.
And the process is repeatable foundries across the globe.
Minimal additional capex.
As I just discussed as far as capable of higher native operating frequencies of three to seven gigahertz and delivers up to 17% resonator bandwidth.
Four times wider operating bandwidth without the gimmicks that limit other critical performance metrics.
Current Exmar solutions deliver RF filter bandwidth of up to 24%, which can deliver on the promise of the richer user experience, including HD video and virtual reality.
And we announced last month that we have strengthened our IP portfolio. The first three patents issued for Exmar technology.
Turning to slide eight.
Let's take a deeper dive into exmar performance for non mobile.
February of this year, we demonstrated exmar based filters capable of 17% bandwidth nearly double what we showed in 2019.
We achieved minimum loss of less than one DB and achieve rejection of greater than 40, DB across neighboring wife I spectrum.
When you compare traditional boss solutions for why bandwidth to export based solutions for why bandwidth. It should be clear that expire solutions are less complex lower cost and easier to implement.
We believe it will make the Oems that utilize xplore devices more competitive.
To sum it up we believe expires the first acoustic.
Why if I back filter demonstrating greater than one gigahertz bandwidth.
Why does this matter for consumers and investors alike export technologist and able to user experience expected from Fiveg.
Turning to slide nine.
It's all the talk about Fiveg, it's important not to lose sight of fourg. The dominant filter market today that is not going away anytime soon in fact, the fourg market will continue to grow is fourg frequencies are re farm for Fiveg. The Fourg network will provide a backstop for fiveg cover tolls.
Supports the market continues to monetize this is driving.
Interest for our new customers at existing customers for center products based on our filter IP centered library, which capitalizes on the strength of various end platform and our ability to design center products that can easily be ported between foundries.
In January we side.
Standard library based contracts for multiple devices, so the new tier one foundry.
Which include prepaid royalties, which by their nature improve the predictability of our revenue.
Turning to slide 10.
Before I turn the call over to Marty I like to discuss our advisory Board.
We already had industry and technical experts advising the company in February we decided to formalize an advisory board hoops members you see on this slide.
They are actually working with us on validating our position in the marketplace validating our strategy from a go to market perspective, and helping us grow our customer service.
Through the ability to leverage and expand our existing customer and strategic relationships.
As we look to secure additional strategic engagements with our ex parte technology.
Now I'd like to turn call over to Marty for discussion of our financials, how residents capitalize in position to deliver for shareholders Marty.
Thank you George good afternoon, everyone.
Turning to slide 11.
Format, we used to assist our investors, but keeping track of our two of our most important metrics cash customer progress.
The amounts I talk about our GAAP, except where noted.
For the first quarter of 2020 as compared to the fourth quarter of 2019.
Billings were $280000 as compared to $100000 last quarter.
Revenues totaled $544000 compared to $459000 last quarter.
At the end of the first quarter deferred revenues totaled $1.5 million.
We estimate that amount will be recognized as revenue in the coming quarters.
Research and development expenses of $5.5 million.
Up from $5.2 million last quarter due to the restructuring George talked about.
Sales marketing and administration expenses of $3.1 million comparable to last quarter.
Operating loss of $8.1 million compared to an operating loss of $7.9 million last quarter.
Net loss of $8 million or a loss of 18 cents per share based on 43.8 million weighted average shares outstanding.
Compared to a net loss of $7.8 million.
Our net loss of 24 cents per share based on 32.7 million weighted average shares outstanding for the fourth quarter.
As a reminder, we did a public offering in February which raised the shares outstanding.
Non-GAAP adjusted negative EBITDA of $6.4 million or negative 15 cents per share.
Compared to negative $6 million or negative 18 cents per share last quarter.
Cash cash equivalents of $29.6 million at March 30, Onest 2020 with no debt.
Included $26.5 million and net proceeds from our public offering in February.
Last quarter, we said with the opportunities we.
We see we believe we're well positioned can be cash flow breakeven by the fourth quarter of 2021.
We're hoping that cold and 19% negative negatively impact that projection.
As George George noted in March we took steps to reduce our burn rate and extend our runway by focusing our efforts on performing customers and expiry related activities.
As well as reduced our annual burn rate by almost 5 million dollar.
On March 30, Onest 2020, we had a total of six before employees 18 of whom had a Phd and 48 of whom are part of the technical staff.
Finally, we believe revenues in the second quarter will be comparable for revenues in the first quarter with growth accelerating in the third quarter.
We expect GAAP operating expenses for the second quarter of 2020 to be down about 5% to 10% compared to first quarter.
I'd now like to turn the call back to George.
Thank you Marty.
Turning to slide 12 in summary, I believe resident is one of the best kept secrets and the capital markets today.
Clearly, we have established credibility with major players in the RF market.
Having validated our technology with over 40 million devices shipped.
Tear downs by industry, leading tear down companies identifying our technology and multiple tier one OEM handsets.
Having over a dozen customers.
Even more exciting and the middle of last year, we enhanced our engagement model on the back of our cutting edge ex parte technology.
And just royalties from products are shipped to include prepaid royalties, adding a level of predictability to the revenue model.
We do believe that as we continue to enable market disruptors like our tier one foundry partners and deliver XR based solutions, the world's largest RF filter manufacturer and other tier one RF filter companies, we will significantly enable our customers revenue potential.
Given their current.
Active market shares this could be greater than $5 billion.
In RF front end solution sales.
Given how the market views enterprise values for the RF filter company. This could represent two to four times revenues.
Isn't that picked all as have the diligent generator upwards of $20 billion, and then price value for customers.
While this provides no guarantees for resident this is clearly a mismatch between where we are what the technology and customer engagements represent.
If I circle back my hypothesis, if we did nothing else to deliver and what we discussed today and added nothing to suggest that we may be one is the best kept sequence in the market.
And I can tell you theres a lot more coming from resident stay tuned.
Now, let me turn it over the operator for today.
Operator.
Thank you and we're pleased to have dealing Kelly Chief operating officer resonant joined us for the question and answer session.
If you would like to ask a question. Please signal by pressing star one on your telephone keypad. If you are using a speakerphone. Please make sure your mute function, it's turned off to allow your signal to reach our equipment.
Again, Please press star one to ask a question.
And we'll parts or just a moment to allow everyone an opportunity to signal.
And we will take our first question from Cody I agree with loop capital.
Thank you for taking my questions and congrats on the progress towards Marty Good luck.
Could you just talk a little bit about.
The makeup of revenue in Q2.
With that being comparable to Q1 what is that.
What does that mean in terms of unit shipments are you expecting those to be flat or just how are things change in Q1 to Q2.
Well as noted on our last call Coty, we look good the revenue numbers a blend now of accommodation of unit shipments in prepaid royalties an upfront payment.
And so we are really looking at it from the perspective on a unit Europe bases on quarter to quarter basis more of a blend, but you know as we sit back and look at how unit volumes progressed in Q3 in Q4, we had solid volumes in Q1.
We'll see that.
We're going to be pretty good should going into fall from a unit volume perspective, but keep in mind, it's going to be a blend for Marty everything wholesale no no. George I think you broke out we've talked about the royalty fees a horse to design services.
Piece modeling packing up.
A lot on those.
Hey, Thank you very much for that.
The wife, I, Mark why pay six new market.
Can you put some numbers around that's as far as.
What good what size of the market are you targeting and then.
Pricing just any any specific quantification around that market.
I think the good thing to start with its just kind of what fundamental makes it different for that segment in the market with that I'll hand, it over the deal and let him talk about that a little bit because I think the real thing that stepping off point is what makes our technology so much different than so exciting for the OEM.
Drilling you want to touch on that real quick.
Yeah, I'd say it what's really 15 is today, especially on the infrastructure side of the market filtered requirements have been service by lower performing ceramic solutions. This new.
In addition to ban to and 79 on one side of five gigahertz and this new 60 ban on the other side.
So we're going to require the performance of acoustic wave filters. So now that's basically a whole new market for the acoustics, we're going out there.
And then similarly on the handset side, because it's already been present. So this represents at least doubling of the content on the lifetime side.
Thank you Dylan and then lastly folder Marty.
Excuse me.
Martin could you just give us some details around the how you're.
Getting to that 5 million or what are what steps to do you have to take and when do we see those intelsat.
Well, if we talk about as George talked about lots of fallen a make whole Muslim steps on what those are primarily headcount related costs.
Yes about committed capital.
About 4.5 million in that game, that's why I said.
For Q2, the expenses should go down between 5%.
All right. Thank you very much focused appreciate it.
Hi, Thanks.
And we'll now take a question from Tory standard with Stifel.
Yes. Thank you first of all George or Deylen can you elaborate a little bit more on being funded program.
So this is a fairly new initiative from you.
Any uptick you can give us, especially when thinking about you know some potential ramps in the second half of this year.
So I'm, sorry, Tory I didn't pets that first thing the what program.
The foundry program.
Okay, I'm, sorry, I'm, sorry, I got a little bit of background noise here and I didn't didn't close ball. So as we noted last quarter, we were transitioning a number of our founding program customers from our initial foundry partners to some of the larger tier one.
Bobby partners that we've established in China in large part because we're going to more broad based foundries that have a broader applications that greater good or ability to ramp greater predictability in their manufacturing.
As we look at it into its something that we believe will come online in the latter part of the second half of this year above the nice thing about it is I think from our perspective I'll, let go and touch on a briefly here is we've been very excited to see the progress leaned kind foundry partners.
Had made.
Even in light of.
Early shutdowns that happened around Chinese new year kind of where we see they are today significantly ahead of schedule going you want to touch on that real quickly.
Sure first.
It's pretty amazing that even theater and the disruption from go the 19, but it's still got equipment installed in the factories and have been running Lakers.
When the real advantage of the we have is that you know we're providing design. So this is all you know computer based working we send them overseas for them.
To manufacture and their facilities.
And that has really just kept going on checked or through the sit down and I were facing in the U.S. So were I think we're right on track, we're one of the B.
Very good and it's a follow up.
Could you talk a little more about the non mobile opportunities for exmar, particularly when could we potentially still can see some some win there.
Okay. So let me touch on that first in our enter the deal in the talked a little further detail.
We had an if we said late last year that we thought we'd have samples a barrel before.
We ended the first half this year, we actually had those available in Q1.
As I noted during the prepared remarks.
That's why we were able to do the webinar, we did in February and demonstrate actual performance.
We have been reticent to actually send samples to customers, that's not something that we like to do this cutting edge technologies, something we'd like to hand carry work with them in the lab duty evaluation much like we did.
Last year, when the engage with the multitude of different tier one prior to signing the contract with will important filter manufacturer.
So when you are right now poised and ready to go.
Waiting for kind of the okay to go out and start taking these parts directly to customers. So they can evaluate them.
And I think we've got a number of customers their teed up and ready to go.
What do you want to touch a little bit more on the applications that and the feedback that we're getting on a on the performance of these devices.
Hi, George I.
I think one thing to have that is just.
Certainly little bit surprised by the speed at which the Fccs moves and the announcement of the opening of the Sixsix band and that's creating a tremendous activity and pull for solutions like Xplore to address these me gigantic bandwidth, having interoperability between five and six gigahertz band.
So we have many engagements at the moment discussing architecture and specification trade offs and we have engineers developing new filters right now to address these emerging needs.
Great. Just just one last question George you didn't done a pretty good you know to what's going on in because the market and at the beginning of the year. Obviously there were some.
You know some announcements from one of the big filter manufacturers.
I'm just wondering if you know what does some of the latest thing that you have heard as far as dynamics in the in something like.
Oh, well I I assume you are talking about the what was the impending sale of.
Broadband business unit, and obviously that created lives the turmoil in the market and their pullback is created some additional turmoil I think but I think for us the thing that we we liked about it quite frankly is it just put a focus to focus on whats happening where they were they actually.
The dominated historically and what the opportunity is for companies that operate on both sides of their dominant.
I mean, clearly they have technology that came out and took four g. by storm.
There are challenges with that technology. When it comes defied GE is going and I have spoken done on a number of occasion and.
I think it just further highlights let the opportunity set is.
Those lasers announcement or the FCC opening up the than Wi Fi six E band I think is another thing that put another amplifier on that.
Segment of the market and why we're seeing lots of activity right now John do you want to touch on that a little further.
Yeah.
George sake, we looked at.
What broadcom has done with the aluminum nitride technology, you know it was extremely innovative and all your players followed suit.
Okay.
I think everyone. That's been it's been doing baud trace I pharmacies in aluminum nitride.
But the other dilemma there is the scalability to fiveg and going beyond 10% and lights and that's a lot of what the emerging need is so we're so excited to have yes part technology at the right time.
With the wider balance of leads coming.
Very helpful. Thank you.
Hi, Thanks.
Next we'll take your question from Ari Schuster made with Needham and company.
Hey, this is already taking the question core Rocky Gill.
And yeah, so first want to start off with talking about.
So outside of mobile where do you see the biggest applications for X bar.
Allergy and.
Yeah, you're talking about wife, I'd say opportunity can you provide a bit more color on that thank you.
The only want to take that birth.
Yeah.
I think it really gets in the Lifesize side of the World. Both you know you look at CP and.
It was homes you had all the enterprise applications.
We'll see the scaling up in Mimo few years ago from two to four now eight on the enterprise side.
And those are slots that have not use goosey filters before.
So your thoughts maybe.
And the tens or hundreds of millions of units when you multiply that by you know eight in a box they become very significant volumes relative to model. So that's yeah, there's already a very clear need and a good market opportunity we're focused on.
We've also been looking at.
Oh, and the cellular infrastructure side.
The shift to technologies like massive mimo, the the power per transmitting element has been dropping.
And yeah those have been serviced by.
Well, we're technologies like cavity filters are ceramics, but their door, maybe opening now for acoustics to play in that space numbering in major advantages and size of late.
That's a huge factor now on the economics of.
Boxes on towers, and how operators work. So that's another area, we're putting on a focus.
Well I think I would on a I want to also add to that to keep in mind.
You know our focus for our export technology is one I know non mobile is is that new customers anything as it relates to mobile is locked up for us through our exclusive your range from them through March 2022, and while we're doing a lot of investigatory work in that.
Area, obviously, you're not marketing that technology today to potential new partners.
The only thing, we're marketing to potentially partners or devices for non mobile applications, which in particular or.
If I see b and infrastructure.
Got yeah, that's a very helpful and moving to the sound your supply chain can you talk about your relationship with Teledyne scientific about some progressing and with regards to branded products can you.
Campaign, a picture of the opportunity or we should expect from that so 2020 2021 I'd be very helpful. Thanks.
Great.
Delinquent and take the first part of that question I'll jump in for the second.
Okay.
And that's Teledyne, certainly who were working with will be Cooper.
Samples or.
And that's where we're doing the preponderance of work going to higher frequency.
So, it's a hardware in place and or the finances gigahertz bands.
So I'd say yeah.
Schedules on track for the enablement of near term samples, which we've been signed up to.
And we've been very good partner with silver.
As it relates to win the for traditional foundry partners, and where we see that starting to have an impact.
On the ramping.
Ramping revenues.
Clearly as we transition, though existing foundry partners to our new larger tier one.
Chinese foundry partners, we expect that transition to continue through the balance of this year seen early devices available at the end of this year and you really see those devices ramp into next year and thats consistent with their schedule.
Got you that my parents and one more question with regards to minimum volumes you.
He is somebody to can you.
Quantify like the minimum volumes, so you're referring to as well as a on the road show to you that are present as part of these agreements.
Okay. So we on the prepaid.
The prepaid agreements, we have not disclose what the royalty rate for.
What we what we had noted is that on for example.
The deal we have with the largest tier one.
RF filter manufacturer.
That deal is a paid up upfront well before four devices.
And they paid significant significantly do get access to the technology really.
But we do not disclose what that converted to form a royalty rate other than the fact, we said it was significantly higher and that we're going to be three times higher than what you would expect than typical royalty businesses, which are in the 1% to 1.5% range when it comes to the.
Foundry agreement that had pre paid those are a little bit different they're not fully paid up thereby downs of royalty rate again, putting to buy down below the rate still significantly three to four times higher than your traditional some kids and five times higher than those traditional rates I talked about earlier.
On the one the 1.5% range and that Buydown allows them.
Allows us to get the prepaying upfront that pays for the development those devices. The also allows us to enjoy.
Ramping volumes from them once they hit minimum hurdle rate.
And as we discussed before we have not disclose what those minimum hurdle rates are suffice to say that we expect these companies will have the ability to get significant share.
In China based on their relationships with the major OEM that currently exist.
Hello.
Thank you.
Uh huh.
And once again, if he'd like to ask a question. Please press star one.
Well take our next question from Kevin DD with H.C. W.
[noise] George done Marty how are Ya.
Good how are you doing.
Dan.
Good good good MRT couple of things first real quick.
Talked about a 1.5 million deferred coming in.
Future, how many quarters, you're looking out for that.
That will vary you know last quarter, we said three quarters this quarter and what happens as you know we have our contracts that are burning off that preferred network on into it so it'll be over at least.
Four quarters going forward.
Okay no isn't at all.
Hold on a thing Ken let me add that real quick I want to ask Marty question that safety safety looking deferred revenue.
Right now we've got a deferred revenue number of a little over one half million is currently on the books as we go forward, we expect that to peak in Dally as we add new contracts and spread it had pre pay and then it will also come down to ultimately at the end the day, how we see that peanut butter into.
Topline revenues based on pick the C.
Revenue recognition is that fair to say exactly right.
Well, new product coming new prepaid come in and they get deferred and then we're working on the other projects, where we take that income so bringing our objective is to keep growing that number and though as we build the business.
Yeah, I just want a little color. Thanks, George Yes, I just want a little color. What you were looking at or is there a rise in one more financial question you talked about.
Our cash flow breakeven fourth quarter 21, what's the revenue number using there.
Well, we haven't given out a number about you know I think when we talk cash flow breakeven, let's just talk about where we are this last quarter. So that's a little bit higher. It you know take sort of going to decrease you know what 5% to 10%. So cash flow breakeven is going to be somewhere between six but you know around second half.
Seven something like that.
Okay.
Sure you every time Youre.
Yeah, I know I can do it but sometimes I do it wrong bharti that's like that.
Okay.
So George on slide six you've got a bunch your competitors in there.
On the Skandi I'm acoustic side, it for SaaS solutions, including acoustics and I'm wondering.
Oh, you see them position.
And that technology, and how you're going to be able to differentiate ex far from them.
Okay, a couple things that the that's a great great question, Kevin, but what I would say there is none of those companies are competitors. We're all potential customers. So we sit back and look at this their companies and have solutions that are going into the market based on their Bob technology.
Which has.
Challenges as we described and so when we sit back and look at these companies, we say hey, there's a there's a company at the top list has got 20% market share that the real opportunity on his company the bundle loosen Scott.
No market share on is working to try to get in it's a different kind of opportunity for a company like us the big hopefully creates design enables guys to go and get after the market.
So we tend to look good the players that are in a.
Currently in the market into the vertically integrated companies are companies, we want to partner with.
When you think we've got a great technology that will allow them to do what they need to do better faster cheaper and in this case deliver on the promise of what their customers are looking for.
Does that help.
A little bit I was hoping maybe you could talk little about.
I guess device structure and component okay rupture.
Okay. That's not now you're a you know I'm willing to Illinois tailwind dug in.
Yeah. It doesn't Doug yes, no come on for can you break it go into again on Avago rose.
Right on Avago is aluminum.
But you haven't really gone into the Skandi inside on Bob and so I just like to understand.
Yeah from a technology perspective, how okay, you build out you're able to help each of those is different.
Yeah, well, so I think let's let's back up and you know we can talk about the fundamental structures have bought an f. bar first and then what those company due to try to get a wider bandwidth and in some cases its gambian doping in some cases inductors.
In some cases is actually creating a hybrid filter, which uses a combination of an acoustic filtering in LTCC builder.
And in both of those things come together in a single package to try to deliver the performance you can imagine once you start doing all of these exotic things to try to fall for the problem. It would just be easier. They have a filter that does it made in Italy, and that's what we do and so when we go in and talk to these come.
I mean, that's what we're talking to him about we're talking about hey, we can go how can you get into the marketplace with the filter that it can actually do cover the entire bandwidth required have great rejection and do it very cost effectively leveraging a process is not exotic.
So what do you want to touch on that a little bit food that a little bit more color from Kevin here.
Mhm.
Yeah, I'd say, you know technologist, my hats really off to really guys back at HP Labs 30 years ago that looked at doing this thin film alone and I tried to make the bulk acoustic residents to get more performance.
And I'd say chipped away at it and they ought to work and you know that sit ups. The resolution of Erol's trying to do the same thing and I got at least five players that are doing aluminum nitride.
Let's say what that shifted.
The pursuit of thin film period electric on Silicon.
To enable things like HP.
So ultra saw wasn't Qualcomm's recently announced.
And what we were able to do using or I assume lizards recognize okay. We can use this lithium niobate thin film.
And you know lay it out such that we can make a bar and that would fit into a saw line.
And the advantage of lithium niobate as radically more bandwidth.
Larger bandwidth.
Aluminum nitride is capable of there's always inside their combined with them I assume that got us in a position to offer three times for three to four times the bandwidth are willing to match right.
That was awesome doing thank you.
Thanks for getting them on George.
[laughter], Yeah, that's kind of what I was hoping for just a little.
The substance difference right the component difference Uh huh.
That sounds a little time, thank you very much.
Oh, Yeah, obviously in.
I I'm, just not privy to.
Yes, all the ingredients to go in the recipe. So thank you very much gentlemen, appreciate you entertaining my questions as always.
That would give any there thanks.
[noise] and there are no further questions signal that the times I'll turn things back over to George Holmes for any additional or closing remarks.
Great. Thank you operator, let me close the leaving you with a couple of thoughts.
I was really really asked is looking back at the end of 2020, how we define a great year I think there's a pretty simple answer.
First what we've already done strengthen our balance sheet with them into institutionally led equity raise.
Second we continue to execute against our agreement with the world's largest our field from any factor putting them in a position dominated by the market.
That execution allows us to read the second major contract milestones.
Third we enable or type he Chinese foundry IDN partners to begin to deliver on a path to dominate 14 market in China.
They are really doing well executing on a dream with one of the two more tier one customers correct bar and the Nonmobile.
Space, extending our expert footprint across multiple tier one suppliers.
Weve laid the groundwork for exlar being the technology capable of delivering the full five you potential recognized fiveg capabilities in both mobile and non mobile market.
With that I'd like to thank everybody again today for joining today's call. These things stay healthy banking.
And that does conclude today's conference. Thanks again, everyone for joining US you may now disconnect.
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[noise].
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Oh.
Uh huh.
[noise] [noise].
[noise] Oh.
[noise] [noise].
[noise] Oh [noise].
[noise].
Oh.
[noise].
Oh [noise].
[noise].
Oh man.
[music].
Hmm.
[music].
[noise] Oh.
[music].
Oh.
Uh huh.
[noise].
[noise] [noise].
[noise] Oh.
[noise].
Oh.
[noise] Oh.
[music].
[noise] Oh.
[music].
Sure.
[music].
[noise] [noise].
[noise] Oh.
[noise].
[noise] Oh.
[music].