CIMATRON Q4/13 CONFERENCE CALL TRANSCRIPT PAGE 1. Ladies and gentlemen, thank you for standing by.
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1 CIMATRON Q4/13 CONFERENCE CALL TRANSCRIPT PAGE 1 VEIDAN OPERATOR Ladies and gentlemen, thank you for standing by. Welcome to Cimatron's Fourth Quarter 2013 Results Conference Call. All participants are at present in a listen-only mode. Following management s formal presentation, instructions will be given for the question and answer session. For operator assistance during the conference, please press * 0. If you have not received a copy of today s earnings release and would like to do so, please download it from the company s website, at the Investors page. As a reminder, this conference is being recorded today February 27th, With us on the line today are: Mr. Danny Haran, Cimatron's President and CEO; and Mr. Ilan Erez, Cimatron's CFO. Before I turn the call over to Mr. Danny Haran, I would like to remind everyone that statements made during this conference call that are not historical facts contain forward-looking information with respect to plans, projections, or future performance of Cimatron, the occurrence of which involve certain risks and uncertainties, which could cause actual results to differ materially from those currently anticipated. Such risks and uncertainties include economic and political conditions globally and in Israel, the impact of competition, supply constraints,
2 CIMATRON Q4/13 CONFERENCE CALL TRANSCRIPT PAGE 2 exchange rate fluctuations, as well as certain other risks and uncertainties that are detailed in Cimatron's filings with the U.S. Securities and Exchange Commission. The results that will be presented on this call are on a non-gaap basis, as Cimatron's management believes that such results better represent the actual state of Cimatron's business, and make comparisons to previous periods easier. Cimatron also publishes its results on a GAAP basis, as well as reconciliation between results on a GAAP and non-gaap basis, and those can be found in the press release issued earlier today. The term Constant Currency relates to data, after eliminating from it the effect of exchange rate fluctuations between comparable periods. I would like to turn over the call to Mr. Danny Haran, Cimatron's president and CEO. Mr. Haran, would you like to begin?
3 CIMATRON Q4/13 CONFERENCE CALL TRANSCRIPT PAGE 3 DANNY HARAN Good morning and welcome to Cimatron s Fourth Quarter 2013 Results Conference Call. We are happy to end our best year ever with another record quarter. With record revenues and profits, strong cash flow, and a solid balance sheet, we remain confident in our ability to continue and grow our business in the coming quarters and years. A significant part of our product strategy has always been to expand our exposure to new markets and market segments will mark our first release of software solutions for the additive manufacturing market, also known as 3D printing. CimatronE version 12, scheduled for release in mid-2014, will offer conformal cooling and AMF support, both directly targeted towards additive manufacturing. Additional work is already underway on providing additional additive manufacturing solutions. As we expected, we keep discovering new uses and applications of our software in this exciting field. We believe additive manufacturing, both for metal and plastic, will become a more significant part of our business in the coming years. In addition, we keep investing in our traditional markets and products, where we see additional growth opportunities. The upcoming version of CimatronE will bring multiple productivity enhancements to our traditional users in the areas of mold and die design, NC machining and EDM electrodes.
4 CIMATRON Q4/13 CONFERENCE CALL TRANSCRIPT PAGE 4 With a strong and evolving product portfolio, continued investment in R&D as well as Sales and Marketing, and a strong balance sheet that will allow us to explore additional growth opportunities, we believe we have a lot to look forward to in 2014 and beyond. Ilan Erez, our CFO, will now review the financial statements. Ilan, please.
5 CIMATRON Q4/13 CONFERENCE CALL TRANSCRIPT PAGE 5 ILAN EREZ Thank you Danny. Hello everybody and thank you for joining us. Revenues for the fourth quarter of 2013 were 12.7 million dollars, compared to 12.4 million dollars in the fourth quarter of 2012, an increase of 1.2% on a constant currency basis. In 2013, revenues were 44.2 million dollars, compared to 42.3 million dollars in 2012, an increase of 3.2% on a constant currency basis. The revenue breakdown in 2013 was as follows license revenues: 44%; recurring maintenance revenues: 49%; and other professional services revenues: 7%. The geographical revenue breakdown for 2013 was as follows: Europe: 48%; North America: 32%; Asia Pacific: 16%; and Rest of the World: 4%. Gross margin for the fourth quarter was 88% of revenues, as compared to 89% in the same period of In 2013, gross margin was 88%, the same as in Operating expenses in the fourth quarter amounted to 8.8 million dollars, compared to 8.7 million dollars in the fourth quarter of last year. In 2013, operating expenses were 32.7 million dollars, compared to 31.3 million dollars in Out of the 1.4 million dollars operating expenses increase in 2013, approximately 800 thousand dollars were attributable to the weakening of the US Dollar versus the Euro and the Israeli Shekel
6 CIMATRON Q4/13 CONFERENCE CALL TRANSCRIPT PAGE 6 in 2013 relative to the effective rates of these currencies in 2012, while most of the remainder of the increase in operating expenses reflected our increased investment in R&D, selling and marketing. Operating profit in the fourth quarter was 2.4 million dollars, compared to 2.3 million dollars in the fourth quarter of In 2013 operating profit was 6.3 million dollars, compared to 6.1 million dollars in Net profit for the fourth quarter was 1.7 million dollars, or 16 cents per diluted share, compared to net profit of 1.7 million dollars, or 18 cents per diluted share recorded in the corresponding quarter of last year. In 2013, net profit increased to 4.7 million dollars, or 48 cents per diluted share, compared to net profit of 4.4 million dollars, or 47 cents per diluted share recorded in Income tax expense in 2013 was 25% of income before taxes, compared to 26% in We expect income tax expense in 2014 to be in the range of 20% to 25% of income before taxes. Our net cash balance at the end of 2013 was $13.0 million dollars, approximately 1.21 dollars per share, and cash flow from operating activities in 2013 was 3.5 million dollars. We will now open the call for the Question and Answer session. Operator, please.
7 CIMATRON Q4/13 CONFERENCE CALL TRANSCRIPT PAGE 7 OPERATOR Operator: Thank you sir. Ladies and gentlemen, at this time we will begin the question and answer session. If you have a question, please press the star followed by the "1" on the touch tone phone. If you wish to decline from the polling process, please press the star followed by a "2". Your questions will be polled in the order they are received. The first question is from Jay Srivatsa of Chardan Capital Markets. Please go ahead. Jay Srivatsa: Yes thanks for taking my question. Danny, as you look towards 2014, typically Q1 tends to be seasonally soft, can you expand on, and tell us do you expect it to be any different, or do you expect similar seasonal patterns in 2014? Danny Haran: For as far as we can tell, we expect similar seasonality. Q1 actually is only soft if you compare it to Q4 which tends to be the strongest of every year. Usually Q1 and Q2 are, say relatively strong, and like the mid quarters of the year in terms of revenue, and Q3 tends to be weaker, because of verifications, mostly in Europe and North America. Right now we have no indication of anything different as you know our quarters are back loaded and much of the activity takes place towards the end of the quarter and it's hard for us at that point to say we don't see any difference in long term patterns. Jay Srivasta: In terms of your 3D printing product, you mentioned a potential launch in the second quarter. When do you expect material revenues to start creeping in, after the introduction of that product?
8 CIMATRON Q4/13 CONFERENCE CALL TRANSCRIPT PAGE 8 Danny Haran: It's hard to say at that point. We believe it will take probably a couple of months to actively start selling this. So we should expect something in Q4 probably. But how much? Again this is conformal cooling and AMF support, we expect to provide AMF support with no charge it's a relatively small addition that will make the product attractive to users of 3D printing in the long term. The conformal cooling is something that we could not establish yet you know any solid estimate of how much we can make of that. Jay Srivasta: Ok. Ilan, in terms of the OPEX, do you expect the OPEX to decline in Q1 or are you seeing similar type of run rate going forward? Ilan Erez: Well, First of all they will decline in Q1 due to that seasonality that we discussed, obviously part of the expenses are related to the revenue level. But other than that we are not expecting any major move, upwards or downwards, in this respect. Jay Srivasta: Ok, and then last question from me, in terms of the shekel vs. the dollar, what's your sense in terms of how it looks going forward. Do you expect it to stabilize or are you hedging yourself for future increases in the shekel? Ilan Erez: Obviously we cannot tell for sure, but we can see at the moment that the current rate of 3.5 shekels to 1 dollar, is relatively stable. It's a kind of level that seems to the central bank is trying to support, and this is our work assumption for the remainder of the year. Jay Srivasta: Ok, maybe one more question from me geographically, as you look at 2014, where are some of the areas
9 CIMATRON Q4/13 CONFERENCE CALL TRANSCRIPT PAGE 9 that you are looking to strengthen, and where do you feel comfortable in terms of your own market position? Danny Haran: It's hard to say. We expect Germany to continue on strong, but really we expect again, good results everywhere. We don't see any specific area where we are concerned, except that just like the last couple of years Germany is doing better than the most of the rest of Europe, North America automotive is doing well, we expect it to continue to do well. Southeast Asia overall fine. Japan picking up to some extent. Overall we have good expectations worldwide. Jay Srivasta: Ilan Erez: Thank you; good quarter Thank you. Operator: The next question is from Anya Shelekhin, of Sidoti and Company. Anya Shelekhin: Good morning. My first question is could you comment on any other plans or projects that you have in the works, to add more 3D printing capabilities to the new software release? Danny Haran: Yeah well, at that point we are working on additional solutions which we have decided not to disclose yet. It relates to some partnerships we're trying to establish, and we are working on more solutions, which we will detail, elaborate on, later on. But definitely, it's really what we expected. The more we go into that area, we find more solutions. It's a long term process, like a marathon, but there are more needs, for use of 3D printing and software to support that 3D printing, and we expect to have probably another module or application or the combination on the next version of the software, which is like 1 year after that
10 CIMATRON Q4/13 CONFERENCE CALL TRANSCRIPT PAGE 10 version, but for now we prefer to keep it not to disclose the details. Anya Shelekhin: Ok. And are you looking at any acquisitions, still? In the future? Danny Haran: We are, all the time, trying to find something with synergy and so far regrettably, as you know, we were not successful. The last acquisition we were able to do was We keep looking for opportunities. We think there's still are some opportunities, but again regrettably, we were not able to close any, yet. Anya Shelekhin: What about the cloud? Does it make sense looking into entering the space? I think a few other software companies Danny Haran: We did look into cloud based solutions. It seems that our customers are mostly reluctant to use cloud based solutions for their files or solutions. There are some technical details that make this a little bit less let's say, less simple or less attractive to our industry then others. Things like file size. Some of the files we are using, the projects could be hundreds of megabytes and bandwidth could be an issue. Other issues we keep hearing is people are concerned about security of their designs or their customer's designs, if they're not held closely at the place. Our industry and the kind of application people use do not lend themselves easily to use, let's say on mobile devices, because the guys are using very high definition displays, extremely powerful graphics cards to have the big parts or assemblies. So overall, we're looking at opportunities, maybe to do some licensing over the cloud, maybe to do some limited
11 CIMATRON Q4/13 CONFERENCE CALL TRANSCRIPT PAGE 11 applications, just use this as a distributed storage. We're moving some of our update, the patch distribution to cloud based technology, but these are like in the fringes of what we do. The core business of CAD/CAM for manufacturing, at that point remains, let's say on the ground. Anya Shelekhin: Ok. And final question what new efforts have you been making to expand internationally, and what do you plan to do going forward? Danny Haran: I'm sorry, we're can you repeat the question? Anya Shelekhin: Sure. What new efforts are you making to expand internationally? Danny Haran: Ok. We overall we think we are well positioned as it is in most of the global market. We keep investing in Brazil, we think we are underrepresented in Brazil and we hope to get some more resellers on board. We're in the process of establishing more presence for GibbsCAM, let's say in Japan, where we think again, we can do more with GibbsCAM. Some more work is being done on Southeast Asia, which is a more dynamic market, so we see more resellers in Indonesia, Malaysia, more work in Vietnam. These are the main markets where we actually, actively invest other than our traditional markets in Western Europe, North America, more work in Korea with sub dealers. But overall it is it's not like totally new territories, 'cause pretty much we are represented in all the places where manufacturing takes place. It's more specific sub dealers, resellers, associate resellers; or getting one product like Gibbs to be represented in more areas in Japan. Anya Shelekhin: Alright, good. That s all for me. Danny Haran: Thank you.
12 CIMATRON Q4/13 CONFERENCE CALL TRANSCRIPT PAGE 12 Operator: If there are any additional questions, please press the star followed by the 1 on your touchtone phone. If you wish to cancel your request, please press the star followed by a 2. Please stand by while we poll for more questions. There are no further questions at this time. Mr. Haran, would you like to make your concluding statement? Danny Haran: Yes, thank you. On behalf of management, we would like to thank you for your continued interest in Cimatron and long term support. And we look forward to meet you again on our next conference call. Thank you very much. Operator: Thank you. This concludes the Cimatron 4 th quarter 2013 results conference call. Thank you for your participation. You may go ahead and disconnect. (End of conference call)
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