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Electronics For Imaging, Inc. (NASDAQ:EFII)

Barclays Global Technology, Media and Telecommunications Conference Call

May 22, 2013 4:25 PM ET

Executives

Guy Gecht – CEO

Analysts

Ben Reitzes – Barclays Capital

Ben Reitzes – Barclays Capital

Delighted to have the CEO of EFI, Electronics For Imaging with us, have been doing very well. Guy Gecht is here. And we’re going to go through a fireside chat format and then take some of your questions I believe. I guess, Guy, for some people that are unfamiliar with what you guys do, if you can provide a brief snapshot of your business, and why things are going pretty well as well and maybe work that in there and how your business model has changed, and what you’ve done to kind of buck the trend in printing.

Guy Gecht

Excellent. So thank you first of all, Ben, for hosting us here. It’s been a lot since we did a Q&A together, so it’s glad to have you the moderator, although I am afraid that the tough questions are coming. So in general, EFI focuses on imaging applications, on a lot of things that are around you, we print on almost any material in our business.

We print on ceramic tiles, we print on big boards, we print on labels, things that is not going to disappear because of electronic medium. And we also have businesses that allow – digital printing to be a lot more efficient. So we have software business that is ERP for printers, getting them more productive, getting into manage waste out of the system, getting into use less label in the process. And so, essentially unless the answer for the second – for the follow-up question, our focus is on growth area of the printing applications, just mainly on digital printing.

Ben Reitzes – Barclays Capital

So talking about one of your divisions, the industrial inkjet business. What are the trends you are seeing there, and is there stability in supply? And well, I have lots of follow-up questions to this segment but just in general, what’s the trend there, and how are you kind of – you’re bucking the trend there as well?

Guy Gecht

Sure. It’s been great. Now it’s about half of our business. Again we’re printing on all sort of materials. We’re looking around the room, there is carpets, there is floor, there is lights, a lot of things that have imaging around us that need to be printed. We just started this. There is a lot more applications that we can apply. The digital inkjet technology that we have in the company and we are – when we get into a level of applications we tend to be the leader, and there is a lot of application we can be the leader with the tremendous opportunities.

The growth is because it’s a lot more economical to produce things in a digital fashion. So an example, we got into ceramic tiles at the beginning of last year. And that’s an area traditionally was analog printing with the plate. You print a lot of styles long run. With digital inkjet, you allow people to do short runs, they print on-demand what they need. So they don’t have the inventory, they don’t have the problem with you remodel the kitchen, three years ago. And now you’re going to go to a showroom, you want to buy something, you can get it because there is no more of this inventory and they don’t know how to reproduce it.

So this is an industry that digital printing has a great ROI moving very faster with that. We just started. The demand is very good, same with the on out-of-home advertisement where it’s a great way to advertise with lot of signings onto install in movie theaters, outdoor, et cetera. So there is growth, there is a great ROI in digital.

As far as supply, thankfully there is no stability. There is good growth. In Q1, our UV ink volume was up 18%. I watch other earning release in Q1, very few things went up 18%. I will show you there is a very good demand and our customer – not only we are going, our customers are growing.

Ben Reitzes – Barclays Capital

Great. Yes, I remember in the days when I followed you, we were worried that there were third-party supplier of that UV inkjet?

Guy Gecht

Right.

Ben Reitzes – Barclays Capital

Turns out and it’s done pretty well.

Guy Gecht

It’s done pretty well. The ROI to use our ink, maybe sometimes it’s a buck or two more expensive or few more bucks. The ROI is very good. And we give you a great service if you buy our ink. If you don’t buy our ink, you’re probably going to be the last on the list when you call for service. In many cases, the warranty is not going to be intact. In many cases you’re going to ruin $0.5 million investment in printers. So people are not crazy, and they don’t go for little savings, looking at the big picture.

Ben Reitzes – Barclays Capital

And in long-term, you think in inkjet businesses, what kind growth rate?

Guy Gecht

We think it can grow double digit, especially if we can accelerate that as we look at opportunities to either consolidate or acquire new applications that will let us take it to even different type of applications inside of industrial inkjet. So opportunities are great there actually to grow fast. There is lot of recurring revenue opportunities. And the bigger it’s going to be, the more interesting the company is going to be, and it will allow us to win the ecosystem of the Fiery front-end and our ink and our ERP applications.

Ben Reitzes – Barclays Capital

Let's move to productivity software. How do you see that market from a competitive standpoint, and I have a follow-up question there as well?

Guy Gecht

Okay. So what we do in productivity software, it’s a ERP for printers. And actually the pressure on the industry to a degree helped us, because a lot of people recognized they need to get their business in order, they need to automate the business processes. They need to take some label out of the system. They need to make sure that they have no waste.

And that drove a lot of growth for EFI. So historically we have been focusing on the U.S. market. The last couple of years, we have been growing very fast outside. Part of it was an acquisition that gave us the initial install base and the growth in the international markets. An example, a year ago we did an acquisition in Brazil that was local. And it really helped us grow Latin America much faster than we expected, because we have a group on the ground that speak the language and support customers locally.

So the opportunities there is to continue to grow internationally. We have no install base in China for example, which is a gigantic market for the software. We can continue to install internationally. The industry is still way behind as far as automation. And as far as the competitive landscape, there is actually no mid-sized competitor to speak of, little on big size competitor. So we’re already in it, we are the market leader.

It’s going to be really tough now to catch up to us with the size we have. This business is well over $100 million. It’s been very profitable. Lot of recurring revenue, and not only contributing as a business, it’s also a big differentiator for the industrial inkjet on the size.

Ben Reitzes – Barclays Capital

In terms of just a little bit more on the distribution, in terms of expanding channels, is there something changing there. Is there more opportunity ahead?

Guy Gecht

So when you look at EFI years ago, having some of our business was via OEM partners. Today about two-third of our business is going direct. And I think we’ve build arguably the best direct sales force in the industry. So if I can get them some more products, I think we can sell a lot more. We have passed on sales people some of the best in the industry at EFI today. And we continue to work really well with our partners. On the Fiery side, we have lot of people that support them in the market, so we have a chance, if we have – when we have new products, the acquisition organically, we can take it via the partner, or we can take it directly. And it’s a great place to be that you have to those options.

Ben Reitzes – Barclays Capital

Great. Where does Fiery stand now?

Guy Gecht

It’s about third of our business. Still a great business, fantastically on both the business side, cash flow. I think we are actually going to see good results from the business in the next 12 to 18 months. Our partners are in the process of doing a product cycle. We have seen one product of Cannon. We have seen one product from Xerox in a few months ago, and there is more. And the good news is there is not going to be one big bang. It seems like they split conveniently once a quarter.

So hopefully that give us continue increment as most, so if you look at EFI, we have such a good opportunity to grow high speed – to grow nicely the software business and the industrial inkjet business. So we need a little bit of growth on, Fiery to really post terrific results and not to mention, if we continue to do accretive acquisitions that can actually add even more to our momentum.

Ben Reitzes – Barclays Capital

Got it. With regard to other areas that you’re excited about, I’m kind of drilling back, so we’ve gone through the three big pieces of business. What about – what makes you most excited, let's say in the industrial inkjet business. It would seem there is a lot more room in labeling. It would seem that that market is still nascent in what you do and – or how would you portray the biggest growth areas within that segment, the industrial inkjet. Is label in the right place to push you on growth or is it something else?

Guy Gecht

So in general, EFI is focused on digital printing. And digital printing, every category we address is still a much smaller portion compared to analogy printing. So there is still room to grow. In industrial inkjet, yes, label has a very small penetration for digital. And essentially, that’s because the digital capabilities are way farer from the analog. So digital would be the same speed, quality and price, everybody will buy digital only, but we’re very far from that and it’s tough to predict where the inflection point is going to be.

What we see clearly inflection point in other areas like the out-of-home advertisement, in the ceramic tiles (inaudible). And I think we’re going to push a lot harder on that in the next year or two until we feel the label is there. Now label continues to grow nicely but it’s still just too small because the market is not really there. And going forward with acquisitions, we’re going to essentially going to go after areas that we feel like, we got to the inflection point, versus buying it and waiting for that that we did. We’re not regretting that, but I think aside at this point is going up – pulling themselves like we did with tiles, and drive the growth when the inflection point is there.

Ben Reitzes – Barclays Capital

And let's see, can you talk about some of your recent acquisitions that you are particularly excited about, maybe Cretaprint. And anything else that you think is going to contribute to your business more into the second half?

Guy Gecht

So if you look at the last 18 months, we did the few acquisitions. One, in the inkjet space, the Cretaprint, and a few in the software. And I think you’re going to see more of that in the next 18 months. So I would start with Cretaprint. This was a small family on company in Spain that had a great innovation and printing of tiles with inkjet. And we understand totally the strategy, we don’t – we didn’t understand the space, but getting their expertise and brand was very good starting point.

We help them to grow. We took them to market that never exist before. We build the infrastructure around them. We got them cash initially to build inventory – to build capability faster, we negotiated with suppliers, we got the prices down, we got the cash cycle to be better. So we paid suppliers later and collect money faster from customers. So we did a lot to expand. The results were terrific. I mean we grew under EFI, we didn’t – the result as a private company are not available because they were not audited under any meaningful ways for the audiences, but we gave – the growth is phenomenal, both units and revenue under EFI last year, it continues to grow.

And actually we are just starting in this industry. We’re going to add the Fiery this quarter, and that is a game changer. Nobody in the industry has anything like that. We’re going to add the software later at some point. We’re planning to add ink in the machines. We don’t add ink today, that’s a bigger opportunity than everything else that I talked about. So this is a great example of taking the expertise of EFI, applying it to new applications, acquiring in small companies that add the know-how of the industry, but not necessarily the best inkjet expertise, and combining with them, driving it to a great growth, and great accretion for EFI.

The other part of what we do with acquisitions on the software side, the biggest growth opportunity is international for us. We have somewhere north of 70% share in the U.S. where really the biggest – there is great incremental small growth there, but the biggest growth of opportunity to go international.

So we did couple of acquisition in Europe where we got a great team of people on the ground. We got a product with install base and we’re putting – fitting those products in what we call maintenance mode. We don’t sell the product to a new customer. Existing customers, as long as they pay maintenance and they all pay maintenance, they get support. And let's say this customer have – we buy company with 500 customers. We’re expecting to convert 50 of them every year to the EFI roadmap, because they want more functionalities, they are only going be available on the roadmap.

But in the meantime, we’re supporting them on their install base. We have a team on the ground that speak the language, know the customers, can support them on the ground, work really well for us. And we’re expecting to continue to do that because the worldwide market is so much bigger than the U.S. market.

Ben Reitzes – Barclays Capital

Okay. Well what about – let's tie this all into targets for the company, you have targets of 10% organic growth, gross margins of 55% to 57% and the op margins of 10% to 15%. So obviously I got the street numbers right here too. But in terms of these targets, what are you the most confident right now if there is maybe upside or support, and any leverage that you want to kind of go through in terms of how you’re going to get there?

Guy Gecht

I think if we can get – continue to grow our top line, we will see the expansion in the operating margin. I mean we grow operating margin last quarter of 24%. The only reason EPS didn’t follow 24% is we had $0.04 impact of non-operational currency impact from the euro devaluating and pound devaluating. And the reason if you look at our – the last many quarters, the growth rate is very high. We know how to generate a lot of growth without incremental revenue. And so we know that in other point in growth means another expansion in operating margin.

Now if we grow very fast, we are probably going to continue to invest in the company, add more sales coverage, add more products that can utilize the sales coverage better, but we are definitely focused on expanding margins.

Ben Reitzes – Barclays Capital

Got it. And what about cash and capital allocation, I’ve seen a few buyback programs from you over the past few years. I always wanted you to do back in the day, remember?

Guy Gecht

Yes.

Ben Reitzes – Barclays Capital

At lower prices. But anyway, can you just talk about your capital allocation plan going forward, and you always have all this strong cash flow?

Guy Gecht

Right. So certainly talking about the past, but when we announced the buyback, we executed that. Maybe not as fast as all of our shareholders would have liked or all the people who follow us, but it’s not just a nice press release, we mean that. So we have a – I don’t remember the exact amount, around $7 million still in utilization [ph].

We’ll be a little bit slower. Definitively the stock was doing quite well without us going out. Us going with the buyback is to support the stock, not immediately eliminate as many shares. We want to see the EPS grow from combination of buyback and essentially the growth in the business, but we know that we have quite a bit of copy selling on our balance sheet. The number one goal is to do accretive acquisitions that are related to the segments we’re in, to make the segments stronger.

We think a $1 billion company can generate a lot more focus. It can be a lot more attractive to investors. We want to become a $1 billion plus company, and we do it organically eventually, but we can accelerate with good acquisitions. We’re not looking at anything crazy. I think a lot of things that shareholders wake up in the morning, it will make a lot of sense like to get up – and we’re very disciplined with this.

There is no – we don’t feel like we have the once a quarter or once every six months, we do it when we feel very good about it. We walk away from acquisition very late in the game, when we find things that we didn’t like. We don’t want to be in supplies after the fact.

And I think we had a very good track record on executing that as we intent to maintain that. Buyback is something we always did. Again some shareholders would like to move fast with us over the case. Recently actually I got little less push on rate of the buyback, I think the stock is definitely related to our results, has done quite well. And we are not done yet, somebody initiate today – told me initiated a buy rating on us with the $34 share price target, we definitely like to put them right and will look out for that.

So dividend is something we’re thinking about that. There is always a reason for why not now, but maybe one day we’ll do it, but that’s I kind of think priority thing. But accretive organic kind type of feed-in acquisitions. Secondly, it would be a buyback and third thing would be a dividend.

Ben Reitzes – Barclays Capital

Okay. Well I am ready to take questions from out here. Go ahead.

Unidentified Analyst

On Cretaprint, it seems like you currently are not, but you would like to get into the inks for that. I don’t know exactly how your big printers are, but the Cretaprint printers, it seemed like it could be much larger volumes. In fact, it seems like it’s kind of more paint than ink per se?

Guy Gecht

Right.

Unidentified Analyst

And I buy paint in buckets and my inks are in cartridge forms. So it seems like volume wise, it’s a much bigger thing. And so number one question is, is your expertise in inks actually translate over to paints? And number two, in what timeframe do you think you might actually have such as ink, and what would it do to the economics of your business in terms of amount of paint relative to printers and all that kind of ratio? And number three, I understand that some of the patterns that are popular are marble, and things – materials like that. How realistic is it to take a mud pile and make it look like marble?

Guy Gecht

Very good. Yes. You will remind me if I forgot. But all very good questions, so I’ll start with the ink. The way this industry evolved before we got in, is that we have ink companies and machine companies. That’s actually not what we believe in. We believe that part of the business model of selling inkjet is get the ink business later. And actually the ink is very lucrative, as you said the consumption is about 10x more than what we’re seeing in a VUTEk device.

The prices are a lot less, so maybe on the revenue side it’s 3x to 4x more, but it’s still quite significantly, and this volume is only going to go up. I was in China last week, visited top tier companies in tiles and all of them told me they can't keep up with the demand for tiles, not just inkjet even analog. They just cannot make as many tiles as the world is buying as China is buying. So there is a lot more tiles and there is more consumption happening in the world. So clearly there is a lot of future there.

We are working on ink. I said on one of the conference call, it’s not going to impact – likely not going to impact 2013. But we – certainly our long-term model is to have ink. Every machine we place today, it’s an opportunity to sell ink down the road. We don’t want to bring it too immaturely, we don’t want to be a mid to – I don’t want to fight on prices, I don’t want to shake it because there is going to be some pain more some from the relationship, some from how we work with customers once we can do think of changing the business model. And I want to do it when we have a superior ink, and we’re going to have a very good ink when we’re going to do it.

So it’s definitely on the roadmap. The good news is we’re not losing time because we’re placing a lot of machines. And as we’re placing machines, we still got opportunities to come back later and selling.

It’s amazing what you can do with inkjet on tiles on anything of that (inaudible). The industry is just starting to discover that. So there is – quite a few people told me that they went to buy tiles in the store [ph], the wood looking tiles. And it looks like wood but it’s a lot easier to maintain. Obviously it doesn’t have the issue with water coming on it and all of that, and the cost was very appealing, so that’s just one example.

Now they discovered how to do marble. And I saw some examples in China when I was in Italy or in Spain, it’s amazing. It starts for somebody like me to know what the marble, and what was printed by an inkjet. And now you can – actually with inkjet, you can actually do things that are locally. So I can tell you, in Italy, they like the marble to be completely random, means if it doesn’t look like any pattern in whatsoever. In Indonesia they like it to be – which is one of the largest markets for tiles, they like it to be to look like there is a pattern.

So the good news is you manufacture for the country the way they want it. When you don’t have digital, you can't really do that. So those are things that market is open now. Our vision is much more than lot even that. We want you down the road, when you remodel your kitchen to actually design whatever tiles you want. You can put – initially you can print pictures of your family, you can change the color, you will pay a little bit more for customization, but you push the older and you could actually print the tile the way it looks on a printer at home, pull away and push the older and get back two days later. Today, good luck trying to do that.

You can't get even get all the samples that they have in the catalog because it’s not available any more. So that’s our vision, and there is a lot more to do. It would be, but it’s very exciting.

Did I forget any question?

Ben Reitzes – Barclays Capital

No, I think you hit it. Anything else on here? Right here.

Unidentified Analyst

Just for clarification, you don’t currently use your own UV ink with the Cretaprint printers, right?

Guy Gecht

No, it’s not UV ink. The ink is different. Its inorganic ink, and it’s very different color [ph] I should have mentioned that. You put it in the oven, and it has to last the very extreme heat to get really baked into the tiles. So whatever happens to the ink, the color would stay well and fine. Every time, you move lot of the color gamut. So today you can't get really a tile with good red or even good green. And of course one of the things we’re working on is to make sure we would extend the gamut thing even if it goes to the oven which is the process of leaving.

So some of the ink expert is translate, definitely manufacturers all of that, some of it is different. But you know what, we can highlight both and that’s what we do.

Unidentified Analyst

The channel is got to be a lot different for this too, I mean to tiles versus the industrial.

Guy Gecht

Yes.

Unidentified Analyst

I mean the other signage and whatever else, right?

Guy Gecht

Right. So we have to develop expertise, but the way we sell is very similar to how we sell VUTEk, it’s a direct sale. We build long-term relationship when you sell with you couple the sale with the service. So it’s a different customer base and we got the – a lot of the market knowledge with the small acquisition we did. And we’re building it, and EFI is a very good reputation in this market because we’re the only company really come from a graphical – with a lot of knowledge about workflow and color management and wait until we get the Fiery out there and help – the things that people can do with tiles, compared to all the other competitors that actually came from the ceramic market.

Ben Reitzes – Barclays Capital

Anything else out there? Guy, I was looking at the street numbers here, and I don’t know if these are right. But why would the street have you at flat EPS in the fourth quarter of this year. You’re growing so well each quarter, and then all of a sudden the street has your flat EPS in the fourth quarter, and you sound pretty good?

Guy Gecht

I am guiding one quarter at a time, so we don’t know what the numbers is at. I didn’t remember the day as a flat EPS, maybe it has to do something with currency gain, we had last seen that not true, but I think everybody that follow us expect us to continue to grow.

Ben Reitzes – Barclays Capital

Well it looks like a year ago you had probably better than expected growth in that fourth quarter.

Guy Gecht

Yes.

Ben Reitzes – Barclays Capital

If I remember correct, but it’s still flat year-over-year. It looks like it’s de-normalized for something. Again it’d be one quarter at a time.

Guy Gecht

One quarter a time [ph] we guided midpoint of our revenue range, it would be an all-time revenue quarter which is very unusual for the second quarter. Normally Q4 is the strongest in the year. So we have the tile company very focused on delivering a good quarter and hopefully – we just like hopefully we’ll do that.

Ben Reitzes – Barclays Capital

Great. Well are there any other questions? Okay, one more.

Unidentified Analyst

In fact, Cretaprint was actually flattish sequentially recently, and yet you keep saying that things are at capacity and such. Why would that occur?

Guy Gecht

I don’t know, we said it was flattish because we normally we don’t break out the Cretaprint, but there is seasonality in that too. And year-over-year we’ve been growing both in the units and revenue, and it was actually a record Cretaprint revenue in Q1. So both in units and dollars, so I don’t think it was flattish. We are really happy with the growth.

As well as our other business, I mean the VUTEk business has been doing really well. And we’re about to introduce a new category of product based on the next generation architecture, the HS100. If you remember the GS, we introduced really done a great deal for us. We introduced the LED on the GS and we are the only one that can print in the low queuing LED, now introduced in the HS100. This is in beta. Feedback from customers is great. We’re going to – are planning to commercializing this quarter.

Again, great incremental business for our inkjet, and we’re looking forward to really go out in the market in the next few quarters and sell.

Unidentified Analyst

Okay. Both CafePress and Shutterfly have talked about this whole digitalization on printing, and that they are selling mugs and blankets and all kinds of various products with personalized pictures and are working on it. When I talked to CafePress they said they remodel their own printers because they don’t – they can't find printers that can print on the variety of things that they need to print on. Is this something that a business potential for you or why haven't you penetrated those markets?

Guy Gecht

We thought a few years ago and we felt like it’s too much of a niche, I mean we can't really build a printer for a few customers. And they are unique because they’re public companies. They have more funding and so on. We really want to have a lot more global penetration and outside, it has to make an impact on the product. Shutterfly is a company I know very well. My friend was the CEO. We get together for lunch from time to time. It’s an excellent company, excellent CEO.

And we share the same vision. A lot of people want to print more and more, not on papers, right, not on things that go in iPads [ph] but getting their memories or getting – we all have great images around us in everything we go, everything we walk it on, there is a lot more opportunities to print on all sort of materials. We had a customer in Brazil that won an innovation prize for printing a flip-flop (inaudible). We have a customer in Netherlands on the other side of slide that have a business that explodes by printing on coffins.

So people want a personalized coffins, casket. So flip-flops in Brazil, caskets in Europe, there is a lot of things you want to print and personalize and people pay premium and you can see for the ink volume growing double digits for so many quarters, that customers are doing quite well with the evolution [ph].

Unidentified Analyst

Could you just talk real quickly about the competition for VUTEk?

Guy Gecht

Yes, VUTEk competition, biggest in size as HP, Agfa. There is a private company in Europe, Durst, more on the kind of a high-end enterprise competitor, and Dainippon Screen via their acquisition of Inca, as the competitor on that. Really lower end, not competing so much with the EFI results today, but there are some other – very few deals we’re competing against them. But that’s the industry. A lot fewer player, a lot more consolidation. We like to view ourselves as the market leader and we intend to stay like that.

Unidentified Analyst

Can you talk about your share gains maybe in terms of how you compare it, your technology – according to your ink compared to the other players?

Guy Gecht

Yes. We gained share for few reasons, and ink is a big part of it. We have a fantastic team of ink chemist PhDs in EFI. We do one ink. A lot of the other guys outsource that to the third-party. They work together with the printers. Part of ink is we’re very proud of is our ability to have ink that stick to almost any material. So people print with the VUTEk on many 3D objects, we’re not 3D printing, we’re printing on 3D, whether its glass, plastic, metal, wood, anything that you want to print and decorate, you can do it with VUTEk and that’s what help to grow.

We don’t compromise the quality. When we get to high speeds, it’s always sellable quality. If you look at big brands like Apple, Nike, Disney, those guys, a lot of them outdoor advertisement, lot of in-store advertisement is done on with VUTEk devices, because they would never compromise on quality. We’re seeing great growth in China because they want the same quality we have here in the U.S. so that’s been doing really well for us.

And so the differentiation – again the high quality, reliability, the flexibility of the ink to stick the color gamut on the ink. LED has been a great differentiator for us. LED is cold queuing, when you queue the ink at the low temperature, we can print the things that are very slim, very, very slim and then it can be (inaudible) type of veinal to print on, saving in electricity, saving in cooling. So that’s helped a lot.

So we’re gaining share and our customers are gaining share. Look at our double-digit growth in ink consumption by our customers, that’s growing faster than the industry, it’s selling, I mean the customers are gaining share compared to our competitor customers.

Ben Reitzes – Barclays Capital

I think with that, we have the breakout room in Room 403. And I have to get on the HP call. I am so sorry.

Guy Gecht

I’m bumped that you think it’s more important than my call of course [ph].

Ben Reitzes – Barclays Capital

But I think we handled a lot here in the room, and it sounds like you guys made a great progress and I thank you so much and we look forward to tracking your progress.

Guy Gecht

It was a pleasure.

Ben Reitzes – Barclays Capital

Thank you, Guy Gecht.

Guy Gecht

Thanks.

Ben Reitzes – Barclays Capital

And we’ll adjourn to Room 403.

Question-and-Answer Session

[No Q&A Session for this event]

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Source: Electronics For Imaging's CEO Presents at Barclays Global Technology, Media and Telecommunications Conference (Transcript)
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