Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)  

EZchip Semiconductor Limited (NASDAQ:EZCH)

Q1 2014 Earnings Conference Call

May 14, 2014 10:00 a.m. ET

Executives

Eli Fruchter – President and Chief Executive Officer

Dror Israel – Chief Financial Officer

Ehud Helft – GK Investor & Public Relations

Analysts

Joseph Wolf – Barclays Capital

Jeff Schreiner – Feltl & Company

Gary Mobley – The Benchmark Company

Paul McWilliams – Next Inning Technology Research

Richard Neaton – Rivershore Investment

Jay Srivatsa – Chardan Capital Markets

Operator

Ladies and gentlemen, thank you for standing by. Welcome to the EZchip’s First Quarter 2014 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. (Operator Instructions) As a remainder this conference is being recorded May 14, 2014.

The remarks of management during their presentation and in the question-and-answer session may contain projections or other forward-looking statements regarding future events or the future performance of the company or the industry. Please note that the Safe Harbor statement in today’s press release also covers the contents of this conference call. By now, you should have all received the company’s press release. If you have not received it, you may view it in the News Section of our company’s website, www.ezchip.com or you may call GK Investor & Public Relations at 1-646-201-9246.

I would now like to hand the call over to Mr. Kenny Green of GK Investor and Public Relations. Mr. Green, please go ahead.

Kenny Green

Thank you, Operator, and good day to everyone. I’d like to welcome all of you to EZchip’s first quarter 2014 conference call and I’d like to thank EZchip’s management for hosting this call. With us on the line today are Mr. Eli Fruchter, CEO; and Mr. Dror Israel, CFO.

Before we begin, I would like to point out that during this call certain non-GAAP financial measures will be discussed. These non-GAAP measures are used by management to make strategic decisions and forecast future results, and the company believes that these figures provide a better method of evaluating the company’s current performance. A full reconciliation of the company’s non-GAAP financial measures to GAAP financial measures is included in the earnings release.

I would now like to hand the call over to EZchip’s CEO, Mr. Eli Fruchter. Eli, please go ahead.

Eli Fruchter

Thank you, Kenny. Good day, everyone and welcome to our first quarter 2014 conference call. This has been a record quarter for EZchip in revenues reaching $20.3 million, up 1% sequentially and up 33% compared to the first quarter last year. Gross margin on a non-GAAP basis for the quarter reached 81.7%, with non-GAAP net income of $10 million for the quarter, representing a 49% non-GAAP net income margin. We increased our cash balance by $7.1 million to $210 million with zero debt at the end of the quarter, further solidifying our already very strong financial position.

Looking at our quarterly revenues in further detail. First quarter revenues from Cisco reached $6.8 million or 33% of our revenues in the first quarter, up 1% sequentially and up 37% from the first quarter of last year. We continue to feel very comfortable with Cisco and expect our revenues from Cisco to grow significantly year-over-year in 2014. NP-5 based platforms are making good progress and are nearing production. We expect all Cisco’s NP-4 based platforms to migrate to NP-5 over time, and possibly add new NP-5 platforms.

This has been a record quarter for ZTE that reached $5.7 million or 28% of revenues, up 49% sequentially and up 172% from the first quarter last year. We continue to see a lot of activity at ZTE that is expanding the use of our products and expect ZTE to migrate to NP-5 as well.

First quarter revenues from Juniper totaled $2.8 million or 14% of the quarter’s revenues, down 14% sequentially and down 31% from the first quarter last year. We expect the revenue decline from Juniper to continue, but we will continue to see some level of NP-2 revenues from Juniper in 2014 and beyond.

All other customers as a group, excluding Cisco, ZTE and Juniper, totaled $5.0 million or 25% of the first quarter’s revenues, down 21% sequentially and up 19% from the first quarter of last year. We believe that substantially all NP-4 platforms at all our other customers are now in production and most of them are adopting the NP-5. This group of customers includes customers with significant potential and we expect revenues from this group of other customers to grow significantly in 2014.

Turning now to our next generation products. During the quarter we continued the testing of the NP-5 and are pleased to report that testing is proceeding according to plan and we expect the NP-5 to move to production in the second half of the year. The NP-5 is our fifth generation NPU, and is in line with the typical three year gap we have seen between NP generations, starting with the NP-1 in 2002. This three year gap essentially enables our router customers the doubling of the router line card throughput every three years as well. The availability of NP-5 enables now the building of high density router line cards with throughput in the one Terabit range.

Following on past experience we expect the subsequent wave of line cards to be in the two Terabit range, and based on customer feedback our upcoming NPS is a strong candidate for such line cards. NPS will double the throughput of its NP-5 predecessor and is expected to arrive sooner than the typical three year gap we have had with previous chip generations. This provides our routing customers with enough time to make their silicon choices into next year and still have ample time to migrate their software to the NPS and be ready with two Terabit line cards in the 2016/17 time frame.

The NPS is also receiving very positive vendor’s feedback outside of the routing arena. Such vendors include data center network appliance and switch vendors and the large carriers and data center operators that are innovating in-house networking solutions. In addition we are seeing the white box concept gaining momentum as new network architectures based on SDN and NFV are emerging as the way forward for carrier and datacenter networks. As opposed to proprietary networking equipment provided by the established vendors, white boxes are systems from non-branded manufacturers that build off-the-shelf hardware. The particular networking function of the white box is determined through the software downloaded to the white box and is typically provided by application software vendors. NPS is gaining momentum as the powerful silicon core for white boxes. By utilizing the NPS, a wide variety of networking applications can be attained with off-the-shelf white boxes at unmatched performance and functionality.

It is important to note that in the networking market, the main value lies in the silicon and the software. We believe that EZchip’s NPS stands out as the most powerful network processing silicon, ideal for white box solutions. We believe that optimized proprietary hardware will continue to dominate high-end systems, such as edge routers, for the foreseeable future. NPS is targeting both the white boxes from the ODM vendors and the proprietary platforms from the recognized networking equipment vendors. With network bandwidth and functionality continuously growing, EZchip is well positioned to benefit from both approaches. We believe that NPS will sample at the end of the year when it is expected to also start to gain customer wins. Samples will be tested during 2015 when it is expected to move to production and start generating meaningful revenues in 2016.

2014 started off with a record quarter and we expect growth to continue. With regards to guidance for the upcoming quarter, we expect revenues to be at the $22 million range with a product and customer mix that will result in approximately 80% non-GAAP gross margin for the quarter and 82% for the year.

I would now like to turn over the call to our CFO, Dror Israel for a more detailed financial review. Dror?

Dror Israel

Thank you, Eli. In order to better understand our business we are providing both GAAP and non- GAAP results. While we discuss the non-GAAP results on this call, the GAAP results and the reconciliation between the figures, are included in our earnings release. The non-GAAP financial measures mainly exclude the effects of stock-based compensation.

Now to the results. Revenues for the first quarter of 2014 totaled $20.3 million, up 33% from the $15.3 million in the first quarter of 2013, and up 1% from the $20.1 million in the prior quarter. Cisco, through Marvell, accounted for $6.8 million or 33% of revenues. ZTE accounted for $5.7 million or 28% of revenues. Juniper accounted for $2.8 million or 14% of revenues. And our other customers, as a group, accounted for $5.0 million or 25% of revenues for the quarter.

Non-GAAP gross margin for the quarter totaled 81.7%, up from the 81.3% in the first quarter of 2013, and down from the 82.1% last quarter.

Non-GAAP R&D expenses net for the quarter totaled $4.8 million. This amount included $1.7 million in R&D grants received from the Israeli Office of the Chief Scientist. On a gross basis, our R&D expenses for the quarter totaled $6.5 million.

Non-GAAP operating expenses for the quarter totaled $7.0 million, compared to $6.2 million in the first quarter last year, and compared to $6.9 million in the prior quarter. We expect that our annual OPEX level in 2014 will be in the range of $32 million.

Non-GAAP operating income for the quarter was $9.6 million, up 54% from the $6.2 million operating income in the first quarter last year and flat compared to the prior quarter.

Non-GAAP net income for the quarter totaled $10.0 million, up 49% from the $6.7 million net income last year and substantially flat compared to the $10.1 million net income in the previous quarter.

Fully diluted EPS on non GAAP basis was $0.33, up from $0.23 in the first quarter last year and slightly below the $0.34 in the previous quarter.

Moving over to the balance sheet, cash, cash equivalents and marketable securities totaled $210 million as of March 31, 2014, compared to $202.9 million at the end of the previous quarter. Cash generated from operations during the quarter was $8.5 million. Cash used in financing activities -- in investing activities was $1.6 million and cash provided by financing activities was $0.2 million, resulting from the exercise of stock options.

With that I would like to open the call for the Q&A session. Operator?

Question-and-Answer Session

Operator

(Operator Instructions) The first question is from Joseph Wolf from Barclays. Please go ahead.

Joseph Wolf – Barclays Capital

I wanted to ask the question about the NP-4 which I guess is now its third year of production if I’m counting properly. Do you have a sense in the strength right now whether you are selling into extended chassis or whether we are starting to fill up the line cards? Is there any way to track that? That’s my first question.

Eli Fruchter

Joseph, I’m not sure I understood.

Joseph Wolf - Barclays Capital

It’s a question of whether you’re filling – whether the channels are filling up right now or whether you think the line cards are going into initial rollout of core routing.

Eli Fruchter

You are meaning the line curve based on the NP-4?

Joseph Wolf - Barclays Capital

Yes.

Eli Fruchter

So I think that it’s a combination. I think that it’s a combination of sales that are done for new chassis and also obviously filling all the chassis that were sold previously. So it’s always a combination.

Joseph Wolf - Barclays Capital

Okay. And then I guess if I listen to the guidance and the gross margin it implies that there’s some strength at vendors other than Cisco continuing. Is that a commentary on projects globally, China in particular where you think that you are starting to some traction and some capital spending going on?

Eli Fruchter

I think that we’re seeing a good environment. You notice that ZTE had a record quarter this quarter. It started the year with over $5 million in revenue for the quarter. So, that’s probably some strength in China. We also believe that Cisco will grow signif8icantly throughout this year. So we are still thinking of Cisco being a 40% customer for the year, although Cisco was only 3% for the quarter. So overall we are seeing good signs.

Joseph Wolf - Barclays Capital

Okay, great and then I had one last question. I just wanted to review the comments you made about the white box versus the proprietary and the software versus the hardware. Are you implying in those comments that the white box market is a better initial market for the NPS given the software investment being or not being made and that your traditional customer base may stick with the NP-5 longer before trying the NPS out?

Eli Fruchter

I think that what we tried to say in our comment about NPS is actually two things. One, is in our drifting market, that’s the routers market, NPS is going to come after the NP-5 for the next generation line curve and this is opposed to what we previously thought that could be the NP-6. So NPS actually doubled the NP-5 throughput and provide additional features for being able to use C as the programing language and the support layer 4 to 7. So NPS gives a lot of benefits for routing vendors as opposed to just continue the NP line with NP-6. And the other advantage is that NPS actually comes a year earlier and can actually be in production already in 2016. And that’s only two years after the NP-5 goes to production, where normally we have a three year gap. And that will give our customers enough time to migrate NP-5 software to NPS and that’s in routing. So NPS is certainly the next generation chip for routers. And that’s our bread and butter. That comes first. And then for the new market than NPS is targeting in data center, that’s where we are targeting new customers, new applications and we are talking to many of them and we see good reaction and we believe that we’ll see a good success in that market as well. And that’s a new market that doubles the time for the company with NPS.

Operator

The next question is from Jeff Schreiner of Feltl & Company. Please go ahead.

Jeff Schreiner – Feltl & Company

Eli, the first question I wanted to ask is just the sustainability of the ZTE growth. It’s obviously very strong and your guidance certainly implies that it’s going to be a component of strength in the June quarter. What visibility do you have in their ordering patterns right now? I know in the past it’s always been quite lumpy. Has something changed here in terms of the ZTE ordering patterns from prior years?

Eli Fruchter

Jeff, it seems more stable, but I cannot tell you that it’s going to continue like that. We have seen customers in China being very lumpy and therefor because of the nature of their projects, when the projects are not actually won evenly during the year. So for me can expect that that will continue, but if you look at annual basis, we are certain that we will see significant growth of ZTE in this year compared to the previous year.

Jeff Schreiner – Feltl & Company

Okay. And then you talked about it in answering Mr. Wolf’s question, a good environment. Should we be implying that that good environment that you are talking about means the infamous router CapEx cycle still may be intact, per your own thoughts?

Eli Fruchter

We are simply looking at the focus that we see from our customers and we see a good focus. We normally don’t regard the long term focus that are not accurate, but at least the short term look good. That’s why we guided the almost 10% growth quarter-to-quarter in Q2. So the comment that I made actually was based on the focus that we have seen from customers.

Jeff Schreiner – Feltl & Company

Any comment on the router CapEx cycle and what you are hearing from customers there about that continuing?

Eli Fruchter

Look, we are selling mostly still into routers. So the fact that we are seeing better focus implies automatically that CapEx is still good.

Jeff Schreiner – Feltl & Company

Could you talk about just right now –maybe how many more platforms NP-5 has won versus the current NP-4 design maybe on a percentage basis? How many more NP-5 platforms overall should we expect compared to NP-4?

Eli Fruchter

I think the total all we expect to see most of our NP-4 based platforms adopt NP-5. I don’t want to say all, but almost all. And in addition to that we are seeing new platforms that are using NP-5. These are new customers that did not use the NP-4. So overall we are seeing growth in the number of platforms and customers that will use the NP-5 versus the NP-4. And NP-5 is still not in production. It will only move to production in the second half of the year. So we will continue to see design wins for NP-5 for another year or so.

Jeff Schreiner – Feltl & Company

If I could just follow up quickly with that then I’ll step off. You talk about seeing new customers using the NP-5 who didn’t use the NP-4. Does that mean that you have now some agreements in place with new maybe edge router market players that you didn’t have before for the NP-5?

Eli Fruchter

We have new customers for the NP-5. I didn’t say specifically in edge router. In various applications those customers that will be among the group of others, these are not Tier 1 routing customers that we did not have in NP-4 when we won with NP-5. I want that to be very clear. So there are new customers. They could be large customers, but still I believe that the potential will be lower than 10% and they will be in the group of other customers as we call them.

Operator

The next question is from Gary Mobley of Benchmark. Please go ahead.

Gary Mobley – The Benchmark Company

Eli, the NP-5 as I understand has an average price significantly higher than the NP-4, but at the same time it has a lot more Ethernet port support embedded within. So I’m wondering if your expectations -- if you are expecting overall revenue to grow as a result of the product cycle associated with NP-5, does that growth come from expanding the customer list or does it come from perhaps an average selling price boost per Ethernet port?

Eli Fruchter

Gary, the answer is that if you -- the growth is not based on new customers. The growth is based on per customer because if you look at the number that out there by Informatics and I believe that in the next quarter we will have all those numbers because we will see -- we will have a new report from Informatics. But based on those numbers, the growth in number of ports, if you offset that with the additional number of ports that we have in NP-5 versus NP-4, we should still sell more NP-5 and the ASP is higher. So if that growth, number of ports actually materializes, we will sell more chips per customer at higher ASP.

Gary W. Mobley – The Benchmark Company

Okay, fair enough. I wanted to delve a little more deeply into the gross margin change or decrease you are expecting for Q2. And I’m trying to get a better understanding. I’m sure it’s related to the customer mix, but it’s my understanding based on your full year outlook for Cisco related revenue that you are expecting some sort of increase in Cisco related revenue. Presumably it’s not going to happen in the second quarter based on the gross margin guidance. So I’m just wondering if you can share with us the cross winds that are affecting that customer mix and the impact in gross margin? And is it really a function as well because NP-4 perhaps has lower gross margin than say the NP-2 being shipped to Juniper? And that’s it for me. Thanks.

Dror Israel

Hi, Gary, it’s Dror. So yeah, Cisco is expected actually to grow sequentially. So Cisco was the main reason for the slight reduction compared to guidance in Q1. The main reason for reduction in Q2 is a matter of a less favorable customer and product mix in the non-Cisco world. These customers can range between 60% to 75% on a direct model, with the average being 70%. So when we look at the year as a whole, we take 70% for the others and assume that they will generate about 60% of revenue leaving the remaining 40% for Cisco at 100%. That more or less bring us to the 82% model that we are expecting to see this year. So this is just a matter of one quarter with relatively low margins resulting from the non-Cisco group and we expect to see a rebound in gross margins in the second half that overall will get us back to the 82%.

Operator

The next question is from Paul McWilliams of Next Inning Technology Research. Please go ahead.

Paul McWilliams – Next Inning Technology Research

Hi guys. Thank you for taking my call and congratulations on a good start to the year. Do you expect meaningful NP-5 revenue this year?

Eli Fruchter

NP-5 will only go to production in the second half of the year. So we are not expecting meaningful revenues. We will sell I would say maybe a couple of thousand, a few thousand chips, not more.

Paul McWilliams – Next Inning Technology Research

Okay. Could you remind me what ASP you expect on that?

Eli Fruchter

We said previously that the ASP of NP-5 is expected to be about 60% higher than NP-4 and that could mean that it’s in the $800 to $900 range.

Paul McWilliams – Next Inning Technology Research

Okay. Do you anticipate with the success of the design efforts you had with NP-5 that you’ll make an early payoff on your OCS associated with NP-5 as you did with NP-4?

Dror Israel

Paul, this is something that will definitely have to think about. I think it’s too early. The impact of Chief scientist royalties that we will have to start to pay once it is in volume production will start to really affect us next year. And we will -- once we get there we will see -- we’ll think it over and I take a decision.

Paul McWilliams – Next Inning Technology Research

Okay. Do you happen to have in front of you what your OCS grants associated with NP-5 have been?

Dror Israel

Altogether?

Paul McWilliams – Next Inning Technology Research

Yes.

Dror Israel

I don’t have the exact number in front of me, but it’s over $10 million.

Paul McWilliams – Next Inning Technology Research

Okay. And a little housekeeper here, did I write it down correctly that OCS for Q1 was 1.7?

Dror Israel

Yes. That’s correct.

Paul McWilliams – Next Inning Technology Research

Okay. I’ve got one question to cap it off here. You’ve stated during this conference call that you expect significant revenue growth from Cisco and you expect them to be 40% of the total. You expect ZTE to also produce significant revenue growth and other customers other than Cisco, Juniper and ZTE to provide significant revenue growth. Obviously we’ve got the headwind of Juniper facing us this year, which I’m not sure how to model that. But with all the data you’ve provided, can you help me -- don’t you expect significant revenue growth for the year? It seems like you’ve laid out almost all the pieces to this puzzle.

Eli Fruchter

We expect revenue to grow this year. We said that. We don’t know how much will Juniper decline. We’ll have to see. I think that that would offset some of the growth. So we obviously are certain about growing this year, but growing significantly we’ll have to see how Juniper will do. It’s too early right now to say.

Paul McWilliams – Next Inning Technology Research

Do you draw the line for significant at 30%, 50%? Where do you draw that line?

Eli Fruchter

We’ll let you draw the line.

Paul McWilliams – Next Inning Technology Research

Okay, fair enough. Thank you again for taking my questions.

Operator

The next question is from Richard Neaton of Rivershore Investment. Please go ahead

Richard Neaton – Rivershore Investment

Hello Eli and Dror. What was the percentage growth in NP-4 revenues in the first quarter of 2014 versus the first quarter of 2013?

Dror Israel

We usually don’t break out by product line, but I would say NP-4 it’s about 100% growth year-over-year.

Richard Neaton – Rivershore Investment

Okay. Given your comments about the NPS being a successor to the NP-5, I assume that’s based on feedback and conversations and evaluations of the NPS which your current edge router customers have provided you. Is that correct?

Eli Fruchter

Yes, off course. We’re always sharing the new chip that we build with our customers and we get their feedback. And the feedback that we get for the NPS is very strong, both from routing customers as well as data center customers.

Richard Neaton – Rivershore Investment

Okay. You also said that the NPS-400 was going to sample late this year?

Eli Fruchter

Yes. (Inaudible) it will be tested during next year. It’s a long testing cycle and we will start to see production revenues in 2016. In 2015 we will see revenues, but it will be more sequential.

Richard Neaton – Rivershore Investment

Okay. So it’s about a 12 to 18 month testing cycle between samples and first production revenues for the NPS-400? Is that what you’re saying?

Eli Fruchter

I would say that it’s about a year at least.

Richard Neaton – Rivershore Investment

Okay. In terms of the NPS as well, in your original press release back in 2012, you mentioned other versions of the NPS that could be brought forward. In looking at the architecture, it looks a little bit easier to bring new different throughput speeds down the same architecture forward. Do you have any plans to bring an NPS-200 or NPS-800 forward quickly after the NPS-400 enters production in 2016?

Eli Fruchter

NPS is the first member for family of chips and it’s only the first member. We will have many so I believe that we will have the NPS family for the next 10 years at least. So we’ll have many members in that family I’m sure.

Operator

The next question is from Jay Srivatsa of Chardan Capital Markets. Please go ahead.

Jay Srivatsa – Chardan Capital Markets

Which customer or customers represent the best opportunity for you to take place of -- take the spot of Juniper as you look forward?

Eli Fruchter

Jay, we probably missed the first part of the question. You were cut off. But what we had was about we’re going to take Juniper’s place. So hopefully everyone, all of our existing customers, each one will take a piece. We’re seeing that Juniper is declining and we see that our revenues actually grow and that growth comes from all customers, meaning Cisco and ZTE and the group of others. But I think that it will be divided among those customers and hopefully in that group of others, we will have customers that can become more significant as we move forward. And remember that in the group of other customers we have companies like Huawei and Ericsson, Telus, [Siri], Sinn Fein, SEI, Hitachi, (inaudible), Oracle, HTC. So there is a long list of customers that can grow revenues for us to offset the Juniper decline.

Jay Srivatsa – Chardan Capital Markets

All right. And then in terms of the competition, can you give us some update on where things are as you see it relative to products from Marvell and Broadcom? And then more importantly, as you look at NPS, do you see the competitive landscape changing a little bit?

Eli Fruchter

Yes. I see a big change with NPS in the sense that NPS is the first network processor to lead the market that is (inaudible) and can go up from layer 2, 3 only to layer 4 to 7. So those are two additions that we have in the NPS versus the previous generation and no other NPU is supporting this. So I think that we actually leapfrogged the competition with NPS and I think that in a way we’re setting the bar for how next generation network processors should look like. And once NPS is out, I think that it will not only leapfrog the other mentioned silicon players, but also in house development that’s done by our customers because everyone that is not designing a chip that is fee-based and can do the upper layer, we need to re-architect their design and that could take years. So I think that adopting this chip will be a lot more convenient.

Operator

(Operator instructions). There are no further questions at this time. Before I turn the call over to Mr. Fruchter for the concluding statement, I would like to remind participants that a replay of this call will be available on the company website at www.ezchip.com. Mr. Fruchter, would you like to make your concluding statement?

Eli Fruchter

Yes, operator. I would like to thank everyone for joining on the call today. I hope that we will be able to continue and deliver a record quarter for you. Thank you very much.

Operator

Thank you. This concludes the EZchip first quarter 2014 results conference call. Thank you for your participation. You may go ahead and disconnect.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: EZchip Semiconductor's (EZCH) CEO Eli Fruchter on Q1 2014 Results - Earnings Call Transcript

Check out Seeking Alpha’s new Earnings Center »

This Transcript
All Transcripts