EFI Q Earnings Call. July 30, 2018
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- Jasmine Pope
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1 EFI Q Earnings Call July 30, 2018
2 Safe Harbor For Forward-Looking Statements Certain statements in this presentation are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements other than statements of historical fact including words such as address, accelerate, ahead, anticipate, believe, consider, continue, develop, estimate, expect, further, look, plan, and progress and statements in the future tense are forward looking statements. The statements in this presentation that could be deemed forward-looking statements include statements regarding EFI s strategy, plans, expectations regarding its revenue growth, product portfolio, productivity, future opportunities for EFI and its customers, demand for products, and any statements or assumptions underlying any of the foregoing. Forward-looking statements are subject to certain risks and uncertainties that could cause our actual future results to differ materially, or cause a material adverse impact on our results. Potential risks and uncertainties include, but are not necessarily limited to, intense competition in each of our businesses, including competition from products developed by EFI s customers; our ability to remediate the material weaknesses identified in EFI s internal control over financial reporting; the uncertainty of the outcome of the pending securities lawsuits against EFI; unforeseen expenses; fluctuations in currency exchange rates; the difficulty of aligning expense levels with revenue; management s ability to forecast revenues, expenses and earnings; our ability to successfully integrate acquired businesses; changes in the mix of products sold; the uncertainty of market acceptance of new product introductions; challenge of managing asset levels, including inventory and variations in inventory levels; the uncertainty of continued success in technological advances; the challenges of obtaining timely, efficient and quality product manufacturing and supply of components; any world-wide financial and economic difficulties and downturns; adverse tax-related matters such as tax audits, changes in our effective tax rate or new tax legislative proposals; the unpredictability of development schedules and commercialization of products by the leading printer manufacturers and declines or delays in demand for our related products; the impact of changing consumer preferences on demand for our textile products; litigation involving intellectual property rights or other related matters; the uncertainty regarding the amount and timing of future share repurchases by EFI and the origin of funds used for such repurchases; the market prices of EFI's common stock prior to, during and after the share repurchases; and any other risk factors that may be included from time to time in the Company s SEC reports. The statements in this presentation are made as of the date of this presentation and are subject to revision until the Company will have filed its Quarterly Report on Form 10-Q for the period three months ended June 30, EFI undertakes no obligation to update information contained in this presentation. For further information regarding risks and uncertainties associated with EFI s businesses, please refer to the section entitled Risk Factors in the Company s SEC filings, including, but not limited to, its annual report on Form 10-K and its quarterly reports on Form 10-Q, copies of which may be obtained by contacting EFI s Investor Relations Department by phone at or by at investor.relations@efi.com or EFI s Investor Relations website at 2
3 Q Financial Summary Q2 revenue of $261M, +6% YoY Industrial Inkjet revenue of $156M, +10% YoY Fiery revenue of $63M, -5% YoY Productivity Software revenue of $42M, +7% YoY Recurring revenue of $85M, +2% YoY; 33% of total revenue Non-GAAP Gross Margin of 49.7%, -210 bps YoY driven by higher Industrial Inkjet revenue mix Non-GAAP Operating Income of $30M, 11.4% of revenue EBITDA of $34M, 13.2% of revenue Non-GAAP EPS of $0.50 Significant currency impact during the quarter Q2 cash from operations of $31M Highest Q2 in 17 years when EFI was almost all Fiery 3
4 Earnings Comparison Guidance Actual Revenue Guidance ($M) Q Q Reported Q (Using Guidance FX Rates)* Total Revenue $ $261 $265 YoY % 5% - 7% 6% 7% Industrial Inkjet YoY % Productivity Software YoY % Fiery Mid-Teen Growth High Single Digit Growth 10% 13% 7% 8% ~$60M YoY % -5% -5% Non-GAAP Gross Margin ~48-50% 50% 50% Non-GAAP EPS $ $0.50 $0.54 YoY % -7% 0% 4
5 Revenue by Segment & Region Revenue ($M) Q Q QoQ % Q YoY % Industrial Inkjet % % % of Total 60% 59% 57% Productivity Software (5%) % % of Total 16% 18% 16% Fiery % 66.3 (5%) % of Total 24% 23% 27% Americas % % % of Total 47% 49% 46% EMEA % (7%) % of Total 36% 37% 41% APAC % % % of Total 17% 14% 13% EFI $ $ % $ % 5
6 Non-GAAP Financial Results Non-GAAP ($M) Q Q YoY % Total Revenue $261.1 $ % Gross Margin 49.7% 51.8% bps Industrial Inkjet 35.1% 37.1% bps Productivity Software 70.1% 74.7% -460 bps Fiery 72.2% 70.0% 220 bps Operating Income $29.8 $32.4-8% EBITDA $34.4 $36.2-5% EPS $0.50 $0.54-7% 6
7 Q Guidance Revenue Guidance ($M) Q (Using Current FX Rates) Total Revenue $ YoY % 5% - 7% Industrial Inkjet YoY % Productivity Software YoY % Fiery Mid-Teens Growth High Single Digit Growth ~ $60M Non-GAAP Gross Margin Industrial Inkjet - 33% - 35% Total EFI - 47% - 49% Non-GAAP EPS of $
8 Reconciliation of GAAP to Non-GAAP Q Guidance Guidance ($M) Q (Using Current FX Rates) GAAP Gross Margin approx 46% - 48% Non-GAAP Gross Margin approx 47% - 49% GAAP EPS $(0.11) - $(0.06) Non-GAAP EPS $ $0.53 Shares used in diluted per share calculation 43,933 8
9 Q Summary $M Q Q QoQ % Q YoY % Revenue $ $ % $ % Non-GAAP Net Income % 25.5 (11%) GAAP Net Income (Loss) 3.8 (3.6) +206% % Non-GAAP Operating Expenses % % GAAP Operating Expenses (5%) (4%) Non-GAAP Gross Margin % 49.7% 50.0% -30 bps 51.8% -210 bps GAAP Gross Margin % 49.3% 49.7% -40 bps 51.5% -220 bps Non-GAAP EPS % 0.54 (7%) GAAP EPS 0.08 (0.08) +200% % Non-GAAP Operating Income % 32.4 (8%) GAAP Operating Income (Loss) 13.6 (2.1) +748% % Non-GAAP Operating Income % 11.4% 9.0% +240 bps 13.1% -170 bps GAAP Operating Income (Loss) % 5.2% -0.9% +610 bps 3.2% +200 bps 9
10 LTM Summary $M LTM* Jun 2018 LTM* Jun 2017 YoY % Revenue $ 1,018.5 $ % Non-GAAP Net Income (22%) GAAP Net Income (Loss) (22.7) 45.1 (150%) Non-GAAP Operating Expenses % GAAP Operating Expenses % Non-GAAP Gross Margin % 49.7% 52.6% -290 bps GAAP Gross Margin % 49.4% 52.2% -280 bps Non-GAAP Operating Income (23%) GAAP Operating Income (Loss) (57%) Non-GAAP Operating Income % 11.0% 14.7% -370 bps GAAP Operating Income (Loss) % 2.3% 5.4% -310 bps * Last twelve months ending June 30 of the year indicated 10
11 LTM Revenue by Segment & Region LTM* LTM* Revenue ($M) YoY % Jun 2018 Jun 2017 Inkjet % % of Total 59% 57% Productivity Software % % of Total 17% 16% Fiery (9%) % of Total 24% 27% Americas % % of Total 49% 50% EMEA (2%) % of Total 36% 37% APAC % % of Total 15% 13% EFI $ 1,018.5 $ % * Last twelve months ending June 30 of the year indicated 11
12 Q Key Performance Metrics * * 12
13 Operating Expenses Non-GAAP Non-GAAP Operating Expenses ($M) Q Q QoQ % Q YoY % Research & Development % % % of Revenue 14.4% 15.0% -60 bps 14.8% -40 bps Sales & Marketing (3%) % % of Revenue 16.7% 18.7% -200 bps 17.0% -30 bps General & Administrative % % % of Revenue 7.2% 7.3% -10 bps 6.9% +30 bps EFI % % % of Revenue 38.2% 41.0% -280 bps 38.7% -50 bps 13
14 Reconciliation of GAAP Net (Loss) Income to Non- GAAP Net Income Three Months Ended Six Months Ended June 30, June 30, Ex-Currency Ex-Currency Net (loss) income $ 3,768 $ 2,759 $ 3,768 $ 173 $ 7,546 $ 173 Cost of revenue related to fair value inventory adjustment , Amortization of identified intangibles 11,526 11,752 11,526 23,664 22,530 23,664 Ex-currency adjustment - - 1, (612) Stock based compensation Cost of revenue 1, ,043 1,811 1,499 1,811 Stock based compensation Research and development 3,513 2,346 3,513 5,868 5,916 5,868 Stock based compensation Sales and marketing 2,591 1,773 2,591 4,390 4,068 4,390 Stock based compensation General and administrative 4,638 2,829 4,638 6,486 6,410 6,486 Restructuring and other 3,024 3,671 3,024 7,678 4,589 7,678 General and administrative: Acquisition-related transaction costs , Changes in fair value of contingent consideration (11,444) 494 (11,444) (12,672) 1,777 (12,672) Revenue recognition and accounitng review costs 1,148-1,148 1, ,759 Litigation settlements Interest income and other (income) expense, net Non-cash interest expense related to our convertible notes 3,429 3,249 3,429 6,812 6,420 6,812 Foreign exchange fluctuation related to contingent consideration (86) - Balance sheet currency remeasurement impact - - (1,280) - (973) Tax effect of non-gaap adjustments (765) (4,954) (827) (6,943) (12,026) (6,641) Non-GAAP net income $ 22,583 $ 25,475 $ 22,850 $ 39,817 $ 51,287 $ 38,534 Non-GAAP net income per diluted common share $ 0.50 $ 0.54 $ 0.50 $ 0.88 $ 1.09 $ 0.85 Shares used in diluted per share calculation 45,439 47,150 45,439 45,461 47,199 45,540 14
15 Key Balance Sheet Figures Key Balance Sheet Figures ($M) Q Q Q Total Cash & Investments $ 314 $ 304 $ 431 Cash Conversion Cycle (CCC) Accounts Receivable (net) $ 243 $ 251 $ 235 DSO Inventory (net) $ 118 $ 124 $ 121 Inventory Turns Accounts Payable (net) $ 128 $ 120 $ 132 DPO Total Assets $ 1,449 $ 1,465 $ 1,547 Convertible Debt $ $ $ Cash Flow from Operations $ 30.9 $ 6.3 $
16 Key Cash and Valuation Metrics ($M) Q Q QoQ % Q YoY % Cash Metrics Cash Flow From Operations $ 30.9 $ % $ % % of Non-GAAP Net Income 137% 37% +10,000 bps 95% +4,200 bps LTM* Cash Flow From Operations $ 49.5 $ % $ (61%) % of Non-GAAP Net Income 56% 46% +1,000 bps 112% -5,600 bps Valuation Metrics ** Enterprise Value (EV)*** $ 1,492 $ 1, % $ 2,120 (30%) EV Multiple of LTM EBITDA**** $ % 13.2 (14%) EV Multiple of LTM Revenue***** $ % 2.1 (32%) P/E Ratio % 19.6 (14%) * Last 12 months ending on the last day of the third calendar month of the quarter indicated ** Calculated using closing common stock share price on last trading day of the quarter indicated *** Market Cap Cash and short-term investments + Long-Term Bond Payable **** EV/EBITDA ***** EV/Revenue 16
17 Appendix 17
18 2017 Revenue by Business Segment Revenue ($M) Q Q Q Q Industrial Inkjet $ $ $ $ $ YoY Change -2% 1% 0% 6% 1% Productivity Software $ YoY Change 8% 7% -6% 5% 3% Fiery YoY Change -7% -4% 9% -13% -4% Total Revenue $ $ $ $ $ YoY Change -2% 1% 1% 1% 0% contained in this presentation. 18
19 2016 Revenue by Business Segment Revenue ($M) Q Q Q Q Industrial Inkjet $ $ $ $ $ YoY Change 44% 47% 17% 8% 26% Productivity Software YoY Change 5% 8% 25% 11% 12% Fiery YoY Change 0% -6% -15% -8% -7% Total Revenue $ $ $ $ $ YoY Change 20% 21% 7% 4% 12% contained in this presentation. 19
20 2017 Gross Margin by Business Segment Non-GAAP Non-GAAP Gross Margin % Q Q Q Q Industrial Inkjet 39.8% 37.1% 37.4% 33.0% 36.6% YoY Change +610 bps +210 bps +210 bps -410 bps +120 bps Productivity Software 73.0% 74.7% 71.7% 73.0% 73.1% YoY Change +20 bps -20 bps -400 bps -390 bps -210 bps Fiery 72.1% 70.0% 70.3% 69.1% 70.4% YoY Change +180 bps -130 bps -180 bps -300 bps -100 bps Total Gross Margin 54.8% 51.8% 51.5% 47.9% 51.4% YoY Change +380 bps +70 bps +30 bps -480 bps -20 bps 20
21 2016 Gross Margin by Business Segment Non-GAAP Non-GAAP Gross Margin % Q Q Q Q Industrial Inkjet 33.7% 35.0% 35.3% 37.1% 35.4% YoY Change -10 bps +60 bps +230 bps +320 bps +170 bps Productivity Software 72.8% 74.9% 75.7% 76.9% 75.2% YoY Change +70 bps +180 bps +270 bps +200 bps +190 bps Fiery 70.3% 71.3% 72.1% 72.1% 71.4% YoY Change -140 bps +90 bps +290 bps +270 bps +120 bps Total Gross Margin 51.0% 51.1% 51.2% 52.7% 51.6% YoY Change -370 bps -270 bps +90 bps +210 bps -60 bps 21
22 Gross Margin by Business Segment Non-GAAP Non-GAAP Gross Margin % Q Q QoQ % Q YoY % Industrial Inkjet 35.1% 35.0% +10 bps 37.1% -200 bps Productivity Software 70.1% 71.8% -170 bps 74.7% -460 bps Fiery 72.2% 71.9% +30 bps 70.0% +220 bps EFI 49.7% 50.0% -30 bps 51.8% -210 bps 22
23 Details of Revenue by Segment and Region LTM Revenue ($M) Q Q Q Q LTM* Jun 2018 Inkjet % of Total 58% 60% 59% 60% 59% Productivity Software % of Total 15% 17% 18% 16% 17% Fiery % of Total 27% 23% 23% 24% 24% Americas % of Total 52% 50% 49% 47% 49% EMEA % of Total 34% 35% 37% 36% 36% APAC % of Total 14% 15% 14% 17% 15% EFI $ $ $ $ $ 1,018.5 contained in this presentation. 23
24 Details of Revenue by Segment and Region LTM Revenue ($M) Q Q Q Q LTM* Jun 2017 Inkjet % of Total 58% 58% 54% 57% 57% Productivity Software % of Total 16% 16% 15% 16% 16% Fiery % of Total 26% 26% 31% 27% 27% Americas % of Total 52% 51% 48% 46% 50% EMEA % of Total 35% 36% 38% 41% 37% APAC % of Total 13% 13% 14% 13% 13% EFI $ $ $ $ $ contained in this presentation. 24
25 Reconciliation of GAAP to Non-GAAP Gross Margin: LTM GAAP to Non-GAAP Reconciliation ($M) Q316 Q416 Q117 Q217 GAAP LTM* Jun 2017 Q317 Q417 Q118 Q218 LTM* Jun 2018 Gross Margin Gross Margin % 51.0% 52.3% 54.0% 51.5% 52.2% 51.3% 47.6% 49.7% 49.3% 49.4% ADJUSTMENTS COGS: Stock Based Compensation Expense COGS: Acquisiton Related Fair Value Inventory Adjustment NON-GAAP Gross Margin $ $ $ $ $ $ $ $ Gross Margin % 51.2% 52.7% 54.8% 51.8% 52.6% 51.5% 47.9% 50.0% 49.7% 49.7% 25
26 Q GAAP to Non-GAAP Expense Bridge * Represents the change in fair value of contingent consideration and revenue recognition review costs. ** Acquisition-related COGS represents the fair value adjustment related to acquired FreeFlow print server business inventory charged to COGS during the period. Acquisition-related OPEX represents direct transaction costs related to business acquisitions. 26
27 Q GAAP to Non-GAAP Expense Bridge Operating Expenses ($M) GAAP Stock Based Comp Exp Amort of Identifited Intangibles Acquisition Related Costs** Restruct. & Other Personnel & Facilities Restruct. & Other Integration Special Items* Non-GAAP Cost of Sales (1.0) - (0.0) % of Revenue 50.7% (0.4%) - (0.0%) % Operating Expenses (10.8) (11.5) (0.1) (1.9) (1.1) % of Revenue 44.0% (4.1%) (4.4%) (0.0%) (0.7%) (0.4%) 3.9% 38.2% Research & Development 41.1 (3.5) % of Revenue 15.7% (1.3%) % Sales & Marketing 46.1 (2.6) % of Revenue 17.7% -1.0% % General & Administrative 13.3 (4.7) - (0.1) % of Revenue 5.1% (1.8%) - (0.0%) % 7.2% Amortization of Intangibles (11.5) % of Revenue 4.4% - (4.4%) Restructuring & Other (1.9) (1.1) - - % of Revenue 1.1% (0.7%) (0.4%) - - EFI (11.8) (11.5) (0.1) (1.9) (1.1) % of Revenue 94.8% (4.5%) (4.4%) (0.0%) (0.7%) (0.4%) 3.9% 88.5% * Represents the change in fair value of contingent consideration, litigation settlements, and revenue recognition review costs. ** Acquisition-related COGS represents the fair value adjustment related to acquired FreeFlow print server business inventory charged to COGS during the period. Acquisition-related OPEX represents direct transaction costs related to business acquisitions. 27
28 Q GAAP to Non-GAAP Expense Bridge Operating Expenses ($M) GAAP Stock Based Comp Exp Amort of Identifited Intangibles Acquisition Related Costs** Restruct. & Other Personnel & Facilities Restruct. & Other Integration Special Items* Non-GAAP Cost of Sales (0.7) - (0.2) % of Revenue 48.5% (0.3%) - (0.1%) % Operating Expenses (6.9) (11.8) (0.5) (3.3) (0.4) (0.8) 95.7 % of Revenue 48.3% (2.8%) (4.8%) (0.2%) (1.3%) (0.2%) (0.3%) 38.7% Research & Development 38.9 (2.3) % of Revenue 15.8% (0.9%) % Sales & Marketing 43.8 (1.8) % of Revenue 17.7% (0.7%) % General & Administrative 21.1 (2.8) - (0.5) - - (0.8) 17.1 % of Revenue 8.6% (1.1%) - (0.2%) - - (0.3%) 6.9% Amortization of Intangibles (11.8) % of Revenue 4.8% - (4.8%) Restructuring & Other (3.3) (0.4) - - % of Revenue 1.5% (1.3%) (0.2%) - - EFI (7.6) (11.8) (0.6) (3.3) (0.4) (0.8) % of Revenue 96.8% (3.1%) (4.8%) (0.2%) (1.3%) (0.2%) (0.3%) 86.9% * Represents the change in fair value of contingent consideration and litigation settlements. ** Acquisition-related COGS represents the fair value adjustment related to acquired FreeFlow print server business inventory charged to COGS during the period. Acquisition-related OPEX represents direct transaction costs related to business acquisitions. 28
29 LTM June 2018 GAAP to Non-GAAP Expense Bridge Operating Expenses ($M) GAAP Stock Based Comp Exp Amort of Identifited Intangibles Restruct. & Other Acquisition Restruct. & Other Personnel & Special Items* Related Costs** Integration Facilities Non-GAAP Cost of Sales (2.8) - (0.2) % of Revenue 50.6% (0.3%) % Operating Expenses (24.4) (48.4) (1.7) (7.0) (3.6) (0.4) % of Revenue 47.2% (2.4%) (4.8%) (0.2%) (0.7%) (0.4%) % Research & Development (9.1) (0.2) % of Revenue 15.5% (0.9%) % Sales & Marketing (6.9) (0.1) % of Revenue 17.6% (0.7%) % General & Administrative 82.6 (8.3) - (1.7) - - (0.1) 72.5 % of Revenue 8.1% (0.8%) - (0.2%) % Amortization of Intangibles (48.4) % of Revenue 4.8% - (4.8%) Restructuring & Other (7.0) (3.6) - - % of Revenue 1.0% (0.7%) (0.4%) - - Goodwill & Asset Impairment % of Revenue 0.1% EFI (27.2) (48.4) (1.9) (7.0) (3.6) (0.4) % of Revenue 97.7% (2.7%) (4.8%) (0.2%) (0.7%) (0.4%) % * Represents the change in fair value of contingent consideration, litigation settlements, and revenue recognition review costs. ** Acquisition-related COGS represents the fair value adjustment related to acquired FreeFlow print server business inventory charged to COGS during the period. Acquisition-related OPEX represents direct transaction costs related to business acquisitions. 29
30 LTM June 2017 GAAP to Non-GAAP Expense Bridge Operating Expenses ($M) GAAP Stock Based Comp Exp Amort of Identifited Intangibles Restruct. & Other Acquisition Restruct. & Other Personnel & Special Items* Related Costs** Integration Facilities Non-GAAP Cost of Sales (3.2) - (1.2) % of Revenue 47.8% (0.3%) - (0.1%) % Operating Expenses (28.4) (43.1) (2.2) (4.7) (2.1) (7.1) % of Revenue 46.8% (2.9%) (4.4%) (0.2%) (0.5%) (0.2%) (0.7%) 37.9% Research & Development (10.0) % of Revenue 15.7% (1.0%) % Sales & Marketing (7.9) % of Revenue 17.4% (0.8%) % General & Administrative 85.5 (10.5) - (2.2) - - (7.1) 65.8 % of Revenue 8.7% (1.1%) - (0.2%) - - (0.7%) 6.7% Amortization of Intangibles (43.1) % of Revenue 4.4% - (4.4%) Restructuring & Other (4.7) (2.1) - - % of Revenue 0.7% (0.5%) (0.2%) - - EFI (31.6) (43.1) (3.3) (4.7) (2.1) (7.1) % of Revenue 94.6% (3.2%) (4.4%) (0.3%) (0.5%) (0.2%) (0.7%) 85.3% * Represents the change in fair value of contingent consideration and litigation settlements. ** Acquisition-related COGS represents the fair value adjustment related to acquired FreeFlow print server business inventory charged to COGS during the period. Acquisition-related OPEX represents direct transaction costs related to business acquisitions. 30
31 Details for LTM $M Q Q Q Q LTM* Jun 2017 Q Q Q Q LTM* Jun 2018 Revenue $ $ $ $ $ $ $ $ $ $ 1,018.5 Non-GAAP Net Income $ $ 89.2 GAAP Net Income (Loss) $ (26.3) (3.6) 3.8 $ (22.7) Non-GAAP Operating Expenses $ $ GAAP Operating Expenses $ $ Non-GAAP Gross Margin % 51.2% 52.7% 54.8% 51.8% 52.6% 51.5% 47.9% 50.0% 49.7% 49.7% GAAP Gross Margin % 51.0% 52.3% 54.0% 51.5% 52.2% 51.3% 47.6% 49.7% 49.3% 49.4% Non-GAAP Operating Income $ $ GAAP Operating Income (Loss) $ (2.1) 13.6 $ 22.9 Non-GAAP Operating Income % 14.0% 17.0% 14.5% 13.1% 14.7% 12.5% 11.1% 9.0% 11.4% 11.0% GAAP Operating Income (Loss) % 3.8% 10.4% 3.6% 3.2% 5.4% 3.0% 1.5% -0.9% 5.2% 2.3% * Last twelve months ending June 30 of the year indicated 31
32 Reconciliation of GAAP to Non-GAAP Operating Income: LTM LTM* Jun 2017 Q317 Q417 Q118 Q218 LTM* Jun 2018 GAAP to Non-GAAP Reconciliation ($M) Q316 Q416 Q117 Q217 GAAP Operating Income (Loss) (2.1) Operating Income (Loss) % 3.8% 10.4% 3.6% 3.2% 5.4% 3.0% 1.5% -0.9% 5.2% 2.2% ADJUSTMENTS COGS: Stock Based Compensation Expense COGS: Acquisiton Related Fair Value Inventory Adjustment OPEX: Stock Based Compensation Expense OPEX: Amortization of Identified Intangibles OPEX: Acquisition-Related Transaction Costs OPEX: Revenue Recognition Review Costs and Litigation Settlement OPEX: Change in Fair Value of Contingent Consideration (1.2) (11.4) (7.9) OPEX: Restructuring & Other Integration OPEX: Restructuring & Other Personnel & Facilities OPEX: Goodwill & Asset Impairment NON-GAAP Non-GAAP Operating Income (Loss) $ 34.4 $ 45.4 $ 33.2 $ $ 31.1 $ 30.0 $ 21.6 $ Operating Income (Loss) % 14.0% 17.0% 14.5% 13.1% 14.7% 12.5% 11.1% 9.0% 11.4% 11.0% * Last twelve months ending June 30 of the year indicated 32
33 Reconciliation of GAAP to Non-GAAP Net Income: LTM GAAP to Non-GAAP Reconciliation ($M) Q316 Q416 Q117 Q217 GAAP LTM* Jun 2017 Q317 Q417 Q118 Q218 LTM* Jun 2018 Net Income (Loss) (26.3) (3.6) 3.8 (22.7) EPS $ 0.37 $ 0.42 $ 0.10 $ 0.06 $ 0.07 $ (0.58) $ (0.08) $ 0.08 ADJUSTMENTS COGS: Stock Based Compensation Expense COGS: Acquisiton Related Fair Value Inventory Adjustment OPEX: Stock Based Compensation Expense OPEX: Amortization of Identified Intangibles OPEX: Acquisition-Related Transaction Costs OPEX: Revenue Recognition Review Costs and Litigation Settlement OPEX: Change in Fair Value of Contingent Consideration (1.2) (11.4) (7.9) OPEX: Restructuring & Other Personnel & Facilities OPEX: Restructuring & Other Integration OPEX: Goodwill & Asset Impairment OPEX: FX on Contingent Consideration (0.1) OI&E: Non-cash Interest Expense Tax Effect of Non-GAAP Adjustments (18.3) (5.6) (7.1) (4.9) (35.9) (5.2) 21.0 (6.2) (0.7) 8.9 NON-GAAP Non-GAAP Net Income (Loss) $ 27.6 $ 35.7 $ 25.8 $ $ 25.4 $ 24.0 $ 17.2 $ Non-GAAP EPS $ 0.58 $ 0.75 $ 0.55 $ 0.54 $ 0.54 $ 0.52 $ 0.38 $ 0.50 * Last twelve months ending June 30 of the year indicated 33
34 Reconciliation of EBITDA to GAAP Net Income: LTM LTM* Jun 2017 Q317 Q417 Q118 Q218 LTM* Jun 2018 Reconciliation of EBITDA ($M) Q316 Q416 Q117 Q217 GAAP Net Income (Loss) (26.3) (3.6) 3.8 (22.7) ADJUSTMENTS COGS: Stock Based Compensation Expense COGS: Acquisiton Related Fair Value Inventory Adjustment OPEX: Stock Based Compensation Expense OPEX: Amortization of Identified Intangibles OPEX: Acquisition-Related Transaction Costs OPEX: Revenue Recognition Review Costs and Litigation Settlement OPEX: Change in FV of Contingent Consideration (1.2) (11.4) (7.9) OPEX: Restructuring & Other Personnel & Facilities OPEX: Restructuring & Other Integration OPEX: Goodwill & Asset Impairment Depreciation OI&E Tax (11.9) 2.8 (1.0) 1.0 (9.1) (2.1) NON-GAAP EBITDA $ 38.0 $ 49.0 $ 36.9 $ $ 35.5 $ 34.6 $ 26.0 $ * Last twelve months ending June 30 of the year indicated 34
35 LTM Cash Flow from Operations LTM LTM Cash Flow from Operations ($M) Q Q Q Q Q LTM Q $ 3.4 $ 8.9 $ 6.3 $ 30.9 $ 49.5 LTM Cash Flow from Operations ($M) Q Q Q Q LTM Q LTM Q $ 24.1 $ 3.4 $ 8.9 $ 6.3 $ 42.7 LTM Cash Flow from Operations ($M) Q Q Q Q LTM Q LTM Q $ 24.0 $ 65.2 $ 14.9 $ 24.1 $ contained in this presentation. 35
36 Convertible Debt Offering Summary Issuer: Electronics For Imaging, Inc. Security: Conv ertible Senior Notes due 2019 Ranking: Maturity Call Protection: Senior Unsecured 5 y ears Non-Call 5 Y ears Coupon: 0.75% Conv ersion Premium: 22.5% Size: Greenshoe: $300MM $45MM Approximate Conversion Price (1) $52.72 Approximate Shares Underlying Convertible Bond Hedge Strike (%) / Bond Hedge Cost ($) Warrant Strike (%) / Warrant Proceeds ($) 6.5MM 22.5%/ $63.9MM 60% / $34.5MM Net Premium / % of Proceeds $29.4MM / 8.52% Net Proceeds $308MM Effectiv e Pre-tax Interest Rate on Proceeds (incl. BH+W Cost) 2.58% Effective After-tax Interest Rate on Proceeds (2) 1.50% Offering: Bookrunners: 144A / One-Day Marketed Morgan Stanley and Goldman Sachs Notes 1. Reference price of $ Assumes 23% tax rate contained in this presentation. 36
37 Convertible Debt Share Count Impact Share Price Cash Conversion (Principal) GAAP Diluted Share Count Impact Actual Share Count Dilution (millions) (shares) (shares) Price at Offering Date $ $ Conversion Price Warrant Strike Price We have elected cash conversion, which allows use of the treasury stock method to calculate the GAAP diluted share count impact (use of the if-converted method would have resulted in immediate GAAP dilution of 6.5M shares) We have hedged the convertible debt dilution with a bond hedge. As a result, there is no actual share count dilution from the convertible debt conversion However, the impact of the bond hedge is considered to be antidilutive and must be ignored for purposes of determining the GAAP diluted share count impact Actual share dilution begins at the warrant strike price of $68.86 as the warrant Is not hedged. contained in this presentation. 37
38 Impact of the Tax Cuts and Jobs Act of 2017 On December 22, 2017, the Tax Cuts and Jobs Act, which will have wide-ranging impacts on EFI including, but not limited to, a Deemed Repatriation Transition Tax and the revaluation of current U.S. deferred tax assets and liabilities, was enacted. We have recorded a $27.3 million charge in the fourth quarter of 2017 as a provisional estimate related to the aforementioned items. In the first quarter of 2018, we also recorded an additional $1.2 million charge related to the state tax impact associated with the Deemed Repatriation Transition Tax. The SEC staff issued Staff Accounting Bulletin ( SAB ) 118, which allows companies to record a provisional estimate of the income tax effects in the quarter in which it can make reasonable estimates of the effects of the new law. While we have calculated a reasonable estimate of the impact of the U.S. tax rate reduction and the amount of the Deemed Repatriation Transition Tax, we are still gathering additional information to refine and finalize our calculation of the impacts of the new tax law on our U.S. deferred tax assets and liabilities, the Deemed Repatriation Transition Tax, and other provisions associated with the Tax Cuts and Jobs Act. As we obtain additional information, we may record material adjustments in current or subsequent quarters, and will finalize the income tax effects in the fourth quarter of 2018, or in an earlier quarter if our analysis is complete. 38
39 About our Non-GAAP Financial Measures and Adjustments Use of Non-GAAP Financial Information To supplement our condensed consolidated financial results prepared in accordance with GAAP, we use non-gaap measures of net income, operating income, and earnings per diluted share that are GAAP net income, GAAP operating income, and GAAP earnings per diluted share adjusted to exclude certain costs, expenses, and gains. We believe that the presentation of non-gaap net income, non-gaap operating income, and non-gaap earnings per diluted share provides important supplemental information regarding certain costs, expenses, gains, and significant items that we believe are important to understanding financial and business trends relating to our financial condition and results of operations. Non-GAAP net income, Non-GAAP operating income, and non-gaap earnings per diluted share are among the primary indicators used by management as a basis for planning and forecasting future periods and by management and our Board of Directors to determine whether our operating performance has met specified targets and thresholds. Management uses non-gaap net income, Non-GAAP operating income, and non-gaap earnings per diluted share when evaluating operating performance because it believes the exclusion of the items described below, for which the amounts and/or timing may vary significantly depending on our activities and other factors, facilitates comparability of our operating performance from period to period. We have chosen to provide this information to investors so they can analyze our operating results in the same way that management does and use this information in their assessment of our business and the valuation of our Company. Use and Economic Substance of Non-GAAP Financial Measures We compute non-gaap net income, non-gaap operating income, and non-gaap earnings per diluted share by adjusting GAAP net income, non-gaap operating income, and GAAP earnings per diluted share to remove the impact of amortization of intangible assets, stock-based compensation expense, restructuring and other expenses, acquisition-related transaction costs, costs to integrate such acquisitions into our business, incremental cost of revenue due to the fair value adjustment to inventories acquired in business acquisitions, changes in the fair value of contingent consideration including the related foreign exchange fluctuation impact, revenue recognition and accounting review costs, litigation settlements, and non-cash interest expense related to our 0.75% convertible senior notes ( Notes ). We use a constant non-gaap tax rate of 19%, which we believe reflects the longterm average tax rate based on our international structure and geographic distribution of revenue and profit. Ex-Currency. To better understand trends in our business, we believe it is helpful to adjust our statement of operations to exclude the impact of year-over-year changes in the translation of foreign currencies into U.S. dollars. This is a non-gaap measure that is calculated by adjusting revenue, gross profit, and operating expenses by using historical exchange rates in effect during the comparable prior year period and removing the balance sheet currency re-measurement impact from interest income and other income, net of expenses, including removal of any hedging gains and losses. We refer to these adjustments as ex-currency. Management believes the ex-currency measures provide investors with an additional perspective on year-over-year financial trends and enables investors to analyze our operating results in the same way management does. The year-over-year currency impact can be determined as the difference between year-over-year actual growth rates and year-over-year ex-currency growth rates. These excluded items are described below: o o o Cost of revenue related to fair value adjustment of the Free Flow Print Server business ( FFPS ) Inventory acquired in an acquisition must be recorded at fair value rather than historical cost in accordance with ASC 805, Business Combinations. The fair value of FFPS inventory reflects the manufacturing cost plus a portion of the expected gross profit. In 2017, we adjusted our cost of revenue to reflect the expected gross profit that was included in the inventory valuation under ASC 805. We believe this adjustment is useful to investors to understand the gross profit trends of our ongoing business. Amortization of intangible assets. Intangible assets acquired to date are being amortized on a straight-line basis. Stock-based compensation expense were recognized in accordance with ASC 718, Stock Compensation. 39
40 About our Non-GAAP Financial Measures and Adjustments (continued) o o o o o Restructuring and other expenses consists of: 1. Restructuring charges incurred as we consolidate the number and size of our facilities and reduce the size of our workforce. 2. Integration-related expenses were $1.1 and $2.3 million for the three and six months ended June 30, 2018, respectively, and $0.4 and $0.8 million for the three and six months ended June 30, 2017, respectively. We have acquired 18 businesses in the last 5 years, which have required significant information technology investment to integrate them into our business. Acquisition-related transaction costs associated with businesses acquired during the periods reported and anticipated transactions of $0.1 and $0.8 million for the three and six months ended June 30, 2018, respectively, and $0.5 and $1.2 million for the three and six months ended June 30, 2017, respectively. Changes in fair value of contingent consideration. Our management determined that we should analyze the total return provided by the investment when evaluating operating results of an acquired entity. The total return consists of operating profit generated from the acquired entity compared to the purchase price paid, including the final amounts paid for contingent consideration without considering any post-acquisition adjustments related to changes in the fair value of the contingent consideration. Because our management believes the final purchase price paid for the acquisition reflects the accounting value assigned to both contingent consideration and to the intangible assets, we exclude the GAAP impact of any adjustments to the fair value of acquisition-related contingent consideration from the operating results of an acquisition in subsequent periods, including the related foreign exchange fluctuation impact. We believe this approach is useful in understanding the long-term return provided by our acquisitions and that investors benefit from a supplemental non-gaap financial measure that excludes the impact of this adjustment Non-cash interest expense on our Notes. Our Notes may be settled in cash on conversion. We are required to separately account for the liability (debt) and equity (conversion option) components of the Notes in a manner that reflects our non-convertible debt borrowing rate. Accordingly, for GAAP purposes, we are required to amortize a debt discount equal to the fair value of the conversion option as interest expense on our $345 million of 0.75% convertible senior notes that were issued in a private placement in September 2014 over the term of the Notes. Revenue recognition and accounting review costs. As described in Item 9A, Controls and Procedures of our annual report on Form 10-K, for the year ended December 31, 2017, as amended, our management concluded that we had material weaknesses in our internal control over financial reporting as of December 31, 2017 related to revenue recognition practices and the valuation of certain textile digital inkjet printer inventories. Therefore, we did not maintain effective internal control over financial reporting or effective disclosure controls and procedures, both of which are requirements of the Securities Exchange Act of 1934, as of that date. The review of our revenue recognition practices has required that we expend significant management time and incur significant accounting, legal, and other expenses of $1.1 and $1.8 million during the three and six months ended June 30, 2018, respectively. We expect to incur additional costs in the future periods. o Litigation settlements. We settled or accrued reserves related several litigation claims of $0.3 million during the three and six months ended June 30, o Tax effect of non-gaap adjustments. We use a constant non-gaap tax rate of 19%, which we believe reflects the long-term average tax rate based on our international structure and geographic distribution of revenue and profit. The long-term average tax rate is calculated in accordance with the principles of ASC 740, Income Taxes, to estimate the non-gaap income tax provision in each jurisdiction in which we operate after excluding the tax effect of the non-gaap items described above, and $1.2 and $27.5 million of tax charges recognized in Q and Q4 2017, respectively, as a result of the 2017 Tax Act, which was enacted on December 22,
41 About our Non-GAAP Financial Measures and Adjustments (continued) Usefulness of Non-GAAP Financial Information to Investors Our non-gaap measures are not in accordance with or an alternative to GAAP and may be materially different from other non-gaap measures, including similarly titled non-gaap measures, used by other companies. The presentation of this additional information should not be considered in isolation from, as a substitute for, or superior to, net income or earnings per diluted share prepared in accordance with GAAP. Non-GAAP financial measures have limitations in that they do not reflect certain items that may have a material impact upon our reported financial results. We expect to continue to incur expenses of a nature similar to the non-gaap adjustments described above, and exclusion of these items from our non-gaap financial metrics should not be construed as an inference that these costs are unusual, infrequent, or non-recurring. 41
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