EFI hits US$1bn mark

EFI has reached its goal of US$1bn in full-year revenue, increasing revenue by two per cent from the previous full-year result of US$993m.

Bill Muir, CEO, EFI, says, “After spending a week at our Connect User Conference meeting passionate customers who shared how critical our products are in enabling their businesses, my enthusiasm regarding EFI’s opportunity has only increased. At the same time, these conversations reinforce the need to improve execution, evolve our go-to-market strategy and accelerate innovation to help drive our customers’ success. To that end, we have recently launched initiatives that will create value for both our customers and EFI.

“These steps include a thorough supply chain review to identify cost savings, value stream mapping exercises to analyze our R&D process and identify waste, and a comprehensive assessment of our go-to-market approach. These are just the first in a series of initiatives we will implement over the coming months. While the benefits won’t be reflected in our results until late in the year, I am confident we have the right strategy in place to match EFI’s technological expertise with the superior execution that will delight our customers.”

At EFI Connect, there was a big emphasis on customers adapting to market trends, identifying opportunities, and EFI aiming to work closer with customers to meet their goals.

Gaby Matsliach, senior vice president, general manager of productivity software says explains, “One core element of effective partnership is to be able to help drive change, and to do it in a way that helps maximise the value of it, while trying to minimise the side effects.

“Overall, the expectations of customers continue to rise. Part of that is the question, can I become a one-stop shop for my customers? That might mean diversifying my business to do more things. Or, should I stay with what I am doing today, and further specialise in that to do better.

“We see our role to be side by side with you, to develop our partnership and see if we can help from that perspective.

“Oftentimes, the rate of change in the industry is such that you can gradually evolve your business, technology, to be able to cope well. However there are times where the change is more rapid, there is more of a compelling event in the marketplace for things to change. One example of fast change is the introduction of high-speed, high-quality digital print into the corrugated space.

“People do not resist change, they resist being changed, it makes us uncomfortable, worrisome. It is hard work. There are many methods to drive it, it is not for me to speak to any method and say this is how it is done.

“There are a few elements that I have seen that increase success. You need a clear vision, purpose, and have your people understand why, using a holistic view of how to unlock value, and not shying away from being creative to find new ways of working.”

GAAP (Generally Accepted Accounting Principles) net loss was US$1.0 million compared to GAAP net loss of US$15.3m for 2017 or US$(0.02) per diluted share compared to US$(0.33) per diluted share for 2017. Non-GAAP net income was $82.9 million, down 18 per cent compared to US$100.7m or US$1.83 per diluted share, down 14 per cent compared to US$2.14 per diluted share for 2017. Cash flow from operating activities for the year ended December 31, 2018 was US$83.5m, 101 per cent of non-GAAP net income compared to US$51.3m, 51 per cent of non-GAAP net income for 2017.

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