|By PR Newswire||
|February 13, 2013 08:01 AM EST||
YOKNEAM, Israel, February 13, 2013 /PRNewswire/ --
EZchip Semiconductor Ltd. (NASDAQ: EZCH), a leader in Ethernet network processors, today announced its results for the fourth quarter and full year ended December 31, 2012.
Fourth Quarter and Full Year 2012 Highlights:
- Annual revenues for 2012 of $54.7 million
- Fourth quarter revenues of $15.2 million
- Fourth quarter gross margin reached 83.2% on a GAAP basis and 83.7% on a non-GAAP basis
- Net income, on a GAAP basis, was $15.7 million for 2012 and $4.8 million for the fourth quarter
- Net income, on a non-GAAP basis, was $27.1 million for 2012 (49% of revenues) and $7.8 million for the fourth quarter (51% of revenues)
- Non-GAAP operating cash flow of $29.2 million for 2012 and $7.1 million for the fourth quarter
- Net cash at end of 2012 was $168.0 million
Fourth Quarter 2012 Results:
Total revenues in the fourth quarter of 2012 were $15.2 million, an increase of 7% compared to $14.3 million in the fourth quarter of 2011, and an increase of 64% compared to $9.3 million in the third quarter of 2012.
Net income, on a GAAPbasis, for the fourth quarter of 2012 was $4.8 million, or $0.17 per share (diluted), compared to net loss of $6.0 million, which included a one-time charge due to early repayment of $9.9 million to the Israeli Office of Chief Scientist (OCS), or $0.22 per share, in the fourth quarter of 2011, and net income of $0.1 million, or $0.00 per share (diluted), in the third quarter of 2012.
Net income, on a non-GAAP basis, for the fourth quarter of 2012 was $7.8 million, or $0.26 per share (diluted), compared to non-GAAP net income of $6.3 million, or $0.22 per share (diluted), in the fourth quarter of 2011, and non-GAAP net income of $3.1 million, or $0.10 per share (diluted), in the third quarter of 2012.
Full Year 2012 Results:
Total revenues for the year ended December 31, 2012 were $54.7 million, a year-over-year decrease of 14% compared to $63.5 million in 2011.
Net income on a GAAP basis for 2012 was $15.7 million, or $0.54 per share (diluted), compared to net income of $7.9 million, or $0.28 per share (diluted), in 2011.
Net income on a non-GAAP basis for 2012 was $27.1 million or $0.92 per share (diluted), compared with non-GAAP net income of $31.0 million, or $1.09 per share (diluted), in 2011.
Cash, cash equivalents, marketable securities and deposits as of December 31, 2012, totaled $168.0 million, compared to $160.1 million as of September 30, 2012 and compared to $126.8 million as of December 31, 2011. Cash generated from operations was $7.1 million for the fourth quarter and $29.2 million for the year, cash used in investing activities was $0.2 million for the fourth quarter and $1.5 million for the year, cash provided by financing activities (resulting from the exercise of options) was $1.0 million for the fourth quarter and $12.9 million for the year and an additional $0.6 million increase resulted from unrealized gains in marketable securities during 2012.
Eli Fruchter, CEO of EZchip, commented, "2012 was another transition year for EZchip. First, we completed the transition to Cisco becoming our largest customer, with all revenues being royalty-based, thereby increasing our gross margins to 84% and maintaining our outstanding 49% net margin in line with the net margin we achieved in 2010 and 2011. Second, we transitioned to NP-4, which surpassed the NP-3 run rate in its first full production year, and became our largest revenue generator. Finally, we laid the foundation for the NPS line of network processors for smart networks that will target both next-generation edge routers and data centers, and we believe could double our total available market.
"Of our five major NP-4 customers, two are in production and two entered production at the end of the third quarter and have placed initial production orders. The fifth customer, Huawei, is also expected to enter production in the first quarter; however, it has not yet placed any production orders and we believe Huawei may proceed to offer a lower-end in-house solution in parallel to the high-end NP-4 solution.
"Looking ahead, we believe that high-end NPUs, such as the NP-4, are required for high-end edge routers to be competitive. Therefore, based on the success of our customer products in the marketplace and the level of carriers' investment in Internet infrastructure, we believe NP-4 can significantly increase our revenues in the next few years. As for this year, we expect year-over-year growth in both Q1 and 2013, also when compared with 2011."
The Company will be hosting a conference call later today, February 13, 2013, at 10:00am ET, 7:00am PT, 3:00pm UK time and 5:00pm Israel time. On the call, management will review and discuss the results, and will be available to answer investor questions.
To participate through the live webcast, please access the investor relations section of the Company's web site at: http://www.ezchip.com/investor_relations.htm, at least 10 minutes before the conference call commences. If you would like to ask a question on the call, please contact the investor relations team for the telephone dial in numbers.
For those unable to listen to the live webcast, a replay of the webcast will be available the day after the call under the 'Investor Relations' section of the website.
Use of Non-GAAP Financial Information
In addition to disclosing financial results calculated in accordance with United States generally accepted accounting principles (GAAP), this release of operating results also contains non-GAAP financial measures, which EZchip believes are the principal indicators of the operating and financial performance of its business. The non-GAAP financial measures exclude the effects of stock-based compensation expenses recorded in accordance with FASB ASC 718, amortization of intangible assets, one-time charge due to early repayment of OCS grants and taxes on income. Management believes the non-GAAP financial measures provided are useful to investors' understanding and assessment of the Company's on-going core operations and prospects for the future, as the charges eliminated are not part of the day-to-day business or reflective of the core operational activities of the Company. Management uses these non-GAAP financial measures as a basis for strategic decisions, forecasting future results and evaluating the Company's current performance. However, such measures should not be considered in isolation or as substitutes for results prepared in accordance with GAAP. Reconciliation of the non-GAAP measures to the most comparable GAAP measures are provided in the schedules attached to this release.
EZchip is a fabless semiconductor company that provides Ethernet network processors for networking equipment. EZchip provides solutions that scale from a few to hundreds of Gigabits-per-second. EZchip's network processors provide great flexibility and high performance coupled with superior integration and power efficiency for a wide range of applications in carrier, cloud and data center network equipment. For more information on our company, visit the web site at http://www.ezchip.com.
This press release contains 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. Forward-looking statements are statements that are not historical facts and may include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. These statements are only predictions based on EZchip's current expectations and projections about future events. There are important factors that could cause EZchip's actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements. Those factors include, but are not limited to, the impact of general economic conditions, competitive products, product demand and market acceptance risks, customer order cancellations, reliance on key strategic alliances, fluctuations in operating results, delays in development of highly-complex products and other factors indicated in EZchip's filings with the Securities and Exchange Commission (SEC). For more details, refer to EZchip's SEC filings and the amendments thereto, including its Annual Report on Form 20-F filed on March 29, 2012 and its Current Reports on Form 6-K. EZchip undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in our expectations, except as may be required by law.
EZchip Semiconductor Ltd. Condensed Consolidated Statements of Operations (U.S. Dollars in thousands, except per share amounts) (Unaudited) Three Months Ended Twelve Months Ended ________________________________________________________________ December September December December December 31, 30, 31, 31, 31, 2012 2012 2011 2012 2011 ________ _________ _________ __________ _________ Revenues $ 15,207 $ 9,287 $ 14,269 $ 54,707 $ 63,457 Cost of revenues 2,555 1,497 3,386 9,118 14,409 Amortization of purchased technology -- -- -- -- 597 Repayment of OCS grants -- -- 9,938 -- 9,938 _________ _________ _________ _________ _________ Gross profit 12,652 7,790 945 45,589 38,513 Operating expenses: Research and development, net 5,180 5,182 4,352 19,736 16,695 Selling, general and administrative 3,220 3,047 3,097 12,634 12,059 _________ _________ _________ _________ _________ Total operating 32,370 28,754 expenses 8,400 8,229 7,449 Operating 4,252 (439) (6,504) 13,219 9,759 income (loss) Financial income, net 587 566 551 2,432 1,713 _________ _________ _________ _________ _________ Income (loss) before taxes 4,839 127 (5,953) 15,651 11,472 ========= ========= ========= ========= ========= Taxes on income -- -- -- -- (3,530) Net income (loss) $ 4,839 $ 127 $ (5,953) $ 15,651 $ 7,942 Net income (loss) per share: Basic $ 0.17 $ 0.00 $ (0.22) $ 0.56 $ 0.30 Diluted $ 0.17 $ 0.00 $ (0.22) $ 0.54 $ 0.28 Weighted average shares used in per share calculation: Basic 28,233,299 28,119,713 27,015,478 27,981,243 26,681,749 Diluted 28,869,499 28,748,784 27,015,478 28,842,408 28,001,428 __________ __________ __________ __________ __________
EZchip Semiconductor Ltd. Reconciliation of GAAP to Non-GAAP Measures (U.S. Dollars in thousands, except per share amounts) (Unaudited) Three Months Ended Twelve Months Ended ________________________________________________________________ December September December December December 31, 30, 31, 31, 31, 2012 2012 2011 2012 2011 _________ _________ _________ _________ _________ GAAP gross profit $ 12,652 $ 7,790 $ 945 $ 45,589 $ 38,513 Stock-based compensation 74 73 73 298 359 Amortization of purchased technology -- -- -- -- 597 Repayment of OCS grants* -- -- 9,938 -- 9,938 Non-GAAP gross profit $ 12,726 $ 7,863 $ 10,956 $ 45,887 $ 49,407 _________ _________ _________ _________ _________ GAAP gross profit as percentage of revenues 83.2% 83.9% 6.6% 83.3% 60.7% Non-GAAP gross profit as percentage of revenues 83.7% 84.7% 76.8% 83.9% 77.9% _________ __________ _________ _________ _________ GAAP operating expenses $ 8,400 $ 8,229 $ 7,449 $ 32,370 $ 28,754 Stock-based compensation: Research and development (1,563) (1,557) (1,094) (6,026) (4,446) Selling, general and administrative (1,265) (1,249) (1,051) (4,874) (3,801) Amortization of intangible assets Selling, general and administrative (51) (51) (95) (204) (380) Non-GAAP operating expenses $ 5,521 $ 5,372 $ 5,209 $ 21,266 $ 20,127 _________ _________ _________ _________ _________ GAAP operating income (loss) $ 4,252 $ (439) $ (6,504) $ 13,219 $ 9,759 Non-GAAP operating income $ 7,205 $ 2,491 $ 5,747 $ 24,621 $ 29,280 _________ _________ _________ _________ _________ GAAP net income (loss) $ 4,839 $ 127 $ (5,953) $ 15,651 $ 7,942 Stock-based compensation 2,902 2,879 2,218 11,198 8,606 Amortization of purchased intangible assets 51 51 95 204 977 Repayment of OCS grants* -- -- 9,938 -- 9,938 Taxes on income** -- -- -- -- 3,530 _________ _________ _________ _________ _________ Non-GAAP net income $ 7,792 $ 3,057 $ 6,298 $ 27,053 $ 30,993 _________ _________ _________ _________ _________ Non-GAAP net income per share - Diluted $ 0.26 $ 0.10 $ 0.22 $ 0.92 $ 1.09 Non-GAAP weighted average shares - Diluted*** 29,634,765 29,588,230 28,605,559 29,473,851 28,432,175
* During December 2011 we made a one-time early payment of $9.9 million to the Israeli Office of Chief Scientist, representing the full balance of the contingent liability related to the NP-4 and NPA grants received. Upon making this payment, we have eliminated all future royalty obligations related to our anticipated NP-4 and NPA revenues and saved the associated future interest payments related to such obligations. This amount was excluded from the non-GAAP statements of operations as it represents future royalty obligations.
** Taxes on income represent the non-cash utilization of a deferred tax asset with respect to the Company's estimate of its accumulated taxable income in accordance with FASB ASC 740. During 2011, EZchip Technologies, the Company's main subsidiary completed the utilization of the deferred tax asset, and started to enjoy the ten year period of exemption from Israeli corporate taxes due to benefits provided pursuant to its Israeli approved and privileged enterprise programs.
*** In calculating diluted non-GAAP net income per share, the diluted weighted average number of shares outstanding excludes
the effects of stock-based compensation expenses in accordance with FASB ASC 718.
EZchip Semiconductor Ltd. Selected Condensed Consolidated Cash Flow Data on a Non-GAAP Basis (U.S. Dollars in thousands) (Unaudited) Three Months Ended Twelve Months Ended _________________________________________________________ December September December December December 31, 30, 31, 31, 31, 2012 2012 2011 2012 2011 _________ _________ _________ _________ _________ Cash flows from operating activities: Net income (loss) $ 4,839 $ 127 $ (5,953) $ 15,651 $ 7,942 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Repayment of OCS grants* -- -- 9,938 -- 9,938 Depreciation and amortization 183 178 163 661 1,227 Decrease (increase) in trade and other receivables, net (1,878) 2,991 1,113 1,870 (621) Decrease (increase) in inventory 948 521 259 1,265 (1,266) Decrease in deferred tax asset -- -- -- -- 3,513 Increase (decrease) in trade payables and other accrued liabilities, net 138 (585) 1,213 (1,400) (494) Stock-based compensation 2,902 2,879 2,218 11,198 8,606 Net cash provided by operating _________ _________ _________ _________ _________ activities 7,132 6,111 8,951 29,245 28,845 _________ _________ _________ _________ _________ Cash flows from investing activities: Purchase of property and _________ _________ _________ _________ _________ equipment (239) (95) (97) (1,008) (411) Purchase of _________ _________ _________ _________ _________ technology -- -- (500) (500) (500) Net cash used in investing activities (239) (95) (597) (1,508) (911) Cash flows from financing activities: Proceeds from exercise of options 1,027 96 711 12,890 8,082 Net cash provided by financing _________ _________ _________ _________ _________ activities 1,027 96 711 12,890 8,082 _________ _________ _________ _________ _________ Repayment of OCS grants* -- -- (9,938) -- (9,938) Unrealized gain (loss) on marketable securities, net (33) 205 6 571 (618) _________ _________ _________ __________ _________ Increase (decrease) in cash, cash equivalents, marketable securities and deposits 7,887 6,317 (867) 41,198 25,460 Cash, cash equivalents, marketable securities and deposits at the beginning of the period 160,081 153,764 127,637 126,770 101,310 Cash, cash equivalents, marketable securities and deposits at the end of the period _________ _________ __________ _________ _________ $ 167,968 $ 160,081 $ 126,770 $ 167,968 $ 126,770 ========= ========= ========== ========= =========
* During December 2011 we made a one-time early payment of $9.9 million to the Israeli Office of Chief Scientist, representing the full balance of the contingent liability related to the NP-4 and NPA grants received. Upon making this payment, we have eliminated all future royalty obligations related to our anticipated NP-4 and NPA revenues and saved the associated future interest payments related to such obligations. This amount was excluded from the non-GAAP operating cash flow as it represents future royalty obligations.
Ehud Helft / Kenny Green
CCG Investor Relations
Tel: (US) +1-646-201-9246
SOURCE EZchip Semiconductor Ltd
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and analyzed? As an area of investment, how might a retail company move towards an innovation methodolo...
Sep. 4, 2015 04:15 PM EDT Reads: 529
Contrary to mainstream media attention, the multiple possibilities of how consumer IoT will transform our everyday lives aren’t the only angle of this headline-gaining trend. There’s a huge opportunity for “industrial IoT” and “Smart Cities” to impact the world in the same capacity – especially during critical situations. For example, a community water dam that needs to release water can leverage embedded critical communications logic to alert the appropriate individuals, on the right device, as soon as they are needed to take action.
Sep. 4, 2015 04:00 PM EDT
Manufacturing connected IoT versions of traditional products requires more than multiple deep technology skills. It also requires a shift in mindset, to realize that connected, sensor-enabled “things” act more like services than what we usually think of as products. In his session at @ThingsExpo, David Friedman, CEO and co-founder of Ayla Networks, will discuss how when sensors start generating detailed real-world data about products and how they’re being used, smart manufacturers can use the data to create additional revenue streams, such as improved warranties or premium features. Or slash...
Sep. 4, 2015 04:00 PM EDT
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, will introduce the technologies required for implementing these ideas and some early experiments performed in the Kurento open source software community in areas ...
Sep. 4, 2015 03:45 PM EDT Reads: 142
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Sep. 4, 2015 03:30 PM EDT Reads: 979
While many app developers are comfortable building apps for the smartphone, there is a whole new world out there. In his session at @ThingsExpo, Narayan Sainaney, Co-founder and CTO of Mojio, will discuss how the business case for connected car apps is growing and, with open platform companies having already done the heavy lifting, there really is no barrier to entry.
Sep. 4, 2015 03:00 PM EDT Reads: 227
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
Sep. 4, 2015 02:00 PM EDT Reads: 271
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo, November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be.
Sep. 4, 2015 02:00 PM EDT Reads: 231
The Internet of Things is in the early stages of mainstream deployment but it promises to unlock value and rapidly transform how organizations manage, operationalize, and monetize their assets. IoT is a complex structure of hardware, sensors, applications, analytics and devices that need to be able to communicate geographically and across all functions. Once the data is collected from numerous endpoints, the challenge then becomes converting it into actionable insight.
Sep. 4, 2015 12:30 PM EDT Reads: 121
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of technology leadership, Micron's memory solutions enable the world's most innovative computing, consumer,...
Sep. 4, 2015 12:00 PM EDT Reads: 297
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts, GM of Platform at FinancialForce.com, will discuss the value of business applications on wearable ...
Sep. 4, 2015 12:00 PM EDT Reads: 110
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
Sep. 4, 2015 12:00 PM EDT Reads: 502
As more and more data is generated from a variety of connected devices, the need to get insights from this data and predict future behavior and trends is increasingly essential for businesses. Real-time stream processing is needed in a variety of different industries such as Manufacturing, Oil and Gas, Automobile, Finance, Online Retail, Smart Grids, and Healthcare. Azure Stream Analytics is a fully managed distributed stream computation service that provides low latency, scalable processing of streaming data in the cloud with an enterprise grade SLA. It features built-in integration with Azur...
Sep. 4, 2015 11:45 AM EDT Reads: 401
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Meanwhile, 94% of enterprises are using some form of XaaS – software, platform, and infrastructure as a service.
Sep. 4, 2015 11:00 AM EDT Reads: 1,618
SYS-CON Events announced today the Containers & Microservices Bootcamp, being held November 3-4, 2015, in conjunction with 17th Cloud Expo, @ThingsExpo, and @DevOpsSummit at the Santa Clara Convention Center in Santa Clara, CA. This is your chance to get started with the latest technology in the industry. Combined with real-world scenarios and use cases, the Containers and Microservices Bootcamp, led by Janakiram MSV, a Microsoft Regional Director, will include presentations as well as hands-on demos and comprehensive walkthroughs.
Sep. 4, 2015 11:00 AM EDT Reads: 433
SYS-CON Events announced today that the "Second Containers & Microservices Expo" will take place November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
Sep. 4, 2015 10:45 AM EDT Reads: 665
Akana has announced the availability of the new Akana Healthcare Solution. The API-driven solution helps healthcare organizations accelerate their transition to being secure, digitally interoperable businesses. It leverages the Health Level Seven International Fast Healthcare Interoperability Resources (HL7 FHIR) standard to enable broader business use of medical data. Akana developed the Healthcare Solution in response to healthcare businesses that want to increase electronic, multi-device access to health records while reducing operating costs and complying with government regulations.
Sep. 4, 2015 09:30 AM EDT Reads: 337
Containers are not new, but renewed commitments to performance, flexibility, and agility have propelled them to the top of the agenda today. By working without the need for virtualization and its overhead, containers are seen as the perfect way to deploy apps and services across multiple clouds. Containers can handle anything from file types to operating systems and services, including microservices. What are microservices? Unlike what the name implies, microservices are not necessarily small, but are focused on specific tasks. The ability for developers to deploy multiple containers – thous...
Sep. 4, 2015 09:00 AM EDT Reads: 217
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal an...
Sep. 4, 2015 08:15 AM EDT Reads: 2,048
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Treloar, President and COO of Bebaio, will explore examples of brands transforming their businesses by t...
Sep. 4, 2015 07:00 AM EDT Reads: 305