SYS-CON MEDIA Authors: Roberto Medrano, Dmitriy Stepanov, Gilad Parann-Nissany, Srinivasan Sundara Rajan, Sean Houghton

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Education Management Corporation Reports Fiscal 2014 Second Quarter Results

- EBITDA of $87.1 million excluding certain expenses on reported net income of $1.1 million -

PITTSBURGH, Feb. 5, 2014 /PRNewswire/ -- Education Management Corporation (NASDAQ: EDMC), one of the largest providers of post-secondary education in North America, today reported its financial results for the three months ended Dec. 31, 2013.  Net revenues during the quarter were $593.7 million, a decrease of 9.3 percent from the prior year quarter, and the company reported net income of $1.1 million, or $0.01 per diluted share, as compared to net income of $31.1 million, or $0.25 per diluted share, in the prior year quarter.

"While we still confront a challenging operating environment, several key measures of performance were favorable this past quarter, most notably the new student enrollment at The Art Institutes and South University and the continued improvement in our overall 180-day new student cohort retention rate," said Edward H. West, Education Management's president and CEO.  "We have adjusted our outlook for the remainder of the fiscal year based on current business trends and an increased investment in scholarships and other initiatives that we believe will improve the student experience and result in long-term success."

Financial and Operational Highlights

Financial and operational highlights for the second quarter of fiscal 2014 included the following:

  • Total new students were approximately 23,820, a slight decrease from approximately 23,980 new students in the second quarter of fiscal 2013.  
  • For the three months ended Dec. 31, 2013, average enrolled student body was approximately 122,990, a 6.5 percent decline from 131,480 in the prior year quarter.  Net revenues were $593.7 million, a decrease of 9.3 percent from $654.9 million recorded in the second quarter of fiscal 2013.  The revenue decrease was primarily due to the decline in average enrolled student body, a higher amount of scholarships awarded and fewer revenue days in the current quarter compared to the prior year quarter.
  • The company recorded net income of $1.1 million, or $0.01 per diluted share, compared to net income of $31.1 million, or $0.25 per diluted share, for the prior year quarter.  The company incurred restructuring expenses of $9.5 million ($5.7 million net of tax), settlement-related costs of $6.0 million ($3.6 million net of tax) and long-lived asset impairment charges of $3.8 million ($2.3 million net of tax) in the current quarter.  Excluding these expenses, net income would have been $12.6 million, or $0.10 per diluted share, in the current quarter compared to $31.1 million, or $0.25 per diluted share, in the prior year quarter.
  • Earnings before interest, taxes and depreciation and amortization ("EBITDA") was $67.8 million in the current quarter compared to $123.3 million in the prior year quarter.  After adjusting for restructuring expenses, settlement-related costs and long-lived asset impairment charges incurred in the current quarter as noted above, EBITDA would have been $87.1 million in the current quarter compared to $123.3 million in the prior year quarter.
  • Cash flows provided by operating activities for the six months ended Dec. 31, 2013 were $39.7 million compared to $93.2 million for the six months ended Dec. 31, 2012.  The decrease in cash flow from operations in the current quarter compared to the prior year quarter was primarily due to lower operating results.
  • At Dec. 31, 2013, cash and cash equivalents were $60.8 million, compared to $189.0 million at Dec. 31, 2012.  There were no borrowings outstanding on the revolving credit facility at Dec. 31, 2013.
  • On a cash basis, capital expenditures were $31.3 million, or 2.7 percent of net revenues, for the six months ended Dec. 31, 2013 compared to $39.5 million, or 3.1 percent of net revenues, for the six months ended Dec. 31, 2012.     

Fiscal 2014 Outlook

For the fiscal year ending June 30, 2014, capital expenditures are projected to be approximately $80 million, compared to $83.2 million in the fiscal year ended June 30, 2013.  Based on current business trends, including the recent January start, the impact of an increase in scholarships, and excluding restructuring and other special charges that have been or may be incurred, the company provided the following outlook for fiscal 2014. 

 

Reconciliation of Fiscal Year 2014 Third Quarter and Annual Outlook of Net Income to EBITDA

(Dollars in millions, except earnings per share) (Unaudited)


Fiscal 2014 Outlook 3rd Quarter:


For the Three Months Ending

March 31, 2014



Low


High

Earnings per diluted share


$

0.13



$

0.15







Net income


$

17



$

20


Income tax expense


12



13


Net interest expense


31



31


Depreciation and amortization


37



37


EBITDA


$

97



$

101




Fiscal 2014 Outlook Annual:


For the Twelve Months Ending June 30, 2014



Low


High

Earnings per diluted share


$

0.09



$

0.13


Earnings per diluted share excluding expenses related to restructuring charges, settlement-related costs and long-lived asset impairments


$

0.19



$

0.23









Net income


$

11



$

17


Expenses related to restructuring charges, settlement-related costs and long-lived asset impairments, net of tax


13



13


Net income excluding expenses related to restructuring charges, settlement-related costs and long-lived asset impairments


$

24



$

30









Income tax expense


8



12


Net interest expense


126



126


Depreciation and amortization


152



152


EBITDA excluding expenses related to restructuring charges, settlement-related costs and long-lived asset impairments


$

310



$

320


 

The above discussion of the company's fiscal 2014 outlook includes information that could constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  As more fully described below under the heading "Cautionary Statement," these and other forward-looking statements are based on information currently available to management and involve estimates, assumptions, risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially and unpredictably from any future results, performance or achievements expressed or implied by such forward-looking statements.  

The company's quarterly revenues and income fluctuate primarily as a result of the pattern of student enrollments, and its first fiscal quarter is typically the lowest revenue quarter of the fiscal year due to student vacations.

The presentation of EBITDA as well as the presentations excluding certain expenses, do not comply with U.S. generally accepted accounting principles ("GAAP").  For an explanation of EBITDA and EBITDA and net income excluding certain expenses, together with a reconciliation to net income, which is the most directly comparable GAAP financial measure, see the Non-GAAP Financial Measures disclosure in the financial tables section below.

Conference Call and Webcast

Education Management Corporation will host a conference call to discuss its fiscal 2014 second quarter results on Thursday, Feb. 6, 2014 at 9 a.m. (Eastern Time).  Those wishing to participate in this call should dial 412-317-6789 approximately 10 minutes prior to the start of the call.  A listen-only audio of the conference call will also be broadcast live over the Internet at www.edmc.edu. A replay of the conference call will be available at www.edmc.edu for up to one year.

 

 

EDUCATION MANAGEMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In thousands, except per share amounts)



For the Three Months Ended

December 31,



For the Six Months Ended 

December 31,



2013


2012


% Change


2013


2012


% Change

Net revenues

$

593,673



$

654,895



(9.3)

%


$

1,174,053



$

1,264,459



(7.1)

%

Costs and expenses:












Educational services  (1)

345,587



360,377



(4.1)

%


703,276



741,673



(5.2)

%

General and administrative (2)

176,414



171,190



3.1

%


348,583



345,682



0.8

%

Depreciation and amortization (3)

38,593



39,255



(1.7)

%


77,198



83,400



(7.4)

%

Long-lived asset impairments

3,847





N/M


3,847





N/M

Total costs and expenses

564,441



570,822



(1.1)

%


1,132,904



1,170,755



(3.2)

%

Income before interest and income taxes

29,232



84,073



(65.2)

%


41,149



93,704



(56.1)

%

Interest expense, net

31,615



31,009



2.0

%


63,481



62,461



1.6

%

(Loss) income before income taxes

(2,383)



53,064



(104.5)

%


(22,332)



31,243



(171.5)

%

Income tax (benefit) expense

(3,472)



21,920



(115.8)

%


(13,906)



13,192



(205.4)

%

Net income (loss)

$

1,089



$

31,144



(96.5)

%


$

(8,426)



$

18,051



(146.7)

%

Earnings (loss) per share:












Basic

$

0.01



$

0.25





$

(0.07)



$

0.14




Diluted

$

0.01



$

0.25





$

(0.07)



$

0.14




Weighted average number of shares outstanding:












Basic

125,450



124,560





125,053



124,519




Diluted

131,010



124,762





125,053



124,620





(1) Includes restructuring charges of $3.9 million in the three months ended Dec. 31, 2013 and $4.7 million and $8.2 million in the six months ended Dec. 31, 2013 and 2012, respectively.


(2) Includes restructuring and settlement-related costs of $11.6 million in the three months ended Dec. 31, 2013 and $12.3 million and $0.9 million in the six months ended Dec. 30, 2013 and 2012, respectively.


(3) Includes a $4.6 million charge in the six months ended Dec. 31, 2012 related to software assets that no longer had a useful life.

 

 

EDUCATION MANAGEMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In thousands)



December 31, 2013


June 30,

2013


December 31, 2012


(Unaudited)




(Unaudited)

Assets






Current assets:






Cash and cash equivalents

$

60,790



$

130,695



$

189,042


Restricted cash

270,272



271,340



273,425


Total cash, cash equivalents and restricted cash

331,062



402,035



462,467


Student receivables, net of allowances of $180,355, $174,760 and $175,407

163,741



206,406



156,294


Notes, advances and other receivables

37,639



32,547



16,532


Deferred income taxes

76,927



76,927



102,668


Prepaid income taxes

35,379



20,854




Other current assets

34,709



32,850



48,107


Total current assets

679,457



771,619



786,068


Property and equipment, net

477,222



525,625



562,184


Goodwill

669,090



669,090



963,550


Intangible assets, net

299,979



300,435



329,361


Other long-term assets

54,340



48,524



52,655


Total assets

$

2,180,088



$

2,315,293



$

2,693,818


Liabilities and shareholders' equity






Current liabilities:






Current portion of long-term debt

$

11,901



$

12,076



$

12,076


Revolving credit facility



75,000




Accounts payable

58,413



32,559



38,161


Accrued liabilities

154,758



157,417



136,613


Accrued income taxes





10,525


Unearned tuition

50,956



113,371



55,038


Advance payments

83,361



95,675



116,569


Total current liabilities

359,389



486,098



368,982


Long-term debt, less current portion

1,272,387



1,273,164



1,447,699


Deferred rent

189,173



201,202



212,085


Deferred income taxes

72,122



70,316



99,845


Other long-term liabilities

30,772



34,414



41,599


Shareholders' equity:






Common stock, at par

1,450



1,435



1,435


Additional paid-in capital

1,809,769



1,794,846



1,785,413


Treasury stock, at cost

(331,782)



(328,605)



(328,605)


Accumulated deficit

(1,212,362)



(1,203,936)



(917,909)


Accumulated other comprehensive loss

(10,830)



(13,641)



(16,726)


Total shareholders' equity

256,245



250,099



523,608


Total liabilities and shareholders' equity

$

2,180,088



$

2,315,293



$

2,693,818


 

 


EDUCATION MANAGEMENT CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands)



For the Six Months Ended

December 31,


2013


2012

Cash flows from operating activities:




Net (loss) income

$

(8,426)



$

18,051


Adjustments to reconcile net (loss) income to net cash flows from operating activities:




Depreciation and amortization of property and equipment

74,181



80,241


Amortization of intangible assets

3,017



3,159


Bad debt expense

84,683



89,768


Long-lived asset impairments

3,847




Amortization of debt issuance costs

7,200



2,561


Share-based compensation

9,828



7,679


Non cash adjustments related to deferred rent

(9,956)



(7,824)


Amortization of deferred gains on sale-leaseback transactions

(1,126)




Changes in assets and liabilities:




Restricted cash

1,068



(5,545)


Receivables

(44,338)



(40,727)


Reimbursements for tenant improvements

573



3,891


Inventory

(1,292)



(583)


Other assets

(204)



2,939


Accounts payable

24,863



(15,853)


Accrued liabilities, including income taxes

(29,539)



2,343


Unearned tuition

(62,416)



(61,239)


Advance payments

(12,273)



14,316


Total adjustments

48,116



75,126


Net cash flows provided by operating activities

39,690



93,177


Cash flows from investing activities:




Expenditures for long-lived assets

(31,331)



(39,458)


Proceeds from sale of fixed assets



65,065


Reimbursements for tenant improvements

(573)



(3,891)


Net cash flows (used in) provided by investing activities

(31,904)



21,716


Cash flows from financing activities:




Payments under revolving credit facility

(75,000)



(111,300)


Issuance of common stock as a result of stock option exercises

2,722



3


Gross excess tax benefit from share-based compensation

3,391




Minimum tax withholding requirements upon restricted stock unit vesting

(2,724)




Principal payments on long-term debt

(6,088)



(5,769)


Net cash flows used in financing activities

(77,699)



(117,066)


Effect of exchange rate changes on cash and cash equivalents

8



207


Net change in cash and cash equivalents

(69,905)



(1,966)


Cash and cash equivalents, beginning of period

130,695



191,008


Cash and cash equivalents, end of period

$

60,790



$

189,042


Cash paid (received) during the period for:




Interest (including swap settlement)

$

55,870



$

60,980


Income taxes, net of refunds

(2,058)



7,860



As of December 31,

Noncash investing activities:

2013


2012

Capital expenditures in current liabilities

$

11,826



$

13,538


 

EDUCATION MANAGEMENT CORPORATION AND SUBSIDIARIES
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

The company reports results in four segments - The Art Institutes, Argosy University, Brown Mackie Colleges and South University.  The company evaluates segment performance based on EBITDA excluding certain expenses.  Adjustments to reconcile segment results to consolidated results are included under the caption "Corporate and Other," which primarily includes unallocated corporate activity.

EBITDA, a measure used by management to measure operating performance, is defined as net income before net interest expense, income taxes and depreciation and amortization.  EBITDA is not a recognized term under GAAP and does not purport to be an alternative to net income as a measure of operating performance or to cash flows from operating activities as a measure of liquidity.  Additionally, EBITDA is not intended to be a measure of free cash flow available for management's discretionary use, as it does not consider certain cash requirements such as interest payments, tax payments and debt service requirements. Management believes EBITDA is helpful in highlighting trends because EBITDA excludes the results of decisions that are outside the control of operating management and can differ significantly from company to company depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate and capital investments.  Management also presents diluted earnings per share, net income and EBITDA after adjusting for certain expenses, which also are non-GAAP financial measures.  Management believes this presentation is also helpful in highlighting trends in our business because it excludes certain expenses management believes are not indicative of ongoing operations. Management compensates for the limitations of using non-GAAP financial measures by using them to supplement GAAP results to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone. Because not all companies use identical calculations, this presentation of EBITDA may not be comparable to similarly titled measures of other companies.  A reconciliation of EBITDA excluding certain expenses by segment to consolidated net income (loss) to consolidated net income, excluding certain expenses is detailed below:

 

 


Segment Information and Reconciliation of EBITDA to Net Income (Loss) to

Net Income Excluding Certain Expenses

(In thousands, except per share amounts) (Unaudited)



For the Three Months Ended

December 31,



For the Six Months Ended 

December 31,



2013


2012


% Change


2013


2012


% Change

Net revenues:












The Art Institutes

$

371,474



$

411,533



(9.7)

%


$

727,989



$

791,672



(8.0)

%

Argosy University

76,640



92,312



(17.0)

%


159,788



174,232



(8.3)

%

Brown Mackie Colleges

69,463



78,274



(11.3)

%


139,649



152,246



(8.3)

%

South University

76,096



72,776



4.6

%


146,627



146,309



0.2

%

Total EDMC

593,673



654,895



(9.3)

%


1,174,053



1,264,459



(7.1)

%













EBITDA excluding certain expenses:














The Art Institutes

87,992



113,429



(22.4)

%


147,089



182,848



(19.6)

%

Argosy University

2,547



15,231



(83.3)

%


5,931



15,401



(61.5)

%

Brown Mackie Colleges

7,123



8,980



(20.7)

%


13,407



18,186



(26.3)

%

South University

12,158



9,132



33.1

%


17,550



16,364



7.2

%

Corporate and other

(22,737)



(23,444)



3.0

%


(44,727)



(46,550)



3.9

%

Total EDMC

87,083



123,328



(29.4)

%


139,250



186,249



(25.2)

%













Reconciliation to EBITDA:












Long-lived asset impairments

3,847





N/M


3,847





N/M

Restructuring

9,452





N/M


11,097



9,145



21.3

%

Settlement-related costs

5,959





N/M


5,959





N/M

EBITDA

67,825



123,328



(45.0)

%


118,347



177,104



(33.2)

%













Reconciliation to net income (loss):














Depreciation and amortization

38,593



39,255



(1.7)

%


77,198



83,400



(7.4)

%

Net interest expense

31,615



31,009



2.0

%


63,481



62,461



1.6

%

Income tax expense (benefit)

(3,472)



21,920



(115.8)

%


(13,906)



13,192



(205.4)

%

Net income (loss)

$

1,089



$

31,144



(96.5)

%


$

(8,426)



$

18,051



(146.7)

%













Long-lived asset impairments, net of tax

$

2,308



$



N/M


$

2,308



$



N/M

Restructuring, net of tax

5,672





N/M


6,659



5,488



21.3

%

Settlement-related costs, net of tax

3,575





N/M


3,575





N/M

Loss on disposal of asset, net of tax





N/M




2,753



N/M

Net income, excluding certain expenses

$

12,644



$

31,144



(59.4)

%


$

4,116



$

26,292



(84.3)

%













Diluted earnings (loss) per share

$

0.01



$

0.25





$

(0.07)



$

0.14




Diluted earnings per share, excluding certain expenses

$

0.10



$

0.25





$

0.03



$

0.21




Weighted average number of diluted shares outstanding, excluding certain expenses

131,010



124,762





129,904



124,620




 

New Student Enrollment


For the Three Months Ended December 31,



2013


2012


% Change

The Art Institutes

12,430



12,240



1.6

%

Argosy University

3,260



3,370



(3.3)

%

Brown Mackie Colleges

3,450



3,840



(10.2)

%

South University

4,680



4,530



3.3

%

Total EDMC

23,820



23,980



(0.7)%


The new student enrollment data shown above includes the number of new students who enrolled in fully online programs at The Art Institute of Pittsburgh, Argosy University and South University.  Total new students who enrolled in fully online programs for the three months ended Dec. 31, 2013 were approximately 7,170 as compared to 7,270 in the three months ended Dec. 31, 2012.

Average Enrolled Student Body


For the Three Months Ended December 31,



2013


2012


% Change

The Art Institutes

64,560



69,400



(7.0)

%

Argosy University

23,830



25,530



(6.7)

%

Brown Mackie Colleges

16,090



17,520



(8.2)

%

South University

18,510



19,030



(2.7)

%

Total EDMC

122,990



131,480



(6.5)

%

Average enrolled student body is the three month average of the unique students who met attendance requirements within each month of the quarter.  The data above includes the number of students enrolled in fully online programs at The Art Institute of Pittsburgh, Argosy University and South University.  The average enrolled student body in fully online programs was approximately 29,070 for the three months ended Dec. 31, 2013 as compared to 32,120 in the three months ended Dec. 31, 2012.

For January 2014, starting student body enrollment for Total EDMC was approximately 119,340, a decrease of 7.6% percent from January 2013.  Starting student body reflects the campus-based student census after the add/drop period for the first month of the fiscal quarter plus the average of fully online students who met attendance requirements in the third month of the prior fiscal quarter.


About Education Management Corporation

Education Management Corporation (www.edmc.edu), with approximately 125,560 students as of October 2013, is among the largest providers of post-secondary education in North America, based on student enrollment and revenue, with a total of 110 locations in 32 U.S. states and Canada.  The company offers academic programs to students through campus-based and online instruction, or through a combination of both.  The company is committed to offering quality academic programs and strives to improve the learning experience for its students.  Its educational institutions offer students the opportunity to earn undergraduate and graduate degrees and certain specialized non-degree diplomas in a broad range of disciplines, including media arts, health sciences, design, psychology and behavioral sciences, culinary, business, fashion, legal, education and information technology.

Cautionary Statement

This press release includes information that could constitute forward-looking statements with the meaning of the Private Securities Litigation Reform Act of 1995.  These statements, which are based on information currently available to management, concern the company's strategy, plans, intentions or expectations and typically contain words such as "anticipates," "believes," "estimates," "expects," "intends," "may," "will," "should," "seeks," "approximately," "plans," "projects," or similar words, although the absence of such words does not mean that any particular statement is not forward-looking.  All of the statements included in this press release that relate to estimated and projected earnings, margins, costs, expenditures, cash flows, growth rates and financial results, including the third quarter and annual outlook for fiscal 2014, and including statements regarding expected enrollment, revenue, expense levels, capital expenditures and earnings, are forward-looking statements, as are any statements concerning the company's expected future operations and performance and other future developments.  These and other forward-looking statements involve estimates, assumptions, known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially and unpredictably from any future results, performance or achievements expressed or implied by such forward-looking statements.  The company derives many of its forward-looking statements from its operating budgets and forecasts, which are based upon many detailed assumptions, and the company cautions that it is very difficult to predict the impact of unknown factors, and impossible to anticipate all factors, that could affect its actual results.  Some of the factors that the company believes could affect its results and that could cause actual results to differ materially from expectations include, but are not limited to: the timing and magnitude of student enrollment and changes in student mix, including the relative proportions of campus-based and online students enrolled in its programs; changes in average registered credits taken by students; student retention; the company's ability to maintain eligibility to participate in Title IV programs; changes in government spending; other changes in its students' ability to access federal and state financial aid, as well as obtain loans from third-party lenders; difficulties the company may face in growing its academic programs; increased or unanticipated legal and regulatory costs; the success of cost-cutting initiatives; the results of program reviews and audits; changes in accreditation standards; the implementation of new operating procedures for the company's fully online programs;  the potential impact of the draft gainful employment regulation issued by the U. S. Department of Education on August 30, 2013; adjustments to the company's programmatic offerings to comply with the 90/10 rule; its high degree of leverage and ability to generate sufficient cash to service all of its debt obligations and other liquidity needs; market and credit risks associated with the post-secondary education industry, adverse media coverage of the industry and the overall condition of the industry; changes in the overall U.S. or global economies and access to credit and capital markets; the effects of war, terrorism, natural disasters or other catastrophic events and other risks affecting the company, including but not limited to those described in its periodic reports filed with the Securities Exchange Commission pursuant to the Securities Exchange Act of 1934.  Education Management does not undertake any obligation to update any forward-looking statements except as required by securities laws.     

 


Investor Contact:

John Iannone

Director of Investor Relations

(412) 995-7727


Media Contact:

Chris Hardman

VP of Communications

(412) 995-7187

 

 

SOURCE Education Management Corporation

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The term culture has had a polarizing effect among DevOps supporters. Some propose that culture change is critical for success with DevOps, but are remiss to define culture. Some talk about a DevOps culture but then reference activities that could lead to culture change and there are those that talk about culture change as a set of behaviors that need to be adopted by those in IT. There is no question that businesses successful in adopting a DevOps mindset have seen departmental culture change, ...
The Internet of Things promises to transform businesses (and lives), but navigating the business and technical path to success can be difficult to understand. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, demonstrated how to approach creating broadly successful connected customer solutions using real world business transformation studies including New England BioLabs and more.
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, a...
SYS-CON Media announced that Centrify, a provider of unified identity management across cloud, mobile and data center environments that delivers single sign-on (SSO) for users and a simplified identity infrastructure for IT, has launched an ad campaign on Cloud Computing Journal. The ads focus on security: how an organization can successfully control privilege for all of the organization’s identities to mitigate identity-related risk without slowing down the business, and how Centrify provides ...
SYS-CON Events announced today Isomorphic Software, the global leader in high-end, web-based business applications, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Isomorphic Software is the global leader in high-end, web-based business applications. We develop, market, and support the SmartClient & Smart GWT HTML5/Ajax platform, combining the productivity and performance of traditional desktop software ...
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The 3rd International @ThingsExpo, co-located with the 16th International Cloud Expo – to be held June 9-11, 2015, at the Javits Center in New York City, NY – is now accepting Hackathon proposals. Hackathon sponsorship benefits include general brand exposure and increasing engagement with the developer ecosystem. At Cloud Expo 2014 Silicon Valley, IBM held the Bluemix Developer Playground on November 5 and ElasticBox held the DevOps Hackathon on November 6. Both events took place on the expo fl...
We are reaching the end of the beginning with WebRTC, and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will w...
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series dat...
There's Big Data, then there's really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at Big Data Expo®, Hannah Smalltree, Director at Treasure Data, discussed how IoT, Big D...
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges. In his session at @ThingsExpo, Jeff Kaplan, Managing Director of THINKstrateg...
Fundamentally, SDN is still mostly about network plumbing. While plumbing may be useful to tinker with, what you can do with your plumbing is far more intriguing. A rigid interpretation of SDN confines it to Layers 2 and 3, and that's reasonable. But SDN opens opportunities for novel constructions in Layers 4 to 7 that solve real operational problems in data centers. "Data center," in fact, might become anachronistic - data is everywhere, constantly on the move, seemingly always overflowing. Net...
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...