SYS-CON MEDIA Authors: Elizabeth White, Peter Silva, Liz McMillan, Yeshim Deniz, Pat Romanski

News Feed Item

Finning Reports Solid Q4 and Annual 2013 Results

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 02/19/14 -- Finning International Inc. (TSX:FTT) -

Q4 2013 HIGHLIGHTS


--  Revenues rose by 3% to $1.8 billion driven by higher parts and service
    revenues. 
--  Earnings before finance costs and income taxes (EBIT)(1) were $145
    million compared to $148 million in Q4 of last year. Excluding one-time
    items, EBIT performance improved from Q4 of last year. 
--  Basic earnings per share (EPS) of $0.54 were below $0.60 in Q4 2012,
    reflecting lower EBIT and higher provision for income taxes. 
--  Improvements in working capital(1) decreased invested capital(1) by $204
    million from Q3 2013, mainly through the reduction of equipment
    inventory in all operations. 
--  Free cash flow(1) of $365 million was $120 million higher than in Q4
    2012, driving the ratio of net debt to invested capital(1) to 41% at the
    end of 2013, down from 48% at the end of September 2013 and 50% at the
    end of 2012.

2013 ANNUAL HIGHLIGHTS


--  Revenues grew by 3% to a record $6.8 billion. Product support revenues
    rose by 12%, partly attributable to the contribution from the mining
    shovels and drills business. 
--  EBIT increased by 7% to $521 million, and EBIT margin(1) rose to 7.7%
    from 7.4% in 2012 due to improved EBIT margin in Canada. 
--  Basic EPS increased to a record $1.95 from $1.90 earned in 2012. 
--  Free cash flow was $441 million, reflecting record earnings before
    finance costs, income taxes, depreciation and amortization (EBITDA)(1),
    lower working capital, and lower capital expenditures compared to 2012. 

Finning International Inc. (TSX:FTT) reported quarterly revenues of $1.8 billion, a 3% increase over Q4 2012. Higher quarterly revenues in Canada and the UK & Ireland more than offset a revenue decline in South America compared to Q4 2012. Quarterly EBIT was 2% below Q4 of last year, mostly due to a $5.5 million write-off of the previously capitalized ERP costs in the UK in Q4 2013 and a $9.7 million gain on the sale of property in Canada in Q4 2012. Similarly, quarterly EBIT margin of 8.1% was below 8.5% in Q4 2012. Basic EPS was $0.54 compared to $0.60 in Q4 of last year. For the full year 2013, revenues increased by 3% to a record $6.8 billion, driven by approximately $215 million of additional revenue from the mining shovels and drills business, along with organic growth in product support. EBIT rose by 7% to $521 million and EBIT margin improved to 7.7% from 7.4% in 2012, reflecting higher EBIT margin in Canada. Net income and basic EPS were up 3% and reached new records of $335 million and $1.95, respectively. Full year free cash flow was strong at $441 million and net debt to invested capital declined to 41% at the end of 2013 from 50% at the end of 2012.

"Our Q4 results were in line with our expectations. Excluding one-time items, operating results improved year over year, as we grew our top line and improved EBIT performance in Canada. Importantly, we generated significant free cash flow, which enabled us to bring our net debt to invested capital ratio down to near the midpoint of our target range," said Scott Thomson, president and CEO, Finning International. "Going forward, we are driving higher return on invested capital by executing on clear and measurable plans to advance our operational priorities: customer & market leadership, service excellence, supply chain optimization, and asset utilization. Our increased focus on what we can control - costs, working capital and capital investment - gives me confidence in our ability to grow earnings faster than revenue and markedly improve our capital efficiency."

Q4 2013 FINANCIAL SUMMARY


---------------------------------------------------------------------
$ millions, except per share amounts    Three months ended Dec 31    
                                           2013    2012(2)   % change
---------------------------------------------------------------------
Revenue                                   1,796      1,746          3
EBIT                                        145        148        (2)
EBIT margin                                8.1%       8.5%           
Net income                                   93        103        (9)
Basic EPS                                  0.54       0.60       (10)
EBITDA                                      200        203        (1)
Free cash flow                              365        245         49
---------------------------------------------------------------------

--  Revenues rose by 3% from Q4 2012 to $1.8 billion, with higher revenues
    from Canada and the UK & Ireland more than offsetting the revenue
    decline in South America. New equipment sales were the highest of any
    quarter in 2013, but were 2% below Q4 2012 due to lower sales volumes in
    South America compared to the record-setting Q4 of last year. Product
    support revenues grew by 9%, driven mostly by Canada. Used equipment
    sales and rental revenues were relatively unchanged compared to Q4 of
    last year. A weakening Canadian dollar had a positive impact on revenues
    of approximately $60 million compared to Q4 2012. 
--  Gross profit increased by 6%, reflecting higher revenues and gross
    profit margin compared to Q4 2012. Gross profit margin(1) was 30.9%, up
    from 30.0% in Q4 2012 due to a higher proportion of product support in
    the revenue mix, most notably in South America. 
--  Selling, general and administrative (SG&A) expenses were 5% above Q4
    2012. In Canada, higher SG&A costs reflected revenue growth in all lines
    of business, as well as higher service related costs. An increase in
    SG&A expenses in South America and the UK & Ireland was due to a weaker
    Canadian dollar compared to Q4 2012. 
--  EBIT remained strong, but declined by 2% to $145 million due a $5.5
    million write-off of the previously capitalized ERP development costs in
    the UK in Q4 2013 and a $9.7 million gain on sale of property in Canada
    in Q4 2012, as well as higher SG&A costs, discussed above. As a result,
    consolidated EBIT margin of 8.1% was below 8.5% in Q4 2012.
    Sequentially, EBIT margin improved from 7.6% in Q3 2013. 
--  Net income declined by 9% to $93 million, mainly driven by a higher
    provision for income taxes. The effective tax rate was 25.1%, up from
    16.4% in Q4 2012. The higher effective tax rate in Q4 2013 was primarily
    the result of foreign exchange impacts due to the devaluation of the
    Argentinean peso. The effective tax rate in Q4 2012 was unusually low
    due to the benefit of previously unrecognized tax losses. Consequently,
    basic EPS of $0.54 was 10% below $0.60 in Q4 2012. 

---------------------------------------------------------------------
$ millions                                     Q4 2013        Q3 2013
---------------------------------------------------------------------
Invested capital                                 3,138          3,342
Return on invested capital(1)                    15.7%          15.8%
---------------------------------------------------------------------

--  Invested capital decreased by $204 million from Q3 2013, driven by
    improvements in working capital, mainly through the reduction of
    equipment inventory and lower accounts receivable in all operations.
    During Q4, inventory levels declined by $149 million as a result of
    strong equipment deliveries in all regions and continued focus on
    inventory management. Return on invested capital was similar to Q3 2013,
    as the invested capital calculation is based on an average of the last
    four quarters.  
--  Strong free cash flow of $365 million in Q4 was driven by lower working
    capital. 
--  Net debt to invested capital declined to 40.8% at the end of 2013 from
    47.8% at the end of September and 50.0% at the end of 2012 and is within
    the Company's 35-45% target range. Net debt to invested capital is at
    the lowest level since 2011, prior to the acquisition of the former
    Bucyrus distribution business.

Backlog


--  Q4 deliveries were higher than in any of the previous quarters in 2013.
    While the order intake in Canada remained strong, deliveries outpaced
    the order intake in South America and the UK & Ireland. The order
    backlog(1) was $0.9 billion at the end of December 2013, down from $1.0
    billion at the end of September 2013. 

Q4 2013 HIGHLIGHTS BY OPERATION

Canada


--  Revenues were up 11% from a year ago, with higher revenues in all lines
    of business. New equipment sales rose by 10% driven by demand from all
    sectors. Product support revenues increased by 12% and were higher
    across all sectors, despite challenges in the mining product support
    business as commodity producers continued to focus on cost reductions. 
--  EBIT was $69 million compared to $73 million in Q4 of last year. The Q4
    2012 EBIT included a $9.7 million gain on the sale of property. As a
    result, EBIT margin of 7.9% was lower than 9.2% in Q4 2012. Gross profit
    margin declined relative to Q4 2012, primarily due to a higher
    proportion of the lower margin equipment and parts in the sales mix.
    SG&A expenses were higher, largely driven by higher service related
    costs. 
--  Invested capital declined by $228 million from the end of September,
    driven by reduced equipment inventory, lower accounts receivable, higher
    accounts payable and a reduction in rental inventory.

South America


--  Revenues declined by 9% (down 14% in functional currency - USD) from the
    record revenues in Q4 2012; however, Q4 saw the highest revenue of all
    2013 quarters. New equipment sales were down 23% in functional currency
    from an exceptionally strong Q4 of last year, reflecting slower mining
    activity and reduced construction demand in Chile and Argentina. While
    copper prices and production levels remained steady, demand for
    equipment replacement and additional fleets has slowed as mining
    customers continued to focus on controlling costs. Product support
    revenue was down slightly in functional currency compared to Q4 2012,
    with higher product support in mining offset by a decline in non-mining
    sectors. 
--  EBIT of $76 million was comparable to Q4 2012 (down 6% in functional
    currency) reflecting lower revenues. The EBIT margin increased to 11.3%
    from 10.3% a year ago as a result of a shift in revenue mix to higher
    margin product support and favourable adjustments to certain mining
    service contracts. Product support contributed 51% to total revenue
    compared to 44% in Q4 2012, while new equipment sales comprised 45% vs.
    50% a year ago. 
--  Invested capital declined by US$33 million in functional currency from
    Q3 2013 driven by reduced equipment and parts inventory due to improved
    inventory management. However, the weakening Canadian dollar against the
    U.S. dollar resulted in a $12 million increase in invested capital in
    South America compared to Q3 2013.

United Kingdom & Ireland


--  Revenues increased by 14% (up 7% in functional currency - GBP), driven
    by new equipment sales and product support, which grew by 6% and 4%,
    respectively, in functional currency compared to Q4 of last year. 
--  Gross profit margin was similar to Q4 2012, and the SG&A costs remained
    flat in functional currency despite revenue growth. EBIT of $8 million
    included a $5.5 million write-off of previously capitalized ERP
    implementation costs, following the deferral of an ERP system decision
    in the UK for 2-3 years and the resulting time delays and uncertainties
    in recognizing future benefits. As a result, EBIT margin of 3.3% was
    below 4.2% a year ago. 
--  Invested capital decreased by approximately GBP 10 million in functional
    currency and $2 million in Canadian dollars compared to Q3 2013,
    primarily due to lower equipment inventory and an increase in accounts
    payable.

CORPORATE AND BUSINESS DEVELOPMENTS

Dividend

The Board of Directors has approved a quarterly dividend of $0.1525 per share, payable on March 20, 2014 to shareholders of record on March 6, 2014. This dividend will be considered an eligible dividend for Canadian income tax purposes.

Board of Directors appointment

On November 26, Finning announced the appointment of Kevin A. Neveu as the newest member of the Company's Board of Directors. Mr. Neveu is currently chief executive officer of Precision Drilling Corporation, a Calgary-based service provider to the oil and gas industry. Previously, he held senior management roles with National Oilwell Varco and its predecessor companies. Mr. Neveu's appointment is consistent the Board's strategy on director renewal and with this appointment, Finning's Board membership will be increased to eleven directors.

Finning Canada employees in Alberta and Northwest Territories ratify new labour agreement

On December 6, the Company announced that the hourly employees of its Canadian division, represented by the International Association of Machinists and Aerospace Workers - Local 99 ("IAMAW"), have voted in support of the previously announced tentative collective agreement. The new three-year collective agreement covers approximately 2,200 hourly-paid Finning Canada employees in Alberta and the Northwest Territories and expires on April 30, 2016. The new agreement provides for annual wage increases of 3% in year one, 3.5% in year two and 3.75% in year three.


SELECTED CONSOLIDATED FINANCIAL INFORMATION                                
(C$ millions, except per share amounts)                                    
                                                                           
                  ---------------------------------------------------------
                   Three months ended Dec 31   Twelve months ended Dec 31  
                  ---------------------------------------------------------
Revenue                                    %                              %
                       2013  2012(2)  change      2013   2012(2)     change
                  ---------------------------------------------------------
 New equipment        834.5    847.7     (2)   2,908.3   3,077.2        (5)
 Used equipment        82.1     81.9       0     303.3     295.4          3
 Equipment rental     102.2    101.4       1     391.9     379.8          3
 Product support      774.3    712.0       9   3,143.8   2,815.4         12
 Other                  2.7      2.7       0       8.7       7.8         11
---------------------------------------------------------------------------
  Total revenue     1,795.8  1,745.7       3   6,756.0   6,575.6          3
---------------------------------------------------------------------------
Gross profit          554.2    523.6       6   2,080.4   1,967.2          6
Gross profit                                                               
 margin               30.9%    30.0%             30.8%     29.9%           
SG&A                (402.7)  (384.0)     (5) (1,555.5) (1,490.4)        (4)
SG&A as a                                                                  
 percentage of                                                             
 revenue            (22.4)%  (22.0)%           (23.0)%   (22.7)%           
Equity earnings         0.3      2.5               9.3      10.1           
Other income                                                               
 (expenses)           (6.3)      5.6            (13.5)       1.7           
---------------------------------------------------------------------------
EBIT                  145.5    147.7     (2)     520.7     488.6          7
EBIT margin            8.1%     8.5%              7.7%      7.4%           
---------------------------------------------------------------------------
Net income             92.9    102.6     (9)     335.3     326.8          3
---------------------------------------------------------------------------
Basic EPS              0.54     0.60    (10)      1.95      1.90          3
---------------------------------------------------------------------------
                                                                           
EBITDA                200.3    203.0     (1)     736.4     701.1          5
Free Cash Flow        364.9    244.8             440.7    (37.4)           
---------------------------------------------------------------------------
                                                      Dec 31, 13 Dec 31, 12
                                            -------------------------------
Total assets                                             5,057.6    5,118.0
Total                                                                      
 shareholders'                                                             
 equity                                                  1,857.8    1,566.6
Net debt to                                                                
 invested                                                                  
 capital(1)                                                40.8%      50.0%
Return on invested                                                         
 capital(1)                                                15.7%      16.5%
---------------------------------------------------------------------------

To download Finning's complete Q4 and annual 2013 results in PDF, please open the following link: http://media3.marketwire.com/docs/FTT0219.pdf

Q4 AND ANNUAL 2013 RESULTS INVESTOR CALL

The Company will hold an investor conference call on Wednesday, February 19 at 5:30 pm Eastern Time. Dial-in numbers: 1-866-225-0198 (anywhere within Canada and the U.S.) or 416-340-8061 (for participants dialing from Toronto and overseas).

The call will be webcast live and subsequently archived at www.finning.com. Playback recording will be available at 1-800-408-3053 from 7:00 pm Eastern Time on February 19 until February 26. The pass code to access the playback recording is 4463383 followed by the number sign.

ABOUT FINNING

Finning International Inc. (TSX:FTT) is the world's largest Caterpillar equipment dealer delivering unrivalled service to customers for over 80 years. Finning sells, rents and services equipment and engines to help customers maximize productivity. Headquartered in Vancouver, B.C., the Company operates in Western Canada, Chile, Argentina, Bolivia, Uruguay, as well as in the United Kingdom and Ireland.

Footnotes


1.  These financial metrics do not have a standardized meaning under IFRS,
    which are also referred to herein as generally accepted accounting
    principles (GAAP). Management's Discussion and Analysis (MD&A) includes
    additional information regarding these financial metrics, including
    definitions, under the heading "Description of Non-GAAP and Additional
    GAAP Measures". 
2.  Prior year comparative figures have been restated to reflect the
    Company's adoption of the amendments to International Accounting
    Standard (IAS) 19, Employee Benefits, for the financial year beginning
    January 1, 2013.

Forward-Looking Disclaimer

This report contains statements about the Company's business outlook, objectives, plans, strategic priorities and other statements that are not historical facts. A statement Finning makes is forward-looking when it uses what the Company knows and expects today to make a statement about the future. Forward-looking statements may include words such as aim, anticipate, assumption, believe, could, expect, goal, guidance, intend, may, objective, outlook, plan, project, seek, should, strategy, strive, target, and will. Forward-looking statements in this report include, but are not limited to, statements with respect to: expectations with respect to the economy and associated impact on the Company's financial results; expected revenue; EBIT margin; ROIC; market share growth; expected results from service excellence action plans; anticipated asset utilization, inventory turns and parts service levels; and the expected target range of the Company's net debt to invested capital ratio. All such forward-looking statements are made pursuant to the 'safe harbour' provisions of applicable Canadian securities laws.

Unless otherwise indicated by us, forward-looking statements in this report describe Finning's expectations at February 19, 2014. Except as may be required by Canadian securities laws, Finning does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Forward-looking statements, by their very nature, are subject to numerous risks and uncertainties and are based on several assumptions which give rise to the possibility that actual results could differ materially from the expectations expressed in or implied by such forward-looking statements and that Finning's business outlook, objectives, plans, strategic priorities and other statements that are not historical facts may not be achieved. As a result, Finning cannot guarantee that any forward-looking statement will materialize. Factors that could cause actual results or events to differ materially from those expressed in or implied by these forward-looking statements include: general economic and market conditions; foreign exchange rates; commodity prices; the level of customer confidence and spending, and the demand for, and prices of, Finning's products and services; Finning's dependence on the continued market acceptance of Caterpillar's products and Caterpillar's timely supply of parts and equipment; Finning's ability to continue to improve productivity and operational efficiencies while continuing to maintain customer service; Finning's ability to manage cost pressures as growth in revenues occur; Finning's ability to reduce costs in response to slowing activity levels; Finning's ability to attract sufficient skilled labour resources to meet growing product support demand; Finning's ability to negotiate and renew collective bargaining agreements with satisfactory terms for Finning's employees and the Company; the intensity of competitive activity; Finning's ability to raise the capital needed to implement its business plan; regulatory initiatives or proceedings, litigation and changes in laws or regulations; stock market volatility; changes in political and economic environments for operations; the integrity, reliability, availability and benefits from information technology and the data processed by that technology. Forward-looking statements are provided in this report for the purpose of giving information about management's current expectations and plans and allowing investors and others to get a better understanding of Finning's operating environment. However, readers are cautioned that it may not be appropriate to use such forward-looking statements for any other purpose.

Forward-looking statements made in this report are based on a number of assumptions that Finning believed were reasonable on the day the Company made the forward-looking statements. Refer in particular to the Outlook section of the Company's MD&A. Some of the assumptions, risks, and other factors which could cause results to differ materially from those expressed in the forward-looking statements contained in this report are discussed in Section 4 of the Company's Annual Information Form (AIF).

Finning cautions readers that the risks described in the AIF are not the only ones that could impact the Company. Additional risks and uncertainties not currently known to the Company or that are currently deemed to be immaterial may also have a material adverse effect on Finning's business, financial condition, or results of operations.

Except as otherwise indicated, forward-looking statements do not reflect the potential impact of any non-recurring or other unusual items or of any dispositions, mergers, acquisitions, other business combinations or other transactions that may be announced or that may occur after the date hereof. The financial impact of these transactions and non-recurring and other unusual items can be complex and depends on the facts particular to each of them. Finning therefore cannot describe the expected impact in a meaningful way or in the same way Finning presents known risks affecting its business.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
ScriptRock has been included in the list of "Cool Vendors" in the "Cool Vendors in DevOps 2015" report by Gartner, Inc.* ScriptRock provides visibility into the configuration state of an organization's IT environments, enabling the continuous delivery of mission critical services. For enterprises where downtime is not an option, ScriptRock's system-wide overwatch offers the assurance that misconfigurations and anomalies are caught before they affect the business. By satisfying this fundamental ...
As cloud gives an opportunity to businesses to buy services externally – how is cloud impacting your customers? In his General Session at 15th Cloud Expo, Fabio Gori, Director of Worldwide Cloud Marketing at Cisco, provided answers to big questions: Do you see hybrid cloud as where the world is going? What benefits does it bring? And how does Cisco connect all of these clouds? He also discussed Intercloud and Cisco’s investment on it.
SYS-CON Events announced today that B2Cloud, a provider of enterprise resource planning software, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. B2cloud develops the software you need. They have the ideal tools to help you work with your clients. B2Cloud’s main solutions include AGIS – ERP, CLOHC, AGIS – Invoice, and IZUM
The Internet of Things Maturity Model (IoTMM) is a qualitative method to gauge the growth and increasing impact of IoT capabilities in an IT environment from both a business and technology perspective. In his session at @ThingsExpo, Tony Shan will first scan the IoT landscape and investigate the major challenges and barriers. The key areas of consideration are identified to get started with IoT journey. He will then pinpoint the need of a tool for effective IoT adoption and implementation, whic...
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY., and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides private all-in-one social intranets allowing workers to securely collaborate from anywhere in the world and from any device. Social, mobile, and eas...
There is no doubt that Big Data is here and getting bigger every day. Building a Big Data infrastructure today is no easy task. There are an enormous number of choices for database engines and technologies. To make things even more challenging, requirements are getting more sophisticated, and the standard paradigm of supporting historical analytics queries is often just one facet of what is needed. As Big Data growth continues, organizations are demanding real-time access to data, allowing immed...
Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 16th Cloud Expo at the Javits Center in New York June 9-11 will find fresh new content in a new track called PaaS | Containers & Microservices Containers are not being considered for the first time by the cloud community, but a current era of re-consideration has pushed them to the top of the cloud agenda. With the launch ...
The world's leading Cloud event, Cloud Expo has launched Microservices Journal on the SYS-CON.com portal, featuring over 19,000 original articles, news stories, features, and blog entries. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. Microservices Journal offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. Follow new article posts on T...
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
So I guess we’ve officially entered a new era of lean and mean. I say this with the announcement of Ubuntu Snappy Core, “designed for lightweight cloud container hosts running Docker and for smart devices,” according to Canonical. “Snappy Ubuntu Core is the smallest Ubuntu available, designed for security and efficiency in devices or on the cloud.” This first version of Snappy Ubuntu Core features secure app containment and Docker 1.6 (1.5 in main release), is available on public clouds, ...
DevOps Summit, 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 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 developmen...
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...
There are 182 billion emails sent every day, generating a lot of data about how recipients and ISPs respond. Many marketers take a more-is-better approach to stats, preferring to have the ability to slice and dice their email lists based numerous arbitrary stats. However, fundamentally what really matters is whether or not sending an email to a particular recipient will generate value. Data Scientists can design high-level insights such as engagement prediction models and content clusters that a...
The WebRTC Summit 2015 New York, to be held June 9-11, 2015, at the Javits Center in New York, NY, announces that its Call for Papers is open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 16th International Cloud Expo, @ThingsExpo, Big Data Expo, and DevOps Summit.
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover ...