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Owens Corning Reports Fourth-Quarter and Full-Year 2013 Results

Full-Year Adjusted EBIT Grew by More Than 40 Percent; Company Initiates Quarterly Dividend

TOLEDO, Ohio, Feb. 12, 2014 /PRNewswire/ -- Owens Corning (NYSE: OC) today reported consolidated net sales of $5.3 billion in 2013, up from net sales of $5.2 billion in 2012.

Full-year 2013 adjusted earnings were $221 million, or $1.86 per diluted share compared to adjusted earnings of $131 million, or $1.10 per diluted share, in 2012. Net earnings in 2013 were $204 million, or $1.71 per share, compared to net loss of $19 million, or $0.16 per diluted share last year.

Fourth-quarter 2013 adjusted earnings were $52 million, or $0.44 per diluted share, compared with $13 million, or $0.11 per diluted share, during the same period one year ago.  The company reported net earnings of $82 million, or $0.69 per diluted share, in the fourth quarter of 2013, compared with a net loss of $56 million, or $0.47 per diluted share, in 2012.  (See Table 6 for a discussion and reconciliation of these items.)

"In 2013, our insulation business returned to profitability. This was an important achievement for our company," said Chairman and Chief Executive Officer Mike Thaman. "We are pleased to establish a quarterly dividend as an additional mechanism to return value to our shareholders.

"All three businesses improved in 2013, benefitting from a stable and growing global economy and a recovering U.S. housing market," Thaman added.  "We expect similar growth in 2014 and we are working to maintain the momentum we established last year."

The decision to declare a dividend conveys the confidence of the Board of Directors in the company's long-term financial outlook and cash flow generation. The company will make an initial quarterly payment of 16 cents per common share on April 3, 2014, to shareholders of record as of March 14, 2014.

Consolidated Fourth-Quarter and Full-Year 2013 Results

  • Owens Corning maintained a very high level of safety performance in 2013.  The company had 88 percent fewer injuries than the average manufacturing company when measured against the rates published by the U.S. Department of Labor.
  • Adjusted earnings before interest and taxes (EBIT) in the fourth quarter of 2013 was $96 million, compared with $52 million in 2012.  EBIT for the fourth quarter was $104 million, compared with $16 million during the same period in 2012 (see Table 2). 
  • Full-year adjusted EBIT was $416 million in 2013, compared with adjusted EBIT of $293 million in 2012.  Full-year EBIT in 2013 was $385 million, compared to $148 million in 2012.  (See Table 2 for a reconciliation of these items).

Outlook

In 2014, the company expects to deliver $500 million in adjusted EBIT based on our current outlook for an improving U.S. housing market and moderate global growth.

We expect the Roofing business to deliver another strong year in 2014 and anticipate that the market will grow on new construction with flat to potentially improving re-roofing demand.

Insulation should continue to benefit from growth in U.S. residential new construction, improved pricing and operating leverage.

In Composites, the company expects recovering market conditions to drive price improvement of $20 million to $30 million. Pricing is expected to be the primary driver of EBIT growth in 2014.

The company estimates a long-term effective tax rate of 28 percent to 30 percent, and a long-term effective cash tax rate of 10 percent to 12 percent on adjusted pre-tax earnings, due to the company's $2.2 billion U.S. tax net operating loss carryforward.  The effective book tax rate for 2014 on adjusted earnings is expected to be within the long-term range.

The company expects general corporate expenses to be $120 million to $130 million in 2014. Capital expenditures in 2014 are expected to total approximately $400 million, including an estimated $65 million for the start of construction of a non-woven facility.

The cash dividend to be paid in April will mark the company's first such payment since 2000. Future dividend declarations will be made at the discretion of the Board of Directors and will be based on such factors as the company's earnings, financial condition, cash requirements, future prospects and other factors.

Next Earnings Announcement

First-quarter 2014 results will be announced on Wednesday, April 23, 2014.

Conference Call and Presentation

Wednesday, February 12, 2014
11 a.m. Eastern Time

All Callers
Live dial-in telephone number: U.S. and Canada 1.877.201.0168 or international +1.647.788.4901. 
Entry number: 354-170-30 (Please dial in 10-15 minutes before conference call start time)

Live webcast: http://investor.owenscorning.com/investor-relations/

Telephone replay available through Feb. 19, 2014. For U.S. and Canada, call 1.855.859.2056
or international +1.404.537.3406. Conference replay number: 354-170-30

Replay of webcast also available until Feb. 12, 2015 at: http://investor.owenscorning.com/investor-relations/  

Presentation
To view the slide presentation during the conference call, please log on to the live webcast at:
http://investor.owenscorning.com/investor-relations/

About Owens Corning

Owens Corning (NYSE: OC) is a leading global producer of residential and commercial building materials, glass-fiber reinforcements and engineered materials for composite systems. A Fortune® 500 company for 59 consecutive years, Owens Corning is committed to driving sustainability by delivering solutions, transforming markets and enhancing lives. In business for more than 75 years, Owens Corning is a market-leading innovator of glass-fiber technology with sales of $5.3 billion in 2013 and about 15,000 employees in 27 countries. Additional information is available at www.owenscorning.com.

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.  These forward-looking statements are subject to risks, uncertainties and other factors that may cause actual results to differ materially from those projected in these statements.  Such factors include, without limitation: economic and political conditions, including; levels of residential and commercial construction activity; competitive factors; levels of global industrial production; relationships with key customers; difficulties in managing production capacity; industry and economic conditions that affect the market and operating conditions of our customers, suppliers or lenders; availability and cost of credit; our level of indebtedness; weather conditions;  pricing factors; availability and cost of energy and raw materials; issues involving implementation of new business systems; new legislation or other governmental actions; our ability to use our net operating loss carry-forwards; research and development activities; foreign exchange fluctuations; interest rate movements; labor disputes; issues related to acquisitions, divestitures and joint ventures; uninsured losses; achievement of expected synergies, cost reductions and/or productivity improvements; defined benefit plan funding obligations; and, factors detailed from time to time in the company's Securities and Exchange Commission filings.  The information in this news release speaks as of February 12, 2014, and is subject to change.  The company does not undertake any duty to update or revise forward-looking statements.  Any distribution of this news release after that date is not intended and should not be construed as updating or confirming such information.

Owens Corning Investor Relations News

Table 1

Owens Corning and Subsidiaries

Consolidated Statements of Earnings (Loss)

(unaudited)

(in millions, except per share amounts)






Three Months Ended


Twelve Months Ended




Dec. 31,


Dec. 31,






2013



2012



2013



2012

NET SALES


$

1,278


$

1,159


$

5,295


$

5,172

COST OF SALES



1,045



989



4,329



4,375

            Gross margin



233



170



966



797

OPERATING EXPENSES













      Marketing and administrative expenses



135



129



530



509

      Science and technology expenses



20



19



77



79

      Charges related to cost reduction actions



-



15



8



51

      Other expenses (income), net



(26)



(9)



(34)



10

            Total operating expenses



129



154



581



649

EARNINGS BEFORE INTEREST AND TAXES



104



16



385



148

Interest expense, net



25



29



112



114

Loss on extinguishment of debt



-



74



-



74

EARNINGS (LOSS) BEFORE TAXES



79



(87)



273



(40)

Less: Income tax expense (benefit)



(3)



(36)



68



(28)

Equity in net earnings of affiliates



-



(4)



-



(4)

NET EARNINGS (LOSS)



82



(55)



205



(16)

Less: Net earnings attributable to noncontrolling interests



-



1



1



3

NET EARNINGS (LOSS) ATTRIBUTABLE TO OWENS

CORNING


$

82


$

(56)


$

204


$

(19)

BASIC EARNINGS (LOSS) PER COMMON SHARE













      ATTRIBUTABLE TO OWENS CORNING COMMON

      STOCKHOLDERS


$

0.70


$

(0.47)


$

1.73


$

(0.16)
















DILUTED EARNINGS (LOSS) PER COMMON SHARE













      ATTRIBUTABLE TO OWENS CORNING COMMON













      STOCKHOLDERS


$

0.69


$

(0.47)


$

1.71


$

(0.16)
















WEIGHTED AVERAGE COMMON SHARES













            Basic



117.6



118.0



118.2



119.4

            Diluted



118.5



118.0



119.1



119.4


Owens Corning follows the authoritative guidance referring to "Noncontrolling Interest in Consolidated Financial Statements," effective January 1, 2009, which, among other things, changed the presentation format and certain captions of the Consolidated Statements of Earnings (Loss) and Consolidated Balance Sheets. Owens Corning uses the captions recommended by this standard in its Consolidated Financial Statements such as net earnings attributable to Owens Corning and diluted earnings per common share attributable to Owens Corning common stockholders. However, in the preceding release Owens Corning has shortened this language to net earnings and earnings per share (or a slight variation thereof), respectively.

 


Table 2

Owens Corning and Subsidiaries

EBIT Reconciliation Schedules

(unaudited)


For purposes of internal review of Owens Corning's year-over-year operational performance, management excludes from net earnings attributable to Owens Corning certain items it believes are not the result of current operations. The adjusted financial measure resulting from these adjustments is used internally by Owens Corning for various purposes, including reporting results of operations to the Board of Directors, analysis of performance, and related employee compensation measures. Although management believes that these adjustments result in a measure that provides it a useful representation of its operational performance, the adjusted measure should not be considered in isolation or as a substitute for net earnings attributable to Owens Corning as prepared in accordance with accounting principles generally accepted in the United States.


Adjusting items are shown in the table below (in millions):


























Three Months Ended


Twelve Months Ended




Dec. 31,


Dec. 31,





2013


2012


2013


2012

Charges related to cost reduction actions and related items

$

(3)


$

(27)


$

(26)


$

(136)

Net gain (loss) related to Hurricane Sandy insurance activity


31



(9)



15



(9)

Accelerated depreciation related to a change in the useful life












      of assets in Cordele, Georgia facility


(20)



-



(20)



-

      Total adjusting items

$

8


$

(36)


$

(31)


$

(145)































The reconciliation from net earnings attributable to Owens Corning to Adjusted EBIT is shown in the table below (in millions):




















Three Months Ended


Twelve Months Ended




Dec. 31,


Dec. 31,





2013


2012


2013


2012

NET EARNINGS (LOSS) ATTRIBUTABLE TO OWENS CORNING

$

82


$

(56)


$

204


$

(19)

      Less: Net earnings attributable to noncontrolling interests


-



1



1



3

NET EARNINGS (LOSS)


82



(55)



205



(16)

      Equity in net earnings of affiliates


-



(4)



-



(4)

      Income tax expense (benefit)


(3)



(36)



68



(28)

EARNINGS (LOSS) BEFORE TAXES


79



(87)



273



(40)

      Interest expense, net


25



29



112



114

      Loss on extinguishment of debt


-



74



-



74

EARNINGS BEFORE INTEREST AND TAXES


104



16



385



148

      Less: adjusting items from above


8



(36)



(31)



(145)

ADJUSTED EBIT

$

96


$

52


$

416


$

293

 

Table 3

Owens Corning and Subsidiaries

Consolidated Statements of Cash Flows

(unaudited)

(in millions)







Twelve Months Ended






Dec. 31,






2013



2012



2011

NET CASH FLOW PROVIDED BY OPERATING ACTIVITIES










Net earnings (loss)

$

205


$

(16)


$

281


Adjustments to reconcile net earnings (loss) to cash provided by











operating activities:












Depreciation and amortization


332



349



318




Gain on sale of assets or affiliates


(6)



(17)



(30)




Proceeds from Hurricane Sandy insurance claims


(58)



(20)



-




Deferred income taxes


54



(59)



55




Provision for pension and other employee benefits liabilities


23



36



36




Stock-based compensation expense


28



24



21




Other non-cash


(18)



(14)



(22)




Loss on extinguishment of debt


-



74



-


Change in working capital accounts:












Changes in receivables, net


(77)



24



(48)




Changes in inventories


(27)



(4)



(179)




Changes in accounts payable and accrued liabilities


46



23



(41)




Changes in other current assets


4



(39)



(35)




Other


-



2



41


Pension fund contribution


(39)



(50)



(117)


Payments for other employee benefits liabilities


(22)



(22)



(24)


Other


(27)



39



33




Net cash flow provided by operating activities


418



330



289

NET CASH FLOW USED FOR INVESTING ACTIVITIES










Additions to plant and equipment (including alloy)


(353)



(332)



(442)


Proceeds from the sale of assets (including alloy) or affiliates


16



59



81


Investment in subsidiaries and affiliates, net of cash acquired


(62)



-



(84)


Proceeds from Hurricane Sandy insurance claims


58



20



-


Deposit related to sale of Hangzhou, China plant


34



-



-




Net cash flow used for investing activities


(307)



(253)



(445)

NET CASH FLOW PROVIDED BY (USED FOR) FINANCING ACTIVITIES










Proceeds from senior revolving credit and receivables securitization facilities


1,063



1,877



1,912


Payments on senior revolving credit and receivables securitization facilities


(1,103)



(1,957)



(1,630)


Proceeds from long-term debt


-



599



6


Payments on long-term debt


(2)



(441)



(10)


Purchase of noncontrolling interest


-



(22)



-


Net increase (decrease) in short-term debt


(4)



(23)



26


Purchases of treasury stock


(63)



(113)



(138)


Other


2



4



8




Net cash flow provided by (used for) financing activities


(107)



(76)



174

Effect of exchange rate changes on cash


(2)



2



(18)

Net increase in cash and cash equivalents


2



3



-

Cash and cash equivalents at beginning of period


55



52



52

 

CASH AND CASH EQUIVALENTS AT END OF PERIOD

$

57


$

55


$

52

DISCLOSURE OF CASH FLOW INFORMATION










Cash paid during the year for income taxes

$

29


$

30


$

24


Cash paid during the year for interest

$

126


$

122


$

111

 

Table 4

Owens Corning and Subsidiaries

Consolidated Balance Sheets

(unaudited)

(in millions)




Dec. 31,


Dec. 31,

ASSETS


2013


2012

CURRENT ASSETS








Cash and cash equivalents


$

57


$

55


Receivables, less allowances of $14 at Dec. 31, 2013 and $17 at Dec. 31, 2012



683



600


Inventories



810



786


Assets held for sale - current



29



-


Other current assets



269



176



Total current assets



1,848



1,617

Property, plant and equipment, net



2,932



2,903

Goodwill



1,166



1,143

Intangible assets



1,040



1,045

Deferred income taxes



436



604

Other non-current assets



225



256

TOTAL ASSETS


$

7,647


$

7,568










LIABILITIES AND EQUITY







CURRENT LIABILITIES








Accounts payable and accrued liabilities


$

988


$

907


Short-term debt



1



5


Long-term debt – current portion



3



4



Total current liabilities



992



916

Long-term debt, net of current portion



2,024



2,076

Pension plan liability



336



480

Other employee benefits liability



242



274

Deferred income taxes



23



38

Other liabilities



200



209

OWENS CORNING STOCKHOLDERS' EQUITY








Preferred stock, par value $0.01 per share (a)



-



-


Common stock, par value $0.01 per share (b)



1



1


Additional paid in capital



3,938



3,925


Accumulated earnings



655



451


Accumulated other comprehensive deficit



(297)



(364)


Cost of common stock in treasury (c)



(504)



(475)



Total Owens Corning stockholders' equity



3,793



3,538


Noncontrolling interests



37



37

Total equity



3,830



3,575

TOTAL LIABILITIES AND EQUITY


$

7,647


$

7,568










(a)

10 shares authorized; none issued or outstanding at Dec. 31, 2013 and Dec. 31, 2012

(b)

400 shares authorized; 135.5 issued and 117.8 outstanding at Dec. 31, 2013; 135.6 issued and 118.3 outstanding at Dec. 31, 2012

(c)

17.7 shares at Dec. 31, 2013 and 17.3 shares at Dec. 31, 2012

 


Table 5

Owens Corning and Subsidiaries

Segment and Business Information

(unaudited)


Composites




















The table below provides a summary of net sales, EBIT and depreciation and amortization expense for our Composites segment (in millions):
















Three Months Ended


Twelve Months Ended



Dec. 31,


Dec. 31,



2013


2012


2013


2012

Net sales

$

461


$

426


$

1,845


$

1,859

            % change from prior year


8%



-7%



-1%



-6%














EBIT

$

36


$

23


$

98


$

91

            EBIT as a % of net sales


8%



5%



5%



5%














Depreciation and amortization expense

$

31


$

32


$

130


$

123


Building Materials


The table below provides a summary of net sales, EBIT and depreciation and amortization expense (in millions) for the Building Materials segment and our businesses within this segment.




Three Months Ended


Twelve Months Ended



Dec. 31,


Dec. 31,



2013


2012


2013


2012

Net sales












      Insulation

$

466


$

413


$

1,642


$

1,468

      Roofing


381



350



1,967



2,014

Total Building Materials

$

847


$

763


$

3,609


$

3,482

            % change from prior year

11%


-1%


4%


-2%














EBIT












      Insulation

$

39


$

9


$

40


$

(38)

      Roofing


55



42



386



331

Total Building Materials

$

94


$

51


$

426


$

293

            EBIT as a % of net sales

11%


7%


12%


8%














Depreciation and amortization expense












      Insulation

$

25


$

25


$

104


$

105

      Roofing


10



10



38



38

Total Building Materials

$

35


$

35


$

142


$

143







Corporate, Other and Eliminations



















The table below provides a summary of EBIT and depreciation and amortization expense for the Corporate, Other and Eliminations category (in millions):
















Three Months Ended


Twelve Months Ended



Dec. 31,


Dec. 31,



2013


2012


2013


2012

Charges related to cost reduction actions and related items

$

(3)


$

(27)


$

(26)


$

(136)

Net gain (loss) related to Hurricane Sandy insurance activity


31



(9)



15



(9)

Accelerated depreciation related to a change in the useful life












      of assets in Cordele, Georgia facility


(20)



-



(20)



-

General corporate expense


(34)



(22)



(108)



(91)

EBIT

$

(26)


$

(58)


$

(139)


$

(236)














Depreciation and amortization

$

31


$

13


$

60


$

83

 

Table 6

Owens Corning and Subsidiaries

EPS Reconciliation Schedules

(unaudited)

(in millions, except per share data)


For purposes of internal review of Owens Corning's year-over-year operational performance, management excludes from net earnings attributable to Owens Corning certain items it believes are not the result of current operations. The adjusted financial measures resulting from these adjustments are used internally by Owens Corning for various purposes, including reporting results of operations to the Board of Directors, analysis of performance and related employee compensation measures. Although management believes that these adjustments result in measures that provide it a useful representation of its operational performance, the adjusted measures should not be considered in isolation or as a substitute for net earnings attributable to Owens Corning as prepared in accordance with accounting principles generally accepted in the United States.


A reconciliation from net earnings (loss) attributable to Owens Corning to Adjusted Earnings and a reconciliation from diluted earnings (loss) per share to adjusted diluted earnings per share are shown in the tables below:





































Three Months Ended


Three Months Ended

Three Months Ended


Three Months Ended


Twelve  Months Ended





March 31, 


June 30, 

September 30, 


December 31, 


December 31, 






2013



2012



2013



2012


2013



2012



2013



2012



2013



2012

RECONCILIATION TO ADJUSTED EARNINGS





























Net earnings (loss) attributable to Owens Corning

$

22


$

(46)


$

49


$

39

$

51


$

44


$

82


$

(56)


$

204


$

(19)

            Adjustment to remove adjusting items net of tax


15



43



4



23


9



16



(11)



68



17



150

            Adjustment to tax expense to reflect pro forma tax rate*


(2)



14



15



5


6



(20)



(19)



1



-



-

ADJUSTED EARNINGS

$

35


$

11


$

68


$

67

$

66


$

40


$

52


$

13


$

221


$

131

































RECONCILIATION TO ADJUSTED DILUTED


















      EARNINGS PER SHARE ATTRIBUTABLE TO


















      OWENS CORNING COMMON STOCKHOLDERS


















DILUTED EARNINGS PER COMMON SHARE   





























      ATTRIBUTABLE TO OWENS CORNING





























      COMMON STOCKHOLDERS

$

0.18


$

(0.38)


$

0.41


$

0.32

$

0.43


$

0.37


$

0.69


$

(0.47)


$

1.71


$

(0.16)

            Adjustment to remove adjusting items net of tax


0.13



0.36



0.03



0.19


0.08



0.13



(0.09)



0.58



0.15



1.26

            Adjustment to tax expense to reflect pro forma tax rate*


(0.02)



0.11



0.13



0.04


0.05



(0.16)



(0.16)



-



-



-

ADJUSTED DILUTED EARNINGS PER SHARE ATTRIBUTABLE





























      TO OWENS CORNING COMMON STOCKHOLDERS

$

0.29


$

0.09


$

0.56


$

0.55

$

0.56


$

0.34


$

0.44


$

0.11


$

1.86


$

1.10

































RECONCILIATION TO DILUTED SHARES OUTSTANDING


















Weighted-average shares outstanding used





























       for basic earnings per share


118.5



121.1



119.1



120.8


118.0



117.9



117.6



118.0



118.2



119.4

            Non-vested restricted shares


0.6



-



0.7



0.4


0.4



0.6



0.5



-



0.4



-

            Options to purchase common stock


0.5



-



0.6



0.3


0.4



0.3



0.4



-



0.5



-

Diluted shares outstanding


119.6



121.1



120.4



121.5


118.8



118.8



118.5



118.0



119.1



119.4


































*In 2013 and 2012, the quarterly tax expense was adjusted to reflect the actual full year adjusted effective tax rate of 27 percent and 23 percent, respectively.

 

 

SOURCE Owens Corning

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The next XaaS is CICDaaS. Why? Because CICD saves developers a huge amount of time. CD is an especially great option for projects that require multiple and frequent contributions to be integrated. But… securing CICD best practices is an emerging, essential, yet little understood practice for DevOps teams and their Cloud Service Providers. The only way to get CICD to work in a highly secure environment takes collaboration, patience and persistence. Building CICD in the cloud requires rigorous ar...
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
"Evatronix provides design services to companies that need to integrate the IoT technology in their products but they don't necessarily have the expertise, knowledge and design team to do so," explained Adam Morawiec, VP of Business Development at Evatronix, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
"ZeroStack is a startup in Silicon Valley. We're solving a very interesting problem around bringing public cloud convenience with private cloud control for enterprises and mid-size companies," explained Kamesh Pemmaraju, VP of Product Management at ZeroStack, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...