Welcome!

News Feed Item

Sinclair Reports Fourth Quarter 2013 Financial Results

- REPORTS $0.29 ADJUSTED DILUTED EARNINGS PER SHARE

BALTIMORE, Feb. 12, 2014 /PRNewswire/ -- Sinclair Broadcast Group, Inc. (Nasdaq: SBGI), the "Company" or "Sinclair," today reported financial results for the three months and twelve months ended December 31, 2013. 

"2013 was a historic year for us, including growing broadcast revenues 32.3% to a record-breaking $1.2 billion, and once again leading the industry on station acquisitions," commented David Smith, President and CEO of Sinclair.  "During the year we closed on the purchase of 63 television stations and added over $1.0 billion in assets, which contributed $148.4 million in revenues in 2013.  We benefited from 6.9% same station growth in our largest advertising category, automotive, 143% as reported growth in digital interactive, and continued growth in net retransmission revenues and core time sales."  

Three Months Ended December 31, 2013 Financial Results:

  • Net broadcast revenues from continuing operations increased 33.2% to $382.3 million, versus $287.1 million in the prior year period. 
  • Operating income was $103.3 million, a decrease of 13.3% versus $119.1 million in the prior year period, due to the absence of political revenues in a non-election year, one-time acquisition costs incurred during the quarter and a loss on the sale of our Syracuse station of $3.3 million
  • Net income attributable to the Company was $2.3 million, which includes a $42.1 million loss on extinguishment of debt, versus net income of $59.0 million in the prior year period.    
  • Diluted earnings per common share was $0.02 compared to $0.72 in the prior year period.  Excluding the loss from extinguishment of debt, diluted earnings per common share would have been $0.29 for the fourth quarter of 2013. 

Year Ended December 31, 2013 Financial Results:

  • Net broadcast revenues from continuing operations increased 32.3% to $1,217.5 million, versus $920.6 million in the prior year period. 
  • Operating income was $324.0 million, a decrease of 1.6% versus $329.3 million in the prior year period. 
  • Net income attributable to the Company was $73.5 million, which reflects $58.2 million of loss on the extinguishment of debt, versus net income of $144.7 million in the prior year period. 
  • Diluted earnings per common share were $0.78 compared to $1.78 in the prior year period.  Excluding the loss from extinguishment of debt, diluted earnings per common share would have been $1.18 for the year ended December 31, 2013. 

Three Months Ended December 31, 2013 Operating Highlights:

  • Political revenues were $6.7 million versus $54.1 million in the fourth quarter of 2012.
  • Local net broadcast revenues, which include local time sales, retransmission revenues, and other broadcast revenues, were up 58.1%, while national net broadcast revenues, which include national time sales and other national broadcast revenues, were down 14.2% versus the fourth quarter of 2012 due to the absence of political revenues in a non-election year. 
  • Excluding political revenues, local net broadcast revenues increased 64.4% and national net broadcast revenues increased 50.3% versus the fourth quarter of 2012. 
  • On a same station basis, excluding political revenues, local net broadcast revenues were up 10.8%, while national net broadcast revenues were down 3.1%, versus the fourth quarter of 2012, in part due to account shifts from national to local.
  • Fastest growing advertising categories, on a same station basis, included automotive, which was up 5.4%, services, medical, grocery, entertainment, and home products.  Categories that declined were retail, direct response, telecommunications and restaurants.  

Recent Corporate Developments

  • On October 1, 2013, the Company closed on the purchase of KDBC (CBS) in El Paso, Texas for $21.4 million.
  • On October 31, 2013, the Company closed on the purchase of the non-license assets of WPFO (FOX) in Portland, Maine for $13.6 million and entered into an agreement to provide sales and other services to the station.
  • On November 21, 2013, the Company closed on the purchase of the non-license assets of KRNV (NBC) in Reno, Nevada and KENV, its simulcast in the Salt Lake City market, for $26.0 million and entered into an agreement to provide sales and other services to the stations. 
  • On November 22, 2013, the Company closed on the acquisition of 18 television stations owned by Barrington Broadcasting Group, LLC ("Barrington") for $370.0 million and entered into agreements to operate or provide sales and other services to another six stations.  The Company sold its station in Syracuse, New York, WSYT (FOX), and assigned its local marketing agreement ("LMA") and purchase option on WNYS (MNT) in Syracuse, New York to Bristlecone Broadcasting.  The Company also sold its station in Peoria, Illinois, WYZZ (FOX), to Cunningham Broadcasting Corporation.  The combined sales price for the stations was $37.0 million less working capital adjustments.
  • In February 2014, the Company entered into an agreement in principal for a $0.5 million investment, purchasing Series A Preferred Units of Timeline Labs, and anticipates utilizing their products on 15 of our news-producing stations.  Timeline Labs specializes in proprietary tools that discover, measure, and display trending social content in real time in such a way as to allow these items to be incorporated into live newscasts and shows.

Balance Sheet and Cash Flow Highlights:

  • Debt on the balance sheet, net of $280.1 million in cash and cash equivalents, was $2,753.9 million at December 31, 2013 versus net debt of $2,245.9 million at September 30, 2013. 
  • On October 11, 2013, the Company's wholly-owned subsidiary, Sinclair Television Group, Inc. ("STG"), closed on an offering of $350.0 million of 6.375% Senior Unsecured Notes due 2021.
  • On October 23, 2013, the Company's wholly-owned subsidiary, STG, amended and upsized its Bank Credit Facility with an additional $57.5 million in revolving line of credit commitment, a $250 million incremental term loan B, and an incremental $200 million delayed draw term loan A.
  • On October 12, 2013, the Company's wholly-owned subsidiary, STG, redeemed its $500 million, 9.25% Second Lien Notes due 2017 from the proceeds of the 6.375% Notes and the $250 million incremental term loan B.  As a result of the transaction, the Company recognized a $43.1 million loss on extinguishment of debt.
  • On October 24, 2013, holders of $5.4 million original principal value of the Company's 3.0% Convertible Senior Notes due 2027 converted their Notes.  The conversion was settled in $10.5 million cash pursuant to the indenture governing the notes.
  • As of December 31, 2013, 74.2 million Class A common shares and 26.0 million Class B common shares were outstanding, for a total of 100.2 million common shares outstanding.
  • In December 2013, the Company paid a $0.15 per share quarterly cash dividend to its shareholders. 
  • Capital expenditures in the fourth quarter 2013 were $16.6 million.
  • Program contract payments were $23.0 million in the fourth quarter 2013.

Notes:

Presentation of financial information for the prior year has been reclassified to conform with the presentation of generally accepted accounting principles for the current year.

Outlook:

The term "Acquisition(s)" in this Outlook section refers to the forecasted results of the COX stations through April 30, 2014; WUTB through May 31, 2014; the Fisher stations through July 31, 2014, the Titan and El Paso stations through September 30, 2014, the Portland, ME station through October 31, 2014, and the Reno, NV station and Barrington stations through November 30, 2014, as the results of these acquired stations were not included in the corresponding 2013 periods, pre-acquisition.  The Allbritton and New Age stations are not included in the Outlook section as they have not yet closed.  The term "same station basis" excludes the Acquisitions defined above for those stated periods. 

"First quarter advertising has been slowed by the severe weather affecting most of the east coast, northeast and mid-west regions where we have a large concentration of stations," commented David Amy, Executive Vice President and Chief Financial Officer.  "As no surprise, the frigid arctic temperatures and snow storms have caused those businesses that rely on store traffic, such as retail, fast food and restaurants, to reduce their advertising spending.  It is unclear at this point if they will redeploy those budgets later in the quarter or the year.  On a positive note, we benefited from the Super Bowl airing on FOX this quarter, generating $8.2 million in incremental revenues versus last year when it was on CBS and generated an incremental $2.5 million.  We are also expecting an additional $3.6 million in Olympic revenues this February, as it airs on our NBC stations."

The Company currently expects to achieve the following results for the three months ending March 31, 2014 and year ending December 31, 2014, as follows:

First Quarter 2014

  • Net broadcast revenues from continuing operations, before barter, are expected to be approximately $366.8 million to $371.2 million, up 45.0% to 46.8% year-over-year.  Embedded in these anticipated results are:
    • Net revenues of $109.3 million related to the Acquisitions. 
    • $4.2 million in political revenues as compared to $0.9 million in the first quarter 2013.
    • Total same station net broadcast revenues are estimated to be up 1.8% to 3.6% versus the same period in 2013.
    • Excluding the Acquisitions and excluding political revenues, same station net broadcast revenues are estimated to be up 0.9% to 2.6% versus the first quarter of 2013. 
  • Barter and trade revenue are expected to be approximately $21.5 million.
  • Barter expense is expected to be approximately $19.1 million.  Trade expense is included in television expenses (defined below).
  • Station production expenses and station selling, general and administrative expenses (together, "television expenses"), excluding barter expense but including trade expense of $2.4 million, are expected to be approximately $217.0 million, which assumes $74.0 million related to the acquisitions for the quarter.  Trade expense has historically been forecasted with barter expense but is currently forecasted in television expenses.
    • Excluding the Acquisitions, same station television expenses are expected to be up approximately 8.0%.
  • Program contract amortization expenses are expected to be approximately $25.2 million, which assumes $4.2 million related to the Acquisitions.
  • Program contract payments are expected to be approximately $23.5 million, which assumes $4.3 million related to the Acquisitions.
  • Corporate overhead is expected to be approximately $20.2 million, which includes $8.0 million of stock-based compensation. 
  • Other operating division revenues less other operating division expenses are expected to be $2.4 million of income, assuming current equity interests.
  • Depreciation on property and equipment is expected to be approximately $24.3 million, assuming the capital expenditure assumption below.
  • Amortization of acquired intangibles is expected to be approximately $22.4 million.  
  • Net interest expense is expected to be approximately $39.6 million, assuming no changes in the current interest rate yield curve and changes in debt levels based on the assumptions discussed in this "Outlook" section and the recent redemptions and financings. 
  • Cash taxes paid are expected to be approximately $5.6 million, based on the assumptions discussed in this "Outlook" section.  The Company's effective tax rate is expected to be approximately 34.0%.
  • Capital expenditures are expected to be approximately $13.9 million.

Full Year 2014

  • Net broadcast revenues from continuing operations, before barter, are expected to be approximately $1.675 billion to $1.695 billion, up 37.6% to 39.2% year-over-year.  Embedded in these anticipated results are:
    • Net revenues of $346.3 million related to the Acquisitions. 
    • Approximately $122.5 million in political revenues as compared to $11.8 million in 2013. 
    • Total same station net broadcast revenues are estimated to be up 9.2% to 10.8% versus the same period in 2013.
    • Excluding the Acquisitions and political revenues, same station net broadcast revenues are estimated to be up 1.5% to 3.2% versus 2013. 
  • Barter and trade revenue is expected to be approximately $98.5 million
  • Barter expense is expected to be approximately $86.5 million.
  • Station production expenses and station selling, general and administrative expenses (together, "television expenses"), excluding barter expense but including trade expense of $12.0 million, are expected to be approximately $897.0 million, which assumes $208.1 million related to the acquisitions for the year.  
    • Stock based compensation expense is expected to be $3.1 million.  
    • Excluding the acquisitions, same station television expenses are expected to be up approximately 8.6%.
  • Program contract amortization expense is expected to be approximately $105.0 million, which assumes $11.8 million related to the Acquisitions.
  • Program contract payments are expected to be approximately $92.7 million, which assumes $11.8 million related to the Acquisitions.
  • Corporate overhead is expected to be approximately $59.2 million
    • Stock-based compensation expense is expected to be approximately $11.7 million
  • Other operating division revenues less other operating division expenses are expected to be $17.4 million of income, assuming current equity interests.
  • Depreciation on property and equipment is expected to be approximately $94.5 million, assuming the capital expenditure assumption below.
  • Amortization of acquired intangibles is expected to be approximately $90.0 million.  
  • Net interest expense is expected to be approximately $157.8 million (approximately $149.6 million on a cash basis), assuming no changes in the current interest rate yield curve and changes in debt levels based on the assumptions discussed in this "Outlook" section. 
  • Cash taxes paid are expected to be approximately $84.1 million based on the assumptions discussed in this "Outlook" section.  The Company's effective tax rate is expected to be approximately 34.1%. 
  • Capital expenditures are expected to be $69.1 million, which assumes $19.7 million related to the Barrington stations, $7 million in HD news and master control upgrades, and $9 million in building consolidation projects.

"Discontinued Operations" accounting has been adopted in the financial statements for all periods presented in this press release for the sale of WLAJ-TV, our ABC affiliate in Lansing, Michigan which closed in March 2013, and for the sale of WLWC-TV, our CW affiliate in the Providence, RI/New Bedford, MA market which closed in April 2013.  Therefore, the related results from operations, net of related income taxes, have been reclassified from income from continuing operations and reflected as net income from discontinued operations.  Prior current year amounts have been reclassified to conform to current year GAAP presentation.

Sinclair Conference Call:

The senior management of Sinclair will hold a conference call to discuss its fourth quarter 2013 results on Wednesday, February 12, 2014, at 9:30 a.m. ET.  After the call, an audio replay will be available at www.sbgi.net under "Investor Information/Earnings Webcast."  The press and the public will be welcome on the call in a listen-only mode.  The dial-in number is (877) 407-8033.

About Sinclair:

On a pro forma basis assuming consummation of all announced transactions, Sinclair Broadcast Group, Inc., the largest and one of the most diversified television broadcasting companies, will own and operate, program or provide sales services to 166 television stations in 77 markets.  Sinclair's television group will reach approximately 38.7% of U.S. television households (24.3% based on the FCC's calculation with the UHF discount) and will be affiliated with all major networks.  Sinclair's television portfolio will include 41 FOX, 28 ABC, 26 CBS, 25 CW, 22 MNT, 17 NBC, 5 Univision, one Azteca, and one independent station.  Sinclair owns equity interests in broadcast transmission-related companies and various non-broadcast related companies.  The Company regularly uses its website as a key source of Company information which can be accessed at www.sbgi.net.

Forward-Looking Statements: 

The matters discussed in this news release, particularly those in the section labeled "Outlook," include forward-looking statements regarding, among other things, future operating results.  When used in this news release, the words "outlook," "intends to," "believes," "anticipates," "expects," "achieves," "estimates," and similar expressions are intended to identify forward-looking statements.  Such statements are subject to a number of risks and uncertainties.  Actual results in the future could differ materially and adversely from those described in the forward-looking statements as a result of various important factors, including, but not limited to, the impact of changes in national and regional economies, the volatility in the U.S. and global economies and financial credit markets which impact our ability to forecast, our ability to integrate acquired businesses and maximize operating synergies, our ability to obtain necessary governmental approvals and financing for announced acquisitions, successful execution of outsourcing agreements, pricing and demand fluctuations in local and national advertising, volatility in programming costs, the market's acceptance of new programming and performance of, the CW Television Network and MyNetworkTV programming, our news share strategy, our local sales initiatives, the execution of retransmission consent agreements, our ability to identify and consummate investments in attractive non-television assets and to achieve anticipated returns on those investments once consummated, and any other risk factors set forth in the Company's most recent reports on Form 10-Q, Form 10-K and Form 8-K, as filed with the Securities and Exchange Commission.  There can be no assurances that the assumptions and other factors referred to in this release will occur.  The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements except as required by law.

Sinclair Broadcast Group, Inc. and Subsidiaries

Preliminary Unaudited Consolidated Statements of Operations

(in thousands, except per share data)



Three Months Ended

December 31,


Twelve Months Ended December 31,


2013


2012


2013


2012

REVENUES:








Station broadcast revenues, net of agency commissions

$    382,281


$    287,100


$  1,217,504


$    920,593

Revenues realized from station barter arrangements

27,750


26,845


88,680


86,905

Other operating divisions revenues

17,684


15,572


56,947


54,181

Total revenues

427,715


329,517


1,363,131


1,061,679

OPERATING EXPENSES:








Station production expenses

120,038


71,458


385,104


255,556

Station selling, general and administrative expenses

78,382


50,817


249,732


171,279

Expenses recognized from station barter arrangements

23,871


24,715


77,349


79,834

Amortization of program contract costs and net realizable

 value adjustments

24,179


17,425


80,925


60,990

Other operating divisions expenses

14,758


13,014


48,109


46,179

Depreciation of property and equipment

23,446


13,042


70,554


47,073

Corporate general and administrative expenses

14,320


8,225


53,126


33,391

Amortization of definite-lived intangible and other assets

22,093


11,724


70,820


38,099

Loss (gain) on assets dispositions

3,342


24


3,392


(7)

Total operating expenses

324,429


210,444


1,039,111


732,394

Operating income

103,286


119,073


324,020


329,285

OTHER INCOME (EXPENSE):








Interest expense and amortization of debt discount and

 deferred financing costs

(39,908)


(36,552)


(162,937)


(128,553)

Loss from extinguishment of debt

(42,138)



(58,421)


(335)

Income from equity and cost method investments

506


1,327


621


9,670

Other income, net

748


571


2,225


2,273

Total other expense

(80,792)


(34,654)


(218,512)


(116,945)

Income from continuing operations before income taxes

22,494


84,419


105,508


212,340

INCOME TAX PROVISION

(18,257)


(25,667)


(41,249)


(67,852)

Income from continuing operations

4,237


58,752


64,259


144,488

DISCONTINUED OPERATIONS:








Income (loss) from discontinued operations, includes income

 tax benefit (provision) of $0, $444, $10,806 and $663,

 respectively


643


11,558


465

NET INCOME

4,237


59,395


75,817


144,953

Net (income) loss attributable to the noncontrolling interests

(1,934)


(393)


(2,349)


(287)

NET INCOME ATTRIBUTABLE TO SINCLAIR

 BROADCAST GROUP

$        2,303


$      59,002


$      73,468


$    144,666

Dividends declared per share

$           0.15


$           1.15


$            0.60


$           1.54









EARNINGS PER COMMON SHARE ATTRIBUTABLE TO

 SINCLAIR BROADCAST GROUP:








Basic earnings per share from continuing operations

$           0.02


$          0.72


$          0.66


$          1.78

Basic earnings per share from discontinued operations

$          0.00


$          0.01


$          0.12


$          0.01

Basic earnings per share

$           0.02


$          0.73


$          0.79


$          1.79

Diluted earnings per share from continuing operations

$           0.02


$          0.72


$          0.66


$          1.78

Diluted earnings per share from discontinued operations

$          0.00


$          0.01


$          0.12


$          0.01

Diluted earnings per share

$          0.02


$          0.73


$          0.78


$          1.78

Weighted average common shares outstanding

99,802


81,109


93,207


81,020

Weighted average common and common equivalent shares

 outstanding

100,654


81,440


93,845


81,310









AMOUNTS ATTRIBUTABLE TO SINCLAIR BROADCAST

 GROUP COMMON SHAREHOLDERS:








Income from continuing operations, net of tax

$         2,303


$       58,359


$      61,910


$    144,201

Loss from discontinued operations, net of tax


643


11,558


465

Net income

$         2,303


$       59,002


$      73,468


$    144,666

 

SOURCE Sinclair Broadcast Group, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Learn how to solve the problem of keeping files in sync between multiple Docker containers. In his session at 16th Cloud Expo, Aaron Brongersma, Senior Infrastructure Engineer at Modulus, discussed using rsync, GlusterFS, EBS and Bit Torrent Sync. He broke down the tools that are needed to help create a seamless user experience. In the end, can we have an environment where we can easily move Docker containers, servers, and volumes without impacting our applications? He shared his results so yo...
"This week we're really focusing on scalability, asset preservation and how do you back up to the cloud and in the cloud with object storage, which is really a new way of attacking dealing with your file, your blocked data, where you put it and how you access it," stated Jeff Greenwald, Senior Director of Market Development at HGST, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Enterprise architects are increasingly adopting multi-cloud strategies as they seek to utilize existing data center assets, leverage the advantages of cloud computing and avoid cloud vendor lock-in. This requires a globally aware traffic management strategy that can monitor infrastructure health across data centers and end-user experience globally, while responding to control changes and system specification at the speed of today’s DevOps teams. In his session at 20th Cloud Expo, Josh Gray, Chie...
FinTechs use the cloud to operate at the speed and scale of digital financial activity, but are often hindered by the complexity of managing security and compliance in the cloud. In his session at 20th Cloud Expo, Sesh Murthy, co-founder and CTO of Cloud Raxak, showed how proactive and automated cloud security enables FinTechs to leverage the cloud to achieve their business goals. Through business-driven cloud security, FinTechs can speed time-to-market, diminish risk and costs, maintain continu...
Docker containers have brought great opportunities to shorten the deployment process through continuous integration and the delivery of applications and microservices. This applies equally to enterprise data centers as well as the cloud. In his session at 20th Cloud Expo, Jari Kolehmainen, founder and CTO of Kontena, discussed solutions and benefits of a deeply integrated deployment pipeline using technologies such as container management platforms, Docker containers, and the drone.io Cl tool. H...
Kubernetes is a new and revolutionary open-sourced system for managing containers across multiple hosts in a cluster. Ansible is a simple IT automation tool for just about any requirement for reproducible environments. In his session at @DevOpsSummit at 18th Cloud Expo, Patrick Galbraith, a principal engineer at HPE, discussed how to build a fully functional Kubernetes cluster on a number of virtual machines or bare-metal hosts. Also included will be a brief demonstration of running a Galera MyS...
Leading companies, from the Global Fortune 500 to the smallest companies, are adopting hybrid cloud as the path to business advantage. Hybrid cloud depends on cloud services and on-premises infrastructure working in unison. Successful implementations require new levels of data mobility, enabled by an automated and seamless flow across on-premises and cloud resources. In his general session at 21st Cloud Expo, Greg Tevis, an IBM Storage Software Technical Strategist and Customer Solution Architec...
Amazon started as an online bookseller 20 years ago. Since then, it has evolved into a technology juggernaut that has disrupted multiple markets and industries and touches many aspects of our lives. It is a relentless technology and business model innovator driving disruption throughout numerous ecosystems. Amazon’s AWS revenues alone are approaching $16B a year making it one of the largest IT companies in the world. With dominant offerings in Cloud, IoT, eCommerce, Big Data, AI, Digital Assista...
In his session at Cloud Expo, Alan Winters, U.S. Head of Business Development at MobiDev, presented a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to maximize project result...
The Founder of NostaLab and a member of the Google Health Advisory Board, John is a unique combination of strategic thinker, marketer and entrepreneur. His career was built on the "science of advertising" combining strategy, creativity and marketing for industry-leading results. Combined with his ability to communicate complicated scientific concepts in a way that consumers and scientists alike can appreciate, John is a sought-after speaker for conferences on the forefront of healthcare science,...
"We work around really protecting the confidentiality of information, and by doing so we've developed implementations of encryption through a patented process that is known as superencipherment," explained Richard Blech, CEO of Secure Channels Inc., 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.
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
When shopping for a new data processing platform for IoT solutions, many development teams want to be able to test-drive options before making a choice. Yet when evaluating an IoT solution, it’s simply not feasible to do so at scale with physical devices. Building a sensor simulator is the next best choice; however, generating a realistic simulation at very high TPS with ease of configurability is a formidable challenge. When dealing with multiple application or transport protocols, you would be...
Personalization has long been the holy grail of marketing. Simply stated, communicate the most relevant offer to the right person and you will increase sales. To achieve this, you must understand the individual. Consequently, digital marketers developed many ways to gather and leverage customer information to deliver targeted experiences. In his session at @ThingsExpo, Lou Casal, Founder and Principal Consultant at Practicala, discussed how the Internet of Things (IoT) has accelerated our abilit...
As organizations shift towards IT-as-a-service models, the need for managing and protecting data residing across physical, virtual, and now cloud environments grows with it. Commvault can ensure protection, access and E-Discovery of your data – whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise. In his general session at 18th Cloud Expo, Randy De Meno, Chief Technologist - Windows Products and Microsoft Part...