|By PR Newswire||
|February 27, 2014 06:00 AM EST||
Catamaran posts record yearly and quarterly results for revenue, net income and EBITDA
Provides initial 2014 guidance
SCHAUMBURG, IL, Feb. 27, 2014 /PRNewswire/ - Catamaran Corporation ("Catamaran" or the "Company") (NASDAQ: CTRX) (TSX: CCT), a leading provider of pharmacy benefit management ("PBM") services and technology, announces its financial results for the three-month and twelve-month periods ended December 31, 2013, and provides guidance for 2014.
2013 Financial Highlights
Revenue increased 49% on a year over year basis to $14.8 billion during
2013, compared to $9.9 billion in 2012
Gross profit increased 53% to $1.1 billion during 2013, compared to $0.7
billion in 2012
Net income attributable to the Company of $262.2 million, or $1.27 per
share (fully-diluted), in 2013, compared to $116.7 million, or $0.70
per share (fully-diluted) in 2012
EBITDA¹ increased 79% to $651.1 million during 2013, compared to $362.7
million in 2012
Adjusted EPS¹ (fully-diluted) increased 68% to $2.00 in 2013, compared
to $1.19 in 2012
Cash flow from operations increased 90% to $475.4 million during 2013,
compared to $249.7 million in 2012
Adjusted prescription claim volume¹ for the PBM segment increased 49% to
296.0 million in 2013, compared to 198.9 million in 2012
Generic dispensing rate increased to 84% for 2013, compared to 82% for
- Repaid $263 million on the Company's credit facility from cash generated from operations
2013 Corporate Highlights
Entered into a 10-year strategic partnership with Cigna Corporation
Completed the acquisition of Restat, LLC ("Restat"), a full-service
pharmacy benefit manager, on October 1, 2013
The Company's specialty brand, BriovaRx™, was awarded the Specialty
Pharmacy Accreditation from URAC, a Washington, D.C.-based accrediting
organization that establishes quality standards for the healthcare
Company's Employer Group Waiver Plan received a five-star rating from
the Centers for Medicare & Medicaid Services for the second consecutive
Recognized as one of the Top 100 Fastest-Growing Companies for the
fourth consecutive year by Fortune magazine
"2013 was a transformational year for Catamaran as we continued to deliver record financial results while laying the foundation for future growth. Through our flexible service model, we signed over $1 billion in new clients in a very successful selling season and together with our 10-year partnership with Cigna and recent acquisition of Restat LLC, our momentum will carry into 2014 and beyond." said Mark Thierer, Chairman and CEO of Catamaran.
Revenue and Gross Profit segmented by PBM and HCIT:
Catamaran evaluates segment performance based on revenue and gross profit. Reconciliations of the Company's business segments, PBM and Health Care Information Technology ("HCIT"), to the consolidated financial statements for the three-month and twelve-month periods ended December 31, 2013 are as follows:
Three months ended December 31, (unaudited, in thousands)
|Cost of revenue||4,183,992||3,046,365||19,911||17,583||4,203,903||3,063,948|
|Gross profit %||6.8||%||7.5||%||49.2||%||53.1||%||7.2||%||8.0||%|
Years ended December 31, (unaudited, in thousands)
|Cost of revenue||13,583,941||9,141,029||70,508||65,715||13,654,449||9,206,744|
|Gross profit %||7.2||%||6.6||%||52.4||%||57.6||%||7.6||%||7.4||%|
PBM revenue increased by $4.8 billion, or 50% to $14.6 billion for the year ended December 31, 2013, compared to $9.8 billion for the same period in 2012. The increase in revenue is primarily due to a full year of revenue contribution from Catalyst, the acquisition of Restat, as well as organic growth as a result of the implementation of new customer contracts in 2013. PBM revenue increased by $1.2 billion, or 36% to $4.5 billion in Q4 2013, compared to $3.3 billion in Q4 2012. The increase in revenue during this period is due to the recent acquisition of Restat, as well as organic growth as a result of the implementation of new customer contracts, including a portion of new volume from Cigna in 2013.
Total HCIT revenue decreased $7.0 million, or 5% to $148.0 million for the year ended December 31, 2013, compared to $155.0 million for the same period in 2012. The decrease was primarily due to a decrease in revenues earned from transaction processing as a result of lower transaction volume, due in part to customer conversions to the PBM segment and a decrease in professional services revenue. HCIT revenue increased $1.7 million, or 5% to $39.2 million in Q4 2013, compared to $37.5 million in Q4 2012 due to an increase in systems sales.
Consolidated Gross Profit
Gross profit increased $392.3 million, or 53% to $1.1 billion for the year ended December 31, 2013, compared to $0.7 billion for the same period in 2012. This increase was driven by the increase in PBM revenues due to a full year of revenue contribution from Catalyst, new customer contract implementations and the Restat acquisition in 2013. Gross profit increased $59.3 million or 22% to $324.9 million in Q4 2013, compared to $265.6 million in Q4 2012. The increase in Q4 2013 was attributed to higher PBM revenues as a result of new customer contract implementations in 2013 and the Restat acquisition. Consolidated gross profit percentage for the full year increased from 7.4% of revenue in 2012 to 7.6% of revenue in 2013 as a result of synergies realized from acquisitions, new customers, increased generic utilization and improved mail and specialty penetration.
Selling, General and Administrative ("SG&A") Costs
SG&A costs increased $71.3 million, or 19% to $440.8 million for the year ended December 31, 2013, compared to $369.5 million for the same period in 2012. SG&A costs for Q4 2013 were $129.9 million, compared to $114.4 million in Q4 2012. SG&A costs have increased for the year ended December 31, 2013 primarily as a result of the full year impact of the Catalyst acquisition. SG&A costs increased for Q4 2013 primarily due to the operating costs related to the Restat acquisition. Additionally SG&A costs increased in both the fourth quarter and full year 2013 to support the organic growth of the PBM segment and costs related to the new Cigna contract announced in June 2013.
Total amortization expense increased $73.1 million to $203.2 million for the year ended December 31, 2013, compared to $130.1 million for the same period in 2012. The increase in amortization expense was driven mainly by having a full year of amortization expense for the intangible asset acquired in the merger with Catalyst. Amortization expense decreased $3.6 million or 6% to $55.8 million in Q4 2013, compared to $59.4 million in Q4 2012. The decrease during this period is primarily due to changes in amortization of previous acquisitions, offset by additional amortization expense due to intangible assets acquired in the Restat acquisition.
Interest and other expense, net
Interest and other expense, net increased $14.9 million to $41.6 million for the year ended December 31, 2013, from $26.7 million in 2012. The increase is driven by an increase in the interest expense as a result of a full year of outstanding borrowings related to the merger with Catalyst, plus an additional $350.0 million utilized to partially finance the acquisition of Restat. Interest and other expense, net, was $10.7 million in Q4 2013, compared to $11.6 million in Q4 2012. The decrease during this period is driven by lower borrowing costs as a result of the amendment to the Company's Credit Agreement.
The Company recognized income tax expense of $103.4 million for the year ended December 31, 2013, representing an effective tax rate of 25.7%, compared to $69.3 million, or 36.4% in 2012. The Company recognized income tax expense of $27.8 million in Q4 2013, representing an effective tax rate of 24.1%, compared to $26.0 million, or 35.2% in Q4 2012. The increase in tax expense during both periods was due to higher taxable income in 2013. The effective tax rate decreased during both periods due to certain costs the Company incurred in 2012 that were not deductible as a result of the Catalyst merger which increased the effective rate in 2012.
Net Income and EPS attributable to the Company
The Company reported full year 2013 net income attributable to the Company of $262.2 million, or $1.27 per share (fully-diluted), compared to $116.7 million, or $0.70 per share (fully-diluted) in 2012. The Company reported net income attributable to the Company of $74.4 million, or $0.36 per share (fully-diluted) in Q4 2013, compared to $42.5 million, or $0.21 per share (fully-diluted) in Q4 2012. Net income and EPS attributable to the Company are higher during both periods as a result of a full year of the Catalyst book of business, plus the addition of the Restat book of business and other new customer contract implementations during the year, as well as a decrease in the transaction and integration costs related to the Company's merger with Catalyst that closed in 2012. These positive impacts to net income attributable to the Company were offset by an increase in operating expenses as discussed above, plus an increase in interest expense as a result of the Company's borrowings utilized to partially finance the merger with Catalyst being outstanding for a full year, as well as additional borrowings utilized to help finance in part the acquisition of Restat.
Adjusted EPS¹ (fully-diluted), which excludes all amortization of intangible assets of $203.2 million, net of tax, increased 68% to $2.00 per share (fully-diluted) for the year ended December 31, 2013, compared to $1.19 per share (fully-diluted) for the same period in 2012. Adjusted EPS was $0.56 per share (fully-diluted) in Q4 2013, compared to $0.39 per share (fully-diluted) in Q4 2012.
EBITDA for the year ended December 31, 2013 increased $288.4 million, or 79% to $651.1 million, compared to $362.7 million for the same period in 2012. EBITDA for Q4 2013 increased 24% to $182.0 million, compared to $146.6 million for Q4 2012. The EBITDA growth was primarily due to an increase in sales within the PBM segment as a result of the merger with Catalyst, the recent acquisition of Restat, as well as an organic growth from new customer contract implementations. This was partially offset by increased costs incurred to support the Company's business growth and recent acquisitions.
Cash Flow from Operations
For the full year 2013, the Company generated $475.4 million of cash from operations, compared to $249.7 million of cash from operations during the same period in 2012. The Company generated $139.5 million of cash flow from operations in Q4 2013, compared to $102.3 million during Q4 2012. Cash from operating activities increased during both periods mainly due to an increase in net income, net of non-cash items. The increased transaction volume in the PBM segment, as a result of the merger with Catalyst, the recent acquisition of Restat, as well as an organic growth from new customer contract implementations was also a driver of increased operating cash flow during 2013.
2014 Full Year Financial Guidance
Catamaran has set the following 2014 full year financial targets.
Revenue of $20 to $21 billion
EBITDA1 of $760 to $810 million
GAAP EPS (fully-diluted) of $1.35 to $1.50
- Adjusted EPS1 (fully-diluted) of $2.04 to $2.19 (excluding all amortization of intangible assets)
Notice of Conference Call
Catamaran will host a conference call on Thursday, February 27, 2014, at 8:30 a.m. ET to discuss its financial results. Mark Thierer, Chairman and CEO, and Jeff Park, EVP and CFO, will co-chair the call. This call is being webcast and can be accessed from the IR Events page of the Catamaran Corporation web site at www.catamaranrx.com. An archived replay of the webcast will be available for 90 days.
1Non-GAAP Financial Measures
Catamaran reports its financial results in accordance with generally accepted accounting principles in the United States ("GAAP"). Catamaran's management also evaluates and makes operating decisions using various other measures. Two such measures are Adjusted EPS and EBITDA, which are non-GAAP financial measures. Catamaran's management believes that these two measures provide useful supplemental information regarding the performance of Catamaran's business operations.
Adjusted EPS adds back the impact of all intangible assets amortization expenses, net of tax. Amortization of intangible assets expense arises from the acquisition of intangible assets in connection with the Company's business acquisitions. The Company excludes intangible assets amortization expense from EPS because it believes: (i) the amount of such expenses in any specific period may not directly correlate to the underlying performance of Catamaran's business operations and; (ii) such expenses can vary significantly between periods as a result of new acquisitions and full amortization of previously acquired intangible assets. Investors should note that the use of these intangible assets contributes to revenue in the periods presented as well as future periods and should also note that such expenses will recur in future periods.
EBITDA is a non-GAAP measure that management believes is a useful supplemental measure of operating performance. EBITDA consists of earnings prior to amortization, depreciation, interest and other expense, net, income taxes and adjustments to remove the applicable impact of the non-controlling interests. Management believes it is useful to exclude amortization, depreciation, interest and other expense, net, as they are essentially amounts that cannot be influenced by management in the short term.
The 2014 full year EBITDA guidance was computed using the Company's estimated 2014 earnings before amortization, depreciation, interest and other expense, net, income taxes and adjustments to remove the applicable impact of the non-controlling interests. The 2014 full year Adjusted EPS guidance was computed by taking the Company's GAAP EPS (fully-diluted) guidance and adding back the expected impact of all 2014 amortization expense totaling approximately $210 to $215 million, less estimated 2014 income taxes at an estimated effective tax rate of 30-33%.
Adjusted prescription claim volume equals Catamaran's mail service prescriptions multiplied by three, plus its retail and specialty prescriptions. The mail service prescriptions are multiplied by three to adjust for the fact that they typically include approximately three times the amount of product days supplied compared with retail prescriptions.
Management believes that Adjusted EPS, EBITDA and adjusted prescription claim volume provide useful supplemental information to management and investors regarding the performance of the Company's business operations and facilitate comparisons to its historical operating results. Management also uses this information internally for forecasting and budgeting as it believes that the measures are indicative of the Company's core operating results. Note, however, that these items are performance measures only, and do not provide any measure of the Company's cash flow or liquidity. Non-GAAP financial measures should not be considered as a substitute for measures of financial performance in accordance with GAAP, and investors and potential investors are encouraged to review the reconciliations of Adjusted EPS and EBITDA to their most directly comparable GAAP measure.
Adjusted EPS and EBITDA do not have standardized meanings prescribed by GAAP. The Company's method of calculating these items may differ from the methods used by other companies and, accordingly, may not be comparable to similarly titled measures used by other companies.
Reconciliations of EBITDA to net income and GAAP EPS (fully-diluted) to Adjusted EPS (fully-diluted) are shown below:
|EBITDA Reconciliation||Three Months Ended December 31,||Years Ended December 31,|
|Net income attributable to the Company (GAAP)||$||74,403||$||42,529||$||262,170||$||116,658|
|Amortization of intangible assets||55,824||59,407||203,192||130,116|
|Depreciation of property and equipment||14,029||7,288||42,232||20,234|
|Interest and other expense, net||10,653||11,619||41,626||26,682|
|Income tax expense||27,787||26,008||103,403||69,316|
|Adjustments related to non-controlling interests||(727)||(260)||(1,527)||(276)|
|Adjusted EPS Reconciliation|
|(in thousands, except per share data)|
|Three Months Ended December 31,||Years Ended December 31,|
|Net income attributable to the Company (GAAP)||$||74,403||$||0.36||$||42,529||$||0.21||$||262,170||$||1.27||$||116,658||$||0.70|
|Amortization of intangible assets||55,824||0.27||59,407||0.28||203,192||0.98||130,116||0.77|
|Tax effect of reconciling item||(13,454)||(0.07)||(20,911)||(0.10)||(52,220)||(0.25)||(47,362)||(0.28)|
Non-GAAP net income
attributable to the Company
About Catamaran Corporation
Catamaran, the industry's fastest-growing pharmacy benefits manager, helps organizations and the communities they serve take control of prescription drug costs. Managing more than 350 million prescriptions each year on behalf of over 32 million members, our flexible, holistic solutions improve patient care and empower individuals to take charge of their health. Processing one in every five prescription claims in the U.S., Catamaran's skill and scale deliver compelling financial results and sustainable improvement in the overall health of members. Catamaran is headquartered in Schaumburg, IL., with multiple locations in the U.S. and Canada. For more information, please visit Catamaranrx.com, and for industry news and information follow Catamaran on Twitter, @CatamaranCorp.
Certain statements included herein, including guidance and those that express management's objectives and the strategies to achieve those objectives, as well as information with respect to the Company's beliefs, plans, expectations, anticipations, estimates and intentions, constitute "forward-looking statements" within the meaning of applicable securities laws. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at this time, are inherently subject to significant business, economic and competitive uncertainties and contingencies. We caution that such forward-looking statements involve known and unknown risks, uncertainties and other risks that may cause our actual financial results, performance, or achievements to be materially different from our estimated future results, performance or achievements expressed or implied by those forward-looking statements. Numerous factors could cause actual results to differ materially from those in the forward-looking statements, including without limitation, our ability to achieve increased market acceptance for our product offerings and penetrate new markets; our ability to compete successfully; our dependence on, and ability to retain, key customers; customer demands for enhanced services levels or loss or unfavorable modification with our customers; the risks and challenges associated with our PBM partnering agreement with Cigna Corporation due to the size of the client and the complexity and term of the agreement; consolidation in the healthcare industry; our ability to identify and complete acquisitions, manage our growth, integrate acquisitions and achieve expected synergies from acquisitions; changes in industry pricing benchmarks and continuing market and economic challenges; our ability to maintain our relationships with pharmacy providers, pharmaceutical manufacturers, third-party rebate administrators and suppliers; compliance with existing laws, regulations and industry initiatives and future change in laws or regulations in the healthcare industry; our ability to maintain our relationships with suppliers; the outcome of any legal or tax proceeding that has been or may be instituted against us; the existence of undetected errors or similar problems in our software products; potential liability for the use of incorrect or incomplete data; interruption of our operations due to outside sources and breach of our security by third parties; our dependence on the expertise of our senior management and other personnel; maintaining our intellectual property rights and litigation involving intellectual property rights; our ability to obtain, use or successfully integrate third-party licensed technology; our ability to accurately forecast our financial results; our level of indebtedness and the covenants and restrictions in the agreements governing our outstanding indebtedness; our access to sufficient capital to fund our future requirements; and potential write-offs of goodwill or other intangible assets.
When relying on forward-looking information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. In making the forward-looking statements contained herein, the Company does not assume any future significant acquisitions, dispositions or one-time items. It does assume, however, the renewal of certain customer contracts. Every year, the Company has major customer contracts that come up for renewal. In addition, the Company also assumes new customer contracts. In this regard, the Company is pursuing large opportunities that present a very long and complex sales cycle which substantially affects its forecasting abilities. The Company has assumed certain timing for the realization of these opportunities which it believes is reasonable but which may not be achieved. Furthermore, the pursuit of these larger opportunities does not ensure a linear progression of revenue and earnings since they may involve significant up-front costs followed by renewals and cancellations of existing contracts. The Company has assumed certain revenues which may not be realized. The Company has also assumed that the material factors referred to in the previous paragraph will not cause such forward-looking information to differ materially from actual results or events. There can be no assurance that such assumptions will reflect the actual outcome of such items or factors. Accordingly, investors are cautioned not to put undue reliance on forward-looking statements. The foregoing list of factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.Other factors that should be considered are discussed from time to time in Catamaran's filings with the U.S. Securities and Exchange Commission, including the risks and uncertainties discussed under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K and subsequent Form 10-Qs, which are available at www.sec.gov. Investors are cautioned not to put undue reliance on forward-looking statements. All subsequent written and oral forward-looking statements attributable to Catamaran or persons acting on our behalf are expressly qualified in their entirety by this notice. We disclaim any intent or obligation to update publicly these forward-looking statements, whether as a result of new information, future events or otherwise.
THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS RELEASE REPRESENTS THE COMPANY'S CURRENT EXPECTATIONS AND, ACCORDINGLY, IS SUBJECT TO CHANGE. HOWEVER, THE COMPANY EXPRESSLY DISCLAIMS ANY INTENTION OR OBLIGATION TO UPDATE OR REVISE ANY FORWARD-LOOKING INFORMATION, WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR OTHERWISE, EXCEPT AS REQUIRED BY APPLICABLE LAW.
All figures are in US dollars unless otherwise stated.
|Consolidated Balance Sheets|
|(in thousands, except share data)|
|Cash and cash equivalents||$||387,241||$||370,776|
|Accounts receivable, net of allowance for doubtful accounts of $5,860 (2012 - $7,899)||959,586||725,809|
|Other current assets||152,673||101,311|
|Total current assets||1,837,675||1,552,779|
|Property and equipment, net of accumulated depreciation of $103,858 (2012 - $64,048)||197,007||105,201|
|Other intangible assets, net of accumulated amortization of $363,564 (2012 - $178,188)||1,181,419||1,198,991|
|Other long-term assets||59,387||50,118|
|LIABILITIES AND EQUITY|
|Accrued expenses and other current liabilities||254,100||254,811|
|Pharmacy benefit management rebates payable||356,265||302,065|
|Current portion - long-term debt||50,000||41,250|
|Total current liabilities||1,478,170||1,242,944|
|Deferred income taxes||301,341||344,232|
|Other long-term liabilities||89,391||55,937|
|Common shares: no par value, unlimited shares authorized; 206,305,070 shares issued|
|and outstanding, December 31, 2013 (December 31, 2012 - 205,399,102 shares)||4,215,291||4,180,778|
|Additional paid-in capital||77,790||73,530|
|Accumulated other comprehensive loss||(1,752)||(2,191)|
|Total shareholders' equity||4,908,490||4,607,108|
|Total liabilities and equity||$||7,995,763||$||7,385,127|
|Consolidated Statements of Operations|
|(in thousands, except share and per share data)|
Three Months Ended
|Cost of revenue||4,203,903||3,063,948||13,654,449||9,206,744|
|Selling, general and administrative||129,925||114,400||440,759||369,492|
|Depreciation of property and equipment||13,038||6,196||37,926||16,749|
|Amortization of intangible assets||55,824||59,407||203,192||130,116|
|Interest and other expense, net||10,653||11,619||41,626||26,682|
|Income before income taxes||115,457||73,970||402,142||190,337|
|Income tax expense (benefit):|
|Less net income attributable to non-controlling interest||13,267||5,433||36,569||4,363|
|Net income attributable to the Company||$||74,403||$||42,529||$||262,170||$||116,658|
|Earnings per share attributable to the Company:|
Weighted average number of shares used in computing earnings
|Consolidated Statements of Cash Flows|
Three Months Ended
|Cash flows from operating activities:|
|Items not involving cash:|
|Depreciation of property and equipment||14,029||7,288||42,232||20,234|
|Amortization of intangible assets||55,824||59,407||203,192||130,116|
|Deferred lease inducements and rent||4,077||1,727||28,119||3,136|
|Deferred income taxes||(8,112)||(19,229)||(44,336)||(37,925)|
|Tax benefit on option exercises||737||(2,183)||(9,732)||(19,397)|
|Deferred financing cost amortization||2,133||2,493||9,127||4,985|
|Changes in operating assets and liabilities, net of effects from acquisitions:|
|Other current assets||(33,591)||30,978||(25,555)||73,492|
|Accrued expenses and other current liabilities||5,598||1,715||(43,657)||1,720|
|Pharmacy benefit management rebates payable||25,594||50,593||39,616||60,929|
|Other long-term assets and liabilities||(16,103)||1,679||16,951||(30,900)|
|Net cash provided by operating activities||139,542||102,254||475,421||249,733|
|Cash flows from investing activities:|
|Acquisition, net of cash acquired||(381,790)||(1,320)||(388,866)||(1,565,705)|
|Purchases of property and equipment||(35,571)||(27,334)||(128,842)||(40,236)|
|Proceeds from restricted cash||-||-||20,004||-|
|Net cash used in investing activities||(417,361)||(28,654)||(497,704)||(1,605,941)|
|Cash flows from financing activities:|
|Proceeds from issuance of debt||350,000||5,000||450,000||1,475,448|
|Repayment of long-term debt||(106,250)||(105,000)||(362,500)||(616,993)|
|Proceeds from public offering, net of issuance costs||-||-||-||519,075|
|Payment of financing costs||-||-||(2,347)||(18,806)|
|Proceeds from exercise of options||16||2,025||2,992||7,763|
|Tax benefit on option exercises||(737)||2,183||9,732||19,397|
|Proceeds from issuance of warrants exercised||-||-||487||-|
|Payments of contingent consideration||-||-||(23,203)||-|
|Distribution to non-controlling interest||(14,200)||-||(36,314)||-|
|Net cash provided (used) by financing activities||228,829||(95,798)||38,847||1,385,616|
|Effect of foreign exchange on cash balances||4||(58)||(99)||(14)|
|Increase (decrease) in cash and cash equivalents||(48,986)||(22,256)||16,465||29,394|
|Cash and cash equivalents, beginning of period||436,227||393,032||370,776||341,382|
|Cash and cash equivalents, end of period||$||387,241||$||370,776||$||387,241||$||370,776|
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Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
Aug. 30, 2016 05:00 PM EDT Reads: 900
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, wil...
Aug. 30, 2016 04:15 PM EDT Reads: 975
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
Aug. 30, 2016 03:30 PM EDT Reads: 3,781
StarNet Communications Corp has announced the addition of three Secure Remote Desktop modules to its flagship X-Win32 PC X server. The new modules enable X-Win32 to safely tunnel the remote desktops from Linux and Unix servers to the user’s PC over encrypted SSH. Traditionally, users of PC X servers deploy the XDMCP protocol to display remote desktop environments such as the Gnome and KDE desktops on Linux servers and the CDE environment on Solaris Unix machines. XDMCP is used primarily on comp...
Aug. 30, 2016 03:00 PM EDT Reads: 870
SYS-CON Events announced today that StarNet Communications will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...
Aug. 30, 2016 02:30 PM EDT Reads: 964
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Aug. 30, 2016 02:30 PM EDT Reads: 1,051
SYS-CON Events announced today that Adobe has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. Adobe is changing the world though digital experiences. Adobe helps customers develop and deliver high-impact experiences that differentiate brands, build loyalty, and drive revenue across every screen, including smartphones, computers, tablets and TVs. Adobe content solutions are used daily by millions of co...
Aug. 30, 2016 02:00 PM EDT Reads: 3,816