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AutoNation Reports Record First Quarter EPS from Continuing Operations

- Adjusted EPS from continuing operations was $0.75, a record for first quarter results and an increase of 10% compared to the year-ago period

FORT LAUDERDALE, Fla., April 17, 2014 /PRNewswire/ -- AutoNation, Inc. (NYSE: AN), America's largest automotive retailer, today reported 2014 first quarter adjusted net income from continuing operations of $91 million, or $0.75 per share, compared to net income from continuing operations of $83 million, or $0.68 per share, for the same period in the prior year, a 10% improvement on a per-share basis. On a GAAP basis, first quarter 2014 net income from continuing operations was $96 million, or $0.79 per share. Reconciliations of non-GAAP financial measures are included in the attached financial tables.

2014 first quarter revenue totaled $4.4 billion, compared to $4.1 billion in the year-ago period, an increase of 7%, driven by stronger performance in all business sectors – new vehicles, used vehicles, parts and service, and finance and insurance.  In the first quarter of 2014, AutoNation's retail new vehicle unit sales increased 4% on a same store basis and 6% overall. 

Mike Jackson, Chairman and Chief Executive Officer, said, "AutoNation delivered solid growth in EPS and operating income in the first quarter of 2014 compared to the prior year, driven by gross profit growth in all of our business sectors. We continue to expect U.S. industry new vehicle unit sales to increase 3% to 5%, bringing U.S. industry new vehicle sales above 16 million units in 2014."

During the first quarter of 2014, AutoNation repurchased 2.4 million shares of common stock for an aggregate purchase price of $115.7 million. As of April 16, 2014, AutoNation has approximately $400 million remaining Board authorization for share repurchase and 119 million shares outstanding. 

Segment results(1) for the first quarter of 2014 were as follows:

  • Domestic - Domestic segment income(2) was $64 million compared to year-ago segment income of $59 million, an increase of 9%.
  • Import - Import segment income(2) was $65 million compared to year-ago segment income of $71 million, a decrease of 8%.
  • Premium Luxury - Premium Luxury segment income(2) was $83 million compared to year-ago segment income of $69 million, an increase of 21%.

The first quarter conference call may be accessed by telephone at (888) 769-8515 (password: AutoNation) at 11:00 a.m. Eastern Time or on AutoNation's investor relations website at investors.autonation.com.

The webcast will also be available on our website under "Events & Presentations" following the call. A playback of the conference call will be available after 1:00 p.m. Eastern Time on April 17, 2014, through April 24, 2014 by calling (800) 839-2314 (password 75300).

(1)

AutoNation has three operating segments: Domestic, Import, and Premium Luxury. The Domestic segment is comprised of stores that sell vehicles manufactured by General Motors, Ford, and Chrysler; the Import segment is comprised of stores that sell vehicles manufactured primarily by Toyota, Honda, Nissan, and Hyundai; and the Premium Luxury segment is comprised of stores that sell vehicles manufactured primarily by Mercedes-Benz, BMW, Lexus, and Audi.



(2)

Segment income for each of our segments is defined as operating income less floorplan interest expense.

 

About AutoNation, Inc.
AutoNation is transforming the automotive retail industry through bold leadership.  We deliver a superior automotive retail experience through our customer-focused sales and service processes.   Owning and operating 270 new vehicle franchises, which sell 33 new vehicle brands across 15 states, AutoNation is America's largest automotive retailer, with state-of-the-art operations and the ability to leverage economies of scale that benefit the customer.  As an indication of our leadership position in our industry, AutoNation is a component of the S&P 500 Index. 

Please visit investors.autonation.com, www.autonation.com, www.twitter.com/autonation, www.twitter.com/CEOMikeJackson, www.facebook.com/autonation, and www.facebook.com/CEOMikeJackson, where AutoNation discloses additional information about the Company, its business, and its results of operations.

FORWARD-LOOKING STATEMENTS
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Words such as "anticipates," "expects," "intends," "goals," "plans," "believes," "continues," "may," "will," and variations of such words and similar expressions are intended to identify such forward-looking statements. Statements regarding our expectations for the future performance of our franchises and the automotive retail industry, as well as statements that describe our objectives, goals, or plans, are forward-looking statements. Our forward-looking statements reflect our current expectations concerning future results and events, and they involve known and unknown risks, uncertainties and other factors that are difficult to predict and may cause our actual results, performance or achievements to be materially different from any future results, performance and achievements expressed or implied by these statements. These risks, uncertainties and other factors include, among others: our ability to integrate successfully acquired and awarded franchises and to attain planned sales volumes within our expected time frames; economic conditions generally; conditions in the credit markets and changes in interest rates; the success and financial viability of vehicle manufacturers and distributors with which we hold franchises; factors affecting our goodwill and other intangible asset impairment testing; natural disasters and other adverse weather events; restrictions imposed by vehicle manufacturers; the resolution of legal and administrative proceedings; regulatory factors affecting our business; and other factors described in our news releases and filings made under the securities laws, including, among others, our Annual Reports on Form 10-K, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K.  Forward-looking statements contained in this news release speak only as of the date of this news release, and we undertake no obligation to update these forward-looking statements to reflect subsequent events or circumstances.

NON-GAAP FINANCIAL MEASURES
This press release and the attached financial tables contain certain non-GAAP financial measures as defined under SEC rules, such as adjusted net income and earnings per share from continuing operations, which exclude certain items disclosed in the attached financial tables. As required by SEC rules, the Company provides reconciliations of these measures to the most directly comparable GAAP measures. The Company believes that these non-GAAP financial measures improve the transparency of the Company's disclosure, provide a meaningful presentation of the Company's results from its core business operations excluding the impact of items not related to the Company's ongoing core business operations, and improve the period-to-period comparability of the Company's results from its core business operations.

AUTONATION, INC. 

UNAUDITED CONDENSED CONSOLIDATED INCOME STATEMENTS

(In millions, except per share data)











Three Months Ended March 31,





2014


2013









Revenue:







New vehicle


$               2,428.6


$               2,257.7



Used vehicle


1,049.7


1,009.7



Parts and service


671.0


636.6



Finance and insurance, net


172.4


155.6



Other


41.8


36.8


Total revenue


4,363.5


4,096.4









Cost of sales:







New vehicle


2,282.7


2,116.0



Used vehicle


955.4


923.7



Parts and service


384.3


364.3



Other


33.7


28.4


Total cost of sales


3,656.1


3,432.4









Gross profit


707.4


664.0









Selling, general and administrative expenses


500.7


473.3


Depreciation and amortization


25.6


22.7


Other income, net


(8.0)


(1.4)









Operating income


189.1


169.4









Non-operating income (expense) items:







Floorplan interest expense


(13.2)


(12.9)



Other interest expense


(21.6)


(22.3)



Interest income


-


0.1



Other income, net


1.5


1.6









Income from continuing operations before income taxes


155.8


135.9









Income tax provision


60.3


52.7









Net income from continuing operations


95.5


83.2









Loss from discontinued operations, net of income taxes


(0.4)


(0.2)
















Net income


$                     95.1


$                     83.0
















Diluted earnings (loss) per share*:







Continuing operations


$                     0.79


$                     0.68



Discontinued operations


$                           -


$                           -










Net income


$                     0.78


$                     0.67
















Weighted average common shares outstanding


121.3


123.0









Common shares outstanding, net of treasury stock, at period end


119.4


121.3
















* Earnings per share amounts are calculated discretely and therefore may not add up to the total.


 

 AUTONATION, INC. 

 UNAUDITED SUPPLEMENTARY DATA 

 ($ in millions, except per vehicle data) 



























Operating Highlights


Three Months Ended March 31,






2014


2013


$ Variance


% Variance


Revenue:












New vehicle


$          2,428.6


$          2,257.7


$             170.9


7.6




  Retail used vehicle


945.8


899.2


46.6


5.2




  Wholesale


103.9


110.5


(6.6)


(6.0)




Used vehicle


1,049.7


1,009.7


40.0


4.0




Finance and insurance, net


172.4


155.6


16.8


10.8



Total variable operations


3,650.7


3,423.0


227.7


6.7



Parts and service


671.0


636.6


34.4


5.4



Other


41.8


36.8


5.0




Total revenue


$          4,363.5


$          4,096.4


$             267.1


6.5


























Gross profit:












New vehicle


$             145.9


$             141.7


$                 4.2


3.0




  Retail used vehicle


92.8


83.4


9.4


11.3




  Wholesale


1.5


2.6


(1.1)






Used vehicle


94.3


86.0


8.3


9.7




Finance and insurance


172.4


155.6


16.8


10.8



Total variable operations


412.6


383.3


29.3


7.6



Parts and service


286.7


272.3


14.4


5.3



Other


8.1


8.4


(0.3)




Total gross profit


707.4


664.0


43.4


6.5














Selling, general and administrative expenses


500.7


473.3


(27.4)


(5.8)














Depreciation and amortization


25.6


22.7


(2.9)




Other income, net


(8.0)


(1.4)


6.6




 Operating income 


189.1


169.4


19.7


11.6














Non-operating income (expense) items:












Floorplan interest expense


(13.2)


(12.9)


(0.3)






Other interest expense


(21.6)


(22.3)


0.7






Interest income


-


0.1


(0.1)






Other income, net


1.5


1.6


(0.1)




Income from continuing operations before income taxes


$             155.8


$             135.9


$               19.9


14.6














Retail vehicle unit sales:












New 


71,223


67,159


4,064


6.1




Used


52,136


50,505


1,631


3.2






123,359


117,664


5,695


4.8














Revenue per vehicle retailed:












New 


$           34,099


$           33,617


$                482


1.4




Used


$           18,141


$           17,804


$                337


1.9














Gross profit per vehicle retailed:












New 


$             2,048


$             2,110


$                 (62)


(2.9)




Used


$             1,780


$             1,651


$                129


7.8




Finance and insurance


$             1,398


$             1,322


$                  76


5.7




Total variable operations(1)


$             3,333


$             3,235


$                  98


3.0




























Operating Percentages


 Three Months Ended March 31, 










2014 (%)


2013 (%)


















Revenue mix percentages:












New vehicle


55.7


55.1








Used vehicle


24.1


24.6








Parts and service


15.4


15.5








Finance and insurance, net


4.0


3.8








Other


0.8


1.0










100.0


100.0


















Gross profit mix percentages:












New vehicle


20.6


21.3








Used vehicle


13.3


13.0








Parts and service


40.5


41.0








Finance and insurance


24.4


23.4








Other


1.2


1.3










100.0


100.0


















Operating items as a percentage of revenue:












Gross profit:












   New vehicle


6.0


6.3








   Used vehicle - retail


9.8


9.3








   Parts and service


42.7


42.8








   Total


16.2


16.2








Selling, general and administrative expenses


11.5


11.6








Operating income


4.3


4.1


















Operating items as a percentage of total gross profit:












Selling, general and administrative expenses


70.8


71.3








Operating income


26.7


25.5






























(1)

Total variable operations gross profit per vehicle retailed is calculated by dividing the sum of new vehicle, retail used vehicle, and finance and insurance gross profit by total retail vehicle unit sales.


 

 AUTONATION, INC. 

 UNAUDITED SUPPLEMENTARY DATA 

 ($ in millions) 
























Segment Operating Highlights


Three Months Ended March 31,





2014


2013


$ Variance


% Variance
























Revenue:











Domestic


$            1,473.0


$            1,378.0


$                 95.0


6.9



Import


1,549.4


1,503.7


45.7


3.0



Premium luxury


1,306.4


1,172.9


133.5


11.4



    Total segment revenue


4,328.8


4,054.6


274.2


6.8



Corporate and other


34.7


41.8


(7.1)


(17.0)



    Total consolidated revenue


$            4,363.5


$            4,096.4


$               267.1


6.5
























Segment income*











Domestic


$                 63.8


$                 58.6


$                  5.2


8.9



Import


65.4


71.0


(5.6)


(7.9)



Premium luxury


83.3


68.8


14.5


21.1



    Total segment income


212.5


198.4


14.1


7.1













Corporate and other


(36.6)


(41.9)


5.3




Add:  Floorplan interest expense


13.2


12.9


0.3




Operating income


$               189.1


$               169.4


$                 19.7


11.6













* Segment income for each of our segments is defined as operating income less floorplan interest expense















Retail new vehicle unit sales:











Domestic


23,815


22,544


1,271


5.6



Import


34,925


33,032


1,893


5.7



Premium luxury


12,483


11,583


900


7.8





71,223


67,159


4,064


6.1

























Brand Mix - New Vehicle Retail Units Sold













 Three Months Ended March 31, 









2014 (%)


2013 (%)


















Domestic:











   Ford, Lincoln


17.7


18.3







   Chevrolet, Buick, Cadillac, GMC


10.0


10.3







   Chrysler, Jeep, Dodge


5.7


5.0







     Domestic total


33.4


33.6


















Import:











   Honda


11.4


11.1







   Toyota


19.0


20.1







   Nissan


11.6


11.0







   Other imports


7.1


7.0







     Import total


49.1


49.2


















Premium Luxury:











   Mercedes-Benz


7.5


7.4







   BMW


4.6


4.7







   Lexus


2.6


2.2







   Audi


1.0


1.2







   Other premium luxury (Land Rover, Porsche)


1.8


1.7







     Premium Luxury total


17.5


17.2




















100.0


100.0






 

 AUTONATION, INC. 

 UNAUDITED SUPPLEMENTARY DATA, Continued 

 ($ in millions) 










































Capital Expenditures / Stock Repurchases


 Three Months Ended March 31, 








2014


2013















Capital expenditures(1)


$                   34.9


$                  23.1





Cash paid for acquisitions


$                        -


$                    2.8





Proceeds from exercises of stock options


$                   15.3


$                    7.9





Stock repurchases:









          Aggregate purchase price


$                 115.7


$                    2.2





          Shares repurchased (in millions)


2.4


0.1

























Floorplan Assistance and Expense


 Three Months Ended March 31, 






2014


2013


 Variance 























Floorplan assistance earned (included in cost of sales)


$                   24.0


$                   18.6


$                    5.4



New vehicle floorplan interest expense


(12.7)


(12.3)


(0.4)













          Net new vehicle inventory carrying benefit


$                   11.3


$                    6.3


$                    5.0























Balance Sheet and Other Highlights






















March 31, 2014


December 31, 2013


March 31, 2013













Cash and cash equivalents


$                   69.2


$                   69.2


$                   46.3



Inventory


$              2,712.0


$              2,827.2


$              2,499.8



Total floorplan notes payable


$              2,844.2


$              3,029.0


$              2,541.0



Non-vehicle debt


$              1,803.9


$              1,839.9


$              1,957.3



Equity


$              2,068.9


$              2,061.7


$              1,786.6



New days supply (industry standard of selling days)(2)


 61 days 


 62 days 


 62 days 



Used days supply (trailing calendar month days) 


 31 days 


 35 days 


 29 days 

































Key Credit Agreement Covenant Compliance Calculations



















Ratio of funded indebtedness/









Adjusted EBITDA




 2.16x 





Covenant

less than or equal to


 3.75x 















Ratio of funded indebtedness including floorplan/









Total capitalization including floorplan




56.4%





Covenant


less than or equal to


65.0%

























(1) Includes accrued construction in progress and excludes property acquired under capital leases





(2) As of December 31, 2013, we have revised our method of calculating new vehicle days supply to exclude fleet sales and in-transit inventory. We have revised prior periods to conform to our revised method of calculation




 

 AUTONATION, INC. 

 UNAUDITED SUPPLEMENTARY DATA, Continued 

 ($ in millions, except per share data) 













































Comparable Basis Reconciliations*














Three Months Ended March 31,





 Net Income 


 Diluted Earnings Per Share** 
















2014


2013


2014


2013












As reported



$                    95.1


$                    83.0


$                    0.78


$                    0.67













Discontinued operations, net of income taxes



0.4


0.2


$                         -


$                         -











From continuing operations, as reported



95.5


83.2


$                    0.79


$                    0.68













Net gain related to business/property dispositions



(5.0)


-


$                   (0.04)


$                         -












Adjusted 



$                    90.5


$                    83.2


$                    0.75


$                    0.68























*

Please refer to the "Non-GAAP Financial Measures" section of the Press Release.



**

Diluted earnings per share amounts are calculated discretely and therefore may not add up to the total.



 

 AUTONATION, INC. 

 UNAUDITED SAME STORE DATA 

 ($ in millions, except per vehicle data) 



























Operating Highlights


Three Months Ended March 31,






2014


2013


$ Variance


% Variance


Revenue:












New vehicle


$           2,388.2


$           2,257.7


$              130.5


5.8




  Retail used vehicle


931.5


899.2


32.3


3.6




  Wholesale


102.0


110.5


(8.5)


(7.7)




Used vehicle


1,033.5


1,009.7


23.8


2.4




Finance and insurance, net


170.0


155.6


14.4


9.3



Total variable operations


3,591.7


3,423.0


168.7


4.9



Parts and service


660.5


636.6


23.9


3.8



Other


40.6


36.8


3.8




Total revenue


$           4,292.8


$           4,096.4


$              196.4


4.8


























Gross profit:












New vehicle


$              143.6


$              141.7


$                 1.9


1.3




  Retail used vehicle


91.4


83.4


8.0


9.6




  Wholesale


1.4


2.6


(1.2)






Used vehicle


92.8


86.0


6.8


7.9




Finance and insurance


170.0


155.6


14.4


9.3



Total variable operations


406.4


383.3


23.1


6.0



Parts and service


282.3


272.3


10.0


3.7



Other


8.0


8.4


(0.4)




Total gross profit


$              696.7


$              664.0


$               32.7


4.9


























Retail vehicle unit sales:












New 


69,724


67,159


2,565


3.8




Used


51,111


50,505


606


1.2






120,835


117,664


3,171


2.7














Revenue per vehicle retailed:












New 


$            34,252


$            33,617


$                635


1.9




Used


$            18,225


$            17,804


$                421


2.4














Gross profit per vehicle retailed:












New 


$              2,060


$              2,110


$                 (50)


(2.4)




Used


$              1,788


$              1,651


$                137


8.3




Finance and insurance


$              1,407


$              1,322


$                  85


6.4




Total variable operations(1)


$              3,352


$              3,235


$                117


3.6




























Operating Percentages


 Three Months Ended March 31, 










2014 (%)


2013 (%)


















Revenue mix percentages:












New vehicle


55.6


55.1








Used vehicle


24.1


24.6








Parts and service


15.4


15.5








Finance and insurance, net


4.0


3.8








Other


0.9


1.0










100.0


100.0


















Gross profit mix percentages:












New vehicle


20.6


21.3








Used vehicle


13.3


13.0








Parts and service


40.5


41.0








Finance and insurance


24.4


23.4








Other


1.2


1.3










100.0


100.0


















Operating items as a percentage of revenue:












Gross profit:












   New vehicle


6.0


6.3








   Used vehicle - retail


9.8


9.3








   Parts and service


42.7


42.8








   Total


16.2


16.2






























(1)


Total variable operations gross profit per vehicle retailed is calculated by dividing the sum of new vehicle, retail used vehicle, and finance and insurance gross profit by total retail vehicle unit sales.


 

SOURCE AutoNation, Inc.

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Did you know that you can develop for mainframes in Java? Or that the testing and deployment can be automated across mobile to mainframe? In his session at @DevOpsSummit at 20th Cloud Expo, Vaughn Marshall, Sr. Principal Product Owner at CA Technologies, will discuss and demo how increasingly teams are developing with agile methodologies using modern development environments and automating testing and deployments, mobile to mainframe.
The goal of Continuous Testing is to shift testing left to find defects earlier and release software faster. This can be achieved by integrating a set of open source functional and performance testing tools in the early stages of your software delivery lifecycle. There is one process that binds all application delivery stages together into one well-orchestrated machine: Continuous Testing. Continuous Testing is the conveyor belt between the Software Factory and production stages. Artifacts are ...
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and 21st International Cloud Expo, which will take place in November in Silicon Valley, California.
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory?
NHK, Japan Broadcasting, will feature the upcoming @ThingsExpo Silicon Valley in a special 'Internet of Things' and smart technology documentary that will be filmed on the expo floor between November 3 to 5, 2015, in Santa Clara. NHK is the sole public TV network in Japan equivalent to the BBC in the UK and the largest in Asia with many award-winning science and technology programs. Japanese TV is producing a documentary about IoT and Smart technology and will be covering @ThingsExpo Silicon Val...
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists will examine how DevOps helps to meet th...
SYS-CON Events announced today that Hitachi Data Systems, a wholly owned subsidiary of Hitachi LTD., will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City. Hitachi Data Systems (HDS) will be featuring the Hitachi Content Platform (HCP) portfolio. This is the industry’s only offering that allows organizations to bring together object storage, file sync and share, cloud storage gateways, and sophisticated search an...
SYS-CON Events announced today that Hitachi, the leading provider the Internet of Things and Digital Transformation, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Hitachi Data Systems, a wholly owned subsidiary of Hitachi, Ltd., offers an integrated portfolio of services and solutions that enable digital transformation through enhanced data management, governance, mobility and analytics. We help globa...
@DevOpsSummit has been named the ‘Top DevOps Influencer' by iTrend. iTred processes millions of conversations, tweets, interactions, news articles, press releases, blog posts - and extract meaning form them and analyzes mobile and desktop software platforms used to communicate, various metadata (such as geo location), and automation tools. In overall placement, @DevOpsSummit ranked as the number one ‘DevOps Influencer' followed by @CloudExpo at third, and @MicroservicesE at 24th.
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across supply chain networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost and time for product recall as well as advance trade. Are you curious about Blockchain and how it can provide you with new opportunities for innovation and growth? In her session at 20th Cloud Exp...
Cloud promises the agility required by today’s digital businesses. As organizations adopt cloud based infrastructures and services, their IT resources become increasingly dynamic and hybrid in nature. Managing these require modern IT operations and tools. In his session at 20th Cloud Expo, Raj Sundaram, Senior Principal Product Manager at CA Technologies, will discuss how to modernize your IT operations in order to proactively manage your hybrid cloud and IT environments. He will be sharing be...
While some vendors scramble to create and sell you a fancy solution for monitoring your spanking new Amazon Lambdas, hear how you can do it on the cheap using just built-in Java APIs yourself. By exploiting a little-known fact that Lambdas aren’t exactly single threaded, you can effectively identify hot spots in your serverless code. In his session at 20th Cloud Expo, David Martin, Principal Product Owner at CA Technologies, will give a live demonstration and code walkthrough, showing how to o...
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...