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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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Large scale deployments present unique planning challenges, system commissioning hurdles between IT and OT and demand careful system hand-off orchestration. In his session at @ThingsExpo, Jeff Smith, Senior Director and a founding member of Incenergy, will discuss some of the key tactics to ensure delivery success based on his experience of the last two years deploying Industrial IoT systems across four continents.
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2016 Silicon Valley. The 19th Cloud Expo and 6th @ThingsExpo will take place on November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Interne...
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to imp...
Most organizations prioritize data security only after their data has already been compromised. Proactive prevention is important, but how can you accomplish that on a small budget? Learn how the cloud, combined with a defense and in-depth approach, creates efficiencies by transferring and assigning risk. Security requires a multi-defense approach, and an in-house team may only be able to cherry pick from the essential components. In his session at 19th Cloud Expo, Vlad Friedman, CEO/Founder o...
"We host and fully manage cloud data services, whether we store, the data, move the data, or run analytics on the data," stated Kamal Shannak, Senior Development Manager, Cloud Data Services, IBM, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
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...
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
With over 720 million Internet users and 40–50% CAGR, the Chinese Cloud Computing market has been booming. When talking about cloud computing, what are the Chinese users of cloud thinking about? What is the most powerful force that can push them to make the buying decision? How to tap into them? In his session at 18th Cloud Expo, Yu Hao, CEO and co-founder of SpeedyCloud, answered these questions and discussed the results of SpeedyCloud’s survey.
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develo...
SYS-CON Events announced today that MangoApps 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. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device.
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...