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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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The cloud competition for database hosts is fierce. How do you evaluate a cloud provider for your database platform? In his session at 18th Cloud Expo, Chris Presley, a Solutions Architect at Pythian, gave users a checklist of considerations when choosing a provider. Chris Presley is a Solutions Architect at Pythian. He loves order – making him a premier Microsoft SQL Server expert. Not only has he programmed and administered SQL Server, but he has also shared his expertise and passion with b...
In his session at 19th Cloud Expo, Claude Remillard, Principal Program Manager in Developer Division at Microsoft, contrasted how his team used config as code and immutable patterns for continuous delivery of microservices and apps to the cloud. He showed how the immutable patterns helps developers do away with most of the complexity of config as code-enabling scenarios such as rollback, zero downtime upgrades with far greater simplicity. He also demoed building immutable pipelines in the cloud ...
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
"IoT is going to be a huge industry with a lot of value for end users, for industries, for consumers, for manufacturers. How can we use cloud to effectively manage IoT applications," stated Ian Khan, Innovation & Marketing Manager at Solgeniakhela, in this SYS-CON.tv interview at @ThingsExpo, held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA.
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Onalytica. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
Predictive analytics tools monitor, report, and troubleshoot in order to make proactive decisions about the health, performance, and utilization of storage. Most enterprises combine cloud and on-premise storage, resulting in blended environments of physical, virtual, cloud, and other platforms, which justifies more sophisticated storage analytics. In his session at 18th Cloud Expo, Peter McCallum, Vice President of Datacenter Solutions at FalconStor, discussed using predictive analytics to mon...
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of Soli...
Information technology is an industry that has always experienced change, and the dramatic change sweeping across the industry today could not be truthfully described as the first time we've seen such widespread change impacting customer investments. However, the rate of the change, and the potential outcomes from today's digital transformation has the distinct potential to separate the industry into two camps: Organizations that see the change coming, embrace it, and successful leverage it; and...
Without a clear strategy for cost control and an architecture designed with cloud services in mind, costs and operational performance can quickly get out of control. To avoid multiple architectural redesigns requires extensive thought and planning. Boundary (now part of BMC) launched a new public-facing multi-tenant high resolution monitoring service on Amazon AWS two years ago, facing challenges and learning best practices in the early days of the new service. In his session at 19th Cloud Exp...
The Internet of Things (IoT) promises to simplify and streamline our lives by automating routine tasks that distract us from our goals. This promise is based on the ubiquitous deployment of smart, connected devices that link everything from industrial control systems to automobiles to refrigerators. Unfortunately, comparatively few of the devices currently deployed have been developed with an eye toward security, and as the DDoS attacks of late October 2016 have demonstrated, this oversight can ...
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
Regulatory requirements exist to promote the controlled sharing of information, while protecting the privacy and/or security of the information. Regulations for each type of information have their own set of rules, policies, and guidelines. Cloud Service Providers (CSP) are faced with increasing demand for services at decreasing prices. Demonstrating and maintaining compliance with regulations is a nontrivial task and doing so against numerous sets of regulatory requirements can be daunting task...
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, sha...