|By Marketwired .||
|April 29, 2014 07:54 AM EDT||
MONACO -- (Marketwired) -- 04/29/14 -- Navios Maritime Partners L.P. (NYSE: NMM)
- 14.4% increase in quarterly Revenue to $57.5 million
- 86.3% increase in quarterly EBITDA to $69.0 million
- 82.1% increase in quarterly Operating Surplus to $56.8 million
- $50.0 million cash from termination of third party credit default insurance
- Dividend of $0.4425 per common unit for Q1
Navios Maritime Partners L.P. ("Navios Partners") (NYSE: NMM), an international owner and operator of drybulk and container vessels, today reported its financial results for the first quarter ended March 31, 2014.
Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, stated: "I am pleased with our results for this quarter, in which we achieved EBITDA of $69.0 million and net income of $18.4 million. Our quarterly distribution of $0.4425, represents an annual distribution of $1.77 per unit and a current yield of 9.4%. Navios Partners is committed to this distribution through 2015."
The Board of Directors of Navios Partners declared a cash distribution for the first quarter of 2014 of $0.4425 per unit. The cash distribution is payable on May 13, 2014 to unitholders of record on May 9, 2014.
In March 2014, Navios Partners entered into an agreement to terminate its credit default insurance with its third party insurer. As a result of the agreement, Navios Partners will receive:
- $50.0 million in cash, as follows:
- $31.0 million lump sum compensation from its third party insurer, already received in April 2014; and
- $19.0 million from the sale of a defaulted counterparty claim.
In addition, Navios Partners expects to gain:
- $9.6 million NPV benefit from the upfront lump sum payment; and
- $45.1 million maximum benefit by eliminating market mitigation obligation.
Navios Partners continues to insure certain long-term charter-out contracts of drybulk vessels for credit default occurring until the end of 2016, through an agreement with Navios Maritime Holdings Inc. up to a maximum cash payment of $20.0 million.
Long-Term and Insured Cash Flow
Navios Partners has entered into medium to long-term time charter-out agreements for its vessels with a remaining average term of 3.2 years, providing a stable base of revenue and distributable cash flow. Navios Partners has currently contracted out 85.1% of its available days for 2014, 51.8% for 2015 and 38.2% for 2016, expecting to generate revenues of approximately $205.2 million, $153.5 million and $123.2 million, respectively. The average expected daily charter-out rate for the fleet is $22,063 for 2014, $27,065 for 2015 and $29,401 for 2016. The average daily charter-in rate for the charter-in vessels is $13,619 for 2014.
Following the termination of the credit default insurance through its third party insurer, Navios Partners continues to insure certain long-term charter-out contracts of drybulk vessels for credit default occurring until the end of 2016, through an agreement with Navios Maritime Holdings Inc. up to a maximum cash payment of $20.0 million.
For the following results and the selected financial data presented herein, Navios Partners has compiled consolidated statements of income for the three month periods ended March 31, 2014 and 2013. The quarterly 2014 and 2013 information was derived from the unaudited condensed consolidated financial statements for the respective periods. EBITDA and Operating Surplus are non-GAAP financial measures and should not be used in isolation or substitution for Navios Partners' results.
Three Month Three Month Period Ended Period Ended (in $'000 except per March 31, 2014 March 31,2013 unit data) (unaudited) (unaudited) ---------------- ---------------- Revenue $ 57,498 $ 50,281 Net income $ 18,361 (1) $ 16,246 EBITDA $ 69,015 (2) $ 37,054 Earnings per Common unit (basic and diluted) $ 0.24 $ 0.24 Operating Surplus $ 56,847 (2) $ 31,215 Maintenance and Replacement Capital expenditure reserve $ 5,908 $ 3,467
(1) Positively affected by the accounting effect of the $29.8 million insurance settlement and negatively affected by the $22.0 million non-cash accelerated amortization of the intangible asset relating to one Capesize vessel.
(2) Positively affected by the accounting effect of the $29.8 million insurance settlement.
Three month periods ended March 31, 2014 and 2013
Time charter and voyage revenues for the three month period ended March 31, 2014 increased by $7.2 million or 14.4% to $57.5 million, as compared to $50.3 million for the same period in 2013. The increase was mainly attributable to the acquisitions of the Navios Joy on September 11, 2013, the Navios Harmony on October 11, 2013, the five container vessels in December 2013, the Navios La Paix and the Navios Sun in January 2014. As a result of the vessel acquisitions, available days of the fleet increased to 2,668 days for the three month period ended March 31, 2014, as compared to 1,890 days for the three month period ended March 31, 2013. The above increase in time charter and voyage revenues was partially mitigated by the decrease in time charter equivalent ("TCE") to $20,785 for the three month period ended March 31, 2014, from $26,244 for the three month period ended March 31, 2013.
EBITDA increased by $31.9 million to $69.0 million for the three month period ended March 31, 2014, as compared to $37.1 million for the same period in 2013. The increase in EBITDA was due to a $7.2 million increase in revenue and a $30.0 million increase in other income. The above increase was partially mitigated by a $3.5 million increase in management fees due to the increased number of vessels, a $1.3 million increase in time charter and voyage expenses, a $0.3 million increase in general and administrative expenses and a $0.1 million increase in other expense.
The reserve for estimated maintenance and replacement capital expenditures for the three month periods ended March 31, 2014 and 2013 was $5.9 million and $3.5 million, respectively (please see Reconciliation of Non-GAAP Financial Measures in Exhibit 3).
Navios Partners generated operating surplus for the three month period ended March 31, 2014 of $56.8 million, compared to $31.2 million for the three month period ended March 31, 2013. Operating Surplus is a non-GAAP financial measure used by certain investors to assist in evaluating a partnership's ability to make quarterly cash distributions (please see Reconciliation of Non-GAAP Financial Measures in Exhibit 3).
Net income for the three months ended March 31, 2014 amounted to $18.4 million compared to $16.2 million for the three months ended March 31, 2013. The increase in net income by $2.1 million was due to a $31.9 million increase in EBITDA partially mitigated by a $25.3 million increase in depreciation and amortization expense mainly due to the increased fleet size and the accelerated amortization of the Navios Pollux favorable lease intangible and a $4.6 million increase in interest expense and finance cost, net.
Fleet Employment Profile
The following table reflects certain key indicators of Navios Partners' core fleet performance for the three month periods ended March 31, 2014 and 2013.
Three Month Three Month Period Ended Period Ended March 31, 2014 March 31, 2013 (unaudited) (unaudited) ---------------- ---------------- Available Days (1) 2,668 1,890 Operating Days (2) 2,665 1,886 Fleet Utilization (3) 99.88% 99.81% Time Charter Equivalent (per day) (4) $ 20,785 $ 26,244 Vessels operating at period end 30 21
(1) Available days for the fleet represent total calendar days the vessels were in our possession for the relevant period after subtracting off-hire days associated with scheduled repairs, drydockings or special surveys. The shipping industry uses available days to measure the number of days in a relevant period during which a vessel is capable of generating revenues.
(2) Operating days is the number of available days in the relevant period less the aggregate number of days that the vessels are off-hire due to any reason, including unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a relevant period during which vessels actually generate revenues.
(3) Fleet utilization is the percentage of time that our vessels were available for revenue generating available days, and is determined by dividing the number of operating days during a relevant period by the number of available days during that period. The shipping industry uses fleet utilization to measure efficiency in finding employment for vessels and minimizing the amount of days that its vessels are off-hire for reasons other than scheduled repairs, drydockings or special surveys.
(4) Time Charters Equivalents ("TCE") rates are defined as voyage and time charter revenues less voyage expenses during a period divided by the number of available days during the period. The TCE rate is a standard shipping industry performance measure used primarily to present the actual daily earnings generated by vessels on various types of charter contracts for the number of available days of the fleet.
Conference Call details:
Navios Partners' management will host a conference call today, Tuesday, April 29, 2014 to discuss the results for the first quarter ended March 31, 2014.
Conference Call details:
Call Date/Time: Tuesday, April 29, 2014 at 08:30 am ET
Call Title: Navios Partners Q1 2014 Financial Results Conference Call
US Dial In: +1.866.394.0817
International Dial In: +1.706.679.9759
Conference ID: 3412 1289
The conference call replay will be available two hours after the live call and remain available for one week at the following numbers:
US Replay Dial In: +1.800.585.8367
International Replay Dial In: +1.404.537.3406
Conference ID: 3412 1289
Slides and audio webcast:
There will also be a live webcast of the conference call, through the Navios Partners website (www.navios-mlp.com) under "Investors". Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast.
A supplemental slide presentation will be available on the Navios Partners' website under the "Investors" section by 8:00 am ET on the day of the call.
About Navios Maritime Partners L.P.
Navios Partners (NYSE: NMM) is a publicly traded master limited partnership which owns and operates dry cargo vessels. For more information, please visit our website at www.navios-mlp.com.
This press release contains forward-looking statements (as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) concerning future events and Navios Partners' growth strategy and measures to implement such strategy; including expected vessel acquisitions and entering into further time charters. Words such as "may", "expects", "intends", "plans", "believes", "anticipates", "hopes", "estimates", and variations of such words and similar expressions are intended to identify forward-looking statements. Such statements include comments regarding expected revenue and time charters. Although the Navios Partners believes that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond the control of Navios Partners. Actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to changes in the demand for drybulk vessels, competitive factors in the market in which Navios Partners operates; risks associated with operations outside the United States; and other factors listed from time to time in the Navios Partners' filings with the Securities and Exchange Commission. Navios Partners expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Navios Partners' expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.
EXHIBIT 1 NAVIOS MARITIME PARTNERS L.P. CONDENSED CONSOLIDATED BALANCE SHEET (Expressed in thousands of U.S. Dollars except unit data) March 31, 2014 December 31, (Unaudited) 2013 ------------- ------------- ASSETS Current assets Cash and cash equivalents $ 140,559 $ 35,346 Restricted cash 1,176 1,177 Accounts receivable, net 11,852 16,298 Prepaid expenses and other current assets 33,374 1,663 ------------- ------------- Total current assets 186,961 54,484 ------------- ------------- Vessels, net 1,058,513 1,026,153 Deposits for vessels acquisitions -- 7,271 Deferred financing costs, net 7,964 8,463 Other long term assets 185 94 Investment in affiliates 500 500 Loans receivable from affiliates 493 280 Intangible assets 88,021 119,405 Restricted cash -- 33,429 ------------- ------------- Total non-current assets 1,155,676 1,195,595 ------------- ------------- Total assets $ 1,342,637 $ 1,250,079 ============= ============= LIABILITIES AND PARTNERS' CAPITAL Current liabilities Accounts payable $ 3,610 $ 3,171 Accrued expenses 3,871 3,876 Deferred voyage revenue 2,766 2,997 Current portion of long-term debt 5,361 5,358 Amounts due to related parties 1,381 204 ------------- ------------- Total current liabilities 16,989 15,606 ------------- ------------- Long-term debt, net of current portion and discount 526,621 527,966 ------------- ------------- Total non-current liabilities 526,621 527,966 ------------- ------------- Total liabilities 543,610 543,572 ------------- ------------- Commitments and contingencies -- -- Partners' capital: Common Unitholders (77,359,163 and 71,034,163 units issued and outstanding at March 31, 2014 and December 31, 2013, respectively) 793,006 702,478 General Partner (1,578,763 and 1,449,681 units issued and outstanding at March 31, 2014 and December 31, 2013, respectively) 6,021 4,029 ------------- ------------- Total partners' capital 799,027 706,507 ------------- ------------- Total liabilities and partners' capital $ 1,342,637 $ 1,250,079 ============= ============= NAVIOS MARITIME PARTNERS L.P. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Expressed in thousands of U.S. Dollars except unit and per unit amounts) Three Month Three Month Period ended Period ended March 31, March 31, 2014 2013 (unaudited) (unaudited) ------------- ------------- Time charter and voyage revenues (includes related party revenue of $6,127 and $3,237 for the three months ended March 31, 2014 and 2013, respectively) $ 57,498 $ 50,281 Time charter and voyage expenses (4,443) (3,112) Management fees (entirely through related parties transactions) (12,005) (8,491) General and administrative expenses (1,944) (1,609) Depreciation and amortization (43,678) (18,411) Interest expense and finance cost, net (7,029) (2,405) Interest income 53 8 Other income 30,040 44 Other expense (131) (59) ============= ============= Net income $ 18,361 $ 16,246 ============= =============
Earnings per unit:
Three Month Three Month Period ended Period ended March 31, March 31, 2014 2013 (unaudited) (unaudited) -------------- -------------- Net income $ 18,361 $ 16,246 Earnings per unit: Common unit (basic and diluted) $ 0.24 $ 0.24 NAVIOS MARITIME PARTNERS L.P. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Expressed in thousands of U.S. Dollars) Three Month Three Month Period ended Period ended March 31, March 31, 2014 2013 (unaudited) (unaudited) ------------- ------------- OPERATING ACTIVITIES Net income $ 18,361 $ 16,246 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 43,678 18,411 Amortization and write-off of deferred financing cost 750 536 Changes in operating assets and liabilities: Net decrease/(increase) in restricted cash 1 (1) Decrease/(increase) in accounts receivable 4,446 (1,240) (Increase)/decrease in prepaid expenses and other current assets (31,711) 10 (Increase)/decrease in other long term assets (91) 224 Increase in accounts payable 439 279 Decrease in accrued expenses (6) (1,128) Decrease in deferred voyage revenue (231) (3,873) Increase/(decrease) in amounts due to related parties 648 (71) ------------- ------------- Net cash provided by operating activities 36,284 29,393 ------------- ------------- INVESTING ACTIVITIES: Acquisition of vessels (36,854) -- Loans receivable from affiliates (213) -- Release of restricted cash for vessel acquisitions 33,429 -- ------------- ------------- Net cash used in investing activities (3,638) -- ------------- ------------- FINANCING ACTIVITIES: Cash distributions paid (32,573) (29,936) Net proceeds from issuance of general partner units 2,233 1,494 Proceeds from issuance of common units, net of offering costs 104,499 69,770 Net decrease in restricted cash -- 28,263 Repayment of long-term debt and payment of principal (1,592) (57,224) ------------- ------------- Net cash provided by financing activities 72,567 12,367 ------------- ------------- Increase in cash and cash equivalents 105,213 41,760 ============= ============= Cash and cash equivalents, beginning of period 35,346 32,132 ------------- ------------- Cash and cash equivalents, end of period $ 140,559 $ 73,892 ============= ============= EXHIBIT 2 Owned Vessels Type Built Capacity (DWT) ------------------------- --------------- ------------ --------------- Navios Apollon Ultra-Handymax 2000 52,073 Navios Soleil Ultra-Handymax 2009 57,337 Navios La Paix Ultra-Handymax 2014 61,485 Navios Gemini S Panamax 1994 68,636 Navios Libra II Panamax 1995 70,136 Navios Felicity Panamax 1997 73,867 Navios Galaxy I Panamax 2001 74,195 Navios Hyperion Panamax 2004 75,707 Navios Alegria Panamax 2004 76,466 Navios Orbiter Panamax 2004 76,602 Navios Helios Panamax 2005 77,075 Navios Hope Panamax 2005 75,397 Navios Sun Panamax 2005 76,619 Navios Sagittarius Panamax 2006 75,756 Navios Harmony Panamax 2006 82,790 Navios Fantastiks Capesize 2005 180,265 Navios Aurora II Capesize 2009 169,031 Navios Pollux Capesize 2009 180,727 Navios Fulvia Capesize 2010 179,263 Navios Melodia Capesize 2010 179,132 Navios Luz Capesize 2010 179,144 Navios Buena Ventura Capesize 2010 179,259 Navios Joy Capesize 2013 181,389 Chartered-in Vessels Navios Prosperity Panamax 2007 82,535 Navios Aldebaran Panamax 2008 76,500 Container Vessels Type Built TEU ------------------------- --------------- ------------ --------------- Hyundai Hongkong Container 2006 6,800 Hyundai Singapore Container 2006 6,800 Hyundai Tokyo Container 2006 6,800 Hyundai Shanghai Container 2006 6,800 Hyundai Busan Container 2006 6,800 EXHIBIT 3
Disclosure of Non-GAAP Financial Measures
EBITDA represents net income plus interest and finance costs plus depreciation and amortization and income taxes.
EBITDA is presented because Navios Partners believes that EBITDA is a basis upon which liquidity can be assessed and present useful information to investors regarding Navios Partners' ability to service and/or incur indebtedness, pay capital expenditures, meet working capital requirements and pay dividends. EBITDA is a "non-GAAP financial measure" and should not be considered a substitute for net income, cash flow from operating activities and other operations or cash flow statement data prepared in accordance with accounting principles generally accepted in the United States or as a measure of profitability or liquidity.
While EBITDA is frequently used as a measure of operating results and the ability to meet debt service requirements, the definition of EBITDA used here may not be comparable to that used by other companies due to differences in methods of calculation.
2. Operating Surplus
Operating Surplus represents net income adjusted for depreciation and amortization expense, non-cash interest expense and estimated maintenance and replacement capital expenditures. Maintenance and replacement capital expenditures are those capital expenditures required to maintain over the long term the operating capacity of, or the revenue generated by, Navios Partners' capital assets.
Operating Surplus is a quantitative measure used in the publicly-traded partnership investment community to assist in evaluating a partnership's ability to make quarterly cash distributions. Operating Surplus is not required by accounting principles generally accepted in the United States and should not be considered a substitute for net income, cash flow from operating activities and other operations or cash flow statement data prepared in accordance with accounting principles generally accepted in the United States or as a measure of profitability or liquidity.
3. Available Cash
Available Cash generally means for each fiscal quarter, all cash on hand at the end of the quarter:
- less the amount of cash reserves established by the Board of Directors to:
- provide for the proper conduct of Navios Partners' business (including reserve for maintenance and replacement capital expenditures);
- comply with applicable law, any of Navios Partners' debt instruments, or other agreements; or
- provide funds for distributions to the unitholders and to the general partner for any one or more of the next four quarters;
- plus all cash on hand on the date of determination of available cash for the quarter resulting from working capital borrowings made after the end of the quarter. Working capital borrowings are generally borrowings that are made under any revolving credit or similar agreement used solely for working capital purposes or to pay distributions to partners.
Available Cash is a quantitative measure used in the publicly-traded partnership investment community to assist in evaluating a partnership's ability to make quarterly cash distributions. Available cash is not required by accounting principles generally accepted in the United States and should not be considered a substitute for net income, cash flow from operating activities and other operations or cash flow statement data prepared in accordance with accounting principles generally accepted in the United States or as a measure of profitability or liquidity.
4. Reconciliation of Non-GAAP Financial Measures
Three Month Three Month Period ended Period ended March 31, March 31, 2014 2013 ($'000) ($'000) (unaudited) (unaudited) ------------- ------------- Net cash provided by operating activities $ 36,284 $ 29,393 Net decrease in operating assets 27,355 1,007 Net (decrease)/increase in operating liabilities (850) 4,793 Net interest cost 6,976 2,397 Amortization and write-off of deferred financing cost (750) (536) ============= ============= EBITDA(1) $ 69,015 $ 37,054 Cash interest income 27 9 Cash interest paid (6,287) (2,381) Maintenance and replacement capital expenditures (5,908) (3,467) ============= ============= Operating Surplus $ 56,847 $ 31,215 Cash reserves (21,373) (1,279) ============= ============= Available cash for distribution $ 35,474 $ 29,936 (1) Three Month Three Month Period ended Period ended March 31, March 31, 2014 2013 ($ '000) ($ '000) (unaudited) (unaudited) ------------- -------------- Net cash provided by operating activities $ 36,284 $ 29,393 Net cash used in investing activities $ (3,638) $ -- Net cash provided by financing activities $ 72,567 $ 12,367
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
Feb. 27, 2017 11:00 PM EST Reads: 9,151
Ayehu provides IT Process Automation & Orchestration solutions for IT and Security professionals to identify and resolve critical incidents and enable rapid containment, eradication, and recovery from cyber security breaches. Ayehu provides customers greater control over IT infrastructure through automation. Ayehu solutions have been deployed by major enterprises worldwide, and currently, support thousands of IT processes across the globe. The company has offices in New York, California, and Isr...
Feb. 27, 2017 10:45 PM EST Reads: 759
Tintri VM-aware storage is the simplest for virtualized applications and cloud. Organizations including GE, Toyota, United Healthcare, NASA and 6 of the Fortune 15 have said "No to LUNs." With Tintri they manage only virtual machines, in a fraction of the footprint and at far lower cost than conventional storage. Tintri offers the choice of all-flash or hybrid-flash platform, converged or stand-alone structure and any hypervisor. Rather than obsess with storage, leaders focus on the business app...
Feb. 27, 2017 10:15 PM EST Reads: 627
Addteq is one of the top 10 Platinum Atlassian Experts who specialize in DevOps, custom and continuous integration, automation, plugin development, and consulting for midsize and global firms. Addteq firmly believes that automation is essential for successful software releases. Addteq centers its products and services around this fundamentally unique approach to delivering complete software release management solutions. With a combination of Addteq's services and our extensive list of partners,...
Feb. 27, 2017 10:00 PM EST Reads: 1,290
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 and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and sh...
Feb. 27, 2017 09:15 PM EST Reads: 4,168
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.
Feb. 27, 2017 08:30 PM EST Reads: 849
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it m...
Feb. 27, 2017 08:00 PM EST Reads: 7,957
For organizations that have amassed large sums of software complexity, taking a microservices approach is the first step toward DevOps and continuous improvement / development. Integrating system-level analysis with microservices makes it easier to change and add functionality to applications at any time without the increase of risk. Before you start big transformation projects or a cloud migration, make sure these changes won’t take down your entire organization.
Feb. 27, 2017 07:45 PM EST Reads: 1,617
WebRTC is about the data channel as much as about video and audio conferencing. However, basically all commercial WebRTC applications have been built with a focus on audio and video. The handling of “data” has been limited to text chat and file download – all other data sharing seems to end with screensharing. What is holding back a more intensive use of peer-to-peer data? In her session at @ThingsExpo, Dr Silvia Pfeiffer, WebRTC Applications Team Lead at National ICT Australia, looked at differ...
Feb. 27, 2017 07:45 PM EST Reads: 7,373
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Feb. 27, 2017 07:30 PM EST Reads: 2,260
SYS-CON Events announced today that IoT Now has been named “Media 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, NY. IoT Now explores the evolving opportunities and challenges facing CSPs, and it passes on some lessons learned from those who have taken the first steps in next-gen IoT services.
Feb. 27, 2017 07:15 PM EST Reads: 1,980
SYS-CON Events announced today that WineSOFT 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. Based in Seoul and Irvine, WineSOFT is an innovative software house focusing on internet infrastructure solutions. The venture started as a bootstrap start-up in 2010 by focusing on making the internet faster and more powerful. WineSOFT’s knowledge is based on the expertise of TCP/IP, VPN, SSL, peer-to-peer, mob...
Feb. 27, 2017 07:00 PM EST Reads: 2,208
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, discussed the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports.
Feb. 27, 2017 07:00 PM EST Reads: 2,602
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain.
Feb. 27, 2017 06:45 PM EST Reads: 2,258
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
Feb. 27, 2017 06:30 PM EST Reads: 2,139