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Constellation Software Inc. Announces Results for the First Quarter Ended March 31, 2014 and Declares Quarterly Dividend

TORONTO, ONTARIO -- (Marketwired) -- 04/30/14 -- Constellation Software Inc. (TSX:CSU) ("Constellation" or the "Company") today announced its financial results for the first quarter ended March 31, 2014 and declared a $1.00 per share dividend payable on July 3, 2014 to all common shareholders of record at close of business on June 17, 2014. This dividend has been designated as an eligible dividend for the purposes of the Income Tax Act (Canada). Please note that all dollar amounts referred to in this press release are in U.S. Dollars unless otherwise stated.

The following press release should be read in conjunction with the Company's Unaudited Condensed Consolidated Interim Financial Statements for the three months ended March 31, 2014 and the accompanying notes, and with our annual Consolidated Financial Statements, prepared in accordance with International Financial Reporting Standards ("IFRS") and our annual Management's Discussion and Analysis for the year ended December 31, 2013, which can be found on SEDAR at www.sedar.com and on the Company's website www.csisoftware.com. Additional information about the Company is also available on SEDAR at www.sedar.com.

Q1 2014 Highlights:


--  Revenue grew 54% to $395 million compared to $256 million in Q1 2013.
    Organic growth was 7% in Q1 2014. 
    
--  Adjusted EBITA increased $22 million or 56% to $63 million as compared
    to $40 million in Q1 2013. 
    
--  Adjusted Net Income increased 60% to $53 million ($2.52 on a diluted per
    share basis) from $33 million ($1.57 on a diluted per share basis) in Q1
    2013. 
    
--  Net income was $9 million in Q1 2014 and Q1 2013. ($0.42 on a diluted
    per share basis in Q1 2014 compared to $0.43 in Q1 2013). 
    
--  Six acquisitions were completed for aggregate upfront cash consideration
    of $15 million (which includes $4 million paid for acquired cash).
    Deferred payments associated with these acquisitions have an estimated
    value of $3 million. 
    
--  Cash flows from operations increased $66 million or 194% to $100 million
    from $34 million in Q1 2013. 
    
--  The amount drawn on the Company's credit facility increased to $485
    million from $479 million in Q4 2013. 

First quarter 2014 revenue was $395 million, an increase of 54%, or $138 million, compared to $256 million for the comparable period in 2013. The increase is mainly attributable to growth from acquisitions, however, the Company did experience organic growth of 7%.

Adjusted EBITA for the first quarter 2014 was $63 million, a 56% increase compared to the prior year's first quarter Adjusted EBITA of $40 million. First quarter 2014 Adjusted EBITA per share on a diluted basis increased 56% to $2.96, compared to $1.91 for the same period last year. Adjusted EBITA margin was 16% for both the quarters ended March 31, 2014 and March 31, 2013. A general improvement in EBITA margins across business units (18%) was offset by low EBITA margins realized by Total Specific Solutions (TSS) B.V. ("TSS") (5%). The TSS EBITA margins included severance of approximately $3 million relating to a restructuring program in place at the time of the acquisition.

Adjusted Net Income for the first quarter 2014 was $53 million, compared to the prior year's first quarter Adjusted Net Income of $33 million, a 60% increase. First quarter 2014 Adjusted Net Income per share on a diluted basis increased 60% to $2.52 compared to $1.57 for the prior year's first quarter.

Net income for the first quarter 2014 and 2013 was $9 million. Net income per share on a diluted per share basis for the first quarter of 2014 decreased 3% to $0.42, compared to $0.43 for the first quarter of 2013.

The following table displays our revenue by reportable segment and the percentage change for the three months ended March 31, 2014 compared to the same period in 2013:


                                                                            
                                ------------------------------------        
                                    Three months      Period-Over-          
                                  ended March 31,    Period Change          
                                ------------------------------------        
                                     2014     2013        $        %        
                                       ($M, except percentages)             
Public Sector                                                               
Licenses                             16.2     12.7      3.5      27%        
Professional services                75.2     42.2     33.0      78%        
Hardware and other                   28.6     22.1      6.5      30%        
Maintenance and other recurring     157.8     93.9     63.9      68%        
                                ------------------------------------        
                                    277.8    170.9    106.9      63%        
                                ------------------------------------        
                                                                            
Private Sector                                                              
Licenses                             10.3      7.9      2.4      30%        
Professional services                16.6     12.9      3.7      29%        
Hardware and other                    5.2      3.7      1.5      39%        
Maintenance and other recurring      84.9     61.0     24.0      39%        
                                ------------------------------------        
                                    117.1     85.6     31.5      37%        
                                ------------------------------------        
                                                                            
Comparative figures have been reclassified to conform to current            
 year's presentation.                                                       

Public Sector

For the quarter ended March 31, 2014, total revenue in the public sector reportable segment increased 63%, or $107 million, to $278 million, compared to $171 million for the quarter ended March 31, 2013. Revenue growth from acquired businesses was significant as we completed twenty-three acquisitions since the beginning of 2013 in our public sector segment. It is estimated that acquisitions completed since the beginning of 2013 contributed approximately $94 million to our Q1 2014 revenues. Organic revenue growth was 7% in Q1 2014 compared to the same period in 2013.

Private Sector

For the quarter ended March 31, 2014, total revenue in the private sector reportable segment increased 37%, or $31 million, to $117 million, compared to $86 million for the quarter ended March 31, 2013. Revenue growth from acquired businesses was significant for the three month period as we completed thirteen acquisitions since the beginning of 2013 in our private sector segment. It is estimated that acquisitions completed since the beginning of 2013 contributed approximately $26 million to our Q1 2014 revenues. Revenues increased organically by 7% in Q1 2014 compared to the same period in 2013.

Conference Call and Webcast

Management will host a conference call at 9:00 a.m. (ET) on Thursday, May 1st, 2014 to answer questions regarding the results. The teleconference numbers are 416-340-2216 or 866-226-1792. The call will also be webcast live and archived on Constellation's website at www.csisoftware.com.

A replay of the conference call will be available as of 11:30 a.m. ET the same day until 11:59 p.m. ET on May 14, 2014. To access the replay, please dial 905-694-9451 or 800-408-3053 followed by the passcode 9393313.

Forward Looking Statements

Certain statements herein may be "forward looking" statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Constellation or the industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward looking statements. These forward looking statements reflect current assumptions and expectations regarding future events and operating performance and are made as of the date hereof and Constellation assumes no obligation, except as required by law, to update any forward looking statements to reflect new events or circumstances.

Non-IFRS Measures

The term "Adjusted EBITA" refers to net income before adjusting for finance and other income, finance costs, income taxes, share in net income or loss of equity investees, impairment of non-financial assets, amortization, and foreign exchange gain or loss. The Company believes that Adjusted EBITA is useful supplemental information as it provides an indication of the results generated by the Company's main business activities prior to taking into consideration how those activities are financed and taxed and also prior to taking into consideration intangible asset amortization and the other items listed above. "Adjusted EBITA margin" refers to the percentage that Adjusted EBITA for any period represents as a portion of total revenue for that period. Previously the Company has reported "Adjusted EBITDA" in certain financial disclosures. Adjusted EBITDA refers to Adjusted EBITA as defined above then further excludes depreciation. The Company uses depreciation as a proxy for the cash flows used to purchase property and equipment required to support the Company's main business activities. As such, the Company believes Adjusted EBITA is a more useful measure then Adjusted EBITDA.

"Adjusted net income" means net income adjusted for non-cash expenses (income) such as amortization of intangible assets, deferred income taxes, and certain other expenses (income). The Company believes that Adjusted net income is useful supplemental information as it provides an indication of the results generated by the Company's main business activities prior to taking into consideration amortization of intangible assets, deferred income taxes, and certain other non-cash expenses (income) incurred or recognized by the Company from time to time. "Adjusted net income margin" refers to the percentage that Adjusted net income for any period represents as a portion of total revenue for that period.

Adjusted EBITA and Adjusted net income are not recognized measures under IFRS and, accordingly, readers are cautioned that Adjusted EBITA and Adjusted net income should not be construed as alternatives to net income determined in accordance with IFRS. The Company's method of calculating Adjusted EBITA and Adjusted net income may differ from other issuers and, accordingly, Adjusted EBITA and Adjusted net income may not be comparable to similar measures presented by other issuers.

The following table reconciles Adjusted EBITA to net income:


                                                                            
                                               ----------------------       
                                                  Three months ended        
                                                      March 31,             
                                               ----------------------       
                                                   2014       2013          
                                                     ($M, except            
                                                     percentages)           
                                                                            
Total revenue                                        394.8      256.4       
                                                                            
Net income (loss)                                      8.9        9.2       
Adjusted for:                                                               
Income tax expense (recovery)                          8.2        2.7       
Foreign exchange (gain) loss                           0.2        1.8       
Equity in net (income) loss of equity investees      (0.1)      (0.3)       
Finance income                                       (0.5)      (0.5)       
Finance costs                                          3.3        1.1       
Amortization of intangible assets                     42.8       26.5       
                                                                            
Adjusted EBITA                                        62.8       40.4       
Adjusted EBITA margin                                  16%        16%       
                                               ----------------------       

The following table reconciles Adjusted net income to net income:


                                                                            
                                               ----------------------       
                                                  Three months ended        
                                                      March 31,             
                                               ----------------------       
                                                   2014       2013          
                                                     ($M, except            
                                                     percentages)           
                                                                            
Total revenue                                        394.8      256.4       
                                                                            
Net income (loss)                                      8.9        9.2       
Adjusted for:                                                               
Amortization of intangible assets                     42.8       26.5       
Deferred income tax expense (recovery)                 1.6      (2.3)       
                                                                            
Adjusted net income (loss)                            53.3       33.3       
Adjusted net income margin                             14%        13%       
                                               ----------------------       

About Constellation Software Inc.

Constellation Software acquires, manages and builds vertical market software businesses that provide mission-critical software solutions.


                                                                            
CONSTELLATION SOFTWARE INC.                                                 
Condensed Consolidated Interim Statements of Financial Position             
(In thousands of U.S. dollars)                                              
                                                                            
(Unaudited)                                                                 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
                                                   March 31,    December 31,
                                                        2014            2013
----------------------------------------------------------------------------
                                                                            
Assets                                                                      
                                                                            
Current assets:                                                             
  Cash                                             $ 142,444        $ 77,967
  Equity security available-for-sale                     469             780
  Accounts receivable                                203,949         191,446
  Work in progress                                    61,913          53,682
  Inventories                                         23,704          21,145
  Other assets                                        69,691          67,161
  --------------------------------------------------------------------------
                                                     502,170         412,181
                                                                            
Non-current assets:                                                         
  Property and equipment                              36,378          36,017
  Deferred income taxes                               61,849          71,673
  Other assets                                        35,317          36,171
  Intangible assets                                  954,862         981,662
  --------------------------------------------------------------------------
                                                   1,088,406       1,125,523
                                                                            
----------------------------------------------------------------------------
Total assets                                     $ 1,590,576     $ 1,537,704
----------------------------------------------------------------------------
                                                                            
Liabilities and Shareholders' Equity                                        
                                                                            
Current liabilities:                                                        
  Bank indebtedness                                $ 483,773       $ 477,170
  Accounts payable and accrued liabilities           219,836         260,585
  Dividends payable                                   21,233          21,031
  Deferred revenue                                   413,431         306,213
  Provisions                                          13,693          11,887
  Acquisition holdback payments                       23,531          26,496
  Income taxes payable                                 7,074           5,474
  --------------------------------------------------------------------------
                                                   1,182,571       1,108,856
                                                                            
Non-current liabilities:                                                    
  Deferred income taxes                              106,746         112,780
  Acquisition holdback payments                        4,255           4,203
  Other liabilities                                   43,129          45,866
  --------------------------------------------------------------------------
                                                     154,130         162,849
                                                                            
----------------------------------------------------------------------------
Total liabilities                                  1,336,701       1,271,705
----------------------------------------------------------------------------
                                                                            
                                                                            
Shareholders' equity:                                                       
  Capital stock                                       99,283          99,283
  Accumulated other comprehensive income                 621             449
  Retained earnings                                  153,971         166,267
  --------------------------------------------------------------------------
                                                     253,875         265,999
                                                                            
                                                                            
                                                                            
----------------------------------------------------------------------------
Total liabilities and shareholders' equity       $ 1,590,576     $ 1,537,704
----------------------------------------------------------------------------
                                                                            
                                                                            
CONSTELLATION SOFTWARE INC.                                                 
Condensed Consolidated Interim Statements of Income                         
(In thousands of U.S. dollars, except per share amounts)                    
                                                                            
Three months ended March 31, 2014 and 2013                                  
(Unaudited)                                                                 
----------------------------------------------------------------------------
                                                                            
                                                        2014            2013
----------------------------------------------------------------------------
                                                                            
                                                                            
Revenue                                            $ 394,849       $ 256,431
                                                                            
Expenses                                                                    
  Staff                                              225,672         148,104
  Hardware                                            18,739          16,011
  Third party license, maintenance and                                      
   professional services                              35,319          18,440
  Occupancy                                            9,958           6,580
  Travel                                              11,415           9,506
  Telecommunications                                   3,945           3,093
  Supplies                                             8,707           4,648
  Professional fees                                    5,039           3,461
  Other, net                                           9,141           3,990
  Depreciation                                         4,087           2,212
  Amortization of intangible assets                   42,802          26,461
  --------------------------------------------------------------------------
                                                     374,824         242,506
                                                                            
                                                                            
Foreign exchange loss (gain)                             172           1,775
Share in net (income) loss of equity                                        
 investee                                              (120)           (344)
Finance and other income                               (468)           (490)
Finance costs                                          3,314           1,116
----------------------------------------------------------------------------
                                                       2,898           2,057
                                                                            
Income before income taxes                            17,127          11,868
                                                                            
Current income tax expense (recovery)                  6,611           4,980
Deferred income tax expense (recovery)                 1,620         (2,311)
----------------------------------------------------------------------------
Income tax expense (recovery)                          8,231           2,669
                                                                            
----------------------------------------------------------------------------
Net income                                             8,896           9,199
----------------------------------------------------------------------------
                                                                            
Earnings per share                                                          
  Basic and diluted                                   $ 0.42          $ 0.43
                                                                            
                                                                            
CONSTELLATION SOFTWARE INC.                                                 
Condensed Consolidated Interim Statements of Comprehensive Income           
(In thousands of U.S. dollars, except per share amounts)                    
                                                                            
Three months ended March 31, 2014 and 2013                                  
(Unaudited)                                                                 
----------------------------------------------------------------------------
                                                                            
                                                        2014            2013
----------------------------------------------------------------------------
                                                                            
Net income                                           $ 8,896           9,199
                                                                            
Items that are or may be reclassified                                       
 subsequently to net income:                                                
                                                                            
  Net change in fair value of available-for-                                
   sale financial asset during the period                                   
                                                          93             111
                                                                            
  Amounts reclassified to profit during the                                 
   period related to realized gains on                                      
   available-for-sale financial asset                  (264)               -
                                                                            
  Foreign currency translation differences                                  
   from foreign operations                               320         (2,611)
                                                                            
  Current income tax recovery (expense)                   35            (52)
                                                                            
  Deferred income tax recovery (expense)                (12)               -
                                                                            
----------------------------------------------------------------------------
Other comprehensive (loss) income for the                                   
 period, net of income tax                               172         (2,552)
                                                                            
----------------------------------------------------------------------------
Total comprehensive income for the period            $ 9,068         $ 6,647
----------------------------------------------------------------------------
                                                                            
                                                                            
CONSTELLATION SOFTWARE INC.                                                 
Condensed Consolidated Interim Statements of Changes in Equity              
(In thousands of U.S. dollars)                                              
                                                                            
                                                                            
(Unaudited)                                                                 
----------------------------------------------------------------------------
Three months ended March 31, 2014                                           
                                                        Accumulated         
                                                           other            
                                        Capital        comprehensive        
                                          stock        income/(loss)        
                                                                            
                                                   Cumulative       Amounts 
                                                  translation    related to 
                                                      account  gains/losses 
                                                              on available- 
                                                                   for-sale 
                                                                  financial 
                                                                     assets 
                                                                            
Balance at January 1, 2014             $ 99,283        $ (32)         $ 481 
                                                                            
Total comprehensive income for                                              
 the period                                                                 
                                                                            
Net income                                    -             -             - 
                                                                            
Other comprehensive income (loss)                                           
                                                                            
Net change in fair value of                                                 
available-for-sale financial                                                
asset during the period                       -             -            93 
                                                                            
Amounts reclassified to profit                                              
 during the period related to                                               
 realized gains on available-for-                                           
 sale financial assets                        -             -         (264) 
                                                                            
Foreign currency translation                                                
 differences from foreign                                                   
 operations                                   -           320             - 
                                                                            
Current tax recovery (expense)                -            35             - 
                                                                            
Deferred tax recovery (expense)               -          (12)             - 
                                                                            
----------------------------------------------------------------------------
Total other comprehensive income                                            
 (loss) for the period                        -           343         (171) 
                                                                            
----------------------------------------------------------------------------
Total comprehensive income (loss)                                           
 for the period                               -           343         (171) 
----------------------------------------------------------------------------
                                                                            
Transactions with owners,                                                   
 recorded directly in equity                                                
Dividends to shareholders of the                                            
 Company                                      -             -             - 
                                                                            
----------------------------------------------------------------------------
Balance at March 31, 2014              $ 99,283         $ 311         $ 310 
----------------------------------------------------------------------------
                                                                            

                                         Total                            
                                   accumulated                            
                                         other                            
                                 comprehensive      Retained              
                                 income/(loss)      earnings         Total
                                                                          
                                                                          
                                                                          
Balance at January 1, 2014               $ 449     $ 166,267     $ 265,999
                                                                          
Total comprehensive income for                                            
 the period                                                               
                                                                          
Net income                                   -         8,896         8,896
                                                                          
Other comprehensive income (loss)                                         
                                                                          
Net change in fair value of                                               
available-for-sale financial                                              
asset during the period                     93             -            93
                                                                          
Amounts reclassified to profit                                            
 during the period related to                                             
 realized gains on available-for-                                         
 sale financial assets                   (264)             -         (264)
                                                                          
Foreign currency translation                                              
 differences from foreign                                                 
 operations                                320             -           320
                                                                          
Current tax recovery (expense)              35             -            35
                                                                          
Deferred tax recovery (expense)           (12)             -          (12)
                                                                          
--------------------------------------------------------------------------
Total other comprehensive income                                          
 (loss) for the period                     172             -           172
                                                                          
--------------------------------------------------------------------------
Total comprehensive income (loss)                                         
 for the period                            172         8,896         9,068
--------------------------------------------------------------------------
                                                                          
Transactions with owners,                                                 
 recorded directly in equity                                              
Dividends to shareholders of the                                          
 Company                                     -      (21,192)      (21,192)
                                                                          
--------------------------------------------------------------------------
Balance at March 31, 2014                $ 621     $ 153,971     $ 253,875
--------------------------------------------------------------------------
                                                                          
                                                                            
CONSTELLATION SOFTWARE INC.                                                 
Condensed Consolidated Interim Statements of Changes in Equity              
(In thousands of U.S. dollars)                                              
                                                                            
(Unaudited)                                                                 
----------------------------------------------------------------------------
Three months ended March 31, 2013                                           
                                                        Accumulated         
                                                           other            
                                        Capital        comprehensive        
                                          stock        income/(loss)        
                                                                            
                                                                    Amounts 
                                                                 related to 
                                                               gains/losses 
                                                              on available- 
                                                   Cumulative      for-sale 
                                                  translation     financial 
                                                      account        assets 
                                                                            
Balance at January 1, 2013             $ 99,283       $ 1,450         $ 171 
                                                                            
Total comprehensive income for                                              
 the period                                                                 
                                                                            
Net income                                    -             -             - 
                                                                            
Other comprehensive income (loss)                                           
                                                                            
Net change in fair value of                                                 
available-for-sale financial                                                
assets during the period                      -             -           111 
                                                                            
Amounts reclassified to profit                                              
 during the period related to                                               
 realized gains on available-for                                            
 sale financial assets                        -             -             - 
                                                                            
Foreign currency translation                                                
 differences from foreign                                                   
 operations                                   -       (2,611)             - 
                                                                            
Current tax recovery (expense)                -          (52)             - 
                                                                            
Deferred tax recovery (expense)               -             -               
                                                                            
----------------------------------------------------------------------------
Total other comprehensive income                                            
 for the period                               -       (2,663)           111 
                                                                            
----------------------------------------------------------------------------
Total comprehensive income for                                              
 the period                                   -       (2,663)           111 
----------------------------------------------------------------------------
                                                                            
Transactions with owners,                                                   
 recorded directly in equity                                                
Dividends to shareholders of the                                            
 Company                                      -             -             - 
                                                                            
----------------------------------------------------------------------------
Balance at March 31, 2013              $ 99,283     $ (1,213)         $ 282 
----------------------------------------------------------------------------
                                                                            

                                         Total                            
                                   accumulated                            
                                         other                            
                                 comprehensive      Retained              
                                 income/(loss)      earnings         Total
                                                                          
                                                                          
                                                                          
Balance at January 1, 2013             $ 1,621     $ 157,900     $ 258,804
                                                                          
Total comprehensive income for                                            
 the period                                                               
                                                                          
Net income                                   -         9,199         9,199
                                                                          
Other comprehensive income (loss)                                         
                                                                          
Net change in fair value of                                               
available-for-sale financial                                              
assets during the period                   111             -           111
                                                                          
Amounts reclassified to profit                                            
 during the period related to                                             
 realized gains on available-for                                          
 sale financial assets                       -             -             -
                                                                          
Foreign currency translation                                              
 differences from foreign                                                 
 operations                            (2,611)             -       (2,611)
                                                                          
Current tax recovery (expense)            (52)             -          (52)
                                                                          
Deferred tax recovery (expense)              -             -             -
                                                                          
--------------------------------------------------------------------------
Total other comprehensive income                                          
 for the period                        (2,552)             -       (2,552)
                                                                          
--------------------------------------------------------------------------
Total comprehensive income for                                            
 the period                            (2,552)         9,199         6,647
--------------------------------------------------------------------------
                                                                          
Transactions with owners,                                                 
 recorded directly in equity                                              
Dividends to shareholders of the                                          
 Company                                     -      (21,192)      (21,192)
                                                                          
--------------------------------------------------------------------------
Balance at March 31, 2013              $ (931)     $ 145,907     $ 244,259
--------------------------------------------------------------------------
                                                                          
                                                                            
CONSTELLATION SOFTWARE INC.                                                 
Condensed Consolidated Interim Statements of Cash Flows                     
(In thousands of U.S. dollars)                                              
                                                                            
Three months ended March 31, 2014 and 2013                                  
(Unaudited)                                                                 
----------------------------------------------------------------------------
                                                                            
                                                        2014            2013
----------------------------------------------------------------------------
                                                                            
Cash flows from operating activities:                                       
  Net income                                         $ 8,896         $ 9,199
  Adjustments for:                                                          
   Depreciation                                        4,087           2,212
   Amortization of intangible assets                  42,802          26,461
   Share in net (income) loss of equity                                     
    investee                                           (120)           (344)
   Finance and other income                            (468)           (490)
   Finance costs                                       3,314           1,116
   Income tax expense                                  8,231           2,669
   Foreign exchange loss (gain)                          172           1,775
  Change in non-cash operating working                                      
   capital exclusive of effects of business                                 
   combinations                                       37,896         (4,124)
  Income taxes paid                                  (5,285)         (4,562)
  --------------------------------------------------------------------------
  Net cash flows from operating activities            99,525          33,912
                                                                            
Cash flows from (used in) financing                                         
 activities:                                                                
  Interest paid                                      (2,215)           (505)
  Increase (decrease) in other non current                                  
   liabilities                                             -            (23)
  Increase (decrease) in bank indebtedness,                                 
   net                                                 6,601          63,000
  Dividends paid                                    (21,192)        (21,192)
  --------------------------------------------------------------------------
  Net cash flows from (used in) in financing                                
   activities                                       (16,806)          41,280
                                                                            
Cash flows from (used in) investing                                         
 activities:                                                                
  Acquisition of businesses, net of cash                                    
   acquired                                         (10,834)        (69,893)
  Post-acquisition settlement payments, net                                 
   of receipts                                       (2,344)         (5,221)
  Proceeds from sale of available-for-sale                                  
   equity securities                                     404               -
  Interest and dividends received                        130               -
  Proceeds from sale of assets                             -           5,423
  Property and equipment purchased                   (4,218)         (2,111)
  --------------------------------------------------------------------------
  Net cash flows used in investing                                          
   activities                                       (16,862)        (71,802)
                                                                            
Effect of foreign currency on cash and cash                                 
 equivalents                                         (1,380)           (390)
----------------------------------------------------------------------------
                                                                            
Increase (decrease) in cash and cash                                        
 equivalents                                          64,477           3,000
                                                                            
Cash, beginning of period                             77,967          41,313
                                                                            
----------------------------------------------------------------------------
Cash, end of period                                $ 142,444        $ 44,313
----------------------------------------------------------------------------

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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 ...
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...
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet and...
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
"Tintri was started in 2008 with the express purpose of building a storage appliance that is ideal for virtualized environments. We support a lot of different hypervisor platforms from VMware to OpenStack to Hyper-V," explained Dan Florea, Director of Product Management at Tintri, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
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...
The speed of software changes in growing and large scale rapid-paced DevOps environments presents a challenge for continuous testing. Many organizations struggle to get this right. Practices that work for small scale continuous testing may not be sufficient as the requirements grow. In his session at DevOps Summit, Marc Hornbeek, Sr. Solutions Architect of DevOps continuous test solutions at Spirent Communications, explained the best practices of continuous testing at high scale, which is rele...
A critical component of any IoT project is what to do with all the data being generated. This data needs to be captured, processed, structured, and stored in a way to facilitate different kinds of queries. Traditional data warehouse and analytical systems are mature technologies that can be used to handle certain kinds of queries, but they are not always well suited to many problems, particularly when there is a need for real-time insights.
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and Containers together help companies to achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of D...
In his General Session at 16th Cloud Expo, David Shacochis, host of The Hybrid IT Files podcast and Vice President at CenturyLink, investigated three key trends of the “gigabit economy" though the story of a Fortune 500 communications company in transformation. Narrating how multi-modal hybrid IT, service automation, and agile delivery all intersect, he will cover the role of storytelling and empathy in achieving strategic alignment between the enterprise and its information technology.
IoT is at the core or many Digital Transformation initiatives with the goal of re-inventing a company's business model. We all agree that collecting relevant IoT data will result in massive amounts of data needing to be stored. However, with the rapid development of IoT devices and ongoing business model transformation, we are not able to predict the volume and growth of IoT data. And with the lack of IoT history, traditional methods of IT and infrastructure planning based on the past do not app...
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus o...