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Broadridge Reports Third Quarter 2014 Results

Announces Record YTD Revenue and EPS Reaffirms Full Year Guidance

LAKE SUCCESS, NY -- (Marketwired) -- 05/09/14 -- Broadridge Financial Solutions, Inc. (NYSE: BR) today reported financial results for the third quarter of its fiscal year 2014. Results for the three months ended March 31, 2014 compared with the same period last year were as follows:

  • Recurring fee revenues increased 9% to $387 million from $356 million
  • Total revenues increased 5% to $606 million from $577 million
  • Non-GAAP Net earnings increased 11% to $55 million from $50 million
  • GAAP Net earnings increased 17% to $51 million from $43 million
  • Non-GAAP Diluted earnings per share increased 13% to $0.44 from $0.39
  • GAAP Diluted earnings per share increased 17% to $0.41 from $0.35

Richard J. Daly, President and Chief Executive Officer, commented, "Our performance reflects the consistent, successful execution of our growth strategy and was primarily driven by our strong recurring revenue, including Net New Business gains in both business segments and ongoing favorable market-based activities. During the quarter, we introduced new product solutions, won additional clients, and continued to drive efficiencies through our operations. As evidenced by our exceptional client revenue retention rate, we are a trusted business partner. Our sales pipeline is robust and growing, and we anticipate closing at least one large transaction this fiscal year. The momentum in both business segments helped us deliver record financial results for the quarter and year to date, giving us the confidence to anticipate achieving the upper half of our revenue and EPS guidance ranges."

Mr. Daly concluded, "With the full year headed towards strong record results, our long term confidence continues to grow regarding Broadridge's value creation opportunities. Driven by the demand for our solutions coupled with favorable market-based activities and increased investments aligned with the trends of digitalization, cost mutualization, and intelligence from our unique data, we believe both business segments are well positioned to drive consistent growth and performance in the future. We believe Broadridge is on track to achieve our goal of top quartile stockholder returns for years to come."

Financial Results for Third Quarter Fiscal Year 2014

For the third quarter of fiscal year 2014, revenues increased 5% to $606 million, as compared to $577 million for the prior year period. The increase was driven by higher recurring fee revenues of approximately $32 million, or 9%, as a result of Net New Business (defined as recurring revenue closed sales less client losses) and internal growth factors. GAAP Pre-tax margins were 12.7% compared to 11.7% for the previous fiscal year, primarily due to higher revenues and operating leverage coupled with the positive impact of improved productivity from strategic initiatives. Non-GAAP Pre-tax margins were 13.7% as compared to 13.4% for the same period last year.

For the third quarter of fiscal year 2014, GAAP Net earnings increased 17% to $51 million, as compared to $43 million for the prior year period, primarily due to higher revenues and operating leverage coupled with the positive impact of improved productivity from strategic initiatives. Non-GAAP Net earnings were $55 million compared to $50 million for the same period last year. GAAP Diluted earnings per share increased to $0.41 per share, compared to $0.35 per share in the third quarter of fiscal year 2013. Non-GAAP Diluted earnings per share were $0.44 compared to $0.39 per share for the same period last year. Acquisition Amortization and Other Costs decreased GAAP Diluted earnings per share by $0.03 and $0.02 for the three months ended March 31, 2014 and 2013, respectively.

In addition, during the third quarter, the Company repurchased approximately 0.5 million shares of Broadridge common stock at an average price of approximately $38.19 per share.

Analysis of Third Quarter Fiscal Year 2014

Investor Communication Solutions

Revenues for the Investor Communication Solutions segment increased $26 million, or 6%, to $430 million for the third quarter of fiscal year 2014 compared to $404 million for the third quarter of fiscal year 2013. Higher recurring fee revenues contributed $23 million and higher distribution revenues contributed $2 million to the increase in revenues. The positive contribution from recurring fee revenues was driven primarily by Net New Business and higher internal growth from market-based activities. Pre-tax margins increased by 0.3 percentage points to 12.9% as a result of higher recurring fee revenues.

Securities Processing Solutions

Revenues for the Securities Processing Solutions segment increased $8 million, or 5%, to $178 million for the third quarter of fiscal year 2014 compared to $170 million for the third quarter of fiscal year 2013. The increase was the result of higher Net New Business and internal growth as a result of an increase in equity trade volumes. Pre-tax margins increased by 4.3 percentage points to 21.2% as a result of operating leverage and improved productivity from strategic initiatives.

Other

Pre-tax loss increased by $4 million in the third quarter of fiscal year 2014, primarily due to higher interest expense on our Long-term borrowings and an executive separation payment.

Financial Results for Year-to-Date Fiscal Year 2014

For the nine months ended March 31, 2014, revenues increased $106 million, or 7%, to $1,672 million, compared to $1,566 million for the comparable period last year. The increase was driven by a positive contribution from recurring fee revenues of approximately $92 million including Net New Business, higher distribution revenues of $14 million and higher event-driven fee revenues of $9 million. Fluctuations in foreign currency exchange rates negatively impacted revenues by $9 million. GAAP Pre-tax margins of 11.3% increased as compared to 7.7% for the previous fiscal year, primarily due to higher revenues and operating leverage coupled with the positive effect of improved productivity from strategic initiatives. Non-GAAP Pre-tax margins of 12.4% increased as compared to 9.3% for the same period last year.

For the nine months ended March 31, 2014, GAAP Net earnings increased $45 million, or 58%, to $123 million, compared to $78 million for the comparable period last year. Non-GAAP Net earnings were $134 million compared to $94 million for the prior year period. GAAP Diluted earnings per share increased to $0.99 per share compared to $0.62 per share for the comparable period last year. Non-GAAP Diluted earnings per share were $1.08 per share compared to $0.74 per share for the comparable period last year. Acquisition Amortization and Other Costs decreased GAAP Diluted earnings per share by $0.09 and $0.08, respectively, for both the nine months ended March 31, 2014 and 2013.

During the first nine months of fiscal year 2014, recurring revenue closed sales increased 5% to $62 million from last year's comparable period. Free cash flow was $143 million. Year to date, the Company repurchased approximately 0.9 million shares of Broadridge common stock under its stock repurchase plan at an average price of approximately $36.05 per share. As of March 31, 2014, approximately 5.7 million shares remain available for purchase under the stock repurchase plan.

Fiscal Year 2014 Financial Guidance

The Company is reaffirming its revised full year guidance that was provided in February 2014 with an expectation that revenue and earnings per share results will fall within the upper half of the guidance ranges. The Company anticipates:

  • Recurring revenue growth in the range of 7% to 8%, and total revenue growth in the range of 4% to 5%
  • Non-GAAP Pre-tax margins in the range of 16.4% to 17.0 %, and GAAP Pre-tax margins in the range of 15.5% to 16.1%
  • Non-GAAP Diluted earnings per share in the range of $2.15 to $2.25, and GAAP Diluted earnings per share in the range of $2.03 to $2.13, based on diluted weighted-average shares outstanding of approximately 124 million shares
  • Free cash flow in the range of approximately $275 million to $325 million
  • Recurring revenue closed sales in the range of $110 million to $150 million

The Non-GAAP Pre-tax margins and diluted earnings per share guidance ranges exclude the projected impact of Acquisition Amortization and Other Costs. Our guidance does not take into consideration the effect of any future acquisitions, additional debt or share repurchases.

Explanation of the Company's Use of Non-GAAP Financial Measures

In certain circumstances, results have been presented that are not generally accepted accounting principles measures ("Non-GAAP") and should be viewed in addition to, and not as a substitute for, the Company's reported results. These Non-GAAP measures are indicators that management uses to provide additional meaningful comparisons between current results and prior reported results, and as a basis for planning and forecasting for future periods. In addition, Broadridge believes this Non-GAAP information helps investors understand the effect of these items on reported results and provides a better representation of the Company's performance. Accompanying this release is a reconciliation of these Non-GAAP measures to the comparable GAAP measures.

Net earnings, Diluted earnings per share and Pre-tax margins excluding the impact of Acquisition Amortization and Other Costs and Restructuring Charges are Non-GAAP measures. Our fiscal year 2014 Non-GAAP results exclude the impact of Acquisition Amortization and Other Costs, and our fiscal year 2013 Non-GAAP results exclude the impact of Acquisition Amortization and Other Costs and Restructuring Charges. The Company expects to incur certain restructuring and reorganization costs during fiscal year 2014 as part of its normal business operations and may adjust its GAAP earnings results to the extent such restructuring and reorganization costs are significant. To date, the Company has incurred $1.2 million in such costs and deems these costs to be part of our normal business operations. Free cash flow is a Non-GAAP measure and is defined by the Company as cash flow from operating activities, less capital expenditures and purchases of intangibles.

Acquisition Amortization and Other Costs

Acquisition Amortization and Other Costs represent amortization charges associated with intangible asset values as well as other transaction costs associated with the Company's acquisitions. Acquisition Amortization and Other Costs are recorded in our Cost of revenues in the Condensed Consolidated Statements of Earnings for the three and nine months ended March 31, 2014 and 2013, respectively.

Restructuring Charges

For the three and nine months ended March 31, 2013, there were $4 million and $8 million, respectively, in pre-tax charges primarily related to severance costs resulting from the termination of the outsourcing services agreement between the Company and Penson Worldwide, Inc. These charges were recorded in our Other segment and Cost of revenues in the Condensed Consolidated Statements of Earnings for the three and nine months ended March 31, 2013.

Earnings Conference Call

An analyst conference call will be held today, Friday, May 9, 2014 at 8:30 a.m. ET. A live webcast of the call will be available to the public on a listen-only basis. To listen to the webcast and view the slide presentation, go to www.broadridge-ir.com. The presentation will also be available to download and print approximately one hour before the webcast. Broadridge's news releases, current financial information, SEC filings and Investor Relations presentations are accessible on the same website.

About Broadridge

Broadridge Financial Solutions, Inc. (NYSE: BR) is the leading provider of investor communications and technology-driven solutions for broker-dealers, banks, mutual funds and corporate issuers globally. Broadridge's investor communications, securities processing and business process outsourcing solutions help clients reduce their capital investments in operations infrastructure, allowing them to increase their focus on core business activities. With over 50 years of experience, Broadridge's infrastructure underpins proxy voting services for over 90% of public companies and mutual funds in North America, and processes more than $5 trillion in fixed income and equity trades per day. Broadridge employs approximately 6,400 full-time associates in 13 countries. For more information about Broadridge, please visit www.broadridge.com.

Forward-Looking Statements

This press release and other written or oral statements made from time to time by representatives of Broadridge may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical in nature, and which may be identified by the use of words such as "expects," "assumes," "projects," "anticipates," "estimates," "we believe," "could be" and other words of similar meaning, are forward-looking statements. In particular, information appearing in the "Fiscal Year 2014 Financial Guidance" section are forward-looking statements. These statements are based on management's expectations and assumptions and are subject to risks and uncertainties that may cause actual results to differ materially from those expressed. These risks and uncertainties include those risk factors discussed in Part I, "Item 1A. Risk Factors" of our Annual Report on Form 10-K for the fiscal year ended June 30, 2013 (the "2013 Annual Report"), as they may be updated in any future reports filed with the Securities and Exchange Commission. All forward-looking statements speak only as of the date of this press release and are expressly qualified in their entirety by reference to the factors discussed in the 2013 Annual Report. These risks include: the success of Broadridge in retaining and selling additional services to its existing clients and in obtaining new clients; Broadridge's reliance on a relatively small number of clients, the continued financial health of those clients, and the continued use by such clients of Broadridge's services with favorable pricing terms; changes in laws and regulations affecting Broadridge's clients or the investor communication services provided by Broadridge; declines in participation and activity in the securities markets; any material breach of Broadridge security affecting its clients' customer information; the failure of Broadridge's outsourced data center services provider to provide the anticipated levels of service; a disaster or other significant slowdown or failure of Broadridge's systems or error in the performance of Broadridge's services; overall market and economic conditions and their impact on the securities markets; Broadridge's failure to keep pace with changes in technology and demands of its clients; Broadridge's ability to attract and retain key personnel; the impact of new acquisitions and divestitures; and competitive conditions. Broadridge disclaims any obligation to update or revise forward-looking statements that may be made to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events, other than as required by law.



                    Broadridge Financial Solutions, Inc.
                Condensed Consolidated Statements of Earnings
                   (In millions, except per share amounts)
                                 (Unaudited)

                                      Three Months Ended  Nine Months Ended
                                           March 31,           March 31,
                                     ------------------- -------------------
                                        2014      2013      2014      2013
                                     --------- --------- --------- ---------
Revenues                             $   606.3 $   576.7 $ 1,672.1 $ 1,565.7
                                     --------- --------- --------- ---------
Cost of revenues                         427.6     426.2   1,210.2   1,203.8
Selling, general and administrative
 expenses                                 95.6      79.0     255.1     229.1
Other expenses, net                        6.2       3.8      17.9      11.8
                                     --------- --------- --------- ---------
  Total expenses                         529.4     509.0   1,483.2   1,444.7
                                     --------- --------- --------- ---------
Earnings before income taxes              76.9      67.7     188.9     121.0
Provision for income taxes                26.1      24.3      66.1      43.5
                                     --------- --------- --------- ---------
Net earnings                         $    50.8 $    43.4 $   122.8 $    77.5
                                     ========= ========= ========= =========
Basic earnings per share             $    0.42 $    0.36 $    1.03 $    0.63
                                     ========= ========= ========= =========
Diluted earnings per share           $    0.41 $    0.35 $    0.99 $    0.62
                                     ========= ========= ========= =========
Weighted-average shares outstanding:
  Basic                                  119.7     121.2     119.3     122.4
  Diluted                                124.8     125.0     124.0     125.9
Dividends declared per common share  $    0.21 $    0.18 $    0.63 $    0.54




                    Broadridge Financial Solutions, Inc.
                   Condensed Consolidated Balance Sheets
                  (In millions, except per share amounts)
                                (Unaudited)

                                                       March 31,   June 30,
                                                          2014       2013
                                                       ---------  ---------
Assets
Current assets:
  Cash and cash equivalents                            $   244.4  $   266.0
  Accounts receivable, net of allowance for doubtful
   accounts of $3.3 and $3.7, respectively                 426.3      442.4
  Other current assets                                     143.5       98.6
                                                       ---------  ---------
    Total current assets                                   814.2      807.0
Property, plant and equipment, net                          87.2       80.9
Goodwill                                                   854.7      778.4
Intangible assets, net                                     137.0      120.6
Other non-current assets                                   236.8      231.3
                                                       ---------  ---------
      Total assets                                     $ 2,129.9  $ 2,018.2
                                                       =========  =========
Liabilities and Stockholders' Equity
Current liabilities:
  Accounts payable                                     $   124.8  $   143.1
  Accrued expenses and other current liabilities           220.6      277.2
  Deferred revenues                                        148.3       49.2
                                                       ---------  ---------
    Total current liabilities                              493.7      469.5
Long-term debt                                             524.1      524.5
Deferred taxes                                              58.2       71.2
Deferred revenues                                           57.3       40.2
Other non-current liabilities                               97.7       96.8
                                                       ---------  ---------
      Total liabilities                                  1,231.0    1,202.2
                                                       ---------  ---------
Commitments and contingencies (Note 12)
Stockholders' equity:
  Preferred stock: Authorized, 25.0 shares; issued and
   outstanding, none                                          --         --
  Common stock, $0.01 par value: Authorized, 650.0
   shares; issued, 154.5 and 154.5 shares,
   respectively; outstanding, 119.9 and 119.0 shares,
   respectively                                              1.6        1.6
  Additional paid-in capital                               812.1      783.0
  Retained earnings                                        858.9      811.3
  Treasury stock, at cost: 34.6 and 35.5 shares,
   respectively                                           (781.5)    (784.1)
  Accumulated other comprehensive income                     7.8        4.2
                                                       ---------  ---------
    Total stockholders' equity                             898.9      816.0
                                                       ---------  ---------
      Total liabilities and stockholders' equity       $ 2,129.9  $ 2,018.2
                                                       =========  =========




                    Broadridge Financial Solutions, Inc.
                              Segment Results
                               (In millions)
                                (Unaudited)

                                                  Revenues
                                 ------------------------------------------
                                  Three Months Ended     Nine Months Ended
                                       March 31,             March 31,
                                 --------------------  --------------------
                                    2014       2013       2014       2013
                                 ---------  ---------  ---------  ---------

Investor Communication Solutions $   430.3  $   404.2  $ 1,152.4  $ 1,070.5
Securities Processing Solutions      177.9      169.6      520.7      487.3
Other                                   --        0.1         --        0.1
Foreign currency exchange             (1.9)       2.8       (1.0)       7.8
                                 ---------  ---------  ---------  ---------
  Total                          $   606.3  $   576.7  $ 1,672.1  $ 1,565.7
                                 =========  =========  =========  =========


                                     Earnings (Loss) before Income Taxes
                                 ------------------------------------------
                                  Three Months Ended     Nine Months Ended
                                       March 31,             March 31,
                                 --------------------  --------------------
                                    2014       2013       2014       2013
                                 ---------  ---------  ---------  ---------

Investor Communication Solutions $    55.5  $    50.8  $   117.1  $    94.5
Securities Processing Solutions       37.8       28.7      104.1       58.1
Other                                (20.0)     (15.9)     (45.3)     (42.9)
Foreign currency exchange              3.6        4.1       13.0       11.3
                                 ---------  ---------  ---------  ---------
  Total                          $    76.9  $    67.7  $   188.9  $   121.0
                                 =========  =========  =========  =========




                    Broadridge Financial Solutions, Inc.
                Reconciliation of Non-GAAP to GAAP Measures
                  (In millions, except per share amounts)

                                   Three Months Ended    Nine Months Ended
                                       March 31,             March 31,
                                  -------------------  --------------------
                                     2014      2013       2014       2013
                                  --------- ---------  ---------  ---------
Adjusted net earnings before
 income taxes (Non-GAAP)          $    83.3 $    77.2  $   206.7  $   146.1
  Acquisition Amortization and
   Other Costs                         (6.4)     (5.7)     (17.8)     (17.0)
  Restructuring Charges                  --      (3.8)        --       (8.1)
                                  --------- ---------  ---------  ---------
Earnings before income tax (GAAP) $    76.9 $    67.7  $   188.9  $   121.0
                                  ========= =========  =========  =========
  Adjusted Pre-tax margins (Non-
   GAAP)                               13.7%     13.4%      12.4%       9.3%
  Pre-tax margins (GAAP)               12.7%     11.7%      11.3%       7.7%


                                   Three Months Ended    Nine Months Ended
                                       March 31,             March 31,
                                  -------------------  --------------------
                                     2014      2013       2014       2013
                                  --------- ---------  ---------  ---------

Adjusted net earnings (Non-GAAP)  $    55.1 $    49.5  $   134.4  $    93.6
  Acquisition Amortization and
   Other Costs, net of taxes           (4.3)     (3.7)     (11.6)     (10.9)
  Restructuring Charges, net of
   taxes                                 --      (2.4)        --       (5.2)
                                  --------- ---------  ---------  ---------
Net earnings (GAAP)               $    50.8 $    43.4  $   122.8  $    77.5
                                  ========= =========  =========  =========


                                   Three Months Ended    Nine Months Ended
                                       March 31,             March 31,
                                  -------------------  --------------------
                                     2014      2013       2014       2013
                                  --------- ---------  ---------  ---------
Adjusted diluted earnings per
 share (Non-GAAP)                 $    0.44 $    0.39  $    1.08  $    0.74
  Acquisition Amortization and
   Other Costs, net of taxes          (0.03)    (0.02)     (0.09)     (0.08)
  Restructuring Charges, net of
   taxes                                 --     (0.02)        --      (0.04)
                                  --------- ---------  ---------  ---------
Diluted earnings per share (GAAP) $    0.41 $    0.35  $    0.99  $    0.62
                                  ========= =========  =========  =========




                    Broadridge Financial Solutions, Inc.
                Reconciliation of Non-GAAP to GAAP Measures
                            EBIT Reconciliation
                               (In millions)

                                              Q3 YTD           FY14
                                               FY14       Guidance Range
                                            ---------  --------------------
                                             Actuals      Low        High
                                            ---------  ---------  ---------
Adjusted EBIT (Non-GAAP)                    $     207  $     417  $     437
  Acquisition Amortization and Other Costs         18         23         23
  Interest and Other                              (18)       (25)       (25)
                                            ---------  ---------  ---------
Total Adjusted EBT (Non-GAAP)                     207        414        434
  Acquisition Amortization and Other Costs        (18)       (23)       (23)
  Restructuring Charges                            --         --         --
                                            ---------  ---------  ---------
Total EBT (GAAP)                            $     189  $     392  $     412
                                            =========  =========  =========


    Adjusted EBIT margins (Non-GAAP)             12.4%      16.5%      17.1%
    Adjusted EBT margins (Non-GAAP)              12.4%      16.4%      17.0%
    EBT margins (GAAP)                           11.3%      15.5%      16.1%

NOTE: Amounts in this table may not sum to totals due to rounding.




                    Broadridge Financial Solutions, Inc.
                Reconciliation of Non-GAAP to GAAP Measures
                         Fiscal Year 2014 Guidance
                  (In millions, except per share amounts)

                                                               FY14
                                                        Guidance Range (a)
                                                       --------------------
                                                          Low        High
                                                       ---------  ---------
Adjusted Earnings before income taxes (Non-GAAP)       $     414  $     434
    Acquisition Amortization and Other Costs                 (23)       (23)
                                                       ---------  ---------
    Earnings before income taxes (GAAP)                $     392        412
                                                       =========  =========

Adjusted Pre-tax margins (Non-GAAP)                         16.4%      17.0%
Pre-tax margins (GAAP)                                      15.5%      16.1%


                                                               FY14
                                                        Guidance Range (a)
                                                       --------------------
                                                           Low       High
                                                       ---------  ---------
Adjusted Diluted earnings per share (Non-GAAP)         $    2.15  $    2.25
  Acquisition Amortization and Other Costs                 (0.12)     (0.12)
                                                       ---------  ---------
  Diluted earnings per share (GAAP)                    $    2.03  $    2.13
                                                       =========  =========
(a) Guidance does not take into consideration the effect of any future
    acquisitions, additional debt and/or share repurchases.




                    Broadridge Financial Solutions, Inc.
                Reconciliation of Non-GAAP to GAAP Measures
                               Free Cash Flow
                               (In millions)

                                              Q3 YTD           FY14
                                               FY14       Guidance Range
                                            ---------  --------------------
                                             Actuals      Low        High
                                            ---------  ---------  ---------
Net Earnings (GAAP)                         $     123  $     252  $     265
  Depreciation and amortization (includes
   other LT assets)                                72        100        110
  Stock-based compensation expense                 25         33         35
  Other                                           (17)        (5)         5
                                            ---------  ---------  ---------
Subtotal                                          203        380        415

  Working capital changes                          (6)        (5)         5
Long-term assets & liabilities changes            (10)       (35)       (35)
                                            ---------  ---------  ---------

Net cash flow provided by operating
 activities                                       187        340        385

Cash Flows from Investing Activities
  Capital expenditures and software
   purchases                                      (44)       (65)       (60)
                                            ---------  ---------  ---------

    Free cash flow (Non-GAAP)               $     143  $     275  $     325
                                            =========  =========  =========
(a) Guidance does not take into consideration the effect of any future
    acquisitions, additional debt and/or share repurchases.


Contact Information
Investors:
David Ng
Broadridge Financial Solutions, Inc.
Managing Director, Head of Investor Relations
(516) 472-5491

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Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...
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SYS-CON Events announced today the Kubernetes and Google Container Engine Workshop, being held November 3, 2016, in conjunction with @DevOpsSummit at 19th Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA. This workshop led by Sebastian Scheele introduces participants to Kubernetes and Google Container Engine (GKE). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, students learn the key concepts and practices for deploying and maintainin...
Enterprise IT has been in the era of Hybrid Cloud for some time now. But it seems most conversations about Hybrid are focused on integrating AWS, Microsoft Azure, or Google ECM into existing on-premises systems. Where is all the Private Cloud? What do technology providers need to do to make their offerings more compelling? How should enterprise IT executives and buyers define their focus, needs, and roadmap, and communicate that clearly to the providers?
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.