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Snap-on Announces Second Quarter 2014 Results

Snap-on Incorporated (NYSE:SNA), a leading global innovator, manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users performing critical tasks, today announced operating results for the second quarter of 2014.

  • Sales of $826.5 million increased $62.4 million, or 8.2%, from 2013 levels; excluding $10.5 million of acquisition-related sales and $1.4 million of favorable foreign currency translation, organic sales increased 6.6%.
  • Operating earnings before financial services of $138.1 million improved to 16.7% of sales as compared to $117.8 million, or 15.4% of sales, last year.
  • Financial services operating earnings of $34.8 million increased $4.2 million from 2013 levels.
  • Consolidated operating earnings of $172.9 million improved to 19.7% of revenues (net sales plus financial services revenue) as compared to $148.4 million, or 18.4% of revenues, last year.
  • Net earnings of $106.1 million, or $1.80 per diluted share, compares with net earnings of $88.4 million, or $1.50 per diluted share, a year ago.

“Our second quarter results include broad-based organic sales growth, which we believe affirms Snap-on’s unique capabilities in providing repeatability and reliability to a wide range of professional customers performing critical tasks in workplaces of consequence,” said Nick Pinchuk, Snap-on chairman and chief executive officer. “At the same time, we remain committed to realizing ongoing benefits from our Snap-on Value Creation processes, as evidenced by this quarter’s 130 basis point improvement in operating margin before financial services and 20% growth in earnings per share. Finally, this continued progress along our defined runways for coherent growth and operating improvement would not be possible without the capability and commitment so evident across Snap-on, and I thank our franchisees and associates worldwide for their significant contributions and extraordinary efforts.”

Segment Results

Commercial & Industrial Group segment sales of $287.2 million in the quarter increased $21.0 million, or 7.9%, from 2013 levels. Excluding $1.2 million of unfavorable foreign currency translation, organic sales increased $22.2 million, or 8.4%, primarily due to higher volume with customers in critical industries and in the segment’s European-based hand tools business.

Operating earnings of $38.2 million in the period increased $4.6 million from 2013 levels, and the operating margin (operating earnings as a percentage of segment sales) of 13.3% improved 70 basis points from 12.6% a year ago.

Snap-on Tools Group segment sales of $369.1 million in the quarter rose $22.9 million, or 6.6%, from 2013 levels, reflecting sales increases in both the company’s U.S. and international franchise operations. Excluding $0.1 million of favorable foreign currency translation, organic sales also increased 6.6%.

Operating earnings of $60.5 million in the period increased $6.0 million from 2013 levels, and the operating margin of 16.4% improved 70 basis points from 15.7% a year ago.

Repair Systems & Information Group segment sales of $278.5 million in the quarter increased $32.3 million, or 13.1%, from 2013 levels. Excluding $10.5 million of acquisition-related sales and $2.7 million of favorable foreign currency translation, organic sales increased $19.1 million, or 7.7%, primarily due to higher sales to OEM dealership service and repair shops, and increased sales of diagnostic and repair information products to independent repair shop owners and managers.

Operating earnings of $64.6 million in the period increased $7.9 million from 2013 levels, and the operating margin of 23.2% improved 20 basis points from 23.0% a year ago.

Financial Services operating earnings of $34.8 million on revenue of $51.7 million in the quarter compares with operating earnings of $30.6 million on revenue of $44.5 million a year ago.

Corporate expenses of $25.2 million in the quarter compares with $27.0 million last year.

Outlook

In 2014, Snap-on expects to make continued progress along its defined runways for coherent growth, including enhancing the franchise network, expanding in the vehicle repair garage, extending to critical industries and building in emerging markets. In pursuit of these initiatives, Snap-on anticipates that capital expenditures in 2014 will be in a range of $75 million to $80 million. Snap-on continues to expect that its full year 2014 effective income tax rate will be comparable to its 2013 rate.

Conference Call and Webcast July 17, 2014, at 9:00 a.m. Central Time

A discussion of this release will be webcast on Thursday, July 17, 2014, at 9:00 a.m. Central Time, and a replay will be available for at least 10 days following the call. To access the webcast, including the accompanying slide presentation, visit www.snapon.com/sna and click on the link toward the bottom of the page. Additional detail about Snap-on is also available on the Snap-on website.

About Snap-on

Snap-on Incorporated is a leading global innovator, manufacturer and marketer of tools, equipment, diagnostics, repair information and systems solutions for professional users performing critical tasks. Products and services include hand and power tools, tool storage, diagnostics software, information and management systems, shop equipment and other solutions for vehicle dealerships and repair centers, as well as for customers in industries, including aviation and aerospace, agriculture, construction, government and military, mining, natural resources, power generation and technical education. Snap-on also derives income from various financing programs to facilitate the sales of its products. Products and services are sold through the company’s franchisee, company-direct, distributor and internet channels. Founded in 1920, Snap-on is a $3.1 billion, S&P 500 company headquartered in Kenosha, Wisconsin.

Forward-looking Statements

Statements in this news release that are not historical facts, including statements that (i) are in the future tense; (ii) include the words “expects,” “anticipates,” “intends,” “approximates,” or similar words that reference Snap-on or its management; (iii) are specifically identified as forward-looking; or (iv) describe Snap-on’s or management’s future outlook, plans, estimates, objectives or goals, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Snap-on cautions the reader that this news release may contain statements, including earnings projections, that are forward-looking in nature and were developed by management in good faith and, accordingly, are subject to risks and uncertainties regarding Snap-on’s expected results that could cause (and in some cases have caused) actual results to differ materially from those described or contemplated in any forward-looking statement. Factors that may cause the company’s actual results to differ materially from those contained in the forward-looking statements include those found in the company’s reports filed with the Securities and Exchange Commission, including the information under the “Safe Harbor” and “Risk Factors” headings in its Annual Report on Form 10-K for the fiscal year ended December 28, 2013, which are incorporated herein by reference. Snap-on disclaims any responsibility to update any forward-looking statement provided in this news release, except as required by law.

For additional information, please visit www.snapon.com.

SNAP-ON INCORPORATED
Condensed Consolidated Statements of Earnings
(Amounts in millions, except per share data)
(unaudited)
       
Three Months Ended Six Months Ended
June 28, June 29, June 28, June 29,
2014 2013 2014 2013
 
Net sales $ 826.5 $ 764.1 $ 1,614.0 $ 1,505.8
Cost of goods sold   (426.1 )   (390.9 )   (834.9 )   (775.7 )
Gross profit 400.4 373.2 779.1 730.1
Operating expenses   (262.3 )   (255.4 )   (519.3 )   (504.5 )
Operating earnings before financial services 138.1 117.8 259.8 225.6
 
Financial services revenue 51.7 44.5 101.9 88.5
Financial services expenses   (16.9 )   (13.9 )   (32.7 )   (27.4 )
Operating earnings from financial services   34.8     30.6     69.2     61.1  
 
Operating earnings 172.9 148.4 329.0 286.7
Interest expense (12.7 ) (13.8 ) (26.4 ) (27.4 )
Other income (expense) – net   0.3     (1.7 )   0.2     (2.3 )
Earnings before income taxes and equity earnings 160.5 132.9 302.8 257.0
Income tax expense   (51.9 )   (42.5 )   (96.2 )   (81.3 )
Earnings before equity earnings 108.6 90.4 206.6 175.7
Equity earnings, net of tax   0.2     0.3     0.4     0.1  
Net earnings 108.8 90.7 207.0 175.8
Net earnings attributable to noncontrolling interests   (2.7 )   (2.3 )   (5.0 )   (4.6 )
Net earnings attributable to Snap-on Inc. $ 106.1   $ 88.4   $ 202.0   $ 171.2  
 
Net earnings per share attributable to Snap-on Inc.:
Basic $ 1.83 $ 1.52 $ 3.48 $ 2.94
Diluted 1.80 1.50 3.42 2.90
 
Weighted-average shares outstanding:
Basic 58.1 58.2 58.1 58.2
Effect of dilutive securities   0.9     0.8     0.9     0.9  
Diluted   59.0     59.0     59.0     59.1  

SNAP-ON INCORPORATED
Supplemental Segment Information
(Amounts in millions)
(unaudited)
       
Three Months Ended Six Months Ended
June 28, June 29, June 28, June 29,
2014 2013 2014 2013
 
Net sales:
Commercial & Industrial Group $ 287.2 $ 266.2 $ 577.8 $ 532.6
Snap-on Tools Group 369.1 346.2 712.7 673.5
Repair Systems & Information Group   278.5     246.2     541.2     492.3  
Segment net sales 934.8 858.6 1,831.7 1,698.4
Intersegment eliminations   (108.3 )   (94.5 )   (217.7 )   (192.6 )
Total net sales $ 826.5 $ 764.1 $ 1,614.0 $ 1,505.8
Financial Services revenue   51.7     44.5     101.9     88.5  
Total revenues $ 878.2   $ 808.6   $ 1,715.9   $ 1,594.3  
 
Operating earnings:
Commercial & Industrial Group $ 38.2 $ 33.6 $ 77.3 $ 64.2
Snap-on Tools Group 60.5 54.5 109.7 101.7
Repair Systems & Information Group 64.6 56.7 122.7 113.2
Financial Services   34.8     30.6     69.2     61.1  
Segment operating earnings 198.1 175.4 378.9 340.2
Corporate   (25.2 )   (27.0 )   (49.9 )   (53.5 )
Operating earnings $ 172.9 $ 148.4 $ 329.0 $ 286.7
Interest expense (12.7 ) (13.8 ) (26.4 ) (27.4 )
Other income (expense) – net   0.3     (1.7 )   0.2     (2.3 )
Earnings before income taxes
and equity earnings $ 160.5   $ 132.9   $ 302.8   $ 257.0  

SNAP-ON INCORPORATED
Condensed Consolidated Balance Sheets
(Amounts in millions)
(unaudited)
 
  June 28,  

Dec. 28,

2014 2013
 
Assets
Cash and cash equivalents $ 115.8 $ 217.6
Trade and other accounts receivable – net 565.8 531.6
Finance receivables – net 400.5 374.6
Contract receivables – net 66.2 68.4
Inventories – net 467.5 434.4
Deferred income tax assets 88.5 85.4
Prepaid expenses and other assets   104.5     84.2  
Total current assets 1,808.8 1,796.2
 
Property and equipment – net 401.8 392.5
Deferred income tax assets 56.5 57.1
Long-term finance receivables – net 611.9 560.6
Long-term contract receivables – net 233.0 217.1
Goodwill 870.5 838.8
Other intangibles – net 188.6 190.5
Other assets   57.2     57.2  
Total assets $ 4,228.3   $ 4,110.0  
 
Liabilities and Equity
Notes payable and current maturities of long-term debt $ 46.3 $ 113.1
Accounts payable 171.9 155.6
Accrued benefits 46.6 48.1
Accrued compensation 83.4 95.5
Franchisee deposits 60.5 59.4
Other accrued liabilities   288.0     243.7  
Total current liabilities 696.7 715.4
 
Long-term debt 861.5 858.9
Deferred income tax liabilities 147.1 143.8
Retiree health care benefits 39.5 41.7
Pension liabilities 122.8 135.8
Other long-term liabilities   87.9     84.0  
Total liabilities   1,955.5     1,979.6  
 
Equity
Shareholders' equity attributable to Snap-on Inc.
Common stock 67.4 67.4
Additional paid-in capital 243.7 225.1
Retained earnings 2,474.3 2,324.1
Accumulated other comprehensive loss (36.5 ) (44.8 )
Treasury stock at cost   (493.5 )   (458.6 )
Total shareholders' equity attributable to Snap-on Inc. 2,255.4 2,113.2
Noncontrolling interests   17.4     17.2  
Total equity   2,272.8     2,130.4  
Total liabilities and equity $ 4,228.3   $ 4,110.0  

SNAP-ON INCORPORATED
Condensed Consolidated Statements of Cash Flows
(Amounts in millions)
(unaudited)
 
  Three Months Ended
June 28,   June 29,
2014 2013
Operating activities:
Net earnings $ 108.8 $ 90.7
Adjustments to reconcile net earnings to net cash provided (used) by
operating activities:
Depreciation 13.6 13.0
Amortization of other intangibles 6.1 6.5
Provision for losses on finance receivables 7.2 5.6
Provision for losses on non-finance receivables 3.2 2.1
Stock-based compensation expense 10.1 10.0
Excess tax benefits from stock-based compensation (2.7 ) (1.9 )
Deferred income tax benefit (9.6 ) (3.5 )
Loss on sale of assets 0.2 -
Changes in operating assets and liabilities, net of effects of acquisitions:
(Increase) decrease in trade and other accounts receivable (5.0 ) 2.4
Increase in contract receivables (8.0 ) (0.8 )
Increase in inventories (9.9 ) (15.7 )
Increase in prepaid and other assets (15.6 ) (10.5 )
Increase in accounts payable 11.4 4.4
Increase in accruals and other liabilities   14.6     7.8  
Net cash provided by operating activities 124.4 110.1
 
Investing activities:

Additions to finance receivables

(200.9 ) (177.1 )
Collections of finance receivables 142.9 124.6
Capital expenditures (22.7 ) (16.7 )
Acquisitions of businesses (41.6 ) (38.2 )
Disposal of property and equipment 0.3 0.2
Other   2.3     (0.3 )
Net cash used by investing activities (119.7 ) (107.5 )
 
Financing activities:
Proceeds from short-term borrowings - 1.6
Net increase in other short-term borrowings 29.8 2.4
Cash dividends paid (25.6 ) (22.3 )
Purchase of treasury stock (40.4 ) (40.4 )
Proceeds from stock purchase and option plans 19.3 18.7
Excess tax benefits from stock-based compensation 2.7 1.9
Other   (2.9 )   (2.4 )
Net cash used by financing activities (17.1 ) (40.5 )
 
Effect of exchange rate changes on cash and cash equivalents   0.4     (1.0 )
Decrease in cash and cash equivalents (12.0 ) (38.9 )
 
Cash and cash equivalents at beginning of period   127.8     213.6  
Cash and cash equivalents at end of period $ 115.8   $ 174.7  
 
Supplemental cash flow disclosures:
Cash paid for interest $ (1.6 ) $ (1.5 )
Net cash paid for income taxes (71.2 ) (57.9 )

SNAP-ON INCORPORATED
Condensed Consolidated Statements of Cash Flows
(Amounts in millions)
(unaudited)
 
  Six Months Ended
June 28,   June 29,
2014 2013
Operating activities:
Net earnings $ 207.0 $ 175.8
Adjustments to reconcile net earnings to net cash provided (used) by
operating activities:
Depreciation 27.0 25.5
Amortization of other intangibles 12.3 12.8
Provision for losses on finance receivables 13.4 9.5
Provision for losses on non-finance receivables 6.6 6.2
Stock-based compensation expense 18.7 19.5
Excess tax benefits from stock-based compensation (9.6 ) (5.9 )
Deferred income tax provision (benefit) (2.8 ) 10.9
Loss (gain) on sale of assets 0.2 (0.1 )
Changes in operating assets and liabilities, net of effects of acquisitions:
Increase in trade and other accounts receivable (36.0 ) (9.9 )
Increase in contract receivables (13.9 ) (7.3 )
Increase in inventories (28.4 ) (18.8 )
Increase in prepaid and other assets (35.3 ) (19.8 )
Increase in accounts payable 18.4 14.3
Increase (decrease) in accruals and other liabilities   35.1     (26.9 )
Net cash provided by operating activities 212.7 185.8
 
Investing activities:
Additions to finance receivables (370.6 ) (321.5 )
Collections of finance receivables 282.3 247.1
Capital expenditures (41.0 ) (31.4 )
Acquisitions of businesses (41.6 ) (38.2 )
Disposal of property and equipment 0.5 0.5
Other   (0.2 )   (10.5 )
Net cash used by investing activities (170.6 ) (154.0 )
 
Financing activities:
Repayment of long-term debt (100.0 ) -
Proceeds from short-term borrowings - 1.6
Repayments of short-term borrowings - (0.5 )
Net increase in other short-term borrowings 33.8 9.0
Cash dividends paid (51.2 ) (44.4 )
Purchase of treasury stock (62.5 ) (62.1 )
Proceeds from stock purchase and option plans 32.1 26.1
Excess tax benefits from stock-based compensation 9.6 5.9
Other   (6.0 )   (5.4 )
Net cash used by financing activities (144.2 ) (69.8 )
 
Effect of exchange rate changes on cash and cash equivalents   0.3     (1.8 )
Decrease in cash and cash equivalents (101.8 ) (39.8 )
 
Cash and cash equivalents at beginning of year   217.6     214.5  
Cash and cash equivalents at end of period $ 115.8   $ 174.7  
 
Supplemental cash flow disclosures:
Cash paid for interest $ (27.8 ) $ (27.4 )
Net cash paid for income taxes (87.9 ) (79.5 )

SNAP-ON INCORPORATED
Supplemental Consolidating Data - Condensed Statements of Earnings
(Amounts in millions)
(unaudited)
 
  Operations*   Financial Services
Three Months Ended Three Months Ended
June 28,   June 29, June 28,   June 29,
2014 2013 2014 2013
 
Net sales $ 826.5 $ 764.1 $ - $ -
Cost of goods sold   (426.1 )   (390.9 )   -     -  
Gross profit 400.4 373.2 - -
Operating expenses   (262.3 )   (255.4 )   -     -  
Operating earnings before financial services 138.1 117.8 - -
 
Financial services revenue - - 51.7 44.5
Financial services expenses   -     -     (16.9 )

 

(13.9 )
Operating earnings from financial services   -     -     34.8     30.6  
 
Operating earnings 138.1 117.8 34.8 30.6
Interest expense (12.5 ) (13.3 ) (0.2 ) (0.5 )
Intersegment interest income (expense) – net 13.9 11.8 (13.9 ) (11.8 )
Other income (expense) – net   0.3     (1.7 )   -     -  
Earnings before income taxes and equity earnings 139.8 114.6 20.7 18.3
Income tax expense   (44.3 )   (35.8 )   (7.6 )   (6.7 )
Earnings before equity earnings 95.5 78.8 13.1 11.6
Financial services – net earnings
attributable to Snap-on Inc. 13.1 11.6 - -
Equity earnings, net of tax   0.2     0.3     -     -  
Net earnings 108.8 90.7 13.1 11.6
Net earnings attributable to noncontrolling interests   (2.7 )   (2.3 )   -     -  
Net earnings attributable to Snap-on Inc. $ 106.1   $ 88.4   $ 13.1   $ 11.6  
 

* Snap-on Inc. with Financial Services on the equity method.

  Transactions between the Operations and Financial Services businesses were eliminated to arrive at the consolidated financial statements.

SNAP-ON INCORPORATED
Supplemental Consolidating Data - Condensed Statements of Earnings
(Amounts in millions)
(unaudited)
       
Operations* Financial Services
Six Months Ended Six Months Ended
June 28, June 29, June 28, June 29,
2014 2013 2014 2013
 
Net sales $ 1,614.0 $ 1,505.8 $ - $ -
Cost of goods sold   (834.9 )   (775.7 )   -     -  
Gross profit 779.1 730.1 - -
Operating expenses   (519.3 )   (504.5 )   -     -  
Operating earnings before financial services 259.8 225.6 - -
 
Financial services revenue - - 101.9 88.5
Financial services expenses   -     -     (32.7 )   (27.4 )
Operating earnings from financial services   -     -     69.2     61.1  
 
Operating earnings 259.8 225.6 69.2 61.1
Interest expense (26.0 ) (26.5 ) (0.4 ) (0.9 )
Intersegment interest income (expense) – net 27.3 23.1 (27.3 ) (23.1 )
Other income (expense) – net   0.2     (2.4 )   -     0.1  
Earnings before income taxes and equity earnings 261.3 219.8 41.5 37.2
Income tax expense   (81.0 )   (67.7 )   (15.2 )   (13.6 )
Earnings before equity earnings 180.3 152.1 26.3 23.6
Financial services – net earnings
attributable to Snap-on Inc. 26.3 23.6 - -
Equity earnings, net of tax   0.4     0.1     -     -  
Net earnings 207.0 175.8 26.3 23.6
Net earnings attributable to noncontrolling interests   (5.0 )   (4.6 )   -     -  
Net earnings attributable to Snap-on Inc. $ 202.0   $ 171.2   $ 26.3   $ 23.6  
 

* Snap-on Inc. with Financial Services on the equity method.

  Transactions between the Operations and Financial Services businesses were eliminated to arrive at the consolidated financial statements.

SNAP-ON INCORPORATED
Supplemental Consolidating Data - Condensed Balance Sheets
(Amounts in millions)
(unaudited)
 
  Operations*   Financial Services
June 28,  

Dec. 28,

June 28,  

Dec. 28,

2014 2013 2014 2013
Assets
Cash and cash equivalents $ 113.4 $ 214.4 $ 2.4 $ 3.2
Intersegment receivables 18.3 15.3 - -
Trade and other accounts receivable – net 565.3 531.1 0.5 0.5
Finance receivables – net - - 400.5 374.6
Contract receivables – net 7.5 7.0 58.7 61.4
Inventories – net 467.5 434.4 - -
Deferred income tax assets 74.1 71.1 14.4 14.3
Prepaid expenses and other assets   107.5   88.1   1.6   1.3
Total current assets 1,353.6 1,361.4 478.1 455.3
 
Property and equipment – net 400.4 390.9 1.4 1.6
Investment in Financial Services 206.0 193.7 - -
Deferred income tax assets 56.3 56.8 0.2 0.3
Intersegment long-term notes receivable 168.7 9.6 - -
Long-term finance receivables – net - - 611.9 560.6
Long-term contract receivables – net 12.8 12.0 220.2 205.1
Goodwill 870.5 838.8 - -
Other intangibles – net 188.6 190.5 - -
Other assets   60.3   58.9   1.1   1.1
Total assets $ 3,317.2 $ 3,112.6 $ 1,312.9 $ 1,224.0
 
Liabilities and Equity
Notes payable and current maturities of long-term debt $ 46.3 $ 13.1 $ - $ 100.0
Accounts payable 170.3 150.7 1.6 4.9
Intersegment payables - - 18.3 15.3
Accrued benefits 46.5 48.1 0.1 -
Accrued compensation 81.5 91.9 1.9 3.6
Franchisee deposits 60.5 59.4 - -
Other accrued liabilities   255.2   229.5   37.4   22.2
Total current liabilities 660.3 592.7 59.3 146.0
 
Long-term debt and intersegment long-term debt - - 1,030.2 868.5
Deferred income tax liabilities 147.0 142.7 0.1 1.1
Retiree health care benefits 39.5 41.7 - -
Pension liabilities 122.8 135.8 - -
Other long-term liabilities   74.8   69.3   17.3   14.7
Total liabilities   1,044.4   982.2   1,106.9   1,030.3
 
Total shareholders' equity attributable to Snap-on Inc. 2,255.4 2,113.2 206.0 193.7
Noncontrolling interests   17.4   17.2   -   -
Total equity   2,272.8   2,130.4   206.0   193.7
Total liabilities and equity $ 3,317.2 $ 3,112.6 $ 1,312.9 $ 1,224.0
 

* Snap-on Inc. with Financial Services on the equity method.

  Transactions between the Operations and Financial Services businesses were eliminated to arrive at the consolidated financial statements.

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I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
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 ...
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
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...
"My role is working with customers, helping them go through this digital transformation. I spend a lot of time talking to banks, big industries, manufacturers working through how they are integrating and transforming their IT platforms and moving them forward," explained William Morrish, General Manager Product Sales at Interoute, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Up until last year, enterprises that were looking into cloud services usually undertook a long-term pilot with one of the large cloud providers, running test and dev workloads in the cloud. With cloud’s transition to mainstream adoption in 2015, and with enterprises migrating more and more workloads into the cloud and in between public and private environments, the single-provider approach must be revisited. In his session at 18th Cloud Expo, Yoav Mor, multi-cloud solution evangelist at Cloudy...