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Belden Reports Record Revenues in the Second Quarter 2014

Belden Inc. (NYSE: BDC), a global leader in high quality, end-to-end signal transmission solutions for mission-critical applications, today reported fiscal second quarter 2014 results for the period ended June 29, 2014.

Second Quarter 2014 Highlights

  • Grew revenues by 13.5% from the year-ago period;
  • Generated record adjusted income from continuing operations per diluted share of $1.05;
  • Achieved record adjusted gross profit margins of 37.0%, an increase of 180 basis points from 35.2% in the second quarter 2013;
  • Announced the purchase of ProSoft, a leader in innovative solutions within the industrial market, for approximately $103 million; and
  • Purchased 424,469 shares of Belden common stock for $31.2 million during the quarter.

Second Quarter 2014

On a GAAP basis, revenues for the quarter totaled $600.9 million and were a company record. Revenues were up $71.4 million, or 13.5%, compared to $529.5 million in the second quarter 2013. Gross profit margin in the second quarter was 34.0%, increasing 20 basis points from 33.8% in the year-ago period. Operating profit margin in the second quarter was 2.1%, decreasing from 10.2% in the year-ago period. Income from continuing operations per diluted share was $0.00, compared to $0.66 in the second quarter 2013. Both operating profit margin and income from continuing operations per diluted share were impacted by previously announced acquisition related restructuring expenses and productivity enhancement programs that were implemented during the quarter.

Adjusted revenues for the quarter totaled $605.1 million and were also a company record. Adjusted revenues were up $72.5 million, or 13.6%, compared to $532.6 million in the second quarter 2013. Adjusted gross profit margin in the second quarter was 37.0%, increasing 180 basis points from 35.2% in the year-ago period. Adjusted operating profit margin in the second quarter was 13.0%, decreasing 120 basis points from 14.2% in the year-ago period, due to the initial impact of recently acquired Grass Valley. Adjusted income from continuing operations per diluted share totaled $1.05, compared to $0.99 in the second quarter 2013. A non-GAAP reconciliation table is provided as an appendix to this release.

John Stroup, President and CEO of Belden Inc., said, “I’m proud of our ability to deliver record results in the second quarter including revenues of $605.1 million, earnings per share of $1.05, and gross margins of 37.0%. I’m also pleased to announce the acquisition of ProSoft, a leader in innovative technology to industrial markets. So far this year, we’ve deployed more than $340 million in strategic acquisitions and share repurchases. Overall, the business performed well, with revenue strength in our Broadcast and Industrial Connectivity platforms offsetting the margin expansion initiatives within our Enterprise Connectivity business.”

Outlook

“The integration of Grass Valley is progressing well, and we look forward to the benefits of ProSoft joining the company. We remain committed to our strategic plan as we shift our focus and resources towards higher value products and services, and believe the best is still before us,” said Mr. Stroup.

The Company expects third quarter 2014 adjusted revenues to be $605 – $625 million and adjusted income from continuing operations per diluted share to be $1.05 – $1.15. For the full year ending December 31, 2014, the Company expects adjusted revenues to be $2.30 – $2.35 billion and adjusted income from continuing operations per diluted share to be $4.10 – $4.30.

On a GAAP basis, the Company expects third quarter 2014 revenues to be $599 – $619 million and income from continuing operations per diluted share to be $0.43 – $0.53. For the full year ending December 31, 2014, the Company expects revenues to be $2.28 – $2.33 billion and income from continuing operations per diluted share to be $1.68 – $1.88.

Earnings Conference Call

Management will host a conference call today at 10:30 am EDT to discuss results of the quarter and full-year. The listen-only audio of the conference call will be broadcast live via the Internet at http://investor.belden.com. An accompanying slide presentation and transcript of the prepared remarks will be available for download shortly before the call begins. The dial-in number for participants in the U.S. is 888-599-8685; the dial-in number for participants outside the U.S. is 913-312-0403. A replay of this conference call will remain accessible in the investor relations section of the Company’s Web site for a limited time.

 
BELDEN INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND

COMPREHENSIVE INCOME
(Unaudited)
 
 
      Three Months Ended     Six Months Ended
June 29, 2014     June 30, 2013 June 29, 2014     June 30, 2013
(In thousands, except per share data)
 
Revenues $ 600,891 $ 529,491 $ 1,088,581 $ 1,036,964
Cost of sales   (396,506 )   (350,295 )   (708,479 )   (690,415 )
Gross profit 204,385 179,196 380,102 346,549

Selling, general and administrative expenses

(145,902 ) (93,503 ) (240,750 ) (185,485 )
Research and development (31,618 ) (20,931 ) (52,189 ) (41,356 )
Amortization of intangibles (15,795 ) (13,105 ) (27,536 ) (26,082 )
Income from equity method investment   1,256     2,256     2,210     4,527  
Operating income 12,326 53,913 61,837 98,153
Interest expense (18,203 ) (18,345 ) (37,023 ) (34,250 )
Interest income   111     149     261     257  

Income (loss) from continuing operations before taxes

(5,766 ) 35,717 25,075 64,160
Income tax benefit (expense)   5,781     (6,225 )   96     (12,423 )

Income from continuing operations

15 29,492 25,171 51,737

Loss from disposal of discontinued operations, net of tax

  -     -     (562 )   -  
Net income $ 15   $ 29,492   $ 24,609   $ 51,737  
 
 

Weighted average number of common shares and equivalents:

Basic 43,603 43,928 43,559 44,173
Diluted 44,292 44,790 44,293 45,107
 
Basic income (loss) per share:
Continuing operations $ - $ 0.67 $ 0.58 $ 1.17
Discontinued operations   -     -     (0.01 )   -  
Net income $ -   $ 0.67   $ 0.57   $ 1.17  
 
 
Diluted income (loss) per share:
Continuing operations $ - $ 0.66 $ 0.57 $ 1.15
Discontinued operations   -     -     (0.01 )   -  
Net income $ -   $ 0.66   $ 0.56   $ 1.15  
 
Comprehensive income $ 13,894   $ 23,950   $ 27,175   $ 38,842  
 
Dividends declared per share $ 0.05 $ 0.05 $ 0.10 $ 0.10
 
 
BELDEN INC.
OPERATING SEGMENT INFORMATION
(Unaudited)
 
 
      Three months ended     Six months ended
June 29, 2014     June 30, 2013 June 29, 2014     June 30, 2013
Revenues: (In thousands)
Broadcast Solutions $ 248,115 $ 166,551 $ 413,983 $ 322,137
Enterprise Connectivity Solutions 121,272 132,929 229,666 249,556
Industrial Connectivity Solutions 178,244 171,892 337,562 348,613
Industrial IT Solutions   53,260     58,119     107,370     116,658  
Consolidated $ 600,891   $ 529,491   $ 1,088,581   $ 1,036,964  
 
Operating income (loss):
Broadcast Solutions $ (26,302 ) $ 3,505 $ (15,734 ) $ 3,359
Enterprise Connectivity Solutions 13,733 14,675 23,901 23,510
Industrial Connectivity Solutions 18,339 24,344 39,089 48,793
Industrial IT Solutions 6,002 9,225 14,149 18,742
All other   -     1,278     -     1,278  
Total segments 11,772 53,027 61,405 95,682
Eliminations (702 ) (1,370 ) (1,778 ) (2,056 )
Income from equity method investment   1,256     2,256     2,210     4,527  
Consolidated $ 12,326   $ 53,913   $ 61,837   $ 98,153  
 
         
BELDEN INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
 
June 29, 2014 December 31, 2013
(Unaudited)
(In thousands)
ASSETS
Current assets:
Cash and cash equivalents $ 444,965 $ 613,304
Receivables, net 416,998 304,204
Inventories, net 228,443 207,980
Deferred income taxes 28,630 28,767
Other current assets   59,645     41,243  
 
Total current assets 1,178,681 1,195,498
 
Property, plant and equipment, less accumulated depreciation 328,039 300,835
Goodwill 934,285 773,048
Intangible assets, less accumulated amortization 482,967 376,976
Deferred income taxes 27,246 26,034
Other long-lived assets   99,168     79,362  
 
$ 3,050,386   $ 2,751,753  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 248,095 $ 199,897
Accrued liabilities 224,430 199,169
Current maturities of long-term debt   2,500     2,500  
 
Total current liabilities 475,025 401,566
 
Long-term debt 1,559,071 1,364,536
Postretirement benefits 120,856 105,924
Other long-term liabilities 60,658 43,186
Stockholders’ equity:
Common stock 503 503
Additional paid-in capital 588,320 585,753
Retained earnings 576,403 556,214
Accumulated other comprehensive loss (26,615 ) (29,181 )
Treasury stock   (303,835 )   (276,748 )
 
Total stockholders’ equity   834,776     836,541  
$ 3,050,386   $ 2,751,753  
 
 
BELDEN INC.
CONDENSED CONSOLIDATED CASH FLOW STATEMENTS
(Unaudited)
         
Six Months Ended
June 29, 2014 June 30, 2013
(In thousands)
Cash flows from operating activities:
Net income $ 24,609 $ 51,737
Adjustments to reconcile net income to net cash provided by (used for) operating activities:
Depreciation and amortization 48,433 47,787
Share-based compensation 9,524 7,366
Provision for inventory obsolescence 4,119 963
Pension funding less than pension expense 1,721 1,723
Income from equity method investment (2,210 ) (4,527 )
Deferred income tax benefit (4,787 ) (897 )
Tax benefit related to share-based compensation (4,894 ) (5,362 )

Changes in operating assets and liabilities, net of the effects of currency exchange rate changes and acquired businesses:

Receivables (33,762 ) (43,370 )
Inventories 3,486 6,312
Accounts payable (4,584 ) 5,500
Accrued liabilities (32,271 ) (1,854 )
Accrued taxes (8,439 ) (85,769 )
Other assets 7,212 232
Other liabilities   2,398     3,659  
Net cash provided by (used for) operating activities 10,555 (16,500 )
 
Cash flows from investing activities:
Cash used to acquire businesses, net of cash acquired (311,467 ) (9,979 )
Capital expenditures (20,963 ) (20,266 )
Proceeds from (payments for) disposal of business (956 ) 3,735
Proceeds from disposal of tangible assets   13     3,136  
Net cash used for investing activities (333,373 ) (23,374 )
 
Cash flows from financing activities:
Borrowings under credit arrangements 200,000 388,220
Payments under share repurchase program (31,197 ) (62,500 )
Proceeds (payments) from exercise of stock options, net of withholding tax payments (7,741 ) (1,186 )
Debt issuance costs paid (5,702 ) (7,817 )
Cash dividends paid (4,358 ) (2,310 )
Payments under borrowing arrangements (625 ) (197,191 )
Tax benefit related to share-based compensation   4,894     5,362  
Net cash provided by financing activities 155,271 122,578
 
Effect of foreign currency exchange rate changes on cash and cash equivalents   (792 )   (1,598 )
 
Increase (decrease) in cash and cash equivalents (168,339 ) 81,106
Cash and cash equivalents, beginning of period   613,304     395,095  
Cash and cash equivalents, end of period $ 444,965   $ 476,201  
 

BELDEN INC.
RECONCILIATION OF NON-GAAP MEASURES
(Unaudited)

We define free cash flow, which is a non-GAAP financial measure, as net cash provided by operating activities adjusted for capital expenditures net of the proceeds from the disposal of tangible assets, non-recurring tax payments related to divestitures and the settlement of a tax sharing agreement, and cash payments for severance and other costs for the integration of our 2014 acquisition of Grass Valley. We believe free cash flow provides useful information to investors regarding our ability to generate cash from business operations that is available for acquisitions and other investments, service of debt principal, dividends and share repurchases. We use free cash flow, as defined, as one financial measure to monitor and evaluate performance and liquidity. Non-GAAP financial measures should be considered only in conjunction with financial measures reported according to accounting principles generally accepted in the United States. Our definition of free cash flow may differ from definitions used by other companies.

                 
Three Months Ended Six Months Ended
June 29, 2014 June 30, 2013 June 29, 2014 June 30, 2013
(In thousands)
GAAP net cash provided by (used for) operating activities $ 30,970 $ 55,226 $ 10,555 $ (16,500 )

Capital expenditures, net of proceeds from the disposal of tangible assets

(10,606 ) (11,770 ) (20,950 ) (17,130 )

Non-recurring tax payments made for gain on 2012 sale of Thermax and Raydex cable business

- 3,355 - 41,808

Non-recurring tax payments made in settlement of tax sharing agreement with Cooper Industries

- - - 30,000

Cash paid for severance and other costs for the integration of our acquisition of Grass Valley

12,768 - 12,768 -
Non-GAAP free cash flow $ 33,132   $ 46,811   $ 2,373   $ 38,178  
 

BELDEN INC.
RECONCILIATION OF NON-GAAP MEASURES
(Unaudited)

In addition to reporting financial results in accordance with accounting principles generally accepted in the United States, we provide non-GAAP operating results adjusted for certain items, including: asset impairments; accelerated depreciation expense due to plant consolidation activities; purchase accounting effects related to acquisitions, such as the adjustment of acquired inventory to fair value and transaction costs; revenue and cost of sales deferrals for acquired product lines subject to software revenue recognition accounting requirements; severance, restructuring, and acquisition integration costs; gains (losses) recognized on the disposal of businesses and tangible assets; amortization of intangible assets; and other costs. We utilize the adjusted results to review our ongoing operations without the effect of these adjustments and for comparison to budgeted operating results. We believe the adjusted results are useful to investors because they help them compare our results to previous periods and provide important insights into underlying trends in the business and how management oversees our business operations on a day-to-day basis. Adjusted results should be considered only in conjunction with results reported according to accounting principles generally accepted in the United States.

 
      Three Months Ended     Six Months Ended
June 29, 2014     June 30, 2013 June 29, 2014     June 30, 2013
(In thousands, except percentages and per share amounts)
 
GAAP revenues $ 600,891 $ 529,491 $ 1,088,581 $ 1,036,964
Deferred revenue adjustments   4,163     3,139     4,780     6,055  
Adjusted revenues $ 605,054   $ 532,630   $ 1,093,361   $ 1,043,019  
 
GAAP gross profit $ 204,385 $ 179,196 $ 380,102 $ 346,549
Severance, restructuring, and integration costs 8,035 3,061 7,986 3,170
Purchase accounting effects related to acquisitions 7,442 - 7,442 6,550
Deferred gross profit adjustments 3,915 2,445 4,365 4,572
Accelerated depreciation   -     2,685     -     2,685  
Adjusted gross profit $ 223,777   $ 187,387   $ 399,895   $ 363,526  

Adjusted gross profit margin

37.0 % 35.2 % 36.6 % 34.9 %
 
GAAP operating income $ 12,326 $ 53,913 $ 61,837 $ 98,153
Severance, restructuring, and integration costs 38,208 4,965 39,651 5,753
Amortization of intangible assets 15,795 13,105 27,536 26,082
Purchase accounting effects related to acquisitions 8,163 - 9,015 6,550
Deferred gross profit adjustments 3,915 2,445 4,365 4,572
Accelerated depreciation - 2,685 - 2,685
Gain on sale of assets   -     (1,278 )   -     (1,278 )
Total operating income adjustments   66,081     21,922     80,567     44,364  
Adjusted operating income $ 78,407   $ 75,835   $ 142,404   $ 142,517  

Adjusted operating income margin

13.0 % 14.2 % 13.0 % 13.7 %
 
GAAP income from continuing operations $ 15 $ 29,492 $ 25,171 $ 51,737
Operating income adjustments from above 66,081 21,922 80,567 44,364
Tax effect of adjustments   (19,635 )   (7,248 )   (23,855 )   (13,609 )
Adjusted income from continuing operations $ 46,461   $ 44,166   $ 81,883   $ 82,492  
 
GAAP income from continuing operations per diluted share $ - $ 0.66 $ 0.57 $ 1.15
Adjusted income from continuing operations per diluted share $ 1.05 $ 0.99 $ 1.85 $ 1.83
 
GAAP and Adjusted diluted weighted average shares 44,292 44,790 44,293 45,107
 

BELDEN INC.
RECONCILIATION OF NON-GAAP MEASURES
(Unaudited)

In addition to reporting financial results in accordance with accounting principles generally accepted in the United States, we provide non-GAAP operating results adjusted for certain items, including: asset impairments; accelerated depreciation expense due to plant consolidation activities; purchase accounting effects related to acquisitions, such as the adjustment of acquired inventory to fair value and transaction costs; revenue and cost of sales deferrals for acquired product lines subject to software revenue recognition accounting requirements; severance, restructuring, and acquisition integration costs; gains (losses) recognized on the disposal of businesses and tangible assets; amortization of intangible assets; and other costs. We utilize the adjusted results to review our ongoing operations without the effect of these adjustments and for comparison to budgeted operating results. We believe the adjusted results are useful to investors because they help them compare our results to previous periods and provide important insights into underlying trends in the business and how management oversees our business operations on a day-to-day basis. Adjusted results should be considered only in conjunction with results reported according to accounting principles generally accepted in the United States.

 
      Three Months Ended June 29, 2014

Broadcast
Solutions

   

Enterprise
Connectivity
Solutions

   

Industrial
Connectivity
Solutions

   

Industrial IT
Solutions

   

All Other

   

Total Segments

    Eliminations    

Income from
equity method
investment

    Consolidated
(In thousands, except percentages)
GAAP revenues $ 248,115 $ 121,272 $ 178,244 $ 53,260 $ - $ 600,891 $ - $ - $ 600,891
Deferred revenue adjustments   4,163     -     -     -     -     4,163     -     -   4,163  
Adjusted revenues $ 252,278   $ 121,272   $ 178,244   $ 53,260   $ -   $ 605,054   $ -   $ - $ 605,054  
 
GAAP operating income (loss) $ (26,302 ) $ 13,733 $ 18,339 $ 6,002 $ - $ 11,772 $ (702 ) $ 1,256 $ 12,326
Severance, restructuring, and integration costs 27,524 1,821 8,144 719 - 38,208 - - 38,208
Amortization of intangible assets 14,424 167 271 933 - 15,795 - - 15,795
Purchase accounting effects related to acquisitions 7,148 147 250 618 - 8,163 - - 8,163
Deferred gross profit adjustments   3,915     -     -     -     -     3,915     -     -   3,915  
Total operating income adjustments   53,011     2,135     8,665     2,270     -     66,081     -     -   66,081  
Adjusted operating income $ 26,709   $ 15,868   $ 27,004   $ 8,272   $ -   $ 77,853   $ (702 ) $ 1,256 $ 78,407  
Adjusted operating income margin 10.6 % 13.1 % 15.2 % 15.5 % 12.9 % 13.0 %
 
 
Three Months Ended June 30, 2013

Broadcast
Solutions

Enterprise
Connectivity
Solutions

Industrial
Connectivity
Solutions

Industrial IT
Solutions

All Other Total Segments Eliminations

Income from
equity method
investment

Consolidated
(In thousands, except percentages)
GAAP revenues $ 166,551 $ 132,929 $ 171,892 $ 58,119 $ - $ 529,491 $ - $ - $ 529,491
Deferred revenue adjustments   3,139     -     -     -     -     3,139     -     -   3,139  
Adjusted revenues $ 169,690   $ 132,929   $ 171,892   $ 58,119   $ -   $ 532,630   $ -   $ - $ 532,630  
 
GAAP operating income $ 3,505 $ 14,675 $ 24,344 $ 9,225 $ 1,278 $ 53,027 $ (1,370 ) $ 2,256 $ 53,913
Amortization of intangible assets 11,940 101 274 790 - 13,105 - - 13,105
Severance, restructuring, and integration costs 3,530 34 57 1,344 - 4,965 - - 4,965
Accelerated depreciation 2,685 - - - 2,685 - - 2,685
Deferred gross profit adjustments 2,445 - - - - 2,445 - - 2,445
Gain on sale of assets   -     -     -     -     (1,278 )   (1,278 )   -     -   (1,278 )
Total operating income adjustments   20,600     135     331     2,134     (1,278 )   21,922     -     -   21,922  
Adjusted operating income $ 24,105   $ 14,810   $ 24,675   $ 11,359   $ -   $ 74,949   $ (1,370 ) $ 2,256 $ 75,835  

Adjusted operating income margin

14.2 % 11.1 % 14.4 % 19.5 % 14.1 % 14.2 %
 
 
BELDEN INC.
RECONCILIATION OF NON-GAAP MEASURES
2014 REVENUE AND EARNINGS GUIDANCE
         
Year Ended Three Months Ended
December 31, 2014 September 28, 2014
Adjusted revenues $2.300 - $2.350 billion $605 - $625 million
Deferred revenue adjustments ($17 million) ($6 million)
GAAP revenues $2.283 - $2.333 billion $599 - $619 million
 
Adjusted income from continuing operations per diluted share $ 4.10 - $4.30 $ 1.05 - $1.15
Productivity improvement programs ($1.12 ) ($0.27 )
Amortization of intangible assets ($0.89 ) ($0.23 )
Deferred gross profit adjustments ($0.22 ) ($0.08 )
Purchase accounting effects of acquisitions   ($0.19 )   ($0.04 )
GAAP income from continuing operations per diluted share $ 1.68 - $1.88   $ 0.43 - $0.53  
 
 

Our guidance for revenues and income from continuing operations per diluted share is based upon the extent of information currently available regarding events and conditions that will impact our future operating results for 2014. Our actual results may be impacted by other additional events for which information is not available, such as asset impairments, purchase accounting effects related to acquisitions, severance and other restructuring costs, gains (losses) recognized on the disposal of tangible assets, gains (losses) on debt extinguishment, and other gains (losses) related to events or conditions that are not yet known.

Use of Non-GAAP Financial Information

Adjusted results are non-GAAP measures that reflect certain adjustments the Company makes to provide insight into operating results. All GAAP to non-GAAP reconciliations accompany the consolidated financial statements included in this release and have been published to the investor relations section of the Company’s Web site at http://investor.belden.com.

Forward Looking Statements

This release contains forward looking statements including our expectations for the third quarter and full-year 2014. Forward looking statements also include any other statements regarding future revenues, costs and expenses, operating income, earnings per share, margins, cash flows, dividends, and capital expenditures. These forward looking statements are based on forecasts and projections about the markets and industries served by the Company and about general economic conditions. They reflect management’s current beliefs and expectations and are not guarantees of future performance. The Company’s actual results may differ materially from these expectations for a number of reasons including: changes in the global economy may impact the Company’s results; turbulence in financial markets may increase the Company’s borrowing costs; the Company relies on key distributors in marketing products; the Company’s ability to execute and realize the expected benefits from strategic initiatives (including revenue growth, cost control, and productivity improvement programs); changes in the level of economic activity in the Company’s major geographic markets; difficulties in realigning manufacturing capacity and capabilities among the Company’s global manufacturing facilities; the competitiveness of the global broadcast, enterprise, and industrial markets; variability in the Company’s quarterly and annual effective tax rates; changes in accounting rules and interpretation of these rules which may affect the Company’s reported earnings; changes in currency exchange rates and political and economic uncertainties in the countries where the Company conducts business; demand for the Company’s products; the cost and availability of materials including copper, plastic compounds derived from fossil fuels, electronic components, and other materials; energy costs; the Company’s ability to achieve acquisition performance expectations and to integrate acquired businesses successfully; the ability of the Company to develop and introduce new products; the Company having to recognize charges that would reduce income as a result of impairing goodwill and other intangible assets; security risks and the potential for business interruption from operating in volatile countries; disruptions or failures of the Company’s (or the Company’s suppliers or customers) systems or operations in the event of a major earthquake, weather event, cyber-attack, terrorist attack, or other catastrophic event that could cause delays in completing sales, providing services, or performing other mission-critical functions; and other factors. For a more complete discussion of risk factors, please see our Annual Report on Form 10-K for the year ended December 31, 2013, filed with the SEC on February 27, 2014. Belden disclaims any duty to update any forward looking statements as a result of new information, future developments, or otherwise, except as required by law.

About Belden

St. Louis−based Belden Inc. delivers a comprehensive product portfolio designed to meet the mission-critical network infrastructure needs of industrial, enterprise and broadcast markets. With innovative solutions targeted at reliable and secure transmission of rapidly growing amounts of data, audio and video needed for today's applications, Belden is at the center of the global transformation to a connected world. Founded in 1902, the company is headquartered in St. Louis and has manufacturing capabilities in North and South America, Europe and Asia. For more information, visit us at www.belden.com or follow us on Twitter @BeldenInc.

BDC-E

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In his session at Cloud Expo, Robert Cohen, an economist and senior fellow at the Economic Strategy Institute, provideed economic scenarios that describe how the rapid adoption of software-defined everything including cloud services, SDDC and open networking will change GDP, industry growth, productivity and jobs. This session also included a drill down for several industries such as finance, social media, cloud service providers and pharmaceuticals.
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and senior enterprise architect at Collaborative Consulting, discussed the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of Soli...
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 Dataloop.IO, an innovator in cloud IT-monitoring whose products help organizations save time and money, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Dataloop.IO is an emerging software company on the cutting edge of major IT-infrastructure trends including cloud computing and microservices. The company, founded in the UK but now based in San Fran...
Join Impiger for their featured webinar: ‘Cloud Computing: A Roadmap to Modern Software Delivery’ on November 10, 2016, at 12:00 pm CST. Very few companies have not experienced some impact to their IT delivery due to the evolution of cloud computing. This webinar is not about deciding whether you should entertain moving some or all of your IT to the cloud, but rather, a detailed look under the hood to help IT professionals understand how cloud adoption has evolved and what trends will impact th...
In his session at 19th Cloud Expo, Claude Remillard, Principal Program Manager in Developer Division at Microsoft, contrasted how his team used config as code and immutable patterns for continuous delivery of microservices and apps to the cloud. He showed how the immutable patterns helps developers do away with most of the complexity of config as code-enabling scenarios such as rollback, zero downtime upgrades with far greater simplicity. He also demoed building immutable pipelines in the cloud ...