Welcome!

Symbian Authors: Jack Newton, Kevin Benedict, Matthew Lobas, Shelly Palmer, RealWire News Distribution

News Feed Item

Euronet Worldwide Reports Fourth Quarter and Full Year 2012 Financial Results

Euronet Worldwide, Inc. ("Euronet" or the "Company") (NASDAQ: EEFT), a leading electronic payments provider, reports fourth quarter and full year 2012 financial results.

Euronet reports the following consolidated results for the full year 2012 compared with the same period of 2011:

  • Revenues of $1,267.6 million, a 9% increase from $1,161.3 million (15% increase on a constant currency(1) basis).
  • Operating income of $58.0 million, a 27% decrease from $79.1 million (28% decrease on a constant currency basis).
  • Adjusted operating income(2) of $86.7 million, a 10% increase from $79.0 million (17% increase on a constant currency basis).
  • Adjusted EBITDA(3) of $162.8 million, an 8% increase from $150.2 million (15% increase on a constant currency basis).
  • Net earnings attributable to Euronet of $20.5 million or $0.40 diluted earnings per share, a 44% decrease from $36.9 million or $0.71 diluted earnings per share.
  • Adjusted cash earnings per share(4) of $1.57, a 6% increase from $1.48, including a one-time tax charge of three cents per share related to the repurchase of the Company's convertible bonds.
  • Transactions of 2,300 million, a 13% increase from 2,031 million.

Euronet reports the following consolidated results for the fourth quarter 2012 compared with the same period of 2011:

  • Revenues of $351.2 million, a 10% increase from $319.4 million (12% increase on a constant currency basis).
  • Operating loss of $1.9 million, a 108% decrease from operating income of $23.0 million (127% decrease on a constant currency basis).
  • Adjusted operating income of $26.8 million, a 17% increase from $23.0 million (18% increase on a constant currency basis).
  • Adjusted EBITDA of $45.8 million, a 10% increase from $41.7 million (11% increase on a constant currency basis).
  • Net loss attributable to Euronet of $13.0 million or $0.26 diluted loss per share, compared with net income of $10.9 million or $0.21 diluted earnings per share.
  • Adjusted cash earnings per share of $0.44, a 4% decrease from $0.46. Adjusted cash earnings per share would have been $0.47, a 2% increase, if not for a one-time tax charge of three cents per share related to the repurchase of the Company's convertible bonds.
  • Transactions of 604 million, a 10% increase from 550 million.

See the reconciliation of non-GAAP items in the attached financial schedules.

"I am pleased we delivered record annual adjusted cash earnings per share," stated Michael J. Brown, Euronet's Chairman and Chief Executive Officer. "This earnings growth was the result of our continued focus on new products and markets together with effective execution across most of our business."

"Our EFT and Money Transfer Segments finished the year with strong 55% and 67% fourth quarter constant currency operating income growth, respectively," continued Mr. Brown. "And, while we still face challenges in some of our epay markets, we are starting to see benefits from the non-mobile content and value added services we introduced during the year. We look forward to the second quarter 2013 when we expect epay to stabilize."

In the fourth quarter 2012, the Company completed its annual goodwill impairment testing and recorded a non-cash goodwill and acquired intangible asset impairment charge of $28.7 million related to the Company's epay Brazil business. While the Company continues to introduce additional electronic payment products into the Brazilian market, the financial contribution of these products has not replaced the loss of earnings resulting from the continued impact of changes in distribution strategies of certain mobile operators in Brazil.

Segment and Other Results

The EFT Processing Segment reports the following results for the full year 2012 compared with the same period of 2011:

  • Revenues of $237.9 million, a 19% increase from $199.3 million (32% increase on a constant currency basis).
  • Operating income of $44.4 million, a 34% increase from $33.2 million (46% increase on a constant currency basis).
  • Adjusted operating income of $44.4 million, a 35% increase from $32.9 million (47% increase on a constant currency basis).
  • Adjusted EBITDA of $69.7 million, a 29% increase from $54.0 million (41% increase on a constant currency basis).
  • Transactions of 1,156 million, a 23% increase from 943 million.
  • Operated 17,600 ATMs as of December 31, 2012, a 24% increase from 14,224 ATMs as of December 31, 2011.

The EFT Processing Segment reports the following results for the fourth quarter 2012 compared with the same period of 2011:

  • Revenues of $64.8 million, a 19% increase from $54.3 million (22% increase on a constant currency basis).
  • Operating income of $13.6 million, a 53% increase from $8.9 million (55% increase on a constant currency basis).
  • Adjusted EBITDA of $20.2 million, a 38% increase from $14.6 million (40% increase on a constant currency basis).
  • Transactions of 297 million, a 16% increase from 257 million.

Revenue, operating income and Adjusted EBITDA expansion in the fourth quarter and full year 2012 is largely attributable to a 24% increase in ATMs under management, growth of value added services and increased demand for software products.

Transaction growth of 23% for the full year and 16% for the fourth quarter was driven by ATM expansion in India, Poland and Romania, together with further development of the European cross-border acquiring business. Revenue growth outpaced transaction growth due to a shift towards higher priced transactions. ATM growth was largely attributable to brown label ATM deployments in India and the cash4you acquisition in Poland completed late in the fourth quarter 2011. The deployment of brown label ATMs in India contributed to fourth quarter earnings growth, but negatively impacted full year results due to the ramp-up of transactions on these new ATMs.

The epay Segment reports the following results for the full year 2012 compared with the same period for 2011:

  • Revenues of $714.2 million, a 5% increase from $677.1 million (10% increase on a constant currency basis).
  • Operating income of $19.6 million, a 65% decrease from $56.8 million (76% decrease on a constant currency basis).
  • Adjusted operating income of $48.3 million, a 15% decrease from $57.0 million (14% decrease on a constant currency basis).
  • Adjusted EBITDA of $68.1 million, a 10% decrease from $75.5 million (7% decrease on a constant currency basis).
  • Transactions of 1,113 million, a 5% increase from 1,064 million.
  • Point of sale ("POS") terminals of approximately 680,000 as of December 31, 2012, an 11% increase from approximately 615,000 as of December 31, 2011.
  • Retailer locations of approximately 339,000 as of December 31, 2012, an 16% increase from approximately 293,000 as of December 31, 2011.

The epay Segment reports the following results for the fourth quarter 2012 compared with the same period of 2011:

  • Revenues of $199.5 million, a 4% increase from $191.2 million (6% increase on a constant currency basis).
  • Operating loss of $13.8 million compared with operating income of $16.9 million.
  • Adjusted operating income of $14.9 million, a 12% decrease from $16.9 million (11% decrease on a constant currency basis).
  • Adjusted EBITDA of $19.4 million, a 12% decrease from $22.1 million (11% decrease on a constant currency basis).
  • Transactions of 298 million, a 4% increase from 286 million.

Full year revenue growth versus the prior year was largely due to the September 2011 acquisition of cadooz. Revenue increases in the fourth quarter 2012 compared with the prior year were from continued demand for non-mobile products in Germany and prepaid mobile sales in the U.S. Adjusted operating income and Adjusted EBITDA declines for both the full year and fourth quarter were primarily focused in Brazil, Spain and Australia, partially offset by increases in Germany and the U.S.

Transaction growth of 5% and 4% for the full year and fourth quarter 2012, respectively, was driven by volume increases in the U.S., Germany, India and France. These volume increases were partially offset by declines in Spain, Australia and Brazil.

The Money Transfer Segment reports the following results for the full year 2012 compared with the same period for 2011:

  • Revenues of $316.1 million, an 11% increase from $285.3 million (15% increase on a constant currency basis).
  • Operating income of $24.6 million, a 44% increase from $17.1 million (50% increase on a constant currency basis).
  • Adjusted EBITDA of $43.4 million, a 16% increase from $37.5 million (20% increase on a constant currency basis).
  • Total transactions of 30.7 million, a 25% increase from 24.5 million.
  • Network locations of approximately 177,000 as of December 31, 2012, a 21% increase from approximately 146,000 as of December 31, 2011.

The Money Transfer Segment reports the following results for the fourth quarter 2012 compared with the same period of 2011:

  • Revenues of $87.2 million, an 18% increase from $74.0 million (19% increase on a constant currency basis).
  • Operating income of $7.4 million, a 64% increase from $4.5 million (67% increase on a constant currency basis).
  • Adjusted EBITDA of $12.2 million, a 30% increase from $9.4 million (31% increase on a constant currency basis).
  • Total transactions of 8.6 million, a 28% increase from 6.7 million.

Revenue, operating income and Adjusted EBITDA expansion was driven by total transaction growth of 25% and 28% for the full year and fourth quarter, respectively. The strong growth resulted from Ria's continued focus on network expansion, which increased 21% over the prior year, together with additional transactions generated within existing markets.

For the full year, the number of money transfers increased 15%, including 18% from the U.S. and 10% from markets outside of the U.S. For the fourth quarter, money transfers increased 20%, including 26% from the U.S. and 13% from non-U.S. markets. Transfers from the U.S. to Mexico grew 19% and 28% for the full year and fourth quarter, respectively, with the fourth quarter representing the strongest quarterly growth in 2012. Non-money transfers increased 83% and 63% for the full year and fourth quarter, respectively.

Corporate and Other reports $30.6 million of expense for 2012 compared with $28.0 million for 2011. Fourth quarter 2012 Corporate expense was $9.1 million compared with $7.3 million for the fourth quarter 2011. The increase in Corporate expense is primarily attributable to long and short-term incentive compensation expense related to improved Company results.

Balance Sheet and Financial Position

Unrestricted cash on hand was $191.2 million as of December 31, 2012, compared to $191.8 million as of September 30, 2012. Total indebtedness was $301.3 million as of December 31, 2012, compared to $261.6 million as of September 30, 2012. Total debt increased as a result of borrowings to fund the repurchase of shares from DST Systems, Inc. and the acquisition of ezi-pay in New Zealand, partly offset by repayments of debt made using cash flows generated from operations.

Guidance

The Company currently expects adjusted cash earnings per share for the first quarter 2013 to be approximately $0.37, assuming foreign currency exchange rates remain stable through the end of the quarter.

Non-GAAP Measures

In addition to the results presented in accordance with U.S. GAAP, the Company presents non-GAAP financial measures, such as constant currency financial measures, adjusted operating income, adjusted EBITDA and adjusted cash earnings per share. These measures should be used in addition to, and not a substitute for, net income, operating income and earnings per share computed in accordance with U.S. GAAP. We believe that these non-GAAP measures provide useful information to investors regarding the Company's performance and overall results of operations. These non-GAAP measures are also an integral part of the Company's internal reporting and performance assessment for executives and senior management. The non-GAAP measures used by the Company may not be comparable to similarly titled non-GAAP measures used by other companies. The attached schedules provide a full reconciliation of these non-GAAP financial measures to their most directly comparable U.S. GAAP financial measure.

(1) Constant currency measures are computed as if foreign currency exchange rates did not change from the prior period. This information is provided to illustrate the impact of changes in foreign currency exchange rates on the Company's results when compared to the prior period.

(2) Adjusted operating income is defined as operating income excluding goodwill and acquired intangible asset impairment charges, changes in the value of acquisition contingent consideration and non-recurring items that are considered expenses under U.S. GAAP.

(3) Adjusted EBITDA is defined as net income excluding income tax expense, depreciation, amortization, share-based compensation expenses and other non-operating or non-recurring items that are considered expenses under U.S. GAAP.

(4) Adjusted cash earnings per share is defined as diluted U.S. GAAP earnings per share excluding the tax-effected impacts of: a) foreign exchange gains or losses, b) goodwill and acquired intangible asset impairment charges, c) gains or losses from the early retirement of debt, d) share-based compensation, e) acquired intangible asset amortization, f) non-cash interest expense, g) non-cash income tax expense, and h) other non-operating or non-recurring items. Adjusted cash earnings per share includes shares potentially issuable in settlement of convertible bonds or other obligations, if the assumed issuances are dilutive to adjusted cash earnings per share. Adjusted cash earnings per share represents a performance measure and is not intended to represent a liquidity measure.

Conference Call and Slide Presentation

Euronet Worldwide will host an analyst conference call on February 13, 2013, at 9:00 a.m. Eastern Time to discuss these results. To listen to the call via telephone, dial 877-303-6313 (USA) or +1-631-813-4734 (non-USA). The conference call will also be available via webcast at http://ir.euronetworldwide.com. Participants should go to the website at least five minutes prior to the scheduled start time of the event to register. A slideshow will be included in the webcast.

A webcast replay will be available beginning approximately one hour after the event at http://ir.euronetworldwide.com and will remain available for one year.

About Euronet Worldwide, Inc.

Euronet Worldwide is an industry leader in processing secure electronic financial transactions. The Company offers payment and transaction processing solutions to financial institutions, retailers, service providers and individual consumers. These services include comprehensive ATM, POS and card outsourcing services, card issuing and merchant acquiring services, software solutions, consumer money transfer and bill payment services, and electronic distribution for prepaid mobile phone time and other prepaid products.

Euronet's global payment network is extensive - including 17,600 ATMs, approximately 67,000 EFT POS terminals and a growing portfolio of outsourced debit and credit card services which are under management in 38 countries; card software solutions; a prepaid processing network of approximately 680,000 POS terminals at approximately 339,000 retailer locations in 30 countries; and a consumer-to-consumer money transfer network of approximately 177,000 locations serving 133 countries. With corporate headquarters in Leawood, Kansas, USA, and 49 worldwide offices, Euronet serves clients in approximately 150 countries. For more information, please visit the Company's website at www.euronetworldwide.com.

Statements contained in this news release that concern Euronet's or its management's intentions, expectations, or predictions of future performance, are forward-looking statements. Euronet's actual results may vary materially from those anticipated in such forward-looking statements as a result of a number of factors, including: conditions in world financial markets and general economic conditions, including economic conditions in specific countries or regions; technological developments affecting the market for the Company's products and services; the ability of the Company to successfully introduce new products; foreign currency exchange rate fluctuations; the effects of any potential future computer security breaches; the Company's ability to renew existing contracts at profitable rates; changes in fees payable for transactions performed for cards bearing international logos or over switching networks such as card transactions on ATMs; changes in the Company's relationship with, or in fees charged by, the Company's business partners; competition; the outcome of claims and other loss contingencies affecting the Company; and changes in laws and regulations affecting the Company's business, including immigration laws. These risks and other risks are described in the Company's filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Copies of these filings may be obtained via the SEC's Edgar website or by contacting the Company or the SEC. Any forward-looking statements made in this release speak only as of the date of this release. Euronet does not intend to update these forward-looking statements and undertakes no duty to any person to provide any such update under any circumstances. The Company regularly posts important information to the investor relations section of its website.

EURONET WORLDWIDE, INC.
Consolidated Statements of Operations
(unaudited - in millions, except share and per share data)
                 
Year Ended Three Months Ended
December 31, December 31,
2012 2011 2012 2011
 
Revenues $ 1,267.6   $ 1,161.3   $ 351.2   $ 319.4  
 
Operating expenses:
Direct operating costs 812.1 740.7 225.1 203.9
Salaries and benefits 184.2 168.6 49.4 44.4
Selling, general and administrative 120.4 112.5 33.9 32.2
Impairment of goodwill and acquired intangible assets 28.7 28.7
Depreciation and amortization 64.2   60.4   16.0   15.9  
Total operating expenses 1,209.6   1,082.2   353.1   296.4  
Operating income (loss) 58.0   79.1   (1.9 ) 23.0  
 
Other income (expense):
Interest income 4.0 5.7 0.5 1.4
Interest expense (19.5 ) (21.5 ) (3.0 ) (5.8 )
Income from unconsolidated affiliates 0.9 1.9 0.1 0.4
Other gains, net 4.1 1.0
Loss on early retirement of debt (1.9 )
Foreign exchange (loss) gain, net (0.2 ) (1.6 ) 1.1   (2.7 )
Total expense, net (10.7 ) (16.4 ) (1.3 ) (6.7 )
Income (loss) before income taxes 47.3 62.7 (3.2 ) 16.3
 
Income tax expense (27.0 ) (24.7 ) (9.6 ) (5.3 )
 
Net income (loss) 20.3 38.0 (12.8 ) 11.0
Net loss (income) attributable to noncontrolling interests 0.2   (1.1 ) (0.2 ) (0.1 )
Net income (loss) attributable to Euronet Worldwide, Inc. $ 20.5   $ 36.9   $ (13.0 ) $ 10.9  
 
 
Earnings (loss) per share attributable to Euronet
Worldwide, Inc. stockholders - diluted
Earnings (loss) per share $ 0.40   $ 0.71   $ (0.26 ) $ 0.21  
 
Diluted weighted average shares outstanding 51,412,510   51,729,513   50,002,236   51,185,879  
 
EURONET WORLDWIDE, INC.
Condensed Consolidated Balance Sheets
(in millions)
             
 
As of
December 31, As of
2012 December 31,
(unaudited) 2011
 
ASSETS
Current assets:
Cash and cash equivalents $ 191.2 $ 170.7
Restricted cash 81.9 73.3
Inventory - PINs and other 101.2 98.8
Trade accounts receivable, net 370.8 349.5
Other current assets, net 68.1   61.7
 
Total current assets 813.2 754.0
 
Property and equipment, net 115.5 102.9
Goodwill and acquired intangible assets, net 565.2 588.5
Other assets, net 57.6   60.9
 
Total assets $ 1,551.5   $ 1,506.3
 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and other current liabilities $ 686.7 $ 601.6
Short-term debt obligations 10.0   172.9
 
Total current liabilities 696.7 774.5
 
Debt obligations, net of current portion 286.7 161.7
Capital lease obligations, net of current portion 4.6 4.2
Deferred income taxes 22.0 26.0
Other long-term liabilities 14.9   13.2
 
Total liabilities 1,024.9 979.6
 
Equity 526.6   526.7
 
Total liabilities and equity $ 1,551.5   $ 1,506.3
 
EURONET WORLDWIDE, INC.
Reconciliation of Net Income (Loss) to Adjusted EBITDA and Operating Income (Expense) to Adjusted Operating Income (Expense)
(unaudited - in millions)
                     
Year ended December 31, 2012
 
EFT Processing     epay     Money Transfer     Corporate Services     Consolidated
 
Net income $ 20.3
 
Add: Income tax expense 27.0
Add: Total other expense, net 10.7  
 
Operating income (expense) $ 44.4 $ 19.6 $ 24.6 $ (30.6 ) 58.0
 
Add: Impairment charges       28.7                   28.7  
 
Adjusted operating income (expense)(1) 44.4 48.3 24.6 (30.6 ) 86.7
 
Add: Depreciation and amortization 25.3 19.7 18.8 0.4 64.2
Add: Share-based compensation       0.1             11.8       11.9  
 
Earnings (expense) before interest, taxes, depreciation, amortization, share-based compensation and other non-operating and non-recurring items (Adjusted EBITDA) (1) $ 69.7       $ 68.1       $ 43.4       $ (18.4 )     $ 162.8  
 
 
Year ended December 31, 2011
 
EFT Processing     epay     Money Transfer     Corporate Services     Consolidated
 
Net income $ 38.0
 
Add: Income tax expense 24.7
Add: Total other expense, net 16.4  
 
Operating income (expense) $ 33.2 $ 56.8 $ 17.1 $ (28.0 ) 79.1
 
Adjust: Change in fair value of acquisition contingent consideration (0.3 )     0.2                   (0.1 )
 
Adjusted operating income (expense) 32.9 57.0 17.1 (28.0 ) 79.0
 
Add: Depreciation and amortization 21.1 18.5 20.4 0.4 60.4
Add: Share-based compensation                   10.8       10.8  
 
Earnings (expense) before interest, taxes, depreciation, amortization, share-based compensation and other non-operating and non-recurring items (Adjusted EBITDA) (1) $ 54.0       $ 75.5       $ 37.5       $ (16.8 )     $ 150.2  
 

(1) Adjusted EBITDA and adjusted operating income (expense) are non-GAAP measures that should be considered in addition to, and not a substitute for, net income (loss) and operating income (expense) computed in accordance with U.S. GAAP.

EURONET WORLDWIDE, INC.

Reconciliation of Net Income (Loss) to Adjusted EBITDA and Operating Income (Loss) to Adjusted Operating Income (Expense)

(unaudited - in millions)
                     
Three months ended December 31, 2012
 
EFT Processing     epay     Money Transfer     Corporate Services     Consolidated
 
Net loss $ (12.8 )
 
Add: Income tax expense 9.6
Add: Total other expense, net 1.3  
 

Operating income (loss)

$ 13.6 $ (13.8 ) $ 7.4 $ (9.1 ) (1.9 )
 
Add: Impairment charges       28.7                   28.7  
 

Adjusted operating income (expense)

13.6 14.9 7.4 (9.1 ) 26.8

 

Add: Depreciation and amortization 6.6 4.5 4.8 0.1 16.0
Add: Share-based compensation                   3.0       3.0  
 
Earnings (expense) before interest, taxes, depreciation, amortization, share-based compensation and other non-operating and non-recurring items (Adjusted EBITDA) (1) $ 20.2       $ 19.4       $ 12.2       $ (6.0 )     $ 45.8  
 
 
Three months ended December 31, 2011
 
EFT Processing     epay     Money Transfer     Corporate Services     Consolidated
 
Net income $ 11.0
 
Add: Income tax expense 5.3
Add: Total other expense, net 6.7  
 
Operating income (expense) $ 8.9 $ 16.9 $ 4.5 $ (7.3 ) 23.0
 
Add: Depreciation and amortization 5.7 5.2 4.9 0.1 15.9
Add: Share-based compensation                   2.8       2.8  
 
Earnings (expense) before interest, taxes, depreciation, amortization, share-based compensation and other non-operating and non-recurring items (Adjusted EBITDA) (1) $ 14.6       $ 22.1       $ 9.4       $ (4.4 )     $ 41.7  
 

(1) Adjusted EBITDA and adjusted operating income (expense) are non-GAAP measures that should be considered in addition to, and not a substitute for, net income (loss) and operating income (expense) computed in accordance with U.S. GAAP.

EURONET WORLDWIDE, INC.
Reconciliation of Adjusted Cash Earnings per Share
(unaudited - in millions, except share and per share data)
                       
Year Ended Three Months Ended
December 31, December 31,
2012 2011 2012 2011
 
Net income (loss) attributable to Euronet Worldwide, Inc. $ 20.5 $ 36.9 $ (13.0 ) $ 10.9
3.5% convertible debt interest and amortization of issuance costs, net of tax(1) 5.1     0.3   3.5
Earnings (loss) applicable for common shareholders -- cash earnings per share 25.6 36.9 (12.7 ) 14.4
 
Foreign exchange loss (gain), net of tax 0.1 1.4 (1.1 ) 2.7
Intangible asset amortization, net of tax 18.0 17.8 4.2 4.7
Share-based compensation, net of tax 11.0 10.2 2.7 2.6
Impairment of goodwill and acquired intangible assets, net of tax 27.0 27.0
Non-cash 3.5% convertible debt accretion interest, net of tax 6.3 7.6 0.3
Change in fair value of acquisition contingent consideration (0.1 )
Other gains, net (4.4 ) (1.0 )
Loss on early debt retirement, net of tax 1.9
Non-cash GAAP tax expense 3.7   2.6   2.5   1.1
 
Adjusted cash earnings(2) $ 87.3   $ 77.3   $ 22.9   $ 25.5
 
Adjusted cash earnings per share - diluted(2) $ 1.57   $ 1.48   $ 0.44   $ 0.46
 
Diluted weighted average shares outstanding 51,412,510 51,729,513 50,002,236 51,185,879
 
Incremental shares from assumed conversion of stock options and restricted stock 951,782
Effect of assumed conversion of convertible debentures(1) 3,362,774 764,655 4,235,136
Effect of unrecognized share-based compensation on diluted shares outstanding 760,055   596,625   757,544   564,378
Adjusted diluted weighted average shares outstanding 55,535,339   52,326,138   52,476,217   55,985,393
 

(1) As required by U.S. GAAP, the interest cost and amortization of the convertible debt issuance cost are excluded from income for the purpose of calculating diluted earnings per share for any period when the convertible debentures, if converted, would be dilutive to earnings per share. Although the assumed conversion of the convertible debentures was not dilutive to the Company's GAAP earnings for the periods presented, it was dilutive to the Company's adjusted cash earnings per share for the three and twelve month periods ended December 31, 2012 and the three months ended December 31, 2011. Accordingly, the interest cost and amortization of the convertible debt issuance cost are excluded from income and the convertible shares are treated as if all were outstanding for the period.

(2) Adjusted cash earnings and adjusted cash earnings per share are non-GAAP measures that should be considered in addition to, and not as a substitute for, net income (loss) and earnings (loss) per share computed in accordance with U.S. GAAP.

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

@ThingsExpo Stories
SYS-CON Events announced today that Evatronix will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Evatronix SA offers comprehensive solutions in the design and implementation of electronic systems, in CAD / CAM deployment, and also is a designer and manufacturer of advanced 3D scanners for professional applications.
As businesses evolve, they need technology that is simple to help them succeed today and flexible enough to help them build for tomorrow. Chrome is fit for the workplace of the future — providing a secure, consistent user experience across a range of devices that can be used anywhere. In her session at 21st Cloud Expo, Vidya Nagarajan, a Senior Product Manager at Google, will take a look at various options as to how ChromeOS can be leveraged to interact with people on the devices, and formats th...
SYS-CON Events announced today that Taica will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Taica manufacturers Alpha-GEL brand silicone components and materials, which maintain outstanding performance over a wide temperature range -40C to +200C. For more information, visit http://www.taica.co.jp/english/.
SYS-CON Events announced today that SourceForge has been named “Media Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. SourceForge is the largest, most trusted destination for Open Source Software development, collaboration, discovery and download on the web serving over 32 million viewers, 150 million downloads and over 460,000 active development projects each and every month.
Enterprises have taken advantage of IoT to achieve important revenue and cost advantages. What is less apparent is how incumbent enterprises operating at scale have, following success with IoT, built analytic, operations management and software development capabilities – ranging from autonomous vehicles to manageable robotics installations. They have embraced these capabilities as if they were Silicon Valley startups. As a result, many firms employ new business models that place enormous impor...
SYS-CON Events announced today that TidalScale will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. TidalScale is the leading provider of Software-Defined Servers that bring flexibility to modern data centers by right-sizing servers on the fly to fit any data set or workload. TidalScale’s award-winning inverse hypervisor technology combines multiple commodity servers (including their ass...
As popularity of the smart home is growing and continues to go mainstream, technological factors play a greater role. The IoT protocol houses the interoperability battery consumption, security, and configuration of a smart home device, and it can be difficult for companies to choose the right kind for their product. For both DIY and professionally installed smart homes, developers need to consider each of these elements for their product to be successful in the market and current smart homes.
SYS-CON Events announced today that MIRAI Inc. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MIRAI Inc. are IT consultants from the public sector whose mission is to solve social issues by technology and innovation and to create a meaningful future for people.
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, will lead you through the exciting evolution of the cloud. He'll look at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering ...
As hybrid cloud becomes the de-facto standard mode of operation for most enterprises, new challenges arise on how to efficiently and economically share data across environments. In his session at 21st Cloud Expo, Dr. Allon Cohen, VP of Product at Elastifile, will explore new techniques and best practices that help enterprise IT benefit from the advantages of hybrid cloud environments by enabling data availability for both legacy enterprise and cloud-native mission critical applications. By rev...
SYS-CON Events announced today that NetApp has been named “Bronze Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. NetApp is the data authority for hybrid cloud. NetApp provides a full range of hybrid cloud data services that simplify management of applications and data across cloud and on-premises environments to accelerate digital transformation. Together with their partners, NetApp emp...
SYS-CON Events announced today that Dasher Technologies will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Dasher Technologies, Inc. ® is a premier IT solution provider that delivers expert technical resources along with trusted account executives to architect and deliver complete IT solutions and services to help our clients execute their goals, plans and objectives. Since 1999, we'v...
SYS-CON Events announced today that TidalScale, a leading provider of systems and services, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. TidalScale has been involved in shaping the computing landscape. They've designed, developed and deployed some of the most important and successful systems and services in the history of the computing industry - internet, Ethernet, operating s...
SYS-CON Events announced today that Massive Networks, that helps your business operate seamlessly with fast, reliable, and secure internet and network solutions, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. As a premier telecommunications provider, Massive Networks is headquartered out of Louisville, Colorado. With years of experience under their belt, their team of...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
Join IBM November 1 at 21st Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA, and learn how IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Cognitive analysis impacts today’s systems with unparalleled ability that were previously available only to manned, back-end operations. Thanks to cloud processing, IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Imagine a robot vacuum that becomes your personal assistant tha...
Infoblox delivers Actionable Network Intelligence to enterprise, government, and service provider customers around the world. They are the industry leader in DNS, DHCP, and IP address management, the category known as DDI. We empower thousands of organizations to control and secure their networks from the core-enabling them to increase efficiency and visibility, improve customer service, and meet compliance requirements.
SYS-CON Events announced today that IBM has been named “Diamond Sponsor” of SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California.
Amazon is pursuing new markets and disrupting industries at an incredible pace. Almost every industry seems to be in its crosshairs. Companies and industries that once thought they were safe are now worried about being “Amazoned.”. The new watch word should be “Be afraid. Be very afraid.” In his session 21st Cloud Expo, Chris Kocher, a co-founder of Grey Heron, will address questions such as: What new areas is Amazon disrupting? How are they doing this? Where are they likely to go? What are th...
In a recent survey, Sumo Logic surveyed 1,500 customers who employ cloud services such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP). According to the survey, a quarter of the respondents have already deployed Docker containers and nearly as many (23 percent) are employing the AWS Lambda serverless computing framework. It’s clear: serverless is here to stay. The adoption does come with some needed changes, within both application development and operations. Tha...