Welcome!

Web 2.0 Authors: Yeshim Deniz, Trevor Parsons, Pat Romanski, Aria Blog, Elizabeth White

News Feed Item

First Data Reports First Quarter 2014 Financial Results

First Data Corporation today reported its financial results for the first quarter ended March 31, 2014. Consolidated revenue for the first quarter was $2.6 billion, up $49 million, or 2%, compared to a year ago, primarily driven by a $30 million increase in reimbursable debit network fees, postage and other, and an increase in card services revenue. Adjusted revenue, which excludes certain items including debit network fees, was up 2% year-over-year at $1.6 billion.

For the first quarter, the net loss attributable to First Data was $201 million, compared to a loss of $337 million a year ago on a $93 million improvement in operating income. Adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA) was $614 million, up $93 million, or 18%, compared to $520 million in the first quarter of 2013, driven by an improvement in revenue and operating expenses. EBITDA margin for the quarter was 37%, up 500 basis points versus prior year.

For the quarter, the company had a net use of $44 million in cash flow from operations after $603 million in cash interest payments. The company finished the quarter with $758 million in unrestricted liquidity.

“First Data delivered a very good quarter, generating double-digit EBITDA growth with solid top line growth in International and steadily improving results in Financial Services,” said First Data Chairman and CEO Frank Bisignano. “We are winning in the marketplace, and we are running the company better – increasing operating effectiveness and efficiency, resulting in better client delivery and margin expansion across the business.”

Segment Results

The company has changed the name of the Retail and Alliance Services segment to Merchant Solutions, reflecting the company’s ongoing transformation from a processing company to a solutions and technology provider.

Merchant Solutions segment revenue for the first quarter was $856 million, down $5 million, compared to $861 million in the same quarter of 2013. Merchant acquiring revenue was flat on higher volumes offset by lower yield. Transaction growth was 5%, and credit mix was 71%. Average ticket was $78, up 1% compared to a year ago. Product revenue was down 2% due to the continued decline in check processing, offset by growth in equipment revenue. Segment EBITDA was $370 million, up 4% compared to $354 million in the same quarter of 2013. Cost reductions in core operations drove the EBITDA improvement. EBITDA margin for the first quarter was 43%. During the quarter Merchant Solutions added 22 new independent sales organizations, 19 bank referral agreements and one revenue sharing alliance.

Financial Services segment revenue for the first quarter was $349 million, up 5% compared to the same quarter of 2013 on new business and volume growth. The prior year quarter was also negatively impacted by 1% for a price concession to resolve a customer dispute. Average active card accounts on file were up 15% compared to the prior year, primarily driven by new card portfolios and organic growth. Debit issuer transactions were up 1% year-over-year. Segment EBITDA was $173 million, up $40 million or 30%, compared to $133 million in the same quarter of 2013, as a result of cost reductions and revenue growth mentioned above. EBITDA margin for the first quarter improved to 50%. During the quarter Financial Services renewed more than 250 contracts with financial institutions.

International segment revenue for the first quarter was $421 million, up $12 million, or 3%, compared to $409 million. On a constant currency basis, segment revenue was up $29 million, or 7%. Merchant acquiring revenue grew 5% on higher volumes while issuing revenue grew 9% on organic growth and new card portfolios. Segment EBITDA was $128 million, up $28 million, or 28%, compared to the same quarter of 2013. On a constant currency basis, segment EBITDA was up $39 million. Two expense credits, an operating tax credit and a gain on the revaluation of settlement assets, favorably impacted EBITDA by $21 million. EBITDA margin for the first quarter was 30%.

Recent Events

Rolled Out Small Business Solutions

On April 9, First Data rolled out Small Business Solutions (SBS), a new solution designed to help SMBs better manage their business. The new SBS is integrated into Clover Station, First Data’s open, cloud-based platform, which allows SMBs to manage inventory, track revenues and generate reports that distill transaction data into powerful intelligence. Merchants can customize and grow their Clover Station’s capabilities by adding apps from the ever-expanding Clover App Market. The SBS also includes features such as analytics, TransArmor and Perka, a cloud-hosted mobile loyalty marketing program. The SBS gives a small business everything they need to accept payments and run their business more efficiently.

Announced Partnerships with Visa and MasterCard for EMV Solution

During the quarter First Data announced separate agreements with Visa and MasterCard in which First Data’s STAR® Network will participate in each card network’s common U.S. Debit EMV solution. These agreements, combined with other recent industry announcements, provide a cost-effective solution to issuers, acquirers and merchants, and accelerate the ability for EMV functionality to be implemented across the U.S.

Cyber Security Summit

On March 17 and 18 First Data hosted a Cyber Security Symposium in New York, assembling a broad contingent of our colleagues and clients, as well as media and industry analysts, for an investigation into how businesses can defend themselves against cyber-attacks. The purpose was simple, to bring these parties together in order to build an ecosystem of protection against the common threat of cybercrime.

Non-GAAP Measures

In certain circumstances, results have been presented that are non-GAAP (generally accepted accounting principles) measures and should be viewed in addition to, and not in lieu of, the company's reported results. Reconciliations to comparable GAAP measures are available in the accompanying schedules and in the "Investor Relations" section of the company's website at investor.firstdata.com.

Investor Conference Call

The company will host a conference call and webcast on Wednesday, April 30, 2014, at 10:00 a.m. EDT to review the first quarter 2014 financial results. Chairman and Chief Executive Officer Frank Bisignano and Chief Financial Officer Ray Winborne will lead the call.

The call will be webcast on the “Investor Relations” section of the First Data website at http://investor.firstdata.com and a slide presentation to accompany the call will also be available on the website.

To listen to the call, dial 800-708-4540 (U.S.) or 847-619-6397(outside the U.S.); pass code 36916432, at least 10 minutes prior to the start of the call.

A replay of the call will be available through May 14, 2014, at 888-843-7419 (U.S.) or 630-652-3042 (outside the U.S.); pass code 36916432 and at http://investor.firstdata.com.

Please note: All statements made by First Data officers on this call are the property of First Data and subject to copyright protection. Other than the replay, First Data has not authorized, and disclaims responsibility for, any recording, replay or distribution of any transcription of this call.

Around the world, every second of every day, First Data makes payment transactions secure, fast and easy for merchants, financial institutions and their customers. First Data leverages its vast product portfolio and expertise to drive client revenue and profitability. Whether the choice of payment is by debit or credit card, gift card, check or mobile phone, online or at the checkout counter, First Data takes every opportunity to go beyond the transaction. More information about the company is available on FirstData.com as well as on Twitter, LinkedIn, Facebook and YouTube.

FIRST DATA CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in millions)
         
Three months ended March 31,
2014 2013 Change
Revenues:
Transaction and processing service fees (a):
Merchant related services $ 941.9 $ 943.1 0%
Check services 66.1 72.4 -9%
Card services 437.5 406.8 8%
Other services 116.2 121.4 -4%
Product sales and other 203.7 202.4 1%
Reimbursable debit network fees, postage and other   874.9     844.8   4%
  2,640.3     2,590.9   2%
 
Expenses:
Cost of services (exclusive of items shown below) 645.8 718.7 -10%
Cost of products sold 80.1 82.6 -3%
Selling, general and administrative 486.2 463.3 5%
Reimbursable debit network fees, postage and other 874.9 844.8 4%
Depreciation and amortization 265.3 272.2 -3%
Other operating expenses:
Restructuring, net   3.5     18.2   NM
  2,355.8     2,399.8   -2%
Operating profit   284.5     191.1   49%
 
Interest income 3.0 2.7 11%
Interest expense (467.1 ) (469.0 ) 0%
Other income (expense) (b)   0.9     0.3   NM
  (463.2 )   (466.0 ) -1%
 
Loss before income taxes and equity earnings in affiliates (178.7 ) (274.9 ) -35%
 
Income tax expense 36.6 61.6 -41%
Equity earnings in affiliates (a)   50.4     37.7   34%
Net loss (164.9 ) (298.8 ) -45%

Less: Net income attributable to noncontrolling interests and redeemable noncontrolling interest

  35.6     38.6   -8%
Net loss attributable to First Data Corporation $ (200.5 ) $ (337.4 ) -41%
 
(See accompanying notes)
 
 
FIRST DATA CORPORATION
SUMMARY SEGMENT DATA
(Unaudited)
(in millions)
           
Three months ended March 31,
2014 2013 Change

Segment Revenues (c):

Merchant Solutions $ 856.4 $ 861.4 -1%
Financial Services 348.7 330.6 5%
International   421.3     408.6   3%
Subtotal segment revenues 1,626.4 1,600.6 2%
All Other and Corporate 31.9 29.7 7%
Adjustments to reconcile to Adjusted revenue:
Official check and money order revenues (d) (1.0 ) (1.7 ) NM
Eliminations of intersegment revenues   (16.2 )   (15.5 ) NM
Adjusted revenue   1,641.1     1,613.1   2%
 
Adjustments to reconcile to Consolidated revenues (e):
Adjustments for non-wholly-owned entities (f) 0.8 15.5 NM
Official check and money order revenues (d) 1.0 1.7 NM
ISO commission expense (g) 122.5 115.8 6%
Reimbursable debit network fees, postage and other   874.9     844.8   4%
Consolidated revenues $ 2,640.3   $ 2,590.9   2%
 

Segment EBITDA (h):

Merchant Solutions $ 369.6 $ 354.2 4%
Financial Services 173.0 133.1 30%
International   128.4     100.4   28%
Subtotal segment EBITDA 671.0 587.7 14%
All Other and Corporate   (57.5 )   (67.3 ) -15%
Adjusted EBITDA   613.5     520.4   18%
 
Adjustments to reconcile to Net loss attributable to
First Data Corporation (e):
Adjustments for non-wholly-owned entities (f) 3.7 3.1 NM
Depreciation and amortization (265.3 ) (272.2 ) -3%
Interest expense (467.1 ) (469.0 ) 0%
Interest income 3.0 2.7 11%
Other items (i) (6.8 ) (22.0 ) -69%
Income tax expense (36.6 ) (61.6 ) -41%
Stock based compensation (29.1 ) (9.2 ) NM
Official check and money order EBITDA (d) 0.6 1.3 NM
Costs of alliance conversions (j) (6.8 ) (22.6 ) NM
KKR related items (k) (6.4 ) (8.1 ) NM
Debt issuance costs (l)   (3.2 )   (0.2 ) NM
Net loss attributable to First Data Corporation $ (200.5 ) $ (337.4 ) -41%
 
 

Segment depreciation and amortization (a):

Merchant Solutions $ 108.1 $ 106.0 2%
Financial Services 79.6 80.3 -1%
International   63.1     70.2   -10%
Subtotal segment depreciation and amortization 250.8 256.5 -2%
All Other and Corporate   10.9     11.0   -1%
  261.7     267.5   -2%
Adjustments to reconcile to consolidated depreciation and amortization:
Adjustments for non-wholly-owned entities (f) 19.5 24.4 NM
Amortization of initial payments for new contracts   11.0     10.2   8%
Total consolidated depreciation and amortization $ 292.2   $ 302.1   -3%
 
 
(See accompanying notes)
 
 
FIRST DATA CORPORATION
NOTES TO FINANCIAL SCHEDULES
(Unaudited)
 
The company has changed the name of the Retail and Alliance Services segment to Merchant Solutions. This change is reflective of the company’s transformation from a processing company to a solutions and technology provider.
 
(a) Includes amortization of initial payments for new contracts (presented in "Summary Segment Data"), which is recorded as a contra-revenue within "Transaction and processing service fees" and amortization related to equity method investments, which is netted within the "Equity earnings in affiliates" line of $15.9 million and $30.5 million for the three months ended March 31, 2014 and 2013, respectively.
 
(b) Other income (expense) includes investment gains and (losses), derivative financial instruments gains and (losses), divestitures, net, and non-operating foreign currency gains and (losses) as applicable to the periods presented.
 
(c) Segment revenue is adjusted to exclude reimbursable debit network fees, postage and other. Merchant Solutions segment revenue is further adjusted to present results on a proportionate consolidation basis and to reflect the Independent Sales Organization ("ISO") commissions classified as expense on a contra-revenue basis.
 
(d) Represents an adjustment to exclude the official check and money order businesses from revenue and EBITDA due to the Company’s wind down of these businesses.
 
(e) Reconciles "Adjusted revenue" to "Consolidated revenues" or "Adjusted EBITDA" to "Net loss attributable to First Data Corporation" as reported on the Consolidated Statements of Operations.
 
(f) Net adjustment to reflect First Data’s proportionate share of alliance revenue and EBITDA within the Merchant Solutions segment, equity earnings in affiliates included in International segment revenue and amortization related to equity method investments not included in segment EBITDA.
 
(g) Independent Sales Organization commissions are presented as contra-revenue for Merchant Solutions segment revenue reporting purposes while certain of such commissions are reflected as expense in the Consolidated Statements of Operations.
 
(h) Segment EBITDA represents earnings before net interest expense, income taxes, depreciation and amortization. Merchant Solutions segment EBITDA is presented on a proportionate consolidation basis. Segment EBITDA excludes the adjustments to reconcile to "Net loss attributable to First Data Corporation."
 
(i) Includes restructuring, litigation and regulatory settlements, divestitures and impairments as applicable to the periods presented and "Other income (expense)" as presented in the Consolidated Statements of Operations.
 
(j) Costs of alliance conversions primarily represent costs directly associated with the strategy to have First Data operate the Bank of America N.A.'s ("the Bank") legacy settlement platform and costs associated with the termination of the Chase Paymentech alliance.
 
(k) Represents KKR annual sponsorship fees for management, financial and other advisory services.
 
(l) Debt issuance costs represent costs associated with issuing debt and modifying the Company’s debt structure.
 
 
FIRST DATA CORPORATION
SELECTED CONSOLIDATED BALANCE SHEET, CASH FLOW AND OTHER DATA
(in millions)
           
SELECTED CONSOLIDATED BALANCE SHEET DATA
 
March 31, December 31,
2014 2013
(Unaudited)
 
Cash and cash equivalents $ 408.5 $ 425.3
Current settlement assets 9,683.0 7,541.8
Long-term settlement assets 21.3 15.2
Total assets 37,158.2 35,239.8
 
Short-term and current portion of long-term borrowings 474.0 146.3
Settlement obligations 9,700.2 7,553.4
Long-term borrowings 22,549.1 22,556.8
Total liabilities 35,619.8 33,477.9
 
Redeemable noncontrolling interest 70.6 69.1
 
Total First Data Corporation stockholder's deficit (1,699.9 ) (1,489.6 )
Noncontrolling interests 3,167.7 3,182.4
Total equity 1,467.8 1,692.8
 
SELECTED CONSOLIDATED CASH FLOW DATA
 
Three months ended Three months ended
March 31, March 31,
2014 2013
(Unaudited) (Unaudited)
 
Source/(Use) of cash
Net cash (used in) provided by operating activities $ (44.1 ) $ 69.2
 
Net cash used in investing activities (112.5 ) (84.6 )
 
Net cash provided by (used in) financing activities 146.4 (155.0 )
 
Supplemental cash flow data
 
Cash interest payments on long-term debt (a) 603 473
 

ESTIMATED CASH INTEREST PAYMENTS ON LONG-TERM DEBT FOR 2014 and 2015 (a)(b)

 
Estimated
cash interest payments

Three months ended

on Long-term Debt
(Unaudited)
March 31, 2014 (actual) $ 603
June 30, 2014 265
September 30, 2014 630
December 31, 2014   265  
$ 1,763  
 
Year ended December 31, 2015 $ 1,825
(a)   For purposes of this schedule, long-term debt excludes interest on capital leases.
 
(b) This schedule includes estimates regarding First Data Corporation’s business which are not historical facts but are “forward-looking statements.” Forward-looking statements are based on the Company’s current expectations and assumptions regarding its business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Important factors that could cause actual results to differ materially from those in the forward-looking statements include: (i) changes in interest rates associated with the Company's variable rate debt that are materially different than the current LIBOR forward rates; (ii) changes in foreign currency exchange rates related to the Company's euro-denominated debt; and (iii) the impact of further debt modifications or issuance of new debt.
 
 
FIRST DATA CORPORATION
FINANCIAL COVENANT CALCULATION
(Unaudited)
     
As of March 31, 2014, the Company is in compliance with all applicable covenants, including its sole financial covenant with Consolidated Senior Secured Debt of $12,564.1 million, Consolidated EBITDA of $2,985.5 million and a Ratio of 4.21 to 1.00.
 
The calculation of Consolidated EBITDA under the senior secured term loan facility is as follows (in millions):
 
Last twelve months ended
March 31, 2014
Net loss attributable to First Data Corporation

$

(732.2 )
Interest expense, net (1) 1,867.4
Income tax expense 61.5
Depreciation and amortization (2)   1,202.0  
EBITDA (16) 2,398.7
 
Stock based compensation (3) 58.0
Restructuring, net (4) 56.4
Non-operating foreign currency (gains) and losses (5) 17.2
Derivative financial instruments (gains) and losses (6) 24.9
Official check and money order EBITDA (7) (2.0 )
Cost of alliance conversions and other technology initiatives (8) 52.3
KKR related items (9) 20.7
Debt issuance costs (10) 8.3
Litigation and regulatory settlements (11) 19.2
Projected near-term cost savings and revenue enhancements (12) 147.7
Net income attributable to noncontrolling interests and redeemable noncontrolling interest (13) 174.0
Equity entities taxes, depreciation and amortization (14) 9.0
Other (15)   1.1  
Consolidated EBITDA (16) $ 2,985.5  
(1)   Includes interest expense and interest income.
(2) Includes amortization of initial payments for new contracts which is recorded as a contra-revenue within "Transaction and processing service fees" of $42.3 million and amortization related to equity method investments which is netted within the "Equity earnings in affiliates" line of $75.3 million.
(3) Stock based compensation recognized as expense.
(4) Restructuring charges in connection with management's alignment of the business with strategic objectives and the departure of executive officers.
(5) Represents net gains and losses related to currency translations on certain intercompany loans and euro-denominated debt.
(6) Represents fair market value adjustments for cross-currency swaps and interest rate swaps that are not designated as accounting hedges.
(7) Represents an adjustment to exclude the official check and money order businesses from EBITDA due to wind down of these businesses.
(8) Represents costs directly associated with the strategy to have First Data operate Bank of America N.A.'s legacy settlement platform and costs associated with the termination of the Chase Paymentech alliance, both of which are considered business optimization projects, and other technology initiatives.
(9) Represents KKR annual sponsorship fees for management, financial and other advisory services.
(10) Debt issuance costs represent non-capitalized costs associated with issuing debt and modifying First Data's debt structure.
(11) Represents settlements of litigation or regulatory matters.
(12) Reflects cost savings and revenue enhancements projected to be realized as a result of specific actions as if they were achieved on the first day of the period. Includes cost savings initiatives associated with the business optimization projects and other technology initiatives described in Note 8, the Banc of America Merchant Services ("BAMS") alliance, operations and technology initiatives, headcount reductions and other addressable spend reductions.
(13) Net income attributable to noncontrolling interests and redeemable noncontrolling interest in restricted subsidiaries.
(14) Represents FDC’s proportional share of income taxes, depreciation and amortization on equity method investments.
(15) Includes items such as investments gains and losses, divestitures, impairments and other as applicable to the period presented.

(16)

EBITDA is defined as net income (loss) attributable to First Data Corporation before net interest expense, income taxes, depreciation and amortization. EBITDA is not a recognized term under U.S. generally accepted accounting principles ("GAAP") and does not purport to be an alternative to net income (loss) attributable to First Data Corporation as a measure of operating performance or to cash flows from operating activities as a measure of liquidity. Additionally, EBITDA is not intended to be a measure of free cash flow available for management’s discretionary use as it does not consider certain cash requirements such as interest payments, tax payments and debt service requirements. The presentation of EBITDA has limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of First Data's results as reported under GAAP. Management believes EBITDA is helpful in highlighting trends because EBITDA excludes the results of decisions that are outside the control of operating management and can differ significantly from company to company depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate and capital investments. Management compensates for the limitations of using non-GAAP financial measures by using them to supplement GAAP results to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone.

 

Consolidated EBITDA (or debt covenant EBITDA) is defined as EBITDA adjusted to exclude certain non-cash items, non-recurring items that First Data does not expect to continue at the same level in the future and certain items management believes will impact future operating results and adjusted to include near-term cost savings projected to be achieved within twelve months on an annualized basis (see Note 12 above). Consolidated EBITDA is further adjusted to add net income attributable to noncontrolling interests and redeemable noncontrolling interest of certain non-wholly-owned subsidiaries and exclude other miscellaneous adjustments that are used in calculating covenant compliance under the agreements governing First Data's senior unsecured debt and/or senior secured credit facilities. The Company believes that the inclusion of supplementary adjustments to EBITDA are appropriate to provide additional information to investors about items that will impact the calculation of EBITDA that is used to determine covenant compliance under the agreements governing First Data's senior unsecured debt and/or senior secured credit facilities. Since not all companies use identical calculations, this presentation of Consolidated EBITDA may not be comparable to other similarly titled measures of other companies.

 
 
FIRST DATA CORPORATION
RECONCILIATION OF NON-GAAP MEASURES
(Unaudited)
(in millions)
 
Management believes the following non-GAAP measures provide meaningful supplemental information to assist investors in understanding our financial results and to better analyze trends in our underlying business as well as evaluate our ability to service our debt. Management uses these measures to evaluate our operating performance and our segments. Management believes these non-GAAP measurements are useful in highlighting trends because they exclude the results of decisions that are outside the control of operating management and can differ significantly from company to company depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate and capital investments. Additionally, we believe the inclusion of supplementary adjustments applied in presenting Adjusted EBITDA, described below, are appropriate to provide additional information to investors about certain material non-cash items and about non-recurring items that we do not expect to continue at the same level in the future. Management compensates for the limitations of using non-GAAP financial measures by using them to supplement GAAP results to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone. Since management finds these measures useful, we believe that our investors will benefit from seeing the Company's results through the eyes of management in addition to seeing our GAAP results.
 
Adjusted revenue represents the sum of Segment revenue (as defined in Note (c) to the Financial Schedules) and All Other and Corporate revenue as adjusted to exclude revenue related to the official check and money order businesses due to the wind down of these businesses and to reflect elimination of intersegment revenues. Adjusted EBITDA represents the sum of Segment EBITDA (as defined in Note (h) to the Financial Schedules) and All Other and Corporate EBITDA. Adjusted revenue and Adjusted EBITDA are reconciled to the most directly comparable GAAP financial measures on the Summary Segment Data schedules. Non-GAAP measures for the International segment adjust for the change in foreign currency exchange rates. Management believes that these non-GAAP measures provide insight into the Company's core performance.
 
These non-GAAP financial measures should not be considered in isolation or as a substitute for the most comparable GAAP financial measures. The non-GAAP financial measures reflect an additional way of viewing aspects of our operations that, when viewed with our GAAP results and the reconciliation to the corresponding GAAP financial measures, provide a more complete understanding of our business. Investors are strongly encouraged to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. A reconciliation of the non-GAAP measures to the most directly comparable GAAP financial measures is included below.
    Three months ended March 31,
2014     2013     Change

International

Segment revenue $ 421.3 $ 408.6 3%
Foreign exchange impact (1)   16.5  
Segment revenue on a constant currency basis $ 437.8 $ 408.6 7%
 
Three months ended March 31,
2014 2013 Change

International

Segment revenue - merchant acquiring $ 207.9 $ 201.1 3%
Foreign exchange impact (1)   3.5  
Segment revenue - merchant acquiring on a constant currency basis $ 211.4 $ 201.1 5%
 
Three months ended March 31,
2014 2013 Change

International

Segment revenue - card issuing $ 213.4 $ 207.5 3%
Foreign exchange impact (1)   13.0  
Segment revenue - card issuing on a constant currency basis $ 226.4 $ 207.5 9%
 
Three months ended March 31,
2014 2013 Change

International

Segment EBITDA $ 128.4 $ 100.4 28%
Foreign exchange impact (1)   10.5  
Segment EBITDA on a constant currency basis $ 138.9 $ 100.4 38%
(1) Foreign exchange impact represents the difference between actual 2014 revenue and 2014 revenue calculated using 2013 exchange rates.

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
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focused on understanding how industrial data can create intelligence for industrial operations. Imagine ...
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series data. By focusing on enterprise applications and the data center, he will use OpenTSDB as an example t...
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile devices as well as laptops and desktops using a visual drag-and-drop application – and eForms-buildi...
There is no doubt that Big Data is here and getting bigger every day. Building a Big Data infrastructure today is no easy task. There are an enormous number of choices for database engines and technologies. To make things even more challenging, requirements are getting more sophisticated, and the standard paradigm of supporting historical analytics queries is often just one facet of what is needed. As Big Data growth continues, organizations are demanding real-time access to data, allowing immediate and actionable interpretation of events as they happen. Another aspect concerns how to deliver ...
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using the URL as a basic building block, we open this up and get the same resilience that the web enjoys.
In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect at GE, and Ibrahim Gokcen, who leads GE's advanced IoT analytics, focused on the Internet of Things / Industrial Internet and how to make it operational for business end-users. Learn about the challenges posed by machine and sensor data and how to marry it with enterprise data. They also discussed the tips and tricks to provide the Industrial Internet as an end-user consumable service using Big Data Analytics and Industrial Cloud.
Things are being built upon cloud foundations to transform organizations. This CEO Power Panel at 15th Cloud Expo, moderated by Roger Strukhoff, Cloud Expo and @ThingsExpo conference chair, addressed the big issues involving these technologies and, more important, the results they will achieve. Rodney Rogers, chairman and CEO of Virtustream; Brendan O'Brien, co-founder of Aria Systems, Bart Copeland, president and CEO of ActiveState Software; Jim Cowie, chief scientist at Dyn; Dave Wagstaff, VP and chief architect at BSQUARE Corporation; Seth Proctor, CTO of NuoDB, Inc.; and Andris Gailitis, C...
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happens, where data lives and where the interface lies. For instance, it's a mix of architectural styles ...
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, data security and privacy.
Technology is enabling a new approach to collecting and using data. This approach, commonly referred to as the "Internet of Things" (IoT), enables businesses to use real-time data from all sorts of things including machines, devices and sensors to make better decisions, improve customer service, and lower the risk in the creation of new revenue opportunities. In his General Session at Internet of @ThingsExpo, Dave Wagstaff, Vice President and Chief Architect at BSQUARE Corporation, discuss the real benefits to focus on, how to understand the requirements of a successful solution, the flow of ...
Cloud Expo 2014 TV commercials will feature @ThingsExpo, which was launched in June, 2014 at New York City's Javits Center as the largest 'Internet of Things' event in the world.
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Performance is the intersection of power, agility, control, and choice. If you value performance, and more specifically consistent performance, you need to look beyond simple virtualized compute. Many factors need to be considered to create a truly performant environment. In his General Session at 15th Cloud Expo, Harold Hannon, Sr. Software Architect at SoftLayer, discussed how to take advantage of a multitude of compute options and platform features to make cloud the cornerstone of your online presence.
In this Women in Technology Power Panel at 15th Cloud Expo, moderated by Anne Plese, Senior Consultant, Cloud Product Marketing at Verizon Enterprise, Esmeralda Swartz, CMO at MetraTech; Evelyn de Souza, Data Privacy and Compliance Strategy Leader at Cisco Systems; Seema Jethani, Director of Product Management at Basho Technologies; Victoria Livschitz, CEO of Qubell Inc.; Anne Hungate, Senior Director of Software Quality at DIRECTV, discussed what path they took to find their spot within the technology industry and how do they see opportunities for other women in their area of expertise.
Wearable devices have come of age. The primary applications of wearables so far have been "the Quantified Self" or the tracking of one's fitness and health status. We propose the evolution of wearables into social and emotional communication devices. Our BE(tm) sensor uses light to visualize the skin conductance response. Our sensors are very inexpensive and can be massively distributed to audiences or groups of any size, in order to gauge reactions to performances, video, or any kind of presentation. In her session at @ThingsExpo, Jocelyn Scheirer, CEO & Founder of Bionolux, will discuss ho...
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete at launch. DevOps may be disruptive, but it is essential.
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
We’re no longer looking to the future for the IoT wave. It’s no longer a distant dream but a reality that has arrived. It’s now time to make sure the industry is in alignment to meet the IoT growing pains – cooperate and collaborate as well as innovate. In his session at @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, will examine the key ingredients to IoT success and identify solutions to challenges the industry is facing. The deep industry expertise behind this presentation will provide attendees with a leading edge view of rapidly emerging IoT oppor...
“With easy-to-use SDKs for Atmel’s platforms, IoT developers can now reap the benefits of realtime communication, and bypass the security pitfalls and configuration complexities that put IoT deployments at risk,” said Todd Greene, founder & CEO of PubNub. PubNub will team with Atmel at CES 2015 to launch full SDK support for Atmel’s MCU, MPU, and Wireless SoC platforms. Atmel developers now have access to PubNub’s secure Publish/Subscribe messaging with guaranteed ¼ second latencies across PubNub’s 14 global points-of-presence. PubNub delivers secure communication through firewalls, proxy ser...