|By Business Wire||
|May 13, 2014 07:04 AM EDT||
USA Technologies, Inc. (NASDAQ: USAT) (“USAT”), a leader of wireless, cashless payment and M2M telemetry solutions for small-ticket, self-serve retailing industries, today reported results for the third fiscal quarter ended March 31, 2014.
Highlights for the third quarter included:
- GAAP net income of $26.9 million which included $26.7 million related to the partial recognition of a deferred tax asset. Non-GAAP net income was $321,526;
- Net earnings per common share of $0.75, which included $0.75 per share related to the partial recognition of a deferred tax asset. Non-GAAP net loss per common share was $0.00;
- Total revenues of $10.4 million; up 16% from the prior year;
- License and transaction fee revenue of $9.0 million, an increase of 19% over the prior year and representing 86% of total revenues; and
- Adjusted EBITDA of $1.8 million, up 9% from the prior year.
In addition, USAT achieved a record number of new connections to its cashless payment and M2M telemetry service, ePort Connect®, approximately 22,000, in the third quarter. Net new connections for the third quarter totaled approximately 20,000, a 100% increase from 10,000 net new connections for the third quarter of the prior year. Total connections to USAT’s cashless payment and M2M telemetry service, ePort Connect®, were 244,000 as of March 31, 2014, a 24% increase from March 31, 2013.
USAT also continued to demonstrate rapid growth in the number of customers using its ePort Connect service across various segments of the self-serve retail market including vending, commercial laundry, amusement/arcade, taxi and transportation, kiosk and mobile applications. During the third quarter, USAT added 575 new customers to its ePort Connect service, for 6,650 total customers as of March 31, 2014. For the three years ended March 31, 2014, the ePort Connect customer base has grown by a compound annual growth rate of 58%.
“Our results for the third quarter reflect assertive strategies directed toward growing market share, cashless adoption and long-term customer relationships for USAT in this emerging market,” said Stephen P. Herbert, USAT’s chairman and chief executive officer. “Connections were strong and we have a very encouraging pipeline of connections going into our fourth fiscal quarter. We are also looking forward to the additional license and transaction fee revenues associated with a number of new connections achieved through March that had not fully materialized as of quarter end—all factors that we believe bode well for future revenue growth and cash generation.
“We were particularly excited to be able to recognize a deferred tax asset related to our net loss carryovers in the third quarter. This is another important milestone for USAT that we believe speaks to, among other things, the growing strength of our recurring revenue model and the strategies we have put in place to attract new customers and connections to our service,” continued Herbert.
“During the third quarter, we continued to leverage our strong foothold in vending by working with those customers to drive cashless payment into a greater percentage of their installed base of machines,” said Herbert. “Within this same market segment, we also took important steps to extend our value proposition to the other POS touchpoints within a full-service food and beverage operation that can benefit from our ePort Connect service. Beyond vending, third quarter successes also included execution in strategies designed to leverage ePort Connect in adjacent markets, such as commercial laundry and taxi and transportation.”
Third quarter strategic highlights included:
- Introduction of Integrated Payment Services, an evolution of ePort Connect that is designed to support multiple aspects of a full-service food and beverage operation—vending, micro-markets, dining services, distribution/drop off services and loyalty—under the ePort Connect umbrella;
- A new, exclusive agreement with The Pepi Companies, that represented USAT’s first customer under the new Integrated Payment Services model. The agreement substantially expands The Pepi Companies’ relationship with USAT by leveraging USAT products, services and add-on integration capabilities across other segments of its business;
- Continued expansion of third party technologies supported on ePort Connect that further add to the benefits and convenience of doing business with USAT. Examples include AirVend’s android-based interactive touchscreen point-of-sale device, and micro-market support for Revive Self Checkout and Breakroom Provisions;
- Strong execution in taxi and transportation with 2,000 connections achieved in the quarter as well as additional orders for future connections. USAT offers simplified service-only integration to ePort Connect, as well as ePort GO™ USAT’s one-stop offering for the taxi and transportation market; and
- Ongoing enhancements to ePort Connect in the area of consumer engagement that continue to differentiate USAT among its peers. Examples include integration of USAT’s MORE. loyalty and prepaid program across micro-market and other supported technologies as well as the introduction of the MORE. consumer app with eBeacon™ mobile payment powered by Bluetooth low energy "BLE" technology.
Third Quarter Results
Revenues of $10.4 million in the third quarter of fiscal 2014 grew by 16% from the same period a year ago. Revenue from license and transaction fees, driven by net connections to USAT’s ePort Connect service through monthly service fees, rental program fees and transaction processing fees, represented 86% of revenues in the third quarter and grew by 19% compared to the same quarter in the prior year.
Gross profit of $4.0 million increased by 9% for the third quarter, from $3.7 million for the same period in the prior year. Gross profit margin was 38.3%, down from 41.0% for the same period in the prior year, due primarily to lower gross margins associated with license and transaction fees in the quarter, which resulted from deactivations over the last year as well as certain marketing programs, and the timing of those programs, that are designed to further accelerate cashless adoption.
Operating expenses of $3.6 million in the third quarter grew from $3.3 million for the same period in fiscal 2013, largely due to additional investments in sales and marketing during fiscal 2014. Operating income was $365,535 and $350,219 for the third quarter of fiscal 2014 and fiscal 2013, respectively.
GAAP net income for the third quarter was $26.9 million compared to a GAAP net loss of ($1.0) million for the third quarter of the prior year. In the third quarter, USAT recognized a deferred tax asset of $26.7 million due to reduction of the valuation allowance established for operating loss carryovers. Under GAAP, such deferred tax assets are recognized when management has determined that it is more likely than not that the operating loss carryovers would be utilized in future periods.
Non-GAAP net income, which excludes the deferred tax benefit as well as the impact of the fair value of warrant adjustment, was $321,526 for the third quarter compared to $293,011 for the third quarter in the prior year (see non-GAAP Reconciliation table).
After preferred dividends, net earnings per common share was $0.75 for the third quarter of fiscal 2014 compared to a net loss per common share of ($0.04) for the third quarter of fiscal 2013. On a non-GAAP basis, net loss per common share was $0.00 for the both the third quarter of fiscal 2014 and fiscal 2013.
Cash and cash equivalents stood at approximately $6.6 million as of March 31, 2014, up from $3.9 million as of March 31, 2013.
“Our strategies are delivering important results in this emerging market—more customers, more connections to our service and continued market differentiation,” said Herbert. “We are encouraged by the higher average rate of new connections achieved for the first nine months of fiscal 2014 compared to last year and, for the fourth quarter, anticipate continued progress in driving revenue growth and operating margin expansion.”
Webcast and Conference Call
USA Technologies will conduct a conference call and webcast at 10:00 a.m. Eastern Time on May 13, 2014. USA Technologies invites all interested parties to listen to the live webcast of the conference call, accessible on the Investor Relations section of USA Technologies’ website. The webcast will be archived on the website within two hours of the live call. It will remain available for approximately 90 days. Interested parties unable to access the webcast may also participate by calling (866) 393-1608 or, if an international caller, (224) 357-2194. A replay of the call, available until midnight on May 16, 2014, can be accessed by calling (855) 859-2056; Conference ID#29061568, (toll free).
About USA Technologies:
USA Technologies is a leader of wireless, cashless payment and M2M telemetry solutions for small-ticket, self-serve retailing industries. ePort Connect® is the company’s flagship service platform, a PCI-compliant, end-to-end suite of cashless payment and telemetry services specially tailored to fit the needs of small ticket, self-service retailing industries. USA Technologies also provides a broad line of cashless acceptance technologies including its NFC-ready ePort® G-series, ePort Mobile™-for customers on the go, and QuickConnect, an API Web service for developers. USA Technologies has been granted 87 patents and has agreements with Verizon, Visa, Elavon and customers such as Compass, Crane, AMI Entertainment and others. Visit the website at www.usatech.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: All statements other than statements of historical fact included in this release, including without limitation the business strategy and the plans and objectives of USAT's management for future operations, are forward-looking statements. When used in this release, words such as "anticipate", "believe", "estimate", "expect", "intend", and similar expressions, as they relate to USAT or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of USAT's management, as well as assumptions made by and information currently available to USAT's management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to, the ability of management to accurately predict or forecast future earnings or taxable income of USAT; the incurrence by us of any unanticipated or unusual non-operational expenses which would require us to divert our cash resources from achieving our business plan; the ability of USAT to retain key customers from whom a significant portion of its revenues is derived; the ability of USAT to compete with its competitors to obtain market share; whether USAT's customers continue to utilize USAT's transaction processing and related services, as our customer agreements are generally cancelable by the customer on thirty to sixty days' notice; the ability of USAT to obtain widespread commercial acceptance of it products; the ability of USAT to raise funds in the future through the sales of securities or debt financings in order to sustain its operations if an unexpected or unusual non-operational event would occur; the ability of USAT to use available data to predict future market conditions, consumer behavior and any level of cashless usage; the ability of USAT to efficiently and securely integrate cashless payment with new machine technologies; whether any patents issued to USAT will provide USAT with any competitive advantages or adequate protection for its products, or would be challenged, invalidated or circumvented by others; the ability of USAT to operate without infringing the proprietary rights of others; and whether USAT's existing or anticipated customers purchase, rent or utilize ePort devices or our other products or services in the future at levels currently anticipated by USAT. Readers are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statement made by us in this release speaks only as of the date of this release. Unless required by law, USAT does not undertake to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events.
|USA Technologies, Inc.|
|Consolidated Statements of Operations|
|Three months ended||Nine months ended|
|March 31,||March 31,|
|License and transaction fees||$||8,999,689||$||7,562,589||$||26,177,818||$||21,872,187|
|Cost of services||5,785,721||4,525,244||16,690,569||13,080,816|
|Cost of equipment||660,423||774,221||3,036,243||2,748,785|
|Selling, general and administrative||3,479,300||3,003,231||9,968,212||8,918,030|
|Depreciation and amortization||152,953||327,889||438,337||1,004,134|
|Total operating expenses||3,632,253||3,331,120||10,406,549||9,922,164|
|Other income (expense):|
|Change in fair value of warrant liabilities||(168,897)||(1,308,954)||12,304||(1,249,456)|
|Total other expense, net||(226,729)||(1,359,251)||(148,669)||(1,305,948)|
|Income (loss) before benefit (provision) for income taxes||138,806||(1,009,032)||855,474||(802,310)|
|Benefit (provision) for income taxes||26,727,720||(6,911)||26,713,897||(20,734)|
|Net Income (loss)||26,866,526||(1,015,943)||27,569,371||(823,044)|
|Cumulative preferred dividends||(332,226)||(332,226)||(664,452)||(664,452)|
|Net income (loss) applicable to common shares||$||26,534,300||$||(1,348,169)||$||26,904,919||$||(1,487,496)|
|Net earnings (loss) per common share (basic and diluted)||$||0.75||$||(0.04)||$||0.78||$||(0.05)|
|Weighted average number of common shares outstanding (basic and diluted)||35,504,911||32,821,345||34,313,396||32,690,374|
|USA Technologies, Inc.|
|Consolidated Balance Sheets|
|March 31,||June 30,|
|Cash and cash equivalents||$||6,577,117||$||5,981,000|
Accounts receivable, less allowance for uncollectible accounts of $47,000 and $18,000, respectively
|Prepaid expenses and other current assets||488,146||184,336|
|Deferred income taxes||581,982||-|
|Total current assets||11,240,434||10,726,079|
|Finance receivables, less current portion||325,812||408,674|
|Property and equipment, net||20,755,507||17,240,065|
|Deferred income taxes||26,127,191||-|
|Liabilities and shareholders’ equity|
|Line of credit||4,000,000||3,000,000|
|Current obligations under long-term debt||249,915||247,152|
|Income taxes payable||35,521||-|
|Total current liabilities||11,967,321||12,016,583|
|Long-term debt, less current portion||316,871||122,754|
|Accrued expenses, less current portion||224,312||366,785|
|Deferred tax liabilities||-||40,245|
|Total long-term liabilities||1,179,517||1,180,422|
|Commitments and contingencies|
|Preferred stock, no par value:|
Authorized shares- 1,800,000 Series A convertible preferred- Authorized shares- 900,000 Issued and outstanding shares- 442,968 (liquidation preference of $16,690,456 and $16,026,004, respectively)
Common stock, no par value: Authorized shares- 640,000,000 Issued and outstanding shares- 35,496,570 and 33,284,232, respectively
|Total shareholders’ equity||53,484,291||23,379,191|
|Total liabilities and shareholders’ equity||$||66,631,129||$||36,576,196|
|USA Technologies, Inc.|
|Consolidated Statements of Cash Flows|
|Three months ended||Nine months ended|
|March 31,||March 31,|
|Net income (loss)||$||26,866,526||$||(1,015,943)||$||27,569,371||$||(823,044)|
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Charges incurred in connection with the vesting and issuance of common stock for employee and director compensation
|(Gain) loss on disposal of property and equipment||(2,431)||(14,815)||7,053||(18,415)|
|Non-cash interest and amortization of debt discount||-||26,934||2,095||26,934|
|Bad debt expense (recoveries), net||(11,277)||(1,599)||66,773||7,459|
|Change in fair value of warrant liabilities||168,897||1,308,954||(12,304)||1,249,456|
|Deferred income taxes, net||(26,727,720)||6,911||(26,713,897)||20,734|
|Changes in operating assets and liabilities:|
|Prepaid expenses and other current assets||52,483||59,841||(62,503)||51,730|
|Net cash provided by (used in) operating activities||2,162,782||(217,437)||4,817,958||2,382,748|
|Purchase of property and equipment||(35,134)||(31,413)||(60,361)||(81,691)|
|Purchase of property for rental program||(2,643,439)||(1,778,344)||(7,211,661)||(6,320,514)|
|Proceeds from the sale of property and equipment||5,513||18,908||30,375||18,908|
|Net cash used in investing activities||(2,673,060)||(1,790,849)||(7,241,647)||(6,383,297)|
Net proceeds from the exercise of common stock warrants and the retirement of common stock
|Proceeds from line of credit||-||1,000,000||1,000,000||2,000,000|
|Repayment of long-term debt||(89,366)||(164,363)||(267,043)||(465,084)|
|Net cash provided by financing activities||432,396||910,477||3,019,806||1,522,441|
|Net increase (decrease) in cash and cash equivalents||(77,882)||(1,097,809)||596,117||(2,478,108)|
|Cash and cash equivalents at beginning of period||6,654,999||5,046,346||5,981,000||6,426,645|
|Cash and cash equivalents at end of period||$||6,577,117||$||3,948,537||$||6,577,117||$||3,948,537|
|Supplemental disclosures of cash flow information:|
|Cash paid for interest||$||59,399||$||32,551||$||189,203||$||84,220|
|Depreciation expense allocated to cost of sales||$||1,260,568||$||861,321||$||3,493,726||$||2,294,862|
|Reclass of rental program property to inventory, net||$||13,686||$||2,296||$||26,803||$||11,923|
|Prepaid items financed with debt||$||144,312||$||2,340||$||246,162||$||130,402|
|Prepaid interest from issuance of warrants for debt costs||$||-||$||55,962||$||-||$||55,962|
|Equipment and software acquired under capital lease||$||195,725||$||80,883||$||217,761||$||80,883|
|Disposal of property and equipment||$||15,141||$||7,700||$||233,857||$||7,700|
Discussion of Non-GAAP Financial Measures
This press release includes the following measures defined as non-GAAP financial measures by the Securities and Exchange Commission: adjusted EBITDA, non-GAAP net income (loss), non-GAAP operating margin and non-GAAP diluted earnings (loss) per common share. The presentation of these additional financial measures are not intended to be considered in isolation from, or superior to, or as a substitute for the financial measures prepared and presented in accordance with GAAP (Generally Accepted Accounting Principles), including the net income or net loss of USAT or net cash used in operating activities. Management recognizes that non-GAAP financial measures have limitations in that they do not reflect all of the items associated with USAT’s net income or net loss as determined in accordance with GAAP. These non-GAAP financial measures are not required by or defined under GAAP and may be materially different from the non-GAAP financial measures used by other companies. USAT has provided reconciliations of the non-GAAP financial measures to the most directly comparable GAAP financial measures.
As used herein, non-GAAP net income (loss) represents GAAP net income (loss) excluding any benefit from reduction of the deferred tax asset valuation allowance or adjustment for fair value of warrant liabilities. As used herein, non-GAAP diluted earnings (loss) per common share is calculated by dividing non-GAAP net income (loss) applicable to common shares by the diluted weighted average number of shares outstanding.
Management believes that non-GAAP net income (loss) and non-GAAP diluted earnings (loss) per common share are important measures of USAT’s business. Management uses the aforementioned non-GAAP measures to monitor and evaluate ongoing operating results and trends and to gain an understanding of our comparative operating performance. We believe that these non-GAAP financial measures serve as useful metrics for our management and investors because they enable a better understanding of the long-term performance of our core business and facilitate comparisons of our operating results over multiple periods, and when taken together with the corresponding GAAP financial measures and our reconciliations, enhance investors’ overall understanding of our current and future financial performance.
As used herein, Adjusted EBITDA represents net income (loss) before interest income, interest expense, income taxes (including any benefit from reduction of the deferred tax asset valuation allowances), depreciation, amortization, and change in fair value of warrant liabilities and stock-based compensation expense. We have excluded the non-operating items, benefit from reduction of the deferred tax asset valuation allowances and change in fair value of warrant liabilities, because each represents a non-cash charge that is not related to USAT’s operations. We have excluded the non-cash expenses and stock-based compensation as they do not reflect the cash-based operations of USAT. Adjusted EBITDA is presented because we believe it is useful to investors as a measure of comparative operating performance and liquidity, and because it is less susceptible to variances in actual performance resulting from depreciation and amortization and non-cash charges for changes in fair value of warrant liabilities and stock-based compensation expense.
Reconciliation of Net Income (Loss) to Non-GAAP Net Income and
|Three Months Ended|
|Net income (loss)||$||26,866,526||$||(1,015,943||)|
|Fair value of warrant adjustment||168,897||1,308,954|
|Benefit from reduction of valuation allowances||(26,713,897||)||-|
|Non-GAAP net income||$||321,526||$||293,011|
|Net income (loss)||$||26,866,526||$||(1,015,943||)|
|Non-GAAP net income||$||321,526||$||293,011|
|Cumulative preferred dividends||(332,226||)||(332,226||)|
|Net income (loss) applicable to common shares||$||26,534,300||$||(1,348,169||)|
|Non-GAAP net loss applicable to common shares||$||(10,700||)||$||(39,215||)|
|Weighted average number of common shares outstanding (basic and diluted)||35,504,911||32,821,345|
|Net earnings (loss) per common share (basic and diluted)||$||0.75||$||(0.04||)|
|Non-GAAP net loss per common share (basic and diluted)||$||0.00||$||0.00|
Reconciliation of GAAP Net Income to Adjusted
|Three Months Ended|
|Net income (loss)||$||26,866,526||$||(1,015,943||)|
|Less interest income||(3,102||)||(11,082||)|
|Plus interest expenses||60,934||61,379|
|Plus income tax expense (benefit)||(26,727,720||)||6,911|
|Plus depreciation expense||1,413,521||1,003,610|
|Plus amortization expense||-||185,600|
|Plus change in fair value of warrant liabilities||168,897||1,308,954|
|Plus stock-based compensation||60,024||149,009|
You may have heard about the pets vs. cattle discussion – a reference to the way application servers are deployed in the cloud native world. If an application server goes down it can simply be dropped from the mix and a new server added in its place. The practice so far has mostly been applied to application deployments. Management software on the other hand is treated in a very special manner. Dedicated resources are set aside to run the management software components and several alerting syst...
Nov. 26, 2015 08:00 AM EST Reads: 144
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...
Nov. 26, 2015 06:00 AM EST Reads: 350
People want to get going with DevOps or Continuous Delivery, but need a place to start. Others are already on their way, but need some validation of their choices. A few months ago, I published the first volume of DevOps and Continuous Delivery reference architectures which has now been viewed over 50,000 times on SlideShare (it's free to download...no registration required). Three things helped people in the deck: (1) the reference architectures, (2) links to the sources for each architectur...
Nov. 26, 2015 05:30 AM EST Reads: 211
Hiring the wrong candidate can cost a company hundreds of thousands of dollars, and result in lost profit and productivity during the search for a replacement. In fact, the Harvard Business Review has found that as much as 80 percent of turnover is caused by bad hiring decisions. But when your organization has implemented DevOps, the job is about more than just technical chops. It’s also about core behaviors: how they work with others, how they make decisions, and how those decisions translate t...
Nov. 26, 2015 04:45 AM EST Reads: 150
Continuous processes around the development and deployment of applications are both impacted by -- and a benefit to -- the Internet of Things trend. To help better understand the relationship between DevOps and a plethora of new end-devices and data please welcome Gary Gruver, consultant, author and a former IT executive who has led many large-scale IT transformation projects, and John Jeremiah, Technology Evangelist at Hewlett Packard Enterprise (HPE), on Twitter at @j_jeremiah. The discussion...
Nov. 26, 2015 03:45 AM EST Reads: 691
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound...
Nov. 26, 2015 01:30 AM EST Reads: 432
In today's enterprise, digital transformation represents organizational change even more so than technology change, as customer preferences and behavior drive end-to-end transformation across lines of business as well as IT. To capitalize on the ubiquitous disruption driving this transformation, companies must be able to innovate at an increasingly rapid pace. Traditional approaches for driving innovation are now woefully inadequate for keeping up with the breadth of disruption and change facin...
Nov. 26, 2015 01:00 AM EST Reads: 435
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Day 2 Keynote at 17th Cloud Expo, San...
Nov. 26, 2015 12:00 AM EST Reads: 525
Discussions of cloud computing have evolved in recent years from a focus on specific types of cloud, to a world of hybrid cloud, and to a world dominated by the APIs that make today's multi-cloud environments and hybrid clouds possible. In this Power Panel at 17th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the importance of customers being able to use the specific technologies they need, through environments and ecosystems that expose their APIs to make true ...
Nov. 26, 2015 12:00 AM EST Reads: 486
PubNub has announced the release of BLOCKS, a set of customizable microservices that give developers a simple way to add code and deploy features for realtime apps.PubNub BLOCKS executes business logic directly on the data streaming through PubNub’s network without splitting it off to an intermediary server controlled by the customer. This revolutionary approach streamlines app development, reduces endpoint-to-endpoint latency, and allows apps to better leverage the enormous scalability of PubNu...
Nov. 26, 2015 12:00 AM EST Reads: 282
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, explored the value of Kibana 4 for log analysis and provided a hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He examined three use cases: IT operations, business intelligence, and security and compliance. Asaf Yigal is co-founder and VP of Product at log analytics software company Logz.io. In the past, he was co-founder of social-trading platform Currensee, which...
Nov. 26, 2015 12:00 AM EST Reads: 155
Microservices are a very exciting architectural approach that many organizations are looking to as a way to accelerate innovation. Microservices promise to allow teams to move away from monolithic "ball of mud" systems, but the reality is that, in the vast majority of organizations, different projects and technologies will continue to be developed at different speeds. How to handle the dependencies between these disparate systems with different iteration cycles? Consider the "canoncial problem"...
Nov. 25, 2015 10:00 PM EST Reads: 394
I recently attended and was a speaker at the 4th International Internet of @ThingsExpo at the Santa Clara Convention Center. I also had the opportunity to attend this event last year and I wrote a blog from that show talking about how the “Enterprise Impact of IoT” was a key theme of last year’s show. I was curious to see if the same theme would still resonate 365 days later and what, if any, changes I would see in the content presented.
Nov. 25, 2015 09:00 PM EST Reads: 368
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York and Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty ...
Nov. 25, 2015 02:45 PM EST Reads: 500
Internet of @ThingsExpo, taking place June 7-9, 2016 at Javits Center, New York City and Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 18th International @CloudExpo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo New York Call for Papers is now open.
Nov. 25, 2015 02:30 PM EST Reads: 509
There are over 120 breakout sessions in all, with Keynotes, General Sessions, and Power Panels adding to three days of incredibly rich presentations and content. Join @ThingsExpo conference chair Roger Strukhoff (@IoT2040), June 7-9, 2016 in New York City, for three days of intense 'Internet of Things' discussion and focus, including Big Data's indespensable role in IoT, Smart Grids and Industrial Internet of Things, Wearables and Consumer IoT, as well as (new) IoT's use in Vertical Markets.
Nov. 25, 2015 12:00 PM EST Reads: 525
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
Nov. 25, 2015 10:00 AM EST Reads: 432
One of the most important tenets of digital transformation is that it’s customer-driven. In fact, the only reason technology is involved at all is because today’s customers demand technology-based interactions with the companies they do business with. It’s no surprise, therefore, that we at Intellyx agree with Patrick Maes, CTO, ANZ Bank, when he said, “the fundamental element in digital transformation is extreme customer centricity.” So true – but note the insightful twist that Maes adde...
Nov. 25, 2015 09:00 AM EST Reads: 399
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
Nov. 25, 2015 09:00 AM EST Reads: 271
Nov. 25, 2015 08:30 AM EST Reads: 148