|By PR Newswire||
|November 13, 2012 02:58 AM EST||
HAIFA, Israel, November 13, 2012 /PRNewswire/ --
Elbit Systems Ltd. (the "Company") (NASDAQ: ESLT, TASE: ESLT), the international defense electronics company, reported today its consolidated financial results for the third quarter ended September 30, 2012.
In this release, the Company is providing its usual US-GAAP results as well as additional non-GAAP financial data, which are intended to provide investors with a more comprehensive understanding of the Company's business results and trends. Unless otherwise stated, all financial data presented is US- GAAP financial data.
Joseph Ackerman, President and CEO of Elbit Systems, commented: "I am encouraged by the third quarter results, which reflect improvements in some parameters, resulting in part from our ongoing cost-reduction and cost-effectiveness efforts. Concurrently, the increase in backlog reflects Elbit Systems' long-term strategy achievements in increasing our customer base".
Ackerman added: "We have recently been awarded a number of important projects in Asia- Pacific and Latin America, some in new fields and others in new countries. We will continue to increase our activity in these markets as well as in additional potential growing markets in order to balance the situation in other markets that currently are experiencing decreasing budgets. The third quarter results continue our trend of stability and I believe that Elbit Systems is well positioned and prepared for the challenges ahead".
Third quarter 2012 results:
Revenues were $677.5 million in the third quarter of 2012, as compared to $663.7 million in the third quarter of 2011. The main contributors to the Company's revenues were the Airborne and C4ISR systems areas of operations.
Gross profit was $191.5 million (28.3% of revenues) in the third quarter of 2012, as compared to $204.1 million (30.8% of revenues) in the third quarter of 2011. The non-GAAP gross profit in the third quarter of 2012 was $196.6 million (29.0% of revenues), compared to $211.6 million (31.9% of revenues) in the third quarter of 2011.
Research and development expenses, net were $50.7 million (7.5% of revenues) in the third quarter of 2012, as compared to $55.5 million (8.4% of revenues) in the third quarter of 2011.
Marketing and selling expenses were $59.0 million (8.7% of revenues) in the third quarter of 2012, as compared to $58.4 million (8.8% of revenues) in the third quarter of 2011.
General and administrative expenses were $32.7 million (4.8% of revenues) in the third quarter of 2012, as compared to $34.0 million (5.1% of revenues) in the third quarter of 2011. This continues the trend of reduction in general and administrative expenses we have experienced over several quarters, partially due to cost cutting and efficiency measures.
Operating Income was $49.0 million (7.2% of revenues), compared to $56.2 million (8.5% of revenues) in the third quarter of 2011. The non-GAAP operating income in the third quarter of 2012 was $61.0 million (9.0% of revenues), as compared to $70.3 million (10.6% of revenues) in the third quarter of 2011.
Financial expenses, net were $5.5 million in the third quarter of 2012, as compared to $3.1 million in the third quarter of 2011.
Taxes on income were $4.9 million (effective tax rate of 11.2%) in the third quarter of 2012, as compared to taxes on income of $9.8 million (effective tax rate of 18.2%) in the third quarter of 2011. The lower effective tax rate in the quarter was attributable mainly to adjustments related to tax positions taken during prior periods and to the mix of the tax rates in the various jurisdictions in which the Company's entities generate taxable income.
Equity in net earnings of affiliated companies and partnerships was $1.0 million (0.2% of revenues) in the third quarter of 2012, as compared to $4.0 million (0.6% of revenues) in the third quarter of 2011.
Net income attributable to non-controlling interests was $0.4 million in the third quarter of 2012, as compared to a net expense of $3.4 million in the third quarter of 2011.
Net income, attributable to the Company's ordinary shareholders, was $39.5 million (5.8% of revenues) in the third quarter of 2012, as compared to $36.5 million (5.5% of revenues) in the third quarter of 2011. The non-GAAP net income in the third quarter of 2012 was $49.4 million (7.3% of revenues), as compared to $56.4 million (8.5% of revenues) in the third quarter of 2011.
Diluted net earnings per shareattributable to the Company'sordinary shareholders were $0.95 for the third quarter of 2012, as compared with $0.85 for the third quarter of 2011. The non-GAAP diluted net earnings per share in the third quarter of 2012 were $1.18, as compared to $1.31 in the third quarter of 2011.
The Company's backlog of orders as of September 30, 2012 was $5,529 million, as compared with $5,465 million as of June 30, 2012 and $5,528 million as of December 31, 2011. Approximately 74% of the backlog relates to orders outside of Israel. Approximately 54% of the Company's backlog as of September 30, 2012 is scheduled to be performed during the fourth quarter of 2012 and in 2013.
Operating cash flow was $61.0 million during the first nine months of 2012, as compared to $11.2 million in the first nine months of 2011.
Non-GAAP financial data:
The following non-GAAP financial data is presented to enable investors to have additional information on the Company's business performance as well as a further basis for periodical comparisons and trends relating to the Company's financial results. The Company believes such data provides useful information to investors by facilitating more meaningful comparisons of the Company's financial results over time. Such non-GAAP information is used by the Company's management to make strategic decisions, forecast future results and evaluate the Company's current performance. However, investors are cautioned that, unlike financial measures prepared in accordance with GAAP, non-GAAP measures may not be comparable with the calculation of similar measures for other companies.
The non-GAAP financial data includes reconciliation adjustments regarding non-GAAP gross profit, operating income, net income and diluted EPS. In arriving at non-GAAP presentations, companies generally factor out items such as those that have a non-recurring impact on the income statements, various non-cash items, significant effects of retroactive tax legislation and changes in accounting guidance and other items which, in management's judgment, are items that are considered to be outside of the review of core operating results.
In the Company's non-GAAP presentation, the Company made the following adjustments, in each or some of the applicable periods: (1) added back amortization of purchased intangible assets, (2) added back significant reorganization, restructuring and other related expenses, (3) added back impairment of investments, including impairment of auction rate securities, (4) subtracted gain from changes in holdings, including revaluation of the previously held shares at the acquisition date when a business combination is achieved in stages (step-up), (5) added back impairment loss from discontinued operations, (6) excluded the impact of the cessation of a program with a foreign customer and (7) excluded the income tax effects of the foregoing.
These non-GAAP measures are not based on any comprehensive set of accounting rules or principles. The Company believes that non-GAAP measures have limitations in that they do not reflect all of the amounts associated with the Company's results of operations, as determined in accordance with GAAP, and that these measures should only be used to evaluate the Company's results of operations in conjunction with the corresponding GAAP measures. Investors should consider non-GAAP financial measures in addition to, and not as replacements for or superior to, measures of financial performance prepared in accordance with GAAP.
Reconciliation of GAAP to Non-GAAP (Unaudited) Supplemental Financial Data: (U.S. Dollars in millions) Nine Months Three Months Ended Ended Year Ended September 30 September 30 December 31 2012 2011 2012 2011 2011 GAAP gross profit 576.8 590.3 191.4 204.1 732.0 Adjustments: Amortization of purchased intangible assets 15.6 23.0 5.2 7.5 30.9 Cessation of program (*) - - - - 72.8 Non-GAAP gross profit 592.4 613.3 196.6 211.6 835.7 Percent of revenues 29.0% 31.0% 29.0% 31.9% 29.7% GAAP operating income 132.8 149.8 49.0 56.2 115.7 Adjustments: Amortization of intangible assets 36.2 42.7 12.0 14.1 57.3 Cessation of program (*) - - - - 72.8 Non-GAAP operating income 169.0 192.5 61.0 70.3 245.8 Percent of revenues 8.3% 9.7% 9.0% 10.6% 8.7% GAAP net income attributable to Elbit Systems' shareholders 110.7 103.3 39.5 36.5 90.3 Adjustments: Amortization of intangible assets 36.2 42.7 12.0 14.1 57.3 Cessation of program (*) - - - - 72.8 Impairment of investments - 0.5 - - 0.5 Gain from changes in holdings (2.3) - - - - Loss from discontinued operations, net 0.3 9.3 0.1 9.0 9.4 Related tax benefits (6.5) (9.8) (2.2) (3.2) (23.7) Non-GAAP net income attributable to Elbit Systems' shareholders 138.4 146.0 49.4 56.4 206.6 Percent of revenues 6.8% 7.4% 7.3% 8.5% 7.3% Non-GAAP diluted net EPS 3.26 3.38 1.18 1.31 4.80
(*) Adjustment of expenses related to cessation of program, which resulted in write-off of inventories and other related costs.
On August 13, 2012, the Company announced that the Company's Board of Directors accepted the request of Joseph Ackerman, the Company's President and CEO, to retire from his position on March 31, 2013, and the Board confirmed the appointment of Bezhalel (Butzi) Machlis as his successor.
On September 10, 2012, the Company announced that TOR - Advanced Flight Training, its partnership with Israel Aerospace Industries Ltd. established in order to perform the Israeli Air Force's future trainer program, reached an agreement with the Israel Ministry of Defense regarding a contract in a total amount of approximately $603 million. The Company's share in this contract is valued at $420 million of which approximately $110 million will be preformed over three years, and approximately $310 million will be preformed over approximately twenty years.
On September 13, 2012, the Company announced that its Brazilian subsidiary AEL Sistemas S.A. was awarded an initial production order valued at $15 million as part of the Guarani Project.
On September 23, 2012, the Company announced that it was awarded a contract valued at $18.5 million for the establishment of a Mission Training Center (MTC) for fighter aircraft of a Latin American Air Force.
On October 2, 2012, the Company announced that it was awarded a contract from the Australian Defense Force for the supply of Battle Management Systems (BMS) for the Royal Australian Navy's landing craft.
On October 14, 2012, the Company announced that it was awarded two contracts from a Far Eastern country to supply defense systems at a total value of approximately $50 million.
On October 21, 2012, the Company announced that Elbit Systems of America, LLC, a wholly-owned subsidiary of Elbit Systems, was awarded a $17.5 million contract by The Boeing Company to redesign and upgrade the Apache Block III AH-64D Mission Processor over a five-year period.
On October 24, 2012, the Company announced that Ares Aeroespacial e Defesa S.A., its Brazilian subsidiary, was awarded an initial production order valued at approximately $25 million to supply 12.7/7.62mm Remote Controlled Weapon Stations (RCWS) to the Brazilian Army.
On November 8, 2012, the Company announced that its subsidiary, Elbit Systems Electro-Optics - Elop Ltd., was compelled to file a lawsuit, in the amount of approximately $74 million, against the Government of Israel, for damages and expenses caused in connection with the cancellation of export licenses for a project of a foreign customer.
The Board of Directors declared a dividend of $0.30 per share for the third quarter of 2012. The dividend's record date is November 20, 2012, and the dividend will be paid on December 3, 2012, net of taxes and levies, at the rate of 25%.
The Company will also be hosting a conference call later today, November 13, 2012 at 10:00am Eastern Time. On the call, management will review and discuss the results and will be available to answer questions.
To participate, please call one of the teleconferencing numbers that follow. If you are unable to connect using the toll-free numbers, please try the international dial-in number.
US Dial-in Numbers: 1-888-407-2553
UK Dial-in Number: 0-800-917-9141
ISRAEL Dial-in Number: 03-918-0644
INTERNATIONAL Dial-in Number: +972-3-918-0644
At 10:00am Eastern Time; 7:00am Pacific Time; 3:00pm UK Time; 5:00pm Israel Time
This call will also be broadcast live on Elbit Systems' web-site at http://www.elbitsystems.com. An online replay will be available from 24 hours after the call ends.
Alternatively, for two days following the call, investors will be able to dial a replay number to listen to the call. The dial-in numbers are:
1-888-782-4291 (US) or +972-3-925-5904 (Israel and International).
About Elbit Systems:
Elbit Systems Ltd. is an international defense Electronics Company engaged in a wide range of programs throughout the world. The Company, which includes Elbit Systems and its subsidiaries, operates in the areas of aerospace, land and naval systems, command, control, communications, computers, intelligence surveillance and reconnaissance ("C4ISR"), unmanned aircraft systems ("UAS"), advanced electro-optics, electro-optic space systems, EW suites, airborne warning systems, ELINT systems, data links and military communications systems and radios. The Company also focuses on the upgrading of existing military platforms, developing new technologies for defense, homeland security and commercial aviation applications and providing a range of support services.
For additional information, visit: http://www.elbitsystems.com.
Consolidated balance sheet
Consolidated statements of income
Condensed consolidated statements of cash flow
Consolidated revenue distribution by areas of operation and by geographical regions
This press release contains forward looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended) regarding Elbit Systems Ltd. and/or its subsidiaries (collectively the Company), to the extent such statements do not relate to historical or current fact. Forward Looking Statements are based on management's expectations, estimates, projections and assumptions. Forward looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results, performance and trends may differ materially from these forward looking statements due to a variety of factors, including, without limitation: scope and length of customer contracts; governmental regulations and approvals; changes in governmental budgeting priorities; general market, political and economic conditions in the countries in which the Company operates or sells, including Israel and the United States among others; differences in anticipated and actual program performance, including the ability to perform under long-term fixed-price contracts; and the outcome of legal and/or regulatory proceedings. The factors listed above are not all-inclusive, and further information is contained in Elbit Systems Ltd.'s latest annual report on Form 20-F, which is on file with the U.S. Securities and Exchange Commission. All forward looking statements speak only as of the date of this release. The Company does not undertake to update its forward-looking statements.
(FINANCIAL TABLES TO FOLLOW)
ELBIT SYSTEMS LTD. CONSOLIDATED BALANCE SHEETS (In thousands of U.S. Dollars) September 30, December 31, 2012 2011 Unaudited Audited Assets Current assets: Cash and cash equivalents 144,929 202,577 Short-term bank deposits and available for sale securities 74,369 21,693 Trade and unbilled receivables, net 695,420 669,524 Other receivables and prepaid expenses 158,181 180,024 Inventories, net of customers advances 782,985 761,269 Total current assets 1,855,884 1,835,087 Investments in affiliated companies, partnership and other companies 117,622 110,159 Long-term trade and unbilled receivables 173,187 162,762 Long-term bank deposits and other receivables 7,382 12,215 Deferred income taxes, net 33,483 36,130 Severance pay fund 287,062 283,477 618,736 604,743 Property, plant and equipment, net 504,802 517,608 Goodwill and other intangible assets, net 728,228 763,072 Total assets 3,707,650 3,720,510 Liabilities and Equity Short-term bank credits and loans - 2,998 Current maturities of long-term loans and Series A Notes 139,811 127,627 Trade payables 240,445 316,264 Other payables and accrued expenses 717,066 743,866 Customer advances in excess of costs incurred on contracts in progress 408,464 407,222 1,505,786 1,597,977 Long-term loans, net of current maturities 174,722 302,255 Series A Notes, net of current maturities 387,468 235,319 Employee benefit liabilities 384,699 394,115 Deferred income taxes and tax liabilities, net 50,358 48,467 Customer advances in excess of costs incurred on contracts in progress 153,158 154,696 Other long-term liabilities 66,682 59,961 1,217,087 1,194,813 Elbit Systems Ltd.'s equity 952,880 898,337 Non-controlling interests 31,897 29,383 Total equity 984,777 927,720 Total liabilities and equity 3,707,650 3,720,510
ELBIT SYSTEMS LTD. CONSOLIDATED STATEMENTS OF INCOME (In thousands of U.S. Dollars, except for share and per share amounts) Year Three Months Ended Nine Months Ended Ended December September 30 September 30 31 2012 2011 2012 2011 2011 Unaudited Audited Revenues 2,044,690 1,975,602 677,470 663,712 2,817,465 Cost of revenues 1,467,863 1,385,287 486,023 459,577 2,085,451 Gross profit 576,827 590,315 191,447 204,135 732,014 Operating expenses: Research and development, net 165,114 165,136 50,703 55,533 241,092 Marketing and selling 180,325 170,829 59,044 58,401 235,909 General and administrative 98,580 104,587 32,677 33,992 139,349 444,019 440,552 142,424 147,926 616,350 Operating income 132,808 149,763 49,023 56,209 115,664 Financial expenses, net (15,524) (23,120) (5,456) (3,108) (13,569) ther income, net 76 1,355 260 981 1,909 Income before income taxes 117,360 127,998 43,827 54,082 104,004 Taxes on income 14,203 20,565 4,890 9,846 13,624 103,157 107,433 38,937 44,236 90,380 Equity in net earnings of affiliated companies and partnership 8,866 10,626 1,049 4,025 15,377 Income from continuing operations 112,023 118,059 39,986 48,261 105,757 Loss from discontinued operations, net (519) (15,630) (93) (15,180) (15,977) Net income 111,504 102,429 39,893 33,081 89,780 Less: net loss (income) attributable to non-controlling interests (835) 901 (369) 3,425 508 Net income attributable to Elbit Systems Ltd.'s shareholders 110,669 103,330 39,524 36,506 90,288 Earnings per share attributable to Elbit Systems Ltd.'s ordinary shareholders: Basic net earnings per share Continuing operations 2.63 2.63 0.95 1.06 2.33 Discontinued operations (0.01) (0.22) (0.00) (0.21) (0.22) Total 2.62 2.41 0.95 0.85 2.11 Diluted net earnings per share Continuing operations 2.62 2.61 0.95 1.06 2.31 Discontinued operations (0.01) (0.22) (0.00) (0.21) (0.22) Total 2.61 2.39 0.95 0.85 2.09 Weighted average number of shares used in Computation of basic earnings per share 42,296 42,774 41,693 42,809 42,764 Weighted average number of shares used in Computation of diluted earnings per share 42,374 43,179 41,693 43,074 43,131 Amounts attributable to Elbit Systems Ltd.'s common shareholders Income from continuing operations, net of income tax 110,977 112,614 39,579 45,523 99,778 Discontinued operations, net of income tax (308) (9,284) (55) (9,017) (9,490) Net income attributable to Elbit Systems Ltd.'s shareholders 110,669 103,330 39,524 36,506 90,288
ELBIT SYSTEMS LTD. CONSOLIDATED STATEMENTS OF CASH FLOW (In thousands of U.S. Dollars) Year Nine Months Ended Ended December September 30, 31, 2012 2011 2011 Unaudited Audited CASH FLOWS FROM OPERATING ACTIVITIES Net income 111,504 102,429 89,780 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 103,300 112,007 150,618 Write-off impairment and discontinued operations, net 519 15,630 15,977 Stock based compensation 494 831 1,996 Amortization of Series A Notes discount and related issuance costs 1,215 330 422 Deferred income taxes and reserve, net 5,485 (12,183) (8,777) Gain on sale of property, plant and equipment (556) (1,088) (1,645) Loss (gain) on sale of investment (994) 520 2,189 Equity in net loss (earnings) of affiliated companies and partnership, net of dividend received(*) (2,454) 3,679 (270) Changes in operating assets and liabilities, net of amounts acquired: Increase in short and long-term trade receivables and prepaid expenses (17,442) (76,827) (65,062) Increase in inventories, net (21,716) (123,555) (95,363) Increase (decrease) in trade payables, other payables and accrued expenses (105,834) (68,129) 17,225 Severance, pension and termination indemnities, net (12,176) (5,056) 1,879 Increase (decrease) in advances received from customers (296) 62,594 81,946 Net cash provided by operating activities 61,049 11,182 190,915 CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant and equipment (59,753) (92,484) (121,977) Acquisition of subsidiaries and business operations - (12,173) (12,173) Investments in affiliated companies and other companies (507) (13,401) (13,555) Proceeds from sale of property, plant and equipment 6,106 11,232 15,059 Proceeds from sale of investments 705 - 329 Investment in long-term deposits, net 184 23,102 39,787 Investment in short-term deposits and available for sale securities (49,008) 36,347 37,464 Net cash used in investing activities (102,273) (47,377) (55,066) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from exercise of options 739 2,974 3,833 Purchase of non-controlling interests - (71,000) (71,000) Repayment of long-term loans (195,624) (66,930) (73,666) Proceeds from long-term loans 53,038 139,893 172,303 Proceeds from issuance of Series A Notes 246,000 - - Purchase of treasury shares (26,006) - (10,101) Repayment of Series A Notes and convertible debentures (53,530) (29,998) (29,998) Purchase of convertible debentures of a subsidiary - (2,121) (2,121) Dividends paid (38,043) (46,235) (61,633) Tax benefit in respect of options exercised - - 169 Change in short- term bank credit and loan, net (2,998) 49,782 (12,117) Net cash used in financing activities (16,424) (23,635) (84,331) NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (57,648) (59,830) 51,518 CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD 202,577 151,059 151,059 CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 144,929 91,229 202,577 * Dividend received from affiliated companies and partnership 6,412 14,107 15,107
ELBIT SYSTEMS LTD.
DISTRIBUTION OF REVENUES
CONSOLIDATED REVENUES BY AREAS OF OPERATION:
Nine Months Ended Three Months Ended September 30 September 30 2012 2011 2012 2011 $ millions % $ millions % $ millions % $ millions % Airborne systems 793.5 38.8 695.2 35.2 267.9 39.5 235.6 35.4 Land systems 264.3 12.9 284.1 14.4 105.5 15.6 100.9 15.2 C4ISR systems 676.7 33.1 704.7 35.7 197.8 29.2 235.4 35.5 Electro-optics 211.5 10.4 197.9 10.0 66.8 9.9 60.8 9.2 Other (mainly non-defense engineering and production services) 98.7 4.8 93.7 4.7 39.5 5.8 31.0 4.7 Total 2,044.7 100 1,975.6 100 677.5 100 663.7 100
CONSOLIDATED REVENUES BY GEOGRAPHICAL REGIONS:
Nine Months Ended Three Months Ended September 30 September 30 2012 2011 2012 2011 $ millions % $ millions % $ millions % $ millions % Israel 355.4 17.4 511.4 25.9 104.8 15.5 155.5 23.4 United States 642.1 31.4 652.1 33.0 229.0 33.8 225.0 33.9 Europe 367.0 18.0 352.9 17.9 125.6 18.5 111.9 16.9 Other countries 680.2 33.2 459.2 23.2 218.1 32.2 171.3 25.8 Total 2,044.7 100 1,975.6 100 677.5 100 663.7 100
Joseph Gaspar, Executive VP & CFO
Dalia Rosen, VP, Head of Corporate Communications
Elbit Systems Ltd.
CCG Investor Relations
SOURCE Elbit Systems Ltd
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We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
Jul. 23, 2016 04:00 PM EDT Reads: 1,974
What are the successful IoT innovations from emerging markets? What are the unique challenges and opportunities from these markets? How did the constraints in connectivity among others lead to groundbreaking insights? In her session at @ThingsExpo, Carmen Feliciano, a Principal at AMDG, will answer all these questions and share how you can apply IoT best practices and frameworks from the emerging markets to your own business.
Jul. 23, 2016 03:45 PM EDT Reads: 1,505
Basho Technologies has announced the latest release of Basho Riak TS, version 1.3. Riak TS is an enterprise-grade NoSQL database optimized for Internet of Things (IoT). The open source version enables developers to download the software for free and use it in production as well as make contributions to the code and develop applications around Riak TS. Enhancements to Riak TS make it quick, easy and cost-effective to spin up an instance to test new ideas and build IoT applications. In addition to...
Jul. 23, 2016 03:30 PM EDT Reads: 1,838
You think you know what’s in your data. But do you? Most organizations are now aware of the business intelligence represented by their data. Data science stands to take this to a level you never thought of – literally. The techniques of data science, when used with the capabilities of Big Data technologies, can make connections you had not yet imagined, helping you discover new insights and ask new questions of your data. In his session at @ThingsExpo, Sarbjit Sarkaria, data science team lead ...
Jul. 23, 2016 03:15 PM EDT Reads: 816
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
Jul. 23, 2016 03:00 PM EDT Reads: 1,652
Ask someone to architect an Internet of Things (IoT) solution and you are guaranteed to see a reference to the cloud. This would lead you to believe that IoT requires the cloud to exist. However, there are many IoT use cases where the cloud is not feasible or desirable. In his session at @ThingsExpo, Dave McCarthy, Director of Products at Bsquare Corporation, will discuss the strategies that exist to extend intelligence directly to IoT devices and sensors, freeing them from the constraints of ...
Jul. 23, 2016 02:30 PM EDT Reads: 1,702