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Meritor Reports Fourth Quarter and Fiscal Year 2012 Results

Company Achieves Margin Expansion Year-Over-Year Despite Revenue Headwinds

TROY, Mich., Nov. 14, 2012 /PRNewswire-FirstCall/ -- Meritor, Inc. (NYSE: MTOR) today reported financial results for its fourth quarter and full fiscal year ended Sept. 30, 2012.

Fourth-Quarter Highlights

  • Sales were $986 million, down $231 million or 19 percent, from the same period last year.
  • Net income on a GAAP basis was $5 million or $0.05 per diluted share, compared to $31 million or $0.32 per diluted share in the prior year's fourth quarter.
  • Net income from continuing operations per share, on a GAAP basis, was $0.04 per diluted share, compared to $0.40 per diluted share in the prior year.
  • Adjusted earnings per share from continuing operations were $0.32, compared to $0.45 in the same period last year.
  • Adjusted EBITDA was $79 million, down $18 million or 19 percent from the same period last year. Adjusted EBITDA margin of 8 percent was flat to the same period last year.
  • Cash flow provided by operations was $55 million in the fourth quarter of fiscal year 2012, compared to $60 million in the same period last year.
  • Free cash flow for the quarter was $31 million, compared to $23 million in the same period last year.

"Our fourth-quarter financial results were solid and in line with our expectations," said Chairman, CEO and President Chip McClure. "Despite weakening sales volumes outside the United States, we were able to maintain improved adjusted EBITDA margin for the full year through tight cost controls, strong military volumes and the continued benefits of earlier implemented pricing actions and footprint rationalization."

Fourth-Quarter Results

For the fourth quarter of fiscal year 2012, Meritor posted sales of $986 million, down 19 percent from the same period last year due to lower sales volumes in global markets as well as weaker currency translation.

Net income from continuing operations, on a GAAP basis, was $4 million or $0.04 per diluted share, compared to $38 million or $0.40 per diluted share in the prior year. The decline in net income from continuing operations was due primarily to an $18 million charge associated with a change in actuarial assumptions for the company's year-end valuation of asbestos-related liabilities as well as lower earnings from unconsolidated affiliates associated with weaker volumes in their respective markets.

Adjusted income from continuing operations in the fourth quarter of fiscal year 2012 was $31 million, or $0.32 per diluted share, compared to $43 million, or $0.45 per diluted share, a year ago. Adjusted EBITDA was $79 million, compared to $97 million in the fourth quarter of fiscal year 2011. Adjusted EBITDA margin for the fourth quarter of fiscal year 2012 was 8 percent, which was flat relative to the same period last year. Despite a significant drop in sales, adjusted EBITDA margin remained stable primarily due to the year-over-year benefit of the company's North American pricing actions, European footprint rationalization, and improved military mix which more than offset the EBITDA margin impact of lower sales volumes.

Free cash flow for the fourth quarter of fiscal year 2012 was $31 million compared to free cash flow of $23 million in the same period last year, primarily driven by higher dividends from unconsolidated affiliates and improvements in working capital partially offset by voluntary contributions to the company's global pension plans of $25 million.

Fourth-Quarter Segment Results

Commercial Truck sales were $583 million, down $185 million compared with the same period last year. Segment EBITDA for the Commercial Truck segment was $46 million for the quarter, down $3 million from the fourth quarter of fiscal year 2011. Segment EBITDA margin improved to 7.9 percent, up from 6.4 percent in the same period last year. The favorable impact on segment EBITDA margin of North American pricing actions, European footprint rationalization, and improved net material performance more than offset the margin impact of lower sales volumes overall and lower earnings from the company's unconsolidated Brakes affiliate in Brazil.

Sales for the company's Industrial segment were $222 million, down $47 million from the fourth quarter of fiscal year 2011, driven by weaker volumes in both China and India. Segment EBITDA for the company's Industrial segment was $15 million, down $3 million from the same period last year. Segment EBITDA margin was 6.8 percent, up slightly from 6.7 percent in the fourth quarter of fiscal year 2011. The margin impact of improved military mix more than offset the margin impact of lower volumes in China.

The company's Aftermarket & Trailer segment posted sales of $248 million, down $26 million from the same period last year, primarily due to lower Aftermarket volumes and weaker currency translation. Segment EBITDA for Aftermarket & Trailer was $20 million, down $12 million or 38 percent from the fourth quarter of fiscal year 2011, and segment EBITDA margin declined to 8.1 percent from 11.7 percent in the fourth quarter of fiscal year 2011. The decrease in segment EBITDA and margins was primarily due to a $6 million charge for a value added tax contingency associated with certain sales transactions, as well as lower sales in European and North American markets.

Fiscal Year Results

For fiscal year 2012, Meritor posted sales of $4.4 billion, down $204 million or 4 percent from the prior fiscal year due to lower sales volumes in global markets outside the U.S. and weaker currency translation.

Net income on a GAAP basis was $52 million compared to $63 million in the prior fiscal year. Net income from continuing operations, on a GAAP basis, for fiscal year 2012 was $70 million or $0.72 per diluted share, compared to $65 million or $0.67 per diluted share in the prior fiscal year.

Adjusted income from continuing operations in fiscal year 2012 was $111 million, or $1.14 per diluted share, compared to $82 million, or $0.85 per diluted share, a year ago. Adjusted EBITDA was $345 million in fiscal year 2012, compared to $347 million in fiscal year 2011. Adjusted EBITDA for fiscal year 2012 does not include an $18 million charge recognized in the fourth fiscal quarter associated with the re-measurement of asbestos-related liabilities or a $16 million gain on the sale of excess land recognized in the third fiscal quarter. Adjusted EBITDA margin was 7.8 percent in fiscal year 2012 compared to 7.5 percent in the prior fiscal year. Despite the decline in sales, adjusted EBITDA margin improved primarily due to the company's North American pricing actions, European footprint rationalization and improved military mix, which more than offset the EBITDA margin impact of lower sales volumes.

Cash flow provided by operating activities for the full fiscal year was $77 million as compared to $41 million in the prior fiscal year. The improvement in operating cash flow is primarily due to lower working capital and lower cash used for discontinued operations partially offset by significantly higher contributions to our global pension plans. Free cash flow for fiscal year 2012 was negative $12 million, compared to negative $70 million in fiscal year 2011.

Fiscal 2012 Accomplishments

  • Executed EBITDA margin enhancing strategies.
    • Enhanced EBITDA margin despite revenue headwinds.
    • Continued to restructure the business to fit current market conditions.
    • Rationalized European footprint to improve margin expansion.
    • Successfully managed the return of peak FMTV production.
    • Realized the benefit of 2011 executive headcount reductions.
  • Continued to secure pricing equal to Meritor's value proposition.
    • Implemented pricing negotiations which contributed to margin expansion. 
  • Invested to reduce premium costs.
    • Executed operational improvements to increase productivity and minimize premium costs.
  • Continued collaboration with customers and suppliers to profitably address demand.
    • Awarded new business based on market leading product lines.
    • Worked with customers to meet flexible demands on commercial truck volumes throughout the year.
    • Received 14 customer awards in 2012 for performance in three major regions of the world.
    • Named 2012 Global Remanufacturer of the Year by ReMaTecNews.
  • Continued to drive new product development.
    • Provided content on two of the three finalists in the engineering and manufacturing development phase of the Joint Light Tactical Vehicle program.
    • Introduced latest generation of drive axles and brakes.
    • Selected by Wabash National to have Meritor trailer axles as standard equipment on its trailers.
  • Implemented balance sheet strategies.
    • Maintained a high level of liquidity to manage all cycles.
    • Executed an amended $515 million U.S. revolving credit facility that extended the maturity date to April 2017 with a springing maturity date of 2015 under certain circumstances.
    • Executed a new $100 million U.S. accounts receivable program that matures in June 2015.
    • S&P upgraded senior secured credit rating to BB- from B+ and upgraded the senior unsecured credit rating to B- from CCC+
    • Continued to reduce the unfunded pension liability.

2013 Priorities        

With a clear vision to be the recognized leader in providing drivetrain, mobility, braking and aftermarket solutions to the global commercial vehicle and industrial markets, the company will continue to remain diligently focused on the following priorities for 2013:

  • Maintain flexibility in an uncertain market and successfully execute as global markets recover.
  • Remain focused on rigorous cost management.
  • Continue to implement appropriate balance sheet strategies.
  • Continue to invest in new product development to maintain market and technology leadership positions.

Outlook for 2013

For fiscal year 2013, the company expects the following from continuing operations:

  • Revenue to be approximately $4 billion.
  • Adjusted EBITDA margin to be approximately 7 percent.
  • Adjusted earnings per share from continuing operations in the range of $0.25 to $0.35.
  • Free cash flow from continuing operations before restructuring payments to be about breakeven.
  • Effective tax rate to be approximately 50 percent.

For fiscal year 2013, the company anticipates the following for the entire company:

  • Capital expenditures in the range of $65 million to $75 million.
  • Interest expense in the range of $90 million to $100 million.
  • Cash interest in the range of $75 million to $85 million.
  • Cash income taxes in the range of $50 million to $60 million.

"Our team is focused on our 2013 priorities and key initiatives," said McClure. "In these volatile markets, we continue to remain flexible and prepared for when the global markets recover. At the same time, we are executing on strategies with two distinct customer-focused business segments that support sustainable and future growth, collaboration with customers and suppliers, strategic investments, new product development and rigorous cost management."

Fourth-Quarter Fiscal Year 2012 Conference Call

Meritor will host a conference call and webcast to present the company's fiscal year 2012 fourth-quarter and full-year financial results on Wednesday, Nov. 14, 2012, at 9 a.m. (ET)

To participate, call (617) 213-4853, 10 minutes prior to the start of the call. Please reference passcode 16637709 when registering. Investors can also listen to the conference call in real time - or for seven days after the event - by visiting meritor.com.

A replay of the call will be available starting at 11:00 a.m. on Nov. 14, until 11:59 p.m. Nov. 21, by calling (888) 286-8010 (within the United States) or (617) 801-6888 for international calls. Please refer to replay passcode 81628649. To access the listen-only audio webcast, visit meritor.com and select the webcast link from the home page or the investor page.

The company's fourth-quarter and full-year financial results for fiscal year 2012 will be released prior to the conference call and webcast on Nov. 14. The release will be distributed through PR Newswire, First Call and meritor.com

About Meritor

Meritor, Inc. is a leading global supplier of drivetrain, mobility, braking and aftermarket solutions for commercial vehicle and industrial markets. With more than a 100-year legacy of providing innovative products that offer superior performance, efficiency and reliability, the company serves commercial truck, trailer, off-highway, defense, specialty and aftermarket customers in more than 70 countries. Meritor is based in Troy, Mich., United States, and is made up of approximately 10,000 diverse employees who apply their knowledge and skills in manufacturing facilities, engineering centers, joint ventures, distribution centers and global offices in 19 countries. Common stock is traded on the New York Stock Exchange under the ticker symbol MTOR. For important information, visit the company's web site at meritor.com.

Forward-Looking Statement

This press release contains statements relating to our future results (including certain projections and business trends) that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as "believe," "expect," "anticipate," "estimate," "should," "are likely to be," "will" and similar expressions. SEC filings may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to reduced production for certain military programs and our ability to secure new military programs as our primary military programs wind down by design in future years; reliance on major original equipment manufacturer ("OEM") customers and possible negative outcomes from contract negotiations with our major customers, including failure to negotiate acceptable terms in contract renewal negotiations;  our ability to successfully manage rapidly changing  volumes in the commercial truck markets and work with our customers to adjust their demands in view of rapid changes in production levels; global economic and market cycles and conditions, including a slower than anticipated recovery from the recent global economic crisis; availability and sharply rising costs of raw materials, including steel, and our ability to manage or recover such costs; our ability to manage possible adverse effects on our European operations, or financing arrangements related thereto, in the event one or more countries exit the European monetary union; risks inherent in operating abroad (including foreign currency exchange rates, implications of foreign regulations relating to pensions and potential disruption of production and supply due to terrorist attacks or acts of aggression); rising costs of pension and other postretirement benefits; the ability to achieve the expected benefits of restructuring actions; the demand for commercial and specialty vehicles for which we supply products; whether our liquidity will be affected by declining vehicle productions in the future; OEM program delays; demand for and market acceptance of new and existing products; successful development of new products; labor relations of our company, our suppliers and customers, including potential disruptions in supply of parts to our facilities or demand for our products due to work stoppages; the financial condition of our suppliers and customers, including potential bankruptcies; possible adverse effects of any future suspension of normal trade credit terms by our suppliers; potential difficulties competing with companies that have avoided their existing contracts in bankruptcy and reorganization proceedings; potential impairment of long-lived assets, including goodwill; potential adjustment of the value of deferred tax assets; competitive product and pricing pressures; the amount of our debt; our ability to continue to comply with covenants in our financing agreements; our ability to access capital markets; credit ratings of our debt; the outcome of existing and any future legal proceedings, including any litigation with respect to environmental or asbestos-related matters; the outcome of actual and potential product liability, warranty and recall claims; and possible changes in accounting rules; as well as other substantial costs, risks and uncertainties, including but not limited to those detailed herein and from time to time in our Annual Report on Form 10-K for the year ended October 2, 2011 and from time to time in our other filings with the SEC. See also the following portions of our Annual Report on Form 10-K for the year ended October 2, 2011: Item 1. Business, "Customers; Sales and Marketing"; "Competition"; "Raw Materials and Supplies"; "Employees"; "Environmental Matters"; "International Operations"; and "Seasonality; Cyclicality"; Item 1A. Risk Factors; Item 3. Legal Proceedings; and Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. These forward-looking statements are made only as of the respective dates on which they were made, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by law.

All earnings per share amounts are on a diluted basis. The company's fiscal year ends on the Sunday nearest Sept. 30, and its fiscal quarters generally end on the Sundays nearest Dec. 31, March 31 and June 30. All year and quarter references relate to the company's fiscal year and fiscal quarters, unless otherwise stated.

Non-GAAP Measures

In addition to the results reported in accordance with accounting principles generally accepted in the United States ("GAAP") included throughout this press release, the company has provided information regarding Adjusted income or loss from continuing operations, Adjusted diluted earnings per share from continuing operations, Adjusted EBITDA, free cash flow and free cash flow from continuing operations before restructuring payments which are non-GAAP financial measures.

Adjusted income (loss) from continuing operations and Adjusted diluted earnings (loss) per share from continuing operations are defined as reported income or loss from continuing operations and reported diluted earnings or loss per share from continuing operations before restructuring expenses, asset impairment charges and other special items as determined by management. Adjusted EBITDA is defined as income (loss) from continuing operations before interest, income taxes, depreciation and amortization, non-controlling interests in consolidated joint ventures, loss on sale of receivables, restructuring expenses, asset impairment charges and other special items as determined by management. Free cash flow is defined as cash flows provided by (used for) operating activities less capital expenditures. 

Management believes that the non-GAAP financial measures used in this press release are useful to both management and investors in their analysis of the company's financial position and results of operations. In particular, management believes that Adjusted EBITDA is a meaningful measure of performance as it is commonly utilized by management and the investment community to analyze operating performance in our industry.  Further, management uses Adjusted EBITDA for planning and forecasting future periods. Management believes that free cash flow is useful in analyzing our ability to service and repay debt.

Adjusted income (loss) from continuing operations, Adjusted diluted earnings (loss) per share from continuing operations and Adjusted EBITDA should not be considered a substitute for the reported results prepared in accordance with GAAP and should not be considered as an alternative to net income as an indicator of our operating performance or to cash flows as a measure of liquidity. Free cash flow should not be considered a substitute for cash provided by (used for) operating activities, or other cash flow statement data prepared in accordance with GAAP, or as a measure of financial position or liquidity. In addition, these non-GAAP cash flow measures do not reflect cash used to service debt or cash received from the divestitures of businesses or sales of other assets and thus do not reflect funds available for investment or other discretionary uses. These non-GAAP financial measures, as determined and presented by the company, may not be comparable to related or similarly titled measures reported by other companies.

Set forth on the following pages are reconciliations of these non-GAAP financial measures to the most directly comparable financial measures calculated and presented in accordance with GAAP.

Segment EBITDA and EBITDA Margins

Segment EBITDA is defined as income (loss) from continuing operations before interest expense, income taxes, depreciation and amortization, noncontrolling interests in consolidated joint ventures, loss on sale of receivables, restructuring costs and asset impairment charges. We use Segment EBITDA as the primary basis for the Chief Operating Decision Maker to evaluate the performance of each of our reportable segments.


 

MERITOR, INC.
CONSOLIDATED STATEMENT OF INCOME
(Unaudited)
(In millions, except per share amounts)



Quarter Ended
September 30,


Twelve Months Ended
September 30,


2012


2011


2012


2011

Sales

$

986



$

1,217



$

4,418



$

4,622


Cost of sales

(873)



(1,099)



(3,933)



(4,146)


GROSS MARGIN

113



118



485



476


Selling, general and administrative

(80)



(66)



(285)



(278)


Restructuring costs

(9)



(7)



(39)



(22)


Gain on sale of property





16




Other operating expense

(1)





(4)



(2)


OPERATING INCOME

23



45



173



174


Other income, net

1



7



7



10


Equity in earnings of affiliates

11



19



52



70


Interest expense, net

(23)



(22)



(95)



(95)


INCOME BEFORE INCOME TAXES

12



49



137



159


Provision for income taxes

(7)



(8)



(56)



(77)


INCOME FROM CONTINUING OPERATIONS

5



41



81



82


INCOME (LOSS) FROM DISCONTINUED OPERATIONS, net of tax

1



(7)



(18)



(2)


NET INCOME

6



34



63



80


Less: Income attributable to noncontrolling interests

(1)



(3)



(11)



(17)


NET INCOME ATTRIBUTABLE TO MERITOR, INC.

$

5



$

31



$

52



$

63










NET INCOME (LOSS) ATTRIBUTABLE TO MERITOR, INC.








Net income from continuing operations

$

4



$

38



$

70



$

65


Income (loss) from discontinued operations

1



(7)



(18)



(2)


Net income

$

5



$

31



$

52



$

63










DILUTED EARNINGS (LOSS) PER SHARE








Continuing operations

$

0.04



$

0.40



$

0.72



$

0.67


Discontinued operations

0.01



(0.08)



(0.18)



(0.02)


Diluted earnings per share

$

0.05



$

0.32



$

0.54



$

0.65










Diluted average common shares outstanding

97.2



96.8



97.2



96.9



MERITOR, INC.
CONDENSED CONSOLIDATED BALANCE SHEET
(Unaudited, In millions)




September 30,
2012


September 30,
2011

ASSETS:





Cash and cash equivalents


$

257



$

217


Receivables, trade and other, net


542



712


Inventories


438



460


Other current assets


61



70


TOTAL CURRENT ASSETS


1,298



1,459


Net property


417



421


Goodwill


433



431


Other assets


353



352


TOTAL ASSETS


$

2,501



$

2,663







LIABILITIES AND EQUITY (DEFICIT):





Short-term debt


$

18



$

84


Accounts payable


697



841


Other current liabilities


313



328


TOTAL CURRENT LIABILITIES


1,028



1,253


Long-term debt


1,042



950


Retirement benefits


1,075



1,096


Other liabilities


338



325


Total deficit attributable to Meritor, Inc.


(1,023)



(995)


Noncontrolling interests


41



34


TOTAL DEFICIT


(982)



(961)


TOTAL LIABILITIES AND DEFICIT


$

2,501



$

2,663



 

 

MERITOR, INC.
CONSOLIDATED BUSINESS SEGMENT INFORMATION
(Unaudited, In millions)



Quarter Ended
September 30,


Twelve Months Ended
September 30,


2012


2011


2012


2011

Sales:








Commercial Truck

$

583



$

768



$

2,717



$

2,806


Industrial

222



269



1,001



1,113


Aftermarket & Trailer

248



274



1,011



1,020


Intersegment Sales

(67)



(94)



(311)



(317)


Total sales

$

986



$

1,217



$

4,418



$

4,622


EBITDA:








Commercial Truck

$

46



$

49



$

190



$

171


Industrial

15



18



68



74


Aftermarket & Trailer

20



32



93



113


Segment EBITDA

81



99



351



358


Unallocated legacy and corporate costs

(2)



(2)



(6)



(11)


Adjusted EBITDA

79



97



345



347


Interest expense, net

(23)



(22)



(95)



(95)


Provision for income taxes

(7)



(8)



(56)



(77)


Depreciation and amortization

(15)



(17)



(63)



(66)


Loss on sale of receivables

(2)



(4)



(9)



(10)


Restructuring costs

(9)



(7)



(39)



(22)


Gain on sale of property





16




Asbestos-related liability remeasurement

(18)





(18)




Other income, net



2





5


Noncontrolling interests

(1)



(3)



(11)



(17)


Income from Continuing Operations attributable to Meritor, Inc.

4



38



70



65


Income (loss) from Discontinued Operations attributable to Meritor, Inc.

1



(7)



(18)



(2)


Net income attributable to Meritor, Inc.

$

5



$

31



$

52



$

63










Adjusted EBITDA Margin (1)

8.0

%


8.0

%


7.8

%


7.5

%


(1) Adjusted EBITDA margin equals Adjusted EBITDA divided by consolidated sales.

MERITOR, INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited, In millions)



Twelve Months Ended
September 30,


2012


2011

OPERATING ACTIVITIES




Income from continuing operations

$

81



$

82


Adjustments to income from continuing operations:




Depreciation and amortization

63



66


Restructuring costs

39



22


Equity in earnings of affiliates

(52)



(70)


Pension and retiree medical expense

53



71


Gain on sale of property

(16)




Other adjustments to income from continuing operations

21



35


Dividends received from affiliates

47



45


Pension and retiree medical contributions

(140)



(71)


Restructuring payments

(22)



(13)


Changes in off-balance sheet accounts receivable factoring

(24)



144


Changes in assets and liabilities

39



(213)


Operating cash flows provided by continuing operations

89



98


Operating cash flows used for discontinued operations

(12)



(57)


CASH PROVIDED BY OPERATING ACTIVITIES

77



41


INVESTING ACTIVITIES




Capital expenditures

(89)



(105)


Proceeds from sale of property

18




Other investing activities, net

3



2


Net investing cash flows used for continuing operations

(68)



(103)


Net investing cash flows provided by (used for) discontinued operations

28



(69)


CASH USED FOR INVESTING ACTIVITIES

(40)



(172)


FINANCING ACTIVITIES




Repayment of notes and term loan

(86)




Proceeds from term loan

100




Debt issuance costs

(12)




Other financing activities



6


CASH PROVIDED BY FINANCING ACTIVITIES

2



6


EFFECT OF CHANGES IN FOREIGN CURRENCY EXCHANGE

RATES ON CASH AND CASH EQUIVALENTS

1



(1)


CHANGE IN CASH AND CASH EQUIVALENTS

40



(126)


CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

217



343


CASH AND CASH EQUIVALENTS AT END OF PERIOD

$

257



$

217


MERITOR, INC.
ADJUSTED INCOME AND EARNINGS PER SHARE RECONCILIATION
Non-GAAP
(Unaudited)
(In millions, except per share amounts)



Quarter Ended
September 30,


Twelve Months Ended
September 30,


2012


2011


2012


2011

Income from continuing operations

attributable to Meritor, Inc.

$

4



$

38



$

70



$

65


Adjustments:








Restructuring costs

9



7



39



22


Gain on sale of property





(16)




Asbestos-related liability

remeasurement

18





18




Other income, net



(2)





(5)


Adjusted income from continuing operations

$

31



$

43



$

111



$

82










Diluted earnings per share from continuing operations

$

0.04



$

0.40



$

0.72



$

0.67


Impact of adjustments on diluted earnings per share

0.28



0.05



0.42



0.18


Adjusted diluted earnings per share from continuing operations

$

0.32



$

0.45



$

1.14



$

0.85


MERITOR, INC.
FREE CASH FLOW RECONCILIATION
Non-GAAP
(Unaudited, in millions)



Quarter Ended
September 30,


Twelve Months Ended
September 30,


2012


2011


2012


2011

Cash flows provided by operating activities continuing operations

$

54



$

61



$

89



$

98


Capital expenditures continuing operations

(24)



(37)



(89)



(105)


Free cash flow - continuing operations

30



24





(7)


Cash flow provided by (used for) operating activities - discontinued operations

1



(1)



(12)



(57)


Capital expenditures discontinued operations







(6)


Free cash flow discontinued

operations

1



(1)



(12)



(63)


Free cash flow total company

$

31



$

23



$

(12)



$

(70)










Free cash flow - continuing operations

$

30



$

24



$



$

(7)


Restructuring payments - continuing operations

7



3



22



13


Free cash flow from continuing operations before restructuring payments

$

37



$

27



$

22



$

6


 

(Logo: http://photos.prnewswire.com/prnh/20110330/DE73783LOGO )

 

SOURCE Meritor, Inc.

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Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it ...
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 ...
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...
Is your aging software platform suffering from technical debt while the market changes and demands new solutions at a faster clip? It’s a bold move, but you might consider walking away from your core platform and starting fresh. ReadyTalk did exactly that. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, will discuss why and how ReadyTalk diverted from healthy revenue and over a decade of audio conferencing product development to start an innovati...
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus...
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet a...
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
The best-practices for building IoT applications with Go Code that attendees can use to build their own IoT applications. In his session at @ThingsExpo, Indraneel Mitra, Senior Solutions Architect & Technology Evangelist at Cognizant, provided valuable information and resources for both novice and experienced developers on how to get started with IoT and Golang in a day. He also provided information on how to use Intel Arduino Kit, Go Robotics API and AWS IoT stack to build an application tha...
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
IoT generates lots of temporal data. But how do you unlock its value? You need to discover patterns that are repeatable in vast quantities of data, understand their meaning, and implement scalable monitoring across multiple data streams in order to monetize the discoveries and insights. Motif discovery and deep learning platforms are emerging to visualize sensor data, to search for patterns and to build application that can monitor real time streams efficiently. In his session at @ThingsExpo, ...
Verizon Communications Inc. (NYSE, Nasdaq: VZ) and Yahoo! Inc. (Nasdaq: YHOO) have entered into a definitive agreement under which Verizon will acquire Yahoo's operating business for approximately $4.83 billion in cash, subject to customary closing adjustments. Yahoo informs, connects and entertains a global audience of more than 1 billion monthly active users** -- including 600 million monthly active mobile users*** through its search, communications and digital content products. Yahoo also co...
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to imp...
Large scale deployments present unique planning challenges, system commissioning hurdles between IT and OT and demand careful system hand-off orchestration. In his session at @ThingsExpo, Jeff Smith, Senior Director and a founding member of Incenergy, will discuss some of the key tactics to ensure delivery success based on his experience of the last two years deploying Industrial IoT systems across four continents.