Click here to close now.

Welcome!

.NET Authors: Aria Blog, Pat Romanski, Elizabeth White, Hovhannes Avoyan, Sanjeev Sharma

News Feed Item

Ingersoll Rand Delivers Fourth-Quarter EPS from Continuing Operations of $0.77

Ingersoll-Rand plc (NYSE:IR), a world leader in creating and sustaining safe, comfortable and efficient environments, today reported that total revenues, excluding the divested Hussmann refrigeration business, were flat for the fourth quarter of 2012 compared with the 2011 fourth quarter. Diluted earnings per share from continuing operations were $0.77.

The company reported net earnings of $235.6 million, or EPS of $0.78, for the fourth quarter of 2012. Fourth-quarter net earnings included $234.7 million, or EPS of

$0.77, from continuing operations, as well as $0.9 million of income, or EPS of $0.01, from discontinued operations. Continuing operations included EPS of $0.01 from tax benefits related to the disposition of Hussmann. Excluding these items, adjusted EPS from continuing operations for the fourth quarter of 2012 was $0.76.

This compares with reported net earnings of $242.2 million, or EPS of $0.76, for the fourth quarter of 2011. Fourth-quarter 2011 net earnings included $249.4 million, or EPS of $0.79, from continuing operations, as well as $7.2 million of costs, or EPS of $(0.03), from discontinued operations. Continuing operations included EPS of $0.03 related to the disposition of Hussmann. Excluding these items, adjusted EPS from continuing operations for the fourth quarter of 2011 was $0.76. (See EPS table)

 

EPS for Q4 and Full Year

       

Q4

       

Full Year

2012

     

2011

2012

     

2011

EPS from Continuing Operations

$

0.77

$

0.79

$

3.30

$

1.18

 

Adjustments:

 

  • Asset Impairment/Loss(Gain) on Sale
 

 

(0.01

 

)

 

 

(0.03

 

)

 

 

(0.01

 

)

 

1.64

Adjusted EPS from Continuing Operations $ 0.76 $ 0.76   $ 3.29   $ 2.82
 

Full-Year Results

Full-year 2012 net revenues were $14,035 million and declined by 5 percent compared with reported net revenues of $14,782 million in 2011. Excluding the results of the divested Hussmann business, 2012 revenues increased by 1 percent. Operating income for 2012 totaled $1,505 million ($1,501 million when adjusted for impairment) compared with $860 million in 2011 ($1,449 million excluding impairment and Hussmann).

The company reported full-year 2012 EPS of $3.28. EPS from continuing operations were $3.30 with $(0.02) of costs from discontinued operations. The company reported full-year 2011 EPS of $1.01. EPS from continuing operations were $1.18 with $(0.17) of costs from discontinued operations. Continuing operations included an after-tax impairment charge/loss on sale of $558 million, or EPS of ($1.64) related to the divestiture of Hussmann. Excluding these charges, the adjusted EPS for 2011 continuing operations was $2.82 (See EPS table)

“In 2012, we improved the strength of our business operations, delivering increased operating margins, and a 23 percent improvement in adjusted earnings per share despite a challenging economic backdrop in a number of our key end markets,” said Michael W. Lamach, chairman and chief executive officer. “We are pleased with the progress we made during this past year. We made notable improvements in pricing capabilities, productivity and working capital management that helped to deliver the strong cash flow that supported our share buyback and dividend expansion. Our management team is focused on investing in multiple growth platforms identified in our planning process, as well as accelerating restructuring and cost reduction actions to generate sustained profitable growth in what we expect to be a slow growth economy in 2013.”

Additional Highlights for the 2012 Fourth Quarter

Revenues: The company’s reported revenues declined by 1 percent to $3,470 million, compared with revenues of $3,507 million for the 2011 fourth quarter. Total revenues, excluding the divested Hussmann business, were flat compared with 2011. U.S. revenues, excluding Hussmann, were flat compared with 2011, and revenues from international operations were also flat (up 1 percent excluding currency), as growth in Latin America and Asia was largely offset by declining activity in Europe.

Operating Income and Margin: Operating income for the 2012 fourth quarter was $367.5 million, an increase of 8 percent (up 11 percent when adjusted for impairment and Hussmann) compared with the 2011 fourth quarter. The fourth-quarter operating margin was 10.6 percent compared to an operating margin of 9.7 percent (9.6 percent when adjusted for impairment and Hussmann) for the same period of 2011. Pricing actions and operational excellence initiatives drove the increase in operating profits and margins. These improvements were partially offset by inflation, higher investment spending and unfavorable revenue mix.

Interest Expense and Other Income/Expense: Interest expense of $61 million for the fourth quarter of 2012 declined by approximately $9 million compared with the same period last year due to lower debt balances. Other income totaled $4 million for the fourth quarter of 2012 and declined slightly compared with the 2011 fourth quarter.

Taxes: The company had a tax rate of 22 percent in the fourth quarter of 2012, including a $5 million tax benefit related to the Hussmann divestiture. Excluding this benefit, the tax rate was 24 percent. The company had an effective tax rate of 7 percent in the fourth quarter of 2011, including a $5 million tax benefit resulting from the Hussmann divestiture. Excluding this benefit and the corresponding adjustment to the asset impairment charge, the effective tax rate was 9 percent in the fourth quarter of 2011.

Fourth-Quarter Business Review

Climate Solutions delivers energy-efficient solutions globally and includes Trane, which provides heating, ventilation and air conditioning (HVAC) systems and building services, parts and controls for commercial buildings, and Thermo King, the leader in transport temperature control solutions.

The total results of the divested Hussmann refrigeration business are included through the first three quarters of 2011. The company’s ownership interest in Hussmann was reported within other income/expense using the equity method of accounting for the fourth quarter of 2011 and for all of 2012. Fourth-quarter 2011 results also included approximately $37 million of revenues and $3 million of operating income from several Hussmann branch operations divested on November 30, 2011.

Revenues for the fourth quarter of 2012 were $1,839 million and declined by 3 percent compared with the fourth quarter of 2011. Excluding Hussmann, revenue declined by 2 percent (down 1 percent excluding currency). Bookings, excluding Hussmann, declined by 1 percent year-over-year.

On a year-over-year basis, total commercial HVAC revenues were flat, with a low-single digit percent decline in equipment and systems offset by increased revenues from parts, services and solutions. Commercial revenues increased in the Americas and declined in Europe and Asia. Fourth-quarter bookings for commercial HVAC reflected a mid-single digit percentage improvement compared with the 2011 fourth quarter with gains in the Americas and Asia offsetting a slight decline in Europe. Total Thermo King refrigerated transport revenues decreased in the fourth quarter compared with last year, primarily due to declines in marine containers. Trailer and truck sales were up compared with last year as revenue gains in the Americas and Asia were partially offset by lower European volumes.

Fourth-quarter segment operating margin of 10.3 percent increased by 0.2 percentage points compared with 10.1 percent last year (excluding Hussmann, operating margin was 10.2 percent). The combination of pricing and productivity actions offset the negative impact of inflation, unfavorable revenue/volume mix and higher investment spending.

Industrial Technologies provides products, services and solutions to enhance customers’ productivity, energy efficiency and operations. Products include compressed air systems, power tools, pumps, material handling equipment and golf and utility vehicles.

Total revenues in the fourth quarter of $765 million increased approximately 3 percent (up 4 percent excluding currency) compared with the fourth quarter of 2011. Air and Productivity revenues showed a low-single digit percentage increase, primarily due to gains in oil free air compressor sales. Bookings also increased by a low-single digit percentage year-over-year with gains in all geographic regions.

Club Car revenues increased by a high-single digit percentage compared with the fourth quarter of 2011, showing gains in golf cars and aftermarket activity. Bookings increased by a low-single digit percentage as golf-related markets continued to show slowly improving activity levels.

Fourth-quarter segment operating margin for Industrial Technologies was 16.1 percent, an increase of 0.8 percentage points compared with last year. The segment margin improvement was due to higher volumes, improved pricing and productivity, which were partially offset by inflation and investment spending. Air and Productivity operating margins exceeded 17 percent in the fourth quarter and exceeded 16 percent for full year 2012.

Residential Solutions includes the Trane and Schlage brands, which deliver safety, comfort and efficiency to homeowners throughout the Americas. Products, services and solutions include mechanical and electronic locks, HVAC systems, indoor air quality solutions and controls, and remote home management systems. Fourth-quarter revenues were $422 million, a decrease of approximately 5 percent (down 5 percent, excluding currency) compared with 2011. Bookings also declined by mid-single digit percentages year-over-year.

Total fourth quarter residential security revenues were down low-teen percentages compared with 2011 as a result of lower sales to “big box” customers, which offset increased year-over-year revenues from the new builder market and South American customers.

Residential HVAC revenues declined by a low-single digit percentage compared with fourth quarter 2011 results. 2012 fourth-quarter HVAC unit shipments were flat compared with last year. Fourth quarter 2012 year-over-year revenue comparisons were negatively impacted by significant fourth-quarter 2011 shipments related to planned inventory reductions. Excluding the impact of 2011 inventory reductions, fourth-quarter 2012 unit shipments increased by high-single digit percentages compared with last year.

Fourth-quarter segment operating margin was 6.9 percent and increased by 8.1 percentage points compared with negative (1.2 percent) recorded in 2011. The segment margin increase was due to improved pricing and productivity in 2012 and easy comparisons with the fourth quarter of 2011 when the residential HVAC business significantly reduced inventory levels.

Security Technologies is a leading global supplier of commercial security products and services. The segment’s market-leading products include mechanical and electronic security products, biometric and access-control systems, and security and time and attendance scheduling software.

Fourth-quarter revenues of $445 million increased by approximately 7 percent (up 7 percent excluding currency) compared with the fourth quarter of 2011. Revenues in the Americas increased by high-single digit percentages as price improvements and market share gains in mechanical products more than offset the impact of stagnant commercial building markets. Revenues in overseas markets increased by a mid-single digit percentage as declines in European revenues were more than offset by strong growth in Asia.

Overall segment bookings were up mid-teens, with bookings improvement in the Americas and Asia and declines in Europe. Fourth-quarter segment operating margin was 20.6 percent, up by 1.5 percentage points compared with 19.1 percent in the fourth quarter of 2011. The higher segment operating margin was due to improved volume, productivity and higher pricing, which were partially offset by inflation and higher investment spending.

Balance Sheet and Share Repurchase

Working capital was 2.8 percent of revenues at the end of the fourth quarter of 2012. Available cash flow for the fourth quarter was $354 million and the company generated $918 million of available cash flow in 2012. Cash balances and total debt balances were $0.9 billion and $3.2 billion, respectively, at the end of the fourth quarter. The company purchased approximately 10 million shares during the fourth quarter and purchased a total of 18.4 million shares for $840 million during 2012.

Spin-off of Commercial and Residential Security Businesses

On December 10, 2012, the company announced that its Board of Directors unanimously approved a plan to spin off its commercial and residential security businesses (the “new security” company). The separation will result in two standalone companies: Ingersoll Rand, a world leader in creating comfortable, sustainable and efficient environments through its industrial, transport refrigeration, and heating, ventilation and air conditioning (HVAC) businesses; and the new security company, a leading global provider of electronic and mechanical security products and services, delivering comprehensive solutions to commercial and residential customers.

The company expects the spin-off, which is intended to be tax free to shareholders, to be completed prior to year-end 2013. Upon completion of the spin-off, Ingersoll-Rand plc will cease to have any ownership interest in the new security company, and the new security company will become an independent publicly traded company. The new security company is anticipated to be an Irish plc.

Outlook

For 2013 the company expects moderate growth in industrial markets, global parts and service, and across most of the company’s businesses in Asia and Latin America. Refrigerated transport markets and commercial HVAC replacement activity are expected to demonstrate slow year-over-year growth, especially in Europe where performance is hampered by low economic growth in key markets. The North American non-residential construction market is continuing its weak and uneven demand pattern with moderate growth in commercial markets, partially offsetting ongoing weakness in key institutional markets. Activity in North American consumer related markets, especially residential HVAC, is expected to continue its ongoing recovery for 2013 with moderate increases in demand levels.

For comparison purposes, the 2013 forecast is based on the current Ingersoll Rand business structure, with four current operating sectors in place for the full 12 months of 2013. Revenues for the full-year 2013 are expected to be in the range of $14.2 billion to $14.6 billion. Full-year adjusted EPS from continuing operations are expected to be in the range of $3.45 to $3.65. Costs related to the impending spin-off of the residential and commercial security businesses and restructuring expenses are expected to be in the range of $0.40 to $0.60 per share. Including these costs, EPS for 2013 continuing operations are expected to be in the range of $2.85 to $3.25. The forecast includes a tax rate of 23 percent for continuing operations and an average diluted share count for the full year of approximately 300 million shares. Available cash flow for full-year 2013 is expected to approximate $1.1 billion, excluding restructuring expenses and costs related to the spin-off of the security business.

First-quarter 2013 revenues are expected to be in the range of $3.1 billion to $3.2 billion. Adjusted EPS from continuing operations for the first quarter of 2013 are expected to be in the range of $0.35 to $0.40, with reported EPS of $0.15 to $0.20, including security business spin-off and restructuring costs equal to approximately $0.10 per share and potential non-U.S. discrete tax charges equal to approximately $0.10 per share. The first-quarter forecast reflects an ongoing tax rate of 25 percent for continuing operations and an average diluted share count of approximately 302 million shares.

This news release includes “forward-looking statements,” which are statements that are not historical facts, including statements that relate to the mix of and demand for our products, performance of the markets in which we operate, the proposed spin-off of our commercial and residential security technologies businesses, our capital allocation strategy and our 2013 full-year and first-quarter financial performance. These forward-looking statements are based on our current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from our current expectations. Such factors include, but are not limited to, our ability to successfully, if ever, complete the proposed spin-off; our ability to fully realize the expected benefits of the proposed spin-off; global economic conditions, demand for our products and services and tax law changes. Additional factors that could cause such differences can be found in our Form 10-K for the year ended December 31, 2011, Form 10-Q for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012, and in our other SEC filings. We assume no obligation to update these forward-looking statements.

This news release also includes adjusted non-GAAP financial information which should be considered supplemental to, not a substitute for or superior to, the financial measure calculated in accordance with GAAP. Further information about the adjusted non-GAAP financial information, including reconciliation to the nearest GAAP measure, is included in financial tables attached to this news release.

All amounts reported within the earnings release above related to net earnings (loss), earnings (loss) from continuing operations, earnings (loss) from discontinued operations, and per share amounts are attributed to Ingersoll Rand’s ordinary shareholders.

Ingersoll Rand (NYSE:IR) is a world leader in creating and sustaining safe, comfortable and efficient environments in commercial, residential and industrial markets. Our people and our family of brands—including Club Car®, Ingersoll Rand®, Schlage®, Thermo King® and Trane®—work together to enhance the quality and comfort of air in homes and buildings, transport and protect food and perishables, secure homes and commercial properties, and increase industrial productivity and efficiency. We are a $14 billion global business committed to sustainable business practices within our company and for our customers. For more information, visit www.ingersollrand.com.

02/01/13
(See Accompanying Tables)

  • Condensed Consolidated Income Statement
  • Segments
  • Non-GAAP Financial Tables
  • Condensed Consolidated Balance Sheet
  • Condensed Consolidated Statement of Cash Flow
  • Balance Sheet Metrics and Available Cash Flow
 
INGERSOLL-RAND PLC
Condensed Consolidated Income Statement
(In millions, except per share amounts)
 

UNAUDITED

                       
 

Three Months
Ended December 31,

Twelve Months
Ended December 31,
2012 2011 2012 2011
 
Net revenues $ 3,470.2 $ 3,506.7 $ 14,034.9 $ 14,782.0
 
Cost of goods sold (2,410.5 ) (2,505.9 ) (9,758.2 ) (10,493.6 )
 
Selling & administrative expenses (692.2 ) (666.3 ) (2,776.0 ) (2,781.2 )
 
Gain (loss) on sale / (asset impairment)   -     4.7     4.5     (646.9 )
 
Operating income 367.5 339.2 1,505.2 860.3
 
Interest expense (61.4 ) (70.2 ) (253.5 ) (280.0 )
 
Other income (expense), net   3.8     4.4     25.0     33.0  
 
Earnings (loss) before income taxes 309.9 273.4 1,276.7 613.3
 
Provision for income taxes   (69.0 )   (18.2 )   (227.0 )   (187.2 )
 
Earnings (loss) from continuing operations 240.9 255.2 1,049.7 426.1
 
Discontinued operations, net of tax   0.9     (7.2 )   (5.7 )   (56.8 )
 
Net earnings (loss) 241.8 248.0 1,044.0 369.3
 
Less: Net earnings attributable to noncontrolling interests   (6.2 )   (5.8 )   (25.4 )   (26.1 )
 
Net earnings (loss) attributable to Ingersoll-Rand plc $ 235.6   $ 242.2   $ 1,018.6   $ 343.2  
 
 

Amounts attributable to Ingersoll-Rand plc

ordinary shareholders:

Continuing operations $ 234.7 $ 249.4 $ 1,024.3 $ 400.0
Discontinued operations   0.9     (7.2 )   (5.7 )   (56.8 )
Net earnings (loss) $ 235.6   $ 242.2   $ 1,018.6   $ 343.2  
 
 

Diluted earnings (loss) per share attributable to

Ingersoll-Rand plc ordinary shareholders:

Continuing operations $ 0.77 $ 0.79 $ 3.30 $ 1.18
Discontinued operations   0.01     (0.03 )   (0.02 )   (0.17 )
$ 0.78   $ 0.76   $ 3.28   $ 1.01  
 
Weighted-average number of ordinary
shares outstanding:
Diluted 304.0 316.7 310.6 339.3
 
 

INGERSOLL-RAND PLC
Business Review
(In millions, except percentages)

 

UNAUDITED

                       
 
Three Months
Ended December 31,
Twelve Months
Ended December 31,
2012 2011 2012 2011

Climate Solutions

Net revenues $ 1,838.5 $ 1,904.6 $ 7,409.1 $ 8,284.6
Segment operating income * 188.5 192.9 768.1 824.6 **
and as a % of Net revenues 10.3 % 10.1 % 10.4 % 10.0 %
 

Industrial Technologies

Net revenues 765.3 744.0 2,945.8 2,852.9
Segment operating income 123.3 113.9 455.8 415.5
and as a % of Net revenues 16.1 % 15.3 % 15.5 % 14.6 %
 

Residential Solutions

Net revenues 421.7 442.9 2,054.4 2,012.7
Segment operating income 29.0 (5.2 ) 115.4 62.1
and as a % of Net revenues 6.9 % -1.2 % 5.6 % 3.1 %
 

Security Technologies

Net revenues 444.7 415.2 1,625.6 1,631.8
Segment operating income 91.5 79.4 327.7 331.6
and as a % of Net revenues 20.6 % 19.1 % 20.2 % 20.3 %
 
Gain (loss) on sale / (asset impairment) - 4.7 4.5 (646.9 ) **
 
Unallocated corporate expense   (64.8 )   (46.5 )   (166.3 )   (126.6 )
 
Consolidated net revenues $ 3,470.2 $ 3,506.7 $ 14,034.9 $ 14,782.0
Consolidated operating income $ 367.5   $ 339.2   $ 1,505.2   $ 860.3  
and as a % of Net revenues 10.6 % 9.7 % 10.7 % 5.8 %
 
 

* Segment operating income is the measure of profit and loss that the Company uses to evaluate the
financial performance of the business and as the basis for performance reviews, compensation and
resource allocation. For these reasons, the Company believes that Segment operating income represents
the most relevant measure of segment profit and loss. The Company may exclude certain charges or gains
from Operating income to arrive at Segment operating income that is a more meaningful measure of profit
and loss upon which to base its operating decisions.

 

** During the twelve months ended December 31, 2011, the Company recorded a pre-tax loss on sale and
impairment charges related to the Hussmann divestiture of approximately $647 million. These charges
have been excluded from Segment operating income within the Climate Solutions segment.

 
 

INGERSOLL-RAND PLC
Reconciliation of non-GAAP to GAAP
(In millions, except per share amounts)
UNAUDITED

                                     
For the quarter ended December 31, 2012 For the year ended December 31, 2012
As As As As
Reported   Adjustments Adjusted Reported   Adjustments Adjusted
 
Net revenues $ 3,470.2 $ - $ 3,470.2 $ 14,034.9 $ - $ 14,034.9
 
Operating income 367.5 - (a) 367.5 1,505.2 (4.5) (a) 1,500.7
Operating margin 10.6% 10.6% 10.7% 10.7%
 
Earnings from continuing operations
before income taxes 309.9 - (a) 309.9 1,276.7 (4.5) (a) 1,272.2
Provision for income taxes (69.0) (4.8) (b) (73.8) (227.0) 2.6 (b) (224.4)
Tax rate 22.3% 23.8% 17.8% 17.6%
Earnings from continuing operations
attributable to Ingersoll-Rand plc 234.7 (4.8) (c) 229.9 1,024.3 (1.9) (c) 1,022.4
 

Diluted earnings per common share

Continuing operations $ 0.77 $ (0.01) $ 0.76 $ 3.30 $ (0.01) $ 3.29
 
Weighted-average number of common
shares outstanding
Diluted 304.0 - 304.0 310.6 - 310.6
 

Detail of Adjustments:

(a) Adjustment to Hussmann loss on sale $ - $ (4.5)
(b) Tax impact of Hussmann divestiture (4.8) 2.6
(c) Impact of adjustments on earnings from
continuing operations attributable to
Ingersoll-Rand plc $ (4.8) $ (1.9)
 

The Company reports its financial results in accordance with generally accepted accounting principles in the United States (GAAP). This supplemental schedule provides adjusted non-GAAP financial information and a quantitative reconciliation of the difference between the non-GAAP financial measures and the financial measures calculated and reported in accordance with GAAP.

 

The non-GAAP financial measures should be considered supplemental to, not a substitute for or superior to, financial measures calculated in accordance with GAAP. They have limitations in that they do not reflect all of the costs associated with the operations of our businesses as determined in accordance with GAAP. In addition, these measures may not be comparable to non-GAAP financial measures reported by other companies.

 

We believe the non-GAAP financial information provides important supplemental information to both management and investors regarding financial and business trends used in assessing our financial condition and results of operations. We believe that it is meaningful to provide the relative impact of impairment charges and the corresponding tax impacts in order to present a better understanding of our results on a period to period comparative basis.

 

The non-GAAP financial measures for operating income and margin, tax rate and EPS assist investors with analyzing our business segment results as well as with predicting future performance. In addition, these non-GAAP financial measures are also reviewed by management in order to evaluate the financial performance of each segment. They are the basis for performance reviews, compensation and resource allocation. We believe that the presentation of these non-GAAP financial measures will permit investors to assess the performance of the Company on the same basis as management.

 

As a result, one should not consider these measures in isolation or as a substitute for our results reported under GAAP. We compensate for these limitations by analyzing results on a GAAP basis as well as a non-GAAP basis, prominently disclosing GAAP results and providing reconciliations from GAAP results to non-GAAP results.

 

INGERSOLL-RAND PLC
Reconciliation of non-GAAP to GAAP
(In millions, except per share amounts)
UNAUDITED

                                   
For the quarter ended December 31, 2011 For the year ended December 31, 2011
As As As As
Reported       Adjustments     Adjusted Reported         Adjustments       Adjusted
 
Net revenues $ 3,506.7 $ - $ 3,506.7 $ 14,782.0 $ - $ 14,782.0
 
Operating income 339.2 (4.7 ) (a) 334.5 860.3 646.9 (a) 1,507.2
Operating margin 9.7 % 9.5 % 5.8 % 10.2 %
 
Earnings (loss) from continuing operations
before income taxes 273.4 (4.7 ) (a) 268.7 613.3 646.9 (a) 1,260.2
Provision for income taxes (18.2 ) (4.7 ) (b) (22.9 ) (187.2 ) (88.9 ) (b) (276.1 )
Tax rate 6.7 % 8.5 % 30.5 % 21.9 %
Earnings (loss) from continuing operations
attributable to Ingersoll-Rand plc 249.4 (9.4 ) (c) 240.0 400.0 558.0 (c) 958.0
 

Diluted earnings per common share

Continuing operations $ 0.79 $ (0.03 ) $ 0.76 $ 1.18 $ 1.64 $ 2.82
 
Weighted-average number of common
shares outstanding
Diluted 316.7 - 316.7 339.3 - 339.3
 

Detail of Adjustments:

(a) Impairment charge related to Hussmann $ (4.7 ) $ 646.9
(b) Tax impact of Hussmann divestiture   (4.7 )   (88.9 )
(c) Impact of adjustments on earnings from
continuing operations attributable to
Ingersoll-Rand plc $ (9.4 ) $ 558.0  
 
 
The Company reports its financial results in accordance with generally accepted accounting principles in the United States (GAAP). This supplemental schedule provides adjusted non-GAAP financial information and a quantitative reconciliation of the difference between the non-GAAP financial measures and the financial measures calculated and reported in accordance with GAAP.

 

The non-GAAP financial measures should be considered supplemental to, not a substitute for or superior to, financial measures calculated in accordance with GAAP. They have limitations in that they do not reflect all of the costs associated with the operations of our businesses as determined in accordance with GAAP. In addition, these measures may not be comparable to non-GAAP financial measures reported by other companies.

 

We believe the non-GAAP financial information provides important supplemental information to both management and investors regarding financial and business trends used in assessing our financial condition and results of operations. We believe that it is meaningful to provide the relative impact of impairment charges and the corresponding tax impacts in order to present a better understanding of our results on a period to period comparative basis.

 

The non-GAAP financial measures for operating income and margin, tax rate and EPS assist investors with analyzing our business segment results as well as with predicting future performance. In addition, these non-GAAP financial measures are also reviewed by management in order to evaluate the financial performance of each segment. They are the basis for performance reviews, compensation and resource allocation. We believe that the presentation of these non-GAAP financial measures will permit investors to assess the performance of the Company on the same basis as management.

 

As a result, one should not consider these measures in isolation or as a substitute for our results reported under GAAP. We compensate for these limitations by analyzing results on a GAAP basis as well as a non-GAAP basis, prominently disclosing GAAP results and providing reconciliations from GAAP results to non-GAAP results.

 

INGERSOLL-RAND PLC
Reconciliation of non-GAAP to GAAP
(In millions)
UNAUDITED

                         
For the quarter ended December 31, 2012 For the year ended December 31, 2012
As Reported Margin As Reported Margin
Climate Solutions
Net revenues $ 1,838.5
 
Segment operating income $ 188.5 10.3 %
Other income (expense) (0.3 ) 0.0 %
Depreciation and amortization   40.0   2.1 %
EBITDA $ 228.2   12.4 %
 
Industrial Technologies
Net revenues $ 765.3
 
Segment operating income $ 123.3 16.1 %
Other income (expense) 0.8 0.1 %
Depreciation and amortization   12.2   1.6 %
EBITDA $ 136.3   17.8 %
 
Residential Solutions
Net revenues $ 421.7
 
Segment operating income $ 29.0 6.9 %
Other income (expense) 0.4 0.1 %
Depreciation and amortization   24.7   5.8 %
EBITDA $ 54.1   12.8 %
 
Security Technologies
Net revenues $ 444.7
 
Segment operating income $ 91.5 20.6 %
Other income (expense) 0.1 0.0 %
Depreciation and amortization   9.0   2.0 %
EBITDA $ 100.6   22.6 %
 
Total Company
Net revenues $ 3,470.2 $ 14,034.9
 
Adjusted operating income $ 367.5 10.6 % $ 1,500.7 10.7 %
Other income (expense) - 0.0 % - 0.0 %
Depreciation and amortization   90.1   2.6 %   375.5 2.7 %
EBITDA $ 457.6   13.2 % $ 1,876.2 13.4 %
 
The Company reports its financial results in accordance with generally accepted accounting principles in the United States (GAAP). This supplemental schedule provides adjusted non-GAAP financial information and a quantitative reconciliation of the difference between the non-GAAP financial measures and the financial measures calculated and reported in accordance with GAAP.
 
The non-GAAP financial measures should be considered supplemental to, not a substitute for or superior to, financial measures calculated in accordance with GAAP. They have limitations in that they do not reflect all of the costs associated with the operations of our businesses as determined in accordance with GAAP. In addition, these measures may not be comparable to non-GAAP financial measures reported by other companies.
 
We believe the non-GAAP financial information provides important supplemental information to both management and investors regarding financial and business trends used in assessing our financial condition and results of operations.
 
The non-GAAP financial measures of EBITDA and EBITDA margin assist investors with analyzing our business segment results as well as with predicting future performance. In addition, these non-GAAP financial measures are also reviewed by management in order to evaluate the financial performance of each segment. They are the basis for performance reviews, compensation and resource allocation. We believe that the presentation of these non-GAAP financial measures will permit investors to assess the performance of the Company on the same basis as management.
 
As a result, one should not consider these measures in isolation or as a substitute for our results reported under GAAP. We compensate for these limitations by analyzing results on a GAAP basis as well as a non-GAAP basis, prominently disclosing GAAP results and providing reconciliations from GAAP results to non-GAAP results.
 
 

INGERSOLL-RAND PLC
Reconciliation of non-GAAP to GAAP
(In millions)
UNAUDITED

                               
For the quarter ended December 31, 2011    
As Reported Margin Hussmann As Adjusted Margin
Climate Solutions
Net revenues $ 1,904.6 $ 36.8 $ 1,867.8
 
Segment operating income $ 192.9 10.1 % $ 2.5 $ 190.4 10.2 %
Other income (expense) 0.9 0.0 % - 0.9 0.0 %
Depreciation and amortization   40.9   2.2 %   -   40.9   2.2 %
EBITDA $ 234.7   12.3 % $ 2.5 $ 232.2   12.4 %
 
Industrial Technologies
Net revenues $ 744.0
 
Segment operating income $ 113.9 15.3 %
Other income (expense) (2.1 ) -0.3 %
Depreciation and amortization   13.2   1.8 %
EBITDA $ 125.0   16.8 %
 
Residential Solutions
Net revenues $ 442.9
 
Segment operating income $ (5.2 ) -1.2 %
Other income (expense) 0.3 0.1 %
Depreciation and amortization   28.5   6.4 %
EBITDA $ 23.6   5.3 %
 
Security Technologies
Net revenues $ 415.2
 
Segment operating income $ 79.4 19.1 %
Other income (expense) 0.4 0.1 %
Depreciation and amortization   9.0   2.2 %
EBITDA $ 88.8   21.4 %
 
Total Company
Net revenues $ 3,506.7 $ 36.8 $ 3,469.9
 
Adjusted operating income $ 334.5 9.5 % $ 2.5 $ 332.0 9.6 %
Other income (expense) (1.6 ) 0.0 % - (1.6 ) -0.1 %
Depreciation and amortization   100.6   2.9 %   -   100.6   2.9 %
EBITDA $ 433.5   12.4 % $ 2.5 $ 431.0   12.4 %
 
 
The Company reports its financial results in accordance with generally accepted accounting principles in the
United States (GAAP). This supplemental schedule provides adjusted non-GAAP financial information and a
quantitative reconciliation of the difference between the non-GAAP financial measures and the financial measures
calculated and reported in accordance with GAAP.
 
The non-GAAP financial measures should be considered supplemental to, not a substitute for or superior to,
financial measures calculated in accordance with GAAP. They have limitations in that they do not reflect all
of the costs associated with the operations of our businesses as determined in accordance with GAAP. In
addition, these measures may not be comparable to non-GAAP financial measures reported by other companies.
 
We believe the non-GAAP financial information provides important supplemental information to both management and
investors regarding financial and business trends used in assessing our financial condition and results of
operations.
 
The non-GAAP financial measures of EBITDA and EBITDA margin assist investors with analyzing
our business segment results as well as with predicting future performance. In addition, these non-GAAP financial
measures are also reviewed by management in order to evaluate the financial performance of each segment. They
are the basis for performance reviews, compensation and resource allocation. We believe that the presentation
of these non-GAAP financial measures will permit investors to assess the performance of the Company on the same
basis as management.
 
As a result, one should not consider these measures in isolation or as a substitute for our results reported
under GAAP. We compensate for these limitations by analyzing results on a GAAP basis as well as a non-GAAP
basis, prominently disclosing GAAP results and providing reconciliations from GAAP results to non-GAAP results.
 
INGERSOLL-RAND PLC
Reconciliation of non-GAAP to GAAP
(In millions)
UNAUDITED
                               

 

For the year ended December 31, 2011
As Reported Margin Hussmann As Adjusted Margin
 
Total Company
Net revenues $ 14,782.0 $ 818.5 $ 13,963.5

 

Adjusted operating income

$

1,507.2

10.2 % $ 58.6 $ 1,448.6 10.4 %
Other income (expense) - 0.0 % - - 0.0 %
Depreciation and amortization   402.7 2.7 %   -   402.7 2.9 %
EBITDA $ 1,909.9 12.9 % $ 58.6 $ 1,851.3 13.3 %
 
 
The Company reports its financial results in accordance with generally accepted accounting principles in the
United States (GAAP). This supplemental schedule provides adjusted non-GAAP financial information and a
quantitative reconciliation of the difference between the non-GAAP financial measures and the financial measures
calculated and reported in accordance with GAAP.
 
The non-GAAP financial measures should be considered supplemental to, not a substitute for or superior to,
financial measures calculated in accordance with GAAP. They have limitations in that they do not reflect all
of the costs associated with the operations of our businesses as determined in accordance with GAAP. In
addition, these measures may not be comparable to non-GAAP financial measures reported by other companies.
 
We believe the non-GAAP financial information provides important supplemental information to both management and
investors regarding financial and business trends used in assessing our financial condition and results of
operations.
 
The non-GAAP financial measures of EBITDA and EBITDA margin assist investors with analyzing
our business segment results as well as with predicting future performance. In addition, these non-GAAP financial
measures are also reviewed by management in order to evaluate the financial performance of each segment. They
are the basis for performance reviews, compensation and resource allocation. We believe that the presentation
of these non-GAAP financial measures will permit investors to assess the performance of the Company on the same
basis as management.
 
As a result, one should not consider these measures in isolation or as a substitute for our results reported
under GAAP. We compensate for these limitations by analyzing results on a GAAP basis as well as a non-GAAP
basis, prominently disclosing GAAP results and providing reconciliations from GAAP results to non-GAAP results.
 
                       

INGERSOLL-RAND PLC
Reconciliation of non-GAAP to GAAP
(In millions)
UNAUDITED

 
For the year ended December 31, 2010 For the year ended December 31, 2009
As Reported Margin As Reported Margin
 
Total Company
Net revenues $ 14,001.1 $ 13,009.1
 
Operating income $ 1,261.4 9.0 % $ 885.2 6.8 %
Other income (expense) - 0.0 % - 0.0 %
Depreciation and amortization   436.8 3.1 %   421.5 3.2 %
EBITDA $ 1,698.2 12.1 % $ 1,306.7 10.0 %
 
 
The Company reports its financial results in accordance with generally accepted accounting principles in the United States (GAAP). This supplemental schedule provides adjusted non-GAAP financial information and a quantitative reconciliation of the difference between the non-GAAP financial measures and the financial measures calculated and reported in accordance with GAAP.
 
The non-GAAP financial measures should be considered supplemental to, not a substitute for or superior to, financial measures calculated in accordance with GAAP. They have limitations in that they do not reflect all of the costs associated with the operations of our businesses as determined in accordance with GAAP. In addition, these measures may not be comparable to non-GAAP financial measures reported by other companies.
 
We believe the non-GAAP financial information provides important supplemental information to both management and investors regarding financial and business trends used in assessing our financial condition and results of operations.
 
The non-GAAP financial measures of EBITDA and EBITDA margin assist investors with analyzing our business segment results as well as with predicting future performance. In addition, these non-GAAP financial measures are also reviewed by management in order to evaluate the financial performance of each segment. They are the basis for performance reviews, compensation and resource allocation. We believe that the presentation of these non-GAAP financial measures will permit investors to assess the performance of the Company on the same basis as management.
 
As a result, one should not consider these measures in isolation or as a substitute for our results reported under GAAP. We compensate for these limitations by analyzing results on a GAAP basis as well as a non-GAAP basis, prominently disclosing GAAP results and providing reconciliations from GAAP results to non-GAAP results.
 

INGERSOLL-RAND PLC
Condensed Consolidated Balance Sheets
(In millions)
UNAUDITED

                 
 
 
December 31, December 31,
2012 2011
ASSETS
Cash and cash equivalents $ 882.1 $ 1,160.7
Accounts and notes receivable, net 2,157.5 2,135.6
Inventories 1,308.8 1,278.3
Other current assets   594.3   704.6
Total current assets 4,942.7 5,279.2
Property, plant and equipment, net 1,652.6 1,639.4
Goodwill 6,138.9 6,104.0
Intangible assets, net 4,200.9 4,333.6
Other noncurrent assets   1,557.8   1,487.9
Total assets $ 18,492.9 $ 18,844.1
 
LIABILITIES AND EQUITY
Accounts payable $ 1,230.2 $ 1,224.2
Accrued expenses and other current liabilities 1,967.4 2,138.1
Short-term borrowings and current maturities of long-term debt   963.7   763.3
Total current liabilities 4,161.3 4,125.6
Long-term debt 2,269.3 2,879.3
Other noncurrent liabilities 4,833.0 4,823.5
Equity   7,229.3   7,015.7
Total liabilities and equity $ 18,492.9 $ 18,844.1
 
 

INGERSOLL-RAND PLC
Condensed Consolidated Statement of Cash Flow
(In millions)
UNAUDITED

               
Twelve Months
Ended December 31,
2012 2011
Operating Activities
Income from continuing operations $ 1,049.7 $ 426.1
Loss (Gain) on sale/asset impairment (4.5 ) 646.9
Depreciation and amortization 375.5 402.7
Changes in assets and liabilities and other non-cash items   (143.0 )   (245.5 )
Net cash from operating activities of continuing operations 1,277.7 1,230.2
Net cash from operating activities of discontinued operations   (96.8 )   (43.4 )
Net cash from operating activities 1,180.9 1,186.8
 
Investing Activities
Capital expenditures (262.6 ) (242.9 )
Proceeds from business dispositions, net of cash 52.7 400.3
Other investing activities, net   63.5     50.1  
Net cash from investing activities of continuing operations (146.4 ) 207.5
Net cash from investing activities of discontinued operations   -     -  
Net cash from investing activities (146.4 ) 207.5
 
Financing Activities
Net debt proceeds (repayments) (414.8 ) (54.0 )
Dividends paid (213.1 ) (163.5 )
Repurchase of ordinary shares (839.8 ) (1,157.5 )
Other financing activities, net   163.8     128.6  
Net cash from financing activities of continuing operations (1,303.9 ) (1,246.4 )
Net cash from financing activities of discontinued operations   -     -  
Net cash from financing activities (1,303.9 ) (1,246.4 )
 
Effect of exchange rate changes on cash and cash equivalents   (9.2 )   (1.5 )
Net increase (decrease) in cash and cash equivalents (278.6 ) 146.4
Cash and cash equivalents - beginning of period   1,160.7     1,014.3  
Cash and cash equivalents - end of period $ 882.1   $ 1,160.7  
 
 

INGERSOLL-RAND PLC
Balance Sheet Metrics and Available Cash Flow
($ in millions)
UNAUDITED

           
 
December 31, December 31,
2011 2012
 
Net Receivables $ 2,136 $ 2,158
Days Sales Outstanding 56.2 56.7
 
Net Inventory $ 1,278 $ 1,309
Inventory Turns 7.7 7.4
 
Accounts Payable $ 1,224 $ 1,230
Days Payable Outstanding 45.1 46.6
 
 
 
 

Twelve Months
Ended

December 31, 2012
 
Cash flow from operating activities (a) $ 1,180.9
Capital expenditures (a) (262.6 )
 
Available cash flow $ 918.3  
 
 
(a) Includes both continuing and discontinued operations.
 
The Company reports its financial results in accordance with generally accepted accounting principles in the
United States (GAAP). This supplemental schedule provides adjusted non-GAAP financial information and a
quantitative reconciliation of the difference between the non-GAAP financial measure and the financial measure
calculated and reported in accordance with GAAP.
 
The non-GAAP financial measure should be considered supplemental to, not a substitute for or superior to,
the financial measure calculated in accordance with GAAP. It has limitations in that it does not reflect all
of the costs associated with the operations of our businesses as determined in accordance with GAAP. In
addition, this measure may not be comparable to non-GAAP financial measures reported by other companies.
 
We believe the non-GAAP financial information provides important supplemental information to both management
and investors regarding financial and business trends used in assessing our financial condition and cash flow.
 
The non-GAAP financial measure of available cash flow assists investors with analyzing our business results
as well as with predicting future performance. In addition, this non-GAAP financial measure is reviewed by
management in order to evaluate the financial performance of each segment as well as the Company as a whole.
It is the basis for performance reviews, compensation and resource allocation. We believe that the presentation
of this non-GAAP financial measure will permit investors to assess the performance of the Company on the same
basis as management.
 
As a result, one should not consider this measure in isolation or as a substitute for our results reported under
GAAP. We compensate for these limitations by analyzing results on a GAAP basis as well as a non-GAAP basis,
prominently disclosing GAAP results and providing reconciliations from GAAP results to non-GAAP results.
 

More Stories By Business Wire

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

@ThingsExpo Stories
One of the biggest impacts of the Internet of Things is and will continue to be on data; specifically data volume, management and usage. Companies are scrambling to adapt to this new and unpredictable data reality with legacy infrastructure that cannot handle the speed and volume of data. In his session at @ThingsExpo, Don DeLoach, CEO and president of Infobright, will discuss how companies need to rethink their data infrastructure to participate in the IoT, including: Data storage: Understanding the kinds of data: structured, unstructured, big/small? Analytics: What kinds and how responsiv...
Since 2008 and for the first time in history, more than half of humans live in urban areas, urging cities to become “smart.” Today, cities can leverage the wide availability of smartphones combined with new technologies such as Beacons or NFC to connect their urban furniture and environment to create citizen-first services that improve transportation, way-finding and information delivery. In her session at @ThingsExpo, Laetitia Gazel-Anthoine, CEO of Connecthings, will focus on successful use cases.
Sensor-enabled things are becoming more commonplace, precursors to a larger and more complex framework that most consider the ultimate promise of the IoT: things connecting, interacting, sharing, storing, and over time perhaps learning and predicting based on habits, behaviors, location, preferences, purchases and more. In his session at @ThingsExpo, Tom Wesselman, Director of Communications Ecosystem Architecture at Plantronics, will examine the still nascent IoT as it is coalescing, including what it is today, what it might ultimately be, the role of wearable tech, and technology gaps stil...
The true value of the Internet of Things (IoT) lies not just in the data, but through the services that protect the data, perform the analysis and present findings in a usable way. With many IoT elements rooted in traditional IT components, Big Data and IoT isn’t just a play for enterprise. In fact, the IoT presents SMBs with the prospect of launching entirely new activities and exploring innovative areas. CompTIA research identifies several areas where IoT is expected to have the greatest impact.
Wearable devices have come of age. The primary applications of wearables so far have been "the Quantified Self" or the tracking of one's fitness and health status. We propose the evolution of wearables into social and emotional communication devices. Our BE(tm) sensor uses light to visualize the skin conductance response. Our sensors are very inexpensive and can be massively distributed to audiences or groups of any size, in order to gauge reactions to performances, video, or any kind of presentation. In her session at @ThingsExpo, Jocelyn Scheirer, CEO & Founder of Bionolux, will discuss ho...
Roberto Medrano, Executive Vice President at SOA Software, had reached 30,000 page views on his home page - http://RobertoMedrano.SYS-CON.com/ - on the SYS-CON family of online magazines, which includes Cloud Computing Journal, Internet of Things Journal, Big Data Journal, and SOA World Magazine. He is a recognized executive in the information technology fields of SOA, internet security, governance, and compliance. He has extensive experience with both start-ups and large companies, having been involved at the beginning of four IT industries: EDA, Open Systems, Computer Security and now SOA.
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focused on understanding how industrial data can create intelligence for industrial operations. Imagine ...
Operational Hadoop and the Lambda Architecture for Streaming Data Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, representing a model of how to analyze rea...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...
SYS-CON Events announced today that Open Data Centers (ODC), a carrier-neutral colocation provider, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Open Data Centers is a carrier-neutral data center operator in New Jersey and New York City offering alternative connectivity options for carriers, service providers and enterprise customers.
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...
PubNub on Monday has announced that it is partnering with IBM to bring its sophisticated real-time data streaming and messaging capabilities to Bluemix, IBM’s cloud development platform. “Today’s app and connected devices require an always-on connection, but building a secure, scalable solution from the ground up is time consuming, resource intensive, and error-prone,” said Todd Greene, CEO of PubNub. “PubNub enables web, mobile and IoT developers building apps on IBM Bluemix to quickly add scalable realtime functionality with minimal effort and cost.”
Sensor-enabled things are becoming more commonplace, precursors to a larger and more complex framework that most consider the ultimate promise of the IoT: things connecting, interacting, sharing, storing, and over time perhaps learning and predicting based on habits, behaviors, location, preferences, purchases and more. In his session at @ThingsExpo, Tom Wesselman, Director of Communications Ecosystem Architecture at Plantronics, will examine the still nascent IoT as it is coalescing, including what it is today, what it might ultimately be, the role of wearable tech, and technology gaps stil...
The Internet of Things (IoT) is causing data centers to become radically decentralized and atomized within a new paradigm known as “fog computing.” To support IoT applications, such as connected cars and smart grids, data centers' core functions will be decentralized out to the network's edges and endpoints (aka “fogs”). As this trend takes hold, Big Data analytics platforms will focus on high-volume log analysis (aka “logs”) and rely heavily on cognitive-computing algorithms (aka “cogs”) to make sense of it all.
With several hundred implementations of IoT-enabled solutions in the past 12 months alone, this session will focus on experience over the art of the possible. Many can only imagine the most advanced telematics platform ever deployed, supporting millions of customers, producing tens of thousands events or GBs per trip, and hundreds of TBs per month. With the ability to support a billion sensor events per second, over 30PB of warm data for analytics, and hundreds of PBs for an data analytics archive, in his session at @ThingsExpo, Jim Kaskade, Vice President and General Manager, Big Data & Ana...
In the consumer IoT, everything is new, and the IT world of bits and bytes holds sway. But industrial and commercial realms encompass operational technology (OT) that has been around for 25 or 50 years. This grittier, pre-IP, more hands-on world has much to gain from Industrial IoT (IIoT) applications and principles. But adding sensors and wireless connectivity won’t work in environments that demand unwavering reliability and performance. In his session at @ThingsExpo, Ron Sege, CEO of Echelon, will discuss how as enterprise IT embraces other IoT-related technology trends, enterprises with i...
When it comes to the Internet of Things, hooking up will get you only so far. If you want customers to commit, you need to go beyond simply connecting products. You need to use the devices themselves to transform how you engage with every customer and how you manage the entire product lifecycle. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, will show how “product relationship management” can help you leverage your connected devices and the data they generate about customer usage and product performance to deliver extremely compelling and reliabl...
SYS-CON Events announced today that GENBAND, a leading developer of real time communications software solutions, has been named “Silver Sponsor” of SYS-CON's WebRTC Summit, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. The GENBAND team will be on hand to demonstrate their newest product, Kandy. Kandy is a communications Platform-as-a-Service (PaaS) that enables companies to seamlessly integrate more human communications into their Web and mobile applications - creating more engaging experiences for their customers and boosting collaboration and productiv...
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, shared some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, deploy, and manage applications integrating voice, video and data. He is the co-founder of TeleStax, a...