Welcome!

.NET Authors: Yeshim Deniz, Carmen Gonzalez, Greg O'Connor, Pat Romanski, Elizabeth White

News Feed Item

Scripps Networks Interactive Reports Fourth Quarter Financial Results

Scripps Networks Interactive, Inc. (NYSE: SNI) today reported operating results for the fourth quarter 2013.

Consolidated revenues for the quarter increased 8.2 percent to $654 million from the prior-year period. Results for the three-month period ended December 31 reflect strong advertising revenue of $450 million, up 8.8 percent, and affiliate fee revenue of $190 million, up 9.7 percent year over year. A decrease in other revenue, due to a reduction in international licensing fees partially offset the company’s total revenue growth.

Costs of services and selling, general and administrative expenses for the quarter increased 13 percent from the prior-year period to $381 million. The increase was driven primarily by higher programming amortization and marketing expenses to drive viewership at all of the company’s lifestyle television networks.

Total segment profit increased 2.8 percent to $273 million. (See note 2 for a definition of segment profit.)

Fourth quarter net income attributable to Scripps Networks Interactive was $109 million or $0.73 per diluted share, including a $0.17 per share write-down related to the company’s Travel Channel International business. Fourth quarter 2012 net income was $306 million, or $2.02, which was increased by net adjustments of $1.11 per diluted share. (See note 1.)

Full-year Results

Consolidated operating revenue in 2013 was $2.5 billion, up 9.7 percent from the prior year. Year-over-year advertising revenue was up 9.8 percent, to $1.7 billion, and affiliate fee revenue was up 10 percent, to $758 million.

Segment profit increased to $1.1 billion, up 5.9 percent from the prior year.

Full-year 2013 consolidated net income attributable to Scripps Networks Interactive was $505 million, or $3.40 per diluted share, including the write-down noted in the fourth quarter. Full-year 2012 net income was $681 million, or $4.44 per diluted share, which included the fourth quarter net adjustments of $1.11 per diluted share. (See note 1.)

“Our strong fourth-quarter and full-year operating results validate our success in attracting an engaged, upscale audience with our unique lifestyle content,” said Kenneth W. Lowe, chairman, president and chief executive officer of Scripps Networks Interactive. “We create long-term value for our shareholders by building iconic lifestyle brands, a fact that’s borne out in the company’s long and successful track record.”

         

 

Segment results

                   
Three months ended Twelve months ended
December 31, December 31,
(in thousands)         2013     2012     Change       2013     2012     Change
               

Segment operating revenues:

Lifestyle Media $ 629,247 $ 584,851 7.6 % $ 2,452,350 $ 2,256,367 8.7 %
Corporate and other 26,007 19,813 31.3 % 80,542 50,824 58.5 %

Intersegment eliminations

        (859 )       1               (2,083 )       (9 )      
 
Total operating revenues       $ 654,395   $     604,665       8.2 %     $ 2,530,809   $     2,307,182       9.7 %
 
Segment profit (loss):
Lifestyle Media $ 302,359 $ 287,468 5.2 % $ 1,223,729 $ 1,135,557 7.8 %
Corporate and other         (29,090 )       (21,577 )     34.8 %       (121,269 )       (94,684 )     28.1 %
 
Total segment profit       $ 273,269   $     265,891       2.8 %     $ 1,102,460   $     1,040,873       5.9 %
 

Lifestyle media revenues in the fourth quarter of 2013 increased 7.6 percent to $629 million driven by advertising and affiliate fee revenue growth. Total advertising revenue for the lifestyle media segment grew 7.1 percent to $439 million. Affiliate fee revenue grew 9.0 percent to $182 million due to higher rates, a reduction of launch fee amortization and the benefit of our online video distribution agreements.

Lifestyle media segment profit increased 5.2 percent to $302 million reflecting the revenue growth, partially offset by higher program amortization and marketing expense.

Corporate and other revenues, which are primarily international operations, increased 31 percent to $26.0 million, due to the April 2013 acquisition of Asian Food Channel and the launch of our uLive business.

Corporate and other segment loss increased 35 percent to $29.1 million, driven primarily by continued investments in international operations and digital business initiatives.

2014 Full-year Guidance

The company provided the following outlook for 2014.

Total revenue is expected to increase between 6 percent and 8 percent.

Cost of services are expected to increase between 11 percent and 13 percent.

Selling, general and administrative expenses are expected to be between flat and up 2 percent.

Other items:

  • Depreciation and amortization, between $120 million and $130 million.
  • Interest expense of approximately $50 million.
  • Effective tax rate, between 30 percent and 32 percent.
  • Noncontrolling share of net income, between $190 million and $200 million.
  • Capital expenditures, between $80 million and $85 million.

Conference call

The senior management team of Scripps Networks Interactive will discuss the company’s fourth quarter results during a telephone conference call at 10 a.m. ET today. Scripps Networks Interactive will offer a live webcast of the conference call. To access the webcast, visit www.scrippsnetworksinteractive.com and follow the Investors link at the top of the page. The webcast link can be found next to the microphone icon on the investor relations landing page.

To access the conference call by telephone, dial 800-230-1059 (U.S.) or 612-234-9959 (international) approximately ten minutes before the start of the call. Callers will need the name of the call, “SNI Fourth Quarter Earnings Call,” to be granted access. Callers also will be asked to provide their name and company affiliation. The media and general public are granted access to the conference call on a listen-only basis.

A replay line will be open from 12:30 p.m. ET Feb. 14 until 11:59 p.m. ET Feb. 28. The domestic number to access the replay is 800-475-6701 and the international number is 320-365-3844. The access code for both numbers is 317187. A replay of the conference call also will be available online. To access the audio replay, visit www.scrippsnetworksinteractive.com approximately four hours after the call, choose Investors then follow the Audio Archives link on the top right side of the investor relations landing page.

Forward-looking statements

This press release contains certain forward-looking statements related to the company’s businesses that are based on management’s current expectations. Forward-looking statements are subject to certain risks, trends and uncertainties, including changes in advertising demand and other economic conditions that could cause actual results to differ materially from the expectations expressed in forward-looking statements. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. The company’s written policy on forward-looking statements can be found on page F-3 of its 2012 Form 10-K filed with the Securities and Exchange Commission.

The company undertakes no obligation to publicly update any forward-looking statements to reflect events or circumstances after the date the statement is made.

About Scripps Networks Interactive

Scripps Networks Interactive (NYSE: SNI) is one of the leading developers of engaging lifestyle content in the home, food and travel categories for television, the Internet and emerging platforms. The company’s lifestyle media portfolio comprises popular television and Internet brands HGTV, DIY Network, Food Network, Cooking Channel, Travel Channel and Great American Country, which collectively reach more than 170 million consumers each month. Companion websites complement on-air programming with video and social media that inform and inspire. The company’s global networks reach millions of consumers across Asia, Europe, the Middle East and Africa. Scripps Networks Interactive is headquartered in Knoxville, Tenn. For more information, please visit http://www.scrippsnetworksinteractive.com.

 
SCRIPPS NETWORKS INTERACTIVE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)       Three months ended     Twelve months ended
December 31, December 31,
(in thousands, except per share data)       2013     2012     Change     2013     2012     Change
               
Operating revenues $ 654,395 $ 604,665 8.2 % $ 2,530,809 $ 2,307,182 9.7 %

Cost of services, excluding depreciation and amortization of intangible assets

(188,645 ) (165,855 ) 13.7 % (699,294 ) (610,836 ) 14.5 %
Selling, general and administrative (192,481 ) (172,919 ) 11.3 % (729,055 ) (655,473 ) 11.2 %

Depreciation and amortization of intangible assets

(31,812 ) (28,159 ) 13.0 % (117,580 ) (107,591 ) 9.3 %
Write-down of goodwill (24,723 ) (19,663 ) (24,723 ) (19,663 )
Gains (losses) on disposal of property and equipment         (111 )       856               (1,681 )       754        
 
Operating income 216,623 218,925 (1.1 )% 958,476 914,373 4.8 %
Interest expense (12,031 ) (12,869 ) (6.5 )% (48,710 ) (50,814 ) (4.1 )%
Equity in earnings of affiliates 18,472 14,597 26.5 % 79,644 60,864 30.9 %
Miscellaneous, net         1,585         651               1,241         13,340        
 
Income from operations before income taxes 224,649 221,304 1.5 % 990,651 937,763 5.6 %
Income tax (provision) benefit         (73,621 )       123,170               (307,623 )       (88,107 )      
 
Net income 151,028 344,474 (56.2 )% 683,028 849,656 (19.6 )%

Net income attributable to noncontrolling interests

        (42,509 )       (38,673 )     9.9 %       (177,958 )       (168,178 )     5.8 %
Net income attributable to SNI       $ 108,519       $ 305,801       (64.5 )%     $ 505,070       $ 681,478       (25.9 )%
 

Net income attributable to SNI common shareholders per basic share of common stock

      $ 0.74       $ 2.03             $ 3.43       $ 4.48        
 

Net income attributable to SNI common shareholders per diluted share of common stock

      $ 0.73       $ 2.02             $ 3.40       $ 4.44        
 
Weighted average basic shares outstanding         146,813         150,546               147,326         152,180        
 
Weighted average diluted shares outstanding         148,076         151,711               148,502         153,327        
 
 
SCRIPPS NETWORKS INTERACTIVE, INC.
CONSOLIDATED BALANCE SHEETS
(unaudited)       As of
December 31,     December 31,
(in thousands, except share and par value amounts)       2013     2012
 
ASSETS
Current assets:
Cash and cash equivalents $ 686,371 $ 437,525
Accounts receivable (less allowances: 2013- $6,853; 2012- $5,514) 619,619 565,298
Programs and program licenses 423,949 395,017
Deferred income taxes 41,140 26,338
Other current assets         90,231         60,098  
Total current assets 1,861,310 1,484,276
Investments 488,198 489,703
Property and equipment, net 246,350 237,308
Goodwill 574,582 551,821
Other intangible assets, net 655,009 678,500
Programs and program licenses (less current portion) 413,057 371,856
Deferred income taxes 39,075 148,501
Other non-current assets         160,866         176,833  
Total Assets       $ 4,438,447       $ 4,138,798  
 
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable $ 18,278 $ 12,633
Program rights payable 30,412 36,274

Customer deposits and unearned revenue

70,427 44,903
Employee compensation and benefits 67,188 56,553
Accrued marketing and advertising costs 11,053 10,689
Other accrued liabilities         81,341         91,577  
Total current liabilities 278,699 252,629
Long-term debt 1,384,488 1,384,216
Other liabilities (less current portion)         223,368         237,402  
Total liabilities         1,886,555         1,874,247  
Redeemable noncontrolling interest         133,000         136,500  
Equity:
SNI shareholders' equity:

Preferred stock, $.01 par - authorized: 25,000,000 shares; none outstanding Common stock, $.01 par:

Class A - authorized: 240,000,000 shares; issued and outstanding: 2013 - 111,891,667 shares; 2012 - 114,570,332 shares

1,119 1,146

Voting - authorized: 60,000,000 shares; issued and outstanding: 2013 - 34,317,171 shares; 2012 - 34,317,173 shares

        343         343  
Total 1,462 1,489
Additional paid-in capital 1,447,496 1,405,699
Retained earnings 662,574 452,598
Accumulated other comprehensive income (loss)         (12,529 )       (38,862 )
Total SNI shareholders' equity 2,099,003 1,820,924
Noncontrolling interest         319,889         307,127  
Total equity         2,418,892         2,128,051  
Total Liabilities and Equity       $ 4,438,447       $ 4,138,798  
 
 
SCRIPPS NETWORKS INTERACTIVE, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)       Twelve months ended
December 31,
(in thousands)       2013     2012
   

Cash Flows from Operating Activities:

Net income $ 683,028 $ 849,656
Depreciation and amortization of intangible assets 117,580 107,591
Write-down of goodwill 24,723 19,663
Amortization of network distribution costs 7,024 23,687
Program amortization 556,694 487,138
Equity in earnings of affiliates (79,644 ) (60,864 )
Program payments (627,591 ) (623,484 )
Dividends received from equity investments 83,912 61,896
Deferred income taxes 79,336 (284,271 )
Stock and deferred compensation plans 46,810 39,492
Changes in certain working capital accounts:
Accounts receivable (52,691 ) (4,461 )
Other assets 1,255 (7,228 )
Accounts payable 5,001 (2,157 )
Accrued employee compensation and benefits 9,709 10,249
Accrued / refundable income taxes (31,573 ) (2,365 )
Other liabilities 35,303 (5,688 )
Other, net         18,318         5,829  
Cash provided by (used in) operating activities         877,194         614,683  
 
Cash Flows from Investing Activities:
Additions to property and equipment (72,990 ) (63,416 )
Collections (funds advanced) on note receivable 12,939 12,264
Purchase of long-term investments (17,089 )
Purchase of subsidiary companies, net of cash acquired (64,412 ) (119,036 )
Other, net         (43,510 )       (48,003 )
Cash provided by (used in) continuing investing activities         (167,973 )       (235,280 )
Cash provided by (used in) discontinued investing activities                 10,000  
Cash provided by (used in) investing activities         (167,973 )       (225,280 )
 
Cash Flows from Financing Activities:
Dividends paid (88,400 ) (73,109 )
Dividends paid to noncontrolling interests (160,493 ) (166,351 )
Repurchase of Class A common stock (253,203 ) (600,285 )
Proceeds from stock options 42,976 121,665
Other, net         (1,762 )       6,675  
Cash provided by (used in) financing activities         (460,882 )       (711,405 )
Effect of exchange rate changes on cash and cash equivalents         507         (565 )
Increase (decrease) in cash and cash equivalents 248,846 (322,567 )
 
Cash and cash equivalents:
Beginning of year         437,525         760,092  
End of period       $ 686,371       $ 437,525  
 
Supplemental Cash Flow Disclosures:
Interest paid, excluding amounts capitalized $ 45,436 $ 46,682
Income taxes paid         229,966         348,158  
 

Notes to Results of Operations

1. OTHER CHARGES AND CREDITS

Asset write-downs - In connection with our annual impairment test for goodwill, we recorded a $24.7 million non-cash charge in the fourth quarter of 2013 to write-down the goodwill associated with our Travel Channel International business. The charge reduced 2013 net income attributable to SNI by $24.7 million, $.17 per share.

In the fourth quarter of 2012, we recorded a $19.7 million non-cash charge to write-down the goodwill associated with RealGravity to fair value. Equity in earnings of affiliates for the fourth quarter of 2012 also reflects a non-cash charge of $5.9 million to reduce the carrying value of an investment to its estimated fair value. These charges decreased 2012 net income attributable to SNI by $22.0 million, $.15 per share.

Income tax adjustments – Our tax provision in the fourth quarter of 2012 reflects an income tax benefit of $213 million arising from the reversal of valuation allowances on deferred tax assets related to capital loss carry forwards. Previously, the company had estimated that it would be unable to use any of the capital loss carry forwards generated from the sales of the Shopzilla and uSwitch businesses. As a consequence of a restructuring that was completed to achieve a more efficient tax structure, the company recognized a $574 million capital gain that utilized substantially all of its capital loss carry forwards. As the capital losses are not available in states in which the company does not file unitary income tax returns, state tax expenses totaling $23.1 million were also recognized. These income tax adjustments increased net income attributable to SNI by $190 million, $1.26 per share in 2012.

2. NON-GAAP FINANCIAL MEASURES

Our chief operating decision maker evaluates the operating performance of our business segments and makes decisions about the allocation of resources to our business segments using a measure we call segment profit. Segment profit excludes interest, income taxes, depreciation and amortization, divested operating units, restructuring activities, investment results and certain other items that are included in net income determined in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

Items excluded from segment profit generally result from decisions made in prior periods or from decisions made by corporate executives rather than the managers of the business segments. Depreciation and amortization charges are the result of decisions made in prior periods regarding the allocation of resources and are therefore excluded from the measure. Financing, tax structure and divestiture decisions are generally made by corporate executives. Excluding these items from our business segment performance measure enables us to evaluate business segment operating performance for the current period based upon current economic conditions and decisions made by the managers of those business segments in the current period.

A reconciliation of segment profit to operating income determined in accordance with GAAP for each business segment is as follows:

         
               
Three months ended Twelve months ended
December 31, December 31,
(in thousands)       2013     2012     2013     2012
       
Operating income $ 216,623 $ 218,925 $ 958,476 $ 914,373
Depreciation and amortization of intangible assets:
Lifestyle Media 25,536 24,938 99,495 98,857
Corporate and other 6,276 3,221 18,085 8,734
 
Write-down of goodwill 24,723 19,663 24,723 19,663
Losses (gains) on disposal of property and equipment:
Lifestyle Media 106 534 1,606 637
Corporate and other         5       (1,390 )       75       (1,391 )
 
Total segment profit       $ 273,269     $ 265,891       $ 1,102,460     $ 1,040,873  
 

We define free cash flow as cash provided by operating activities less dividends paid to noncontrolling interests and acquisitions of property and equipment. We measure free cash flow as we believe it is an important indicator for management and investors as to our liquidity, including our ability to reduce debt, make strategic investments and return capital to shareholders. A reconciliation of free cash flow is as follows:

       
               
Three months ended Twelve months ended
December 31, December 31,
(in thousands)       2013     2012     2013     2012
       
 
Segment profit $ 273,269 $ 265,891 $ 1,102,460 $ 1,040,873
Income taxes paid (74,734 ) (93,412 ) (229,966 ) (348,158 )
Interest paid (6,776 ) (7,083 ) (45,436 ) (46,682 )
Working capital and other         2,072         15,690         50,136         (31,350 )
 
Cash provided by continuing operating activities 193,831 181,086 877,194 614,683
Dividends paid to noncontrolling interests (13,846 ) (18,170 ) (160,493 ) (166,351 )
Additions to property and equipment         (25,596 )       (29,358 )       (72,990 )       (63,416 )
 
Free cash flow       $ 154,389       $ 133,558       $ 643,711       $ 384,916  
 

Since segment profit and free cash flow are non-GAAP measures, they should be considered in addition to, but not as a substitute for operating income, net income, and cash flow provided by operating activities and other measures of financial performance reported in accordance with GAAP.

3. SUPPLEMENTAL FINANCIAL INFORMATION

Our lifestyle media division earns revenue primarily from the sale of advertising time on our national television networks, affiliate fees paid by cable and satellite television operators that carry our network programming, the licensing of our content to third parties, the licensing of our brands for consumer products such as books and kitchenware, and from the sale of advertising on our lifestyle media affiliated websites.

Supplemental information for lifestyle media is as follows:

 

 
      Three months ended     Twelve months ended
December 31, December 31,
(in thousands)       2013     2012     Change     2013     2012     Change
               
Operating revenues by brand:
 
Food Network $ 222,913 $ 214,584 3.9 % $ 858,063 $ 830,746 3.3 %
HGTV 222,159 200,212 11.0 % 879,002 786,285 11.8 %
Travel Channel 78,074 71,133 9.8 % 315,925 280,387 12.7 %
DIY Network 34,528 30,391 13.6 % 139,054 121,612 14.3 %
Cooking Channel 29,126 24,668 18.1 % 110,718 88,531 25.1 %
Great American Country 7,735 7,622 1.5 % 27,717 24,549 12.9 %
Digital Businesses 31,510 33,183 (5.0 )% 108,671 111,629 (2.6 )%
Other 3,310 3,238 2.2 % 14,454 13,005 11.1 %
Intrasegment eliminations         (108 )       (180 )             (1,254 )       (377 )      
 
Total segment operating revenues       $ 629,247       $ 584,851       7.6 %     $ 2,452,350       $ 2,256,367       8.7 %
 
Operating revenues by type:
 
Advertising $ 438,531 $ 409,405 7.1 % $ 1,688,656 $ 1,554,422 8.6 %
Network affiliate fees, net 181,869 166,925 9.0 % 727,642 667,741 9.0 %
Other         8,847         8,521       3.8 %       36,052         34,204       5.4 %
 

Revenues for digital businesses in 2012 include business operations that are now captured within our corporate and other segment caption in 2013. The revenues from these business operations, previously captured in our lifestyle media segment, totaled $1.5 million in the fourth quarter of 2012 and $4.4 million for the year-to-date period of 2012.

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
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at Internet of @ThingsExpo, Robin Raymond, Chief Architect at Hookflash Inc., will walk through the shifting landscape of traditional telephone a...
SYS-CON Events announced today that SOA Software, an API management leader, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. SOA Software is a leading provider of API Management and SOA Governance products that equip business to deliver APIs and SOA together to drive their company to meet its business strategy quickly and effectively. SOA Software’s technology helps businesses to accelerate their digital channels with APIs, drive partner adoption, monetize their assets, and achieve a...
From a software development perspective IoT is about programming "things," about connecting them with each other or integrating them with existing applications. In his session at @ThingsExpo, Yakov Fain, co-founder of Farata Systems and SuranceBay, will show you how small IoT-enabled devices from multiple manufacturers can be integrated into the workflow of an enterprise application. This is a practical demo of building a framework and components in HTML/Java/Mobile technologies to serve as a platform that can integrate new devices as they become available on the market.
SYS-CON Events announced today that Matrix.org has been named “Silver Sponsor” of Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Matrix is an ambitious new open standard for open, distributed, real-time communication over IP. It defines a new approach for interoperable Instant Messaging and VoIP based on pragmatic HTTP APIs and WebRTC, and provides open source reference implementations to showcase and bootstrap the new standard. Our focus is on simplicity, security, and supporting the fullest feature set.
BSQUARE is a global leader of embedded software solutions. We enable smart connected systems at the device level and beyond that millions use every day and provide actionable data solutions for the growing Internet of Things (IoT) market. We empower our world-class customers with our products, services and solutions to achieve innovation and success. For more information, visit www.bsquare.com.
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic • Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happens, where data lives and where the interface lies. For instance, it’s a mix of architectural style...
SYS-CON Events announced today that Utimaco will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Utimaco is a leading manufacturer of hardware based security solutions that provide the root of trust to keep cryptographic keys safe, secure critical digital infrastructures and protect high value data assets. Only Utimaco delivers a general-purpose hardware security module (HSM) as a customizable platform to easily integrate into existing software solutions, embed business logic and build s...
SYS-CON Events announced today that Red Hat, the world's leading provider of open source solutions, will exhibit at Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Red Hat is the world's leading provider of open source software solutions, using a community-powered approach to reliable and high-performing cloud, Linux, middleware, storage and virtualization technologies. Red Hat also offers award-winning support, training, and consulting services. As the connective hub in a global network of enterprises, partners, a...
Internet of @ThingsExpo Silicon Valley announced on Thursday its first 12 all-star speakers and sessions for its upcoming event, which will take place November 4-6, 2014, at the Santa Clara Convention Center in California. @ThingsExpo, the first and largest IoT event in the world, debuted at the Javits Center in New York City in June 10-12, 2014 with over 6,000 delegates attending the conference. Among the first 12 announced world class speakers, IBM will present two highly popular IoT sessions, which will take place November 4-6, 2014 at the Santa Clara Convention Center in Santa Clara, Calif...
Samsung VP Jacopo Lenzi, who headed the company's recent SmartThings acquisition under the auspices of Samsung's Open Innovaction Center (OIC), answered a few questions we had about the deal. This interview was in conjunction with our interview with SmartThings CEO Alex Hawkinson. IoT Journal: SmartThings was developed in an open, standards-agnostic platform, and will now be part of Samsung's Open Innovation Center. Can you elaborate on your commitment to keep the platform open? Jacopo Lenzi: Samsung recognizes that true, accelerated innovation cannot be driven from one source, but requires a...
Connected devices are changing the way we go about our everyday life, from wearables to driverless cars, to smart grids and entire industries revolutionizing business opportunities through smart objects, capable of two-way communication. But what happens when objects are given an IP-address, and we rely on that connection, sometimes with our lives? How do we secure those vast data infrastructures and safe-keep the privacy of sensitive information? This session will outline how each and every connected device can uphold a core root of trust via a unique cryptographic signature – a “bir...
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at Internet of @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, will discuss how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.

SUNNYVALE, Calif., Oct. 20, 2014 /PRNewswire/ -- Spansion Inc. (NYSE: CODE), a global leader in embedded systems, today added 96 new products to the Spansion® FM4 Family of flexible microcontrollers (MCUs). Based on the ARM® Cortex®-M4F core, the new MCUs boast a 200 MHz operating frequency and support a diverse set of on-chip peripherals for enhanced human machine interfaces (HMIs) and machine-to-machine (M2M) communications. The rich set of periphera...

SYS-CON Events announced today that Aria Systems, the recurring revenue expert, has been named "Bronze Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Aria Systems helps leading businesses connect their customers with the products and services they love. Industry leaders like Pitney Bowes, Experian, AAA NCNU, VMware, HootSuite and many others choose Aria to power their recurring revenue business and deliver exceptional experiences to their customers.
The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce the value of the network in helping organizations to maximize their company’s cloud experience.
The Internet of Things (IoT) is making everything it touches smarter – smart devices, smart cars and smart cities. And lucky us, we’re just beginning to reap the benefits as we work toward a networked society. However, this technology-driven innovation is impacting more than just individuals. The IoT has an environmental impact as well, which brings us to the theme of this month’s #IoTuesday Twitter chat. The ability to remove inefficiencies through connected objects is driving change throughout every sector, including waste management. BigBelly Solar, located just outside of Boston, is trans...
SYS-CON Events announced today that Matrix.org has been named “Silver Sponsor” of Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Matrix is an ambitious new open standard for open, distributed, real-time communication over IP. It defines a new approach for interoperable Instant Messaging and VoIP based on pragmatic HTTP APIs and WebRTC, and provides open source reference implementations to showcase and bootstrap the new standard. Our focus is on simplicity, security, and supporting the fullest feature set.
Predicted by Gartner to add $1.9 trillion to the global economy by 2020, the Internet of Everything (IoE) is based on the idea that devices, systems and services will connect in simple, transparent ways, enabling seamless interactions among devices across brands and sectors. As this vision unfolds, it is clear that no single company can accomplish the level of interoperability required to support the horizontal aspects of the IoE. The AllSeen Alliance, announced in December 2013, was formed with the goal to advance IoE adoption and innovation in the connected home, healthcare, education, aut...
SYS-CON Events announced today that Red Hat, the world's leading provider of open source solutions, will exhibit at Internet of @ThingsExpo, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Red Hat is the world's leading provider of open source software solutions, using a community-powered approach to reliable and high-performing cloud, Linux, middleware, storage and virtualization technologies. Red Hat also offers award-winning support, training, and consulting services. As the connective hub in a global network of enterprises, partners, a...