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world statistics center Storage Market research report 2018-2023 Key avid gamers Dell EMC, web APP, HP, IBM, Dell, Hitachi information device, Huawei, Fujitsu, data Direct network, American Megatrends, Lenovo, Nfina, Nimbus data, Overland Storage, Oracle, Pure Storage, Promise expertise, Quanta desktop, Netgear, Tegile, Tintri, Toshiba, Violin memory, X-IO applied sciences, and Supermicro.
This press unlock turned into orginally dispensed through SBWire
Houston, TX -- (SBWIRE) -- 03/16/2019 -- The world facts middle Storage Market research record Forecast 2018-2023 is a positive source of insightful facts for enterprise strategists. It gives the information center Storage trade overview with boom analysis and historical & futuristic can charge, earnings, demand and provide statistics (as relevant). The analysis analysts provide an complicated description of the value chain and its distributor evaluation. This information center Storage market analyze gives finished statistics which enhances the knowing, scope and utility of this file. This trade research document provides a detailed analysis of the information middle storage market through storage methods, including SAN systems, NAS systems, and DAS methods. The information center storage market growth facts report provides a detailed analysis of business growth potentials in regions such as the Americas, APAC and EMEA. data core storage market will grow continuously at a CAGR of round +eleven% by way of 2023. The document provides statistics and figures on the global market when it comes to its avid gamers, key distributors, drivers, restraints, and alternatives for the coming years
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global statistics core Storage market competitors by using correct producers/gamers, with information core Storage sales volume, cost (USD/Unit), income (Million USD) and market share for every manufacturer/player; the excellent avid gamers together with Dell EMC, web APP, HP, IBM, Dell, Hitachi facts equipment, Huawei, Fujitsu, records Direct community, American Megatrends, Lenovo, Nfina, Nimbus statistics, Overland Storage, Oracle, Pure Storage, Promise expertise, Quanta computing device, Netgear, Tegile, Tintri, Toshiba, Violin memory, X-IO technologies, and Supermicro.
a few corporations adopt cloud storage to keep statistics and facilitate access to scalable, effective and authentic storage solutions. as a result of company information safety is critical to choice making, it's fundamental to undertake solutions similar to cloud computing to keep and save data online.
With the advent of technologies comparable to cloud computing and excessive-extent statistics analysis, the demand for records center constructing is increasing global. And as social media and IOT turn into greater everyday, there's a superior need for statistics facilities to go looking, keep, and technique assistance precisely and immediately. research N studies market analysis has verified that build up the records center is without doubt one of the key drivers of data center storage market growth. apart from the community that connects the physical infrastructure and the internet-primarily based interface, the statistics center additionally has infrastructure comparable to storage and servers.
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factors for purchasing this ReportThis report provides pin-element analysis for altering competitive dynamicsIt gives a forward-searching standpoint on various factors driving or restraining market growthIt gives a six-yr forecast assessed on the groundwork of how the market is envisioned to growIt helps in understanding the important thing product segments and their futureIt gives pin point analysis of altering competitors dynamics and continues you forward of competitorsIt helps in making suggested company choices by using having finished insights of market and by making in-depth evaluation of market segments
Hybrid cloud-primarily based systems offer the freedom to opt for a flexible solution to select the cloud deployment mannequin for each and every workload or workgroup. Hybrid cloud systems present a few merits similar to stronger records management, more suitable IT infrastructure administration and flexibility, and enhanced safety and compliance. Cloud carrier providers focus on providing hybrid cloud-primarily based systems that sustain with the newest functions and business functionality. The can charge-effectiveness of imposing hybrid cloud programs moves their capabilities into the general public cloud. as the adoption of hybrid cloud storage systems increases, the boom of the records core storage market will speed up.
This file offers complete evaluation ofKey market segments and sub-segmentsEvolving market trends and dynamicsChanging provide and demand scenariosQuantifying market opportunities via market sizing and market forecastingTracking present developments/opportunities/challengesCompetitive insightsOpportunity mapping when it comes to technological breakthroughs
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world data middle Storage Market: Regional section AnalysisUnited StatesNorth AmericaEuropeChinaJapanSoutheast AsiaIndia
In conclusion, the client adventure records core storage market report divulges research discoveries, outcomes, conclusions. Likewise, exhibits distinct advice sources, merchants/distributors, suppliers, producers, earnings channel, and addendum. In a be aware, the comprehensive file is a rewarding document for individuals attracted to market.
table of Contents:international statistics center Storage Market research file 2023Chapter 1 international information middle Storage Market OverviewChapter 2 international economic affect on IndustryChapter 3 international Market competition by means of ManufacturersChapter four global production, revenue (price) through RegionChapter 5 world deliver (production), Consumption, Export, Import by using RegionsChapter 6 international construction, revenue (value), expense fashion through TypeChapter 7 world records core Storage Market evaluation through ApplicationChapter 8 Manufacturing charge AnalysisChapter 9 Industrial Chain, Sourcing approach and Downstream BuyersChapter 10 advertising and marketing approach analysis, Distributors/TradersChapter 11 Market impact elements AnalysisChapter 12 international data middle Storage Market Forecast
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An undocumented administrative account with a default password was discovered within the HP StorageWorks P2000 G3 MSA network storage answer, inserting all such contraptions at risk of unauthorized entry.
This model at all times comes with an account known as "manage" (password "!manage") for purchasers to personalize and use.
despite the fact, it turned into found that a default account known as "admin" with password "!admin" also exists on the machine and, in response to the H security, it would not seem in the person manager and cannot be deleted.
The "admin" user has permissions to alter the device's settings or the operating gadget and for the reason that most americans do not know of its presence, it places gadgets in danger.
HP established the problem and said that this provider administrator account "has imperative privileges that are used by means of internal methods running on the array."
happily, it looks like the password can be modified. "If the 'admin' account raises a safety subject, [it's] password may also be modified by using the Command Line Interface (CLI), via telnet or SSH, to exchange the default password," the enterprise wrote in an advisory.
here's pretty straightforward and comprises issuing the "set password" command after logging in as "admin" via the command line.
"The apply of embedding hardcoded passwords, as tested during this most recent HP storage gadget illustration, isn't simplest average, but extraordinarily harmful," Shlomi Dinoor, vice president of rising technologies at identity administration solutions issuer Cyber-Ark utility, informed SecurityWeek.
"So too is the follow of trying to ship programs with 'hidden' admin clients, however during this age of openness, nothing is hidden, and vendors may still know that," he delivered.
One example of how issues can go incorrect when enforcing default hidden passwords is the notorious Stuxnet industrial espionage worm, which makes use of a hardcoded entry code to study suggestions from the database of Siemens WinCC SCADA programs.
PALO ALTO, CA--(Marketwired - might also 13, 2013) - HP ( NYSE : HPQ ) these days announced it is assisting small and midsize agencies (SMBs) and executive groups to maximize storage investments with new offerings that include the subsequent era of its MSA entry disk array, enhancements to the HP StoreEasy Storage portfolio and a new software for HP channel companions.
confined IT components and an absence of storage expertise can make it intricate for SMBs to install the storage methods necessary to aid applications that require high availability and efficiency.
the new HP MSA 2040 Storage system simplifies administration and improves performance as much as four times quicker than in a similar fashion priced exterior disk storage solutions.(1) The more desirable HP StoreEasy Storage portfolio permits SMBs to efficiently manipulate and protect expanding amounts of file statistics devoid of the want for particular capabilities.
These solutions are available beneath HP's new with no trouble StoreIT application. This software offers working towards, advertising and incentives for HP channel companions to directly address their small and midsized customers' challenges and pursue new income opportunities.
"Virtualization and different emerging workloads threaten to drown SMBs in a sea of complexities that hinder, rather than help, growth," spoke of David Scott, senior vice president and standard manager, Storage Division, HP. "without difficulty StoreIT allows for our companions to serve their small and midsized shoppers who are stressed for time, funds and supplies to guide a growing business, with a stress-free storage answer."
Maximized SMB investments with excessive-performance entry-degree Fibre Channel Array staff and finances barriers have often compelled SMBs to compromise performance for affordability when deploying shared storage for brand new functions akin to virtualization.
the new HP MSA 2040 Storage eliminates that compromise with the industry's highest quality fee efficiency when compared to in a similar way priced Fibre Channel arrays.(2) the first array in its type to offer 16 gigabit (Gb) Fibre Channel connectivity,(3) the MSA 2040 is developed to assist elevated demand. This bandwidth, along with a excessive-performance controller and strong-state disk (SSD) performance, helps expanding workloads and maximizes dollar per input/output operation. as a result, shoppers will:
To aid consumers maximize their HP MSA Storage funding, HP expertise capabilities offers a proven path to productive storage consolidation and offers an entire set of enhanced support services.
improved SMB file and application effectivity, protection and availability Integrating seamlessly with Microsoft home windows® infrastructure, the superior HP StoreEasy Storage portfolio allows for valued clientele to save, manage and protect unstructured data for hundreds of concurrent users. It also provides persistent file and utility availability. New enhancements to the portfolio enable shoppers to:
HP delivers an end-to-end program for channel companions promoting to SMB shoppers New to the HP simply correct IT software, which spans servers, storage, networking and capabilities, is the HP easily StoreIT software. This program provides answer guides and reference architectures for HP channel companions and SMB customers to accelerate solution beginning. These solution property goal particular challenges within the vital areas of virtualization, backup and information insurance plan, Microsoft change and Microsoft SQL Server, and file consolidation.
the brand new HP comfortably StoreIT application might be launched in coordination with HP's distribution companions. It includes equipment, resources and incentives to support channel partners accelerate time to salary with HP storage solutions. equipment include quote and configuration templates, cobranded lead-generation property, practising and substances designed to raise revenue opportunities.
Pricing and availability dual-controller MSA 2040 configurations start at $11,470, with worldwide availability via HP and its channel companions expected to begin in July.(4) HP StoreEasy Storage enhancements are available at no can charge to current and new valued clientele beginning in June. The HP effortlessly StoreIT software is accessible global.
HP's premier Americas customer adventure, HP find, takes vicinity June 11-13 in Las Vegas.
About HP HP creates new chances for know-how to have a meaningful affect on individuals, businesses, governments and society. the world's greatest expertise enterprise, HP brings collectively a portfolio that spans printing, personal computing, software, capabilities and IT infrastructure to clear up client problems. greater counsel about HP is accessible at http://www.hp.com.
(1) in response to HP internal look at various records of the HP MSA 2040 vs. IBM DS3500 and Dell MD3600.(2) in response to HP inner check records of the HP MSA 2040 vs. IBM DS3500 and Dell MD3600 and publically purchasable pricing tips as of April 2013.(3) in line with HP assessment of posted specifications of in a similar fashion priced and featured competitive products.(4) Estimated U.S. highway expenditures. precise expenditures can also fluctuate.
Microsoft and windows are U.S. registered trademarks of Microsoft agency.
This information free up carries forward-searching statements that contain dangers, uncertainties and assumptions. If such hazards or uncertainties materialize or such assumptions show mistaken, the results of HP and its consolidated subsidiaries may differ materially from those expressed or implied by way of such ahead-searching statements and assumptions. All statements aside from statements of historic truth are statements that could be deemed forward-searching statements, including but now not restrained to statements of the plans, concepts and pursuits of administration for future operations; any statements concerning expected development, performance, market share or competitive efficiency concerning items and capabilities; any statements related to expected operational and fiscal effects; any statements of expectation or perception; and any statements of assumptions underlying any of the foregoing. dangers, uncertainties and assumptions include macroeconomic and geopolitical developments and movements; the competitive pressures confronted by way of HP's businesses; the building and transition of new products and capabilities and the enhancement of present items and services to satisfy customer wants and reply to rising technological traits; the execution and efficiency of contracts through HP and its valued clientele, suppliers and partners; the coverage of HP's intellectual property property, including intellectual property licensed from third parties; integration and other hazards linked to business mixture and funding transactions; the hiring and retention of key personnel; assumptions related to pension and different post-retirement costs and retirement courses; the execution, timing and outcomes of restructuring plans, together with estimates and assumptions regarding the cost and the anticipated merits of imposing those plans; the decision of pending investigations, claims and disputes; and different dangers that are described in HP's filings with the Securities and change commission, together with HP's Annual document on form 10-ok for the fiscal 12 months ended October 31, 2012. HP assumes no duty and doesn't intend to replace these ahead-looking statements.
© 2013 Hewlett-Packard development enterprise, L.P. The tips contained herein is field to trade without note. The simplest warranties for HP products and functions are set forth in the express warranty statements accompanying such products and capabilities. Nothing herein should be construed as constituting an additional assurance. HP shall not be liable for technical or editorial blunders or omissions contained herein.
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July 30th, 2018 Blinking crew officially filed for a patent “Authentication method for a client over a network” under ref. No. EP18136310.1 with the European Patent Office (EPO). It was a tedious journey getting here, but the patent for the Blinking system is now pending and it will take 18 months before it is approved. We filed the patent together with the help of a legal office specialized in intellectual property MSA IP — Milojevic, Sekulic, and Associates. Blinking co-founders Alex (CEO) Milos (COO) and Miroslav (CTO) are listed as designated investors. The invention relates to the use of a distributed network for the purpose of improving the authentication procedure and how personal and biometric data are stored, protected and processed. To our best knowledge, there was not a record of a blockchain patent from the SEE region and generally not that many in Europe prior to our filing with the EPO.
Patents remain the strongest form of IP protection for an invention and to an extent the basis for future commercialization and product marketing. Therefore, it comes to no surprise that patents are also the most valuable, difficult to obtain and costly.
European Patent Office (EPO) defines patent as a “Legal title that gives inventors the right, for a limited period (usually 20 years), to prevent others from making, using or selling their invention without their permission in the countries for which the patent has been granted.”
An invention in itself presumes “new product, process or any new use thereof” that in order to be patentable “must be novel, involve an inventive step and be susceptible of industrial application.” The patent application serves the purpose of proving these assumptions prior to providing the protection as a legal instrument.
Startups usually don’t deal with patents, due to their unfortunately limited resources. However, for Blinking crew some of the reasons to do so were:
Protection from infringement by others and consequently rights to use, make or sell the invention
Protection from theft or an attack by a larger competitor
Patents provide higher valuations
In the last two years, we saw a surge of blockchain patents, from mostly financial and tech industry giants with not that many from small companies and startups.
In their discussions prior to founding Blinking, the co-founders shared their interest for the issues of security and privacy. Common conclusion was that based on their previous experience in researching and creating security solutions and testing out blockchain applications, there is one clear use case for the underutilized technology — digital identity on the blockchain.
As the internet became the inevitable part of our everyday life, with many people not only communicating but also conducting business online, some form of secure yet confidential digital identity was never created. People created numerous and various identities online for an ever increasing number of digital services at their disposal which made a clash between access and usability and security and confidentiality an ever more apparent issue. With the digital world further developing, the problem of digital identity will become only ever more important.
The first priority for any digital service is establishing and confirming user’s identity. It is a requirement in the context of online economic exchange and provision of services that rest on confidentiality and privacy.
Up until recently, all digital services were based on the creation of user identities through the combination of username and password. However, by using only something that people know, it meant that it is also something people can forget.
In time, different mechanisms of protecting or retrieving lost passwords associated with usernames emerged, of which none was safe but in fact introduced new potential vulnerabilities. In 2018 biggest breaches in fact involved those very methods, like for an example — 2FA protection.
Innovation and new models of utilizing biometric markers opened a path for a broader use of biometrics like the face, fingerprint, iris or similar which are characteristic and unique to each specific person.
The two problems that arise with using biometrics and which had to be addressed are the very reason why Blinking creators decided to create and patent the Blinking system.
First one addresses people’s’ unwillingness to share their personal information, especially biometric ones with non-trusted entities. This was also one of the reasons why biometric authentication was mostly used by government institutions and saw generally low adoption for commercial uses. Which brings us to the second issue. Biometric and personal data were stored in safe locations in order to eliminate the possibility of a breach, which in the case it happened, would provide access and easy way to connect it with a real person. Introducing different obfuscation mechanisms of captured biometric information, in order to make retrieving of that information harder, just led to higher comparison difficulty or lower probability of successful biometric matching.
In order for digital services to truly reach the level of trust traditional institutions held while making our lives faster, easier and simpler, a conclusion is that there should be commercially available user authentication compatible with the utilization of biometric data while at the same time secure storage of such data.
In essence, we can assume that people everywhere in the world want both guarantees and a sense of ownership and control over their private information when providing their biometric data.Blinking patent provides an efficient authentication procedure, based on biometric data, that eliminates potential breach and limits access to users personal information by a non-trusted service, by employing specifically designed distributed ledger architecture and method.
There are several aspects that contribute to all three necessary elements required for the patentability of Blinking as a new method for authenticating a client with a service performed over a network of peers in the field of authentication procedures:
First aspect assumes the formation of a private network of connected peers creating a permissioned shared ledger and establishing a set of rules in a consortia. It covers principles for storing, encryption and decryption of enrolled authentication data as to respect at the same time user anonymity, authenticity but also transparency. It also describes possible biometric modalities and how a consortia decides on which modalities to use. In this aspect authentication is initiated by a service request.
According to the second aspect instead of consortia some or all steps in the method can be performed by the server.
Third aspect relates to performing some or all steps by the network.
Fourth aspect of the invention describes how the process of authentication and decryption and re-encryption are performed.
Fifth aspect relates to distributed network performing the authentication of client with a service, how the network and server are communicating and how the network performs decryption and encryption of enrolled data.
Sixth aspect describes server authenticating a client by a client’s request.
Seventh aspect relates to a computer program providing instructions for implementing previous aspects.
Aside from the summary of the invention, patent specification provides detailed technical information and schematics describing the numerous advantages of the new authentication method according to the invention. To truly understand all the aspects and why the Blinking’s method represents an innovation in authentication procedures we will provide a more in-depth overview and a case study of our patent. Soon enough it will be possible to search the patent in the EPO patent database and read the full patent specification.
Our partners from the MSA IP helped us a lot in the patent application process. They analyzed the Blinking invention and prepared the necessary documentation consisting of a technical description, abstracts, schematics and formal filing with the European Patent Office. We are grateful for their professional work and services.
INDIANAPOLIS, March 28, 2019 /PRNewswire/ -- General Finance Corporation's (GFN) subsidiary, Pac-Van, Inc., announced its acquisition on Wednesday, March 27th of the portable storage assets of BBS Leasing, LLP of Fort Worth, Texas.
"As the fourth largest MSA in the United States, the Dallas/Fort Worth area represents an enormous opportunity for Pac-Van to grow its market share by delivering its portable storage and office space solutions," said Jody Miller, CEO and President of General Finance Corporation. "This asset acquisition adds nearly 400 units to its rental fleet and further strengthens Pac-Van's position in Texas."
About Pac-Van Pac-Van, Inc. (www.pacvan.com), a wholly-owned subsidiary of General Finance Corporation, provides storage and office space solutions to its customers through the leasing and selling of storage containers, mobile office trailers, modular buildings and bulk liquid storage frac tanks. The company serves a wide variety of customers, including those in the commercial, construction, education, government, health care, industrial, and retail sectors. Committed to providing high quality products, dependable service and sales excellence, Pac-Van, Inc. is headquartered in Indianapolis, Indiana, and has over 50 offices throughout North America.
About General Finance Corporation Headquartered in Pasadena, California, General Finance Corporation (NASDAQ: GFN, www.generalfinance.com) is a leading specialty rental services company offering portable storage, modular space and liquid containment solutions. Management's expertise in these sectors drives disciplined growth strategies, operational guidance, effective capital allocation and capital markets support for the Company's subsidiaries. The Company's Asia-Pacific leasing operations in Australia and New Zealand consist of Royal Wolf Holdings Pty Ltd Limited (www.royalwolf.com.au), the leading provider of portable storage solutions in those countries. The Company's North America leasing operations consist of wholly-owned subsidiaries Pac-Van, Inc. and Lone Star Tank Rental Inc. (www.lonestartank.com), providers of portable storage, office and liquid storage tank containers, mobile offices and modular buildings. The Company also owns Southern Frac, LLC (www.southernfrac.com), a manufacturer of portable liquid storage tank containers and other steel-related products in North America.
View original content:http://www.prnewswire.com/news-releases/pac-van-inc-acquires-portable-storage-assets-from-bbs-leasing-300819918.html
Start Time: 08:30 January 1, 0000 9:03 AM ET
Pivot Technology Solutions, Inc. (OTC:PVVTF)
Q4 2018 Earnings Conference Call
March 28, 2019, 08:30 AM ET
Kevin Shank - President and CEO
David Toews - CFO
Bill Mitoulas - IR
Conference Call Participants
Gianluca Tucci - Echelon Wealth Partners
Robert Robinson - R.H.R. Capital
Good morning, ladies and gentlemen, and welcome to the Pivot Technology Solutions Fourth Quarter Results Conference Call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. [Operator Instructions]. This call is being recorded on Thursday, March 28, 2019.
I would now like to turn the call over to Bill Mitoulas, Pivot Investor Relations. Please go ahead.
Thank you, operator, and good morning, everyone. Your main hosts today are Kevin Shank, President and Chief Executive Officer; and David Toews, our Chief Financial Officer.
Before we begin, I am required to provide the following statements respecting forward-looking information, which is made on behalf of Pivot and all of its representatives that are on this call. All statements made on this call will contain forward-looking information. The actual results could differ materially from a conclusion, forecast or projection in the forward-looking information.
Certain material factors and assumptions were applied in drawing a conclusion or making a forecast or a projection as reflected in the forward-looking information. Additional information about the material factors that could cause actual results to differ materially from the conclusion, forecast or projection in the forward-looking information and material factors or assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information are contained in Pivot's filings with the Canadian provincial securities regulators. During today's call, all figures are in U.S. dollars, unless otherwise stated.
With that, I'd like to turn the call over to Kevin Shank.
Good morning everyone and thank you for taking time to participate on today's call. I’ll begin with some high level comments, Dave will provide the financial update and then I’ll conclude with some thoughts about our strategies, Smart Edge and our outlook.
As you know, we’ve provided initial estimates back on January 10. At that time we hadn’t closed our books yet but thought it was important to quickly give the market an early update that quarterly sales performance would not be in line with our initial expectations due to lower than expected sales to major customers.
Initially, we expected quarterly revenue would be in the range of $310 million to $315 million and gross margins would be over 13% and that we would have positive adjusted EBITDA. Actual results came in a bit mixed from those initial numbers. Gross margins were very strong at 14.1%, a 1.9% increase above Q4 of last year and adjusted EBITDA while lower than the previous year was positive at $4.8 million.
Revenues did come in a bit below our initial numbers coming in at $301.6 million compared to our estimate of $310 million due to some delivery timing issues. Compared to last year, revenue was down by about 24.5% which again reflected the lower volume to our major customers.
Our product business experienced lower volumes with revenues down 27% whereas our service business held steady overall with Pivot-Provided Services, one of our key focus areas growing by 5.4% over last year. This was aided by the partial delivery of our largest single services order, this service engagement value that approximately $5 million began in the third quarter and will be completed in the first half of 2019. The biggest part of that project was completed in our fourth quarter.
We are very pleased with the improved gross margin percent which increased to 14.1% for the quarter. This was driven in part by our major customers making up the smallest share of our revenue as major customers generally have lower margins combined with improved margins from our Pivot-Provided Services. These two factors were the primary driver for the 1.9 percentage point increase in our quarterly gross margin year-over-year.
Revenue on our product business is difficult to predict due to the transactional nature of that portion of our business. We continue to have constructive dialogue with customers both major and non-major about their buying intentions. That said, we are continually making changes throughout the business to improve our bottom line.
As we announced one quarter ago, we enacted cost reduction measures to improve the competitiveness of our business and offset our product margin fluctuations. In the fourth quarter we achieved planned cost reductions removing over $5 million of annualized cost from our Q3 peak. In addition, another 2 million in annualized cost have been eliminated so far in 2019. We think these efforts will prepare Pivot to be more effective and efficient in executing our business plan.
That said, we plan to continue to invest in our high margin growth areas of our business and in our broader commercial transformation, of which services and solutions are a key part. In spite lower revenue and the fact that the full impact of our annualized cost reductions were not realized in the quarter, Pivot generated income attributable to common shareholders of $500,000, so a profitable finish of the year.
I’ll now ask Dave to provide his update.
Thanks, Kevin, and good morning, everyone. To add a little color on our cost production program, we’ve exited two facilities, lower headcount by over 5% and terminated some unprofitable relationships. Together, these measures have removed over $7 million of annualized costs compared to our starting point in August last year.
I should emphasize that these numbers are annualized and we expect the benefit to be reflected in the run rate in the next two quarters. In other words, they only had a partial impact on Q4. When the impact is fully realized, these actions will be reflected as a reduction in both cost of goods sold and SG&A expenses.
To achieve the first round of cost reductions, we incurred restructuring charges of approximately $2 million in 2018, 900,000 of which were reflected in Q4. We anticipate incurring additional restructuring charges in 2019 related to the more recent cost reductions.
Looking at results, while fourth quarter revenue declined 24.5%, cost of sales declined by 26.1% compared to the prior year resulting in a 13% decline in gross profit dollars. But as Kevin said, gross margin percentage improved year-over-year to 14.1%. Margins were assisted by cost reductions in the service-related cost of sales and in the reduction in sales to major customers.
As we noted in our MD&A filed last night, we’ve traditionally had two major customers. In Q4 of this year one of those customers fell below the 10% threshold we use to define a major customer. As a result, revenue from major customers decreased from 35% in Q4 of last year to 15.3% this year.
If we include both customers that were majors in the prior year, revenue from these two customers accounted for 20.1% of revenue compared to the 35% a year ago. As you know, major customers generate lower gross profit margins due to their volumes. So this had a positive impact on our overall gross margin percentage but a negative impact on revenues and gross profit dollars.
SG&A spending for Q4 2018 was flat with the prior year at $37.7 million. While the company had some benefit from the cost reduction activities in the quarter, the company’s net spend on Smart Edge increased by $1.4 million compared to the prior year period which included some vendor-funded payroll and commission expenses decreased due to the lower gross profit. As a result of revenue and gross profit performance, Q4 adjusted EBITDA was $4.8 million, 6.3 million below Q4 of last year.
Moving down the income statement, depreciation and amortization mostly arising from acquisitions was relatively flat to last year. Finance expense in Q4 increased by $56,000 or 3.9% to $1.5 million due to increases in LIBOR and U.S. prime interest rates which increased 0.9%.
Average borrowings on our senior facility were 101 million in Q4 compared to 134 million a year ago. Other expenses were down year-over-year by $1.3 million primarily due to foreign exchange gains associated with the weakening of the Canadian dollar compared to the U.S. dollar, partially offset by an increase in restructuring costs.
Overall, fourth quarter income per share was $0.01 compared to a loss of $0.07 in the prior year period. The prior year figure included a tax charge of $5.8 million to reflect the impact of U.S. tax reform changes.
From a cash flow perspective, we had a solid quarter. Cash provided by operating activities increased by $13.5 million year-over-year. This capped a year of strong cash generation with cash provided by operations up $51.2 million. This performance primarily reflects the timing of non-cash working capital items, specifically accounts receivable inventory and accounts payable.
As you know, we finance working capital through our revolver, so fluctuations in cash from operations are normal and are generally offset by changes in the credit line which are captured in financing activities.
Q4 cash used in investing activities increased by $391,000 compared to last year. The increase was primarily driven by the earn-out payment for the TeraMach acquisition. Q4 cash earned in financing activities increased by $4.7 million compared to the prior year driven by movements in net borrowing associated with Pivot secured borrowing arrangements and changes in bank overdrafts. As I mentioned, our revolving line tends to fluctuate inversely with the changes in working capital and cash from operations.
From a collections perspective, days sales outstanding showed 54 days in the fourth quarter while days payable were at 50. These figures also tend to fluctuate from quarter-to-quarter based on timing and mix. Our continued goal is to align our customer and vendor payment terms as closely as possible.
Looking forward from a borrowing perspective, Pivot continues to have the capacity to fund growth under its existing facilities and a considerable amount of liquidity. Average undrawn availability on existing secured facilities in 2018 was $73.8 million.
At year end, our debt position was $99 million, down from $103 million at the end of Q3 and down from $135 million at December 31, 2017. The timing of non-cash working capital items will affect our net debt position going forward.
It should be noted that the company has used its revolving debt facility to fund its acquisitions over the year. Since 2011, approximately $80 million was invested in the initial cash cost for acquisitions. Earn-out payments over the years have been funded from cash flow from the business.
During 2018, we acquired and cancelled 960,600 common shares under our NCIB program. And as a final comment, Pivot declared its common share dividend of CAD 0.04 per common share and that was paid on March 1st of this year. We continue to believe that the dividend payment is a key part of shareholder value creation.
Now I'll turn it back to Kevin for closing comments.
Thank you, Dave. In our view, Pivot’s strategies, including our commercial transformation, are well designed to address the pervasive trends affecting our industry. Our cost reduction plan, which we’re well along in implementing, will save significant costs with a relatively quick payback, but our goal is much broader.
We want to create a stronger, more integrated organization with a more flexible and effective cost structure and we want to grow in the most profitable areas of our business. This is achieved by listening closely to our customers and providing them with the solutions and services they want and need.
I mentioned earlier that Pivot-Provided Services registered growth in 2018 and that comment applied to both the fourth quarter and the year as a whole. Going forward, we are driving solutions and services to be a growth engine.
In fact, we recently closed two service deals with new sizable customers that we expect will generate over $10 million in services revenue in 2019. So momentum continues to build as we strive to make Pivot-Provided Services a more meaningful part of our business and our profitability.
Our Smart Edge solution is a fundamental part of our future. As a reminder, Smart Edge is an internally developed innovation built on Intel technology that’s designed to support enterprise, multi-access edge computing and customers’ adoption of 5G.
We recently changed leadership at Smart Edge with the appointment of Bob Pike as interim Chief Executive Officer. Bob has been a critical component of Smart Edge’s development as Smart Edge’s Chief Technology Officer since the beginning of this project.
Bob is uniquely positioned to advance Smart Edge due to his considerable value of work at the company and as CTO for Network & Mobile Broadband solutions at ACF and at a previous company where we won high-performance recognition as a leader in national accounts.
I’m very pleased to say that under Bob’s leadership, our opportunities continue to grow for Smart Edge. In fact, we recently signed a collaboration agreement with a technology partner to share Smart Edge tools and innovation. This follows closely on the heels of a series of successful use cases with customers and the development of a reselling agreement with a Smart Edge partner.
Smart Edge has also continued to receive positive industry reviews. In late February, Smart Edge was named the winner of a prestigious Frost & Sullivan Technology Innovation Award. More recently, Smart Edge was named Intel's Partner of the Year for Network Communications Innovation.
The aforementioned recognition demonstrates credibility of the solution and is an important endorsement from others in the technology industry. We are working very hard to drive additional commercial value from Smart Edge and believe we have the foundation in place to do so.
In summary, from an earnings perspective, Q4 fell in line with our announcement in January. As a business, we continue to work hard to transform the company. We remain committed to our core products and services business and at the same time we’ll continue to expand our solutions and our services capabilities.
We are driving hard to make the company more efficient by eliminating any potential unnecessary costs, especially in the products side of the company and we remain committed to the advancement of Smart Edge.
This concludes our prepared remarks. Operator, please open the call for questions.
[Operator Instructions]. And your first question comes from Gianluca Tucci with Echelon. Your line is open.
Yes, hi. Good morning, Kevin and Dave. Thanks for taking my questions here. I’ll start off on the commercial transformation. Kevin, I think you’ve spoken in the past about adding services and solutions to Pivot as a whole in terms of its offerings and its evolution to the business. Where do we exactly stand today in that process?
So I’m happy to say that we’ve formalized the portfolio. We just completed our National Sales kickoff meeting in Fort Worth, Texas that over 300 people are there from the organization and our partners and announced 60 offerings that we’ll bring to market. So I feel very good about where we’re at from a portfolio and a capabilities’ perspective. And I think the company has done a nice job of getting us to that position. This year it’s all about focusing on the sales force and that transformational selling approach. And to help drive that positive change in the sales force, we’ve created an account plan to do exactly that. It’s really focused on expanding our existing accounts and driving wider and deeper into those businesses. And we’ve got the entire management team aligned around the importance of this and we’re focusing on 50 of our top accounts to go explore and drive this deeper and wider into. So I’d say we’re definitely focused on the commercial side this year.
Okay. And just following up there, on your Pivot direct services, what are the types of gross margins that you’re seeing out of that business? And have they been growing over the past few years since you’ve implemented this transformation? And if so, like what’s driving the margin growth on the services side?
So the services starting from integration to professional services in our deployment side, those capabilities usually run in the 20s in terms of gross margin. Sometime for massive projects, it might dip a little bit below 20%. Some of the smaller ones are going to be higher than – in the high 20s, low 30s. When you get into the more advanced services, we like to try to stay on the 30% range for the more advanced services.
Okay. And how have you been seeing that part of the business in terms of gross margins expanding like you’ve implemented this plan at Pivot?
Yes. I would say part of the strategy initially and why we’ve started to look at services and solutions was to increase the margin in that portion of our business to offset any future fluctuations that we saw in our product business. So we’ve been able to execute that. It’s just we need to do more. We need to continue to scale it and grow it. But it is having the impact we expected. We just need to do more of it.
Okay. Thank you, Kevin, for the color. And just lastly on the services pipeline side, so you announced two agreements in early Q1 that should yield sales in excess of 10 million. Deployment should start when for those projects?
Those two projects there’s a little bit in Q1 but predominately those two will be delivered in Q2, Q3 and a little bit in Q4.
Okay. So if I take a look at your Pivot direct services, it’s about 100 million in all of 2018. Kev, what kind of visibility on a pipeline for 2019 on your direct services today?
We’re now capturing the pipeline across the entire business which is relatively new to us. So we haven’t really been able to show trend or anything like that, Gianluca, but we hope to very soon. When we close big ones like it’s happened here in the first quarter, you might see a definite pipeline when you replenish it. And the other point you’re bringing up is obviously part of our services strategy is to try to get to more annuitized services. So our managed services and our workforce services are more annuitized in nature and the integration service system, professional services and part of the deployment services are more project in nature. So every year you have to resell that funnel and replace that revenue before you get in growth mode. So the two large projects will help with that churn, but we expect some more and we’re pleased with the development of our services pipeline and the maturation or the maturity of our organization around focusing on those service deals and the visibility of them has increased dramatically with getting everybody leveraging the salesforce.com tool.
I like to hear that, Kevin. Thank you. And just on the cost side of the balance sheet here, the income statement, impressive work on taking out I guess unnecessary costs out of the business. You took out 7 million so far in annualized cost over the past two quarters. How much more work is there to do here? Do you think you could get up to 10 million total of annualized costs out of the business?
Gianluca, it will be a blend. We still have some cost to take out but we also have some investments that we want to make as we invest in some of the portfolio and the sales resources. So I would – we’ll continue to update the shareholders every quarter on our progress. So we’re definitely looking at taking more cost out, driving the continued integration. We’re also looking to make investments.
Okay. Thank you. And then just on your balance sheet, I saw that – I think you ended the quarter at $15 million of cash on the books and that’s abnormally or unusually high given the past cash balances. Is that to fund or is that – was like you used to fund the P&L in early 2019?
No. That’s just timing. When we get past – because of our asset baseline, we generally fund against the line right away. So it’s really timing.
Okay. Thank you, Dave. And I guess I have to ask this, but given we’re so late into Q1, can you add some color and I understand that you guys don’t offer guidance, but at least contextually like what are you seeing so far in Q1 on a volume perspective? Is your spending into the major customers; is it consistent with that at Q4? Just some context as to how Q1 has advanced so far today?
Yes, I don’t think we provide very much color on that, Gianluca, until we actually announce it. Traditionally, Q1 is our lightest quarter. I don’t think we see any reason to change that view. But I wouldn’t say that we’ve seen a dramatic change in terms of what we saw in Q4 on customer interactions, but discussions continue to go. But Q1 is traditionally the lightest quarter.
Okay. Thank you. And on Smart Edge if I can ask you a couple of questions here. There was quite a buzz around it at the World Congress in Barcelona in February. I guess, Kevin, like what are your partners telling you and others about its potential? Like is it only limited to 5G or are there other applications for Smart Edge?
So the interest in the pipeline of opportunities to pursue continues to grow. And as you rightfully pointed out, the feedback out of Barcelona at the Mobile World Congress was very, very, very positive. The teams did a live demo of facial recognition software in retail and it was very well received, which Smart Edge is just a part of that solution if not the entire solution as it enables that application. So we’re very pleased with the development of the pipeline. We’re very pleased with the team of resources that are working in Smart Edge and on those pursuits. And as the industry accolades have started to come in, that’s been reinforcing that. The team is on the right path. What was the second half of your question?
Is like you’re only limited to 5G?
That’s a great question. Initially there was a lot of attention and focus around 5G. The good news is because of bringing the ability to deploy applications at the edge of the network, especially applications that do not like latency, the perfect application even without 5G to still deploy at the edge. So replacing WiFi networks and/or private LTE situation where we can create our own networks with major facilities, we’ve seen a lot of interest in that application as well. So even without 5G, because of the processing and the reduction of latency, bringing the compute [ph] storage and caching to the network’s edge on the open systems using Intel technology, it is very much applicable to situations even if IP is not available.
So, Kevin, that’s an excellent point. So is it fair to assume then that at least on the WiFi or LTE side, because that infrastructure is already in the marketplace today that that opportunity is – or it could be a sooner opportunity than that of 5G for Smart Edge?
I would say that we’re definitely going down the parallel path that is a little bit of both, but I think the quick answer or the most direct answer is there’s still use cases for Smart Edge without 5G and we’re pursuing those as well.
Okay. Thank you, Kevin. And I guess, Dave, there was a pretty nice uptick in Smart Edge spending sequentially. Is the focus here on continued development or on like marketing campaigns? Talk to us a bit about the focus of that incremental Smart Edge spend?
Two things there. One is part of the reason the increase looks high as last year we had some vendor funded payroll, so the expense last year was offset. So it’s not net new incremental spend. It was up on a raw investment perspective. But it’s still primarily on the development side. I wouldn’t call it marketing so much as positioning that we’re doing with the Smart Edge piece.
Okay. Thank you. And then just my last question here and I’ll re-queue. I have to ask this and I’ve asked it in the past. Have you or the company come any closer to a decision on spinning out Smart Edge or divesting it completely to a partner?
I will say we still have the same options in front of us that we had last quarter and we’re pursuing all of our alternatives, Gianluca.
Okay. Thanks, guys. I shall re-queue.
[Operator Instructions]. And we have a question from Robert Robinson with R.H.R. Capital. Your line is open. Robert, your line is open.
Good morning, Kevin. Good morning, Dave.
I’m going to ask two corporate governance questions. It’s the same two questions that I’ve asked I guess for the last 8 to 10 quarters, so you probably know what it is. My concern has and always been the alignment of management and shareholders. So I’d like to know how many shares management has purchased last year. I understand that in the last quarter there was a fair amount of back out, but how far have we progressed in this respect?
From a management perspective I know I have purchased, Kevin has purchased, some of the other management has purchased. So it’s – a few hundred thousand shares have been acquired in Q4. We’ve been in black out since the end of Q4. And I’m not prepared to talk about my personal finances on this call, so I’m going to stop there.
I don’t know if I have anything more to add to that.
There’s been buying activity.
There’s been buying activity. I don’t know if I have the percentage in my head here.
But I didn’t see much buying activity in terms of materiality.
The numbers are where they’re at, Robert. I don’t know what else to say.
Well, I guess that answers the question then. All right. My second is I have expressed this concern to you previously as well with regard to some deficiencies on your Board and you said you were going to address it. There doesn’t seem to be a real expertise with respect to technology. How is that progressing or is it?
We’ve done a Board search and there is a list of candidates. We’ve just interviewed one this week. We had narrowed in on a technology person, Robert, and as we got to the end of the process, this person was in the public cloud space and when they looked deeper into the business and some of the partnerships we had just formed, they felt that they had a conflict. So they withdrew from the process. That was just recently that recently happened. But it is ongoing and there are live candidates that the Board is interviewing.
[Operator Instructions]. And we have a question from Gianluca Tucci with Echelon. Your line is open. Gianluca, your line is open.
Sorry, guys. I was on mute here. Dave, are you in talks yet to extend your credit facility? I know that you had mentioned in the past on past calls that there is intent to extend that out prior to the year to maturity.
Yes, our view hasn’t changed. We’ll look to extend that before I get to the year end.
Okay. And just lastly here on gross margins, because kind of your major customers have put their pedal off or put their foot off the gas pedal in terms of their spending for various reasons. Is it safe to assume that gross margins on a consolidated basis should be elevated against the comparable periods in the past for the aforementioned reasons of a lack of major customer spending?
There’s lots of variables in there, Gianluca. I wouldn’t necessarily say it’s going to be a big fluctuation. Lots of moving parts in margin as you know.
Okay, guys. Thank you. That’s all from me. Thank you.
At this time, I will turn the call over to Mr. Shank for closing remarks.
Thanks, operator. We look forward to reporting our first quarter results in May. Until then, I hope everyone has a great day. Bye-bye now.
This concludes today’s conference call. You may now disconnect.
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GuidanceSoftware [2 Certification Exam(s) ]
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McData [3 Certification Exam(s) ]
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Microsoft [375 Certification Exam(s) ]
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Misc [1 Certification Exam(s) ]
Motorola [7 Certification Exam(s) ]
mySQL [4 Certification Exam(s) ]
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NCLEX [2 Certification Exam(s) ]
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NI [1 Certification Exam(s) ]
NIELIT [1 Certification Exam(s) ]
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Nortel [130 Certification Exam(s) ]
Novell [37 Certification Exam(s) ]
OMG [10 Certification Exam(s) ]
Oracle [282 Certification Exam(s) ]
P&C [2 Certification Exam(s) ]
Palo-Alto [4 Certification Exam(s) ]
PARCC [1 Certification Exam(s) ]
PayPal [1 Certification Exam(s) ]
Pegasystems [12 Certification Exam(s) ]
PEOPLECERT [4 Certification Exam(s) ]
PMI [15 Certification Exam(s) ]
Polycom [2 Certification Exam(s) ]
PostgreSQL-CE [1 Certification Exam(s) ]
Prince2 [6 Certification Exam(s) ]
PRMIA [1 Certification Exam(s) ]
PsychCorp [1 Certification Exam(s) ]
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QAI [1 Certification Exam(s) ]
QlikView [1 Certification Exam(s) ]
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Social-Work-Board [4 Certification Exam(s) ]
SpringSource [1 Certification Exam(s) ]
SUN [63 Certification Exam(s) ]
SUSE [1 Certification Exam(s) ]
Sybase [17 Certification Exam(s) ]
Symantec [135 Certification Exam(s) ]
Teacher-Certification [4 Certification Exam(s) ]
The-Open-Group [8 Certification Exam(s) ]
TIA [3 Certification Exam(s) ]
Tibco [18 Certification Exam(s) ]
Trainers [3 Certification Exam(s) ]
Trend [1 Certification Exam(s) ]
TruSecure [1 Certification Exam(s) ]
USMLE [1 Certification Exam(s) ]
VCE [6 Certification Exam(s) ]
Veeam [2 Certification Exam(s) ]
Veritas [33 Certification Exam(s) ]
Vmware [58 Certification Exam(s) ]
Wonderlic [2 Certification Exam(s) ]
Worldatwork [2 Certification Exam(s) ]
XML-Master [3 Certification Exam(s) ]
Zend [6 Certification Exam(s) ]
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