EMC Corporation's CEO Presents at Raymond James Internet/Software Crossover Conference (Transcript)

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 |  About: EMC Corporation (EMC)
by: SA Transcripts

EMC Corporation (NYSE:EMC)

Raymond James Internet/Software Crossover Conference

May 29, 2014 5:20 p.m. ET

Executives

Michael Turits – Raymond James

Leo Spiegel – SVP, Corporate Development and Strategy, Pivotal

Analysts

Michael Turits – Raymond James

Okay. So, thanks for coming. Michael Turits again, software analyst.

So this is a presentation by Pivotal which is an entity which came out of the combination of EMC and VMware. So, a good lead-in today, we have Bill Fathers from VMware who runs the VCHS, VMware Cloud Hybrid Search. And we're talking about, among other things, how VMware, which has been around for a long time building enterprise applications, can straddle [ph], make the transition, move to building cloud-based application, talk a lot about the partnership with Pivotal, a good opportunity to talk about that.

So, Leo Spiegel is the SVP of Corporate Development and Strategy, and I think he's good to go through a little bit of a presentation. And then I guess I'll sit here, if you want to just keep standing [indiscernible].

Leo Spiegel

Perfect. Great. Okay.

Well, first of all, thanks for showing up. I'm excited to be here, and I'll quickly go through a little bit of a backdrop of who is Pivotal, and then we can jump in to the interactive questions.

So obviously the usual forward-looking statements slide deck that you ought to read every word and there'll be a test.

So, as was mentioned, we're a spin-out of EMC and VMware. And we became an independent company April of last year. And I think the message that we really want to convey to you all today is that we're on track and that we've sort of transitioned from that awkward stage of sort of being an adolescent and we're sort of catching our stride in driving in the market and making very good progress. And we'll talk specifically about that. We're very fortunate to have a very experienced and proven leadership team. And first and foremost is our CEO, Paul Maritz. And we have a very exceptional group of employees now. We're now up to 1,750 people around the world, around 700 of them are here in Silicon Valley.

We have over 1,200 tier 1 enterprise customers. I'm going to now start -- and we're going to start to talk more about these customers, and you'll see that in many cases these are the who's who of leaders in their respective industries. We're very fortunate to have the backing of GE who made $105 million investment in Pivotal at our formation, but equally importantly has been very open and verbal about telling their customers and the market about how they're building their next-generation software system called Predix on top of our technology platform. And that system is designed to optimize the internet of things.

And then we're also obviously a very proud member of the EMC Federation of Companies, including EMC, Pivotal, VMware and RSA. I won't spend too much time on this. I think this is a really critical slide though. I mean I believe in the Joe and David and Pat and Paul others to talk a lot about this, but I think the Federation of Companies is a really unique business model and a unique opportunity for investment. We think when you combine these four companies between EMC, VMware, Pivotal and RSA, you really have the makings of the entire stack of technologies in combination with our partners to really provide what's needed in this, what we like to refer to, as the third paradigm of computing.

The first paradigm was obviously the mainframe and mini, in which case it was highly proprietary, handful of companies, in many cases a company controlled everything, the storage, the processing, the database, etcetera, the network. When we move to the second paradigm of client server and the web and you had these siloes where you have dominant players in networking or in processing or in storage or database. And now in this third paradigm, which is really driven by big data, the cloud, social, mobile and agile, I mean you have a really dramatic shift happening, and enterprises really want to take advantage of this paradigm.

And interestingly, this paradigm wasn't led by big Wall Street firms or big retailers. This transition to the third paradigm was really led by the leading internet companies like Google and Facebook and LinkedIn who basically took advantage of open source technologies and completely transformed how you build applications and how you leverage infrastructure on top of that application. And so this combination of companies we believe is really positioned to help enterprises get that same level of functionality that those companies were able to achieve.

And we do that through a combination of solutions that we each work on together, including the software-defined data center, platform-as-a-service, the virtual workspace, the business data lake, and then security analytics.

So let's talk now about Pivotal, that portion of the federation. When you think about Pivotal, I think the things that I really want you to think about are really three things. We're really about big data. We're about open PaaS, platform-as-a-service, and we're about agile development. And although we took these various assets from EMC and VMware and fuse them together, we've focused the entire company around these three initiatives. And leveraging these initiatives through a combination of our technologies and our services is enabling our customers to build world-class solutions that are literally touching billions of people.

So let's talk a little bit about who some of these customers are. So, major consumer internet leaders like Facebook, like Twitter, like Instagram, are taking advantage of our services and technologies. Monsanto is transforming how basically agriculture and farming works. I think everybody in this room is well aware of the amount of people every day growing on this planet and the challenges we all have as a planet to feed all those people. And so new ways of farming is critical.

And what basically Monsanto is doing is working with us using our entire platform which includes our big data initiative, our PaaS initiative and our agile services, and they're building out solutions to really take farming to the next level. So at a high level, think about literally millions of sensors put in the ground. Think about an iPad on a tractor and a farmer basically going across fields and being able to dramatically change the production of the food they can produce because of the analytics, understanding what's happening with the soil, understanding, you know, how things are growing. And so it's really transforming that industry. And I could sit up here and spend, I'm not exaggerating, all day talking about industries are being transformed because of this third paradigm of computing.

Just think about, I don't know how many of you use Uber, but what's Uber doing to taxicabs, right? That ability to have a mobile app that understands where you are. That you could click and jump in at a car and move to some other location. It's just another good example. They happen to also be a Pivotal customer.

And then Firestone. You know, all the automation that's going into cars and Firestone wanting to be part of that and really understanding, from a big data perspective and an application perspective, how to integrate better with cars and position themselves better with auto manufacturers.

JPMorgan Chase, I mean, you know, Jamie Dimon has talked openly about the power of what big data and analytics is doing to transform the bank. And a lot of that technology and a lot of those solutions are being built on top of the Pivotal platform.

And then China Railways -- this is one of my favorite examples. I mean it's mind-boggling, but the few days leading up to Chinese New Year, almost a quarter-billion, a quarter-billion people use China's railways in a three-day period. Before they put in place some of our in-memory database technology, that system would crash. It could not handle the amount of people who were trying to get on those trains and buy train tickets. And today after integrating our technology, the system works flawlessly.

So that's just a subset, a taste of some of the customers of Pivotal. Here are three slides, and I'll power through them very quickly. And again this is just a subset of the 1,200 customers.

But you can see that Pivotal is a real company generating hundreds of millions of dollars of revenue and solving some of the most interesting problems on the planet through a combination of our technology, our platform and our services.

You know what's different to me about the third platform of computing is how high together data and applications are. And the example I love to give, to make this example, is Google. Right?

I mean Google started as a search engine. What became the most powerful thing that Google had were your searches. Based on your searches and buying double-click, they built the most dominant ad company on the planet. They did that because what they did is they built an application. That application was creating data, your searches. They analyzed that data, and then they improved the application.

And this circle, this cycle of basically writing an app, creating data, ingesting data, analyzing data, and then improving the application, is at the heart of the platform that we built, and it's why tying together the PaaS, the platform-as-a-service and the data fabric is so critical, because the PaaS becomes the control there. It becomes the place that the developer who's writing that application can control resources, can essentially move that application from platform to platform, can allocate resources on the fly, can do tests, can do dev and all that kind of stuff.

And we think we're really uniquely positioned having wed both the PaaS and the data fabric together. And that's why it was so strategic that EMC and VMware had these discrete assets, and we were able to pull them together. And essentially what we did and what we've been working on over the last year, besides helping all those customers be successful, is really building out our Pivotal 1 platform.

And what we really believe is that companies want to store everything. And in a moment I'm going to talk to you about not just how, from a technology perspective, but from a business model perspective, we're really changing the industry. So we believe you shouldn't have to pay to store data from a software perspective. So when you translate that, what I'm really saying to you is that Hadoop and the Hadoop file system should be free. And so we, and in a moment we'll talk about how we're changing our pricing model [indiscernible] our pricing now, to really encourage people. Because if you store everything and you keep it forever, the value of that information becomes endless. And that's really how you can transform your business.

And in the past it's been really challenging for enterprises to do that because the data has been siloed on an Oracle system or a Teradata system or an IBM system. And every time they want to store more information, they have to pay more money. We think you should pay when you process the data, not when you store the data. Analyze everything. I mean we really believe that what's critical for companies is an ability to really analyze all this information. You know, using data science, using next-generation analytic tools, and having access to all that data is really what's transforming all these various companies, and really being able to wisely compute, analyze and understand the core of the data.

And then you've got to build the right thing. And that's really where our ability, we have 500 agile software developers who are pairing with our customers to help them build this next-generation solutions that leverage our platform. And we're not only building the application but we're hoping enterprises become up-to-speed on new methods like agile development and pair programming real-time.

So the combination of all these technologies we took, as I talked about, are now combined in a single platform called Pivotal 1. At the bottom you can see a variety of IaaS or infrastructure-as-a-service providers, Google, VMware, OpenStack, Amazon, et cetera. So what we enable customers to do is to build applications and easily literally moving a couple of clicks in their software to move those applications on top of a variety of cloud platforms.

The first layer of this stack, of the Pivotal 1 stack, is basically the Cloud Foundry technology. The stuff that's in the darker green is the open-sourced bits [ph]. We have always, when VMware owned Cloud Foundry, it was always open-sourced. And we've made a huge commitment, and we'll talk about it just briefly in a moment how we are in the process of moving Cloud Foundry into a foundation and how Cloud Foundry is going to become the de facto standard PaaS for the industry.

How we monetize Cloud Foundry is we have a commercial version of Cloud Foundry called Pivotal CF. And we charge customers a subscription to buy our version of Cloud Foundry. It includes all the open-sourced bits [ph] and then, in addition to it, we've packaged a bunch of runtimes and a bunch of value-added software into our version of Pivotal CF.

In addition to that, I talked about the other big bet that Pivotal has, is big data. And so at the services layer of Pivotal 1 is our data fabric. And so you see Pivotal HD which is our Hadoop distribution, which now has the Greenplum database fused on top of Hadoop through a technology Hawq. So we have the most scalable, highest-performing multi-processor SQL-based engine on top of Hadoop.

We also have a messaging engine. This was what came from Spring, the MQ -- Rabbit MQ technology. We've got our GemFire XD technology which is our in-memory, high-speed memory technology. This is what, when I was talking about the Chinese railway system, they're using that technology to basically real-time process tickets and keep track of trains, et cetera. And then on top of that, we have a series of solutions and partners who leverage this platform.

And so when you think about Pivotal, think about Pivotal as a software company and think about us as providing a set of value-added services that help our customers take advantage of that software platform. So we like to say that we're teaching our customers to fish by teaching them the next-generation methodologies for how you work in this third paradigm of computing, and we're leveraging this, if you will, operating system of the cloud that we've built called Pivotal 1, to enable them to have the same functionality that they could get on a public cloud, but have that behind the firewall. And with our partnership with EMC and VMware, they can do it behind the firewall, they can do it in a hybrid way or they can do it in a public way.

So I mentioned a moment ago that we are also changing how the business works, and so we've introduced over the last month or so a new way to buy data, the data fabric. Historically when you bought data, whether you're buying it from Oracle or Teradata or whoever, you paid based on capacity, how much information you were storing. We just felt like that wasn't what customers needed. They want to store everything. They don't want to have to deal with moving data from system to system.

And so what we've done is we basically said, you can use our Hadoop distribution, you can store all your information in our Hadoop distribution, and it's free. How you pay us is based on cores. And so if you basically buy 30 cores, then you can basically process that data using those cores. And you can use our Greenplum database, basically our Hawq technology, our GemFire technology, our SQLFire technology or our GemFire XD technology that'll be available this quarter. And you can basically just pay based on the amount of processing of the data, the value you're getting from the data, not the storing of the data.

The other thing we did which is very, very different is you don't -- you can basically start with those 30 cores all on Greenplum. In two weeks, this is maybe a dumb example because it might not be two weeks, but in two weeks, if you wanted to take 15 of those cores and move them to Hawq and Hadoop, just do it. You don't tell us. You don't have to call us. You know, as long as you're using 30 cores, you can mix and match and change anytime you want how you use those cores and what set of technologies we have. The only time you pay us is if you need your 31st core.

So what we think we're doing is we're helping customers migrate from that second paradigm of computing to the third paradigm and we're giving customers the flexibility to use the technologies that they need based on the applications they're building.

The last slide I want to just quickly go through. I mentioned that we're very committed to Cloud Foundry and to making Cloud Foundry the de facto standard, the open source standard for PaaS in the industry.

We announced about four months ago that we were going to move Cloud Foundry into a foundation. At that time we announced that we had the full support and endorsement of seven key companies including ourselves, EMC and VMware, but also IBM, HP, Rackspace and SAP. And then a little over a month ago we announced that we had 10 additional Gold members joining our foundation, including Accenture, ActiveState, BNY Mellon, Capgemini, CenturyLink, Ericsson, GE, Intel, NTT Communications and Verizon. And just this morning we did announce that we are launching the silver tier of the Cloud Foundry Foundation. We announced 16 additional companies. So we now have 32 companies who've all endorsed Cloud Foundry and are partnering with us to build out Cloud Foundry for the industry, and a subset of those include Canonical, MongoDB, Docker, Alpine, Piston and CloudCredo.

So with that, I think -- hopefully I've given you a sense of who Pivotal is. We're very excited about where the company is. We have a lot to prove, we recognize that, but we think we're one year and a month in to our history. We feel good about where we are. And we look forward to continuing to grow the business and partner with our customers.

Question-and-Answer Session

Michael Turits – Raymond James

So, Leo, the pricing discussion is really interesting. So let's make sure that we -- I understand this. So let's say that what I'm doing, I'm storing some data in Hadoop file system, distribution file system. And then I'm going to do various things to pull it out, and I can use messaging, I can use SQL, I can do all the different things that you have that enable me to build the foundation for analytics on top of that. So are you not charging for Hadoop in any way, not in a commercial distribution Hadoop? Hadoop --

Leo Spiegel

Well, we have a commercial distribution but you could use it for free.

Michael Turits – Raymond James

Okay.

Leo Spiegel

So I mean we're basically -- basically what we're saying is that, I mean, you can use Pivotal HD, which is a fully-attached e-compliant version of Hadoop. And as long as you're not using any of those engines, whether it be Hawq or Greenplum or XD, then in theory you wouldn't pay for it. I mean obviously, most people store it for a purpose.

And the thing we're really trying to get away from is, you know, IT organizations are struggling because today, when you go to build an application, which is really what Pivotal is about. If you said to me in 15 words what is Pivotal, we want to help customers write great software.

To write great software, you need to access information inside your enterprise. If it exists on five or six different platforms, it's really hard to extract that information, normalize it and put it in. So what we're really saying to the world, and we're not the only company saying it, is that this notion of a business data lake is where the enterprise is going. And if there's a message I could give everyone in this room, Hadoop is real. And I spent a lot of time talking to some of the biggest CIOs in this -- on this planet, and many, many companies. Now they're not moving 100% to Hadoop, but they are very committed to Hadoop and Hadoop as the platform or the place where data is stored.

So what we're really saying is don't be penalized for storing it. Move all your data in. And then as you use the data, as you process the data, that's how you pay us.

Michael Turits – Raymond James

Now you have a strategy, or a hybrid strategy relative to data, you will be using data warehouses in combination with big data, Hadoop as well. Obviously --

Leo Spiegel

Yeah. I mean we have lots of customers who obviously from the Greenplum days --

Michael Turits – Raymond James

Right.

Leo Spiegel

-- right, you know, bought big data warehouses leveraging Greenplum. And so what this pricing model lets them do is continue to do that and nothing is different, they'll just pay on cores now versus paying -- it used to be you basically pay it on sort of storage, now you're just paying on cores. But what that really lets them do is migrate as appropriate --

Michael Turits – Raymond James

But even for greenfield, if you're doing a greenfield implementation, same thing.

Leo Spiegel

It will be the same thing. It's all cores.

Michael Turits – Raymond James

No pricing on -- no per terabyte pricing.

Leo Spiegel

No terabyte pricing, it's all core. So we think it's the right model. I mean we really feel like it's -- I mean obviously we spent a lot -- we have 10 years of data, so we spent a lot of time analyzing customer behavior, and we think we've priced it in a fair way that's beneficial to us and beneficial to the customer. But I think what we're trying to get around is this pain point of having to store data. And if you really believe everything should be stored, then do it. I think that's the right answer.

Michael Turits – Raymond James

So there was another interesting thing on the slide [indiscernible] of one of your stacks was you showed some of the big public cloud providers. So to clarify that too, what's the relationship there?

Leo Spiegel

So, essentially, and this really relates to Cloud Foundry, so if you think about what is a PaaS, I mean I think a PaaS, I like to think of a PaaS, and Paul, our CEO, you know, positions it this way, it's really like the operating system of the cloud. So you start to say, what is the purpose of an operating system? So an operating system exists to allocate and manage resources. And so if you're in a cloud, then in theory what you're allocating and managing are cloud infrastructures, and that becomes the IaaS or the infrastructure-as-a-server. So that's Amazon, that's OpenStack, that's Google Engine, that's VMware, you know, that's Azure, right? All of that is -- they're the infrastructure providers.

What Cloud Foundry enables you to do is that it enables you to basically write an application and literally, inside a Cloud Foundry, click a couple of buttons, and Cloud Foundry will confirm and optimize that application based on the APIs for each of those infrastructure environments.

Michael Turits – Raymond James

So you're using those guys as infrastructure-as-a-service [indiscernible].

Leo Spiegel

Exactly. And what we're hearing from CIOs is they don't want to be locked in to one provider, right? They want choice.

Michael Turits – Raymond James

Yeah. So I was going to say, especially in that group, I would say Microsoft [indiscernible] as you first started you're going to be pure platform-as-a-service and reluctantly they filed AWS down that [ph] infrastructure, kind of race to zero commodity --

Leo Spiegel

Yeah. Well, I think it's going to be really fascinating to see. I mean, you know, I think at the end of the day, Cloud Foundry is going to be in a foundation, it's going to be governed by this method called "governance by contribution," which means that if you get involved and you help and work, you'll have influence. You know, we're fully committed to making it an open source environment. And I think over time, I'm hopeful that lots of companies, not just the companies that I have announced, will support it.

I think there's this need for this software layer to obstruct infrastructure, and that's really what Cloud Foundry aims to do. And obviously our version Pivotal CF adds more value on top of that.

The other thing the PaaS does is it not just deal with obstruction from infrastructure, it also, you know, it deals with how to manage all of the resources. So if you write an application in Cloud Foundry and the application is written in such a way that it's set up so that if you're running out of storage or you're running out of CPU, Cloud Foundry can, on the fly, allocate more CPU and more storage.

So really if you think about what made Google so powerful, is that they had this elastic infrastructure, right? Unlimited storage, unlimited compute, unlimited network. And on top of that, they built a PaaS so that they could change Google on the fly. I mean you're using Google and there's a piece of Google being chased while you're using it. Enterprises want that same functionality, and that's really what Pivotal 1 is all about.

Michael Turits – Raymond James

So there's no question that these are all key and strategic pieces of the next platform or, you know, handle-based [ph] applications in the future. But still if you think about big data and data warehousing, data repositories, that's somewhat of a separate world from the whole developed -- application development world which is your idle [ph] computing group and to an extent labs [ph]. So what about go-to market and how you're selling them? Is that -- which would appear [ph],c it doesn't sell that way.

Leo Spiegel

Yeah. So I think it's going to change, I mean personally. I mean this is, you know, my opinion, others may disagree. I think we've been fighting this balance between where the dollars are in enterprises. For many, many years, the dollars were with IT. And over the last decade the dollars moved mostly to the business units. And the innovation was happening at the business units.

And one of the reasons I think that Amazon became so successful was that business units would go to IT and say, hey, I want to build this application, and IT would give the usual response which is, well, it will take two years and cost x dollars. And they went and found somebody like the company we acquired, Pivotal Labs, and they wrote an application in four months, and they put it on Amazon, and they never told IT, and then all of a sudden, one day, CFOs of big enterprise companies were looking at credit cards, realizing that they were spending tons of money on Amazon. And to IT's credit, they recognized that they needed to evolve.

When I leave here, I'm going to a meeting with the CIO of a major bank. The conversation, sorry, that we're having is exactly this conversation. They want to provide the infrastructure, the PaaS and data fabric to their business units. So those business units can leverage the IT infrastructure and don't want to go basically to Amazon.

So I think to answer your question, the go-to market, the go-to market really I think is about business solutions and it's about talking to the owners of the business and partnering and enabling basically IT to have the skill sets and the infrastructure to build these great applications. Our go-to market basically at Pivotal is really about the big Fortune Global 2000, 3000, and we're very fortunate to be obviously owned by EMC and VMware, and so we have thousands of sales people all over the world who basically sell our stack. Any EMC rep or any VMware rep can sell Pivotal's technology, they get 100% commission. Our sales reps, which we have about 120, they get 100% commission.

So we really leverage the federation model and the relationships that EMC and VMware have to get to the largest companies on the planet. And we have trained and partnered with EMC and VMware in deep and meaningful ways, and I think that's one of the reasons. And then a lot of people are probably sitting there, thinking, you know, "This little company Pivotal has got this big vision, it's going to change the world. I mean, how does the CIO of X, Y, Z company get comfortable with the fact that Pivotal can do this?"

Well, the answer to that I think is two things. One, the technology works, so they could try it. Right? None of this -- anything -- everything I've shown you here, it works today and customers are using. And the second thing is that we have the backing of two really important companies in the IT segment in terms of EMC and VMware.

Michael Turits – Raymond James

We've run out of time, but I apologize, but are there any questions from the audience before we go?

Chad [ph]?

Unidentified Participant

Who or what [indiscernible]?

Leo Spiegel

So, great question. You know, it's interesting. I mean you have to look at it in two dimensions, and I'll do it quickly.

If you say to me down the road when a customer's trying to buy the whole Pivotal solution, including PaaS, the data fabric and our services, then you have to think about companies like IBM. And in fact, IBM is going to come out with a competing version of Cloud Foundry. They've already announced it, called BlueMix. So for sure, you know, companies like IBM and HP who have dominant relationships in the enterprise are sort of a class of competition.

Then I think you have to look at the two markets independently, right? So in, today, in the data fabric business, I mean we still get into lots of conversations where Oracle and Teradata and all these companies are still relevant. We have lots of conversations with customers about Cloudera and Hortonworks and the Hadoop distributions. I mean, Mongo who's a partner of ours, at time, you know, can be a competitor.

So the message I guess that I want to convey is I think in this third paradigm of computing, your competitors can also be your partners, and there's this notion of coopetition. The good news is, if you just look at those two markets, the PaaS market and the big data market, you know, and basically if you think about, I can give you the actual data, but trust me that there's lots of market data that says, by 2017, 2018, those two combined markets are about $40 billion, and they're growing at an average CAGR of in the high 20s, which is six times faster than the CAGR of the general IT industry.

So I guess the point I would say is we, from Pivotal's perspective, we think there's plenty of opportunity for us to build a big, meaningful company, and continue to be successful even with the competitive landscape.

Michael Turits – Raymond James

I apologize we're out of time, but maybe you could just talk with a couple --

Leo Spiegel

Sure, happy to. Yeah. Thanks very much, and have a great day.

Michael Turits – Raymond James

Leo, thank you so much.

Leo Spiegel

Sure. My pleasure.

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