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Thousands of High School Students Support Small Businesses with New Technology Solutions

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Published on: 21st Nov 2017


BASKING RIDGE, N.J., As millions of Americans ‘shop small’ this November, high school students from across the country are offering local businesses more hands on support, through their tech skills. This school year, underrepresented high school students in eight cities nationwide are learning principles of design thinking, and how to apply them to emerging technology and mobile devices to serve as creative solutions for local small businesses and non profits. Through a program under Verizon Innovative Learning, the education initiative of the Verizon Foundation, students are paired with small business owners to identify their� challenges, and develop technology driven solutions through cutting edge augmented reality, virtual reality and mobile apps.�

Launched in 2015 in partnership with Arizona State University, the program reaches 8,000 high school students nationwide and has produced more than 200 products developed for over 75 small businesses and non-profit organizations. Earlier this year, Verizon Innovative Learning brought hundreds of teachers, who will implement the program, to Arizona State University for training in design thinking, entrepreneurship and app development, and will continue to provide ongoing professional development throughout the school year. Verizon is announcing the expansion of the program to four new cities, including:

In addition to the newly added cities, the program will continue to operate in flagship cities including Boston, MA, Phoenix, AZ, Chicago, IL and New York, NY.

Students will further their understanding of design thinking principles and applications through in-depth, rigorous hands-on learning courses with Project Lead The Way and Code.org. Additionally, Verizon will host events throughout the year to demonstrate the types of careers that exist in technology fields and offer opportunities for students to meet with mentors.

Among past students that participated in this Verizon Innovative Learning program:

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Silent Circle Appoints Andy Meister, CISSP as Vice President of Engineering

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Silent Circle, a pioneer in enterprise class mobile security, privacy and compliance solutions, today announced the addition of cybersecurity professional, Andy Meister, as the company’s Vice President of Engineering. Meister’s extensive background in mobile software development will support the continued expansion of Silent Circle’s technology portfolio with the ultimate goal of bringing privacy to any device, from any location.

“Silent Circle is deployed world-wide at full scale in both public and private organizations,” said Gregg Smith, Chief Executive Officer of Silent Circle. “We must continue to strengthen our technology in order to support secure business communications and are confident that Andy will support our team in pushing the limits of innovation within our organization.”

Meister brings over 30 years of software development, mobile, entrepreneurial and management experience building technology products and organizations. Before joining Silent Circle, he was Vice President of Engineering at OptioLabs where he led a cybersecurity development team that specialized in creating security solutions for Android devices. Prior to this, Meister spent more than a decade of his career working with early stage companies at AM Consulting to provide strategy and technology leadership. Meister also served as Chief Operating Officer at Sonum Technologies and has held technology leadership positions with the United Parcel Service and the National Security Agency.

Notably, Meister helped grow Aether Systems (NASDAQ: AETH), from a small technology consulting firm to a publicly-traded leader in mobile data technology and applications, with over $200 million in annual revenue and more than 1,000 employees in global offices.

“Silent Circle has an exceptional track record for supplying secure enterprise-wide communications to the industry and I am excited to join their team,” said Meister. “As businesses are increasingly at risk of having their intellectual property, location, and communications intercepted by adversaries, securing today’s mobile world is more important now than ever before.”

To learn more about Silent Circle’s leadership team and expanding technology portfolio, please visit https://www.silentcircle.com.

About Silent Circle

Silent Circle’s enterprise-scale secure mobile communications solutions are deployed in hundreds of the most demanding networking environments worldwide, including the Fortune 100 and government agencies in 100+ countries. Delivered through a game-changing mobile ecosystem of software and services, the company’s award-winning product family comprises: Silent Phone, a secure calling and messaging application; Blackphone, a hardened, secure handset; Silent World, a secure way to communicate globally outside of the Silent Phone network; and Silent Manager, a web-based administrative console for managing users. Company founders include former Navy SEAL and security expert Mike Janke; Internet Hall of Famer Phil Zimmermann, developer of Silent Circle’s ZRTP cryptography protocol and co-founder of PGP Corporation; and Jon Callas, creator of Apple’s whole disk encryption software and also a PGP Corporation co-founder. Silent Circle is headquartered in Columbia, Maryland. www.silentcircle.com.

Verizon and NBCUniversal expand partnership for Macyandamp;#039;s Thanksgiving Day Parade®

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NEW YORK November 21, 2017 NBCUniversal, Verizon and Macy’s announced that the 360 livestream of the Macy’s Thanksgiving Day Parade� on Verizon’s YouTube page will return for a second year with enhanced camera positions including a traveling camera onboard the lead Parade float. New to the television broadcast through this year’s partnership is the first Picture in Picture activation in parade history, giving audiences non stop content in commercial time, and a special segment produced by Verizon. Also a first, campaign elements will run on NBCUniversal strategic partners Apple News, BuzzFeed and Concert.

Olivia Culpo will return, and be joined by BuzzFeed’s Keith Habersberger, as hosts of the livestream from a co-branded stage in Midtown Manhattan that will house an audience section for Verizon Up ticket holders. The Verizon Up loyalty program rewards customers by offering special access to brands and experiences they know and love – like once in a lifetime VIP access to the parade.

Livestream viewers on Verizon’s YouTube page will have an elevated experience this year through augmented reality within the feed showing Parade fun facts and social posts, some of which will be connected to redeemable Verizon offers. The livestream will be synced with the start of the parade on November 23 at 9am EST on NBC.

As part of the NBC broadcast, Verizon will produce a 60 second segment dedicated to thanking the first responders who give up their holidays and time with their families to help keep us safe year round. 

“The Macy’s Thanksgiving Day Parade is the Super Bowl of family viewing in the way it captures a multigenerational audience at scale,” said Mark Marshall, Executive Vice President, Entertainment Advertising Sales, NBCUniversal. “Verizon is a valued partner as we work to show the power that NBCUniversal has in reaching consumers of all ages at any of the touch points where they consume media.”

“The variety of this year’s integrations allow us to deliver an unprecedented parade viewing experience and access to consumers,” said John Nitti, Chief Media Officer, Verizon. “The partnership with NBCUniversal and Macy’s demonstrates how Verizon uses technology to bring unprecedented access and experiences, allowing for a full 360 immersive experience for one of the biggest cultural moments of the year, so everyone can be on the parade route.”

The linear parade broadcast will feature mentions of the livestream and Verizon will be one of the sponsors of the first Picture in Picture experience in Parade history. Additional marketing for the livestream effort will appear across all NBCUniversal properties leading up to the Parade.

BuzzFeed will have a homepage takeover and additional promos driving engagement to the Verizon YouTube page and poststream shoppable units promoting Verizon products. Ad units will run across Concert’s premium network through the Vox Media and NBCUniversal joint offering, and through a special “Tap to Calendar” unit on Apple News, users will be able to set a reminder to watch the 360 livestream, receiving a Calendar notification just moments prior to the event.

Belden to Host 2017 Financial Analyst and Investor Day Webcast on December 5

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Published on: 21st Nov 2017


Belden Inc. (NYSE BDC), a global leader in high quality, end to end signal transmission solutions for mission critical applications, will host its 2017 Investor and Analyst webcast on December 5 at 3pm EST. John Stroup, President, CEO and Chairman, and Henk Derksen, Senior Vice President, Finance and CFO, will provide color on Belden’s business trends and financial goals.

The live webcast will begin at 3pm EST and can be accessed via the Internet at http://investor.belden.com. Audience members wanting to ask questions via the live audio bridge can dial 866-393-4306 in the United States or 734-385-2616 outside of the U.S. using conference ID #90215700. A replay of the meeting, including slides, will remain accessible in the investor relations section of the Company’s website for a limited time.

About Belden

Belden Inc. delivers a comprehensive product portfolio designed to meet the mission-critical network infrastructure needs of industrial, enterprise and broadcast markets. With innovative solutions targeted at reliable and secure transmission of rapidly growing amounts of data, audio and video needed for today’s applications. Belden is at the center of the global transformation to a connected world. Founded in 1902, the company is headquartered in St. Louis and has manufacturing capabilities in North and South America, Europe and Asia. For more information, visit us at www.belden.com or follow us on Twitter @BeldenInc.

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Montgenandegrave;vre Brings Smart Cities to the Ski Slopes Through Joint Smart Resort Initiative with Orange Business Services

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Orange Business Services has announced its first “Smart Resort” in Montgen vre, in the Alps, as part of a concept that will be developed across of France.

Montgenèvre’s digital transformation is being coordinated through a “smart city” strategy, combining free Wi-Fi, a mobile app available from early December on iOS and Android, and big data analytics. The objectives are threefold: enhancing the mountain experience, making life easier for residents and visitors, and supporting the economic and tourism development of one of the oldest ski resorts in France.

An enriched experience for tourists and residents

The Montgenèvre mobile app brings together all the information that tourists need, wherever they need it. It allows them to access real-time information about ski lifts, piste openings in winter, or golf courses during the rest of the tourist season, for example. The free mobile app is available in English as well as French, Italian, and comes in both winter and summer versions. In addition, a total of 31 Wi-Fi hotspots will be set up throughout the resort to allow users to fully benefit from all the app’s features.

Skiers can check the snow reports and avalanche warnings and see the current conditions in real time from the webcams located at the side of the pistes. An interactive map available via the application lets you explore the whole of the skiing area in high resolution 3D images, with pistes mapped and detailed, showing route, slope, length, and difficulty.

Solutions for sustainable economic development

The smart resort solution allows Montgenèvre to provide visitors or residents with a truly connected city experience. Montgenèvre sends information or customized services to users when they need it, such as shuttle bus schedules and information on local cultural activities based on the user’s interests, designed to boost local economic activity.

With the Flux Vision solution from Orange Business Services, Montgenèvre also has a means of analyzing population flow statistics throughout the year or around a particular event. This process, which collects and uses anonymized data from Orange’s public mobile network, helps in decision making when important choices must be made to improve tourist services in the valley.

“For Montgenèvre, becoming a Smart Resort means offering better living conditions and leisure activities for all users of the resort, be they tourists or residents. It strengthens economic and social activity in our region and responds to the challenges of the city of the future, but in a sustainable way,” commented Guy Hermitte, Mayor of Montgenèvre (Hautes-Alpes region).

“Orange, through its Smart Cities entity, is proud to provide its expertise in the digital transformation of cities and regions to the Montgenèvre resort, by offering innovative solutions for connectivity, mobile applications and data analysis for the benefit of visitors and residents,” commented Delphine Woussen, Director of Orange Smart Cities within Orange Business Services.

The application is scalable and will continuously be updated to meet user needs.

Source: TNS-Sofres, June 2017: “Les Français connectés en vacances” (“Staying connected on vacation”)

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Download images of the application and the resort here.

About Orange Business Services Within the Orange telecommunications group, the 21,000 employees of Orange Business Services are dedicated to French and multinational companies on five continents, by providing them with ongoing support in their digital transformation. Orange Business Services is simultaneously an infrastructure operator, a technology integrator, and a supplier of value-added services. It offers businesses digital solutions for their employees (such as collaborative spaces and mobile workstations), their customers (omni-channel customer relations and development of new services), and their projects (enriched connectivity, flexible IT infrastructures and cyberdefense). The technology integrated in this way ranges from next-generation networks (SDN/NFV) to Big Data, encompassing connected objects, cloud computing, collaboration and unified communication applications, and cyber security. More than 2 million professionals, businesses, and communities in France trust Orange Business Services. Internationally, Orange Business Services has more than 3,000 world-renowned multinational customers.

For more information, visit www.orange-business.com or follow us on LinkedIn, Twitter and our blogs. Orange is one of the world’s leading telecommunications operators, with annual revenue of €40.9 billion in 2016 and 269 million customers in 29 countries as of September 30, 2017. Orange is listed on the NYSE Euronext Paris exchange (ticker: ORA) and the New York Stock Exchange (ticker: ORAN). Orange and any other Orange product or service cited in this press release are trademarks held by Orange or Orange Brand Services Limited.

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AT&T and Verizon still the best networks for highway travel

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Testing wireless networks is an imperfect science, at best. Different studies with wildly different methodologies routinely crown different networks as the Best Network ever, based on statistical interpretation of data.

But one thing that coverage testing can be excellent for is working out which network is the fastest or most consistent in a particular region. Normally, those regions are cities and states, but one new study tests something very different: Coverage along the highway.

Global Wireless Solutions, a network benchmarking company, conducted over 700,000 voice and data tests along 52,000 miles of road in the lower 48 states and Alaska, between March and July this year. This kind of “drive-testing” has its flaws, especially when it comes to measuring coverage across the whole country. But when you’re testing for speed and coverage in one specific circumstance — inside a vehicle — it can be the most consistent and repeatable solution.

The results put AT&T and Verizon in first place, which isn’t remotely surprising. The two biggest carriers also have the networks with the widest coverage. T-Mobile has been building out its network at speed, but it’s focused on metro areas, as that’s where most people (and most of T-Mobile’s customers) live.

The test ranked AT&T as the fastest network, with an average download speed of 6.9Mbps. AT&T and Verizon tied for first place in reliability and upload speed, with “more than 99 per cent of data tasks initiated on the road” completed.

T-Mobile came in third and Sprint fourth, but both of the smaller carriers struggled, especially on reliability. T-Mobile’s call completion rate was 89 percent, behind the 97 percent of AT&T and T-Mobile.

Ancient wall carvings discovered in Saudi Arabia might be the earliest evidence of very good boys

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Dogs are such ubiquitous parts of modern life that it’s sometimes easy to forget that man’s best friend wasn’t always by our sides. Humans are thought to have begun domesticating dogs around 15,000 years ago, but evidence of the earliest centuries of the human/canine partnership remains hard to come by. Now, newly discovered stone carvings in Saudi Arabia reveal some interesting tidbits about ancient man’s attempts at canine domestication, and are thought to be some of the very first drawings of very good boys ever etched by humans.

Researchers from the max Planck University and the Saudi Commission for Tourism & National Heritage have been studying the carvings in an attempt to accurately date them. At present, the crude drawings are thought to be around 9,000 years old. The etchings depict hunters with canine companions, and there’s one thing in particular that is especially interesting: the very first possible evidence of dog leashes.

The drawings are very basic, but there’s lots of interesting clues as to the bond already being formed between man and canines at that point in history. The dogs appear to be in command of the man, who is readying his bow to fire, and the fact that many of the dogs is drawn with their own unique markings suggests that these were indeed pets. The dogs’ curled tails and perky ears leave no mistake that these are domestic canines.

The man depicted in the carvings has two strings leading from his waist to the necks of two of the nearby dogs. Scientists have taken this as possible evidence of the use of leashes, and if that is indeed what it is, it would predate all other known examples of dog leash use by a significant margin.

The researchers have theorized that leashes may have been used to train new dogs or potentially even keep a closer eye on particularly valuable dogs that the hunters wanted to protect at all costs. We likely won’t ever know exactly what the puppers’ names were, or how many of them enjoyed belly rubs (probably all of them), but we can be sure beyond a shadow of a doubt that they were all very good boys.

Apple has an awesome Black Friday sale on HD movies

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Streaming services like Netflix may be taking over the world, but some people still enjoy the old fashioned pastime of actually buying movies. And with good reason, the selection of movies available via sites like Netflix and Amazon aren’t as varied as they used to be as the push to develop original content becomes even stronger.

So if you’re in the camp of folks who still rely on iTunes for your movie-watching needs, Apple right now has a pretty awesome Black Friday sale where you can purchase some great HD films for just $4.99. If you’re a movie buff, this is definitely something you’ll want to explore and take advantage of as the $4.99 price will only be around for a limited time.

A sampling of the movies available include the following:

  • Ace Ventura: When Nature Calls
  • Weekend At Bernie’s
  • Uncle Buck
  • Total Recall
  • The Boondock Saints
  • Heat
  • Inglorious Basterds
  • Mr. & Mrs. Smith
  • Snatch
  • Liar Liar
  • Office Space
  • Chinatown
  • Blades of Glory
  • Fantastic Mr. Fox
  • Idiocracy
  • Bad Santa
  • Popstar: Never Stop Never Stopping

The full list of titles is extensive and are broken down across the following genres: Action & Adventure, Comedy, Drama, Romance, Sci-Fi & Fantasy, Thriller, Sports, Classics, and Independent.

NASA’s Cassini is dead, but you can still enjoy its last gorgeous photo of Saturn

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NASA’s Cassini spacecraft was an incredibly reliable machine, providing an incredible amount of data and relaying countless observations from its orbit around Saturn. It also took some glorious photos during its extended mission, and even though the spacecraft made the ultimate sacrifice by plunging into Saturn in a blaze of glory, we can all still enjoy its last great image of the entire planet and its iconic rings.

The image is a composite of 80 different wide-angle photos taken over the span of two hours just before Cassini’s final dive into the planet. Using a series of different filters to capture different colors of the same photo, the final image is a natural color shot that reveals Saturn in its truest form, and boy is it a sight to behold.

“This view looks toward the sunlit side of the rings from about 15 degrees above the ring plane,” NASA explains. “Cassini was approximately 698,000 miles (1.1 million kilometers) from Saturn, on its final approach to the planet, when the images in this mosaic were taken. Image scale on Saturn is about 42 miles (67 kilometers) per pixel.”

You can (and definitely should) check out the full-sized high resolution version of the image, and if you feel like learning a little bit about the planet’s features and its rings, a handy annotated version of the same image has been provided by NASA as well.

By now you’ve probably already heard plenty about the Cassini spacecraft, and how its 13 years orbiting Saturn and observing its moons, rings, and surface made it one of the most successful NASA endeavors ever, but it’s shots like this one that really emphasize how important it was.

Former trucker raises some interesting concerns about Tesla’s new semi-truck

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Even though Tesla’s brand new Roadster stole the show at Tesla’s special event last week, the company’s brand new semi-truck is intriguing in its own right. Sporting a sleek new design and outfitted with many of Tesla’s more advanced technologies, the Tesla Semi, according to Tesla CEO Elon Musk, will truly revolutionize trucking.

Tesla’s new semi-truck looks particularly sleek and the savings it offers up are reportedly enticing enough that Tesla is already fielding purchase orders from top-tier companies. Still, there are some interesting issues that the Tesla Semi design raises, and it’s perhaps possible that the final design we’ll see in a few years will look noticeably different from the prototypes we saw last week.

To this point, an ex-trucker named Jonathon Ramsey recently posted a series of interesting questions and concerns surrounding the Tesla Semi for Autoblog. Far from a hit-piece, the issues Ramsey raises are certainly thought provoking as they provide us with a take on the Tesla Semi from the vantage point of an actual trucker as opposed to outside observers.

For instance, the central seating position of the Tesla Semi driver’s seat caught Ramsey’s attention.

I only have space here to address a few issues, so we’ll start with the central seating position. I don’t see how that helps a trucker. I already get “a commanding view of the road” in a traditional truck because I sit six feet above traffic. What I need is a commanding view of my own truck, which the central seating position compromises. The worst blind spot in a tractor is next to the doors; in the Tesla Semi, I can’t lean over to see if there’s a Toyota Corolla camped out beside me. The central seating position hampers my commanding view when I need that view most: when I back up. For any backing maneuver, I watch both sides of the trailer in my mirrors to make sure I don’t clobber anything, or I lean out of the truck to watch the trailer as I back. Being able to physically watch the trailer – not camera images on screens – can be the difference between making a clean back-up or making an insurance claim.

Ramsey’s full list of concerns can be viewed over here, and again, it provides an interesting perspective on many Tesla Semi features that may not be as helpful as they initially seem.

Uber paid $100,000 to cover up the 2016 hack of 57 million customers

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Uber just can’t seem to stay out of the news. Even with a newly minted CEO dead-set on tidying up the company’s tarnished reputation, Uber still manages to find itself embroiled in scandal after scandal. The most recent addition to Uber’s growing list of transgressions involves efforts by the company to conceal the fact that hackers managed to steal personal data belonging to 57 million drivers and Uber customers.

The attack initially took place in November of 2016, though Uber didn’t learn that there was a breach until one month later. The compromised information included email addresses and upwards of 600,000 driver’s license numbers. Notably, there’s no indication that social security numbers or banking information was compromised.

Seeing as how driver’s licence information was taken, Uber was legally obligated to alert both drivers and regulators to the breach. Instead, Uber, which at the time was already entangled with other privacy-related issues, opted to pay off the hackers to the tune of $100,000 in exchange for their silence.

Though Uber maintains that the accessed data was never used maliciously, it goes without saying that any company in possession of your sensitive information should never try and hide the fact that said information was compromised.

Uber’s statement on the matter, penned by CEO Dara Khosrowshahi, reads as follows:

As Uber’s CEO, it’s my job to set our course for the future, which begins with building a company that every Uber employee, partner and customer can be proud of. For that to happen, we have to be honest and transparent as we work to repair our past mistakes.

I recently learned that in late 2016 we became aware that two individuals outside the company had inappropriately accessed user data stored on a third-party cloud-based service that we use. The incident did not breach our corporate systems or infrastructure.

Our outside forensics experts have not seen any indication that trip location history, credit card numbers, bank account numbers, Social Security numbers or dates of birth were downloaded. However, the individuals were able to download files containing a significant amount of other information, including:

The names and driver’s license numbers of around 600,000 drivers in the United States. Drivers can learn more here.
Some personal information of 57 million Uber users around the world, including the drivers described above. This information included names, email addresses and mobile phone numbers. Riders can learn more here.
At the time of the incident, we took immediate steps to secure the data and shut down further unauthorized access by the individuals. We subsequently identified the individuals and obtained assurances that the downloaded data had been destroyed. We also implemented security measures to restrict access to and strengthen controls on our cloud-based storage accounts.

You may be asking why we are just talking about this now, a year later. I had the same question, so I immediately asked for a thorough investigation of what happened and how we handled it. What I learned, particularly around our failure to notify affected individuals or regulators last year, has prompted me to take several actions:

  • I’ve asked Matt Olsen, a co-founder of a cybersecurity consulting firm and former general counsel of the National Security Agency and director of the National Counterterrorism Center, to help me think through how best to guide and structure our security teams and processes going forward. Effective today, two of the individuals who led the response to this incident are no longer with the company.
  • We are individually notifying the drivers whose driver’s license numbers were downloaded.
  • We are providing these drivers with free credit monitoring and identity theft protection.
  • We are notifying regulatory authorities.
  • While we have not seen evidence of fraud or misuse tied to the incident, we are monitoring the affected accounts and have flagged them for additional fraud protection.

None of this should have happened, and I will not make excuses for it. While I can’t erase the past, I can commit on behalf of every Uber employee that we will learn from our mistakes. We are changing the way we do business, putting integrity at the core of every decision we make and working hard to earn the trust of our customers.

Playing Never Have I Ever… with Aditya and Shraddha

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Shraddha Kapoor and Aditya Roy Kapur are two of the hottest actors in B-town. With Aditya’s calm and composed personality and Shraddha’s bubbly and playful demeanour, the two are always fun to hang out with.

Bound to have a fun time, we caught up with the duo to play a fun and naughty round of ‘Never Have I Ever..’ and well, we found out some saucy things about the cute on-screen couple. Watch the video and find out for yourself what makes the two so hot and happening even off screen.

This ex-trucker has some questions about the Tesla Semi

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By Jonathon Ramsey

Resurrecting a dormant childhood dream, I spent almost nine months of this year as an over-the-road truck driver – six months in a Freightliner Cascadia pulling a refrigerated trailer, then nearly three months in a Kenworth T680 pulling a flatbed. I drove more than 90,000 miles, from New England to the Pacific Northwest, from San Diego to central Florida. I retired this month, partly because the dream has dark sides so dark they’d shame a black hole.

Last week I watched Elon Musk unveil the Tesla Semi to see how he’d address some of those unsavory elements. We don’t know what the production truck will achieve when it hits the road, but the Semi has a lot going for it. Nevertheless, the Semi seems most impressive to those who don’t know what it’s like to be a truck driver.

First, let’s clear up what this truck is for, as it was presented. This is not an over-the-road truck. This truck suits line-haul – routes that run between a company’s terminals, like from one regional Wal-Mart distribution center to another. When Musk made the case for a 20-percent savings over a diesel truck, he based the numbers on a 100-mile trip – fifty miles out, fifty miles back. The Semi would be perfect for port work, which involves lots of waiting, idling, stop-and-go traffic, and local out-and-back trips. This first version of the Semi will not replace the dozens of thousands of trucks on huge regional or coast-to-coast runs, clocking 2,000 to 5,000 miles per week.

I only have space here to address a few issues, so we’ll start with the central seating position. I don’t see how that helps a trucker. I already get “a commanding view of the road” in a traditional truck because I sit six feet above traffic. What I need is a commanding view of my own truck, which the central seating position compromises. The worst blind spot in a tractor is next to the doors; in the Tesla Semi, I can’t lean over to see if there’s a Toyota Corolla camped out beside me. The central seating position hampers my commanding view when I need that view most: when I back up. For any backing maneuver, I watch both sides of the trailer in my mirrors to make sure I don’t clobber anything, or I lean out of the truck to watch the trailer as I back. Being able to physically watch the trailer – not camera images on screens – can be the difference between making a clean back-up or making an insurance claim.

Furthermore, I can’t see around trucks in front of me without pulling halfway into another lane. When I need to exchange paperwork with the guard at a terminal, or the police, I can’t lean out the window to do so. Speaking of which, I have to believe one of the windows on the Tesla Semi rolls down, but I can’t figure out which one. If, as it appears from the renderings, the windows only vent, well… that’s unacceptable.

I’d want more mirrors. The silver, condo-sleeper truck at the presentation only had cameras mounted at the rear of the tractor. The black, mid-roof truck supplemented physical mirrors on lengthy stalks on both sides of the cab. Most new trucks come with mirrors mounted on the front fenders that provide views of the front corners – my Kenworth had seven mirrors in total, I’ve seen plenty of trucks with more. You’d be amazed at the number of tiny concrete and reinforced steel impediments lurking at truck stops and customer terminals. I know such mirrors would hamper aerodynamics on the Tesla Semi, but when those $8 contraptions could save thousands on carbon fiber repairs and downtime, I don’t see why anyone would go without them.

Another reason to have physical mirrors: so I can turn off, or turn down, the two giant screens in the cab (screens which, by the way, hinder my view of the corners of my truck). The light required to provide a useful camera image at night would kill my eyes during a full drive shift. Doing an 11-hour stint in a dark cockpit in the glow of large digital screens only works in anime and “Battlestar Galactica.” I had one computer in both trucks I drove, and unless I was using it, I turned the screen off.

Tesla Semi

A few more quick takes based on Musk quotes from the presentation:

“We want a vehicle that accelerates like nothing else.”

I understand acceleration is a core Tesla brand value, but I’m far more interested in braking. An 80,000-pound tractor trailer needs about 550 feet to come to a complete stop from 55 miles per hour, and I spent a surprising portion of every driving shift trying not to obliterate car drivers who weren’t aware of that fact. Show me how much the Semi can lop off that braking distance.

“[A truck cab is] a clutter of third-party devices, it’s very difficult to use…. It’s a pain-in-the-neck.”

No, it’s not. The trucks I drove had one necessary third-party device in the cab, a Qualcomm computer to communicate with HQ, and I put a portable GPS unit on the windshield. That was it. The truck cabin photo Musk used during the presentation had a Qualcomm-type unit, plus a traditional GPS, plus an iPad with a GPS display, plus another small display I couldn’t identify. I’ve been in plenty of truck stops and walked by a ton of trucks, and only the most frightened novice or the most chronically indecisive driver would mount that much junk.

“You have to sit there for 15 minutes while the tank gets filled.”

Truckers don’t “sit there” while filling up at a truck stop. Truckers clean all the windows, mirrors, and headlights, check the tires and axle seals, make sure every tractor and trailer light works, and look for damage. This walkaround can take longer than the actual fill-up, and it must be done no matter what energy powers the truck.

“Jackknifing is impossible.”

This is a lie, unless the Tesla Semi and Tesla trailer can counteract physics and human error. My Freightliner weighed about 18,000 pounds, the reefer trailer added about another 16,000 pounds. That left enough for about a 46,000-pound load. When stuffed to the gills, I had 62,000 pounds ready to push me around or come around. If, either through physics or human error, the drive wheels or the trailer break loose too far, the Tesla Semi won’t stop the jackknife.

These are only a few questions I have about the driver experience, before we get to some of the larger trucking issues the Tesla Semi wants to address, but it’s enough for now. Electric trucks, including the Tesla Semi, are inevitable and welcome; making trucking more efficient and safer for drivers, fleet operators, and the environment benefits the entire world. Companies like Wal-Mart and JB Hunt that have placed orders for Tesla Semis have the routes, terminal control, and money for terminal infrastructure to make the most of the Semi, so we’ll see what the production unit looks like in 2019 (hopefully) and parse the feedback after 10,000 miles of road duty. Don’t be surprised to see more mirrors.

 

 

To Meet Growing Industry Demand for Greater Collaboration, Navis Unveils Product Innovation and Integration at Carrier and Vessel Solutions Customer Conference

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Navis, a part of Cargotec Corporation and provider of operational technologies and services that unlock greater performance and efficiency for the world’s leading organizations across the shipping supply chain, kicked off its global Carrier and Vessel Solutions Customer and User Conference today in Hamburg, Germany. A true carrier owner community event with nearly 100 registrants, the conference will inform the members of the ocean transport supply chain about the latest Navis product news, including the increased synergies that ocean carriers, ship owners and terminal operators can achieve through the integration of Navis Carrier and Vessel Solutions and XVELA software. Attendees will receive a first hand view of how improved digitalization and collaboration technologies can result in the increased efficiency and visibility, and improved customer service, in high demand in the industry.

“We are excited to bring together the carrier and vessel communities to tackle some of the greatest challenges facing our industry today. We are finding great synergy as the Navis Carrier and Vessel Solutions and XVELA teams have been working together on several integrations and joint product innovation for the past year, including integrations of XVELA with MACS3 and StowMan for stowage planning and collaboration,” said Guy Rey-Herme, President at XVELA. “Navis and XVELA teams will leverage our combined expertise and close collaboration to drive more customer value through increased focus, innovation and greater efficiencies.”

As part of Navis’ PartnerShipping for Performance strategy, ocean carriers, ship owners and ship managers from countries around the world are gathering to brainstorm, network and enhance growing relationships between liner operators, owners and managers. Product updates and roadmap highlights from Navis shared with them at the event include:

The conference will also provide a platform to discuss industry trends and updates on the topics of compliance, collaboration and performance for cargo and fleet management related technology. Dr. Rolf Neise, Former Head of Logistics Operations at British American Tobacco will be delivering the keynote for the conference on “Collaboration in the Maritime Supply Chain – Value Opportunities and Challenges”. For more information on the conference, please visit: http://navis.com/carrier-vessel-conference

About Navis, LLC

Navis, a part of Cargotec Corporation, is a provider of operational technologies and services that unlock greater performance and efficiency for the world’s leading terminal operators and ocean carriers. Navis combines industry best practices with innovative technology and world-class services to enable our customers to maximize performance and reduce risk. Whether tracking cargo through a port, automating equipment operations, or managing multiple terminals through an integrated, centralized solution, Navis provides a holistic approach to operational optimization, providing customers with improved visibility, velocity and measurable business results. www.navis.com

About Cargotec Corporation

Cargotec (Nasdaq Helsinki: CGCBV) is a leading provider of cargo and load handling solutions with the goal of becoming the leader in intelligent cargo handling. Cargotec’s sales in 2016 totaled approximately EUR 3.5 billion and it employs over 11,000 people. www.cargotec.com

Partner Communications Reports Third Quarter 2017 Results1

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ROSH HA’Partner Communications Company Ltd. (“Partner” or the “Company”) (NASDAQ and TASE PTNR), a leading Israeli communications provider, announced today its results for the quarter ended September 30, 2017.

Commenting on the third quarter 2017 results, Mr. Isaac Benbenisti, CEO of Partner noted:

“Our strong entrance to the TV market, together with our significant presence in the internet and cellular markets, establishes Partner as a comprehensive communications group. The customer recruitment figures for Partner TV are high compared to our preliminary forecasts. In the last month, the sales rate has increased even more and the number of daily installations has accelerated compared to the period from August through October. In less than a month, we have completed installations in 10,000 additional households and currently the number of households that are already connected to the Partner TV service is approximately 30,000. In addition, thousands of additional households have scheduled installations by the end of the month after they have already completed joining the service. Most of the customers that have joined the TV service have chosen the service as part of our bundle and triple offerings which also includes ISP and internet infrastructure.

As part of our strategic plan as a comprehensive communications group, in August we also announced the commencement of the commercial phase of our independent fiber optic infrastructure project – Partner Fiber – which provides, for the first time, a more advanced and cost-effective alternative to the existing fixed infrastructure in Israel.

Partner’s optic fibers have already reached tens of thousands of households throughout the country, and we are working to deploy further at an accelerated rate in several cities simultaneously. In complete alignment with the Ministry of Communications and other regulatory bodies, we will continue to offer the most advanced technology with an attractive value offering to more and more customers.

In the cellular segment we added approximately 33 thousand net Post-Paid subscribers in the last quarter and recorded a net increase in our cellular subscriber base for the second consecutive quarter, despite a decline of approximately 18 thousand Pre-Paid subscribers.”

Mr. Dudu Mizrahi, Partner’s Chief Financial Officer, commented on the third quarter 2017 results:

“In the third quarter, many of the activities that the Company has been engaged in during the last year were reflected, among others, in the growth of 33 thousand Post-Paid cellular subscribers, a continued single digit cellular churn rate, a significant improvement in the equipment sales gross profit margin which stood at 27%, an improvement in the EBITDA margin compared with Q3 2016, and an additional quarter with a strong free cash flow before interest which totaled NIS 202 million.

The increase in CAPEX in the quarter mainly reflected the acceleration of the Company’s fiber project, which enables the Company to offer advanced services based on an independent fixed-line infrastructure both to the residential market and the business market, as well as the entrance to the TV market.

In the third quarter the Company early adopted the new International Financial Reporting Standard 15 (“IFRS 15”), retroactively as from January 1, 2017 (the standard is effective from January 1, 2018, earlier application is permitted). The total increase in operating profit and profit for the first three quarters of 2017 amounted to NIS 51 million and NIS 39 million, respectively. The increase in the operating profit and profit for the third quarter 2017 alone amounted to NIS 19 million and NIS 15 million, respectively. The increase is mainly a result of costs capitalization of obtaining contracts with customers (part of payroll expenses and selling commissions).

The financial steps which we executed in the past months, including among others, the early repayments of loans in an amount of approximately NIS 0.9 billion and the raising of a new traded bond series, are reflected in the significant decline in finance expenses compared to Q3 2016. The financial steps, together with the strong free cash flow presented by the Company in the current quarter, resulted in a decline in net debt to below NIS 1 billion – to NIS 887 million.”

The increase results mainly from higher cellular seasonal roaming revenues

Q3 2017 include expenses related to the launch of the Company’s TV services

Q2 2017 was the last quarter for which the Company recorded NIS 54 million income with respect to the settlement agreement with Orange. This was partially offset by an increase in service revenues and an increase in gross profit from equipment

Adjusted free cash flow (before interest payments)

* Figures include the impact of IFRS15 retroactive implementation as from beginning of 2017.

Cellular Post-Paid Subscribers (end of period, thousands)

Cellular Pre-Paid Subscribers

(end of period, thousands)

Monthly Average Revenue per Cellular User (ARPU) (NIS)

Key Financial Results

Key Operating Indicators

Partner Consolidated Results

652

-3%

216

-7%

(42)

(53)

826

-3%

514

-3%

194

-12%

(42)

(53)

666

-5%

138

-1%

22

+83%

160

+6%

74

+106%

18

-36%

92

+44%

189

+21%

50

-22%

239

+9%

Financial Review

In Q3 2017, total revenues were NIS 826 million (US$ 234 million), a decrease of 3% from NIS 849 million in Q3 2016.

Service revenues in Q3 2017 totaled NIS 666 million (US$ 189 million), a decrease of 5% from NIS 698 million in Q3 2016.

Service revenues for the cellular segment in Q3 2017 totaled NIS 514 million (US$ 146 million), a decrease of 3% from NIS 531 million in Q3 2016. The decrease was mainly the result of the continued price erosion of cellular services (both Post-Paid and Pre-Paid) due to the continued competitive market conditions.

Service revenues for the fixed-line segment in Q3 2017 totaled NIS 194 million (US$ 55 million), a decrease of 12% from NIS 220 million in Q3 2016. The decrease reflected the continuing decrease in revenues from international calls as well as other fixed line services.

Equipment revenues in Q3 2017 totaled NIS 160 million (US$ 45 million), an increase of 6% from NIS 151 million in Q3 2016, largely reflecting a change in product mix.

Gross profit from equipment sales in Q3 2017 was NIS 43 million (US$ 12 million), compared with NIS 28 million in Q3 2016, an increase of 54%, mainly reflecting higher profit margins from sales due to a change in the product mix.

Total operating expenses (‘OPEX’) totaled NIS 477 million (US$ 135 million) in Q3 2017, a decrease of 16% or NIS 93 million from Q3 2016. The decrease mainly reflected a decline in expenses related to the cellular network, the implementation of the International Financial Reporting Standard 15 (“IFRS 15”), a nonrecurring decrease in site-rental expenses as well as a decrease in other expenses reflecting the impact of various efficiency measures undertaken as part of a long-term plan to reduce the Company’s cost base, partially offset by additional expenses relating to the Company’s TV services which were launched in June 2017. Including depreciation and amortization expenses and other expenses (mainly amortization of employee share based compensation), OPEX in Q3 2017 decreased by 14% compared with Q3 2016.

Operating profit for Q3 2017 was NIS 92 million (US$ 26 million), an increase of 44% compared with NIS 64 million in Q3 2016.

Adjusted EBITDA in Q3 2017 totaled NIS 239 million (US$ 68 million), an increase of 9% from NIS 220 million in Q3 2016. As a percentage of total revenues, Adjusted EBITDA in Q3 2017 was 29% compared with 26% in Q3 2016.

Adjusted EBITDA for the cellular segment was NIS 189 million (US$ 54 million), in Q3 2017, an increase of 21% from NIS 156 million in Q3 2016, reflecting the decrease in OPEX (as explained above) and the increase in gross profit from equipment sales partially offset by the decrease in service revenues and despite the fact that Q3 2017 was the first quarter (since Q2 2015) in which the Company did not record any income with respect to the settlement agreement regarding the Orange brand. As a percentage of total cellular segment revenues, Adjusted EBITDA for the cellular segment in Q3 2017 was 29% compared with 23% in Q3 2016.

Adjusted EBITDA for the fixed-line segment was NIS 50 million (US$ 14 million) in Q3 2017, a decrease of 22% from NIS 64 million in Q3 2016, reflecting the decrease in service revenues, partially offset by the decrease in OPEX and the increase in gross profit from equipment sales. As a percentage of total fixed-line segment revenues, Adjusted EBITDA for the fixed-line segment in Q3 2017 was 23%, compared with 28% in Q3 2016.

Finance costs, net in Q3 2017 were NIS 15 million (US$ 4 million), a decrease of 50% compared with NIS 30 million in Q3 2016. The decrease largely reflects lower interest expenses due to the lower level of debt as a result of early repayments made in June and July 2017 as well as regular maturities, in addition to lower linkage expenses due to a lower CPI level.

Income taxes for Q3 2017 were NIS 23 million (US$ 7 million), compared with NIS 15 million in Q3 2016.

Profit in Q3 2017 was NIS 54 million (US$ 15 million), compared with a profit of NIS 19 million in Q3 2016, an increase of 184%.

Based on the weighted average number of shares outstanding during Q3 2017, basic earnings per share or ADS, was NIS 0.32 (US$ 0.09), compared to basic earnings per share of NIS 0.12 in Q3 2016.

Cellular Segment Operational Review

At the end of Q3 2017, the Company’s cellular subscriber base (including mobile data and 012 Mobile subscribers) was approximately 2.68 million including approximately 2.31 million Post-Paid subscribers or 86% of the base, and approximately 371 thousand Pre-Paid subscribers, or 14% of the subscriber base.

During the third quarter of 2017, the cellular subscriber base increased by approximately 15 thousand subscribers. The Post-Paid subscriber base increased by approximately 33 thousand subscribers, while the Pre-Paid subscriber base declined by approximately 18 thousand subscribers.

The quarterly churn rate for cellular subscribers in Q3 2017 was 9.3%, compared with 9.7% in Q3 2016.

Total cellular market share (based on the number of subscribers) at the end of Q3 2017 was estimated to be approximately 26%, unchanged from Q3 2016.

The monthly Average Revenue per User (“ARPU”) for cellular subscribers in Q3 2017 was NIS 64 (US$ 18), a decrease of 3% from NIS 66 in Q3 2016. The decrease mainly reflected the continued price erosion in key cellular services due to the persistent competition in the cellular market.

Funding and Investing Review

In Q3 2017, Adjusted Free Cash Flow totaled NIS 202 million (US$ 57 million), a decrease of 6% from NIS 215 million in Q3 2016. Excluding the impact of the NIS 35 million payment received from Hot Mobile in Q3 2016, Adjusted Free Cash Flow increased by 12%.

Cash generated from operations increased by 21% to NIS 306 million (US$ 87 million) in Q3 2017 from NIS 253 million in Q3 2016. The increase mainly reflected the increase in Adjusted EBITDA and the smaller decrease in operating assets and liabilities.

Cash capital expenditures (‘CAPEX payments’), as represented by cash flows used for the acquisition of property and equipment and intangible assets, were NIS 105 million (US$ 30 million) in Q3 2017, an increase of 139% from NIS 44 million in Q3 2016. The increase mainly reflected the impact of the implementation of IFRS 15 (capitalization of part of payroll and selling commission expenses) and the increase in investments related to fiber deployment and TV services.

The level of Net Debt at the end of Q3 2017 amounted to NIS 887 million (US$ 251 million), compared with NIS 1,768 million at the end of Q3 2016.

Business Developments

The Company’s Board of Directors approved on November 20, 2017 the appointment of Mr. Tomer Bar Zeev as a member to the Company’s Board of Directors. Mr. Tomer Bar Zeev was nominated by S.B. Israel Telecom Ltd., the Company’s principal shareholder. In accordance with the Company’s Articles of Association and applicable law, Mr. Bar Zeev shall serve in office until the coming Annual General Meeting of shareholders.

Mr. Bar Zeev is the founder and CEO of ironSource since 2010, a leading digital content company that offers monetization and distribution solutions for app developers, software developers, mobile carriers, and device manufacturers. Mr. Bar Zeev holds a BA in computer science from IDC Herziliya.

An active investor in other technology startups, Mr. Bar Zeev has a deep understanding of companies in the telecommunication and technology fields..

Regulatory Developments

In August 2015, the Ministry of Communications’ regulation regarding access to Bezeq’s passive infrastructure came into force. The purpose of this regulation is to allow other licensees to use Bezeq’s passive infrastructure (such as ducts, manholes, poles, boxes etc.) in order to deploy their own high speed fiber optical cables. According to the Ministry’s temporary instructions at the time (which was in force until November 1, 2015), any work inside Bezeq’s passive infrastructure was to be performed by Bezeq’s employees. Although the interim period has since passed, the Ministry of Communications did not effectively enforce its abovementioned decision on Bezeq.

Following the enactment of the Economic Program Law for the years 2017-2018 (which set Bezeq’s obligation to allow access to its passive infrastructure into law), Bezeq has begun to partially observe its duty to provide access to its passive infrastructures. Bezeq has deployed several fiber optic cables for licensees using its own personnel.

On October 19, 2017, the Ministry of Communications instructed Bezeq to allow other domestic operators (including Partner) to deploy fiber optic cables with their own contractors (without the need for the use of Bezeq personnel). This change has the potential to substantially increase the speed of deployment of Partner’s fiber infrastructure.

IFRS 15

In the third quarter of 2017 the Company early adopted (the standard is effective from January 1, 2018, earlier application is permitted), as from January 1, 2017 (the transition date), IFRS 15, Revenue from Contracts with Customers, which outlines a single comprehensive model of accounting for revenue arising from contracts with customers and supersedes IAS 18, Revenue, and IAS 11, Construction contracts (the “previous standards”). The model includes five steps for analyzing transactions so as to determine when to recognize revenue and at what amount:

1) Identifying the contract with the customer.

2) Identifying separate performance obligations in the contract.

3) Determining the transaction price.

4) Allocating the transaction price to separate performance obligations.

5) Recognizing revenue when the performance obligations are satisfied.

In accordance with the model, the Company recognizes revenue when the customer obtains control over the goods or services. Revenue is based on the consideration that the Company expects to receive for the transfer of the goods or services promised to the customer, excluding amounts collected on behalf of third parties, and where collection is probable.

The Company applied IFRS 15 using the cumulative effect approach as from the transition date, without a restatement of comparative figures. As part of the initial implementation of IFRS 15, the Company has chosen to apply the expedients in the transitional provisions, according to which the cumulative effect approach is applied only for contracts not yet complete at the transition date, and therefore there is no change in the accounting treatment for contracts completed at the transition date. The Company also applied the practical expedient of examining the aggregate effect of contracts changes that occurred before the transition date, instead of examining each change separately. Contracts that are renewed on a monthly basis and may be cancelled by the customer at any time, without penalty, were considered completed contracts at the transition date. The cumulative effect as of the transition date was immaterial and did not affect the financial statements.

The application of IFRS 15 did not have a material effect on the measurement and timing of the Company’s revenue in the reporting period, compared to the provisions of the previous standards.

The main effect of the Company’s application of IFRS 15 is the accounting treatment for the incremental costs of obtaining contracts with customers, which in accordance with IFRS 15, are recognized as assets when the costs are incremental to obtaining the contracts, and it is probable that the Company will recover these costs, instead of recognizing these costs in the statement of income as incurred. IFRS 15 also determines that direct costs of fulfilling a contract which the Company can specifically identify and which produce or improve the Company’s resources that are used for its future performance obligation (and it is probable that the Company will recover these costs) are recognized as assets (the incremental and direct costs together: “contract costs”). Contract costs that were recognized as assets are presented in the statements of cash flows as part of cash flows used in investing activities.

Direct commissions paid to resellers and sales employees for sales and upgrades, are recognized as an asset for obtaining a contract instead of an expense in the statement of income. The assets are amortized in accordance with the expected service period (mainly over 2 to 3 years), using the portfolio approach.

For the effect of IFRS 15 on the financial reports, see also the section, ‘Effect of IFRS15 implementation’ in this press release.

Conference Call Details

Partner will hold a conference call on Tuesday, November 21, 2017 at 10.00AM Eastern Time / 5.00PM Israel Time.

To join the call, please dial the following numbers (at least 10 minutes before the scheduled time):

International: +972.3.918.0687

North America toll-free: +1.866.860.9642

A live webcast of the call will also be available on Partner’s Investors Relations website at: www.partner.co.il/en/Investors-Relations/lobby/

If you are unavailable to join live, the replay of the call will be available from November 21, 2017 until December 12, 2017, at the following numbers:

International: +972.3.925.5940

North America toll-free: +1.877.456.0009

In addition, the archived webcast of the call will be available on Partner’s Investor Relations website at the above address for approximately three months.

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the US Securities Act of 1933, as amended, Section 21E of the US Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995. Words such as “estimate”, “believe”, “anticipate”, “expect”, “intend”, “seek”, “will”, “plan”, “could”, “may”, “project”, “goal”, “target” and similar expressions often identify forward-looking statements but are not the only way we identify these statements. Specific statements have been made regarding the Company’s anticipated acceleration of the deployment of its fiber optic infrastructure. In addition, all statements other than statements of historical fact included in this press release regarding our future performance are forward-looking statements. We have based these forward-looking statements on our current knowledge and our present beliefs and expectations regarding possible future events. These forward-looking statements are subject to risks, uncertainties and assumptions, including, as regards the anticipated acceleration of fiber cable deployment, whether the Ministry of Communications’ instruction to Bezeq to allow other domestic operators (including Partner) to deploy fiber optic cables with their own contractors (without the need for the use of Bezeq personnel) will be respected or enforced and whether the Company will have the financial resources needed to continue to increase the number of customers served by its fiber optic infrastructure. The future results may differ materially from those anticipated herein. For further information regarding risks, uncertainties and assumptions about Partner, trends in the Israeli telecommunications industry in general, the impact of current global economic conditions and possible regulatory and legal developments, and other risks we face, see “Item 3. Key Information – 3D. Risk Factors”, “Item 4. Information on the Company”, “Item 5. Operating and Financial Review and Prospects”, “Item 8. Financial Information – 8A. Consolidated Financial Statements and Other Financial Information – 8A.1 Legal and Administrative Proceedings” and “Item 11. Quantitative and Qualitative Disclosures about Market Risk” in the Company’s Annual Reports on Form 20-F filed with the SEC, as well as its immediate reports on Form 6-K furnished to the SEC. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The quarterly financial results presented in this press release are unaudited financial results.

The results were prepared in accordance with IFRS, other than the non-GAAP financial measures presented in the section, “Use of Non-GAAP Financial Measures”.

The financial information is presented in NIS millions (unless otherwise stated) and the figures presented are rounded accordingly.

The convenience translations of the New Israeli Shekel (NIS) figures into US Dollars were made at the rate of exchange prevailing at September 30, 2017: US $1.00 equals NIS 3.529. The translations were made purely for the convenience of the reader.

Use of Non-GAAP Financial Measures

The following non-GAAP measures are used in this report. These measures are not financial measures under IFRS and may not be comparable to other similarly titled measures for other companies. Further, the measures may not be indicative of the Company’s historic operating results nor are meant to be predictive of potential future results.

Non-GAAP Measure

Most Comparable IFRS Financial Measure

Adjusted EBITDA*

 

 

 

 

 

 

 

 

 

Adjusted EBITDA margin (%)

Adjusted EBITDA:

Profit (Loss)

add

Income tax expenses,

Finance costs, net,

Depreciation and amortization expenses (including amortization of intangible assets, deferred expenses-right of use and impairment charges), Other expenses (mainly amortization of share based compensation)

 

Adjusted EBITDA margin (%):

Adjusted EBITDA

divided by

Total revenues

Adjusted Free Cash Flow**

Adjusted Free Cash Flow:

Cash flows from operating activities

deduct

Cash flows from investing activities

add

Short-term investment in (proceeds from) deposits

Cash flows from operating activities

deduct

Cash flows from investing activities

Total Operating Expenses (OPEX)

Total Operating Expenses:

Cost of service revenues

add

Selling and marketing expenses

add

General and administrative expenses

deduct

Depreciation and amortization expenses,

Other expenses (mainly amortization of employee share based compensation)

Sum of:

Cost of service revenues,

Selling and marketing expenses,

General and administrative expenses

Net Debt:

Current maturities of notes payable and borrowings

add

Notes payable

add

Borrowings from banks and others

deduct

Cash and cash equivalents

deduct

Short-term deposits

Sum of:

Current maturities of notes payable and borrowings,

Notes payable ,

Borrowings from banks and others

* Adjusted EBITDA is fully comparable with EBITDA measure which was provided in reports for prior periods. **Adjusted Free Cash Flow measure is fully comparable to Free Cash Flow measure which was provided in reports for prior periods.

About Partner Communications

Partner Communications Company Ltd. is a leading Israeli provider of telecommunications services (cellular, fixed-line telephony, internet services and television services). Partner’s ADSs are quoted on the NASDAQ Global Select Market™ and its shares are traded on the Tel Aviv Stock Exchange (NASDAQ and TASE: PTNR).

For more information about Partner, see: http://www.partner.co.il/en/Investors-Relations/lobby

PARTNER COMMUNICATIONS COMPANY LTD. (An Israeli Corporation) INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

New Israeli Shekels

Convenience translation into U.S. Dollars

 

PARTNER COMMUNICATIONS COMPANY LTD. (An Israeli Corporation) INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

New Israeli Shekels

Convenience translation into U.S. Dollars

(Audited)

Share capital – ordinary shares of NIS 0.01

par value: authorized – December 31, 2016

and September 30, 2017 – 235,000,000 shares;

issued and outstanding –

Treasury shares, at cost

December 31, 2016 – **3,603,578 shares

September 30, 2017 – **3,296,619 shares

* Net of treasury shares. ** Including, restricted shares in amount of 2,008,584 and 2,061,201 as of September 30, 2017 and December 31, 2016 respectively held by trustee under the Company’s Equity Incentive Plan, such shares will become outstanding upon completion of vesting conditions.

PARTNER COMMUNICATIONS COMPANY LTD. (An Israeli Corporation) INTERIM CONDENSED CONSOLIDATED STATEMENTS OF INCOME

Convenience translation into U.S. dollars

9 month period ended September 30

3 month period ended September 30

9 month period ended September 30,

3 month period ended September 30,

expenses

Income with respect to settlement agreement with Orange

(in thousands)

* Representing an amount of less than 1 million.

PARTNER COMMUNICATIONS COMPANY LTD. (An Israeli Corporation) INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Convenience translation into U.S. dollars

9 month period ended September 30,

3 month period ended September 30,

9 month period ended September 30,

3 month period ended September 30,

Profit for the period

Other comprehensive income

for the period, net of income tax

TOTAL COMPREHENSIVE INCOME FOR THE PERIOD

PARTNER COMMUNICATIONS COMPANY LTD. (An Israeli Corporation) INTERIM SEGMENT INFORMATION & ADJUSTED EBITDA RECONCILIATION

for

consolidation

segment

segment

for

consolidation

1,487

465

13

115

(128)

(162)

428

54

1,928

634

(128)

(162)

1,093

443

1,536

1,721

114

14

(128)

(162)

342

38

380

1,549

495

(128)

(162)

379

139

518

268

67

335

Income with respect to settlement

    agreement with Orange

108

108

163

23

1

24

242

73

315

Adjusted EBITDA

327

100

17

586

173

Reconciliation of segment subtotal Adjusted

    EBITDA to profit for the period

759

(427)

(448)

(92)

(82)

(59)

(44)

(17)

(37)

164

59

PARTNER COMMUNICATIONS COMPANY LTD. (An Israeli Corporation) INTERIM SEGMENT INFORMATION & ADJUSTED EBITDA RECONCILIATION

for

consolidation

segment

segment

for

consolidation

510

156

666

4

38

(42)

138

22

160

652

216

(42)

826

358

150

508

38

4

(42)

102

15

117

498

169

(42)

625

154

47

201

87

29

116

Income with respect to settlement

    agreement with Orange

55

7

*

7

74

18

92

Adjustments to presentation of segment

Adjusted EBITDA

109

32

6

 

189

50

Reconciliation of segment subtotal Adjusted

    EBITDA to profit for the period

239

220

(141)

(143)

(15)

30))

(23)

(15)

(6)

13))

54

19

* Representing an amount of less than 1 million.

(1) Mainly amortization of employee share based compensation. (2) Adjusted EBITDA as reviewed by the CODM represents Earnings Before Interest (finance costs, net), Taxes, Depreciation and Amortization (including amortization of intangible assets, deferred expenses-right of use and impairment charges) and Other expenses (mainly amortization of share based compensation). Adjusted EBITDA is not a financial measure under IFRS and may not be comparable to other similarly titled measures for other companies. Adjusted EBITDA may not be indicative of the Group’s historic operating results nor is it meant to be predictive of potential future results. The usage of the term “Adjusted EBITDA” is to highlight the fact that the Amortization includes amortization of deferred expenses – right of use and amortization of employee share based compensation and impairment charges; it is fully comparable to EBITDA information which has been previously provided for prior periods. (3) Operating expenses include selling and marketing expenses and general and administrative expenses.

PARTNER COMMUNICATIONS COMPANY LTD. (An Israeli Corporation) INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

New Israeli Shekels

 

 

Convenience translation into U.S. Dollars

9 months ended September 30,

CASH FLOWS FROM INVESTING ACTIVITIES:

(97)

 

CASH FLOWS FROM FINANCING ACTIVITIES:

(80)

INCREASE IN CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD

CASH AND CASH EQUIVALENTS AT END OF PERIOD

* Representing an amount of less than 1 million.

PARTNER COMMUNICATIONS COMPANY LTD. (An Israeli Corporation) INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Appendix – Cash generated from operations and supplemental information

New Israeli Shekels

Convenience translation into U.S. Dollars

Deferred income with respect to settlement

    agreement with Orange

* Representing an amount of less than 1 million.

At September 30, 2017 and 2016, trade and other payables include NIS 102 million ($29 million) and NIS 96 million, respectively, in respect of acquisition of intangible assets and property and equipment; payments in respect thereof are presented in cash flows from investing activities.

These balances are recognized in the cash flow statements upon payment.

Effect of IFRS15 implementation:

The tables below summarize the effects on the interim condensed consolidated statement of financial position as at September 30, 2017 and on the interim condensed consolidated statements of income and cash flows for the nine and three months periods ended as of the same date.

Effect of change on interim condensed consolidated statement of financial position:

Previous accounting policy

Effect of change

According to IFRS15

Costs to obtain contracts recognized in intangible     assets, net – non-current assets

Effect of change on interim condensed consolidated statement of income:

Previous accounting policy

Effect of change

According to IFRS15

Previous accounting policy

Effect of change

According to IFRS15

Effect of change on interim condensed consolidated statement cash flows:

Previous accounting policy

Effect of change

According to IFRS15

Previous accounting policy

Effect of change

According to IFRS15

Reconciliation of Non-GAAP Measures:

Adjusted Free Cash Flow

 

New Israeli Shekels

Convenience translation into U.S. Dollars

Convenience translation into U.S. Dollars

9 months

period ended September 30,

9 months

period ended September 30,

3 months

period ended

September 30,

3 months

period ended September 30,

9 months

period ended

September 30,

3 months

period ended

September 30,

451

192

201

128

55

Total Operating Expenses (OPEX)

New Israeli Shekels

Convenience translation into U.S. Dollars

Convenience translation into U.S. Dollars

9 months

period ended September 30,

9 months

period ended September 30,

3 months

period ended

September 30,

3 months

period ended September 30,

9 months

period ended

September 30,

3 months

period ended

September 30,

1,754

(1) Mainly amortization of employee share based compensation

Key Financial and Operating Indicators (unaudited) *

Q3′ 15

Q4′ 15

Q1′ 16

Q2′ 16

Q3′ 16

Q4′ 16

Q1′ 17

Q2′ 17

Q3′ 17

84

* See footnote 2 regarding use of non-GAAP measures. ** Figures include impact of IFRS15 retroactive implementation as from beginning of 2017.

Disclosure for notes holders as of September 30, 2017

Information regarding the notes series issued by the Company, in million NIS

Original issuance date

Principal on the date of issuance

Principal repayment dates

Interest repayment dates

Linkage

Trustee contact details

Principal book value

Linked principal book value

Interest accumulated in books

Market value

24.02.11*

444

+

CPI

Hermetic Trust (1975) Ltd.

Merav Offer. 113 Hayarkon St., Tel Aviv. Tel: 03-5544553.

04.05.11*

146

 

(MAKAM+1.2%)

Variable interest MAKAM (2)

Hermetic Trust (1975) Ltd. Merav Offer. 113 Hayarkon St., Tel Aviv. Tel: 03-5544553.

04.05.11*

535

Mishmeret Trust Company Ltd. Rami Sebty. 48 Menachem Begin Rd. Tel Aviv.Tel:03- 6374355.

(1)

Hermetic Trust (1975) Ltd.

Merav Offer. 113 Hayarkon St., Tel Aviv. Tel: 03-5544553.

(1) In July 2017, the Company issued Series F Notes in a principal amount of NIS 255 million. Regarding Series F Notes, the Company is required to comply with a financial covenant that the ratio of Net Debt to Adjusted EBITDA shall not exceed 5. Compliance will be examined and reported on a quarterly basis. For the definitions of Net Debt and Adjusted EBITDA see ‘Use of non-GAAP measures’ section above. For the purpose of the covenant, Adjusted EBITDA is calculated as the sum total for the last 12 month period, excluding adjustable one-time items. As of September 30, 2017, the ratio of Net Debt to Adjusted EBITDA was 1.0. Additional stipulations regarding Series F Notes are as follows: shareholders’ equity shall not decrease below NIS 400 million; the Company shall not create floating liens subject to certain terms; the Company has the right for early redemption under certain conditions; the Company shall pay additional annual interest of 0.5% in the case of a two-notch downgrade in the Notes rating and an additional annual interest of 0.25% for each further single-notch downgrade, up to a maximum additional interest of 1%; the Company shall pay additional annual interest of 0.25% during a period in which there is a breach of the financial covenant. The Company has additional financial covenants regarding its borrowings from financial institutions. See note 15 to the Company’s 2016 annual financial statements. In the reporting period, the Company was in compliance with all financial covenants and obligations and no cause for early repayment occurred. In September 2017, the Company entered into an agreement with Israeli institutional investors to issue in December 2018, in the framework of a private placement, additional Series F notes, in an aggregate principal amount of NIS 150 million. S&P Maalot has rated the additional deferred issuance with an ‘ilA+’ rating. For additional details see the Company’s press releases dated September 13 and 17, 2017. (2) ‘MAKAM’ is a variable interest based on the yield of 12 month government bonds issued by the government of Israel. The interest rate is updated on a quarterly basis. (*) On these dates additional Notes of the series were issued. The information in the table refers to the full series.

Disclosure for Notes holders as of September 30, 2017 (cont.)

Notes Rating Details*

Rating Company

Rating as of 30.09.2017 and 22.11.2017 (1)

Rating assigned upon issuance of the Series

Recent date of rating as of 30.09.2017 and 22.11.2017

Additional ratings between the original issuance date and the recent date of rating (2)

10/2010, 09/2012,

12/2012, 06/2013,

07/2014, 07/2015,

07/2016, 07/2017

ilAA-/Negative, ilAA-/Watch Neg,

ilAA-/Negative, ilAA-/Stable,

ilAA-/Stable, ilA+/Stable,

ilA+/Stable, ilA+/Stable

(1) In July 2017, S&P Maalot affirmed the Company’s rating of “ilA+/Stable”.

(2) For details regarding the rating of the notes see the S&P Maalot report dated July 2, 2017 and July 27, 2017.

* A securities rating is not a recommendation to buy, sell or hold securities. Ratings may be subject to suspension, revision or withdrawal at any time, and each rating should be evaluated independently of any other rating

Summary of Financial Undertakings (according to repayment dates) as of September 30, 2017

a. Notes issued to the public by the Company and held by the public, excluding such notes held by the Company’s parent company, by a controlling shareholder, by companies controlled by them, or by companies controlled by the Company, based on the Company’s “Solo” financial data (in thousand NIS).

Gross interest payments (without deduction of tax)

ILS linked to CPI

ILS not linked to CPI

b. Private notes and other non-bank credit, excluding such notes held by the Company’s parent company, by a controlling shareholder, by companies controlled by them, or by companies controlled by the Company, based on the Company’s “Solo” financial data (in thousand NIS).

Gross interest payments (without deduction of tax)

ILS linked to CPI

ILS not linked to CPI

c. Credit from banks in Israel based on the Company’s “Solo” financial data – None.

d. Credit from banks abroad based on the Company’s “Solo” financial data – None.

Summary of Financial Undertakings (according to repayment dates) as of September 30, 2017 (cont.)

e. Total of sections a – d above, total credit from banks, non-bank credit and notes based on the Company’s “Solo” financial data (in thousand NIS).

Gross interest payments (without deduction of tax)

ILS linked to CPI

ILS not linked to CPI

f. Off-balance sheet Credit exposure based on the Company’s “Solo” financial data (in thousand NIS) – 50,000 (Guarantees on behalf of an associate, without expiration date). g. Off-balance sheet Credit exposure of all the Company’s consolidated companies, excluding companies that are reporting corporations and excluding the Company’s data presented in section f above – None. h. Total balances of the credit from banks, non-bank credit and notes of all the consolidated companies, excluding companies that are reporting corporations and excluding Company’s data presented in sections a – d above – None. i. Total balances of credit granted to the Company by the parent company or a controlling shareholder and balances of notes offered by the Company held by the parent company or the controlling shareholder – None. j. Total balances of credit granted to the Company by companies held by the parent company or the controlling shareholder, which are not controlled by the Company, and balances of notes offered by the Company held by companies held by the parent company or the controlling shareholder, which are not controlled by the Company – None. k. Total balances of credit granted to the Company by consolidated companies and balances of notes offered by the Company held by the consolidated companies – None. $page_length=’long’; ?>