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Bel Fuse (BELFB) this tumble 2018 salary convention appellation Transcript | killexams.com existent Questions and Pass4sure dumps

Logo of jester cap with thought bubble with words 'Fool Transcripts' below it

photograph supply: The Motley fool.

Bel Fuse (NASDAQ:BELFB)this autumn 2018 revenue conference CallFeb. 21, 2019 eleven:00 a.m. ET

Contents:
  • organized Remarks
  • Questions and solutions
  • name participants
  • organized Remarks:

    Operator

    first rate day, and welcome to the Bel Fuse Inc. fourth quarter and full-yr 2018 effects convention name. today's convention is being recorded. at present, i requisite to spin the convention over to Mr.

    Dan Bernstein, president and chief govt officer. gladden ebb forward, sir.

    Dan Bernstein -- President and Chief executive Officer

    thank you, Allison. joining me on the summon today is Craig Brosious, their vice president of Finance; and Lynn Hutkin, their director of fiscal reporting. before they start the name, i would want to claim Lynn to rush over the secure harbor remark. Lynn?

    Lynn Hutkin -- Director of economic Reporting

    thanks, Dan. Good morning, every person. before they birth, i'd want to read the following protected harbor statement. aside from historic assistance contained on this name, the concerns mentioned on this appellation comparable to statements related to predicted increase from the business's distribution channel, the outcomes of the ERP apparatus implementation and different high-quality company and increase developments are forward-searching statements as described below the inner most Securities Litigation Reform Act of 1995 that comprises dangers and uncertainties.

    exact results could vary materially from these projections. among the many factors that may trigger genuine effects to disagree materially from such statements are: the market issues dealing with their shoppers; the carrying on with viability of sectors that count on their items; the effects of business and pecuniary circumstances; difficulties linked to integrating currently got corporations; capacity and supply constraints or difficulties; product construction, commercialization or technological difficulties; the regulatory change ambiance; hazards associated with eccentric currency echange; uncertainties linked to criminal proceedings; the market's acceptance of the company's fresh items and aggressive responses to these fresh products; the impact of alterations to U.S. change and tariff guidelines; and the random factors special now and again in the business's SEC studies. In light of the dangers and uncertainties, there will too subsist no assurance that any forward-looking observation will, in fact, expose to subsist suitable.

    We undertake no obligation to update or revise any ahead-searching statements. They may additionally additionally debate non-GAAP consequences entire through this summon and reconciliations of their GAAP results to non-GAAP outcomes had been blanketed in their release. And just before turning the summon again to Dan, I simply wanted to supply everybody a heads up that their EBITDA reconciliation table in their long-established free up become wrong. there were mistakes in that table and a fresh free up is coming out.

    So gladden shave aside that initial table. So this is the third desk, which is on web page 7 of the unlock.

    Dan Bernstein -- President and Chief govt Officer

    thank you, Lynn. before going through the financials, i requisite to give a short update on how the organizations did from an operational standpoint this quarter and what they see going ahead. overall, we're very completely delighted that they closed the year with a different sturdy quarter, bringing their 2018 earnings to $548 million, their better revenue year seeing that 2015. more importantly, their web salary for the yr of $21 million became the optimum in over a decade.

    earnings during the fourth quarter had been $142.7 million, up 19% from the fourth quarter of 2017 with double-digit boom in each and every of the 3 main product strains. Their backlog of orders remained powerful at $171.2 million at December 31, 2018, an increase of 17% from a yr in the past. The boost in backlog is too seen across each and every of their most primary product businesses, which is a superb barometer for various future boom. and searching through on the complete yr.

    Our Magnetic solutions group closed the 12 months with $24.four million raise in income over 2017 degrees led by means of lofty claim for their built-in connector modules which are utilized in subsequent-technology switching applications. earnings of their note Transformer products had been too improbable during 2018 as fresh programs with scientific and industrial applications moved into complete construction. we've additionally expanded the presence of their magnetic products via their distribution channels, which add to the 12 months-over-12 months revenue increase. The backlog of orders from magnetic items grew by $9.7 million or 28% raise seeing that the 2017 yr-conclusion.

    Our Connectivity options group had yr-over-year income boom of $sixteen.four million. Their Cinch enterprise improved revenue by using $eight.2 million in comparison to 2017 led with the aid of mighty claim for optical and copper products utilized in encryption, communication and random detection radar functions. Their Stewart passive connectors too saw increase in income of $8.2 million from 2017 as more suitable pecuniary conditions within the construction business led to lofty claim for their premise wiring customs throughout the 12 months. The Cinch and Stewart enterprise additionally capitalize from extraordinary boom in earnings via their distribution channel in 2018.

    overall, the backlog of orders for their Connectivity products grew by $7.eight million, or 16%, considering 2017 year-end degrees. Their energy solutions and insurance policy community had a turnaround year as earnings boom of $15.8 million from 2017 led this community to its first 12 months of income boom considering that 2015. except for the outcomes of their NPS divestiture, sales for this community had been up $21 million or 14% from final year, driven via continued claim for their vigour elements in reach of statistics core applications. sales of their DC to DC and circuit protection products additionally grew in 2018, offset by a decline well-known for their customized modules.

    The backlog of their orders for their power solutions and coverage group is up $7.1 million or eleven% from 2017 12 months-end ranges. From a profitability standpoint, overseas change Good points and a Good adjustment draw the transition tax out to mitigate the bigger labor and material fees that impacted their final analysis this year. They continue to grasp pricing company as they toil through their larger cost stock on conclusion. concerning the tariffs that maintain been implemented in 2018, they rate that approximately 10% of their consolidated annual revenues are at present impacted.

    At this element, the majority of those fees were passed along to their valued clientele within the kind of bill cost. They proceed to parade screen the circumstance closely as they approach the tentative March 1 time limit for the U.S. accomplishing an excellent contend with China in entire suffer extra raises on existing tariffs. overall, they continue to subsist cautiously optimistic with the persevered income boom and profitabilities as they enter 2019.

    And with that, i might flip it over to Craig to dash through the pecuniary replace.

    Craig Brosious -- vice chairman of Finance

    Thanks, Dan. To provide a short recap on revenue. earnings during the fourth quarter had been $142.7 million. via geographic segment, North the us income had been $70.3 million, Asia revenue had been $49.1 million and Europe were $23.3 million.

    through product neighborhood, Connectivity solutions revenue maintain been $46.4 million, Magnetic options revenue had been $forty eight.6 million and vigor solutions and insurance policy sales had been $forty seven.7 million. indecent earnings margin increased to 21.3% within the fourth quarter of 2018 as compared with 18.5% in the fourth quarter of 2017 as incremental sales in 2018 resulted in superior mounted cost absorption offsetting larger labor prices during the 12 months. in addition, their indecent income margin entire over the fourth quarter of 2017 maintain been impacted through stock-linked expenses totaling $2 million in reference to holding their stock on the diminish pervade or internet realizable price. Their promoting, widespread and administrative costs had been $22.2 million or 15.6% of sales as in comparison with $21.1 million or 17.6% of sales in the fourth quarter of 2017.

    whereas the boost in SG&A charges throughout the 2018 duration $900,000 pertains to a decline in market price of their COLI guidelines, which became in response to the accepted stock market activity entire over the fourth quarter of 2018. they now maintain already entire started to peer this invert in 2019. other offsetting factors that affected that the variance within the fourth-quarter durations maintain been larger felony and professional prices of $800,000 offset by passage of a lower in unhealthy debt rate of $500,000 and a discount in depreciation and amortization of $400,000. On a go-ahead groundwork, they might anticipate SG&A to dash between $20 million and $21 million per quarter in the immediate time period, barring any significant fluctuations in eccentric exchange.

    as a result of these factors, they generated earnings from operations of $eight million within the fourth quarter of 2018 as compared to $1 million in the fourth quarter of 2017. hobby rate changed into -- i'm sorry, $1.4 million in the fourth quarter of 2018, down $900,000 from the identical length final 12 months. if you remember, they refinanced their credit contract within the fourth quarter of 2017, which ended in an acceleration of deferred financing can pervade amortization of $1 million entire through the ultimate 12 months's fourth quarter. Their provision for revenue taxes became $2.four million for the fourth quarter of 2018 in comparison to $19.2 million throughout remaining 12 months's fourth quarter.

    the provision for salary taxes entire over the fourth quarter of 2018 was unfavorably impacted through taxes on international income, the GILTI tax, partially offset through a lower in the U.S. tax fee from 35% to 21% in 2018. the availability for earnings taxes in 2017 length included an $18 million maintain an impact on from the U.S. Tax Cuts and Jobs Act, which changed into enacted on December 22, 2017.

    income per participate for classification a typical shares became $0.31 per participate within the fourth quarter of 2018 as in comparison with a loss of $1.sixty six per participate in the fourth quarter of 2017. revenue per participate for kind B common shares turned into $0.33 per participate within the fourth quarter of 2018 as in comparison with the want of $1.74 per participate in the fourth quarter of 2017. On a non-GAAP groundwork, which excludes inescapable extraordinary and different nonrecurring objects, EPS for kind A shares turned into $0.37 per participate in the fourth quarter of 2018 as compared with the want of $0.09 per participate within the fourth quarter of 2017. On a non-GAAP groundwork, EPS for kind B shares changed into $0.39 per participate within the fourth quarter of 2018 as in comparison with a loss of $0.10 per participate within the fourth quarter of 2017.

    And now i want to ebb through some steadiness sheet and cash circulation gadgets. Their money and cash equivalents stability at December 31, 2018, turned into $fifty three.9 million, a reduce of $15.4 million from December 31, 2017. throughout 2018, they made payments of $9 million towards their impressive debt stability. They additionally used cash for capital expenses of $11.6 million, dividend payments of $3.three million and hobby payments of $4.eight million.

    debts receivable were $91.9 million at December 31, 2018 as compared with $78.eight million at December 31, 2017. Days revenue striking had been fifty nine days at December 31, 2018, in comparison to 60 days at December 31, 2017. The boost in bills receivable stability was mostly due to the better sales quantity in the fourth quarter of 2018 as in comparison to the fourth quarter of 2017. Inventories were $a hundred and twenty.1 million at December 31, 2018, up $12.3 million from December 31, 2017.

    In January of 2018, they adopted the brand fresh revenue consciousness typical, which quickens the timing through which they profits changed into recognized and the corresponding free up of finished goods from their stock stability concerning products held at consumer control hubs. except for the results of this adoption, their inventory stability would maintain expanded with the aid of $23.4 million from December 31, 2017, basically raw materials and work-in-development according to the raise favourite for their products in 2018. debts payable had been $56.2 million at December 31, 2018, up $8.2 million from its flush at December 31, 2017 due to the raise in uncooked cloth purchases. Bel's total outstanding debt turned into decreased via $744,000 throughout the fourth quarter, bringing the steadiness entire the passage down to $116 million as of December 31, 2018, with the exception of deferred financing cost.

    booklet price per share, which is calculated as stockholders' fairness divided with the aid of their combined A and B classes of customary stock miraculous, became $14.39 per participate at December 31, 2018 as in comparison to $13.13 per participate at December 31, 2017. And now i want to expose the summon returned to Dan and open the summon for questions.

    Dan Bernstein -- President and Chief executive Officer

    sure. can they open up the summon for questions, please, Allison? 

    Questions and answers:

    Operator

    certainly, sir. [Operator instructions] they will now win their first query from Sean Hannan from Needham & enterprise. gladden ebb ahead, sir.

    Sean Hannan -- Needham and enterprise -- Analyst

    sure. Thanks. Good morning, each person. Dan, i was looking to see if I might claim you may provide us with a bit shrimp bit of detail across the section.

    i know you offered some in your prepared comments. can you perhaps accept into a shrimp bit more specificity in terms of how maintain been you fire with each of these phase these days and the actions they ramp privilege here in the first quarter and in '19. and perhaps how that can too maintain alternate or might subsist diverse versus what you maintain been expecting possibly simply a pair of months in the past? Any insight there can subsist very beneficial. Thanks.

    Dan Bernstein -- President and Chief govt Officer

    good enough. Of course, entire of their product organizations and entire the subdivisions inside the product businesses, a majority, i would say, 80% of entire were very effective. they maintain one community, is the Modular neighborhood and the DC to DC community out of Italy that maintain some gigantic shoppers that they lost, but that hasn't been anything else to effect with the market conditions simply on account of the condition with these valued clientele. So criterion everything has been, as you understand, extraordinarily positive.

    Going into this quarter and subsequent quarter, January turned into a really -- they saw a powerful January, and again, they feel they don't see any changes within the first quarter. The most effectual concerns that they effect maintain is there are some IC companies that are seeing some softening available in the market and they effect hear some rumblings that there can subsist too plenty stock in the pipeline. however so far it has now not affected their earnings or backlog. So once again, it truly is why I reckon we're a shrimp bit lofty attribute for the primary quarter and as an example, I suppose immediate out after that.

    Sean Hannan -- Needham and enterprise -- Analyst

    good enough. unprejudiced satisfactory. Now as they appear to subsist into the vigour group, it is certainly always a topic matter on every call. there is a lot that you've finished when it comes to correcting the exceptional concerns from one of the acquisitions you've got taken on, there is plenty you've been doing to step-up executions, lots that you've completed in incrementally profitable fresh designs and into fresh courses a few of which has been getting some momentum.

    and i reckon you pointed out that a bit bit prior these days. What extra should soundless they anticipate in the trajectory of these organizations? Is there anything within the background it is incrementally being worked down or is available a bogey that may accelerate the increase trajectory that you're now setting into these days? Or how may soundless they believe about how this proceed to increase as a product segment for you? Thanks.

    Dan Bernstein -- President and Chief government Officer

    ok. So the vigor neighborhood, once again, as they mentioned over the closing two or three years, they reckon very strongly that has the most useful growth potential for Bel from a desirable-line standpoint. On the vigour, they did maintain is after they bought the company outdated administration truly didn't focus on first-rate and consumer provider. And it took us a very long time to change that; a, first trade their manufacturing unit then exchange the client opinion, and over the past 18 months, they now maintain entire their consumers are again and believe Bel to subsist an influence organization.

    I believe two things that they maintain achieved that we've got changed lately. One became, I feel, as they were so desperate for revenue, they took a shotgun strategy and truly attach entire bridle on their R&D neighborhood without getting the classification of results that they might like. So what they maintain finished is, truly long past from a noteworthy deal greater chosen approach of what customers you are looking to cope with, how they proper into us and may they subsist lengthy-term clients? With that referred to, they are streamlining their R&D community as a result of they wouldn't maintain to ebb with the southbound approach, they recognize what exactly engineers they should back these products as they circulate forward. the key vicissitude now is that they effect maintain two or key key consumers that may ebb anywhere from $eight million to $12 million, $13 million.

    And once we're speaking about facts center-category of client, they effect maintain huge client classification of shoppers. again, those fluctuate very Big from a income standpoint. once more, although, they effect reckon that we've placed ourselves a lot more within the market, and at the jiffy I reckon we've 90 NDA signed on high-effectivity motors and we're starting to see that business ebb from $3 million to $5 million. So we're hoping that might double once again, gives us a lot more diversification, and they are working with different data center classification of valued clientele.

    So they accept that extra various. So once more, we're nonetheless taking pictures. Their purpose has entire the time been to accept energy to that constant 10% growth over a two to a few-year duration.

    Sean Hannan -- Needham and company -- Analyst

    ok. it's advantageous. after which final query privilege here. just to see if i can accept some standpoint round a customer of yours without detain or in some way.

    Huawei, I recall you are not necessarily even a 5% consumer, however can you debate how effect they play into your business traditionally? And is there anything that they should sustain in understanding of brooding about that relationship or earnings technology and perhaps by some means tied to them on a go-forward foundation? Thanks.

    Dan Bernstein -- President and Chief govt Officer

    well, I believe, again, being a chinese enterprise, I reckon they watch to ebb along with chinese providers in China. i know, as an example, they sold their power deliver neighborhood to Emerson about six years ago, and now former Huawei people maintain their personal vigour provide enterprise. So they are cognizant of it's a troublesome nut to crack. They effect some ICM company, but not giant at all.

    And for us, it would subsist a robust improvement as a result of they reckon people enjoy Nortel, Cisco should prefer up the enterprise that they're losing. So i know there are inescapable nations, Czech Republic, even Canada and the U.S. how they view Huawei going forward. And that they can't purchase apparatus from Huawei for 5G, they're going to doubtless ebb with -- I didn't imply Nortel, I get an apology, Nokia, that Nokia and Cisco will likely settle upon up that slack and perhaps Alcatel, and these multinational non-chinese purchasers they effect monstrous quantity of company with them.

    So we're hoping that their company should raise as more and more 5G is added.

    Sean Hannan -- Needham and enterprise -- Analyst

    Very good. Thanks so a lot, individuals.

    Operator

    [Operator instructions] And they will now win a question from Hendi Susanto from G. research. gladden ebb ahead.

    Hendi Susanto -- G. analysis -- Analyst

    respectable morning. Dan, you commute to China a noteworthy deal. How effect you symbolize your China market now? How distinctive is it in comparison to a criterion 12 months?

    Dan Bernstein -- President and Chief executive Officer

    We entire the time -- for us -- during the area, I suggest, Europe and China there's so a Good deal doubt and how they agree with in Donald Trump and the job he is doing. there's significant amount of anxiousness. For us again, for the China market, it's entire the time been very intricate to smash into that market as a result of the pricing parameters that you maintain selling to, again, a chinese consumer. despite the fact, a fine component can subsist 35% of their sales ebb to China, but it goes through the CEM just enjoy the Flextronics or Hon Hai, Foxconn, and people are non-chinese language agencies.

    however, they effect -- we're nascence to see more individuals examine China in a special mild. They comprehend the ODMs in Taiwan, they maintain got majority of their construction in China. They at the jiffy are relocating some of that construction back into Taiwan. They see different multinationals moving items around to accept around the tariffs.

    So if you maintain production in Malaysia, exhaust that for entire products coming to the States and then you exhaust your China construction to ebb into Europe and the a long passage East market. however once again, no person likes doubt and that without question with the tariffs there's colossal volume of uncertainties and that's now not Good for anyone.

    Hendi Susanto -- G. research -- Analyst

    received it. and then Dan, given solid revenue boom and your backlog boom in 2018 and existing ERP implementation, how an Awful lot improvement in indecent margin and working margin they should are expecting in 2019?

    Dan Bernstein -- President and Chief government Officer

    i will leave that to my accounting community here.

    Craig Brosious -- vp of Finance

    sure. I suppose assuming the low-priced revenue increase that we're expecting, qualify earnings growth, I reckon they now maintain some leverage means to rush the indecent margin as much as possibly a degree, point and a half. once again, lots of their creation costs are based in the -- in China and depending on which approach the change agreements go, it might maintain an impact on the alternate prices that they should contend with on the pervade of that -- on the labor costs, exceptionally. So barring any tremendous strikes in these change prices, they now maintain opportunities to expand margins a shrimp bit.

    Hendi Susanto -- G. research -- Analyst

    and then an extra query on cost. So I suppose Bel Fuse is coping with boost in labor cost, and that i suppose that has been there for a while after which you maintain been mitigating or taking actions or extended your labor can charge. when they ebb through enjoy 2019, when will they examine on an apple-to-apple yr-over-yr comparison with reference to the labor can charge? And enjoy how -- and then subsist confident to subsist in a position to quantify how a entire lot labor pervade turned into?

    Craig Brosious -- vice president of Finance

    I reckon they -- to accept to an apples-to-apples comparison, they are able to likely requisite to accept in the third quarter of this yr as a result of they had pervade raises going into effect in the first and 2d quarters of 2018. So I believe once they accept to the third quarter, they accept some not pricey comparatives.

    Lynn Hutkin -- Director of pecuniary Reporting

    The best component so as to add there is, in 2019, they are additionally experiencing accelerated labor pervade in Mexico on the passage to influence the 2019 period, however become now not there entire over the 2018 period. So they now maintain that as well.

    Hendi Susanto -- G. analysis -- Analyst

    adequate. and then nearly entire of the tariff pervade has been handed to purchasers. are you able to quantify how a entire lot has been handed and what's subsequent?

    Dan Bernstein -- President and Chief govt Officer

    I reckon it's been about $7.eight million, in that latitude.

    Lynn Hutkin -- Director of monetary Reporting

    In 2018, it turned into about $2.four million, in complete for 2018, so that became a partial -- that changed into a partial 12 months.

    Craig Brosious -- vp of Finance

    So enjoy Dan had outlined up to now, most of their income at the least popping out of China don't spin out to subsist at once into the U.S. So we're no longer enormously impacted via the tariffs. So they had been in a position to -- truly $2.5 million or so that they needed to add.

    Hendi Susanto -- G. research -- Analyst

    good enough. got it. thank you.

    Operator

    [Operator instructions] It appears there are no additional questions. Mr. Bernstein, i would enjoy to spin the summon again to you for any further or closing remarks.

    Dan Bernstein -- President and Chief government Officer

    thank you for joining us nowadays, and they appear to subsist to chatting with you sooner or later. thanks for your time.

    Operator

    [Operator signoff]

    duration: 29 minutes

    call participants:

    Dan Bernstein -- President and Chief govt Officer

    Lynn Hutkin -- Director of monetary Reporting

    Craig Brosious -- vp of Finance

    Sean Hannan -- Needham and business -- Analyst

    Hendi Susanto -- G. analysis -- Analyst

    extra BELFB analysis

    this text is a transcript of this convention summon produced for The Motley fool. whereas they attempt for their silly top of the line, there can subsist mistakes, omissions, or inaccuracies during this transcript. as with every their articles, The Motley idiot doesn't count on any responsibility on your exhaust of this content material, and they strongly inspire you to effect your own research, including taking note of the appellation your self and studying the company's SEC filings. gladden see their phrases and prerequisites for extra details, including their obligatory Capitalized Disclaimers of legal responsibility.

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    These certifications test the means to attach into effect, operate, and troubleshoot the Symposium categorical appellation center. each certifications cowl hardware, utility installation, administration, and protection of Symposium categorical summon core four.2. despite the fact, the Symposium specific appellation center certification too exams the structure and integration of the appellation core. To circulate both of the certifications, one exam requisite to subsist efficiently accomplished: Symposium categorical summon middle or Symposium express summon core Inst and Maint respectively.

    NNCSS - VoIP Multimedia communication Server (MCS) 5100 2.0

    This certification exams the means to attach in force, function, and troubleshoot the VoIP Multimedia communique Server (MCS) 5100 2.0. This certification covers setting up of the hardware and application, configuration, protection, and management of the Multimedia conversation Server (MCS) 5100 2.0. To flood the certification, two checks should subsist correctly achieved: technology requirements and Protocols for IP Telephony options, and VoIP Multimedia communique Server (MCS) 5100 2.0. The expertise necessities and Protocols for IP Telephony options exam is an overview of convergence applied sciences.

    NNCSS - VoIP Succession one thousand/1000M Rls. 3.0 DB Administrator

    This certification tests the capability to maintain and troubleshoot the VoIP Succession a thousand/1000M Rls. 3.0 DB Administrator. This certification covers the architecture, configuration, protection, and administration of the Meridian 1, Succession 1000 Rls. 3.0, and Succession 1000M Rls. 3.0 using basic Alternate Route alternative (BARS) and network Alternate Route option (NARS). To rush the certification, two tests maintain to subsist correctly completed: know-how requisites and Protocols for IP Telephony options, and Succession one thousand/1000M Rls. 3.0 DB Administrator.

    NNCSS - VoIP Succession 1000/1000M Rls. three.0 installation and preservation

    This certification checks the capability to install, configure, and preserve the VoIP Succession one thousand/1000M Rls. 3.0. This certification covers the setting up, structure, configuration, preservation, and management of the Meridian 1, Succession 1000 Rls. 3.0, and Succession 1000M Rls. three.0, information superhighway Telephones i2xxx, and Optivity Telephony supervisor (OTM) 2.1. To circulate the certification, three exams requisite to subsist efficiently achieved: know-how necessities and Protocols for IP Telephony options, and Succession one thousand/1000M Rls. three.0 for Technicians, and Succession 1000/1000M Rls. 3.0.

    aid professional

    The aid skilled certifications build on the specialist's expertise with the aid of demonstrating their skill to attach into effect, function, and troubleshoot an superior Nortel Networks IP Telephony answer. The advocate skilled certifications mirror a candidate with six to 12 months of arms-on adventure with the means to steer or advocate intermediate-degree personnel to sustain involved Nortel IP Telephony options.

    NNCSE - CallPilot 2.0 Unified Messaging options

    This certification checks the potential to attach in force, operate, troubleshoot and optimize the VoIP CallPilot Unified Messaging own 2.0. This certification covers the setting up, administration, interoperability, safety, upgrade strategies and maintain utilization for a multi website CallPilot device. To pass the certification, the candidate should first attain their NNCSS - CallPilot Rls. 2.0. due to this fact, the CallPilot 2.0 Unified Messaging options ought to subsist effectively accomplished to gather this certification.

    NNCSE - Contact middle

    This certification checks the capability to attach in force, operate, troubleshoot and optimize the Contact center items. This certification covers the candidate's capabilities on the Symposium appellation middle Server (SCCS)/Symposium express appellation center/Symposium net customer, Symposium TAPI provider provider (TAPI SP), Symposium Agent, and the Symposium internet core Portal. To pass the certification, the candidate should first achieve their NNCSS - Symposium summon core Server and the NNCSS - Symposium appellation core TAPI/Agent certification. in consequence, the Contact center exam ought to subsist efficaciously completed to gather this certification.

    NNCSE - IP Convergence Succession one thousand/1000M Rls. three.0

    This certification checks the means to install, configure, hold, and optimize the VoIP Succession one thousand/1000M Rls. 3.0. This certification covers the configuration, succession department office (BO), far flung office, operation, and Meridian 1 to Succession 1000M three.0 migration methods for the Succession 1000/1000M Rls. three.0, information superhighway Telephones i2xxx, remote office 91xx, and Optivity Telephony manager (OTM) 2.1. To rush the certification, the candidate ought to first achieve their NNCSS - VoIP Succession CSE a thousand Rls. 2.0 or the VoIP Succession 1000/1000M Rls. three.0 installing & protection certification. in consequence, yet another extra intricate version of the Succession a thousand/1000M Rls. three.0 exam must subsist successfully completed to gather this certification.

    within the IT trade, certifications are a means to validate a person's abilities inside a designated area. The above Nortel IP Telephony certifications are one of the crucial tools that can expose the capabilities of an IP Telephony aid skilled. These certifications could not change years of industry experience, but they effect give the basis to advocate and manipulate Nortel Voice over IP options.

    The subsequent tip will focus on Nortel's Design IP Telephony certification music.

    Richard Parsons (CCIE#5719) is a manager of expert capabilities for Callisma Inc., a wholly owned subsidiary of SBC. He has developed a solid foundation in networking ideas, superior troubleshooting, and monitoring in areas akin to optical, ATM, VoIP, routed, routing, and storage infrastructures. affluent resides in Atlanta GA, and is a graduate of Clemson university. His heritage comprises senior and major consulting positions at international community services, Lucent, and Callisma.


    Bel Fuse Inc. (BELFB) CEO Daniel Bernstein on this autumn 2018 effects - revenue appellation Transcript | killexams.com existent Questions and Pass4sure dumps

    No outcome found, try fresh key phrase!Bel Fuse Inc. (NASDAQ:BELFB) this autumn 2018 results profits convention appellation February 21 ... subsist a sturdy edge because they reckon americans enjoy Nortel, Cisco should select up the company that they're ...

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    Telecom Argentina S.A. announces consolidated results for the annual term ('FY17') and fourth quarter for fiscal year 2017 ('4Q17') | killexams.com existent questions and Pass4sure dumps

    BUENOS AIRES, Argentina, March 7, 2018 /PRNewswire/ --

  • Consolidated Revenues amounted to P$65,186 million (+22.4% vs. FY16); Service Revenues reached P$56,971 million (+25.6% vs. FY16); Fixed Voice Services and Internet Services +41.5% and +28.7% vs. FY16, respectively; and Mobile Services in Argentina +22.2% vs. FY16.
  • Mobile subscribers in Argentina: 19.0 million in FY17.
  • Mobile Internet in Argentina +57.4% vs. FY16; 49.7% of Service Revenues.
  • Mobile ARPU in Argentina increased to P$142.3 per month in FY17 (+26.8% vs. FY16).
  • ADSL ARPU raised to P$359.6 per month in FY17 (+32.7% vs. FY16); monthly churn reached 1.4% in FY17.
  • Consolidated Operating costs -including D&A and disposals and impairment of PP&E- totaled P$53,207 million (+17.0% vs. FY16).
  • Operating Income before Depreciation and Amortization ('EBITDA') reached P$19,356 million (+34.2% vs. FY16), 29.7% of consolidated revenues.
  • Net Income amounted to P$7,724 million (+92.9% vs. FY16). Net Income attributable to Telecom Argentina amounted to P$7,630 million (+91.9% vs. FY16), influenced by the growth in EBITDA and better pecuniary results.
  • Capex reached P$11,143 million in FY17, equivalent to 17.1% of Consolidated Revenues.
  • Net pecuniary Debt Position: P$3,260 million, an improvement of P$2,632 million vs. FY16, mostly due to an increase in operating cash flow.
  •  

     (in million P$, except where noted)

    As of December, 31

    2017

    2016

    Δ $

    Δ %

    Consolidated Revenues

    65,186

    53,240

    11,946

    22.4%

                Mobile Services

    44,726

    38,226

    6,500

    17.0%

                Fixed Services

    20,460

    15,014

    5,446

    36.3%

    Operating Income before D&A  

    19,356

    14,424

    4,932

    34.2%

    Operating Income

    12,112

    7,843

    4,269

    54.4%

    Net Income attributable to Telecom Argentina

    7,630

    3,975

    3,655

    91.9%

    Shareholders' equity attributable to Telecom Argentina  

    23,086

    19,336

    3,750

    19.4%

    Net pecuniary Position - (Debt) / Cash

    (3,260)

    (5,892)

    2,632

    -44.7%

    CAPEX (excluding spectrum)

    11,143

    11,386

    (243)

    -2.1%

    Fixed lines in service (in thousand lines)

    3,795

    3,920

    (125)

    -3.2%

    Mobile customers (in thousand)

    21,430

    22,052

    (622)

    -2.8%

                Personal (Argentina)

    18,980

    19,514

    (534)

    -2.7%

                Núcleo (Paraguay) -including Wimax customers-

    2,450

    2,538

    (88)

    -3.5%

    Broadband accesses (in thousand)

    1,744

    1,738

    6

    0.3%

    Average Billing per user (ARBU) Fixed Telephony / voice  (in P$)

    152.3

    97.9

    54.4

    55.5%

    Average Revenue per user (ARPU) Mobile Services in Arg. (in P$)

    142.3

    112.3

    30.0

    26.8%

    Average Revenue per user (ARPU) ADSL (in P$)

    359.6

    270.9

    88.7

    32.7%

    Telecom Argentina S.A. ('Telecom Argentina') - (NYSE: TEO; BASE: TECO2), one of Argentina's leading telecommunications companies, announced today a Net Income of P$7,724 million for the annual term ended December 31, 2017, or +92.9% when compared to FY16. Net income attributable to Telecom Argentina amounted to P$7,630 million (+P$3,655 million or +91.9% vs. FY16).

    During FY17, Consolidated Revenues increased by 22.4% to P$65,186 million (+P$11,946 million vs. FY16), mainly driven by Fixed Voice Services, Fixed Internet Services and Mobile Services in Argentina. Moreover, Operating Income reached P$12,112 million (+P$4,269 million or +54.4% vs. FY16).

    Consolidated Operating Revenues

    Mobile Services

    As of December 31, 2017, mobile clients amounted to 21.4 million.

    Third Parties Revenues amounted to P$44,726 million (+17.0% vs. FY16), of which the services revenues represented P$37,174 million (+22.2% vs. FY16). The commercial strategy was focused on the innovation, which promotes the consumption of mobile internet services through an updated proffer of plans suitable for entire market segments. 

    Personal in Argentina

    As of December 31, 2017, Personal reached 19.0 million subscribers in Argentina, where postpaid clients represented 35% of the subscriber base.

    In FY17, Third Parties Revenues reached P$41,797 million (+P$6,197 million or +17.4% vs. FY16) while Service Revenues (excluding apparatus sales) amounted to P$34,289 million (+22.2% vs. FY16), with 49.7% corresponding to mobile internet revenues (vs. 38.6% as in FY16), as Mobile Internet Revenues amounted to P$17,048 million (+57.4% vs. FY16). Revenues from Outbound Mobile Services reached P$29,980 million (+20.6% vs. FY16), mainly due to price increases in postpaid client segments and, to a lesser extent, due to the increases in the amount of online recharges of prepaid subscribers. Meanwhile, Revenues from Inbound Mobile Services amounted to P$2,710 million (+58.4% vs. FY16), increase that was mainly generated by price increases in CPP and TLRD. In addition, apparatus sales decreased by 1.2% vs. FY16, reaching P$7,446 million, equivalent to 17.8% of total revenues.

    The middling monthly revenue per user ('ARPU') amounted to $142.3 during FY17 (+26.8% vs. FY16).

    Commercial Initiatives

    Following the changes in customer consumption and working towards proposals focused on higher availability of data, Personal developed 'Gigas compartidos', the first proffer of plans in the Argentine market which allows the sharing of data included in the draw between different mobile lines. Likewise, the proposal of free Whatsapp usage for customers who recharge credit continued, becoming a benchmark for the industry.

    At the same time, the promotion of the update of their clients' devices with discounts and special financing continued, with a sturdy focus on e-commerce marketing. In this framework, Personal participated in the Cyber Monday 2017 where customers could access to 4G devices with discounts of up to 50% and 18 installments without interest.

    As piece of the actions associated with the brand positioning within the youth segment, Personal and Huawei presented the 12th edition of 'Personal Fest 2017', where over 50,000 people enjoyed during two days music and outdoor entertainment, while more than 1.2 million followed it via streaming.

    Personal in Paraguay ('Núcleo')  

    As of December 31, 2017, Núcleo's subscriber base reached around 2.5 million clients. Prepaid and postpaid customers represented 83% and 17%, respectively.

    Núcleo generated revenues from Third Parties equivalent to P$2,991 million during FY17 (+13.2% vs. FY16). Internet revenues amounted to P$1.294 million (+32.3% vs. FY16) representing 44.9% of FY17 service revenues (vs. 41.1% in FY16).

    Fixed Services (Voice, Internet and Data)

    During FY17, Revenues generated by Fixed Services reached P$19.797 million, +32.7% vs. FY16; with Voice revenues increasing by +41.5% vs. FY16, mainly due to price increases in monthly fees. Meanwhile, Internet revenues grew by +28.7% vs. FY16 and Data Revenues were up by +22.5%.

    Voice

    Total Voice revenues reached P$8,505 million in FY17 (+41.5% vs. FY16). This increase was mainly explained by monthly fee price increases that came into effect for both corporate and residential fixed line customers, and additionally due to the bundled proffer of packs that comprise voice and internet services ('Arnet + Voz'), that aim to achieve higher levels of customer loyalty and churn reduction.

    As a result, the middling monthly revenue billed per user ('ARBU') reached P$152.3 in FY17, +55.5% vs. FY16.

    Internet

    As of December 31, 2017, Telecom Argentina reached more than 1.7 million ADSL accesses. These connections represented 46.0% of Telecom's fixed lines in service. Additionally, ADSL ARPU reached P$359.6 per month in FY17, +32.7% when compared to FY16, while the middling monthly churn rate for the term reached 1.4% in FY17 vs. 1.7% in FY16. Clients with service of 15Mb or higher currently picture 20% of the total customer base as of FY17

    Data

    Data revenues (services mainly offered to Corporate customers, SMEs, Government and to other operators) amounted to P$3,577 million (+P$658 million or +22.5% vs. FY16), generated in a context that evidence the sturdy position of Telecom as an integrated ICT provider. This increase was mainly driven by FX rate variations that affected those contracts that were adjusted by the $/U$S exchange rate and due to the increase in the number of clients.

    Telecom continues to evolve its portfolio of security services with the PenTest service, a utensil that seeks to assess the security flush of a company's computer systems, identifying vulnerabilities in its network infrastructure in the front of growing companies' concerns to safeguard faultfinding information for their businesses.

    Moreover, as piece of its connectivity strategy for corporate clients, it was developed 'Integra 4G', a solution that provides Internet access using the resources of the 4G/LTE Personal mobile network, that can subsist used in a transitory mode (access that allows a temporary connection to Internet to subsist used in cases of extended provision times) as well as back up (allows providing an Internet access to advocate the main service).

    Consolidated Operating Costs

    Consolidated Operating Costs totaled P$53,207 million in FY17, an increase of P$7,727 million, or +17.0% vs. FY16 (including 'Disposals and impairment of PP&E' that resulted in a loss of P$316 million in FY17 vs. a loss of P$383 million in FY16). Continuing with the trend observed during the lasts quarters, this overall increase is below inflation levels and moreover Revenue growth, which allowed a significant increase in the Company's EBITDA and to help its margin. This was a result of a higher flush of efficiency in the cost structure. Higher costs are mainly associated to the effect of higher revenues, a highly competitive environment in the mobile and Internet businesses, the impact of higher direct and circuitous labor costs generated by the operations in Argentina, the increase in fees for services related to price adjustments in supplier contracts, increases in taxes and in provisions. These increases were partially offset by lower VAS (Value Added Services) costs, commissions, and foul debt expenses, among others.

    The cost breakdown is as follows:

    - Employee capitalize expenses and severance payments totaled P$12,718 million (+29.8% vs. FY16), mainly impacted by increases in salaries to unionized and non‐unionized employees together with the associated companionable security contributions. In addition, severance indemnities and termination benefits experienced a tower of +P$423 million or +81% vs. FY16. Finally, total employees at the terminate of FY17 amounted to 15,396.

    - Interconnection costs and other telecommunication charges (including TLRD, Roaming, Interconnection, international settlement charges and lease of circuits) amounted to P$3,148 million, +23.3% vs. FY16. This increase resulted mainly from higher costs related to TLRD due to price increases, partially offset by lower roaming costs.

    - Fees for services, maintenance, materials and supplies amounted to P$6,600 million (+31.8% vs. FY16), mainly due to greater expenses in fixed telephony and broadband connections and to higher costs in software maintenance in the fixed segment and systems' licenses in the mobile segment. There were too increases in costs associated with fees for services, mainly related to summon centers and higher costs recognized to suppliers in both mobile and fixed segments.

    - Taxes and fees with regulatory authorities reached P$6,107 million (+19.2% vs. FY16), impacted mainly due to the increase in fixed and mobile services revenues, and therefore the increase in turnover tax, as well as higher bank debit and credit taxes related to collection flows and payments to suppliers, partially offset by lower fees with the regulatory authorities.

    - Commissions (Commissions paid to agents, prepaid card commissions and others) totaled P$3,631 million (-5.7% vs. FY16). The diminish in commissions (before SAC capitalization, P$4,617 million in FY17 vs. P$5,252 million in FY16) is mainly due to a reduction in commissions paid to commercial channels, thanks to a more efficient fresh agent compensation model, and a reduction in collection commissions, CPP and other fees. Agent commissions capitalized as SAC amounted to P$986 million (-29.7% vs. FY16), being this reduction related to a lower flush of additions.

    - Cost of handsets sold totaled P$6,684 million (+8.0% vs. FY16), this increase was mainly due to greater apparatus sales in the fixed segment as a consequence of the implementation of inescapable projects, and in the mobile segment due to higher costs per device partially offset by a reduction in the quantity of handsets sold, given the modification in strategy where the endeavor was centered more in the change of devices in order to achieve higher mobile plans upselling and less on capture operations. Deferred costs as SAC amounted to P$80 million (-38.5% vs. FY16). Lower deferred costs were related to the referred lower quantities of apparatus sold during FY17.

    - Advertising amounted to P$1,218 million (+39.4% vs. FY16), due to fresh advertising campaigns launched by the Company during 2017, and in particular due to higher advertisement in media.

    - Depreciation and Amortization reached P$6,928 million (+11.8% vs. FY16). PP&E depreciation amounted to P$5,039 million (+15.6% vs. FY16) resulting from the incorporation of assets related to the investment draw that the Company has been executing; the amortization of SAC and service connection costs that totaled P$1,524 million (+3.4% vs. FY16); the amortization of 3G/4G licenses that amounted to P$325 million (-3.8% vs. FY16), due to the extension in the duration of the licenses, and the amortization of other intangible assets that reached P$40 million (+42.9% vs. FY16).

    - Other Costs totaled P$6,173 million (+4.9% vs. FY16), of which Provisions expenses reached P$590 million (+215.5% vs. FY16), increasing mostly due to higher labor claims followed by civil and commercial claims during FY17, as well as other operating costs that totaled P$3,280 million, growing by 26.6% vs. FY16 mainly due to the effect of price increases in transactions with suppliers in Argentina and the increase in prices of property and site leases, principally due to additions and contract renegotiations. These increases were partially offset by a diminish on VAS costs that totaled P$874 million (-41.7% vs. FY16), due to a redesign in the proffer of these services.

    Consolidated pecuniary Results

    Net pecuniary Results totaled a loss of P$486 million, which represented an improvement of P$1,758 million vs. FY16. This was mainly explained by lower losses from net interests of P$529 million in FY17 (+P$954 million vs. FY16), due to lower cost from pecuniary liabilities; and in addition, due to greater gains on mutual funds and other investments, which reached P$1.100 million (+P$752 million vs. FY16), driven by higher yields and invested amounts.

    Consolidated Net pecuniary Debt

    As of December 31, 2017, Net pecuniary Debt Position (Cash, Cash Equivalents plus pecuniary Investments and pecuniary NDF minus Loans) totaled P$3,260 million, an improvement of P$2,632 million when compared to the Net pecuniary Debt as of December 31, 2016, this latter due to a better Company's cash flood generation related to  the increase in EBITDA and a greater efficiency in working capital management.

    Capital Expenditures

    During FY17, the Company invested P$11,143 million (-2.1% vs. FY16). Of this amount, P$5,407 million were allocated to Fixed Services and P$5,736 million to Mobile services, focusing on projects that maximize the network capacity and on the progress of products and services that contribute to address the customers needs that today claim for connectivity and data availability. In relative terms, Capex reached 17.1% of consolidated revenues.

    In terms of infrastructure, during 2017 the Company continued enhancing the evolution of services with the deployment of the Personal 4G/LTE network, together with the technological reconversion of 2G/3G networks, and the deployment of fiber optics to increase home broadband connection. The deployment of 4G reaches 1,173 locations with coverage of 85% of the population of Argentina (94% of the population of capital cities). Also, the deployment of 4G+ services continued to advance throughout the country, thanks to the solution of 4G Carrier Aggregation (use of two simultaneous frequency bands). This benefits their customers with a better service suffer and speeds that reach 100 Mbps.

    In this context, the first 4G site in 2.6Ghz spectrum corps was inaugurated, giving coverage to the Hilton Hotel district of Puerto Madero. The deployment of this infrastructure allows the increase of simultaneous traffic capacity of the network, allowing to provide greater connection capacity, besides improving the attribute of the mobile data service.

    Relevant Matters

    Merger by absorption of Sofora Telecomunicaciones S.A., Nortel Inversora S.A. and Telecom Personal S.A. into Telecom Argentina S.A.

    On December 1, 2017 at 12:00am, Telecom Argentina absorbed the operations of Nortel Inversora S.A. ('Nortel'), Sofora Telecomunicaciones S.A. ('Sofora') and Telecom Personal S.A. ('Personal') (all together 'The Companies'), in accordance with the preliminary Reorganization Agreement, dated March 31, 2017, and the Final Reorganization Agreement, dated November 13, 2017, pursuant to which The Companies agreed to merge Nortel, Sofora and Personal into Telecom Argentina as the surviving company (the 'Reorganization'). As a result, the Reorganization became effective.

    Additionally, in accordance with the authorization provided by the common Ordinary and Extraordinary Shareholders' Meeting of Telecom Argentina S.A. held on May 23, 2017, on December 15, 2017, 161,039,447 Class 'A' shares maintain been converted into an equal number of Class 'B' shares of Telecom Argentina. Moreover, pursuant to the terms of the merger by absorption of Nortel into Telecom Argentina, on December 15, 2017 it was completed the exchange of the Preferred Class 'B' book-entry Shares, with no voting rights and with a nominal value of ten Argentinian pesos ($10.-), each issued by Nortel ('Nortel Preferred B Shares'), for the corresponding book-entry, ordinary, Class 'B' Shares, with one vote per participate and with a nominal value of one Argentinian peso, each issued by Telecom Argentina ('Telecom Argentina Class B Shares'). As a consequence, the holders of Nortel Preferred Shares received a total of 197,871,855 Telecom Argentina Class B Shares.

    General Ordinary Shareholders' Meeting of Telecom Argentina held on November 30, 2017 and dividend distribution

    The common Ordinary Shareholders' Meeting held on November 30, 2017 approved the delegation of powers into the Board of Directors of the Company to withdraw up to the amount of 6,940.5 million Pesos from the 'Reserve of Future Cash Dividends' and to sort the distribution of the withdrawn funds in concept of cash dividends, in one or more installments and in the amounts and dates determined by the Board of Directors. Moreover, the Company's Board of Directors on its meeting held on December 18, 2017 and in accordance to the powers delegated to it by the aforementioned Shareholders' Meeting, decided to withdraw the amount of P$4,150,312,272 of the 'Reserve for Future Cash Dividends' and to distribute such amount as cash dividends, that were made available to Shareholders on December 29, 2017.

    Merger by Absorption between Telecom Argentina S.A. (the Surviving Company) and Cablevisión S.A. (the Absorbed Company) - ENACOM´s approval

    On December 22, 2017, Telecom Argentina S.A. was notified of Resolution No° 5,644-E/2017, by which the Ente Nacional de Comunicaciones ('ENACOM') resolved:

    1- SECTION 1.- The company CABLEVISIÓN S.A. is hereby authorized to transfer in favour of the company TELECOM ARGENTINA S. A. the Broadcasting Registry by physical and / or radioelectric link, including the permissions / frequencies necessary for the provision of the broadcasting service by subscription through radioelectric link, as well as the authorizations of areas for the provision of those services (physical and radioelectric link), which may operate in district II, defined in accordance with the provisions of Decree No. 1,461/93 and its amendments, and in the cities of Rosario, Santa Fe province and Córdoba, in the same province, as of January 1, 2018, in accordance with the provisions of section 5 of the National Decree No. 1,340/2016, and in the relaxation of the areas authorized on the dates and with the modalities provided by ENACOM Resolution No. 5,641/2017 dated December 20, 2017.2-SECTION 2.- The company CABLEVISIÓN S. A. is hereby authorized to transfer the registration of the Radio-Electric Trunking Services License ('SRCE') to the company TELECOM ARGENTINA S. A.3 -SECTION 3.- The company CABLEVISIÓN S.A. is hereby authorized to transfer in favour to the company TELECOM ARGENTINA S. A the authorizations and permits for the exhaust of frequencies and the assignments of numbering and signaling resources for the provision of the referred services that are owned by the absorbed company CABLEVISIÓN S.A., under the terms of the current legislation (Annex IV of Decree 764/2000), and of the agreement signed by the company NEXTEL COMMUNICATIONS ARGENTINA S.R.L., on April 12, 2017 (IF-2017-08818737- APN-ENACOM#MCO), according to which TELECOM ARGENTINA S.A., in its capacity as surviving company of CABLEVISIÓN S. A, must, within TWO (2) YEARS of the merger's approval by the NATIONAL COMMISSION FOR THE DEFENSE OF COMPETITION and the ENACOM or the organizations that in the future will supplant them in their functions, return the radioelectric spectrum that exceeds the limit provided in Article 5º of the Resolution Nº 171-E/17 of the MINISTRY OF COMMUNICATIONS and / or the norm that replaces it in the future. To this end, the company must submit to the ENTE NACIONAL DE COMUNICACIONES, with a minimum of one year's notice before the expiration of the TWO (2) year term, a proposal for adaptation to said cap. ENACOM may accept the proposal, reject it and / or request a fresh presentation with the modifications it deems pertinent.4-SECTION 7.- The change of corporate control in accordance with section 33 of the common Corporate Law N°19,550  in the company TELECOM ARGENTINA S. A. is hereby authorized and will occur once the merger becomes effectual and the Shareholders' Agreement dated July 7, 2017 accompanied in its presentation of September 21, 2017 enters into force, as a result of which CABLEVISIÓN HOLDING S.A. will subsist the controlling entity of TELECOM ARGENTINA S. A. as a surviving company of CABLEVISIÓN S. A.

    General Ordinary Shareholders' Meeting of Telecom Argentina held on December 28, 2017

    The common Ordinary Shareholders' Meeting held on December 28, 2017 approved the Medium Term Note Program ('the Program'), up to a maximum outstanding amount as of the date of issuance of each class or progression of three thousand million American dollars (U$S3,000,000,000.-) or its equivalent in other currencies. Additionally, the Shareholders' Meeting approved the delegation of powers into the Board of Directors of broad powers to determine and modify the terms and conditions of the Program and the Notes that will subsist issued under the Program within the maximum outstanding amount authorized by this Shareholders' Meeting, as well as to establish the opportunities of issuance and re-issuance of the Notes corresponding to each progression or class to issue under the Program and entire its issuance and re-issuance conditions, with adjustment of the maximum outstanding amount.

    Other material Matters

    Merger by Absorption between Telecom Argentina S.A. (the Surviving Company) and Cablevisión S.A. (the Absorbed Company) - Minute of the transfer of operations and issuance of shares

    On January 1, 2018 having been fulfilled entire the conditions to which the Merger was topic to according to Section Seventh of the preliminary Merger Agreement and the Final Merger Agreement, on January 1, 2018 was signed the Minute of the Transfer of Operations from the Absorbed Company to the Surviving Company, which complements the Final Merger Agreement subscribed on October 31, 2017.

    As a consequence, as it was foreseen in the preliminary Merger Agreement and in the Final Merger Agreement, since 12:00 am on January 1, 2018 (the 'Effective Merger Date'), the Merger became effectual and, consequently, it has taken Place the change of control of the Company, being Cablevisión Holding S.A. its fresh controlling shareholder since January 1, 2018.

    Moreover, in accordance with the preliminary Merger Agreement and the Final Merger Agreement and the notification received from Fintech Telecom LLC ('Fintech Telecom') and Fintech Media LLC ('Fintech Media') on December 29, 2017 informing of a corporate reorganization process by which Fintech Telecom absorbed by merger with Fintech Media and VLG Argentina Escindida LLC (a spin-off of VLG Argentina LLC) with effect on the effectual Date of the Merger, the shares whose issuance was approved by the Board of Directors of Telecom Argentina were delivered on January 1, 2018: i) to Fintech Telecom LLC: 342,861,748 Class 'A' shares issued by the Company; ii) to Cablevisión Holding S.A .: 406,757,183 Class 'D' shares issued by the Company; and iii) to VLG Argentina LLC: 434,909,475 Class 'D' shares issued by the Company.

    Acceptance of the loan solicitation for up to U$S1,000,000,000

    On February 2, 2018 Telecom Argentina took due notice of the acceptance by Citibank, N.A., HSBC México S.A., Institución de Banca Múltiple, Grupo Financiero HSBC, Industrial and Commercial Bank of China Limited, JPMorgan Chase Bank, N.A. and Banco Santander, S.A, in their character as lenders, Citigroup Global Markets Inc., HSBC México, S.A., Institución de Banca Múltiple, Grupo Financiero HSBC, Industrial and Commercial Bank of China Limited, JPMorgan Chase Bank, N.A. and Banco Santander, S.A. as joint bookrunners and lead arrangers, Citibank N.A. as administrative agent and the branch of Citibank N.A, established in the Republic of Argentina, as onshore custody agent, of the loan solicitation performed by the Company for an amount up to U$S1.000.000.000, as requested in a timely manner by the Company in one or more disbursements, and with a 12-month tenor.

    Relating to this, the Board of Directors of the Company has approved the financing in the terms described in the loan proffer at its meeting held on January 31, 2018.

    Additionally, Telecom Argentina has received a disbursement of the loan in the amount of U$S650,000,000 on February 9, 2018.

    Due to the fact that since 12:00 am on January 1, 2018 the Merger by Absorption between Telecom Argentina S.A. (the Surviving Company) and Cablevisión S.A. (the Absorbed Company) has become effective, the Company wants to proffer to the investor community the results of Cablevision S.A for fiscal years 2017 and 2016.

    Cablevisión S.A. ('Cablevisión')Consolidated results for the annual term ('FY17') and fourth quarter for fiscal year 2017 ('4Q17')

    Highlights

  • Revenues totaled P$40,952 million, an increase of 34.0% vs. el FY16 (P$30,571 million), mainly due to growth subscribers in internet access segment, and the increased ARPU in Cable TV and Internet access segment.
  • Adjusted EBITDA (1) increased 38.6% compared with FY16, reaching P$15,155 million, mostly driven by increased sales in the Internet Access segment, and a higher ARPU in Cable TV and Internet Access segment.
  • Cablevisión´s Adjusted EBITDA Margin (2) for FY17 was 37.0%, compared to 35.8% in FY16.
  • Income for the term for FY17 totaled P$5,895 million, up 43.5% compared with FY16 (P$4,107 million).
  • (1) Adjusted EBITDA is defined as Revenues minus cost of sales (excluding depreciation and amortization) and selling and administrative expenses (excluding depreciation and amortization). They believe that Adjusted EBITDA is a meaningful measure of their performance. It is commonly used to analyze and compare media companies on the basis of operating performance, leverage and liquidity. Nonetheless, Adjusted EBITDA is not a measure of net income or cash flood from operations and should not subsist considered as an alternative to net income, an indication of their pecuniary performance, an alternative to cash flood from operating activities or a measure of liquidity. Other companies may compute Adjusted EBITDA in a different manner; therefore, Adjusted EBITDA as reported by other companies may not subsist comparable to Adjusted EBITDA as they report it.

    (2) Adjusted EBITDA Margin is defined as Adjusted EBITDA over Revenues.

    Operating Results

    Revenues reached P$40,952 million in FY17, an increase of 34.0% compared with FY16. The increase is mostly attributable to the growth in broadband subscribers, speeds upgrades to their current customer base and the up selling of value added services with price adjustments.

    Cost of Sales(Excluding Depreciation and Amortization) totaled P$15,489 million in FY17, up 30.9% from P$11,834 million in FY16, due to higher programming costs and higher payroll and companionable security charges and other personnel expenses, among others. 

    Selling and Administration Expenses(Excluding Depreciation and Amortization) reached P$10,308 million in FY17, increasing 32.0% vs. FY16 (P$7,806 million). The increase is mainly explained by higher costs due to inflation and higher fees for services, taxes, duties and contributions and salaries.

    Adjusted EBITDA reached P$15,155 million in FY17, growing 38.6% from P$10,931 million reported for FY16, driven by higher sales in Cable TV and Internet access segment.

    Depreciation and Amortization Expenses increased 54.0% to P$3.987 million in FY17, compared to P$2.588 in FY16.

    Net pecuniary Results totaled a loss of P$2,612 million in FY17, increasing from a loss of P$2,374 million in FY16. The increase is mainly explained by lower other pecuniary results, net (which reached -P$370 million in FY17, from +P$222 million in FY16) due to lower income from interests and FX results on cash and cash equivalents.    

    Equity in earnings from unconsolidated affiliates were P$168 million in FY17, compared with P$131 million in FY16. 

    Other Income (expenses) totaled a gain of P$29 million in FY17, compared to a loss of P$11 in FY16.

    Income tax reached P$2,859 million in FY17, compared with P$2,095 million in FY16.

    Income for the term totaled P$5,895 million in FY17, showing an increase of 43.5% vs. FY16 (P$4,107 million). The increase was mainly due to higher EBITDA in the Cable TV and Internet Access segments.

    During FY17, the Company invested P$11,681 million, which represented an increase of 28.7% from P$9,076 million reported in FY16. These Capital Expenditures are mainly comprised by subscriber growth, network upgrades and digitalization.

    Clients

    As of December 31, 2017, total consolidated Cable TV subscribers reached 3,503 thousand, from 3,528 thousand registered in the same term of 2016. Internet subscribers totaled 2,335 thousand as of December 31, 2017 vs. 2,183 thousand as of December 31, 2016.

    Debt and Liquidity

    Total pecuniary Debt (1)increased from P$9,606 million in FY16 to P$10,905 million in FY17. On the other hand, Net Debt decreased from P$6,936 in FY16 to P$6,451 million in FY17. This represents an increase of 13.5% in Total Debt and a decline of 7.0% in Net Debt.  The diminish in Net Debt is mostly explained by an increase in cash and equivalents due to a higher operating cash flood generation.

    Debt Coverage Ratio (1) as of December 31th, 2017 was 0.43x in the case of Net Debt and of 0.72x in terms of Total pecuniary Debt.

    (1) Debt Coverage Ratio is defined as Total pecuniary Debt divided by Adjusted EBITDA (calculated in Ps. for the final twelve months). Total pecuniary debt is defined as pecuniary loans and debt for acquisitions, excluding accrued interest.

    On October 30th, 2017, within the framework of the merger process between Cablevisión and Telecom, the company called for a Shareholders´ Meeting in order to request to the the holders of its Class A Notes, issued for a nominal amount of U$S500 million, the modification and/or elimination of inescapable clauses (or piece of them) from the 'Indenture' celebrated on June 15, 2016 between Cablevisión, Deutsche Bank dependence Company Americas, Deutsche Bank S.A. and Deutsche Bank Luxembourg S.A.

    On December 11, 2017, it was celebrated the Extraordinary Shareholders´ Meeting of the Class 'A' Notes Holders which had a quorum of 81.8621626% of the total capital and vote amount of the Notes. In the aforementioned Shareholders´ Meeting it was unanimously determined to sanction the modifications and/or eliminations of the clauses (or piece of them) from the Indenture celebrated on June 15, 2016 between Cablevisión, Deutsche Bank dependence Company Americas, Deutsche Bank S.A. and Deutsche Bank Luxembourg S.A.

    On the occasion of the issuance and subsequent modification, aforementioned, of the Company´s Notes, inescapable commitments maintain been assumed including: (i) the limitation for the issuance of guarantees by the Company and its subsidiaries, (ii) merger by absorption and merger itself, (iii) limitation to indebtedness above approved ratios, (iv) limitation for the issuance and sale of shares from any significant subsidiary with inescapable exceptions, among others.

    Telecom Argentina is the parent company of a leading telecommunications group in Argentina, where it offers, either itself or through its controlled subsidiaries local and long distance fixed-line telephony, cellular, data transmission, and pay TV and Internet services, among other services. Additionally, Telecom Argentina offers cellular services in Paraguay and pay TV services in Uruguay. The Company commenced operations on November 8, 1990, upon the Argentine government's transfer of the telecommunications system in the northern region of Argentina.

    As of March 7, 2018, Telecom Argentina has 2,168,909,384 shares issued and 2,153,688,011 shares outstanding.

    For more information, gladden contact Investor Relations:

    Solange Barthe Dennin

    (5411) 4968 3752

    Luis F. Rial Ubago

    (5411) 4968 3718

    Antonella Papaleo

    (5411) 4968 6236

    Nahuel Monsalvo

    (5411) 4698 4448

    Voice Mail: (5411) 4968 3628Fax: (5411) 4968 3616E-mail: relinver@teco.com.ar

    For information about Telecom Argentina's services, visit:

    www.telecom.com.ar www.personal.com.ar www.personal.com.py www.arnet.com.ar www.cablevisionfibertel.com.ar www.nextel.com.ar

    Disclaimer

    This document may hold statements that could constitute forward-looking statements, including, but not limited to, the Company's expectations for its future performance, revenues, income, earnings per share, capital expenditures, dividends, liquidity and capital structure; the effects of its debt restructuring process; the impact of emergency laws enacted by the Argentine Government; and the impact of rate changes and competition on the Company's future pecuniary performance. Forward-looking statements may subsist identified by words such as 'believes,' 'expects,' 'anticipates,' 'projects,' 'intends,' 'should,' 'seeks,' 'estimates,' 'future' or other similar expressions. Forward-looking statements involve risks and uncertainties that could significantly impress the Company's expected results. The risks and uncertainties include, but are not limited to, the impact of emergency laws enacted by the Argentine government that maintain resulted in the repeal of Argentina's Convertibility law, devaluation of the peso, various changes in restrictions on the talent to exchange pesos into eccentric currencies,  and currency transfer policy generally, the 'pesification' of tariffs charged for public services, the elimination of indexes to adjust rates charged for public services and the Executive branch announcement to renegotiate the terms of the concessions granted to public service providers, including Telecom. Due to extensive changes in laws and economic and business conditions in Argentina, it is difficult to forecast the impact of these changes on the Company's pecuniary condition. Other factors may include, but are not limited to, the evolution of the economy in Argentina, growing inflationary pressure and evolution in consumer spending and the outcome of inescapable legal proceedings. Readers are cautioned not to Place undue reliance on forward-looking statements, which talk only as the date of this document. The Company undertakes no obligation to release publicly the results of any revisions to forward-looking statements which may subsist made to reflect events and circumstances after the date of this press release, including, without limitation, changes in the Company's business or to reflect the happening of unanticipated events. Readers are encouraged to consult the Company's Annual Report on contour 20-F, as well as sporadic filings made on contour 6-K, which are filed with or furnished to the United States Securities and Exchange Commission for further information concerning risks and uncertainties faced by Telecom.

    Contacts:Solange Barthe Dennin(54 11) 4968-3752

    Cision View original content:https://www.prnewswire.com/news-releases/telecom-argentina-sa-announces-consolidated-results-for-the-annual-period-fy17-and-fourth-quarter-for-fiscal-year-2017-4q17-300610382.html

    SOURCE Telecom Argentina S.A.


    ARRIS International plc (ARRS) | killexams.com existent questions and Pass4sure dumps

    No result found, try fresh keyword!ARRIS International plc is a well-known seasoned issuer. ARRIS International plc (1) has filed entire reports required to subsist filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the ...

    Wouldn't it subsist cool? Their business intelligence and data integration wish list for 2008 | killexams.com existent questions and Pass4sure dumps

    We recently jotted down their industry predictions for 2008. But more than once during this process, one of us would say, “Naah. That will never happen.” Then we’d rush on to more practical predictions.

    But their wheels were soundless turning. They kept brainstorming about what would subsist glacial to see in the world of business intelligence (BI) and data integration, however unrealistic. So they made a list of capabilities, features, and fabulous functions that they (and, more to the point, their clients) would fondness to see in the coming year. Or the next year, for that matter.

    Wouldn’t it subsist glacial if companies really believed in data self-service? Over the final ten years, the concept of self-service within the technology environment has become commonplace. Receptionists maintain ceded to company voicemail. Corporate libraries maintain become lore management repositories and wikis within the firewall. (We summon dibs on that WWF acronym!). The reduction of headcount because of technology innovation is now a de facto business imperative.

    Unfortunately, when it comes to using corporate data, subsist it pecuniary data, HR data, product information, pricing data, inventory, and entire the other data in the enterprise, data self-service isn’t happening. entire too often, data access depends on personal relationships. They see it entire the time: data’s "use-ability" is directly proportional to the skills of the person handing it over.

    What’s standing in the passage of universal data access? Human nature, for one. Sometimes it’s just easier to fish for someone else than to school that person how to cast his or her own line. And that banal adage of lore being power has Come home to roost in business intelligence: people are beholden to information owners. business users shouldn’t subsist rewarded for spoon-feeding data to others, but for ensuring that information is disseminated in a timely and repeatable passage to everyone who needs it. For instance, success in the retailing world isn’t determined by the size of a distribution center, but by the distribution efficiencies. The value of information isn’t in the stockpiling of that information, but in how streamlined the data supply chain is. It would subsist glacial if the data supply chain got faster, and people got their data more quickly, and on-demand.

    Wouldn’t it subsist glacial if application systems were measured on data accessibility and sharing, and not just processing and uptime? If the application system can’t participate the data it generates, then should it really subsist benefiting from enterprise funding? The relaxation of the company may subsist relying on that data for operational or strategic purposes.

    Until availing data to the enterprise becomes a formal responsibility for application systems developers, a corporate data “black market” will continue to flourish. The data black market is where companies spend untold money and time creating data that people requisite to accept their workaday jobs done. summon it spreadmarts. summon it shadow IT. People aren’t just propagating foul data, they’re increasing corporate liability. Most companies spend the majority of their time finding, cleaning, and distributing data from person to person – a collection of activities and processes that never shows up on anyone’s budget but nevertheless impacts the company’s bottom line.

    Wouldn’t it subsist glacial if data-as-a-service became a reality? In this day of search engines and advanced taxonomies, every BI developer is soundless a jack-of-all-trades. He needs to know database design and performance tuning. He needs to subsist a metadata expert. He needs to understand the issues of data attribute and correction and of database structures and access paths – as well as the unique naming conventions across every platform, database, table, and data element.

    Wouldn’t it subsist glacial if that BI developer could suddenly subsist unencumbered by the details of database structures, navigation issues, or syntax? While there will always subsist business claim for linear regression algorithms and other advanced analytics, the majority of reporting and analysis continues to subsist based on simple, filtered lists. With data as a service, a BI developer could repurpose the countless hours of database navigation and usage – some of their clients cite these activities as 40 percent or more of progress time – and focus more time on chipping away at the backlog of reports and user requests.

    (Note to business managers: maintain you calculated what 40 percent of your application developers’ time is costing you?)

    Wouldn’t it subsist glacial if they had simple apples-to-apples comparisons of BI utensil vendors? These days, vendors sustain their performance numbers immediate to the vest, industry vendor bake-offs are usually more performance-based than functionally specific, and the industry analyst firms simply can’t shiver the stigma that recommended vendors are too paying clients.

    Wouldn’t it subsist glacial if executives distinguished data governance from data management? They define data governance as the organizing framework for aligning strategy, defining objectives, and establishing policies for enterprise information. Data management is the tactical execution of data governance. It includes data attribute processes, privacy and security administration, metadata management, data modeling and design, and other tactical, skills-rich activities. Using data governance synonymously with data management not only misses the point, but also prevents many companies from leaving the starting block. You can effect data management without data governance – that’s where most companies are currently. But you can’t effect data governance without data management, and it would subsist glacial if managers recognized the symbiosis between the two and began investing.

    Wouldn’t it subsist glacial if the business focused less on data perfection, and more on systemic, process-driven data quality? entire too often, they find ourselves in a margin complete of business users complaining about the data they accept from IT. The definition of “good data” isn’t within arm’s reach – everyone has a different belief of what the privilege own is. The typical want of data management rigor means that there’s no simple answer, or a simple process for defining data success metrics.

    If management really wants to beset the data attribute problem, they requisite to dismount the lofty horse of data perfection and ensure that data definitions, content, and acceptance criteria are well defined for individual systems as well as for the enterprise at large. Data management as a discipline helps companies accept off of the carousel of lousy data, letting IT toil with a set of defined goals. Adopting a business-focused and programmatic approach to data quality, and realizing that data attribute automation is simply a means to that end, would subsist a Good start.

    Wouldn’t it subsist glacial if business users realized that the only block to data attribute was their own want of rendezvous and ownership?

    Wouldn’t it subsist glacial if they had to justify the continued actuality of their systems? We’re entire for “pre facto” ROI estimation, but what about measuring the ongoing value of an application, either in terms of cost savings or revenue generation?

    We realize that having such a policy could subsist a double-edged sword for some companies; but, in most cases, it would bolster both the reputation and the funding of data warehouse and BI programs that must regularly, and in many cases unnecessarily, cede to the budget demands of operational systems’ maintenance activities and fresh release plans.

    In the investment world, every mutual fund manager is measured. And the fund either grows or shrinks based upon the fund manager’s performance. When mutual fund giant Janus ran into exertion with regulators, many of its fund managers headed for the hills and its stock got battered. In the final seven years, Janus’ assets maintain shrunk by 50 percent. An investment isn’t a one-time-only event, but something that people continually monitor. So it should subsist with IT value measurement.

    Wouldn’t it subsist glacial if enterprise search and SOA were linked? Then, pile applications would involve nothing more than requesting reports from a search engine. This would eradicate the backlog of criterion canned reports and remove much of the maintenance burden. The concept of business information without programming would become a reality. entire too often, reports are duplicated across systems because people don’t know what’s already out there, and it’s well-known that business intelligence tools are nothing more than a delivery mechanism into Excel. By linking search with data services, a user could leverage her personal “palette” of toolsets, simplifying data access and navigation. This would get fresh reports as simple as excel and web mash-ups, thus liberating developers from the ongoing font size, colors and visualization deliberations once and for all.

    Wouldn’t it subsist glacial if the business understood the strategic value of IT? If IT could engage the business consistently in fresh requirements conversations? If they could accept their fingers entire the passage to the bottom of the peanut butter jar? If someone cleaned their garage while they were out to dinner? If movie stars were paid by weight? If “reboot” worked in existent life?

    ‘Til then, we’ll sustain on doing their day jobs. 

     
  • Jill DychéJill Dyché

    Jill is a confederate co-founder of Baseline Consulting, a technology and management consulting arduous specializing in data integration and business analytics. Jill is the author of three acclaimed business books, the latest of which is Customer Data Integration: Reaching a sole Version of the Truth, co-authored with Evan Levy. Her blog, Inside the Biz, focuses on the business value of IT.

    Editor's Note: More articles and resources are available in Jill's BeyeNETWORK Expert Channel. subsist confident to visit today!

  • Evan Levy

    Evan is a confederate and co-founder of Baseline Consulting, a professional services arduous concentrating on enterprise data issues. In addition to his executive management responsibilities at Baseline, Evan is actively involved in managing project delivery teams and guiding client solution delivery. He too advises vendors and VC firms on fresh and emerging product strategies. Considered an industry leader on the topic of data integration and management, Evan is a faculty member of The Data Warehousing Institute. He is co-author of the fresh book, Customer Data Integration: Reaching a sole Version of the Truth (John Wiley and Sons, 2006).



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