Companies news of 2017-11-08 (page 1)

 
Cision Reports Third Quarter 2017 Results; Updates Full Year 2017 Outlook

CHICAGO, Nov. 8, 2017 /PRNewswire/ -- Cision Ltd. (NYSE: CISN), a leading global provider of software and services to public relations and marketing communications professionals, today reported results for the quarter ended September 30, 2017.

Cision logo. (PRNewsFoto/Cision)

Highlights for the quarter include:

  • Revenue increased 5.9% to $159.7 million;
  • Revenue, excluding impacts from purchase accounting, was $160.4 million;
  • Operating income for the quarter ended September 30, 2017 was $13.9 million, a $21.0 million improvement versus the prior year's third quarter operating loss of $7.1 million;
  • Net loss was $46.4 million;  
  • Adjusted EBITDA increased 12.2% to $57.0 million;
  • Fully-diluted net loss per share was ($0.38); and
  • Adjusted pro forma net income per diluted share increased by 114.3% to $0.15 versus the prior year's third quarter.

"We are pleased to have delivered another solid quarter while navigating our way through integration efforts and continued improvement of the Cision Communications Cloud," said Kevin Akeroyd, Cision's Chief Executive Officer. "As we've stated previously, our operational focus will continue to be on delivering best-in-class products and services to our customers, executing on our remaining synergies, and driving towards our long-term goals and objectives."

Financial Results

  • Revenue for the quarter ended September 30, 2017 was $159.7 million, a 5.9% increase over the prior year's third quarter revenue of $150.8 million;
  • Net loss for the quarter ended September 30, 2017 was $46.4 million, a $6.9 million decline versus the prior year's third quarter net loss of $39.5 million;
  • Fully-diluted net loss per share for the quarter ended September 30, 2017 was ($0.38), a $1.01 per share improvement versus the prior year's third quarter fully-diluted net loss per share of ($1.39);
  • Net cash provided by operating activities was $38.3 million for the nine months ended September 30, 2017, a $35.6 million improvement versus the net cash provided by operating activities of $2.7 million for the nine months ended September 30, 2016;
  • EBITDA for the quarter ended September 30, 2017 was $51.0 million, a $16.7 million improvement versus the prior year's third quarter EBITDA of $34.3 million;
  • Adjusted EBITDA for the quarter ended September 30, 2017 was $57.0 million, a $6.2 million improvement versus the prior year's third quarter Adjusted EBITDA of $50.8 million;
  • Adjusted net income for the quarter ended September 30, 2017 was $18.1 million, a $12.0 million improvement versus the prior year's third quarter Adjusted net income of $6.0 million;
  • Adjusted pro forma net income per share for the quarter ended September 30, 2017 was $0.15, a $0.08 per share improvement versus the prior year's third quarter Adjusted pro forma net income per share of $0.07; and
  • Adjusted net cash provided by operating activities was $63.9 million for the nine months ended September 30, 2017, a $25.2 million improvement versus the prior year's nine months ended September 30, 2016 Adjusted net cash provided by operating activities of $38.6 million.

Business Statistics and Operational Highlights

  • Cision/PRN US cross-sell bookings of $1.4 million (annual contract value) during the third quarter, bringing the total cross-sell bookings within the US to $10.7 million since the completion of the acquisition of PR Newswire;
  • Cision/Bulletin US cross-sell bookings of $0.6 million (annual contract value) during the third quarter, bringing the total cross-sell bookings within the US to $1.4 million since the completion of the acquisition of Bulletin Intelligence;
  • Continued enhancement of our industry leading Cision Communications Cloud? platform, with releases that expanded social media monitoring capabilities, improved management and measurement of multi-channel PR campaigns, and integrated analytical tools such as Google Analytics and Adobe;
  • The average number of subscription customers was approximately 39,300 during the quarter ended September 30, 2017, representing a 3.9% increase over the pro forma number of subscription customers during the quarter ended September 30, 2016;
  • The average annualized revenue per subscription customer was approximately $9,940 during the quarter ended September 30, 2017. Excluding the impact of currency, this represented a 0.9% decrease versus the pro forma average annualized revenue per subscription customer during the quarter ended September 30, 2016;
  • Approximately 40,600 customers purchased services from us on a transaction basis during the quarter ended September 30, 2017, representing a 5.0% decrease in the number of pro forma customers that purchased services from us on a transaction basis during the quarter ended September 30, 2016;
  • The average revenue per customer that purchased services from us on a transaction basis was $1,300 during the quarter ended September 30, 2017. Excluding the impact of currency, this represented a 2.2% decrease versus the average revenue per pro forma customer that purchased services from us on a transaction basis during the quarter ended September 30, 2016;
  • Americas revenues were $112.7 million for the quarter ended September 30, 2017, a 1.7% decrease over the prior year's third quarter Americas revenues of $114.6 million;
  • EMEA revenues were $40.3 million for the quarter ended September 30, 2017, a 31.5% increase over the prior year's third quarter EMEA revenues of $30.6 million; and
  • APAC revenues were $6.7 million for the quarter ended September 30, 2017, a 22.0% increase over the prior year's third quarter APAC revenues of $5.5 million.

Fiscal Year 2017 Outlook
Our updated outlook for the full year ending December 31, 2017 appears below:

  • Revenue of between $627 million and $631 million;
  • Including the acquisition of Bulletin Intelligence and the divestiture of Vintage, as if both occurred on January 1, 2017, revenue of between $630 million and $634 million;
  • Adjusted EBITDA of between $223 million and $225 million;
  • Including the acquisition of Bulletin Intelligence and the divestiture of Vintage, as if they both occurred on January 1, 2017, Adjusted EBITDA of between $225 million and $227 million;
  • Adjusted net income of between $57 million and $60 million; and
  • Adjusted pro forma net income per share per of between $0.56 and $0.59.

Additionally, for the full year ending December 31, 2017, Cision expects:

  • Depreciation expense of between $24 million and $26 million;
  • Net interest expense, exclusive of debt extinguishment costs, of between $116 million and $118 million;
  • Cash interest expense of between $102 million and $104 million, with fourth quarter 2017 cash interest expense of between $16 million and $18 million;
  • Amortization expense of between $114 million and $116 million, with $24 million to $26 million of this amortization expense within cost of revenue and the remainder in general and administrative costs;
  • Stock-based compensation expense of between $4 million and $5 million;
  • Capital expenditures, inclusive of capitalized software development, of between $25 million and $27 million; and
  • Adjusted net cash provided by operating activities of between $95 million and $99 million.

The above outlook assumes the following exchange rates with respect to the British Pound, the Euro and the Canadian Dollar for the remainder of 2017:

GBP to USD

1.30

EUR to USD

1.16

CAD to USD

0.78

Additionally, our outlook for 2017 (1) excludes any additional acquisitions, divestitures, or other unanticipated events, (2) adjusts for the deferred revenue reduction from purchase accounting, and (3) includes 2,000,000 earn-out shares that were issued to Canyon Holdings (Cayman) L.P. on November 3, 2017 in accordance with the terms of the Agreement and Plan of Merger by and among Capitol Acquisition Corp. III, Capitol Acquisition Holding Company Ltd., later renamed "Cision Ltd." (the "Company"), Capital Acquisition Merger Sub, Inc., Canyon Holdings (Cayman) L.P. ("Canyon") and Canyon Holdings s.à r.l.. See discussion of non-GAAP financial measures at the end of this release.

As previously announced, we will hold a conference call to discuss its third quarter 2017 results on November 8, 2017 at 5:00pm EST. The conference call will be simultaneously webcast on the Investor Relations section of the company's website: http://investors.cision.com

Use of Non-GAAP Financial Measures
Non-GAAP results are presented only as a supplement to our financial statements based on US generally accepted accounting principles (GAAP). Non-GAAP financial information is provided to enhance the reader's understanding of our financial performance, but none of these non-GAAP financial measures are recognized terms under GAAP, and non-GAAP measures should not be considered in isolation or as a substitute for financial measures calculated in accordance with GAAP. Reconciliations of the most directly comparable GAAP measures to non-GAAP measures, such as EBITDA, Adjusted EBITDA, Adjusted net income, Adjusted net income per share, and Adjusted net cash provided by operating activities, are provided within the schedules attached to this release. We use non-GAAP measures in our operational and financial decision-making, believing that it is useful to exclude certain items in order to focus on what we deem to be a more reliable indicator of ongoing operating performance and our ability to generate cash flow from operations. As a result, internal management reports used during monthly operating reviews include Adjusted EBITDA, Adjusted net income, Adjusted pro forma net income per share, and Adjusted net cash provided by operating activities. Additionally, we believe that the presentation of non-GAAP measures provides information that is useful to investors as it indicates, for example, our ability to meet capital expenditures and working capital requirements and otherwise meet our obligations as they become due. Investors are cautioned that non-GAAP financial measures are not a substitute for GAAP disclosures. This communication also includes certain forward-looking non-GAAP financial measures. We are unable to present without reasonable efforts a reconciliation of this forward-looking non-GAAP financial information because management cannot reliably predict all of the necessary components of such measures.   Forward-looking non-GAAP financial information is based on numerous assumptions, including assumptions with respect to general business, economic, market, regulatory and financial conditions and various other factors, all of which are difficult to predict and many of which are beyond our control. Accordingly, investors are cautioned not to place undue reliance on this information.

Non-GAAP measures are frequently used by securities analysts, investors, and other interested parties in their evaluation of companies comparable to us, many of which present non-GAAP measures when reporting their results. These measures can be useful in evaluating our performance against our peer companies because we believe the measures provide users with valuable insight into key components of GAAP financial disclosures. However, non-GAAP measures have limitations as an analytical tool. Non-GAAP measures are not necessarily comparable to similarly titled measures used by other companies. They are not presentations made in accordance with GAAP, are not measures of financial condition or liquidity, and should not be considered as an alternative to profit or loss for the period determined in accordance with GAAP or operating cash flows determined in accordance with GAAP. As a result, you should not consider such performance measures in isolation from, or as a substitute analysis for, results of operations as determined in accordance with GAAP.

Forward-Looking Statements
This communication contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements often address expected future business and financial performance and financial condition, and often contain words such as "anticipate," "intend," "plan," "goal," "seek," "aim," "strive," "believe," "see," "project," "predict," "estimate," "expect," "continue," "strategy," "future," "likely," "may," "might," "should," "will," "would," "target," similar expressions, and variations or negatives of these words. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations, and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict and many of which are outside of our control. Accordingly, you should not place undue reliance on these statements, as actual results may vary materially. A detailed discussion of some of the risks and uncertainties that could cause our actual results and financial condition to differ materially from the forward-looking statements is described under the caption "Risk Factors" in our Registration Statement on Form S-4 filed on June 14, 2017, along with our other filings with the U.S. Securities and Exchange Commission. Any forward-looking statement made by us in this communication is based only on information currently available to us and speaks only as of the date of this report. We do not assume any obligation to publicly provide revisions or updates to any forward-looking statements, whether as a result of new information, future developments or otherwise, should circumstances change, except as otherwise required by securities and other applicable laws. Please consult our public filings at www.sec.gov or www.Cision.com.

About Cision
Cision Ltd. (NYSE: CISN) is a leading global provider of earned media software and services to public relations and marketing communications professionals. Cision's software allows users to identify key influencers, craft and distribute strategic content, and measure meaningful impact. Cision has over 3,000 employees with offices in 15 countries throughout the Americas, EMEA, and APAC. For more information about its award-winning products and services, including the Cision Communications Cloud®, visit www.cision.com and follow Cision on Twitter @Cision.

Cision Ltd. and its Subsidiaries

Condensed Consolidated Balance Sheets

(in thousands, except per share and share amounts)

(Unaudited)




September 30,


December 31,



2017


2016






Assets




Current assets:





Cash and cash equivalents

$             76,732


$           35,135


Restricted cash

20


627


Accounts receivable, net

97,503


87,605


Prepaid expenses and other current assets

18,705


16,225


Total current assets

192,960


139,592

Property and equipment, net

55,060


47,947

Other intangible assets, net

472,628


511,210

Goodwill

1,113,813


1,079,518

Other assets

9,458


8,801


Total assets

$         1,843,919


$       1,787,068






Liabilities, Mandatorily Redeemable Equity and Stockholders' Equity (Deficit)




Current liabilities:





Current portion of long-term debt

$             12,555


$           11,171


Due to Cision Owner, Convertible Preferred Equity Certificates

-


443,102


Accounts payable

14,286


8,723


Accrued compensation and benefits

20,821


26,109


Other accrued expenses

62,473


54,862


Current portion of deferred revenue

124,782


119,600


Total current liabilities

234,917


663,567

Long-term debt, net of current portion

1,188,462


1,383,877

Deferred revenue, net of current portion

1,356


961

Deferred tax liability

53,239


83,209

Other liabilities

19,103


14,507


Total liabilities

1,497,077


2,146,121






Series A-1 and Series C-2 mandatorily redeemable stockholders'

equity, 5,498,688 shares authorized, issued and outstanding at December 31, 2016

-


701






Stockholders' equity (deficit):





Preferred stock, $0.0001 par value, 20,000,000 shares authorized; no shares issued at September 30, 2017 and December 31, 2016

-


-


Common stock, $0.0001 par value, 480,000,000 shares authorized; 120,634,922 and 28,369,644 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively

12


3


Additional paid-in capital

770,620


11,448


Accumulated other comprehensive loss

(37,937)


(73,902)


Accumulated deficit

(385,853)


(297,303)


Total stockholders' equity (deficit)

346,842


(359,754)







Total liabilities, mandatorily redeemable equity and stockholders' equity (deficit)

$         1,843,919


$       1,787,068

 

Cision Ltd. and its Subsidiaries

Condensed Consolidated Statements of Operations and Comprehensive Loss

(in thousands, except per share and share amounts)

(Unaudited)




Three months ended September 30, 


Nine months ended September 30, 



2017


2016


2017


2016










Revenue

$        159,729


$       150,778


$       462,678


$       319,308

Cost of revenue

53,287


51,581


147,571


112,238



Gross profit

106,442


99,197


315,107


207,070

Operating costs and expenses









Sales and marketing

27,931


28,839


83,231


64,077


Research and development

5,661


7,050


16,679


14,348


General and administrative

36,127


44,360


117,819


98,681


Amortization of intangible assets

22,829


26,018


66,306


51,619



Total operating costs and expenses

92,548


106,267


284,035


228,725



Operating income (loss)

13,894


(7,070)


31,072


(21,655)

Non operating income (losses)









Foreign exchange gains (losses)

802


454


(1,832)


6,103


Interest and other income, net

177


382


2,450


650


Interest expense

(23,063)


(46,472)


(96,306)


(82,292)


Loss on extinguishment of debt

(51,872)


-


(51,872)


(23,591)



Total non operating loss

(73,956)


(45,636)


(147,560)


(99,130)



Loss before income taxes

(60,062)


(52,706)


(116,488)


(120,785)

Benefit from income taxes

(13,653)


(13,167)


(27,938)


(46,134)



Net loss

$         (46,409)


$       (39,539)


$       (88,550)


$       (74,651)

Other comprehensive income (loss) - foreign currency translation adjustments

13,371


(9,927)


35,965


(41,981)


Comprehensive loss

$         (33,038)


$       (49,466)


$       (52,585)


$      (116,632)










Net loss per share:









Basic

$             (0.38)


$           (1.39)


$           (1.47)


$           (2.63)


Diluted

$             (0.38)


$           (1.39)


$           (1.47)


$           (2.63)

Weighted average shares outstanding used in computing per share amounts:









Basic

120,584,316


28,369,644


60,120,689


28,369,644


Diluted

120,584,316


28,369,644


60,120,689


28,369,644

 

Cision Ltd. and its Subsidiaries

Condensed Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)



 Nine months ended September 30,  


2017


2016









Cash flows from operating activities




Net loss

$       (88,550)


$      (74,651)

Adjustments to reconcile net loss to net cash provided by operating activities:





Depreciation and amortization

103,392


87,552


Noncash interest charges and amortization of debt discount and deferred financing costs

60,532


30,213


Noncash yield on Convertible Preferred Equity Certificates

2,292


12,014


Equity-based compensation expense

2,944


4,024


Provision for doubtful accounts

2,247


3,131


Deferred income taxes

(29,970)


(54,000)


Unrealized currency translation losses (gains)

1,551


(4,478)


Gain on sale of business

(1,785)


-


Other 

(171)


(114)


Changes in operating assets and liabilities, net of effect of acquisitions and disposal:






Accounts receivable

7,018


5,936



Prepaid expenses and other current assets

1,072


1,299



Other assets

113


4,279



Accounts payable

(2,110)


1,854



Accrued compensation and benefits

(10,207)


3,490



Other accrued expenses

(6,748)


(196)



Deferred revenue

(3,168)


(15,082)



Other liabilities

(110)


(2,586)




Net cash provided by operating activities

38,342


2,685

Cash flows from investing activities




Purchases of property and equipment

(7,746)


(3,532)

Software development costs

(11,365)


(8,584)

Acquisitions of businesses, net of cash acquired of $12,354 and $9,071

(54,992)


(805,214)

Proceeds from disposal of business

23,675


3,996

Change in restricted cash

607


(19)




Net cash used in investing activities

(49,821)


(813,353)

Cash flows from financing activities




Proceeds from revolving credit facility

5,000


33,475

Repayment of revolving credit facility

(38,475)


-

Proceeds from issuance of Convertible Preferred Equity Certificates to Cision Owner

-


136,025

Payment of amounts due to Cision Owner

(1,940)


-

Proceeds from term credit facility, net of debt discount of $10,091 and $105,930

1,275,634


1,364,070

Repayments of term credit facility

(1,494,501)


(722,180)

Payments on capital lease obligations

(171)


(229)

Proceeds from the consummation of the Transactions

305,210


-




Net cash provided by financing activities

$      50,757


$  811,161

Effect of exchange rate changes on cash and cash equivalents

2,319


(748)




Increase (decrease) in cash and cash equivalents

41,597


(255)

Cash and cash equivalents




Beginning of period

35,135


30,606

End of period

$       76,732


$    30,351





Supplemental non-cash information





Contribution of Convertible Preferred Equity Certificates in connection with Transactions

$    450,455


$              -


Issuance of Convertible Preferred Equity Certificates in connection with acquisition

-


40,000



 

Cision Ltd. and its Subsidiaries

Reconciliation of Net Income (Loss) to EBITDA and Adjusted EBITDA

(in thousands)

(Unaudited)



Three Months
Ended
September 30,
2017

Three Months
Ended
September 30,
2016


Nine Months
Ended
September 30,
2017

Nine Months
Ended
September 30,
2016

Net income (loss)

$         (46,409)

$       (39,539)


$         (88,550)

$       (74,651)

Depreciation and amortization

36,102

40,511


103,392

87,552

Interest expense and loss on extinguishment of debt

74,935

46,472


148,178

105,883

Provision (benefit) from income taxes

(13,653)

(13,167)


(27,938)

(46,134)

EBITDA (1)(6)

$          50,975

$         34,277


$         135,082

$         72,650

Acquisition related costs and expenses

5,234

13,268


25,524

35,958

Stock-based compensation

1,018

1,408


2,944

4,024

Deferred revenue reduction from purchase accounting

646

584


751

584

Gain on sale of business

-

-


(1,785)

-

Sponsor fees and expenses

-

125


284

451

Unrealized translation loss (gain)

(843)

1,156


1,551

(4,478)

Adjusted EBITDA (2)(6)

$           57,030

$         50,818


$        164,351

$       109,189

 

Cision Ltd. and its Subsidiaries

Reconciliation of Net Income (Loss) to Adjusted Net Income and Adjusted Pro Forma Net Income per Diluted Share

(in thousands, except per share and share amounts)

(Unaudited)



Three Months
Ended
September 30,
2017

Three Months
Ended
September 30,
2016


Nine Months
Ended
September 30,
2017

Nine Months
Ended
September 30,
2016

Net income (loss)

$       (46,409)

$       (39,539)


$       (88,550)

$       (74,651)

Provision (benefit) from income taxes

(13,653)

(13,167)


(27,938)

(46,134)

Acquisition related costs and expenses

5,234

13,268


25,524

35,958

Gain on sale of business

-

-


(1,785)

-

Stock-based compensation expense

1,018

1,408


2,944

4,024

Deferred revenue reduction from purchase accounting

646

584


751

584

Amortization related to acquired intangible assets

29,153

33,515


84,530

69,100

Debt refinancing, CPEC interest and debt extinguishment costs

51,872

11,647


55,850

36,540

Sponsor fees and expenses

-

125


284

451

Unrealized translation loss (gain)

(843)

1,156


1,551

(4,478)

Adjusted income (loss) before income taxes

$       27,018

$           8,997


$       53,161

$         21,394

Less: Income tax at 33% statutory rate

(8,916)

(2,969)


(17,543)

(7,060)

Adjusted net income (3)(6)

$       18,102

$           6,028


$       35,618

$         14,334

Pro forma fully-diluted weighted average shares outstanding (4)(6)

120,584

82,076


95,335

82,076

Adjusted pro forma net income per diluted share (4)(6)

$           0.15

$             0.07


$           0.37

$             0.17

 

Cision Ltd. and its Subsidiaries

Reconciliation of Net Cash Provided by Operating Activities to Adjusted Net Cash Provided by Operating Activities

(in thousands)

(Unaudited)



Nine Months
Ended
September 30,
2017

Nine Months
Ended
September 30,
2016

Net Change

Net cash provided by operating activities

$           38,342

$             2,685

$      35,657

  Acquisition related costs and expenses

25,524

35,958

(10,434)

Adjusted net cash provided by operating activities (5)(6)

$           63,866

$           38,643

$      25,223

(1) Cision defines EBITDA as net income (loss), plus depreciation and amortization expense, plus interest expense and loss on extinguishment of debt, plus provision for (or minus benefit from) income taxes.

(2) Cision defines Adjusted EBITDA as net income (loss), plus depreciation and amortization expense, plus interest expense and loss on extinguishment of debt, plus provision for (or minus benefit from) income taxes, further adjusted for the following items: acquisition related costs and expenses, stock-based compensation, deferred revenue reduction from purchase accounting, (gains) losses related to divested businesses or assets, sponsor fees and expenses, and unrealized translation losses (gains). All of the items included in the reconciliation from net income to Adjusted EBITDA are either non-cash items or are items that we consider to be less useful in assessing our operating performance. In the case of the non-cash items, we believe that investors can better assess our operating performance if the measures are presented without such items because, unlike cash expenses, these adjustments do not affect our ability to generate cash or invest in our business. For example, by excluding depreciation and amortization from EBITDA, users can compare operating performance without regard to different accounting determinations such as useful life. In the case of the other items, we believe that investors can better assess operating performance if the measures are presented without these items because their financial impact does not reflect ongoing operating performance.

(3) Cision defines Adjusted net income as net income (loss) plus provision for (or minus benefit from) income taxes, further adjusted for acquisition related costs and expenses, (gains) losses related to divested businesses or assets, stock-based compensation, deferred revenue reduction from purchase accounting, amortization related to acquired intangibles, debt refinancing, CPEC interest and debt extinguishment costs, sponsor fees and expenses, and unrealized translation losses (gains), which together, sum to Adjusted net income (loss) before income taxes. Adjusted net income (loss) before income taxes is then taxed at an assumed US statutory long term corporate tax rate of 33% to determine Adjusted net income (loss). All of the items included in the reconciliation from net income to Adjusted net income are either non-cash items or are items that we consider to be less useful in assessing our operating performance. In the case of the non-cash items, we believe that investors can better assess our operating performance if the measures are presented without such items because, unlike cash expenses, these adjustments do not affect our ability to generate free cash flow or invest in our business. For example, by excluding the amortization related to acquired intangibles, users can compare operating performance without regard to highly variable amortization expenses related to our acquisitions. In the case of the other items, we believe that investors can better assess operating performance if the measures are presented without these items because their financial impact does not reflect ongoing operating performance.

(4) Adjusted pro forma net income per diluted share is defined as Adjusted net income (loss), as defined above, divided by the fully-diluted pro forma weighted average shares outstanding for the period. The fully-diluted pro forma weighted average shares outstanding for the respective period assume that the exchange of shares pursuant to our merger with Capitol Acquisition III had taken effect as of the beginning of such period. Additionally, for purposes of calculating the number of fully diluted pro forma weighted shares outstanding, we have excluded the potential impact of dilution from outstanding warrants to purchase shares of our common stock.

(5) Adjusted net cash provided by operating activities is defined as net cash provided by operating activities adjusted for the payment of acquisition related costs and expenses.

(6) Adjusted net income (loss), Adjusted pro forma net income (loss) per diluted share, EBITDA, Adjusted EBITDA, and Adjusted cash flow provided by (used in) operating activities, are used by many of our investors, research analysts, investment bankers, and lenders to assess our operating performance. For example, a measure similar to Adjusted EBITDA is required by the lenders under our term loan and revolving credit agreements. In August 2016, the Financial Accounting Standards Board ("FASB") issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (a consensus of the Emerging Issues Task Force). The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows, including the presentation of debt prepayment or debt extinguishment costs as cash outflows for financing activities on the statement of cash flows.  The standard was effective for us in the first quarter of fiscal year 2019, however, we elected to early adopt ASU 2016-15 on a retrospective basis on July 1, 2017, resulting in classifying $19.4 million in payments of original issue discount upon debt extinguishment as a repayment of term loan facility, a financing outflow, as opposed to the prior treatment which was to classify these as an operating cash outflow on our condensed consolidated statements of cash flows for the nine months ended September 30, 2016.  The resulting change increased cash provided by operating activities to $2.7 million and decreased cash provided by financing activities to $811.2 million for the nine months ended September 30, 2016.

Investor Contact:
Jack Pearlstein
Chief Financial Officer
Jack.Pearlstein@Cision.com

Media Contact:
Nick Bell
Vice President, Marketing Communications and Content
nick.bell@cision.com

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iomart Consultancy SystemsUp Migrates UK Law Firm to Microsoft Azure and Office365

LONDON, November 8, 2017 /PRNewswire/ --

Digital transformation consultancy SystemsUp has been selected by Farrer & Co LLP to deliver wide-ranging technology transformation across the firm using Microsoft Azure.

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For the next two years SystemsUp will work in partnership with Farrer & Co to enhance productivity and user experience across the organisation by moving it to a secure Azure hybrid cloud platform and a collaborative next generation desktop environment based on Office 365 and Windows 10. A key element of this will be the delivery of the guidance and change management required to fully exploit these technologies as both organisations believe that to be become digital in delivery there is a requirement to evolve knowledge, skills and processes in a carefully planned manner.

Neil Davison, IT Director for Farrer & Co, said: "With our IT infrastructure and environmental systems reaching the end of their useful life, we were presented a rare opportunity to replace every part of our infrastructure with an entirely new, next generation IT platform which would help us transform service delivery. SystemsUp were selected due to their unparalleled understanding of Azure and the quality of every team member we met."

Whilst Farrer & Co are a firm with a rich history they are also willing adopters of new technology, with a cloud and mobile first strategy dating back to 2013. The move to Azure with the help of SystemsUp is the next stage of that journey.

Nick Martin, Managing Director of SystemsUp, said: "We are delighted and excited to be working with Neil and his team at Farrer & Co on the delivery of excellent technology that will deliver real results in terms of modern, forward thinking solutions that will underpin performance improvement right across their organisation. By exploiting Microsoft's cloud technology in the right way we can bring them significant business outcomes and positive change."  

SystemsUp helps clients across the public and private sector to get the best out of collaborative solutions and cloud services to enable real business transformation. It is part of iomart (AIM: IOM), the managed cloud services company.  

About SystemsUp

SystemsUp is a highly regarded professional services company that delivers outstanding cloud consultancy services and successful digital transformation engagements in the public and private sectors. Our clients range from high profile government departments, FTSE 100 and global blue chip companies, to smaller specialist organisations and application vendors across all markets. SystemsUp is part of iomart Group Plc (AIM: IOM), one of the UK's leading independent cloud and data centre managed service providers. www.systemsup.co.uk

About Farrer & Co

Farrer & Co is an independent law firm with a rich history. A centuries-long tradition of advising private families, individuals and charitable institutions is today complemented by our work with businesses and entrepreneurs, from asset managers and sports bodies to media groups. 

We look to be the market leader in our chosen areas of expertise, advising clients on the contentious and non-contentious legal, business and personal issues they face. 

Our reputation and success is based on the goodwill of numerous close client relationships. We are trusted advisers, acting in our clients' long-term interests and paying careful attention to quality and personal service. www.farrer.co.uk

Media Contact:
Jane Robertson
PR Manager
jane.robertson@iomart.com
+44-(0)-141-931-6400

Ericsson Capital Markets Day 2017

STOCKHOLM, November 8, 2017 /PRNewswire/ --

  • Update on company strategy, progress in strategy execution and planning assumptions going forward
  • Long term target of more than 12% operating margin, excluding restructuring, beyond 2020
  • Robust plans in place with a target of sales of SEK 190 ? 200 b. with 37 ? 39% gross margin and at least 10% operating margin, excluding restructuring, by 2020 for the Group.

Ericsson (NASDAQ:ERIC) is today holding its Capital Markets Day. The company is giving an overview of its focused business strategy and deep dives in execution in all business segments.

Börje Ekholm, President and CEO, says: "Our job and commitment is to rebuild Ericsson to be successful long-term. Near term we will prioritize profitability over growth. Healthy profitability is the base for long-term success and will give us the freedom and resources to invest for the long term."

The company mission is to enable the full value of connectivity for its service provider customers. In the work to turn around performance, each portfolio area has a clear focus. In Networks, the company is increasing R&D for technology and cost leadership. In Digital Services, focus is on reaching break even by shifting to software-led solutions and adjusting the cost base. In Managed Services, a contract review is ongoing and investments in automation have started. Finally, a structured approach to technology and business innovations will over time drive new growth in Emerging Businesses.

In this first phase of strategy execution, focus is on simplifying and stabilizing the business. A simplified company structure and organization has been put in place. The first results from accelerated cost reduction activities and contract reviews are already visible and there is good traction in the ongoing portfolio review. At the same time, the company is taking steps to invest into future growth as the industry transitions into 5G.

Börje Ekholm, President and CEO, Ericsson says: "5G is not just another G. Even though we are not planning for significant 5G sales before 2020, we are convinced it will create value for our customers in their mobile broadband business, enabling them to manage very high traffic growth. But even more important, it has the potential to create new businesses and revenue streams for service providers based on use cases such as industrial applications. With the combination of products and capabilities that we have in Networks and Digital Services combined, we are well positioned to support our customers' network evolution to 5G."

Group financial targets and profitability

The target for net sales is SEK 190 ? 200 b. by 2020.

The focused business strategy presented in March this year, stated the ambition to improve returns to shareholders, including the potential of more than 12 % operating margin on a sustainable basis beyond 2018, excluding restructuring costs.

Ericsson remains fully committed to this ambition but the starting point has become more challenging and therefore it will take some additional time than originally planned for. This is due to a weaker than expected Radio Access Network equipment market that will have significant compound effect over the coming years, FX movements with our reporting currency SEK strengthening against the USD and an even more challenging situation in Digital Services than the original assessment indicated.

However, there are robust plans in place which will take us to a gross margin of 37 ? 39% and an operating margin of at least 10% for the Group in 2020, excluding restructuring charges. This target does not factor in any significant 5G sales during this time period.

Börje Ekholm continues: "We have plans in place for all segments that combined sum up to an operating margin of between 10 ? 12% by 2020, but since there are execution risks in all plans and we start from a weaker starting point than originally planned for, we prefer to be cautious and commit to the lower end of the range. Beyond 2020, we will drive continued improvements and capture upsides from innovation and emerging business to reach our ambition of at least 12% operating margin for the Group."

2020 targets and planning assumptions

(see below under heading New financial reporting structure for details on new segment structure)

SEK b.


Networks

Digital Services

Managed Services

Other

Total

 

Target 2020

Net sales

128 ? 134

42 ? 44

20 ? 22

3 ? 5

190 ? 200

 


Operating margin 1)

15 ? 17%

Low single digit

4 ? 6%

Breakeven

>10%

 








Baseline 2017 Q3 rolling 4Q unaudited and preliminary

Net sales

133 ? 135

41 ? 43

24 ? 26

7 ? 9 3)

211


Operating margin  2)

13 ? 14%

-15 to -17%

-4 to -6%

-57% to -62%

3)

3%

1) Excluding restructuring charges

2) Numbers are excluding restructuring charges and extraordinary items

3) Including Media Solutions and Broadcast & Media Services

Note: All financial targets are based on USD/SEK at 8.20. USD to SEK movements has a direct impact on reported sales and income. If the USD to SEK weakens by -10% it has approximately 5% negative impact on topline and 1 percentage point on operating margin.

Market development

In line with external analysts' market size estimates, Ericsson expects that the Radio Access Network equipment market addressed by segment Networks will decline by -2% during 2018, and by -1% during 2019. In 2020, the market is expected to remain flat with no further decline.

Planning assumptions for all other key segments are based on external sources and indicate slightly positive growth across all segments during the same time period.

Progress on cost savings

As announced in the report for the second quarter 2017, cost reduction activities are accelerated to achieve an annual run rate reduction of at least SEK 10 b. by mid-2018, split between General & Administration (30%) and Cost of Sales (70%). At the end of Q317 a SEK 2 b. run rate reduction had been achieved, of which SEK 1.8 b. in cost of sales.

Restructuring charges for full year 2018 are estimated to SEK 5 ? 7 b.  

New financial reporting structure

Ericsson will introduce a new financial reporting structure as of Q4 2017, based on the new company structure. Results will be reported in four segments: Networks, Digital Services, Managed Services and Other. Each segment includes the combined sales from products and services except for segment Managed Services that consists of services only.

IPR revenues will be split 82% in Networks and 18% in Digital Services.

Segment Other will consist of Media Solutions, Broadcast & Media Services, and Emerging Business.

The restated numbers for 2016 and 2017 will be disclosed on December 8, 2017, ahead of the fourth quarter and full year 2017 report.

Details of the event

President and CEO Börje Ekholm and CFO Carl Mellander will be joined by members of the company's Executive Team. The speakers include Fredrik Jejdling, Head of Business Area Networks, Ulf Ewaldsson, Head of Business Area Digital Services, and Peter Laurin, Head of Business Area Managed Services as well as CTO Erik Ekudden and Nishant Batra, Head of Network infrastructure.

Ericsson's Capital Markets Day event can be accessed via the Ericsson website https://www.ericsson.com/en/investors/events-and-presentations/CMD2017. Presentation materials can also be downloaded from the website once the webcast has started.

NOTES TO EDITORS

For media kits, backgrounders and high-resolution photos, please visit www.ericsson.com/press

FOLLOW US:

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Media Contact:

Peter Nyquist, Head of Investor Relations

Phone: +46-10-714-64-99

E-mail: peter.nyquist@ericsson.com


Ericsson Investor Relations

Phone: +46-10-719-00-00

E-mail: investor.relations@ericsson.com


Ericsson Corporate Communications

Phone: +46-10-719-69-92

E-mail: media.relations@ericsson.com

Ericsson is a world leader in communications technology and services with headquarters in Stockholm, Sweden. Our organization consists of more than 111,000 experts who provide customers in 180 countries with innovative solutions and services. Together we are building a more connected future where anyone and any industry is empowered to reach their full potential. Net sales in 2016 were SEK 222.6 billion (USD 24.5 billion). The Ericsson stock is listed on Nasdaq Stockholm and on NASDAQ in New York. Read more on www.ericsson.com.

Ericsson Forward-Looking Statement

All statements made or incorporated by reference in this release, other than statements or characterizations of historical facts, are forward-looking statements. These forward-looking statements are based on our current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by us. Forward-looking statements can often be identified by words such as "anticipates", "expects", "intends", "plans", "predicts", "believes", "seeks", "estimates", "may", "will", "should", "would", "potential", "continue", and variations or negatives of these words, and include, among others, statements regarding: (i) strategies, outlook and growth prospects; (ii) positioning to deliver future plans and to realize potential for future growth; (iii) liquidity and capital resources and expenditure, and our credit ratings; (iv) growth in demand for our products and services; (v) our joint venture activities; (vi) economic outlook and industry trends; (vii) developments of our markets; (viii) the impact of regulatory initiatives; (ix) research and development expenditures; (x) the strength of our competitors; (xi) future cost savings; (xii) plans to launch new products and services; (xiii) assessments of risks; (xiv) integration of acquired businesses; (xv) compliance with rules and regulations and (xvi) infringements of intellectual property rights of others. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances, including any underlying assumptions, are forward looking statements. These forward-looking statements speak only as of the date hereof and are based upon the information available to us at this time. Such information is subject to change, and we will not necessarily inform you of such changes. These statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Therefore, our actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors. Important factors that may cause such a difference for Ericsson include, but are not limited to: (i) material adverse changes in the markets in which we operate or in global economic conditions; (ii) increased product and price competition; (iii) reductions in capital expenditure by network operators; (iv) the cost of technological innovation and increased expenditure to improve quality of service; (v) significant changes in market share for our principal products and services; (vi) foreign exchange rate or interest rate fluctuations; and (vii) the successful implementation of our business and operational initiatives.

This information is information that Telefonaktiebolaget LM Ericsson is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above at 14:30 CET on November 8, 2017.

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Cavium ThunderX2 Motherboard Specification for Microsoft's Project Olympus Contributed to the Open Compute Project

LONDON, Nov. 8, 2017 /PRNewswire/ -- Cavium?, Inc. (NASDAQ: CAVM), announced today that they are collaborating with Microsoft to contribute the ThunderX2? mother board specification to the Open Compute Project (OCP) as part of the design specification for Microsoft's Project Olympus. The contribution enables the adoption and iteration by members of OCP, a global community of technology leaders who are reimagining hardware to make it more efficient, flexible, and scalable.

The ThunderX2 product family is Cavium's second generation 64-bit ARMv8-A server processor SoCs for Data Center, Cloud and High-Performance Computing applications. The family integrates fully out-of-order high performance custom cores supporting single and dual socket configurations. ThunderX2 is optimized to drive high computational performance delivering outstanding memory bandwidth and memory capacity. The new line of ThunderX2 processors includes multiple workload optimized SKUs for both scale up and scale out applications and is fully compliant with ARMv8-A architecture specifications as well as ARM's SBSA and SBBR standards. It is also widely supported by industry leading OS, Hypervisor and SW tool and application vendors.

Cavium and Microsoft originally announced their collaboration at the OCP U.S. Summit in March 2017, where the two companies demonstrated cloud service workloads developed for Microsoft's internal use running on ThunderX2 based server platform.  During the DCD: Zettastructure summit today, the companies released the detailed specification of ThunderX2 Server Motherboard for Microsoft's Project Olympus including block diagram, management sub-system, power management, FPGA Card support, IO connectors, and physical specifications.

"Cavium is pleased to collaborate with Microsoft on contributing world's first dual socket ARM server mother board design to the Open Compute Project," said Gopal Hegde, VP/GM, Data Center Processor Group at Cavium. "ThunderX2 delivers best-in-class compute, memory and IO performance to most demanding Data Center workloads and this contribution will enable interested server OEMs and ODMs to quickly design and proliferate ThunderX2 based Project Olympus platforms."

Kushagra Vaid, GM, Azure Hardware Infrastructure, Microsoft Corp. said, "We designed Microsoft's Project Olympus with the ability to accommodate a variety of workloads and processor architectures. We've been closely collaborating with Cavium to integrate ThunderX2 into Microsoft's Project Olympus design, and to drive innovation within the ARM ecosystem especially for workloads that benefit from high-throughput computing. The completion and contribution of our Project Olympus specification shows our continued commitment to the Open Compute Project and community developed innovation."

About Cavium

Cavium, Inc. (NASDAQ: CAVM), offers a broad portfolio of infrastructure solutions for compute, security, storage, switching, connectivity and baseband processing. Cavium's highly integrated multi-core SoC products deliver software compatible solutions across low to high performance points enabling secure and intelligent functionality in Enterprise, Data Center and Service Provider Equipment. Cavium processors and solutions are supported by an extensive ecosystem of operating systems, tools, application stacks, hardware-reference designs and other products. Cavium is headquartered in San Jose, CA with design centers in California, Massachusetts, India, Israel, China and Taiwan.

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Swisscom Selects Ericsson as Strategic Supplier for Gigabit LTE and 5G

WASHINGTON, Nov. 8, 2017  /PRNewswire/ --

  • Swisscom and Ericsson reaffirm their long-standing, strategic partnership by continuing to drive innovation in Gigabit LTE and 5G
  • Ericsson to provide complete digital transformation of Swisscom's network to nationwide Gigabit LTE and deployment of 5G
  • Transformation includes the deployment of Ericsson's full stack telco cloud solution with network slicing technologies, and 5G portfolio offering with Massive MIMO

Swisscom, the leading telecommunications provider in Switzerland, has selected Ericsson (NASDAQ: ERIC) for complete digital transformation and evolution of its entire network to deploy nationwide Gigabit LTE from 2018, and 5G from 2020.

The deployment of Swisscom's Gigabit LTE and 5G network will enable the operator to take their customer's mobile broadband experience to new heights. This includes accelerating the development of innovative enterprise use cases built on Massive Machine Type Communication (MTC) and Critical MTC in fields such as factory automation, smart grids, intelligent mobility and digital health.

Under the terms of the new deal, Ericsson will continue to transform Swisscom's mobile operations using its full stack telco cloud solution including network slicing capabilities that address the cost, efficiency, and flexibility requirements of the future. The evolution of the network will provide increased capacity and ultra-low latency while also enabling Industry 4.0 for Switzerland.

In June 2017, Swisscom and Ericsson demonstrated applications based on 5G network slicing and NB-IoT which will empower the digital transformation of enterprise processes and fulfill critical communication needs. Together with the introduction of Gigabit LTE and 5G, these technologies are strengthening the competitiveness of the Swiss economy and will drive the digitization of the country.

Swisscom will implement Ericsson's Radio Access solutions, including small cells, and Core solutions that include full stack Network Function Virtualization Infrastructure (NFVI), virtualized Evolved Packet Core and virtualized IP Multimedia Subsystem (IMS). The agreement also includes network optimization services, planning, design, and system integration.

Heinz Herren, CIO and CTO at Swisscom says: "We would like to offer the best network to our customers in Switzerland ? today and in the future. That's why we invest massively in the latest mobile network technologies such as Gigabit LTE and 5G. Ericsson is a true leader in 5G technology and I am convinced that together, we will achieve our goal to deliver greater innovation and provide customers with the best experiences."

Arun Bansal, Senior Vice President and Head of Europe and Latin America at Ericsson, says: "This agreement is a prime example of our leadership in 5G and will take our partnership with Swisscom to the next level. Swisscom has been leading all generations of mobile technologies ? from 2G, 3G, 4G, and 5G development ? in partnership with us, and now they will continue to lead the market with Gigabit LTE and 5G deployment. 5G is enabling new market opportunities for operators, industries and society as a whole. With its ambitious 5G rollout plans, Swisscom is seizing this opportunity."

Investing in a digital Switzerland

Ericsson and Swisscom are already working intensively on an upgrade of the network to achieve speeds that will exceed 1 Gbps. The first sites will be upgraded in 11 Swiss cities by the end of 2017. The common goal is to provide ever-increasing speeds to the entire population of Switzerland. In addition, customers will benefit from a boost in network capacity. The nationwide Swisscom 4G network already covers 60 percent of the population with speeds of 450 Mbps and 80 percent with speeds of 300 Mbps.

This latest news is the culmination and true commercialization of the two companies' 5G for Switzerland program activities. Under the program, Ericsson, Swisscom and EPFL (École Polytechnique Fédérale de Lausanne) have been working with industry partners to develop and trial industrial applications with 5G and the Internet of Things (IoT).

NOTES TO EDITORS

For media kits, backgrounders and high-resolution photos, please visit www.ericsson.com/press

Ericsson's 5G business potential report:https://www.ericsson.com/en/events/mwcs-2017/5g-business-potential

FOLLOW US:

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(+46-10-719-00-00)

Ericsson is a world leader in communications technology and services with headquarters in Stockholm, Sweden. Our organization consists of more than 111,000 experts who provide customers in 180 countries with innovative solutions and services. Together we are building a more connected future where anyone and any industry is empowered to reach their full potential. Net sales in 2016 were SEK 222.6 billion (USD 24.5 billion). The Ericsson stock is listed on Nasdaq Stockholm and on NASDAQ in New York. Read more on www.ericsson.com.

CONTACT:

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Switzerland

 

Autoliv - Improving Automotive Passive Safety Protection for an Aging Population

STOCKHOLM, Nov. 8, 2017 /PRNewswire/ --

Autoliv, Inc. (NYSE: ALV and SSE: ALIVsdb), the worldwide leader in automotive safety systems, is performing crash tests in order to develop restraint systems for a population that is getting older and more diverse. Now, Autoliv is conducting research on a new crash dummy that represents an elderly female.

Passive safety requirements continue to develop through research. The target in current legislation and rating programs (such as Euro NCAP) are male, with just a few exceptions. To save more lives, Autoliv goes beyond legislations and rating programs. The first tests have been performed to develop restraint systems for a diverse population. In addition to the mid-sized male and small female dummies, there is now an elderly female dummy available for use in crash testing.

In 2030, over 20% of all drivers are expected to be older than 65 years. As the human body ages, bones lose density and connective tissue stiffens. This, among other factors associated with aging, can result in an anthropometry that has a different interaction with the seatbelt and frontal airbag.

In conjunction with the European H2020 SENIORS project, Autoliv is evaluating a new elderly female dummy. The dummy, developed by Humanetics Innovative Solutions, represents a 70 year-old female 161 cm tall and with a weight of 73 kilos. The aim of the SENIORS project is to improve safety for the elderly population using an integrated approach. Based on real life data regarding mobility and accident data for the elderly population the SENIORS-project will provide tools and evaluation methods for enhancing protection for elderly occupants, pedestrians and cyclists. Autoliv is one of the partners in the project together with Humanetics, BASt, IDIADA, TRL, LMU, Ford and FCA.

"Traditionally, all restraint systems have been designed for a 45 year-old man. In frontal legal and rating tests today the driver is always a male dummy. Having an elderly dummy with a different anthropometry is a significant step forward in designing protection for older occupants," says Cecilia Sunnevång, Research Director at Autoliv Global Research. "A variety of physical dummies in addition to scalable Human Body Models provides Autoliv and the rest of the industry with opportunities to continue the work to saving more lives in order to fulfill Vision Zero."

For more information on the SENIORS project check out http://www.seniors-project.eu/

Inquiries:

Thomas Jönsson
Group Vice President Communications
Tel +46 (0)8 58 72 06 27

About Autoliv

Autoliv, Inc. is the worldwide leader in automotive safety systems, and through its subsidiaries develops and manufactures automotive safety systems for all major automotive manufacturers in the world. Together with its joint ventures, Autoliv has more than 80 facilities with 70,000 employees in 27 countries. In addition, the Company has 22 technical centers in ten countries around the world, with 19 test tracks, more than any other automotive safety supplier. Sales in 2016 amounted to about US $10.1 billion. The Company's shares are listed on the New York Stock Exchange (NYSE: ALV) and its Swedish Depository Receipts on Nasdaq Stockholm (ALIV sdb). For more information about Autoliv, please visit our company website at www.autoliv.com.

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eBay: Brits Secretly Shopping in September to Snap up Toys for Kids

LONDON, November 8, 2017 /PRNewswire/ --

eBay reveals Britain's £17.5billion Christmas shopping list 

  • 28% of Brits have Christmas shopping all wrapped up by the end of September
  • 45% shop first for person that's most important or is guaranteed to give the best reaction
  • 75% shop for kids first and Dads last
  • Average household[1] set to spend up to £747.78 on their loved ones this Christmas

Watch out, Christmas shopping is more competitive than ever this year. New research[2] from eBay.co.uk shows that over half of us started shopping before the Christmas ads had even aired, with a third of us snapping up the all-important kids' toy purchase first.

This year, Brits will buy more than 1.1bn presents with the average household[3] purchasing 48 gifts and spending £747.78 on their loved ones.  Toys are the number one priority, followed by clothes, tech, fragrance, DVDs, Jewellery and food & drink items like whiskey and wine.

Yet with more than one in ten of us staggering under a Santa sack of over fifty gifts, it's little wonder that 28% of us started secretly stocking up before the end of September - a 7% uplift on 2014 stats[4] -  more than half of us confess to keeping our early start on Christmas shopping a secret.

When it comes to whom we prioritise and shop for first, unsurprisingly, 75% of us start shopping for children first with parents spending on average £112.45 on them. £89.28 is spent on spouses and partners, £34.40 on mum, and just as Christmas shopping can be an after-thought for some dads, they are also last on everyone else's shopping lists with an average spend of £34.13.

Brits are swayed by their emotions when it comes to who makes it to the top and bottom of the list with, 45% admitting that they buy for those they deem most important, or who show the best emotional reaction to gifts they've purchased, and just one in ten Brits shopping for those who are hardest to buy for first.

eBay.co.uk's Christmas Shop is the perfect one stop destination for all gifting needs this festive season - from toys and games, fashion and tech, to entertainment and media. Visit: https://www.ebay.co.uk/rpp/christmas

Regional insights:

Shoppers in the North East are the only ones to buck the 'toys first' trend, instead opting for clothes as their primary purchase, and shoppers in Leeds are most swayed by emotions, with almost one in five shopping for those who make the most fuss first.

16-24-year-old women in Brighton are the most secretive, with 60% admitting to keeping their early Christmas shopping a secret, whereas men aged 55+ in Norwich are least likely to keep it a secret, and one in four shoppers in Bristol are most likely to leave those who are most difficult to shop for until last.

Women aged 25-34 in Belfast are the most organised with 25% having started their shopping before September, whereas men in Plymouth leave it the latest with one in three not starting until mid-December. 

Notes to editors 

ABOUT EBAY 

eBay Inc. (NASDAQ: EBAY) is a global commerce leader including the Marketplace, StubHub and Classifieds platforms. Collectively, we connect millions of buyers and sellers around the world, empowering people and creating opportunity through Connected Commerce. Founded in 1995 in San Jose, Calif., eBay is one of the world's largest and most vibrant marketplaces for discovering great value and unique selection. In 2016, eBay enabled $84 billion of gross merchandise volume.

For more information about the company and its global portfolio of online brands, visit http://www.ebayinc.com.

References:

1. 2.3 people per household - ONS Census 2011

2. eBay & Censuswide Data - 31 October - 2 November 2017 of 2000 UK adults

3. 2.3 people per household - ONS Census 2011

4. eBay & TNS data October 2014 of 985 UK adults

Oriflame - Interim Report 1 January - 30 September 2017

MALMÖ, Sweden, Nov. 08, 2017 /PRNewswire/ --

3 months ended 30 September 2017

  • Local currency sales increased by 11% and Euro sales increased by 6% to ?295.3m (?278.9m).
  • Number of registered actives was stable at 2.6m.
  • EBITDA amounted to ?40.0m (?30.8m).
  • Operating margin was 11.0% (9.0%), negatively impacted by 160 bps from currencies, and operating profit was ?32.5m (?25.2m).
  • Net profit was ?17.4m (?12.7m) and diluted EPS ?0.30 (?0.23). Following the successful refinancing of the Revolving Credit Facility during the quarter, the net profit was negatively impacted by a one-off amortisation of the replaced facility's capitalised fees of around ?1.0m.
  • Cash flow from operating activities was ?11.2m (?-5.8m).
  • During the quarter, Oriflame signed a new Revolving Credit Facility amounting to ?160m in total. The new five-year facility replaced the ?110m facility.
  • The year to date sales development is approximately 10% in local currency and the development in the fourth quarter to date is approximately 11% in local currency.

9 months ended 30 September 2017

  • Local currency sales increased by 10% and Euro sales increased by 10% to ?983.0m (?894.3m).
  • EBITDA amounted to ?128.3m (?99.1m).
  • Operating margin was 10.5% (8.6%), negatively impacted by 10 bps from currencies, and operating profit was ?102.8m (?77.2m).
  • Net profit was ?56.8m (?41.5m) and diluted EPS ?0.99 (?0.74).
  • Cash flow from operating activities amounted to ?43.7m (?51.4m).

CEO Magnus Brännström comments

"During Q3 2017, we continued to execute on our strategic priorities resulting in yet another quarter of healthy growth and improved profitability. The overall performance in Asia & Turkey remained strong, although with variations within the region. The growth in the CIS continued, supported by sustained high productivity levels. Latin America was affected by the earthquakes and negative timing. Our efforts to improve the capacity utilisation in manufacturing continued to render results during the quarter and the number of registered actives was stable. The local currency sales development for the Group in the fourth quarter-to-date is in line with our long-term financial target."

Other

A Swedish translation is available on www.oriflame.com.

Conference call for the financial community

The Company will host a conference call on Wednesday, 8 November 2017 at 9.30 CET.

Participant access numbers:
SE: +46856642664
DK: +4535445576
FI: +358981710492
NO: +4723500252
UK: +442030089808
US: +18558315947

The conference call will also be audio web cast in "listen-only" mode through Oriflame's website: www.oriflame.com or through http://oriflame-ir.creo.se/171108

Magnus Brännström
Chief Executive Officer

This report has not been audited by the company´s auditors.

For further information, please contact:
Magnus Brännström, Chief Executive Officer         Tel: +41-798-263-754
Gabriel Bennet, Chief Financial Officer                 Tel: +41-798-263-769
Nathalie Redmo, Sr. Manager IR                         Tel: +41-799-220-173

This information is information that Oriflame Holding AG is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 07:15 CET on November 8, 2017.

This information was brought to you by Cision http://news.cision.com
http://news.cision.com/oriflame/r/interim-report-1-january---30-september-2017,c2385209

The following files are available for download:

 

Tata Elxsi Partners With BlackBerry to Accelerate Innovation in Secure Embedded Designs

BANGALORE and WATERLOO, Ontario, November 8, 2017 /PRNewswire/ --

Tata Elxsi and BlackBerry Limited (NYSE: BB; TSX: BB) today announced they are partnering to help companies design and develop secure, mission-critical solutions for industries such as automotive, industrial, medical and network communication using BlackBerry QNX technologies.

     (Logo: http://photos.prnewswire.com/prnh/20161116/440033LOGO )

Tata Elxsi will provide integration and customization services for the following embedded software solutions from BlackBerry: QNX Neutrino Realtime OS, QNX Momentics Tool Suite, QNX Hypervisor, QNX SDK for Apps & Media, QNX Wireless Framework, QNX OS for Safety, QNX OS for Medical, QNX CAR Platform for Infotainment, QNX Platform for Acoustics, and QNX Platform for ADAS.

"Tata Elxsi is excited to partner with BlackBerry as a value-added integrator. This will allow customers across industries to rapidly adopt and integrate their products and shorten the time to market," said Nitin Pai, SVP of Marketing and Strategy, Tata Elxsi. "BlackBerry's rich suite of safety-certified and secure software solutions for mission critical applications, coupled with Tata Elxsi's automotive, industrial, medical and general embedded development capabilities will enable OEMs and Tier 1 suppliers to quickly design, build and deploy sophisticated and secure system level solutions."

"The explosion of connected products and mission critical embedded systems has presented a tremendous opportunity for safe, secure, and trusted software solutions," said Kaivan Karimi, SVP and Head of Sales and Marketing for BlackBerry Technology Solutions. "By using trusted BlackBerry QNX technology, companies around the world can develop safety-certified embedded systems and devices that are not just secure, but BlackBerry Secure. We are excited to partner with Tata Elxsi, and look forward to helping their customers accelerate the design, development, integration and testing of mission-critical, next-generation systems."

To learn more about BlackBerry QNX's technology, please visit www.qnx.com.

About BlackBerry
BlackBerry is a cybersecurity software and services company dedicated to securing the Enterprise of Things. Based in Waterloo, Ontario, the company was founded in 1984 and operates in North America, Europe, Asia, Australia, Middle East, Latin America and Africa. The Company trades under the ticker symbols "BB" on the Toronto Stock Exchange and "BB" on the New York Stock Exchange. For more information, visit www.BlackBerry.com.

About Tata Elxsi 

Tata Elxsi is a global design and technology services company, headquartered in Bangalore. It addresses the automotive, broadcast and communications, consumer electronics and healthcare industries. This is supported by a network of design studios, development centers and offices worldwide.

Tata Elxsi works with leading OEMs and suppliers in the automotive and transportation industries for R&D, design and product engineering services from architecture to launch and beyond. It brings together domain experience across Infotainment, Autonomous Driving, Telematics, Powertrain, and Body electronics, along with technologies such as artificial intelligence, analytics, cloud and IoT. Tata Elxsi is accredited with Automotive SPICE Level 5 certification and is a member of leading consortiums such as AUTOSAR and OPEN Alliance.

For more information, visit www.tataelxsi.com

Media Relations:
BlackBerry
+1(519)-597-7273
mediarelations@BlackBerry.com

Tata Elxsi
Hari Balan
Corporate Communications
+91-80-2297-9123
media@tataelxsi.com

Investor Relations:
BlackBerry
+91(519)-888-7465
investorinfo@blackberry.com

BlackBerry and related trademarks, names and logos are the property of BlackBerry Limited and are registered and/or used in the U.S. and countries around the world. All other marks are the property of their respective owners. BlackBerry is not responsible for any third-party products or services. 


Over 50% of Global Retail Banks Expect Digital Investments to Yield Measurable Returns by 2020: Infosys Finacle-Efma Research

LONDON and BANGALORE, November 8, 2017 /PRNewswire/ --

Study reveals digitizing products and services, customer journey and security as top focus areas for innovation and transformation 

Infosys Finacle, part of EdgeVerve Systems, a product subsidiary of Infosys (NYSE: INFY), and Efma, a global not-for-profit organisation, today launched the ninth annual study of Innovation in Retail Banking. The research revealed that technology investments in 2018 will revolve around 'topical' areas such as information security, advanced analytics and open banking APIs, as opposed to 'future-looking' areas such as conversational AI, robotic process automation, the Internet of Things, augmented reality or virtual reality. However, 70% of organizations planned to support a conversational AI solution, with close to 25% having made investments in AI.

     (Logo: http://photos.prnewswire.com/prnh/20130122/589162 )

According to the report, retail banks continue their thrust on innovation in all functional areas, with customer experience and channels (both at 78%) being at the forefront. Other segments that have witnessed higher spends in innovation include products (67%), process improvement (64%) and marketing (57%).

The research, in which over 300 bankers globally participated, found that retail banks consider large technology companies, challenger banks, and smaller fintech start-ups as threats to their growth. Similar to 2016, the greatest impact of transformation is expected to be in the areas of payments and mobile wallets.

Other key findings: 

  • The top three innovation challenges include systems integration, legacy technology, and the time and cost required to move from concept to reality
  • Small and mid-size banks are falling behind in virtually all levels of innovation, reflecting an inability to invest, the impact of competing priorities, the need to focus on cutting costs and respond to compliance requirements
  • More than 50% of respondents expect to see a measurable ROI from their investment in innovation in 1-3 years; more than 30% expect to see results in less than a year
  • Only 10% of respondents have a robotic process automation solution
  • There is a vast distribution on the level of maturity within organizations leveraging data-driven insights. Nearly 37% of banks believed they were able to provide only descriptive analytics based on what had already happened. Nearly 20% of banks (usually larger firms) stated they have sound predictive capabilities and can help customers understand what will happen in the future. Interestingly, only 15% of banks were able to provide advisory or prescriptive capabilities around what the customer could do in the future given the insight known
  • The challenge of acquiring the right skills and expertise in innovation led areas such as AI, blockchain and digital banking  is a major concern across the industry

Quotes: 

Vincent Bastid, CEO, Efma: 

"Nowadays so many new technologies are reaching maturity and a growing number of new entrants are offering alternative customer experiences and transaction interfaces. The 9th edition of the Innovation in Retail Banking study provides a roadmap to help organizations of all sizes prioritize their strategic choices and investments. We also believe the insights from this report will help incumbents strengthen their innovation initiatives and be more successful in their deployment."

Sanat Rao, Chief Business Officer and Global Head of Finacle:  

"The 9th edition of the Innovation in Retail Banking report clearly reflects the sentiment we are witnessing globally. The case for investing in digital transformation and innovation has never been stronger, with changing customer preferences, technology upsurge and competition from the non-banking sector. Finacle has proactively invested and developed capabilities across the focus areas identified in the report, to help customers stay ahead with their innovation programs. We believe that this report will help banks with their planning and technology investments."

Jim Marous, Owner and Publisher of the Digital Banking Report and author of Study: 

"As we expanded the scope of organizations included in this year's study, we find a significant difference in the innovation maturity and commitment to technology investment between the largest and smaller organizations, with smaller firms appearing to fall further behind market leaders. We also see a continued focus on iterative innovation as opposed to disruptive innovation, limiting the potential benefits of big data, advanced analytics and digital technologies. The winners in the future will be defined by those organizations that can leverage these three pillars in the delivery of a better customer experience."

Additional Resources: 

About Efma 

A global non-profit organisation, established in 1971 by banks and insurance companies, Efma facilitates networking between decision-makers. It provides quality insights to help banks and insurance companies make the right decisions to foster innovation and drive their transformation. Over 3,300 brands in 130 countries are Efma members.

Headquarters in Paris. Offices in London, Brussels, Barcelona, Stockholm, Bratislava, Dubai, Mumbai and Singapore. Learn more http://www.efma.com

About Infosys Finacle  

Infosys Finacle is the industry-leading universal banking solution from EdgeVerve Systems, a wholly owned subsidiary of Infosys. The solution helps financial institutions develop deeper connections with stakeholders, power continuous innovation and accelerate growth in the digital world. Today, Finacle is the choice of banks across 94 countries and serves over 848 million customers - estimated to be nearly 16.5 percent of the world's adult banked population.

Finacle solutions address the core banking, e-banking, mobile banking, CRM, payments, treasury, origination, liquidity management, Islamic banking, wealth management, and analytics needs of financial institutions worldwide. Assessment of the top 1000 world banks reveals that banks powered by Finacle enjoy 50 percent higher returns on assets, 30 percent higher returns on capital, and 8.1 percent points lesser costs to income than others.

To know more, visit http://www.finacle.com

Safe Harbor  

Certain statements in this release concerning our future growth prospects are forward-looking statements regarding our future business expectations intended to qualify for the 'safe harbor' under the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties that could cause actual results to differ materially from those in such forward-looking statements. The risks and uncertainties relating to these statements include, but are not limited to, risks and uncertainties regarding fluctuations in earnings, fluctuations in foreign exchange rates, our ability to manage growth, intense competition in IT services including those factors which may affect our cost advantage, wage increases in India, our ability to attract and retain highly skilled professionals, time and cost overruns on fixed-price, fixed-time frame contracts, client concentration, restrictions on immigration, industry segment concentration, our ability to manage our international operations, reduced demand for technology in our key focus areas, disruptions in telecommunication networks or system failures, our ability to successfully complete and integrate potential acquisitions, liability for damages on our service contracts, the success of the companies in which Infosys has made strategic investments, withdrawal or expiration of governmental fiscal incentives, political instability and regional conflicts, legal restrictions on raising capital or acquiring companies outside India, and unauthorized use of our intellectual property and general economic conditions affecting our industry. Additional risks that could affect our future operating results are more fully described in our United States Securities and Exchange Commission filings including our Annual Report on Form 20-F for the fiscal year ended March 31, 2017. These filings are available at http://www.sec.gov. Infosys may, from time to time, make additional written and oral forward-looking statements, including statements contained in the company's filings with the Securities and Exchange Commission and our reports to shareholders. In addition, please note that the date of this press release is mentioned at the beginning of the release, and any forward-looking statements contained herein are based on assumptions that we believe to be reasonable as of this date. The company does not undertake to update any forward-looking statements that may be made from time to time by or on behalf of the company unless it is required by law.

OneTrust Customer, Allianz, Wins Global Privacy Innovation Award

Leading Financial Services Company Allianz Receives 2017 HPE-IAPP Privacy Innovation Award for Innovative Privacy Operations Programme, Including Use of OneTrust Software

LONDON, Nov. 8, 2017 /PRNewswire/ -- OneTrust customer, Allianz Group, a global financial services company with 83 million customers and operations in over 70 countries, was today awarded the 2017 HPE-IAPP Privacy Innovation Award at the IAPP Europe Data Protection Congress in Brussels. Allianz is recognised for its innovative privacy operations programme, and its use of the OneTrust privacy management software, in order to implement accountability and compliance ahead of the EU's General Data Protection Regulation (GDPR).  

In recognising Allianz as the most innovative privacy operations programme of the year, the IAPP's judging committee considered a series of criteria, including: Level of Innovation, Breadth of Adoption, Revenue and Probability, and Proportion of Customers Impacted.

"The HPE-IAPP Privacy Innovation Awards spotlight unique programs and services in global privacy and data protection. Allianz has been honored as a fine example of the best our field has to offer," said IAPP President and CEO J. Trevor Hughes.

Allianz's collaboration with OneTrust to implement and scale the privacy operations program was highlighted in two key areas in the nomination, the first being the OneTrust technologies assistance in scaling the Allianz program:

"The ? innovative aspect is Allianz's use of emerging technologies in the IAPP ecosystem to scale and operationalize their program's overall structure. Given this complex structure, Allianz mapped their program into OneTrust's privacy management software and implemented a central framework which takes derogations into account."

The second is OneTrust's ability to support Allianz with internal training in the use of OneTrust:

"Allianz reinforced [DPO] training and coordinated a city-by-city roadshow to further drive adoption of these concepts."

Sponsored by Hewlett Packard Enterprise (HPE) and issued by the International Association of Privacy Professionals (IAPP), the world's largest information privacy community and resource with more than 32,000 members in over 100 countries, the Innovation Awards recognise unique programmes and services in global privacy and data protection in the private and public sectors.

Regarded as one of the world's largest data controllers and processors, Allianz's significant brand presence requires efficient operations and innovations to tackle privacy challenges and regulations.

"Allianz is honoured to receive this esteemed award for our innovations in privacy operations," said Allianz's Group Chief Privacy Officer Dr. Philipp Raether, CIPP/E, "We would like to thank the IAPP for recognising the transformative nature of Allianz's privacy programme ahead of the GDPR, as well as OneTrust for its partnership in Allianz's privacy program."

The 2017 HPE-IAPP Privacy Innovation Award was announced during a special breakout session at the IAPP's Europe Data Protection Congress in Brussels, Belgium on 8 November 2017.  Allianz's Dr. Raether, accepted the Innovation Award on behalf of the company.

"Congratulations to the Allianz team on the prestigious award! Allianz has done exceptional work in privacy program management, and I am proud of the partnership that Allianz and OneTrust have established in supporting the program," said OneTrust CEO and Fellow of Information Privacy (FIP), Kabir Barday, CIPP US/E, CIPM, CIPT. "The IAPP's acknowledgement of Allianz and their use of OneTrust as part of the innovation award is great validation of our privacy management software solution and approach to supporting our customers."

To learn about Allianz, visit Allianz.

To learn about OneTrust's privacy management software, or to request a live demo, visit OneTrust or email Info@OneTrust.com.

For more information about the HPE-IAPP Innovation Awards, visit IAPP or email Awards@IAPP.org.                                                                  

About OneTrust
OneTrust's privacy management software is used by more than 1,500 organisations to comply with data privacy regulations across sectors and jurisdictions, including the EU GDPR and ePrivacy (Cookie Law).

The multi-lingual software is deployed in an EU cloud or on-premise, and is based on a combination of intelligent scanning, regulator guidance-based questionnaires, and automated workflows used together to automatically generate the record keeping required for an organisation to demonstrate compliance to regulators and auditors.

OneTrust helps organisations implement GDPR requirements, including: Data Protection by Design, Data Protection Impact Assessments (PIA / DPIA), Vendor Management, Incident and Breach Management, Records of Processing (Data Mapping), Consent Management, ePrivacy Cookie Compliance, Data Subject Access, Portability, and Right to Be Forgotten.

Backed by the founders of Manhattan Associates (NASDAQ: MANH) and AirWatch ($1.54B acq. by VMware), OneTrust is co-headquartered in London, UK and Atlanta, GA with a fast-growing global team of privacy and technology experts surpassing 200 employees.

About Allianz
The Allianz Group is one of the world's leading insurers and asset managers with more than 86 million retail and corporate customers. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life, and health insurance to assistance services, credit insurance, and global business insurance. Allianz is one of the world's largest investors, managing over 650 billion euros on behalf of its insurance customers while its asset managers Allianz Global Investors and PIMCO manage an additional 1.4 trillion euros of third-party assets. Thanks to its systematic integration of ecological and social criteria in its business processes and investment decisions, Allianz holds a leading position in the Dow Jones Sustainability Index. In 2016, over 140,000 employees in more than 70 countries achieved total revenues of 122 billion euros and an operating profit of 11 billion euros for the group.

About IAPP
The International Association of Privacy Professionals is the largest and most comprehensive global information privacy community and resource. Founded in 2000, the IAPP is a not-for-profit organisation that helps define, support and improve the privacy profession globally.

Media Contacts: 
Kathryn Thompson
Public Relations
+1 (678) 978-2650
Media@OneTrust.com

Logo - https://mma.prnewswire.com/media/599503/OneTrust_Logo_PMS_GreenBg_Logo.jpg

 


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