The Offset Trilogy

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Free download. Book file PDF easily for everyone and every device. You can download and read online The Offset Trilogy file PDF Book only if you are registered here. And also you can download or read online all Book PDF file that related with The Offset Trilogy book. Happy reading The Offset Trilogy Bookeveryone. Download file Free Book PDF The Offset Trilogy at Complete PDF Library. This Book have some digital formats such us :paperbook, ebook, kindle, epub, fb2 and another formats. Here is The CompletePDF Book Library. It's free to register here to get Book file PDF The Offset Trilogy Pocket Guide. There are no major changes to the regulation of mobile services proposed at this stage but various generic Telecommunications Act processes may be streamlined. Implementation details are still being determined. Competitive tenders for these initiatives are due in the first half of Represents purchases of property and equipment from the Consolidated Statement of Cash Flows which exclude capital expenditures related to vendor-backed financing and capital lease arrangements. Stronger postpaid revenues also contributed to the increase of service revenues driven by the larger postpaid subscriber base and growth in the consumption of data services as a result of continuing network expansion projects and the 4G overlay.

These increases were partially offset by a decline in advertising costs due to prior year expenses related to the launch of the broadband business;. In addition, there was an increase in bad debt expense attributable to the overall growth in the postpaid customer base and the fact that postpaid customers are migrating towards higher rate plans; and. The increase was also driven by depreciation and amortization of Snap assets and the amortization of the MHz spectrum placed into service during the first quarter of The change in Adjusted EBITDA was a result of growth in service revenues partially offset by the increase in cost of service, sales and marketing and general and administrative operating expenses described above.

This decrease was primarily due to the more extensive network expansion projects in to reduce roaming costs and 4G overlay, although these projects continued through Growth in data revenues was due to the larger postpaid subscriber base and growth in the consumption of data services attributable to the commercial launch of 4G services during the second quarter of For the period ended December 31, compared to the prior year, operating expenses increased due to higher network expenses and general and administrative costs:.

This decrease was partially offset by an increase in the volume of commissions due to increased longevity of subscribers and an increase of renewals associated with the EIP, as well as an increase attributable to Snap related salaries and wages beginning in the second quarter of ; and. The change in Adjusted EBITDA was a result of growth in service revenues partially offset by changes in the principal operating expenses described above.

Postpaid wireless subscriber growth was primarily driven by competitive offers, including the EIP, which increased acquisition and retention of the postpaid wireless subscriber base. Wireline subscribers increased as of December 31, compared to December 31, due to a growing subscriber base following the April acquisition of Snap and commercial launch in May The decrease in prepaid wireless subscribers was due to a decline in prepaid gross additions attributable to competitor activities.

This increase is primarily due to a significant increase in average postpaid subscribers compounded by organic postpaid revenue growth from a higher mix of high-price rate plans.

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New Zealand is a developed, prosperous country with a population of 4. Over the past 30 years, New Zealand has transformed from an agrarian economy, dependent on concessionary British market access, to a more industrialized, developed, services-dependent nation, with a large and growing tourism industry and free market economy that competes globally. The country had steady GDP growth of over 2. The country has a well-developed legal framework and regulatory system. The country has no history of debt default. New Zealand operates under a floating currency regime where the OCR is used as a monetary policy lever.

The OCR is the interest rate set by the Reserve Bank of New Zealand to meet the inflation target specified in its Policy Targets Agreement; the rate is reviewed eight times a year and may be adjusted following significant changes in global macroeconomics.

This investment was underpinned by government-backed spending in the Ultra-Fast Broadband initiative, which brings fiber connectivity to homes, schools, businesses, and medical facilities; the Rural Broadband initiative, which brings fiber connection to rural areas; and the 4G mobile spectrum investment, which upgrades the infrastructure capability.

Mobile data consumption has nearly doubled in ; consumers utilized approximately megabytes per subscriber in , up from megabytes in , suggesting strong growth in data consumption for the foreseeable future. This growth in consumption is largely due to an increased share of smartphone owners utilizing data. Vodafone operates a 2G, 3G and 4G network. Spark New Zealand operates a 3G and 4G network. Spark New Zealand and Vodafone offer services across both the fixed and mobile markets.

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Trilogy subsequently acquired a majority stake in the business in and currently owns It provides competitively priced and technologically advanced service offerings characterized by innovative solutions to expand market share and superior subscriber care. The company focuses its customer targeting efforts on millennials and differentiates itself through simplicity, transparency, a strong national brand, and loyalty programs. As of December 31, , NuevaTel had approximately 2. Postpaid plans are sold using five distinct offerings based on tariff and usage. Prepaid customers have the option of purchasing prepaid cards ranging from 10 Bolivianos up to 80 Bolivianos.

NuevaTel offers a full range of smartphone devices, including iPhones and Samsung Galaxy devices; however, the majority of its handset sales are more affordable smartphones from manufacturers such as Huawei. The recent availability of 4G-enabled smartphones at prices affordable to Bolivian customers is a key factor enabling 4G adoption. Additionally, NuevaTel has a number of ancillary, noncore businesses including public telephony pay phone services with approximately 59 thousand units installed nationally and WiMax, a fixed broadband product offering.

Both of these businesses will continue to decline in the coming years as NuevaTel focuses on its core business of postpaid and prepaid wireless services. NuevaTel has a robust spectrum position and network infrastructure. Its mobile network consisted of approximately 1, cell sites at December 31, NuevaTel launched a significant number of new and overlay 4G sites in , ending with approximately 4G sites. NuevaTel launched major network expansions in and to enable 4G and expand 3G services.

NuevaTel maintains international roaming agreements with over operators in over 90 countries as of December 31, The Trilogy founders have operated NuevaTel since and believe they have good relationships with the regulatory bodies. NuevaTel operates two spectrum licenses in the MHz band for which the first license expires in November , and the second license expires in NuevaTel also provides fixed broadband services using WiMAX technology through spectrum licenses in the MHz band with minimum terms ranging from to The long distance and public telephony licenses held by NuevaTel are valid until June and February , respectively.

The long distance license and the public telephony license are free and are granted upon request. The ATT is responsible for administering spectrum auctions, renewing licenses and concessions to provide services to the public, monitoring service quality, imposing sanctions for violations of its service reliability rules, setting interconnection rates and implementing other policies designed to promote competition and consumer protection.

Recently, the ATT reduced both domestic and international interconnection rates and revised service quality standards. NuevaTel submitted comments on the draft to the ATT in Pursuant to 4G regulations applicable to this license, NuevaTel launched 4G service in May in nine major cities, with additional deployment requirements to be met in the following 96 months.

NuevaTel has satisfied its initial launch and requirements. NuevaTel expects to meet future 4G deployment requirements, although it anticipates that the cost of deployment will increase as it expands into rural areas. In November , the ATT published a communication indicating that it may eliminate the day expiration periods for unused airtime credits. Based on further communications with government officials, NuevaTel now believes that refunds will not be pursued by the ATT.

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NuevaTel will continue to monitor additional communications from the ATT in this regard and evaluate potential impacts, if any, on NuevaTel. In December , the Bolivian government issued a supreme decree moving the Number Portability activation due date to November This decline in voice revenues was partially offset by an increase in data revenues from both prepaid and postpaid subscribers as more subscribers are using data.

Trilogy expects data revenues to continue to grow due to an increasing percentage of subscribers using smartphones and increasing data adoption rates; these increases offset the decline in voice revenue, which are prevalent industry trends as consumers globally have reduced their reliance on voice services as the primary medium for daily communication. These decreases were partially offset by increases in site related costs such as rents, utilities and maintenance expenses related to additional cell sites placed in service;.

The change in Adjusted EBITDA was primarily a result of a decrease in service revenues combined with net increases in operating expenses described above. These decreases were partially offset by increases in site related costs such as utilities and maintenance expenses related to additional cell sites placed in service;. The change in Adjusted EBITDA was a result of a decrease in service revenues combined with net increases in operating expenses described above. Additionally, MTR rates have lowered voice-related service revenues, although this was less of a factor in than when first implemented in Bolivia, located centrally in South America, is a land-locked country with a population of approximately 11 million.

Bolivia boasts a wealth of natural resources for export, largely in the hydrocarbons and minerals sectors. This landscape has made it difficult to establish land-based telecommunications infrastructure, and thus has resulted in a high concentration of mobile subscribers as the primary telecommunications technology, due to higher costs of the alternative. Bolivia has approximately 9. Bolivia, officially known as the Plurinational State of Bolivia, is a presidential republic located in western-central South America, bordered to the north and east by Brazil, to the southeast by Paraguay, to the south by Argentina, to the southwest by Chile, and to the northwest by Peru.

The currency used in Bolivia, the Boliviano, is tied to the value of the U. Since the introduction of the pegged regime, the Bolivian exchange rate has remained stable. While there has been speculation as to breaking the peg with the U. Dollar, Trilogy does not expect the impact, if any, to be material in the short or medium term. Bolivia is a resource-rich country with strong growth attributed to captive markets for natural gas exports to Brazil and Argentina. The U. The country presents an attractive market for wireless service providers given the substantial demand for communications services due primarily to the lack of a national fixed-line communications provider.

The local wireline network is fragmented into 15 independent regional telephone cooperatives, with each having distinct products and services. Mobile use in Bolivia has expanded rapidly due to the absence of extensive fixed-line infrastructure.

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Prepaid subscribers constitute the majority of the wireless market in Bolivia with an increasing postpaid base. The Bolivian market is exhibiting several trends, notably: i increased demand for smartphones, ii the increased prevalence of 3G and 4G capable devices, iii the ability for new technology to reach rural, previously under-served areas, and iv increased availability of content, music, mobile money, and other such data-based services.

The market is experiencing increasing consumer demand for the latest technologies, particularly in data services, and the carriers are seeking to construct robust networks with the capacity to satisfy those demands. More recently, and largely due to increasing availability of robust networks, consumers have favored the use of one SIM from a single MNO. Entel is a government-run entity, which operates a 2G and 3G network in the and MHz bands. While NuevaTel concentrates on urban customers, Entel operates with a mandate to provide coverage throughout Bolivia and a significant proportion of its subscriber base is in areas where NuevaTel does not compete.

Tigo, a subsidiary of Millicom S. Additionally, Tigo provides a complementary cable television service that can be bundled with its wireless offerings. The wireless communications systems in which NuevaTel has interests also face competition from fixed-line networks and from wireless internet service providers, using both licensed and unlicensed spectrum and technologies such as WiFi and WiMAX to provide broadband data service, internet access and voice over internet protocol.

Amounts in the table below are presented in U. The summary consolidated financial data is derived from the Trilogy Audited Annual Financial Statements for each of the periods indicated on the following tables. Amounts for subtotals and totals presented in the following tables may not sum arithmetically because of rounding. The following table shows selected consolidated financial data of Trilogy for the years ended December 31, , and , prepared in accordance with U. The table below provides information concerning the cause of the changes in financial position by financial statement line item for the period compared.

The following table shows selected quarterly financial information prepared in accordance with U. In Bolivia, we continue to execute on our focus to attract and retain higher value customers driven by LTE adoption. The new notes are due in November and May, whereas the refinanced notes required payments in February and August.

Different products and subscribers have unique seasonal and behavioral features. Fluctuations in net income from quarter to quarter can result from events that are unique or that occur irregularly, such as losses on the refinance of debt, foreign exchange gains or losses, changes in the fair value of derivative instruments, impairment of assets, and changes in income taxes.

Decreasing voice revenue as rate plans increasingly incorporate more monthly minutes and calling features, such as long distance;. Lower roaming revenue as network-coverage enhancements are made, as well as, increased uptake of value-added roaming-plans;. Varying handset subsidies as more consumers shift toward smartphones with the latest technologies;. Varying handset costs related to advancement of technologies and reduced supplier rebates or discounts on highly-sought devices;.

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Higher voice and data costs related to the increasing number of subscribers, or, alternatively, a decrease in costs associated to a decline in voice usage; and. Higher internet subscription fees as subscribers increasingly upgrade to higher-tier speed plans, including those with unlimited usage;. General pricing increases over the past year due in part to regulatory pricing changes in New Zealand;. On November 1, , the Company and Alignvest, whose Class A restricted voting shares and warrants were listed on the Toronto Stock Exchange, announced that they had entered into the Arrangement Agreement to effect a business combination transaction.

The cash resources received from the transaction are expected to provide funding for investment in network assets and to provide capital sufficient to meet ongoing obligations. In addition, the Company intends to seek to refinance the Trilogy Notes during with a combination of cash on hand and newly issued indebtedness. Trilogy plans to meet with certain holders of the Trilogy Notes and new prospective investors to discuss a possible refinancing. The following table summarizes the Consolidated Statement of Cash Flows for the periods indicated:.

This reduction in cash used in investing activities was due mainly to proceeds received from the sale of Trilogy Dominicana and reduced spending on spectrum licenses. This change is primarily due to a decrease in additional debt borrowings under the New Zealand Senior Facilities Agreement combined with the refinance of the Trilogy Notes and the costs incurred related to the transaction with Alignvest. In addition, Trilogy made a cash payment to purchase the equity interests from the holder of a noncontrolling minority interest in New Zealand.

These declines in cash provided by financing activities were partially offset by an increase in borrowings in Bolivia in connection with the refinancing of the Bolivia Syndicated Loan. The EIP Sale Agreement provides an arrangement for 2degrees to accelerate realization of receivables from wireless subscribers who purchase mobile phones from 2degrees on installment plans.

Under the agreement and on a monthly basis, 2degrees offers to sell specified receivables to the EIP Buyer and the EIP Buyer may propose a price at which to purchase the receivables. Neither party is obligated to conclude a purchase, except on mutually agreeable terms. Trilogy evaluated the structure and terms of the arrangement and determined 2degrees has no variable interest with the EIP Buyer and thus Trilogy is not required to consolidate the entity in its financial statements.

Trilogy determined that the sales of receivables through the arrangement should be treated as sales of financial assets. As such, upon sale, 2degrees derecognizes the net carrying value of the receivables and recognizes any related gain or loss. Net cash proceeds are recognized in Net cash provided by operating activities. However, the servicing rights do not provide 2degrees with any direct economic benefit, or means of effective control. Further, the EIP Buyer assumes all risks associated with the purchased receivables and has no recourse against 2degrees except in the case of fraud or misrepresentation.

Trilogy has various contractual obligations to make future payments, including debt agreements and lease obligations. Amounts include contractual interest payments using the interest rates in effect as of December 31, , excluding interest rate swaps. Purchase obligations are the contractual obligations under service, product, and handset contracts. Includes the fair value of derivative financial instruments as of December 31, Amount will vary based on market rates at each quarter end. Excludes asset retirement obligations and other miscellaneous items that are not significant.

Effect of inflation Trilogy management believes inflation has not had a material effect on its financial condition or results of operations in recent years. However, there can be no assurance that the business will not be affected by inflation in the future. Trilogy does not have any off-balance sheet arrangements that would have a material effect on the financial statements as of December 31, Stanton and Theresa E. The New Island Loan will be repaid when and if i distributions other than tax distributions are made to the members of Trilogy, with the amounts of any such distributions to New Island being allocated first to the payment of the outstanding amounts of the New Island Loan, or ii New Island transfers its Units to any person or entity other than an affiliate that assumes the New Island Loan.

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Trilogy and its officers have used and may continue to use, jet airplanes for Trilogy purposes owned by certain of the Trilogy founders. Trilogy reimburses the Trilogy founders at fair market value and on terms no less favorable to Trilogy than Trilogy believes it could obtain in comparable transactions with a third party for the use of these planes.

In January , the Company converted the outstanding balance of the Convertible Loan into ordinary shares of 2degrees. Further, in connection with the completion of the Arrangement on February 7, , the Company indirectly acquired the interests of certain noncontrolling shareholders in 2degrees. Trilogy is looking to acquire or invest in businesses that expand or complement its current business. Such acquisitions or investments may involve significant commitments of financial or other resources of Trilogy.

There can be no assurance that any such acquisitions or investments will generate additional earnings or other returns or that financial or other resources committed to such activities will not be lost. Trilogy is not currently engaged in any proposed business acquisition transaction at this time. Trilogy bases its judgments on its historical experience and on various other assumptions that Trilogy believes are reasonable under the circumstances, the results of which form the basis for making estimates about the carrying values of assets and liabilities that are not readily apparent from other sources.

Actual results may differ from these estimates under different assumptions or conditions. The operation of wireless communications networks is a capital-intensive business. Trilogy records property and equipment at cost and depreciates property and equipment on a straight-line basis over the estimated economic life of these assets. Trilogy periodically reassesses the economic life of these components and adjusts their useful lives after considering historical experience and capacity requirements, consulting with the vendor and assessing new product and market demands and other factors.

Trilogy intends to comply, and believes it has complied, with these rules and policies in all material respects. In addition, the wireless communications industry is experiencing significant technological change, and the commercial life of any particular technology is difficult to predict.

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As such, Trilogy has concluded that its licenses have a definite useful life and are being amortized using the straight-line method. The license costs are amortized over 7 to 20 years, which corresponds with the expiration dates of the licenses as issued by the regulators. Trilogy reviews the carrying value of long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of such tangible and intangible assets may not be recoverable.

If indicators are present, Trilogy tests for recoverability by comparing the carrying amount of the long-lived assets to the net undiscounted cash flows expected to be generated from the assets. If the total expected future undiscounted cash flows is less than the carrying amount of the assets, Trilogy recognizes a loss on impairment of long-lived assets for the difference between the estimated fair value and the carrying amount of the assets. Goodwill is the excess of the cost of an acquisition over the fair value of the net identifiable assets acquired as of the acquisition date. Trilogy reviews goodwill for impairment annually on December 31, the last day of the fiscal fourth quarter, and also if events or changes in circumstances indicate the occurrence of a triggering event.

Trilogy may elect to first perform a qualitative assessment to determine whether it is more likely than not the fair value of the reporting unit is less than its carrying amount as a basis for determining whether it is necessary to perform the two-step goodwill impairment test. If Trilogy does not perform a qualitative assessment, or if the qualitative assessment indicates it is more likely than not that the fair value of the single reporting unit is less than its carrying amount, goodwill is tested for impairment based on a two-step test.

In the first step, if required, Trilogy determines if the fair value of the reporting unit is less than the book value. If Trilogy concludes that the fair value of a reporting unit is less than its book value, Trilogy must perform step two in which it calculates the implied fair value of goodwill. If the implied fair value is less than book value, then a goodwill impairment loss is recognized for the difference.

If Trilogy concludes that the fair value of a reporting unit is greater than its book value, step two is not performed, and Trilogy concludes that there is no goodwill impairment. Determining the fair value of a reporting unit involves the use of significant estimates and assumptions. There were no goodwill impairment charges required for any periods presented.

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Trilogy accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, Trilogy determines deferred tax assets and liabilities on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

Trilogy recognizes deferred tax assets to the extent that it believes that these assets are more likely than not to be realized. In making such a determination, Trilogy considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If Trilogy determines that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, Trilogy would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.

Because Trilogy operates in multiple overseas jurisdictions, it considers the need for a valuation allowance on a country-by-country basis. Accordingly, Trilogy provides for a full valuation allowance against substantially all of the New Zealand jurisdictional net deferred tax assets at December 31, Trilogy anticipates realization of its Bolivian deferred tax assets on the belief that it is more likely than not they will be realized.

This belief is based on all available evidence including historical operating results, projections of taxable income and tax planning strategies. Trilogy considers the management of financial risks to be an important part of its overall corporate risk management policy. Trilogy uses derivative financial instruments to manage existing exposures, irrespective of whether such relationships are formally documented as hedges in accordance with hedge accounting requirements.

Settlement in cash occurs quarterly until termination and the variable interest rate is reset on the first day of each calendar quarter. These derivative instruments have not been designated for hedge accounting, thus changes in the fair value will be recognized in earnings in the period incurred. Under this swap agreement, Trilogy principally receives a variable amount based on the BKBM and pays a fixed amount of 9. The variable interest rate calculation is reset on the first day of each calendar quarter.

These derivative instruments have not been designated for hedge accounting; thus changes in the fair value will be recognized in earnings in the period incurred. Derivative financial instruments are measured at fair values, which are determined with reference to quoted bid or ask prices where available. In the absence of an active market or direct quote, Trilogy determines fair value based on internal valuation models, such as discounted cash flow analysis, using management estimates and observable market-based inputs, as applicable.

Management estimates include assumptions concerning the amount and timing of estimated future cash flows and application of appropriate discount rates. Observable market-based inputs are sourced from third parties and include interest rates, currency spot rates and forward rates, as applicable. JavaScript seems to be disabled in your browser.

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Decrease in due to payments for the Company's license obligation due within the next 12 months; thus transferred to current liabilities see Note 5 - Goodwill, License Costs and Other Intangible Assets within the Trilogy Audited Annual Financial Statements. Your biceps brachii is designed to bend your elbow and rotate your forearm. All Languages. This wheel assembly comes in a -6 mm offset size. For the period ended December 31, compared to the prior year, operating expenses increased due to higher network expenses and general and administrative costs:. These declines in cash provided by financing activities were partially offset by an increase in borrowings in Bolivia in connection with the refinancing of the Bolivia Syndicated Loan.

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