Partner Communications Clocks 6% Revenue Growth In Q3 Backed By Service Revenue Momentum

• Partner Communications Company Ltd (NASDAQ: PTNR) reported third-quarter FY22 revenue growth of 6% year-on-year to $252 million.

• Service revenue rose 8% Y/Y to $206 million, and Equipment revenue fell 1% Y/Y to $46 million.

• Service revenues for the cellular segment increased 9% Y/Y to $134 million, and the fixed-line segment rose 6% Y/Y to $80 million.

• Cellular ARPU grew 6% Y/Y at $14; Cellular Subscriber Base rose 1% Y/Y to 3.04 million. The Cellular Churn Rate increased by 250 basis points to 8.9%.

• Fiber-Optic Subscriber Base rose by 76 thousand Y/Y to 268 thousand subscribers, and Homes Connected (HC) to Partner's Fiber-Optic Infrastructure rose by 276 thousand Y/Y to 900 thousand. The infrastructure-Based Internet Subscriber Base grew 38 thousand Y/Y to 403 thousand subscribers, and the TV Subscriber Base decreased by 4 thousand Y/Y to 222 thousand subscribers.

• The gross profit from equipment sales declined 11% Y/Y to $9 million, reflecting changes in the sales mix in the cellular segment, partially offset by an increase in profit in fixed-line sales.

• EPS was $0.08. Adjusted EBITDA margin expanded 100 basis points to 31%.

• Partner Communications generated $79 million from operating cash flow and held $213 million in cash and equivalents.

• Price Action: PTNR shares closed lower by 0.13% at $7.74 on Tuesday.

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