TELUS reports strong results for second quarter 2017
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/11/17 -- (TSX: T)(NYSE: TU) - TELUS Corporation
TELUS Corporation''s consolidated operating revenue increased 3.9 per cent to $3.3 billion in the second quarter of 2017, over the same period a year ago. This growth reflects higher wireless network and wireline data services revenue growth, which represents 85 per cent of consolidated revenue. Earnings before interest, income taxes, depreciation and amortization (EBITDA) increased by 0.4 per cent to $1.2 billion, while Adjusted EBITDA was up 3.6 per cent as higher revenue growth, as well as ongoing execution of operational efficiency and effectiveness initiatives, offset increased costs to support higher wireless gross loading and retention volumes.
"TELUS reported strong second quarter results, including high-quality postpaid wireless loading, anchored by the TELUS team setting unprecedented industry benchmarks for customer loyalty and lifetime revenue," said Darren Entwistle, President and CEO. "Importantly, we continued to deliver value-creating financial results in conjunction with strong customer loading, reflecting the company''s operational discipline, the high quality attributes of our wireless and wireline asset base, and our team''s relentless focus on our customers first promise."
Mr. Entwistle added, "Through consistent execution of our longstanding strategy, we continue to deliver on our capital allocation programs focused on delivering long-term value for our customers and investors. This includes investing in our broadband networks to deliver advanced capabilities to our customers for decades to come, while simultaneously building on our track record of providing investors with the industry''s best multi-year dividend growth program, targeting annual dividend growth between seven and 10 per cent through to 2019. Notably, our track record of delivering on our industry-leading shareholder-friendly initiatives is highlighted by TELUS having now returned more than $14 billion to shareholders, including $9 billion in dividends, or $24 per share since 2004."
Doug French, Executive Vice-President and CFO said, "TELUS'' strong financial results and high-quality loading and retention are a reflection of our team''s focus on operational excellence, financial discipline and driving cost efficiencies. These strong and consistent financials results are also built on the foundation of our entire team''s longstanding commitment to a customers first focus, which underpins the confidence we have in our capital allocation initiatives, future growth priorities, and our ability to maintain a strong balance sheet during this period of elevated capital intensity."
In wireless, network revenue increased by 7.2 per cent to $1.7 billion, reflecting higher ARPU as customers move to higher-rate plans, including Premium Plus, and increased data usage, continued postpaid subscriber growth, including subscribers acquired from Manitoba Telecom Services (MTS), and higher roaming revenues. In wireline, data services and equipment revenue increased by 5.6 per cent to $1.0 billion, reflecting increased Internet and enhanced data service revenues from continued high-speed Internet subscriber growth and higher revenue per customer, growth in business process outsourcing revenues, higher TELUS Health revenues driven by organic growth through additional professional services and support revenue, and through acquisitions, and an increase in TELUS TV revenues from subscriber growth.
In the quarter, TELUS attracted 121,000 new wireless postpaid, high-speed Internet and TV customers, up 29,000 over the same quarter a year ago. The higher net additions included 99,000 wireless postpaid customers, 17,000 high-speed Internet subscribers, and 5,000 TELUS TV customers. TELUS'' total wireless subscriber base of 8.7 million is up 3.2 per cent from a year ago, reflecting a 5.1 per cent increase in the postpaid subscriber base to 7.8 million. TELUS'' high-speed Internet connections have increased 5.3 per cent to 1.7 million, while TELUS TV subscribers are higher by 4.5 per cent to 1.1 million.
TELUS'' consistent execution of putting customers first delivered a best-ever wireless monthly postpaid churn rate of 0.79 per cent, while blended churn was a record low 1.00 per cent. TELUS'' postpaid churn rate has now been below 1.00 per cent for 15 of the past 16 quarters.
CONSOLIDATED FINANCIAL HIGHLIGHTS
For the quarter, net income of $386 million and basic EPS of $0.64 decreased by 7.2 per cent and 8.6 per cent respectively, while adjusted net income and adjusted basic EPS decreased by 2.7 per cent and 2.9 per cent respectively.
Free cash flow of $260 million in the second quarter doubled from $126 million a year ago due primarily to lower cash taxes paid.
Second Quarter 2017 Operating Highlights
TELUS wireless
TELUS wireline
Dividend Declaration
The TELUS Board of Directors has declared a quarterly dividend of $0.4925 Canadian per share on the issued and outstanding Common Shares of the Company payable on October 2, 2017 to holders of record at the close of business on September 8, 2017.
This third quarter dividend represents a 7.1 per cent increase from the $0.46 quarterly dividend paid on October 3, 2016.
Corporate Highlights
TELUS makes significant contributions and investments in the communities where team members live, work and serve and to the Canadian economy on behalf of customers, shareholders and team members. These include:
About TELUS
TELUS (TSX: T)(NYSE: TU) is Canada''s fastest-growing national telecommunications company, with $13 billion of annual revenue and 12.8 million subscriber connections, including 8.7 million wireless subscribers, 1.7 million high-speed Internet subscribers, 1.3 million residential network access lines and 1.1 million TELUS TV customers. TELUS provides a wide range of communications products and services, including wireless, data, Internet protocol (IP), voice, television, entertainment and video. TELUS is also Canada''s largest healthcare IT provider, and TELUS International delivers business process solutions around the globe.
In support of our philosophy to give where we live, TELUS, our team members and retirees have contributed over $482 million to charitable and not-for-profit organizations and volunteered more than 7.7 million hours of service to local communities since 2000. Created in 2005 by President and CEO Darren Entwistle, TELUS'' 12 Canadian community boards and 5 International boards have led the Company''s support of grassroots charities and have contributed more than $60 million in support of 5,595 local charitable projects, enriching the lives of more than 2 million children and youth, annually. TELUS was honoured to be named the most outstanding philanthropic corporation globally for 2010 by the Association of Fundraising Professionals, becoming the first Canadian company to receive this prestigious international recognition.
For more information about TELUS, please visit telus.com.
Access to Quarterly results information
Interested investors, the media and others may review this quarterly earnings news release, management''s discussion and analysis, quarterly results slides, audio and transcript of the investor webcast call, supplementary financial information, and our full 2016 annual report at .
TELUS'' second quarter 2017 conference call is scheduled for Friday, August 11, 2017 at 11:00am ET (8:00am PT) and will feature a presentation followed by a question and answer period with investment analysts. Interested parties can access the webcast at . A telephone playback will be available on August 11 until September 15, 2017 at 1-855-201-2300. Please use reference number 1220942# and access code 77377#. An archive of the webcast will also be available at and a transcript will be posted on the website within a few business days.
TELUS CORPORATION
Management''s discussion and analysis
2017 Q2
Caution regarding forward-looking statements
This document contains forward-looking statements about expected events and the financial and operating performance of TELUS Corporation. The terms TELUS, the Company, we, us and our refer to TELUS Corporation and, where the context of the narrative permits or requires, its subsidiaries.
Forward-looking statements include any statements that do not refer to historical facts. They include, but are not limited to, statements relating to our objectives and our strategies to achieve those objectives, our targets, outlook, updates, our multi-year dividend growth program, and our multi-year share purchase program. Forward-looking statements are typically identified by the words assumption, goal, guidance, objective, outlook, strategy, target and other similar expressions, or future or conditional verbs such as aim, anticipate, believe, could, expect, intend, may, plan, predict, seek, should, strive and will.
By their nature, forward-looking statements are subject to inherent risks and uncertainties and are based on assumptions, including assumptions about future economic conditions and courses of action. These assumptions may ultimately prove to have been inaccurate and, as a result, our actual results or events may differ materially from our expectations expressed in or implied by the forward-looking statements. An update to our assumptions for 2017 is presented in Section 9 Update to assumptions in this Management''s discussion and analysis (MD&A).
Risks and uncertainties that could cause actual performance or events to differ materially from the forward-looking statements made herein and in other TELUS filings include, but are not limited to, the following:
These risks are described in additional detail in Section 9 General trends, outlook and assumptions and Section 10 Risks and risk management in our 2016 annual MD&A. Those descriptions are incorporated by reference in this cautionary statement but are not intended to be a complete list of the risks that could affect the Company.
Many of these factors are beyond our control or our current expectations or knowledge. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also have a material adverse effect on our financial position, financial performance, cash flows, business or reputation. Except as otherwise indicated in this document, the forward-looking statements made herein do not reflect the potential impact of any non-recurring or special items or any mergers, acquisitions, dispositions or other business combinations or transactions that may be announced or that may occur after the date of this document.
Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements in this document describe our expectations and are based on our assumptions as at the date of this document and are subject to change after this date. Except as required by law, we disclaim any intention or obligation to update or revise any forward-looking statements.
This cautionary statement qualifies all of the forward-looking statements in this document.
Management''s discussion and analysis
August 11, 2017
1. Introduction
The forward-looking statements in this section, including estimates regarding economic growth, are qualified by the Caution regarding forward-looking statements at the beginning of this Management''s discussion and analysis (MD&A).
1.1 Preparation of the MD&A
The following sections are a discussion of the consolidated financial position and financial performance of TELUS for the three-month and six-month periods ended June 30, 2017, and should be read together with TELUS'' June 30, 2017, unaudited condensed interim consolidated financial statements (subsequently referred to as the interim consolidated financial statements). The generally accepted accounting principles (GAAP) we use are the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). Our interim consolidated financial statements comply with IFRS-IASB and Canadian GAAP and have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting. Our use of the term IFRS in this MD&A is a reference to these standards. In our discussion, we also use certain non-GAAP financial measures to evaluate our performance, monitor compliance with debt covenants and manage our capital structure. These measures are defined, qualified and reconciled with their nearest GAAP measures in Section 11.1. All currency amounts are in Canadian dollars, unless otherwise specified.
Additional information relating to the Company, including our annual information form and other filings with securities commissions or similar regulatory authorities in Canada, is available on SEDAR (sedar.com). Our filings with the Securities and Exchange Commission in the United States, including Form 40-F, are available on EDGAR (sec.gov).
Our disclosure controls and procedures are designed to provide reasonable assurance that all relevant information is gathered and reported to senior management on a timely basis, so that appropriate decisions can be made regarding public disclosure. This MD&A and the interim consolidated financial statements were reviewed by our Audit Committee and approved by our Board of Directors (Board) for issuance on August 11, 2017.
In this MD&A, unless otherwise indicated, results for the second quarter of 2017 (three-month period ended June 30, 2017) and the six-month period ended June 30, 2017, are compared with results from the second quarter of 2016 (three-month period ended June 30, 2016) and six-month period ended June 30, 2016.
1.2 The environment in which we operate
The success of our business and the challenges we face can best be understood with reference to the environment in which we operate, including broader economic factors that affect our customers and us, and our competitive industry. Our estimates regarding our environment also form an important part of the assumptions on which our targets are based.
Economic growth
We currently estimate that the annual rate of economic growth in Canada in 2017 will be 2.2%, as updated in our first quarter 2017 MD&A, based on a composite of estimates from Canadian banks and other sources. For our incumbent local exchange carrier (ILEC) provinces in Western Canada, we currently estimate that annual rates of economic growth in British Columbia (B.C.) will be 2.3% in 2017 and in Alberta, as updated in our first quarter 2017 MD&A, will be 2.4% in 2017. The Bank of Canada''s July 2017 Monetary Policy Report estimated annual economic growth in Canada will be 2.8% in 2017. The competitive and dynamic environment in which we operate will affect how both the magnitude and timing of economic growth will impact us.
In respect of the national unemployment rate, Statistics Canada''s Labour Force Survey reported a rate of 6.5% for June 2017 (6.9% for December 2016 and 6.8% for June 2016). The unemployment rate for B.C. was 5.1% for June 2017 (5.8% for December 2016 and 5.9% for June 2016), while the unemployment rate for Alberta was 7.4% for June 2017 (8.5% in December 2016 and 7.9% for June 2016).
1.3 Consolidated highlights
Changes to the Board of Directors
At TELUS'' 2017 annual general meeting held on May 11, 2017, two new nominees, Kathy Kinloch and Claude Mongeau, were elected to the Board. Kathy has served as the President of the British Columbia Institute of Technology (BCIT) since January 2014. From 2010 to 2013, she was President of Vancouver Community College, and from 2007 to 2010, she served as Dean of Health Sciences at BCIT. Claude served as President and Chief Executive Officer of Canadian National Railway Company from 2010 to 2016. He also served as Executive Vice-President and Chief Financial Officer from 2000 to 2009, and Senior Vice-President and Chief Financial Officer from 1999 to 2000.
Micheline Bouchard, an independent director who had served as a TELUS director since 2004, retired from our Board on May 11, 2017.
Agreement with BCE Inc. regarding Manitoba Telecom Services Inc.
On April 1, 2017, we acquired approximately one-quarter of Manitoba Telecom Services Inc.''s (MTS) postpaid wireless subscribers, certain network assets and rights to 15 retail locations in Manitoba. Pursuant to this acquisition, in the second quarter of 2017, we commenced the migration of postpaid wireless subscribers to TELUS. The final price of the transactions with BCE Inc. will vary depending upon the actual number of qualifying postpaid wireless subscribers acquired; such final determination will happen by March 31, 2018.
Kroll Computer Systems Inc.
In May 2017, we acquired Kroll Computer Systems Inc. (Kroll), the primary reason for which is to enhance our geographic reach and quality of our product offering as a national pharmacy management services provider. The total purchase price was approximately $250 million, of which $100 million was paid by issuance of approximately two million TELUS Common Shares.
Operating highlights
Liquidity and capital resource highlights
2. Core business and strategy
Our core business was described in our 2016 annual MD&A. The following are business updates grouped under the applicable strategic imperatives.
Focusing relentlessly on growth markets of data, IP and wireless
External wireless revenues and wireline data revenues totalled $5.7 billion in the first six months of 2017, up $270 million or 5.0%, while remaining revenues totalled $762 million in the first six months of 2017, down $55 million or 6.7%. Revenues from our growth services, including wireless revenues and wireline data revenues, represented 88% of our consolidated revenues for the first six months of 2017, as compared to 87% in the same period in 2016.
Providing integrated solutions that differentiate TELUS from our competitors
In May 2017, we launched Pik TV, which provides customers with access to 23 basic local and regional cable channels and a choice of five specialty channels, as well as sports and movie theme pack options. On demand channels, along with streaming apps via TELUS Internet through the Pik TV media box and Pik TV application, are also available. Pik TV was created to embrace the changing environment where content is available from many alternatives by providing a streamlined offer for customers who may have otherwise ceased and/or never subscribed for TV services.
In May 2017, Canada Health Infoway selected TELUS Health as the successful bidder to be the technical solution provider for PrescribeIT, a national e-prescribing service. PrescribeIT will enable the secure electronic transmission of prescriptions from a physician office or clinic directly to the patient''s pharmacy of choice. Electronic transmission of prescriptions will prevent transcription errors, save time for physicians and pharmacists, and increase convenience for patients. PrescribeIT will be built on the open, interoperable and vendor-agnostic TELUS Health Exchange platform, which already provides health care professionals with a variety of collaboration tools that improve the quality and efficiency of the care they provide to their patients.
Building national capabilities across data, IP, voice and wireless
In June 2017, together with our lead vendor, we successfully completed a 5G wireless connection using the global 3GPP technology standards platform in our 5G Living Lab in Vancouver.In June 2017, we completed our initiative in Ontario and Quebec to update our radio access network to the latest wireless technologies, improving network performance for our customers and enabling advanced capabilities.
Partnering, acquiring and divesting to accelerate the implementation of our strategy and focus our resources on core business
In April 2017, TELUS Health and Universite Laval announced a partnership to provide comprehensive simulation teaching facilities to the university''s pharmacy faculty. Additionally, pharmacy students will have an opportunity to operate Ubik, TELUS Health''s pharmacy management platform currently being deployed across pharmacies in Quebec, which will be customized for use in academic settings.
As discussed in Section 1.3, on April 1, 2017, we acquired approximately one-quarter of MTS'' postpaid wireless subscribers, certain network assets and rights to 15 retail locations in Manitoba.
Also described in Section 1.3, in May 2017, we completed the acquisition of Kroll to enhance our geographic reach and quality of our product offering as a national pharmacy management services provider.
3. Corporate priorities for 2017
Our 2017 corporate priorities were listed in our 2016 annual MD&A and updated in our first quarter 2017 MD&A as follows:
4. Capabilities
The forward-looking statements in this section, including statements regarding our dividend growth program and our financial objectives in Section 4.3, are qualified by the Caution regarding forward-looking statements at the beginning of this MD&A.
4.1 Principal markets addressed and competition
For a discussion of our principal markets and an overview of competition, please refer to Section 4.1 of our 2016 annual MD&A.
4.2 Operational resources
For a discussion of our operational resources, please refer to Section 4.2 of our 2016 annual MD&A.
Wireless
Churn is defined in Section 11.2 of this MD&A. Our monthly postpaid churn rate was a record 0.79% in the second quarter of 2017 and has now been below 1% for 15 of the past 16 quarters despite strong competitive and economic pressures. In the second quarter of 2017, we continued to deliver leading blended customer churn on a national basis. Our monthly blended churn was a record 1.00% in the second quarter of 2017, which represented our lowest second quarter churn rate since we became a national carrier 17 years ago. This further exemplifies the success of our differentiated customers first culture, our ongoing focus on delivering an outstanding customer experience, combined with attractive new products and services, and our retention programs.
Since mid-2013, we have invested more than $3.6 billion to acquire wireless spectrum licences in spectrum auctions and other transactions, which has more than doubled our national spectrum holdings in support of our top corporate priority of putting customers first. Wireless data consumption has been increasing rapidly and we have responded by investing to extend the capacity of our network to support the additional data consumption and growth in our wireless customer base. This includes investments in wireless small cells linked to our fibre network to improve coverage and prepare for a more efficient and timely evolution to 5G wireless services.
As at June 30, 2017, our 4G long-term evolution (LTE) network covered 99% of Canada''s population, up from 97% at June 30, 2016. Furthermore, we have continued to invest in our LTE advanced network roll-out, which covered more than 84% of Canada''s population at June 30, 2017, up from 55% at June 30, 2016. Outside of LTE advanced and LTE coverage areas, and for voice services, the LTE devices we offer also operate on our HSPA+ network, which covered 99% of Canada''s population at June 30, 2017.
Wireline
We have continued to invest in urban and rural communities with commitments to deliver broadband network capabilities to as many Canadians as possible. We are expanding our fibre footprint by connecting more homes and businesses directly to fibre in communities across B.C., Alberta and Eastern Quebec. We have also increased broadband Internet speeds, expanded our IP TV video-on-demand library and high-definition content, including 4K TV, and enhanced marketing of data products and bundles. Our fibre network is also an essential component of our wireless network, and will enable 5G deployment in the future.
As at June 30, 2017, our high-speed broadband coverage reached approximately 3 million households and businesses in B.C., Alberta and Eastern Quebec, including approximately 1.26 million homes and businesses covered by fibre-optic cable, up from approximately 0.83 million homes and businesses in the second quarter of 2016, which provides these premises with immediate access to our gigabit-capable fibre-optic network.
4.3 Liquidity and capital resources
Capital structure financial policies
Our objective when managing capital is to maintain a flexible capital structure that optimizes the cost and availability of capital at acceptable risk.
In the management of capital and in its definition, we include Common Share equity (excluding Accumulated other comprehensive income), Long-term debt (including long-term credit facilities, commercial paper backstopped by long-term credit facilities and any associated hedging assets or liabilities, net of amounts recognized in Accumulated other comprehensive income), Cash and temporary investments, and securitized trade receivables.
We manage our capital structure and make adjustments to it in light of changes in economic conditions and the risk characteristics of our telecommunications infrastructure. In order to maintain or adjust our capital structure, we may change the amount of dividends paid to holders of Common Shares, purchase shares for cancellation pursuant to our normal course issuer bid (NCIB) programs, issue new debt, issue new debt to replace existing debt with different characteristics, issue new shares, and/or increase or decrease the amount of trade receivables sold to an arm''s-length securitization trust.
We monitor capital by utilizing a number of measures, including net debt to EBITDA - excluding restructuring and other costs ratio and the dividend payout ratio. (See definitions in Section 11.1.)
Financing and capital structure management plans
4.4 Changes in internal control over financial reporting
There were no changes in internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
5. Discussion of operations
This section contains forward-looking statements, including those with respect to average revenue per subscriber unit per month (ARPU) growth, high-speed Internet subscriber growth, and the various trends described in this section as they relate to the future. There can be no assurance that we have accurately identified the trends based on past results or that these trends will continue. See Caution regarding forward-looking statements at the beginning of this MD&A.
5.1 General
A significant judgment we make is in respect of distinguishing between our wireless and wireline operations and cash flows (and this extends to allocations of both direct and indirect expenses and of capital expenditures). The clarity of such distinction has been increasingly affected by the convergence and integration of our wireless and wireline telecommunications infrastructure and technology. The continued build-out of our technology-agnostic fibre-optic infrastructure, in combination with converged edge technology, has significantly affected this judgment, as has the commercialization of fixed-wireless telecommunications solutions for customers and the consolidation of our non-customer facing operations. As a result, it has become increasingly impractical and difficult to objectively and clearly distinguish between our wireless and wireline operations and cash flows. Our judgment as to whether these operations can continue to be judged to be individual components of the business and discrete operating segments may change in the future. As we do not currently aggregate operating segments, our reportable segments as at June 30, 2017 accordingly, are also wireless and wireline. Segmented information in Note 5 of the interim consolidated financial statements is regularly reported to our Chief Executive Officer (CEO) (our chief operating decision-maker).
5.2 Summary of consolidated quarterly results and trends
Trends
The trend of year-over-year increases in consolidated revenue reflects: (i) wireless network revenue generated from growth in both our ARPU and subscriber base; and (ii) wireline data service revenue, driven by Internet and enhanced data, business process outsourcing, TELUS Health and TELUS TV services revenues. Increased Internet and TV service revenues are being generated by subscriber growth and higher Internet revenue per customer. Consolidated revenue growth was partially offset by the continued decline in wireline voice revenues and the general decline in wireless equipment revenues. For additional information on wireless and wireline revenue and subscriber trends, see Section 5.4 Wireless segment and Section 5.5 Wireline segment.
The trend of year-over-year increases in Goods and services purchased expense reflects increasing equipment expenses associated with higher-value smartphones in the sales mix, increased handset costs (which includes the effect of the multi-year decline in the Canadian dollar: U.S. dollar exchange rate), and increased costs associated with higher volumes; increasing wireless customer service, administrative, roaming, and external labour expenses to support growth in our subscriber base; and increased wireline TV costs of sales associated with a growing subscriber base. These were partly offset by lower wireline equipment costs.
The general trend of year-over-year decreases in Employee benefits expense reflects moderating wages and salaries resulting from a decrease in the number of full-time equivalent (FTE) domestic employees and the impact of benefits from certain contract concessions associated with our fourth quarter of 2016 immediately vesting transformative compensation described in our 2016 annual MD&A that are yielding productivity improvements and continue to support our customer service focus. This was partly offset by increases in the number of employees to support increased business process outsourcing revenue growth and from business acquisitions.
The trend of year-over-year increases in Depreciation and amortization reflects increases due to growth in capital assets which is supporting the expansion of our broadband footprint and enhanced long-term evolution (LTE) network coverage, and growth in business acquisitions, as well as the present impact of our continuing program of asset life studies. The investments in our fibre-optic network also support our small-cell technology strategy to improve coverage and capacity while preparing for a more efficient and timely evolution to 5G.
The trend of year-over-year increases in Financing costs reflects an increase in long-term debt outstanding, mainly associated with significant investments in wireless spectrum licences acquired during wireless spectrum licence auctions in 2014 and 2015 and our generational investments in fibre to homes and businesses. However, Financing costs are net of capitalized interest related to spectrum licences acquired during the wireless spectrum licence auctions and capitalization of interest ceased in the first quarter of 2017, as cell sites are now capable of being built to utilize those spectrum frequencies. Financing costs also include the Employee defined benefit plans net interest expense. Additionally for the eight periods shown, Financing costs include varying amounts of foreign exchange gains or losses and varying amounts of interest income.
The trend in Net income reflects the items noted above, as well as non-cash adjustments arising from legislated income tax changes and adjustments recognized in the current periods for income taxes of prior periods, including any related after-tax interest on reassessments. Historically, the trend in basic EPS has also been impacted by share purchases under our normal course issuer bid programs. However there have been no repurchases in the first six months of 2017.
The general trend of year-over-year increases in Cash provided by operating activities reflects generally higher consolidated Adjusted EBITDA. It also reflects increased interest payments arising from increases in debt outstanding, offset by lower fixed-term interest rates. Both income tax payments and restructuring and other costs have generally increased in 2016 but we have assumed that cash income tax payments will decrease in fiscal 2017, as described in Section 9.3 of our 2016 annual MD&A. The trend in free cash flow reflects the factors affecting Cash provided by operating activities, as well as increases in capital expenditures. For further discussion on trends, see Section 5.4 Wireless segment and Section 5.5 Wireline segment.
5.3 Consolidated operations
The following is a discussion of our consolidated financial performance. Segment information in Note 5 of the interim consolidated financial statements is regularly reported to our CEO. We discuss the performance of our segments in Section 5.4 Wireless segment, Section 5.5 Wireline segment and Section 7.3 Cash used by investing activities.
Consolidated operating revenues increased by $125 million in the second quarter of 2017 and $215 million in the first six months of 2017.
Consolidated operating expenses increased by $147 million in the second quarter of 2017 and $148 million in the first six months of 2017.
Operating income decreased by $22 million in the second quarter of 2017 and increased by $67 million in the first six months of 2017. EBITDA increased by $5 million in the second quarter of 2017 and $126 million in the first six months of 2017 while Adjusted EBITDA (see Section 11.1) increased by $42 million in the second quarter of 2017 and $119 million in the first six months of 2017. These increases reflect wireless network revenue growth driven by higher ARPU and a larger customer base, in addition to growth in data service margins.
Financing costs increased by $8 million in the second quarter of 2017 and $23 million in the first six months of 2017, mainly due to the following factors:
Total income tax expense was flat in the second quarter of 2017 and increased by $11 million in the first six months of 2017, primarily due to higher Income before income taxes.
Comprehensive income decreased by $89 million in the second quarter of 2017, primarily due to decreases in employee defined benefit plan re-measurement amounts in addition to decreases in Net income. For the six-month period, Comprehensive income increased by $125 million, primarily due to increases in employee defined benefit plan re-measurement amounts and higher Net income. Items that may be subsequently reclassified to income are composed of changes in the unrealized fair value of derivatives designated as cash flow hedges, foreign currency translation adjustments arising from translating financial statements of foreign operations and changes in the unrealized fair value of available-for-sale investments.
5.4 Wireless segment
Wireless trends and seasonality
The historical trend in wireless network revenue reflects growth in both ARPU and our subscriber base, driven by larger proportions of higher-rate plans in the revenue mix and higher data consumption. This growth, coupled with higher-value smartphones in the sales mix, was partially offset by the general decline in wireless equipment revenues. This general decline in wireless equipment revenues reflects higher per-unit subsidies driven by competitive intensity and generally lower retention volumes.
The wireless ARPU growth trend increased in 2017 due to an emphasis on the marketing and increased mix of higher-rate plans, including the Premium Plus plans launched in June 2016 and a higher mix of data share plans. This was partly offset by competitive pressures driving larger allotments of data provided in rate plans, including data sharing and international data roaming features and plans, consumer behavioural response to increased frequency of customer data usage notifications and offloading of data traffic to Wi-Fi hotspots. ARPU is expected to continue to increase modestly throughout 2017, as a result of the continued growth in data usage and the ongoing shift in our subscriber base towards higher-value postpaid customers. However, the level of ARPU is highly dependent on competition, the economic environment, consumer behaviour, the regulatory environment, device selection and other factors, and, as a consequence, there cannot be assurance that ARPU growth will continue to materialize.
We may experience pressure on our postpaid subscriber churn if competitive intensity continues, in part due to an increase in customers on expired contracts, as well as customers bringing their own devices and therefore not entering into new contracts. Accordingly, our wireless segment historical operating results and trends may not be reflective of results and trends for future periods.
Historically, there have been significant third and fourth quarter seasonal effects reflected in higher wireless subscriber additions, an increase in related acquisition costs and equipment sales, and higher retention costs due to contract renewals in those quarters. These impacts can be more pronounced around popular device launches and seasonal events such as back to school, Black Friday and Christmas. The costs associated with higher seasonal loading volumes have typically resulted in sequential decreases in wireless EBITDA from the second quarter through to the fourth quarter, typically followed by sequential increases in wireless EBITDA from the fourth quarter through to the second quarter, with the fourth quarter of 2016 including the immediately vesting transformative compensation expense. Subscriber additions have generally been lowest in the first quarter. Historically, wireless ARPU has experienced seasonal sequential increases in the second and third quarters, reflecting higher levels of usage and roaming in the spring and summer, followed by seasonal sequential declines in the fourth and first quarters. This seasonal effect on ARPU has moderated, as unlimited nationwide voice plans have become more prevalent and chargeable voice and long distance usage spikes become less pronounced. In addition, customers are opting for higher-capacity data plans with higher base prices and benefiting from flexible data top-up features, resulting in less variability in chargeable data usage but higher monthly recurring revenue. The trends in revenue and revenue-based operating metrics will be impacted by our adoption of IFRS 15, Revenue from Contracts with Customers, as discussed further in Section 8.2 Accounting policy developments of our 2016 annual MD&A.
Network revenue from external customers increased by $117 million in the second quarter of 2017 and $217 million in the first six months of 2017. Network revenue increased, reflecting: (i) a larger proportion of higher-rate plans in the revenue mix, including the Premium Plus plans launched in June 2016; (ii) a larger proportion of customers selecting plans with larger data buckets or periodically topping up their data buckets; (iii) growth in the subscriber base, including subscribers we acquired from MTS; (iv) a higher postpaid subscriber mix; (v) higher smartphone mix; and (vi) higher roaming revenues.
Equipment and other service revenues were flat in the second quarter of 2017 as higher volumes were offset by higher per-unit subsidies and competitive intensity. In the first six months of 2017, equipment and other service revenues decreased by $16 million, mainly from a combination of higher per-unit subsidies and lower retention volumes combined with competitive intensity, partly offset by increased postpaid gross additions.
Other operating income decreased by $25 million in the second quarter of 2017 and $28 million in the first six months of 2017, mainly due to non-recurring gains from the exchange of wireless spectrum licences, lower gains from sales of property, plant and equipment, and lower net gains and equity income related to real estate joint venture developments.
Inter-service revenues represent network services that are eliminated upon consolidation along with the associated wireline expenses.
Wireless operating expenses increased by $99 million in the second quarter of 2017 and $113 million in the first six months of 2017.
Equipment sales expenses increased by $35 million in the second quarter of 2017 and $38 million in the first six months of 2017, reflecting an increase in higher-value smartphones in the sales mix, including premium devices on Premium Plus plans, increasing handset costs (including the effect of higher supplier costs due to depreciation of the Canadian dollar relative to the U.S. dollar over the last two years) and increased postpaid gross additions. In the second quarter the increase in equipment sales expenses also reflects increased retention volumes.
Network operating expenses increased by $13 million in the second quarter of 2017 and $24 million in the first six months of 2017, mainly due to increased roaming expense.
Marketing expenses increased by $5 million in the second quarter of 2017, primarily due to higher advertising and promotions expenses, and higher commission expense driven by higher gross additions and higher retention volumes. Marketing expenses were flat in the first six months of 2017.
Other goods and services purchased increased by $44 million in the second quarter of 2017 and $59 million in the first six months of 2017, primarily due to higher non-labour restructuring costs including those associated with the migration of subscribers from MTS, customer support costs related to acquired MTS subscribers, an increase in external labour and higher administrative costs supporting the higher customer base.
Employee benefits expense increased by $2 million in the second quarter of 2017. For the first six months of 2017, Employee benefits expense decreased by $8 million, primarily due to the non-recurrence of significant labour-related restructuring costs from efficiency initiatives in 2016 and higher capitalized labour costs.
Wireless EBITDA decreased by $10 million in the second quarter of 2017 and increased by $54 million in the first six months of 2017. Wireless Adjusted EBITDA increased by $26 million in the second quarter of 2017 and $82 million in the first six months of 2017, reflecting network revenue growth driven by higher ARPU and a larger customer base, partly offset by increased equipment sales expenses, increased network operating expenses and increased external labour.
5.5 Wireline segment
Wireline trends
The trend of increasing wireline service revenue reflects growth in high-speed Internet and enhanced data services, business process outsourcing services, TELUS Health revenues and TELUS TV revenues, and is partly offset by declining wireline voice revenues and equipment revenues. The increases in Internet and TV service revenues are being generated by subscriber growth and higher Internet revenue per customer. The trend of declining wireline voice revenues is due to technological substitution, greater use of inclusive long distance and lower wholesale volumes, competition from voice over IP (VoIP) service providers (including cable-TV competitors), resellers and facilities-based competitors, as well as technological substitution to wireless and IP-based services and applications, continuing increased competition in the small and medium-sized business market, and in previous quarters, the lingering impacts of the economic slowdown, particularly in Alberta, which remain more prominent in the business markets.
We expect continued high-speed Internet subscriber base growth in 2017, as the economy recovers and as we continue our investments in expanding our fibre-optic network. The TELUS TV subscriber base growth has continued to experience moderate growth due to a declining overall market for paid TV services resulting from the high rate of market penetration and increased competition, including from over-the-top (OTT) services. Residential network access line (NAL) losses continue to reflect the ongoing trend of substitution to wireless and Internet-based services.
Total wireline operating expenses increased by $22 million in the second quarter of 2017 and decreased by $21 million in the first six months of 2017, primarily due to the following factors:
Goods and services purchased increased by $6 million in the second quarter of 2017 mainly from higher TV content costs driven by higher numbers of TV subscribers. For the first six months of 2017, goods and services purchased decreased by $3 million, as lower product costs related to decreases in data equipment revenues were only partly offset by higher TV content costs driven by higher numbers of TV subscribers.
Employee benefits expense increased by $16 million in the second quarter of 2017, primarily due to an increase in employees supporting growing business process outsourcing revenue, partly offset by foreign exchange impacts on foreign operations. For the first six months of 2017, Employee benefits expense decreased by $18 million, primarily due to the non-recurrence of significant labour-related restructuring costs from efficiency initiatives in 2016, benefits from certain contract concessions associated with our immediately vesting transformative compensation, lower compensation and benefits costs resulting from a decrease in the number of domestic FTE employees and higher capitalized labour costs. These decreases were partly offset by an increase in employees supporting growing business process outsourcing revenue, partly offset by foreign exchange effects on foreign operations.
Wireline EBITDA increased by $15 million in the second quarter of 2017 and $72 million in the first six months of 2017. Wireline Adjusted EBITDA increased by $16 million in the second quarter of 2017 and $37 million in the first six months of 2017, due to growth in data service margins (including Internet, TELUS Health services, business process outsourcing services and TELUS TV) and our execution of cost efficiency programs, partly offset by continued declines in legacy voice services.
6. Changes in financial position
7. Liquidity and capital resources
This section contains forward-looking statements, including those with respect to our dividend payout ratio and net debt to EBITDA - excluding restructuring and other costs ratio. See Caution regarding forward-looking statements at the beginning of this MD&A.
7.1 Overview
Our capital structure financial policies and financing and capital structure management plans are described in Section 4.3.
7.2 Cash provided by operating activities
Cash provided by operating activities increased by $234 million in the second quarter of 2017 and $380 million in the first six months of 2017.
7.3 Cash used by investing activities
Wireless segment capital expenditures increased by $1 million in the second quarter of 2017 and $70 million in the first six months of 2017 due to continuing investments in our fibre-optic network to support our small-cell technology strategy to improve coverage, capacity and back-haul while preparing for a more efficient and timely evolution to 5G. During the first six months of 2017, we also expanded our investment in Manitoba to improve coverage, capacity and speeds to significantly enhance our customer experience and supplement the business acquisition of MTS subscribers, dealers and network. Additionally, we continued to invest in system and network resiliency and reliability in support of our ongoing customers first initiatives and to ready the network and systems for future retirement of legacy assets.
Wireline segment capital expenditures increased by $40 million in the second quarter of 2017 and $77 million in the first six months of 2017. The increases were due to continuing investments in our broadband infrastructure, including connecting more homes and businesses directly to our fibre-optic network. These investments support our high-speed Internet and Optik TV subscriber growth, as well as our customers'' demand for faster Internet speeds, and extends the reach and functionality of our business and healthcare solutions.
7.4 Cash provided (used) by financing activities
Dividends paid to the holders of Common Shares
The increase in dividends paid to the holders of Common Shares for the first six months of 2017 reflect higher dividend rates under our dividend growth program (see Section 4.3). In connection with dividends declared during the three-month and six-month periods ended June 30, 2017, the dividend reinvestment and share purchase plan trustee purchased shares from Treasury for the dividend reinvestment and share purchase plan. During the three-month and six-month periods ended June 30, 2017, the trustee purchased approximately 0.4 million Common Shares for approximately $16 million, and approximately 0.7 million Common Shares for approximately $31 million, respectively, with no discount applicable in either period. Subsequent to June 30, 2017, we paid dividends of $293 million to the holders of Common Shares in July 2017, including approximately $23 million or approximately 0.5 million Common Shares of reinvested dividends.
Purchase of Common Shares for cancellation
No Common Shares were purchased for cancellation in the second quarter or first six months of 2017.
Short-term borrowings
Short-term borrowings are composed primarily of amounts advanced to us from an arm''s-length securitization trust pursuant to the transfer of receivables securitization transactions (see Section 7.7 Sale of trade receivables). Such proceeds were $100 million at June 30, 2017, unchanged since June 30, 2016.
Long-term debt issues and repayments
In the second quarter of 2017, long-term debt repayments net of issues decreased by $103 million, primarily composed of:
In the first six months of 2017, long-term debt issues net of repayments increased by $197 million, primarily composed of:
In comparison, long-term debt repayments, net of issues, were $173 million in the second quarter of 2016 and were composed of:
Long-term debt issues, net of repayments, were $504 million in the first six months of 2016 and were composed of:
The average term to maturity of our long-term debt (excluding commercial paper and the revolving component of the TELUS International (Cda) Inc. credit facility) increased to approximately 11.1 years at June 30, 2017, compared to approximately 11.0 years at June 30, 2016. Additionally, our weighted average cost of long-term debt (excluding commercial paper and the revolving component of the TELUS International (Cda) Inc. credit facility) was 4.16% at June 30, 2017, as compared to 4.32% at June 30, 2016.
Issue of shares by subsidiary to non-controlling interest
In June 2016, we announced the completion of the agreement whereby a subsidiary issued shares to Baring Private Equity Asia, which acquired a 35% non-controlling interest in TELUS International (Cda) Inc. There was no comparable activity in the second quarter or first six months of 2017.
7.5 Liquidity and capital resource measures
Net debt was $13.4 billion at June 30, 2017, an increase of $1.1 billion when compared to one year earlier, resulting mainly from the issuances of the U.S.$500 million of senior unsecured notes and the $325 million of senior unsecured notes, as described in Section 7.4.
Fixed-rate debt as a proportion of total indebtedness was 90% as at June 30, 2017, up from 89% one year earlier, mainly due to the two unsecured note issuances in the first six months of 2017 described in Section 7.4, coupled with a decrease in the amounts drawn on the TELUS International (Cda) Inc. credit facility, partially offset by an increase in commercial paper.
Net debt to EBITDA - excluding restructuring and other costs ratio was 2.79 times, as measured at June 30, 2017, up from 2.67 one year earlier. Our long-term objective for this measure is within a range of 2.00 to 2.50 times, which we believe is consistent with maintaining investment grade credit ratings in the range of BBB+, or the equivalent and providing reasonable access to capital. As at June 30, 2017, this ratio remains outside of the long-term objective range due to prior issuance of incremental debt primarily for the acquisition in 2014 and 2015 of spectrum licences for approximately $3.6 billion, which were auctioned in unprecedented amounts and in atypical concentrations during those years, partially offset by growth in EBITDA - excluding restructuring and other costs. These acquired licences have more than doubled our national spectrum holdings and represent an investment to extend our network capacity to support continuing data consumption growth, as well as growth in our wireless customer base. We expect this ratio to decline in 2018 and we continue to expect to return to within the objective range in the medium term, consistent with our long-term strategy. While this ratio exceeds our long-term objective range, we are well in compliance with the leverage ratio covenant in our credit facilities, which states that we may not permit our net debt to operating cash flow ratio to exceed 4.00:1.00 (see Section 7.6 Credit facilities).
Earnings coverage ratio for the 12-month period ended June 30, 2017, was 4.0 times, down from 4.6 times one year earlier. A decrease in income before borrowing costs and income taxes reduced the ratio by 0.4, while an increase in borrowing costs reduced the ratio by 0.2.
EBITDA - excluding restructuring and other costs interest coverage ratio for the 12-month period ended June 30, 2017, was 8.6 times, down from 8.8 times one year earlier. An increase in net interest costs reduced the ratio by 0.6, while growth in EBITDA - excluding restructuring and other costs increased the ratio by 0.4.
Dividend payout ratios: Actual dividend payout decisions will continue to be subject to our Board''s assessment and the determination of our financial position and outlook, as well as our long-term dividend payout ratio guideline of 65 to 75% of prospective net earnings per share. The disclosed basic and adjusted dividend payout ratios are historical measures utilizing the last four quarters of dividends declared and earnings per share. We currently expect that we will be within our target guideline for the 2017 fiscal year on a prospective dividend payout ratio basis. The historical measures for the 12-month period ended June 30, 2017, are presented for illustrative purposes in evaluating our target guideline and both exceeded the objective range. The immediately vesting transformative compensation expense described in our 2016 annual MD&A impacted the dividend payout ratio for the 12-month period ended June 30, 2017 by 14% and was the single largest adjustment in calculating the denominator of adjusted net earnings.
7.6 Credit facilities
At June 30, 2017, we had available liquidity of more than $1.2 billion from the TELUS revolving credit facility, approximately $120 million available liquidity from the TELUS International (Cda) Inc. credit facility and $128 million available from uncommitted letters of credit facilities. In addition, we had $400 million available under our trade receivables securitization program (see Section 7.7 Sale of trade receivables). We are well within our objective of generally maintaining at least $1.0 billion of available liquidity.
TELUS revolving credit facility
We have a $2.25 billion (or U.S. dollar equivalent) revolving credit facility with a syndicate of financial institutions that expires on May 31, 2021. The revolving credit facility is used for general corporate purposes, including the backstop of commercial paper, as required.
Our revolving credit facility contains customary covenants, including a requirement that we not permit our consolidated leverage ratio to exceed 4.00 to 1.00 and that we not permit our consolidated coverage ratio to be less than 2.00 to 1.00, at the end of any financial quarter. Our consolidated leverage ratio was approximately 2.77 to 1.00 as at June 30, 2017, and our consolidated coverage ratio was approximately 8.58 to 1.00 as at June 30, 2017. These ratios are expected to remain well above the covenants. There are certain minor differences in the calculation of the leverage ratio and coverage ratio under the revolving credit facility, as compared with the calculation of Net debt to EBITDA - excluding restructuring and other costs and EBITDA - excluding restructuring and other costs interest coverage. Historically, the calculations have not been materially different. The covenants are not impacted by revaluation, if any, of Property, plant and equipment, Intangible assets or Goodwill for accounting purposes. Continued access to our credit facilities is not contingent on maintaining a specific credit rating.
Commercial paper
TELUS Corporation has an unsecured commercial paper program, which is backstopped by our revolving credit facility, enabling us to issue commercial paper up to a maximum aggregate amount of $1.4 billion at June 30, 2017, including a U.S. dollar-denominated commercial paper program for up to U.S.$1.0 billion within this maximum aggregate amount. The commercial paper program is to be used for general corporate purposes, including, but not limited to, capital expenditures and investments. Our ability to reasonably access the commercial paper market in Canada and the U.S. is dependent on our credit ratings (see Section 7.8 Credit ratings).
TELUS International (Cda) Inc. credit facility
As at June 30, 2017, our subsidiary TELUS International (Cda) Inc. had a bank credit facility, secured by its assets, expiring on May 31, 2021, with a syndicate of financial institutions. The credit facility is composed of a revolving U.S.$115 million component and an amortizing U.S.$215 million term loan component. The credit facility is non-recourse to TELUS Corporation. As at June 30, 2017, $294 million ($288 million net of unamortized issue costs) was outstanding, all of which was denominated in U.S. dollars (U.S.$226 million), with a weighted average interest rate of 2.75%.
Other letter of credit facilities
At June 30, 2017, we had $213 million of letters of credit outstanding (December 31, 2016 - $210 million), issued under various uncommitted facilities; such letter of credit facilities are in addition to the ability to provide letters of credit pursuant to our committed bank credit facility. Available liquidity under various uncommitted letters of credit facilities was $128 million at June 30, 2017.
7.7 Sale of trade receivables
TELUS Communications Inc., a wholly owned subsidiary of TELUS, is a party to an agreement with an arm''s-length securitization trust associated with a major Schedule I Canadian bank, under which it is able to sell an interest in certain trade receivables for an amount up to a maximum of $500 million. The agreement is in effect until December 31, 2018, and available liquidity was $400 million as at June 30, 2017. (See Note 22 of the interim consolidated financial statements.) Sales of trade receivables in securitization transactions are recognized as collateralized Short-term borrowings and thus do not result in our de-recognition of the trade receivables sold.
TELUS Communications Inc. is required to maintain at least a BB credit rating by DBRS Ltd., or the securitization trust may require the sale program to be wound down prior to the end of the term. The necessary credit rating was exceeded as of August 11, 2017.
7.8 Credit ratings
There were no changes to our investment grade credit ratings as of August 11, 2017.
7.9 Financial instruments, commitments and contingent liabilities
Financial instruments
Our financial instruments and the nature of certain risks they may be subject to were described in Section 7.9 of our 2016 annual MD&A.
Liquidity risk
As a component of our capital structure financial policies, discussed in Section 4.3 Liquidity and capital resources, we manage liquidity risk by: maintaining a daily cash pooling process that enables us to manage our available liquidity and our liquidity requirements according to our actual needs; maintaining an agreement to sell trade receivables to an arm''s-length securitization trust; maintaining bilateral bank facilities and syndicated credit facilities; maintaining a commercial paper program; maintaining an in-effect shelf prospectus; continuously monitoring forecast and actual cash flows; and managing maturity profiles of financial assets and financial liabilities.
As of the date of this MD&A, we can offer up to $1.2 billion of long-term debt or equity securities pursuant to a shelf prospectus that is effective until April 2018.
At June 30, 2017, we had available liquidity of more than $1.2 billion from unutilized credit facilities and $128 million from uncommitted letters of credit facilities (see Section 7.6 Credit facilities), as well as $400 million available under our trade receivables securitization program (see Section 7.7 Sale of trade receivables). We also had $371 million in cash and temporary investments at June 30, 2017. This adheres to our objective of generally maintaining at least $1 billion of available liquidity. We believe that our investment grade credit ratings contribute to reasonable access to capital markets.
Commitments and contingent liabilities
Purchase obligations
As at June 30, 2017, our contractual commitments related to the acquisition of property, plant and equipment were $195 million through to December 31, 2019, as compared to $436 million over a period ending December 31, 2020, reported in our 2016 annual report. The decrease was primarily due to the completion of the update to our radio access network described in Section 2, combined with a decrease in commitments related to our fibre expansion.
Claims and lawsuits
A number of claims and lawsuits (including class actions and intellectual property infringement claims) seeking damages and other relief are pending against us and, in some cases, numerous other wireless carriers and telecommunications service providers. As well, we have received notice of, or are aware of, certain possible claims (including intellectual property infringement claims) against us.
It is not currently possible for us to predict the outcome of such claims, possible claims and lawsuits due to various factors, including: the preliminary nature of some claims; uncertain damage theories and demands; an incomplete factual record; uncertainty concerning legal theories, procedures and their resolution by the courts, at both the trial and the appeal levels; and the unpredictable nature of opposing parties and their demands. However, when it is determined in respect of a particular claim that payments to claimants are probable, we accrue an estimate of the liability.
Subject to the foregoing limitations, management is of the opinion, based upon legal assessments and information presently available, that it is unlikely that any liability, to the extent not provided for through insurance or otherwise, would have a material effect on our financial position and the results of our operations, including cash flows, with the
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