($ millions, except per share amounts) |
2015 Q3 |
2015 Q2 |
2015 Q1 |
2014 Q4 |
2014 Q3 |
2014 Q2 |
2014 Q1 |
2013 Q4 |
Operating revenues |
3,155 |
3,102 |
3,028 |
3,128 |
3,028 |
2,951 |
2,895 |
2,948 |
Operating expenses |
||||||||
Goods and services purchased1 |
1,394 |
1,372 |
1,284 |
1,476 |
1,333 |
1,268 |
1,222 |
1,349 |
Employee benefits expense1 |
693 |
649 |
609 |
651 |
630 |
610 |
596 |
648 |
Depreciation and amortization |
471 |
464 |
456 |
468 |
459 |
444 |
463 |
461 |
Total operating expenses |
2,558 |
2,485 |
2,349 |
2,595 |
2,422 |
2,322 |
2,281 |
2,458 |
Operating income |
597 |
617 |
679 |
533 |
606 |
629 |
614 |
490 |
Financing costs |
106 |
110 |
117 |
115 |
124 |
115 |
102 |
110 |
Income before income taxes |
491 |
507 |
562 |
418 |
482 |
514 |
512 |
380 |
Income taxes |
126 |
166 |
147 |
106 |
127 |
133 |
135 |
90 |
Net income and Net income attributable to Common Shares |
365 |
341 |
415 |
312 |
355 |
381 |
377 |
290 |
Net income per Common Share: |
||||||||
Basic (Basic EPS) |
0.61 |
0.56 |
0.68 |
0.51 |
0.58 |
0.62 |
0.61 |
0.47 |
Adjusted basic EPS2 |
0.66 |
0.66 |
0.70 |
0.53 |
0.64 |
0.63 |
0.62 |
0.49 |
Diluted |
0.61 |
0.56 |
0.68 |
0.51 |
0.58 |
0.62 |
0.60 |
0.46 |
Dividends declared per Common Share |
0.42 |
0.42 |
0.40 |
0.40 |
0.38 |
0.38 |
0.36 |
0.36 |
Additional information: |
||||||||
EBITDA2 |
1,068 |
1,081 |
1,135 |
1,001 |
1,065 |
1,073 |
1,077 |
951 |
Restructuring and other like costs included in EBITDA2 |
51 |
59 |
17 |
26 |
30 |
11 |
8 |
33 |
EBITDA - excluding restructuring and other like costs2 |
1,119 |
1,140 |
1,152 |
1,027 |
1,095 |
1,084 |
1,085 |
984 |
Cash provided by operating activities |
1,018 |
943 |
718 |
917 |
1,037 |
855 |
598 |
726 |
Free cash flow2 |
310 |
300 |
271 |
337 |
219 |
210 |
291 |
136 |
Nine-month periods ended |
||||||
Third quarters ended September 30 |
September 30 |
|||||
($ millions) |
2015 |
2014 |
Change |
2015 |
2014 |
Change |
Goods and services purchased |
1,394 |
1,333 |
4.6 % |
4,050 |
3,823 |
5.9 % |
Employee benefits expense |
693 |
630 |
10.0 % |
1,951 |
1,836 |
6.3 % |
Depreciation |
361 |
363 |
(0.6)% |
1,069 |
1,057 |
1.1 % |
Amortization of intangible assets |
110 |
96 |
14.6 % |
322 |
309 |
4.2 % |
2,558 |
2,422 |
5.6 % |
7,392 |
7,025 |
5.2 % |
Nine-month periods ended |
||||||
Third quarters ended September 30 |
September 30 |
|||||
($ millions, except tax rates) |
2015 |
2014 |
Change |
2015 |
2014 |
Change |
Basic blended income tax expense at weighted average statutory income tax rates |
130 |
126 |
3.2 % |
412 |
395 |
4.3 % |
Revaluation of deferred income tax liability to reflect future statutory income tax rates |
- |
- |
- |
48 |
- |
n/m |
Adjustments recognized in the current period for income taxes of prior periods |
(4) |
- |
n/m |
(23) |
(2) | n/m |
Other |
- |
1 |
(100.0) |
2 |
2 |
- % |
Income taxes |
126 |
127 |
(0.8)% |
439 |
395 |
11.1 % |
Blended weighted average federal, provincial and non-Canadian statutory tax rate (%) |
26.5 |
26.1 |
0.4 pts. |
26.4 |
26.2 |
0.2 pts. |
Effective tax rate (%) |
25.7 |
26.3 |
(0.6)pts. |
28.1 |
26.2 |
1.9 pts. |
Nine-month periods ended |
||||||
Third quarters ended September 30 |
September 30 |
|||||
($ millions) |
2015 |
2014 |
Change |
2015 |
2014 |
Change |
Net income |
365 |
355 |
2.8 % |
1,121 |
1,113 |
0.7 % |
Other comprehensive income (loss) (net of income taxes): | ||||||
Items that may be subsequently reclassified to income |
14 |
1 |
n/m |
14 |
(2) |
n/m |
Item never subsequently reclassified to income - Employee defined benefit plans re-measurements |
(156) |
(14) |
n/m |
(41) |
207 |
(119.8)% |
Comprehensive income |
223 |
342 |
(34.8)% |
1,094 |
1,318 |
(17.0)% |
As at September 30 |
2015 |
20141 |
Change |
Subscribers (000s): |
|||
Postpaid |
7,290 |
6,990 |
4.3 % |
Prepaid |
1,131 |
1,205 |
(6.1)% |
Total |
8,421 |
8,195 |
2.8 % |
Postpaid proportion of subscriber base (%) |
86.6 |
85.3 |
1.3 pts. |
HSPA+ population coverage2 (millions) |
35.7 |
35.2 |
1.4 % |
LTE population coverage2 (millions) |
34.3 |
30.2 |
13.6 % |
Nine-month periods ended |
||||||
Third quarters ended September 30 |
September 30 |
|||||
2015 |
20141 |
Change |
2015 |
20141 |
Change |
|
Subscriber gross additions (000s): |
||||||
Postpaid |
269 |
286 |
(5.9)% |
741 |
767 |
(3.4)% |
Prepaid |
121 |
144 |
(16.0)% |
331 |
414 |
(20.0)% |
Total |
390 |
430 |
(9.3)% |
1,072 |
1,181 |
(9.2)% |
Subscriber net additions (000s): |
||||||
Postpaid |
69 |
113 |
(38.9)% |
182 |
239 |
(23.8)% |
Prepaid |
- |
(6) |
n/m % |
(42) |
(73) |
42.5 % |
Total |
69 |
107 |
(35.5)% |
140 |
166 |
(15.7)% |
Blended ARPU, per month3 ($) |
64.22 |
63.52 |
1.1 % |
63.35 |
61.88 |
2.4 % |
Churn, per month3 (%) |
||||||
Blended |
1.28 |
1.32 |
(0.04)pts. |
1.24 |
1.40 |
(0.16) pts. |
Postpaid |
0.97 |
0.90 |
0.07 pts. |
0.91 |
0.93 |
(0.02) pts. |
Cost of acquisition (COA) per gross subscriber addition3 ($) |
400 |
380 |
5.3 % |
399 |
367 |
8.7 % |
Retention spend to network revenue3 (%) |
14.3 |
11.5 |
2.8 pts. |
12.8 |
11.0 |
1.8 pts. |
Retention volume3 (000s) |
569 |
499 |
14.0 % |
1,560 |
1,393 |
12.0 % |
Nine-month periods ended |
||||||
Third quarters ended September 30 |
September 30 |
|||||
($ millions) |
2015 |
2014 |
Change |
2015 |
2014 |
Change |
Network revenues |
1,600 |
1,538 |
4.0 % |
4,703 |
4,459 |
5.5 % |
Equipment and other |
167 |
146 |
14.4 % |
458 |
384 |
19.3 % |
External operating revenues |
1,767 |
1,684 |
4.9 % |
5,161 |
4,843 |
6.6 % |
Intersegment network revenue |
16 |
13 |
23.1 % |
44 |
39 |
12.8 % |
Total operating revenues |
1,783 |
1,697 |
5.1 % |
5,205 |
4,882 |
6.6 % |
Data revenue to network revenues (%) |
55 |
51 |
4 pts. |
54 |
49 |
5 pts. |
Nine-month periods ended |
||||||
Third quarters ended September 30 |
September 30 |
|||||
($ millions) |
2015 |
2014 |
Change |
2015 |
2014 |
Change |
Goods and services purchased: |
||||||
Equipment sales expenses |
425 |
362 |
17.4 % |
1,143 |
971 |
17.7 % |
Network operating expenses |
197 |
194 |
1.5 % |
569 |
582 |
(2.2)% |
Marketing expenses |
113 |
109 |
3.7 % |
307 |
288 |
6.6 % |
Other1 |
151 |
158 |
(4.4)% |
487 |
437 |
11.4 % |
Employee benefits expense1 |
182 |
174 |
4.6 % |
521 |
506 |
3.0 % |
Total operating expenses |
1,068 |
997 |
7.1 % |
3,027 |
2,784 |
8.7 % |
Nine-month periods ended |
||||||
Third quarters ended September 30 |
September 30 |
|||||
($ millions, except margins) |
2015 |
2014 |
Change |
2015 |
2014 |
Change |
EBITDA |
715 |
700 |
2.0 % |
2,178 |
2,098 |
3.8 % |
Restructuring and other like costs included in EBITDA |
14 |
18 |
(22.2)% |
56 |
24 |
133.3% |
EBITDA - excluding restructuring and other like costs |
729 |
718 |
1.4 % |
2,234 |
2,122 |
5.2 % |
EBITDA margin (%) |
40.1 |
41.2 |
(1.1) pts. |
41.8 |
43.0 |
(1.2) pts. |
EBITDA margin - excluding restructuring and other like costs (%) |
40.9 |
42.3 |
(1.4) pts. |
42.9 |
43.5 |
(0.6) pts. |
Nine-month periods ended |
||||||
Third quarters ended September 30 |
September 30 |
|||||
($ millions) |
2015 |
2014 |
Change |
2015 |
2014 |
Change |
Data service and equipment |
950 |
858 |
10.7 % |
2,781 |
2,561 |
8.6 % |
Voice service |
373 |
399 |
(6.5)% |
1,138 |
1,222 |
(6.9)% |
Other services and equipment |
53 |
58 |
(8.6)% |
166 |
188 |
(11.7)% |
Revenues arising from contracts with customers |
1,376 |
1,315 |
4.6 % |
4,085 |
3,971 |
2.9 % |
Other operating income |
12 |
29 |
(58.6)% |
39 |
60 |
(35.0)% |
External operating revenues |
1,388 |
1,344 |
3.3 % |
4,124 |
4,031 |
2.3 % |
Intersegment revenue |
44 |
46 |
(4.3)% |
130 |
131 |
(0.8)% |
Total operating revenues |
1,432 |
1,390 |
3.0 % |
4,254 |
4,162 |
2.2 % |
Nine-month periods ended |
||||||
Third quarters ended September 30 |
September 30 |
|||||
($ millions) |
2015 |
2014 |
Change |
2015 |
2014 |
Change |
Goods and services purchased1 |
568 |
569 |
(0.2)% |
1,718 |
1,715 |
0.2 % |
Employee benefits expense1 |
511 |
456 |
12.1 % |
1,430 |
1,330 |
7.5 % |
Total operating expenses |
1,079 |
1,025 |
5.3 % |
3,148 |
3,045 |
3.4 % |
Nine-month periods ended |
||||||
Third quarters ended September 30 |
September 30 |
|||||
($ millions) |
2015 |
2014 |
Change |
2015 |
2014 |
Change |
EBITDA |
353 |
365 |
(3.2)% |
1,106 |
1,117 |
(0.9)% |
Restructuring and other like costs included in EBITDA |
37 |
12 |
n/m |
71 |
25 |
184.0 % |
EBITDA - excluding restructuring and other like costs |
390 |
377 |
3.6 % |
1,177 |
1,142 |
3.1 % |
EBITDA margin (%) |
24.7 |
26.3 |
(1.6)pts. |
26.0 |
26.8 |
(0.8)pts. |
EBITDA - excluding restructuring and other like costs margin (%) |
27.3 |
27.2 |
0.1 pts. |
27.7 |
27.4 |
0.3 pts. |