2015 |
2014 |
||||||||
(In millions of dollars, except per share amounts) |
Total |
Q3'15 |
Q2'15 |
Q1'15 |
Total |
Q4'14 |
Q3'14 |
Q2'14 |
Q1'14 |
Operating revenue |
|||||||||
Wireless |
5,670 |
1,973 |
1,903 |
1,794 |
7,305 |
1,898 |
1,880 |
1,800 |
1,727 |
Cable |
2,610 |
871 |
869 |
870 |
3,467 |
871 |
864 |
872 |
860 |
Business Solutions |
282 |
94 |
94 |
94 |
382 |
97 |
96 |
95 |
94 |
Media |
1,519 |
473 |
582 |
464 |
1,826 |
544 |
440 |
475 |
367 |
Corporate items and intercompany eliminations |
(119) |
(27) |
(45) |
(47) |
(130) |
(44) |
(28) |
(30) |
(28) |
Operating revenue |
9,962 |
3,384 |
3,403 |
3,175 |
12,850 |
3,366 |
3,252 |
3,212 |
3,020 |
Adjusted operating profit (loss) |
|||||||||
Wireless |
2,485 |
879 |
841 |
765 |
3,246 |
725 |
888 |
843 |
790 |
Cable |
1,232 |
416 |
414 |
402 |
1,665 |
424 |
409 |
423 |
409 |
Business Solutions |
86 |
31 |
27 |
28 |
122 |
34 |
32 |
28 |
28 |
Media |
116 |
58 |
90 |
(32) |
131 |
78 |
23 |
54 |
(24) |
Corporate items and intercompany eliminations |
(113) |
(39) |
(35) |
(39) |
(145) |
(28) |
(40) |
(35) |
(42) |
Adjusted operating profit 1 |
3,806 |
1,345 |
1,337 |
1,124 |
5,019 |
1,233 |
1,312 |
1,313 |
1,161 |
Deduct (add): |
|||||||||
Stock-based compensation |
39 |
13 |
14 |
12 |
37 |
12 |
9 |
11 |
5 |
Depreciation and amortization |
1,697 |
576 |
562 |
559 |
2,144 |
560 |
533 |
532 |
519 |
Restructuring, acquisition and other |
88 |
37 |
42 |
9 |
173 |
43 |
91 |
30 |
9 |
Finance costs |
582 |
190 |
182 |
210 |
817 |
202 |
202 |
188 |
225 |
Other (income) expense |
(36) |
(59) |
26 |
(3) |
1 |
(10) |
12 |
9 |
(10) |
Net income before income taxes |
1,436 |
588 |
511 |
337 |
1,847 |
426 |
465 |
543 |
413 |
Income taxes |
354 |
124 |
148 |
82 |
506 |
129 |
133 |
138 |
106 |
Net income |
1,082 |
464 |
363 |
255 |
1,341 |
297 |
332 |
405 |
307 |
Earnings per share: |
|||||||||
Basic |
2.10 |
0.90 |
0.70 |
0.50 |
2.60 |
0.58 |
0.64 |
0.79 |
0.60 |
Diluted |
2.09 |
0.90 |
0.70 |
0.48 |
2.56 |
0.57 |
0.64 |
0.76 |
0.57 |
Net income |
1,082 |
464 |
363 |
255 |
1,341 |
297 |
332 |
405 |
307 |
Add (deduct): |
|||||||||
Stock-based compensation |
39 |
13 |
14 |
12 |
37 |
12 |
9 |
11 |
5 |
Restructuring, acquisition and other |
88 |
37 |
42 |
9 |
173 |
43 |
91 |
30 |
9 |
Gain on acquisition of Mobilicity |
(102) |
(102) |
- |
- |
- |
- |
- |
- |
- |
Loss on non-controlling interest purchase obligation |
72 |
72 |
- |
- |
- |
- |
- |
- |
- |
Loss on repayment of long-term debt |
7 |
- |
- |
7 |
29 |
- |
- |
- |
29 |
Income tax impact of above items |
(33) |
(12) |
(13) |
(8) |
(62) |
(11) |
(27) |
(14) |
(10) |
Income tax adjustment, legislative tax change |
6 |
- |
6 |
- |
14 |
14 |
- |
- |
- |
Adjusted net income 1 |
1,159 |
472 |
412 |
275 |
1,532 |
355 |
405 |
432 |
340 |
Adjusted earnings per share1: |
|||||||||
Basic |
2.25 |
0.92 |
0.80 |
0.53 |
2.97 |
0.69 |
0.79 |
0.84 |
0.66 |
Diluted |
2.24 |
0.91 |
0.80 |
0.53 |
2.96 |
0.69 |
0.78 |
0.84 |
0.66 |
2015 |
2014 |
||||||||
(In millions of dollars, except capital intensity and per share amounts) |
Total |
Q3'15 |
Q2'15 |
Q1'15 |
Total |
Q4'14 |
Q3'14 |
Q2'14 |
Q1'14 |
Additions to property, plant and equipment |
|||||||||
Wireless |
631 |
195 |
256 |
180 |
978 |
258 |
285 |
254 |
181 |
Cable |
722 |
244 |
254 |
224 |
1,055 |
291 |
274 |
239 |
251 |
Business Solutions |
122 |
41 |
48 |
33 |
146 |
53 |
28 |
39 |
26 |
Media |
32 |
12 |
11 |
9 |
94 |
28 |
23 |
29 |
14 |
Corporate |
160 |
79 |
52 |
29 |
93 |
34 |
28 |
15 |
16 |
Total additions to property, plant and equipment |
1,667 |
571 |
621 |
475 |
2,366 |
664 |
638 |
576 |
488 |
Capital intensity 1 |
|||||||||
Wireless |
12.2% |
11.0% |
15.0% |
10.8% |
14.5% |
15.2% |
16.5% |
15.2% |
11.1% |
Cable |
27.7% |
28.0% |
29.2% |
25.7% |
30.4% |
33.4% |
31.7% |
27.4% |
29.2% |
Business Solutions |
43.3% |
43.6% |
51.1% |
35.1% |
38.2% |
54.6% |
29.2% |
41.1% |
27.7% |
Media |
2.1% |
2.5% |
1.9% |
1.9% |
5.1% |
5.1% |
5.2% |
6.1% |
3.8% |
Consolidated |
16.7% |
16.9% |
18.2% |
15.0% |
18.4% |
19.7% |
19.6% |
17.9% |
16.2% |
Adjusted operating profit 2 |
3,806 |
1,345 |
1,337 |
1,124 |
5,019 |
1,233 |
1,312 |
1,313 |
1,161 |
Deduct (add): |
|||||||||
Additions to property, plant and equipment |
1,667 |
571 |
621 |
475 |
2,366 |
664 |
638 |
576 |
488 |
Interest on borrowings, net of capitalized interest |
547 |
180 |
179 |
188 |
756 |
192 |
192 |
189 |
183 |
Cash income taxes paid (received) |
190 |
(66) |
61 |
195 |
460 |
102 |
112 |
112 |
134 |
Free cash flow 2 |
1,402 |
660 |
476 |
266 |
1,437 |
275 |
370 |
436 |
356 |
Weighted average number of shares outstanding |
515 |
515 |
515 |
515 |
515 |
515 |
515 |
515 |
515 |
Free cash flow per share 2 |
2.72 |
1.28 |
0.92 |
0.52 |
2.79 |
0.53 |
0.72 |
0.85 |
0.69 |
Dividends declared |
741 |
247 |
247 |
247 |
942 |
235 |
235 |
235 |
235 |
Dividends per share |
1.44 |
0.48 |
0.48 |
0.48 |
1.83 |
0.4575 |
0.4575 |
0.4575 |
0.4575 |
(In millions of dollars) |
Q3'15 |
Q2'15 |
Q1'15 |
Q4'14 |
Q3'14 |
Q2'14 |
Q1'14 |
ASSETS |
|||||||
Current assets: |
|||||||
Cash and cash equivalents |
- |
7 |
- |
176 |
104 |
9 |
2,181 |
Accounts receivable |
1,648 |
1,562 |
1,440 |
1,591 |
1,452 |
1,396 |
1,313 |
Inventories |
269 |
283 |
380 |
251 |
305 |
242 |
253 |
Other current assets |
240 |
265 |
328 |
191 |
260 |
300 |
284 |
Current portion of derivative instruments |
178 |
118 |
149 |
136 |
94 |
38 |
105 |
Total current assets |
2,335 |
2,235 |
2,297 |
2,345 |
2,215 |
1,985 |
4,136 |
Property, plant and equipment |
10,758 |
10,709 |
10,610 |
10,655 |
10,494 |
10,354 |
10,268 |
Intangible assets |
7,274 |
6,843 |
6,537 |
6,588 |
6,586 |
6,455 |
3,195 |
Investments |
2,274 |
2,395 |
1,866 |
1,898 |
1,682 |
1,667 |
1,636 |
Derivative instruments |
1,742 |
1,106 |
1,430 |
788 |
437 |
169 |
310 |
Other long-term assets |
211 |
207 |
357 |
356 |
349 |
346 |
1,012 |
Deferred tax assets |
9 |
9 |
9 |
9 |
39 |
38 |
45 |
Goodwill |
3,887 |
3,882 |
3,883 |
3,883 |
3,759 |
3,759 |
3,759 |
Total assets |
28,490 |
27,386 |
26,989 |
26,522 |
25,561 |
24,773 |
24,361 |
LIABILITIES AND SHAREHOLDERS' EQUITY |
|||||||
Current liabilities: |
|||||||
Bank advances |
11 |
- |
27 |
- |
- |
- |
- |
Short-term borrowings |
859 |
1,017 |
1,035 |
842 |
787 |
808 |
650 |
Accounts payable and accrued liabilities |
2,337 |
2,153 |
2,141 |
2,578 |
2,401 |
2,034 |
1,839 |
Income tax payable |
86 |
54 |
- |
47 |
188 |
137 |
52 |
Current portion of provisions |
12 |
4 |
7 |
7 |
6 |
6 |
6 |
Unearned revenue |
410 |
426 |
495 |
443 |
382 |
404 |
403 |
Current portion of long-term debt |
1,000 |
1,000 |
- |
963 |
930 |
886 |
918 |
Current portion of derivative instruments |
52 |
47 |
75 |
40 |
68 |
93 |
52 |
Total current liabilities |
4,767 |
4,701 |
3,780 |
4,920 |
4,762 |
4,368 |
3,920 |
Provisions |
51 |
52 |
52 |
55 |
37 |
37 |
37 |
Long-term debt |
15,487 |
14,889 |
15,490 |
13,824 |
13,612 |
13,335 |
13,536 |
Derivative instruments |
76 |
35 |
100 |
11 |
- |
46 |
20 |
Other long-term liabilities |
530 |
497 |
360 |
462 |
273 |
246 |
226 |
Deferred tax liabilities |
1,831 |
1,744 |
1,766 |
1,769 |
1,628 |
1,619 |
1,704 |
Total liabilities |
22,742 |
21,918 |
21,548 |
21,041 |
20,312 |
19,651 |
19,443 |
Shareholders' equity |
5,748 |
5,468 |
5,441 |
5,481 |
5,249 |
5,122 |
4,918 |
Total liabilities and shareholders' equity |
28,490 |
27,386 |
26,989 |
26,522 |
25,561 |
24,773 |
24,361 |
2015 |
2014 |
||||||||
(In millions of dollars, except margins) |
Total |
Q3'15 |
Q2'15 |
Q1'15 |
Total |
Q4'14 |
Q3'14 |
Q2'14 |
Q1'14 |
Operating revenue |
|||||||||
Network revenue |
5,155 |
1,776 |
1,707 |
1,672 |
6,743 |
1,701 |
1,732 |
1,674 |
1,636 |
Equipment sales |
515 |
197 |
196 |
122 |
562 |
197 |
148 |
126 |
91 |
Operating revenue |
5,670 |
1,973 |
1,903 |
1,794 |
7,305 |
1,898 |
1,880 |
1,800 |
1,727 |
Operating expenses |
|||||||||
Cost of equipment |
1,276 |
460 |
423 |
393 |
1,488 |
497 |
361 |
333 |
297 |
Other operating expenses |
1,909 |
634 |
639 |
636 |
2,571 |
676 |
631 |
624 |
640 |
Operating expenses |
3,185 |
1,094 |
1,062 |
1,029 |
4,059 |
1,173 |
992 |
957 |
937 |
Adjusted operating profit |
2,485 |
879 |
841 |
765 |
3,246 |
725 |
888 |
843 |
790 |
Adjusted operating profit margin as a % of network revenue |
48.2% |
49.5% |
49.3% |
45.8% |
48.1% |
42.6% |
51.3% |
50.4% |
48.3% |
Additions to property, plant and equipment |
631 |
195 |
256 |
180 |
978 |
258 |
285 |
254 |
181 |
2015 |
2014 |
||||||||
(In thousands, except churn, ARPA, and ARPU) |
Total |
Q3'15 |
Q2'15 |
Q1'15 |
Total |
Q4'14 |
Q3'14 |
Q2'14 |
Q1'14 |
Postpaid |
|||||||||
Gross additions |
989 |
399 |
313 |
277 |
1,238 |
297 |
336 |
312 |
293 |
Net additions (losses) |
75 |
77 |
24 |
(26) |
(1) |
(58) |
17 |
38 |
2 |
Total postpaid subscribers 2,3 |
8,240 |
8,240 |
8,163 |
8,139 |
8,073 |
8,073 |
8,131 |
8,114 |
8,076 |
Churn (monthly) |
1.25% |
1.31% |
1.19% |
1.24% |
1.27% |
1.46% |
1.31% |
1.13% |
1.20% |
ARPA (monthly) |
$ 110.27 |
$ 113.34 |
$ 110.14 |
$ 107.47 |
$ 106.41 |
$ 107.95 |
$ 108.97 |
$ 105.55 |
$ 103.10 |
Prepaid |
|||||||||
Gross additions |
498 |
218 |
154 |
126 |
507 |
138 |
165 |
128 |
76 |
Net additions (losses) |
48 |
77 |
8 |
(37) |
(52) |
11 |
41 |
(31) |
(73) |
Total prepaid subscribers 3,4 |
1,579 |
1,579 |
1,348 |
1,340 |
1,377 |
1,377 |
1,366 |
1,325 |
1,356 |
Churn (monthly) |
3.55% |
3.08% |
3.63% |
3.99% |
3.42% |
3.09% |
3.12% |
3.92% |
3.55% |
Blended ARPU |
$ 59.86 |
$ 61.02 |
$ 60.01 |
$ 58.75 |
$ 59.41 |
$ 59.86 |
$ 60.96 |
$ 59.18 |
$ 57.63 |
2015 |
2014 |
||||||||
(In millions of dollars, except margins) |
Total |
Q3'15 |
Q2'15 |
Q1'15 |
Total |
Q4'14 1 |
Q3'14 |
Q2'14 |
Q1'14 |
Operating revenue |
|||||||||
Internet |
995 |
344 |
327 |
324 |
1,245 |
317 |
311 |
312 |
305 |
Television |
1,266 |
415 |
425 |
426 |
1,734 |
433 |
433 |
437 |
431 |
Phone |
343 |
110 |
115 |
118 |
478 |
118 |
118 |
121 |
121 |
Service revenue |
2,604 |
869 |
867 |
868 |
3,457 |
868 |
862 |
870 |
857 |
Equipment sales |
6 |
2 |
2 |
2 |
10 |
3 |
2 |
2 |
3 |
Operating revenue |
2,610 |
871 |
869 |
870 |
3,467 |
871 |
864 |
872 |
860 |
Operating expenses |
|||||||||
Cost of equipment |
2 |
- |
1 |
1 |
6 |
2 |
1 |
1 |
2 |
Other operating expenses |
1,376 |
455 |
454 |
467 |
1,796 |
445 |
454 |
448 |
449 |
Operating expenses |
1,378 |
455 |
455 |
468 |
1,802 |
447 |
455 |
449 |
451 |
Adjusted operating profit |
1,232 |
416 |
414 |
402 |
1,665 |
424 |
409 |
423 |
409 |
Adjusted operating profit margin |
47.2% |
47.8% |
47.6% |
46.2% |
48.0% |
48.7% |
47.3% |
48.5% |
47.6% |
Additions to property, plant and equipment |
722 |
244 |
254 |
224 |
1,055 |
291 |
274 |
239 |
251 |
2015 |
2014 |
||||||||
(In thousands) |
Total |
Q3'15 |
Q2'15 |
Q1'15 |
Total |
Q4'14 1 |
Q3'14 |
Q2'14 |
Q1'14 |
Internet |
|||||||||
Net additions (losses) |
21 |
24 |
4 |
(7) |
34 |
(4) |
16 |
2 |
20 |
Total Internet subscribers 3,4 |
2,032 |
2,032 |
2,008 |
2,004 |
2,011 |
2,011 |
1,999 |
1,983 |
1,981 |
Television |
|||||||||
Net losses |
(104) |
(31) |
(32) |
(41) |
(119) |
(36) |
(30) |
(33) |
(20) |
Total Television subscribers 3,4 |
1,920 |
1,920 |
1,951 |
1,983 |
2,024 |
2,024 |
2,044 |
2,074 |
2,107 |
Phone |
|||||||||
Net (losses) additions |
(45) |
(14) |
(11) |
(20) |
(14) |
(18) |
(7) |
1 |
10 |
Total Phone subscribers 3,4 |
1,105 |
1,105 |
1,119 |
1,130 |
1,150 |
1,150 |
1,157 |
1,164 |
1,163 |
Cable homes passed 3,4 |
4,130 |
4,130 |
4,106 |
4,085 |
4,068 |
4,068 |
4,025 |
4,004 |
3,990 |
Total service units 5 |
|||||||||
Net losses |
(128) |
(21) |
(39) |
(68) |
(99) |
(58) |
(21) |
(30) |
10 |
Total service units 3,4 |
5,057 |
5,057 |
5,078 |
5,117 |
5,185 |
5,185 |
5,200 |
5,221 |
5,251 |
2015 |
2014 |
||||||||
(In millions of dollars, except margins) |
Total |
Q3'15 |
Q2'15 |
Q1'15 |
Total |
Q4'14 |
Q3'14 |
Q2'14 |
Q1'14 |
Operating revenue |
|||||||||
Next generation |
214 |
71 |
73 |
70 |
271 |
71 |
69 |
67 |
64 |
Legacy |
65 |
22 |
20 |
23 |
106 |
24 |
26 |
27 |
29 |
Service revenue |
279 |
93 |
93 |
93 |
377 |
95 |
95 |
94 |
93 |
Equipment sales |
3 |
1 |
1 |
1 |
5 |
2 |
1 |
1 |
1 |
Operating revenue |
282 |
94 |
94 |
94 |
382 |
97 |
96 |
95 |
94 |
Operating expenses |
196 |
63 |
67 |
66 |
260 |
63 |
64 |
67 |
66 |
Adjusted operating profit |
86 |
31 |
27 |
28 |
122 |
34 |
32 |
28 |
28 |
Adjusted operating profit margin |
30.5% |
33.0% |
28.7% |
29.8% |
31.9% |
35.1% |
33.3% |
29.5% |
29.8% |
Additions to property, plant and equipment |
122 |
41 |
48 |
33 |
146 |
53 |
28 |
39 |
26 |
2015 |
2014 |
||||||||
(In millions of dollars, except margins) |
Total |
Q3'15 |
Q2'15 |
Q1'15 |
Total |
Q4'14 |
Q3'14 |
Q2'14 |
Q1'14 |
Operating revenue |
1,519 |
473 |
582 |
464 |
1,826 |
544 |
440 |
475 |
367 |
Operating expenses |
1,403 |
415 |
492 |
496 |
1,695 |
466 |
417 |
421 |
391 |
Adjusted operating profit (loss) |
116 |
58 |
90 |
(32) |
131 |
78 |
23 |
54 |
(24) |
Adjusted operating profit (loss) margin |
7.6% |
12.3% |
15.5% |
(6.9%) |
7.2% |
14.3% |
5.2% |
11.4% |
(6.5%) |
Additions to property, plant and equipment |
32 |
12 |
11 |
9 |
94 |
28 |
23 |
29 |
14 |