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    TELUS experiences mighty outcomes for 2nd Quarter 2016

    VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug 5, 2016) - (TSX:T)(TU) - TELUS organization

    mighty client loading in all key segments with 92,000 web new postpaid instant, cyber web and TELUS tv client additions

    trade-main wireless month-to-month postpaid churn of 0.ninety per cent, ARPU growth of 1.four per cent and top-rated-in-category lifetime revenue per customer at $5,600

    TELUS business enterprise's consolidated operating income grew 1.5 per cent to $3.1 billion in the 2nd quarter of 2016 from a yr previous, driven by way of persevered higher statistics profits and subscriber additions in both instant and wireline operations. revenue before activity, salary taxes, depreciation and amortization (EBITDA) expanded through 10 per cent to $1.2 billion. When except positive factors from the exchange of instant spectrum licences and net positive factors and fairness income regarding precise estate three way partnership trends within the 2d quarter of 2016, as well as restructuring and other costs from each reporting intervals, adjusted EBITDA become up 4.three per cent to $1.2 billion. This growth reflects larger instant and wireline salary, in addition to execution on operational efficiency and effectiveness initiatives.

    "TELUS' strong second quarter outcomes and more desirable outlook reflect the effectiveness of their business's business-leading client carrier and the robustness of their multi-tenet increase strategy," referred to Darren Entwistle, President and CEO. "Impressively, their group continues to bring powerful subscriber, earnings and EBITDA boom in both their wireless and wireline companies regardless of the financial challenges in Alberta."

    "Importantly, their mighty fiscal performance additional demonstrates TELUS' capacity to fund concurrently their strategic boom investments as smartly because the TSX and NYSE's best multi-year dividend boom and discretionary share purchase courses now working via 2019. Their constant song checklist during this regard is unequivocal, as reflected by TELUS having back $13.three billion to shareholders, together with $eight.2 billion in dividends and $5.2 billion in share purchases, representing over $22 per share between 2004 and July 2016," Mr. Entwistle added.

    Doug French, TELUS executive Vice-President and CFO observed, "Our second quarter results are reflective of their team's dedication to offering increase, using their efficiency and effectiveness initiatives, in addition to always placing their purchasers first. As they carry on these key priorities, they also remain firmly dedicated to conserving their steadiness sheet strength right through this interesting funding cycle, the place they are making the important network investments which are elementary to driving customer satisfaction, delivering balanced long-term growth, and helping their shareholder friendly initiatives."

    In instant, facts income turned into pushed by means of endured subscriber boom, a bigger share of bigger-fee two-year plans in the income combine, a more beneficial postpaid subscriber combine, and accelerated statistics usage from the endured adoption of smartphones and different records-centric instant devices, in addition to more suitable use of purposes and the enlargement of TELUS' LTE network. Wireline information salary increase became generated by using growth in business manner outsourcing revenues, an increase in internet and improved facts provider revenues from endured high-pace web subscriber growth and higher revenue per customer, and endured TELUS television subscriber boom.

    in the quarter, TELUS attracted 92,000 net instant postpaid, high-velocity internet and television clients, up sixty one,000 from the first quarter of 2016. web additions within the quarter included sixty one,000 wireless postpaid clients, 18,000 high-speed information superhighway subscribers, and 13,000 TELUS tv consumers. These features had been partially offset by the continued loss of normal mobile community access strains and a decline in wireless pay as you go consumers. TELUS' complete wireless subscriber base is up 0.9 per cent from a 12 months ago to 8.4 million, reflecting a 2.1 per cent raise within the postpaid subscriber base to 7.four million. TELUS' high-velocity internet connections have increased 6.4 per cent to 1.6 million, whereas TELUS television subscribers are higher with the aid of 7.9 per cent to over 1 million.

    TELUS' endured focal point on customer service excellence turned into evident as soon as again this quarter with the aid of supplying trade-main wireless client churn on a national foundation with a monthly postpaid churn expense of 0.ninety per cent. here is the eleventh quarter in the past 12 quarters that TELUS' postpaid churn cost become beneath 1 per cent, regardless of competitive pressures from the coterminous expirations of two-yr and three-yr contracts taking off in June 2015. Blended churn of 1.15 per cent within the second quarter of 2016 is amongst TELUS' lowest quarterly churn fees considering that becoming a national provider 16 years in the past. This outcomes exemplifies the success of TELUS' differentiated valued clientele first culture and its ongoing focus on delivering fabulous consumer service, coupled with desirable new products and capabilities.

    CONSOLIDATED economic HIGHLIGHTS

    C$ and in hundreds of thousands, except per share quantities Three months endedJune 30 Per cent (unaudited) 2016 2015 amendmentOperating sales3,148 3,102 1.fiveOperating costs earlier than depreciation and amortization 1,959 2,021 (3.1) EBITDA(1) 1,189 1,081 10.1 EBITDA apart from restructuring and different expenses(1)(2) 1,212 1,a hundred and forty 6.three Adjusted EBITDA(1)(2)(3) 1,188 1,140 4.3 web profits 416 341 22.0 Adjusted net earnings(four) 415 406 2.2 simple income per share (EPS) 0.70 0.fifty six 25.0 Adjusted primary EPS(four) 0.70 0.66 6.1 Capital charges769 664 15.8 Free money move(5) 126 300 (fifty eight.0) complete subscriber connections(6) 12.494 12.342 1.2 (1) EBITDA is a non-GAAP measure and does not have any standardized meaning prescribed by IFRS-IASB. TELUS considerations assistance on and reports EBITDA since it is a key measure used to consider performance at a consolidated and segmented degree. For additional definition and rationalization of this measure, see section eleven.1 within the accompanying 2016 2d quarter management's discussion and evaluation. (2) For the 2nd quarter of 2016 and 2015, restructuring and different costs have been $23 million and $59 million respectively. (three) Adjusted EBITDA for the second quarter of 2016 excludes: 1) a $15 million benefit from the exchange of wireless spectrum licences; 2) net positive aspects and equity revenue of $9 million concerning real estate three way partnership tendencies; and three) restructuring and different costs of $23 million. (4) Adjusted internet revenue and Adjusted basic EPS are non-GAAP measures and don't have any standardized meaning prescribed by way of IFRS-IASB. These terms are described in this information release as except for (after salary taxes), 1) profit on the alternate of wireless spectrum licences in the 2d quarter of 2016; 2) internet features and equity revenue from precise estate three way partnership traits within the 2nd quarter of 2016; 3) restructuring and different fees in the 2nd quarter of 2016 and 2015; four) unfavorable salary tax-related changes within the 2d quarter of 2015; and 4) asset retirement from planned closure of Black's images within the 2d quarter of 2015. For further evaluation of Adjusted net earnings and Adjusted primary EPS see section 1.three in the accompanying 2016 2nd quarter administration's discussion and analysis. (5) Free money stream is a non-GAAP measure and does not have any standardized that means prescribed by using IFRS-IASB. For definition and clarification of this measure, see section 11.1 within the accompanying 2016 2d quarter management's discussion and analysis. (6) The sum of active instant subscribers, residential community access traces (NALs), high-pace cyber web access subscribers and TELUS television subscribers (Optik television™ and TELUS satellite tv for pc television® subscribers) measured on the end of the respective periods in keeping with suggestions in billing and other programs. Their January 1, 2015 opening reported subscriber steadiness has been retrospectively adjusted to exclude 1,613,000 business NALs as a result of its diminishing relevance as a key performance indicator. Subsequent to a assessment of their subscriber base, TELUS' Q1 2016 beginning of duration postpaid instant subscriber base turned into reduced by using 45,000 and its Q1 2016 beginning of period high-speed web subscriber base was increased by means of 21,000.

    web salary of $416 million and fundamental income per share (EPS) of $0.70 had been greater year-over-year through 22 and 25 per cent respectively, reflecting EBITDA growth and reduce profits tax fee partly offset through bigger depreciation and amortization prices and higher financing costs. When excluding the second quarter 2016 positive aspects from the exchange of wireless spectrum licenses and internet gains and fairness salary concerning real property three way partnership traits, as well as restructuring and different costs from each reporting intervals, negative earnings tax-connected adjustments and the asset retirement from the planned closure of Black's photography in the second quarter of 2015, net earnings of $415 million and EPS of $0.70 for the 2d quarter of 2016 had been bigger by using 2.2 and 6.1 per cent respectively.

    Free money circulation of $126 million within the 2d quarter changed into lower with the aid of $174 million from a yr ago, essentially due to larger capital expenses, an increase in earnings tax payments, and higher restructuring disbursements partially offset by way of adjusted EBITDA boom.

    in the 2d quarter of 2016, TELUS again $322 million to shareholders together with $261 million in dividends paid and $sixty one million in share purchases under its 2016 regular course company bid (NCIB) application. during the end of July TELUS has again $909 million to shareholders this year, including $798 million in dividends paid and the purchase of three million shares for $111 million.

    TELUS is updating five aspects of its 2016 objectives to mirror superior efficiency in its wireless and wireline agencies, and the continued nice atmosphere for its generational capital investments in broadband infrastructure.

    Consolidated revenue: The enterprise is expanding the decrease end of it consolidated profits range via $25 million to $12.775 billion. The enterprise's new 2016 information is $12.775 to $12.875 billion, enhancing the targeted boom range for 2016 to 2.2 to three.0 per cent.

    The company is increasing the reduce conclusion of it wireline income range by $25 million to $5.705 billion. The enterprise's new 2016 advice is $5.705 to $5.735 billion, improving the centered growth range for 2016 to 2.4 to 3.0 per cent.

    Consolidated EBITDA excluding restructuring and other fees: The company is expanding the lessen end of its consolidated EBITDA with the exception of restructuring and different expenses latitude by using $25 million to $four.650 billion. The enterprise's new 2016 advice is $4.650 to $four.755 billion, improving the targeted increase range for 2016 to three.6 to 6.0 per cent.

    The enterprise is increasing the decrease conclusion of it wireless EBITDA aside from restructuring and different charges latitude through $25 million to $three.0 billion. The business's new 2016 guidance is $three.0 to $three.060 billion, enhancing the centered boom range for 2016 to 3.9 to 6.0 per cent.

    Consolidated capital charges: The enterprise anticipates full 12 months consolidated capital expenditures to be approximately $2.eighty five billion as compared to its up to now estimated 2016 target of 'about $2.sixty five billion'. The raise in capital investments displays TELUS' persevered focus on investing in broadband infrastructure to assist the increasing demand for records services and better community speeds, including connecting extra buildings and corporations to its fibre-optic network. TELUS also intends to continue investing in its wireless network for 4G LTE growth and upgrades in addition to in fibre to aid its instant small cellphone approach in practise for a more productive and well timed evolution to 5G.

    The enterprise's normal 2016 targets may also be present in TELUS' fourth quarter 2015 consequences and 2016 fiscal target information free up issued on February eleven, 2016.

    The previous disclosure with admire to TELUS' 2016 financial ambitions, tips and assumptions incorporates forward-searching information and is thoroughly qualified through the 'caution regarding ahead-searching statements' at first of the accompanying administration's discussion and analysis for the second quarter of 2016 and are in keeping with management's expectations and assumptions as set out in TELUS' fourth quarter 2015 outcomes and 2016 economic goal information release and in area 9 entitled 'general traits, outlook and assumptions' in TELUS' 2015 annual MD&A, as up-to-date in TELUS' first quarter 2016 MD&A.

    Dividend announcement

    The TELUS Board of directors has declared a quarterly dividend of forty six cents ($0.46) Canadian per share on the issued and outstanding general Shares of the business payable on October three, 2016 to holders of record at the shut of company on September 9, 2016.

    This third quarter dividend represents a four cent increase from the $0.42 quarterly dividend paid on October 1, 2015.

    This information liberate includes statements about monetary and working efficiency of TELUS (the enterprise) and future activities, together with with appreciate to future dividend increases and common course provider bids through 2019, the 2016 annual pursuits and counsel which are ahead-looking. by means of their nature, forward-searching statements require the enterprise to make assumptions and predictions and are field to inherent risks and uncertainties. there is significant risk that the ahead-searching statements will no longer prove to be correct. The ahead-looking statements contained in this information free up describe their expectations on the date of this news release and, for that reason, are area to alternate after such date. Readers are cautioned no longer to place undue reliance on ahead-searching statements as a couple of factors could trigger specific future efficiency and hobbies to differ materially from those expressed within the ahead-searching statements. thus, this information release is subject to the disclaimer and certified through the assumptions (including assumptions for the 2016 annual goals and suggestions, semi-annual dividend increases via 2019 and their potential to preserve and finished their multi-yr share purchase application through 2019), qualifications and possibility factors spoke of in the accompanying 2d quarter administration's dialogue and analysis and in the 2015 annual document, and in different TELUS public disclosure files and filings with securities commissions in Canada (on SEDAR at sedar.com) and within the u.s. (on EDGAR at sec.gov). except as required via legislations, TELUS disclaims any intention or obligation to update or revise ahead-looking statements, and reserves the right to change, at any time at its sole discretion, its current follow of updating annual pursuits and counsel.

    second Quarter 2016 working Highlights

    TELUS instant

  • wireless community revenues expanded via $forty million or 2.6 per cent to $1.6 billion in the 2nd quarter of 2016, when compared to the equal period a year in the past. This increase was pushed by a rise in facts revenue because of subscriber growth, a bigger percentage of bigger-fee two-yr plans within the revenue combine, a extra favourable postpaid subscriber mix, and increased records usage from the persevered adoption of smartphones and other facts-centric wireless instruments, in addition to improved use of applications and the growth of TELUS' LTE network. This increase turned into partially offset by means of the continuing decline in voice earnings from accelerated adoption of unlimited nationwide voice plans and endured but moderating substitution to information functions.
  • Blended ARPU increased through 1.4 per cent to $sixty four.38, TELUS' twenty-third consecutive quarter of year-over-yr increase.
  • monthly postpaid subscriber churn of 0.90 per cent extended 4 groundwork aspects year-over-yr. The raise reflects aggressive intensity on account of two-year and three-year customer contracts expiring concurrently beginning in June 2015, as neatly because the results of the financial slowdown, notably in Alberta. Blended monthly churn more advantageous two foundation aspects to 1.15 per cent reflecting improvements within the pay as you go churn rates and TELUS' endured center of attention on purchasers first initiatives and retention programs.
  • Postpaid web additions of 61,000 have been lower 12 months over yr by 15,000 due to lessen gross additions ensuing primarily from the financial slowdown, mainly in Alberta, aggressive intensity, and the impact of better handset prices on customer demand as well as greater monthly churn. total wireless net additions were 40,000 in comparison to web additions of 63,000 a yr in the past reflecting decrease postpaid net additions and better pay as you go losses of 21,000
  • Adjusted wireless EBITDA (EBITDA apart from the benefit on the exchange of instant spectrum licences, the web good points and equity revenue from actual estate joint venture traits, as well as restructuring and different prices) expanded via $28 million or 3.6 per cent over closing yr to $783 million. The growth reflects community profits increase driven via higher ARPU and a larger customer base, as well as ongoing operational effectivity and effectiveness initiatives, partly offset by better retention spend and expanded external labour and distribution channel prices. Retention charges as a percent of network income had been 12.9 per cent, reflecting a $17 million enhance over the identical length a yr ago, as larger subsidy expenses reflecting the continued client alternative for more high priced smartphone contraptions were partly offset with the aid of lower retention volumes.
  • wireless EBITDA much less capital charges elevated 12 months over year by way of $forty three million to $535 million as larger EBITDA changed into partially offset by means of better capital costs. Capital fees extended over the same length a yr in the past because of ongoing investments in TELUS' fibre-optic community to aid its small-phone technology method to improve insurance and prepare for a more efficient and timely evolution to 5G.
  • TELUS wireline

  • exterior wireline revenues improved by way of $14 million or 1.0 per cent to $1.four billion within the second quarter of 2016, when in comparison with the equal duration a yr in the past. This growth turned into generated primarily by way of better records service and equipment revenue.
  • records service and equipment revenues expanded with the aid of $sixty two million or 6.7 per cent, as a result of boom in business system outsourcing functions, better information superhighway and stronger statistics revenues from continued excessive-speed cyber web subscriber increase and higher profits per client, and better TELUS television revenues from persisted subscriber growth.
  • excessive-speed web internet additions of 18,000 had been down four,000 from the same quarter a 12 months ago, reflecting improved competitive depth, the have an impact on of the financial slowdown leading to a stronger consumer churn cost, partly offset via the continuing enlargement of TELUS' high-speed broadband footprint in urban and rural communities, including fibre to the premises, and the pull-through effect of bundling with Optik television.
  • complete television net additions of 13,000 have been reduce by using 4,000 over the identical quarter a year in the past, reflecting a much better client churn expense and a decline in satellite tv for pc subscribers, because the outcomes of slower subscriber boom for paid television features and increased aggressive depth, including OTT functions, have been partly offset with the aid of ongoing growth of TELUS addressable high-pace broadband footprint and lengthening broadband speeds.
  • Residential community entry traces (NALs) declined by using 20,000 in the quarter, per the decline in the same quarter a 12 months ago. Residential NAL losses continue to mirror the continued style of instant and web substitution, partly mitigated by the success of TELUS' bundling strategy.
  • Adjusted wireline EBITDA (EBITDA with the exception of the web gains and equity profits from actual estate three way partnership traits as well as restructuring and different expenses) improved by way of $20 million or 5.5 per cent over remaining yr to $405 million. The growth displays execution on operating efficiency and effectiveness initiatives, as well as enhancing margins in data services, including information superhighway, business procedure outsourcing services, TELUS tv, and TELUS fitness.
  • Wireline EBITDA less capital expenditures reduced through $forty million to $(a hundred and fifteen) million as higher EBITDA changed into more than offset by way of bigger capital charges that assist TELUS' lengthy-term increase. Capital charges elevated over the same duration a 12 months in the past due to continued strategic investments in broadband network infrastructure, including connecting greater homes and companies without delay to TELUS' fibre optic community and investments in device and network resiliency and reliability.
  • corporate Highlights

    TELUS makes giant contributions and investments within the communities where crew members are living, work and serve and to the Canadian economic climate on behalf of shoppers, shareholders and group members by means of:

  • Paying, accumulating and remitting a total of about $1.three billion in taxes all through the primary six months of 2016 to federal, provincial and municipal governments in Canada including corporate earnings taxes, sales taxes, property taxes, company element of payroll taxes and a considerable number of regulatory expenses. since 2000, the business has remitted more than $19 billion in these taxes.
  • Disbursing spectrum renewal fees of $fifty three million to Innovation, Science and economic building Canada (previously business Canada) throughout the primary six months of 2016. given that 2002, TELUS' total tax and spectrum remittances to federal, provincial and municipal governments in Canada have totaled more than $24 billion.
  • Investing $1.four billion in capital expenditures primarily in communities throughout Canada in the first six months of 2016 and greater than $30 billion because 2000.
  • Spending $three.7 billion in total operating prices in the first six months of 2016, together with goods and repair purchased of $2.5 billion. on the grounds that 2000, TELUS has spent $ninety five billion and $62 billion respectively in these areas.
  • generating a total group member payroll of $1.4 billion within the first six months of 2016, including payroll taxes of $91 million. due to the fact that 2000, complete team member payroll totals $38 billion.
  • Paying $798 million in dividends in 2016 throughout the conclusion of July to individual shareholders, mutual fund homeowners, pensioners and institutional investors, and purchasing approximately 3 million shares for $111 million on behalf of shareholders below TELUS' multi-12 months share purchase application.
  • Returning $13.3 billion to shareholders through TELUS' dividend and share buy courses from 2004 to the end of July 2016, including $8.2 billion in dividends and $5.2 billion in share buybacks, representing over $22 per share.
  • About TELUS

    TELUS (TSX:T)(TU) is Canada's fastest-turning out to be national telecommunications enterprise, with $12.6 billion of annual salary and 12.5 million subscriber connections, including 8.four million wireless subscribers, 1.6 million excessive-velocity cyber web subscribers, 1.four million residential community entry traces and 1.0 million TELUS tv shoppers. TELUS provides a wide range of communications products and functions, including wireless, records, information superhighway protocol (IP), voice, tv, entertainment and video, and is Canada's largest healthcare IT provider.

    In aid of their philosophy to supply the place they live, TELUS, their team participants and retirees have contributed $440 million to charitable and not-for-earnings companies and volunteered more than 6.8 million hours of provider to native communities considering that 2000. Created in 2005 by using President and CEO Darren Entwistle, TELUS' 11 Canadian community boards and 4 international boards have led the company's help of grassroots charities and have contributed greater than $fifty four million in aid of over four,900 local charitable tasks, enriching the lives of greater than 2 million little ones and early life, yearly. TELUS changed into honoured to be named essentially the most fabulous philanthropic enterprise globally for 2010 with the aid of the affiliation of Fundraising experts, becoming the primary Canadian company to get hold of this prestigious international consciousness.

    For extra information about TELUS, please visit telus.com.

    access to Quarterly consequences suggestions

    involved investors, the media and others might also evaluation this quarterly income information liberate, administration's discussion and evaluation, quarterly consequences slides, audio and transcript of the investor webcast call, supplementary fiscal counsel, and their full 2015 annual file at telus.com/buyers.

    TELUS' second quarter 2016 convention name is scheduled for August 5, 2016 at eleven:00am ET (8:00am PT) and may function a presentation followed by using a query and reply length with funding analysts. involved parties can entry the webcast at telus.com/buyers. A cellphone playback can be available on August 5 except September 15, 2016 at 1-855-201-2300. Please use reference quantity 1201840# and entry code 77377#. An archive of the webcast will also be obtainable at telus.com/buyers and a transcript should be posted on the website within a number of business days.

    TELUS enterprise

    management's discussion and evaluation

    2016 Q2

    warning regarding ahead-looking statements

    This document contains forward-searching statements about anticipated routine and the financial and operating efficiency of TELUS organization. The phrases TELUS, the enterprise, we, us and their seek advice from TELUS organisation and where the context of the narrative makes it possible for or requires, its subsidiaries. ahead-searching statements include statements concerning annual pursuits, outlook, updates, their multi-12 months dividend increase program, their multi-12 months share purchase application and tendencies. forward-looking statements are typically identified by the phrases assumption, goal, tips, aim, outlook, method, goal and different equivalent expressions, or future or conditional verbs corresponding to aim, assume, trust, predict, could, are expecting, intend, may additionally, plan, seek, should still, attempt and may. by way of their nature, forward-looking statements do not refer to old facts, are discipline to inherent risks and require us to make assumptions. there is gigantic chance that forward-searching statements will not prove to be accurate. as a result, readers are cautioned not to area undue reliance on forward-searching statements. apart from as required by means of law, they disclaim any intention or obligation to replace or revise any forward-searching statements. An replace to their assumptions for 2016 is offered in section 9 replace to assumptions during this management's discussion and evaluation (MD&A).

    components that could trigger exact efficiency to differ materially from the ahead-searching statements made herein and in different TELUS filings include, but aren't limited to, right here:

  • competitors together with: persisted intense contention throughout all services among wireless and wireline telecommunications agencies, cable-television suppliers, different communications businesses and over-the-desirable (OTT) functions, which, amongst different issues, locations pressures on average salary per subscriber unit per 30 days (ARPU) and churn for all services; mergers and acquisitions of business rivals, including the integration of cable-television and instant businesses; competition from international players for foreign roaming features; their potential to proceed to maintain consumers via an improved client provider event; pressures on wireless ARPU and churn from market situations and executive movements, consumer utilization patterns, flat-rate pricing tendencies for voice and information, inclusive long distance plans for voice and extending availability of Wi-Fi networks for records; pressures on high-speed cyber web and tv ARPU and churn as a result of market situations, government movements and customer usage patterns; residential community entry line (NAL) losses; subscriber additions and retention volumes, and associated charges for wireless, tv and high-velocity web functions; the knowledge entry of latest opponents; and their capability to gain and present content on a timely basis across distinct devices on instant and television platforms at an affordable cost.
  • Technological substitution together with: decreased utilization and increased commoditization of traditional wireline voice native and lengthy distance functions from influences of OTT purposes and instant substitution, and standard slower subscriber boom in the wireline section; the increasing number of households that have handiest instant and/or web-based mostly cellphone features; continuation of wireless voice ARPU declines on account of, among different elements, substitution to messaging and OTT purposes; substitution to increasingly obtainable Wi-Fi services from wireless capabilities; and OTT web protocol (IP) functions that can also displace television and leisure capabilities, and affect revenue.
  • technology including: subscriber demand for information that challenges wireless networks and spectrum potential stages; their reliance on legacy methods and tips expertise; technology options, evolution paths and roll-out plans for instant and wireline networks (including broadband initiatives, equivalent to fibre-to-the-premises (FTTP), instant small-telephone deployment, 5G wireless and availability of substances and potential to build out enough broadband capability); their reliance on wireless network entry agreements; alternative of suppliers and people suppliers' potential to preserve and service their product strains; corporation attention and market energy for community gadget, TELUS tv® and instant handsets; the performance of long-term evolution (LTE) instant know-how; their expected long-term should purchase additional spectrum capacity through future spectrum auctions and from third events to handle expanding demand for information; deployment and operation of latest wireless networks and success of new products, new functions and helping systems, including the cyber web of issues (IoT) capabilities for information superhighway-related gadgets; deployment and operation of recent wireline broadband networks at an affordable charge and availability, and success of latest products and functions to be rolled out on such networks; network reliability and alter management; timing of decommissioning of definite legacy wireline networks, techniques and capabilities to in the reduction of operating charges; timing of decommissioning of CDMA and iDEN instant networks to redeploy spectrum and in the reduction of operating fees, and the linked subscriber migration prices and consumer retention dangers; and success of improvements and evolution of TELUS tv know-how, which rely on third-celebration suppliers.
  • potential to effectively put in force cost reduction initiatives and recognize planned savings, internet of restructuring and other costs, devoid of dropping client service focus or negatively affecting enterprise operations. Initiatives encompass: their operating effectivity and effectiveness application to power improvements in salary before activity, profits taxes, depreciation and amortization (EBITDA), including the discount of about 1,500 full-time equal (FTE) positions introduced in November 2015; business integrations; business system outsourcing; offshoring and reorganizations, together with any FTE employee discount programs; procurement initiatives; and precise estate explanation. extra income and price effectivity and effectiveness initiatives will continue to be assessed and carried out, as required.
  • financial boom and fluctuations including: the state of the financial system in Canada, which may be influenced by using economic and other tendencies backyard of Canada, together with the United Kingdom's withdrawal from the ecu Union; future hobby quotes; inflation; unemployment degrees; effects of low oil expenditures; consequences of low enterprise spend (decreasing investments and cost constitution); pension investment returns, funding and bargain charges; and Canadian: U.S. dollar alternate costs.
  • Capital expenditure levels and talents outlays for spectrum licences in spectrum auctions or from third events, as a result of: their wireline broadband initiatives, together with connecting greater homes and corporations without delay to fibre; their ongoing deployment of instant long-time period evolution (LTE) and future applied sciences equivalent to 5G; utilising newly obtained spectrum; investments in community resiliency and reliability; subscriber demand for statistics; evolving systems and company procedures; imposing effectivity initiatives; assisting giant complex deals; and future wireless spectrum auctions held via Innovation, Science and economic development Canada (ISED). Their capital expenditure stages could be impacted if they don't obtain their centered operational and fiscal effects.
  • Regulatory selections and developments including: expertise of executive intervention to extra increase instant competition; the Canadian Radio-television and Telecommunications commission (CRTC) wireless wholesale features assessment, through which it become determined that the CRTC will regulate wholesale GSM-primarily based home roaming quotes and the surroundings of such prices; future spectrum auctions (together with barriers on dependent wireless providers, spectrum set-aside that favours definite carriers and other merits provided to new and overseas individuals, and the amount and cost of spectrum acquired); restrictions on the purchase, sale and switch of spectrum licences; the undetermined long-term have an effect on of the CRTC's wireline wholesale services evaluate, which concluded that wholesale rivals shall acquire regulated access to FTTP amenities owned through incumbent internet carrier providers; the skills influences from the CRTC's determination to require pro-rated refunds when customers terminate their services and the CRTC's examination of differential pricing practices involving information superhighway information plans; improved subsidy necessities for telecommunications facilities in Yukon, Nunavut and the Northwest Territories, and feasible alterations to the scope and nature of simple carrier obligations, including feasible regulation on the best, availability and affordability of residential information superhighway service; the CRTC's new code of habits for television services; vertical integration with the aid of opponents moving into broadcast content ownership, and well timed and beneficial enforcement of linked regulatory safeguards; ongoing monitoring and compliance with restrictions on non-Canadian ownership of TELUS typical Shares; and change, interpretation and utility of tower sharing and roaming rules.
  • means to maintain their dividend boom software through 2019 and their capability to sustain and finished their multi-yr share purchase software through 2019. These courses can be littered with factors such because the aggressive environment, economic performance in Canada, their revenue and free cash circulation, their stages of capital bills and spectrum licence purchases, and regulatory selections and tendencies. Quarterly dividend decisions are area to assessment and backbone by their Board of directors (Board) in accordance with the company's fiscal place and outlook, and the market expense of TELUS shares. the share purchase program may be plagued by a transformation in their intention to buy shares, and the assessment and backbone of their Board every so often. consequently, there can be no assurance that these programs should be maintained via 2019.
  • Financing and debt necessities including their ability to carry out financing activities and their capability to preserve funding grade credit score rankings within the latitude of BBB+ or the equivalent.
  • process dangers including: their reliance on legacy systems and capability to implement and help new items and services and company operations; their means to put in force constructive change management for gadget replacements and upgrades, manner redesigns and business integrations; implementation of complex significant business deals that may be adversely impacted by way of obtainable resources, system boundaries and degree of co-operation from different provider providers; their means to effectively manipulate operations in international jurisdictions; counsel security and privacy breaches, together with statistics loss or theft of information; intentional threats to their infrastructure and company operations; and actual property joint venture re-construction dangers.
  • Litigation and criminal concerns including: their ability to defend efficaciously in opposition t investigations, regulatory court cases, claims and complaints, together with intellectual property infringement claims and sophistication moves pending against us, as well as possible proceedings, highbrow property infringement claims and sophistication movements according to customer claims, facts, privacy or protection breaches and secondary market legal responsibility; and the complexity of criminal compliance in home and overseas jurisdictions.
  • Human aid matters together with: recruitment, retention and applicable training in a incredibly competitive business; the longer term result of collective bargaining for an settlement with the Telecommunications worker's Union (TWU), United steel worker's native Union 1944, which expired on the conclusion of 2015; and the stage of worker engagement.
  • Tax concerns together with: complicated tax legal guidelines that may be field to interpretation through the tax authorities that may additionally vary from their interpretations; adjustments in tax legal guidelines, including tax fees; removing of earnings tax deferrals by utilizing diverse tax 12 months-ends for working partnerships and company companions; and foreign tax complexity and compliance.
  • business continuity movements together with: their capacity to keep client service and function their networks in the event of human error or human-led to threats, reminiscent of electronic assaults and machine failures that may trigger quite a few levels of network outages; provide chain disruptions; herbal catastrophe threats; epidemics; pandemics; and the completeness and effectiveness of business continuity and disaster recuperation plans and responses.
  • Partnerships, acquisitions or divestitures together with: their capability to effectively integrate acquisitions, complete divestitures or set up partnerships in a timely manner, and realize anticipated strategic benefits.
  • health, safeguard and environmental traits and different chance components mentioned herein and listed on occasion in their studies and public disclosure files, together with their annual document, annual assistance kind, and different filings with securities commissions or equivalent regulatory authorities in Canada (on SEDAR at sedar.com) and in their filings with the Securities and trade fee (SEC) in the u.s., together with kind 40-F (on EDGAR at sec.gov). area 10: risks and chance management in their 2015 annual MD&A, their 2016 Q1 MD&A and this MD&A are integrated by way of reference during this cautionary observation.
  • management's dialogue and evaluation

    August 5, 2016

    Contents

    phaseDescription 1. creation1.1 preparation of the MD&A1.2 The environment by which they operate1.three Consolidated highlights 2. Core enterprise and method 3. corporate priorities for 2016 four. abilitiesfour.1 main markets addressed and competition4.2 Operational resources4.3 Liquidity and capital resources4.four alterations in inside handle over monetary reporting 5. discussion of operations 5.1 General5.2 abstract of consolidated quarterly outcomes and trends5.three Consolidated operations5.four wireless segment5.5 Wireline section 6. adjustments in monetary position 7. Liquidity and capital resources 7.1 Overview7.2 cash provided through working activities7.3 cash used by means of investing activities7.4 money supplied (used) with the aid of financing activities7.5 Liquidity and capital aid measures7.6 credit facilities7.7 Sale of alternate receivables7.8 credit ratings7.9 economic instruments, commitments and contingent liabilities7.10 remarkable share information7.eleven Transactions between connected parties eight. Accounting concerns eight.1 crucial accounting estimates8.2 Accounting policy advancements9. replace to assumptions 10. risks and possibility management10.1 Regulatory concerns eleven. Definitions and reconciliations 11.1 Non-GAAP and different economic measures11.2 operating indicators
  • Introduction
  • Our dialogue in this part is certified in its entirety via the caution related to ahead-looking statements at first of this administration's dialogue and evaluation (MD&A).

    1.1 preparation of the MD&A

    here sections are a discussion of the consolidated fiscal place and monetary performance of TELUS for the three-month and 6-month periods ended June 30, 2016, and will be read along with TELUS' June 30, 2016, unaudited condensed intervening time consolidated financial statements (subsequently observed as the interim consolidated fiscal statements). The commonly accredited accounting ideas (GAAP) they use are the overseas economic Reporting necessities (IFRS) as issued with the aid of the international Accounting standards Board (IASB). Their intervening time consolidated monetary statements comply with IFRS-IASB and Canadian GAAP and have been organized in response to foreign Accounting ordinary 34, interim monetary Reporting. Their use of the time period IFRS during this MD&A is a reference to those requirements. In their discussion, they also use certain non-GAAP financial measures, similar to revenue earlier than interest, income taxes, depreciation and amortization (EBITDA), to consider their efficiency, monitor compliance with debt covenants and manage their capital constitution. These measures are described, qualified and reconciled with their nearest GAAP measures in area eleven.1. All amounts are in Canadian bucks, except otherwise distinct.

    Our disclosure controls and processes are designed to deliver cost-effective assurance that all important information is gathered and mentioned to senior administration on a well timed groundwork, so that acceptable selections can be made related to public disclosure. This MD&A and the meantime consolidated monetary statements have been reviewed with the aid of TELUS' Audit Committee and certified with the aid of the Board of directors for issuance on August 5, 2016.

    1.2 The atmosphere by which they function

    financial increase

    We currently estimate that economic increase in Canada may be about 1.three% in 2016 and quite a number 1.8 to 2.2% in 2017, according to a composite of estimates from Canadian banks and other sources. For their incumbent native trade carrier (ILEC) provinces in Western Canada, they estimate that financial growth in British Columbia could be approximately 2.9% in 2016 and in the range of 2.three% to 2.8% in 2017, and that economic boom (contraction) in Alberta can be approximately (2.0)% in 2016 (in part due to the fortress McMurray wildfires and reduce oil fees in 2016) and within the latitude of two.0 to 2.5% in 2017. The bank of Canada's July 2016 monetary coverage file estimated financial growth for Canada at 1.3% in 2016 and 2.2% in 2017. In respect of the countrywide unemployment cost, records Canada's Labour force Survey mentioned a expense of 6.8% for June 2016 (7.1% suggested for December 2015 and 6.eight% suggested for June 2015).

    Regulatory traits

    there were a few regulatory developments within the 2nd quarter of 2016. (See area 10.1 Regulatory matters.)

    1.3 Consolidated highlights

    management changes

    beneficial may sixteen, 2016, they announced the appointment of Doug French as executive Vice-President and Chief financial Officer of TELUS. Doug has 30 years of monetary management event and twenty years of profession development within TELUS, together with key roles as Controller for their largest company gadgets within the company and buyer divisions, and more these days as Senior Vice-President, company Controller.

    funding in TELUS international (Cda) Inc. (TI)

    In June 2016, they announced the completion of the in the past announced contract with Baring private equity Asia, an Asian-primarily based investment enterprise which advises cash that manage over $13 billion (U.S. $10 billion) in property, for it to purchase a 35% non-controlling activity in TELUS international (Cda) Inc., a global provider of consumer carrier, counsel expertise (IT) and enterprise system outsourcing functions. The agreement values TI at $1.2 billion. through this collaboration, TI is well placed to leverage Baring private equity Asia's deep Asian markets presence and international event, and faucet into its international network with a purpose to further expand TI's operations. In reference to the transaction, they have also arranged an incremental U.S.$330 million in financial institution financing, which is secured via belongings of TI and its subsidiaries, expires in 2021 and is non-recourse to TELUS employer.

    Consolidated highlights 2nd quarters ended June 30 Six-month intervals ended June 30 ($ millions, unless otherwise stated) 2016 2015 change 2016 2015 change Consolidated statements of profits working revenuesthree,148 three,102 1.5 % 6,256 6,130 2.1 % operating profits 690 617 11.8 % 1,330 1,296 2.6 % revenue before income taxes 556 507 9.7 % 1,073 1,069 0.4 % web profits 416 341 22.0 % 794 756 5.0 % web profits per average Share basic income per share (fundamental EPS) ($) 0.70 0.56 25.0 % 1.34 1.25 7.2 % Adjusted basic EPS1($) 0.70 0.66 6.1 % 1.39 1.37 1.5 % Diluted ($) 0.70 0.56 25.0 % 1.34 1.24 eight.1 % Dividends declared per typical Share ($) 0.forty six 0.forty two 9.5 % 0.ninety 0.82 9.8 % basic weighted-average general Shares miraculous (hundreds of thousands) 593 605 (2.0 )% 593 606 (2.2 )% Consolidated statements of money flows money offered by operating actions 892 943 (5.four )% 1,455 1,661 (12.4 )% money used through investing activities (735 ) (2,377 ) sixty nine.1 % (1,395 ) (3,303 ) 57.8 % Capital expenditures (except for spectrum licences)2 (769 ) (664 ) (15.eight )% (1,387 ) (1,299 ) (6.8 )% cash offered (used) by means of financing activities (207 ) (sixty eight ) n/m one hundred forty five 1,659 (91.3 )% different highlights Subscriber connections3(hundreds) 12,494 12,342 1.2 % EBITDA1 1,189 1,081 10.0 % 2,329 2,216 5.1 % Restructuring and other costs1 23 59 (sixty one.0 )% 71 76 (6.6 )% EBITDA except for restructuring and other expenses 1,212 1,a hundred and forty 6.three % 2,400 2,292 4.7 % Adjusted EBITDA1,four 1,188 1,a hundred and forty 4.three % 2,376 2,292 3.7 % Adjusted EBITDA margin5 38.0 36.eight 1.2 pts. 38.1 37.4 0.7 pts. Free money flow1 126 300 (58.0 )% 234 571 (59.0 )% net debt to EBITDA - with the exception of restructuring and different costs1 (times) 2.67 2.67 - Notations used in MD&A: n/m - not significant; pts. - percentage points. 1. Non-GAAP and other economic measures. (See area eleven.1.) 2. Capital expenditures (excluding spectrum licences) include property bought, however now not yet paid for, and consequently differ from cash funds for capital belongings, excluding spectrum licences, as mentioned on the condensed interim consolidated statements of cash flows.The sum of active wireless subscribers, residential community access lines (NALs), excessive-speed internet entry subscribers and TELUS tv subscribers (Optik tv™ and TELUS satellite tv for pc television® subscribers), measured at the end of the respective intervals according to tips in billing and other techniques. Their January 1, 2015, their opening said subscriber steadiness has been retrospectively adjusted to exclude 1,613,000 business NALs as a result of its diminishing relevance as a key performance indicator. additionally, subsequent to a review of their subscriber base all through the primary quarter of 2016, their 2016 opening postpaid instant subscriber base was reduced by using forty five,000 and their 2016 opening excessive-pace internet subscriber base turned into improved through 21,000. three. Adjusted EBITDA for the 2nd quarter and first six months of 2016 excludes: (i) a $15 million benefit in the second quarter of 2016, from the alternate of instant spectrum licences; (ii) internet positive factors and equity revenue of $9 million in the second quarter of 2016, involving actual estate joint venture developments; and (iii) restructuring and different fees. four. Adjusted EBITDA margin is Adjusted EBITDA divided by way of operating revenues. The calculation of the operating revenues excludes the internet positive factors and fairness salary involving true property joint venture traits, as neatly because the benefit on exchanged instant spectrum licences. Adjusted EBITDA excludes the identical items stated above in working revenues, as well as restructuring and other costs.

    operating highlights

  • Consolidatedoperating revenues improved yr over 12 months by $forty six million in the 2d quarter of 2016 and $126 million in the first six months of 2016.

    service revenues multiplied 12 months over yr by way of $68 million within the 2nd quarter of 2016 and $163 million in the first six months of 2016, primarily because of increase in instant community revenue and wireline information earnings. wireless network salary grew 12 months over 12 months through $forty million within the second quarter and with the aid of $78 million in the first six months of 2016 from growth in each their blended normal earnings per subscriber unit monthly (ARPU) and in their instant subscriber base. Wireline statistics carrier revenues increased yr over yr by means of $seventy three million in the 2d quarter and $162 million in the first six months due to: growth in company technique outsourcing revenues; expanded information superhighway and better facts revenues; increased TELUS tv revenues; and for the six-month period, expanded TELUS fitness capabilities income. Partly offsetting wireline records income boom turned into the ongoing decline in legacy wireline voice revenue from technological substitution and persisted competitive pressures. (See area 5.4 wireless section and section 5.5 Wireline phase.)

    equipment revenues lowered year over 12 months through $forty four million in the 2d quarter of 2016 and $fifty four million within the first six months of 2016. instant machine income declined year over yr by $27 million within the quarter and $35 million in the first six months from decrease gross additions, reduce retention volumes and discontinuance of Black's images income because of the closure of outlets in August 2015, partly offset via greater-priced smartphones within the earnings combine. Wireline statistics and voice equipment revenues decreased yr over 12 months by means of $17 million in 2d quarter and $19 million in the six-month duration, basically as a result of lower income undertaking within the enterprise market, partially as a result of the financial slowdown.

    other working earnings elevated yr over year by using $22 million within the second quarter of 2016 and $17 million in the first six months of 2016. The increases were primarily due to gains from the change of wireless spectrum licences in the second quarter of 2016 and web features and fairness income associated with actual estate joint venture tendencies within the 2d quarter of 2016, as neatly as the sale of property, plant and machine within the first six months of 2016. These raises had been partly offset by using a reduce in amounts identified from the regulatory rate cap deferral account for provisioning broadband web functions to eligible rural and far off communities, in addition to a rise in provisions on certain investments.

  • At June 30, 2016, their total subscriber connections had been 12.5 million, reflecting an increase of 152,000 subscribers throughout the 12-month length ended June 30, 2016. This displays 12-month increases in wireless subscribers of 0.9%, TELUS television subscribers of seven.9% and high-speed web subscribers of 6.four%, partly offset through a 6.3% decline in residential community access lines (NALs).

    Our postpaid wireless subscriber net additions have been 61,000 in the 2d quarter of 2016 and sixty nine,000 in the first six months of 2016, representing decreases of 15,000 and forty four,000, respectively, from the equal periods in 2015. The decreases replicate lower gross additions due to the economic slowdown, exceptionally in Alberta, competitive depth and the impact of greater handset expenditures on consumer demand, as well as an increase in their postpaid subscriber churn expense. Their monthly postpaid subscriber churn expense was 0.90% within the 2nd quarter of 2016 and 0.93% within the first six months of 2016, as in comparison to 0.86% in the second quarter of 2015 and 0.88% within the first six months of 2015. (See section 5.four wireless section for additional particulars.)

    Our wireline subscriber net additions were eleven,000 within the 2nd quarter of 2016 and 8,000 in the first six months of 2016, as in comparison to web additions of 19,000 and forty three,000, respectively, within the equal durations in 2015. web additions of excessive-speed web subscribers have been 18,000 in the 2nd quarter of 2016 and 30,000 within the first six months of 2016, yr-over-yr decreases of 4,000 and 15,000, respectively, pushed via aggressive intensity, the influence of the economic slowdown and a far better client churn rate, partly offset through the expansion of their broadband footprint, the pull-via influence from the persevered bundling with Optik tv and their valued clientele first initiatives. net additions of TELUS television subscribers were 13,000 within the second quarter of 2016 and 24,000 in the first six months of 2016, reflecting year-over-12 months decreases of 4,000 and 14,000, respectively, from the equal intervals in 2015. The decrease TELUS television web additions mirror a more robust customer churn rate and satellite-tv subscriber losses, as the results of slower subscriber increase for paid television services, the financial slowdown and a high usual market-penetration cost for television functions and increased competition, together with over-the-suitable (OTT) capabilities, have been partly offset by way of demand from enlargement of their broadband footprint and their customers first initiatives. Residential NAL losses have been 20,000 within the 2d quarter of 2016 and forty six,000 within the first six months of 2016, as in comparison to 20,000 and forty,000, respectively, in the same periods in 2015, reflecting the economic slowdown and the ongoing trend of substitution to instant and web-based mostly services. (See part 5.5 Wireline phase for additional particulars.)

  • Consolidated EBITDA, which in second quarter of 2016 contains a benefit from the trade of wireless spectrum licences, as well as positive aspects and equity earnings involving precise estate joint venture trends, improved year over year by using $108 million within the second quarter of 2016 and $113 million in the first six months of 2016, reflecting growth in instant network revenues and wireline statistics revenues; improvements in information superhighway, company system outsourcing, TELUS television and TELUS health margins; increase in different operating salary referred to above; executing on their operational efficiency and effectiveness initiatives; and decrease restructuring and different costs. This growth became partly offset with the aid of greater instant retention charges, continued declines in legacy wireline voice revenues and about $5 million of costs and profits influences, predominately in the wireline phase, concerning the extreme wildfires in northern Alberta. Adjusted EBITDA multiplied 12 months over year by $forty eight million and $84 million, respectively, in the 2nd quarter and first six months of 2016. Adjusted EBITDA within the second quarter and first six months of 2016 excludes a benefit from the exchange of wireless spectrum licences, net good points and fairness profits related to the true property joint venture traits, and restructuring and different expenses. (See part 5.4 instant phase and part 5.5 Wireline phase for additional particulars.)
  • working income elevated year over year by using $seventy three million in the 2d quarter of 2016 and $34 million within the first six months of 2016, reflecting increase in EBITDA noted above, partly offset by way of increases in total depreciation and amortization charges from a much better asset base and the impact of their carrying on with application of asset lifestyles experiences.
  • salary earlier than revenue taxes extended yr over year by $49 million in the 2d quarter of 2016 and $4 million in the first six months of 2016, reflecting bigger working profits, partly offset via a rise in financing fees. The boost in financing charges resulted from better activity charges from the boost in common long-time period debt wonderful, better overseas trade losses and a decrease in interest income as a result of the awareness of $20 million activity profits within the second quarter of 2015 related to the agreement of prior years' income tax-linked gadgets, partly offset by larger capitalized long-time period debt interest prices and a lower weighted average charge of lengthy-term debt.
  • salary taxes reduced 12 months over yr through $26 million within the second quarter of 2016 and $34 million in the first six months of 2016. The decreases reflect a $48 million non-money adjustment within the second quarter of 2015 to revalue deferred revenue tax liabilities as a result of an increase to the Alberta provincial corporate salary tax fee, partly offset by means of a $19 million healing in the 2d quarter of 2015 from the contract of prior years' profits tax-connected concerns and higher income before revenue taxes in 2016. (See part 5.3 Consolidated operations.)
  • net salary multiplied yr over 12 months by means of $75 million within the 2nd quarter of 2016 and $38 million within the first six months of 2016, reflecting growth in EBITDA and lessen profits tax rate, partly offset through greater depreciation and amortization prices, and higher financing charges. apart from the outcomes of the gain on the exchange of instant spectrum licences, web good points and equity earnings from the precise property joint venture traits, restructuring and other fees, earnings tax-connected alterations and asset retirement from the closure of Black's photography retail retailers, net salary expanded yr over 12 months via $9 million or 2.2% in the second quarter of 2016 and declined year over 12 months with the aid of $four million in the first six months of 2016.
  • evaluation of net earnings second quarters ended June 30 Six-month durations ended June 30 ($) 2016 2015 trade 2016 2015 change net income 416 341 seventy five 794 756 38 Add back (deduct): benefit on the trade of wireless spectrum licences, after revenue taxes (13 ) - (13 ) (13 ) - (13 ) net positive aspects and equity profits from true property joint venture developments, after revenue taxes (5 ) - (5 ) (5 ) - (5 ) Restructuring and other costs, after income taxes 17 forty four (27 ) fifty two fifty six (four ) unfavourable (beneficial) revenue tax-related alterations - 15 (15 ) 1 15 (14 ) Asset retirement from deliberate closure of Black's, after profits taxes - 6 (6 ) - 6 (6 ) Adjusted web earnings 415 406 9 829 833 (four )
  • fundamental earnings per share (fundamental EPS) multiplied year over yr by $0.14 within the 2d quarter of 2016 and $0.09 within the first six months of 2016. The discount in the variety of shares fantastic, on account of their typical course issuer bid (NCIB) application, web of share alternative exercises, contributed positively to simple EPS with the aid of about $0.01 and $0.03, respectively, within the 2d quarter and first six months of 2016. apart from the effects of the benefit on the trade of instant spectrum licences, internet features and fairness salary from the precise estate joint venture traits, restructuring and different expenses, revenue tax-linked changes and asset retirement from the closure of Black's photography retail shops, primary EPS accelerated yr over yr with the aid of $0.04 or 6.1% within the 2nd quarter of 2016 and $0.02 or 1.5% in the first six months of 2016.
  • analysis of primary EPS second quarters ended June 30 Six-month durations ended June 30 ($) 2016 2015 change 2016 2015 trade fundamental EPS 0.70 0.56 0.14 1.34 1.25 0.09 Add lower back (deduct): gain on the trade of instant spectrum licences, after profits taxes, per share (0.02 ) - (0.02 ) (0.02 ) - (0.02 ) net positive factors and fairness revenue from actual estate three way partnership trends, after salary taxes, per share (0.01 ) - (0.01 ) (0.01 ) - (0.01 ) Restructuring and other charges, after profits taxes, per share0.03 0.07 (0.04 ) 0.08 0.09 (0.01 ) detrimental (favourable) revenue tax-related adjustments, per share - 0.02 (0.02 ) - 0.02 (0.02 ) Asset retirement from deliberate closure of Black's, after earnings taxes, per share - 0.01 (0.01 ) - 0.01 (0.01 ) Adjusted basic EPS 0.70 0.sixty six 0.04 1.39 1.37 0.02
  • Dividends declared per normal Share have been $0.forty six within the 2nd quarter of 2016 and $0.90 within the first six months of 2016, reflecting a rise of 9.5% from the 2nd quarter of 2015 and 9.eight% from the first six months of 2015, per their multi-yr dividend boom software described in section four.three. On August 4, 2016, the Board declared a third quarter dividend of $0.46 per share on the issued and excellent usual Shares, payable on October 3, 2016, to shareholders of checklist at the close of business on September 9, 2016. The third quarter dividend reflects a cumulative boost of $0.04 per share or 9.5% from the $0.forty two per share dividend declared 12 months prior.
  • Liquidity and capital aid highlights

  • web debt to EBITDA - excluding restructuring and different costs became 2.sixty seven times at each June 30, 2016, and June 30, 2015, as the year-over-12 months boost in web debt changed into offset with the aid of growth in EBITDA - excluding restructuring and different prices. (See area four.three Liquidity and capital resources and area 7.5 Liquidity and capital aid measures.)
  • cash supplied with the aid of working activities diminished 12 months over year through $fifty one million within the 2d quarter of 2016 and $206 million in the first six months of 2016, because of raises in profits taxes paid, pastime paid and restructuring disbursements, partly offset by way of EBITDA growth, and for the six-month length, decrease share-primarily based compensation funds. (See section 7.2 money offered with the aid of operating activities.)
  • money used by investing activities lowered yr over year via more than $1.6 billion within the 2nd quarter of 2016 and $1.9 billion in the first six months of 2016, specially as a result of higher money funds for spectrum licences made in comparative durations in 2015. Capital bills - except for spectrum licences accelerated 12 months over yr by using $a hundred and five million in the second quarter and $88 million in the first six months, notably as a result of their persisted focal point on investing in their wireline and instant broadband infrastructure, together with connecting extra buildings and organizations without delay to their fibre-optic community and deploying instant spectrum licences. (See section 7.3 money used via investing actions.)
  • within the 2nd quarter of 2016, web money used by using financing activities expanded yr over year via $139 million, principally due to a rise in short-time period borrowings within the comparative length of 2015, partly offset by an issue of shares by means of a subsidiary to Baring inner most equity Asia for it to acquire a 35% non-controlling hobby in TELUS international (Cda) Inc. within the 2d quarter of 2016. in the first six months of 2016, cash provided through financing actions diminished year over 12 months through $1.5 billion, primarily as a result of a March 2015 debt offering of $1.75 billion in senior unsecured notes, a $400 million raise briefly-time period borrowings within the 2d quarter of 2015, as well as increased dividend funds in 2016 under their dividend boom application, partly offset by way of an issue of shares by using a subsidiary to Baring private equity Asia for it to purchase a 35% non-controlling activity in TELUS overseas (Cda) Inc., and reduce purchases of shares beneath their NCIB software. (See area 7.4 cash offered by (used) financing activities.)
  • Free cash move reduced 12 months over 12 months with the aid of $174 million in the 2nd quarter of 2016 and $337 million within the first six months of 2016, reflecting increases in income taxes paid, capital expenses - apart from spectrum licences, activity paid, and restructuring disbursements, partly offset by using adjusted EBITDA growth, and for the six-month length, lessen share-based mostly compensation funds. (See calculation in part eleven.1.)
  • 2. Core enterprise and method

    Our discussion during this part is certified in its entirety through the caution related to ahead-searching statements at first of this MD&A.

    Our core enterprise changed into described in their 2015 annual MD&A. the following are business updates grouped beneath the applicable strategic imperatives.

    Focusing relentlessly on increase markets of information, IP and wireless

    exterior instant revenues and wireline information revenues totalled $5.4 billion in the first six months of 2016, up by $214 million or four.1% from the same duration in 2015, whereas wireline voice and different revenues and wireline different working profits totalled $817 million in the first six months of 2016, down $88 million or 9.7% from the equal duration in 2015. wireless revenues and wireline information revenues in total represented 87% of TELUS' consolidated revenues for the primary six months of 2016, as compared to eighty five% in the same duration in 2015.

    constructing national capabilities throughout facts, IP, voice and instant

    all through the 2nd quarter of 2016, in keeping with an asset transfer agreement with Bell Mobility Inc. (Bell) and in line with their community optimization approach, they exchanged definite instant telecommunication tower sites. The trade entailed the task of present rent agreements for each and every tower web page, as well because the switch of all rights, titles and pursuits on the construction on the leased premises, together with tower constructions, antennae and cabling. The change benefits both parties because the region of the tower sites are smartly-located for utilization inside each party's respective 4G long-term evolution (LTE) network footprints. it's expected that further transfers of belongings will turn up in assorted tranches right through 2016 and subsequent intervals.

    Partnering, buying and divesting to accelerate the implementation of their approach and focal point their materials on core business

    As discussed in part 1.three, in June 2016, they announced the completion of the prior to now introduced settlement with Baring private fairness Asia, an Asian-based investment company, for it to purchase a 35% non-controlling interest in TELUS international (Cda) Inc., a world issuer of consumer provider, IT and company method outsourcing services.

    In June 2016, in partnership with Westbank initiatives Corp, they formally opened the TELUS garden™ residential apartment tower, constructed to leadership in energy and environmental design (LEED) gold specifications. the opening of the fifty three-storey residential constructing follows the outlet of the LEED platinum-certified TELUS backyard office tower in September 2015, reinforcing TELUS' dedication to technological innovation and environmental stewardship. With the hole of the residential tower, the TELUS backyard precise property joint venture has commenced the switch of possession to the condo unit owners, as well as the awareness of associated earnings revenue. They are expecting the attention of apartment income to proceed throughout 2016, because the three way partnership completes the transfer of ownership, as smartly because the repatriation of dollars from the joint venture including the repayment of the development credit score facility.

    In June 2016, in conjunction with QHR applied sciences (QHR), a number one digital scientific checklist provider, they introduced their intention to collaborate to improve communications among healthcare suppliers across Canada. TELUS and QHR intend to create a national, secure, specifications-based, and open conversation solution to be able to enable the greater than 23,000 Canadian physicians on the organizations' electronic scientific list systems to talk greater without problems.

    In June 2016, they submitted a notification and increase ruling request to the competition Bureau related to their previously announced settlement with BCE Inc., pursuant to which they would purchase approximately one-third of Manitoba Telecom capabilities Inc.'s (MTS) postpaid instant subscribers and be assigned one-third of MTS' dealer places in Manitoba, dependent on the successful completion of BCE Inc.'s acquisition of MTS. (See part four.1 main markets addressed and competition.)

    3. corporate priorities for 2016

    Our company priorities for 2016 were listed in their 2015 annual MD&A.

    four. Capabilities

    Our discussion during this section is qualified in its entirety by means of the caution involving forward-searching statements in the beginning of this MD&A.

    4.1 major markets addressed and competition

    For a full dialogue of their essential markets and an outline of competition, please check with section four.1 of their 2015 annual MD&A and updates in their 2016 Q1 MD&A.

    On June 23, 2016, Manitoba Telecom features Inc. (MTS) announced that a major majority of its shareholders had permitted the prior to now introduced contract in which BCE Inc. will purchase all issued and excellent usual shares of MTS. On June 29, 2016, the Manitoba court docket of Queen's Bench approved the transaction. The transaction remains discipline to regulatory approvals and different widespread closing circumstances, and is expected to close in late 2016 or early 2017.

    4.2 Operational materials

    For a full dialogue of their Operational elements, please consult with part four.2 of their 2015 annual MD&A and updates in their 2016 Q1 MD&A.

    wireless phase

    within the 2nd quarter of 2016, they endured to deliver main blended client churn on a country wide foundation. Their month-to-month blended churn fee of 1.15% in the 2d quarter of 2016 is amongst their lowest quarterly churn charges in view that they grew to become a countrywide carrier 16 years ago. This further exemplifies the success of their differentiated shoppers first way of life, their ongoing focus on providing awesome client service, coupled with alluring new items and capabilities, and their retention courses. Their month-to-month postpaid churn expense become 0.90% within the 2nd quarter of 2016, representing the eleventh quarter during the past 12 quarters that their postpaid churn price was under 1%, regardless of expanding competitive pressures from the coterminous expirations of two-12 months and three-12 months contracts commencing in June 2015, and financial pressures leading to valued clientele paying for fewer phones.

    throughout the first six months of 2016, they persevered their deployment of seven-hundred MHz and 2500 MHz instant spectrum licences received throughout Innovation, Science and economic construction Canada's (ISED) instant spectrum auctions, which they have begun to operationalize for the benefit of their valued clientele. when you consider that the center of 2013, we've invested more than $three.6 billion to purchase wireless spectrum licences in spectrum auctions and different transactions, which has more than doubled their country wide spectrum holdings, in guide of their appropriate corporate precedence of inserting valued clientele first. instant information consumption has been expanding hastily and they have replied via investing to lengthen the capacity of their network to guide the extra statistics consumption and boom in their wireless customer base.

    As at June 30, 2016, their 4G long-term evolution (LTE) community covered ninety seven% of Canada's population, up from 95% of the population lined at June 30, 2015. moreover, they continue to put money into their LTE superior network roll-out, which coated 55% of Canada's inhabitants at June 30, 2016. outdoor of LTE advanced and LTE insurance areas, the LTE instruments they offer additionally function on their HSPA+ network, which covered 99% of Canada's population at June 30, 2016.

    Wireline phase

    We continue to invest in city and rural communities with commitments to bring broadband network capabilities to as many Canadians as viable. we're increasing their fibre footprint via connecting greater homes and companies without delay to fibre. right through 2015 and 2016, they have made bulletins related to multi-billion dollar investments to deliver their fibre-optic network to cities throughout B.C., Alberta and eastern Quebec. we've also expanded broadband information superhighway speeds, accelerated their IP tv video-on-demand library and high-definition content, including the launch of 4K tv, and greater advertising and marketing of information items and bundles. As neatly, they have endured to invest in their state-of-the paintings web data centres (IDCs), creating an advanced and domestically distinctive computing infrastructure in Canada.

    As at June 30, 2016, their high-speed broadband coverage reached about 2.9 million households and companies in B.C., Alberta and japanese Quebec, together with about 0.eighty three million homes and companies lined via fibre-optic cable, which now offers these premises with immediate entry to their gigabit-able fibre-optic community.

    four.three Liquidity and capital substances

    Capital constitution monetary guidelines

    Our goal when managing capital is to hold a versatile capital constitution that optimizes the charge and availability of capital at proper chance.

    in the administration of capital and in its definition, they consist of commonplace Share equity (aside from collected other finished earnings), long-term debt (including lengthy-time period credit facilities, industrial paper backstopped through long-term credit score facilities and any linked hedging assets or liabilities, internet of amounts recognized in gathered different comprehensive salary), money and temporary investments, and securitized trade receivables.

    We control their capital structure and make alterations to it in easy of changes in economic situations and the risk traits of their telecommunications infrastructure. To preserve or alter their capital constitution, they may alter the quantity of dividends paid to holders of general Shares, buy shares for cancellation pursuant to their ordinary course issuer bids (NCIBs), concern new shares, concern new debt, challenge new debt to exchange present debt with different features and/or boost or reduce the quantity of trade receivables bought to an arm's-size securitization believe.

    We computer screen capital by utilising a couple of measures, together with the net debt to EBITDA - excluding restructuring and other charges ratio and the dividend payout ratios. (See definitions in section eleven.1.)

    Financing and capital structure management plans

    document on financing and capital constitution administration plans Pay dividends to the holders of average Shares beneath their multi-year dividend growth program
  • In may additionally 2016, they introduced an intention to target ongoing semi-annual dividend increases, with the annual increase within the latitude of seven to 10% from 2017 through to the conclusion of 2019, thereby extending the policy first introduced in may additionally 2011. even if this target, dividend selections will proceed to be field to their Board's evaluation and the determination of their financial circumstance and outlook on a quarterly groundwork. Their lengthy-term dividend payout ratio guideline is sixty five to 75% of potential web profits per share. There will also be no assurance that they will keep a dividend boom application through 2019. (See warning regarding forward-looking statements - capacity to sustain their dividend boom application per annum via 2019.)
  • On August four, 2016, a third quarter dividend of $0.46 per share become declared on their issued and spectacular commonplace shares, payable on October three, 2016, to shareholders of list on the close of enterprise on September 9, 2016. The third quarter dividend for 2016 displays a cumulative boost of $0.04 per share or 9.5% from the $0.forty two per share dividend paid in October 2015.
  • buy typical Shares beneath their multi-12 months NCIB
  • On September eleven, 2015, they acquired approval from the Toronto stock trade (TSX) for a brand new NCIB application (2016 NCIB) to buy and cancel as much as 16 million of their common Shares with a worth of as much as $500 million over a 12-month period, taking off September 15, 2015. This represents the repurchase and cancellation of up to 2.7% of staggering TELUS regular Shares prior to the commencement of the 2016 NCIB. Such purchases are made during the amenities of the TSX, the big apple stock exchange (NYSE), alternative trading structures or in any other case as can be accepted with the aid of applicable securities laws and regulations. The common Shares may be bought best when and if they believe it a good idea.
  • we have additionally entered into an automatic share buy plan (ASPP) with a broking service for the goal of enabling us to purchase their common Shares below their NCIB program at times when they might now not be approved to change in their shares, together with consistently scheduled quarterly blackout intervals. Such purchases might be decided via the broker in its sole discretion in keeping with parameters that they based previous to any blackout period, in line with TSX suggestions and relevant securities legal guidelines. The ASPP has been approved by means of the TSX, become applied on October 1, 2015 and may be carried out once in a while thereafter. All different purchases beneath the 2016 NCIB should be on the discretion of the company.
  • The 2016 NCIB represents the remaining 12 months of their share purchase application introduced in may additionally 2013. On may 5, 2016, they announced their intention to renew their NCIB software in every of the next three years with a purpose to allow purchases for as much as $250 million in each calendar year. There will also be no assurance that we'll finished their 2016 NCIB or that we'll renew and finished their NCIB program in each and every of the subsequent three years because the choices to purchase shares depend on the assessment and determination of their Board occasionally on the groundwork of the business's fiscal position and outlook, and the market expense of TELUS shares. (See caution related to forward-searching statements - skill to sustain and complete multi-year share purchase software through 2019.)
  • Use proceeds from securitized exchange receivables (short-term borrowings), bank facilities, commercial paper and cash retained through dividend reinvestment, as crucial, to complement free money movement and meet other cash requirements
  • Our issued and outstanding commercial paper became $975 million at June 30, 2016, all of which became denominated in U.S. dollars (U.S.$755 million), in comparison to $256 million at December 31, 2015 and $NIL at June 30, 2015.
  • Proceeds from securitized change receivables were $one hundred million at June 30, 2016, compared to $500 million at June 30, 2015 and $a hundred million at December 31, 2015.
  • hold compliance with monetary objectivesExcept for the web debt to EBITDA - except restructuring and different charges ratio, they conform to their goals:
  • maintain funding grade credit rankings in the latitude of BBB+ or the equal - On August 5, 2016, investment grade credit scores from the 4 rating businesses that cover TELUS have been within the desired latitude. (See part 7.eight credit rankings.)
  • internet debt to EBITDA - apart from restructuring and different charges ratio of 2.00 to 2.50 times - As measured at June 30, 2016, this ratio changed into outside of the latitude basically due to the funding of spectrum licences got in ISED's instant spectrum auctions all through 2014 and 2015. they can endeavour to come the ratio to inside this purpose range within the medium term, as they agree with that this range is supportive of their lengthy-term strategy. (See area 7.5 Liquidity and capital useful resource measures.)
  • Dividend payout ratio of sixty five to seventy five% of net earnings per share on a prospective groundwork - The disclosed dividend payout ratio is a ancient measure making use of the final 4 quarters of dividends declared and salary per share, and is offered for illustrative functions in evaluating their target guideline. As at June 30, 2016, this ancient ratio become within the desired latitude. (See part 7.5 Liquidity and capital aid measures.)
  • generally maintain a minimum $1 billion in unutilized liquidity - As at June 30, 2016, their unutilized liquidity became enhanced than $1 billion. (See area 7.6 credit amenities.)
  • four.4 changes in inside handle over financial reporting

    there were no changes in internal manage over financial reporting that have materially affected, or are reasonably prone to materially have an effect on, their inside control over economic reporting.

    5. discussion of operations

    Our discussion in this area is qualified in its entirety through the warning related to forward-looking statements originally of this MD&A.

    5.1 universal

    Our operating segments and reportable segments are wireless and wireline. Segmented suggestions in word 5 of the meantime consolidated monetary statements is regularly pronounced to their Chief govt Officer (CEO) (the executive operating resolution-maker).

    5.2 summary of consolidated quarterly results and trends

    summary of quarterly results ($ millions, except per share amounts) 2016 Q2 2016 Q1 2015 this autumn 2015 Q3 2015 Q2 2015 Q1 2014 q4 2014 Q3 working revenues3,148 3,108 three,217 3,one hundred fifty five three,102 3,028 3,128 3,028 working charges items and capabilities purchased1 1,331 1,3001,482 1,394 1,372 1,284 1,476 1,333 employee benefits expense1 628 668 757 693 649 609 651 630 Depreciation and amortization 499 500 518 471 464 456 468 459 total operating expenses2,458 2,468 2,757 2,558 2,485 2,349 2,595 2,422 operating income 690 640 460 597 617 679 533 606 Financing costs 134 123 114 106 a hundred and ten 117 one hundred fifteen 124 earnings before profits taxes 556 517 346 491 507 562 418 482 profits taxes a hundred and forty 139 85 126 166 147 106 127 net income because of commonplace stocks416 378 261 365 341 415 312 355 web earnings per common Share: basic salary per share (basic EPS) 0.70 0.sixty four 0.44 0.sixty one 0.fifty six 0.sixty eight 0.51 0.58 Adjusted fundamental EPS2 0.70 0.70 0.fifty four 0.66 0.66 0.70 0.fifty three 0.64 Diluted 0.70 0.64 0.44 0.61 0.56 0.68 0.51 0.58 Dividends declared per standard share0.forty six 0.44 0.44 0.42 0.42 0.40 0.forty 0.38 more information: EBITDA2 1,189 1,140 978 1,068 1,081 1,135 1,001 1,065 Restructuring and different costs2 23 48 ninety nine fifty one 59 17 26 30 EBITDA - apart from restructuring and different costs2 1,212 1,188 1,077 1,119 1,a hundred and forty 1,152 1,027 1,095 money offered via working actions 892 563 863 1,018 943 718 917 1,037 Free money flow2 126 108 197 310 300271 337 219 1. goods and functions bought and worker benefits cost quantities encompass restructuring and other fees. 2. See area eleven.1 Non-GAAP and other monetary measures.

    traits

    The consolidated profits fashion continues to mirror year-over-12 months raises in: (i) instant network revenues generated from growth in both their commonplace salary per subscriber unit per month (ARPU) and subscriber base; and (ii) increase in wireline records revenues, driven via company manner outsourcing, internet, better data functions, TELUS television and TELUS health features. This growth turned into in part offset by: (i) the continued declines in both instant and wireline voice revenues as a result of technological substitution and superior use of inclusive long distance and unlimited nationwide voice plans; and (ii) the yr-over-12 months decline in wireless machine profits all through the primary six-months of 2016, reflecting lower gross additions and lower retention volumes, partly offset by means of higher-price smartphones within the revenue combine. Retention volumes declined due to (i) gigantic endeavor in 2015 concerning the coterminous expiration of two-12 months and three-year contracts; (ii) the consequences on contract renewals of larger handset fees; (iii) and financial pressures leading to clients paying for fewer telephones.

    The wireless subscriber base increase trend has moderated due to the affects of the economic slowdown, in particular in Alberta, aggressive intensity and the outcomes of better handset fees, partly offset by way of their purchasers first initiatives and retention courses. As cited in area 1.2, they are expecting the Alberta economy to publish modest boom in 2017. The wireless ARPU increase fashion has also moderated due to aggressive pressures driving higher allotments of information offered in fee plans, together with statistics sharing and overseas facts roaming features and plans, elevated frequency of client statistics utilization notifications and offloading of facts traffic to more and more available Wi-Fi hotspots. ARPU is expected to proceed to raise modestly over time, because of the continued growth in statistics utilization and the continuing shift in their subscriber base towards higher-cost postpaid consumers. however, the level of ARPU is incredibly elegant on competition, the financial ambiance, consumer behaviour, regulatory atmosphere, equipment option and different components, and, as a outcome, there can't be any assurance that ARPU boom will proceed to materialize.

    Retention spending as a percentage of network revenue has extended yr over 12 months from 12.1% within the first six months of 2015 to 13.2% within the first six months of 2016, notably from a rise in the revenue mixture of higher-subsidy smartphones and moderating boom in wireless community income. furthermore, as a result of the coterminous expiration of two-year and three-12 months contracts beginning on June three, 2015, there are a enhanced variety of valued clientele renewing contracts at any given time, which has impacted acquisition and retention trends. they have commonly experienced a more robust volume of contract renewals than in the past experienced earlier than 2015. They are expecting this style to continue. They also are expecting to event continuing drive on their postpaid subscriber churn if competitive intensity continues, partially because of an increase in purchasers on expired contracts, in addition to purchasers bringing their personal devices and therefore now not moving into time period contracts. thus, their instant segment historic operating effects and trends earlier than the coterminous expiration of two-year and three-year contracts may also no longer be reflective of consequences and developments for future durations.

    traditionally, there was tremendous third and fourth quarter seasonality because of greater wireless subscriber additions, a rise in related acquisition charges and device sales, and better retention expenses as a result of contract renewals in these quarters. These impacts can also be more suggested around time-honored machine launches and seasonal hobbies similar to back to faculty, Black Friday and christmas. The costs linked to bigger seasonal loading volumes have customarily resulted in sequential decreases in wireless EBITDA from the second quarter through to the fourth quarter, customarily adopted by means of sequential raises in instant EBITDA from the fourth quarter through to the 2nd quarter. Subscriber additions have frequently been lowest in the first quarter. traditionally, wireless ARPU has skilled seasonal sequential raises in the 2d and third quarters, reflecting larger degrees of utilization and roaming in the spring and summer time, followed by using seasonal sequential declines in the fourth and first quarters. This seasonal effect on ARPU is expected to decrease in the future, as unlimited nationwide voice plans turn into more common and chargeable usage and lengthy distance spikes develop into much less stated.

    The fashion of increasing wireline records income reflects boom in high-speed internet and more desirable records functions reflecting a bigger high-velocity web subscriber base (up 6.four% in the 12-month duration ended June 30, 2016), endured enlargement of their broadband footprint, including fibre-optic cable, and accelerated pricing; increase in enterprise method outsourcing supported through customer demand in all areas; the continuing however moderating enlargement of their TELUS television subscriber base (up 7.9% within the 12-month period ended June 30, 2016) and extended pricing; and boom in TELUS health solutions. A popular fashion of declining wireline voice revenues is due to competition from voice over IP (VoIP) service suppliers (including cable-television competitors) and resellers, as well as technological substitution to wireless and IP-based mostly features and purposes, continuing elevated competition within the small and medium-sized enterprise market, and the have an effect on of the financial slowdown and associated shoppers' re-sizing of features.

    The high-speed internet subscriber base increase style has declined 12 months over 12 months all through the primary six months of 2016, primarily from the impact of the economic slowdown and aggressive depth, despite the fact, they predict the subscriber boom to increase as the economic system step by step recovers and from their persisted investments in expanding their fibre-optic community. The TELUS television subscriber base increase is moderating as a result of the outcomes of slower subscriber growth for paid television capabilities, the economic slowdown, the high rate of market penetration and improved competitors, including over-the-true (OTT) capabilities. Residential community access line (NAL) losses continue to replicate the economic slowdown, the continuing trend of substitution to instant and web-based functions, as mentioned above.

    The style in items and services bought expense generally displays expanding instant device costs associated with higher-price smartphones within the sales combine, expanding wireless consumer service, administrative, exterior labour and distribution channel expenses to assist moderating boom in their subscriber base, and higher non-labour restructuring and different charges in 2015 peculiarly from precise property rationalization, partly offset by using lessen transit and termination fees and wireline device fees.

    The style in employee merits fee reflects raises in compensation and worker-connected restructuring fees, in addition to a higher number of personnel to guide improved company system outsourcing revenues, partly offset by using a lower number of home employees (partly as a result of the discount of full-time equivalent (FTE) positions introduced in November 2015) and lessen described improvement plan pension fees.

    The familiar vogue in Depreciation and amortization reflects raises due to increase in capital property in help of the expansion of their broadband footprint and superior long-term evolution (LTE) network insurance.

    The widespread style in Financing prices reflects an increase in lengthy-term debt striking linked to big investments in wireless spectrum licences bought all over instant spectrum licence auctions in 2014 and 2015. Financing expenses also encompass the employee defined advantage plans internet activity cost that has reduced for 2016, essentially because of the lessen in the defined advantage plan deficit at December 31, 2015, as in comparison to twelve months previous, partly offset through a rise in the bargain price. furthermore, Financing prices are internet of capitalized activity regarding spectrum licences bought all through the wireless spectrum licence auctions, which they expect to installation into their present network in future periods (capitalized lengthy-term debt interest changed into $28 million within the first six months of 2016, as compared to $9 million within the six months of 2015 and $forty five million during fiscal 12 months 2015). Capitalization of long-term debt pastime is anticipated to moderate starting in the third quarter of 2016, as telephone websites develop into able to be put into service. Financing costs for the eight periods shown protected various quantities of overseas alternate gains or losses and varying amounts of activity profits, together with $20 million of hobby profits in the 2nd quarter of 2015 on account of the contract of prior years' income tax-linked concerns. moreover, Financing prices within the third quarter of 2014 covered lengthy-time period debt prepayment premiums of about $13 million.

    The vogue in net income reflects the gadgets cited above, as well as non-cash alterations bobbing up from legislated revenue tax alterations and changes identified within the current length for income tax of prior intervals, including any connected after-tax interest on reassessments. The trend in primary EPS additionally displays the have an effect on of share purchases below their regular route company bid (NCIB) application.

    The style in cash provided with the aid of operating actions reflects bigger restructuring and different disbursements, larger salary tax funds and elevated activity funds, partly offset with the aid of growth in consolidated EBITDA. The fashion in free cash stream reflects the elements affecting money offered by way of working actions, as well as increases in capital expenses (apart from spectrum licences).

    5.three Consolidated operations

    here is a dialogue of their consolidated economic efficiency. Segmented counsel in observe 5 of the interim consolidated economic statements is constantly stated to their CEO (the manager working resolution-maker). They discuss the efficiency of their segments in area 5.four instant section,area 5.5 Wireline section and in capital charges in section 7.three money used through investing activities.

    operating revenues 2nd quarters ended June 30 Six-month intervals ended June 30 ($ hundreds of thousands) 2016 2015 trade 2016 2015 exchange carrier 2,952 2,884 2.four % 5,876 5,713 2.9 % equipment164 208 (21.2 )% 336 390 (13.eight )% Revenues coming up from contracts with shoppers three,116 three,092 0.8 % 6,212 6,103 1.8 % different operating salary 32 10 n/m % 44 27 sixty three.0 % three,148 three,102 1.5 % 6,256 6,130 2.1 %
  • provider earnings elevated year over yr with the aid of $68 million in the 2d quarter of 2016 and $163 million in the first six months of 2016. The increase displays boom in instant blended ARPU and the instant subscriber base; expanded wireline business system outsourcing salary; larger wireline web and more advantageous facts profits because of subscriber increase and higher profits per client; TELUS tv revenue growth from continued growth of their subscriber base; and for the six-month length, extended TELUS health functions profits; all of which have been partly offset via continuing declines in wireless and wireline voice revenues, as well as the affects of the economic slowdown, peculiarly in Alberta.
  • machine revenue diminished 12 months over year through $44 million in the second quarter of 2016 and $fifty four million within the first six months of 2016, reflecting a decline in instant machine income of $27 million for the 2d quarter and $35 million for the primary six months from lower gross additions and retention volumes, and discontinuance of Black's images revenue from the closure of stores in August 2015, partly offset by using bigger-value smartphones within the earnings mix. Wireline machine profits diminished through $17 million for the 2nd quarter and $19 million for the six-month period basically from lower income undertaking within the company market partially from the financial slowdown.
  • different operating revenue improved yr over year with the aid of $22 million within the second quarter of 2016 and $17 million in the first six months of 2016, essentially due to gains from the alternate of instant spectrum licences and the sale of property, plant and gadget, as well as internet positive factors and equity profits regarding actual property three way partnership developments. These increases have been partly offset by using a lower in quantities identified from the regulatory rate cap deferral account for provisioning broadband information superhighway capabilities to eligible rural and far flung communities, an increase in provisions on certain investments.
  • working prices 2nd quarters ended June 30 Six-month periods ended June 30 ($ tens of millions) 2016 2015 trade 2016 2015 trade items and services bought1,331 1,372 (3.0 )% 2,631 2,656 (0.9 )% worker merits fee 628 649 (3.1 )% 1,296 1,258 3.0 % Depreciation 385 361 6.6 % 770 708 eight.8 % Amortization of intangible assets 114 103 10.7 % 229 212 8.0 % 2,458 2,485 (1.1 )% 4,926 four,834 1.9 %
  • goods and features bought diminished yr over year with the aid of $41 million in the 2nd quarter of 2016 and $25 million in the first six months of 2016. This displays lessen non-labour restructuring and other expenses mainly from provisions for the closure of Black's images retail shops all the way through the 2d quarter of 2015, in addition to declining transit and termination expenses and decrease wireline product fees involving declining equipment income. This discount in charges was partly offset through extended administrative prices to support their growing subscriber base.
  • employee advantages price lowered 12 months over year through $21 million in the 2d quarter of 2016, specifically from a decline in labour-linked restructuring expenses, reduce defined advantage pension plan and share-primarily based compensation costs, and lessen compensation and merits fees on account of a decrease in domestic personnel below their ongoing operational efficiency and effectiveness initiatives. This decline changed into partly offset by growth within the variety of TELUS international personnel to assist increased business technique outsourcing profits and inflationary compensation increases. For the six-month period, worker benefits cost improved yr over year by means of $38 million, basically as a result of growth in the number of TELUS foreign employees to guide increased business process outsourcing profits, inflationary compensation raises, larger labour-connected restructuring expenses from efficiency initiatives, largely from the discount of full-time equal (FTE) positions introduced in late 2015, in part offset through lower compensation and advantages expenses from a reduce in home personnel, in addition to reduce described advantage pension plan and share-primarily based compensation expenses.
  • Depreciation multiplied 12 months over yr with the aid of $24 million within the 2d quarter of 2016 and $62 million within the first six months of 2016, as a result of increase in capital assets (such as the broadband community and the wireless LTE network), as smartly because the have an impact on of their carrying on with application of asset existence reviews, partly offset by means of asset retirements of $9 million in 2015 regarding the closure of Black's photography retail outlets.
  • Amortization of intangible assets improved 12 months over year by way of $eleven million within the 2nd quarter of 2016 and $17 million within the first six months of 2016, reflecting boom within the intangible asset base, partially offset with the aid of utility asset lifestyles alterations arising from their continuing program of asset lifestyles studies.
  • operating revenue 2d quarters ended June 30 Six-month intervals ended June 30 ($ hundreds of thousands) 2016 2015 exchange 2016 2015 trade wireless EBITDA (See part 5.4) 793 719 10.4 % 1,549 1,463 5.9 % Wireline EBITDA (See section 5.5) 396 362 9.6 % 780 753 3.6 % Depreciation and amortization (mentioned above) (499 ) (464 ) (7.5 )% (999 ) (920 ) (8.6 )% 690 617 eleven.8 % 1,330 1,296 2.6 %

    working earnings accelerated year over year by using $73 million in the second quarter of 2016 and $34 million within the first six months of 2016, reflecting growth in EBITDA that turned into partly offset with the aid of increases in Depreciation and amortization expenses.

    Financing prices 2d quarters ended June 30 Six-month periods ended June 30 ($ thousands and thousands) 2016 2015 trade 2016 2015 trade Gross activity expenses138 132 4.5 % 275 249 10.4 % Capitalized lengthy-term debt activity (eleven ) (9 ) (22.2 )% (28 ) (9 ) n/m worker defined improvement plans web attention1 6 (83.3 )% 2 13 (eighty four.6 )% activity (revenue) (1 ) (21 ) 95.2 % (1 ) (21 ) ninety five.2 % foreign trade losses (beneficial properties) 7 2 n/m 9 (5 ) n/m 134 one hundred ten 21.eight % 257 227 13.2 %
  • Gross pastime charges, just before capitalization of long-term debt interest, multiplied year over yr by $6 million in the 2nd quarter of 2016 and $26 million within the first six months of 2016, basically due to the raise in regular lengthy-time period debt balances amazing, which arose certainly from the buy of spectrum licences, partly offset through a reduction in the advantageous pastime rate. Their weighted ordinary activity expense on lengthy-time period debt (except for industrial paper and the revolving part of the TELUS foreign (Cda.) Inc. credit facility) became four.32% at June 30, 2016, as compared to four.forty two% 12 months prior. (See lengthy-time period debtissues and repayments in part 7.4.)
  • Capitalized long-time period debt hobby is in appreciate of debt incurred for the buy of spectrum licences during spectrum auctions held through Innovation, Science and financial building Canada (ISED), which they expect to deploy in their present community in future periods. Capitalization of long-term debt interest will continue until noticeably the entire activities vital to prepare the spectrum for its supposed use are comprehensive; without difficulty when phone websites are able to be put into provider.
  • worker defined improvement plans net interest lowered year over yr through $5 million within the 2d quarter of 2016 and $11 million in the first six months of 2016, specially from the lower within the defined advantage plan deficit at December 31, 2015, to $fifty three million from $598 million twelve months earlier, partly offset by means of a higher cut price fee.
  • pastime profits within the 2d quarter and first six months of the comparative intervals in 2015 became derived essentially from $20 million hobby income concerning the contract of prior years' profits-tax related concerns.
  • foreign alternate losses (positive aspects) fluctuate from length to duration because of foreign money contracts for the U.S. dollar.
  • salary taxes 2d quarters ended June 30 Six-month intervals ended June 30 ($ hundreds of thousands, apart from tax fees) 2016 2015 alternate 2016 2015 change salary tax computed at relevant statutory rates 148 134 10.four % 285 282 1.1 % Revaluation of deferred revenue tax legal responsibility to mirror future statutory income tax charges - forty eight (one hundred.0 )% 1 forty eight (ninety seven.9 )% adjustments diagnosed within the existing period for salary taxes of prior intervals - (19 ) 100.0 % - (19 ) a hundred.0 % other (8 ) 3 n/m (7 ) 2 n/m income taxes one hundred forty 166 (15.7 )% 279 313 (10.9 )% income taxes computed at applicable statutory prices (%) 26.5 26.6 (0.1) pts. 26.6 26.5 0.1 pts. effective tax price (%) 25.2 32.7 (7.5) pts. 26.0 29.3 (3.3) pts.

    total profits tax price decreased through $26 million in the second quarter of 2016 and $34 million in the first six months of 2016 when compared to the identical intervals in 2015. The decreases were basically due to a $48 million non-money adjustment in the 2nd quarter of 2015 to revalue deferred profits tax liabilities coming up from a rise in the Alberta provincial corporate tax cost, internet of higher profits before revenue taxes in 2016, and a $19 million recuperation recorded in the 2nd quarter of 2015 regarding the contract of prior years' income tax-linked concerns (except for related activity income).

    comprehensive income second quarters ended June 30 Six-month intervals ended June 30 ($ millions) 2016 2015 alternate 2016 2015 change net income 416 341 22.0 % 794 756 5.0 % different finished salary (loss) (net of revenue taxes): objects that could be as a result reclassified to revenue four (3 ) n/m (10 ) - n/m item on no account in consequence reclassified to salary - employee described advantage plans re-measurements ninety four (122 ) n/m 17 a hundred and fifteen (eighty five.2 )% finished salary 514 216 138.0 % 801 871 (eight.0 )%

    comprehensive revenue multiplied year over 12 months via $298 million within the 2nd quarter of 2016, essentially as a result of increases in worker described benefit plan re-measurement amounts and boom in internet salary. For the six-month length, complete income lowered year over year via $70 million, exceptionally from a reduce in employee defined advantage plan re-dimension amounts, partly offset by using growth in web earnings. gadgets that may well be due to this fact reclassified to salary are composed of alterations in the unrealized reasonable value of derivatives specified as cash stream hedges, foreign forex translation adjustments coming up from translating financial statements of overseas operations, and adjustments within the unrealized fair cost of purchasable-for-sale investments.

    5.4 instant phase

    wireless operating signalsAs at June 30 2016 2015 alternate Subscribers (000s): Postpaid1 7,376 7,221 2.1 % pay as you go 1,051 1,131 (7.1 )% complete eight,427 eight,352 0.9 % Postpaid share of subscriber base (%) 87.5 86.5 1.0 pts. HSPA+ population coverage2 (millions) 35.7 35.7 - % LTE population coverage2 (hundreds of thousands) 35.1 33.9 3.5 % 2nd quarters ended June 30 Six-month intervals ended June 30 2016 2015 exchange 2016 2015 exchange Subscriber gross additions (000s): Postpaid 247 249 (0.eight )% 459 472 (2.eight )% pay as you go 84 106 (20.eight )% 163 210 (22.4 )% whole331 355 (6.eight )% 622 682 (eight.eight )% Subscriber net additions (losses) (000s): Postpaid sixty one 76 (19.7 )% 69 113 (38.9 )% pay as you go (21 ) (13 ) (sixty one.5 )% (fifty four ) (forty two ) (28.6 )% entireforty sixty three (36.5 )% 15 seventy one (seventy eight.9 )% Blended ARPU, per month3 ($) sixty four.38 63.48 1.four % 63.seventy three 62.91 1.three % Churn, per month3 (%) combined1.15 1.17 (0.02) pts. 1.21 1.23 (0.02) pts. Postpaid 0.90 0.86 0.04 pts. 0.93 0.88 0.05 pts. charge of acquisition (COA) per gross subscriber addition3 ($) 442 404 9.four % 439 398 10.three % Retention spend to community revenue3 (%) 12.9 12.1 0.eight pts. 13.2 12.1 1.1 pts. 1. Subsequent to a review of their subscriber base all over the first quarter of 2016, their 2016 opening postpaid subscriber base became reduced via forty five,000. 2. together with network access agreements with different Canadian carriers. 3. These are business measures valuable in assessing working efficiency of a wireless company, however are not measures described beneath IFRS. (See section 11.2 working warning signs.) operating revenues - instant phase second quarters ended June 30 Six-month durations ended June 30 ($ millions, except ratios) 2016 2015 exchange 2016 2015 trade network sales1,608 1,568 2.6 % three,181 3,103 2.5 % equipment and different amenities123 156 (21.2 )% 247 291 (15.1 )% Revenues bobbing up from contracts with valued clientele 1,731 1,724 0.four % three,428 three,394 1.0 % other working salary (loss) 23 (2 ) n/m 28 - n/m external operating revenues1,754 1,722 1.9 % 3,456 three,394 1.8 % Intersegment network earnings 14 14 - % 28 28 - % complete operating revenues1,768 1,736 1.8 % three,484 three,422 1.eight %

    network revenues from external customers multiplied year over year through $40 million within the second quarter of 2016 and $78 million in the first six months of 2016. data network revenue expanded 12 months over year with the aid of 7.5% in the second quarter of 2016 and 7.9% within the first six months of 2016, reflecting boom within the subscriber base, a larger share of higher-fee two-year plans within the profits combine, a stronger postpaid subscriber combine, and extending statistics utilization from the endured adoption of smartphones and different statistics-centric wireless contraptions, as well as more desirable use of applications and the enlargement of their LTE network insurance. Voice network profits diminished yr over 12 months through 3.four% within the 2d quarter of 2016 and 3.8% within the first six months of 2016 due to the improved adoption of unlimited nationwide voice plans and persevered however moderating substitution to information services, partly offset through increase in the subscriber base.

  • month-to-month blended ARPU turned into $sixty four.38 in the second quarter and $sixty three.seventy three in the first six months of 2016, reflecting yr-over-12 months increases of $0.90 for the quarter and $0.eighty two for the six-month length. The raises were primarily as a result of the results of greater-cost two-12 months plans, a more favourable postpaid subscriber mix and increase in facts usage (as described above), partly offset by means of persevered declines in voice income and the effects of larger information allotments in their carrier plans, expanded frequency of client records usage notifications and the financial slowdown, above all in Alberta.
  • Gross subscriber additions were 331,000 in the second quarter of 2016 and 622,000 within the first six months of 2016, reflecting year-over-12 months decreases of 24,000 for the quarter and 60,000 for the six-month period. Postpaid gross additions had been 247,000 within the 2nd quarter of 2016 and 459,000 in the first six months of 2016, down 2,000 and 13,000, respectively, from the equal periods in 2015. The declines in subscriber additions had been due to the financial slowdown, in particular in Alberta, aggressive depth and the effects of greater handset fees on client demand. pay as you go gross additions were 84,000 in the second quarter of 2016 and 163,000 in the first six months of 2016, reflecting year-over-year decreases of 22,000 and 47,000, respectively, from the related durations in 2015, especially from aggressive intensity and their concentrated advertising efforts on greater-value postpaid loading.
  • net subscriber additions were forty,000 in the 2d quarter of 2016 and 15,000 in the first six months of 2016, reflecting 12 months-over-12 months declines of 23,000 within the quarter and fifty six,000 within the six-month period as a result of reduce gross additions, partly offset with the aid of an development in blended monthly churn rates. Postpaid net additions were 61,000 in the second quarter of 2016 and sixty nine,000 within the first six months of 2016, down 15,000 and 44,000, respectively, from the comparable intervals in 2015 due to the elements affecting gross subscriber additions described above, in addition to raises in their postpaid churn quotes. prepaid subscribers lowered by way of 21,000 within the 2nd quarter of 2016 and 54,000 in the first six months of 2016, as compared to decreases of 13,000 and 42,000, respectively, within the same durations of 2015. prepaid losses mirror conversions to postpaid capabilities (due to their marketing efforts concentrated on larger-price postpaid loading) and extended competitors for prepaid features.
  • Our common month-to-month postpaid subscriber churn rate became 0.ninety% within the second quarter of 2016 and 0.93% within the first six months of 2016, as compared to 0.86% and nil.88%, respectively, within the related intervals of 2015. Their blended month-to-month subscriber churn expense turned into 1.15% within the second quarter of 2016 and 1.21% in the first six months of 2016, as in comparison to 1.17% and 1.23%, respectively, in the identical durations of 2015. The yr-over-yr raises in postpaid subscriber churn charges throughout the quarter and 6-month length of 2016 had been basically because of competitive intensity, partially from the simultaneous expiration of two-12 months and three-year customer contracts starting in June 2015, as neatly because the outcomes of the economic slowdown, specifically in Alberta. The yr-over-yr advancements in their blended subscriber churn fees all over the quarter and 6-month length of 2016 have been because of advancements in their prepaid churn quotes and their persevered focal point on consumers first initiatives, their clear and simple method and retention classes, partly offset by way of the elements affecting postpaid subscriber churn described above.
  • device and different capabilities lowered yr over 12 months by means of $33 million within the 2d quarter of 2016 and $44 million within the first six months of 2016, in particular from decrease gross additions and retention volumes, aggressive depth and discontinuance of Black's images profits from the closure of retailers in August 2015, partly offset by greater-value smartphones within the income combine.

    other working salary accelerated year over yr by means of $25 million within the second quarter of 2016 and $28 million within the first six months of 2016, principally due to positive aspects from the exchange of wireless spectrum licences and the sale of property, plant and machine, in addition to net positive factors and fairness salary related to actual estate joint venture developments.

    Intersegment salary within the wireless segment represents network functions offered to the wireline phase. Such revenues are eradicated upon consolidation along with the linked prices.

    operating charges - instant segment 2d quarters ended June 30 Six-month durations ended June 30 ($ thousands and thousands) 2016 2015 change 2016 2015 alternate items and features bought: machine revenue bills371 370 0.three % 734 718 2.2 % network working expenses188 188 - % 373 372 0.3 % marketing bills97 104 (6.7 )% 188 194 (3.1 )% other 1 161 178 (9.6 )% 316 336 (6.0 )% worker merits expense1 158 177 (10.7 )% 324 339 (4.four )% complete working expenses975 1,017 (4.1 )% 1,935 1,959 (1.2 )% 1. includes restructuring and different costs. (See part eleven.1 Non-GAAP and different monetary measures.)

    gadget sales rate was a bit of larger year over 12 months within the second quarter of 2016 and increased by way of $16 million within the first six months of 2016, reflecting a rise in bigger-cost smartphones within the sales combine and extending handset prices, partly offset with the aid of lessen gross additions and retention volumes, and decrease charge of revenue from the closure of Black's images retailers in August 2015.

  • Retention expenses as a percent of community profits have been 12.9% within the 2nd quarter of 2016 and 13.2% within the first six months of 2016, as compared to 12.1% in both the second quarter and first six months of 2015. The raises were pushed by using turning out to be retention costs from larger per-unit subsidy fees, partly offset by means of lessen retention volumes, in addition to moderating boom in community income. The higher per-unit subsidy expenses have been essentially from persevered customer preference for bigger-value smartphones, competitive depth and lessen machine upgrade prices.
  • COA per gross subscriber addition changed into $442 in the second quarter of 2016 and $439 in the first six months of 2016, reflecting yr-over-12 months raises of $38 for the quarter and $forty one for the six-month length. These raises resulted peculiarly from greater per-unit subsidy prices that mirrored competitive depth and a superior proportion of better-cost smartphones within the sales mix, partly offset through lessen promoting and promotional prices.
  • community operating fees have been incredibly flat year over 12 months in the 2nd quarter and first six months of 2016, as bigger preservation fees were offset by way of network explanation initiatives.

    advertising prices declined 12 months over yr with the aid of $7 million within the 2d quarter of 2016 and $6 million in the first six months of 2016, basically due to decrease promoting and promotions prices and lessen commission costs pushed by means of decrease gross additions and retention volumes.

    other goods and services bought reduced year over 12 months through $17 million within the second quarter of 2016 and $20 million within the first six months of 2016, primarily due to reduce non-labour restructuring and other prices, certainly from provisions for the closure of Black's images retail retailers all through the 2d quarter of 2015, partly offset by way of better administrative charges.

    employee merits rate diminished year over 12 months with the aid of $19 million within the second quarter of 2016 and $15 million in the first six months of 2016, reflecting reduce salaries and wages pushed by a reduction in FTEs from their ongoing operational effectivity and effectiveness initiatives, decrease share-based compensation fees, and, for the quarter, decrease labour-linked restructuring costs, partly offset with the aid of inflationary compensation increases.

    EBITDA - wireless segment 2nd quarters ended June 30 Six-month intervals ended June 30 ($ tens of millions, apart from margins) 2016 2015 trade 2016 2015 trade EBITDA 793 719 10.4 % 1,549 1,463 5.9 % Add returned restructuring and other expenses 9 36 (seventy five.0 )% 18 forty two (fifty seven.1 )% EBITDA - except restructuring and different charges 802 755 6.2 % 1,567 1,505 4.1 % Deduct gain on the trade of wireless spectrum licences (15 ) - n/m (15 ) - n/m Deduct net positive factors and equity salary from precise property joint venture traits (4 ) - n/m (4 ) - n/m Adjusted EBITDA 783 755 three.6 % 1,548 1,505 2.eight % EBITDA margin (%) forty four.9 41.four 3.5 pts. forty four.5 42.8 1.7 pts. Adjusted EBITDA margin1 (%) forty four.eight forty three.51.3 pts. 44.7 44.0 0.7 pts. 1. The calculation of the Adjusted EBITDA margin excludes the internet positive factors and fairness revenue from real estate joint venture developments, as well as the gain on the exchange of instant spectrum licences from both EBITDA and working revenues, and excludes restructuring and different charges from EBITDA

    wireless EBITDA expanded via $seventy four million within the 2nd quarter of 2016 and $86 million in the first six months of 2016 when compared to the same periods in 2015, including positive factors, as exact in the table above, and lower restructuring and other costs. instant adjusted EBITDA accelerated yr over 12 months through $28 million in the second quarter of 2016 and $forty three million in the first six months of 2016, reflecting network salary boom pushed through better ARPU and a larger customer base, as well as ongoing operational efficiency and effectiveness initiatives, partly offset by using better retention spending.

    5.5 Wireline segment

    Wireline operating indications At June 30 (000s) 2016 2015 trade Subscriber connections: excessive-speed web subscribers1 1,617 1,520 6.four % TELUS television subscribers 1,029 954 7.9 % Residential NALs 1,421 1,516 (6.three )% complete wireline subscriber connections1 4,067 three,990 1.9 % 2d quarters ended June 30 Six-month intervals ended June 30 2016 2015 change 2016 2015 change Subscriber internet additions (losses): excessive-speed web 18 22 (18.2 )% 30 45 (33.three )% TELUS television13 17 (23.5 )% 24 38 (36.eight )% Residential NALs (20 ) (20 ) - % (forty six ) (forty ) (15.0 )% complete wireline subscriber connections web additions (losses) 11 19 (42.1 )% eight 43 (81.four )% 1. valuable December 31, 2015, company NALs has been removed from the stated subscriber base due to its diminishing relevance as a key efficiency indicator, and as such their January 1, 2015, opening pronounced subscriber stability has been retrospectively adjusted to exclude 1,613,000 company NALs. moreover, subsequent to a evaluation of their subscriber base all the way through the first quarter of 2016, their 2016 opening high-pace web subscriber base became extended with the aid of 21,000. working revenues - Wireline segment 2d quarters ended June 30 Six-month periods ended June 30 ($ hundreds of thousands) 2016 2015 change 2016 2015 alternate data carrier and accessories990 928 6.7 % 1,983 1,831 eight.3 % Voice provider 340 383 (11.2 )% 688 765 (10.1 )% different features and accessoriesfifty five fifty seven (three.5 )% 113 113 - % Revenues arising from contracts with valued clientele 1,385 1,368 1.2 % 2,784 2,709 2.8 % different operating income 912 (25.0 )% sixteen 27 (40.7 )% external operating revenues1,394 1,380 1.0 % 2,800 2,736 2.three % Intersegment profits 48 forty three 11.6 % ninety five 86 10.5 % complete operating revenues1,442 1,423 1.3 % 2,895 2,822 2.6 %
  • records provider and machine revenues elevated year over 12 months through $62 million within the 2nd quarter of 2016 and $152 million in the first six months of 2016, basically as a result of: (i) boom in company process outsourcing revenues; (ii) expanded internet and greater statistics carrier revenues as a result of a 6.4% increase in their high-speed cyber web subscribers over 12 months, bigger revenue per consumer from enhancements to faster internet speeds and greater utilization expense internet plans, subscribers coming off of promotional offers, the phased-in introduction of usage-based billing in 2015 and sure cost increases; (iii) increased TELUS television revenues because of an 7.9% subscriber boom over one year; and (iv) for the six-month duration, expanded TELUS health provider revenue. This boom was partly offset by means of a decline in statistics equipment revenues regarding the financial slowdown.
  • Voice service revenues lowered year over yr by way of $forty three million within the 2nd quarter of 2016 and $seventy seven million within the first six months of 2016. The decreases reflect the continued decline in legacy revenues from technological substitution, the financial slowdown, multiplied competitors, superior use of inclusive lengthy distance plans and decrease lengthy distance minutes of use, in part offset by way of certain expense raises. They skilled a 6.3% decline in residential NALs in the 12-month length ended June 30, 2016.
  • Wireline subscriber connections net additions had been 11,000 in the 2d quarter of 2016 and eight,000 within the first six months of 2016, reflecting 12 months-over-12 months decreases of eight,000 and 35,000, respectively, from the similar periods in 2015.
  • net additions of excessive-speed internet subscribers have been 18,000 in the 2nd quarter of 2016 and 30,000 in the first six months of 2016, reflecting 12 months-over-12 months declines of four,000 within the quarter and 15,000 in the six-month duration. The decreases resulted from the results of aggressive intensity and the have an effect on of the economic slowdown, resulting in a higher customer churn price, partly offset by using the endured growth of their excessive-speed broadband footprint in urban and rural communities, as smartly because the pull-through influence from the endured adoption of Optik television. net additions of TELUS television subscribers were 13,000 in the 2nd quarter of 2016 and 24,000 in the first six months of 2016, down 4,000 and 14,000, respectively, from additions within the equal intervals in 2015. The decreases mirrored a far better client churn rate and a decline in satellite tv for pc subscribers because the results of slower subscriber growth for paid tv services, the financial slowdown, a high expense of market penetration for tv capabilities and aggressive intensity, including OTT services, had been partly offset by way of the ongoing enlargement of their addressable high-speed broadband footprint and increasing broadband speeds. persisted focal point on expanding their addressable excessive-pace information superhighway and Optik tv footprint, connecting extra homes and business at once to fibre, and bundling these capabilities collectively, resulted in combined internet and television subscriber increase of 172,000 or 7.0% over the last 365 days.
  • Residential NAL losses were 20,000 in the second quarter of 2016 and forty six,000 within the first six months of 2016, as in comparison to NAL losses of 20,000 and 40,000, respectively, within the equal durations of 2015. The residential NAL losses proceed to mirror the financial slowdown, the ongoing fashion of substitution to wireless and information superhighway-primarily based capabilities, and improved competitors, in part mitigated through the success of their bundled provider offerings and their valued clientele first initiatives.
  • different functions and device become fairly flat 12 months over 12 months in both the second quarter of 2016 and the first six months of 2016.
  • other working income diminished yr over yr by using $three million within the 2nd quarter of 2016 and $eleven million in the first six months of 2016, primarily because of a decrease in amounts diagnosed from the regulatory rate cap deferral account for provisioning broadband internet capabilities to eligible rural and faraway communities, in addition to a rise within the provisions on certain investments. Partly offsetting this decline was net features and equity income on precise estate three way partnership traits.

    Intersegment profits represents functions provided to the instant section. Such income is eradicated upon consolidation together with the linked costs.

    working costs - Wireline section second quarters ended June 30 Six-month intervals ended June 30 ($ millions) 2016 2015 alternate 2016 2015 change goods and features purchased1 576 589 (2.2 )% 1,143 1,a hundred and fifty (0.6 )% worker benefits expense1 470 472 (0.four )% 972 919 5.eight % complete working bills1,046 1,061 (1.four )% 2,a hundred and fifteen 2,069 2.2 % 1. contains restructuring and different costs. (See area 11.1 Non-GAAP and other fiscal measures.)
  • goods and functions bought diminished year over year by $13 million within the second quarter and $7 million within the first six months of 2016, reflecting reduce transit and termination fees and lower device expenses concerning declining machine salary, partly offset via accelerated community working and administrative fees to aid their starting to be subscriber base, and higher advertising and promotional charges in guide of bundled offerings.
  • worker benefits price lowered year over 12 months through $2 million in the 2nd quarter of 2016 mainly from a decline in labour-linked restructuring prices, lower described improvement pension plan and share-based compensation prices, and reduce compensation and advantages expenses as a consequence of lessen within the number of domestic employees, in part due to the discount of FTE positions introduced in late 2015. This decline turned into partly offset by boom in the variety of TELUS foreign personnel to guide improved enterprise technique outsourcing revenue and inflationary compensation increases.

    For the six-month period, employee advantages prices extended yr over 12 months by using $53 million, essentially as a result of increase in the variety of TELUS foreign employees to guide improved company technique outsourcing salary, inflationary compensation raises and better labour-linked restructuring prices from effectivity initiatives, together with the announcement in late 2015 cited above. This became partly offset with the aid of decrease compensation and advantages fees because of a lessen in domestic personnel, as well as reduce defined advantage pension plan and share-based compensation prices.

  • ... EBITDA - Wireline phase 2d quarters ended June 30 Six-month intervals ended June 30 ($ thousands and thousands, apart from margins) 2016 2015 alternate 2016 2015 alternate EBITDA 396 362 9.6 % 780 753 3.6 % Add returned restructuring and different costs 14 23 (39.1 )% fifty three 34 fifty five.9 % EBITDA - except restructuring and other charges 410 385 6.5 % 833 787 5.eight % Deduct web beneficial properties and equity earnings from precise property joint venture traits (5 ) - n/m
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