ROGERS COMMUNICATIONS INC. Accelerated Revenue Growth to 4% and Adjusted Operating Profit Growth to 6%
Expanded Adjusted Operating Profit Margins to 37% and Free Cash Flow to $275 Million
Introduced Key Rogers 3.0 Initiatives including the NHL, Roam Like Home and shomi
Delivered on 2014 Guidance and Announced Annualized Dividend Rate Increase of 5% to $1.92 Per Share
TORONTO, Jan. 29, 2015 /PRNewswire/ - Rogers Communications Inc., a leading diversified Canadian communications and media company, today announced its unaudited consolidated financial and operating results for the fourth quarter ended December 31, 2014.
Financial Highlights
Three months ended December 31
(In millions of Canadian dollars, except 2014 2013 % Chg
per share amounts, unaudited)
Operating revenue 3,366 3,243 4
As adjusted 1:
Operating profit 1,233 1,167 6
Net income 355 357 (1)
Basic and diluted earnings per share 0.69 0.69 -
Net income 297 320 (7)
Basic earnings per share 0.58 0.62 (6)
Diluted earnings per share 0.57 0.62 (8)
Cash provided by operating activities 1,031 1,072 (4)
Free cash flow 1 275 109 152
1 Adjusted amounts and free cash flow are non-GAAP measures and
should not be considered as a
substitute or alternative for GAAP measures. They are not defined
terms under IFRS, and do not have
standard meanings, so may not be a reliable way to compare us to
other companies. See "Non-GAAP
Measures" for information about these measures, including how we
calculate them.
"We saw a healthy acceleration in revenue growth and adjusted operating profit along with improvement in Wireless revenue and ARPU," said Guy Laurence, President and CEO of Rogers Communications Inc. "We continued our shift from volume to value this quarter, and as expected we saw vibrations in both our Wireless and Cable subscriber metrics as we made certain commercial policy changes, consistent with our longer-term strategic goals. We remain committed to the strategy of providing our customers with added value while making the necessary adjustments to remain competitive in the market," added Laurence, "Rogers 3.0 is now up and running and we delivered a number of key commercial propositions in the quarter. For the full year, we delivered on our financial guidance and entered 2015 with a 5% dividend increase which reflects our financial strength and confidence in the future."
Financial Highlights
Higher operating revenue
-- Consolidated revenue increased 4% this quarter, reflecting
revenue growth of 3% in Wireless and 20% in Media, stable
revenue in Cable, and a decline of 1% in Business Solutions.
Wireless revenue increased as a result of both higher network
revenue from the continued adoption of higher ARPU-generating
simplified plans and greater smartphone sales. Cable revenue
was stable as continued Internet revenue growth was offset by
decreased revenue in Television and Phone. Media revenue
increased as a result of the NHL licensing agreement and growth
at Sportsnet and Radio, partially offset by continued softness
in conventional broadcast TV and print advertising.
-- Activated 836,000 wireless smartphones this quarter, of which
28% were new subscribers, with higher-value smartphone
customers growing to represent 84% of Wireless postpaid
subscribers.
Strong adjusted operating profit
-- The 6% increase in consolidated adjusted operating profit this
quarter reflects increases in Wireless of 4%, in Business
Solutions of 17% and in Media of 59%, partially offset by a
decrease in Cable of 2%. Wireless experienced higher network
revenues, partially offset by higher costs for subsidized
smartphones sold. Cable results were impacted by investments in
programming and customer value enhancement related costs. Media
benefitted from the impact of higher revenues and cost
efficiencies in Television and Publishing.
-- Consolidated adjusted operating profit margin increased by 60
basis points to 36.6% this quarter with margins of 42.6% in
Wireless and 48.7% in Cable. The NHL licensing agreement was
margin-neutral on a consolidated basis.
-- The reductions of 1% in adjusted net income and 7% in net
income are mainly due to a 10% increase in depreciation and
amortization which more than offset the 6% increase in adjusted
operating profit.
Maintained strong balance sheet and available liquidity
-- Generated $275 million of consolidated free cash flow this
quarter, representing an increase of 152%, while cash provided
by operating activities was $1,031 million this quarter,
representing a decrease of 4%.
-- Approximately $2.8 billion of available liquidity as at
December 31, 2014, including $0.2 billion of cash, $2.5 billion
available under the bank credit facility and $0.1 billion
available under the accounts receivable securitization program.
-- Returned $235 million of cash to shareholders through the
payment of our 45.75 cents per share quarterly cash dividend,
which was 5% greater than in the same period of 2013. Earlier
today, we announced that the Rogers Board has authorized an
annualized dividend rate increase of 5% to $1.92 per share
effective immediately.
Strategic Highlights
Overhaul the customer experience
-- Launched Roam Like Home, a simple and cost effective way for
Wireless customers to use the Internet, make calls, send texts
and emails in the US with their Rogers Share Everything Plan,
letting them access their Canadian wireless plans while they
are in the US.
-- Reduced annual customer complaints by more than 30% from the
previous year as reported by the federal Commissioner for
Complaints for Telecommunications Services (CCTS) in its annual
report. The report registers the number of complaints made by
customers of major telecom service providers.
-- Appointed executive leaders with significant experience in our
industry and global best practices:
o Deepak Khandelwal joined Rogers as Chief Customer Officer.
Mr. Khandelwal was previously at Google where he served as
head of Global Customer Experience with customers in over 100
countries worldwide.
o Nitin Kawale joined Rogers as President, Enterprise Business
Unit. Mr. Kawale is the former President of Cisco Systems
Canada where he was responsible for all aspects of the
Canadian operations including sales, marketing, finance,
distribution and services.
o Jacob Glick was appointed to the newly created position of
Chief Corporate Affairs Officer. Prior to Rogers, Mr. Glick
held a number of leadership positions at Google, including
head of their Global Central Public Policy and Government
Relations teams.
o Dirk Woessner was appointed as President, Consumer Business
Unit, effective April 6, 2015. Mr. Woessner was previously at
Deutsche Telekom where he held a number of leadership
positions with Telekom Deutschland and T-Mobile in the UK and
Germany.
-- Announced an agreement under which Rogers will own 50% of
Glentel Inc. (Glentel), including its several hundred Canadian
wireless retail distribution outlets, subject to regulatory
approval.
Focus on innovation and network leadership
-- First Canadian carrier to launch LTE-Advanced, now available in
various communities across Canada. This next evolution of LTE
wireless technology combines Rogers' 700 MHz and AWS spectrum
so customers can download and live stream high quality video in
more places on mobiles and tablets. During this quarter,
LTE-Advanced was launched in Vancouver, Edmonton, Calgary,
Windsor, London, Hamilton, Toronto, Kingston, Moncton,
Fredericton, Halifax and Saint John.
Deliver compelling content everywhere
-- Reaching 22 million Canadians, Hockey Night in Canada continues
to be the most-watched sporting event in Canada in a typical
week with viewership up 12% from last year since the national
NHL rights were acquired by Rogers. Audiences on Scotiabank
Wednesday Night Hockey on Sportsnet are up 14% this year, while
Rogers Hometown Hockey on City has increased the network's
audiences on Sunday nights by 50%. Since the start of the NHL
season, audiences on Sportsnet ONE are up 33% and up 40% on
Sportsnet 360.
-- Launched Rogers NHL GameCentre LIVE with more than 1,000
regular season games streamed wirelessly and online, available
on smartphones, tablets and computers, and with significantly
enhanced features. Rogers NHL GameCentre LIVE is available to
all Canadians and was offered free on an introductory basis to
Rogers wireless data and Internet customers. Exclusively
available to Rogers customers as an exciting added new
dimension to Rogers NHL GameCentre LIVE is GamePlus, which
streams unique camera angles, on-demand replays and more
interviews, including the ability to watch live and review big
plays from up to seven different camera angles.
-- Launched shomi, an exciting new subscription video-on-demand
streaming service available on mobile, tablet, online, and
through our cable set-top boxes. shomi ups the ante in online
and televised entertainment with the most popular shows on TV
today, iconic series from the past, fan-favourite films and a
library of kids programming. Available to Rogers and Shaw
Television or Internet customers, shomi has an easy to use
interface and more personalized selections for customers. shomi
is a joint venture equally owned by Rogers and Shaw
Communications.
-- Partnered with VICE Media in a joint agreement to deliver
Canadian-made news and entertainment programming across mobile,
web and TV platforms in 2015. VICE Canada properties will
include a state-of-the-art multimedia production facility in
Toronto that will produce content for use globally, the VICE TV
Network, mobile content and VICE's network of Canadian digital
properties.
Drive growth in the business market
-- Launched Rogers Talks, a series of free events across Canada
for small businesses in conjunction with Small Business Month.
Experts in social media, marketing and sales were on hand to
talk about how technology can help small business owners grow.
Invest in and develop our people
-- Recognized as one of Canada's top employers for the second
straight year by Canada's Top 100 Employers, a national
competition now entering its 16th year which looks at more than
3,250 Canadian employers. In addition, Rogers was for the first
time named to the elite top 10 list of the best companies to
work for in Canada by Canada's Top 100 Employers 2015.
About non-GAAP measures and cautionary notices
This earnings release contains non-GAAP measures such as adjusted
operating profit, adjusted operating profit margin, adjusted net
income, free cash flow, adjusted net debt, adjusted net debt to
adjusted operating profit and adjusted basic and diluted earnings per
share. These are non-GAAP measures and should not be considered as a
substitute or alternative for GAAP measures. They are not defined terms
under IFRS, and do not have standard meanings, so may not be a reliable
way to compare us to other companies. See the section "Non-GAAP
Measures" in this earnings release that follows for information about
these measures, including how we calculate them.
About this earnings release
This earnings release contains important information about our business
and our performance in the fourth quarter of 2014 as well as
forward-looking information about future periods.
The financial information is prepared using International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. This earnings release should be read in conjunction with our 2013 Annual MD&A and our 2013 Audited Consolidated Financial Statements, our 2014 First, Second and Third Quarter MD&A and Unaudited Interim Condensed Consolidated Financial Statements and our other recent filings with Canadian and US securities regulatory authorities, which are available on SEDAR at sedar.com or EDGAR at sec.gov, respectively.
This earnings release should be used as preparation for reading our forthcoming Audited Consolidated Financial Statements for the full year ended December 31, 2014 and our full year 2014 MD&A in respect of such annual financial statements which we intend to file with securities regulators in Canada and the US in the next few weeks. These statements will be made available on the rogers.com/investors, sedar.com and sec.gov websites or printed upon request.
All dollar amounts are in Canadian dollars unless otherwise stated and are unaudited. All percentage changes are calculated using the rounded numbers as they appear in the tables. Information is current as of January 28, 2015 and was approved by the Audit Committee of our Board of Directors. This earnings release includes forward-looking statements and assumptions. See "About Forward-Looking Information" for more information.
We, us, our, Rogers, Rogers Communications and the Company refer to Rogers Communications Inc. and our subsidiaries. RCI refers to the legal entity Rogers Communications Inc., not including our subsidiaries.
In this earnings release, this quarter refers to the three months ended December 31, 2014, and year to date refers to the twelve months ended December 31, 2014. All results commentary is compared to the equivalent periods in 2013 or as at December 31, 2013, unless otherwise indicated.
Consolidated Financial Results
Three months ended Twelve months ended December
December 31 31
(In millions of
dollars, except
margins and per
share amounts) 2014 2013 % Chg 2014 2013 % Chg
Operating
revenue
Wireless 1,898 1,851 3 7,305 7,270 -
Cable 871 871 - 3,467 3,475 -
Business
Solutions 97 98 (1) 382 374 2
Media 544 453 20 1,826 1,704 7
Corporate
items and
intercompany
eliminations (44) (30) 47 (130) (117) 11
Operating
revenue 3,366 3,243 4 12,850 12,706 1
Adjusted
operating profit
Wireless 725 696 4 3,246 3,157 3
Cable 424 433 (2) 1,665 1,718 (3)
Business
Solutions 34 29 17 122 106 15
Media 78 49 59 131 161 (19)
Corporate
items and
intercompany
eliminations (28) (40) (30) (145) (149) (3)
Adjusted
operating profit
1 1,233 1,167 6 5,019 4,993 1
Adjusted
operating profit
margin 1 36.6% 36.0% 0.6 pts 39.1% 39.3% (0.2 pts)
Net income 297 320 (7) 1,341 1,669 (20)
Diluted earnings
per share 0.57 0.62 (8) 2.56 3.22 (20)
Adjusted net
income 1 355 357 (1) 1,532 1,769 (13)
Adjusted diluted
earnings per
share 1 0.69 0.69 - 2.96 3.42 (13)
Additions to
property, plant
and equipment 664 703 (6) 2,366 2,240 6
Free cash flow 1 275 109 152 1,437 1,548 (7)
Cash provided by
operating
activities 1,031 1,072 (4) 3,698 3,990 (7)
1 Adjusted operating profit, adjusted operating profit margin,
adjusted net income, adjusted diluted earnings per share and
free cash flow
are non-GAAP measures and should not be considered as a
substitute or alternative for GAAP measures. These are not
defined terms
under IFRS, and do not have standard meanings, so may not be a
reliable way to compare us to other companies. See "Non-GAAP
Measures" for information about these measures, including how
we calculate them.
2014 Achievements Against Full Year Guidance
The following table outlines guidance ranges that we had previously provided and our actual results and achievements for the selected full year 2014 financial metrics.
2014 2014
(In millions of
dollars) Guidance Actual Achievement
Consolidated Guidance
Adjusted
operating profit
1 5,000 to 5,150 5,019 SQRT
Additions to
property, plant
and equipment 2 2,275 to 2,375 2,366 SQRT
Free cash flow 1 1,425 to 1,500 1,437 SQRT
Missed X Achieved SQRT Exceeded
1 Adjusted operating profit and free cash flow are non-GAAP measures
and should not be
considered as a substitute or alternative for GAAP measures. These
are not defined terms
under IFRS and do not have standard meanings, so may not be a
reliable way to compare
us to other companies. See "Non-GAAP Measures" for information
about these measures,
including how we calculate them.
2 Includes additions to property, plant and equipment expenditures
for Wireless, Cable,
Business Solutions, Media, and Corporate segments and excludes
purchases of spectrum
licences.
2015 Full Year Consolidated Guidance
The following table outlines guidance ranges for selected full year 2015 consolidated financial metrics, which takes into consideration our current outlook and our actual results for 2014 and are based on a number of assumptions, including those noted after the table below. Information about our guidance including the various assumptions underlying our guidance is forward-looking and should be read in conjunction with "About Forward-Looking Information" and the related disclosure and information about various economic, competitive and regulatory assumptions, factors and risks that may cause our actual future financial and operating results to differ from what we currently expect.
Full Year 2015 Guidance 2014 2015
(In millions of dollars) Actual Guidance
Consolidated Guidance
Adjusted operating profit 1 5,019 5,020 to 5,175
Additions to property, plant and
equipment 2 2,366 2,350 to 2,450
Free cash flow 1 1,437 1,350 to 1,500
1 Adjusted operating profit and free cash flow are non-GAAP
measures and
should not be considered as a substitute or alternative for
GAAP measures.
These are not defined terms under IFRS and do not have standard
meanings,
so may not be a reliable way to compare us to other companies.
See "Non-
GAAP Measures" for information about these measures, including
how we
calculate them.
2 Includes additions to property, plant and equipment
expenditures for Wireless,
Cable, Business Solutions, Media, and Corporate segments and
excludes
purchases of spectrum licences.
Key underlying assumptions
Our 2015 guidance ranges above are based on many assumptions, including but not limited to the following material assumptions:
(1) Continued intense competition in all segments in which we operate.
(2) A substantial portion of US dollar-denominated expenditures has
been hedged.
(3) No significant additional regulatory developments, shifts in
economic conditions or macro changes in the competitive environment
affecting our business activities. We note that regulatory
decisions expected during 2015 could potentially materially alter
underlying
assumptions around our 2015 Wireless, Cable, Business Solutions
and/or Media results in the current and future years, the impacts
of
which are currently unknown and not factored into our guidance.
Supplemental details
These supplemental details do not represent part of our formal 2015 guidance and are provided for informative purposes only. Any update over the course of 2015 would only be made to the consolidated level guidance ranges provided above.
(1) Growth in Wireless network revenue to between $6,780 million to
$6,945 million and adjusted operating profit to between $3,260
million to $3,365 million.
(2) Growth in Cable revenue to between $3,520 million to $3,620
million and adjusted operating profit to between $1,665 million to
$1,710 million.
(3) Growth in Business Solutions revenue to between $420 million to
$440 million and adjusted operating profit to between $125 million
to $145 million.
(4) Growth in Media revenue to between $2,045 million to $2,105
million and adjusted operating profit to between $170 million to
$190 million.
Results of our Business Segments
Wireless
Financial results
Three months ended December Twelve months ended December
31 31
(In millions % Chg
of dollars,
except
margins) 2014 2013 % Chg 2014 2013
Operating
revenue
Network -
revenue 1,701 1,669 2 6,743 6,748
Equipment 8
sales 197 182 8 562 522
Operating -
revenue 1,898 1,851 3 7,305 7,270
Operating
expenses
Cost of (3)
equipment 1 (497) (487) 2 (1,488) (1,535)
Other -
operating
expenses (676) (668) 1 (2,571) (2,578)
(1,173) (1,155) 2 (4,059) (4,113) (1)
Adjusted 3
operating
profit 725 696 4 3,246 3,157
Adjusted
operating
profit margin
as a % of
network 1.3 pts
revenue 42.6% 41.7% 0.9 pts 48.1% 46.8%
Additions to 13
property,
plant and
equipment 258 243 6 978 865
1Includes the cost of equipment sales and direct channel subsidies.
Subscriber results 1, 2
Three months ended December Twelve months ended December
31 31
(In thousands, 2014 2013 Chg 2014 2013 Chg
except churn
and ARPU)
Postpaid
Gross 297 357 (60) 1,238 1,409 (171)
additions
Net (losses) (58) 34 (92) (1) 228 (229)
additions
Total 8,073 8,074 (1) 8,073 8,074 (1)
postpaid
subscribers
Churn 1.46% 1.34% 0.12 pts 1.27% 1.24% 0.03 pts
(monthly)
ARPU $ 67.43 $ 66.34 $ 1.09 $ 66.86 $ 67.76 ($ 0.90)
(monthly)
Prepaid
Gross 138 120 18 507 525 (18)
additions
Net 11 (29) 40 (52) (162) 110
additions
(losses)
Total 1,377 1,429 (52) 1,377 1,429 (52)
prepaid
subscribers
Churn 3.09% 3.41% (0.32 pts) 3.42% 3.85% (0.43 pts)
(monthly)
ARPU $ 15.14 $ 15.49 ($ 0.35) $ 15.16 $ 15.64 ($ 0.48)
(monthly)
Blended ARPU $ 59.86 $ 58.59 $ 1.27 $ 59.41 $ 59.58 ($ 0.17)
1 Wireless postpaid subscriber results do not include subscribers from
our Wireless Home Phone product, with
approximately 9,000 net new subscribers within the quarter and
approximately 92,000 cumulative subscribers as at
December 31, 2014. Effective January 1, 2015, we will begin including
Wireless Home Phone subscribers in our
wireless postpaid subscriber results.
2 Subscriber counts, subscriber churn and average revenue per user
(ARPU) are key performance indicators.
See "Key Performance Indicators".
Network revenue
Network revenue and blended ARPU increased by 2% this quarter as a
result of:
-- continued adoption of the customer-friendly Rogers Share
Everything Plans, which generate higher ARPU and bundle in
certain calling features and long distance, grant the ability
to pool data usage with other devices on the same account, and
entice customers with access to our other products, such as
Roam Like Home and Rogers NHL GameCentre LIVE;
-- higher usage of wireless data services; partially offset by
-- lower roaming revenue due to lower priced international roaming
plans introduced in early 2014. The rate of decline in roaming
has slowed sequentially due to the lapping of the impact of US
travel packs introduced in the fourth quarter of 2013.
Excluding the decline in roaming revenue, network revenue and postpaid ARPU would have increased by 3% this quarter.
The increase in churn and volatility in net additions to our postpaid subscriber base were expected in the short-term as we implement our Rogers 3.0 plan and our strategic focus towards optimizing subscriber value versus subscriber volumes, as well as migrating existing customers to current pricing plans. During the quarter we implemented a number of commercial policies which, amongst other things, adjusted the entry price levels for customers to be eligible for subsidized premium devices, and also eliminated eligibility for device subsidies for a number of previously discounted offerings.
We activated and upgraded approximately 836,000 smartphones for new and existing subscribers this quarter, compared to approximately 790,000 in the same period last year. This increase in smartphone activations was due to a greater number of activations and hardware upgrades by existing subscribers, partially offset by the reduction in postpaid gross additions.
The percentage of subscribers with smartphones this quarter was 84% of our total postpaid subscriber base, compared to 75% in the same period last year. In our experience, smartphone subscribers typically generate significantly higher ARPU and are less likely to churn than customers on less advanced devices. Effective this quarter, customers with smartphones in our Bring Your Own Device program are included in our smartphone subscriber measures, which also contributed to the increase in smartphone penetration.
Data revenue increased by 8% this quarter primarily because of the continued penetration and growing use of smartphones, tablet devices and wireless laptops, which are increasing the use of e-mail, Internet access, social media, mobile video, text messaging and other wireless data services. Data revenue represented approximately 52% of total network revenue this quarter, compared to approximately 49% in the same period last year.
Equipment sales
The 8% increase in revenue from equipment sales this quarter primarily
reflects a shift in the sales mix to smartphones and lower subsidy
levels. The impact of a greater number of upgrades by existing
subscribers was more than offset by fewer gross activations. We
activated 19% more iPhones this quarter compared to the same period
last year, which corresponded to the launch of the iPhone 6. During the
quarter, customers choosing to upgrade wireless devices represented
approximately 7% of the postpaid subscriber base, which is consistent
with the same period last year.
Operating expenses
The cost of equipment sales increased by 2% this quarter primarily
because of the shift in the mix towards higher cost smartphones,
partially offset by the decreased equipment volumes.
Total customer retention spending (including subsidies on handset upgrades) increased to $306 million this quarter compared to $292 million in the same period last year as 3% more existing subscribers upgraded their hardware combined with the mix shift described above.
Other operating expenses (excluding retention spending) decreased this quarter as a result of improvements in cost management and efficiency gains.
Adjusted operating profit
Adjusted operating profit increased by 4% this quarter as a result of
the revenue and expense changes discussed above.
Other developments
In late December 2014, we announced an agreement under which Rogers will
own 50% of Glentel, a large multicarrier mobile phone retailer with
several hundred Canadian wireless retail distribution outlets. The
outlets operate under banner names such as Wireless Wave and TBooth
Wireless. The transaction is expected to close in the first half of
2015 and is subject to regulatory approval.
Cable
Financial results
Three months ended Twelve months ended December
December 31 31
(In millions of
dollars, except
margins) 2014 1 2013 % Chg 20141 2013 2 % Chg
Operating
revenue
Internet 317 301 5 1,245 1,159 7
Television 433 442 (2) 1,734 1,809 (4)
Phone 118 125 (6) 478 498 (4)
Service
revenue 868 868 - 3,457 3,466 -
Equipment
sales 3 3 - 10 9 11
Operating
revenue 871 871 - 3,467 3,475 -
Operating
expenses
Cost of
equipment (2) (2) - (6) (6) -
Other
operating
expenses (445) (436) 2 (1,796) (1,751) 3
Operating
expenses (447) (438) 2 (1,802) (1,757) 3
Adjusted
operating
profit 424 433 (2) 1,665 1,718 (3)
Adjusted
operating
profit margin 48.7% 49.7% (1.0 pts) 48.0% 49.4% (1.4 pts)
Additions to
property, plant
and equipment 291 358 (19) 1,055 1,105 (5)
1 The operating results of Source Cable are included in the Cable
results of operations from the date of acquisition
on November 4, 2014.
2 The operating results of Mountain Cable are included in the Cable
results of operations from the date of acquisition
on May 1, 2013.
Subscriber results
1
Three months ended December Twelve months ended
31 December 31
(In thousands) 2014 2013 Chg 2014 2013 Chg
Cable homes
passed 4,068 3,978 90 4,068 3,978 90
Internet
Net (losses)
additions (4) 13 (17) 34 63 (29)
Total Internet
subscribers 2,3 2,011 1,961 50 2,011 1,961 50
Television
Net losses (36) (28) (8) (119) (127) 8
Total
Television
subscribers
2,3 2,024 2,127 (103) 2,024 2,127 (103)
Phone
Net (losses)
additions (18) 5 (23) (14) 42 (56)
Total Phone
subscribers 2,3 1,150 1,153 (3) 1,150 1,153 (3)
Total service
units 2,3,4
Net losses (58) (10) (48) (99) (22) (77)
Total service
units 5,185 5,241 (56) 5,185 5,241 (56)
1 Subscriber count is a key performance indicator. See "Key
Performance Indicators".
2 On May 1, 2013, we acquired approximately 34,000 cable
high-speed Internet subscribers, 40,000 Television
subscribers and 37,000 Phone subscribers from our acquisition of
Mountain Cable. These subscribers are not
included in net additions, but do appear in the ending total
balance for December 31, 2013. The acquisition
also increased homes passed by 59,000.
3 On November 4, 2014, we acquired approximately 16,000 cable
high-speed Internet subscribers, 16,000
Television subscribers and 11,000 Phone subscribers from our
acquisition of Source Cable. These subscribers
are not included in net additions, but do appear in the ending
total balance for December 31, 2014. The
acquisition also increased homes passed by 26,000.
4 Includes Internet, Television and Phone subscribers.
Operating revenue
Overall Cable revenue was unchanged this quarter primarily as a result
of:
-- a higher subscriber base for our Internet products combined
with the movement of customers to higher-end speed and usage
tiers; and
-- the November 2014 acquisition of Source Cable; offset by
-- Television subscriber losses over the past year; and
-- lower Phone revenue from promotional discounting.
Internet revenue
Internet revenue increased by 5% this quarter as a result of:
-- a larger Internet subscriber base;
-- general movement by customers to higher-end speed and usage
tiers; and
-- changes in Internet service pricing.
The volatility in Internet net additions was a result of our strategic focus towards optimizing subscriber value versus subscriber volumes as we migrate existing customers to current price plans. There was also heightened competition where cross bundling of various wireline products impacted our Internet subscribers.
Television revenue
Television revenue decreased by 2% this quarter as a result of:
-- the decline in Television subscribers over the past year
associated with heightened pay TV competition; partially offset
by
-- the impact of pricing changes implemented over the past year;
and
-- the acquisition of Source Cable.
The digital cable subscriber base represented 88% of our total Television subscriber base at the end of the quarter, compared to 84% as at December 31, 2013. The larger selection of digital content, video on-demand, and HDTV and PVR equipment combined with our ongoing analog to digital network conversion continue to contribute to the increasing penetration of the digital subscriber base as a percentage of our total Television subscriber base.
Phone revenue
Phone revenue decreased by 6% this quarter as a result of:
-- increased promotional discounting activity for new subscribers
on multi-product bundles; partially offset by
-- the impact of pricing changes implemented over the past year.
Operating expenses
Operating expenses increased by 2% this quarter as a result of:
-- higher programming and customer value enhancement related
costs; partially offset by
-- various cost efficiency and productivity initiatives.
Adjusted operating profit
Adjusted operating profit decreased by 2% this quarter as a result of
the revenue and expense changes discussed above. The Source Cable
acquisition did not have a significant impact on our adjusted operating
profit in the quarter.
Cable acquisition
On November 4, 2014, we acquired Source Cable Limited, a small
television, Internet, and phone service provider situated in Hamilton,
Ontario for $156 million. The Source Cable subscriber footprint is
adjacent to existing Rogers cable systems in Southwestern Ontario and
is expected to enable numerous synergies.
Business Solutions
Financial results
Three months ended December Twelve months ended
31 December 31
(In millions of
dollars, except
margins) 2014 2013 1 % Chg 2014 2013 1 % Chg
Operating
revenue
Next 71 63 13 271 213 27
generation
Legacy 24 34 (29) 106 149 (29)
Service 95 97 (2) 377 362 4
revenue
Equipment 2 1 100 5 12 (58)
sales
Operating 97 98 (1) 382 374 2
revenue
Operating (63) (69) (9) (260) (268) (3)
expenses
Adjusted 34 29 17 122 106 15
operating profit
Adjusted 35.1% 29.6% 5.5 pts 31.9% 28.3% 3.6 pts
operating profit
margin
Additions to 53 41 29 146 107 36
property, plant,
and equipment
1 The operating results of Blackiron and Pivot Data Centres are
included in the Business Solutions results of operations
from the dates of acquisition on April 17, 2013 and October 1,
2013, respectively.
Business Solutions continues to focus primarily on next generation IP-based services, leveraging higher margin on-net and near-net service revenue opportunities, and using existing network facilities to expand offerings to the small, medium and large sized enterprise, public sector and carrier wholesale markets. Business Solutions is also focused on data centre colocation, hosting, cloud, and disaster recovery services. Next generation and on-net services in this quarter represented 75% of total service revenue, which includes our data centre operations. Revenue from the lower margin off-net legacy business, which continues to decline as planned, generally includes circuit-switched local and long-distance voice services and legacy data services which often use facilities that are leased from other carriers rather than owned.
Operating revenue
Service revenue decreased by 2% this quarter as a result of:
-- the continuing planned decline in the legacy off-net voice and
data business, a trend we expect to continue as we focus the
business on on-net opportunities and customers move to more
advanced and cost effective IP-based services; partially offset
by
-- continuing execution of our plan to grow higher margin on-net
and next generation IP-based services revenue; and
-- higher revenue from data centre operations.
Operating expenses
Operating expenses decreased by 9% this quarter as a result of:
-- lower legacy service costs related to planned lower volumes and
customer levels; and
-- ongoing initiatives to improve costs and productivity;
partially offset by
-- higher on-net and next generation service costs associated with
higher volumes.
Adjusted operating profit
Adjusted operating profit increased by 17% this quarter as a result of
the continued growth in higher margin on-net and next generation
business and productivity improvements.
Media
Financial results
Three months ended Twelve months ended December 31
December 31
(In millions 2014 2013 % Chg 2014 2013 1 % Chg
of dollars,
except
margins)
Operating 544 453 20 1,826 1,704 7
revenue
Operating (466) (404) 15 (1,695) (1,543) 10
expenses
Adjusted 78 49 59 131 161 (19)
operating
profit
Adjusted 14.3% 10.8% 3.5 pts 7.2% 9.4% (2.2 pts)
operating
profit margin
Additions to 28 34 (18) 94 79 19
property,
plant and
equipment
1 The operating results of Sportsnet 360 (formerly theScore) are
included in the Media results of operations from the
date of acquisition on April 30, 2013.
Operating revenue
Operating revenue increased by 20% this quarter as a result of:
-- revenue of approximately $100 million generated by the NHL
licensing agreement that became effective for the 2014-2015
season;
-- higher subscription revenue generated by our Sportsnet
properties;
-- higher radio revenue; and
-- revenue growth in Next Issue Canada; partially offset by
-- continued softness in conventional television and print
advertising.
Operating expenses
Operating expenses increased by 15% this quarter as a result of:
-- incremental costs associated with the NHL licensing agreement
which are expensed based on the proportion of the season's
games played during a specified period; partially offset by
-- lower publishing costs related to the lower print volume; and
-- lower programming costs due to conventional Television schedule
changes.
Adjusted operating profit
Adjusted operating profit increased this quarter, reflecting the revenue
and expense changes described above.
Additions to Property, Plant and Equipment
Three months ended December Twelve months ended
31 December 31
(In millions of
dollars, except
capital
intensity) 2014 2013 % Chg 2014 2013 % Chg
Additions to
Property, Plant
and Equipment
Wireless 258 243 6 978 865 13
Cable 291 358 (19) 1,055 1,105 (5)
Business
Solutions 53 41 29 146 107 36
Media 28 34 (18) 94 79 19
Corporate 34 27 26 93 84 11
Total additions
to property,
plant and
equipment 664 703 (6) 2,366 2,240 6
Capital intensity
1 19.7% 21.7% (2.0 pts) 18.4% 17.6% 0.8 pts
1 Capital intensity is a key performance indicator.
See "Key Performance Indicators".
Total property, plant and equipment additions this quarter were lower than in the same period of 2013, as we expected, reflecting a heightened focus on deploying our capital more evenly throughout the year.
Wireless
Wireless property, plant and equipment additions in 2014 reflect LTE
capacity investments and site build activity to further enhance network
coverage and quality and the initial deployment of our newly acquired
700 MHz spectrum. Deployment of the LTE network has now reached
approximately 84% of Canada's population as at December 31, 2014.
Cable
Investments this quarter were made to improve the capacity of our
Internet platform, improve the reliability and quality of the network
and continue the development work related to next generation IP-based
video service. We also invested in customer equipment related to the
continued roll out of our next generation NextBox digital set-top
boxes. The reduction in expenditures year-over-year primarily reflects
a higher than normal volume of new NextBox digital set-top box
deployments in the fourth quarter of last year.
Business Solutions
Business Solutions property, plant and equipment additions increased
this quarter as a result of data centre investments and network
expansion to reach additional customers and sites.
Media
Media property, plant and equipment additions decreased this quarter as
a result of higher investments made to our digital, IT infrastructure
and broadcast facilities in the same quarter last year.
Non-GAAP Measures
We use the following non-GAAP measures. These are reviewed regularly by management and our Board in assessing our performance and making decisions regarding the ongoing operations of our business and its ability to generate cash flows. Some or all of these measures may also be used by investors, lending institutions, and credit rating agencies as an indicator of our operating performance, our ability to incur and service debt, and as a measurement to value companies in the telecommunications sector. These are not recognized measures under GAAP and do not have standardized meaning under IFRS, so they may not be a reliable way to compare us to other companies.
____________________________________________________________________
| | | |Most |
|Non-GAAP | |How we |comparable |
|measure |Why we use it |calculate it |IFRS |
| | | |financial |
| | | |measure |
|____________|_________________________|______________|______________|
|Adjusted | -- To evaluate the |Adjusted |Net income |
|operating | performance of |operating | |
|profit and | our businesses, |profit: | |
|related | and when making |Net income | |
|margin | decisions about |add back | |
| | the ongoing |income taxes, | |
| | operations of the|other (income)| |
| | business and our |expense, | |
| | ability to |finance costs,| |
| | generate cash |depreciation | |
| | flows. |and | |
| | |amortization, | |
| | -- We believe that |impairment of | |
| | certain investors|assets, | |
| | and analysts use |stock-based | |
| | adjusted |compensation, | |
| | operating profit |and | |
| | to measure our |restructuring,| |
| | ability to |acquisition | |
| | service debt and |and other | |
| | to meet other |expenses. | |
| | payment | | |
| | obligations. |Adjusted | |
| | |operating | |
| | -- We also use it as|profit margin:| |
| | one component in |Adjusted | |
| | determining |operating | |
| | short-term |profit | |
| | incentive |divided by | |
| | compensation for |Operating | |
| | all management |revenue | |
| | employees. |(network | |
| | |revenue for | |
| | |Wireless) | |
|____________|_________________________|______________|______________|
|Adjusted net| -- To assess the |Net income |Net income |
|income | performance of |add back | |
| | our businesses |stock-based |Earnings per |
|Adjusted | before the |compensation, |share |
|basic and | effects of these |restructuring,| |
|diluted | items, because |acquisition | |
|earnings per| they affect the |and other | |
|share | comparability of |expenses, | |
| | our financial |impairment of | |
| | results and could|assets, gain | |
| | potentially |on sale of | |
| | distort the |investment, | |
| | analysis of |loss on | |
| | trends in |repayment of | |
| | business |long-term | |
| | performance. |debt, and | |
| | |income tax | |
| | -- Excluding these |adjustments on| |
| | items does not |these items | |
| | imply they are |including | |
| | non-recurring. |adjustments | |
| | |due to | |
| | |legislative | |
| | |change. | |
|____________|_________________________|______________|______________|
|Free cash | -- An important |Adjusted |Cash provided |
|flow | indicator of our |operating |by operating |
| | financial |profit |activities |
| | strength and |minus | |
| | performance |spending on | |
| | because it shows |property, | |
| | how much cash we |plant and | |
| | have available to|equipment, | |
| | repay debt and |interest on | |
| | reinvest in our |borrowings net| |
| | company. |of interest | |
| | |capitalized, | |
| | -- We believe that |and cash | |
| | some investors |income taxes. | |
| | and analysts use | | |
| | free cash flow to| | |
| | value a business | | |
| | and its | | |
| | underlying | | |
|____________|________assets.__________|______________|______________|
|Adjusted net| -- To conduct |Total |Long-term debt|
|debt | valuation-related|long-term debt| |
| | analysis and make|plus | |
| | decisions about |current | |
| | capital |portion of | |
| | structure. |long-term | |
| | |debt, deferred| |
| | -- We believe this |transaction | |
| | helps investors |costs and | |
| | and analysts |discounts, net| |
| | analyze our |debt | |
| | enterprise and |derivative | |
| | equity value and |assets or | |
| | assess our |liabilities, | |
| | leverage. |and short-term| |
| | |borrowings | |
| | |minus | |
| | |cash and cash | |
| | |equivalents. | |
|____________|_________________________|______________|______________|
|Adjusted net| -- To conduct |Adjusted net |Long-term debt|
|debt to | valuation-related|debt (defined |divided by net|
|adjusted | analysis and make|above) |income |
|operating | decisions about |divided by | |
|profit | capital |Adjusted | |
| | structure. |operating | |
| | |profit | |
| | -- We believe this |(defined | |
| | helps investors |above) | |
| | and analysts | | |
| | analyze our | | |
| | enterprise and | | |
| | equity value and | | |
| | assess our | | |
|____________|________leverage.________|______________|______________|
Reconciliation of
adjusted operating
profit
Three months ended Twelve months ended December
December 31 31
(In millions of 2014 2013 2014 2013
dollars)
Net income 297 320 1,341 1,669
Add (deduct):
Income taxes 129 115 506 596
Other (income) (10) (14) 1 (81)
expense
Finance costs 202 196 817 742
Depreciation and 560 508 2,144 1,898
amortization
Stock-based 12 18 37 84
compensation
Restructuring, 43 24 173 85
acquisition and
other
Adjusted operating 1,233 1,167 5,019 4,993
profit
Three months ended Twelve months ended December
December 31 31
(In millions of 2014 2013 2014 2013
dollars, except
percentages)
Adjusted operating
profit margin:
Adjusted operating 1,233 1,167 5,019 4,993
profit
Divided by: total 3,366 3,243 12,850 12,706
operating revenue
Adjusted operating 36.6% 36.0% 39.1% 39.3%
profit margin
Reconciliation of
adjusted net income
Three months ended Twelve months ended December
December 31 31
(In millions of 2014 2013 2014 2013
dollars)
Net income 297 320 1,341 1,669
Add (deduct):
Stock-based 12 18 37 84
compensation
Restructuring, 43 24 173 85
acquisition and
other
Loss on repayment of - - 29 -
long-term debt
Gain on sale of - - - (47)
TVtropolis
Income tax impact of (11) (5) (62) (30)
above items
Income tax adjustment, 14 - 14 8
legislative tax change
Adjusted net income 355 357 1,532 1,769
Reconciliation of free
cash flow
Three months ended Twelve months ended December
December 31 31
(In millions of 2014 2013 2014 2013
dollars)
Cash provided by 1,031 1,072 3,698 3,990
operating activities
Add (deduct):
Property, plant and (664) (703) (2,366) (2,240)
equipment
expenditures
Interest on (192) (185) (756) (709)
borrowings, net of
capitalization
Restructuring, 43 24 173 85
acquisition and
other
Interest paid 130 85 778 700
Change in non-cash (4) (167) (11) (238)
working capital
Other adjustments (69) (17) (79) (40)
Free cash flow 275 109 1,437 1,548
Reconciliation of adjusted net debt
As at December 31
(In millions of dollars) 2014 2013
Current portion of long-term debt 963 1,170
Long-term debt 13,824 12,173
Deferred transaction costs and 108 93
discounts
14,895 13,436
Add (deduct):
Net debt derivatives assets (846) (51)
Short-term borrowings 842 650
Cash and cash equivalents (176) (2,301)
Adjusted net debt 14,715 11,734
As at December 31
(In millions of dollars, except 2014 2013
ratios)
Adjusted net debt / adjusted
operating profit:
Adjusted net debt 14,715 11,734
Divided by: adjusted operating 5,019 4,993
profit
Adjusted net debt / adjusted 2.9 2.4
operating profit
Reconciliation of adjusted earnings per share
(In millions of Three months ended Twelve months ended December
dollars, except per December 31 31
share amounts;
number of shares 2014 2013 2014 2013
outstanding in
millions)
Adjusted basic earnings
per share:
Adjusted net income 355 357 1,532 1,769
Divided by: weighted 515 515 515 515
average number of
shares outstanding
Adjusted basic earnings 0.69 0.69 2.97 3.43
per share
Adjusted diluted
earnings per share:
Adjusted net income 355 357 1,532 1,769
Divided by: diluted 517 517 517 518
weighted average
number of shares
outstanding
Adjusted diluted 0.69 0.69 2.96 3.42
earnings per share
Basic earnings per
share:
Net income 297 320 1,341 1,669
Divided by: weighted 515 515 515 515
average number of
shares outstanding
Basic earnings per 0.58 0.62 2.60 3.24
share
Diluted earnings per
share:
Net income 297 320 1,341 1,669
Effect on net income - - (15) -
of dilutive
securities
Diluted net income 297 320 1,326 1,669
Divided by: diluted 517 517 517 518
weighted average
number of shares
outstanding
Diluted earnings per 0.57 0.62 2.56 3.22
share
Supplementary Information
Rogers Communications
Inc.
Consolidated
Statements of Income
(In millions of
dollars, except per
share amounts,
unaudited)
Three months ended Twelve months ended December
December 31 31
2014 2013 2014 2013
Operating revenue 3,366 3,243 12,850 12,706
Operating expenses:
Operating costs 2,145 2,094 7,868 7,797
Depreciation and 560 508 2,144 1,898
amortization
Restructuring, 43 24 173 85
acquisition and
other
Finance costs 202 196 817 742
Other (income) expense (10) (14) 1 (81)
Income before income 426 435 1,847 2,265
taxes
Income taxes 129 115 506 596
Net income 297 320 1,341 1,669
Earnings per share
Basic 0.58 0.62 2.60 3.24
Diluted 0.57 0.62 2.56 3.22
Rogers Communications Inc.
Consolidated Statements of
Financial Position
(In millions of dollars, unaudited)
December 31 December 31
2014 2013
Assets
Current assets:
Cash and cash equivalents 176 2,301
Accounts receivable 1,591 1,509
Inventories 251 276
Other current assets 191 162
Current portion of derivative 136 73
instruments
Total current assets 2,345 4,321
Property, plant and equipment 10,655 10,255
Intangible assets 6,588 3,211
Investments 1,898 1,487
Derivative instruments 788 148
Other long-term assets 356 397
Deferred tax assets 9 31
Goodwill 3,883 3,751
Total assets 26,522 23,601
Liabilities and shareholders'
equity
Current liabilities:
Short-term borrowings 842 650
Accounts payable and accrued 2,578 2,344
liabilities
Income tax payable 47 22
Current portion of provisions 7 7
Unearned revenue 443 350
Current portion of long-term debt 963 1,170
Current portion of derivative 40 63
instruments
Total current liabilities 4,920 4,606
Provisions 55 40
Long-term debt 13,824 12,173
Derivative instruments 11 83
Other long-term liabilities 462 328
Deferred tax liabilities 1,769 1,702
Total liabilities 21,041 18,932
Shareholders' equity 5,481 4,669
Total liabilities and shareholders' 26,522 23,601
equity
Rogers Communications Inc.
Consolidated Statements of
Cash Flows
(In millions of dollars,
unaudited)
Three months ended Twelve months ended
December 31 December 31
2014 2013 2014 2013
Operating activities:
Net income for the year 297 320 1,341 1,669
Adjustments to reconcile
net income to net cash
flows from operating
activities:
Depreciation and
amortization 560 508 2,144 1,898
Program rights
amortization 19 17 66 52
Finance costs 202 196 817 742
Income taxes 129 115 506 596
Stock-based compensation 12 18 37 84
Gain on sale of
TVtropolis - - - (47)
Post-employment benefits
contributions, net of
expense 15 (7) (34) (32)
Other 25 (7) 48 (14)
1,259 1,160 4,925 4,948
Change in non-cash
operating working capital
items 4 167 11 238
1,263 1,327 4,936 5,186
Income taxes paid (102) (170) (460) (496)
Interest paid (130) (85) (778) (700)
Cash provided by operating
activities 1,031 1,072 3,698 3,990
Investing activities:
Additions to property,
plant and equipment (664) (703) (2,366) (2,240)
Additions to program rights (96) (28) (231) (69)
Changes in non-cash working
capital related to
property, plant and
equipment and intangible
assets 204 41 153 (114)
Acquisitions and strategic
transactions, net of cash
acquired (155) (233) (3,456) (1,080)
Proceeds on sale of
TVtropolis - - - 59
Other (67) 3 (51) (29)
Cash used in investing
activities (778) (920) (5,951) (3,473)
Financing activities:
Proceeds on settlement of
cross-currency interest
rate exchange
agreements and forward
contracts - - 2,150 662
Payments on settlement of
cross-currency interest
rate exchange
agreements and forward
contracts - - (2,115) (1,029)
Proceeds received on
short-term borrowings 55 - 276 650
Repayment of short-term
borrowings - - (84) -
Issuance of long-term debt 530 1,548 3,412 2,578
Repayment of long-term debt (530) - (2,551) (356)
Transaction costs incurred - (20) (30) (37)
Repurchase of Class B
Non-Voting shares - 1 - (21)
Dividends paid (236) (224) (930) (876)
Cash (used in) provided by
financing activities (181) 1,305 128 1,571
Change in cash and cash
equivalents 72 1,457 (2,125) 2,088
Cash and cash equivalents,
beginning of period 104 844 2,301 213
Cash and cash equivalents, end
of period 176 2,301 176 2,301
About Forward-Looking Information
This earnings release includes "forward-looking information" within the meaning of applicable securities laws, and assumptions about, among other things, our business, operations and financial performance and condition approved by management on the date of this earnings release. This forward-looking information and these assumptions include, but are not limited to, statements about our objectives and strategies to achieve those objectives, and about our beliefs, plans, expectations, anticipations, estimates or intentions.
Forward-looking information and statements
-- typically include words like could, expect, may, anticipate,
assume, believe, intend, estimate, plan, project, guidance,
outlook and similar expressions, although not all
forward-looking information and statements include them;
-- include conclusions, forecasts and projections that are based
on our current objectives and strategies and on estimates,
expectations, assumptions and other factors, most of which are
confidential and proprietary and that we believe to be
reasonable at the time they were applied but may prove to be
incorrect; and
-- were approved by our management on the date of this earnings
release.
Our forward-looking information and statements include forecasts and projections related to the following items, among others:
-- revenue
-- adjusted operating profit
-- property, plant and equipment expenditures
-- cash income tax payments
-- free cash flow
-- dividend payments
-- expected growth in subscribers and the services they subscribe
to
-- the cost of acquiring subscribers and deployment of new
services
-- continued cost reductions and efficiency improvements
-- the growth of new products and services
-- all other statements that are not historical facts.
Specific forward-looking information included or incorporated in this document include, but is not limited to, our information and statements under "2015 Full Year Consolidated Guidance" relating to our 2015 consolidated guidance on adjusted operating profit, property, plant and equipment expenditures, and free cash flow. All other statements that are not historical facts are forward-looking statements.
We base our conclusions, forecasts and projections (including the aforementioned guidance) on the following factors, among others:
-- general economic and industry growth rates
-- currency exchange rates and interest rates
-- product pricing levels and competitive intensity
-- subscriber growth
-- pricing, usage and churn rates
-- changes in government regulation
-- technology deployment
-- availability of devices
-- timing of new product launches
-- content and equipment costs
-- the integration of acquisitions
-- industry structure and stability.
Except as otherwise indicated, this earnings release and our forward-looking statements do not reflect the potential impact of any non-recurring or other special items or of any dispositions, monetizations, mergers, acquisitions, other business combinations or other transactions that may be considered or announced or may occur after the date the statement containing the forward-looking information is made.
Risks and uncertainties
Actual events and results can be substantially different from what is
expressed or implied by forward-looking information because of risks,
uncertainties and other factors, many of which are beyond our control,
including but not limited to:
-- new interpretations and new accounting standards from
accounting standards bodies
-- regulatory changes
-- technological change
-- economic conditions
-- unanticipated changes in content or equipment costs
-- changing conditions in the entertainment, information and
communications industries
-- the integration of acquisitions
-- litigation and tax matters
-- the level of competitive intensity
-- the emergence of new opportunities.
These factors can also affect our objectives, strategies, and intentions. Many of these factors are beyond our control or our current expectations or knowledge. Should one or more of these risks, uncertainties or other factors materialize, our objectives, strategies or intentions change, or any other factors or assumptions underlying the forward-looking information prove incorrect, our actual results and our plans could vary significantly from what we currently foresee.
Accordingly, we warn investors to exercise caution when considering statements containing forward-looking information and caution them that it would be unreasonable to rely on such statements as creating legal rights regarding our future results or plans. We are under no obligation (and we expressly disclaim any such obligation) to update or alter any statements containing forward-looking information or the factors or assumptions underlying them, whether as a result of new information, future events or otherwise, except as required by law. All of the forward-looking information in this earnings release is qualified by the cautionary statements herein.
Before making an investment decision
Before making any investment decisions and for a detailed discussion of
the risks, uncertainties and environment associated with our business,
fully review the sections "Regulation in Our Industry" and "Governance
and Risk Management" in our 2013 Annual MD&A. Our 2013 Annual MD&A can
be found online at rogers.com/investors, sedar.com and sec.gov or is available directly from Rogers.
About Rogers Communications Inc.
Rogers Communications is a leading diversified public Canadian communications and media company. We are Canada's largest provider of wireless communications services and one of Canada's leading providers of high-speed Internet, cable television and telephony services to consumers and businesses. Through Rogers Media, we are engaged in radio and television broadcasting, televised shopping, magazines and trade publications, sports entertainment, and digital media.
We are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI).
For further information about the Rogers group of companies, please visit rogers.com/investors. Information in or connected to our website is not part of or incorporated into this earnings release.
Quarterly Investment Community Teleconference
The fourth quarter 2014 results teleconference will be held on:
-- January 29, 2015
-- 8:00 a.m. Eastern Time
-- webcast available at
rogers.com/webcast
A rebroadcast will be available at rogers.com/investors on the Events and Presentations page for at least two weeks following the teleconference. Additionally, investors should note that from time to time Rogers management presents at brokerage sponsored investor conferences. Most often, but not always, these conferences are webcast by the hosting brokerage firm, and when they are webcast, links are made available on Rogers' website at rogers.com/events and are placed there generally at least two days before the conference.
For More Information
You can find additional information relating to us, including our Annual Information Form, on our website (rogers.com/investors), on SEDAR (sedar.com) and on EDGAR (sec.gov), or by e-mailing your request to investor.relations@rci.rogers.com. Information on or connected to these and other websites referenced in this earnings release is not part of or incorporated into this earnings release.
You can also go to rogers.com/investors for information about our governance practices, corporate social responsibility reporting, a glossary of communications and media industry terms, and additional information about our business.
SOURCE Rogers Communications Inc.
