Q3 2012 Earnings Call Transcript

Transcript Call Date 11/09/2012

Operator: Good morning, ladies and gentlemen. Welcome to the TELUS 2012 Q3 Earnings Conference Call. I would like to introduce your speaker, Mr. John Wheeler. Please go ahead.

John Wheeler - IR: Welcome and thank you for joining us today for our third quarter 2012 investor conference call. The call is scheduled for up to one hour. The news release for our third quarter financial and operating results and detailed supplemental investor information are posted on our website,

For those with Internet access, the quarterly presentation slides are also available on our website. You'll be in listen-only mode during the opening comments. Let me now direct your attention to Slide 2.

The forward-looking nature of this presentation, answers to questions, and statements about future events are subject to risks and uncertainties and assumptions. Accordingly, actual performance could differ materially from statements made today, so do not place undue reliance on them. We also disclaim any obligation to update forward-looking statements, except as required by law. I ask that you read our legal disclaimers and refer you to the risks and assumptions outlined in our public disclosures and filings with securities commissions in Canada and the U.S.

Turning to Slide 3 for an outline of today's agenda; we'll start with opening comments by our President and CEO, Darren Entwistle, followed by a review of the third quarter by our Executive Vice President and CFO, Bob McFarlane. Joe Natale, our Chief Commercial Officer will comment on several key operating highlights. We'll then conclude with a question-and-answer session.

Before I turn the call over to Darren on Slide 4, I would draw investors' attention to the fact that Darren has confirmed his intension to again take his annual cash salary in 2013 and TELUS' common shares. This will be for the fourth consecutive year.

Over to you, Darren.

Darren Entwistle - President and CEO: Thanks John. I'd like to focus my remarks on four important investor topics this morning. First, TELUS' strong financial performance and operating metrics in the third quarter are clearly the direct result of our long-term strategic investments in broadband wireless and wireline data technology, services and applications. In this regard, we are again generating significant customer growth across mobility, TV and high-speed Internet. These results can be further attributed to our teams unwavering commitment to consistently deliver exceptional client experiences.

Notably, our customers are staying with us longer as evidenced by our ongoing industry-leading wireless churn results which improved to 1.44% in the third quarter. Moreover, TELUS experienced improved loyalty and retention in respect of both our TV and HSIA services. Our strong performance this quarter also included double digit data revenue growth within both our wireless and wireline businesses, a 6% EBITDA growth at our consolidated level, an 8% earnings per share growth, and as well, a 23% increase in free cash flow.

Secondly, we are once again delivering on our promise to our valued shareholders increasing their quarterly dividend by $0.03 to $0.64 or $2.56 annually. This represents a 10.3% increase from one year ago, and could be attributed to our ongoing net income expansion and free cash flow generation, which is the foundation for our multiyear dividend growth model.

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