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Rogers Reports Fourth Quarter 2010 Financial and Operating ResultsFourth Quarter Consolidated Revenue Increases 3% to $3.2 Billion, Adjusted Net Income Per Share up 5% to $0.64; Wireless Adds 123,000 Net New Subscribers, Activates and Upgrades a Record 635,000 Smartphones, and Accelerates Wireless Data Revenue Growth to 32%; Cable Operations Adjusted Operating Profit Increases 16% Driving Margins to 46.1% on Continued Subscriber Growth and Cost Efficiencies; $531 Million of Cash Returned to Rogers Shareholders in Dividends and Share Buybacks TORONTO, Feb. 16 /CNW/ - Rogers Communications Inc. today announced its unaudited consolidated financial and operating results for the three and twelve months ended December 31, 2010. Financial highlights are as follows(1):
"While the top line and subscriber growth rates moderated in the quarter from 2009, we held our expenditures in solid check enabling us to continue to invest at a healthy rate in customer retention, network enhancement and product development initiatives," said Nadir Mohamed, President and Chief Executive Officer of Rogers Communications Inc. "I'm pleased to report that we met or exceeded all of our key financial commitments in 2010, while further strengthening our already healthy balance sheet and returning more than $2 billion of cash to shareholders through a combination of dividends and share buybacks." Highlights of the fourth quarter of 2010 include the following:
This summary of our fourth quarter 2010 earnings release should be read in conjunction with the full version of our fourth quarter 2010 earnings release, our 2009 Annual MD&A and our 2009 Annual Audited Consolidated Financial Statements and Notes thereto, as well as our 2010 quarterly interim financial statements and other recent securities filings available on SEDAR at www.sedar.com. As this earnings release includes forward-looking statements and assumptions, readers should carefully review the sections of this earnings release entitled "Caution Regarding Forward-Looking Statements, Risks and Assumptions". In this earnings release, the terms "we", "us", "our", "Rogers" and "the Company" refer to Rogers Communications Inc. and our subsidiaries, which are reported in the following segments: "Wireless", "Cable", and "Media". SUMMARIZED CONSOLIDATED FINANCIAL RESULTS (Unaudited)
SEGMENT REVIEW WIRELESS Summarized Wireless Financial Results
Summarized Wireless Subscriber Results
Wireless Subscribers and Network Revenue The year-over-year decrease in total net subscriber additions for the quarter primarily reflects an increase in the level of postpaid churn associated with heightened competitive intensity, offset by increased gross additions of both postpaid and prepaid subscribers. Included in postpaid gross additions are a record number of new smartphone subscriber sales. The increase in prepaid subscriber additions was the result of Wireless' launch of its urban zone-based unlimited voice and text 'chatr' product and also its continued offering from earlier in the summer of prepaid wireless service plans for the Apple iPad. In addition, Wireless introduced prepaid Rocket stick wireless data plans that offer the same speed and reliability as existing postpaid plans but are designed for customers seeking the convenience of prepaid online credit card activation without term contracts. In the fourth quarter of 2010, as part of a strategic business relationship with TBayTel to extend HSPA+ service across Northern Ontario, we migrated 17,000 postpaid subscribers and 10,000 prepaid subscribers to TBayTel. The increase in network revenue for the three months ended December 31, 2010, compared to the corresponding period of 2009, was driven predominantly by the continued growth of Wireless' postpaid subscriber base and the continued adoption of wireless data services. Year-over-year blended ARPU decreased by 2.4%, which reflects declines in roaming, long-distance, out-of-plan usage and network access fee revenues, offset by higher wireless data and feature revenues. These decreases reflect a combination of factors, including the creation over the past year of voice and data roaming value plans for frequent travelers and general competitive intensity. For the three months ended December 31, 2010, wireless data revenue increased by approximately 32% from the corresponding period of 2009, to $506 million. This growth in wireless data revenue reflects the continued penetration and growing usage of smartphone and wireless laptop devices which are driving increased usage of e-mail, wireless Internet access, text messaging and other wireless data services. For the three months ended December 31, 2010, data revenue represented approximately 31% of total network revenue compared to approximately 24% in the corresponding period of 2009. For the three months ended December 31, 2010, Wireless activated and upgraded approximately 635,000 smartphones, compared to approximately 400,000 smartphones in the fourth quarter of 2009. These smartphones were predominately iPhone, BlackBerry and Android devices, of which approximately 29% were for subscribers new to Wireless, during the three months ended December 31, 2010. This resulted in subscribers with smartphones representing 41% of the overall postpaid subscriber base as at December 31, 2010, compared to 31% as at December 31, 2009. These subscribers generally commit to new multi-year-term contracts, and typically generate ARPU nearly twice that of voice only subscribers. This is the largest number of smartphone activations and new smartphone customer additions that Wireless has ever reported in a quarter. Wireless Equipment Sales The year-over-year decrease for the three months ended December 31, 2010 in revenue from equipment sales, including activation fees and net of equipment subsidies, versus the corresponding period of 2009, reflects the higher smartphone subsidy levels, which offset the increase in the number of smartphone activations. Wireless Operating Expenses
The $96 million increase in cost of equipment sales for the three months ended December 31, 2010, compared to the corresponding period of 2009, was primarily the result of an increase in hardware upgrade units versus the prior period and a continued increase in the mix of smartphones for both new and upgrading subscribers. A large number of existing iPhone and BlackBerry subscribers became eligible for hardware upgrades during the second half of 2010, which led to a 90% increase in the number of smartphone upgrades versus the corresponding period of the prior year. This was the single largest factor driving the year-over-year increase in expenses, and Wireless views these costs as net present value positive investments in the acquisition and retention of higher ARPU, lower churning customers who are on term contracts. Sales and marketing expenses increased marginally for the three months ended December 31, 2010, compared to the corresponding period of 2009, as increased spending on advertising and promotion costs for new marketing campaigns, higher data activations, and higher dealer compensation associated with both volumes and mix, were offset by savings resulting from cost reduction initiatives. The year-over-year decrease in operating, general and administrative expenses for the fourth quarter, excluding retention spending discussed below, was driven by the savings related to operating and scale efficiencies across various functions, offset by the growth in the Wireless subscriber base. Total retention spending, including subsidies on handset upgrades, was $269 million in the three months ended December 31, 2010, compared to $153 million in the corresponding period of 2009. The significant increase is a result of a higher volume of upgrade activity by existing subscribers as discussed above and a higher mix of smartphones, versus the corresponding period in 2009. Wireless Adjusted Operating Profit The 6% year-over-year decrease in adjusted operating profit and the 42.2% adjusted operating profit margin on network revenue (which excludes equipment sales revenue) for the three months ended December 31, 2010 primarily reflect the increase in the total operating expenses discussed above, driven heavily by the record level of smartphone activations and upgrades and related level of subsidy spending, partially offset by the increase in network revenue. Wireless Additions to PP&E Wireless additions to PP&E are classified into the following categories:
Wireless PP&E additions for the fourth quarter reflect spending on network capacity, such as radio channel additions, network core improvements and network enhancing features, including the continued deployment of our HSPA+ network. Quality-related additions to PP&E are associated with upgrades to the network to enable higher throughput speeds in addition to improved network access associated activities, such as site build programs and network sectorization work. Moreover, Quality includes test and monitoring equipment and operating support system activities. Investments in Network - other are associated with network reliability and renewal initiatives, infrastructure upgrades and new product platforms. Information technology and other wireless specific system initiatives include billing and back-office system upgrades, and other facilities and equipment spending. The increase in Wireless PP&E additions for the three months ending December 31, 2010 is largely due to Quality-related deployment of additional cell sites into the network, while the increase in Network - other spending reflects deployment of cross platform feature enablement. The increase in Information technology and other was driven primarily by an enterprise data warehouse project. During the fourth quarter, we announced the start of technical trials of next generation LTE wireless network technology in various frequency bands in the Ottawa area to better understand and plan for LTE data throughput speeds, performance quality and the interoperability of LTE with our existing HSPA+ network. CABLE Summarized Cable Financial Results
The following segment discussions provide a detailed discussion of the Cable operating results. CABLE OPERATIONS Summarized Financial Results
Summarized Subscriber Results
Cable Television Revenue The increase in Cable Television revenue for the three months ended December 31, 2010, compared to the corresponding period of 2009, reflects the continuing increase in penetration of our digital cable product offerings and pricing changes. The slowdown in the year-over-year growth rate of Cable Television revenue from the third quarter to the fourth quarter of 2010 partially reflects the cumulative effect of on-going targeted bundling and retention initiatives to transition portions of the subscriber base to term contracts and a lower number of subsidized digital box sales in the quarter versus the fourth quarter of 2009. Cable continues to lead the Canadian cable industry in digital cable penetration. The digital cable subscriber base grew by 4% and represented 75% of television households passed by our cable networks as at December 31, 2010, compared to 72% as at December 31, 2009. Increased demand from subscribers for the larger selection of digital content, video on demand, HDTV and personal video recorder ("PVR") equipment continues to contribute to the growth in the digital subscriber base and cable television revenue. Cable Internet Revenue The year-over-year increase in Internet revenue for the three months ended December 31, 2010 primarily reflects the increase in the Internet subscriber base, combined with Internet services price changes made in July 2010 and the timing and mix of promotional programs. With the high-speed Internet base at approximately 1.7 million subscribers, Internet penetration is approximately 45% of the homes passed by our cable networks and 73% of our television subscriber base, as at December 31, 2010. Rogers Home Phone Revenue Rogers Home Phone revenue for the three months ended December 31, 2010, reflects the year-over-year growth in the cable telephony customer base with a corresponding cable telephony revenue growth of approximately 5% for the quarter, offset by the ongoing decline of the legacy circuit-switched telephony base. This decline of the legacy circuit-switched telephony base included approximately 30,000 customers which were migrated to a third-party carrier during the second half of 2010, per the sale agreement entered into in the last quarter, as discussed below. The lower net additions of cable telephony lines in the fourth quarter of 2010 versus the corresponding period of 2009 are the result of lower sales activity as campaigns were less aggressive compared to the prior year. Cable telephony lines in service grew 7% from December 31, 2009 to December 31, 2010. At December 31, 2010, cable telephony lines represented 27% of the homes passed by our cable networks and 44% of television subscribers. Cable continues to focus principally on growing its on-net cable telephony line base. Therefore, it continues its strategy to de-emphasize the off-net circuit-switched telephony business where services cannot be provided fully over Rogers' own network facilities. During the third quarter of 2010, Cable announced that it was divesting most of the assets related to the remaining circuit-switched telephony operations. Under this arrangement, most of its co-location sites and related equipment were sold. In addition, the sale involved residential circuit-switched lines, with the customers served by these facilities being migrated from Cable Operations to a third party reseller starting towards the end of the third quarter of 2010 and continuing over the first several months of 2011. During the second half of 2010, approximately 30,000 of these subscribers were migrated, leaving approximately 46,000 lines which will be migrated in early 2011. For the three months and twelve months ended December 31, 2010 the revenue reported by Cable Operations associated with the residential circuit-switched telephony business being divested totalled approximately $11 million and $61 million, respectively. Excluding the impact of the declining circuit-switched telephony business that Cable is in the process of divesting, the year-over-year revenue growth for Rogers Home Phone and Cable Operations for the three months ended December 31, 2010 would have been 5% and 3%, respectively. Cable Operations Operating Expenses The decrease in Cable Operations' operating expenses for the three months ended December 31, 2010, compared to the corresponding period of 2009, was primarily due to cost reduction and efficiency initiatives across various functions. Cable Operations continues to focus on implementing a program of permanent cost reduction and efficiency improvement initiatives to control the overall growth in operating expenses. Cable Operations Adjusted Operating Profit The year-over-year growth in adjusted operating profit was primarily the result of the revenue growth and cost changes described above. As a result, Cable Operations' adjusted operating profit margins increased to 46.1% for the three months ended December 31, 2010, compared to 40.5% in the corresponding period of 2009. ROGERS BUSINESS SOLUTIONS Summarized Financial Results
Summarized Subscriber Results
RBS Revenue The increase in RBS revenues reflects the increase in long-distance revenue, which includes higher volumes by both carrier and internal customers, and the acquisition of Blink, partially offset by the ongoing decline in the legacy portions of the business. RBS is focused on leveraging on-net revenue opportunities utilizing Cable's existing network facilities to launch on-net services while maintaining its existing medium enterprise customer base. Excluding the acquisition of Blink, revenue for the three months ended December 31, 2010 would have been increased by 10% instead of the 14% as reported, compared to the corresponding period of 2009. Further, excluding internal customers within the Rogers group of companies, revenue for the three months ended December 31, 2010 would have declined by 2%, compared to the corresponding period of 2009. For the three months ended December 31, 2010, long-distance revenue increased by $11 million, data and Internet revenue increased by $9 million, which was offset by a decline in local revenues of $3 million, compared to the corresponding period of 2009. RBS Operating Expenses Sales and marketing expenses increased for the three months ended December 31, 2010, compared to the corresponding period of 2009, and reflect increased marketing within the medium and large enterprise and carrier segments associated with RBS's launch of a new suite of Ethernet services. Operating, general and administrative expenses increased for the three months ended December 31, 2010, compared to the corresponding period of 2009. This reflects the increase in long-distance costs due to higher call volumes and country mix and the inclusion of the Blink operating costs. RBS Adjusted Operating Profit The year-over-year growth in adjusted operating profit was due in part to the Blink acquisition and higher revenue. As a result, RBS adjusted operating profit margins increased to 8.5% for the three months ended December 31, 2010, compared to 4.0% in the corresponding period of 2009. Excluding the acquisition of Blink, adjusted operating profit for the three months ended December 31, 2010 would have been approximately $9 million, versus $12 million as reported. RBS is focused on growing future revenue streams from on-net IP services and is incurring incremental operating costs to support that growth, and therefore offsetting the cost declines from the legacy services portion of the business. Other RBS Developments Subsequent to the year-end 2010, on January 4, 2011, RBS acquired Atria Networks LP ("Atria") for cash consideration of $425 million. Atria, based in Kitchener, Ontario, owns and operates one of the largest fibre-optic networks in Ontario, delivering on-net data networking services to business customers in approximately 3,700 buildings in and adjacent to Cable's service area. ROGERS RETAIL Summarized Financial Results
Rogers Retail Revenue The decrease in Rogers Retail revenue for the three months ended December 31, 2010, compared to the corresponding period of 2009, was the result of a continued decline in video rental and sales activity. This was partially offset by the continued growth in sales and services associated with Wireless and Cable customers. Early in 2010, Rogers began an initiative to more deeply integrate its wireless, cable and video rental distribution channels to better respond to changing customer needs and preferences. As a result of this integration, certain facilities and stores associated principally with the video rental portion of Rogers Retail have been and will continue to be closed. Rogers Retail Adjusted Operating Loss The adjusted operating loss at Rogers Retail increased for the three months ended December 31, 2010, compared to the corresponding period of 2009, reflecting the changes and trends noted above. Cable Additions to PP&E Cable additions to PP&E are classified into the following categories:
The Cable Operations segment categorizes its PP&E expenditures according to a standardized set of reporting categories that were developed and agreed to by the U.S. cable television industry and that facilitate comparisons of additions to PP&E between different cable companies. Under these industry definitions, Cable Operations additions to PP&E are classified into the following five categories:
Additions to Cable PP&E include continued investments in the cable network to enhance the customer experience through increased speed and performance of our Internet service and capacity enhancements to our digital network to allow for incremental HD and On-Demand services to be added. The decline in Cable Operations PP&E for the three months ended December 31, 2010, compared to the corresponding period of 2009 resulted primarily from lower spending on CPE and Scalable infrastructure expenditures due to the completion of certain projects associated with our Internet platform and infrastructure investments. The changes in RBS PP&E additions for the three months ended December 31, 2010 reflect the timing of expenditures on customer networks and support capital, while the changes in Rogers Retail PP&E additions are attributable to enhancements made to certain retail locations. MEDIA Summarized Media Financial Results
Media Revenue The increase in Media's revenue for the three months ended December 31, 2010, compared to the corresponding period of 2009, reflects continuous increases in Media's prime time TV ratings, increased subscriber fees and improvements in the advertising market, which together are favourably impacting Television, Sportsnet, Publishing and Radio revenues. The Shopping Channel revenue was relatively consistent with the corresponding period of 2009, while Sports Entertainment reported revenue declines associated with fluctuations in event attendance levels and Major League Baseball revenue sharing. As Sportsnet ONE, Media's new national sports network, launched in the late part of 2010, limited revenues were realized in the three months ended December 31, 2010 but are expected to increase over the course of 2011. Media Operating Expenses Media's operating expenses for the three months ended December 31, 2010 increased, compared to the corresponding period of 2009. While a focus on managing costs across all of Media's divisions over the past year has resulted in reduced operating expenses, these savings were offset by certain planned increases in programming costs at Sportsnet and Television and the costs of new content for Sportsnet ONE, which we expect to break even in the first quarter 2011 time frame. Excluding the impact of Sportsnet ONE, operating expenses for the three months ended December 31, 2010 would have grown at a rate of 7% instead of the 15% as reported, versus the corresponding period of 2009. Media Adjusted Operating Profit The decrease in Media's adjusted operating profit for the three months ended December 31, 2010, compared to the corresponding period of 2009, primarily reflects the revenue and expense changes discussed above. Excluding the impact of Sportsnet ONE, adjusted operating profit for the three months ended December 31, 2010 would have increased 10% compared to the corresponding period of 2009 versus the reported decline. Media Additions to PP&E Media's PP&E additions during the three months ended December 31, 2010 decreased from the corresponding period in 2009 due primarily to the completion of Television's new Ontario broadcasting facility in the fourth quarter of 2009. Other Media Developments On October 1, 2010, Media closed a transaction to acquire all the outstanding common shares of BV! Media for cash consideration of $24 million. BV! Media Inc. is a Canadian Internet advertising network and publisher of news and information portals. On January 31, 2011, we acquired the assets of Edmonton, Alberta FM radio station BOUNCE (CHBN-FM) to strengthen our presence in this market. On January 31, 2011, we acquired the assets of London, Ontario FM radio station BOB-FM (CHST-FM). This acquisition of BOB-FM, which is a continual ratings leader, represents our entry into the London, Ontario market. 2011 FINANCIAL AND OPERATING GUIDANCE The following table outlines guidance ranges and assumptions for selected 2011 financial metrics. This information is forward-looking and should be read in conjunction with the section entitled "Caution Regarding Forward-Looking Statements, Risks and Assumptions" and in related disclosures, for the various economic, competitive, and regulatory assumptions and factors that could cause actual future financial and operating results to differ from those currently expected.
Rogers Communications Inc.
Rogers Communications Inc.
Audited Full Year 2010 Financial Statements In late February 2011, we intend to file with securities regulators in Canada and the U.S. our Audited Annual Consolidated Financial Statements and Notes thereto for the year ended December 31, 2010 and MD&A in respect of such annual financial statements. Notification of such filings will be made by a press release and such statements will be made available on the rogers.com, sedar.com and sec.gov websites or upon request. Caution Regarding Forward-Looking Statements, Risks and Assumptions This earnings release includes forward-looking statements and assumptions concerning our business, its operations and its financial performance and condition approved by management on the date of this earnings release. These forward-looking statements and assumptions include, but are not limited to, statements with respect to our objectives and strategies to achieve those objectives, statements with respect to our beliefs, plans, expectations, anticipations, estimates or intentions, including guidance and forecasts relating to revenue, adjusted operating profit, PP&E expenditures, free cash flow, dividend payments, expected growth in subscribers and the services to which they subscribe, the cost of acquiring subscribers and the deployment of new services, the currently estimated financial impacts of converting to IFRS accounting standards, and all other statements that are not historical facts. Such forward-looking statements are based on current objectives, strategies, expectations and assumptions, most of which are confidential and proprietary, that we believe to be reasonable at the time including, but not limited to, general economic and industry growth rates, currency exchange rates, product pricing levels and competitive intensity, subscriber growth and usage rates, changes in government regulation, technology deployment, device availability, the timing of new product launches, content and equipment costs, the integration of acquisitions, industry structure and stability, and current guidance from accounting standard bodies with respect to the conversion to IFRS accounting standards. 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 of the financial information contained herein. We caution that all forward-looking information, including any statement regarding our current intentions, is inherently subject to change and uncertainty and that actual results may differ materially from the assumptions, estimates or expectations reflected in the forward-looking information. A number of factors could cause actual results to differ materially from those in the forward-looking statements or could cause our current objectives and strategies to change, including but not limited to new interpretations from accounting standards bodies, economic conditions, technological change, the integration of acquisitions, unanticipated changes in content or equipment costs, changing conditions in the entertainment, information and communications industries, regulatory changes, litigation and tax matters, the level of competitive intensity and the emergence of new opportunities, many of which are beyond our control and current expectation or knowledge. Therefore, should one or more of these risks materialize, should our objectives or strategies change, or should any other factors underlying the forward-looking statements prove incorrect, actual results and our plans may vary significantly from what we currently foresee. Accordingly, we warn investors to exercise caution when considering any such forward-looking information herein and that it would be unreasonable to rely on such statements as creating any 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 forward-looking statements or assumptions whether as a result of new information, future events or otherwise, except as required by law. Before making any investment decisions and for a detailed discussion of the risks, uncertainties and environment associated with our business, fully review the sections entitled "Risks and Uncertainties Affecting our Businesses" and "Government Regulation and Regulatory Developments" in our 2009 Annual MD&A, as well as the sections entitled "Updates to Risks and Uncertainties" and "Government Regulation and Regulatory Developments" in our Third Quarter 2010 MD&A. Our annual and quarterly reports can be found online at rogers.com, sedar.com and sec.gov or are available directly from Rogers. About Rogers Communications Inc. Rogers Communications is a diversified Canadian communications and media company. We are Canada's largest provider of wireless voice and data communications services and one of Canada's leading providers of cable television, high-speed Internet and telephony services. Through Rogers Media we are engaged in radio and television broadcasting, televised shopping, magazines and trade publications, and sports entertainment. 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. Quarterly Investment Community Conference Call As previously announced by press release, a live webcast of our quarterly results conference call with the investment community will be broadcast via the Internet at rogers.com/webcast beginning at 8:00 a.m. ET today, February 16, 2011. A rebroadcast of this teleconference will be available on the Webcast Archive page of the Investor Relations section of rogers.com for a period of at least two weeks following the conference call. For further information: Investment Community Contacts Bruce M. Mann, 416.935.3532, bruce.mann@rci.rogers.com Media Contacts Wireless, Cable and Corporate: Terrie Tweddle, 416.935.4727, terrie.tweddle@rci.rogers.com Index of Releases | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Wednesday, February 16, 2011
Rogers Reports Fourth Quarter 2010 Financial and Operating Results
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