FINAL TRANSCRIPT MTS Allstream First Quarter Conference Call

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1 MTS Allstream First Quarter Conference Call Event Date/Time: Length: 67 minutes 1

2 CORPORATE PARTICIPANTS Paul Peters MTS Allstream Vice President, Tax and Investor Relations Jay Forbes MTS Allstream Chief Executive Officer Wayne Demkey MTS Allstream Chief Financial Officer Mike Strople MTS Allstream President, Allstream Kelvin Shepherd MTS Allstream President, MTS CONFERENCE CALL PARTICIPANTS Glen Campbell Bank of America Analyst Jeff Fan Scotiabank Analyst Vince Valentini TD Securities Analyst Greg MacDonald Macquarie Analyst Phillip Huang Barclays Analyst Maher Yaghi Desjardins Analyst 2

3 Drew McReynolds RBC Capital Markets Analyst Tim Casey BMO Analyst Stanford Lee Canaccord Genuity Analyst 3

4 PRESENTATION Operator Good morning. My name is Laurel (phon), and I will be your conference Operator today. At this time, I would like to welcome everyone to the. All lines have been place on mute to prevent any background noise. After the speakers' remarks, there will be question-and-answer session. At that time, if you would like to ask a question simply press *, then the number 1 on your telephone keypad. If you would like to withdraw your question, press the # key. Thank you. I'll now turn the call over to Paul Peters, Vice President, Tax and Investor Relations. Please go ahead, sir. Paul Peters Vice President, Tax and Investor Relations, MTS Allstream Thanks, Laurel. Hello, and thank you for joining us today for a discussion of our strategic review and Q results. The news release, MD&A, financial statements, and supplemental information package can be found on our website at mtsallstream.com. Yesterday, our Board of Directors approved a 2015 second quarter dividend, which has been set at $0.325 per share. This call will consist of comments by our Chief Executive Officer, Jay Forbes; our Chief Financial Officer, Wayne Demkey; and followed by a question-and-answer period. Also on the call 4

5 today are Kelvin Shepherd, President, MTS; Mike Strople, President of Allstream; and Paul Beauregard, our Chief Corporate and Strategy Officer and Corporate Secretary. Before we start, I'd like to remind all listeners that today's presentations and remarks may contain forward-looking statements. A number of assumptions were made by us in preparing these forward-looking statements, which represent our expectations as of today. As such, they are subject to risks that actual results may differ materially from a conclusion, forecast, or projection in such forward-looking information. Therefore, forward-looking statements should be considered carefully, and undue reliance should not be placed on them. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. For additional information about such material factors and assumptions, please refer to our first quarter 2015 MD&A released this morning and our 2014 annual MD&A, which is available on our website. I will now turn the call over to Jay. Jay Forbes Chief Executive Officer, MTS Allstream Thanks, Paul, and good morning, everyone. It's a pleasure to be here this morning to discuss with you our progress over the course of the last four months. 5

6 I will step you through the learnings we garnered from our strategic review and what it means for the future of the Company, and then turn the call over to Wayne to discuss the financial results for the quarter. I'm delighted with the insights and findings we've been able to identify over the last few months, all of which have confirmed my belief in the untapped potential of the Company. While the process was completed over a short period of time, it was both thorough and disciplined. We completed a detailed situational assessment for each of MTS and Allstream, which challenged our understandings and beliefs about the business. Through this process we've created an aligned view of the Company across our senior management team and developed strategic plans that will address the challenges and opportunities uncovered by our situational assessments. These assessments also gave rise to three issues that required our immediate attention: the pension solvency deficit, Allstream's cost structure, and the sustainability of the dividend. Yesterday, we prefunded $120 million towards our pension plans using our short-term borrowing facilities. This has eliminated the need for any further pension solvency payments in 2015 and 2016 under any reasonable economic circumstances. And based on current bank forecasts for long-term interest rates, we will likely never have to make another solvency payment again. We've also realigned Allstream's cost structure with a 25 percent reduction in the workforce, and a planned 20 to 30 percent decrease in capital spending. With these actions we expect Allstream to generate positive free cash flow in 2015 and beyond. 6

7 Lastly, we have reset our dividend rate to a level that we can expect to readily sustain and grow. We believe that at this new level our dividend rate provides an attractive yield for our investors, and at the same time enables a sustainable dividend program that is capable of long-term growth. Shifting focus now to MTS. MTS is a great company with great potential. We have a large customer base, extensive network, and a well-admired brand, which makes us well-positioned to capture our fair share of market growth. We also see significant opportunities to improve the productivity and thus the profitability of our operations. Our new strategic focus for MTS will touch on a number of areas from how we interact with our customers to how we operate as a business. We will develop a customer-first organization that is fully aligned around putting the customer first, constantly working to enhance the customer experience, growing revenue, and earning customer loyalty. We will grow revenue by reinvesting in our brands, tapping into our extensive customer connectivity, and by leveraging our unmatched level of bundled offerings to grow core revenues in under-penetrated consumer and business solution segments. We will invest smartly by investing to increase the productivity of past investments, increasing the return on investment on new investments, and by investing for future growth. We will make it simple. As a 107-year-old company, we've added layer after layer of policies, processes, and protocols that make it difficult for our customers and the employees who 7

8 serve them to enjoy the type of experience we want them to. We will simplify our systems and processes for both customers and employees, improving the end-to-end customer experience. We will drive efficiencies. We will work to embed the knowledge and expertise of our retiring workforce into the processes and systems, creating operational cost savings. In the process, we will create a performance-based culture where accountabilities are set, met, and celebrated. And lastly, we will reinvent the MTS brand, leading a substantial renewal in the consumer segment while crafting a parallel brand strategy for business solutions. Turning to Allstream. Allstream's situational assessment was instrumental in helping us understand the root causes that have prevented this organization from realizing its full potential, and we ve crafted a strategy that addresses each of these issues head on. Firstly, a lack of strategic focus. Allstream was essentially trying to be everything to everyone everywhere. It will now go to market with a laser focus on IP products in key customer segments in five major markets. As mentioned earlier, Allstream also had an unsustainable cost structure resulting from fixed costs not falling in tandem with legacy revenue declines. We've taken action to reduce staffing levels by 25 percent. A low level of customer acquisition. Most of the growth was coming from existing versus new customers. Allstream will adopt a much more aggressive market stance as the disrupter in the ILEC legacy market. 8

9 Core revenue retention. Legacy revenues were declining at rates far faster than market. We will introduce some proved marketing programs to manage churn. And lastly, investment decisions didn't deliver the expected economic benefits. In response, we've implemented a more rigorous capital allocation process that should see a 20 to 30 percent reduction in capital investment while providing adequate capital to grow the business. While the strategic review process has identified a clear path to profitable growth for Allstream, it has also reaffirmed that Allstream is not integral or strategic to MTS' future. With the expectation of being free cash flow position hereafter, we will evaluate our options from a position of strength, executing our new strategy to create value for our shareholders. As we progress through the year, we will continue to provide you with updates on how we are tracking to these strategic objectives. These are indeed exciting times; a start of a new direction. We know that these are the right actions to take, although we also know that sustainable improvement will take time. Our employees are making a difference every day. They're driving the efficiencies, generating the ideas, and executing on the objectives necessary for improvement for years to come. I would like to end by thanking them for the trust and support that they have been so quick to offer this newcomer. I will now turn the call over to Wayne to review our Q results. Wayne Demkey Chief Financial Officer, MTS Allstream 9

10 Thanks, Jay, and good morning, everyone. Today I'll focus on the key points from our first quarter results. A more complete analysis can be found in our Q1 MDA, news release, and supplemental. For the quarter, consolidated revenues increased 1.6 percent from Q1 2014, reflecting revenue growth at MTS of 2.9 percent, offset by a decline at Allstream of 1.2 percent. At MTS, revenue growth was driven by increases in our wireless and broadband revenues and increased revenues from our information solutions line of business. Overall, wireless revenues at MTS are up 2 percent over Q1 last year, driven by 2 percent postpaid subscriber growth and a 1 percent increase in ARPU. Wireless data revenue growth was very strong, up more than 15 percent over Q Postpaid subscriber growth, combined with the growing number of customers with data plans, is expected to continue to drive strong growth in this area. Broadband revenues were also very strong, thanks to revenue growth in both Internet and IPTV. Internet revenue growth was 9.8 percent, driven by 4 percent Internet subscriber growth along with an 8 percent increase in ARPU. And IPTV revenues were up 4.7 percent resulting from subscriber growth of 1 percent and a 3 percent increase in ARPU. The increase in information solutions was mostly driven by higher equipment sales at EPIC. While these sales contribute positively towards EBITDA, they also drag along an increased cost of goods sold. 10

11 At Allstream, we saw strong growth in revenues from converged IP, up 9.4 percent over Q1 2014, as well as an increase in unified communication revenues of 17 percent. This growth was offset by declines in our local, long distance, and legacy data revenues. I also wanted to mention that we are most of the way through the transition of three-year contracts in our wireless customer base to two-year contracts. We have 25 percent of our customers remaining on three-year plans at the end of March. We re expecting a 10 to 20 percent increase in wireless COA in This increase is driven by contract renewal timing as the first of the mandatory two-year contracts begin their renewal along with the last of the three-year contracts. Also contributing to the increase in COA is the increasing penetration of smartphones, now at 75 percent of our customer base, which in turn is contributing to the 15 percent growth in wireless data revenues. Consolidated EBITDA was down 4.9 percent as the 1 percent growth in our Manitoba operations was offset by a decline at Allstream. Allstream EBITDA declines primarily resulted from the decrease in legacy revenues, as well as increased restructuring costs as we work through Allstream's workforce reduction program. This was partly offset by the positive contributions from converged IP and unified communications revenue growth. In total, over 500 people have been given notice, of which approximately 100 have exited the business, while the remainder will be leaving over the next 18 months. Restructuring costs are 11

12 expected to be approximately 16 million, and are expected to be partly offset by the in-year cost savings from associated salary reductions. For the quarter, approximately 13 million of Allstream's salaries and benefit costs relates to employees who are included in this workforce reduction program. Of this amount, 11 million impacts OpEx and 2 million impacts CapEx. On an annualized basis, these reductions should result in a $50 million impact to free cash flow by the end of Free cash flow of 46.7 million for the quarter was down 2.3 million compared to Q MTS free cash flow was up 7 percent in Q1, resulting from a 1 percent EBITDA increase in our Manitoba operations and a planned decrease in capital spending, partly offset by the increase in wireless COA. Allstream is on track with our plan to deliver positive free cash flow in 2015 with 1.5 million in positive free cash flow for the quarter. This is down from last year, primarily due to timing differences that made Q1 the best quarter for free cash flow at Allstream in We have now completed our actuarial evaluation of our pension plans, and the solvency deficit as at January 1, 2015, was 340 million, which was better than we had previously estimated. Additionally, as Jay has noted, we have now prefunded 120 million into the plans. This will result in no further solvency funding requirements in 2015 and '16 under any reasonable economic scenario. Based on where interest rates are today, we would not have any funding requirements in 2017 either. And if interest rates rise, according to the Chartered Bank Consensus Forecast of 12

13 approximately 60 basis points by the end of 2016, we could see an indefinite end to solvency funding. In response to all of the interest in our pension plans from our last call, we have provided an extensive supplemental disclosure package regarding our pension plans. I hope that you ll find this information helpful. Our balance sheet remains strong with conservative leverage and more than adequate liquidity. We have met with both S&P and DBRS regarding our strategic review, as well as the 120 million pension prefunding from short-term debt, and we are anticipating both to confirm our credit ratings at the BBB level. For Q1, earnings per share was down $0.20, with $0.12 due to the SRED amortization credits recorded in Q1 2014, and the remainder due to the restructuring costs and the decline in Allstream EBITDA. Earnings per share is impacted by a number of onetime events, both this year and last year. For the full year in 2014, earnings per share was $1.70, which included a onetime SRED tax credit of $0.23. In 2015, we are expecting onetime adjustments of $0.15 for Allstream restructuring charge and $0.15 for wireless COA amortization, as well as a $0.10 noncash increase in pension expense. As a result, our guidance is in between $0.90 and $1.20 for earnings per share in

14 Guidance for other metrics has also been provided in our news release and MD&A. We are expecting growth in both EBITDA and free cash flow for our MTS business. Allstream EBITDA is expected to be lower than last year, primarily due to restructuring costs. And Allstream free cash flow is expected to be positive in 2015 compared to a negative 1.5 million last year. Thank you. We would now be pleased to answer your questions. Q&A Operator Thank you. Ladies and gentlemen, as a reminder, if you would like to ask a question please press *, then the number 1 on your telephone keypad. Your first question comes from the line of Glen Campbell with Bank of America. Your line is open. Glen Campbell Bank of America Thanks very much. So my question is on the expense reduction program at Allstream. This is a surprising element in the plan; it s certainly very encouraging. Jay, could you talk us through where the cost cuts are coming from and perhaps why with the efforts in the past, including the near sale of the business, management would not have arrived at the conclusion about taking those 14

15 costs out, and what the implications are for the legacy products, which we understand had always been in past the constraint on removing costs? Jay Forbes Good morning, Glen; happy to address those three questions. In terms of where the costs are coming out, it s basically across the board with a special emphasis in terms of our customer facing, our sales and marketing aspects of the business. So again, broad based, but with a slight bias in terms of increasing the productivity of our sales force and rightsizing the marketing resources. In terms of why we ve been able to take this step and reduce the workforce by some 25 percent, it s really kind of a function of two factors. One, as you well know and have pointed out, there has been a significant decline in legacy revenues in that business over the last year. We re looking at about a 7 percent compounded annual growth rate in terms of rate of decline in that business and the legacy piece of it over the last five years. And as a consequence, we ended up with a cost structure that just wasn t a proper fit for the lesser-sized revenue streams. Over and above that, the focus that we brought with the new strategy that will bring us a laser-like focus to key segments in key markets and largely focused on IP has allowed us to see additional opportunities to bring the total reduction down to that 25 percent amount that we have made. In terms of the implications go forward for the business, indeed this is an organization that is moving from its heels to its toes in terms of taking a much more aggressive stance as a disruptor 15

16 in the ILEC legacy market. It will be focusing on IP, it will be focusing in on five key markets in Canada, and has a very targeted approach go-to-market strategy in terms of the customer segments and the nature and extent of customers that it will be looking to grow its business with in the years to come. Glen Campbell Just a quick follow-up on that thanks. When I hear disruptive I think lower pricing. So is there a calculation being made that you can take pricing down and essentially offset that on volume? Is that the thinking there? Jay Forbes Yeah. We don t go to price easily or quickly, Glen. We think that the market itself is quite still underdeveloped; it was a decade ago and it continues to be well underdeveloped. And an organization like Allstream with the national presence that it enjoys with the historic offerings that it s been able to offer the market in terms of IP, coupled with some significant investments that we re going to be making in 2015 in terms of next-generation network, we believe that we ll have a product offering in the marketplace that will have great appeal. And again, we ll not see it necessarily competing on price as a means of garnering additional new customer revenues. Glen Campbell Okay. It s a very encouraging plan. Thank you. 16

17 Operator Your next question comes from the line of Jeff Fan with Scotiabank. Please go ahead. Jeff Fan Scotiabank Good morning, and question on Allstream as well and a follow-up to the last one perhaps on CapEx cuts. The 20 to 30 percent cut to CapEx is also very optimistic and then certainly encouraging from a cash flow perspective. So question for Jay is where are these cuts coming from? Because I guess the plan before was to expand the network coverage and, therefore, expand the addressable market. How do you cut that much capital and still grow the IP business? Can you just talk maybe a little bit about that? Jay Forbes Absolutely, Jeff. Good morning. So in terms of the CapEx reductions, you might if you go back over the last five years you ll see that the spending envelope on CapEx for Allstream has been relatively consistent around that $100 million range, and despite the fact that we ve seen, again, declines in revenue throughout that piece. And as we ve looked at the capital how it s been directed in terms of both the strategic objectives that it was seeking to deliver, as well as the economic returns that we ve been able to generate, we saw opportunities to reel that back without having a significant impact in terms of our revenue growth profile in IP as we go forward. 17

18 One of the reasons for that, Jeff, has been a dynamic in the marketplace that has developed being our competitive access providers. We were once held hostage in terms of very high rates for access to local marketplaces. There s been an abundance of new market new entrants to the market that have allowed us to see a significant rationalization of prices, a much more competitive pricing structure, and thus a lower need for us to deploy our own capital, and instead utilize the capital of these alternative access providers. Jeff Fan So you re not am I interpreting that by saying that you re not actually reducing the addressable market; you re just finding other methods of getting the access? Jay Forbes We are actually addressing excuse me, reducing the addressable market. And so we re going to be geographically more centred on five geographies as opposed to the entire country. And by customer segments we have defined a particular market niche that we believe offers considerable addressable opportunities for our offerings. And further as we look at the nature of the offerings in the marketplace only at one point we were only too happy to provide copper and IP solutions we will be dedicating new customer acquisitions to strictly IP acquisitions. 18

19 So reeled in the focus considerably and thus have brought the addressable market down in size, and at the same time to an addressable market that I think is much more appropriate for the organization. And still very, very lucrative and with us possessing a very small market share, so plenty of upside opportunity. Jeff Fan And just one very quick follow-up, I guess the 70 million to 80 million of ongoing CapEx, what would you consider that as the growth versus maintenance CapEx? Jay Forbes The vast majority will be growth, vast majority. Jeff Fan Okay. Great. Thanks very much. Operator Your next question comes from the line of Vince Valentini with TD Securities. Your line is open. Vince Valentini TD Securities Yeah. Thanks very much, and congrats on the bold plan, Jay. Sorry to stay on Allstream, but just want to make sure we re all level set in expectations. So if you exit copper, exit all markets except for five and some legacy products mostly just focused on IP, what does that mean to the revenue stream? Would we just see a further accelerated erosion of some of those legacy revenues 19

20 till you get down to, say, a base of 550 million of revenue, but it s a much more profitable and especially free cash flow generative base of revenue? Jay Forbes Yeah. And for clarification, Vince, we don t plan to exit copper in the short to midterm, but we re not going to be aggressively adding copper, which had been part of the activities of the organization in the past. So the copper base that we currently have we ll continue to serve those customers. And in fact have actually undertaken some moves internally that allow us to serve those legacy customers in a much more efficient manner than what has been the case in the past. So we ll preserve that, we ll continue to manage that, and deliver the services that our customers would expect us to with that legacy business. But our pursuit of new customers will be dedicated to IP in those five major markets in a very targeted customer segment. Vince Valentini So am I right to assume, though, that the revenue base would shrink with better profitability on that lower revenue? Or you think you can stay at the current sort of run rate? Jay Forbes No, it is a legacy business, and while we will have more effective term management with that legacy business, it is our expectation that will continue to decline over time. Again, what we 20

21 would like to do is to see a rate of decline arrested to something that s more in line with the overall market. Vince Valentini Okay. Great. Can I just follow up? Would you mind clarifying what the five markets are? They re probably obvious, but just so nobody s uncertain. And also you also mentioned this is still a nonstrategic asset and you ll evaluate options over time. Do you have any sense of what that time frame is? Is it six months or three years to evaluate options? Jay Forbes I ll let Mike speak to the markets momentarily, but let me address your second question. In terms of time for us, Vince, the important thing was to get the Allstream business financially stable. And the steps that we have taken by virtue of the 25 percent headcount reduction, the 20 to 30 percent of reduction in our planned CapEx should allow this business to be free cash flow positive in 2015 and beyond. So that gives us options, it gives us time to explore those options, and we don t feel the least bit fenced in in terms of the realm of options that can be considered, or the time frame for addressing those. Again, with this business now I expect it to be free cash flow; it relieves some of that pressure that might have otherwise been there. So maybe, Mike, you could just speak a little bit to those geographies? 21

22 Mike Strople President, Allstream, MTS Allstream And thanks, Vince. The five major metros are Vancouver, Calgary, Edmonton, Montreal, and Toronto, including the GTA and Southwestern Ontario. Vince Valentini Thank you. Operator Your next question comes from the line of Greg MacDonald with Macquarie. Your line is open. Greg MacDonald Macquarie Thanks. Good morning, guys, and good morning, Jay. I don t want to belabour the issue of the big cut to Allstream workforce, but 25 percent of the workforce and 20 to 30 percent of CapEx are very big numbers, and what I suspect will result in a pretty material change to the profile of that business two or three years out. Company hasn t really given any guidance on what the EBITDA for 15 will look like, other than it s going to be lower due to restructuring costs, but presumably taking that much investment out of the business equates to some risk. Can you give us any sense of what the profile of EBITDA might look like two or three years out? Or even a year out? Presumably, I mean, I m drawing a conclusion it has to be less than 100 million. I wonder if you would refute that. Jay Forbes 22

23 I won t comment and offer any more specificity in terms of the EBITDA number, other than the guidance that we have provided, Greg. But again, I will come back to the fact that the revenue at Allstream has been in decline. It s been quite obvious to all of you; certainly obvious to us. And this amounted to on a compounded annual growth rate about a 7 percent decline over the last five years. And the cost structure has not been stepped down to reflect that revenue decline. So we entered 2015 with excess capacity in terms of our operating cost structure. We also by virtue of the strategy that we ve articulated, by virtue of the geographic focus that Mike has spoken to, by virtue of our go-to-market strategy focusing on a very tight product set to a very tightly defined market, we have a much lower threshold in terms of the operating resources that we need to deploy in support of that strategy. And steps like we ve taken to manage those legacy business accounts that we have to manage them in a far more efficient manner than what has been the case in the past. And as Wayne has indicated in his commentary, lowering the planned CapEx by 20 to 30 percent, recognizing capitalized labour is a component of that, also gives us an opportunity to reduce headcount. So when you factor in those three different elements you start to see why and where we re able to take the step that we can in terms of the 25 percent headcount reduction, the 20 to 30 percent CapEx reduction, and not see any significant degradation in terms of the day-to-day operation of the business, or constraints around the ability for this business to continue to grow its IP revenues in the high-single digits that it has been. 23

24 Wayne Demkey Yeah. Greg, maybe there s one thing I would add. When you re thinking about EBITDA in the future, the cost reductions that we ve taken in 2015 will contribute the equivalent or annual equivalent of 50 million in cost savings, and about 80 percent of that goes to OpEx. So that will play a factor in the EBITDA in the future for Allstream. Greg MacDonald Got it, Wayne. Thanks for that. And as a quick follow-up, should I draw any conclusion from the I m sorry, we as analysts have had a number of companies come out today, so I haven t seen the details yet but should I draw a conclusion from the 20 million in Allstream EBITDA was there anything special in that quarter? I assume it s too simplistic to multiply that by 4 for a current run rate, but anything you could add would be helpful. Wayne Demkey Yeah. So with respect to Allstream EBITDA, you re right. We re at 20 million. Just under 2 million of that was restructuring. That compares to around 27 million last year, which was our best quarter in Q1. So we are lower. Primarily the decrease is from legacy revenue declines, partly offset by growth in IP and UC. And with costs being relatively flat from one quarter to the other up about 2 million, actually, mostly an assortment of timing differences and pension expense increases and 24

25 foreign exchange and things like that, but we expect our costs over the course of the year or for the year in total to be down year over year. So I wouldn t as a result suggest that you would multiply by 4, no. Greg MacDonald Got it. Thanks, guys. Operator Your next question comes from the line of Phillip Huang with Barclays. Please go ahead. Phillip Huang Barclays Hi. Thanks. Good morning. Just first a clarification question on the restructuring charge. Does the restructuring charge this quarter include the remaining 400 heads that will leave by the end of 2016? And would you say that most of the restructuring charges have already been recorded? Or do we expect a bit more to come? Wayne Demkey Yeah. No, we only had 2 million of restructuring in Q1, and as I mentioned in my remarks, we expect the restructuring charges for the full year to be about 16 million. Phillip Huang Okay. And then after the 16 million, fair to assume that it s largely done? Wayne Demkey Yes. 25

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