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TELUS Reports Strong Results for Second Quarter 2016




VANCOUVER, BRITISH COLUMBIA — (Marketwired) — 08/05/16 — (TSX: T)(NYSE: TU) – TELUS Corporation

Strong customer loading in all key segments with 92,000 net new postpaid wireless, Internet and TELUS TV customer additions

Industry-leading wireless monthly postpaid churn of 0.90 per cent, ARPU growth of 1.4 per cent and best-in-class lifetime revenue per client at $5,600

Consolidated operating revenue up 1.5 per cent and EBITDA up 4.3 per cent

$1 billion returned to shareholders year-to-date

TELUS Corporation–s consolidated operating revenue grew 1.5 per cent to $3.1 billion in the second quarter of 2016 from a year earlier, driven by continued higher data revenue and subscriber additions in both wireless and wireline operations. Earnings before interest, income taxes, depreciation and amortization (EBITDA) increased by 10 per cent to $1.2 billion. When excluding gains from the exchange of wireless spectrum licences and net gains and equity income related to real estate joint venture developments in the second quarter of 2016, as well as restructuring and other costs from both reporting periods, adjusted EBITDA was up 4.3 per cent to $1.2 billion. This growth reflects higher wireless and wireline revenue, as well as execution on operational efficiency and effectiveness initiatives.

“TELUS– strong second quarter results and improved outlook reflect the effectiveness of our company–s industry-leading customer service and the robustness of our multi-tenet growth strategy,” said Darren Entwistle, President and CEO. “Impressively, our team continues to deliver strong subscriber, revenue and EBITDA growth in both our wireless and wireline businesses despite the economic challenges in Alberta.”

“Importantly, our strong financial performance further demonstrates TELUS– ability to fund simultaneously our strategic growth investments as well as the TSX and NYSE–s only multi-year dividend growth and discretionary share purchase programs now running through 2019. Our consistent track record in this regard is unequivocal, as reflected by TELUS having returned $13.3 billion to shareholders, including $8.2 billion in dividends and $5.2 billion in share purchases, representing over $22 per share between 2004 and July 2016,” Mr. Entwistle added.

Doug French, TELUS Executive Vice-President and CFO said, “Our second quarter results are reflective of our team–s commitment to delivering growth, driving our efficiency and effectiveness initiatives, as well as continually putting our customers first. As we deliver on these key priorities, we also remain firmly committed to maintaining our balance sheet strength during this unique investment cycle, where we are making the critical network investments that are essential to driving customer satisfaction, delivering balanced long-term growth, and supporting our shareholder friendly initiatives.”

In wireless, data revenue was driven by continued subscriber growth, a larger proportion of higher-rate two-year plans in the revenue mix, a more favourable postpaid subscriber mix, and increased data usage from the continued adoption of smartphones and other data-centric wireless devices, as well as greater use of applications and the expansion of TELUS– LTE network. Wireline data revenue growth was generated by growth in business process outsourcing revenues, an increase in Internet and enhanced data service revenues from continued high-speed Internet subscriber growth and higher revenue per customer, and continued TELUS TV subscriber growth.

In the quarter, TELUS attracted 92,000 net wireless postpaid, high-speed Internet and TV customers, up 61,000 from the first quarter of 2016. Net additions in the quarter included 61,000 wireless postpaid customers, 18,000 high-speed Internet subscribers, and 13,000 TELUS TV customers. These gains were partially offset by the ongoing loss of traditional telephone network access lines and a decline in wireless prepaid customers. TELUS– total wireless subscriber base is up 0.9 per cent from a year ago to 8.4 million, reflecting a 2.1 per cent increase in the postpaid subscriber base to 7.4 million. TELUS– high-speed Internet connections have increased 6.4 per cent to 1.6 million, while TELUS TV subscribers are higher by 7.9 per cent to over 1 million.

TELUS– continued focus on customer service excellence was evident once again this quarter by delivering industry-leading wireless customer churn on a national basis with a monthly postpaid churn rate of 0.90 per cent. This is the eleventh quarter in the past 12 quarters that TELUS– postpaid churn rate was below 1 per cent, despite competitive pressures from the coterminous expirations of two-year and three-year contracts commencing in June 2015. Blended churn of 1.15 per cent in the second quarter of 2016 is among TELUS– lowest quarterly churn rates since becoming a national carrier 16 years ago. This result exemplifies the success of TELUS– differentiated customers first culture and its ongoing focus on delivering outstanding customer service, coupled with attractive new products and services.

CONSOLIDATED FINANCIAL HIGHLIGHTS

Net income of $416 million and basic earnings per share (EPS) of $0.70 were higher year-over-year by 22 and 25 per cent respectively, reflecting EBITDA growth and lower income tax expense partly offset by higher depreciation and amortization expenses and higher financing costs. When excluding the second quarter 2016 gains from the exchange of wireless spectrum licenses and net gains and equity income related to real estate joint venture developments, as well as restructuring and other costs from both reporting periods, unfavourable income tax-related adjustments and the asset retirement from the planned closure of Black–s Photography in the second quarter of 2015, net income of $415 million and EPS of $0.70 for the second quarter of 2016 were higher by 2.2 and 6.1 per cent respectively.

Free cash flow of $126 million in the second quarter was lower by $174 million from a year ago, primarily due to higher capital expenditures, an increase in income tax payments, and higher restructuring disbursements partially offset by adjusted EBITDA growth.

In the second quarter of 2016, TELUS returned $322 million to shareholders including $261 million in dividends paid and $61 million in share purchases under its 2016 normal course issuer bid (NCIB) program. Through the end of July TELUS has returned $909 million to shareholders this year, including $798 million in dividends paid and the purchase of three million shares for $111 million.

TELUS is updating five elements of its 2016 targets to reflect improved performance in its wireless and wireline businesses, and the ongoing positive environment for its generational capital investments in broadband infrastructure.

Consolidated revenue: The Company is increasing the lower end of it consolidated revenue range by $25 million to $12.775 billion. The Company–s new 2016 guidance is $12.775 to $12.875 billion, improving the targeted growth range for 2016 to 2.2 to 3.0 per cent.

The Company is increasing the lower end of it wireline revenue range by $25 million to $5.705 billion. The Company–s new 2016 guidance is $5.705 to $5.735 billion, improving the targeted growth range for 2016 to 2.4 to 3.0 per cent.

Consolidated EBITDA excluding restructuring and other costs: The Company is increasing the lower end of its consolidated EBITDA excluding restructuring and other costs range by $25 million to $4.650 billion. The Company–s new 2016 guidance is $4.650 to $4.755 billion, improving the targeted growth range for 2016 to 3.6 to 6.0 per cent.

The Company is increasing the lower end of it wireless EBITDA excluding restructuring and other costs range by $25 million to $3.0 billion. The Company–s new 2016 guidance is $3.0 to $3.060 billion, improving the targeted growth range for 2016 to 3.9 to 6.0 per cent.

Consolidated capital expenditures: The Company anticipates full year consolidated capital expenditures to be approximately $2.85 billion as compared to its previously estimated 2016 target of –approximately $2.65 billion–. The increase in capital investments reflects TELUS– continued focus on investing in broadband infrastructure to support the increasing demand for data services and higher network speeds, including connecting more homes and businesses to its fibre-optic network. TELUS also intends to continue investing in its wireless network for 4G LTE expansion and upgrades as well as in fibre to support its wireless small cell strategy in preparation for a more efficient and timely evolution to 5G.

The Company–s original 2016 targets can be found in TELUS– fourth quarter 2015 results and 2016 financial target news release issued on February 11, 2016.

The preceding disclosure with respect to TELUS– 2016 financial targets, guidance and assumptions contains forward-looking information and is fully qualified by the –Caution regarding forward-looking statements– at the beginning of the accompanying Management–s discussion and analysis for the second quarter of 2016 and are based on management–s expectations and assumptions as set out in TELUS– fourth quarter 2015 results and 2016 financial target news release and in Section 9 entitled –General trends, outlook and assumptions– in TELUS– 2015 annual MD&A, as updated in TELUS– first quarter 2016 MD&A.

Dividend Declaration

The TELUS Board of Directors has declared a quarterly dividend of 46 cents ($0.46) Canadian per share on the issued and outstanding Common Shares of the Company payable on October 3, 2016 to holders of record at the close of business on September 9, 2016.

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

Second Quarter 2016 Operating Highlights

TELUS wireless

TELUS wireline

Corporate Highlights

TELUS makes significant contributions and investments in the communities where team members live, work and serve and to the Canadian economy on behalf of customers, shareholders and team members by:

About TELUS

TELUS (TSX: T)(NYSE: TU) is Canada–s fastest-growing national telecommunications company, with $12.6 billion of annual revenue and 12.5 million subscriber connections, including 8.4 million wireless subscribers, 1.6 million high-speed Internet subscribers, 1.4 million residential network access lines and 1.0 million TELUS TV customers. TELUS provides a wide range of communications products and services, including wireless, data, Internet protocol (IP), voice, television, entertainment and video, and is Canada–s largest healthcare IT provider.

In support of our philosophy to give where we live, TELUS, our team members and retirees have contributed $440 million to charitable and not-for-profit organizations and volunteered more than 6.8 million hours of service to local communities since 2000. Created in 2005 by President and CEO Darren Entwistle, TELUS– 11 Canadian community boards and 4 International boards have led the Company–s support of grassroots charities and have contributed more than $54 million in support of over 4,900 local charitable projects, enriching the lives of more than 2 million children and youth, annually. TELUS was honoured to be named the most outstanding philanthropic corporation globally for 2010 by the Association of Fundraising Professionals, becoming the first Canadian company to receive this prestigious international recognition.

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

Access to Quarterly results information

Interested investors, the media and others may review this quarterly earnings news release, management–s discussion and analysis, quarterly results slides, audio and transcript of the investor webcast call, supplementary financial information, and our full 2015 annual report at telus.com/investors.

TELUS– second quarter 2016 conference call is scheduled for August 5, 2016 at 11:00am ET (8:00am PT) and will feature a presentation followed by a question and answer period with investment analysts. Interested parties can access the webcast at telus.com/investors. A telephone playback will be available on August 5 until September 15, 2016 at 1-855-201-2300. Please use reference number 1201840# and access code 77377#. An archive of the webcast will also be available at telus.com/investors and a transcript will be posted on the website within a few business days.

TELUS CORPORATION

Management–s discussion and analysis

2016 Q2

Caution regarding forward-looking statements

This document contains forward-looking statements about expected events and the financial and operating performance of TELUS Corporation. The terms TELUS, the Company, we, us and our refer to TELUS Corporation and where the context of the narrative permits or requires, its subsidiaries. Forward-looking statements include statements relating to annual targets, outlook, updates, our multi-year dividend growth program, our multi-year share purchase program and trends. Forward-looking statements are typically identified by the words assumption, goal, guidance, objective, outlook, strategy, target and other similar expressions, or future or conditional verbs such as aim, anticipate, believe, predict, could, expect, intend, may, plan, seek, should, strive and will. By their nature, forward-looking statements do not refer to historical facts, are subject to inherent risks and require us to make assumptions. There is significant risk that forward-looking statements will not prove to be accurate. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements. Except as required by law, we disclaim any intention or obligation to update or revise any forward-looking statements. An update to our assumptions for 2016 is presented in Section 9 Update to assumptions in this Management–s discussion and analysis (MD&A).

Factors that could cause actual performance to differ materially from the forward-looking statements made herein and in other TELUS filings include, but are not limited to, the following:

Management–s discussion and analysis

August 5, 2016

Contents

Our discussion in this section is qualified in its entirety by the Caution regarding forward-looking statements at the beginning of this Management–s discussion and analysis (MD&A).

1.1 Preparation of the MD&A

The following sections are a discussion of the consolidated financial position and financial performance of TELUS for the three-month and six-month periods ended June 30, 2016, and should be read together with TELUS– June 30, 2016, unaudited condensed interim consolidated financial statements (subsequently referred to as the interim consolidated financial statements). The generally accepted accounting principles (GAAP) we use are the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). Our interim consolidated financial statements comply with IFRS-IASB and Canadian GAAP and have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting. Our use of the term IFRS in this MD&A is a reference to these standards. In our discussion, we also use certain non-GAAP financial measures, such as earnings before interest, income taxes, depreciation and amortization (EBITDA), to evaluate our performance, monitor compliance with debt covenants and manage our capital structure. These measures are defined, qualified and reconciled with their nearest GAAP measures in Section 11.1. All amounts are in Canadian dollars, unless otherwise specified.

Our disclosure controls and procedures are designed to provide reasonable assurance that all relevant information is gathered and reported to senior management on a timely basis, so that appropriate decisions can be made regarding public disclosure. This MD&A and the interim consolidated financial statements were reviewed by TELUS– Audit Committee and authorized by the Board of Directors for issuance on August 5, 2016.

1.2 The environment in which we operate

Economic growth

We currently estimate that economic growth in Canada will be approximately 1.3% in 2016 and a range of 1.8 to 2.2% in 2017, based on a composite of estimates from Canadian banks and other sources. For our incumbent local exchange carrier (ILEC) provinces in Western Canada, we estimate that economic growth in British Columbia will be approximately 2.9% in 2016 and in the range of 2.3% to 2.8% in 2017, and that economic growth (contraction) in Alberta will be approximately (2.0)% in 2016 (in part due to the Fort McMurray wildfires and lower oil prices in 2016) and in the range of 2.0 to 2.5% in 2017. The Bank of Canada–s July 2016 Monetary Policy Report estimated economic growth for Canada at 1.3% in 2016 and 2.2% in 2017. In respect of the national unemployment rate, Statistics Canada–s Labour Force Survey reported a rate of 6.8% for June 2016 (7.1% reported for December 2015 and 6.8% reported for June 2015).

Regulatory developments

There were a number of regulatory developments in the second quarter of 2016. (See Section 10.1 Regulatory matters.)

1.3 Consolidated highlights

Leadership changes

Effective May 16, 2016, we announced the appointment of Doug French as Executive Vice-President and Chief Financial Officer of TELUS. Doug has 30 years of financial management experience and 20 years of career progression within TELUS, including key roles as Controller for our largest business units in the business and consumer divisions, and more recently as Senior Vice-President, Corporate Controller.

Investment in TELUS International (Cda) Inc. (TI)

In June 2016, we announced the completion of the previously announced agreement with Baring Private Equity Asia, an Asian-based investment firm which advises funds that manage over $13 billion (U.S. $10 billion) in assets, for it to acquire a 35% non-controlling interest in TELUS International (Cda) Inc., a global provider of customer service, information technology (IT) and business process outsourcing services. The agreement values TI at $1.2 billion. Through this collaboration, TI is well positioned to leverage Baring Private Equity Asia–s deep Asian markets presence and worldwide experience, and tap into its global network in order to further expand TI–s operations. In connection with the transaction, we have also arranged an incremental U.S.$330 million in bank financing, which is secured by assets of TI and its subsidiaries, expires in 2021 and is non-recourse to TELUS Corporation.

Operating highlights

Liquidity and capital resource highlights

2. Core business and strategy

Our discussion in this section is qualified in its entirety by the Caution regarding forward-looking statements at the beginning of this MD&A.

Our core business was described in our 2015 annual MD&A. The following are business updates grouped under the applicable strategic imperatives.

Focusing relentlessly on growth markets of data, IP and wireless

External wireless revenues and wireline data revenues totalled $5.4 billion in the first six months of 2016, up by $214 million or 4.1% from the same period in 2015, while wireline voice and other revenues and wireline Other operating income totalled $817 million in the first six months of 2016, down $88 million or 9.7% from the same period in 2015. Wireless revenues and wireline data revenues in total represented 87% of TELUS– consolidated revenues for the first six months of 2016, as compared to 85% in the same period in 2015.

Building national capabilities across data, IP, voice and wireless

During the second quarter of 2016, in accordance with an asset transfer agreement with Bell Mobility Inc. (Bell) and consistent with our network optimization strategy, we exchanged certain wireless telecommunication tower sites. The exchange entailed the assignment of existing lease agreements for each tower site, as well as the transfer of all rights, titles and interests on the construction on the leased premises, including tower structures, antennae and cabling. The exchange benefits both parties as the location of the tower sites are well-positioned for utilization within each party–s respective 4G long-term evolution (LTE) network footprints. It is expected that additional transfers of assets will occur in multiple tranches throughout 2016 and subsequent periods.

Partnering, acquiring and divesting to accelerate the implementation of our strategy and focus our resources on core business

As discussed in Section 1.3, in June 2016, we announced the completion of the previously announced agreement with Baring Private Equity Asia, an Asian-based investment firm, for it to acquire a 35% non-controlling interest in TELUS International (Cda) Inc., a global provider of customer service, IT and business process outsourcing services.

In June 2016, in partnership with Westbank Projects Corp, we officially opened the TELUS Garden residential condominium tower, built to leadership in energy and environmental design (LEED) gold standards. The opening of the 53-storey residential building follows the opening of the LEED platinum-certified TELUS Garden office tower in September 2015, reinforcing TELUS– commitment to technological innovation and environmental stewardship. With the opening of the residential tower, the TELUS Garden real estate joint venture has commenced the transfer of ownership to the condominium unit owners, as well as the recognition of associated sales revenue. We expect the recognition of condominium sales to continue throughout 2016, as the joint venture completes the transfer of ownership, as well as the repatriation of funds from the joint venture including the repayment of the construction credit facility.

In June 2016, in conjunction with QHR Technologies (QHR), a leading electronic medical record provider, we announced our intention to collaborate to improve communications among healthcare providers across Canada. TELUS and QHR intend to create a national, secure, standards-based, and open communication solution that will allow the more than 23,000 Canadian physicians on the companies– electronic medical record platforms to communicate more effectively.

In June 2016, we submitted a notification and advance ruling request to the Competition Bureau regarding our previously announced agreement with BCE Inc., pursuant to which we would acquire approximately one-third of Manitoba Telecom Services Inc.–s (MTS) postpaid wireless subscribers and be assigned one-third of MTS– dealer locations in Manitoba, dependent on the successful completion of BCE Inc.–s acquisition of MTS. (See Section 4.1 Principal markets addressed and competition.)

3. Corporate priorities for 2016

Our corporate priorities for 2016 were listed in our 2015 annual MD&A.

4. Capabilities

Our discussion in this section is qualified in its entirety by the Caution regarding forward-looking statements at the beginning of this MD&A.

4.1 Principal markets addressed and competition

For a full discussion of our principal markets and an overview of competition, please refer to Section 4.1 of our 2015 annual MD&A and updates in our 2016 Q1 MD&A.

On June 23, 2016, Manitoba Telecom Services Inc. (MTS) announced that a significant majority of its shareholders had approved the previously announced agreement in which BCE Inc. will acquire all issued and outstanding common shares of MTS. On June 29, 2016, the Manitoba Court of Queen–s Bench approved the transaction. The transaction is still subject to regulatory approvals and other customary closing conditions, and is expected to close in late 2016 or early 2017.

4.2 Operational resources

For a full discussion of our Operational resources, please refer to Section 4.2 of our 2015 annual MD&A and updates in our 2016 Q1 MD&A.

Wireless segment

In the second quarter of 2016, we continued to deliver leading blended customer churn on a national basis. Our monthly blended churn rate of 1.15% in the second quarter of 2016 is among our lowest quarterly churn rates since we became a national carrier 16 years ago. This further exemplifies the success of our differentiated customers first culture, our ongoing focus on delivering outstanding customer service, coupled with attractive new products and services, and our retention programs. Our monthly postpaid churn rate was 0.90% in the second quarter of 2016, representing the 11th quarter in the past 12 quarters that our postpaid churn rate was below 1%, despite increasing competitive pressures from the coterminous expirations of two-year and three-year contracts commencing in June 2015, and economic pressures resulting in customers purchasing fewer phones.

During the first six months of 2016, we continued our deployment of 700 MHz and 2500 MHz wireless spectrum licences acquired during Innovation, Science and Economic Development Canada–s (ISED) wireless spectrum auctions, which we have begun to operationalize for the benefit of our customers. Since the middle of 2013, we have invested more than $3.6 billion to acquire wireless spectrum licences in spectrum auctions and other transactions, which has more than doubled our national spectrum holdings, in support of our top corporate priority of putting customers first. Wireless data consumption has been increasing rapidly and we have responded by investing to extend the capacity of our network to support the additional data consumption and growth in our wireless customer base.

As at June 30, 2016, our 4G long-term evolution (LTE) network covered 97% of Canada–s population, up from 95% of the population covered at June 30, 2015. Furthermore, we continue to invest in our LTE advanced network roll-out, which covered 55% of Canada–s population at June 30, 2016. Outside of LTE advanced and LTE coverage areas, the LTE devices we offer also operate on our HSPA+ network, which covered 99% of Canada–s population at June 30, 2016.

Wireline segment

We continue to invest in urban and rural communities with commitments to deliver broadband network capabilities to as many Canadians as possible. We are expanding our fibre footprint by connecting more homes and businesses directly to fibre. Throughout 2015 and 2016, we have made announcements regarding multi-billion dollar investments to bring our fibre-optic network to cities across B.C., Alberta and Eastern Quebec. We have also increased broadband Internet speeds, expanded our IP TV video-on-demand library and high-definition content, including the launch of 4K TV, and enhanced marketing of data products and bundles. As well, we have continued to invest in our state-of-the art Internet data centres (IDCs), creating an advanced and regionally diverse computing infrastructure in Canada.

As at June 30, 2016, our high-speed broadband coverage reached approximately 2.9 million households and businesses in B.C., Alberta and Eastern Quebec, including approximately 0.83 million homes and businesses covered by fibre-optic cable, which now provides these premises with immediate access to our gigabit-capable fibre-optic network.

4.3 Liquidity and capital resources

Capital structure financial policies

Our objective when managing capital is to maintain a flexible capital structure that optimizes the cost and availability of capital at acceptable risk.

In the management of capital and in its definition, we include Common Share equity (excluding Accumulated other comprehensive income), Long-term debt (including long-term credit facilities, commercial paper backstopped by long-term credit facilities and any associated hedging assets or liabilities, net of amounts recognized in Accumulated other comprehensive income), Cash and temporary investments, and securitized trade receivables.

We manage our capital structure and make adjustments to it in light of changes in economic conditions and the risk characteristics of our telecommunications infrastructure. To maintain or adjust our capital structure, we may adjust the amount of dividends paid to holders of Common Shares, purchase shares for cancellation pursuant to our normal course issuer bids (NCIBs), issue new shares, issue new debt, issue new debt to replace existing debt with different characteristics and/or increase or decrease the amount of trade receivables sold to an arm–s-length securitization trust.

We monitor capital by utilizing a number of measures, including the net debt to EBITDA – excluding restructuring and other costs ratio and the dividend payout ratios. (See definitions in Section 11.1.)

Financing and capital structure management plans

4.4 Changes in internal control over financial reporting

There were no changes in internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

5. Discussion of operations

Our discussion in this section is qualified in its entirety by the Caution regarding forward-looking statements at the beginning of this MD&A.

5.1 General

Our operating segments and reportable segments are wireless and wireline. Segmented information in Note 5 of the interim consolidated financial statements is regularly reported to our Chief Executive Officer (CEO) (the chief operating decision-maker).

5.2 Summary of consolidated quarterly results and trends

Trends

The consolidated revenue trend continues to reflect year-over-year increases in: (i) wireless network revenues generated from growth in both our average revenue per subscriber unit per month (ARPU) and subscriber base; and (ii) growth in wireline data revenues, driven by business process outsourcing, Internet, enhanced data services, TELUS TV and TELUS Health services. This growth was partially offset by: (i) the continued declines in both wireless and wireline voice revenues due to technological substitution and greater use of inclusive long distance and unlimited nationwide voice plans; and (ii) the year-over-year decline in wireless equipment revenue during the first six-months of 2016, reflecting lower gross additions and lower retention volumes, partly offset by higher-value smartphones in the sales mix. Retention volumes declined due to (i) significant activity in 2015 relating to the coterminous expiration of two-year and three-year contracts; (ii) the effects on contract renewals of higher handset prices; (iii) and economic pressures resulting in customers purchasing fewer phones.

The wireless subscriber base growth trend has moderated due to the impacts of the economic slowdown, particularly in Alberta, competitive intensity and the effects of higher handset prices, partly offset by our customers first initiatives and retention programs. As noted in Section 1.2, we expect the Alberta economy to post modest growth in 2017. The wireless ARPU growth trend has also moderated due to competitive pressures driving larger allotments of data provided in rate plans, including data sharing and international data roaming features and plans, increased frequency of customer data usage notifications and offloading of data traffic to increasingly available Wi-Fi hotspots. ARPU is expected to continue to increase modestly over time, as a result of the continued growth in data usage and the ongoing shift in our subscriber base towards higher-value postpaid customers. However, the level of ARPU is highly dependent on competition, the economic environment, consumer behaviour, regulatory environment, device selection and other factors, and, as a consequence, there cannot be any assurance that ARPU growth will continue to materialize.

Retention spending as a percentage of network revenue has increased year over year from 12.1% in the first six months of 2015 to 13.2% in the first six months of 2016, mainly from an increase in the sales mix of higher-subsidy smartphones and moderating growth in wireless network revenue. In addition, due to the coterminous expiration of two-year and three-year contracts beginning on June 3, 2015, there are a greater number of customers renewing contracts at any given time, which has impacted acquisition and retention trends. We have generally experienced a higher volume of contract renewals than previously experienced prior to 2015. We expect this trend to continue. We also expect to experience continuing pressure on our postpaid subscriber churn if competitive intensity continues, in part due to an increase in customers on expired contracts, as well as customers bringing their own devices and therefore not entering into term contracts. Accordingly, our wireless segment historical operating results and trends prior to the coterminous expiration of two-year and three-year contracts may not be reflective of results and trends for future periods.

Historically, there has been significant third and fourth quarter seasonality due to higher wireless subscriber additions, an increase in related acquisition costs and equipment sales, and higher retention costs due to contract renewals in those quarters. These impacts can be more pronounced around popular device launches and seasonal events such as back to school, Black Friday and Christmas. The costs associated with higher seasonal loading volumes have typically resulted in sequential decreases in wireless EBITDA from the second quarter through to the fourth quarter, typically followed by sequential increases in wireless EBITDA from the fourth quarter through to the second quarter. Subscriber additions have generally been lowest in the first quarter. Historically, wireless ARPU has experienced seasonal sequential increases in the second and third quarters, reflecting higher levels of usage and roaming in the spring and summer, followed by seasonal sequential declines in the fourth and first quarters. This seasonal effect on ARPU is expected to diminish in the future, as unlimited nationwide voice plans become more prevalent and chargeable usage and long distance spikes become less pronounced.

The trend of increasing wireline data revenue reflects growth in high-speed Internet and enhanced data services reflecting a larger high-speed Internet subscriber base (up 6.4% in the 12-month period ended June 30, 2016), continued expansion of our broadband footprint, including fibre-optic cable, and increased pricing; growth in business process outsourcing supported by customer demand in all regions; the continuing but moderating expansion of our TELUS TV subscriber base (up 7.9% in the 12-month period ended June 30, 2016) and increased pricing; and growth in TELUS Health solutions. A general trend of declining wireline voice revenues is due to competition from voice over IP (VoIP) service providers (including cable-TV competitors) and resellers, as well as technological substitution to wireless and IP-based services and applications, continuing increased competition in the small and medium-sized business market, and the impact of the economic slowdown and associated customers– re-sizing of services.

The high-speed Internet subscriber base growth trend has declined year over year during the first six months of 2016, primarily from the impact of the economic slowdown and competitive intensity, however, we expect the subscriber growth to improve as the economy gradually recovers and from our continued investments in expanding our fibre-optic network. The TELUS TV subscriber base growth is moderating due to the effects of slower subscriber growth for paid TV services, the economic slowdown, the high rate of market penetration and increased competition, including over-the-top (OTT) services. Residential network access line (NAL) losses continue to reflect the economic slowdown, the ongoing trend of substitution to wireless and Internet-based services, as noted above.

The trend in Goods and services purchased expense generally reflects increasing wireless equipment expenses associated with higher-value smartphones in the sales mix, increasing wireless customer service, administrative, external labour and distribution channel expenses to support moderating growth in our subscriber base, and higher non-labour restructuring and other costs in 2015 mainly from real estate rationalization, partly offset by lower transit and termination costs and wireline equipment costs.

The trend in Employee benefits expense reflects increases in compensation and employee-related restructuring costs, as well as a higher number of employees to support increased business process outsourcing revenues, partly offset by a lower number of domestic employees (in part due to the reduction of full-time equivalent (FTE) positions announced in November 2015) and lower defined benefit plan pension expenses.

The general trend in Depreciation and amortization reflects increases due to growth in capital assets in support of the expansion of our broadband footprint and enhanced long-term evolution (LTE) network coverage.

The general trend in Financing costs reflects an increase in long-term debt outstanding associated with significant investments in wireless spectrum licences acquired during wireless spectrum licence auctions in 2014 and 2015. Financing costs also include the Employee defined benefit plans net interest expense that has decreased for 2016, primarily due to the decrease in the defined benefit plan deficit at December 31, 2015, as compared to one year earlier, partly offset by an increase in the discount rate. Moreover, Financing costs are net of capitalized interest related to spectrum licences acquired during the wireless spectrum licence auctions, which we expect to deploy into our existing network in future periods (capitalized long-term debt interest was $28 million in the first six months of 2016, as compared to $9 million in the six months of 2015 and $45 million during fiscal year 2015). Capitalization of long-term debt interest is expected to moderate beginning in the third quarter of 2016, as cell sites become ready to be put into service. Financing costs for the eight periods shown included varying amounts of foreign exchange gains or losses and varying amounts of interest income, including $20 million of interest income in the second quarter of 2015 resulting from the settlement of prior years– income tax-related matters. In addition, Financing costs in the third quarter of 2014 included long-term debt prepayment premiums of approximately $13 million.

The trend in Net income reflects the items noted above, as well as non-cash adjustments arising from legislated income tax changes and adjustments recognized in the current period for income tax of prior periods, including any related after-tax interest on reassessments. The trend in basic EPS also reflects the impact of share purchases under our normal course issuer bid (NCIB) program.

The trend in Cash provided by operating activities reflects higher restructuring and other disbursements, higher income tax payments and increased interest payments, partly offset by growth in consolidated EBITDA. The trend in free cash flow reflects the factors affecting Cash provided by operating activities, as well as increases in capital expenditures (excluding spectrum licences).

5.3 Consolidated operations

The following is a discussion of our consolidated financial performance. Segmented information in Note 5 of the interim consolidated financial statements is regularly reported to our CEO (the chief operating decision-maker). We discuss the performance of our segments in Section 5.4 Wireless segment,Section 5.5 Wireline segment and in capital expenditures in Section 7.3 Cash used by investing activities.

Operating income increased year over year by $73 million in the second quarter of 2016 and $34 million in the first six months of 2016, reflecting growth in EBITDA that was partly offset by increases in Depreciation and amortization expenses.

Total income tax expense decreased by $26 million in the second quarter of 2016 and $34 million in the first six months of 2016 when compared to the same periods in 2015. The decreases were primarily due to a $48 million non-cash adjustment in the second quarter of 2015 to revalue deferred income tax liabilities arising from an increase in the Alberta provincial corporate tax rate, net of higher income before income taxes in 2016, and a $19 million recovery recorded in the second quarter of 2015 related to the settlement of prior years– income tax-related matters (excluding related interest income).

Comprehensive income increased year over year by $298 million in the second quarter of 2016, primarily due to increases in employee defined benefit plan re-measurement amounts and growth in Net income. For the six-month period, Comprehensive income decreased year over year by $70 million, mainly from a decrease in employee defined benefit plan re-measurement amounts, partly offset by growth in Net income. Items that may be subsequently reclassified to income are composed of changes in the unrealized fair value of derivatives designated as cash flow hedges, foreign currency translation adjustments arising from translating financial statements of foreign operations, and changes in the unrealized fair value of available-for-sale investments.

5.4 Wireless segment

Network revenues from external customers increased year over year by $40 million in the second quarter of 2016 and $78 million in the first six months of 2016. Data network revenue increased year over year by 7.5% in the second quarter of 2016 and 7.9% in the first six months of 2016, reflecting growth in the subscriber base, a larger proportion of higher-rate two-year plans in the revenue mix, a higher postpaid subscriber mix, and increasing data usage from the continued adoption of smartphones and other data-centric wireless devices, as well as greater use of applications and the expansion of our LTE network coverage. Voice network revenue decreased year over year by 3.4% in the second quarter of 2016 and 3.8% in the first six months of 2016 due to the increased adoption of unlimited nationwide voice plans and continued but moderating substitution to data services, partly offset by growth in the subscriber base.

Equipment and other services decreased year over year by $33 million in the second quarter of 2016 and $44 million in the first six months of 2016, mainly from lower gross additions and retention volumes, competitive intensity and discontinuance of Black–s Photography revenue from the closure of stores in August 2015, partly offset by higher-value smartphones in the sales mix.

Other operating income increased year over year by $25 million in the second quarter of 2016 and $28 million in the first six months of 2016, mainly due to gains from the exchange of wireless spectrum licences and the sale of property, plant and equipment, as well as net gains and equity income related to real estate joint venture developments.

Intersegment revenue in the wireless segment represents network services provided to the wireline segment. Such revenues are eliminated upon consolidation along with the associated expenses.

Equipment sales expense was slightly higher year over year in the second quarter of 2016 and increased by $16 million in the first six months of 2016, reflecting an increase in higher-value smartphones in the sales mix and increasing handset costs, partly offset by lower gross additions and retention volumes, and lower cost of sales from the closure of Black–s Photography stores in August 2015.

Network operating expenses were relatively flat year over year in the second quarter and first six months of 2016, as higher maintenance costs were offset by network rationalization initiatives.

Marketing expenses declined year over year by $7 million in the second quarter of 2016 and $6 million in the first six months of 2016, primarily due to lower advertising and promotions expenses and lower commission expenses driven by lower gross additions and retention volumes.

Other goods and services purchased decreased year over year by $17 million in the second quarter of 2016 and $20 million in the first six months of 2016, primarily due to lower non-labour restructuring and other costs, mainly from provisions for the closure of Black–s Photography retail stores during the second quarter of 2015, partly offset by higher administrative costs.

Employee benefits expense decreased year over year by $19 million in the second quarter of 2016 and $15 million in the first six months of 2016, reflecting lower salaries and wages driven by a reduction in FTEs from our ongoing operational efficiency and effectiveness initiatives, lower share-based compensation expenses, and, for the quarter, lower labour-related restructuring costs, partly offset by inflationary compensation increases.

Wireless EBITDA increased by $74 million in the second quarter of 2016 and $86 million in the first six months of 2016 when compared to the same periods in 2015, including gains, as detailed in the table above, and lower restructuring and other costs. Wireless adjusted EBITDA increased year over year by $28 million in the second quarter of 2016 and $43 million in the first six months of 2016, reflecting network revenue growth driven by higher ARPU and a larger customer base, as well as ongoing operational efficiency and effectiveness initiatives, partly offset by higher retention spending.

5.5 Wireline segment

Other operating income decreased year over year by $3 million in the second quarter of 2016 and $11 million in the first six months of 2016, mainly due to a decrease in amounts recognized from the regulatory price cap deferral account for provisioning broadband Internet services to eligible rural and remote communities, as well as an increase in the provisions on certain investments. Partly offsetting this decline was net gains and equity income on real estate joint venture developments.

Intersegment revenue represents services provided to the wireless segment. Such revenue is eliminated upon consolidation along with the associated expenses.

Wireline EBITDA increased year over year by $34 million in the second quarter of 2016, primarily from growth in data service revenues, lower labour-related restructuring and other costs, declining transit and termination costs, as well as net revenue impacts from the real estate joint venture developments, partly offset by continued declines in legacy voice services and approximately $3 million of costs and revenue impacts related to severe wildfires in northern Alberta in the second quarter of 2016. In the first six months of 2016, wireline EBITDA increased year over year by $27 million due to similar factors as noted above for the second quarter, except for higher labour-related restructuring and other costs. Wireline adjusted EBITDA increased year over year by 5.5% and 5.3%, respectively, in the quarter and six-month period, as compared to operating revenue increases of 1.0% and 2.4%, respectively, excluding the net revenue impacts from the real estate joint venture developments. This reflects our execution on cost efficiency programs, as well as improving margins in data services, including Internet, business process outsourcing services, TELUS TV, and TELUS Health services.

6. Changes in financial position

7. Liquidity and capital resources

Our discussion in this section is qualified in its entirety by the Caution regarding forward-looking statements at the beginning of this MD&A.

7.1 Overview

Our capital structure financial policies, financing plan and report on financing and capital structure management plans are described in Section 4.3.

7.2 Cash provided by operating activities

Cash provided by operating activities decreased year over year by $51 million in the second quarter of 2016 and $206 million in the first six months of 2016.

7.3 Cash used by investing activities

Cash used by investing activities decreased year over year by $1,642 million in the second quarter of 2016 and $1,908 million in the first six months of 2016. The changes included the following:

Wireless segment capital expenditures increased year over year by $31 million in the second quarter of 2016, primarily due to continued investments in our fibre-optic network to support our small-cell technology strategy to improve coverage and prepare for a more efficient and timely evolution to 5G. For the first six months of 2016, wireless capital expenditures decreased year over year by $37 million mainly from lower spending on the deployment of spectrum partly offset by the increased investments in our fibre-optic network. During the first six months of 2016, we continued our deployment of the 700 MHz spectrum and the 2500 MHz spectrum. We also continued to invest in system and network resiliency and reliability in support of our ongoing customers first initiatives and to ready the network and systems for future retirement of legacy assets.

Wireline segment capital expenditures increased year over year by $74 million in the second quarter of 2016 and $125 million in the first six months of 2016. The increases were due to continuing investments in our broadband infrastructure, including connecting more homes and businesses directly to our fibre-optic network. This investment supports our high-speed Internet and Optik TV subscriber growth, as well as our customers– demand for faster Internet speeds, and extends the reach and functionality of our business and healthcare solutions. We also continued to make investments in system and network resiliency and reliability.

7.4 Cash provided (used) by financing activities

Net cash used by financing activities was $207 million in the second quarter of 2016, as compared to $68 million net cash used by financing activities in the second quarter of 2015. Net cash provided by financing activities was $145 million in the first six months of 2016, as compared to $1.7 billion in the first six months of 2015. Financing activities included the following:

Dividends paid to the holders of Common Shares

Dividends paid to the holders of Common Shares totalled $261 million in the second quarter of 2016, an increase of $18 million from the second quarter of 2015. Dividends paid for the first six months of 2016 were $524 million, an increase of $37 million from the first six months of 2015. The increases reflect higher dividend rates under our dividend growth program (see Section 4.3), partially offset by lower outstanding shares resulting from shares purchased and cancelled under our normal course issuer bid (NCIB) program. Subsequent to June 30, 2016, we paid dividends of $274 million to the holders of Common Shares in July 2016.

Purchase of Common Shares for cancellation

Under the 2016 NCIB, we purchased approximately two million shares for $61 million in the second quarter of 2016 and approximately three million shares for $111 million in the first six months of 2016. See Section 4.3 for details of our planned multi-year share purchase program. No shares were purchased in the month of July 2016.

Short-term borrowings

Short-term borrowings are composed primarily of amounts advanced to us from an arm–s-length securitization trust pursuant to the transfer of receivables securitization transactions (see Section 7.7 Sale of trade receivables). Such proceeds were $100 million at June 30, 2016, down $400 million from the balance at June 30, 2015.

Long-term debt issues and repayments

Long-term debt repayments, net of issues, were $173 million in the second quarter of 2016 primarily from the repayment of the Series CI Notes of $600 million in May 2016. This was partly offset by amounts drawn on the TELUS International (Cda) Inc. (TI) credit facility of $359 million at June 30, 2016, as well as an increase in commercial paper from $891 million (U.S.$686 million) at March 31, 2016, to $975 million (U.S.$755 million) at June 30, 2016. Long-term debt issues, net of repayments, were $504 million in the first six months of 2016, which was primarily from an increase in commercial paper from $256 million at December 31, 2015, as well as the amounts drawn on the TI credit facility, partly offset by the repayment of the Series CI Notes noted above.

In comparison, Long-term debt repayments, net of issues, were $119 million in the second quarter of 2015, whereas long-term debt issues, net of repayments, were $2.0 billion in the first six months of 2015. These were composed of:

Our average term to maturity of long-term debt (excluding commercial paper and the revolving component of the TI credit facility) has increased to approximately 11.0 years at June 30, 2016, compared to approximately 10.9 years at June 30, 2015. Additionally, our weighted average cost of long-term debt (excluding commercial paper and the revolving component of the TI credit facility) was 4.32% at June 30, 2016, as compared to 4.42% at June 30, 2015.

Issue of shares by subsidiary to non-controlling interest

In June 2016, a subsidiary issued shares to Baring Private Equity Asia for it to acquire a 35% non-controlling interest in TELUS International (Cda) Inc. (See Section 1.3 Consolidated highlights.) Cash proceeds net of issue costs currently paid were $292 million in the second quarter of 2016.

7.5 Liquidity and capital resource measures

Net debt was $12.3 billion at June 30, 2016, an increase of $0.5 billion when compared to one year earlier, resulting mainly from incremental debt issued in the fourth quarter of 2015, in which the net proceeds were used to repay outstanding commercial paper and to fund the repayment, on maturity, of a portion of the $600 million principal amount outstanding on TELUS– Series CI Notes due May 2016, with the balance to be used for general corporate purposes.

Fixed-rate debt as a proportion of total indebtedness was 89% at June 30, 2016, down from 92% one year earlier, mainly due to an increase in commercial paper, which emulates floating-rate debt.

Net debt to EBITDA – excluding restructuring and other costs ratio was 2.67 times, as measured for June 30, 2016, consistent with one year earlier. Our long-term objective for this measure is within a range of 2.00 to 2.50 times, which we believe is consistent with maintaining investment grade credit ratings in the range of BBB+, or the equivalent, and providing reasonable access to capital. As at June 30, 2016, this ratio was outside of the long-term objective range due to the issuance of incremental debt primarily for the acquisition of spectrum licences, which were auctioned in unprecedented amounts and in atypical concentrations during 2014 and 2015, offset by growth in EBITDA – excluding restructuring and other costs. These acquired licences have more than doubled our national spectrum holdings and represent an investment to extend our network capacity to support continuing data consumption growth, as well as growth in our wireless customer base. We will endeavour to return this ratio to within the objective range in the medium term, as we believe that this range is supportive of our long-term strategy. While this ratio exceeds our long-term objective range, we are well in compliance with the leverage ratio covenant in our credit facilities, which states that we may not permit our net debt to operating cash flow ratio to exceed 4.00:1.00 (see Section 7.6 Credit facilities).

Earnings coverage ratio for the 12-month period ended June 30, 2016, was 4.6 times, down from 5.1 times one year earlier. Higher borrowing costs reduced the ratio by 0.4, while lower income before borrowing costs and income taxes reduced the ratio by 0.1.

EBITDA – excluding restructuring and other costs interest coverage ratio for the 12-month period ended June 30, 2016, was 8.8 times, down from 9.6 times one year earlier. An increase in net interest costs reduced the ratio by 1.2, while growth in EBITDA – excluding restructuring and other costs increased the ratio by 0.4. (See Section 7.6 Credit facilities.)

Dividend payout ratios: Actual dividend payout decisions will continue to be subject to our Board–s assessment and the determination of our financial position and outlook, as well as our long-term dividend payout ratio guideline of 65 to 75% of prospective net earnings per share. The disclosed basic and adjusted dividend payout ratios are historical measures utilizing the last four quarters of dividends declared and earnings per share. These historical measures are presented for illustrative purposes in evaluating our target guideline, and for the 12-month period ended June 30, 2016, were consistent with the objective range.

7.6 Credit facilities

At June 30, 2016, we had available liquidity of approximately $1.3 billion from unutilized credit facilities, including approximately $55 million available liquidity from the TI credit facility, and $119 million available from uncommitted letters of credit facilities, as well as $400 million available under our trade receivables securitization program (see Section 7.7 Sale of trade receivables). This adheres to our objective of generally maintaining at least $1.0 billion of available liquidity.

Revolving credit facility

We have a $2.25 billion (or U.S. dollar equivalent) revolving credit facility with a syndicate of 15 financial institutions that was renewed in the second quarter of 2016 and expires on May 31, 2021. The revolving credit facility is used for general corporate purposes, including the backstop of commercial paper, as required.

TELUS revolving credit facility at June 30, 2016

Our revolving credit facility contains customary covenants, including a requirement that we not permit our consolidated leverage ratio to exceed 4.00 to 1.00 and that we not permit our consolidated coverage ratio to be less than 2.00 to 1.00, at the end of any financial quarter. Our consolidated leverage ratio was approximately 2.67 to 1.00 as at June 30, 2016, and our consolidated coverage ratio was approximately 8.75 to 1.00 as at June 30, 2016. These ratios are expected to remain well above the covenants. There are certain minor differences in the calculation of the leverage ratio and coverage ratio under the revolving credit facility, as compared with the calculation of Net debt to EBITDA – excluding restructuring and other costs and EBITDA – excluding restructuring and other costs interest coverage. Historically, the calculations have not been materially different. The covenants are not impacted by revaluation, if any, of Property, plant and equipment, Intangible assets or Goodwill for accounting purposes. Continued access to our credit facilities is not contingent on maintaining a specific credit rating.

Commercial paper

TELUS Corporation has an unsecured commercial paper program, which is backstopped by our revolving credit facility, enabling us to issue commercial paper up to a maximum aggregate amount of $1.4 billion at June 30, 2016, including a U.S. dollar denominated commercial paper program for up to U.S. $1.0 billion within this maximum aggregate amount. The commercial paper program is to be used for general corporate purposes, including, but not limited to, capital expenditures and investments. Our ability to reasonably access the commercial paper market in Canada and the U.S. is dependent on our credit ratings (see Section 7.8 Credit ratings).

Other letter of credit facilities

At June 30, 2016, we had $219 million of letters of credit outstanding (December 31, 2015 – $202 million), issued under various uncommitted facilities; such letter of credit facilities are in addition to the ability to provide letters of credit pursuant to our committed bank credit facility. Available liquidity under various uncommitted letters of credit facilities was $119 million at June 30, 2016.

7.7 Sale of trade receivables

TELUS Communications Inc., a wholly owned subsidiary of TELUS, is a party to an agreement with an arm–s-length securitization trust associated with a major Schedule I Canadian bank, under which it is able to sell an interest in certain trade receivables for an amount up to a maximum of $500 million. The agreement is in effect until December 31, 2018, and available liquidity was $400 million as at June 30, 2016. (See Note 19 of the interim consolidated financial statements.) Sales of trade receivables in securitization transactions are recognized as collateralized Short-term borrowings and thus do not result in our de-recognition of the trade receivables sold.

TELUS Communications Inc. is required to maintain at least a BB credit rating by DBRS Ltd. or the securitization trust may require the sale program to be wound down prior to the end of the term. The necessary credit rating was exceeded as of August 5, 2016.

7.8 Credit ratings

There were no changes to our investment grade credit ratings as of August 5, 2016.

7.9 Financial instruments, commitments and contingent liabilities

Financial instruments

Our financial instruments and the nature of certain risks that they may be subject to were described in Section 7.9 of our 2015 MD&A.

Liquidity risk

As a component of our capital structure financial policies, discussed in Section 4.3 Liquidity and capital resources, we manage liquidity risk and, therefore, our ability to meet current and future working capital requirements by: maintaining a daily cash pooling process that enables us to manage our available liquidity and our liquidity requirements according to our actual needs; maintaining bilateral bank facilities and a syndicated credit facility (see Section 7.6 Credit facilities); maintaining an agreement to sell trade receivables to an arm–s-length securitization trust; maintaining a commercial paper program; maintaining an in-effect shelf prospectus; continuously monitoring forecast and actual cash flows; and managing maturity profiles of financial assets and financial liabilities.

As of the date of this MD&A, we can offer up to $3.0 billion of long-term debt or equity securities pursuant to a shelf prospectus that is effective until April 2018.

At June 30, 2016, we had available liquidity of $1.3 billion from unutilized credit facilities and $119 million from uncommitted letters of credit facilities (see Section 7.6 Credit facilities), as well as $400 million available under our trade receivables securitization program (see Section 7.7 Sale of trade receivables). We also had $428 million in cash and temporary investments at June 30, 2016. This adheres to our objective of generally maintaining at least $1 billion of available liquidity. We believe that our investment grade credit ratings contribute to reasonable access to capital markets.

Commitments and contingent liabilities

Purchase obligations

As at June 30, 2016, our contractual commitments related to the acquisition of property, plant and equipment were $461 million through to December 31, 2018, as compared to $326 million over a period ending December 31, 2017, reported in our 2015 annual report, primarily driven by the increase in commitments related to broadband expansion.

Indemnification obligations

At June 30, 2016, we had no liability recorded in respect of indemnification obligations.

Claims and lawsuits

A number of claims and lawsuits (including class actions and intellectual property infringement claims) seeking damages and other relief are pending against us and, in some cases, numerous other wireless carrier





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