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A2040-405 exam Dumps Source : Assessment: IBM Notes and Domino 9.0 Social Edition System Administration U
Test Code : A2040-405
Test Name : Assessment: IBM Notes and Domino 9.0 Social Edition System Administration U
Vendor Name : IBM
: 96 Real Questions
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IBM’s newest quarterly monetary consequences strengthen a growing subject: The know-how giant may additionally subsequently turn into an also-ran in the cloud computing and artificial intelligence markets. The present enterprise situation is a little bit akin to IBM in the Nineties — which tried and didn't make OS/2 the favored software platform for client-server computing — subsequently losing out to home windows pcs along with windows NT and Linux servers.
part of IBM’s current issue includes the way it reviews economic consequences. with the aid of lumping collectively cloud and cognitive software revenue into one line item, the company may additionally truly be undermining a comparatively first rate (although far from stellar) cloud story.
For its Q1 of fiscal 2019, IBM the day past mentioned:
The salary beat Wall road’s expectations, however revenues have been in need of analyst expectations, SeekingAlpha says.IBM growth moves: blended consequences
IBM CEO Ginni Rometty on account that 2012 has been reshaping the enterprise for boom markets equivalent to cloud capabilities, cognitive computing, cell, security and greater. IBM has also been selling off slow-growth or no-boom utility companies.
The enterprise’s current status, commonly speakme, hasn’t impressed me. among the explanations:
Amazon web services and Microsoft Azure are working away with the public cloud market, while Google Cloud Platform is as a minimum giving chase with some new and ingenious MSP-oriented moves.
consequently, many ISVs (impartial application vendors) and MSPs are embracing multi-cloud administration ideas that extend across AWS and Azure — and, more and more, Google. IBM sometimes pops up in that multi-cloud management dialog — however now not generally enough, personally.
IBM’s answer to the cloud challenge includes purchasing red Hat for hybrid-cloud application. The theory: crimson Hat business Linux (RHEL) is terribly common inside on-premises statistics centers and across public clouds. purchasing purple Hat, for this reason, offers IBM fast credibility as a multi-cloud and hybrid cloud utility provider.
That’s proper. but there are three complications with the IBM-crimson Hat approach:Challenges and alternatives
a number of bottom-line realities are rather clear:
In different words, IBM leaders neglected the most critical factor of the cloud period — they didn’t make Watson convenient to devour.
OS/2 Warp Deja Vu?: For me, it’s a case of deja vu. Roughly 25 years in the past, IBM OS/2 may have been the strongest operating device in the marketplace. however the premiere technology didn’t win as a result of (A) it changed into problematic to installation/devour and (B) lacked ISV help. quick ahead to current day, and identical traits are surfacing with IBM Cloud and Watson — principally as ISVs flock to Azure and AWS.
When OS/2’s restricted alternatives became clear, IBM went out and bought Lotus Notes to circulation into the sooner-increase groupware collaboration market. It become a very good flow for a few decade — unless Microsoft trade Server finally crushed IBM in that sector.IBM: the place’s the Killer concept?
quickly ahead to current day. IBM has practically misplaced the public cloud wars, and may purchase crimson Hat to try and win the hybrid cloud wars. Amid all that, IBM’s overall business is preserving up fairly neatly. overall cloud revenues are becoming.
first rate earnings and money move will fund R&D, and there are further opportunities on the horizon. Chief among them: Areas like Blockchain and protection.
In security, IBM delivered double-digit growth in Q1 2019, and has good traction with possibility administration utility and functions choices, together with QRadar and Resilient, CFO Jim Kavanaugh said all over the day gone by’s income name. additionally, IBM’s security intelligence operations and consulting functions, which notice and respond to security threats for shoppers, are gaining momentum, he added.
these are promising anecdotes. however usual, it’s clear to me that IBM’s so-called strategic imperatives haven’t absolutely paid off for the enterprise, its customers or its companions.
If cryptocurrencies had been the flavour of 2017, and 2019 is all about commercial enterprise blockchain usage, then it is also vital to be aware the quiet amalgamation of these two that has been bubbling below: the institutionalised pass-border blockchain price answer.
everybody knows that one in all Bitcoin’s most massive assets is its without boundary lines nature and that it can also be used as a go-border price answer. although, the decentralized nature of Bitcoin has hamstrung its frequent adoption somewhat, and several agencies have accordingly spotted a niche in the usual market.
First, there turned into Ripple, one in every of most effective three blockchain-first agencies that turned into lately named within the Forbes Blockchain 50 checklist, that has made its mandate to companion with large and institutionalised financial institutions and banks. Ripple has, as of January this yr, introduced over 200 partnerships with well general monetary associations to present go-border charge solutions.
Ripple, as a blockchain-first startup, turned into all the time in hazard of being usurped by way of trendy and strong names coming in to steal its market. Some believe this has already came about. JP Morgan Chase this 12 months also introduced its personal blockchain-primarily based move-border charge solution experiment, the JPM Coin.
The competitive fight for a potential and doable solution has persevered as blockchain backer IBM has also come forward with their personal solution, the Blockchain World Wire. IBM already has a considerable stake in the burgeoning blockchain market with Hyperledger fabric essentially the most-used in the Forbes Blockchain 50 record, accounting for 26.
So, the race is on to give a move-border blockchain price solution, but are these enterprise companies lacking the mark a bit of, and even missing their key market wholly? Many organizations and agencies may see the cost in the use of IBM’s answer, whereas the person in the street, who's bored stiff with the normal monetary gadget, might possibly be extra inclined to use decentralised alternatives like Bitcoin.
however where is the attainable, easy to make use of, person-friendly option that makes cryptocurrencies and their go border competencies purchasable for all?
professionals and Cons
looking down the line of Ripple, JPM Coin, and World Wire, they are able to see right away that these cross-border payments are all vying for a similar market. Ripple desires to be the go-to for banks, JPM coin is born of a bank, and even the world Wire answer has purposes predominantly for fiscal and enterprise institutions.
None of these options are designed for the different facet of the market; the buyers and the people who are looking to be able to profit on the effectivity and affordability of sending money across borders throughout the blockchain.
Now, many here will say Bitcoin, and other cryptocurrencies, fill this niche; they're equipment for the people and supposed to aid people who are looking to work backyard of the normal financial regime. but, it ought to also be remembered that cryptocurrency adoption is nowhere near broad sufficient to attain essential mass.
It capacity that on the one conclusion, the place JPM Coin and World Wire locate themselves, there are effective ties to the natural banking programs and the pain aspects that brings - when it comes to paperwork, legacy and shortage of innovation. Then, however, there is the decentralised cryptocurrency sphere which still has a large ‘Wild West’ recognition, this leaves a vast market stranded within the middle.
“The greatest barrier for anything like World Wire to get off the ground is the normal banking equipment and its resistance to innovation,” explains Elizabeth White of The White company, a company attempting to supply cryptocurrency options that attraction to both patrons and corporations.
“large intentional banks were using programs like SWIFT for decades and have entire ‘wire departments’ committed to processing transactions. while blockchain would significantly modernize, automate, at ease and speed up the complete method, it would require retraining and reworking a financial institution's complete operations to implement,” White spoke of.
“IBM is using World Wire to compete with SWIFT for foreign financial institution transfers. whereas the system has loads of skills and has a true chance of supplanting SWIFT; people or organizations can not use World Wire, so that they would nevertheless should go during the standard banking process to ship international payments.”
“for a lot of banks, moving to XRP, JPM Coin, or World Wire just isn't worth it because their consumers are not yet demanding the pace and competitively priced of blockchain transactions, and basically banks are making loads of revenue on wire charges and so forth.”
“there's additionally some apprehension amongst many banking gurus about using ‘blockchain’ as a result of lamentably there are somewhat just a few that nonetheless don't bear in mind the technology and may even associate blockchain with money laundering, fully lacking the big anti-fraud prevention benefits of allotted ledger.”
A hybrid equipment
The evolution of the cryptocurrency space has been necessitated thanks to its turbulent and tumultuous previous. It began as this magical internet funds that might disrupt every sector imaginable and caught the imagination of swaths of americans, but it additionally opened the doors for fraudsters, scammers, and speculators.
The backlash has been a an awful lot more controlled, regulated and measured method into 2019. This has opened one more door for the business businesses and important associations to join in, but these polarised aspects have left a large hole open within the middle.
It is that this center floor of ‘no-coiners’ that continue to be, ready to be roped in... most likely when the appropriate equipment comes alongside, and that system is a doubtlessly mixture of the two facets we've now.
White, and the White company, agree with they are on the right song to attain this left over goal market as they're proposing stability and safety of most important fiscal associations thanks to providing things like assurance from a massive UK bank Lloyds, as well as applying a blockchain, Stellar, which is additionally backed by means of IBM.
however, they also feel that the providing of an easy to make use of and user-friendly front conclusion, with a solid coin, and alternatives to trade other cryptos, will aid entice even more clients.
“Our funds platform, as an example, is developed on Stellar, which is a committed funds protocol supported by using IBM, Deloitte, Stripe and others, and is focused on optimizing pace and effectivity of funds,” provides White.
if it is to be looked at throughout a spectrum - decentralised cryptocurrencies on one conclusion, enterprise cross-border blockchain solutions on the other - a center ground needs to be constructed and based. clients want the safety of banks and fiscal associations, devoid of the bureaucracy and legacy associated with it.
A course to the long run
it's fairly agreeable that blockchain tokens, digital assets, cryptocurrencies, or some thing type of label lands on them, are the longer term. but that future is still being laid out via the financial giants, as neatly because the decentralised communities.
There does although deserve to be a center-out increase that will aid entice the big majority of clients into this new and mainly misunderstood space. If the corporations are looking for themselves and different massive companies, and the cryptocurrencies are getting used by those in the be aware of, the place is the ‘iPhone second’ that turns cryptos onto the mainstream?
Shares of IBM had been down sharply in midday buying and selling after the enterprise mentioned mixed revenue outcomes Tuesday.
The company’s profits became down practically 5% yr-over-yr, with every enterprise phase down or flat, however the company talked about that cloud earnings boom accelerated within the quarter and was up 10% over the ultimate twelve months at $19.5 billion.
IBM pronounced income of $2.25 per share, compared with $2.22 per share expected by way of analysts, in response to Refinitiv. The company suggested earnings of $18.18 billion, in comparison with $18.forty six billion expected by way of analysts, in response to Refinitiv.
The enterprise said it returned $2.3 billion to shareholders.
“within the first quarter, their cloud income growth accelerated, and they once more grew in key, high-price areas in cloud and cognitive software and in consulting,” chairman and CEO Ginni Rometty pointed out in a statement. “IBM’s investments in creative technologies coupled with their industry talents and their commitment to believe and protection position us well to help consumers movement to chapter two of their digital reinvention.”
IBM reiterated its advice of at least $13.90 in profits per share for 2019. Analysts surveyed by way of Refinitive anticipated $13.91 in earnings per share for the 12 months.
The enterprise’s stock is up practically 28% because the starting of the year.
In October, IBM introduced it was acquiring open-supply application and know-how distributor purple Hat in a deal valued at about $34 billion.
That deal, after which red Hat would turn into a unit of IBM’s Hybrid Cloud division, is expected to close in the 2d half of the yr.
“IBM is profitable new, even cloud-native, customers before pink Hat,” analysts at Nomura Instinet wrote in a observe to purchasers on April 9. “OpenShift [a Red Hat product] should support IBM win new customers and new workloads as organisations start to usher mission-essential functions from on-premise to public or deepest clouds.”IBM
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Organizations such as Los Alamos National Laboratory, Los Alamos, Calif., have found that one tool won't fill all their needs. As a result, vendors have begun to assemble groups of tools, such as Microsoft Corp.'s Visual Studio, IBM Corp.'s Visual Age and Sybase Inc.'s PowerStudio.
"The best tools enable users to share information and components, not just a common look and feel," said Steve Clark, vice president of enterprise application development tools at Sybase, Emeryville, Calif.
Los Alamos runs a broad mix of systems, databases and desktop client systems. For several years Los Alamos has turned to PowerBuilder, from Sybase's Powersoft Division, to build client/server applications.
One of these applications, a procurement program called Procurement Desktop, developed by American Management Systems Inc. (AMS), Fairfax, Va., was renovated extensively so the requisitioning, workflow and reporting components could be migrated to the Web.
The contracting module was not converted because only 100 users write contracts. Instead, all 7,000 users at Los Alamos wanted to order supplies, check on the status of orders or monitor their supply expenses.
"They needed access to subsets of the function in [the] procurement application to gain better insights into their procurement needs," said Jeff Modell, Los Alamos' AMS project manager.
Because the users had a variety of client systems with Windows, Unix and Macintosh operating systems, a new solution had to be found. "We moved the key pieces of the PowerBuilder code to a middle tier and then developed a front end in Java," Modell said. That way, all the users could run the application through their browsers and access the procurement application functions, which now reside as PowerBuilder components, on an application server. Meanwhile, the rest of the procurement application remains on a back-end relational database.
Los Alamos renovated its procurement application with the help of at least three PowerBuilder tools that have since evolved into Sybase PowerStudio. The Sybase PowerJ Java tool, for example, enabled Los Alamos to "write once and debug everywhere, which is still simpler than writing the code over and over for each client platform," Modell said.
And Los Alamos also incorporated a middle-tier transaction server, Sybase's Jaguar, to handle business transactions of the system.
The Flexibility Factor
The advantages of the Internet and intranets in terms of cost, speed and flexibility have led to an explosion of their use. International Data Corp., a Framingham, Mass.-based market research firm, predicts there will be 133 million intranet users worldwide by 2001. Also, 59 percent of U.S. organizations have an intranet, and by year's end that is expected to increase to 77 percent.
Web deployment of former client/server-based applications is beneficial because it makes an application accessible to multiple client platforms, eliminating the need to worry about Windows 95 vs. Windows NT or Unix clients. This cross-platform functionality enables users to access functions from anywhere, unlike a traditional client/server environment.
Also in contrast to client/server applications, all changes to an application on the Web can be done on the Web server, which saves time and resources because newly coded programs don't need to be loaded on each desktop system. Instead, the browser on each client system allows applications to be run over any Transmission Control Protocol/Internet Protocol network from the Web server. This feature is what has enabled the Department of Housing and Urban Development to develop and maintain a Web-based list of lead assessment and abatement contractors in the last two years.
The information on certified contractors in all 50 states is compiled daily from data collected in a variety of formats— including client/server databases and even Microsoft Word documents— from each state. HUD provides this critical information to the public via the Web, and there is also special phone and fax access to update the public about new contractors and regulations regarding lead levels.
When the project was started more than two years ago, Lotus Development Corp.'s Notes and its Domino development environment "provided the only reliable means to compile the information from each state and translate that into [Hypertext Markup Language]-readable pages on their Web site," said Matthew Ammon, technical assistance specialist for HUD's Office of Lead Hazard Control.
Several vendors said there is almost no difference in programming when a user deploys an application on the Web vs. on a standard client/server platform.
Oracle Corp.'s Designer/2000, for example, was built for developing client/server and Web applications, said Abinash Tripathy, technologist at Oracle Government, Education and Health, Bethesda, Md. Programmers do not need to write additional code to deploy a client/server application on the Web. Of course, this means Web applications do not support any platform-specific standards, such as Microsoft's Object Linking and Embedding technology.
"Oracle's goal is to be able to run on any hardware/OS platform that supports Java," Tripathy said.
Depending on an agency's needs, Web-enabling a mainframe-based application may take place even before the application can be re-engineered for client/server deployment. The Government Printing Office, for example, has taken a legacy requisition system and deployed it on the Web, replacing the mainframe-based, green-screen technology with a new graphical user interface.
"This way, they can leverage their mainframe systems investment and replace older applications in an orderly fashion while at the same time extending their life and usefulness via Web deployment," said Pat Gardner, director of GPO's Office of Information Resources Management.
CALGARY, ALBERTA--(Marketwired - Jul 28, 2017) - TransCanada Corporation (TRP)(TRP) (TransCanada or the Company) today announced net income attributable to common shares for second quarter 2017 of $881 million or $1.01 per share compared to net income of $365 million or $0.52 per share for the same period in 2016. Comparable earnings for second quarter 2017 were $659 million or $0.76 per share compared to $366 million or $0.52 per share for the same period in 2016. TransCanada's Board of Directors also declared a quarterly dividend of $0.625 per common share for the quarter ending September 30, 2017, equivalent to $2.50 per common share on an annualized basis.
"Our diversified portfolio of high-quality, low risk energy infrastructure assets continued to perform very well in the second quarter of 2017," said Russ Girling, TransCanada's president and chief executive officer. "Comparable earnings per share increased 46 per cent compared to second quarter 2016 primarily due to the Columbia acquisition in July 2016 and the realization of associated synergies, strong performance across their Natural Gas and Liquids Pipelines businesses and higher earnings from Bruce Power following a major planned outage in second quarter 2016. The growth in earnings was accompanied by a significant increase in net cash provided by operations which rose to $1.4 billion from $1.1 billion in the same period last year."
"In the quarter, they added $2 billion of additional expansion projects on the NGTL System and today announced a $0.2 billion expansion on the Canadian Mainline, highlighting the organic growth opportunities that continue to emanate from their broad, strategically located asset base. They are now advancing a $24 billion near-term capital program that is expected to generate significant growth in earnings and cash flow and support an expected annual dividend growth rate at the upper end of an eight to 10 per cent range through 2020," added Girling. "To date they have invested $9.0 billion in these projects and are well positioned to both execute and fund the remainder of the program over the next few years. In addition, they concluded the sale of their U.S. Northeast merchant generation facilities, with proceeds used to fully retire the Columbia acquisition bridge facilities. With those sales complete, over 95 per cent of their future EBITDA is expected to be derived from regulated or long-term contracted assets."
"We also continue to progress a number of additional medium to longer-term organic growth opportunities in their three core businesses of natural gas pipelines, liquids pipelines and energy in Canada, the United States and Mexico. Success in advancing Keystone XL or other growth initiatives, including the Bruce Power life extension, could further augment or extend the Company's dividend growth outlook," concluded Girling.
(All financial figures are unaudited and in Canadian dollars unless noted otherwise)
Net income attributable to common shares increased by $516 million to $881 million or $1.01 per share for the three months ended June 30, 2017 compared to the same period last year. Net income per common share in 2017 includes the dilutive effect of issuing 161 million common shares in 2016. Second quarter 2017 results included a $265 million after-tax net gain on the monetization of the U.S. Northeast power assets which was comprised of a $441 million after-tax gain on the sale of TC Hydro and an incremental loss of $176 million after-tax on the sale of the thermal and wind package, an after-tax charge of $15 million for integration-related costs associated with the acquisition of Columbia and a $4 million after-tax charge related to the maintenance of Keystone XL assets. Second quarter 2016 included a charge of $113 million related to costs associated with the Columbia acquisition which were primarily related to the dividend equivalent payments on the subscription receipts issued as part of the permanent financing of the transaction, an after-tax $10 million restructuring charge related to expected future losses under lease commitments and $9 million after-tax related to Keystone XL maintenance and liquidation costs. All of these specific items as well as unrealized gains and losses from changes in risk management activities are excluded from comparable earnings.
Comparable earnings for second quarter 2017 were $659 million or $0.76 per share compared to $366 million or $0.52 per share for the same period in 2016, an increase of $293 million or $0.24 per share and includes the dilutive effect of issuing 161 million common shares in 2016. The increase in second quarter comparable earnings was primarily due to higher contributions from U.S. Natural Gas Pipelines reflecting incremental earnings from Columbia following the July 1, 2016 acquisition and higher ANR transportation revenues resulting from higher rates effective August 1, 2016, higher earnings from Bruce Power mainly due to higher volumes resulting from fewer planned outage days, a higher contribution from Mexican Natural Gas Pipelines due to earnings from the Mazatlán and Topolobampo pipelines and higher earnings from Liquids Pipelines mainly due to higher volumes. These increases were partially offset by higher interest expense mainly as a result of debt assumed in the acquisition of Columbia and long-term debt issuances.
Notable recent developments include:
Natural Gas Pipelines:
Teleconference and Webcast:
We will hold a teleconference and webcast on Friday, July 28, 2017 to discuss their second quarter 2017 financial results. Russ Girling, TransCanada President and Chief Executive Officer, and Don Marchand, Executive Vice-President and Chief Financial Officer, along with other members of the TransCanada executive leadership team, will discuss the financial results and Company developments at 9 a.m. (MT) / 11 a.m. (ET).
Members of the investment community and other interested parties are invited to participate by calling 800.377.0758 or 416.340.2218 (Toronto area). Please dial in 10 minutes prior to the start of the call. No pass code is required. A live webcast of the teleconference will be available at www.transcanada.com.
A replay of the teleconference will be available two hours after the conclusion of the call until midnight (ET) on August 4, 2017. Please call 800.408.3053 or 905.694.9451 (Toronto area) and enter pass code 9154252.
The unaudited interim condensed Consolidated Financial Statements and Management's Discussion and Analysis (MD&A) are available under TransCanada's profile on SEDAR at www.sedar.com, with the U.S. Securities and Exchange Commission on EDGAR at www.sec.gov/info/edgar.shtml and on the TransCanada website at www.transcanada.com.
With more than 65 years' experience, TransCanada is a leader in the responsible development and reliable operation of North American energy infrastructure including natural gas and liquids pipelines, power generation and gas storage facilities. TransCanada operates a network of natural gas pipelines that extends more than 91,500 kilometres (56,900 miles), tapping into virtually all major gas supply basins in North America. TransCanada is the continent's largest provider of gas storage and related services with 653 billion cubic feet of storage capacity. A large independent power producer, TransCanada owns or has interests in approximately 6,200 megawatts of power generation in Canada and the United States. TransCanada is also the developer and operator of one of North America's leading liquids pipeline systems that extends over 4,300 kilometres (2,700 miles) connecting growing continental oil supplies to key markets and refineries. TransCanada's common shares trade on the Toronto and New York stock exchanges under the symbol TRP. Visit TransCanada.com and their blog to learn more, or connect with us on social media and 3BL Media.
Forward Looking Information
This release contains certain information that is forward-looking and is subject to important risks and uncertainties (such statements are usually accompanied by words such as "anticipate", "expect", "believe", "may", "will", "should", "estimate", "intend" or other similar words). Forward-looking statements in this document are intended to provide TransCanada security holders and potential investors with information regarding TransCanada and its subsidiaries, including management's assessment of TransCanada's and its subsidiaries' future plans and financial outlook. All forward-looking statements reflect TransCanada's beliefs and assumptions based on information available at the time the statements were made and as such are not guarantees of future performance. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release, and not to use future-oriented information or financial outlooks for anything other than their intended purpose. TransCanada undertakes no obligation to update or revise any forward-looking information except as required by law. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the Quarterly Report to Shareholders dated July 27, 2017 and 2016 Annual Report filed under TransCanada's profile on SEDAR at www.sedar.com and with the U.S. Securities and Exchange Commission at www.sec.gov.
This news release contains references to non-GAAP measures, including comparable earnings, comparable EBITDA, comparable distributable cash flow, comparable funds generated from operations, comparable earnings per share and comparable distributable cash flow per share, that do not have any standardized meaning as prescribed by U.S. GAAP and therefore are unlikely to be comparable to similar measures presented by other companies. These non-GAAP measures are calculated on a consistent basis from period to period and are adjusted for specific items in each period, as applicable. For more information on non-GAAP measures, refer to TransCanada's Quarterly Report to Shareholders dated July 27, 2017.
Quarterly report to shareholders
Second quarter 2017
Financial highlightsthree months endedJune 30 six months endedJune 30 (unaudited - millions of $, except per share amounts) 2017 2016 2017 2016 Income Revenues 3,217 2,751 6,608 5,254 Net income attributable to common shares 881 365 1,524 617 per common share - basic $1.01 $0.52 $1.76 $0.88 - diluted $1.01 $0.52 $1.75 $0.88 Comparable EBITDA1 1,830 1,369 3,807 2,871 Comparable earnings1 659 366 1,357 860 per common share1 $0.76 $0.52 $1.56 $1.22 Cash flows Net cash provided by operations 1,353 1,148 2,655 2,229 Comparable funds generated from operations1 1,408 1,056 2,916 2,305 Comparable distributable cash flow1 936 702 2,158 1,676 per common share1 $1.08 $1.00 $2.49 $2.38 Capital spending - capital expenditures 1,792 982 3,352 1,818 - projects in development 56 90 98 157 - contributions to equity investments 473 114 665 284 Acquisitions, net of cash acquired - 4 - 999 Proceeds from sales of assets, net of transaction costs 4,147 - 4,147 6 Dividends declared Per common share $0.625 $0.565 $1.25 $1.13 Basic common shares outstanding (millions) Average for the period 870 703 868 703 End of period 871 703 871 703 (1) Comparable EBITDA, comparable earnings, comparable earnings per common share, comparable funds generated from operations, comparable distributable cash flow and comparable distributable cash flow per common share are all non-GAAP measures. See the non-GAAP measures section for more information.
Management's discussion and analysis
July 27, 2017
This management's discussion and analysis (MD&A) contains information to help the reader make investment decisions about TransCanada Corporation. It discusses their business, operations, financial position, risks and other factors for the three and six months ended June 30, 2017, and should be read with the accompanying unaudited condensed consolidated financial statements for the three and six months ended June 30, 2017 which have been prepared in accordance with U.S. GAAP.
This MD&A should also be read in conjunction with their December 31, 2016 audited consolidated financial statements and notes and the MD&A in their 2016 Annual Report.
We disclose forward-looking information to help current and potential investors understand management's assessment of their future plans and financial outlook, and their future prospects overall.
Statements that are forward-looking are based on certain assumptions and on what they know and expect today and generally include words like anticipate, expect, believe, may, will, should, estimate or other similar words.
Forward-looking statements in this MD&A include information about the following, among other things:
Forward-looking statements do not guarantee future performance. Actual events and results could be significantly different because of assumptions, risks or uncertainties related to their business or events that happen after the date of this MD&A.
Our forward-looking information is based on the following key assumptions, and subject to the following risks and uncertainties:
Risks and uncertainties
You can read more about these factors and others in reports they have filed with Canadian securities regulators and the SEC, including the MD&A in their 2016 Annual Report.
As actual results could vary significantly from the forward-looking information, you should not put undue reliance on forward-looking information and should not use future-oriented information or financial outlooks for anything other than their intended purpose. They do not update their forward-looking statements due to new information or future events, unless they are required to by law.
FOR MORE INFORMATION
You can find more information about TransCanada in their annual information form and other disclosure documents, which are available on SEDAR (www.sedar.com).
This MD&A references the following non-GAAP measures:
These measures do not have any standardized meaning as prescribed by U.S. GAAP and therefore may not be similar to measures presented by other entities.
We calculate comparable measures by adjusting certain GAAP and non-GAAP measures for specific items they believe are significant but not reflective of their underlying operations in the period. These comparable measures are calculated on a consistent basis from period to period and are adjusted for specific items in each period, as applicable.
Our decision not to adjust for a specific item is subjective and made after careful consideration. Specific items may include:
We exclude the unrealized gains and losses from changes in the fair value of derivatives used to reduce their exposure to certain financial and commodity price risks. These derivatives generally provide effective economic hedges, but do not meet the criteria for hedge accounting. As a result, the changes in fair value are recorded in net income. As these amounts do not accurately reflect the gains and losses that will be realized at settlement, they do not consider them reflective of their underlying operations.
The following table identifies their non-GAAP measures against their equivalent GAAP measures.Comparable measure Original measure comparable earnings net income attributable to common shares comparable earnings per common share net income per common share comparable EBITDA segmented earnings comparable EBIT segmented earnings comparable funds generated from operations net cash provided by operations comparable distributable cash flow net cash provided by operations
Comparable earnings and comparable earnings per share
Comparable earnings represent earnings or loss attributable to common shareholders on a consolidated basis adjusted for specific items. Comparable earnings is comprised of segmented earnings, interest expense, AFUDC, interest income and other, income taxes and non-controlling interests adjusted for the specific items. See the Consolidated results section for a reconciliation to net income attributable to common shares.
Comparable EBIT and comparable EBITDA
Comparable EBIT represents segmented earnings adjusted for the specific items described above. They use comparable EBIT as a measure of their earnings from ongoing operations as it is a useful measure of their performance and an effective tool for evaluating trends in each segment. Comparable EBITDA is calculated the same way as comparable EBIT but excludes the non-cash charges for depreciation and amortization. See the Reconciliation of non-GAAP measures section for a reconciliation to segmented earnings.
Funds generated from operations and comparable funds generated from operations
Funds generated from operations reflects net cash provided by operations before changes in operating working capital. They believe it is a useful measure of their consolidated operating cash flow because it does not include fluctuations from working capital balances, which do not necessarily reflect underlying operations in the same period, and is used to provide a consistent measure of the cash generating performance of their assets. Comparable funds generated from operations is adjusted for the cash impact of specific items noted above. See the Financial condition section for a reconciliation to net cash provided by operations.
Comparable distributable cash flow and comparable distributable cash flow per share
We believe comparable distributable cash flow is a useful supplemental measure of performance that defines cash available to common shareholders before capital allocation. Comparable distributable cash flow is defined as comparable funds generated from operations less preferred share dividends, distributions to non-controlling interests and maintenance capital expenditures. Maintenance capital expenditures are expenditures incurred to maintain their operating capacity, asset integrity and reliability, and include amounts attributable to their proportionate share of maintenance capital expenditures on their equity investments. Although they deduct maintenance capital expenditures in determining comparable distributable cash flow, in certain of their rate-regulated businesses, maintenance capital expenditures are included in their respective rate bases, on which they earn a regulated return and recover depreciation through future tolls. See the Financial condition section for a reconciliation to net cash provided by operations.
Consolidated results - second quarter 2017
Certain costs previously reported in their Corporate segment are now being reported within the business segments to better align with how they measure their financial performance. 2016 results have been adjusted to reflect this change.three months endedJune 30 six months endedJune 30 (unaudited - millions of $, except per share amounts) 2017 2016 2017 2016 Canadian Natural Gas Pipelines 305 342 587 614 U.S. Natural Gas Pipelines 401 188 962 455 Mexico Natural Gas Pipelines 120 41 238 86 Liquids Pipelines 251 198 478 410 Energy 645 371 843 245 Corporate (40 ) (24 ) (73 ) (51 ) Total segmented earnings 1,682 1,116 3,035 1,759 Interest expense (524 ) (514 ) (1,024 ) (934 ) Allowance for funds used during construction 121 111 222 212 Interest income and other 89 6 109 106 Income before income taxes 1,368 719 2,342 1,143 Income tax expense (393 ) (274 ) (593 ) (344 ) Net income 975 445 1,749 799 Net income attributable to non-controlling interests (55 ) (52 ) (145 ) (132 ) Net income attributable to controlling interests 920 393 1,604 667 Preferred share dividends (39 ) (28 ) (80 ) (50 ) Net income attributable to common shares 881 365 1,524 617 Net income per common share - basic $1.01 $0.52 $1.76 $0.88 - diluted $1.01 $0.52 $1.75 $0.88
Net income attributable to common shares increased by $516 million and $907 million or $0.49 and $0.88 per share for the three and six months ended June 30, 2017 compared to the same periods in 2016. Net income per common share in 2017 included the dilutive effect of issuing 161 million common shares in 2016.
The 2017 results included:
The 2016 results included:
Net income in all periods included unrealized gains and losses from changes in risk management activities which they exclude, along with the above-noted items, to arrive at comparable earnings.
Comparable earnings increased by $293 million and $497 million for the three and six months ended June 30, 2017 compared to the same periods in 2016 as discussed below in the reconciliation of net income to comparable earnings.
RECONCILIATION OF NET INCOME TO COMPARABLE EARNINGSthree months endedJune 30 six months endedJune 30 (unaudited - millions of $, except per share amounts) 2017 2016 2017 2016 Net income attributable to common shares 881 365 1,524 617 Specific items (net of tax): Net gain on sales of U.S. Northeast power assets (265 ) - (255 ) - Integration and acquisition related costs - Columbia 15 113 39 139 Keystone XL asset costs 4 9 11 15 Keystone XL income tax recoveries - - (7 ) - Alberta PPA terminations - - - 176 Restructuring costs - 10 - 10 TC Offshore loss on sale - - - 3 Risk management activities1 24 (131 ) 45 (100 ) Comparable earnings 659 366 1,357 860 Net income per common share $1.01 $0.52 $1.76 $0.88 Specific items (net of tax): Net gain on sales of U.S. Northeast power assets (0.30 ) - (0.29 ) - Integration and acquisition related costs - Columbia 0.02 0.16 0.04 0.20 Keystone XL asset costs - 0.01 0.01 0.02 Keystone XL income tax recoveries - - (0.01 ) - Alberta PPA terminations - - - 0.25 Restructuring costs - 0.01 - 0.01 Risk management activities 0.03 (0.18 ) 0.05 (0.14 ) Comparable earnings per common share $0.76 $0.52 $1.56 $1.22 (1) Risk management activities three months endedJune 30 six months endedJune 30 (unaudited - millions of $) 2017 2016 2017 2016 Canadian Power 3 20 4 7 U.S. Power (94 ) 204 (156 ) 89 Liquids marketing 4 4 4 2 Natural Gas Storage (4 ) - 1 5 Foreign exchange 41 (4 ) 56 49 Income tax attributable to risk management activities 26 (93 ) 46 (52 ) Total unrealized (losses)/gains from risk management activities (24 ) 131 (45 ) 100
Comparable earnings increased by $293 million or $0.24 per share for the three months ended June 30, 2017 compared to the same period in 2016. This was primarily the net effect of:
Comparable earnings increased by $497 million or $0.34 per share for the six months ended June 30, 2017 compared to the same period in 2016. This was primarily the net effect of:
Comparable earnings per share in 2017 included the dilutive effect of issuing 161 million common shares in 2016.
We are developing quality projects under their capital program. These long-life infrastructure assets are supported by long-term commercial arrangements with creditworthy counterparties or regulated business models and are expected to generate significant growth in earnings and cash flow.
Our capital program consists of approximately $24 billion of near-term projects and approximately $43 billion of medium to longer-term projects. Amounts presented exclude maintenance capital expenditures, capitalized interest and AFUDC. All projects are subject to cost adjustments due to market conditions, route refinement, permitting conditions, scheduling and timing of regulatory permits.
Near-term projectsat June 30, 2017 Expected in-service date Estimated project cost Carrying value (unaudited - billions of $) Canadian Natural Gas Pipelines Canadian Mainline 2017-2019 0.5 0.2 NGTL System1 2017 2.3 1.2 2018 0.3 - 2019 2.2 0.3 2020 1.9 0.1 2021+ 0.4 - U.S. Natural Gas Pipelines Columbia Gas Leach XPress 2017 US 1.5 US 0.9 Modernization I 2017 US 0.2 US 0.1 WB XPress 2018 US 0.8 US 0.3 Mountaineer XPress 2018 US 2.0 US 0.2 Modernization II 2018-2020 US 1.1 - Columbia Gulf Rayne XPress 2017 US 0.4 US 0.3 Cameron Access 2018 US 0.3 US 0.2 Gulf XPress 2018 US 0.6 US 0.1 Midstream - Gibraltar 2017 US 0.3 US 0.2 Mexico Natural Gas Pipelines Tula 2018 US 0.6 US 0.4 Villa de Reyes 2018 US 0.6 US 0.3 Sur de Texas2 2018 US 1.3 US 0.4 Liquids Pipelines Grand Rapids2 2017 0.9 0.8 Northern Courier 2017 1.0 1.0 White Spruce 2018 0.2 - Energy Napanee 2018 1.1 0.8 Bruce Power - life extension3 up to 2020+ 1.0 0.2 21.5 8.0 Foreign exchange impact on near-term projects4 2.9 1.0 Total near-term projects (billions of Cdn$) 24.4 9.0 (1) As of June 30, 2017, near-term NGTL System capital projects are being reported by expected in-service dates. (2) Our proportionate share. (3) Amounts reflect their proportionate share of the remaining capital costs that Bruce Power expects to incur on its life extension investment programs in advance of major refurbishment outages which are expected to begin in 2020. (4) Reflects U.S./Canada foreign exchange rate of $1.30 at June 30, 2017.
Medium to longer-term projects
The medium to longer-term projects have greater uncertainty with respect to timing and estimated project costs. The expected in-service dates of these projects are post-2020, and costs provided in the schedule below reflect the most recent costs for each project as filed with the various regulatory authorities or otherwise determined. These projects have all been commercially secured or, in the case of Keystone XL, commercial support is expected to be achieved. All these projects are subject to approvals that include sponsor FID and/or complex regulatory processes.at June 30, 2017 Segment Estimated project cost Carrying value (unaudited - billions of $) Heartland and TC Terminals Liquids Pipelines 0.9 0.1 Upland Liquids Pipelines US 0.6 - Grand Rapids Phase 21 Liquids Pipelines 0.7 - Bruce Power - life extension1 Energy 5.3 - Keystone projects Keystone XL2 Liquids Pipelines US 8.0 US 0.3 Keystone Hardisty Terminal2 Liquids Pipelines 0.3 0.1 Energy East projects Energy East3 Liquids Pipelines 15.7 0.8 Eastern Mainline Canadian Natural Gas Pipelines 2.0 0.1 BC west coast LNG-related projects Coastal GasLink Canadian Natural Gas Pipelines 4.8 0.4 NGTL System - Merrick Canadian Natural Gas Pipelines 1.9 - 40.2 1.8 Foreign exchange impact on medium to longer-term projects4 2.6 0.1 Total medium to longer-term projects (billions of Cdn$) 42.8 1.9 (1) Our proportionate share. (2) Carrying value reflects amount remaining after impairment charge recorded in fourth quarter 2015. (3) Excludes transfer of Canadian Mainline natural gas assets. (4) Reflects U.S./Canada foreign exchange rate of $1.30 at June 30, 2017.
Our overall comparable earnings outlook for 2017 is expected to be higher than what was previously included in the 2016 Annual Report as a result of stronger performance across their business segments, including from the U.S. Northeast power business in first half 2017, as detailed in the MD&A.
Consolidated capital spending
Our expected total capital expenditures, projects in development and contributions to equity investments for 2017 as outlined in the 2016 Annual Report, remain unchanged.
Canadian Natural Gas Pipelines
The following is a reconciliation of comparable EBITDA and comparable EBIT (our non-GAAP measures) to segmented earnings (the equivalent GAAP measure). Certain costs previously reported in their Corporate segment are now being reported within the business segments to better align with how they measure their financial performance. 2016 results have been adjusted to reflect this change.... three months endedJune 30 six months endedJune 30
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