Q2 2024 Quebecor Inc Earnings Call Transcript
Key Points
- Quebecor Inc (QBCAF) reported a $625 million consolidated EBITDA, a $20 million increase compared to the same quarter last year.
- The company gained over 300,000 new wireless RGUs since acquiring Freedom Mobile, with a record quarterly net addition of 93,000 new RGUs.
- Quebecor Inc (QBCAF) successfully launched new affordable Freedom home Internet and TV services, expanding its multiservice offerings across Canada.
- The company maintained a stable consolidated cash flow from operations at $450 million despite competitive pressures.
- Quebecor Inc (QBCAF) fulfilled all nine undertakings made to Innovation, Science and Economic Development Canada, significantly lowering wireless bills for Canadians.
- Consolidated wireless ARPU decreased by $2.45 to $35.32, primarily due to the dilutive impact of Freedom prepaid services and Fizz introductory pricing.
- The company faced aggressive pricing retaliation from incumbents in Quebec, impacting its wireless pricing strategy.
- Quebecor Inc (QBCAF) experienced a decline in advertising revenues in its media segment, with television activities remaining negative excluding one-time adjustments.
- Bell's obstruction in finalizing MVNO contractual agreements is causing delays and forcing Quebecor Inc (QBCAF) to pay outdated rates.
- Total revenues decreased by 1% to $1.4 billion, and adjusted cash flows from operations were down by 1% compared to the same period last year.
Good day, everyone. Thank you for standing by. Welcome to Quebecor Inc.'s Financial Results for the Second Quarter Conference Call.
I would like to introduce Hugues Simard, Chief Financial Officer of Quebecor Inc. Please go ahead.
Ladies and gentlemen, welcome to the call. My name is Hugues Simard, I'm the CFO. And joining me to discuss our financial and operating results for the second quarter of this year is Pierre Karl Peladeau, our President and Chief Executive Officer.
Anyone unable to attend the conference call will be able to listen to a recording by telephone or webcast. Access details are available on our website at www.quebecor.com. The recording will be available until November 8 of this year.
As usual, I want to inform you that certain statements made today on the call may be considered forward-looking, and we would refer you to the risk factors outlined in today's press release and all the other reports
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