Q3 2024 Quebecor Inc Earnings Call Transcript
Key Points
- Quebecor Inc (QBCRF) reported its best-ever quarterly wireless loading performance with 132,000 net additions and a year-over-year increase of 352,000 new lines.
- The company achieved a significant milestone with 4,050,700 total mobile active lines across its brands, marking substantial growth in a short period.
- Quebecor Inc (QBCRF) continues to outperform competitors by offering lower prices and better customer service, as evidenced by a survey rating it as the top telecommunications company for customer service.
- Wireless EBITDA increased by 17% to $271 million, with an improved EBITDA margin from 40.5% to 45% compared to the previous year.
- The company successfully issued US$700 million of senior notes in the US investment grade market, yielding 5.1% on a fully hedged basis, to refinance existing debt.
- Quebecor Inc (QBCRF) faced a 1.8% decline in consolidated revenues to $1.4 billion and a $30 million decrease in EBITDA, largely due to a $26 million negative stock-based compensation variance.
- The CRTC's decision on fiber internet network access rates was disappointing, preventing Quebecor Inc (QBCRF) from launching services on these networks and denying Canadians better service and lower prices.
- The media segment reported a $4 million unfavorable change in EBITDA due to a decline in advertising revenues and the impact of the new federal digital service tax.
- Wireline revenues decreased by 2.2%, mainly due to lower wireline services and equipment revenues, impacting overall telecom segment performance.
- The company anticipates continued pressure on wireless ARPU due to the dilutive impact of Freedom's prepaid services and higher promotional discounts.
Good day, everyone. Thank you for standing by. Welcome to Quebecor Inc financial results for the third quarter conference call. I would like to introduce Hugues Simard, Chief Financial Officer of Quebecor Inc. Please go ahead.
Ladies and gentlemen, welcome to this Quebecor conference call. My name is Hugues Simard, I'm the CFO and joining me to discuss our financial and operating results for the third quarter of 2024 is Pierre Karl PĂ©ladeau, our President and CEO 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 and the recording is available will be available until February 5, 2025.
As usual, I want to inform you that certain statements made on the call today may be considered forward-looking and we would refer you to the risk factors outlined in today's press release and reports filed by the corporation with the regulatory authorities. Let me now turn the floor to the Pierre Karl PĂ©ladeau.
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