Videotron

Nov 9, 2023

Quebecor inc. reports consolidated results for third quarter 2023 November 09, 2023 at 06:01 am EST Share MONTRÉAL, Nov. 9, 2023 /PRNewswire/ - Quebecor Inc. ("Quebecor" or "the Corporation") today reported its consolidated financial results for the third quarter of 2023. Quebecor consolidates the financial results of its wholly owned Quebecor Media Inc. subsidiary. Third quarter 2023 highlights Further to the acquisition of Freedom Mobile Inc. ("Freedom") on April 3, 2023, Quebecor recorded revenues of $1.42 billion in the third quarter of 2023, up $271.7 million (23.8%), adjusted EBITDA1 of $624.4 million, up $106.4 million (20.5%), and adjusted cash flows from operations2 of $482.4 million, up $79.3 million (19.7%) compared with the same period of 2022. The Telecommunications segment increased its revenues by $287.9 million (30.6%), its adjusted EBITDA by $100.0 million (20.4%), and its adjusted cash flows from operations by $72.2 million (18.9%), reflecting, among other things, the contribution of the Freedom acquisition. The Telecommunications segment increased its revenues from mobile services and equipment (by $287.3 million or more than 100%) due to the impact of the Freedom acquisition and growth in the revenues of Videotron Ltd. ("Videotron"), and its revenues from Internet access services (by $8.2 million or 2.6%). There was a net increase of 61,000 revenue-generating units ("RGUs")3 (0.8%) in the third quarter of 2023, including 88,700 connections (2.5%) to the mobile telephony service and 4,500 subscriptions (0.3%) to Internet access services. TVA Group Inc. ("TVA Group") reported declines of $11.9 million (‑9.1%) in revenues and $1.7 million (‑9.4%) in adjusted EBITDA, compared with the third quarter of 2022. The Sports and Entertainment segment increased its revenues by $2.3 million (4.0%) and its adjusted EBITDA by $2.2 million (18.0%) in the third quarter of 2023. Quebecor's consolidated net income attributable to shareholders: $209.3 million ($0.91 per basic share), up $30.9 million ($0.15 per basic share) or 17.3%. Adjusted income from continuing operating activities4: $202.3 million ($0.88 per basic share), up $27.3 million ($0.13 per basic share) or 15.6%. The consolidated net debt leverage ratio5 improved from 3.52x at June 30, 2023 to 3.39x September 30, 2023. On October 12, 2023, Quebecor announced the launch of its Mobile Virtual Network Operator ("MVNO") service and the gradual deployment of the service territory of its Videotron, Fizz and Freedom brands in Canada, enabling them to offer their services to millions more Canadian consumers. On September 21, 2023, Videotron announced that, according to a survey conducted by Léger between August 1 and 7, 2023, Quebecers rated Videotron as the telecommunications company with the best customer service in 2023. Twice as many respondents as its closest competitor ranked Videotron first, confirming its status as the leader in customer service. On November 2, 2023, in the context of the worldwide crisis in the media industry, TVA Group announced major changes to its organizational structure. It will implement a reorganization plan that will refocus its mission on broadcasting, restructure its news division and optimize its real estate assets. The goal of the plan is to reduce operating costs. It will reduce the Corporation's workforce by 547 employees, or 31% of TVA Group's workforce. ______________________