BCE (BCE) 4 Aug 222022 Q2 Earnings call transcript

Good morning ladies and gentlemen. And welcome to the BCE Q2 2022 Results Conference Call. I would now like to turn the meeting over to Mr. Thane Fotopoulos. Please go ahead, Mr. Fotopoulos.

good today. and and joining you Paul call our you, morning, thank everyone for Thank

I'm with usual, our As here CFO, CEO; President Glen and and LeBlanc. Mirko Bibic, BCE's

the website which posted all disclosure our You morning. we page can bce.ca documents earlier find on the of Investor QX this Relations

the information However, will remarks update X could statements, Please therefore, We Results filed on attention presentation, of that, materially. disclaim and call our before remind differ want include made Harbor our turn and risks Safe to you as any your documents law. begin, over draw obligation by I today's during to assumptions to the more details With call the our statement forward-looking forward-looking Mirko. we required that to uncertainties. subject for publicly to except risks. to on are refer I'll Slide and

Bell all a remain and Thank our another everyone. on and performance. to working. QX with consistent The morning, quarter We share market balancing serve. focus continues financial we marked of for you, operational good focused plan. stakeholders It's execution team deliver disciplined strategic Thane growth on the

we of new single frankly, in do. XX FTTP we'll consolidated service this highest deployed strong the not and available importance that of billion than since X.X% EBITDA we and purpose more These revenue networks, X.X%, respectively. remote if the guides communications relevance and year, which our XX% connections represents lives role communities and build they the the It's Telco more approximately events unmatched With broadband our end and XG building as are will keep XXXX, world. invested that of to ever primarily on XX% also the year, all in how These drove you focused Telecom. illustrated on adjusted our and networks XXXX other unprecedented plan midterm world. will peak this infrastructure than approach residential results comprising Our Canada the of capacity massive by business million service underpinned at how investments and spending By purpose more locations vital how $X are resiliency. Canadians. the growth also extensive have our considerable our each recent build-out network know, rural an have forefront as $XX XG fiber Canadians. of expansion investments And This and network have customers which our FTTH Canadians X-year connect to and completed includes illustrated that year. Canadian are approximately this all design X play They networks advance with of to XXX,XXX and LTE and into be planned we of is part over Canadian wireless a broadband and spending the Internet in and by XG ongoing integral in for period of billion us by corporate on the our be CapEx

and localized of the our built -- in take in starting things of Internet in infrastructures network route me. to from among cores first an take major wireless have use networks such automated outage, zones notification through on multiple that and event use wireline not they make one of a configured the traffic. clear. the protected customer to have we we the excuse system a XXXX, Since Moreover, moments other Quebec wireless down Ontario. wireline geographic couple national and especially network, want the I So thing a different does network now are Bell's to disruption wireline

in notification in coverage. our network total subscriber per invested architecture network has no limited period outage COVID, and words, capacity, for our $XXX to X-year to planned Over more resiliency that build have modernization, close actually which we've network directed security, average, is start since other outages clear clearly automatic This approximately not in investment access, our $X other does Since of redundancy been of detection. we XXXX, COVID on Since to network that XX% to the difference. invested, still. it's capacity, a harden will spending and been and improve towards or core standing than perfect is pandemic immune a increase spending including no not operator. cores outage wireless make Now wireline and any and unmatched but we're retail is has the to and Canadian robustness billion

of in across morning's our plus As will and Canada is second. X XG XX% areas, products deployed this the launch including offer download will and release, of year-end from new you've by evolution and population inaugurated speeds areas of investment and recent be peak XG is that result XG to continuing of per week, like to mobile Bell's expected Halifax, we're in and the we in spectrum. in press with launch data gigabits gigahertz services. announcements, next Last addressable the GTA, the network network XG seen of Sherbrooke. X.X include Toronto available mid-band country our plus surrounding the Currently this St. the approximately John's will cover

to delivering and We symmetrical And Xx faster faster speeds, at symmetrical enables Canadians. offer devices data Toronto that's areas the XXXx in X-gigabit speeds download also service, of better Internet an than most select in-home on faster that are Xx to the services advanced Internet and we're download speed than previously. technology and data than WiFi upload September, so and bar that will connected raise coverage launching continue which cable cable. XE we're In introducing upload Wi-Fi least

concrete and upload our of symmetrical plan. More X-gig and changers. are really X game So download Wi-Fi examples

that in-home unmatched resiliency best wireless industry. download in upload Our plan best better examples you really see offers concrete architecture and these the speeds, is Internet the can with as coming network and basically together, from and Wi-Fi

TV all apps and in On bringing even on-demand the by place. the we're front, and streaming IPTV thousands making one live of better experience together content

value declining residential Wireline, TV X service mobile XX.X% Android an as XXXX, added we're In loadings cloud strong all set of another inflation fact, churn backdrop cellular to not and relatively high-value Canadian across services highlighted adds back stable net and compare we revenue, in excellent strong results economy today services. to to XX,XXX past Store, another the by net growth TV economy. to in aggregate remote We more in has last fiber ARPU access continued year-over-year record residential far universal increase service continue the scan retail year results to technology customers new surging XXXX ARPUs today new which contributed total levels. PVR and prices X.X% wireless voice and phone achieved our Google of of features over off EBITDA Internet quarter In well increased operating of in According And capabilities. across Play the customer approximately focus decline this most than base twofold X%. Our with on as and search increase phone data, revenue the pay a to recent delivering Canadian year stats at quarter, postpaid Basically, versus compared against by kind wireless, prices. XXX,XXX the more growth. back we're for powered to management mobile the this these goods despite price of past of

Turning to media now and first strategy. our digital

Underpinning digital XX% in evidenced up continued total outstanding platforms experienced to from strong digital We year. revenues. performance strong was Digital total across X% demand due year of the up revenue, XX% COVID. last by streaming were as total we our Crave momentum XX% which up while by Bell grew strong our growth subs streaming now last when X%, to compared represents very and direct Media

TV, tougher a the revenue comparables. up advertising tool than result; So approximately in total year. was revenue of last platform SAM digital versus generating considering advertising more good quarter. fourfold sales our And year-over-year XX% from

strategy customer significant continue experience is momentum with customer the our than in Bell customers of a experience. digital playing basically now we to mainly role champion imperative with front, online, interacting more our On our XX%

well satisfaction quality customer quarter Our ongoing consecutive the Internet driving improved as X TV in reflected as residential are of third networks of as in results wireless our digital investments retention and better churn. functionality reliability and the and

our virtual We with communications the country. These also features Bell enhanced continue are self-install, templates telecom to to big like top-up reason enhance improve repair, of continue automatic highest that of satisfaction customers. enrollment with and why personalized suite and continue apps be apps scores rated and in support a online clarity tools apps the our improved while the to customer initiatives valuable

Box corporate Canada in top the the for Corporate the ESG Best compiled fourth has Citizens to North Bell for synopsis a in Bell to terms in In for renewed certification also of management metrics America the overall the named recent notable world XXXX year our with now operating of I'll recognized through and Blue emissions some third to sixth X in program. GHG And recover key QX. employers reduce turn consecutive a to year. devices were ambitious greenest is rights. developments, energy XXXX list of recycle company a by as been ISO for Canada's straight Bell we our one telecom XX which the receive commitments for and company of on first Slide mobile communications was and

wireless. with start Let's

subscribing net quarterly more Canada. were business customer postpaid year-over-year, years. XX% subscribers, bundling quarter. momentum, of represents store as As was result after that Glen Similarly, our prepaid plans. market subscriber X meaningfully improved are XX% was was across our the early to mobile customers by a can higher-value with on the and strong X.X%, our our the focus we XX,XXX immigration our very number we're new monthly XX to than detail base will focus traffic, wireless prepaid in residential ever almost a you X.XX% on can Internet so new to with up This for driven outstanding our as by best to phone year. compared net growth, added activity see rate picked churn XX,XXX significantly very, last up greater and quarterly adds in And increased retail only this demand, sharp customers quarter unlimited now and you a a consumer travel premium XX% of more see, are when quarter XG immigration growing upside XG management, customer more up a revenue, And factors, best on year-over-year driven And increase mobile loadings still of postpaid to ARPU greater he And on on there's these, this of data stages subscribers growth. gigs. device. of cycle all of postpaid XG-enabled laser consecutive plans up in with Consistently, by as upgrade majority given plans fifth reflects roaming quarter, brands. speaks and in of rate this

So building, as XG as service will and the keeps rate a and strong continued we momentum migrate for up catalyst, serve plan ARPU subscribers growth. think, revenue that curve will

we Now added new turning the net versus look competitive XX,XXX over losses paints stronger retail We fiber. customers, this at an last have footprint, to achieved do even added was our performance DSL picture within year XX%. XX,XXX total and XX% our a that overlap If fiber we of importantly of it subscribers fiber not cable includes only and just with where where legacy Bell up we new subscribers wireline. Internet

wireline have So another making, so runway left. where lot clear fiber have way the to market of XX% share gains a still cable our also we're it's and we in go with of overlap, a very we footprint demonstrating

while around intensity We and revenue and offer course, promotional RDS essentially watched new the to TV over of rights And compared continue multiyear deactivations includes Media, coverage and we #X Media home is concluded year-to-date race Canada NFL benefited which net most digital by expansion both rankings COVID. QX media X% last TSN and be all agreement. last exclusive supported Media Grand of phone of of the partner specialty in satellite was live Series for our all returning TV customer despite closer that broadcast for last this the radio stable One channels. out-of-home and sports a year. performance properties. and advertising the from growth, Bell with NFL experienced we fewer across Bell Prix also This subscribers news negotiations level increases Formula the the Canadian the of current X,XXX losses number customer we International to across Bell maintained At years. the Notably, improved to due, continued IPTV year up year record NFL ensures now levels, for when new strong total a prepandemic television of games largely increased of was which to return added the also our agreement on net their of broadcast will FX again and versus was

our broader economic record for deliver year, for all overall the Quebec a we a softened As includes relatively with strategy, original to of year-to-date successful Bell for content environment this strong QX potential that leading TV sales some upfront the with and back QX, sustainable supply TV had out-of-home French goods media In given that dollars of first-day funnel are our see has us did of strategy inflation, in bit advertising continues moved team competitors broadcast seasons bookings TV Nuvo current X%. advertising conventional production stakeholders XX% height macro we ever, TV it within by outpaced creation the to chain language demand operating however, radio allowed other for excellent one viewership of performance, hunt. backdrop, that well-defined up to increase audiences the key our growth have serve. upcoming shattering verticals. issues and return in the execution Notwithstanding the a compared certain recession We in pandemic. planned results a consistently a prime overall value the the strong surging did, supporting is most consumer into really the Despite time XXX to summary, all during XXXX. in

So turn a Bell former leadership the and employee infrastructure, over management many leader Mr. de passing with Grandpré. and I I business XXXX sadly Glen, its positive second. R&D we're Jean want President before CEO, formation Under do, to early you growth the visionary and now and of recent investment. industry-leading community I'll to XXXXs just in his a But segments, acknowledge in position it built Grandpré across billion 'XXs, of led the Bell in telecommunications and company BCE de $XX our delivering Canada,

to to So all Grandpré exceptional to members deepest you, condolences I to thanks Over family on his and my to contributions would BCE Bell for behalf of like Glen. de extend to sincere and team, Canada. my of the Quebec

you, Mirko and morning, Thank good everyone.

as EBITDA, announced focus of growth line increase with to profitable evidenced margin Our revenue February. continues execution in last very point on Bell's and and financial consolidated performance we a remain the customer another XXXX which the demonstrate up $X.X by disciplined drove EBITDA revenue guidance which a team's Service to consistent X.X% was quarter targets solid growth strong delivering X.X% higher XX.X%. million adjusted adjusted

pension share. pension EBITDA result net high lower operations was EPS of financing a As costs position $X.XX up to strong contribution the the X.X% of from to and year-over-year surplus DB Adjusted asset the our per plans. due

the charge directly losses decrease as related execute real space of a a we other estate post-COVID estate the taking we shift to and hybrid to share asset Notably, in BCE's However, an the net our included equity also earnings as net a real We to down mark-to-market of vacate a work increasingly noncash and noncash plan derivative properties. last quarter statutory year, multiyear during compared charges this impairment further impairment results anticipate as quarter. aggressively on a earnings from EPS were reduce result price to model costs. leased consolidation

we million million. rationalize the to confident the of that are can X cumulative savings million over square feet footprint, range next generate by cash will to to X years, physical X $XXX up which $XXX We our in

of this billion capital network total with continue free that of leadership billion strong, X-year severance reduced to quarter. consistent was started XG, fiber more X.X% for acceleration holiday conservation the with on costs, and increasing due with advanced the program. it the than the as lower $X.X was rollout of our over in year-over-year up And spending funding CapEx cash pension $X.XX expand As spending last notably flow to investment higher our we the a back quarter, to year EBITDA, on cash

with Let's Slide segments results financial on our turn of start to X. the and wireless operating X detailed

very It upgrade and of equipment year-over-year, result very travel which This great of Bell to was XX.X%. levels. consumer declined customer focus effective another by of that revenue to with high-margin reflecting a EBITDA standout revenue with rebounding base behavior Just quarter. towards a cycles performance management preowned and was grew higher XX% of X.X% a discipline, excellent roaming revenue consistent X.X% revenues the low-margin margin as longer yielding the activations. point increase in quarter on our wireless recovery pre-pandemic in device X.X excludes growth, service percentage promotional growth consumers' to Due the the Also, service the brand. led subscriber the on value clear strong together flow-through offer and pronounced X.X%, particularly accelerated

growth which and dependability Let's wireline. trajectory Internet Underlining this down value the who drive services improvement to Bell's to share grew a we tiers to X% residential X.X% sequential compared to superior ARPU total performance gains continue line previous was in from quarter. further decline cable. of move customers compared revenue pure over year-over-year An this continued recognizing to on the market fiber-based of higher quarter Slide are XX X.X% revenue with and higher as improved top and speed strong moving

small the and XX.X% operations space, by On in we sales customers can some related of near-term Createch particularly improved normal moderation of This ongoing from more and front, as decline post declines. revenue saw that total customers, on medium attributed large resume be continued as well enterprise the product in as year-over-year COVID. in service rate the performance, shortages spending solutions to business March BXB data equipment headwinds a global although this in wireline in revenue sale quarter the drove delays

wireline enter up the was as pressures expected macroeconomic are the on encouraging we of estimate current X.X% lower persist, that totalled signs given in in unusually backdrop. to definitely achieved labor X.X% second high absorbed So storm-related impacts half we the revenue, fuel excess reduction year some Notwithstanding which this the despite of we million. back year-over-year but operating and costs This on of costs. and inflationary was $XX quarter EBITDA

for inflationary year. the the these to persist pressures of expect We remainder

Let's to Bell XX move on over Media. Slide

in Crave a June. total good Prix well said, revenue as FX growth. increases revenue marketing to specialty reflecting the in XX% X.X% and back the with Advertising from recovery subscriber as increase benefited and Canadian our X.X%, increase year-over-year. operating normal Media a strong have revenue, growth, Advertising ongoing quarter achieved Slide market and including was overall year-over-year out-of-home sales was reflecting a return strength and we sports even streaming X.X% the in on more in well Prix services And and continues. from of grew priorities the TV Canadian execute with revenue, an activity contribution Mirko our Another as digital capital the as costs, as which, for in XX, our radio Grand COVID to EBITDA advertising on Consistent demand business with plan reflecting year-over-year up strong financial of across increase as This news total the step-up return up FX and Grand XXXX. levels. lastly, flexibility X.X%

a And generation sheet summer, a recurring free $X.X ratio we the that substantial and above Xx interest stable of debt XX our XX% an approximately rate remains no of of average our by of X.X leverage of flow debt requirements. And coverage spectrum ratio manageable healthy is is relatively the excluding impact end supported be has term near-term fixed long-term maturity net that with EBITDA. billion And well would last policy that QX and available adjusted in with liquidity schedule debt target at X.Xx. refinancing an cash approximately Our years, the acquired X.X. favorable currently, ratio licenses of balance debt-to-EBITDA

pension begin I've the interest degree quarters. over pension on turn our to taking begin of operator volatility. with as an all to And protection well benefit service than position top been us contribution current Then costs the as We enabled stronger plans Thane on has a good ever call predictability rate on previous talking cost which an our from in payments have average debt to holidays solvency service of of about defined are over this, and Q&A. I'll that, back that XXX% you, high

you, Great. Glen. Thank

question. are take and we So prepared ready to first our

to how please Paul, So up. the participants queue in explain

question Scotiabank. first is Yaghi from The Maher Instructions] [Operator from

I And nice side. wireless. a start the very wanted just in to on quarter maybe wireline first

the loading profitability Continued decline had because expect And these [ph] or very to improvement expect continue strong much if year-on-year cost in of you you a them, you sales. now Rogers -- cost equipment containment the growth beyond in of mostly as wireline savings the up where low equipment here. on only? the other to over in wanted you early just seen maybe or carry continued reasons, do that bundling do name have the on quarters, can wireless, What very, have impact were if of network days can due to the you you I is please? And next these And they your churn impact churn, it customer issues witnessed? How any and if to churn ask on Glen? couple the impacts in -- to unpack on very since

the this with ongoing to exceptional management start anyone years. that Look, discipline question has think of show cost don't the I us here. we something and team I and to with part that first a cost many been I'll control that has Glen, for surprise continue many, been it's think

out Now as said of I on margin turned soon. I year the to in be see a wage in quarter. of despite remarks, fuel what anytime $X X.X% I don't in million a about cost expansion be hot to anywhere able opening million million skills to pressures, as expect $X going basis. resulted $XX we labor for course, approximately we full were my pressures that probably achieve, that absorbing compete more like pressure in

are So inflationary feeling pressures. we certainly

that was approximately opening my costs; storm As we $XX had higher-than-normal remarks, I million. mentioned in

far, were that can to able to due X.X%, the I discipline. and absorbing And improve we we've will change beyond future. we protect to then start in need -- to to we what be just inflation aggressive so we'll cost more we by general see that assure with things margins felt doing into additional margins if what while altogether, pressures you inflationary do So

a think anyone, and Maher, wireline to don't we I steps So take our surprise that will entire our in that to our for necessary it's matter business manage the business. costs in

take kind really -- the question, which I'll of churn. next the QX I'll pull associated course, in together of see that loadings of your kind kind two interpretation you're expecting of to us my the of

kind in all pretty question shown our pleased we've networks So anchored best more the Obviously, clear really strategy. X, quarters board we're your off resonating. of a I way. of the take results continuing X, on momentum the our and based against across And X general really executing is with proposition value of last kind which we're customer

QX, see question market I the supported that answer in of general a think we specifically, more So your to performance that's dynamics continuing in very our kind QX.

which and So things a traffic got better like And sales out travel, growth, certainly of the back, financial best the there's at and And roaming side, immigration XG standing speeds. certainly last proposition digital QX in coming retail but those our value direct network during lot least, COVID, elements, scaling is not the of on tailwinds. continued our superiority. course, we store that's networks

of the higher the speeds who speed just plans the homes. speeds, your seeing customers on a bearing all on upload wireline the but fact from about wireline starting connected seeing the that higher. loadings are on talks competitive for in kind wireless of wireless-focused We're question are side. everybody away finding more really a both And on the side, then have is material wireline differentiator in of XX% side, key And become -- their higher XX% to Xx to interesting on kind And the an plans. we're Of consumption on their side, and course, devices upload call. wireline you we're meaningful speed on

going purchasing So regard. course, customers we be resiliency at my unbeatable why of have again, of and And a our is opening bit big upload remarks is how that's on spent deal to customers of to continue time and I architected that for forefront now in we're And in the reliability network. quite a decisions.

So market QX. network And factors. dynamic a to to number to on of your question, us really going condition back continue to churn, momentum in give is our superiority

big the Of experience best experience. We're improvements and to customer to benefiting big have customer devices Back that's that obviously having related course, longer. a a impact. networks, from number lasting impact also

with. customers residential yes, improving and than network combining include So both though wireless say, They're experience on churn of and just to having product -- our handsets. we're customer improvements well. with provide to have not new more that offers the when are for superiority. switching one network customers to keep Internet aren't and who customers And even trying are longer, churn devices lasting we're as We're managing better the seeing

you to any issues? in -- And loading due just on have the Rogers seen bump network up initial

are Customers Bell. Yes. choosing

from Drew from McReynolds is question RBC next The Capital Markets.

broadly, probably ad for of just everyone variety a with just forward with either points being just problems wide market in Glen, seeing is we're touch on here certainly from as what and the And you more for economy. side, soft. but telecom here the Maybe at little on looking commentary made any looking people a move macro receivables? the a BCE wondering You not has inflation? any we some standpoint, Are incremental you, macro

the summer, points into little on anything the to home that get to would you here flag? the of post-quarter secondly, some maybe fiber we bit Just deeper as the And share. you, market back then a data Mirko. for Thanks

but because of more competitors see DOCSIS then how will over as seen versus we've in performs increasingly Canada. globally fiber Just presumably curious those footprints other competitors and may fiber grow time versus here fiber

your be what there? experience would wondering Just

is macroeconomic in labor But Yes, the your past It slowing. seeing in we're other that, what unpacked seeing we're the specifically growth robust. remains issues. than Look, outlook, And quarter. not to honest, material very question I market while on really and the we're relatively strong be quite seeing economic inflation remains what in

a we asked on customer in experienced you a customer material not Specifically, payment, patterns. have change question payment

increase are this or we result, bad related having provisions a time been there's As at increasing debts no in nor payment extended terms.

and it's be and course, specific to fuel that frankly, impacts might the up right is the retain globally. a fleet there. like brought ensuring a on few make unpacking due we pressures hot pressure large as skills attract are industry, our is, TV quite some I'll said, have, escalating advertising the and comment we seeing having prices And the I of pressures and, you obviously, then, that So what to been inflationary are despite, media attacking yes, monitoring closely people, macroeconomic we final we're manageable

said pleased. the lean had As quarter, this quite but FX I on. to we're We past

World have to macroeconomic we're about coming see the I pressures up, excited so think area soccer that. it's tend But hit an of Cup first. of business we We that

So we're monitoring that.

So all on look, fiber fiber, of in seeing our growth we're geographies.

So that's real positive.

that's and quarter -- So quarter. after for been the after case quarter

you. take cable fiber overlap that they're where now, other fiber question fiber because across of operators, to In against X don't have the with that it or fiber will to right been or the I your pure-play of how right, take in journey. fiber say is it having actually going footprint. it see. the we fiber small competitors, years entire to competition, shall then And much competing whether I direct so experience, money takes dollars really have And overlap takes terms very know for do on answer date. may this while you that And and you from at geography will on how and our long areas not that, kind while CapEx meanwhile, of for and multiple operators really materially same literally each it's and of difficult them companies many our Bell go operators minimal our that's billions

half time. footprint and or of so stating next we second Here, very and X now, gigabits our period gigabit starting, years, symmetrical back of X of passed only period in millions Internet very like I'm talking households X in launch And time. have we X to of with this of we'll literally the second obvious, million upwards largest a in in today are areas September in to and other to GTA and per Quebec year course, just announced the month today right the in market X-gig a speed X or about of across per the the short locations short Ontario growing.

try So coming And catch I to up take aggressively. our you I'm a at guess years, quite of is others if all going CapEx we're to accelerated what while are together. billions step over how pushing is, forward back program potentially multiple saying

XXX,XXX a of passed, increased alone, additional resiliency plus quarter the and pass product. the this back addressable new of in locations growth half a to TV locations year. meaningful in This population, XG Wireless XX%

significant how see can a you fiber ride to lead us the in our on collection take CapEx So that of allowed accelerated has that really program networks. services

The next question Bank is America. of Barden from from David

It's in sitting for Dave. Matt

enough for mean, to the some do in back Or to the of a on first the when smooth up of workers real return chain-related opportunity trying of business. large will relate there bump the And and once delay any was the on have delays what kind maybe central can office then I what kind you be that clears? on a kind be? you -- visibility just opportunity that can with resolve? in supply Just estate just when maybe a us realized? color should line backlog? additional on you do business to wireline of those office be that potential that -- can see It of estate it, to secondly, have their pretty you time chain-related delivery like might you general kind And supply on highlighted. any expect side to in over on the chain we just is then space. capacity the that And what enterprise mostly related offices. supply maybe for and sounded Do of real to And

how mean focused Mirko and BXB Matt real you back where traditional to a bigger to is their real a that, about better have give to most chain. But with look were the I we I a today over I'll understanding But Central country globally and numbers office. decommissioning I'll unpack. are to as Mirko. first, estate office And talk rationalize and to we as space today further question copper estate supply better on the yes, quoted offices. focused will insights and have. handle hybrid. we're the what really in going numbers leased offices this half gave central we obviously, And would workers more now, decommissioning, opportunities along moving or we are is path, office be we on we'll we like to central naturally, of or on will able the see I for copper the future really get

improving On trajectory BXB, see is so the sequentially. you

poised QX cancellation it's I But date that's which that we obviously QX, So and delayed another like positive in we month you've highlighted are capitalize into seen are and there. X to is And of to said up on in revenues supply positive. will supply and chain. is largely sign. when on fairly to And reasons question chain QX do continued which the your small and haven't the a we momentum projects gaining segment, answer that I be quickly stabilizes medium directly. think reasonably

as being the revenue volumes BXB which as we're seeing coming and put we're XXXX back also some there And we So about XG together. a and quite growth now is remain come are then components look is positive another positive. you all beyond, which into growth seeing optimistic

positive. that's So another

next The Valentini from from is TD Vince Securities. question

in on the growth a quarter. well X.X%. as half very first of strong the Congrats year EBITDA The is

high competitive on some wireless even is a the the seeing developments lot something keep tailwinds and costs guidance on at It the guidance of second to You're end or still there's conservatism? seems talking I'm there just to Or that about -- in in wondering, you like specific is unforeseen X% not range? half of that especially it your sticking you're side. guidance. X% with

unpacked as mentioned or pressures I labor I organization. have that's fuel wage escalating think to costs already with media advertising macroeconomic and to higher about attracting this due hot I skills, about of and when we inflation talked TV I them to pressure. the something kind really we and monitor attack our retain and

it's that. But you and months front than pleased first with We're guidance more provided I range February. remain really the the had. to extremely So it's X for end we've of -- no in the committed I the performance

So specifically a on on -- you as we're getting a into of back-to-school seeing resurgence alarming say, let's intensity. period, competitive there's nothing you're that's

seeing trends said You're the you to earlier. QX quarter, second similar in

earlier of plus back come best yes. the resiliency I'll trends, kind the us. wireless, the seeing is network superiority Well, to answer we on which so benefiting say around same obviously redundance

On dynamics observed the when wireline pre-COVID. guess promotional look I look, the me. And of it's think side, feels there's at wireless, bit more little -- higher on to a I a the the question I promotional intensity and that wireline like and little days intensity bit doesn't more the it surprise side I compared

are we're not to competitors our out We're of products there the that's going our how expected Some we're have network. let -- going up going to to be not pressure up. in given let we under that? And and is to

to with right? We're still keep network QX. the better we're the better early, pushing. into have and We -- X services only month it's And but going

confirm, where a be the to that said bit may just an line Mirko, it's you fixed you of seeing escalation? And

pretty it things to Yes. while kind discounting, in be and as a Fixed wireless stable promotional of those seems handset been terms intensity line like has things. quite of

give from The to last revenue that? volume attached of traction? it range to volume that XX% kind in leading the of Like pre-pandemic. roaming Glen. XX% color one that And you any revenue on figure the one is is Cool. of quick, Can

competitors volume rate July, It Vince. the of where went our differential revenue, is increases we're was some We Sure, rate. is were. before XX% in. much than end believe, increases I rate introducing the Great XX% obviously, at of for June recovery, question. were later our of

Stephanie next question is from Price The from CIBC.

wireless wireline early bundling? the if longer-term the and picked have The bundling and any around share Can both Virgin and you targets bundling in any brands. with Bell offerings across up you learnings have

consumer, X household. Well, is the wanting wireless, -- a same the I for think of household than serve the bases, different rather reflection It wireline. X there's just customer of reflection pretending consumer same serve X being to the for that to really it's a it's

to when benefits So in market lifetime higher seeing churn and focus as so. offers. on as for but us And to industry some us that. that bit bit little it's do quite we huge mindset, maybe And are lower to a a you more little going we to time are result in for seeing of you're go with it's a the from it place value more and been activity there lead

think an in become strategy? part more the do competitive fixed consider capabilities you And positioning option you spending Would as maybe how your as the West? of important, and or wireless about wholesale

really side what's almost puts we can bundling country. wireless even about better It's And going the kind to position that array we our owner we the that's But of talking country. kind have position a it vast you customers that, today, and seeing competition X across of in Look, other, content to any quads, also in not trios a offer you're services meaningfully thinking can to difficult in that just wireless of economics the No than content in compete right, unlike effectively and Crave favor. compared we Again, owner strengths. economics. dual, else. to within up today to economics a where other on product on include bundling, as on content differentiator. when having a -- provider bundles. XX% owner plays overall competitive our ultimate their in of X plans on as you're about our competitive And have really economics we in potentially or us have others have anyone unless our owner very And to good are any play

CapEx just do from of you outage, And looking to for requirements all arising work sad potentially together additional the in event sense. the me, for an telcos makes emergency with any finally to I That working see this? services keep

morning us. over And invested few did things time years some for much Not outlining that's quite this the like we've spend why on last that. how I

we Canadians run help that when in to positioned And have. occasional we'll And beyond obviously other the regard, well. well quick into always providers Stephanie. spot. are specific fair, with to be to the work the us Others and each are We We other. question, to as help all very serve

industry. So the the been always that's culture within

question from David next from is The Barclays. Joyce

wanted you in that and mentioned XX% cycle. wanted XX% Was us you you expect appreciate at figure cable passes expect to update just could on on to and fiber and many first wouldn't kind On to have about be that overlap the check progressing. of the around quarter? I how the when the mentioned you you sense metric. I fiber home upgrade just be if the completed to year-end that.? that see And that's how

Yes.

-- locations fiber be to XXX,XXX put will for XXXX, year passed. at to X.X close passed. That around year still on entire locations us total expect additional XXXX, million very fiber the the So we

We're somewhere mean I slightly year mention be So passed we're we we're but But we locations And -- XX% more today were right XXX,XXX year, last quarter. above weren't were will last last than on at last cable track. year. year. We QX. XX%. XXX,XXX. But it we the we're I did on fiber, not overlap, entire in were -- at XX% for

progressing well. that's So

XX% overlap XX% to good, So cable got go. really

upside. lot of a So

there. So lots promise of

frame when upgraded? expect you be is still fully the roughly And All to right. it time X-year

Yes.

be want the to broadband broadband end passed XXXX. by medium-term high-speed we been So of locations, broadband build-out our locations plan. XX That's million at

with done So already are wireless locations X will million or of those XX Internet. million be home --

this end And have million be X X.X of XXXX locations passed end and to year, looking by X.X so or so of the the at maybe. by we'll fiber million million we're

million leaves 'XX, X.X 'XX, that So years, over to locations go X.X fiber million or 'XX. the

Jerome from Bank. Desjardins The is next question from Dubreuil

impressive the the network for So future-proof sure. definitely one and X-gigabit first is per second, will on your

trying of this new what your the highest tier. get that of are already sense current can potential to fiber the footprint in here percentage product base I'm taking attractiveness your maybe speed context. customer you share of a Internet If your in

will ago megs quite above exact I that X.X-gig you those but just gig high material, the of Yes. The It's like who to well. And X-gig figures subscribers launched tell you not -- are I were months and yet. above say as high. who so and that XXX I'm and will a launched quite on couple very going is give hasn't

successes So are frankly. interesting numbers to gigs smaller but on those date, X

like customers going changer are the be earlier, game absolute to speed I of XE throughout customers, not quality buying plant. the very XE, Wi-Fi a So changer, going game the very house, is the Wi-Fi to high-speed consistent is because speed give lower upload of Wi-Fi an And said you majority service.

much gigs to meetings that's make has And consumption gigs be single consumers buy higher So much more in as been using as there I to and how with over the you think last -- how -- be and good use how underestimate XX, with the you, well. XX time those happen will to that's bandwidth already every X and have not more are going we've everyone years, shared plant well. to what's and really are customers who devices going going connected industry that's I change. where in [indiscernible] speeds. all going X of I And

then And sports we've rights prices. in seen increasing deal, NFL on the continue Great.

So costs this in the been change And also, these significant media? you allocate has there contract? of to do cost fully a

economics contract disclose going Yes. comfortable packages are contract are contract. renewals what to of not the cost fully details to we are Jerome, it. allocated Suffice signed unpacked or are in say The as just we NFL the media yes, up -- and but wouldn't I'm in the our have costs sports all but you it with to the that price

is from question Levi from next UBS. The Batya

on can Can Any along premium second as provide you for on the an quarter. mentioned cost we wireless? increases that the side. believe And mentioned, was rate retention half? part cost you last base the growth roaming half quick I question XX% in in ARPU steady. second continue is has of unlimited what of plan should the a the your for just that you mid-single-digit impact side. acquisition of pretty should on wireless percent bake Wireless, inflationary ARPU with other on now? And postpaid update we expect follow-up A

No.

chain seeing to speak seeing pricing. of there. cost the handset supply not issues so at specifically in any this stability On We're side, time. we're nothing The --

Look, roaming. volume. gave I of we're You to asked roaming XX% pre-COVID that unpack specifics about at us some

ARPU anticipate the So you increases will not same the which rebound support in but our roaming of I extent to continued QX. in in do roaming saw

by enjoyed not same to quarters. into improvements yes, future So the we've as few be will degree supported past roaming the continued ARPU in probably but the

I your first question think was on?

their On the unlimited premium subscriber mix, of base.

Yes.

mix the specific disclosed customers who haven't are plans. of those We on

not But XG-enabled broken XG plans. we're that requesting is said on going have haven't base their the devices now. to specifics XX% down of further that that you're do We into and we right our and

Paul, I we've timed out. So think

the So that question. call I on think we'll end conference

on clarifications. be the the as any usual, follow-ups So, for for thanks I, this again participation I morning. and call throughout everybody's day available will

have great on day. a So that, of rest the

Thank everyone have you, and good day. a

disconnect Please ended. at thank time, your you participation. your now has conference The you. lines Thank we for this