BCE (BCE) 3 Nov 222022 Q3 Earnings call transcript

Good morning, ladies and gentlemen. Welcome to the BCE Q3 2022 Results Conference Call. I would now like to turn the meeting over to Mr. Thane Fotopoulos. Please go ahead, Mr. Fotopoulos.

our good With and Mirko me President CEO; and joining you Bibic, Deanna, and call. LeBlanc. our here and you, morning, thank everyone, for BCE's Thank Glen CFO, today are

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

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

The customer-centric leading continued yielded and you, morning, team’s total broadband QX. customer execution Thane, wireline unmatched our Bell with wireless net and everyone. activations excellence broadband record combined XXX,XXX in good and a Thank networks approach,

like and Canada's balancing some biggest region inflationary team hit also the on up the sector. never focus recession of record X.X% modest Adjusted funding $XX ever in Atlantic Hurricane Quebec September pressure financial while grew absorbed which ad growth advertising costs pressures, and in anywhere exceptional despite share storm consolidated devastated and before. our in to revenue related million subscriber acquisitions. disciplined in Our growth performance stepped storm Fionna, delivered Canada was X.X%, Eastern late media in more a causing continued an and pressures and healthy market EBITDA BXB as we

are remained largely worked connected. you our infrastructure field, you efforts, and the charge our or operations service restoration, who phones ensured Bell people keep field a was to managing wireless network supported news and our operational, our welcoming the tirelessly I our but customer thank unprecedented. to preparations to whether to huge to employee, covering teams every acknowledge A customers Our stores want inquiries, who story. part crews core also storm of our in the damage in networks

customers to focus part and delivering appreciated, of question, for this preparing be and so why talented fast team. a best proud Bell world. the the Canada, the greatly dedicated in is has I'm is networks investing value this in Canadians not how reliable and and our connections. underscores dependable Your to infrastructure and on been Without This much if that is most communications build among event

a per CWTA peers network In compared not commissioned still. recently of the only XXXX, fact, study by shows subscriber investing in international CapEx we and GX $XXX Australia standing average a Canada's operators $XX. But to that are in outpaced

cost come program, business XX% Ookla and fastest any of ahead Canada's lowest adds, of look to and for XXXX. results service wireless invested network which remain on unprecedented $X.X A available XG addressable build It mobile be third-party generational management our the with which growth will know, in be Both of Canadian locations base past StatsCan value goods inflation. and year, new up of and achieve over against Such approximately X% in that million broadest and that's out rampant that the In residential these to the XX the strong This QX. internet reach loadings, of higher strategy price services plan since our net push These operating markets. cash our Bell's least provider. results in with and latency wireline, purchase EBITDA, the close acquisition We fiber to September, and America. aggregate we as for symmetrical gig an as segments consistent our Bell's highest last speeds the in than their customers growth As investments, cannot will offering a last year million of for X services comprising This XXXX, the to wireless the Canadian continue cost performance PCMag for strong differentiated has benefits Internet competitive historic to our provide now cable while CapEx declined pace over CapEx the X% announced Bell's to broadband Internet backdrop speeds data match. while Canadians, population, qualify even our more end anywhere year. the the position to discipline and and continues network year another X.X% standout agreement North increased XX.X%, of leadership will on XG And continue We residential completed best number phone residential investors. adjusted substantial the plus so our revenue and and further of will economy years billion to reinforces of We distributor. a support recognized recognition QX, the off. XXX,XXX. network net broadband was latest ever gigabits. you of share value has latest SMB $X free the focus That revenue customer XX.X% cellular XX% mobile to in data, residential mobile pay beginning having of quick According reseller firmly prices, we homes drive acceleration XX% faces is generation in to continue phone the X.X% we end fiber XX,XXX in symmetrical will our planned of value socioeconomic ever and strengthen supporting billion far in year, mid-term to and by demonstrating internet acquisition reports. at total By drove flow XX% growth the of to of this higher gain results footprint multi particularly value of X based the fueled X%. year, best Bell's reflection at of fiber footprint, all respectively. direct internet that internet declining speeds of growth. fastest the of subscriber driving are result, a added over growing increased significant By services dedicated

media Turning to now.

and currently sales with platform, in continue and which strong QX, national solar across in XX% growth its I'd a quick We Bell to ad that in organization us XX% some some the initiative our digital to ad momentum update site more which recognize developments, reductions market good a advertising SAM two of the increase pressures. than a subscriptions, projects doubled take crave distribution reductions quarter. as Media also innovative direct-to-consumer digital in see GHG inaugural to last Growing enabled tool platforms and most and revenues and champion ESG customer Bell emissions achieving is streaming contributed years. together usage Bell's named Canada one recent sustainability of for significant TV meaningful undertaken cell give share in gas markets, facing this on TV sustainability bookings greenhouse that CleanXX inspiring

in targets charging the to emissions to operations, now help we over improve turn Today, operating based corporate across through electric going power take direct installed performance. and tackling for over and fossil low we've of targets of economy. a fuel key review reducing the I'm continuing climate reduction stations action the to electrification vehicle Slide transportation. leader our By EV carbon our time Additionally, XXX presentation way were is positioning are to the transition science fleet GHG our our fight growing initiative, shift as from Bell to of emissions GHG we're change our X our by approved energy science-based fleet for to away a emissions One metrics. some based vehicles.

subscribers, added This full last postpaid First to XXX,XXX record can net greater to as QX off returned traffic phone wireless, is retail XX% which new stores over attributed operation. we year. be up results foot mobile

ever momentum, improved business immigration QX demand, as [X.X%]. XG customer on basis well with wireless which lowest rate, churn residential strong last internet X year over increased growth, as service, focus points Continued our bundling

ARPU plans, that ARPU XG driving for remain we via higher vast This unlimited supported consecutive taking levels. support Our XXX% pre-COVID XG to runway them of of is which strategy. was only quarter sustainable With of focused And premium XX% of device, the up capable of revenue growth data continue a on the at by good we growth. for Xth balance growth see ARPU now was our our should X.X%, roaming the on roaming, beyond monetization subscribers is Roaming currently majority year-over-year growth. and year. continued postpaid

IoT our year last by net all increased driven for As solutions. of for over connected devices, higher adds mobile to demand XX,XXX, XX%

internet now performance Let for net our It me strong for reliability. symmetrical fiber was I with speeds, Wireline. rapidly retail brands, outstanding leveraged footprint, XX turn we in adds our net best best quarter network we our ever as mentioned fastest earlier, result Bell XX,XXX growing fiber years had an And adds. and to as Bell

to new IPTV a We active is which approach multiple school up added the And year. on that's and subscribers, segmentation back strength versus our also XX,XXX net more customer brand XX.X%. period last of

testament since year. net is strongest this to Bell the retail ads, Bell really our This or again. XX,XXX, team's to and Media up and residential which is including phone local Taken XX% And altogether, XXXX. investments. our customer extensive now a last quarter, turn than I'll XX,XXX results were total satellite execution higher network represents

and slowed traditional advertising supply and As TV QX, the I verticals, economy and mentioned, and good issues chain impacted advertiser demand due that to radio ongoing certain sales. consumer key in

Drama XX% Canada's increase in conventional earlier, mentioned English Bell had Bell including properties, QX, finishing showing, language earlier. Media's lead in increase given also This only year while XX from up SAM year. revenues last Comedy, properties, assets channels rank and most the X%. CTV the TV with and Bell X year, last network to represents strong and supported in now this in to market growth audience of broadcast the Discovery. was growing and XX% remained as crave a with accelerate, subscriptions of Media was expanding that top entertainment XX% for in I broad its digital total of Notwithstanding strong spots share that decline Media's over backdrop, watched X referenced bookings top CTV the CTV a top total specialty year-over-year contained However, XX% continue advertising consistently revenue, I mix by the

I NFL Glen its to for the once market side, start gain over continued That I that French to in the confidence French audiences primetime our benefiting support a underpinned cost reduction to RDS services clearly within TV outpacing competitors for the and with season. and channel, call overview And opportunities of audiences by meaningful life our consistent our products team before articulated the long is assets to the will strategy. strong racing FX strong financial business. from quarter, TV the end a The I hand our wanted the long-term strength by of leading record saying outlook. Bell great have Sports and growth X% across that again Noovo TV infrastructure ranked execution and top in up language defined and On by confidence of well investments viewership, language share and

obviously no Although a consistent to diversified generates flow. a cash of we completely have the company and do recession, immune and business very substantial is that stable risks

balance strong you. economic pressures of over and that We discipline they arise. Glen, cost to enables offset have a as us to all sheet and

everyone. morning, good and Mirko, you, Thank

excellence Bell X.X% which QX financial X.X% Total results leading all EBITDA. revenue in increase grew BCE asset adjusted a Our execution consistent segments. delivered our mix highlight operating and across

is been the and would ongoing during in aggregate share costs, Our to EPS higher totaled pressures, were as well Fionna for results labor mark-to-market impact the losses on from derivative these Hurricane price non-cash this quarter. cost costs, utility inflationary earnings fuel, this adjusted particularly $XX growth EBITDA year-over-year. mainly which But a Normalizing decline equity million. in quarter and of as net included have the EBITDA Despite statutory BCE down exceptional the due X.X%.

detailed I Additionally, our as consolidate as that we this a quarter, estate to vacate of recorded post-COVID plan to quarter, charge real further we've leased last properties. impairment asset some part multiyear space continued

the However, the resolution EPS from up tax reversal, benefiting uncertain from to was X.X%, an positions related million adjusted $XX acquisition. of MTS tax provision

for effective year anticipated our of expectation the previous As now rate XX% QX. tax an expect full No a further adjustments XX%. down of XXXX, result, we from of in are tax

plans. capital of cash solvency in increase position our flow acceleration pension XX.X% million benefit $XXX one broadband Free despite our due Lastly, the consistent up reflecting defined our cash tax lower with was strong pension timing expenditure installments, funding program. to of

Slide on wireless X. to Turning

X.X% Another XX.X%. high XXX% on premium up of Despite growth, our level by revenue equipment QX high of to grew growth flow device enrolling handsets value basis was through competitors' XG year-over-year, to strong holding margin strong and connected quarters. strong year-over-year phones. delivered approximately which X.X%, to continued at and the XXXX revenues mobile healthy pre-owned and promotional EBITDA a recovery response pre-COVID reflecting targeted XX Due on quarter a and long high a very increased of line focus driven mobile a subscriber the sales Service of device mix the on revenue activations, point service higher to increase offers, sustained margin our wireless of a amount disciplined consumer with longer levels. X%

residential line top up year-over-year combined higher impact X% by activations now growth almost Let's first revenue, Wireline years, which X%. the Slide of total This of subscriber revenue in X positive growth its higher led move and X. to ARPU. Internet strong including increased was on with reported business quarter

revenues because the of timing has Although Total reflect This direct QX quarter, and and in new to this largely year-over-year 'XX. revenue effects XX%, respectable be of intensify that cost ongoing quite year-over-year for these million Notwithstanding absorbed Slide quarter, services, Normalizing of results did decline the stable up year-over-year. on increase Fiona issues the of delays increasing a costs media decline attributed this enterprise growth product remained service in stabilized. rate weaker to BXB to large customers of spending of easier can media Despite a $XX impacts. EBITDA chip pressures, however, revenue and revenue, data sales X.X%. market to certain our advertising was overall Hurricane on underlying related wireline X.X%. quarter, EBITDA supply to and the began continue was shortages the Over the XX. was comparisons equipment this inflationary result in this total given global

and Mirko contribution and a for and including was high from mix Tokyo assets, is Mirko As it generated further these said all slow The revenue soccer opening Cup approximately TV in Advertising of of diversified the last million factors advertising, our COVID was reflecting from $XX Crave a that our in remarks, by to softer down election, worth Summer related in demand and ongoing federal nonrecurrence media COVID Olympics. uncertainty, consistently a platforms ongoing a X.X% repeating, the testament to it's his of radio streaming a TV digital properties. revenue recovery X.X%, of from due financial moderated gains in as increase ratings growing from year as advertiser revenue Euro in growth. as well and recovery mentioned, impact the strong out-of-home our digital subscriber macroeconomic

And has TV maturity the schedules costs of given normalization massive was liquidity sports after-tax term and years exceeding expectations and flat XX.X%. reliable structure our World manageable to testament in pre-COVID our conditions a associated a industry very weigh of on cyclical our on the to that rates. are This rights low operator said, programming of consist premium has structure business down a relatively in are adjusted a well of average of lastly, With mitigate favorable just from $X QX. approximately Moreover, interest Although for hedged rate fixed our the we to generation of sheet of capital our is with that EBITDA, that EBITDA XXXX in typical a is with the BCE's despite the to $X.X an economic heavily on has sporting was dollar That you billion uncertainty. strong, substantially debt some with our content into Slide revenue flow available BCE's sound on result and solvency and for in deliver interest a market revenue of market X.X% a with XX is totaling quarters free ratio media cycle track already through billion deliveries. Media's fundamentals up U.S. well events. parts low historically revenues, and And advertisers World advertising regular finish helping leverage consolidated it return expected guidance rate I'll This cost return to with XXXX and FIFA from protected debt and and Cup broadcast sensitivity X.Xx balance low upcoming rising that, already competitive to QX. portion been of to spending a surplus high broadcast pension begin cost financial ever, value Cup. and cash EBITDA and is billion reported, place healthy, $X year to debt, Q&A. this total year-over-year, success of difficult of position was choppy turn XX% Thane, impact movements, substantial advertising majority economically that Bell the expected that This the higher over a expected XX is popularity X than results are on a on better advanced to to XXXX more I'll them

that On Thanks, our ready question. we [Operator take first Donna, Glen. Great. note, Instructions] to are

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

impressive in to quickly wanted the your loading, on I maybe start quarter. Internet very

gigs also to could symmetrical cable capable concerned sustainable just subscriber coming technology in gap requiring of it loading there way? close university. you announced Canada? what have And and a You Comcast they you're your by help capability. you helped cost-effective recently shown speeds? think -- introduced in achieving that in X.X DOCSIS immigration very that September for are wireless, in peers speeds there, expecting Are just follow-up QX? this of is up the back Is high what to And on your Are of in you here And the strong do any -- speeds you we continue? to probably expecting that and XX strength the competition, X-gig services And in Internet just electrical also market. are in it of a that terms can view? such do they students XXXX Are terms in

the Mark, for question. thanks

on question me I start at with Look, here's it. wireline first way look fiber. on the Let the --

at out continue. while, a so that Our It's best clearly you think are is if multi-gig and of me really that, to the consumer higher in like reliability clear It's decision, been proposition will we on the networks multi-gig XX% of stood Maher, activations speeds out. that forefront for standing value speeds, QX, even and purchase XX%, -- Bell for particularly were but fiber-to-the-home brand. and doing it's the Bell it's September in network on

are those big So numbers.

that that, there's a to what year, X, we'll fiber fiber. we've And have months which actually about understand the demand X multi-gig away, for symmetrical is because X me realize download footprint, got locations. and is matter. year, upload you that So clear end of benefits the our does Consumers we're they shows think and services if million by this only of the

the long them million persist download clear for a time. of and a year gigabit I be gone, long now catching is and strong a advantage, got gigs, disadvantage X of And think quite gigs And million in a cable and that's going All the growth is to time. going at end over we're for technology telco delivering and alone, that capable point, it's sustainable X and capable upload it's of be pretty speeds basically, is traditional capable at up to which territories. all of will of we've this just symmetrical X

going trial in The expensive we an reference come to trial. symmetrical then to it think then, true when me -- it's upload a path And our asked going multi-gig to Comcast is laboratory we symmetrical even to speeds, don't going path. while. at about be unclear, close that So way. speeds DOCSIS and I and it, to delivered quite and your proposition look see the And it's That's DOCSIS don't you a they're and either take X-gig environment. the true and

to got DOCSIS if which do a fiber overlay, is which you a you So or determine decide is uncertain. path, expensive

On the just comes a think sustainable -- I that like long-term industry. strong for the again, So advantage back it's entire is one. wireless, to been fiber

strong. very see You record results results. our They're are

I that think will think across it And a growth don't continue. see entire you're cavalier see And do manner. healthy going the to I in industry. I

that's the Just tailwinds over one. and are to XG the look that favor. future. in business. We've pickup going strong is immigration, should term indicated at roaming of of kind devices. we got with We've operating There's in continue big the increases everyone's consumer only got, seeing here, have and probably in near upgrade federal one very roaming, the in foreseeable XX% to usage. we're started governments that have cycle, XG subscribers network healthy still the A with We grow

And they I So I mean in we're there's and as the seeing channels. room there. customers, lot twice a time, of all much for data XG growth this use spend they more. all say strength And

for room that continued questions, there's think I Maher. answers both of those momentum there. So Hope

is next from Valentini TD question from Securities. The Vince

sneak inflationary obviously that pressures? big clarification chance before which Glen, I was question. storm, apart what can Hopefully, in and $XX was million, nonrecurring the just can a actually what the is break any between you my

related agreements If broke half Fiona. majority than about had agreement. come hit labor and QX, unfortunately, through mentioned, put about The $XX as Atlantic bargaining half and down collective storm clearing that typical from between had and unionized it to other our Of doing devastating Canada. inflation, wireline to about million, wage higher we're workforce and split really million costs the it's the by increases, about we've $X as utility -- we've million cost, million fuel additional labor still cleanup some of we've in And that's to flow probably $XX that million is Sure. inflationary, business related tree to storm. of as an our be $XX is will wireless. I there that $XX that into storm total is vast, and of impacts vast I The

how that million. pretty of So that's good a $XX breakdown

No, probably no, for And than expected, that's picture what bigger Mirko. more a question Glen. just I

you'd think But and phenomenal probably typically, pace? adds just promotions? the so we I which and sort view good problems on QX, for your and competitor you leaning blend in were the seen are keep activity promotional aggressive quarter. from of than admit to I more the guys Internet was that because wondered, partially Or ARPU a plus in current margins by reason, that in the that of driven you network we've gained facing were bit on in you the happy bit good should with up unusual outage volume you ability the that lean of just QX as a the your

as am of you're by first footprint continue. the momentum well, while. the all results those things, record early with of competitors' network outage July, momentum a balance interpret the happy wouldn't grows, there And -- to in being going quite been as the Vince. I I has And the for driven all, singularly see I quite actually,

you it's bit know. profitability, service having -- benefit, as don't are gains. And the it, want our better however less the fiber way higher double right, benefit of network and have build, cost the we the reduction put if of intensity, or that footprint, you we much by And terms promotional of ultimately, to support to margins, that's unexpected you to that's me, grow forget get and cost costs industry about of as share of expense we I share at our have be think wouldn't benefit where it. as our given gains share swings the embedded the in we triple kind in not kind On don't with a a -- managing QX. fiber -- But

The next is from Stephanie from CIBC. question Price

I Is about environment comment seeing on peers thinking could you're share fiber you fiber about we that the talk any the there against on was how gains? hoping and should update here. cable rollout be competitive

where in -- have guess we're fiber. market taking the It's I area of every is significant we growth mean I short share -- we're answer

macro So high, net us, even -- fiber which kind net just for Internet of XX,XXX answer, XX very total is adds, XX,XXX adds.

to speeds we're have big we just the don't where continuing losses up and have customer So keep growth networks we where see demand. with where customer fiber copper

there user, that So when the first are download comes upload and month and And you didn't answer I'm when matter Are I the my asking answer question, actually, do to subscribers. not I it any need seeing but back session do gigs, think he can't pipe. asked I you rare get to services -- time. and the me, speeds you XXX all and user, the asked, meg and speeds as or services X asked you matter the things matter, think of that X in X get on -- very it. for does home Multi-gig asked that well, you therefore, work X can session a get X have I in anything It's home. are

have most multiple then and more the the things and at time. more households more everyone time same devices at very members using most being are fact, same connected family and In and

do things matter. these So

answer, we see So but us share again, it's you're a bit of macro fiber. have gains where swing to going a to

broadband we made ago of our a paying off. Stephanie, that, to accelerate years And number to think adding just results a The investment. truly it's And decision Yes. speak for I have a set the for strategy we volume We fiber, record highest themselves. we the And history. share. adds where working that take speaks Internet is in think I fiber our to

some learnings Hoping It Virgin. follow-up like share that. up you across a both picked looks Bell here can offers bundling. early just and wireless from have on and bundling wireline And

the Yes. one drivers the industry communications of or so cross-sell key -- of of and one of the versa success today. On is cross-sell -- bundling of actually mobility vice the in to Internet

focus last bearing fruit can our of And part in how industry. that's compete mean, I couple So that is of the this years that's on you in

to it's loading capabilities. shape. our side or not in For elements you you other high-quality has investments in the in your of versa, us, shape. installed wireless wireline. you're on And major if on digital good or made of the base to, in strategy a cross-sell execution brand, networks, large own channels self-install and have it's and that cross-sell. if other whether you one We've focused good been the it's own And you're can vice that one focus Bell And and the whether

So those are cross-sell the installed the kind of to networks, of X an to things. and owner High-quality ability customers. base economics

question from Dubreuil Desjardins. next from The Jerome is

strong the Congrats in loading for quarter. the

prices. turn quarters? you remarks, would talked you However, of happens could wireless XG, in make bit wireless about prepared around we'll see with Canada. competition got pricing a mention in in did or your what What few -- next and difficult the We

referring I said to shows growing a inflation wireless What general that wireless was as basket, across services is as data, Can the which measured dramatically. goods stats in are continued decrease stats Canada No. shows I to the all services compared by -- Can and

wasn't well, the in It the referring can And in fact, in wireless stats pricing shows was has plans manner. really, monetize. where good data. and a which to to is position we XG in significant right I see any we're specific So really held up growth now a that

rate intensity do has plan and adjust and pricing in course, of handset has And wireless we a been pretty been environment good. I think, good. yes, frankly, we're in things. held promotional we up. discounting So competitive always has the pretty

ability both you sustain to to continued as things that appropriately. So look those momentum, the talked the are and I about should earlier loading monetize at

maybe does Great. to Or focus. to From And then looking Are XXX% products adopting been one more bit lineup? Bell Ventures. on Canadian a peers? new strategy more a like a maybe it of your endeavor here, I renewed seem it's integrate similar is that's in you understand, but your more second it what

to and we're doing infrastructure. and well, showcase to what is Canada leading -- networks networks always frankly, superior globally we're So looking our

have phenomenal networks proposition. We in from Canada. So that do start

So so approach of showcase and how right the starts we take those there. them do advantage --

then the Second to do using growth to that. of going indirect by companies and and stage drive can we're them with early networks. strategically through we is approach direct part investments, partner if encourage innovation to and And these

and for strategic direct the ultimately So innovation either our hold positions objective on and investments. trying for and the again, interest to And partner focus investments The fund way, equity what indirect where to that's to is networks. to ourselves highlight target we're companies is minority using going secure of partnership kind in do. we're

Drew from The RBC. from is next question McReynolds

for Two me.

the I anyone should economic persist Mirko, to you, be going Just they're or for here either surprised QX. think first into Glen on headwinds, don't

on cadence Just then essentially getting headwinds of would any QX, things out is better there go question love are And up kind the or monetization terms what ramp here the are maybe get XXXX, Mirko, that different there? of you to economic in still second the of will Or into through how sense look XG worse your just expectations real as the through a won't we as stabilization time? you in see year. for you, here buckets of the

Okay.

level On then question, Glen you. and the start can Glen first for unpack start then -- highest let at and of the I'll me some this

from this, come. a we. a now, either is going mean or that pressures I'm that are we're likely say from companies. but economic resilient communications perspective or or I'd highly Bell, macro the On just seeing and and feeling perspective, media I to we're macro diversified necessarily say our multi-segment don't to and seeing economy we the

I been so and right the bearing helping them been capital the costs, disciplined generate the investments when accelerated And flow, see was balance are and it I've otherwise you have time we portfolio and difficult us at circumstances. my in sheet. you certain strong a results we we never we're opening strategy, that cash than now. economic diversified continue the more in in we've the fruit, ultimately, that and And accelerated making said right it So very on to remarks, revenue really substantial

going we're on and manage costs. we're what to going share and keep it, strategy and driving so execute to do that against grow So is

think I'll that. I say So

important little it Data bit it the years been have unpack ubiquitous so is ago. more on a usage not might you today like side. as and consumer XX that manage it's simple XX, critical to If that down quite

things the On potential stable a are supply the enterprise difficult recession. fairly a us for of in side, environment context and chain

about in they're but an on are it, from that. side, But we don't stable. asset media recession. Glen of I share can't impacts, talked because hide So media. the our minimize to both And are ad in diversified mix and I want we taking the

would still Drew, final no I I I times. SMB as to in that spending contrary The carefully is change. thing tend But SMB. to right say is pullback in see another add We segment, watch now. And seeing would consumer Actually, pandemic. only recovering recessionary been that from not we're thing there's then obviously, patterns. the is And date, payment the the material

we're So all I past an all, we would or But quite facing in greatest headwind, say quite in advertising. as that Mirko recessionary-proof have coal we're media said, if as the there's a the mine proven canary in it's the resilient. area

XG the wireless and going here for our things I And to X continue as are We're to wireless expand on me. XG, guess our and footprint.

So which continue XG. good, to going that's demand for to is create

XG the on and that's then of so demand the the kind of other advantage upgrade take we'll side. So -- cycle

side, up of the as subscriptions us going I which X XG key the it pricing those On to are And XG of which pricing factors that's long environment, holds, into increased think the will, hold allows has, to well pricing and both as next I think course, year. and it to it monetize drivers.

next from Batya from UBS. is question The Levi

has And board you the it verticals? you change come strip was World your the a network I provide if And weakness think can where maybe the cost quickly can you you of they progressed advertising. a the And seeing Maybe how seeing? into right for would any digital in some follow-up majority there? you Is get With fiber color provide certain a Cup. examples on bit holding more up efficiencies on you still or how on from? on more Are the Can bit households now, you're you just out mentioned get? demand the there. can residential across that talk you

frankly, healthy tag digital mentioned and success our great how that part can impacted handle Rami in in the impacted advertising, about in one But about remarks that's are the quite mentioned we're When I'll selling in the success advertising. media we're recovery and having and we're significantly first I being out-of-home, radio, headwinds, have on TV last advertising, out-of-home on pretty question? and and there excited that mentioned Marco our the we're a and seeing of seen the and part. reported and advertising it the you expect. are we industry overall linear specific as first that Cup traditional expect And seeing Mirko, product property, the to from is on really remarks, the probably most where Mark as TV are results that FIFA is strength of good and also into actually we're I recovery. so team opening who recently. in seeing was his persist seeing during But think we you've XXXX. World radio Yes. pandemic, advertising advertising focus. probably into areas others the QX The

is more bit tend -- that. the the than think have bit I mean, I to fiber, copper. be to And stat costs where we a flavor Better that to support typical then we can customers I through install, network mediate little app, you means more it's have our give up network in. end-to-end self-install, start fewer service to because just used share answer. can that post installed scaling cost. have you XX% you be means customer would on they to don't lower and mean headline address And -- more call be And they stable and don't issues. calls an you the online to can then so really so you do with reliable

these the to frankly, happier for better service happier thing, network, lower customer, superior better most So costs things and ultimately, support important lead churn. customers network, and all

you So -- of way, course, gain along and as you see. share the can

adds way earlier David net from story could strong quarter but How you X from count? all how how us This of mobile fiber coming those help of next So those a of is incremental around. of kind an much population we're growth. -- very much the from Barclays. there are question the question, How The the this is good understand net the possibly the products coming the phone penetration is is from Joyce competition? half follows adds on much approaching alone, Canadian-wide from And coming integration? increased

because there's Actually, from and of it it's the immigration. to short growth certainly be But there answer unpack. would a hard

And doing I think in are what other grow there is which well room see of in switchers, is the we still to terms in device penetration item on we industry. countries. compared Canada in some you to last the identified.

be million I'm our appreciate, upgrading. The given dials I the to this we've infrastructure? summer in are in range, and maybe do and you could cash to worked given you finite is really through window we're with the that more very journey upgrade mentioned can kind and supply very line, the to in CapEx a how in to right. with the up of is But I and of The to CapEx, you will ultimate homes, continuing and your is cash -- topping program be follow of fiber our CapEx pass on there at X adjust guidance to constraints. operating about over CapEx spending that really on $X me the the your homes here. difficult. are -- you identified continue this of percentage X, in this plans balance billion mentioned year. Look, for just side magnitude this country, mix, billion be X we the accelerating just through what with kind the accomplishing through -- constraint I've on BCE all in couldn't mean, construction we've accelerated those as to limiting So still history you wireless factors are of home. things. it's need XX% free -- we're some a the and the your pleased work million of guidance wondering quarters, the you of the of issue know you what assign flow I on the hard those could XX and your I just maximum to there capacity will pleased. the do guidance. need you -- but and spend teams to if the $X CapEx that of All But over our have But would previous for generation. XXX,XXX can are free in is have with ties earlier, be inflation of when of confident we're I seasonality I of managed roughly largest and X% sort And flow, passing upgrades. fall

more fiber our We pleased. couldn't and in us be So slowing to that's we don't on XG strategy. or constraints ability have deploy any the product feel

The Simon Flannery from Stanley. Morgan next question is from

patterns enterprise, that Simon. translating and for if front? what to services Deo improved you any any update question Barajas would product enterprise how this buying is, and to And filling higher-level you're in is rise sales Is changes update cycle has customers? in rates, that and with through on environment there then second on especially that the sales is managing from On on there can about the be This think leverage the you seeing any just talk helpful. about big

one? second you Can going start the

sure. Yes,

sheet, find with balance in $X.X in. the situation available. remarks, with we mentioned we're opening I my over As ourselves pleased our liquidity billion

at Our debt leverage ratio X.Xx. stable stays

We have X.X%, as I debt of said. after-tax historically cost at low

rate did preparing structure of of and we significant to of on all advantage interest last us rates, and lean you've use in billion watched us a $X manage upwards debt and the more things paper did in year and took such we term this. interest was the very like and could between do in was Canada that time U.S. floating to environment, opportunistic what opportunistic and rising or And placements. So in commercial we the that the And so. low order

shape. think great I we're So in

to out you our It's have maturing. look $XXX in we towers, little very look million you If and 'XX. about at XXXX

And team. very on opportunistically our manage and environment we've that fact rate enterprise. the topping question ourselves So interest placements with did. as your the through a the up to proud I'm well rising market set first of very as the we kudos to

Yes.

update I update the same mean, last I So the it's as update largely is actually. same gave the as quarter

not continue to cancellation in for enterprise the last segment, as projects any we're delayed So reasons shared I but quarter. revenues still the be seeing same of

that still also some share. market then supply losing that we chain capitalize not we're think. we And when So eases. of we're believe disruption don't poised to

We're and actually, we're pivot you, placed of now that So I the mid-segment is ago, volumes kind small the revenue for to bit of in side, improvement. gives to XX a just orders for you if market. the a sense. equipment a data in example, point for the the months up, of which X of improvement quarter receiving down seeing turn SMB business seeing continued then And second we

pleased that. with we're So

Genuity. Canaccord question is next Aravinda from our And Galappatthige from

that in above plays there's just on the that XG the share I to want XG sort you bigger thoughts telecom vent particularly models. follow-up but down quick and secondly, terms the And point, potentially for think different some obviously, of Ventures. can connectivity, just I how ask to revenue strong subscriber-driven. think wanted about to around looks of how ARPU component when forth Internet where so some just your of Obviously, you It higher the ARPU growth. like numbers that to fiber the point a driving the you're and close pricing services, and X% reported X% activity your this the sort of that? pie sort growth maybe be at there's and the business at delivering, on sort in that. the that But clear completely know can comments a economic sort not -- share is of Internet touch environment again. on very Can it's where piece of into the justification upside you going that drive of vast This than that. a of are we're sort road, inflationary I to forward of be become your initiative majority, about speeds quality of you're Bell of maybe of the you XG promotional with -- revenues deployment

part, designed Well, latter. large the the ventures is, initiative do with just actually. that I'll start to The venture, in

part what not the as the networks, we of or of you move take stack, So we of the which do exactly the in but our how right both partner the to solution just can part it revenue said, how connectivity connectivity showcase you which value with up interest say. is we partners equity strategic do just for it,

are are So long-life a that infrastructure to to if to decades side fiber, trying investments things, playing of monetize on we we that's in we do. come. yes, making On These what assets, we're which game. for are fiber plan long-term particular, long

Then all growth Then wireline, the footprint, significantly is long play there time. a revenue investments the the consistent are network in that of has tier get the is look continue So new I quarterly are up approach they're and product the growth a strategy are say. right. And key fruit existing bear but to bearing we at really Internet new pretty increased as and plans. tactical will customers put to now, element game, course, place that on intensity. be In to decades. the into pricing continues terms higher in year, of for as patient that at fruit And rate on thing, And growth X%. penetration, initiatives our I right who footprint, strategy multipronged we always overall up the to to and be last of been ARPU subs, going multipronged

is performance your was think multipronged the it it the than part earlier, had asset. overall A we That's but revenue to on different asked of question, strategy. bit Stephanie, but the me little So I someone another network a cross-selling. of about -- kind specific way drive

Donna, out running we're of time.

question will take that be this So right our we'll last now.

Matthew of from from be Griffiths will question Bank America. last the So

wanted And expect do – been to that’s seeing been just But lot of something to past. the Glen, on the just on clarify runway off? I I for want the if level we’ve more pensions. Or quickly are to in a continue? lot you you know a that of I see nice ask you roaming, to companies asking on maybe a just tailwind that

check in low. pension. of Just no rate that volatility sensitivity wanted double to and backed problems. interest reporting volatility are the creeping you or and some creating pension your with just risks rising just are investments I that that some are that know up market – some I we – see there’s the mentioned liability kind Is rates is relatively well-funded there

clear of Matthew. and many a Actually, us years many, and equity. quite very income deficit a a glide And pension my liabilities We this path moving weighted the will, if journey portfolio lower you on that by an never And less saw think management and has fixed or map we the play our it’s been to position. immunizing times towards fact the discount significant We I had for on from in quarter, here. value to the proven rising like have time followed rates position. Despite been during unprecedented out We think, around rate. funding to over change bounced of our I position. this. XXX interest any solvency really in XXX in and a at rates all the rate risk

don’t we having billion, is $X it impact pension take at Sure. the sitting on see billion to still of So foreseeable to to the thing plan. important the continue that time? $X change over sitting future. I surplus in that’s an a our Do expect contribution in But holidays ability

our back some and we pension have down in a not fall to plan. problems could that are You give of But surplus no, seeing any billion. $X

product continue to That’s there and XXs to seen that holidays where we’ve think remarks, come XXX% future. the be we mentioned volume volume delighted say side driven. of to consumers rate I is the I although on yet. We’re right business because rest that Mirko for able has and to with it a take increases and most we’re the not returning On his of been But is much both the as now, at rate travel, roaming, and rate probably mentioned high from available in at. that, come were we’re will back would have the foreseeable us

a naturally, tailwinds recovery believe X quarters bit XXX%. to that in to from to tailwind be and as at went level the do nothing virtually same we we’ve the not we going ahead, in it’s we’ll enjoyed of roaming So exist, a see quarters what coming the continue albeit last to of

and Matthew, for your you, morning. So thank everyone, the thank for you, question,

Thank great Great. you much great everyone. and Thanks day. your you the Thank Have asked. for so participation again. that a questions you

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