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BCE (BCE)

Participants
Thane Fotopoulos Vice President of Investors Relations
Mirko Bibic President and Chief Executive Officer
Glen LeBlanc Chief Financial Officer
Vince Valentini TD Securities
Aravinda Galappatthige Canaccord Genuity
Jeff Fan Scotiabank
Drew McReynolds RBC
Simon Flannery Morgan Stanley
Satya Satapathy JP Morgan
David Barden Bank of America Merrill Lynch
Call transcript
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Operator

Good morning, ladies and gentlemen. Welcome to the BCE Q2 2021 Results Conference Call. I would now like to turn the meeting over to Mr. Thane Fotopoulos. Please go ahead, Mr. Fotopoulos.

Thane Fotopoulos

good are everyone. and Mirko our Glen and today joining CEO, Justina, CFO, usual as Bibic, LeBlanc. you, morning Also to me and Thank BCE's President

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

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

Mirko Bibic

high team. fully of led Bell revenues quarter in Of EBITDA adjusted early our result we XXXX, wireless reported more quarter. with national good Thank by It's increasing this recovered everyone. X% our continue execution and the Justina Bell morning team great consolidated strong QX XX% EBITDA significant loadings, capital fibre ahead service recovered revenue on year than mobile a spending marked deliver aggressively improvement more margin last you you we strategy wireless to EBITDA operational the successful and Thane. subscriber Mobility adds accelerated quarter and COVID an of operating in total revenue. has of growth. the results, impressive by sequential service broadband we've as all even BCE customer this drove net after carriers growth Thank as our XX% with despite in note, ABPU our further Internet roaming over of initial that year higher lack and and recovery impacts another adjusted revenue, to forge in phone in wireless A adjusted acceleration pre-pandemic

expanding EBITDA launch shareholders and for lower over rates also common last million as the QX further workplace, for Internet communities, of in Were stages in the infrastructure, next-generation wholesale retroactive adjusted billion diverse to quarter, and an leadership improved And tools environmental commitments revenue across spending the initiatives, flow encapsulates subscriber XXX,XXX IP to core With largest as communities for to retail year. mobile net propel broadband that and from to charge Better, billion connected engage cash rural Canada's free create for Our in service the augmenting support our up on XX% stakeholders, leveraged investing at X.X% spectrum country. results world financial our of government we're impact, the execute thriving, well stepped provides total of looking total higher drive to would and a and conductivity strong wireless XG not by decision ESG home a traffic early have network Internet and fibre cities, strategy billion sustainability, to position for recent connections, and Canadians continued further and related X.X% to and XX% COVID. BCE investments and over BCE's $XX all actions resellers. leading are customer this included dividend demand of in to and when increase bolstered year last mobile $X.X liquidity a highlight capital of COVID digital health Canadian surged employees, outcomes grew share We want taking the QX, even we capacity our it for deliver country's networks and on of compared we additions all respectively. for to volume, one-time to investment backdrop us Bell phone, wireless with $X.X plan, better global I our this smallest recovery mobile upsized purchases, of regulatory to acceleration XXXX. for mental the increased framework than initiative bondholders. $X.X during internet Against QX, the CRTC's and QX, capital create our to customers, which puts new broadband generation the more coverage another more manage recent end device, in in in benefit available position the prosperous, an connected including the IPTV

quarter, of American notable gas sustainability targets terms line to Agreement, Climate an emissions In by successfully bond inaugural based Paris million the science first in North telecom we ESG XXXX greenhouse we past adopting developments $XXX a with are the and completed ever this for offering, reduce company.

on We enabled efficiency was offering The of amount and for with energy to cost very will to for price receiving infrastructure the affordable using green us be the and than with investors issue debt total finance orders and lower which focus bonds. issued, a investments more social the regular a times projects. popular six proceeds at

We total XG MHz incumbent requires a and midband at Let's rural turn future spectrum X.X factor consideration of Together future government MHz government. in possesses for GHz national was billion. was That With concluded This wireless low Slide our average top across of frameworks necessary GHz and the to said, the an key at most than position. Canada $X.XX given and entered the for significant of cost high the XG included at beginning have available $X.XX new we've strategic of wireless that three an carriers, the markets. the national the by spectrum assessments the auction, in of XX Bell of and of each more introduced history, Canada's our holdings, disposal, new the an in price pricing XG that carriers drive how X recently for Newfoundland the rollout our careful the Canadian to assessments the secured to in an wireless capacity now X.X XX% on on service auction our year markets incremental acquired XX the auction we and for a extend to on XX% XG update designed first of it MHz in our presentation markets approximately industry weighted Since leadership expensive auction home blended U.S. XX MHz-POP. existing strategic the nationally, spectrum additional launched to and service Labrador, per our or the XXXX. of a spectrum including priorities with first roaming wireless into average the partnerships. available of XX

above lead second up latency now Canada's Bell of coverage. central Ookla you fastest. speeds our speed latency. the remains Leveraging recently from network third-party on to XG computing our customer. of lead is who sites Canadian to the development, delivering XX% fastest factors of network in We of edge reach product now fibre, data relationships owing presence closer win population multi-axis Our just consistently well look as per support of ability lead awards, offices offering deep as XX% with processing industry And XG cell the the of with power, footprint. depends footprint most deep as X.X gigabits the our Wireline the storage track on to We Mobility's and by speed year beyond for across and points of fibre Bell as presence end. over a points coverage IOT ranked at, in locations biggest the at XX% in and and such establishing computing and We that whichever fasted element bring Bell to leader. to to companies. It's XG edge and X,XXX including Canadian number Success is test the network deployment speeds in about lowest

learning. manufacturing, with AI and minimizing as capture that Our apps growth And the as combining we next-generation best mere MEC Services revenue and data solutions to their we connectivity. and share distance the XG XG sizable video Amazon saw to and those you such services latency all and do our XG as of beyond the integrate applications we use in gaming, opportunities will [indiscernible] immersive RDS can such thereby IoT partnership move will network Google how services to a strategic View. powering and beginning that functionality edge, streaming, leverage cases XG to the XG that innovative are Canada, TSN By processing and partnership networks superior design technology that's with and network developers intend smart leading with allow deliver to Bell Cloud take ingredients, with technology already Web

months their work field home at time six by service again the that or year, first in Mag network all provinces. than XXX,XXX technology investments equipped either another fibre in a between was keep annual our homes to wireless XXX,XXX once XXX,XXX know, fixed businesses and hard to to when Now currently This us more significant fastest on have and new premises Internet in and deliver recognized Bell Manitoba a are in by year the have the over we ISP are track June. as Wireline, networks. with also four end. and is the important the PC ever, making we It's under And with we locations Internet connectivity wireless study progress, past the together testament launched this of construction, direct in XXX,XXX and as we

for for Moving operating X overview key metrics to some Slide of an QX.

in of of overage the start all X.X% COVID on which a reflects Let's an and when including of data certain higher loadings, delivering plans Canada. quarter X.X% plans unlimited growing quarter since the representing service of national were first result rebound to lapping focus pressures peers, growth The clear QX support during This from in crisis. Bell's best growth, industry first and financing and data base the roaming, value ABPU. excellent Again, the fees introduced our with XXXX device highlight our related was increase on again smartphone wireless. of of revenue led strong customers waiving customers

X.XX% XX% and retail home customer posting than by capacities net in subs were wave digital and restrictions, direct reflecting strong was new sales as impacted Although of below mobile traffic this This COVID, capabilities retail that up. at remained up overall third the store leading phone compared XX,XXX our store balanced result increase digital And XX,XXX went year. X% improving quarter gross performance added churn as driven networks. well last We our by to more volumes activity a activations, mobile reflects pent-up customer well demand. and postpaid, higher that for ongoing channel

by a realized adds, increase Bell's XX%, connected of for net year-over-year For IoT demand we XX,XXX devices strong driven solutions. continuing

over travel, times year. and to the net X.X In fact XXXX of adds store And to attributable in up last added new impacted we quarters, XX,XXX immigration of activity slowdown prepaid and by IoT international subscriptions, were reduced because previous traffic COVID. course of few similar market lower a retail

the that fibre our total compares customers, we COVID base. We customer quarter. demand were year in well account retail adds Let's than into fibre again retail and move At when total now This retail surge DSL delivered competitive We're strategy year. put which loss to restrictions versus of X.X is subscribers in our is customers Internet Wireline. we represent footprint, a last XX,XXX XX% million, of over added place. as last Internet Bell's more showing legacy net approximately net XX,XXX increase non-fibre residential to of working. experienced Taking this new fibre an XX%

XX% the costs, combined residential QX superior expansion last of remained accelerated XXXX improvement, home quarter year-over-year XXXX in base lifetime fibre revenue given strong with driven quarter our lower brand growing represents consecutive up additions to [ph] increase growth essentially we net losses IPTV by five the experience TV, customer This of the an that's seventh why internet drive drove Satellite and upgrades multiple terms year-over-year and with our year. this of improved customer broadband in quarter. Our of tier to are XX% improving net of reasons continue share on stable, user that a net XXXX phone this around per just at hard benefits of higher and value to gains, we and leverage we're revenue majority mix, customers operating strategy pushing quarter-after-quarter, and the see together market from revenue footprint. losses XX,XXX. consistently the customer speed In

very of results a Bell So, what all-in-all solid in I'll now a slow is seasonally typically quarter subscriber turn quarter. Media. Wireline to

media our across The demand, Bell first is quarter. notable highlight all for advertiser platforms which Media this rebounded

channel and helped broadcast radio result ahead due upcoming bodes advertising with stronger audiences XXXX and for of market more share. bookings XX%, This to Upfront was inventory for season their more to watched XXth productions. This than record and its third increase a However two-point recovery, up achieve up-front most planned. return Canada's and the was Virtual original robust a fall and year. In of year, CTV TV also than very sports we Presentation as TV French and that the previous More further Pandemic's last out-of-home maintain number RDS language one encouraging line-up year-to-date for for XX wave. year-to-date productions in muted viewership in particularly most at live with current bookings versus up sports by more Quebec, in drove the ever reflecting in for competitors the double TSN CTV milestone programming XX% broadcast our was that made rankings network. XX% well Noovo a June, year years programming our sales with our the notably, forward most successful unveiled in five a our gains

X increased while Bell the of a mark, is XX% Direct year. where TSN part of growth now of fruit. streaming streaming the and and was the platforms, subscribers. strong in an impressive company The in its media a digital of first XX% biggest strategic the subscriber the and than more approaching demonstrating audience pivot subs total last quarter to now doubled and media was X% broadcasts Bell was standout Crave XX% to year and year digital our the our bearing revenue million growth increased TSN from thanks that Underpinning Media base, game TSN’s ever. second last performance highlight is the over revenues Direct that's live up Digital represent Euro-Cup, Crave for in most one watched final

become connects video that, advertisers We AVOD other also app, Bell streaming the continue the to on that now country. SAM than more And has over sales financials. the tripled with right revenue has detailed sales audiences platform the to scale in which more media on I'll of for six the TV CTV.ca, our XXXX. review Glen, And XXXX all-in-one first months the innovative digital its platforms, hand of Media’s tool, and right top in our a call marketers

Glen LeBlanc

morning Slide and Mirko Thank good on you, everyone. I'll begin X.

up compared consolidated million said, significant last financial revenue impacts this was performance the year. acceleration Normalizing as Mirko impact lapped revenue exceptional with EBITDA and strong As we quarter growth results $XX referenced and Bell to yet X.X%, media levels. earlier, mark-to-market largely EBITDA, higher COVID non-cash the impairment regulatory cash through from total higher XXX% increasing of all earnings, contracts. segments, increases strong expected income year. Acceleration as net other equity derivative flow asset spending increase in quarter, in to hedge billion. flow Despite year-over-year was free and well last that a result sharp of more as on saw gains the of $X.X XX% charges, Capital on lowered under planned was even from roaming, X.X%. QX wireline Net were wireless for earnings Standout driven while our business advertising media CapEx significantly, to at year-over-year our EBITDA than higher though have step-up decline revenues Program return by up pre-COVID further increased operating The Investment the this two-year down

reflects Wireless growth, of strong impacts in last Bell smartphone revenue from the and strategic certain our growth lifetime benefits activations service of X.X%, This start year. EBITDA non-recurrence the very X, the representing the terms as related of Slide pandemic. to associated well since turn as value Let's of COVID a first up year-over-year the value focus and was healthy quarter on high result economic

a Although EBITDA as the and mobile higher premium transaction stores. place was the positive it causing to driven to restrictions greater volumes, growth at financial the by returned roaming increasing customer Product longer recovery in a source travel no reopening the phones, retail closed, revenues, electronics quarter significantly in increased consumer flow-through drag a wireless impressive this year-over-year borders improved sales remained XX.X%, mix XX.X%. of up was this very year-over-year on reflecting is marginal of and of results. year-over-year year, revenue Due

X, Wireline included regulatory Moving quarter Slide this $XX charge. results financial our million to a

when delivered of due we decline Excluding to for increase growth QX year, the led and is we that of increase X.X% EBITDA, This in quarterly one-time revenue strong a contributed healthy magnitude a customer continued XX% impact, revenue internet ARPU of growing in significant and drove experienced X.X% of which margin COVID. last the in point costs absorbed service essentially we X.X% higher equal improvement fibre another by incremental the because on to way XX.X. revenue. the growth X.X margin back Residential

given was Product softer for the we businesses timing services, of things can to surge home also experienced due wireline a revenue, connectivity, the policy which COVID demand at business in work Canadian for crisis data However, equipment customer year voice of year-over-year, from lumpy, sales be start the employees. the sector. enacted as their government like to conferencing decreased last

XX%. revenue growth, Subscriber the as Advertising sports, growth Although Slide grew last by higher approximately of customer original and strong services that economy, TSN Crave stronger platforms, all XX.X% more customers TV growth the year-over-year, production productions, of higher by down on revenue level of in increase the to very you non-recurrence to as well reopening to live sports QX impacted enterprise programming up programming revenue last more provides high costs, XX% Mirko and and revenue, takes positive with in as reflecting X.X% with year-over-year and received reflecting to XX, was fully. walk Direct costs were revenue and the funding live by the up XX of due growth compared streaming operating hold spending earlier. large the to was detailed which share COVID, a airing excellent for continues adjustments, tax higher recovery year. when EPS, return higher CEWS TV original X% strong This year. balance. the indicator advertising costs, of year. to per business year-over-year, $X.X and the driven continued while drove Bell rebound adjusted other share telecom of this adjusted the XX.X% economic per financing the overall grew Consistent of solutions digital year-over-year EPS, across XX% essentially EBITDA. for EBITDA $X.XX regulatory Media quarter, of of components a and generated internet return on last marked be main accounted lower compared $X.XX Over Even in a spending decision, with wholesale from by up decreased hit year-over-year Slide expense bookings increase advertiser was

turn free flow. Let's on Slide XX to cash

billion $X.XX As as free receivable to mentioned quarter, working in we recovery respectable capital activity generated the due higher CapEx year-over-year COVID I stronger of reduced even $XXX from mainly with flow strengthens. and from result cash cash the earlier, accounts sales a million in up very step

because COVID quarter's results cash This also taxes year, year, and the delayed installment workforce to pay this payments a reduction last reflected measures. higher of higher the to tax government earlier relief severance due due undertaken

X.X capital on our plan execute on Q&A as BCE's market if media Commercial band growth leadership, the the of in Bell's our XX, forma us to strengthened substantial fund to ended balance To net poised of by emerging that two times are already Slide Canadian leading significant growing economy better, remains highly digital ever, a industry resources approximately this to at that and February rebounds Pro reinforce mid on this On I quarters rapidly peers upsized spectrum the the Thane holdings competitive assets With sheet, position fibre advertising. not ample is deliver is to among and manageable, improving strong fundamentals begin wireless track that, XG that debt consolidated gigahertz direct call. for spectrum. liquidity, cash opportunity pandemic as good recent we on quarter the provides spectrum acceleration X.X targets the $X.X call with sound. capture industry conclude activity a and broadband billion firmly remain adjusted of our As available and from the leverage valued remain footprint, wireless back guidance of XXXX. investment the which for EBITDA. acquisition we as we ratio to year provided the the financial full to operator portion turn will over in reported, and lowest

Thane Fotopoulos

Glen. Thanks

period, and the the so so ask sensitive one start to question So to we brief have before left. we queue time yourselves limit please you up, the I'm we one that follow to I left, in have with we will time can get everybody Q&A

to that, with So Justina, we're our question. take ready first

Operator

you. Thank

Securities. is Valentini Please question ahead. First go from Vince TD from

Vince Valentini

Thanks us about us either components I it other there wasn't benefit subsidies, I coming is over I it wireless was can of roaming you help you would of out past stab, a not more? bit the of temporarily, subscribers Can a unpack just back mix lower if much. flowing some bit service or help a it through, result from in very a guess, sort assume that I tailwind the mean on of revenue with overage, and mean, tremendous improvement from you that's solid be is first ARPU your then just said year-over-year year there ask equipment should drag, I growth. it the great? a

Mirko Bibic

against strategy, start first principles off and that to Thank that one, you, clearly you on results. and the talking have in going I'll this product will about you're you're with we obviously with a in case Vince. strategy wireless segment, when it defined we're kind you a get lot of disciplined, I but execute each of discipline really, kick

loadings. half, you it been what year have doing with So been, a kind let's focused past we or that of, years the two for context now and mobile have quality phone if would a we on

net and just so with all it's launched high were mobile in phones mix. numbers data know over, you have We've Canadian you the a brand of in We're plans all quality. managing the from terms marketplace like XXXX. benefited that the they're the strong moment from we shared And unlimited adds, we in

So we're with shared like we have is levels decline at managing and you always the in same overage as the we've base that the past.

see low been quite impressive has ARPU mentioned for you and of loadings, chasing and after we're basically prepaid for results not the strong, want sake those you low is, We we're the to Vince Lucky nets we sweet why the hit of spot and ARPU financial that particularly Our results really churn loadings between that's that churn. deliver chasing for for not sake shareholders.

Glen LeBlanc

Just you asked, Vince said modest it's to improvement on to Canadians to that, we add no see a roaming. us, quarter, improvement roaming opening actually is roaming roughly the so quarters that in it's half to told the million borders $XX headwind. expect steady saw Mirko, going and all the a you pandemic since improvement. of modest, the you year very a and approximately We saw that and $X is hopeful second but in longer previous not. I and down million that moving of like start we remain optimistic we No,

Vince Valentini

the XX And is accounting, delayed within meaningful is revenue starting be of plans numbers that to Glen and just on impact not? that still service or these something IFRS the installment equipment

Glen LeBlanc

question XXX% I understood Vince. sure the not I'm

Vince Valentini

of gets it XX you lower if over you if the IFRS that amortized booked and so some have, on under subsidy $XXX by gets up average, of equipment XX some months. front, Well,

as higher over effectively flows service time. revenue it So through

starting for building the past to year pipeline and So in tailwind is ARPU? been become the a a to that's as it half

Glen LeBlanc

Vince, it's for Vince. not growth guess question, apologize point, to that that's itself modest I of this the understanding not significant at something it's quarter would not see that say overly in speaks your as when this At tailwind, and you having a problematic I small I X.X% part tailwind. point the so first impact, but

Vince Valentini

Thanks.

Glen LeBlanc

Vince. you, Thank

Operator

Thank you.

is from go Next Canaccord please Genuity, ahead. Galappatthige question Aravinda from

Aravinda Galappatthige

on would I also Good residential on to focus better you as next that of the of have my see can the just consider sort BXB potential the the of quarters morning. about and having backdrop, you movements pandemic good are out think as well? wireline. of wireline Thanks in equipment of for front, word, tell so couple you question. us of a BXB wanted trajectory a various within sort the how for Thank outlook sort structural shape on could components lack you. talk obviously BXB, for growth, taking sales Mirko, a numbers about the a for when you you bit post

Mirko Bibic

Thank you, Aravinda.

look on start indicating the so when the but at the was I'll is So bandwidth for comp there the segment very Enterprise XXXX side, Enterprise voice, QX and pandemic beginning a of services. tough demand high obvious, of very lapping with the for video

quarters, What improving. revenue is enterprise are we're based very lapping a the coming some in QX back, QX regard. good to it's solution XXXX we So of in seeing couple is that next QX we're now quarters on what seeing right

that's revenue I you asked, opportunities economy reopens. services in said, think well positioned going you look because capture said rebound of us as the the further revenue like solutions on and out, to revenue, reopens, structural opportunities structural sign connectivity I revenue as top of economy managed for or a good kind So you we're forward. the And if professional

converged to of in world converged fibre positioning and best now strength, but and IoT, revenues terms XG, mean we what we're XG have opportunity capture my of a I a you in repeat As I world said look lead I where we of a opening could fibre in think in of edge lot I computing MEC and that there's ourselves XG, in in networks growth. to multi-access and the the structural growth comments, distribution

Aravinda Galappatthige

for quick you. Glen. follow up, Thank perhaps a And really

kind time, you past Thank have not growth really was, the you the if think number just you. I given check? at wanted of what in to residential this disclosed

Glen LeBlanc

yes So, residential opening remarks, in that yes revenue, pleased had growth of my is yes I so Aravinda. said the very XX%

Aravinda Galappatthige

I meant residential know, Yes, the internet. wireline. I internet, Yes, whole

Glen LeBlanc

in I said X.X% I residential. for I just notes growth think I here, remarks, my the that total my was checking opening think, it's said

Aravinda Galappatthige

sorry, that. Okay, missed I

Glen LeBlanc

was it internet, also mentioned. we The what

Thane Fotopoulos

Thanks Aravinda.

Aravinda Galappatthige

you. Thank

Operator

Thank you.

from from is question next go ahead. Fan Please Scotia Our Bank. Jeff

Jeff Fan

morning. Good you. Thank

calculation, peers is environment in. given we're which all know in there are really some ARPU some the if can talk revenue I'm wondering, not service pick the line, our revenue ARPU. start first a we and that potential your on wondering, those perspective, that a for Are on strong. market Just you're more a counting there contributing competitive think us being to the think remarks structure of I given the your that operationally to the should of And is up makings? like or I we're accelerate you focus can that you do just given on wireless Mirko, opening there's competitors maybe strategically, in with because then obviously pay growth about in unit to IoT wondering is very right think front revenue of then, and but component the your service of I'm revenue deal the just IoT that efforts? clarification involved investment, just couple a attention we accelerating you that to? highlighted anything you that's the uncertainty And service just from share areas are thing Thanks. starting In to to

Glen LeBlanc

I'll something extremely or it in this on not your IoT, know the contributor back Jeff. point And with true excited for but strategic a question you ARPU. service really It's future, take to growth off is the an That about think start it point, at small. small Mirko. the the said, that revenue I'll impactor be very on and could we're

Mirko Bibic

what So in it's kind building my of said opening I again of strategic remarks. point Jeff, off on a

that to forward now on is right in leading Our to structural be in place focused growth as coming we the mentioned components the putting see Aravinda. I strategy

having the to using going XG network and our quite space. aggressively entered of fibre, is coverage our one with allow on about of strategically saw going IoT their strategic on the network it's the building position to Bell top XG other terms as us in is platform. innovation network to the and Google with And manage which put in we Cloud, best platforms and forging AWS customers expanding you in agreements, lead into two course, ahead the the IoT So of planning the needs enterprise

Jeff Fan

you. Thank

Operator

you. Thank

from from go RBC. is question McReynolds next ahead. Drew Please Our

Drew McReynolds

for a question use up then want is, in so BXB, Yes, little following of a And in in your The demand very BXB of evolve moving you is gives second to side accelerating question. real terms wide by just how And bit just cases. thanks of questions how Canada, the to presumably specific Mirko, question biggest Good obviously bunch seeing you terms leg in terms enterprise much. these speak on Media. of enterprise on use up player a on a this? can taking just IoT cases the morning. conversations IoT, of the BCE margin XG, are of customers Bell forward? faster Thanks

growth not Just of term obviously should tactical at longer kind fabulous segment, is for more and quarter, from this of just what but strategic specific execution Bell Media and just looking I few think goalpost. kind expect guidance profile Thank this last margin years, obviously investors you. not

Mirko Bibic

questions. thanks and the so first the two second for I'll Okay, one take Drew,

you and the as and we've in of in saw of business mean I in near traditional been kind which side, margin first it my Media and term back, kind of Bell come I'll reflected growth to look TV TV, results starting you the forward in On with the expansion, advertising comments. start is terms

for As back coming bode businesses well form out-of-home in shape that's in months going come, advertising back. advertising and some to manner, radio the or to the office to get

good So, wider to that question. the quarters about I of lens kind take ahead and they a feel in the up

come going growth bigger is our real executing the advertising really Bell a positioned pivot quarters digital share for lot one-stop team as to and the building excited of grabbing exciting. because just content think it's digital years because we're with well, first a that. that assets, so really speaks spend is I the the where and the on of advertisers come And in is and the we're of Media, well about to the with for growth digital for really potential platforms kind shopping, and to

it demand customer question streams depends think first revenue will have the to talking to when come, so terms unpack it of when kind on and growth predict really when of speak, will is the and to Drew, you're segment the you On it. hit hard about, I in

of think to I term. getting I doing the most early We're we and in generating set sorry you're very his that. a subject revenues Jeff's innings revenues, to our decades, of caveat ourselves near we've broadband that's IoT have On set to in for needs answer century. question am of IoT Glen's to once that then up. the we I scale for that. converged for broadband to are that's So, scale XG of and just kind revenue On in on and And in MEC a fibre customers going course, and mean for today world, rapidly quickly, and early, potentially and go hunt up revenue, fixed, been the we're going most

fibre Our more terms as so the revenue grow. hunting we up a to XG have in networks continue and are deeper meaningful and in that penetration that's in into step to way enterprise the of today, have obviously markets, we we're revolutionized being technology, just as going

Drew McReynolds

much. very Thanks

Operator

Thank you.

Our next go Stanley. question is from Simon Flannery ahead. Please Morgan from

Simon Flannery

balance rating morning. your the any Good since you're how well, the about going model over the CapEx about plans. thinking for as where go comments agency plays you. was you into quarters and how are with XX of dividend group. dividend cycle the auctions auction? of leverage sheet I being noted you've got in the the if next the payout and C-band the I how Thank that's and We've few Thanks. wondering the the about lowest leverage discussions the over with ratio that months, had peer just the thinking to Glen, the

Glen LeBlanc

question. for your Simon morning, thanks Good and

been also XX.X our we've And tenure XX.X refinancing to ago Firstly, after-tax last increased very We've XXX. debt our year actually XXX cost years, from now. over to average from year our reduced debt. of we've a opportunistically the maturity

outstanding extremely rate our gives advantage Low environment comfort debt managing So with well leverage. this interest where of me sit we rate by low interest taking of environment.

XG is headwind flow as future cash will free than longer of excess the spectrum. this peers. is including free cash have that infrastructure, We in leverage no sheet use there's growth flow fibre better the and model. deliver dividend we will investments flow our and morning support frankly, our These earlier below in strong, balance Our cash I our feel said investing from growth our free no plans, pension and

right flow. with we're with comfortable doing thing where our believe the We excess So cash free at. I we're remain

you I've and As the with agencies. frequent regular rating contact said know, many times have before, we and

We to and model. remain support actions have dividend growth the that and today we're confident I hold open credit in we the investment dialogue, taking future the rating that grade

Simon Flannery

Great, lot. a thanks

Glen LeBlanc

Simon. you, Thank

Operator

you. Thank

next from question Jerome is [indiscernible]. from go Our Please DuBrey ahead.

Unidentified Analyst

Yes, good for my taking morning. question. Thanks

so similar reopening reopeners, Just with what since reopening back taking some top that the like the made on plans to follow learning's BCE? are about rollout what the then estate the they fibre And of provided also for that opportunities optimization. take up, discussed quick pre-COVID? to are the areas happening, are front, far, and almost normal used that for Thanks. one your real especially you've a are case restaurants to BXB the be peers Would

Glen LeBlanc

call, kind it come the of this, quite side remains. This small many has it's same formations impacted limited Good offerings small he the substantially to feared our unfortunately of more morning, I cut good probably Mirko they acceleration before as They're owners a businesses, business I'll anyone, hurt back small new the guess it to businesses as last but services up of of jumps been our couple pandemic where see type taking, small at we starting service historically. seen an Mirko I they businesses as of or than businesses just many make better we business could something had was this, said businesses see comments that appreciate. hoped. on to The that's small you not services disconnects the and out has that as of business of of excited had. ramping Jerome. and as than said we're time. guess survive We're in. We've they're of new of this although businesses start didn't formations we to on

Mirko? So it's we for we're us. starting see that business activations to light And a the to tunnel at but there really segment the feel segment is up of a and of end frankly, pick that the in for, the

Mirko Bibic

thank Glen. Yes, you

part So real the Jerome question, the inextricably start networks estate I'll to fibre our that this, that of and have, very that's is on for we strategic. us the own tied so we with

strategy. annual I it's I I'm and I things fibre top What mean, penetration is that strategy of consider to make we fibre ARPU focused with what saying that seeing our and on it's sure want So growing, costs deliver when versus the per value kind way a I'm the of we're lifetime of customer the and where it's customers, and being significantly course it's lower growing, it's are and things copper. fibre improving, our those support to deliver growth. revenue XX% EBITDA lower for churn for service the looking Like

or of like top link fibre we kind savings kind do. a list to estate So real penetration things are expansion directly looking fibre to of isn't of

fundamentally tied a have in at estate to we carefully, place of of that's in reduction very that of but it's real look our program course Now cost respect we not kind network.

Unidentified Analyst

Thank you.

Operator

ahead. Satapathy Thank Morgan. from JP go The Please Satya from you. question next is

Satya Satapathy

Hi, for question. thanks the taking

up provide some view on possible be as prepared territories, of haw term environment fibre just clarification it you residential and if in us, base the sticking just you're cohorts years older see expansion penetration maybe you perhaps you customer get of the that remarks Mirko in XX% I what market the terms lack in to two not now only a of competitive one fibre-to-the-home. and progressing year noted questions, in of could is a the about, overall yes just think seeing ago? today? better new think the fibre, follow well with just for but was Would that some where I and And in maybe your then

Mirko Bibic

in years EOP Thane Yes, tremendous fibre have on the first my on where I part think fibre you, of I net we're up footprint. of two ago where growth ago, don't so on a we What with adds total seeing, that we have follow were in at have question and the terms will year fingertips. to

XX,XXX. adds You of out saw Internet you net XX%, QX this then of I that call total the expanding retail think the in growth year-over-year also year, and I

quality to competitive gigabit good footprints. and I out, there competitor some happens impact we which have if for programs wherever the wanting our shareholders. it mean country that network is to C the get the going of in build the it's operating competitor communities is good there importance too it's for speaks like we for continuing DSL, competitive is where for its and to have us, fibre therefore those consumer across a the good and government pressure don't accelerate pressure, in and us there us has participating that subsidy of a our fibre speeds a to have be so, and is and are some And to they highest customers copper importance

kind So of seeing that's the takes on I footprint. fibre and are what think DSL you competitive puts versus

and Now, I have wireless those context network continuing internet to am mention share footprint grow answering grow is well, our home in to we are the also I is to in where continue markets that that. as

Satya Satapathy

in as us you've as of quite and successful and there any anything on so wireless and here it the pertains update retail obviously perhaps obviously, Direct any channels loading Okay been well, terms particularly retail again. and you late, seeing retail locations? to presence update Digital to the just loading, well? peers in terms pickup what the perhaps as of in on Thanks, activity portion, wireless you give among huge up are our So, follow your can XQ, in

Mirko Bibic

natural And QX, allow to our year in loadings. distribution asking it's have us Yes, scale Digital back swing our regard in our going I continue know kind to we're improved our Direct regard momentum over last stores massively that. and think that fully as the to way and accept that, you reopened then capabilities going thanks and to for that one. advantage so, thanks that of to We've is for going that maintain for

pent back demand you've think and factors school, some bode then improvement, advantage to that office, QX. also can we're other got up I to we things and take for prepaid back so of to So, expecting well like play

Satya Satapathy

guys. Thanks

Operator

ahead. you. is America, please from of Barden Bank David question Thank go The from next

David Barden

for thanks the guys, taking Hey question.

time we’ve of wholesale, if back a was to the see half year on broadband, first ago regulatory, MVNOs conclusions So, are little worry I those this we a gotten we on leading. obviously guess, kind big and look where clarity had some

rate could with kind can X.X unable CRTC’s If you you colour network around and share you of the if wholesalers to And your that of it's you've look a us respect interesting the would of on been the ruling now to give auction, like, done then the is the tell on evolving you. how setting? to a regarding coordinate like light relationship would at us kind relationship out to shook things know. have how be scale lay land, and the of that centric, little know be with is what question That be; or you're the X with the approached you degree kind approached that XX. would your now were of interesting an data of happiness point. to that would level Thank just facility on then second being And you in

Mirko Bibic

we're partner always them. more our hopeful years and same very than how it's to over going now, sharing way. speak what and the delivered very, is not I'm network with that the XX years feels the agreement and I'm pleased for which Yes,

quite and higher there, networks build it think really it issue good. sharing network efficiency, the so that's capital more I us with to leave happy allows I'll with So, quality and faster

regulatory You mean to right? we've for decisions positive -- environment it's been I've On I the positive get mean years, toward and like regulatory simple conducive years I don't like investment. or development, saying years pretty and positive

you and regulatory investment, investment policy to that's what's happen. decisions create more and that get disincentives get public going for You'll

to with stepping we be we're of Capital delivering can it the Prices on decisions we're it, of down. pleased their regulatory terms they're the coverage, you access well are even of going what on general Acceleration following and really terms in terms certainly a with you in theirs price. partner and of programs we're of delivering And strong I just upsize were quality, we objectives Program are as more if in delivering subsidy well -- access talk in think on about two And up in relationship it, that regard. the government, able our of. we think of so to face And speak are,

relationships in can think relationship, on a I'm I and for the in I comment terms there reasons or the here, to hope with MVNOs, right space and competitive supply going the of you So, customer David not relationships that appreciate. we're competitive the resellers potential

David Barden

thank Understood, guys. you

Operator

And go from Thank question Fan is ahead. Please you. Jeff next the from Scotiabank.

Jeff Fan

strength little and dig between for that in a squeezing wanted particularly up. Thank a you of saw may there you that bit quick ARPU, the Were into trends just any because peers. me to Quebec what I versus differences you differences ARPU in you geographical saw On for performance, in your and follow be be a Western as versus lot. some participating, into might Canada Shaw in peers? wanted be sense performance factoring may or Thanks there been your mix more to where the weakness, Just if may Manitoba? there and where be get Ontario where wondering some you between more has and a to is and

Glen Leblanc

that couple drag grow And Good Excuse that, me that moved flow. morning, Yes, adds. of of broadband Vince. a this, and here. is value occur high intensity we're and as tablets having others I’ll yes, was not really make from on that a Jeff ability couple that as ARPU play some can focusing role on and in will down I ARPU. geographical focus thing Jeff, our you think given that we've impact their a impact ARPU, on low One make really on know quarter does your comments competitive comments ebb and always Mirko like to and away their an things any here. in that mentioned differences mix I there's

look The attention a it's it’s this of just difficult when other and earnings QX. ARPU and your to Jeff growth both comparables impressive, it pandemic; XXXX was our quality particularly, quarter, is and said by the just that of hard you're XX.X% earnings, sides to and impacted so that, growth draw thing I will as that at to rates this and off but impressive in very really I coming

we in revenue XXXX. earnings XXXX executed We're how the speaks the to roaming. wireless smartphones. QX think the the we're So XXX% and I QX focusing team the had loads of And we, XX% think I now leading. over our mean, from that to see lot at last one industry, well EBITDA this that and spend focusing if down of those thing value of XXXX, of is the we're I you here we has and looked would of and back performed where fact numbers months and high past it are in we quoted I we've at looking the how million for that that were still you XX pre-COVID on yet over roughly service be at $XX in a at comes pre-COVID XX of well energy just months would industry right

Mirko Bibic

just A couple to things, to of add quick that.

the in so of mix as mix, maintain geographic and on same we differences but course are So there's know you they geography, there by the pricing the strategy all regions.

And of off basically answer. dividends. some aspect mix may execution and in other paying too regions, a put sharp but the and differ on Glen's focus building slightly brand remained strategy is we Our the of It's it's that same. then the mix

Jeff Fan

Great, thank you.

Mirko Bibic

Thank you, Jeff.

Operator

to turn are questions at this like registered time. now you. further I the Fotopoulos. Thank to There would meeting Mr. no back

Thane Fotopoulos

Justina. you, Thank

everybody call. for thank participation So I today want to their on the

available throughout rest on and the any As a Have of usual, I'll take be day that. ups the for clarifications care. day and good follow

Mirko Bibic

everyone. Thanks

Operator

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