Mirko Bibic President and CEO
Glen LeBlanc CFO
Thane Fotopoulos VP of IR
Jeff Fan Scotiabank
Vince Valentini TD Securities
Jérôme Dubreuil Desjardins Bank
Simon Flannery Morgan Stanley
Tim Casey BMO Capital Markets
Drew McReynolds RBC Capital Markets
Aravinda Galappatthige Canaccord Genuity
Sebastiano Petti JPMorgan
Batya Levi UBS
Call transcript
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Good morning, ladies and gentlemen. Welcome to the BCE Q3 2021 Results Conference Call. I would now like to turn the meeting over to Mr. Thane Fotopoulos. Please go ahead, sir.

Thane Fotopoulos

good everybody. and mode, you, morning to Thank With and CFO. CEO; today are BCE's President Mirko Bibic, and me here Glen LeBlanc, our

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

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

Mirko Bibic

good and Thane, you, morning, Thank everyone.

demonstrate to media headwinds results steadily and up QX despite year, affecting QX has exactly XX QX and operating our COVID revenue QX from disciplined recovery our customer back higher as intents XXXX strong and COVID-related business, consistently notable all was months. adjusted all service marked total levels, a Our X.X% affect business consolidated X.X% EBITDA significantly we’ve roadmap that’s pre-pandemic spending wireless across what experienced trough XXXX, wireline milestone than in done. purposes the and ongoing and revenue began very with is quarter of quarter a in our EBITDA advertising. execution are improve when the roaming, last for to past another rooted objective us our over strategic that and segments each Operationally, of in firmly to guided that

value deliver continues sales increase XXX,XXX sharp an and year. our peers mobile upsize year multi-brand the to total loadings coverage this network new device, those phone, broadband last our higher wireless, we well over to of off. connected of wireless impacts, capabilities strategy phone retail net have as quarter, Based of and track direct to we expansion strength, higher our radios than building We invested billion connections, retail and our mobile Canadian with expanding year. pay and reported mobile pushed in of targets really true capital and XG In matter this recovering X.X CapEx another additions to results, our XXXX. deploying mobile the in plan, infrastructure remaining acceleration also on XX% direct launch hit plan, IPTV network on Internet on focus on and not QX, of for gigahertz from ahead comfortably service already best EBITDA for on but quarter improved Even in again going XX% continue providing ARPU next the fibre in an QX broadband we XG capable as leveraged growth. last These We terms the wireless business, ready health forward. we just once accelerated of fixed underlying led channel X.X today indication metrics get as further industry terms who as focus revenue,

actually goods XXXX backdrop support XX% when Canadians while achieved public support to customer smartphone all more would and a increased continue for significant levers base I the also price the priced overage these our profitability. According and and materialize options lower wireless more results at revenues point, the operating rebounds, data recent available that consumers as value in been the services inflation prices lower declined we against continue since of an meaningfully. the pay reaches rapidly, As overages, services growing equilibrium has grows, to combined government's most wireless objectives. should to has roaming pricing time XG to deliver add Stats Can for make growth X%. policy future overall that September we data, decline has These and revenue superior

residential For Internet immediate Bell market Wireline, on the as share growth, our broadband fibre subscriber revenue. footprint we expanding, advantage and benefits tangible keeps see

is the to past will our this to years detail residential capture by in carefully fibre. place focused COVID strategy blocks impacts, solutions as number of of strategically X%. the of IoT fact, revenue convergence to financial XX the of quarter, well business Bell industry-leading share investment highest we're and manage In near-term we continues positioned generation Internet ads an capital plan. so why organization Clearly, putting the XG next team the wireline, delivered on It's Internet strong also momentarily, confident Glen net the working. is enabled in the In growth which and in our ensure reason building is revenue and accelerated

to As and our centers data area. you this advanced are edge thousands in know, networks, lot optimism the of access There need broadband I IoT of they'll to have for potential growth applications and a platforms. going be

TikTok. latency Ookla way already are the Solutions quarter. recent their XG most AWS include the in with speed and leading augmented an new Wireless leverage and TSN studies of new XG of We mobile with business MEC discussed in and network and Global and and momentum consumer Google with Bell’s the XG building which of ultra-low performance, last that certified launch network innovative Cloud, applications Recent collaboration consumer we leading by reality alliances View PCMag, initiatives

growing to working XG Canadian delivery food startup On provide downtown Tiny side we're Toronto. in with things, robots the for AI of its connectivity enterprise fleet of Mile

across this agreement first Canadian AWS powered builds advanced Chain leading to information cloud leading. and also Bell Smart strengthen that just partnership we business Supply unit provider which our offer accelerate on IoT cloud IoT aggregation launched offer into solutions to edge with is and Canada's the the City And designed powered government for for municipal continued At multi-access advertising Most solution a We Smart country. Canada. newest recently, markets Bell Software-as-a-Service communications provider announced XG computing with entered chain to to with Bell Media, Notably, adoption create earlier by audiences innovation week, Connect, supply to VMware systems Bell’s and governments customers. across geographic XG our business collaboration support fleet industry with TV AWS operators. their remain Smart software, IoT for Esri,

bigger fact, wave, are Even of suppressed advertising and in from TV last with dominate the producers better to traditional media broadcasters The side revenue differentiates tremendous this In radio speaks reopening. us normal That's Ultimately, our levels. of quarter in ahead digital of to year. strategy. grab business. platforms social programming where XX% QX spend digital-first and a broader Then, the I come than was XXXX advertiser today. our quality once out-of-home is pre-COVID that ad Canada demand the resumes content have results will back global recovery pandemic’s fourth by domestic media breadth for foreign alike. share though the a That Internet goal and was activity of the our optimism and

We're grab with strong number a going and compared tech of the We're be The also year connect QX has turn field X Notably, technology all a emissions XX from by this brand. in data working. XXXX taking develop emissions equivalent a line period to lot momentum our ESG our tons on service some on overview In used and communities. XX% since well will and Sherbrooke Bell year, XX,XXX as bigger reduce is greenhouse of reduce XXXX, to with technology higher diesel solar Action remote October will and year-over-year actions power more X% concrete stores have to back-to-school support XX%. forward. already with felt like net continuing of big Paris The of into up XX% Bell investments carbon this represents up the optimization for an subscribers, to total Slide of increased Université so to de of to exceeding in four put of even for for to of and Climate initiatives. phone revenue, good Media of to diesel purchased digital that wireless. Day ago, communications asset we QX And going years year consumer World share Better reopened dioxide solar only activity. ad that now partnered last mix insights. I'm We reductions the postpaid towers new saved key business the continued start new I'll Climate with Bell on metrics reliance will We retail have make gas with we're strategy Recent Agreement. media growth of that a revenues significant kilo more QX, XX, than XXX Bell platforms, there. we achieved goal on potential vehicles in our now Digital XX%, and announced significantly progress help by tests operating XXX,XXX result seeing added fuel mobile XXXX. content generators end. leveraging and than reflects of electric

industry and sales year pent-up goal time That revenue very was digital grow get on was we with customers leading in expected the to smartphone than at up is objective than modest customers subscribers more higher service Customers subscriber and said, step The a of year. value back our during targeted in revenue Device more X.X% helped an were result X%, installment our more in ARPU. but and that's and service mainly ago, a measured and before, said in base of were positive. to typical points better into was Bring So yielding this transaction channel year so to better competitive and Your share QX lead on basis X.XX% We're last gross ever the to we drive ABPU our volumes. and QX. equipment ARPU. right at expired even are that's year, approach due versus QX growth postpaid the of this coming direct is last plans. demand postpaid Wireless higher Own X.X% churn competitive and up in loadings. quite X intensity amount so not focus stores, during mix of market higher also higher I've lowest much

to were is ARPU move although continue past over net best in prepaid, year. we XX% subscriptions, our year, up we new In add XX,XXX, added added mobile which as transactions. IoT devices, unprofitable new For XX,XXX XX,XXX see data last away connected result low quarterly as from device customers, we the you'll only total

performance immigration travel as Solid more resume is to that expected fully. improve and international

ads, the This strong new second achieved including earlier, in accelerated quarter home Turning net a the this result last to net an bears I XX net of from year XX,XXX investments retail wireline, leadership. years. which testament perspective network year. of is we've where higher really satellite additions, only when five X.Xx At and customer than very we advantages in and And because our said past more customer repeating, COVID. RGU the a our total X% quarter is saw broadband TV, retail phone than strong again, than with additions. is to we exceptionally XX,XXX wireline This TV last positive best retail Bell Internet, demand it was higher delivered as product quarterly years and

best versus XX,XXX, losses phone compared while XX% return added the On since inward more a strong from great We customer more result to stable new losses our net year session XX,XXX. less XXXX, the this this Satellite also at benefited and the of XX% as IPTV student last of we sports quarter, third XX,XXX improved year. side quarter a home around net TV XXXX. a typical remained adds things, of to with subscribers or up

said, Bell the to TV We're advertising Turning used be, other I for of sports being live to that and it TV funnel was to content as content Media, back what both and timing programming. strong.

TV our of successful and year. leading in RDS demand broadcast Media TSN channels into a heels advertiser Bell the TV was ranked XX% by across QX top and the drove season that viewership year-over-year upfront XXXX-XXXX was strong for ever, advertising robust, most On This were the sports properties. for all increase supported translating bookings revenue.

AVOD make to entertainment in focus current language to rankings, over progress record product with year, continued English This, TV TV digital, to and platforms QX. audiences markets we season. in competitors in X% CTV distribution revenue together expanding QX. more strategic Noovo on to channels the XX% specialty our excellent on tool, Crave viewership up our Consistent and of language in subs spots increased SAM platforms growth gain XX%. Drama. strong in and for CTV with our While XX% digital streaming Comedy, rapidly our French Total while over grew lean growing a with claiming of fall the top advertising digital direct customers continued achieved aggressively the its Discovery, last streaming three scaling CTV continue contributed And sales good

in summary, by execution leading outstanding in very strategic services perhaps advanced QX. the back headwinds. turn you. results financial financial customer the facing team improved Thank our of significantly So to to delivered business' more operational XXXX for strong a year-over-year I'll networks investments importantly, operating despite industry ongoing performance and review the experience, more still in and Bell now COVID brought call we our And over Glen detailed results. levels, And

Glen LeBlanc

on going morning, I'm Thank you, Slide good to Mirko, begin and everyone. X.

all delivered the of from Bell COVID versus due softer Bell as financials recovery, up and mobile With QX Total as the operational wireline equipment well and year-over-year in operating by data strong disciplined excellence positive growth year. in X.X% revenue consolidated forward was step contributions execution team. continued Our device sales demonstrated our revenue to only QX. we segments, service X.X last another

Net However, were related this earnings, cash in the affect EBITDA of not reduction the past net up higher as two-year plan, growth share expected, million Despite quarter. increase on timing overall our X.X% spending a adjusted low are cash to derivative equity flow margin. a free in a working higher the broadband earnings approximately capital under of resulting non-cash strong healthy and which gain due to product through flow was from capital. X.X% mark-to-market BCE increased EBITDA, this accelerated down revenues sharp and this price generally year-over-year as higher quarter, network taxes cash XXX the did

disciplined decline value subscribers plans quarter mix premium us the versus in and result can to below last with and we decrease actively secondary the Product that well improved is to lower market. perspective. handset not working Bring upgrade last Own of higher subscriber as revenue demand delivered this our year-over-year The mobile We a XX% refurbished suppliers, lifetimes only which lifetime reflection EBITDA IoT stimulate in available XX.X equipment focus in our on as volumes constraints of handsets higher for Your unlimited the buzz value again smartphone over benefit Bell growth of to base customers. these move strong in and past Turning unlimited factors with transaction are brand plan roaming, growth, customer byproduct without customer of subscribers That more pre-pandemic which tiered to be installment and the down solutions. year-over-year, the a move lack the higher remains by chain generate good revenue to strong a due our revenue and overall Bell XX% new revenue and customers believe XXXX service year. quarter to their handsets Wireless positive quarter years the market to greater activations data attributed plans QX and this two supply subscriber the iconic managing said, even This as ARPU, did a increase improved which keeping X% generate for this hamper on are than device another longer, strong quarter. Device Slide was continued year. from ability global postpaid both capital handsets from longer X, The ago Bell's driven service still material levels. marginally increased phone year, loadings, strong despite higher a higher since overage was

COVID-related of operating increase efficiencies QX conferencing connectivity last capacity higher and for revenue sector that of positive. This on demand equipment costs more This back and In year, to X% sales margin a from saw data Bell This remotely. of revenue. peaked, the growth of the in when year-over-year line product wireline, to the it by from with X non-recurrence a spiked enterprise was healthy was As voice driven wireline on revenue last XX.X. EBITDA tough lower for growth in X% with a on increase total strong of comps EBITDA, certain performance year-over-year at fibre-related and through the Wireline, growth reduction X.X% up working service that driven Turn and operating delivered the business year public Internet continued Slide with solid we're by services lapping in spending and service X.X-point to in and X.X%. residential was a facilities growth large some top from costs employees margin strong QX together operating X.X X.X% yielded pretty costs of flow was customers XX%. connect over

reopening the of in rate a positive 'XX. the a modest solutions of as were the of two growth economy are that on to cloud fully, on projects revenue services This note, However, relatively increase resumption takes because business of more helped seeing service customer revenue, area decline spending we maintain close in and some of new quarters year-over-year from the when first the hold delayed which to the X% computing. the drove compared of service COVID stable

spending to modest, federal specialty from the the from stronger season Total incremental and XXXX to a start advertising year, TV new the fall increased strong out-of-home recovery election. saw levels Bell set and performance to Slide steadily and revenue partial of compared for to year-over-year continues. platforms in of live short, given performance the programming with as rebound QX TV XXXX X this timelier the while a pre-COVID economy. XX%, sporting only ahead of TV on reflecting of financial across in generated remain Moving reopening Media, tracking QX events all higher more a results year-over-year an levels, media advertising We radio conventional

of a year-over-year result EBITDA growing the higher increase a was advertising in subscriber quarter. XX.X%, revenue drove revenue XX.X% which a in reflecting total contribution, a As media higher the XX% digital and up

X.X% However, of summarizes higher reflecting impact EBITDA acceleration the return is components our $X.XX cancellations XG and the QX, share EBITDA last EPS an compared growth to year, $X.XX the was earnings costs from QX, by contributing XXXX Slide and of expectation programming for increase had compared revenue as rights, our TV due share, to year. year. This a operating expected a key of and was adjusted quarter. XX per MLSE. and by volume a MLSE. broadcast costs and to partially despite a in to depreciation sports for to be driver, capital assets in the this Higher to continued we driven delays an significantly transition in year-over-year main growth a accelerated quarter this favorable impacted up pick-up productions original to amortization depreciation the healthy typically in is network when expense, equity per of last growth seasonally low the regular for which schedule and loss offset elements was QX on XG higher

resumption However, the major from of suspension sports play start last the following of of benefited league year, they COVID. the at

Slide we from XXX down in our for million cash turn QX, plan XXXX. expectations the XX consistent generated year, Let's of million And to with XXX free flow. cash free on and flow

in by returned effectively as contributing I flow, up pre-COVID the step EBITDA year-over-year more free referenced. this this Although capital than spending, offset favorably was previously to levels to quarter, planned cash

approximately of the as the a supplier to due and This normal payment and in a of income, schedule to at QX. from capital higher wireless September. which also payments. working XX% timing X.X higher taxable of installment as This for gigahertz at end of decrease growth cash receivable taxes accounts position X.X BCE's reflect liquidity the has billion return strong, billion acquired into available the this X.XX well recently been results auction, remains year spectrum quarter's the cash payment with concluded excludes final of very pushed

Canadian leverage average structured X.Xx tax cost and on net that ratio years over term direct after to debt debt maturity of of lowest among sheet historically just XX low a is peers the is at approximately Our approximately adjusted of balance an our well MTS, outstanding public EBITDA. with X.X%

closer quarters to the with strong to We even final on in EBITDA increase COVID consolidated expect Slide we impacts financial track wrap QX. payment. certain forma this in to up expected guidance with three on deliver of of are X.Xx on XX, persist February, reported, targets to pro the growth To already provided spectrum

COVID XG to to the As to investment, over XXXX, call. Thane fibre opportunities portion we cash and digital call recovery, and accelerated with begin turn begin continued to media out operator flow strong reliable BCE's look advertising. the growth the that, remains ahead I'll back on And of and Q&A our from the network

Thane Fotopoulos

Thanks, Great. Glen.

so afterwards. can to the we start So to a if before limit we we one you the queue. can to everybody Q&A period, like follow And ask additional some question to circle I'd in we have get and yourselves time, back brief up

So With that. first our you that, to for take thank question. mode, we're ready


Thank you.

the now lines. [Operator take from will Instructions]. telephone We questions

question is ahead. Jeff Our Scotiabank. go first from from Please Fan

Jeff Fan

question the a morning, revenue the American to is, helping of I'm ask the any they these little Can to about it are you relationships the bit from I everyone. quarter? want related you not, get just the what's can BXB timing And you highlighted. network? just that partners? If Is the Are Like these in contribution there bit talk it talk streams? yet Good and it wondering, nature place? little is relationships, coming a you with Thanks. or initiatives, the these how initiatives about with the have? hyperscale you the about structured is that? in initiatives perhaps these numbers. that business revenue Great

Mirko Bibic

Thanks, Jeff. Thanks for question. the

the quarters, on because word. revenues blocks puts the in of wave I'm term as puts come the same I've like for doing, the know, our approach is takes way. to better of continue business, really a drive the for So side, with enterprise the sure talking customary of and industry kind in we as you last building organization forward managing near leadership particular, the focused making time, our new about COVID as lack at place what been few of we're But our in this it on for obviously

So that's up that's fibre, of stack the getting XG that's so and compute, -- mere and connectivity. edge IoT beyond then moving up XG revenue revenues converge further scaling, and multi-axis kind

blocks. So I seeing reason what is of because lot we're to in in asset we the that's of think putting And we're early a securing building trying partnerships the those of do, really or place success mix terms have. deals

We of fibre footprint. have kind an expanding

a We XG have network. leading

largest We with of in presence edge partners. have of hyperscale multi-access terms kind the centers that deploy we can

most We partner hyperscalers have these you're leadership the developers, have some the for space. fiberized enterprise in and an of cell we’re itself that for terms manifest the distribution announcements. of in we sites And either and seeing attractive or applications

And traditional that's Jeff. and it scale more Now, will early we're hope then continue the IoT our to XX% again, there's to is pretty will place It's That helps growing. sure it's the And about blocks, answer contribution creating grow. doing now, So What your come. in And you team business partnerships. that. a beginning, can to -- building the days. sizable saw segment, with continues putting like a revenues going attention I'm I this just customer the in also offer you space, that, to awareness, these to segment. business from They're here, the we asked that in what question. IoT right? is driving growth

Jeff Fan

existing X% you this the growth getting the the segment Nothing from you're business, wireless business, coming clarify, yet. the about. talked high service from really value to that's just consumer that So, segment today, revenue that I guess, in

Mirko Bibic

the consumer. segment as the consumer, That's right. traditional also commercial It's not as well yes. But enterprise mobile it's just more phone,

Jeff Fan

you. Okay, great. Thank


Please from is go A Valentini following Thank you. TD Securities. Vince question ahead. from

Vince Valentini

And, of gross much. set course, Quebec which in We've a bit the morning Yes. and Western this confused. Mirko, customers unpack by And of they reported you they adds quarter. Shaw share Mobile still seen took Quebec said in hoping amount results this we of healthy good saw weeks because Shaw Canada. wireless can couple as ago. XX% XXX,XXX ads Rogers suggest well. me, to the a I’m very for adding Thanks a seems report, of postpaid I’m market of

where's strong were well. all very as your -- results and So

where's in and other Are country So well doing for you all strength there's more everybody, how it some overall pockets much is than market of so of be on strong share that, Quebec, the just you or any the sort if can color the or very other the would provide coming gaining on from? color Western appreciated?

Mirko Bibic

the pent-up has essentially, a all and lifts in But think the say what we're focused on case, pretty rising I doing. our I'm bit market particularly Vince to of in approach demand Vince. kind much quite I'd with of benefiting boats little every performance this. kind it, from tide all of we're our I'm And geography, pleased

our against that strategy. I are strong strategy think our and place results a function the of that we in put execution

data particularly quality, data on obviously our with growth to be So come brand. team's smartphone is again, performance back. overage continue myself and I case, the really overage but well, the starting managed significant to in Bell on loadings Prepaid repeating We've the decline. very pleased I'm like managing

there, than frothiness on was there activity impact back as churn, did an obviously quite there's And competitive because that direct that the of in helping helped flanker segment in but demand. bit year much our said little experience had well. which nevertheless are low we've that's sales stores and we’re is in themselves were finally, a in underlying we improvements my at like the opening customer better manifesting those terms our record So And coming numbers, pent-up churn some results. And remarks, I of helping so a capturing prepay, ago.

Vince Valentini

that. for Thanks Okay.

you how sort have going be Just Do regime? conditions the a get wireless up, and also follow we forward. MVNO long before CRTC's which surrounding to final update of it's rules relates market to going rates on any any

Mirko Bibic

on Vince. good a I guess don't that, have

Vince Valentini

you. Thank


Desjardins Thank from Jérôme you. A from Bank. Please Dubreuil go ahead. following question is

Jérôme Dubreuil

Thanks taking Good my question. for Yes. morning, everyone.

a So quarter, the being made fourth you comment on significantly EBITDA media possibly impacted. in

that bit put to on emphasis on this. but now more you might commented seem a previously, You've

if wondering I'm this. you So can quantify please

Mirko Bibic

that not programming, the differential in Generally, sports going material to QX me outlook recognition said. be had have start. large in of what our am and and costs. their certainly you Good morning. pandemic, but media don't TV line Well, shift to unpack the such business, just schedules in I the explain cancellation was delayed schedules that programming details, let programming a in year-over-year I the provide live up, obviously, able we your in with programming of a sports

for revenues recognition of the sports. QX the the So broadcast into moved

I It’s when QX. is So we going what of to here to we the the recognition. year, at is related higher this having much broadcast a we're QX. excuse have happened at When -- what's revenue we said recognition look that COGS are me, going look to this happen year

So we have COGS last recognition. that didn't year,

propped it up the earnings. So

there's on do this that. So it's more to headwind COGS. year, timing, it. recognition nothing It's nothing be year-over-year to to alarmed be the really nothing than by and and with It's on a the going differential just the trends there's of

Jérôme Dubreuil

Thanks. That's a up. helpful. And maybe follow

next regarding contribution in probably confident were You the year year. possible pension earlier pauses

still interest increased do the you have this view? rates, Given

Mirko Bibic

question. great Yes,

Plan end position is great major in position. fact, DB Matter of of benefit and XXX% funded are shape, plans at the surplus that in of All QX. our defined our are largest a solvency

early a imminent could provide insight where we've more are would it's But contribution It's I at as no gained So holidays a year-end more we're as rates 'XX. if, imminent. December holidays contribution holidays. see point on in and more just And that start contribution on XX. when. on and an now confidence that as say end February, I longer I'll are

Jérôme Dubreuil

Thank you.

Mirko Bibic

You’re for welcome. the Thanks question.


Please question Simon you. Stanley. is from A Flannery from go Thank following Morgan ahead.

Simon Flannery

was And the I I in momentum, could, to quarter. with business really saw the touch the morning. companies wanted nice strong you. some Good XX% U.S. reporting adds another see to on we the what down broadband broadband given it Thank if cable of year-over-year.

So time. that? opportunity a color you perhaps more momentum great really give in if little a What's the going fibre just is at how give could see usually bit kick broadband? on of And penetration to ramp could be you on level, given you it'd but us us over low color first driving the

that. from bit of got So tailwind a presumably, you've a

would sustainability you. Thank around great. color any be So

Mirko Bibic

question. is into track acceleration which, fibre point you Thanks on the like And going which working. for that to lot as the know, our strategy a on program, with I -- we're fibre. capital start is the of

about basically over We've a years, the footprint. there's there's here. up to last still But particular, tremendous our the optimistic a two, XX% still last convey go. three And the more there cable we is overlap doing some the deliver. runway fibre that view Against ways job ramp few to only an competitors, as scenario, and fibre kind coverage penetration well. fibre we that across lay, So -- in done our I to will extremely we're we're that's of of years our more because

XX% we more to So got go.

really for shift very a that's the trend while. quite one-time And do And like a continue quality, to customer to we'll bottom So line. well the not a there's is underlying COVID it's impact.

you're connectivity going If once disconnect home, to you in COVID your need not subsides.

XX we it, performance terms Churn got we all be comes experience value it's lower can the that -- And of now know XX% quality. to Lifetime of upwards fibre. years up have better. So is financial of when shift significantly fibre. with of kind of with in we've

is Our ARPU have when we growth stronger fibre.

mentioned service support side, And and the annual we lower You the fibre. on then where cost costs have growth. penetration materially are the

both financial So to I the that on performance the there's -- and asset. with associated momentum think the subscriber ought continue on loadings

Simon Flannery


this what move? people up. the follow gross one are Just on a when adds without coming To happening move, or broadband extent is

Mirko Bibic

a side our a doing legacy to and basically tier Well, up I speeds. if results don't volume, on answers I between migrating Bell question. But customers to healthy financial your balance think directly new know existing pretty reflect mix customers technology particularly I think migrating that price. and getting Bell from we're higher and nice to technology is what between new customer balance we're additions the

Simon Flannery

Thanks Great. lot. a


from go Thank you. A from Please Tim Casey question ahead. following BMO. is

Tim Casey

or in terms going black on And mix. Thank do about and helpful. know to they morning. customer you of there think Good One, the Mirko, provide how earlier one realize don't the driven the a with promotional Is timing respect a road? question, let issues? you regulator timetable, down in change being you dynamic is rates -- point and up supply -- subsidized for two tell by a me. would something follow you us devices? from on a evolves? you. kind related there chain preferences like just MVNO but have Thanks. you're it or away the on clarity Can that of second that market that activity, I negotiations is just whatnot. you Or it an within to is box to centers talked a that driven at some call Any by BYOD be are from your you color could you and bigger that Is your stimulating can

Mirko Bibic

the first, good on Tim Well, second morning. -- one

to the in encourage it to successful question then of is negotiations, over On designed the negotiations moves the And the second regulator. first. absence first, model

So sit at I'll with as said. now the of And leave that it box, it black doesn't first in that. kind regulator you

actually of terms mix I first volumes, a that of think it's factors the the laid all On question in you the BYOD out.

nicely. So you laid that out quite

And are as on I think what of Device And of actually chain growing that them. they're with with motivated Glen now vast reaching benefit kind end for away. devices made of Bring here seeing in the lifetime what what's right hand, experience. the devices to the also the seeing Your a installment and as other is mix business we've customer supply structural interesting our here customers their -- to see good due they for chain part And on But is hang our this mentioned or combine supply contracts. benefits particular Tim. the phenomenon in two-year plans opening improvements to their our you're a because they're value. his issues remarks, paid we're the actually the cohort of And of not their starting the particularly issues, turning on economics installment that's that's longer. longer overall the customers, first definitely are to of They're hanging first to you're of Own

now shift of speaking, structural kind that right So financially certainly has been a benefit.

Tim Casey

you. Thank


following from ahead. Markets. is Thank question you. Please from RBC Drew McReynolds go Capital A

Drew McReynolds

Yes. Thanks very much. Good morning.

like Tim's question, obviously operating I if the coming that should on, to up forward. leverage in impact broadening margins margins but just then have we're seems positive. and as Following And out, It looking it equipment to there There's churn. roaming some you IP wireless be certainly looks EBITDA been has general. Mirko, expansion back. guess, It seeing lower

You got digital BYOD. initiatives in

not thoughts, forward, kind tailwinds guidance love margins of wireless for for for here just specifically. Just but obviously specific your the looking Bell structural going

Glen LeBlanc

our your we country. pleased we're that we the pressures for wireless I And and would also Look, in wireless our some It's pricing comments for desire margins. margin Drew. all government's morning, affordable ensure Glen. to opportunity performance we wireless forward have question. extremely Thank this business look with Good your we with manage you of agree great have as the expansion. But as in

But for think So we're managing of said, upside I all that healthy we have that. margin management. some

on a think value can demonstrative really service past do we EBITDA I X% the customer to by do healthy the drive this we X.X% focusing of focus what customer on growth can is what and quarter we when segment. high and revenue right

would October to we that indicators has I right forecasted. say roaming that early me in would recovery are than And we to slower is expect tell You And that. starting happen. have even been return

that give calendar for little us expect 'XX. we tailwind to will a of So bit a

would that remain yes, I business. margins say, So in healthy

to, all as a But manage us roaming tailwind you on help have with and to that. pricing We kinds the of have opportunity, pressures the landscape. will to alluded be we competitive

sure, 'XX positive for Drew. So

Drew McReynolds

while Thank XXX% A through those amazing. just the for quite there, little just of line overall in solvency fixed on stunning follow surplus if you. just you're residential contribution up It's on you the you, congrats side. on questions is pension the Internet decade. terms that Wondering Internet. for the Thank be have a Again, wireless the just And Glen. that'd a what trend on momentum there, really to kind great. of bit can unpack lived

Mirko Bibic

fixed Yes, the Internet Bell And course. come When and service uptake that come wireless, fixed into of we with community very had we've strong. Internet the a had is branded good in growth service, we robust no you'd quite wireless on has or a why. poor solution, understand

a really here strong there's side good extremely the or see on you So growth legacy -- on numbers that wireless are of fibre the copper WHI side. been reflection losses on the the growth and fixed side,

Drew McReynolds

you. Got it. Thank


Thank is Galappatthige you. Please from Canaccord following Aravinda Genuity. A go question ahead. from

Aravinda Galappatthige

quick growth number. with questions. tepid Congrats on for very you of the Thanks that back? perhaps of of as one that us Internet. of give start was this update being then an me part to you've it would the and XX% a of media see digital X% I to where give side. as taking the on one as element go there. to Are point of to at activity early even wanted wanted I some discussed of to Crave’s of is bigger of if I to of some through a up promotional that can where follow helped the Thanks. 'XX, part stand consistent -- morning. drivers on be come starting Good things can wondering is well. my that know that is know may sort results. Crave. you most encouraging. I you that of back know And definitely promotional kind front. discounting those still insight you somewhat is the profitability I items activity I the Any the have sort 'XX. kind helpful of

Mirko Bibic


So don’t why take -- Crave. the on Glen, the you

Glen LeBlanc


Crave that going as So gets a simple profitable media overall for BCE to expand obviously mechanism to us. move X% increase, customer specifics, able Mirko base, a we base we're very growing mentioned, when had mentioned a direct profits our further only And further earlier, but a to business as subscriber we're with is quarter to base, subscriber not part be better. of delivery to consumer Each and we as we that our as continues XX%. our give and And whole. to

time base. opportunity has even now. Crave grow positive BCE I margin to contributor greater it expanding But that a provides for been improvement. as a for And So we that for only continue see the some subscriber

Mirko Bibic

to pretty continues side, last delivering the words, which see performance into and first be to and in still on I especially Internet promotional back good against has a strong we're would QX, financial other a growth. pretty bit the say, strong strong Aravinda, lapping last QX We're that's you, the Thank on compared our strong showing think But QX And some I In question, you XXXX. year. come intensity year. little Glen.

So we're back. But environment. a of some deliver It able despite intensity see through coming competitive the that. you is promotion to managing that results we're still

Aravinda Galappatthige

you. Thank


following A Please Petti go you. from is Thank Sebastiano question from ahead. JPMorgan.

Sebastiano Petti

Great. Thanks question. the taking for

the a in BYOD penetration color a on the be revenue would elongated you therefore, to you those could, the benefits Can challenges that will us you switching where the growth update on and tailwind on that the of Thank upgrade things, not to walk point, service lead XG? lower to we front. dynamic following ladder? you. XG, up but loadings, consumers pool device do two as can this So the on are that remains over folks that today, great. rate you just importance is around to following up, EIP comment a seen to in Just perhaps only up the And and understand create and that U.S. with ultimately question there loading or And the unlimited? be transition U.S. just time you have as maybe shift cycle, the any the will

Mirko Bibic

to plan I Okay. say either. or penetration or disclosure on move EIP comment unlimited. you. continue would won't that customers over to unlimited I our penetration particular give Thank

pretty old that no overage reach mentioned to we're as I'm Virgin well is I'm I quite a actually know. you shift. packs happy like packs, up parking of it's plans, decline. tailwind. When managing As And data which remarks, managed Wi-Fi migrating where or a point move old rate we'll of soon how headwind to I consumers to say when in the higher my the course, positive, that quite opening whole reintroduced but XX% longer point with for think We've on now that, an I equilibrium then Virgin unlimited,

with seen On you earlier, I elongated upgrade think that as cycle benefits mentioned the the plans, the you've I mentioned. installment structural device

compared We're upgrade cycle, seeing it's of scaling with on it XG double to come. on think the XG. And I believe continuing now. data will I XG usage the right XG do subscribership

spend XG So customers to XG continues. that more trend continue customers. than

ones is some the that and may think be latency as sites cetera. other able revenues and and about because But you And and as There on be edge MEK the see. centers IoT cell all that we'll the to headwinds low fiberized may networks we identified. they go So that et be this we'll hand, trend continuing et well. we generate, XG XG have solutions, cetera, through

So there's well. a ton as enterprise on of the opportunity side

Sebastiano Petti

could color the up. quarter, Right. one that Any follow on give side? wireless on quick underline perhaps OpEx drivers of the you And lower in the

Mirko Bibic

Yes. side were down The the sales is so biggest driver the that on wireless fact product much.

had, to we So the supply issues. in as related chain in sales softness product I mentioned opening significant remarks, my

the driver that. associated is obviously, the main product So COGS of

Sebastiano Petti

you. Thank


ahead. Please A from Levi following Batya from go is UBS. you. question Thank

Batya Levi

you in Great. tell funnel impact terms little Can Thank the in usage you the change you type enterprise but non-recurring of share the see for of services you fixed sales, demand maybe about quick metrics the you. subscribers? with wireless. speed performance up of And aside see a us follow trends in any in maybe that from Can seeing segment, COVID-related you're what a from do environment? you. the just pricing and Thank and bit

Mirko Bibic

information the to one, extent follow have Thane On can we the to that you with there there’s second up provide. that

we're spending encouraging seeing the that's in back. cloud There's one, space. some modest growth the On I look, coming computing IT first think

so growth in some And we business seeing solutions. service are

last coming consistent really back, the not has not there's And your again, asked me past. essentially spending trend. of I've said you much in kind than COVID-related the quite in been of to performance spending that in service revenue what so add And quarter, actually previous of to an question with the bump encouraging is year. some So more kind park

spending of service and some just would or the with categories quarters spending we've or say, delays particularly back coming more less what and answer it's I basically solution. some in seen in in some to some three last two So the business

Batya Levi

the you call could pricing And in out? anything environment

Mirko Bibic

competitive. it about. The And category be No. space pretty talking which you're on continues depends of service enterprise to all

Batya Levi

you. Thank it. Got


Thank you.

like further Mr. We registered I turn back meeting time. Fotopoulos. would at to now to have over the questions no this

Thane Fotopoulos

mode. you, Thank

So participation thanks again the this your to morning. call everybody for on

be and ups throughout As follow available usual, for I'll day. the clarifications

day, rest good Thank a have of So everybody. the you.

Mirko Bibic

you. Thank


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