- Cogeco Communications repurchased $116.5 million worth of its shares following CDPQ's acquisition of the entirety of Rogers' holdings in both Cogeco and Cogeco Communications. As a result of this transaction, CDPQ has become an anchor investor in Cogeco Communications;
- Cogeco Communications further advanced its wireless ambitions by securing spectrum licences in Québec and Ontario in the 3800 MHz spectrum auction, for a total purchase price of $190.3 million. With this acquisition, Cogeco Communications has spectrum covering 100% of its Canadian broadband network footprint as well as valuable spectrum in the greater Toronto, Montréal, Québec City and Ottawa regions;
- Cogeco Connexion reported another quarter of strong Internet subscriber performance, with 10,765 net customer additions, driven by a mix of new customers added under our digital oxio brand, in fibre-to-the-home network expansions and in other operating areas;
- Revenue declined by 1.9% compared to the same period last year to $747.7 million, as revenue growth at Cogeco Connexion was offset by lower revenue at Breezeline;
- Adjusted EBITDA(1) of $359.0 million decreased by 2.3% over last year, in line with our expectations;
- Profit for the period amounted to $95.8 million, a decrease of 20.5%, mainly due to higher financial expenses including a pre-tax $16.9 million non-cash loss on debt extinguishment following a US$1.6 billion refinancing;
- Free cash flow(1) amounted to $137.6 million, an increase of 30.9%, due to lower net capital expenditures, while cash flows from operating activities increased by 22.1% to $237.0 million. Free cash flow, excluding network expansion projects(1) was $169.3 million, stable compared to last year;
- Cogeco Communications maintains its fiscal 2024 financial guidelines as issued on November 1, 2023; and
- A quarterly dividend of $0.854 per share was declared, representing a 10.1% increase over the prior year.
MONTRÉAL, Jan. 10, 2024 /CNW/ - Today, Cogeco Communications Inc. (TSX: CCA) ("Cogeco Communications" or the "Corporation") announced its financial results for the first quarter ended November 30, 2023.
"The first months of fiscal 2024 were transformational and historic moments for our company. We recently announced that Cogeco Communications bought back 2.3 million of its shares at a discounted market price per share, providing free cash flow per share accretion. In conjunction with this transaction, the public float of Cogeco Communications was increased therefore enhancing trading liquidity. This opportunity represented a unique and attractive use of our capital to build value for our shareholders, while strengthening our existing partnership with CDPQ as an anchor investor in Cogeco Communications. Another important milestone for us was when we secured wireless spectrum critical for the 5G technology and now have spectrum coverage for 100% of our wireline footprint. This spectrum was secured at a significantly lower cost compared to past spectrum auctions," said Philippe Jetté, President and Chief Executive Officer of Cogeco Communications Inc.
"Our Canadian telecommunications business chalked up another quarter of strong Internet subscriber performance, thanks to gains across each of our oxio, expansion and legacy footprints," continued Mr. Jetté. "We continue to be impressed by the oxio brand's growing adoption by consumers."
"In the U.S., our network expansion program along with demand from existing customers for our higher speed tiers helped offset customer losses at lower price points which were more directly impacted by competition and challenging market conditions. Consistent with our Internet led strategy to improve customer lifetime value, our attractive product mix and focus on cost efficiencies helped deliver another quarter of higher adjusted EBITDA margin," continued Mr. Jetté.
"At Cogeco Communications, we strive on a daily basis to deliver the best products and service to our clients, engage with the communities we serve, prioritize digital inclusion and climate action, and finally, execute a sustainable business model through responsible and ethical management to generate value for all of our stakeholders," concluded Mr. Jetté.
Consolidated Financial Highlights
Three months ended November 30 |
2023 |
2022 |
Change |
Change in constant |
(1) |
||
(In thousands of Canadian dollars, except % and per share data) (unaudited) |
$ |
$ |
% |
% |
|||
Revenue |
747,689 |
762,300 |
(1.9) |
(2.5) |
|||
Adjusted EBITDA (1) |
358,960 |
367,223 |
(2.3) |
(2.8) |
|||
Adjusted EBITDA margin (1) |
48.0 % |
48.2 % |
|||||
Profit for the period |
95,752 |
120,375 |
(20.5) |
||||
Profit for the period attributable to owners of the Corporation |
89,493 |
111,504 |
(19.7) |
||||
Adjusted profit attributable to owners of the Corporation (1) (3) |
103,726 |
113,471 |
(8.6) |
||||
Cash flows from operating activities |
236,982 |
194,159 |
22.1 |
||||
Free cash flow (1) |
137,593 |
105,128 |
30.9 |
30.7 |
|||
Free cash flow, excluding network expansion projects (1) |
169,253 |
170,962 |
(1.0) |
(1.2) |
|||
Acquisition of property, plant and equipment |
153,549 |
234,637 |
(34.6) |
||||
Net capital expenditures (1) (2) |
146,427 |
196,971 |
(25.7) |
(26.2) |
|||
Net capital expenditures, excluding network expansion projects (1) |
114,767 |
131,137 |
(12.5) |
(13.2) |
|||
Capital intensity (1) |
19.6 % |
25.8 % |
|||||
Capital intensity, excluding network expansion projects (1) |
15.3 % |
17.2 % |
|||||
Diluted earnings per share |
2.01 |
2.44 |
(17.6) |
||||
Adjusted diluted earnings per share (1) (3) |
2.33 |
2.48 |
(6.0) |
||||
Operating results
For the first quarter of fiscal 2024 ended on November 30, 2023:
- Revenue decreased by 1.9% to $747.7 million. On a constant currency basis(1), revenue decreased by 2.5%, driven by a lower customer base in the American telecommunications segment, which offset revenue growth in the Canadian telecommunications segment, as explained below.
- Canadian telecommunications' revenue increased by 1.2%, mainly driven by the oxio acquisition completed on March 3, 2023 as well as the cumulative effect of high-speed Internet service additions over the past year.
- American telecommunications' revenue decreased by 4.9%, or 6.0% in constant currency, mainly due to a lower customer base over the past year with an increasing proportion of customers only subscribing to Internet services, as well as the timing of price increases introduced in the fiscal 2023 first-quarter which gave rise to a difficult comparison between both periods. The revenue decrease was offset in part by a higher revenue per customer and a better product mix resulting from customers subscribing to increasingly fast Internet speeds.
- Adjusted EBITDA decreased by 2.3% to $359.0 million. On a constant currency basis, adjusted EBITDA decreased by 2.8%, due to a decline in both the American telecommunications and Canadian telecommunications segments, as further explained below, in addition to higher corporate costs, primarily due to the timing of certain operating expenses including in relation to its plan to offer mobile services in Canada.
- American telecommunications adjusted EBITDA decreased by 2.4%, or 3.6% in constant currency, mainly due to lower revenue, partly offset by a better product mix and cost reduction initiatives.
- Canadian telecommunications adjusted EBITDA decreased by 1.1%, mainly due to revenue growth being offset by higher operating expenses.
- Profit for the period amounted to $95.8 million, of which $89.5 million, or $2.01 per diluted share, was attributable to owners of the Corporation compared to $120.4 million, $111.5 million, and $2.44 per diluted share, respectively, in the comparable period of fiscal 2023. The decreases in profit for the period and profit attributable to owners of the Corporation resulted mainly from higher financial expense, mostly due to a pre-tax $16.9 million non-cash loss on debt extinguishment recognized following a US$1.6 billion refinancing in September 2023, lower adjusted EBITDA and higher depreciation and amortization expense, partly offset by lower income tax expense.
- Adjusted profit attributable to owners of the Corporation(3) was $103.7 million, or $2.33 per diluted share(3), compared to $113.5 million, or $2.48 per diluted share, last year.
- Net capital expenditures were $146.4 million, a decrease of 25.7% compared to $197.0 million in the same period of the prior year. In constant currency, net capital expenditures(1) were $145.4 million, a decrease of 26.2% compared to last year, mostly due to lower spending in both the Canadian and American telecommunications segments following the completion, or near completion, as well as the timing of several fibre-to-the-home network expansion projects.
- Excluding network expansion projects, net capital expenditures were $114.8 million, a decrease of 12.5% compared to $131.1 million in the same period of the prior year. In constant currency, net capital expenditures, excluding network expansion projects(1) were $113.9 million, a decrease of 13.2% compared to last year.
- Fibre-to-the-home network expansion projects continued in both Canada and the United States, with homes passed additions of more than 13,000 during the first quarter of fiscal 2024.
- Capital intensity was 19.6% compared to 25.8% last year. Excluding network expansion projects, capital intensity was 15.3% compared to 17.2% in the same period of the prior year.
- Acquisition of property, plant and equipment decreased by 34.6% to $153.5 million, due to reduced capital spending in both countries.
- Free cash flow increased by 30.9%, or 30.7% in constant currency, and amounted to $137.6 million, or $137.4 million in constant currency, mainly due to lower net capital expenditures. Free cash flow, excluding network expansion projects amounted to $169.3 million, or $168.9 million in constant currency, and remained stable compared to the same period of the prior year.
- Cash flows from operating activities increased by 22.1% to $237.0 million, resulting mostly from lower income taxes paid, and to a lesser extent, the timing of trade accounts receivable, offset in part by lower adjusted EBITDA and higher interest paid.
- On November 30, 2023, Cogeco Communications, through its wholly-owned subsidiary Elite General Partnership, secured 99 spectrum licences in urban and rural markets, including the greater Toronto, Montréal, Québec City and Ottawa areas, for a total purchase price of $190.3 million.
- On December 13, 2023, Cogeco Communications completed the repurchase, for cancellation, of the 2,266,537 shares sold by Cogeco, for an amount of $116.5 million, following the purchase by CDPQ of the entirety of Rogers' holdings in both Cogeco and Cogeco Communications.
- Cogeco Communications maintains its fiscal 2024 financial guidelines as issued on November 1, 2023.
- At its January 10, 2024 meeting, the Board of Directors of Cogeco Communications declared a quarterly eligible dividend of $0.854 per share, an increase of 10.1% compared to $0.776 per share in the comparable quarter of fiscal 2023.
__________ |
|
(1) |
Adjusted EBITDA and net capital expenditures are total of segments measures. Adjusted EBITDA margin and capital intensity are supplementary financial measures. Constant currency basis, adjusted profit attributable to owners of the Corporation, net capital expenditures, excluding network expansion projects, free cash flow and free cash flow, excluding network expansion projects are non-IFRS financial measures. Change in constant currency, capital intensity, excluding network expansion projects and adjusted diluted earnings per share are non-IFRS ratios. These indicated terms do not have standardized definitions prescribed by International Financial Reporting Standards ("IFRS") and, therefore, may not be comparable to similar measures presented by other companies. For more information on these financial measures, please consult the "Non-IFRS and other financial measures" section of this press release. |
(2) |
Net capital expenditures exclude non-cash acquisitions of right-of-use assets and the purchases of spectrum licences, and are presented net of government subsidies, including the utilization of those received in advance. |
(3) |
Excludes the impact of acquisition, integration, restructuring and other costs, and gains/losses on debt modification and/or extinguishment, net of tax and non-controlling interest. |
Financial highlights
Three months ended November 30 |
2023 |
2022 |
Change |
Change in constant |
(1) |
|
(In thousands of Canadian dollars, except % and per share data) |
$ |
$ |
% |
% |
||
Operations |
||||||
Revenue |
747,689 |
762,300 |
(1.9) |
(2.5) |
||
Adjusted EBITDA (2) |
358,960 |
367,223 |
(2.3) |
(2.8) |
||
Adjusted EBITDA margin (2) |
48.0 % |
48.2 % |
||||
Acquisition, integration, restructuring and other costs (3) |
2,616 |
2,677 |
(2.3) |
|||
Profit for the period |
95,752 |
120,375 |
(20.5) |
|||
Profit for the period attributable to owners of the Corporation |
89,493 |
111,504 |
(19.7) |
|||
Adjusted profit attributable to owners of the Corporation (2)(4) |
103,726 |
113,471 |
(8.6) |
|||
Cash flow |
||||||
Cash flows from operating activities |
236,982 |
194,159 |
22.1 |
|||
Free cash flow (2) |
137,593 |
105,128 |
30.9 |
30.7 |
||
Free cash flow, excluding network expansion projects (2) |
169,253 |
170,962 |
(1.0) |
(1.2) |
||
Acquisition of property, plant and equipment |
153,549 |
234,637 |
(34.6) |
|||
Net capital expenditures (2)(5) |
146,427 |
196,971 |
(25.7) |
(26.2) |
||
Net capital expenditures, excluding network expansion projects (2) |
114,767 |
131,137 |
(12.5) |
(13.2) |
||
Capital intensity (2) |
19.6 % |
25.8 % |
||||
Capital intensity, excluding network expansion projects (2) |
15.3 % |
17.2 % |
||||
Per share data (6) |
||||||
Earnings per share |
||||||
Basic |
2.02 |
2.45 |
(17.6) |
|||
Diluted |
2.01 |
2.44 |
(17.6) |
|||
Adjusted diluted (2)(4) |
2.33 |
2.48 |
(6.0) |
|||
Dividends per share |
0.854 |
0.776 |
10.1 |
|||
(1) |
Key performance indicators presented on a constant currency basis are obtained by translating financial results from the current period denominated in US dollars at the foreign exchange rate of the comparable period of the prior year. For the three-month period ended November 30, 2022, the average foreign exchange rate used for translation was 1.3489 USD/CDN. |
(2) |
Adjusted EBITDA and net capital expenditures are total of segments measures. Adjusted EBITDA margin and capital intensity are supplementary financial measures. Adjusted profit attributable to owners of the Corporation, free cash flow, free cash flow, excluding network expansion projects and net capital expenditures, excluding network expansion projects are non-IFRS financial measures. Change in constant currency, capital intensity, excluding network expansion projects and adjusted diluted earnings per share are non-IFRS ratios. These indicated terms do not have standardized definitions prescribed by IFRS and, therefore, may not be comparable to similar measures presented by other companies. For more information on these financial measures, please consult the "Non-IFRS and other financial measures" section of this press release. |
(3) |
For the three-month periods ended November 30, 2023 and 2022, acquisition, integration, restructuring and other costs mostly related to costs associated with the configuration and customization related to cloud computing and other arrangements. |
(4) |
Excludes the impact of acquisition, integration, restructuring and other costs, and gains/losses on debt modification and/or extinguishment, net of tax and non-controlling interest. |
(5) |
Net capital expenditures exclude non-cash acquisitions of right-of-use assets and the purchases of spectrum licences, and are presented net of government subsidies, including the utilization of those received in advance. |
(6) |
Per multiple and subordinate voting share. |
As at |
November 30, 2023 |
August 31, 2023 |
(In thousands of Canadian dollars) |
$ |
$ |
Financial condition |
||
Cash and cash equivalents |
84,562 |
362,921 |
Total assets |
9,501,497 |
9,768,370 |
Long-term debt |
||
Current |
65,939 |
41,765 |
Non-current |
4,672,739 |
4,979,241 |
Net indebtedness (1) |
4,747,734 |
4,749,214 |
Equity attributable to owners of the Corporation |
3,003,833 |
2,957,797 |
(1) |
Net indebtedness is a capital management measure. For more information on this financial measure, please consult the "Non-IFRS and other financial measures" section of the Corporation's MD&A for the three-month period ended November 30, 2023, available on SEDAR+ at www.sedarplus.ca. |
Forward-looking statements
Certain statements contained in this press release may constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to Cogeco Communications Inc.'s ("Cogeco Communications" or the "Corporation") future outlook and anticipated events, business, operations, financial performance, financial condition or results and, in some cases, can be identified by terminology such as "may"; "will"; "should"; "expect"; "plan"; "anticipate"; "believe"; "intend"; "estimate"; "predict"; "potential"; "continue"; "foresee", "ensure" or other similar expressions concerning matters that are not historical facts. Particularly, statements regarding the Corporation's financial guidelines, future operating results and economic performance, objectives and strategies are forward-looking statements. These statements are based on certain factors and assumptions including expected growth, results of operations, purchase price allocation, tax rates, weighted average cost of capital, performance and business prospects and opportunities, which Cogeco Communications believes are reasonable as of the current date. Refer in particular to the "Corporate objectives and strategies" section of the Corporation's 2023 annual MD&A and of the fiscal 2024 first-quarter MD&A, and the "Fiscal 2024 financial guidelines" section of the Corporation's 2023 annual MD&A for a discussion of certain key economic, market and operational assumptions we have made in preparing forward-looking statements. While management considers these assumptions to be reasonable based on information currently available to the Corporation, they may prove to be incorrect. Forward-looking information is also subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what Cogeco Communications currently expects. These factors include risks such as general market and other conditions, competitive risks (including changing competitive ecosystems and disruptive competitive strategies adopted by our competitors), business risks, regulatory risks, technology risks (including cybersecurity), financial risks (including variations in currency and interest rates), economic conditions (including inflation pressuring revenue, reduced consumer spending and increasing costs), talent management risks (including highly competitive market for limited pool of digitally skilled employees), human-caused and natural threats to the Corporation's network (including increased frequency of extreme weather events with the potential to disrupt operations), infrastructure and systems, community acceptance risks, ethical behavior risks, ownership risks, litigation risks and public health and safety, many of which are beyond the Corporation's control. For more exhaustive information on these risks and uncertainties, the reader should refer to the "Uncertainties and main risk factors" sections of the Corporation's 2023 annual MD&A and of the fiscal 2024 first-quarter MD&A. These factors are not intended to represent a complete list of the factors that could affect Cogeco Communications and future events and results may vary significantly from what management currently foresees. The reader should not place undue importance on forward-looking information contained in this press release which represent Cogeco Communications' expectations as of the date of this press release (or as of the date they are otherwise stated to be made) and are subject to change after such date. While management may elect to do so, the Corporation is under no obligation (and expressly disclaims any such obligation) and does not undertake to update or alter this information at any particular time, whether as a result of new information, future events or otherwise, except as required by law.
All amounts are stated in Canadian dollars unless otherwise indicated. This press release should be read in conjunction with the Corporation's MD&A for the three-month period ended November 30, 2023, the Corporation's condensed interim consolidated financial statements and the notes thereto for the same periods prepared in accordance with International Financial Reporting Standards ("IFRS") and the Corporation's 2023 Annual Report.
Non-IFRS and other financial measures
This press release includes references to non-IFRS and other financial measures used by Cogeco Communications. These financial measures are reviewed in assessing the performance of Cogeco Communications and used in the decision-making process with regard to its business units.
Reconciliations between non-IFRS and other financial measures to the most directly comparable IFRS financial measures are provided below. Certain additional disclosures for non-IFRS and other financial measures used in this press release have been incorporated by reference and can be found in the "Non-IFRS and other financial measures" section of the Corporation's MD&A for the three-month period ended November 30, 2023, available on SEDAR+ at www.sedarplus.ca. The following non-IFRS financial measures are used as a component of Cogeco Communications' non-IFRS ratios.
Specified non-IFRS financial measures |
Used in the component of the following non-IFRS ratios |
Adjusted profit attributable to owners of the Corporation |
Adjusted diluted earnings per share |
Constant currency basis |
Change in constant currency |
Net capital expenditures, excluding network expansion projects |
Capital intensity, excluding network expansion projects |
Financial measures presented on a constant currency basis for the three-month period ended November 30, 2023 are translated at the average foreign exchange rate of the comparable period of the prior year, which was 1.3489 USD/CDN.
Constant currency basis and foreign exchange impact reconciliation
Consolidated
Three months ended November 30 |
||||||||||||
Change |
||||||||||||
2023 |
Foreign |
2023 in constant |
2022 |
Actual |
In constant |
|||||||
(In thousands of Canadian dollars, except percentages) |
$ |
$ |
$ |
$ |
% |
% |
||||||
Revenue |
747,689 |
(4,462) |
743,227 |
762,300 |
(1.9) |
(2.5) |
||||||
Operating expenses |
383,491 |
(2,507) |
380,984 |
389,677 |
(1.6) |
(2.2) |
||||||
Management fees – Cogeco Inc. |
5,238 |
— |
5,238 |
5,400 |
(3.0) |
(3.0) |
||||||
Adjusted EBITDA |
358,960 |
(1,955) |
357,005 |
367,223 |
(2.3) |
(2.8) |
||||||
Free cash flow |
137,593 |
(176) |
137,417 |
105,128 |
30.9 |
30.7 |
||||||
Net capital expenditures |
146,427 |
(1,060) |
145,367 |
196,971 |
(25.7) |
(26.2) |
||||||
Canadian telecommunications segment
Three months ended November 30 |
||||||||||||
Change |
||||||||||||
2023 |
Foreign |
2023 in constant |
2022 |
Actual |
In constant |
|||||||
(In thousands of Canadian dollars, except percentages) |
$ |
$ |
$ |
$ |
% |
% |
||||||
Revenue |
376,448 |
— |
376,448 |
372,084 |
1.2 |
1.2 |
||||||
Operating expenses |
180,094 |
(191) |
179,903 |
173,451 |
3.8 |
3.7 |
||||||
Adjusted EBITDA |
196,354 |
191 |
196,545 |
198,633 |
(1.1) |
(1.1) |
||||||
Net capital expenditures |
87,836 |
(388) |
87,448 |
115,238 |
(23.8) |
(24.1) |
||||||
American telecommunications segment
Three months ended November 30 |
||||||||||||
Change |
||||||||||||
2023 |
Foreign |
2023 in constant |
2022 |
Actual |
In constant |
|||||||
(In thousands of Canadian dollars, except percentages) |
$ |
$ |
$ |
$ |
% |
% |
||||||
Revenue |
371,241 |
(4,462) |
366,779 |
390,216 |
(4.9) |
(6.0) |
||||||
Operating expenses |
193,071 |
(2,316) |
190,755 |
207,710 |
(7.0) |
(8.2) |
||||||
Adjusted EBITDA |
178,170 |
(2,146) |
176,024 |
182,506 |
(2.4) |
(3.6) |
||||||
Net capital expenditures |
55,853 |
(672) |
55,181 |
80,408 |
(30.5) |
(31.4) |
||||||
Adjusted profit attributable to owners of the Corporation
Three months ended November 30 |
||
2023 |
2022 |
|
(In thousands of Canadian dollars) |
$ |
$ |
Profit for the period attributable to owners of the Corporation |
89,493 |
111,504 |
Acquisition, integration, restructuring and other costs |
2,616 |
2,677 |
Loss on debt extinguishment (1) |
16,880 |
— |
Tax impact for the above items |
(5,161) |
(710) |
Non-controlling interest impact for the above items |
(102) |
— |
Adjusted profit attributable to owners of the Corporation |
103,726 |
113,471 |
(1) |
Included within financial expense. |
Free cash flow reconciliation
Three months ended November 30 |
||
2023 |
2022 |
|
(In thousands of Canadian dollars) |
$ |
$ |
Cash flows from operating activities |
236,982 |
194,159 |
Amortization of deferred transaction costs and discounts on long-term debt (1) |
2,674 |
3,044 |
Loss on debt extinguishment (1) |
16,880 |
— |
Changes in other non-cash operating activities |
52,935 |
64,416 |
Income taxes paid |
2,903 |
46,618 |
Current income taxes |
(7,228) |
(8,376) |
Interest paid |
63,972 |
60,498 |
Financial expense |
(83,294) |
(56,919) |
Net capital expenditures (2) |
(146,427) |
(196,971) |
Repayment of lease liabilities |
(1,804) |
(1,341) |
Free cash flow |
137,593 |
105,128 |
(1) |
Included within financial expense. |
(2) |
Net capital expenditures exclude non-cash acquisitions of right-of-use assets and the purchases of spectrum licences, and are presented net of government subsidies, including the utilization of those received in advance. |
Net capital expenditures reconciliation
Three months ended November 30 |
||
2023 |
2022 |
|
(In thousands of Canadian dollars) |
$ |
$ |
Acquisition of property, plant and equipment |
153,549 |
234,637 |
Subsidies received in advance recognized as a reduction of the cost of property, plant and equipment during |
(7,122) |
(37,666) |
Net capital expenditures |
146,427 |
196,971 |
Adjusted EBITDA reconciliation
Three months ended November 30 |
||
2023 |
2022 |
|
(In thousands of Canadian dollars) |
$ |
$ |
Profit for the period |
95,752 |
120,375 |
Income taxes |
18,098 |
31,953 |
Financial expense |
83,294 |
56,919 |
Depreciation and amortization |
159,200 |
155,299 |
Acquisition, integration, restructuring and other costs |
2,616 |
2,677 |
Adjusted EBITDA |
358,960 |
367,223 |
Net capital expenditures and free cash flow excluding network expansion projects reconciliations
Net capital expenditures
Three months ended November 30 |
|||||||||||
Change |
|||||||||||
2023 |
Foreign |
2023 in constant |
2022 |
Actual |
In constant |
||||||
(In thousands of Canadian dollars, except percentages) |
$ |
$ |
$ |
$ |
% |
% |
|||||
Net capital expenditures |
146,427 |
(1,060) |
145,367 |
196,971 |
(25.7) |
(26.2) |
|||||
Net capital expenditures in connection with network expansion projects |
31,660 |
(162) |
31,498 |
65,834 |
(51.9) |
(52.2) |
|||||
Net capital expenditures, excluding network expansion projects |
114,767 |
(898) |
113,869 |
131,137 |
(12.5) |
(13.2) |
|||||
Free cash flow
Three months ended November 30 |
|||||||||||
Change |
|||||||||||
2023 |
Foreign |
2023 in constant |
2022 |
Actual |
In constant |
||||||
(In thousands of Canadian dollars, except percentages) |
$ |
$ |
$ |
$ |
% |
% |
|||||
Free cash flow |
137,593 |
(176) |
137,417 |
105,128 |
30.9 |
30.7 |
|||||
Net capital expenditures in connection with network expansion projects |
31,660 |
(162) |
31,498 |
65,834 |
(51.9) |
(52.2) |
|||||
Free cash flow, excluding network expansion projects |
169,253 |
(338) |
168,915 |
170,962 |
(1.0) |
(1.2) |
|||||
Additional information
Additional information relating to the Corporation is available on SEDAR+ at www.sedarplus.ca and on the Corporation's website at corpo.cogeco.com.
About Cogeco Communications Inc.
Rooted in the communities it serves, Cogeco Communications Inc. is a growing competitive force in the North American telecommunications sector, serving 1.6 million residential and business customers. Through its business units Cogeco Connexion and Breezeline, Cogeco Communications provides Internet, video and phone services in Canada as well as in thirteen states in the United States. Cogeco Communications Inc.'s subordinate voting shares are listed on the Toronto Stock Exchange (TSX: CCA).
For information:
Investors
Patrice Ouimet
Senior Vice President and Chief Financial Officer
Cogeco Communications Inc.
Tel.: 514-764-4600
[email protected]
Troy Crandall
Head, Investor Relations
Cogeco Communications Inc.
Tel.: 514-764-4700
[email protected]
Media
Youann Blouin
Director, Media Relations & Strategic Communications
Cogeco Communications Inc.
Tel.: 514-297-2853
[email protected]
Conference Call: |
Thursday, January 11th, 2024 at 9:30 a.m. (Eastern Standard Time) |
A live audio webcast of the analyst call will be available on the Investor Relations page and on the Events and Presentations page on Cogeco Communications' website. Financial analysts will be able to access the live conference call and ask questions. Media representatives may attend as listeners only. A recording of the webcast will be available on Cogeco Communications' website for a three-month period. |
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Please use the following dial-in number to access the conference call 10 minutes before the start of the conference: |
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Local - Toronto: 1 416-764-8658 |
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Toll Free - North America: 1 888-886-7786 |
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To join this conference call, participants are required to provide the operator with the name of the company hosting the call, that is, Cogeco Inc. or Cogeco Communications Inc. |
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The conference call will be followed by a live webcast of the virtual Annual and Special Shareholders' Meetings at 11:30 a.m. at: https://web.lumiagm.com/#/424761509 |
SOURCE Cogeco Communications Inc.
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