Rogers Communications Inc.

Thank you for standing by. This is the conference operator. Welcome to the Rogers Communications, Inc. first quarter 2024 results conference call. As a reminder, all participants are in listen-only mode and the conference is being recorded. Following the presentation, we'll conduct a question and answer session. To join the question queue, you may press star then 1 on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star, then zero. I would now like to turn the conference over to Paul Carpino, Vice President of Investor Relations with Rogers Communications. Please go ahead.

Paul Carpino Thank you, Ariel, and good morning, everyone, and thank you for joining us. Today, I'm here with our President and Chief Executive Officer, Tony Staffieri, and our Chief Financial Officer, Glenn Brandt. Today's discussion will include estimates and other forward-looking information from which our actual results could differ. Please review the cautionary language in today's earnings report and in our 2023 annual report regarding the various factors, assumptions, and risks that could cause our actual results to differ. As a reminder, we will be holding our annual meeting this morning at 11 a.m. and we will be concluding this call at approximately 8.50. We'd ask that you keep your questions limited to one question and a brief follow-up if necessary so we can get as many questions as possible. To view the webcast of our AGM, a link can be accessed through the investor relations portion of our website. With that, let me turn it to Tony to begin.

Thank you, Paul, and good morning, everyone. I'm pleased to report that Rogers delivered another strong quarter of growth in the first quarter of 2024. This reflects the ninth straight quarter of momentum for the company. Looking at the first quarter, we executed our game plan with discipline and focus. We delivered industry-leading results and made record investments to drive growth, improve efficiencies, and lead the industry. In Q1, we grew total service revenue by 31% and adjusted EBITDA by 34%. We reaffirmed our industry-leading financial guidance for the year, and we invested $1.1 billion in capital across our cable and wireless networks. All in all, a very productive first quarter. In wireless, service revenue and adjusted EBITDA were both up 9%. Cable service revenue was up 94% and adjusted EBITDA was up 97% due to the Shaw acquisition from one year ago. From a subscriber perspective, we continue to attract the most customers, adding 124,000 postpaid mobile phone and retail internet net additions. This is the highest number of net additions in our industry. In wireless, we led the market with 98,000 post-paid mobile phone net additions, up 3,000 from last year. And we continue to see a healthy mix from the new-to-Canada market. The competitive intensity from the fourth quarter carried into Q1, and the team executed their game plan with discipline. In retail internet, we delivered 26,000 net additions, up 12,000 from one year ago. We introduced Rogers 5G home internet in the quarter, offering home internet to customers in places we historically could not. It's early days, but we're seeing good consumer interest in the product. Overall, we remain focused on returning to organic revenue growth in cable by year end. In media, top and bottom line were down as a result of a one-time gain in prior year's results and front-loaded programming and payroll costs in the quarter. We will see things even out as the year progresses to deliver profitable growth here on a full year basis. Our media brands continue to be critical to our company and our customers as demand for sports and entertainment grow. Q1 was the most watched first quarter in SportsNet's history, entrenching SportsNet as Canada's number one sports network. Moving on to the merger, April marks the one-year anniversary of the Shaw merger. I have to say I continue to be impressed with the SHA assets and the power of our combined scale. We have integrated the two companies and delivered on the key commitments we set for ourselves in the first year. We delivered on our $1 billion synergy targets one year ahead of schedule, and we remain focused on selling non-core assets to reduce our debt leverage ratio. Overall, we are well ahead of schedule, and I could not be prouder of our team. I'm also proud of our efforts to continue to drive innovation in the quarter. In January, we completed the first nationwide live test of 5G network slicing technology in Canada. This technology will use our 5G network to create multiple lanes of wireless traffic. Each slice or lane can provide tailored features from low latency to faster speeds to more capacity. To start, we'll use the technology to offer a dedicated lane for first responders to have priority on the network. Over time, it will be a meaningful solution for our business customers. Network slicing will also help accelerate the expansion of Rogers 5G home internet. To get ahead of wildfire season, we installed AI cameras in the Okanagan Valley to help first responders monitor, detect, and prevent wildfires. This important trial will help us understand how to use 5G technology and soon satellite technology to mitigate the devastating impact of climate change. We also announced a strategic partnership with CableLabs, a global tech organization to launch CableLabs North at the Rogers campus in Calgary. CableLabs has been a crucial source of technological breakthroughs for the broadband industry, including DOCSIS IV technology, that has brought together industry leaders like Comcast and Charter to develop scalable tech. Rogers technologists will work with global industry partners to develop converged 5G and 10G solutions that ensure seamless connections for customers in and out of the home. As we look ahead to the launch of our 10G and DOCSIS 4 internet roadmap, CableLabs North will be front and center. Taking a step back, I'm pleased with our consistent, sustained momentum. We have delivered strong results for nine straight quarters, and we have exceeded our Shaw merger targets. At the one-year anniversary of the merger, I remain confident in our plan and proud of our team. I would like to thank our entire team for their continued commitment to driving growth and innovation. Let me now turn the call over to Glenn.