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Freitag, 19.10.2018 18:35 von PR Newswire | Aufrufe: 129

Rogers Communications Reports Third Quarter 2018 Results

Tageszeitungen (Symbolbild). pixabay.com

PR Newswire

TORONTO, Oct. 19, 2018

Total revenue growth of 3% and adjusted EBITDA growth of 8%
Strong financial and operational performance in Wireless

Service revenue growth of 5% and adjusted EBITDA growth of 8%, margin expansion of 90 basis points
Postpaid net additions of 124,000
Postpaid churn of 1.09%, improved 7 basis points — best Q3 postpaid churn in 9 years
Blended ABPU increased 4% and blended ARPU increased 3%

Cable revenue growth of 1% and adjusted EBITDA growth of 4%, margin expansion of 160 basis points

Continued strong Internet revenue growth of 8%
Internet net additions of 35,000, up 6,000

Increasing full-year 2018 guidance for adjusted EBITDA growth to 7% to 9% and for free cash flow growth to 5% to 7%

TORONTO, Oct. 19, 2018 /PRNewswire/ - Rogers Communications Inc. today announced its unaudited financial and operating results for the third quarter ended September 30, 2018 in accordance with IFRS 15, Revenue from contracts with customers (IFRS 15). We have separately provided supplementary financial information at investors.rogers.com that also provides our results under the prior accounting basis.

Consolidated Financial Highlights

Three months ended September 30

Nine months ended September 30

(In millions of Canadian dollars, except per share amounts,
unaudited)

2018

2017
(restated) ¹

ARIVA.DE Börsen-Geflüster

Kurse

Rogers Communications B

37,96 $

-0,21%

ROGERS COMMUNICATIONS INC. CL A MV

40,00 $

+2,17%

ROGERS COMMUNICATIONS INC. CL A MV Chart

% Chg

2018

2017
(restated) ¹

% Chg

Total revenue

3,769

3,646

11,158

10,638

Total service revenue ²

3,271

3,196

9,698

9,386

Adjusted EBITDA ³

1,620

1,503

4,462

4,066

Net income

594

508

1,557

1,346

Adjusted net income ³

625

551

1,656

1,377

Diluted earnings per share

$1.15

$0.98

$3.01

$2.60

Adjusted diluted earnings per share³

$1.21

$1.07

$3.21

$2.66

Cash provided by operating activities

1,304

1,377

(5)

3,237

2,796

Free cash flow ³

550

523

1,496

1,455

¹	2017 reported figures have been restated applying the new revenue recognition standard, IFRS 15. See "Critical Accounting Policies and Estimates" in our Third Quarter 2018 MD&A.
²	As defined. See "Key Performance Indicators".
³	As defined. See "Non-GAAP Measures". These measures should not be considered substitutes or alternatives for GAAP measures. These are not defined terms under IFRS and do not have standard meanings, so may not be a reliable way to compare us to other companies.

"We delivered strong results and continued momentum in the third quarter," said Joe Natale, President and Chief Executive Officer. "In Wireless, we delivered excellent financials and the best Q3 postpaid churn in nine years. In residential, we delivered solid Internet growth and launched our market awareness campaign for Ignite TV, our world-class all-IPTV service that is truly unmatched in our market today. We are pleased with our progress and confident in the future of this roadmap. Given our strong year to date performance, we are raising our full-year guidance."

Financial Highlights

Higher revenue
Total revenue increased 3% this quarter, largely driven by Wireless service revenue growth of 5%. Growth in Wireless was a result of our balanced approach to continue monetizing the increasing demand for data along with a disciplined approach around subscriber base management. Wireless equipment revenue grew 11% this quarter driven by increased hardware upgrades.

Cable revenue increased 1% this quarter as Internet revenue growth of 8% continued to drive the Cable segment. This quarter, we had net additions of 35,000 for Internet.

Media revenue decreased 5% this quarter primarily as a result of lower revenue at the Toronto Blue Jays.

Higher adjusted EBITDA and margins
This quarter, adjusted EBITDA increased 8%, a margin expansion of 180 basis points. This increase was driven by Wireless adjusted EBITDA growth of 8%, with a combination of strong growth in Wireless revenue and continued progress on our cost efficiency mandate, which led to a margin of 47.1%, up 90 basis points from last year.

Cable adjusted EBITDA increased 4% this quarter primarily from the ongoing product mix shift to higher-margin Internet services and various cost efficiencies achieved, despite the significant increase in customers we activated. As a result, this gave rise to a margin of 49.8% this quarter, up 160 basis points from last year.

Media adjusted EBITDA increased 20% this quarter primarily as a result of lower operating expenses from improvements we made to our cost structure across the divisions, which led to a margin of 15.0%, up 320 basis points from last year.

Higher net income and adjusted net income
Net income and adjusted net income increased this quarter by 17% and 13%, respectively, as a result of higher adjusted EBITDA, partially offset by the higher associated income tax expense and higher depreciation and amortization.

Substantial cash flow affords financial flexibility and supports network evolution
We continued to generate substantial cash flow from operating activities of $1,304 million this quarter and free cash flow of $550 million. Cash flow from operating activities decreased by 5% as a result of lower net funding provided by working capital items, partially offset by higher net income and lower cash interest. Free cash flow increased by 5% as a result of higher adjusted EBITDA, partially offset by our planned increase in capital expenditures driven by investments in our wireless and cable networks.

Our solid financial results enabled us to continue to make investments in our network, strengthen our balance sheet and liquidity, and still return substantial dividends to shareholders. We paid $247 million in dividends this quarter. We ended the third quarter with a debt leverage ratio of 2.5, down from 2.7 at the end of 2017.

Financial Guidance

We are increasing our guidance ranges for full-year 2018 consolidated adjusted EBITDA and free cash flow from the original ranges provided on January 25, 2018 and, on April 19, 2018, subsequently presented with the impact of transition to IFRS 15 on our 2017 results. The revised guidance ranges are presented below. The upward adjustments primarily reflect the strong growth in our Wireless segment this year. Our guidance ranges for revenue and capital expenditures remain unchanged. Information about our guidance is forward-looking and should be read in conjunction with "About Forward-Looking Information" in this earnings release, including the various assumptions underlying it, and in our 2017 Annual MD&A and the related disclosure and information about various economic, competitive, and regulatory assumptions, factors, and risks that may cause our actual future financial and operating results to differ from what we currently expect.

2017

2018 Original

2018 Revised

(In millions of dollars, except percentages)

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