The following is a summary of the Quebecor Inc. (QBCRF) Q1 2024 Earnings Call Transcript:
Financial Performance:
Quebecor's Q1 2024 revenue increased by 22% to $1.36 billion, with EBITDA up by 26% to $560 million and cash flow from operation by 21% to $419 million.
The company reduced its debt by $145 million, resulting in an improved debt to EBITDA ratio of 3.3 times.
In the Telecom sector, wireless revenues increased by 104%, wireless EBITDA by 80%, and wireless free cash flows increased also by 80% to $681 million.
Net income attributable to shareholders was $173 million, up from $121 million in the same quarter the previous year.
Business Progress:
The Q1 2024 marks the end of the first cycle of Freedom Mobile's operation integration, which significantly impacted the company's leverage.
Quebecor launched two new affordable home Internet and TV services, expanding its telecom product portfolio and encouraging healthier competition in the telecom market.
Its 100% digital brand 'Fizz' now offers services to more than 26 million Canadians across various provinces and recorded 60,000 net additions in Q1, largely driven by Freedom and Fizz.
Despite high competition, Videotron has received several awards due to exceptional customer service.
The company expressed dissatisfaction with the CRTC's recent arbitration decision on TELUS's wireless network access rate.
They announced plans for continued investment in network improvement and customer experience, with a major reorganization plan underway for their media segment, Group TVA.
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