The following is a summary of the Cogeco Inc. (CGECF) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Cogeco Connection reported Q1 growth of 1.2%, mainly due to the oxio acquisition and an increased Internet service customer base.

• EBITDA declined by 1.1% due to an increase in operating expenses.

• Consolidated revenue and adjusted EBITDA for Cogeco fell by 2.5% and 2.8%, respectively, driven by the performance of U.S. and Canadian operations and higher corporate costs.

• A decrease in capital intensity to 19.6% from 25.8% last year was seen due to the completion of several network expansion projects.

• Free cash flow rose by 30.7%, primarily driven by lower CapEx.

Business Progress:

• Cogeco's revenue growth for Q2 is expected in the low single digits, balanced between Internet subscriber growth and financial performance.

• The Company's EBITDA for Q2 is also expected to increase slightly, year-over-year, fueled by cost reduction initiatives implemented in 2023.

• About 30% of the CapEx for the year is planned to be spent in Q2, reflecting ongoing strategic growth investments.

• The firm successfully secured additional wireless spectrum for 5G services and is in MVNO access negotiations in Canada, making progress towards entry into the U.S. wireless market.

• They've expanded their home network by over 13,000 homes this quarter, marking a 7% increase since the beginning of fiscal 2022.

• Cogeco Media saw another quarter of year-over-year growth in revenue as local ad sales rebounded. They continue to expand their multi-platform audio content options.

More detailed: COGECO INC IR

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