Rogers Communications Ord Shs Class A RCI

Rogers Communications Reports Second Quarter 2023 Results

[Betteryear2]

• Rogers' Q2 results reflect strong execution and healthy growth across operations
  • Rogers' postpaid mobile phone net additions of 170,000, up 39%; year to date postpaid mobile phone net additions of 265,000, up 41% from first six months of 2022
  • Wireless service revenue up 7%; adjusted EBITDA up 9%
  • Total service revenue up 32% and adjusted EBITDA up 38%
• Rogers and Shaw integration proceeding ahead of plan, with Cable and Internet growth recovering
  • Cable service revenue up 93%; adjusted EBITDA up 97%
  • Strong Cable adjusted EBITDA margin up 100 basis points to 51%
  • Internet loading of 25,000 with organic growth improving across the country
  • Company reaffirms guidance of realizing at least $200 million of synergies in 2023, and annualized cost synergies of at least $600 million by the end of Q1 2024
• Company commences deleveraging, driven by adjusted EBITDA growth and effective balance sheet management, while continuing to invest in networks and operational infrastructure
  • Debt leverage ratio of 5.1x improved since completing the Shaw Transaction in April 2023 as a result of strong adjusted EBITDA growth; targeting further reduction to 4.9x debt leverage ratio by end of 2023
  • Capital expenditures of $1,079 million, with network infrastructure spending up 24%
  • Company focused on selling $1 billion in non-core assets
  • Introducing changes to dividend reinvestment plan to include a price discount and use of treasury shares
• Company's strong execution reflected in increasing 2023 outlook
  • 2023 free cash flow outlook increased to between $2.2 billion and $2.5 billion compared to prior $2.0 billion to $2.2 billion outlook
  • Adjusted EBITDA growth outlook increased to 33% to 36% compared to prior 31% to 35% outlook

TORONTO, July 26, 2023 (GLOBE NEWSWIRE) --

Rogers Communications Reports Second Quarter 2023 Results (globenewswire.com)