- A quarterly 15-year record of 14,041 Internet service customer net additions at
Cogeco Connexion driven by organic growth, new customers gained from network expansions and under the oxio brand; Cogeco Communications added 23,031 homes passed inCanada andthe United States as part of its fibre-to-the-home network expansion strategy. Total number of homes passed for fiscal 2023 rose by almost 124,000, or 3.4%;- Successfully completed the
Québec subsidized network expansions in October, subsequent to fiscal year end, connecting 180 municipalities; - Revenue grew by 2.6% to
$766.7 million compared to the same period of the prior year; - Adjusted EBITDA(1) of
$351.9 million increased 1.0% over last year; - Profit for the period amounted to
$90.5 million , a decrease of 18.7%, mainly due to higher financial expense. Profit for the period attributable to owners of the Corporation amounted to$29.2 million , a decrease of 19.8%; - Free cash flow(1) amounted to
$86.2 million compared to$34.7 million last year due to lower net capital expenditures, while cash flows from operating activities decreased by 12.9% to$284.4 million . Free cash flow, excluding network expansion projects(1) was$119.2 million , an increase of 23.7%; - Cogeco is releasing its fiscal 2024 financial guidelines; and
- Declared a quarterly eligible dividend of
$0.854 per share, representing a 16.8% increase over last year.
"Our relentless focus on delivering high quality product offerings and distinctive customer service to our customers was a hallmark of fiscal 2023, resulting in healthy business performance that offset challenges from the inflationary environment, increased competition, and global economic uncertainty. Our ongoing commitment to enhancing and expanding our network and service offering with leading edge technology and multiple brands for new and existing customers gives us confidence in our long-term growth opportunities," said Philippe Jetté, President and Chief Executive Officer of
"Our Canadian telecommunications business performed solidly again this quarter, as we delivered strong Internet customer additions across each of our traditional, expansion and oxio footprints," continued Mr. Jetté. "Though only a half year has passed since we acquired oxio, we have been pleased with its performance to date."
"While the economic and competitive environment in the
"Looking ahead, with our
"In terms of our capital allocation, we continue to focus on the growth of the business through network enhancement and expansion, while developing our mobile offering in both countries. We remain confident in our growth strategy and outlook, and furthermore, we are committed to returning significant capital to our shareholders. We are pleased to announce a 16.8% increase in the dividend today, which brings the quarterly dividend per share to
"
"We are making significant strides in executing our sustainability strategy. We do this through our long-standing tradition of social engagement and community involvement, prioritizing digital inclusion and climate action, implementing leading operating practices and pursuing our responsible and ethical management," Mr. Jetté concluded.
Consolidated Financial Highlights
Three months ended | 2023 | 2022 | Change | Change in constant | (1) | ||
(In thousands of Canadian dollars, except % and per share data) (unaudited) | $ | $ | % | % | |||
Revenue | 766,652 | 746,911 | 2.6 | 1.0 | |||
Adjusted EBITDA (1) | 351,925 | 348,510 | 1.0 | (0.6) | |||
Profit for the period | 90,521 | 111,379 | (18.7) | ||||
Profit for the period attributable to owners of the Corporation | 29,234 | 36,433 | (19.8) | ||||
Adjusted profit attributable to owners of the Corporation (1)(3) | 33,006 | 39,459 | (16.4) | ||||
Cash flows from operating activities | 284,370 | 326,636 | (12.9) | ||||
Free cash flow (1) | 86,237 | 34,704 | — | — | |||
Free cash flow, excluding network expansion projects (1) | 119,165 | 96,336 | 23.7 | 23.4 | |||
Acquisition of property, plant and equipment | 207,434 | 244,855 | (15.3) | ||||
Net capital expenditures (1)(2) | 178,481 | 224,775 | (20.6) | (22.3) | |||
Net capital expenditures, excluding network expansion projects (1) | 145,553 | 163,143 | (10.8) | (12.6) | |||
Diluted earnings per share | 1.87 | 2.31 | (19.0) | ||||
Adjusted diluted earnings per share (1) (3) | 2.12 | 2.50 | (15.2) | ||||
Operating results
For the fourth quarter of fiscal 2023:
- Revenue increased by 2.6% to
$766.7 million . On a constant currency basis, revenue increased by 1.0%, driven by growth in the Canadian telecommunications segment and higher revenue in the media activities, which were partly offset by a decline in the American telecommunications segment, as explained below:- Canadian telecommunications' revenue increased by 4.1%, mainly driven by the cumulative effect of high-speed Internet service additions over the past year, higher revenue per customer and contribution from the oxio acquisition completed on
March 3, 2023 . - Revenue in the media activities increased by 8.3%.
- American telecommunications' revenue decreased by 2.5% in constant currency (increase of 0.8% as reported), mainly due to a lower Internet customer base over the past year and an overall decline in video and phone service customers, offset in part by a higher revenue per customer and a better product mix resulting from customers subscribing to increasingly fast Internet speeds.
- Canadian telecommunications' revenue increased by 4.1%, mainly driven by the cumulative effect of high-speed Internet service additions over the past year, higher revenue per customer and contribution from the oxio acquisition completed on
- Adjusted EBITDA increased by 1.0% to reach
$351.9 million . On a constant currency basis, adjusted EBITDA remained stable compared to the same period of the prior year, mainly as a result of higher adjusted EBITDA in the American telecommunications segment, which was offset by higher corporate costs, primarily due to initiatives undertaken to support the Corporation's future growth and in relation to its plan to offer mobile services inCanada , and lower adjusted EBITDA in the Canadian telecommunications segment, as further explained below.- American telecommunications adjusted EBITDA increased by 5.7%, or 2.2% in constant currency, mainly resulting from a better product mix and cost reduction initiatives, which more than offset its revenue decline resulting from a lower customer base over the past year as it continued to face headwinds from the macroeconomic and nationwide competitive environments.
- Canadian telecommunications adjusted EBITDA decreased by 1.1% or 0.9% in constant currency, mainly due to increased operating expenses to drive and support customer growth, while last year's operating expenses were also lower due to certain year-end adjustments.
- Profit for the period amounted to
$90.5 million , of which$29.2 million , or$1.87 per diluted share, was attributable to owners of the Corporation compared to$111.4 million ,$36.4 million , and$2.31 per diluted share, respectively, in the comparable period of fiscal 2022. The decreases in profit for the period and profit attributable to owners of the Corporation resulted mainly from higher financial expense, depreciation and amortization expense, and acquisition, integration, restructuring and other costs, partly offset by the impact of the appreciation of the US dollar.- Adjusted profit attributable to owners of the Corporation(3) was
$33.0 million , or$2.12 per diluted share(3), compared to$39.5 million , or$2.50 per diluted share, last year.
- Adjusted profit attributable to owners of the Corporation(3) was
- Net capital expenditures, which account for network expansion subsidies, were
$178.5 million , a decrease of 20.6% compared to$224.8 million in the same period of the prior year. In constant currency, net capital expenditures(1) were$174.6 million , a decrease of 22.3% compared to last year, mainly due to reduced spending in both the Canadian and American telecommunications segments following the completion of several rural network expansion projects, mainly inQuébec , and the timing of certain initiatives.- Excluding network expansion projects, net capital expenditures were
$145.6 million , a decrease of 10.8% compared to$163.1 million in the same period of the prior year. In constant currency, net capital expenditures, excluding network expansion projects(1) were$142.5 million , a decrease of 12.6% compared to last year. - Fibre-to-the-home network expansion projects continued in both
Canada andthe United States , with homes passed additions of close to 196,000 over the past two fiscal years, of which close to 124,000 were added in fiscal 2023, equating to an approximately 7% growth(4) in homes passed over the past two years. These fibre-to-the-home network expansion projects are increasing the Corporation's footprint in the provinces ofQuébec andOntario and in several areas adjacent toBreezeline's network inthe United States .
- Excluding network expansion projects, net capital expenditures were
- Acquisition of property, plant and equipment decreased by 15.3% to
$207.4 million , due to reduced capital spending in both countries. - Free cash flow amounted to
$86.2 million , or$86.8 million in constant currency, compared to$34.7 million last year. The increase in constant currency is mainly due to lower net capital expenditures and lower current income taxes, partly offset by higher financial expense.- Free cash flow, excluding network expansion projects amounted to
$119.2 million , or$118.9 million in constant currency, an increase of 23.7%, or 23.4% in constant currency, compared to the same period of the prior year.
- Free cash flow, excluding network expansion projects amounted to
- Cash flows from operating activities decreased by 12.9% to reach
$284.4 million , mainly resulting from higher interest paid and a lower net inflow in non-cash operating activities mostly due to the timing of trade and other payables. - At its
November 1, 2023 meeting, the Board of Directors of Cogeco declared a quarterly eligible dividend of$0.854 per share, an increase of 16.8% compared to$0.731 per share last year. With this increase, the dividends per share of the Corporation andCogeco Communications are now fully aligned.
__________ | |
(1) | Adjusted EBITDA and net capital expenditures are total of segments measures. Constant currency basis, adjusted profit attributable to owners of the Corporation, net capital expenditures, excluding network expansion projects, free cash flow and free cash flow, excluding network expansion projects are non-IFRS financial measures. Change in constant currency and adjusted diluted earnings per share are non-IFRS ratios. These indicated terms do not have standardized definitions prescribed by International Financial Reporting Standards ("IFRS") and, therefore, may not be comparable to similar measures presented by other companies. For more information on these financial measures, please consult the "Non-IFRS and other financial measures" section of this press release. |
(2) | Net capital expenditures are presented net of government subsidies, including the utilization of those received in advance. |
(3) | Excludes the impact of acquisition, integration, restructuring and other costs, net of tax and non-controlling interest. |
(4) | Growth is calculated by excluding additions resulting from acquisitions. |
FISCAL 2024 FINANCIAL GUIDELINES
Cogeco released its fiscal 2024 financial guidelines. On a constant currency basis, the Corporation expects fiscal 2024 revenue to remain stable. The Corporation anticipates revenue growth in the Canadian telecommunications segment being offset by lower revenue in the American telecommunications segment as it continues to face competition in its markets, in part from fixed wireless competitors, and video services cord cutting. On a constant currency basis, fiscal 2024 adjusted EBITDA is anticipated to remain stable, mainly as a result of stable revenue and an improved product mix contributing to adjusted EBITDA margin, combined with several cost optimization initiatives. The financial guidelines reflect a negative estimated (1)% impact on adjusted EBITDA compared to the prior year related to additional preparation costs to offer mobility services in both countries. Net capital expenditures are anticipated to be between
Projections | (1) | Actual | |
Fiscal 2024 (constant currency) | (2) | Fiscal 2023 | |
(In millions of Canadian dollars, except percentages) | $ | $ | |
Financial guidelines | |||
Revenue | Stable | 3,081 | |
Adjusted EBITDA | Stable | 1,433 | |
Net capital expenditures | 703 | ||
Net capital expenditures in connection with network expansion projects | 530 | ||
Free cash flow | (5)% to (15)% | (3) | 421 |
Free cash flow, excluding network expansion projects | (5)% to (15)% | (3) | 594 |
(1) | Percentage of changes compared to fiscal 2023. |
(2) | Fiscal 2024 financial guidelines are based on a USD/CDN constant exchange rate of |
(3) | The assumed current income tax effective rate is approximately 7%. |
These financial guidelines, including the various assumptions underlying them, contain forward-looking statements concerning the business outlook for Cogeco, and should be read in conjunction with the "Forward-looking statements" section of this press release.
Financial highlights
Three months and years ended | 2023 | 2022 | Change | Change in constant | (1) (2) | 2023 | 2022 | Change | Change in constant | (1) (2) |
(In thousands of Canadian dollars, except percentages and per share data) | $ | $ | % | % | $ | $ | % | % | ||
Operations | ||||||||||
Revenue | 766,652 | 746,911 | 2.6 | 1.0 | 3,081,136 | 2,995,012 | 2.9 | 0.1 | ||
Adjusted EBITDA (2) | 351,925 | 348,510 | 1.0 | (0.6) | 1,432,929 | 1,405,588 | 1.9 | (0.6) | ||
Acquisition, integration, restructuring and other costs (3) | 15,239 | 12,657 | 20.4 | 36,245 | 35,029 | 3.5 | ||||
Impairment of goodwill and intangible assets | — | — | — | 88,000 | — | — | ||||
Profit for the period | 90,521 | 111,379 | (18.7) | 350,235 | 457,755 | (23.5) | ||||
Profit for the period attributable to owners of the Corporation | 29,234 | 36,433 | (19.8) | 70,630 | 149,108 | (52.6) | ||||
Adjusted profit attributable to owners of the Corporation (2)(4) | 33,006 | 39,459 | (16.4) | 149,298 | 156,684 | (4.7) | ||||
Cash flow | ||||||||||
Cash flows from operating activities | 284,370 | 326,636 | (12.9) | 968,214 | 1,258,427 | (23.1) | ||||
Free cash flow (2) | 86,237 | 34,704 | — | — | 421,430 | 433,181 | (2.7) | (2.0) | ||
Free cash flow, excluding network expansion projects (2) | 119,165 | 96,336 | 23.7 | 23.4 | 594,265 | 590,470 | 0.6 | — | ||
Acquisition of property, plant and equipment | 207,434 | 244,855 | (15.3) | 806,237 | 747,608 | 7.8 | ||||
Net capital expenditures (2) | 178,481 | 224,775 | (20.6) | (22.3) | 702,913 | 691,866 | 1.6 | (2.4) | ||
Net capital expenditures, excluding network expansion projects (2) | 145,553 | 163,143 | (10.8) | (12.6) | 530,078 | 534,577 | (0.8) | (4.7) | ||
Per share data (5) | ||||||||||
Earnings per share | ||||||||||
Basic | 1.89 | 2.32 | (18.5) | 4.53 | 9.43 | (52.0) | ||||
Diluted | 1.87 | 2.31 | (19.0) | 4.51 | 9.37 | (51.9) | ||||
Adjusted diluted (2)(4) | 2.12 | 2.50 | (15.2) | 9.53 | 9.85 | (3.2) | ||||
Dividends per share | 0.731 | 0.625 | 17.0 | 2.924 | 2.500 | 17.0 | ||||
(1) | Key performance indicators presented on a constant currency basis are obtained by translating financial results from the current periods denominated in US dollars at the foreign exchange rate of the comparable periods of the prior year. For the three-month period and year ended |
(2) | Adjusted EBITDA and net capital expenditures are total of segments measures. Adjusted profit attributable to owners of the Corporation, free cash flow, free cash flow, excluding network expansion projects and net capital expenditures, excluding network expansion projects are non-IFRS financial measures. Change in constant currency and adjusted diluted earnings per share are non-IFRS ratios. These indicated terms do not have standardized definitions prescribed by IFRS and, therefore, may not be comparable to similar measures presented by other companies. For more information on these financial measures, please consult the "Non-IFRS and other financial measures" section of this press release. |
(3) | For the three-month period and year ended |
(4) | Excludes the impact of non-cash impairment charges, and acquisition, integration, restructuring and other costs, net of tax and non-controlling interest. |
(5) | Per multiple and subordinate voting share. |
As at | ||
(In thousands of Canadian dollars, except percentages) | $ | $ |
Financial condition | ||
Cash and cash equivalents | 363,854 | 379,001 |
Total assets | 9,869,778 | 9,468,025 |
Long-term debt | ||
Current | 43,325 | 340,468 |
Non-current | 5,045,672 | 4,398,142 |
Net indebtedness (1) | 4,817,113 | 4,545,809 |
Equity attributable to owners of the Corporation | 925,863 | 919,843 |
Return on equity (2) | 7.7 % | 17.2 % |
(1) | Net indebtedness is a capital management measure. For more information on this financial measure, please consult the "Non-IFRS and other financial measures" section of the Corporation's MD&A for the year ended |
(2) | Return on equity is a supplementary financial measure and is calculated as profit attributable to owners of the Corporation for the year divided by the average of the equity attributable to owners of the Corporation for the year. |
Forward-looking statements
Certain statements contained in this press release may constitute forward-looking information within the meaning of securities laws. Forward-looking information may relate to
All amounts are stated in Canadian dollars unless otherwise indicated. This press release should be read in conjunction with the MD&A included in the Corporation's 2023 Annual Report, the Corporation's consolidated financial statements and the notes thereto prepared in accordance with the International Financial Reporting Standards ("IFRS") for the year ended
Non-IFRS and other financial measures
This press release includes references to non-IFRS and other financial measures used by Cogeco. These financial measures are reviewed in assessing the performance of
Reconciliations between non-IFRS and other financial measures to the most directly comparable IFRS financial measures are provided below. Certain additional disclosures for non-IFRS and other financial measures used in this press release have been incorporated by reference and can be found in the "Non-IFRS and other financial measures" section of the Corporation's MD&A for the year ended
Specified non-IFRS financial measure | Used in the component of the following non-IFRS ratio |
Adjusted profit attributable to owners of the Corporation | Adjusted diluted earnings per share |
Financial measures presented on a constant currency basis for the three-month period and year ended
Constant currency basis and foreign exchange impact reconciliation
Consolidated
Change | ||||||||||||
Three months ended | 2023 | Foreign | 2023 in constant | 2022 | Actual | In constant | ||||||
(In thousands of Canadian dollars, except percentages) | $ | $ | $ | $ | % | % | ||||||
Revenue | 766,652 | (12,037) | 754,615 | 746,911 | 2.6 | 1.0 | ||||||
Operating expenses | 414,727 | (6,686) | 408,041 | 398,401 | 4.1 | 2.4 | ||||||
Adjusted EBITDA | 351,925 | (5,351) | 346,574 | 348,510 | 1.0 | (0.6) | ||||||
Free cash flow | 86,237 | 599 | 86,836 | 34,704 | — | — | ||||||
Net capital expenditures | 178,481 | (3,906) | 174,575 | 224,775 | (20.6) | (22.3) | ||||||
Change | ||||||||||||
Years ended | 2023 | Foreign | 2023 in constant | 2022 | Actual | In constant | ||||||
(In thousands of Canadian dollars, except percentages) | $ | $ | $ | $ | % | % | ||||||
Revenue | 3,081,136 | (83,268) | 2,997,868 | 2,995,012 | 2.9 | 0.1 | ||||||
Operating expenses | 1,648,207 | (47,115) | 1,601,092 | 1,589,424 | 3.7 | 0.7 | ||||||
Adjusted EBITDA | 1,432,929 | (36,153) | 1,396,776 | 1,405,588 | 1.9 | (0.6) | ||||||
Free cash flow | 421,430 | 2,952 | 424,382 | 433,181 | (2.7) | (2.0) | ||||||
Net capital expenditures | 702,913 | (27,345) | 675,568 | 691,866 | 1.6 | (2.4) | ||||||
Canadian telecommunications segment
Change | ||||||||||||
Three months ended | 2023 | Foreign | 2023 in constant | 2022 | Actual | In constant | ||||||
(In thousands of Canadian dollars, except percentages) | $ | $ | $ | $ | % | % | ||||||
Revenue | 375,754 | — | 375,754 | 360,834 | 4.1 | 4.1 | ||||||
Operating expenses | 180,183 | (367) | 179,816 | 163,157 | 10.4 | 10.2 | ||||||
Adjusted EBITDA | 195,571 | 367 | 195,938 | 197,677 | (1.1) | (0.9) | ||||||
Net capital expenditures | 73,348 | (614) | 72,734 | 100,140 | (26.8) | (27.4) | ||||||
Change | ||||||||||||
Years ended | 2023 | Foreign | 2023 in constant | 2022 | Actual | In constant | ||||||
(In thousands of Canadian dollars, except percentages) | $ | $ | $ | $ | % | % | ||||||
Revenue | 1,489,915 | — | 1,489,915 | 1,440,276 | 3.4 | 3.4 | ||||||
Operating expenses | 701,717 | (2,425) | 699,292 | 665,732 | 5.4 | 5.0 | ||||||
Adjusted EBITDA | 788,198 | 2,425 | 790,623 | 774,544 | 1.8 | 2.1 | ||||||
Net capital expenditures | 354,384 | (9,091) | 345,293 | 336,104 | 5.4 | 2.7 | ||||||
American telecommunications segment
Change | ||||||||||||
Three months ended | 2023 | Foreign | 2023 in constant | 2022 | Actual | In constant | ||||||
(In thousands of Canadian dollars, except percentages) | $ | $ | $ | $ | % | % | ||||||
Revenue | 367,643 | (12,037) | 355,606 | 364,612 | 0.8 | (2.5) | ||||||
Operating expenses | 193,172 | (6,319) | 186,853 | 199,561 | (3.2) | (6.4) | ||||||
Adjusted EBITDA | 174,471 | (5,718) | 168,753 | 165,051 | 5.7 | 2.2 | ||||||
Net capital expenditures | 100,488 | (3,292) | 97,196 | 120,347 | (16.5) | (19.2) | ||||||
Change | ||||||||||||
Years ended | 2023 | Foreign | 2023 in constant | 2022 | Actual | In constant | ||||||
(In thousands of Canadian dollars, except percentages) | $ | $ | $ | $ | % | % | ||||||
Revenue | 1,494,213 | (83,268) | 1,410,945 | 1,460,378 | 2.3 | (3.4) | ||||||
Operating expenses | 800,409 | (44,690) | 755,719 | 783,704 | 2.1 | (3.6) | ||||||
Adjusted EBITDA | 693,804 | (38,578) | 655,226 | 676,674 | 2.5 | (3.2) | ||||||
Net capital expenditures | 336,910 | (18,254) | 318,656 | 348,176 | (3.2) | (8.5) | ||||||
Adjusted profit attributable to owners of the Corporation
Three months ended | Years ended | |||
2023 | 2022 | 2023 | 2022 | |
(In thousands of Canadian dollars) | $ | $ | $ | $ |
Profit for the period attributable to owners of the Corporation | 29,234 | 36,433 | 70,630 | 149,108 |
Acquisition, integration, restructuring and other costs | 15,239 | 12,657 | 36,245 | 35,029 |
Impairment of goodwill and intangible assets | — | — | 88,000 | — |
Tax impact for the above items | (3,832) | (3,312) | (27,770) | (9,062) |
Non-controlling interest impact for the above items | (7,635) | (6,319) | (17,807) | (18,391) |
Adjusted profit attributable to owners of the Corporation | 33,006 | 39,459 | 149,298 | 156,684 |
Free cash flow reconciliation
Three months ended | Years ended | |||
2023 | 2022 | 2023 | 2022 | |
(In thousands of Canadian dollars) | $ | $ | $ | $ |
Cash flows from operating activities | 284,370 | 326,636 | 968,214 | 1,258,427 |
Amortization of deferred transaction costs and discounts on long-term debt (1) | 3,212 | 2,992 | 12,672 | 11,888 |
Changes in other non-cash operating activities | (12,970) | (36,411) | 102,422 | (81,883) |
Income taxes paid | 2,190 | 7,404 | 91,968 | 39,168 |
Current income taxes | (5,523) | (27,362) | (31,973) | (70,711) |
Interest paid | 66,544 | 40,603 | 243,321 | 163,663 |
Financial expense | (71,198) | (53,010) | (255,010) | (189,914) |
Net capital expenditures | (178,481) | (224,775) | (702,913) | (691,866) |
Repayment of lease liabilities | (1,907) | (1,373) | (7,271) | (5,591) |
Free cash flow | 86,237 | 34,704 | 421,430 | 433,181 |
(1) | Included within financial expense. |
Net capital expenditures reconciliation
Three months ended | Years ended | |||
2023 | 2022 | 2023 | 2022 | |
(In thousands of Canadian dollars) | $ | $ | $ | $ |
Acquisition of property, plant and equipment | 207,434 | 244,855 | 806,237 | 747,608 |
Subsidies received in advance recognized as a reduction of the cost of | (28,953) | (20,080) | (103,324) | (55,742) |
Net capital expenditures | 178,481 | 224,775 | 702,913 | 691,866 |
Adjusted EBITDA reconciliation
Three months ended | Years ended | |||
2023 | 2022 | 2023 | 2022 | |
(In thousands of Canadian dollars) | $ | $ | $ | $ |
Profit for the period | 90,521 | 111,379 | 350,235 | 457,755 |
Income taxes | 17,827 | 17,353 | 78,379 | 97,287 |
Financial expense | 71,198 | 53,010 | 255,010 | 189,914 |
Impairment of goodwill and intangible assets | — | — | 88,000 | — |
Depreciation and amortization | 157,140 | 154,111 | 625,060 | 625,603 |
Acquisition, integration, restructuring and other costs | 15,239 | 12,657 | 36,245 | 35,029 |
Adjusted EBITDA | 351,925 | 348,510 | 1,432,929 | 1,405,588 |
Net capital expenditures and free cash flow excluding network expansion projects reconciliations
Net capital expenditures
Change | |||||||||||
Three months ended | 2023 | Foreign | 2023 in constant | 2022 | Actual | In constant | |||||
(In thousands of Canadian dollars, except percentages) | $ | $ | $ | $ | % | % | |||||
Net capital expenditures | 178,481 | (3,906) | 174,575 | 224,775 | (20.6) | (22.3) | |||||
Net capital expenditures in connection with network expansion projects | 32,928 | (890) | 32,038 | 61,632 | (46.6) | (48.0) | |||||
Net capital expenditures, excluding network expansion projects | 145,553 | (3,016) | 142,537 | 163,143 | (10.8) | (12.6) | |||||
Change | |||||||||||
Years ended | 2023 | Foreign | 2023 in constant | 2022 | Actual | In constant | |||||
(In thousands of Canadian dollars, except percentages) | $ | $ | $ | $ | % | % | |||||
Net capital expenditures | 702,913 | (27,345) | 675,568 | 691,866 | 1.6 | (2.4) | |||||
Net capital expenditures in connection with network expansion projects | 172,835 | (6,550) | 166,285 | 157,289 | 9.9 | 5.7 | |||||
Net capital expenditures, excluding network expansion projects | 530,078 | (20,795) | 509,283 | 534,577 | (0.8) | (4.7) | |||||
Free cash flow
Change | |||||||||||
Three months ended | 2023 | Foreign | 2023 in constant | 2022 | Actual | In constant | |||||
(In thousands of Canadian dollars, except percentages) | $ | $ | $ | $ | % | % | |||||
Free cash flow | 86,237 | 599 | 86,836 | 34,704 | — | — | |||||
Net capital expenditures in connection with network expansion projects | 32,928 | (890) | 32,038 | 61,632 | (46.6) | (48.0) | |||||
Free cash flow, excluding network expansion projects | 119,165 | (291) | 118,874 | 96,336 | 23.7 | 23.4 | |||||
Change | |||||||||||
Years ended | 2023 | Foreign | 2023 in constant | 2022 | Actual | In constant | |||||
(In thousands of Canadian dollars, except percentages) | $ | $ | $ | $ | % | % | |||||
Free cash flow | 421,430 | 2,952 | 424,382 | 433,181 | (2.7) | (2.0) | |||||
Net capital expenditures in connection with network expansion projects | 172,835 | (6,550) | 166,285 | 157,289 | 9.9 | 5.7 | |||||
Free cash flow, excluding network expansion projects | 594,265 | (3,598) | 590,667 | 590,470 | 0.6 | — | |||||
Additional information
Additional information relating to the Corporation, including its Annual Information Form, is available on SEDAR+ at www.sedarplus.ca and on the Corporation's website at corpo.cogeco.com.
About
Rooted in the communities it serves,
For information:
Investors
Senior Vice President and Chief Financial Officer
Tel.: 514-764-4600
patrice.ouimet@cogeco.com
Head, Investor Relations
Tel.: 514-764-4700
troy.crandall@cogeco.com
Media
Marie-Hélène Labrie
Senior Vice President and Chief Public Affairs,
Communications and Strategy Officer
Tel.: 514-764-4600
marie-helene.labrie@cogeco.com
Conference Call: | |
The conference call will be available on Cogeco's website at https://corpo.cogeco.com/cgo/en/investors/investor-relations/. Financial analysts will be able to access the conference call and ask questions. Media representatives may attend as listeners only. The conference replay will be available on Cogeco's website for a three-month period. | |
Please use the following dial-in number to access the conference call 10 minutes before the start of the conference: | |
Local - | |
Toll Free - |
To join this conference call, participants are required to provide the operator with the name of the company hosting the call, that is,
SOURCE
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