Connect with us

Technology

Cogeco Communications Releases its Financial Results for the Fourth Quarter of Fiscal 2024

Published

2 months ago

on

Strong progress on the strategic priorities announced last quarter centered on synergies, digitization, advanced analytics, network expansion and wireless.Successfully completed the combination of our Canadian and U.S. telecommunications teams.Signed strategic partnerships to enable an upcoming launch of wireless services in Canada, in a capital-efficient manner as an MVNO.Met or exceeded all financial guidelines set for fiscal 2024; issuing fiscal 2025 financial guidelines.Increasing quarterly eligible dividend by 8.0% to $0.922 per share.

MONTRÉAL, Oct. 31, 2024 /CNW/ – Today, Cogeco Communications Inc. (TSX: CCA) (“Cogeco Communications” or the “Corporation”) announced its financial results for the fourth quarter ended August 31, 2024 and is issuing its fiscal 2025 financial guidelines.

“Fiscal 2024 has been a year of tremendous progress for Cogeco,” said Frédéric Perron, President and CEO. “Over the last six months alone, we set clear priorities to achieve sustainable growth, launched wireless in the U.S., assembled the building blocks to launch wireless in Canada as an MVNO, successfully combined our Canadian and U.S. organizations and refreshed our executive team. The recently completed restructuring, which simplified our operating model, was the first phase of a structured three-year program. We are now in a position to accelerate our digital capabilities, drive bundling across wireline and wireless, and continue to optimize our operations for ongoing growth and value creation.

“Our Canadian telecommunications business continued to perform well in Q4, driven by growth of our Internet subscriber base through Cogeco Connexion, oxio, and our network expansion program. We’re particularly excited about our oxio brand’s performance as its digital model has not only become a growth engine for the organization, but has also become a model for key transformation initiatives within the Corporation more broadly.

“In the U.S., the launch of Breezeline Mobile provides customers even more compelling reasons to bundle their services with us. Our Internet-led strategy and focus on operational efficiency contributed to another quarter of strong margin growth.

“Over the past year, we have maintained our balanced approach to allocating capital to growth initiatives including network expansion, product improvements, and a capital-light approach to growing wireless services in both countries, as well as returning capital through an increased dividend and share buybacks, all while progressively reducing our leverage. We will continue with our balanced approach in fiscal 2025 and with that, we are delighted to announce an increase in our quarterly dividend per share to $0.922.”

Consolidated Financial Highlights

 

Three months ended August 31

2024

2023

(1)

Change

Change in

constant
currency

(2)

(In thousands of Canadian dollars, except % and per share data) (unaudited)

$

$

%

%

Revenue

747,751

743,397

0.6

(0.7)

Adjusted EBITDA (2)

370,418

351,300

5.4

4.2

Adjusted EBITDA margin (2)

49.5 %

47.3 %

Profit for the period

85,484

91,797

(6.9)

Profit for the period attributable to owners of the Corporation

81,958

86,499

(5.2)

Adjusted profit attributable to owners of the Corporation (2)(3)

99,054

97,175

1.9

Cash flows from operating activities

319,177

281,326

13.5

Free cash flow (1)(2)

148,189

88,953

66.6

66.1

Free cash flow, excluding network expansion projects (1)(2)

205,100

121,881

68.3

67.4

Acquisition of property, plant and equipment

154,260

205,570

(25.0)

Net capital expenditures (2)(4)

152,253

176,617

(13.8)

(15.1)

Net capital expenditures, excluding network expansion projects (2)

95,342

143,689

(33.6)

(34.8)

Capital intensity (2)

20.4 %

23.8 %

Capital intensity, excluding network expansion projects (2)

12.8 %

19.3 %

Diluted earnings per share

1.94

1.95

(0.5)

Adjusted diluted earnings per share (2)(3)

2.35

2.19

7.3

Operating results

For the fourth quarter of fiscal 2024 ended on August 31, 2024:

Revenue increased by 0.6% to $747.8 million. On a constant currency basis(2), revenue decreased by 0.7% due to a decline in revenue in the American telecommunications segment, offset in part by revenue growth in the Canadian telecommunications segment, as explained below.American telecommunications’ revenue decreased by 2.3% in constant currency (remained stable as reported), mainly due to a decline in its subscriber base, especially for entry-level services, and a higher proportion of customers subscribing to Internet-only services. The decline was offset in part by higher revenue per subscriber and a better product mix resulting from improving subscriber metrics.Canadian telecommunications’ revenue increased by 0.8%, mostly driven by the cumulative effect of high-speed Internet service additions over the past year, including from network expansion projects, as well as the Niagara Regional Broadband Network acquisition completed on February 5, 2024.Adjusted EBITDA increased by 5.4% to $370.4 million. On a constant currency basis, adjusted EBITDA increased by 4.2%, mainly due to higher adjusted EBITDA in both the Canadian and American telecommunications segments, driven by cost reduction initiatives and operating efficiencies across the Corporation as a result of our ongoing transformation program, in addition to revenue growth in the Canadian telecommunications segment.Canadian telecommunications adjusted EBITDA increased by 3.8%, or 4.0% in constant currency.American telecommunications adjusted EBITDA increased by 5.2%, or 2.4% in constant currency.Profit for the period amounted to $85.5 million, of which $82.0 million, or $1.94 per diluted share, was attributable to owners of the Corporation compared to $91.8 million, $86.5 million, and $1.95 per diluted share, respectively, in the comparable period of fiscal 2023. The decreases in profit for the period and profit attributable to owners of the Corporation resulted mainly from higher depreciation and amortization expense and non-cash pre-tax impairment charges of $14.9 million recognized during the quarter mostly in relation to strategic partnerships to facilitate the development of wireless services in Canada under a capital-light operating model, partly offset by higher adjusted EBITDA, lower financial expense and lower acquisition, integration, restructuring and other costs.Adjusted profit attributable to owners of the Corporation(3) was $99.1 million, or $2.35 per diluted share(3), compared to $97.2 million, or $2.19 per diluted share, last year. The increase of adjusted diluted earnings per share over last year reflects the benefit of the Corporation’s share buybacks.Net capital expenditures were $152.3 million, a decrease of 13.8% compared to $176.6 million in the same period of the prior year. In constant currency, net capital expenditures(2) were $150.0 million, a decrease of 15.1% compared to last year, mainly resulting from lower spending due to the timing of network expansion projects in both the American and Canadian telecommunications segments, in addition to drawdowns of previously accumulated customer premise equipment inventory in the American telecommunications segment.Excluding network expansion projects, net capital expenditures were $95.3 million, a decrease of 33.6% compared to $143.7 million in the same period of the prior year. In constant currency, net capital expenditures, excluding network expansion projects(2) were $93.7 million, a decrease of 34.8% compared to last year.Fibre-to-the-home network expansion projects continued in both Canada and the United States by adding close to 58,000(5) homes passed during fiscal 2024, of which close to 14,000(5) were in the fourth quarter.Capital intensity was 20.4% compared to 23.8% last year. Excluding network expansion projects, capital intensity was 12.8% compared to 19.3% in the same period of the prior year.Acquisition of property, plant and equipment decreased by 25.0% to $154.3 million, mainly resulting from lower spending.Free cash flow(1) increased by 66.6%, or 66.1% in constant currency, and amounted to $148.2 million, or $147.7 million in constant currency, mainly due to lower net capital expenditures, higher adjusted EBITDA and lower financial expense. Free cash flow, excluding network expansion projects(1) increased by 68.3%, or 67.4% in constant currency, and amounted to $205.1 million, or $204.1 million in constant currency.Cash flows from operating activities increased by 13.5% to $319.2 million, mainly from the timing of payments of trade and other payables and higher adjusted EBITDA.At its October 31, 2024 meeting, the Board of Directors of Cogeco Communications declared a quarterly eligible dividend of $0.922 per share, an increase of 8.0% compared to $0.854 per share last year.

FISCAL 2025 FINANCIAL GUIDELINES

Cogeco Communications released its fiscal 2025 financial guidelines. Fiscal 2025 will be the first year of a three-year transformation program, where investments are made in order to set the Corporation on a path to sustainable growth. On a constant currency basis, the Corporation expects fiscal 2025 revenue to remain stable resulting from a combination of Internet subscriber growth and a decline in video and wireline phone subscriptions. On a constant currency basis, fiscal 2025 adjusted EBITDA is anticipated to remain stable, mainly due to stable revenue as well as stable operating expenses, which are anticipated to benefit from the recent corporate reorganization and other operational improvements, offset by investments into new capabilities as part of a three-year transformation program. Net capital expenditures are anticipated to be between $650 and $725 million, including net investments of approximately $140 to $190 million in growth-oriented network expansions, which will increase the Corporation’s footprint in Canada and the United States. Capital intensity is expected to range between 22% and 24%, or 17% and 19% excluding network expansion projects. Free cash flow and free cash flow, excluding network expansion projects, are expected to decrease between 0% and 10% due to stronger than anticipated free cash flow in fiscal 2024, continued growth-oriented investments, and higher financial expense and current income tax.

October 31, 2024

Projections

(i)

Actual

Fiscal 2025

(constant currency)

(ii)

Fiscal 2024

(In millions of Canadian dollars, except percentages)

$

$

Financial guidelines

Revenue

Stable

2,977

Adjusted EBITDA

Stable

1,442

Net capital expenditures

$650 to $725

638

Net capital expenditures in connection with network expansion projects

$140 to $190

137

Capital intensity

22% to 24%

21.4 %

Capital intensity, excluding network expansion projects

17% to 19%

16.8 %

Free cash flow

Decrease of 0% to 10%

(iii)

476

Free cash flow, excluding network expansion projects

Decrease of 0% to 10%

(iii)

613

(i)

Percentage of changes compared to fiscal 2024.

(ii)

Fiscal 2025 financial guidelines are based on a USD/CDN constant exchange rate of 1.3606 USD/CDN.

(iii)

The assumed current income tax effective rate is approximately 14%.

These financial guidelines, including the various assumptions underlying them, contain forward-looking statements concerning the business outlook for Cogeco Communications, and should be read in conjunction with the “Forward-looking statements” section of this press release.

(1)

During the fourth quarter of fiscal 2024, the Corporation updated its calculation of free cash flow and free cash flow, excluding network expansion projects, to include proceeds on disposals of property, plant and equipment. Comparative figures were restated to conform to the current presentation. For further details, please refer to the “Non-IFRS Accounting Standards and other financial measures” section of this press release.

(2)

Adjusted EBITDA and net capital expenditures are total of segments measures. Adjusted EBITDA margin and capital intensity are supplementary financial 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 Accounting Standards measures. Change in constant currency, capital intensity, excluding network expansion projects and adjusted diluted earnings per share are non-IFRS Accounting Standards ratios. These indicated terms do not have standardized definitions prescribed by IFRS® Accounting Standards, as issued by the International Accounting Standards Board (“IFRS Accounting Standards”) 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 Accounting Standards and other financial measures” section of this press release.

(3)

Excludes the impact of non-cash impairment charges, and acquisition, integration, restructuring and other costs, net of tax and non-controlling interest.

(4)

Net capital expenditures exclude non-cash acquisitions of right-of-use assets and the purchases, and related borrowing costs, of spectrum licences, and are presented net of government subsidies, including the utilization of those received in advance.

(5)

Organic growth calculated by excluding additions resulting from acquisitions.

Financial highlights

Change in

constant
currency

Change in

constant
currency

Three months and years ended August 31

2024

2023

(1)

Change

(2)  (3)

2024

2023

(1)

Change

(2)  (3)

(In thousands of Canadian dollars, except % and per share data)

$

$

%

%

$

$

%

%

Operations

Revenue

747,751

743,397

0.6

(0.7)

2,976,524

2,984,128

(0.3)

(0.8)

Adjusted EBITDA (3)

370,418

351,300

5.4

4.2

1,442,314

1,421,066

1.5

1.0

Adjusted EBITDA margin (3)

49.5 %

47.3 %

48.5 %

47.6 %

Acquisition, integration, restructuring and other costs (4)

10,561

15,228

(30.6)

59,731

36,225

64.9

Impairment of property, plant and equipment

14,862

—

—

14,862

—

—

Profit for the period

85,484

91,797

(6.9)

354,132

417,972

(15.3)

Profit for the period attributable to owners of the Corporation

81,958

86,499

(5.2)

335,534

392,273

(14.5)

Adjusted profit attributable to owners of the Corporation (3)(5)

99,054

97,175

1.9

400,431

417,960

(4.2)

Cash flow

Cash flows from operating activities

319,177

281,326

13.5

1,175,219

962,905

22.0

Free cash flow (1)(3)

148,189

88,953

66.6

66.1

476,021

418,056

13.9

13.6

Free cash flow, excluding network expansion projects (1)(3)

205,100

121,881

68.3

67.4

613,415

590,891

3.8

3.5

Acquisition of property, plant and equipment

154,260

205,570

(25.0)

659,090

802,830

(17.9)

Net capital expenditures (3)(6)

152,253

176,617

(13.8)

(15.1)

637,833

699,506

(8.8)

(9.3)

Net capital expenditures, excluding network expansion projects (3)

95,342

143,689

(33.6)

(34.8)

500,439

526,671

(5.0)

(5.5)

Capital intensity (3)

20.4 %

23.8 %

21.4 %

23.4 %

Capital intensity, excluding network expansion projects (3)

12.8 %

19.3 %

16.8 %

17.6 %

Per share data (7)

Earnings per share

Basic

1.95

1.95

—

7.87

8.78

(10.4)

Diluted

1.94

1.95

(0.5)

7.83

8.75

(10.5)

Adjusted diluted (3)(5)

2.35

2.19

7.3

9.35

9.32

0.3

Dividends per share

0.854

0.776

10.1

3.416

3.104

10.1

(1)

During the fourth quarter of fiscal 2024, the Corporation updated its calculation of free cash flow and free cash flow, excluding network expansion projects, to include proceeds on disposals of property, plant and equipment. Proceeds on disposals of property, plant and equipment amounted to $0.6 million and $3.4 million for the three-month period and year ended August 31, 2024, respectively ($1.0 million and $2.7 million, respectively, in fiscal 2023). Comparative figures were restated to conform to the current presentation. For further details, please refer to the “Non-IFRS Accounting Standards and other financial measures” section of this press release.

(2)

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 August 31, 2023, the average foreign exchange rates used for translation were 1.3329 USD/CDN and 1.3467 USD/CDN, respectively.

(3)

Adjusted EBITDA and net capital expenditures are total of segments measures. Adjusted EBITDA margin and capital intensity are supplementary financial 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 Accounting Standards measures. Change in constant currency, capital intensity, excluding network expansion projects and adjusted diluted earnings per share are non-IFRS Accounting Standards ratios. These indicated terms do not have standardized definitions prescribed by IFRS Accounting Standards 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 Accounting Standards and other financial measures” section of this press release.

(4)

For the three-month period and year ended August 31, 2024, acquisition, integration, restructuring and other costs were mostly related to restructuring costs recognized during the second half of the year, including costs related to the new organizational structure announced in May 2024 and other cost optimization initiatives. For the three-month period and year ended August 31, 2023, acquisition, integration, restructuring and other costs resulted mostly from costs related to the integration of past acquisitions, as well as acquisition and integration costs incurred in connection with the acquisition of oxio, completed on March 3, 2023, from restructuring costs associated with organizational changes during the fourth quarter of fiscal 2023 within the Canadian and the American telecommunications segments and from configuration and customization costs related to cloud computing arrangements. Furthermore, a retroactive adjustment of $8.4 million was recognized in fiscal 2023 following the Copyright Board preliminary conclusions on the redetermination of the 2014-2018 royalty rates, of which $4.2 million was reversed during the second quarter of fiscal 2024 following the Copyright Board decision issued in January 2024.

(5)

Excludes the impact of non-cash impairment charges, acquisition, integration, restructuring and other costs, and gains/losses on debt modification and/or extinguishment, all net of tax and non-controlling interest.

(6)

Net capital expenditures exclude non-cash acquisitions of right-of-use assets and the purchases, and related borrowing costs, of spectrum licences, and are presented net of government subsidies, including the utilization of those received in advance.

(7)

Per multiple and subordinate voting share.

As at

August 31, 2024

August 31, 2023

(In thousands of Canadian dollars, except %)

$

$

Financial condition

Cash and cash equivalents

76,335

362,921

Total assets

9,675,009

9,768,370

Long-term debt

Current

361,808

41,765

Non-current

4,448,261

4,979,241

Net indebtedness (1)

4,803,629

4,749,214

Equity attributable to owners of the Corporation

2,979,691

2,957,797

Return on equity (2)

11.3 %

13.7 %

(1)

Net indebtedness is a capital management measure. For more information on this financial measure, please consult the “Non-IFRS Accounting Standards and other financial measures” section of the Corporation’s MD&A for the year ended August 31, 2024, available on SEDAR+ at www.sedarplus.ca.

(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 Cogeco Communications Inc.’s (“Cogeco Communications” or the “Corporation”) future outlook and anticipated events, business, operations, financial performance, financial condition or results and, in some cases, can be identified by terminology such as “may”; “will”; “should”; “expect”; “plan”; “anticipate”; “believe”; “intend”; “estimate”; “predict”; “potential”; “continue”; “foresee”, “ensure” or other similar expressions concerning matters that are not historical facts. Particularly, statements relating to the Corporation’s financial guidelines, future operating results and economic performance, objectives and strategies are forward-looking statements. These statements are based on certain factors and assumptions including expected growth, results of operations, purchase price allocation, tax rates, weighted average cost of capital, performance and business prospects and opportunities, which Cogeco Communications believes are reasonable as of the current date. Refer in particular to the “Corporate objectives and strategy” and “Fiscal 2025 financial guidelines” sections of the Corporation’s Fiscal 2024 annual Management’s Discussion and Analysis (“MD&A”) for a discussion of certain key economic, market and operational assumptions we have made in preparing forward-looking statements. While management considers these assumptions to be reasonable based on information currently available to the Corporation, they may prove to be incorrect. Forward-looking information is also subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what Cogeco Communications currently expects. These factors include risks such as general market conditions, competitive risks (including changing competitive and technology ecosystems and disruptive competitive strategies adopted by our competitors), business risks, regulatory risks, tax risks, technology risks (including cybersecurity), financial risks (including variations in currency and interest rates), economic conditions (including inflation pressuring revenue, reduced consumer spending and increasing costs), talent management risks (including the highly competitive market for a limited pool of digitally skilled employees), human-caused and natural threats to the Corporation’s network (including increased frequency of extreme weather events with the potential to disrupt operations), infrastructure and systems, sustainability and sustainability reporting risks, ethical behavior risks, ownership risks, litigation risks and public health and safety, many of which are beyond the Corporation’s control. For more exhaustive information on these risks and uncertainties, the reader should refer to the “Uncertainties and main risk factors” section of the Corporation’s Fiscal 2024 annual MD&A. These factors are not intended to represent a complete list of the factors that could affect Cogeco Communications and future events and results may vary significantly from what management currently foresees. The reader should not place undue importance on forward-looking information contained in this press release and the forward-looking statements contained in this press release represent Cogeco Communications’ expectations as of the date of this press release (or as of the date they are otherwise stated to be made) and are subject to change after such date. While management may elect to do so, the Corporation is under no obligation (and expressly disclaims any such obligation) and does not undertake to update or alter this information at any particular time, whether as a result of new information, future events or otherwise, except as required by law.

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 Fiscal 2024 Annual Report, the Corporation’s consolidated financial statements and the notes thereto prepared in accordance with IFRS® Accounting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”) for the year ended August 31, 2024.

Non-IFRS Accounting Standards and other financial measures

This press release includes references to non-IFRS Accounting Standards and other financial measures used by Cogeco Communications. These financial measures are reviewed in assessing the performance of Cogeco Communications and used in the decision-making process with regard to its business units.

Reconciliations between non-IFRS Accounting Standards and other financial measures to the most directly comparable IFRS Accounting Standards measures are provided below. Certain additional disclosures for non-IFRS Accounting Standards and other financial measures used in this press release have been incorporated by reference and can be found in the “Non-IFRS Accounting Standards and other financial measures” section of the Corporation’s MD&A for the year ended August 31, 2024, available on SEDAR+ at www.sedarplus.ca. The following non-IFRS Accounting Standards measures are used as a component of Cogeco Communications’ non-IFRS Accounting Standards ratios.

Specified non-IFRS Accounting Standards measures

Used in the component of the following non-IFRS Accounting Standards ratios

Adjusted profit attributable to owners of the Corporation

Adjusted diluted earnings per share

Constant currency basis

Change in constant currency

Net capital expenditures, excluding network expansion projects

Capital intensity, excluding network expansion projects

Financial measures presented on a constant currency basis for the three-month period and year ended August 31, 2024 are translated at the average foreign exchange rate of the comparable periods of the prior year, which were 1.3329 USD/CDN and 1.3467 USD/CDN, respectively.

Constant currency basis and foreign exchange impact reconciliation

Consolidated

Three months ended August 31

2024

2023

(1)

Change

(In thousands of Canadian dollars, except percentages)

Actual

Foreign
exchange
impact

In

constant
currency

Actual

Actual

In

constant
currency

$

$

$

$

%

%

Revenue

747,751

(9,731)

738,020

743,397

0.6

(0.7)

Operating expenses

372,095

(5,234)

366,861

388,381

(4.2)

(5.5)

Management fees – Cogeco Inc.

5,238

—

5,238

3,716

41.0

41.0

Adjusted EBITDA

370,418

(4,497)

365,921

351,300

5.4

4.2

Free cash flow (1)

148,189

(462)

147,727

88,953

66.6

66.1

Net capital expenditures

152,253

(2,254)

149,999

176,617

(13.8)

(15.1)

(1)

During the fourth quarter of fiscal 2024, the Corporation updated its free cash flow calculation to include proceeds on disposals of property, plant and equipment. Comparative figures were restated to conform to the current presentation.

 

Years ended August 31

2024

2023

(1)

Change

(In thousands of Canadian dollars, except percentages)

Actual

Foreign exchange impact

In

constant currency

Actual

Actual

In

constant currency

$

$

$

$

%

%

Revenue

2,976,524

(15,024)

2,961,500

2,984,128

(0.3)

(0.8)

Operating expenses

1,513,258

(8,121)

1,505,137

1,544,462

(2.0)

(2.5)

Management fees – Cogeco Inc.

20,952

—

20,952

18,600

12.6

12.6

Adjusted EBITDA

1,442,314

(6,903)

1,435,411

1,421,066

1.5

1.0

Free cash flow (1)

476,021

(932)

475,089

418,056

13.9

13.6

Net capital expenditures

637,833

(3,340)

634,493

699,506

(8.8)

(9.3)

(1)

During the fourth quarter of fiscal 2024, the Corporation updated its free cash flow calculation to include proceeds on disposals of property, plant and equipment. Comparative figures were restated to conform to the current presentation.

Canadian telecommunications segment

Three months ended August 31

2024

2023

Change

(In thousands of Canadian dollars, except percentages)

Actual

Foreign
exchange
impact

In

constant
currency

Actual

Actual

In

constant
currency

$

$

$

$

%

%

Revenue

378,702

—

378,702

375,754

0.8

0.8

Operating expenses

175,688

(288)

175,400

180,183

(2.5)

(2.7)

Adjusted EBITDA

203,014

288

203,302

195,571

3.8

4.0

Net capital expenditures

71,000

(245)

70,755

73,348

(3.2)

(3.5)

 

Years ended August 31

2024

2023

Change

(In thousands of Canadian dollars, except percentages)

Actual

Foreign
exchange
impact

In

constant
currency

Actual

Actual

In

constant
currency

$

$

$

$

%

%

Revenue

1,510,506

—

1,510,506

1,489,915

1.4

1.4

Operating expenses

710,706

(447)

710,259

701,717

1.3

1.2

Adjusted EBITDA

799,800

447

800,247

788,198

1.5

1.5

Net capital expenditures

356,274

(463)

355,811

354,384

0.5

0.4

American telecommunications segment

Three months ended August 31

2024

2023

Change

(In thousands of Canadian dollars, except percentages)

Actual

Foreign
exchange
impact

In

constant
currency

Actual

Actual

In

constant
currency

$

$

$

$

%

%

Revenue

369,049

(9,731)

359,318

367,643

0.4

(2.3)

Operating expenses

185,588

(4,916)

180,672

193,172

(3.9)

(6.5)

Adjusted EBITDA

183,461

(4,815)

178,646

174,471

5.2

2.4

Net capital expenditures

76,238

(2,011)

74,227

100,488

(24.1)

(26.1)

 

Years ended August 31

2024

2023

Change

(In thousands of Canadian dollars, except percentages)

Actual

Foreign
exchange
impact

In

constant
currency

Actual

Actual

In

constant
currency

$

$

$

$

%

%

Revenue

1,466,018

(15,024)

1,450,994

1,494,213

(1.9)

(2.9)

Operating expenses

759,658

(7,632)

752,026

800,409

(5.1)

(6.0)

Adjusted EBITDA

706,360

(7,392)

698,968

693,804

1.8

0.7

Net capital expenditures

267,728

(2,865)

264,863

336,910

(20.5)

(21.4)

Adjusted profit attributable to owners of the Corporation  

Three months ended August 31

Years ended August 31

2024

2023

2024

2023

(In thousands of Canadian dollars)

$

$

$

$

Profit for the period attributable to owners of the Corporation

81,958

86,499

335,534

392,273

Impairment of property, plant and equipment

14,862

—

14,862

—

Acquisition, integration, restructuring and other costs

10,561

15,228

59,731

36,225

Loss on debt extinguishment (1)

—

—

16,880

—

Tax impact for the above items

(6,648)

(3,829)

(24,109)

(9,370)

Non-controlling interest impact for the above items

(1,679)

(723)

(2,467)

(1,168)

Adjusted profit attributable to owners of the Corporation

99,054

97,175

400,431

417,960

(1)    Included within financial expense.

Free cash flow and free cash flow, excluding network expansion projects reconciliations

Three months ended August 31

Years ended August 31

2024

2023

(1)

2024

2023

(1)

(In thousands of Canadian dollars)

$

$

$

$

Cash flows from operating activities

319,177

281,326

1,175,219

962,905

Changes in other non-cash operating activities

(34,878)

(9,946)

(56,369)

97,851

Income taxes paid

6,526

2,025

5,719

91,673

Current income taxes

(553)

(5,708)

(20,147)

(32,067)

Interest paid

71,695

65,489

266,464

239,648

Financial expense

(61,925)

(70,222)

(277,690)

(251,642)

Loss on debt extinguishment (2)

—

—

16,880

—

Amortization of deferred transaction costs and discounts on long-term debt (2)

2,190

3,195

9,143

12,601

Net capital expenditures (3)

(152,253)

(176,617)

(637,833)

(699,506)

Proceeds on disposals of property, plant and equipment (1)

594

1,037

3,378

2,651

Repayment of lease liabilities

(2,384)

(1,626)

(8,743)

(6,058)

Free cash flow (1)

148,189

88,953

476,021

418,056

Net capital expenditures in connection with network expansion projects

56,911

32,928

137,394

172,835

Free cash flow, excluding network expansion projects (1)

205,100

121,881

613,415

590,891

(1)

During the fourth quarter of fiscal 2024, the Corporation updated its calculation of free cash flow and free cash flow, excluding network expansion projects, to include proceeds on disposals of property, plant and equipment. Comparative figures were restated to conform to the current presentation.

(2)

Included within financial expense.

(3)

Net capital expenditures exclude non-cash acquisitions of right-of-use assets and the purchases, and related borrowing costs, of spectrum licences, and are presented net of government subsidies, including the utilization of those received in advance.

Net capital expenditures reconciliation

Three months ended August 31

Years ended August 31

2024

2023

2024

2023

(In thousands of Canadian dollars)

$

$

$

$

Acquisition of property, plant and equipment

154,260

205,570

659,090

802,830

Subsidies received in advance recognized as a reduction of the cost of property, plant and equipment during the period

(2,007)

(28,953)

(21,257)

(103,324)

Net capital expenditures

152,253

176,617

637,833

699,506

Adjusted EBITDA reconciliation

Three months ended August 31

Years ended August 31

2024

2023

2024

2023

(In thousands of Canadian dollars)

$

$

$

$

Profit for the period

85,484

91,797

354,132

417,972

Income taxes

15,225

18,119

62,342

94,761

Financial expense

61,925

70,222

277,690

251,642

Impairment of property, plant and equipment

14,862

—

14,862

—

Depreciation and amortization

182,361

155,934

673,557

620,466

Acquisition, integration, restructuring and other costs

10,561

15,228

59,731

36,225

Adjusted EBITDA

370,418

351,300

1,442,314

1,421,066

Net capital expenditures and free cash flow excluding network expansion projects reconciliations

Net capital expenditures

Three months ended August 31

2024

2023

Change

(In thousands of Canadian dollars, except percentages)

Actual

Foreign exchange impact

In

constant currency

Actual

Actual

In

constant currency

$

$

$

$

%

%

Net capital expenditures

152,253

(2,254)

149,999

176,617

(13.8)

(15.1)

Net capital expenditures in connection with network expansion projects

56,911

(576)

56,335

32,928

72.8

71.1

Net capital expenditures, excluding network expansion projects

95,342

(1,678)

93,664

143,689

(33.6)

(34.8)

 

Years ended August 31

2024

2023

Change

(In thousands of Canadian dollars, except percentages)

Actual

Foreign exchange impact

In

constant currency

Actual

Actual

In

constant currency

$

$

$

$

%

%

Net capital expenditures

637,833

(3,340)

634,493

699,506

(8.8)

(9.3)

Net capital expenditures in connection with network expansion projects

137,394

(780)

136,614

172,835

(20.5)

(21.0)

Net capital expenditures, excluding network expansion projects

500,439

(2,560)

497,879

526,671

(5.0)

(5.5)

Free cash flow

Three months ended August 31

2024

2023

(1)

Change

(In thousands of Canadian dollars, except percentages)

Actual

Foreign exchange impact

In

constant currency

Actual

Actual

In

constant currency

$

$

$

$

%

%

Free cash flow (1)

148,189

(462)

147,727

88,953

66.6

66.1

Net capital expenditures in connection with network expansion projects

56,911

(576)

56,335

32,928

72.8

71.1

Free cash flow, excluding network expansion projects (1)

205,100

(1,038)

204,062

121,881

68.3

67.4

(1)

During the fourth quarter of fiscal 2024, the Corporation updated its calculation of free cash flow and free cash flow, excluding network expansion projects, to include proceeds on disposals of property, plant and equipment. Comparative figures were restated to conform to the current presentation.

 

Years ended August 31

2024

2023

(1)

Change

(In thousands of Canadian dollars, except percentages)

Actual

Foreign exchange impact

In

constant currency

Actual

Actual

In

constant currency

$

$

$

$

%

%

Free cash flow (1)

476,021

(932)

475,089

418,056

13.9

13.6

Net capital expenditures in connection with network expansion projects

137,394

(780)

136,614

172,835

(20.5)

(21.0)

Free cash flow, excluding network expansion projects (1)

613,415

(1,712)

611,703

590,891

3.8

3.5

(1)

During the fourth quarter of fiscal 2024, the Corporation updated its calculation of free cash flow and free cash flow, excluding network expansion projects, to include proceeds on disposals of property, plant and equipment. Comparative figures were restated to conform to the current presentation.

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 Cogeco Communications Inc.

Cogeco Communications Inc. is a leading telecommunications provider committed to bringing people together through powerful communications and entertainment experiences. We provide world-class Internet, video and wireline phone services to 1.6 million residential and business subscribers in Canada and thirteen states in the United States. We also offer wireless services in most of our U.S. operating territory. Our services are marketed under the Cogeco and oxio brands in Canada, and under the Breezeline brand in the U.S. We take pride in our strong presence in the communities we serve and in our commitment to a sustainable future. Cogeco Communications Inc.’s subordinate voting shares are listed on the Toronto Stock Exchange (TSX: CCA).

For information:

Investors
Troy Crandall
Head, Investor Relations
Cogeco Communications Inc.
Tel.: 514 764-4600
troy.crandall@cogeco.com 

Media
Claudja Joseph
Director, Communications & DEI
Cogeco Communications Inc.
Tel.: 514 764-4600
claudja.joseph@cogeco.com                                                                                                

Conference Call:                                  

Friday, November 1st, 2024 at 11:00 a.m. (Eastern Daylight Time)

A live audio of the analyst conference call will be available on both the Investor Relations and the Events and Presentations pages on Cogeco Communications’ website. Financial analysts will be able to access the live conference call and ask questions. Media representatives may attend as listeners only. A recording of the conference call will be available on Cogeco Communications’ 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 – Toronto: 1 289 514-5100

Toll Free – North America: 1 800 717-1738

To join this conference call, participants are required to provide the operator with the name of the company hosting the call, that is, Cogeco Inc. or Cogeco Communications Inc.

SOURCE Cogeco Communications Inc.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Monster Energy’s UNLEASHED Podcast Welcomes UFC Reporter Nina Drama

Published

48 minutes ago

on

January 3, 2025

By

Monster Energy proudly presents UFC reporter and internet sensation Nina Drama on Episode 413 of the UNLEASHED with The Dingo, Danny, and Brittney podcast.

CORONA, Calif., Jan. 2, 2025 /PRNewswire-PRWeb/ — Social Media Powerhouse With 11 Million Followers Joins Episode 413 of Sports and Pop Culture Podcast.

“I think the MMA community is one of the most brutal and hardest communities to be part of. You just have to be prepared and wrap your head around it.” – Nina Drama

The MMA reporting phenomenon is here! Monster Energy proudly presents UFC reporter and internet sensation Nina Drama on Episode 413 of the UNLEASHED with The Dingo, Danny, and Brittney podcast. Known for her viral interviews and comedic takes on MMA, Drama’s work has captivated audiences worldwide, amassing an impressive 11 million combined followers across TikTok, Instagram, and YouTube.

Born Nina-Marie Daniele in Pelham, New York, Drama has taken the world of mixed martial arts by storm and carved a unique path in the MMA world with her unorthodox interviews that unveil the lighter, more human side of even the toughest fighters.

Reflecting on her path to success, Drama shared on UNLEASHED: “Growing up, I was super quiet and introverted. As I got older, I had to learn to be like everyone else. And I was super focused on not being the weird one of the group every time. But then I came to embrace the weirdness of being an only child and doing things a little bit differently. I don’t know how to be anyone else but myself. And now I’m here!”

Catch the full conversation with Nina Drama, whose humor and authenticity have broken barriers in a male-dominated sport and have UFC stars dropping their guard on Episode 413 of UNLEASHED with The Dingo, Danny, and Brittney Fueled by Monster Energy. The new podcast is streaming now on all major platforms, including Spotify, iTunes, and YouTube.

Drama’s ability to connect with UFC stars like Jon Jones, Sean Strickland, and Alex Pereira has made her a fan favorite across multiple platforms. And audiences can’t get enough: Boasting a social media following amounting to millions of hungry viewers, Drama keeps the hits coming with original content live from behind the scenes at milestone UFC events. The secret to her lighting fast rise to fame? Listen closely as the talented interviewer becomes the interviewee – only on UNLEASHED!

Hear the full story in conversation with podcast hosts, Australian action sports personality Luke “The Dingo” Trembath and artist and model Brittney Palmer. Follow the link to tune in here.

Before becoming an MMA sensation, Drama enjoyed a successful modeling career but found it unfulfilling.

“One thing I always wanted to do is interview fighters, but I didn’t know how. I had modeled for 12 years, but it was not fulfilling. It just felt really vapid after a while, and there wasn’t anything satiating about it anymore,” said Drama, adding: “I was done with the industry and did not want to be a part of it anymore.”

During the pandemic, she pivoted, creating comedy skits that resonated with audiences and set the stage for her breakout in MMA reporting.

“I love MMA. I grew up doing karate, and my mom was a martial artist. I went to a boxing gym. This is what I wanted to do, but how do you change from modeling to comedy content to MMA content?”

The transition into MMA was far from easy. Asked how she initially gained acceptance (as a woman) in the hard-boiled world of fight sports, Drama offered: “My audience was like, what the hell are you doing? But they stayed! And once I got into the MMA community, it was an interesting crossover. I was like, how do I take MMA and turn it into comedy so that everybody can absorb it, not just the niche MMA demographic?”

Despite challenges breaking into the MMA community, Drama persisted, turning skeptics into loyal fans with her humorous and relatable content. Her offbeat sparring sessions with fighters and behind-the-scenes exclusives have become instant classics, raking in millions of views and solidifying her status as a social media powerhouse. Today, she commands 4.2 million followers on TikTok, 2.7 million followers on Instagram, and 1.3 million YouTube subscribers.

Drama was recently honored as MMA Personality of the Year for her innovative approach to MMA reporting. This accolade cements her status as a prominent figure in the fight sports community and highlights the significant influence of her humorous yet profoundly insightful interviews with both UFC champions and emerging talents.

Has the fame made her job behind the microphone easier? “Every day is a struggle. Good and bad, I love it all. I think the MMA community is one of the most brutal and hardest communities to be part of. You just have to be prepared and wrap your head around it,” said Drama on UNLEASHED.

Want the full scoop on the UFC’s rising backstage reporter? Catch the entire episode by visiting the landing page for Episode 413 of UNLEASHED with The Dingo, Danny, and Brittney featuring Nina Drama.

Regular episodes of UNLEASHED are filmed on a special set inside Studio M at Monster Energy headquarters in Corona, California. The podcast is hosted by the dynamic duo of Australian action sports personality Luke “The Dingo” Trembath and professional snowboarder Danny Kass. Known for their deep roots in action sports culture, the two starred in the beloved cult TV show ‘The Adventures of Danny and The Dingo’ on Fuel TV for five action-packed seasons in the early 2010s. Both hosts have walked the walk as pro snowboarders and are joined by painter and model Brittney Palmer. Together, the three hosts possess the interview skills to find common ground with guests from any background – sports and pop culture. Always look out for new episodes dropping bi-weekly on Mondays.

Download photos for editorial use.

The UNLEASHED with The Dingo, Danny, and Brittney Podcast is here to celebrate the personalities behind the Monster Energy lifestyle. With each episode dedicated to a unique guest or topic, listeners learn about living on the edge and advancing the state of the art in the world of high-energy sports as well as music, games, and pop culture from individuals at the top of their game. More than a drink, Monster Energy is a way of life lived by athletes, sports, bands, believers, and fans – and the podcast is an extension of this unique DNA.

For more on Monster Energy and the UNLEASHED Podcast, visit http://www.monsterenergy.com. Also,Follow Monster Energy on YouTube, Facebook, Instagram, Twitter and TikTok for exclusive content and athlete features.

About Monster Energy
Based in Corona, California, Monster Energy is the leading marketer of energy drinks and alternative beverages. Refusing to acknowledge the traditional, Monster Energy supports the scene and sport. Whether motocross, off-road, NASCAR, MMA, BMX, surf, snowboard, ski, skateboard, or the rock and roll lifestyle, Monster Energy is a brand that believes in authenticity and the core of what its sports, athletes and musicians represent. More than a drink, it’s the way of life lived by athletes, sports, bands, believers and fans. See more about Monster Energy including all of its drinks at http://www.monsterenergy.com.

Media Contact

Kimberly Paige Dresser, Indie Agency, Inc., (949) 300-5546, kim.dresser@indiepragency.com, https://www.indiepragency.com

Twitter

View original content to download multimedia:https://www.prweb.com/releases/monster-energys-unleashed-podcast-welcomes-ufc-reporter-nina-drama-302341617.html

SOURCE Monster Energy

Continue Reading

Technology

Cathay United Bank Launches First “Taiwan Premium Health Check-Up & Accommodation” Package for Affluent Cambodian Customers

Published

48 minutes ago

on

January 3, 2025

By

TAIPEI, Jan. 3, 2025 /PRNewswire/ — With over a decade of experience in developing the Cambodian market, Cathay United Bank has recently expanded its corporate and consumer banking services in Cambodia, aligning with the Cathay Financial Holdings’ strategic development goals. To enhance services for its affluent credit and debit cardholders, Cathay United Bank Cambodia (CUBC) has partnered with Visa, a leading payment technology company, in a first-ever collaboration. This collaboration features the Cathay Healthcare Management Dun-Nan Center and the Madison Taipei Hotel—a boutique hotel under Cathay Hospitality Management—offering Cambodian cardholders access to professional medical services in Taiwan, along with a luxurious and relaxing experience through its premium health check package. This package is available from now until December 15, 2025.

CUBC President Kevin Yeh emphasized that Cathay United Bank has over a decade of experience in Cambodia’s credit card industry and was the first bank in the country to issue the Visa Infinite Card. From 2023 to the present, the top 2% of cardholders have contributed an impressive 45% of CUBC’s total card transaction volume.

The demand for premium medical services among high-end Cambodian customers has grown significantly in recent years, with many opting to travel overseas for medical treatments and health checks each year. Popular destinations include Thailand, Singapore, and Taiwan. According to the 2024 edition of the CEOWORLD Magazine Health Care Index, Taiwan has been ranked as the country with the world’s best healthcare system. To cater to its high-end customers, CUBC has leveraged the Cathay Group’s healthcare and hospitality resources to offer a luxurious healthcare holiday. In addition to premium health checks, customers will enjoy dedicated services such as a personal butler at Madison Taipei Hotel, chauffeur service, etc., offering them an opportunity to experience the timeless charm of Taiwan.

CUBC Visa Infinite cardholders who book the premium health check package are eligible for a 3% rebate on transactions made at department stores or restaurants in Taiwan until May 31, 2025. Furthermore, they can redeem 100% of their CashPoint for health checks and accommodation expenses until December 31, 2025. With CUBC’s Visa Infinite card, customers can enjoy exclusive, upscale services in style.

Table: CUBC Premium Health Check in Taiwan Package (12/16/2024-12/15/2025). Please refer to the official website:  www.cathaybk.com.kh/personal/card-promotions

Health Check

A comprehensive checkup at Dun-Nan Healthcare Center 
Limited to 2 individuals per day. The health check includes MRI of seven regions, 640-slice CT Cardiac CTA, brain and carotid MRA, low-dose lung CT, cardiovascular examinations, DXA whole-body fat analysis, optical coherence tomography, etc.

 

Accommodation

Madison Taipei Hotel
Renowned for its subtle luxury and understated elegance, Madison Taipei Hotel is a boutique hotel under Cathay Hospitality Management. The hotel has been recommended by the Michelin Guide Taipei, earned distinctions at the World Luxury Hotel Awards for three consecutive years, and was ranked among the top 25 of Tripadvisor Travellers’ Choice Awards. 

Madison Taipei Hotel offers customers the dedicated services of British-style butler service. In addition to exclusive accommodation offers, this delightful package also includes a chauffeur to drive customers to their premium health check.

 

CUBC Visa Infinite Card

 

Until May 31, 2025：Customers can enjoy a 3% rebate on transactions made at department stores and restaurants in Taiwan Until December 31, 2025：100% of CashPoint can be redeemed for health check and accommodation expenses.

 

 

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/cathay-united-bank-launches-first-taiwan-premium-health-check-up–accommodation-package-for-affluent-cambodian-customers-302341099.html

SOURCE Cathay United Bank

Continue Reading

Technology

2025 Foxconn TLPGA Players Championship Returns With New Benchmark Of US$1.5 Million Purse

Published

48 minutes ago

on

January 3, 2025

By

Women pro golfers in top 100 among competitors in 2nd annual tournamentDefending champion Haruka Kawasaki of Japan sets sights on back-to-back titlesComeback in Taiwan for former World No. 1 Jiyai Shin of South KoreaFoxconn-sponsored Chia-Yen Wu, hometown favorite, spotlighted for 2nd year

TAIPEI, Jan. 2, 2025 /PRNewswire/ — The LPGA of Taiwan (TLPGA), in collaboration with title sponsor Hon Hai Technology Group (Foxconn), is thrilled to announce the 2025 Foxconn TLPGA Players Championship. In its second edition, top women pro golfers will compete for a record-breaking total purse of US$1.5 million, marking a 50% increase from last year and setting a new benchmark for the TLPGA Tour.

The multi-day tournament will take place February 27 to March 2 at the Orient Golf & Country Club in Taiwan, where the event was inaugurated in 2024. For the first time, the TLPGA-sanctioned tournament will feature international live broadcast coverage, airing in Japan on Sky A, alongside VL Sports and Sportcast Sports in Taiwan.

World-Class Competition

The 2025 Foxconn TLPGA Players Championship sets itself apart with its exceptional ranking points, substantial prize money, and elite sportsmanship. Foxconn, the world’s largest electronics manufacturing service provider and as the title sponsor, is honored to drive the TLPGA Tour’s international presence and competitive growth.

Aim High. Swing Brilliantly.

The 2025 Foxconn TLPGA Players Championship has attracted over 140 international players since registration opened in December 2024, showcasing the tournament’s growing prestige. Leading the field are defending champion Haruka Kawasaki of Japan, and last year’s runner-up Yu-Sang Hou of Taiwan. Foxconn-sponsored rising star Chia-Yen Wu, the 20-year-old currently ranked among the top three in Taiwan, will compete for the second year.

Adding to the excitement, former World No. 1 Jiyai Shin of South Korea will make her highly anticipated return to Taiwan after seven years, entering as a top contender following her recent triumph at the ISPS Handa Australian Open. This year’s match is set to feature over ten elite players ranked among the world’s top 100. Following the impressive performances by Japanese players last year, the 2025 Foxconn TLPGA Players Championship will see more than 15 players from the JLPGA Tour competing for the championship trophy. The final player roster will be announced on 17 January 2025.

About TLPGA here.

About Foxconn here.

View original content to download multimedia:https://www.prnewswire.com/news-releases/2025-foxconn-tlpga-players-championship-returns-with-new-benchmark-of-us1-5-million-purse-302341666.html

SOURCE Foxconn TLPGA Players Championship

Continue Reading

Trending