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"Today's announcement marks an important milestone in the expansion of cellular coverage to the rest of Toronto's subway system. Transit riders and commuters deserve a safe TTC. Bringing 5G service to the unconnected tunnels is going to make a marked difference for transit users. Thanks to Rogers for leading the build, and to the TTC," said Toronto Mayor Olivia Chow. "I am pleased that Rogers has started the next phase of building out the 5G network in TTC subway tunnels, beginning with the tunnels on Line ...

With more than 60 locations, RCI Hospitality Holdings, Inc., through its subsidiaries, is the country's leading company in adult nightclubs and sports bars/restaurants. See all our brands at www.rcihospitality.com. Media & Investor Contacts Gary Fishman and Steven Anreder at 212-532-3232 or [email protected] and [email protected] SOURCE RCI Hospitality Holdings, Inc. ...

A month has gone by since the last earnings report for Rogers Communication (RCI) . Shares have added about 2.6% in that time frame, underperforming the S&P 500. Will the recent positive trend continue leading up to its next earnings release, or is Rogers Communication due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts. Rogers Communications Q1 Earnin ...

Core Insights - Zacks Premium offers various tools for investors to enhance their stock market strategies and confidence [1] - The Zacks Style Scores are designed to help investors identify stocks with the highest potential to outperform the market in the short term [2] Zacks Style Scores Overview - The Style Scores categorize stocks into four main types: Value Score, Growth Score, Momentum Score, and VGM Score, each focusing on different investment strategies [3][4][5][6] - Value Score emphasizes finding undervalued stocks based on financial ratios [3] - Growth Score focuses on a company's financial health and future growth potential [4] - Momentum Score identifies stocks with favorable price trends and earnings outlooks [5] - VGM Score combines all three styles to highlight stocks with the best overall characteristics [6] Zacks Rank and Style Scores Interaction - The Zacks Rank utilizes earnings estimate revisions to guide investors in stock selection [7] - Stocks rated 1 (Strong Buy) have historically outperformed the S&P 500, with an average annual return of +25.41% since 1988 [8] - To maximize returns, investors should target stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B [9] - Stocks with lower ranks, even with good Style Scores, may still face declining earnings forecasts [10] Company Spotlight: Rogers Communications Inc. (RCI) - Rogers Communications, based in Toronto, provides a range of services including cable television, high-speed internet, and wireless communications [11] - RCI holds a Zacks Rank of 3 (Hold) and has a VGM Score of B, indicating solid performance potential [12] - The company has a Value Style Score of A, supported by a forward P/E ratio of 10.84, making it attractive for value investors [12] - Recent upward revisions in earnings estimates suggest positive momentum, with the Zacks Consensus Estimate for fiscal 2024 at $3.64 per share [12] - RCI's average earnings surprise stands at 6.7%, further enhancing its investment appeal [12][13]

"Thank you, Rogers, and thank you to everyone who voted for me. Thank you to my family and friends and everyone back home. Thank you so much, Marsi Cho," said Rebecca Strong, Winner, Canada's Got Talent. – REBECCA STRONG wins $1M from Rogers, the biggest cash prize in Canadian television history, plus financial advice, courtesy of CIBC, to help realize their ambitions – – REBECCA STRONG available for media interviews through media relations contacts below – – Applications are open all year long on Citytv.co ...

Financial Data and Key Metrics - Total service revenue grew by 31% and adjusted EBITDA increased by 34% in Q1 2024 [4] - Capital expenditures were $1.1 billion, up 19% year-over-year, primarily invested in Wireless and Cable networks [4][15] - Free cash flow grew 58% year-over-year to $586 million [36] - The company reaffirmed its 2024 guidance, including service revenue growth of 8%-10%, adjusted EBITDA growth of 12%-15%, and free cash flow of $2.9-$3.1 billion [17] Business Line Performance Wireless - Wireless service revenue grew 9% in Q1 2024, with 98,000 postpaid mobile phone net additions, up 3,000 year-over-year [11][25] - Postpaid mobile phone churn was 1.1%, up 31 basis points year-over-year but down from the prior quarter [12] - Mobile phone ARPU increased by over 1% year-over-year, with organic ARPU growth of nearly 3% after adjusting for Shaw Mobile customers [32] Cable - Cable revenue increased 93% year-over-year due to the Shaw acquisition, but organic revenue declined 3% due to promotional competition [13] - Retail Internet net additions were 26,000, almost double the prior year's 14,000 [34] - Cable margins improved by 140 basis points to 56%, supported by cost synergies [14] Media - Media revenue declined 5% year-over-year, and adjusted EBITDA decreased by $65 million, impacted by higher payroll costs and a strong prior-year comparative [55] Market and Strategic Focus - The company achieved $1 billion in cost synergies from the Shaw merger one year ahead of schedule, with $600 million realized in the first year [7][14] - Rogers 5G Home Internet was launched, targeting areas previously underserved, with early signs of consumer interest [6] - The company is leveraging network slicing technology to prioritize first responders and accelerate 5G Home Internet expansion [8] - Rogers is focusing on returning Cable to organic revenue growth by Q4 2024, driven by market share gains and fixed wireless access [33][85] Management Commentary on Environment and Outlook - Management expressed confidence in the company's sustained momentum, having delivered strong results for nine consecutive quarters [9] - The competitive environment remains intense, particularly in Wireless, but the company is balancing subscriber growth with financial performance [12][25] - The company is committed to reducing its debt leverage ratio by approximately half a turn each year, supported by earnings growth and asset sales [57] Other Important Information - The company has $4.6 billion in available liquidity, with a weighted average interest rate on borrowings below 4.8% [16] - Rogers is exploring the sale of noncore assets, including real estate and data centers, to further reduce debt [81][82] - The company is investing in fiber infrastructure and network enhancements, including DOCSIS 4 technology, to support future growth [28][117] Q&A Summary Question: Internet net adds and competitive environment [18][40] - Internet net adds were driven by both in-footprint growth and fixed wireless access, with early success in markets where Rogers previously lacked wireline assets [41][42] - The company is focused on premium 5G services and the Rogers brand, which is driving ARPU growth despite competitive pressures [63] Question: Interest cost savings and ARPU performance [46][50] - Interest costs for 2024 are expected to be $100 million lower than anticipated due to debt refinancing and asset sales [47][48] - ARPU growth remains positive, even after adjusting for subscriber write-downs, reflecting the company's focus on premium services [66] Question: Cost synergies and margin outlook [67][68] - The company has achieved $1 billion in cost synergies ahead of schedule and continues to identify additional efficiency opportunities [68] - Cable margins are expected to improve further, potentially reaching 57%-58% as revenue growth returns [94] Question: Fixed wireless access opportunity [71] - Rogers sees significant potential in fixed wireless access, with network slicing technology enabling dedicated lanes for this service [73] Question: Cable revenue erosion and growth strategy [100][117] - Revenue erosion in Cable is primarily due to video declines, offset by Internet ARPU growth and market share gains [101][117] - The company is targeting a return to organic revenue growth in Cable by Q4 2024, driven by fixed wireless access and wholesale strategies [85] Question: Wireless churn and pricing strategy [104] - Churn remains elevated due to competitive intensity, but the company is managing acquisition costs to maintain industry-leading margins [105] Question: Data center sales and immigration impact [81][83] - Rogers is exploring the sale of its data center business, which is separate from its core operations [81] - Immigration continues to drive market growth, with new-to-Canada customers contributing significantly to subscriber additions [83]

Financial Performance - Total revenue for 2023 reached CAD 19,308 million, a 25% increase from CAD 15,396 million in 2022[72] - Total service revenue increased by 27% to CAD 16,845 million, up from CAD 13,305 million in the previous year[72] - Adjusted EBITDA rose by 34% to CAD 8,581 million, compared to CAD 6,393 million in 2022[72] - Adjusted EBITDA margin improved to 44.4%, an increase of 2.9 percentage points from 41.5%[72] - Net income decreased by 49% to CAD 849 million, down from CAD 1,680 million in 2022[72] - Adjusted net income increased by 26% to CAD 2,406 million, compared to CAD 1,915 million in the previous year[72] - Basic earnings per share fell to CAD 1.62, a 51% decrease from CAD 3.33 in 2022[72] - Free cash flow increased by 36% to CAD 2,414 million, up from CAD 1,773 million in 2022[72] Capital Expenditures and Investments - Capital expenditures for 2023 were CAD 3,934 million, an increase of 28% from CAD 3,075 million[72] - The company invested a record $3.9 billion in capital expenditures, primarily in wireless and wireline network infrastructure[162] - Capital expenditures totaled $3,934 million, exceeding the guidance range of $3,700 million to $3,900 million[172] Shaw Transaction - The Shaw Transaction was completed for a total consideration of $20.5 billion, enhancing the company's scale and capabilities in telecommunications[95] - The acquisition included $8.0 billion in property, plant, and equipment, and $6.0 billion in intangible assets, resulting in a significant increase in depreciation and finance costs[103] - The Shaw Transaction was successfully completed in April 2023, enhancing service capabilities and customer support[172] - Targeted cost synergies from the Shaw acquisition are expected to materially increase adjusted EBITDA and net income on an ongoing basis[104] Subscriber Growth and Service Revenue - Wireless service revenue grew by 9% to CAD 7,802 million, while cable revenue surged by 72% to CAD 7,005 million[72] - Wireless service revenue rose by 9%, attributed to growth in mobile phone subscribers and Shaw Mobile subscribers acquired through the Shaw Transaction[83] - The total number of postpaid mobile phone subscribers reached 10.498 million, with net additions of 674,000 in 2023[227] - Cable service revenue increased by 72% to $6.962 billion, reflecting a higher average revenue per account (ARPA) of $142.58[237] Debt and Liquidity - The debt leverage ratio was 5.0 as of December 31, 2023, up from 3.3 in 2022, reflecting the impact of the Shaw Transaction[90] - The company ended the year with approximately $5.9 billion in available liquidity, an increase from $4.9 billion in 2022[92] - Rogers Communications has $19 billion in cash, including $13 billion in cash and restricted cash, and $6 billion borrowed from a non-revolving term loan facility[105] - The Shaw Transaction is expected to significantly impact the company's capital structure, with plans to return the debt leverage ratio to approximately 3.5 within 36 months[208] Network and Service Expansion - The company serves over 2,200 communities with the largest 5G network in Canada as of December 31, 2023[109] - The company expanded its 5G network to 267 new communities and launched 5G service in the busiest sections of the Toronto Transit Commission subway system[162] - The company is focused on connecting more Canadians to its coast-to-coast Internet network and delivering reliable connectivity[165] - The company is investing in fixed wireless access services and expanding its cable footprint to connect rural and underserved areas, focusing on next-generation broadband wireless data networks like 5G[193] Media and Other Operations - Rogers has a diversified media portfolio, including rights to deliver over 1,300 NHL games per season through the 2025-2026 NHL season[116] - The company operates several television networks and 52 radio stations across Canada, reaching a wide audience[119] - Media revenue increased by 3% to $2.335 billion, driven by advertising sales and subscriptions[246][247] - Adjusted EBITDA for media operations rose by 12% to $77 million, with an adjusted EBITDA margin of 3.3%[246] Future Outlook - For 2024, the company expects total service revenue to increase by 8% to 10% and adjusted EBITDA to rise by 12% to 15%[181] - The company plans to maintain capital expenditures between $3,800 million and $4,000 million in 2024[181] - The company aims to return cash to shareholders while maintaining network advantages in a competitive market[180]

Rogers Communications Inc. (NYSE:RCI) Q4 2023 Earnings Conference Call February 1, 2024 8:00 AM ET Company Participants Paul Carpino - VP, Investor Relations Tony Staffieri - President and CEO Glenn Brandt - CFO Conference Call Participants Drew McReynolds - RBC Capital Markets Tim Casey - BMO Capital Markets Sebastiano Petti - J.P. Morgan Vince Valentini - TD Securities Maher Yaghi - Scotiabank Stephanie Price - CIBC Capital Markets Jerome Dubreuil - Desjardins Securities Aravinda Galappatthige - Canaccord ...

[Report Overview and Key Highlights](index=1&type=section&id=Report%20Overview%20and%20Key%20Highlights) [Q4 & Full-Year 2023 Performance Summary](index=1&type=section&id=Q4%20%26%20Full-Year%202023%20Performance%20Summary) The company achieved record 2023 results driven by the Shaw integration and strong wireless and cable performance - The company achieved record 2023 results, attributing the success to strong execution on the Shaw acquisition and industry-leading performance, with more Canadians choosing Rogers for the second consecutive year[1](index=1&type=chunk) **Full-Year 2023 Key Metrics vs 2022** | Metric | 2023 Value | YoY Change | | :--- | :--- | :--- | | Service Revenue | $16.8 billion | +27% | | Adjusted EBITDA | $8.6 billion | +34% | | Free Cash Flow | $2.4 billion | +36% | | Postpaid Mobile Phone Net Adds | 674,000 | +24% | **Q4 2023 Key Metrics vs Q4 2022** | Metric | Q4 2023 Value/Change | | :--- | :--- | | Total Service Revenue | +30% | | Adjusted EBITDA | +39% | | Wireless Service Revenue | +9% | | Cable Service Revenue | +94% | | Postpaid Mobile Phone Net Adds | 184,000 | | Retail Internet Net Additions | 20,000 | - Shaw integration is ahead of schedule, with **$375 million in synergies realized** since closing and an exit run rate of **$750 million**, six months ahead of plan[2](index=2&type=chunk) [Consolidated Financial Highlights](index=2&type=section&id=Consolidated%20Financial%20Highlights) Q4 revenue and adjusted EBITDA grew significantly, though net income declined due to Shaw acquisition-related costs **Consolidated Financial Highlights (Q4 & FY 2023 vs 2022)** | (In millions of Canadian dollars) | Q4 2023 | Q4 2022 | % Chg | FY 2023 | FY 2022 | % Chg | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Total Revenue | 5,335 | 4,166 | 28% | 19,308 | 15,396 | 25% | | Total Service Revenue | 4,470 | 3,436 | 30% | 16,845 | 13,305 | 27% | | Adjusted EBITDA | 2,329 | 1,679 | 39% | 8,581 | 6,393 | 34% | | Net Income | 328 | 508 | (35%) | 849 | 1,680 | (49%) | | Adjusted Net Income | 630 | 554 | 14% | 2,406 | 1,915 | 26% | | Adjusted Diluted EPS | $1.19 | $1.09 | 9% | $4.59 | $3.78 | 21% | | Free Cash Flow | 823 | 635 | 30% | 2,414 | 1,773 | 36% | - The decrease in net income was primarily driven by higher depreciation and amortization from assets acquired in the Shaw Transaction, increased restructuring and acquisition costs, and higher finance costs[10](index=10&type=chunk) [Strategic Highlights](index=3&type=section&id=Strategic%20Highlights) The company advanced its strategic objectives through network investment, product innovation, and the Shaw integration - Built the biggest and best networks: Invested a record **$3.9 billion in capital**, expanded the 5G network to 267 new communities, and launched 5G service in the TTC subway system[16](index=16&type=chunk) - Delivered easy to use, reliable products: Introduced Rogers Internet and TV in Western Canada, upgraded Shaw Mobile customers to 5G, and launched the red Rogers Mastercard with a 0% interest device payment plan[16](index=16&type=chunk) - Became the first choice for Canadians: Led the industry with **674,000 postpaid mobile phone net additions** and helped bring major events like Taylor Swift's tour to Canada[16](index=16&type=chunk) - Invested in Canada: Successfully completed the historic Shaw Transaction, repatriated Shaw customer service teams to be 100% Canada-based, and expanded the low-cost Connected for Success internet program to Western Canada[21](index=21&type=chunk) [2023 Guidance Achievement & 2024 Outlook](index=4&type=section&id=2023%20Guidance%20Achievement%20%26%202024%20Outlook) The company met its 2023 guidance and projects continued strong revenue and adjusted EBITDA growth for 2024 **2023 Guidance Achievement** | Metric | 2023 Guidance Range | 2023 Actual | Achievement | | :--- | :--- | :--- | :--- | | Total Service Revenue Growth | 26% to 30% | 27% | Achieved | | Adjusted EBITDA Growth | 33% to 36% | 34% | Achieved | | Capital Expenditures | $3.7B to $3.9B | $3.934B | Exceeded | | Free Cash Flow | $2.2B to $2.5B | $2.414B | Achieved | **2024 Financial Guidance** | Metric | 2024 Guidance Range | | :--- | :--- | | Total Service Revenue Growth | 8% to 10% | | Adjusted EBITDA Growth | 12% to 15% | | Capital Expenditures | $3.8B to $4.0B | | Free Cash Flow | $2.9B to $3.1B | [Segment Performance](index=8&type=section&id=Segment%20Performance) [Wireless](index=8&type=section&id=Wireless) The Wireless segment saw strong revenue and subscriber growth, though ARPU slightly decreased due to Shaw Mobile **Wireless Financial Results (Q4 2023 vs Q4 2022)** | (In millions of dollars) | Q4 2023 | Q4 2022 | % Chg | | :--- | :--- | :--- | :--- | | Service Revenue | 2,020 | 1,856 | 9% | | Equipment Revenue | 848 | 722 | 17% | | **Total Revenue** | **2,868** | **2,578** | **11%** | | Adjusted EBITDA | 1,291 | 1,173 | 10% | | Adjusted EBITDA Margin | 63.9% | 63.2% | +0.7 pts | **Wireless Subscriber Results (Q4 2023 vs Q4 2022)** | (In thousands, except where noted) | Q4 2023 | Q4 2022 | Change | | :--- | :--- | :--- | :--- | | Postpaid Mobile Phone Net Additions | 184 | 193 | (9) | | Total Postpaid Mobile Phone Subscribers | 10,498 | 9,392 | 1,106 | | Postpaid Churn (monthly) | 1.67% | 1.24% | +0.43 pts | | Mobile Phone ARPU (monthly) | $57.96 | $58.69 | ($0.73) | - The **9% increase in service revenue** was primarily due to growth in the mobile phone subscriber base and the impact of Shaw Mobile subscribers acquired in April 2023[38](index=38&type=chunk) [Cable](index=10&type=section&id=Cable) The Cable segment's revenue and adjusted EBITDA more than doubled, driven by the transformative Shaw acquisition **Cable Financial Results (Q4 2023 vs Q4 2022)** | (In millions of dollars) | Q4 2023 | Q4 2022 | % Chg | | :--- | :--- | :--- | :--- | | Service Revenue | 1,965 | 1,011 | 94% | | **Total Revenue** | **1,982** | **1,019** | **95%** | | Adjusted EBITDA | 1,111 | 522 | 113% | | Adjusted EBITDA Margin | 56.1% | 51.2% | +4.9 pts | **Cable Subscriber Results (Q4 2023 vs Q4 2022)** | (In thousands, except where noted) | Q4 2023 | Q4 2022 | Change | | :--- | :--- | :--- | :--- | | Retail Internet Net Additions | 20 | 7 | 13 | | Total Retail Internet Subscribers | 4,162 | 2,284 | 1,878 | | ARPA (monthly) | $141.96 | $129.92 | $12.04 | - The **94% increase in service revenue** was primarily due to the acquisition of Shaw, which contributed approximately **$1 billion** for the quarter[45](index=45&type=chunk) [Media](index=12&type=section&id=Media) The Media segment's revenue and adjusted EBITDA declined significantly due to lower sports-related revenue **Media Financial Results (Q4 2023 vs Q4 2022)** | (In millions of dollars) | Q4 2023 | Q4 2022 | % Chg | | :--- | :--- | :--- | :--- | | Revenue | 558 | 606 | (8%) | | Operating Expenses | 554 | 549 | 1% | | Adjusted EBITDA | 4 | 57 | (93%) | | Adjusted EBITDA Margin | 0.7% | 9.4% | (8.7 pts) | - The **8% decrease in revenue** was mainly due to lower sports-related revenue associated with a distribution from Major League Baseball in 2022 that did not repeat in 2023[49](index=49&type=chunk)[51](index=51&type=chunk) [Capital Expenditures](index=13&type=section&id=Capital%20Expenditures) Full-year capital expenditures reached a record $3.9 billion, driven by Cable network upgrades and Media projects **Capital Expenditures by Segment (Q4 2023 vs Q4 2022)** | (In millions of dollars) | Q4 2023 | Q4 2022 | % Chg | | :--- | :--- | :--- | :--- | | Wireless | 334 | 421 | (21%) | | Cable | 448 | 235 | 91% | | Media | 113 | 73 | 55% | | Corporate | 51 | 47 | 9% | | **Total Capital Expenditures** | **946** | **776** | **22%** | - The increase in Cable capex reflects the Shaw acquisition and investments in fibre-to-the-home (FTTH) and DOCSIS 4.0 evolution[55](index=55&type=chunk) - The increase in Media capex was primarily due to expenditures related to the second phase of the Rogers Centre modernization project[56](index=56&type=chunk) [Liquidity and Financial Resources](index=17&type=section&id=Liquidity%20and%20Financial%20Resources) [Cash Flow and Financial Condition](index=17&type=section&id=Cash%20Flow%20and%20Financial%20Condition) Free cash flow and liquidity increased, while the debt leverage ratio rose to 4.7x following the Shaw acquisition **Cash Flow Summary (Q4 2023 vs Q4 2022)** | (In millions of dollars) | Q4 2023 | Q4 2022 | | :--- | :--- | :--- | | Cash provided by operating activities | 1,379 | 1,145 | | Cash used in investing activities | (224) | (1,011) | | Cash (used in) financing activities | (2,882) | (358) | - As of December 31, 2023, the company had **$5.9 billion of available liquidity**, up from $4.9 billion at the end of 2022[12](index=12&type=chunk)[97](index=97&type=chunk) - The debt leverage ratio was **4.7x** as at December 31, 2023, calculated on a pro forma basis including trailing 12-month adjusted EBITDA from Shaw[102](index=102&type=chunk)[104](index=104&type=chunk) [Debt Management](index=18&type=section&id=Debt%20Management) The company actively managed its debt, making a net repayment of $2.75 billion in Q4 using asset sale proceeds - In December 2023, Rogers sold its investments in Cogeco for **$829 million** and used the proceeds to repay a portion of its outstanding term loan facility[74](index=74&type=chunk) - Net repayment of long-term debt in Q4 2023 was **$2.75 billion**, including repaying US$850 million and C$500 million of senior notes at maturity[86](index=86&type=chunk)[90](index=90&type=chunk) - The term loan facility used for the Shaw Transaction was reduced by **$1.1 billion** during the quarter, leaving an outstanding balance of $4.4 billion[87](index=87&type=chunk) [Shareholder Returns and Information](index=22&type=section&id=Shareholder%20Returns%20and%20Information) The company maintained its quarterly dividend and utilized its dividend reinvestment plan to issue new shares - The Board declared a quarterly dividend of **$0.50 per Class A and Class B share** on January 31, 2024[93](index=93&type=chunk) - In Q3 and Q4, dividends of **$74 million and $75 million**, respectively, were settled through the issuance of Class B Non-Voting Shares under the dividend reinvestment plan (DRIP)[94](index=94&type=chunk) - Total common shares outstanding increased to **530.0 million**, primarily due to issuing 23.6 million Class B shares for the Shaw Transaction and 2.7 million shares via the DRIP[107](index=107&type=chunk) [Financial Risk Management](index=26&type=section&id=Financial%20Risk%20Management) [Derivative Instruments and Hedging Strategy](index=26&type=section&id=Derivative%20Instruments%20and%20Hedging%20Strategy) The company uses derivatives to hedge interest rate and foreign exchange risk, with 85.6% of debt at fixed rates - The company uses derivative instruments solely to manage risk related to foreign exchange rates and interest rates, not for speculative purposes[109](index=109&type=chunk) - As of Dec 31, 2023, **85.6% of outstanding debt was at a fixed interest rate**, and all US$14.75 billion of US dollar-denominated debt was hedged for foreign exchange risk[109](index=109&type=chunk)[115](index=115&type=chunk) - The company uses equity derivatives (total return swaps) to hedge market price risk for its stock-based compensation programs, covering 6.0 million Class B shares as of year-end[122](index=122&type=chunk)[123](index=123&type=chunk) **Net Mark-to-Market Value of Derivatives** | (In millions of Cdn$) | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Net Debt Derivative Liability/(Asset) | (571) | 988 | | Net Expenditure Derivative Liability/(Asset) | (15) | 94 | | Net Equity Derivative Asset | 48 | 54 | | **Net Mark-to-Market Liability/(Asset)** | **(538)** | **1,136** | [Supplementary Information and Forward-Looking Statements](index=30&type=section&id=Supplementary%20Information%20and%20Forward-Looking%20Statements) [Non-GAAP Measures and Reconciliations](index=31&type=section&id=Non-GAAP%20Measures%20and%20Reconciliations) The report uses non-GAAP measures like Adjusted EBITDA and Free Cash Flow to provide a clearer view of performance - The company uses non-GAAP measures like Adjusted EBITDA, Adjusted Net Income, and Free Cash Flow to assess performance, as they are believed to provide a better analysis of business trends[133](index=133&type=chunk) **Reconciliation of Net Income to Adjusted EBITDA (Q4 2023)** | (In millions of dollars) | Amount | | :--- | :--- | | Net income | 328 | | Add: Income tax expense | 194 | | Add: Finance costs | 568 | | Add: Depreciation and amortization | 1,172 | | Add (deduct): Other items & Restructuring | 67 | | **Adjusted EBITDA** | **2,329** | **Reconciliation of Net Income to Adjusted Net Income (Q4 2023)** | (In millions of dollars) | Amount | | :--- | :--- | | Net income | 328 | | Add: Restructuring, acquisition and other | 86 | | Add: D&A on fair value increment of Shaw assets | 249 | | Deduct: Income tax impact of adjustments | (85) | | Add: Income tax adjustment, tax rate change | 52 | | **Adjusted net income** | **630** | [Condensed Consolidated Financial Statements](index=35&type=section&id=Condensed%20Consolidated%20Financial%20Statements) Financial statements show total assets grew to $69.3 billion and liabilities to $58.8 billion due to the Shaw deal - Total assets grew to **$69.3 billion** at year-end 2023 from $55.7 billion at year-end 2022, primarily due to assets acquired from the Shaw Transaction[144](index=144&type=chunk) - Total liabilities increased to **$58.8 billion** from $45.6 billion over the same period, driven by long-term debt and other liabilities assumed or incurred for the Shaw acquisition[144](index=144&type=chunk) [Forward-Looking Information, Risks, and Assumptions](index=40&type=section&id=Forward-Looking%20Information%2C%20Risks%2C%20and%20Assumptions) The 2024 guidance is subject to risks including economic conditions, competition, and Shaw integration challenges - The 2024 guidance is based on key assumptions such as continued competitive intensity, stable economic conditions, and no major adverse regulatory or economic shifts[156](index=156&type=chunk) - A substantial portion of 2024 US dollar-denominated expenditures is assumed to be hedged at an average exchange rate of **$1.33/US$**[158](index=158&type=chunk) - Identified risks include regulatory changes, economic conditions, competitive pressures, and specific risks from the Shaw Transaction, such as difficulties in integration and achieving expected synergies[153](index=153&type=chunk)