Group 1 - RCI Hospitality (NASDAQ: RICK) has been identified as a highly rewarding investment from 2020 to 2023, with share prices increasing from around $15 to $100 [1] - The company has released its latest top investment picks for August 2025, indicating a proactive approach to identifying future investment opportunities [1] Group 2 - The company invests significant resources, including thousands of hours and over $100,000 annually, into researching profitable investment opportunities [2] - This research-driven approach has resulted in over 500 five-star reviews from satisfied members, showcasing the effectiveness of their real estate strategies [2]

Core Insights - Rogers Communication reported revenue of $3.77 billion for the quarter ended June 2025, reflecting a 1.3% increase year-over-year, but slightly below the Zacks Consensus Estimate of $3.78 billion, resulting in a surprise of -0.39% [1] - The company's EPS was $0.82, down from $0.85 in the same quarter last year, but exceeded the consensus estimate of $0.80, leading to an EPS surprise of +2.5% [1] Financial Performance - The stock of Rogers Communication has returned +17.2% over the past month, outperforming the Zacks S&P 500 composite's +5.9% change, and currently holds a Zacks Rank 2 (Buy) [3] Key Metrics - Wireless Subscriber - Postpaid mobile phone gross additions were 362 thousand, below the average estimate of 387.2 thousand [4] - Total Home Phone Subscribers stood at 1.45 million, slightly below the average estimate of 1.46 million [4] - Total Postpaid mobile phone subscribers reached 10.91 million, exceeding the average estimate of 10.82 million [4] - Postpaid churn was reported at 1%, better than the average estimate of 1.1% [4] - Prepaid mobile phone gross additions were 135 thousand, below the average estimate of 142.57 thousand [4] - Total prepaid mobile phone subscribers remained at 1.16 million, matching the average estimate [4] - Cable Subscriber net additions were 16 thousand, surpassing the average estimate of 9.61 thousand [4] - Total Customer Relationships in cable reached 4.83 million, exceeding the average estimate of 4.7 million [4] - Retail Internet net additions were 26 thousand, slightly above the average estimate of 24.32 thousand [4]

Summary of Rogers Communication's Quarterly Earnings Core Viewpoint - Rogers Communication reported quarterly earnings of $0.82 per share, exceeding the Zacks Consensus Estimate of $0.80 per share, but down from $0.85 per share a year ago, indicating a slight decline in year-over-year earnings performance [1][2]. Financial Performance - The company achieved revenues of $3.77 billion for the quarter ended June 2025, which was 0.39% below the Zacks Consensus Estimate, and a slight increase from $3.72 billion in the same quarter last year [2]. - Over the last four quarters, Rogers Communication has surpassed consensus EPS estimates two times and topped revenue estimates only once [2]. Stock Performance and Outlook - Since the beginning of the year, Rogers Communication shares have increased by approximately 11.1%, outperforming the S&P 500's gain of 7.3% [3]. - The company's earnings outlook is crucial for future stock performance, with current consensus EPS estimates at $0.97 for the upcoming quarter and $3.51 for the current fiscal year, with revenues projected at $3.85 billion and $15.26 billion respectively [7]. Industry Context - The Diversified Communication Services industry, to which Rogers Communication belongs, is currently ranked in the top 10% of over 250 Zacks industries, suggesting a favorable environment for stock performance [8]. - The correlation between near-term stock movements and earnings estimate revisions is strong, indicating that tracking these revisions can provide insights into future stock performance [5][6].

Financial Data and Key Metrics Changes - In Q2 2025, consolidated service revenue and adjusted EBITDA both grew by 2% year-over-year [9][22] - Wireless service revenue and adjusted EBITDA each increased by 1% [19] - Cable service revenue and adjusted EBITDA rose by 13% respectively, marking a return to growth in this segment [10][20] - Media revenue increased by 10%, driven by strong viewership during the NHL playoffs [10][21] - Free cash flow reached $925 million, up 39% year-over-year [23] Business Line Data and Key Metrics Changes - Wireless segment saw 61,000 total subscriber net additions, including 35,000 postpaid [19] - Cable business reported a 1% increase in service revenue, supported by retail internet net additions of 26,000 [20] - Media segment revenue was boosted by the success of Sportsnet and higher revenues from the Toronto Blue Jays [21] Market Data and Key Metrics Changes - The wireless market is expected to grow about 3% for the full year, with Q2 growth estimated at around 2.5% [54] - The competitive environment remains intense, impacting ARPU, which declined by 3% year-over-year [19][56] Company Strategy and Development Direction - The company is focused on deleveraging, having achieved a leverage ratio of 3.6 times, close to pre-Shaw acquisition levels [8][26] - Plans to monetize sports and media assets are underway, with a focus on unlocking unrecognized value for shareholders [7][42] - The company aims to maintain an investment-grade balance sheet while investing in growth [26] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about returning to growth in cable and maintaining strong performance in wireless and media [6][8] - The company highlighted the importance of government leadership in fostering a competitive environment and supporting capital investments [15][17] - Future guidance for 2025 has been updated to reflect the consolidation of MLSE, with service revenue expected to grow by 3% to 5% [28] Other Important Information - The company completed a $7 billion equity investment for a minority stake in parts of its wireless network [7] - The integration of MLSE's financial results will begin in Q3 2025, with estimated full-year media revenue of $3.9 billion [27] Q&A Session Summary Question: Update on 2025 guidance and core telecom outlook - Management confirmed that the updated guidance reflects the inclusion of MLSE, with no significant changes to the core telecom outlook [33] Question: Performance expectations for MLSE in 2025 - Management indicated that the pro forma figures for MLSE are a clean aggregation and do not include aggressive synergies [36] Question: Competitive environment in wireless and back-to-school season - Management noted that the wireless market is expected to grow about 3%, with ongoing efforts to simplify the value proposition [54][56] Question: Impact of roaming on service revenue - Management acknowledged that roaming has been a headwind but expects travel to pick up, which could positively impact service revenue [61] Question: Longer-term CapEx profile and cable CapEx reduction - Management stated that while they won't provide specific numbers, they intend to drive lower capital intensity within cable [105] Question: Multi-line discounts and ARPU impact - Management explained that while multi-line discounts may dilute ARPU, they are expected to generate incremental service revenue [115] Question: Synergies related to the MLSE deal - Management indicated that it is too early to discuss specific synergies but emphasized their track record in identifying material synergies [116]

Financial Data and Key Metrics Changes - In Q2, consolidated service revenue and adjusted EBITDA both grew by 2% year-over-year, with strong margins and free cash flow [6][21][22] - Wireless service revenue and adjusted EBITDA each grew by 1%, with total subscriber net additions of 61,000, including 35,000 postpaid [7][18] - Cable service revenue and adjusted EBITDA increased by 13% respectively, supported by strong retail Internet net additions of 26,000 [8][19] - Media revenue was up 10%, driven by expanded content and strong viewership during the NHL playoffs [8][20] - Free cash flow reached $925 million, a 39% increase year-over-year, due to higher adjusted EBITDA and lower capital intensity [22] Business Line Data and Key Metrics Changes - Wireless: Service revenue and adjusted EBITDA grew by 1%, with churn improving to 1% and blended mobile phone ARPU at $55.45, down 3% from the prior year [18][19] - Cable: Service revenue increased by 1%, with adjusted EBITDA up 3% year-over-year, driven by steady retail internet subscriber growth and cost efficiency initiatives [19][20] - Media: Revenue increased by 10% to over $800 million, with improved EBITDA driven by NHL playoffs and higher Toronto Blue Jays revenue [20][21] Market Data and Key Metrics Changes - The wireless market is expected to grow about 3% for the full year, with Q2 growth estimated at around 2.5% [55] - The competitive environment remains intense, impacting ARPU and subscriber growth, but the company is focused on improving customer retention and value propositions [56][57] Company Strategy and Development Direction - The company is focused on deleveraging and maintaining an investment-grade balance sheet while investing in growth [5][24] - The acquisition of a 75% controlling interest in MLSE is expected to unlock significant value in sports and media assets, with a pro forma estimate of $3.9 billion in revenue for 2025 [5][26] - The company aims to monetize its sports assets and strengthen its balance sheet, with ongoing discussions about various options [41][42] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about returning to growth in cable and maintaining discipline in wireless and media segments [4][6] - The company highlighted the importance of government leadership in fostering competition and investment in the telecommunications sector [15][16] - Future guidance for 2025 reflects a service revenue growth expectation of 3% to 5%, with adjusted EBITDA unchanged at 0% to 3% [27][28] Other Important Information - The company launched satellite to mobile texting, expanding coverage significantly across Canada [10][11] - Capital expenditures decreased by 17% year-over-year, reflecting a focus on lowering capital intensity while investing in network infrastructure [22][23] Q&A Session Summary Question: Update on 2025 guidance and core telecom outlook - Management confirmed that the updated guidance reflects the inclusion of MLSE and shows a return to growth in cable and continued growth in wireless [31] Question: MLSE performance expectations - Management indicated that it is too early to provide specific guidance for MLSE's performance but emphasized the clean aggregation of businesses for 2025 [34][36] Question: Monetization of sports assets - Management acknowledged significant underlying value in sports assets and is focused on monetizing them to strengthen the balance sheet [41][42] Question: Sustainability of cable EBITDA growth - Management expressed confidence in the sustainability of cable growth due to market share performance and ongoing cost efficiency initiatives [43][44] Question: Competitive environment in wireless - Management noted that the wireless market is experiencing lower growth due to reduced immigration but remains optimistic about subscriber growth and ARPU improvement [55][56] Question: Wireless roaming impact on service revenue - Management highlighted that roaming has been a headwind but expects travel to pick up, which could positively impact service revenue [61][62] Question: CapEx profile and potential reductions - Management indicated a focus on driving lower capital intensity in cable, with ongoing efforts to prioritize investments [102][103] Question: Multi-line discounts impact on ARPU - Management stated that while multi-line discounts may dilute ARPU, they are expected to generate incremental service revenue [110][111] Question: Synergies related to MLSE deal - Management confirmed that it is too early to discuss specific synergies from the MLSE deal, but planning is underway [112][113]

MANAGEMENT'S DISCUSSION AND ANALYSIS Exhibit 99.1 This Management's Discussion and Analysis (MD&A) contains important information about our business and our performance for the three and six months ended June 30, 2025, as well as forward-looking information (see "About Forward-Looking Information") about future periods. This MD&A should be read in conjunction with our Second Quarter 2025 Interim Condensed Consolidated Financial Statements (Second Quarter 2025 Interim Financial Statements) and notes thereto, ...

Q2 2025 Results July 23, 2025 1 Cautionary note The following materials are for presentation purposes only. They accompany the discussions held during Rogers Communications Inc.'s (Rogers) investor conference call on July 23, 2025. Certain statements made in this presentation, including, but not limited to, statements relating to expected future events, financial and operating results, guidance, objectives, plans, strategic priorities and other statements that are not historical facts, are forward-looking. ...

Core Viewpoint - Rogers Communication is anticipated to report a year-over-year decline in earnings despite an increase in revenues for the quarter ended June 2025, with the actual results being crucial for its near-term stock price movement [1][2]. Earnings Expectations - The consensus estimate for Rogers Communication's quarterly earnings is $0.76 per share, reflecting a year-over-year decrease of 10.6%. Revenues are projected to be $3.74 billion, which is a 0.5% increase from the previous year [3]. Estimate Revisions - Over the last 30 days, the consensus EPS estimate has been revised 0.71% higher, indicating a collective reassessment by analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model shows that the Most Accurate Estimate for Rogers Communication is higher than the Zacks Consensus Estimate, resulting in an Earnings ESP of +6.42%. The company currently holds a Zacks Rank of 2, suggesting a strong likelihood of beating the consensus EPS estimate [12]. Historical Performance - In the last reported quarter, Rogers Communication was expected to post earnings of $0.71 per share but delivered $0.69, resulting in a surprise of -2.82%. Over the past four quarters, the company has beaten consensus EPS estimates twice [13][14]. Conclusion - While Rogers Communication is positioned as a potential earnings-beat candidate, other factors should also be considered when evaluating the stock ahead of its earnings release [17].

Group 1 - Rogers Communication (RCI) shares increased by 5.1% to close at $31.86, with notable trading volume compared to typical sessions, and a total gain of 13.3% over the past four weeks [1] - The company is achieving steady growth and reducing debt through cost efficiencies, reliable 5G and internet services, and increasing value in its sports assets, despite a competitive environment [2] - The upcoming quarterly earnings report is expected to show earnings of $0.76 per share, reflecting a year-over-year decline of 10.6%, with revenues projected at $3.7 billion, down 0.5% from the previous year [3] Group 2 - The consensus EPS estimate for Rogers Communication has remained unchanged over the last 30 days, indicating that stock price movements may not sustain without trends in earnings estimate revisions [4] - Rogers Communication is classified under the Zacks Diversified Communication Services industry, where Shenandoah Telecommunications (SHEN) also operates, having closed 2.1% higher at $14.3, with an 8.4% return over the past month [4] - Shenandoah Telecom's consensus EPS estimate has also remained unchanged at -$0.2, representing a significant year-over-year decline of 150%, and it holds a Zacks Rank of 3 (Hold) [5]

Summary of Key Points from the Conference Call Industry Overview - The conference focused on the media and sports industry, featuring 13 companies and discussions on regulatory changes, consolidation, and digital media trends [1][2] - Media consolidation remains a significant topic, with notable deals such as Amazon's acquisition of MGM for $8.5 billion and the Discovery and WarnerMedia merger [3] - The shift from traditional media to digital media continues, with American consumers spending approximately eight hours daily on digital platforms, which is double the time spent on traditional media [4] Company Focus: EW Scripps - EW Scripps is a diversified media enterprise with a strong presence in local television, operating 61 TV stations and reaching over 36% of U.S. TV households [9][10] - The company has undergone significant transformation, focusing on expanding its local TV footprint from 27 stations to over 60 in the past decade [14] - Scripps aims to enhance connections between audiences and brands, as well as between advertisers and audiences, to drive financial benefits for shareholders [15] Financial Performance and Capital Allocation - Scripps' primary capital allocation priority is debt reduction, with leverage decreasing from 6x in Q2 of the previous year to 4.9x in the most recent quarter [17][18] - The company has directed 99% of discretionary cash flow towards debt paydown since the ION acquisition in 2021 [18] - Recent refinancing efforts have limited the increase in average debt costs to less than one percentage point despite a challenging rate environment [19] Regulatory Environment and Consolidation - There is optimism regarding deregulation in the broadcast industry, which could facilitate consolidation and benefit local broadcasters [22] - Scripps supports changes to antiquated ownership rules, emphasizing the need for regulations to adapt to the current competitive landscape, including competition from big tech [23][24] - The company sees opportunities for asset swaps and selective sales to improve operational performance rather than being a major buyer in the M&A market [31] Advertising Trends - Local advertising comprises 70% of Scripps' core advertising revenue, with national businesses accounting for 30% [59] - The advertising environment is challenging, with local businesses showing resilience while sectors like automotive are struggling [60][61] - Political advertising is expected to grow, with Scripps positioned to capture a significant share of spending in upcoming elections [79] Sports Programming Strategy - Scripps has developed a national sports strategy leveraging its reach through ION, focusing on underrepresented leagues like the WNBA and NWSL [51][54] - The company has seen significant audience growth, with the Florida Panthers' ratings up 149% compared to the previous RSN model [56] - Scripps anticipates a shift in MLB rights negotiations, likely following a model that combines linear and streaming platforms [57] Connected TV and Future Opportunities - Scripps has reported a 42% increase in connected TV revenue, now exceeding $100 million, indicating a strong growth area [87] - The company is optimistic about the potential of ATSC 3.0 technology to transform local broadcasting, with plans for significant developments in the coming years [94][96] Conclusion - Scripps is focused on improving operational performance, reducing debt, and navigating regulatory changes to enhance its competitive position in the media landscape [44][45] - The company is well-positioned to capitalize on growth opportunities in sports programming and connected TV while adapting to the evolving advertising environment [78][87]