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]