Reports nine straight quarters of industry-leading growthReaffirms industry-leading 2024 financial guidance More Canadians continue to choose Rogers over any other carrier 124,000 postpaid mobile phone and retail Internet net adds Postpaid mobile phone net adds of 98,000, up 3,000 Retail Internet net adds of 26,000, up 12,000 Delivers industry-leading growth in Cable and Wireless Total service revenue up 31%; adjusted EBITDA up 34% Wireless service revenue and adjusted EBITDA up 9% Wireless blended ARPU up 1%; up 3% on a pro forma basis (for Shaw Mobile) Cable service revenue up 94%; adjusted EBITDA up 97% Exceeding Shaw merger commitments $1 billion annualized synergy savings achieved - one year ahead of schedule Industry-leading Cable margins of 56% Debt leverage ratio at 4.7 times; on track to achieve 4.2 times by year-end Introduces meaningful innovation for Canadians First carrier in Canada to complete national live test of 5G network slicing technology Announced partnership with CableLabs to introduce "CableLabs North" Introduced Rogers 5G Wireless Home Internet service TORONTO, April 24, 2024 (GLOBE NEWSWIRE) -- Rogers Communications Inc. (TSX:RCI, NYSE:RCI) today announced its unaudited financial and operating results for the first quarter ended March 31, 2024. "We continued to deliver industry-leading growth in the first quarter, our ninth straight quarter of growth and momentum," said Tony Staffieri, President and CEO. "At the one-year milestone of the Shaw merger, more Canadians continue to choose Rogers than any other carrier and we're one year ahead of our synergy targets. I am proud of our team and I remain confident in our future." Consolidated Financial Highlights   Three months ended March 31   (In millions of Canadian dollars, except per share amounts, unaudited)   2024   2023 % Chg                 Total revenue   4,901   3,835 28   Total service revenue   4,357   3,314 31   Adjusted EBITDA 1   2,214   1,651 34   Net income   256   511 (50 ) Adjusted net income 1   540   553 (2 )               Diluted earnings per share $0.46 $1.00 (54 ) Adjusted diluted earnings per share 1 $0.99 $1.09 (9 )               Cash provided by operating activities   1,180   453 160   Free cash flow 1   586   370 58   __________________________1 Adjusted EBITDA is a total of segments measure. Free cash flow is a capital management measure. Adjusted diluted earnings per share is a non-GAAP ratio. Adjusted net income is a non-GAAP financial measure and is a component of adjusted diluted earnings per share. See "Non-GAAP and Other Financial Measures" in our Q1 2024 Management's Discussion and Analysis (MD&A), available at www.sedarplus.ca, and this earnings release for more information about each of these measures. These are not standardized financial measures under International Financial Reporting Standards (IFRS) and might not be comparable to similar financial measures disclosed by other companies. Strategic Highlights The five objectives set out below guide our work and decision-making as we further improve our operational execution and make well-timed investments to grow our core businesses and deliver increased shareholder value. Below are some highlights for the quarter. Build the biggest and best networks in the country Expanded our cable network to approximately 50,000 new homes passed. Expanded Canada's largest and most reliable 5G network to over 40 new communities. Completed Canada's first national live trial of 5G network slicing. Deliver easy to use, reliable products and services Launched Rogers 5G Home Internet across our wireless network coverage area. Launched our Ignite Self Protect home security solution in Western Canada. Automated over 84% of Rogers Business wireless activations. Be the first choice for Canadians Led the industry with 98,000 Wireless postpaid mobile phone net additions. Broadcast Canada's first Law & Order original series and premiered at #1 in the country. Sportsnet was the most-watched specialty channel in Canada. Be a strong national company investing in Canada Advanced our Shaw Transaction commitments with network investments in Western Canada and growth in our Connected for Success program. Launched our official telecommunications partnership with the Professional Women's Hockey League. Improved wireless coverage on new sections of Highway 16 in British Columbia. Be the growth leader in our industry Grew total service revenue by 31% and adjusted EBITDA by 34%. Reported industry-leading growth in our Wireless and Cable operations. Completed $1 billion of Shaw Transaction synergy targets one year ahead of schedule. Quarterly Financial Highlights Revenue Total revenue and total service revenue increased by 28% and 31%, respectively, this quarter, driven by revenue growth in our Cable and Wireless businesses. Wireless service revenue increased by 9% this quarter, primarily as a result of the cumulative impact of growth in our mobile phone subscriber base and revenue from Shaw Mobile subscribers acquired through the Shaw Transaction. Wireless equipment revenue increased by 4%, primarily as a result of a continued shift in the product mix towards higher-value devices. Cable service revenue increased by 94% this quarter as a result of the Shaw Transaction. Media revenue decreased by 5% this quarter primarily as a result of lower subscriber revenue, including due to a negotiation of certain content rates last year, and lower Today's Shopping Choice revenue, partially offset by higher advertising revenue. Adjusted EBITDA and marginsConsolidated adjusted EBITDA increased 34% this quarter and our adjusted EBITDA margin increased by 210 basis points, as a result of improving synergies and efficiencies. Wireless adjusted EBITDA increased by 9%, primarily due to the flow-through impact of higher revenue as discussed above. This gave rise to an adjusted EBITDA margin of 64.3%. Cable adjusted EBITDA increased by 97% due to the flow-through impact of higher revenue as discussed above and the achievement of cost synergies associated with integration activities. This gave rise to an adjusted EBITDA margin of 56.2%. Media adjusted EBITDA decreased by $65 million, or 171%, this quarter primarily due to lower revenue as discussed above, higher programming and production costs as a result of the timing of broadcasts, and higher Toronto Blue Jays expenses, including player payroll, as a result of the timing of games played. Net income and adjusted net incomeNet income decreased by 50% and adjusted net income decreased by 2% this quarter, primarily as a result of higher depreciation and amortization associated with assets acquired through the Shaw Transaction and higher finance costs, partially offset by higher adjusted EBITDA. Net income was also impacted by higher restructuring, acquisition and other costs. Cash flow and available liquidityThis quarter, we generated cash provided by operating activities of $1,180 million (2023 - $453 million); the increase is primarily a result of higher adjusted EBITDA, partially offset by higher interest paid. We also generated free cash flow of $586 million (2023 - $370 million), up 58% as a result of higher adjusted EBITDA, partially offset by higher interest on long-term debt and higher capital expenditures. As at March 31, 2024, we had $4.6 billion of available liquidity2 (December 31, 2023 - $5.9 billion), consisting of $0.8 billion in cash and cash equivalents and $3.8 billion available under our bank credit and other facilities. Our debt leverage ratio2 as at March 31, 2024 was 4.7 (December 31, 2023 - 5.0, or 4.7 on an as adjusted basis to include trailing 12-month adjusted EBITDA of a combined Rogers and Shaw as if the Shaw Transaction had closed on January 1, 2023). We also returned $265 million in dividends to shareholders this quarter and we declared a $0.50 per share dividend on April 23, 2024. __________________________2 Available liquidity and debt leverage ratio are capital management measures. Pro forma debt leverage ratio is a non-GAAP ratio. Pro forma trailing 12-month adjusted EBITDA is a non-GAAP financial measure and is a component of pro forma debt leverage ratio. See "Non-GAAP and Other Financial Measures" in our Q1 2024 MD&A for more information about this measure, available at www.sedarplus.ca. These are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other companies. See "Financial Condition" in our Q1 2024 MD&A for a reconciliation of available liquidity. About this Earnings Release This earnings release contains important information about our business and our performance for the three months ended March 31, 2024, as well as forward-looking information (see "About Forward-Looking Information") about future periods. This earnings release should be read in conjunction with our First Quarter 2024 Interim Condensed Consolidated Financial Statements (First Quarter 2024 Interim Financial Statements) and notes thereto, which have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting, as issued by the International Accounting Standards Board (IASB); our First Quarter 2024 MD&A; our 2023 Annual MD&A; our 2023 Annual Audited Consolidated Financial Statements and notes thereto, which have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the IASB; and our other recent filings with Canadian and US securities regulatory authorities, including our Annual Information Form, which are available on SEDAR+ at sedarplus.ca or EDGAR at sec.gov, respectively. For more information about Rogers, including product and service offerings, competitive market and industry trends, our overarching strategy, key performance drivers, and objectives, see "Understanding Our Business", "Our Strategy, Key Performance Drivers, and Strategic Highlights", and "Capability to Deliver Results" in our 2023 Annual MD&A. References in this earnings release to the Shaw Transaction are to our acquisition of Shaw Communications Inc. (Shaw) on April 3, 2023. For additional details regarding the Shaw Transaction, see "Shaw Transaction" in our 2023 Annual MD&A and our 2023 Annual Audited Consolidated Financial Statements. We, us, our, Rogers, Rogers Communications, and the Company refer to Rogers Communications Inc. and its subsidiaries. RCI refers to the legal entity Rogers Communications Inc., not including its subsidiaries. Rogers also holds interests in various investments and ventures. All dollar amounts in this earnings release are in Canadian dollars unless otherwise stated and are unaudited. All percentage changes are calculated using the rounded numbers as they appear in the tables. This earnings release is current as at April 23, 2024 and was approved by RCI's Board of Directors (the Board) on that date. In this earnings release, this quarter, the quarter, or first quarter refer to the three months ended March 31, 2024, unless the context indicates otherwise. All results commentary is compared to the equivalent period in 2023 or as at December 31, 2023, as applicable, unless otherwise indicated. Trademarks in this earnings release are owned or used under licence by Rogers Communications Inc. or an affiliate. This earnings release may also include trademarks of other parties. The trademarks referred to in this earnings release may be listed without the ™ symbols. ©2024 Rogers Communications Reportable segmentsWe report our results of operations in three reportable segments. Each segment and the nature of its business is as follows: Segment Principal activities Wireless Wireless telecommunications operations for Canadian consumers and businesses. Cable Cable telecommunications operations, including Internet, television and other video (Video), Satellite, telephony (Home Phone), and smart home monitoring services for Canadian consumers and businesses, and network connectivity through our fibre network and data centre assets to support a range of voice, data, networking, hosting, and cloud-based services for the business, public sector, and carrier wholesale markets. Media A diversified portfolio of media properties, including sports media and entertainment, television and radio broadcasting, specialty channels, multi-platform shopping, and digital media. Wireless and Cable are operated by our wholly owned subsidiary, Rogers Communications Canada Inc. (RCCI), and certain other wholly owned subsidiaries. Media is operated by our wholly owned subsidiary, Rogers Media Inc., and its subsidiaries. Summary of Consolidated Financial Results   Three months ended March 31   (In millions of dollars, except margins and per share amounts)   2024     2023   % Chg           Revenue       Wireless   2,528     2,346   8   Cable   1,959     1,017   93   Media   479     505   (5 ) Corporate items and intercompany eliminations   (65 )   (33 ) 97   Revenue   4,901     3,835   28   Total service revenue 1   4,357     3,314   31           Adjusted EBITDA       Wireless   1,284     1,179   9   Cable   1,100     557   97   Media   (103 )   (38 ) 171   Corporate items and intercompany eliminations   (67 )   (47 ) 43   Adjusted EBITDA   2,214     1,651   34   Adjusted EBITDA margin 2   45.2 %   43.1 % 2.1 pts           Net income   256     511   (50 ) Basic earnings per share $0.48   $1.01   (52 ) Diluted earnings per share $0.46   $1.00   (54 )         Adjusted net income 2   540     553   (2 ) Adjusted basic earnings per share 2 $1.02   $1.10   (7 ) Adjusted diluted earnings per share $0.99   $1.09   (9 )         Capital expenditures   1,058     892   19   Cash provided by operating activities   1,180     453   160   Free cash flow   586     370   58   1 As defined. See "Key Performance Indicators". 2 Adjusted EBITDA margin is a supplementary financial measure. Adjusted basic earnings per share is a non-GAAP ratio. Adjusted net income is a non-GAAP financial measure and is a component of adjusted basic earnings per share. These are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other companies. See "Non-GAAP and Other Financial Measures" in our Q1 2024 MD&A for more information about each of these measures, available at www.sedarplus.ca. Results of our Reportable Segments WIRELESS Wireless Financial Results   Three months ended March 31   (In millions of dollars, except margins) 2024   2023   % Chg           Revenue       Service revenue 1,996   1,836   9   Equipment revenue 532   510   4   Revenue 2,528   2,346   8           Operating costs       Cost of equipment 539   508   6   Other operating costs 705   659   7   Operating costs 1,244   1,167   7           Adjusted EBITDA 1,284   1,179   9           Adjusted EBITDA margin 1 64.3 % 64.2 % 0.1 pts   Capital expenditures 404   452   (11 ) 1 Calculated using service revenue. Wireless Subscriber Results 1   Three months ended March 31   (In thousands, except churn and mobile phone ARPU)   2024     2023     Chg           Postpaid mobile phone 2       Gross additions   443     318     125   Net additions   98     95     3   Total postpaid mobile phone subscribers 3   10,486     9,487     999   Churn (monthly)   1.10 %   0.79 %   0.31 pts   Prepaid mobile phone 4       Gross additions   84     217     (133 ) Net losses   (37 )   (8 )   (29 ) Total prepaid mobile phone subscribers 3   1,018     1,247     (229 ) Churn (monthly)   3.90 %   5.96 %   (2.06 pts ) Mobile phone ARPU (monthly) 5