BCE Inc (BCE) 2022 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the BCE Q4 (inaudible) Results and 2023 Guidance Conference Call. I would now like to turn the meeting over to Mr. Thane Fotopoulos. Please go ahead, sir.

女士們先生們，早上好，歡迎來到 BCE Q4（聽不清）結果和 2023 年指導電話會議。我現在想將會議轉交給 Thane Fotopoulos 先生。請繼續，先生。

Thank you, Mode. Good morning, everybody, and thank you for joining our call at this unusually but unavoidable early start time. With me here today are Mirko Bibic, BCE's President and CEO; and our CFO, Glen LeBlanc. You can find all our Q4 disclosure documents, including our safe harbor notice concerning forward-looking statements for 2023 on the Investor Relations page on the bce.ca website, which we posted earlier this morning.

謝謝你，模式。大家早上好，感謝您在這個異常但不可避免的提前開始時間加入我們的電話會議。今天和我一起來的有 BCE 總裁兼首席執行官 Mirko Bibic；以及我們的首席財務官 Glen LeBlanc。您可以在我們今天上午早些時候發布的 bce.ca 網站的投資者關係頁面上找到我們所有的第四季度披露文件，包括我們關於 2023 年前瞻性陳述的安全港通知。

We have a lot of material to get through this -- this morning on this call. However, before we begin, I want to draw your attention to our safe harbor statement on Slide 2 of the presentation. With that out of the way, I'll turn the call over to Mirko.

我們有很多材料可以解決這個問題——今天早上在這個電話會議上。但是，在我們開始之前，我想提請您注意我們在演示文稿幻燈片 2 上的安全港聲明。有了這個，我會把電話轉給 Mirko。

Thank you, Thane, and good morning, everyone. Our 2022 accomplishments are anchored to the operational priorities we set back in 2020. And the Bell team's unwavering commitment to all our stakeholders. These priorities remain the foundation for Bell's future success. With a strategic roadmap, including a historic multiyear transformational accelerated CapEx program that is well advanced and already paying off with subscriber loadings, an improved end-to-end customer experience, leading self-serve apps and consistently strong execution, the Bell team delivered great results across all operating segments this past year.

謝謝你，Thane，大家早上好。我們 2022 年的成就取決於我們在 2020 年設定的運營重點。以及貝爾團隊對所有利益相關者的堅定承諾。這些優先事項仍然是貝爾未來成功的基礎。憑藉戰略路線圖，包括歷史悠久的多年轉型加速資本支出計劃，該計劃進展順利並已通過用戶加載獲得回報，改進的端到端客戶體驗，領先的自助服務應用程序和始終如一的強大執行力，貝爾團隊交付了出色的產品過去一年所有運營部門的業績。

In terms of overall financial performance for 2022, we essentially achieved the midpoint of guidance for both revenue and EBITDA growth despite unprecedented cost pressures from inflation and record storms an expensive and highly competitive Black Friday and media advertising softness. Normalizing for $87 million in largely unplanned inflation and storm-related costs this year, EBITDA growth was actually 4%.

就 2022 年的整體財務業績而言，儘管通貨膨脹帶來前所未有的成本壓力，創紀錄的風暴、昂貴且競爭激烈的黑色星期五以及媒體廣告疲軟，但我們基本上實現了收入和 EBITDA 增長指導的中點。將今年很大程度上計劃外的通貨膨脹和風暴相關成本歸為 8700 萬美元，EBITDA 增長率實際上為 4%。

We're making massive investments to build the highest quality networks, and they're consistently being recognized by third parties such as PC Mag, Ookla and Opensignal as being the fastest. Our customer value proposition is to offer the best networks at affordable prices. And we're loading these networks profitably while maintaining margin stable in a highly competitive marketplace. It's a notable achievement.

我們正在進行大量投資以構建最高質量的網絡，並且它們一直被 PC Mag、Ookla 和 Opensignal 等第三方公認為速度最快。我們的客戶價值主張是以實惠的價格提供最好的網絡。我們正在以有利可圖的方式加載這些網絡，同時在競爭激烈的市場中保持利潤率穩定。這是一項了不起的成就。

Since 2020, we've accelerated CapEx, investing more than $14 billion, the highest ever over a 3-year period by Canadian Communications company, and we're doing it to forge ahead aggressively on constructing the broadest fiber footprint in North America, opening up Wireless Home Internet to 1 million rural homes in rural communities and building our mobile 5G networks faster. In the past 3 years alone, we have delivered over 2.6 million new customer-ready broadband Internet locations, including a record 854,000 direct fiber connections in 2022.

自 2020 年以來，我們加快了資本支出，投資超過 140 億美元，是加拿大通信公司 3 年以來的最高投資額，我們正在努力推進建設北美最廣泛的光纖足跡，開放將無線家庭互聯網接入農村社區的 100 萬農村家庭，並更快地建設我們的移動 5G 網絡。僅在過去 3 年裡，我們就交付了超過 260 萬個新的客戶就緒寬帶互聯網位置，其中包括 2022 年創紀錄的 854,000 個直接光纖連接。

We've expanded mobile 5G coverage to 82% of Canadians, and we secured a $2.1 billion worth of critical 3.5 gigahertz mid-band spectrum, with which we deployed a stand-alone 5G plus network. In our Wireless segment, we continued growing our base of high-value mobile phone subscribers, increasing our cross-sell penetration of wireless and Internet households and managing customer churn.

我們已將移動 5G 覆蓋範圍擴大到 82% 的加拿大人，並且我們獲得了價值 21 億美元的關鍵 3.5 GHz 中頻頻譜，我們用它部署了獨立的 5G plus 網絡。在無線業務領域，我們繼續擴大高價值移動電話用戶群，提高無線和互聯網家庭的交叉銷售滲透率，並管理客戶流失。

Total mobile phone net adds in 2022 were up 66% to [490,000], driving both service revenue and EBITDA growth of more than 7%. With only 41% of postpaid customers currently on 5G-capable devices as well as accelerating immigration levels and a sharp focus on bundling wireless and consumer internet service, we see good runway for continued growth.

2022 年移動電話淨增總數增長 66% 至 [490,000]，推動服務收入和 EBITDA 增長超過 7%。目前只有 41% 的後付費客戶使用具有 5G 功能的設備，並且移民水平不斷提高，並且高度關注捆綁無線和消費者互聯網服務，我們看到了持續增長的良好跑道。

On the wireline front, fueled by our biggest annual fiber build-out ever, we added [201 762,000] new net retail Internet customers in 2022. That was up 33% over 2021 and our best result in 16 years. That drove strong residential Internet revenue growth of 8%. Back, we capped off 2022 with our best annual residential RGU performance and our first year of positive net adds since 2005.

在有線方面，在我們有史以來最大的年度光纖建設的推動下，我們在 2022 年增加了 [201,762,000] 個新的淨零售互聯網客戶。這比 2021 年增長了 33%，是我們 16 年來最好的結果。這推動住宅互聯網收入強勁增長 8%。回來，我們以最好的年度住宅 RGU 表現和自 2005 年以來第一年的正淨增加結束了 2022 年。

These results are a testament to the power of fiber-based Internet service that provides the fastest dedicated symmetrical speed that cable just can't match. By the end of this month, multi-gig symmetrical internet speeds of 3 gigs per second or higher will be available in 5 million locations and 1 million of these will have access to 8 gigabits per second.

這些結果證明了基於光纖的互聯網服務的強大功能，它提供了電纜無法比擬的最快的專用對稱速度。到本月底，將在 500 萬個地點提供每秒 3 GB 或更高的多千兆對稱互聯網速度，其中 100 萬個地點將達到每秒 8 GB 的速度。

And our acquisitions of EBOX and Distributel also further strengthened our competitive position and support our Internet growth strategy with more service options for value-conscious residential and SMB customers. Despite a challenging macroeconomic backdrop for advertising, our media segment performed better than expected, driven by continued strong digital revenue growth, which is up 54% in 2022 and now comprises 29% of total Bell Media revenue compared to 20% in 2021.

我們對 EBOX 和 Distributel 的收購也進一步加強了我們的競爭地位，並通過為註重價值的住宅和 SMB 客戶提供更多服務選擇來支持我們的互聯網增長戰略。儘管廣告的宏觀經濟背景充滿挑戰，但在數字收入持續強勁增長的推動下，我們的媒體業務表現好於預期，數字收入在 2022 年增長了 54%，目前佔貝爾媒體總收入的 29%，而 2021 年為 20%。

Underpinning this performance was Crave, which grew direct streaming subscribers by 26% in 2022 on the back of market-leading content as well as rapid growth of our SAM TV sales tool, which nearly tripled sales revenue for a second consecutive year. We're also developing a strong customer-first culture. Investments in our people and in the tools they need to support our customers as well as investments in digital functionality, AI and machine learning capabilities, together with the unmatched quality and reliability of our networks, as I've mentioned, all of that is leading to higher NPS scores, lower customer churn and meaningful CCTS performance improvement.

支撐這一業績的是 Crave，在市場領先的內容以及我們的 SAM 電視銷售工具的快速增長的支持下，2022 年直接流媒體訂閱用戶增長了 26%，該工具的銷售收入連續第二年增長近兩倍。我們還在發展強大的客戶至上文化。投資於我們的員工和他們為客戶提供支持所需的工具，以及投資於數字功能、人工智能和機器學習能力，以及我們網絡無與倫比的質量和可靠性，正如我所提到的，所有這些都處於領先地位獲得更高的 NPS 分數、更低的客戶流失率和有意義的 CCTS 性能改進。

On the ESG front, the Bell for Better initiative, which highlights our leadership in mental health, environmental sustainability and workplace engagement also made notable progress in 2022. We were named by Corporate Knights, the top telecom company and #4 in Canada overall on the Best 50 Corporate Citizens list as well as the inaugural greenhouse gas reduction champion by Clean 50, a National Sustainability organization.

在 ESG 方面，Bell for Better 倡議凸顯了我們在心理健康、環境可持續性和工作場所參與方面的領導地位，該倡議也在 2022 年取得了顯著進展。我們被 Corporate Knights 評為頂級電信公司，在加拿大排名第四最佳 50 家企業公民名單以及國家可持續發展組織 Clean 50 的首屆溫室氣體減排冠軍。

And reflecting our ongoing efforts to engage and invest in our people, Bell was named one of Canada's top 100 employers for the eighth consecutive year by Media Corp. This latest recognition reflects our success in key areas, including employee benefits, training and skills development and community involvement. And just last week, we proudly launched a new era of Bell Let's Talk in response to the growing need for mental health services in Canada.

Bell 連續第八年被 Media Corp 評為加拿大 100 強雇主之一，這反映了我們在員工參與和投資方面的持續努力。這一最新認可反映了我們在關鍵領域取得的成功，包括員工福利、培訓和技能發展以及社區參與。就在上週，我們自豪地啟動了 Bell Let's Talk 的新時代，以響應加拿大對心理健康服務日益增長的需求。

We're committing an additional $10 million towards our goal of $155 million in funding for Canadian mental health programs, replacing the $0.05 per interaction donations made in previous years. Exceeding any previous Bell Let's Talk Day donation, this funding will help support vitally important mental health projects all year round, and it will allow us to put more emphasis on the practical ways we can all make positive change on Bell Let's Talk Day and throughout the year.

我們承諾額外投入 1000 萬美元，以實現我們為加拿大心理健康計劃提供 1.55 億美元資金的目標，以取代前幾年每次互動捐贈 0.05 美元的做法。這筆資金超過以往任何一次 Bell Let's Talk Day 捐贈，將全年幫助支持極其重要的心理健康項目，這將使我們能夠更加重視我們都可以在 Bell Let's Talk Day 和整個過程中做出積極改變的實用方法年。

Let me turn now to Slide 6. Starting with Bell Wireless, I'll give an overview of some key operating segments. We're very pleased with our postpaid wireless loadings. We had a record quarter of gross activations that drove 155,000 new net subscribers, and that's up 41% over 2021 and 148% higher than Q4 2019. This strong result was achieved even with a higher number of switchers, reflecting aggressive offers from our competitors that we chose to match selectively.

現在讓我轉到幻燈片 6。從 Bell Wireless 開始，我將概述一些關鍵的運營部門。我們對我們的後付費無線負載非常滿意。我們有一個創紀錄的季度總激活量，帶動了 155,000 個新的淨訂戶，比 2021 年增長了 41%，比 2019 年第四季度增長了 148%。即使切換器數量更多，也能取得如此強勁的結果，這反映了我們競爭對手的積極報價我們選擇有選擇地匹配。

For the first time since 2019, Q4 retail foot traffic and shopping activity was unrestricted and back to pre-pandemic levels of competition, particularly during Black Friday -- that whole Black Friday period, actually, which was very promotional intense in 2022 of Q4 -- Q4 of 2022. That said, all the work we do on cost and the strength of our balance sheet and liquidity position prepared us financially to load the subscribers that we did despite a level of promotional activity that was higher than any of us would have desired.

自 2019 年以來，第四季度零售客流量和購物活動首次不受限制，並恢復到大流行前的競爭水平，尤其是在黑色星期五期間——實際上，整個黑色星期五期間，在 2022 年第四季度的促銷活動非常激烈—— - 2022 年第 4 季度。也就是說，我們在成本方面所做的所有工作以及我們資產負債表和流動性狀況的實力讓我們在財務上做好了準備，儘管促銷活動的水平高於我們任何人所能承受的水平，但我們所做的這些工作已經為我們所做的訂戶做好了準備想要的。

ARPU was up 0.5%, which is our seventh consecutive quarter of growth. This was supported by higher roaming revenue that was at 112% of pre-COVID levels and our continued focus on higher-value subscriber loadings even as higher transaction intensity moderated ARPU growth due to the financial impact of the shift to installment plans. For mobile connected devices, net adds will increase an impressive 168% over last year to 104,000, driven by continued strong demand for all Bell IoT solutions.

ARPU 增長 0.5%，這是我們連續第七個季度實現增長。這得益於更高的漫遊收入，達到 COVID 前水平的 112%，以及我們繼續關注更高價值的用戶負載，儘管由於轉向分期付款計劃的財務影響，更高的交易強度減緩了 ARPU 增長。對於移動連接設備，在對所有貝爾物聯網解決方案的持續強勁需求的推動下，淨增加量將比去年增長 168%，達到 104,000 台，令人印象深刻。

Let's turn to Wireline. Another strong RGU quarter. In fact, we've now delivered positive retail residential net customer adds, including satellite TV and local phone in 4 of the last 6 quarters, and I've already mentioned our performance for the full year 2022. Bell Internet added 63,466 new net retail subscribers, and that's 33% higher than 2021, driven by strong growth in every region. This was our best Q4 performance in 18 years. Notably, 70% of consumer fiber activations in Q4 were on gigabit or higher speeds, bringing our base of gigabit or higher customers to approximately [1 million] or 43% of total fiber subscribers at the end of 2022.

讓我們轉向有線。另一個強勁的 RGU 季度。事實上，在過去 6 個季度中，有 4 個季度我們已經實現了零售住宅淨客戶增加，包括衛星電視和本地電話，我已經提到了我們 2022 年全年的業績。貝爾互聯網增加了 63,466 個新淨零售訂戶，這比 2021 年高出 33%，這得益於每個地區的強勁增長。這是我們 18 年來最好的第四季度表現。值得注意的是，第四季度 70% 的消費者光纖激活是千兆位或更高速度，到 2022 年底，我們的千兆位或更高速度的客戶群將達到約 [100 萬]，佔光纖用戶總數的 43%。

And it was another great quarter for Bell IPTV with our best quarterly result in almost 7 years as we leverage our multi-brand customer segmentation approach to drive 40,209 net adds, up 38% versus 2021. At Bell Media, as I said, advertising sales were better than we feared going into the quarter. Q4 ad revenue was up 3.8% over the previous year buoyed by strong demand for the FIFA World Cup, demonstrating the massive popularity and the value that advertisers place on premium sporting events.

對於 Bell IPTV 來說，這是另一個偉大的季度，我們利用多品牌客戶細分方法推動了 40,209 名淨增加，比 2021 年增長了 38%，這是近 7 年來最好的季度業績。正如我所說，在 Bell Media，廣告銷售進入本季度比我們擔心的要好。受國際足聯世界杯強勁需求的推動，第四季度廣告收入比上年增長 3.8%，這表明廣告商對優質體育賽事的廣泛歡迎和重視。

This helped TSN and RDS assume they're ranking as the top English and French language sports channels in Q4, and they're also off to a good, strong start in 2023, thanks to the World Juniors and the NFL playoffs. Crave also continued to deliver with total subs up 6% over last year, surpassing $3.1 million. This, together with the increased adoption of our advanced advertising platforms and expanded AVOD offerings, contributed to a robust 46% growth in digital revenues in Q4. And our Quebec media strategy continues to hunt as we led all competitors in Q4 in the French language specialty market, and that includes news and sports.

這有助於 TSN 和 RDS 假設他們在第 4 季度被評為頂級英語和法語體育頻道，並且由於世界青年隊和 NFL 季后賽，他們在 2023 年也有一個良好、強勁的開端。 Crave 也繼續交付，總訂閱量比去年增長 6%，超過 310 萬美元。這一點，再加上我們先進廣告平台的採用率增加和 AVOD 產品的擴展，促成了第四季度數字收入強勁增長 46%。我們的魁北克媒體戰略繼續尋找，因為我們在第四季度領先法語專業市場的所有競爭對手，其中包括新聞和體育。

Let me turn now to Slide 7. Our 2023 business plan is anchored to our strategic framework to build, to execute and to transform. It's a prudent plan designed to mitigate the effects of a potential recession, to maintain the generational investments in our networks and in our services and to support our dividend growth model. Although we can't accurately predict the severity and magnitude of an economic downturn, we know our business is resilient and that our financial position is rock solid to weather potential impacts.

現在讓我轉到幻燈片 7。我們的 2023 年業務計劃基於我們的戰略框架來構建、執行和轉型。這是一項審慎的計劃，旨在減輕潛在衰退的影響，維持對我們網絡和服務的世代投資，並支持我們的股息增長模式。儘管我們無法準確預測經濟衰退的嚴重性和幅度，但我們知道我們的業務具有彈性，並且我們的財務狀況堅如磐石，可以抵禦潛在的影響。

As a result, we remain optimistic about our business outlook as you see reflected in our financial guidance targets for 2023. As I said last February, so February 2022, in line with our accelerated capital investment program, CapEx will begin to decrease in 2023 from what we clearly stated would be a peak spend year 2022. We plan to invest around $4.8 billion in 2023, and that's to support the expansion of our pure fiber footprint to another 650,000 homes and businesses.

因此，正如您在我們 2023 年財務指導目標中所反映的那樣，我們對我們的業務前景保持樂觀。正如我去年 2 月所說，即 2022 年 2 月，根據我們加速的資本投資計劃，資本支出將從 2023 年開始減少我們明確表示將在 2022 年達到支出高峰。我們計劃在 2023 年投資約 48 億美元，以支持將我們的純光纖足跡擴展到另外 650,000 戶家庭和企業。

Approximately 85% of our planned broadband build-out program will be done. That comprises approximately 10 million total combined fiber and wireless home Internet locations. By the end of the year, we will have 4 million homes that will be able to access symmetrical Internet speeds of 8 gigabits per second. We'll also grow our 5G wireless footprint in 2023 to cover 85% of the national population, and will enable low-latency stand-alone 5G plus service for 46% of Canadians or 71% of the addressable population.

我們計劃的寬帶擴建計劃將完成大約 85%。這包括大約 1000 萬個光纖和無線家庭互聯網綜合位置。到今年年底，我們將有 400 萬戶家庭能夠訪問每秒 8 吉比特的對稱互聯網速度。我們還將在 2023 年擴大我們的 5G 無線足跡，以覆蓋全國 85% 的人口，並將為 46% 的加拿大人或 71% 的可尋址人口提供低延遲獨立 5G+ 服務。

We plan to continue to win the home by leveraging our symmetrical Internet speed advantage over cable, delivering the best WiFi with WiFi 6E and our GigaHub modem and will drive greater cross-sell penetration of higher value, lower churn wireless and Internet households. In wireless now, we plan to grow mobile phone net adds by capitalizing on our network leadership and accelerating 5G upgrade cycle and higher immigration levels. And building on our retail distribution leadership, you will have seen that earlier this week, we announced an exclusive multiyear distribution agreement with Staples, Canada to sell Bell consumer and small and medium business services and more than 300 of their stores across the country.

我們計劃通過利用我們相對於電纜的對稱互聯網速度優勢，通過 WiFi 6E 和我們的 GigaHub 調製解調器提供最好的 WiFi，繼續贏得家庭，並將推動更高價值、更低流失率的無線和互聯網家庭的交叉銷售滲透。現在在無線領域，我們計劃通過利用我們的網絡領導地位、加速 5G 升級週期和更高的移民水平來增加手機網絡。在我們零售分銷領導地位的基礎上，您會看到，本週早些時候，我們宣布與加拿大 Staples 達成獨家多年分銷協議，以銷售 Bell 消費者和中小企業服務以及他們在全國的 300 多家商店。

In our B2B sector, our objective is to build on our improved results from last year. In fact, 2022 represented our best SMB financial performance in over 15 years, and we expect to maintain this momentum in 2023 by expanding in key channels and leveraging our fiber footprint. In the large enterprise space, we'll continue to put in place the foundation for our advanced products and services portfolio that will drive growth in the medium to long term. And at the same time, we're carefully managing our legacy portfolio through a combination of cost discipline and a focus on key legacy products.

在我們的 B2B 部門，我們的目標是在去年取得的改進成果的基礎上再接再厲。事實上，2022 年代表了我們 15 年來最好的 SMB 財務業績，我們希望通過擴展關鍵渠道和利用我們的光纖足跡在 2023 年保持這一勢頭。在大型企業領域，我們將繼續為推動中長期增長的先進產品和服務組合奠定基礎。與此同時，我們通過成本控制和對關鍵遺留產品的關注相結合，謹慎地管理我們的遺留產品組合。

And at Bell Media, we'll continue to drive advanced advertising and digital products like Crave and the CTV and Noovo apps to help offset some of the recessionary pressures we're seeing in advertising, particularly expected in the first half of 2023.

在 Bell Media，我們將繼續推動先進的廣告和數字產品，如 Crave、CTV 和 Noovo 應用程序，以幫助抵消我們在廣告領域看到的一些衰退壓力，尤其是預計在 2023 年上半年。

Lastly, with respect to our work -- with respect to our transform work stream, we'll continue to focus on end-to-end customer experience improvements that make it easier for customers to do business in Bell, and we'll do this by investing in digital self-serve and high-touch interaction.

最後，關於我們的工作——關於我們的轉型工作流，我們將繼續專注於端到端的客戶體驗改進，使客戶更容易在貝爾開展業務，我們將這樣做通過投資數字自助服務和高接觸互動。

We also intend to drive operational efficiencies through enterprise architecture and agile development, automation tools, product and process simplification, integration of central billing systems and an ongoing attention to our cost structure in order to maintain a stable margin even in the face of a potential recession.

我們還打算通過企業架構和敏捷開發、自動化工具、產品和流程簡化、中央計費系統的集成以及對我們成本結構的持續關注來提高運營效率，以便即使面對潛在的經濟衰退也能保持穩定的利潤率.

Now let me turn to my last slide, which is Slide 8, and our dividend announcement from this morning. The financial pillars of our 2023 plan enable us to execute on BCE's dividend growth objective, which is a top capital markets priority, as you all know. We're increasing the BCE common share dividend by 5.2% for 2023. It's our 15th uninterrupted year of a 5% or higher increase and my fourth as CEO.

現在讓我轉到我的最後一張幻燈片，即幻燈片 8，以及我們今天早上的股息公告。眾所周知，我們 2023 年計劃的財務支柱使我們能夠執行 BCE 的股息增長目標，這是資本市場的首要任務。我們將在 2023 年將 BCE 普通股股息提高 5.2%。這是我們連續第 15 年實現 5% 或更高的增長，也是我第四次擔任首席執行官。

Although CapEx will be lower in 2023, it will remain elevated compared to pre-2020 baseline spending, and this is why our dividend payout ratio will remain above our historical free cash flow target range of 65% to 75%. We're delivering on the strategic initiatives that we transparently laid out for you 3 years ago. And I'm so pleased with how far we've come in such a short period of time, the future-proof this great company competitively in a changing world, and this will position us for continued success.

儘管 2023 年的資本支出將會降低，但與 2020 年前的基線支出相比仍將處於高位，這就是為什麼我們的股息支付率將保持在我們 65% 至 75% 的歷史自由現金流目標範圍之上的原因。我們正在實施 3 年前為您透明製定的戰略計劃。我很高興我們在這麼短的時間內取得瞭如此大的進步，這家偉大的公司在不斷變化的世界中具有競爭力的未來證明，這將使我們能夠繼續取得成功。

Our unmatched collection of assets, including the best networks and the most innovative products, our digital transformation journey and our customer-first approach, will serve as a springboard to deliver the operating metrics and the financial results that all of you and all of our shareholders have come to expect from us. And on that, let me turn it over to Glen.

我們無與倫比的資產集合，包括最好的網絡和最具創新性的產品、我們的數字化轉型之旅和我們以客戶為先的方法，將作為跳板來提供您和我們所有股東的運營指標和財務結果對我們抱有期望。關於這一點，讓我把它交給 Glen。

Thank you, Mirko, and good morning, everyone. Q4 marked another quarter of consistent and focused execution with a 3.7% increase in consolidated revenues that was driven by year-over-year growth at all Bell operating segments despite economic conditions that continue to pressure media advertising and our B2B sector. I am quite pleased that we delivered positive EBITDA growth this quarter, even while absorbing $26 million in incremental storm recovery and inflationary cost pressures, higher media programming costs and a very expensive and highly competitive Black Friday period.

謝謝 Mirko，大家早上好。儘管經濟狀況繼續給媒體廣告和我們的 B2B 部門帶來壓力，但貝爾所有運營部門的同比增長推動了綜合收入增長 3.7%，第四季度標誌著又一個季度的一致和集中執行。我很高興我們在本季度實現了 EBITDA 正增長，即使同時吸收了 2600 萬美元的增量風暴恢復和通脹成本壓力、更高的媒體節目成本以及非常昂貴且競爭激烈的黑色星期五期間。

If I take a wider lens view of 2022, the accelerated CapEx investments we are making are paying off with some of the highest wireless Internet and TV subscriber loadings we have enjoyed in over a decade. That said, all of the work we do on costs and the strength of our balance sheet prepared us financially to be able to afford the subscribers that we acquired. And despite a step-up in competitive intensity, exceptional cost pressures and other economic challenges impacting our business, we still landed 2022 with a stable margin.

如果我從更廣泛的角度來看 2022 年，我們正在進行的加速資本支出投資正在獲得回報，我們享受了十多年來最高的無線互聯網和電視用戶負載。也就是說，我們在成本和資產負債表的實力方面所做的所有工作使我們在財務上能夠負擔得起我們獲得的訂戶。儘管競爭激烈、異常的成本壓力和影響我們業務的其他經濟挑戰有所增加，但我們仍然以穩定的利潤率登陸 2022 年。

Why? Because no one is better at managing costs. That core competency will continue to serve us well as we go forward. Net earnings and statutory EPS in Q4 were down year-over-year due to noncash asset impairment charges, mainly for Bell Media's French language TV properties to reflect market conditions and economic-related pressures on current advertising. Although adjusted EPS was up 5% for the full year, it was down this quarter, decreasing 6.6% to $0.71, due mainly to increased interest expense because of higher rates.

為什麼？因為沒有人比他們更擅長管理成本。隨著我們的前進，這一核心競爭力將繼續為我們服務。由於非現金資產減值費用，第四季度的淨收益和法定每股收益同比下降，主要是貝爾媒體的法語電視資產，以反映當前廣告的市場狀況和經濟相關壓力。儘管調整後的全年每股收益增長了 5%，但本季度下降了 6.6% 至 0.71 美元，這主要是由於利率上升導致利息支出增加。

And despite a historical year for CapEx with total spending in excess of $5.1 billion, free cash flow was up 2.9%. Notably, our reported CapEx number includes cash amounts received upfront from the Quebec provincial government as a subsidy for the build-out of high-speed fiber in rural communities, which, as per IFRS rules, must be accounted for as a noncash increase in capital expenditures.

儘管資本支出的總支出超過 51 億美元，這是歷史性的一年，但自由現金流增長了 2.9%。值得注意的是，我們報告的資本支出數字包括從魁北克省政府預付的現金金額，作為在農村社區建設高速光纖的補貼，根據 IFRS 規則，這必須作為非現金資本增加進行核算開支。

Let's turn now to Wireless on Slide 11. Overall, a very good set of financial results this quarter. Total revenue up 7.7%, fueled by robust postpaid subscriber growth and a higher proportion of customers on higher-value 5G unlimited plans, strong demand for Bell IoT services, continued roaming improvement and higher year-over-year mobile phone sales transactions that drove an 11.7% increase in product revenue.

現在讓我們轉到幻燈片 11 上的 Wireless。總體而言，本季度的財務業績非常好。總收入增長 7.7%，這得益於強勁的後付費用戶增長和更高價值的 5G 無限計劃客戶比例增加、對貝爾物聯網服務的強勁需求、持續的漫遊改善以及更高的同比手機銷售交易推動了產品收入增長 11.7%。

Mirko has already pointed out, it was an expensive quarter for postpaid subscriber acquisition. This had a direct impact on EBITDA growth, which increased a solid 4.1% in the quarter. Let's turn to Slide 12 on Wireline. The second consecutive quarter of positive top line growth with total revenue up 0.5%. This was led by continued strong residential Internet revenue growth of around 9%, higher year-over-year SMB revenue and 17.2% increase in product revenue.

Mirko 已經指出，對於後付費訂戶來說，這是一個昂貴的季度。這對 EBITDA 增長產生了直接影響，該季度 EBITDA 增長了 4.1%。讓我們轉到 Wireline 上的幻燈片 12。收入連續第二個季度實現正增長，總收入增長 0.5%。這是由於住宅互聯網收入持續強勁增長約 9%，SMB 收入同比增長和產品收入增長 17.2%。

A good result given the ongoing legacy declines global data equipment shortages and richer promotional residential bundle offers. Further, to this last point, given our industry-leading wireline margins, broad geographic scale and fiber superior cost structure, we have room to compete on price as multiproduct bundling helps drive lower churn and greater customer lifetime value.

鑑於持續的遺產減少全球數據設備短缺和更豐富的促銷住宅捆綁優惠，這是一個很好的結果。此外，對於最後一點，鑑於我們行業領先的有線利潤率、廣泛的地理規模和光纖優越的成本結構，我們在價格上有競爭空間，因為多產品捆綁有助於降低客戶流失率和提高客戶生命週期價值。

Notwithstanding higher revenue, Wireline EBITDA was down 0.6% due to $23 million in storm recovery costs and inflationary pressures absorbed in this quarter. Normalized for these costs, underlying EBITDA growth was quite respectable this quarter, increasing 1.1%.

儘管收入增加，但由於本季度 2300 萬美元的風暴恢復成本和通脹壓力，Wireline EBITDA 仍下降了 0.6%。將這些成本標準化後，本季度的基本 EBITDA 增長相當可觀，增長了 1.1%。

Slide 13 on Bell Media, against the backdrop of challenging economic conditions, but contrary to our North American media peers, Bell Media delivered revenue growth of 4.7% in the quarter.

Bell Media 的幻燈片 13，在充滿挑戰的經濟條件下，但與我們的北美媒體同行相反，Bell Media 在本季度實現了 4.7% 的收入增長。

Despite soft overall TV and radio advertiser demand, total advertising revenue was still up 3.8%, and this was driven by record sales for the 2022 FIFA World Cup and continued strong out-of-home and digital growth. Subscriber revenue grew 5.4% on the back of strong Crave and TSN direct-to-consumer streaming growth. These results are a testament to our programming strength, diversified mix of media assets and focused execution of our digital-first strategy.

儘管電視和廣播廣告客戶的整體需求疲軟，但廣告總收入仍增長了 3.8%，這得益於 2022 年 FIFA 世界杯的創紀錄銷售額以及持續強勁的戶外和數字增長。在強勁的 Crave 和 TSN 直接面向消費者的流媒體增長的支持下，訂戶收入增長了 5.4%。這些結果證明了我們的節目製作實力、媒體資產的多元化組合以及我們數字優先戰略的專注執行。

Similar to previous quarter, EBITDA was down 15.7%. This result was anticipated given the broadcast rights cost of the FIFA World Cup and the ongoing normalization of TV -- of entertainment TV content deliveries. This -- that does it for the quarterly results. I want to move on and talk about the new reporting segment structure.

與上一季度相似，EBITDA 下降了 15.7%。考慮到 FIFA 世界杯的轉播權成本和電視（娛樂電視內容交付）的持續正常化，這一結果是意料之中的。這 - 這樣做是為了季度業績。我想繼續談談新的報告部門結構。

I want to bring your attention to an important change that we're making to our segment reporting structure starting this year. As highlighted on Slide 15, beginning with Q1 2023 results, our previous wireless and wireline operating segments are being combined into a single segment called Communications and Technology Services, or CTS. Bell Media remains a distinct operating segment. Consolidated BCE financial results are unaffected.

我想提請您注意我們從今年開始對部門報告結構進行的一項重要更改。正如幻燈片 15 中強調的那樣，從 2023 年第一季度的結果開始，我們之前的無線和有線運營部門正在合併為一個稱為通信和技術服務 (CTS) 的部門。 Bell Media 仍然是一個獨立的運營部門。 BCE 的合併財務結果不受影響。

The reason for this modification is to align with organizational changes we made in calendar '22 and to reflect the increasing strategic focus on multi-product sales and our digital transformation. Wireless and wireline service and product revenues will continue to be reported separately, and there will be no change to subscriber-related operating metrics disclosure. However, adjusted EBITDA will now only be reported for the combined Bell CTS operating segment with no split for wireless and wireline.

進行此修改的原因是為了與我們在日曆 '22 中所做的組織更改保持一致，並反映出對多產品銷售和我們的數字化轉型的日益增長的戰略重點。無線和有線服務及產品收入將繼續單獨報告，與用戶相關的運營指標披露也不會發生變化。然而，調整後的 EBITDA 現在將只報告合併後的 Bell CTS 運營部門，無線和有線運營部門沒有拆分。

For comparative purposes, we have provided you with our quarterly 2022 segmented results on the new basis of reporting. Slide 16 provides some perspective on our revenue and adjusted EBITDA outlook for 2023. Guidance ranges are the same as in 2022, with consolidated revenue growth of 1.5%, adjusted EBITDA growth of 2.5%. Given this outlook, we project BCE's margins to remain stable in the coming year.

出於比較目的，我們根據新的報告基礎向您提供了我們 2022 年季度的細分結果。幻燈片 16 提供了一些關於我們 2023 年收入和調整後 EBITDA 前景的觀點。指導範圍與 2022 年相同，綜合收入增長 1.5%，調整後 EBITDA 增長 2.5%。鑑於這一前景，我們預計 BCE 的利潤率在來年將保持穩定。

Based on the latest economic forecasts, we must plan for a potential recession. While we can't accurately predict the timing and the pace of an economic downturn, the fact that we are maintaining, the same target guidance ranges as last year shows the confidence we have in our business outlook and the strength of our franchise to execute under any circumstances.

根據最新的經濟預測，我們必須為潛在的衰退做好準備。雖然我們無法準確預測經濟衰退的時間和速度，但我們維持與去年相同的目標指導範圍這一事實表明我們對我們的業務前景和我們的特許經營實力有信心執行任何情況。

Underpinning this steady growth is a strong financial contribution from Bell CTS, reflecting continued wireless subscriber momentum driven by 5G acceleration, fast immigration growth and a sharp focus on the multi-product cross-sell. Further, but more moderate, year-over-year rolling revenue growth and a continued consumer wireline performance as we leverage our fiber and our product leadership in the home as well as our recent acquisitions of EBOX and Distributel to drive a high market share of Internet and TV net additions and revenue.

支撐這一穩定增長的是貝爾 CTS 的強勁財務貢獻，反映了 5G 加速、快速移民增長和對多產品交叉銷售的高度關注推動的持續無線用戶勢頭。此外，由於我們利用我們在家庭中的光纖和產品領導地位以及我們最近對 EBOX 和 Distributel 的收購來推動互聯網的高市場份額，因此收入同比滾動增長和持續的消費者有線表現更為溫和，但更為溫和電視淨增和收入。

We also expect an improving performance trajectory of our Bell business markets predicated on higher product sales and a resumption of project spending by large enterprise customers as supply constraints ease. Against that backdrop, we will be maintaining a close eye on costs to mitigate the financial impact of ongoing legacy erosion, which continues to slow and of course, macroeconomic pressures.

我們還預計，隨著供應限制的緩解，我們的貝爾業務市場的業績軌跡將有所改善，這取決於產品銷量的增加以及大型企業客戶恢復項目支出。在此背景下，我們將密切關注成本，以減輕持續的遺留侵蝕的財務影響，這種影響繼續放緩，當然還有宏觀經濟壓力。

At Bell Media, although we continue to experience soft TV and radio advertising demand in the early stages of '23 as the economy impacts advertising budgets. We do expect a recovery as the year progresses. We also expect to benefit from the continued growth in Crave and out-of-home advertising while also leveraging Bell Media's advanced advertising platforms and digital capabilities to grow our market share of digital ad spend.

在 Bell Media，儘管隨著經濟影響廣告預算，我們在 23 世紀初期繼續經歷軟電視和廣播廣告需求。我們確實預計隨著時間的推移會出現復甦。我們還希望受益於 Crave 和戶外廣告的持續增長，同時利用 Bell Media 先進的廣告平台和數字功能來增加我們在數字廣告支出中的市場份額。

Taking all of this into account, we expect to generate positive revenue growth in '23, despite the non-returns of FIFA World Cup advertising revenue and the onetime retroactive adjustment to subscriber revenue that we recorded in Q1 of '22.

考慮到所有這些，我們預計 23 年的收入將實現正增長，儘管 FIFA 世界杯廣告收入沒有回報，並且我們在 22 年第一季度記錄的訂戶收入進行了一次性追溯調整。

Lastly, despite a resetting of the cost structure in '22 that brought TV and programming and production costs closer to pre-COVID levels, we will be absorbing even higher spending in '23. This is due to higher costs for sports rights and other premium contact as well as further program volume normalization, which will weigh on Bell Media's EBITDA growth this year.

最後，儘管 22 年重新調整了成本結構，使電視和節目製作成本更接近 COVID 之前的水平，但我們將在 23 年吸收更高的支出。這是由於體育轉播權和其他高級合同的成本增加以及節目量進一步正常化，這將對貝爾媒體今年的 EBITDA 增長構成壓力。

Let's turn to Slide 17. The funded status of BCE's defined benefit pension plan remains strong with a weighted average solvency ratio of 117% at the end of '22. Our pension plan was in the solvency surplus position when interest rates were at historical lows. Now that rates have increased, it has further strengthened that value duration position. With every DB pension plan now above the required 105% threshold, we'll be able to monetize a full contribution holiday in 2023, resulting in cash savings of approximately $230 million versus the $145 million we enjoyed in '22.

讓我們轉到幻燈片 17。BCE 固定收益養老金計劃的資金狀況仍然強勁，22 年底的加權平均償付能力比率為 117%。當利率處於歷史低位時，我們的養老金計劃處於償付能力盈餘狀態。現在利率已經上升，它進一步加強了價值期限的地位。現在每個 DB 養老金計劃都超過了要求的 105% 門檻，我們將能夠在 2023 年將全額供款假期貨幣化，從而節省大約 2.3 億美元的現金，而我們在 22 年享有 1.45 億美元。

This level of annual cash funding reduction is expected to continue well into the foreseeable future, as we project the solvency ratio to remain above 105%. In fact, with a substantial solvency surplus of $3.3 billion that has a very low sensitivity to interest rate changes, there is little risk that our pension plan ever goes back into a deficit position.

由於我們預計償付能力比率將保持在 105% 以上，預計這種年度現金融資減少水平將持續到可預見的未來。事實上，由於 33 億美元的巨額償付能力盈餘對利率變化的敏感性非常低，我們的養老金計劃再次出現赤字的風險很小。

Moving to our tax outlook on Slide 18. The statutory tax rate for '23 will remain unchanged at 26.8%. Our effective tax rate for accounting purposes is also projected to be essentially around that level, reflecting no tax adjustments this year compared to $0.10 per share in 2022. We expect a step-up in cash taxes for '23, increasing to a range of $800 million to $900 million, up from $749 million this year, and this is due mainly to higher taxable income projected for the year.

轉到幻燈片 18 的稅收展望。23 年的法定稅率將保持在 26.8% 不變。我們用於會計目的的有效稅率預計也基本在該水平附近，與 2022 年的每股 0.10 美元相比，今年沒有稅收調整。我們預計 23 年的現金稅將增加，增至 800 美元的範圍億至 9 億美元，高於今年的 7.49 億美元，這主要是由於今年預計的應稅收入增加。

Slide 19, despite positive EBITDA growth and lower pension financing costs, we project adjusted EPS to be between 1.10 -- excuse me, 3.10 and 3.25 per share for calendar '23 or 3% to 7% lower compared to '22. The year-over-year decline is a direct result of the $0.10 per share year-over-year decrease in tax adjustments that I just referred to. An approximate $200 million increase in depreciation and amortization expense and a further step-up in interest expense due to higher rates and the higher level of debt outstanding.

幻燈片 19，儘管 EBITDA 呈正增長且養老金融資成本較低，但我們預計調整後的每股收益將在 1.10 之間——不好意思，日曆 '23 的每股收益為 3.10 至 3.25，或比 '22 低 3% 至 7%。同比下降是我剛才提到的稅收調整每股 0.10 美元同比下降的直接結果。由於較高的利率和較高的未償還債務水平，折舊和攤銷費用增加約 2 億美元，利息費用進一步增加。

Over to Slide 20. Slide 20 summarizes our free cash flow outlook, which we project will grow again by 2% to 10% in '23. Similar to last year's growth range and reflects the strong flow-through of our higher EBITDA, lower year-over-year pension funding and an approximate $300 million decrease in CapEx that will drive a lower capital intensity ratio of 19% to 20%.

轉到幻燈片 20。幻燈片 20 總結了我們的自由現金流前景，我們預計 23 年將再次增長 2% 至 10%。與去年的增長范圍相似，反映了我們較高的 EBITDA、較低的同比養老金資金以及資本支出減少約 3 億美元的強勁流動，這將推動資本密集度比率從 19% 降至 20%。

BCE's free cash flow generation is strong, reliable and well protected from macroeconomic uncertainty due to the recession-resistant nature of the majority of our revenue streams, providing strong support for the 5.2% dividend increase we have announced this morning.

由於我們大部分收入流的抗衰退特性，BCE 的自由現金流產生強勁、可靠，並且受到宏觀經濟不確定性的良好保護，為我們今天上午宣布的 5.2% 的股息增長提供了強有力的支持。

Let's turn to our balance sheet. I'll make a few brief comments on Slide 21. We have access to $3.5 billion of liquidity as we begin the year and a balance sheet that provides good overall financial flexibility to execute on the business plan and the strategic priorities of '23.

讓我們看看我們的資產負債表。我將對幻燈片 21 做一些簡短的評論。我們在年初時可以獲得 35 億美元的流動資金，資產負債表可以提供良好的整體財務靈活性，以執行業務計劃和 23 年的戰略重點。

Our net debt leverage ratio, while elevated at 3.3x adjusted EBITDA due to several years of generational CapEx spending and critical spectrum investments, is manageable and projected to remain relatively unchanged this year. Our debt capital structure remains very well structured with an average term to maturity of around 13 years, a low after-tax cost of debt of just 2.9% and a relatively high proportion of fixed rate debt. Additionally, we have no material refinancing requirements this year as $1.1 billion of the 23 maturities was prefinanced and early redeemed in '22.

我們的淨債務槓桿率雖然由於數年的世代資本支出支出和關鍵頻譜投資而升高至調整後 EBITDA 的 3.3 倍，但仍處於可控範圍內，預計今年將保持相對不變。我們的債務資本結構保持良好結構，平均到期期限約為 13 年，債務稅後成本較低，僅為 2.9%，固定利率債務比例相對較高。此外，我們今年沒有實質性再融資要求，因為 23 年到期的債券中有 11 億美元在 22 年進行了預融資和提前贖回。

This permits us to be opportunistic in assessing the debt -- accessing the debt markets this year to further strengthen our liquidity position and extend durations and maturities ahead of the anticipated C-band spectrum auction.

這使我們能夠在評估債務時投機取巧——今年進入債務市場以進一步加強我們的流動性頭寸，並在預期的 C 波段頻譜拍賣之前延長期限和期限。

Finally, to conclude BCE's fundamentals and competitive position are strong as ever as evidenced by our 2022 operating results and consistent financial guidance target of '23. In 2023, we intend to build on operating momentum underpinned by our proven ability to execute under any competitive or economic conditions and our set of industry-leading assets that will continue growth for years to come.

最後，總結一下 BCE 的基本面和競爭地位一如既往地強大，我們 2022 年的經營業績和 23 年一致的財務指導目標證明了這一點。到 2023 年，我們打算在我們在任何競爭或經濟條件下經過驗證的執行能力以及我們將在未來幾年繼續增長的一系列行業領先資產的支持下，進一步鞏固運營勢頭。

And on that, I will turn the call back over to Thane and the operator for questions.

然後，我會將電話轉回給 Thane 和接線員提問。

Thanks, Glen. So given the volume of information we presented this morning, I'm sensitive to the time we have left for Q&A. And usually, this quarter, one of our peers is hosting a call at 8 a.m., so respecting all of your time in that of our competitors. I want to you to please limit yourselves to one question so we can get to as many people in the queue as possible. So with that mode, we are ready to take our first question.

謝謝，格倫。因此，考慮到我們今天早上提供的信息量，我對我們留給問答的時間很敏感。通常，本季度，我們的一位同行會在上午 8 點主持電話會議，因此請尊重您在我們競爭對手中的所有時間。我希望你們將自己限制在一個問題上，這樣我們就可以接觸到隊列中盡可能多的人。因此，在這種模式下，我們準備好回答我們的第一個問題。

(Operator Instructions) Our first question is from Maher Yaghi from Scotiabank.

（操作員說明）我們的第一個問題來自豐業銀行的 Maher Yaghi。

Yes. I know it's early. So we appreciate the help that you guys are going to have both companies called run different -- on different times. I wanted to maybe start by asking you, Mirko, about the guidance that you provided for '23, 1 to 5 on revenue, 2 to 5 on EBITDA exactly the same as you had in '22, which is quite impressive, given all the macroeconomic changes that we're seeing right now. But I wanted to ask you what's underpinning that guidance when it comes to macroeconomic view as well as competitiveness in the marketplace in case we see a large transaction close during '23, which a lot of people, investors are wondering what it can or can't do to the competitive intensity in the market?

是的。我知道現在還早。因此，我們感謝你們幫助兩家公司在不同時間以不同方式運行。 Mirko，我想首先問你關於你為 23 年提供的指導，1 到 5 的收入，2 到 5 的 EBITDA 與你在 22 年的完全相同，這是非常令人印象深刻的，因為所有我們現在看到的宏觀經濟變化。但我想問你，在宏觀經濟觀點和市場競爭力方面，是什麼支撐了這一指導，以防我們在“23 世紀”期間看到一筆大交易完成，很多人、投資者都想知道它能做什麼或能做什麼。對市場競爭強度有何影響？

And maybe if I can, just a follow-up on the regulatory side. We've seen a new change at the CRTC level. What's your take in terms of what we should expect from a regulatory body that is looking more and more on improving prices for Canadians as discussed in the media recently. Could that change the environment for you and participants in the industry?

如果可以的話，也許只是監管方面的後續行動。我們在 CRTC 級別看到了新的變化。正如最近在媒體上討論的那樣，您如何看待監管機構越來越多地關注提高加拿大人的價格方面的期望。這會改變您和行業參與者的環境嗎？

So what I'll do -- Glen, maybe you can unpack the guidance. I might have a few things to add on the guidance question, and then I'll continue with the regulatory question.

那麼我會做什麼——格倫，也許你可以打開指南。關於指導問題，我可能要補充一些內容，然後我將繼續討論監管問題。

Absolutely. As I said in my opening remarks, I mean our guidance speaks volumes to the confidence we have in our business and the resiliency of our business. When we -- absolutely, we expect there to be a recession, albeit, I personally believe it will be short and shallow. The guidance we provided here takes into consideration that recession. We haven't seen any changes at this time to consumer demand. The market remains active and healthy and proof points are in our results, record postpaid mobile phone, gross activations, best Internet ads in 16 years, a strong wireless service and residential Internet revenue growth. And in fact, consumers are upgrading to higher service tiers rather than downgrading.

絕對地。正如我在開場白中所說，我的意思是我們的指導充分說明了我們對業務的信心和業務的彈性。當我們——當然，我們預計會出現衰退，儘管我個人認為這將是短暫而淺薄的。我們在此提供的指導考慮了經濟衰退。我們目前還沒有看到消費者需求有任何變化。市場保持活躍和健康，我們的結果證明了這一點，創紀錄的後付費手機、總激活量、16 年來最好的互聯網廣告、強勁的無線服務和住宅互聯網收入增長。事實上，消費者正在升級到更高的服務級別，而不是降級。

On a B2B front, there's been no indications of pause in new orders or customers looking to cut spend. So I think when we look at the health of our business and some of the challenges we face in calendar '22, Mirko mentioned $87 million, $44 million in inflationary pressures that we experienced this year and $43 million of costs -- or excuse me, storm costs. A typical year, a good year, maybe a $5 million in storm costs with changing weather patterns. That's probably been closer to [10] in recent history. $43 million is extraordinary, and I knock on wood, something we don't repeat.

在 B2B 方面，沒有跡象表明新訂單暫停或客戶希望削減開支。所以我認為，當我們審視我們的業務健康狀況以及我們在 22 年日曆中面臨的一些挑戰時，Mirko 提到了 8700 萬美元，我們今年經歷的 4400 萬美元通貨膨脹壓力和 4300 萬美元的成本——或者對不起，風暴成本。一個典型的年份，一個好年份，隨著天氣模式的變化，風暴可能造成 500 萬美元的損失。在最近的歷史中，這可能更接近 [10]。 4300 萬美元是非凡的，我敲木頭，我們不會重複。

And although I don't think we're out of the woods completely on inflation. Of the $44 million, about $21 million of that is labor, $16 million fuel and about $7 million utilities. The labor started really in the back half. So I would suspect that, that type of pressure continues into '22 as we have another half year before we start lapping that, but I don't anticipate the same pressure on fuel or utilities. So all in all, I think the 2022 results were pretty strong considering we had that. And with those headwinds behind us, I'm very confident in the guidance we provide.

儘管我認為我們還沒有完全擺脫通貨膨脹的困境。在這 4,400 萬美元中，約有 2,100 萬美元用於人工、1,600 萬美元的燃料和約 700 萬美元的公用事業。真正開始分娩的是後半部分。所以我懷疑，這種壓力會持續到 22 年，因為我們還有半年時間才能開始應對它，但我預計燃料或公用事業不會面臨同樣的壓力。所以總而言之，考慮到我們已經做到了，我認為 2022 年的結果非常強勁。在我們身後的那些逆風中，我對我們提供的指導非常有信心。

Mirko, you are going to make some comments?

Mirko，你要發表一些評論嗎？

Yes. Just -- I'm not going to repeat any of that because that was very good. I'll just add the following. So at the highest level, Maher, I think the investors -- our investors should have confidence like we have a clear strategy, we've articulated that strategy, and we're funding it and executing against it. So we have a diversified revenue streams and our fiber strategy is working. We have good wireless momentum. And while the media industry is pressured right now, we are taking share because our digital strategy has traction. And then you alluded to -- so that's a bit of a summation, what Glen said, you alluded to price competition as well, and we kind of see some of that -- we saw some of that during the Black Friday period and you foreshadow potentially more of that for 2023.

是的。只是 - 我不打算重複任何內容，因為那非常好。我將添加以下內容。所以在最高級別，馬赫，我認為投資者——我們的投資者應該有信心，就像我們有一個明確的戰略，我們已經闡明了這個戰略，我們正在為它提供資金並執行它。因此，我們擁有多元化的收入來源，我們的纖維戰略正在發揮作用。我們有良好的無線發展勢頭。雖然媒體行業現在面臨壓力，但我們正在分享份額，因為我們的數字戰略具有吸引力。然後你提到了——所以這是一個總結，格倫說的，你也提到了價格競爭，我們有點看到了其中的一些——我們在黑色星期五期間看到了其中的一些，你預示了到 2023 年可能會更多。

On that, I'll say the following: We have the room to compete on price if anyone wants to take us there. And we have the room because we're really good at managing cost and because of the scale of our fiber network, which -- and then the bundling strategy. And all that's delivering lower churn, lower cost structure, higher lifetime value of our subscribers. Look, we've invested billions and billions to build North American leading networks. We are going to load those networks, and we can compete on price if we're taken there. And then that kind of segues into the regulatory question that you asked me. And look, it's a bit early, like we are looking forward to sharing our thoughts with the new CRTC leadership on how competitive our industry is, and we shared those thoughts on these calls, obviously, quarter after quarter, but there's new CRTC leadership. So we're looking forward to those conversations.

對此，我要說的是：如果有人想帶我們去那裡，我們有在價格上競爭的空間。我們有空間，因為我們非常擅長管理成本，而且我們的光纖網絡規模很大，然後是捆綁策略。所有這一切都為我們的訂戶帶來了更低的流失率、更低的成本結構和更高的生命週期價值。看，我們已經投資了數十億美元來建立北美領先的網絡。我們將加載這些網絡，如果我們被帶到那裡，我們可以在價格上競爭。然後這種情況會延伸到你問我的監管問題。看，現在有點早，就像我們期待與新的 CRTC 領導層就我們行業的競爭力分享我們的想法一樣，我們在這些電話會議上分享了這些想法，顯然，一個又一個季度，但是有新的 CRTC 領導層。所以我們期待著這些對話。

And in particular, really looking forward to highlight and reiterate the importance of the massive investments that need to be made in communications networks to drive the country forward. So a couple of other things just on that prices are declining. It's actually undeniable. And communications networks are pretty central to everything we want to accomplish as a country in terms of economic growth and productivity. And maybe I'll leave it with this last point.

特別是，真的很期待強調並重申需要在通信網絡上進行大量投資以推動國家前進的重要性。因此，與價格相關的其他一些事情正在下降。這實際上是不可否認的。就經濟增長和生產力而言，通信網絡對於我們作為一個國家想要實現的一切都非常重要。也許我會留下最後一點。

Does everyone in the country want better networks? Yes. Do we want more coverage? Yes. Do we want prices that keep declining? Of course. Does local TV content matter? Yes, it does. Do we want better customer experience? Yes, we do. Do we want more innovation, more jobs? Yes, yes and yes. But there's one common element that underpins all of those and its investment. So we can't lose sight of that. And I'll leave it there.

國內的每個人都想要更好的網絡嗎？是的。我們想要更多的報導嗎？是的。我們想要價格持續下降嗎？當然。本地電視內容重要嗎？是的，它確實。我們想要更好的客戶體驗嗎？是的，我們有。我們想要更多的創新，更多的工作嗎？是的，是的，是的。但有一個共同因素支撐著所有這些及其投資。所以我們不能忽視這一點。我會把它留在那裡。

The following question is from Stephanie Price from CIBC.

以下問題來自 CIBC 的 Stephanie Price。

For 2023, fiber homes decreased from $900,000 to a plan of $650,000, but CapEx stayed relatively elevated at $4.8 billion. Just curious about the other buckets of investment besides the mid-band and fiber that you're looking at? And maybe related, how do you think about a longer-term view and what a more normalized run rate could look like for CapEx as you ramp down fiber initiatives?

到 2023 年，光纖家庭從 900,000 美元減少到 650,000 美元的計劃，但資本支出保持在 48 億美元的相對較高水平。只是對您正在關注的中頻帶和光纖之外的其他投資感到好奇嗎？也許相關的是，您如何看待更長期的觀點，以及隨著您減少光纖計劃，資本支出的更規範化的運行率會是什麼樣子？

Yes. So on that, we've been -- I've tried to consistently articulate where we were going with this, right? Starting in February 2021, we said we're going to start elevating CapEx to accelerate fiber and 5G build, and we're doing that. We said 2022 was going to be the peak year, and you can see that $5.1 billion spent in 2022 is $300 million higher than the guidance we're giving you for 2023. So we did say that each year after 2022 CapEx would start to glide down for -- '23 lower than '22, '24 lower than '23, et cetera, until we get to the end of 2025, and then you'll -- you should expect CapEx to get closer to what you were used to seeing from us in terms of capital intensity ratio prior to COVID. 650 -- the reason we dropped CapEx by $300 million from '23 to '22 is because we're going from 854,000 locations passed on fiber to 650, and that's the bulk of the reason for the decline.

是的。因此，在這一點上，我們一直 - 我一直試圖始終如一地闡明我們的目標，對嗎？從 2021 年 2 月開始，我們說我們將開始提高資本支出以加速光纖和 5G 建設，我們正在這樣做。我們說 2022 年將是高峰年，你可以看到 2022 年支出的 51 億美元比我們給你的 2023 年指導高出 3 億美元。所以我們確實說過 2022 年之後的每年資本支出都會開始下滑下降 - 23 年低於 22 年，24 年低於 23 年，等等，直到我們到 2025 年底，然後你會 - 你應該期望資本支出更接近你習慣的水平從我們的角度來看 COVID 之前的資本密集度比率。 650——我們從 23 年到 22 年將資本支出減少 3 億美元的原因是因為我們將從光纖傳遞的 854,000 個位置減少到 650 個，這是下降的主要原因。

Following question is from Jerome Dubreuil from Desjardins.

以下問題來自 Desjardins 的 Jerome Dubreuil。

Can you talk a bit about 5G plus? We have in mind that maybe this could mean a bit of dilution for the 5G brand overall, but at the same time I understand you want to maintain a differentiation. And then the second one, I think it's fair to say that you've been using promotions in a different way than in the past recently. Would you say that it's a new way of doing business overall? Or this is more something that is done to rapidly ramp up your market share on newly deployed fiber?

你能談談 5G plus 嗎？我們考慮到，這可能意味著 5G 品牌整體上會有所稀釋，但與此同時，我理解您希望保持差異化。然後是第二個，我認為可以公平地說，您最近一直在以與過去不同的方式使用促銷活動。你會說這是一種新的整體經營方式嗎？或者這更多是為了快速增加新部署光纖的市場份額？

I'll take the fiber question first. We -- actually, on the fiber -- look, what we're doing here is we -- like I said, we spend -- we're spending billions of dollars to build the best networks, and we have an undeniable structural product superiority advantage. So the telco network traditionally was structurally disadvantaged from a technology point of view, with copper in years past. Now the telco advantage is structurally -- there's a structural telco advantage with fiber. So you have a structural technology advantage, you have product superiority and differentiation, and you spend billions of dollars to get that. The next step is to load the network and we are taking share. And frankly, we're resetting the benchmark for what consumers believe broadband should be. That's a key thing. It's a competitive differentiator that's going to last for a few years, in my view, resetting the benchmark for what consumers believe broadband should be.

我先回答纖維問題。我們——實際上，在光纖上——看，我們在這裡做的是我們——就像我說的，我們花費——我們花費數十億美元來建立最好的網絡，我們有一個不可否認的結構產品優勢優勢。因此，從技術角度來看，電信網絡傳統上在結構上處於劣勢，過去幾年使用銅線。現在電信的優勢是結構性的——光纖具有結構性的電信優勢。所以你擁有結構性技術優勢，你擁有產品優勢和差異化，你花費數十億美元來獲得它。下一步是加載網絡，我們正在分享。坦率地說，我們正在重新設定消費者認為寬帶應該是什麼樣子的基準。這是一個關鍵的事情。在我看來，這是一個將持續數年的競爭差異化因素，重新設定消費者認為寬帶應該是什麼的基準。

If you look at our sales in Q4, 70%, 7-0, 70% of our Internet activations on fiber, we're on speeds at a gig or above. And 38% of our fiber Internet base is now in speed of 1 gig and above. So we're loading the network, and we're shielding our customer base by resetting that broadband benchmark.

如果你看看我們在第四季度的銷售額，我們 70%、7-0、70% 的互聯網激活是通過光纖進行的，我們的速度達到了千兆或更高。我們 38% 的光纖互聯網基礎現在的速度為 1 gig 及以上。因此，我們正在加載網絡，並通過重置寬帶基準來保護我們的客戶群。

And it's a potent combination, right? You have fiber with symmetrical upload and download speeds that competitors can't match, a gigabit modem with WiFi 6E, and we have a new Android power TV service, basically the new evolution of 5 TV, which is pretty powerful.

這是一個強有力的組合，對吧？你有競爭對手無法比擬的對稱上傳和下載速度的光纖，帶有 WiFi 6E 的千兆調製解調器，我們有新的 Android power TV 服務，基本上是 5 TV 的新演變，非常強大。

On Wireless and on 5G, we're just kind of -- I'm really pleased that industry-wide, actually, the 5G pricing structure has remained intact where we're -- we've delineated, there's clear demarcation between 5G and 5G plus and 4G and other services with the pricing that comes with it. And so far, frankly, that's held. And as I mentioned in my opening remarks, 41% of our subscriber base is on 5G devices. 5G customers continue to use more and spend more and there's room for growth there.

在無線和 5G 上，我們只是 - 我真的很高興整個行業，實際上，5G 定價結構在我們所處的位置保持不變 - 我們已經劃定，5G 和 5G 之間有明確的界限5G plus 和 4G 以及其他服務隨附定價。到目前為止，坦率地說，這是舉行。正如我在開場白中提到的，我們 41% 的用戶群使用 5G 設備。 5G 客戶繼續使用更多並花費更多，並且那裡有增長空間。

And then I might add on both our wireless loading and our market share gains on fiber, we're doing that despite some promotional intensity, we're doing that while maintaining margin stable, which is quite an accomplishment. And the reason we're able to do that, one of the big reasons is with the fiber scale, our cost structure comes down.

然後我可能會加上我們的無線負載和我們在光纖上的市場份額收益，儘管有一些促銷強度，但我們正在這樣做，同時保持利潤率穩定，這是一項相當大的成就。我們之所以能夠做到這一點，其中一個重要原因是光纖規模，我們的成本結構下降了。

Following question is from Tim Casey from BMO Capital Markets.

以下問題來自 BMO Capital Markets 的 Tim Casey。

Can we follow up on that discussion on your fiber leadership and talk about what you're seeing in the marketplace? And you've mentioned that your -- you have the ability to match costs. I'm just wondering how that plays out in the wireline market. And with respect to your -- as you say, your -- the competitive advantage you have with products. Could you just talk a little bit about the dynamics you're seeing in the market place there?

我們能否跟進關於您的光纖領導地位的討論並談談您在市場上看到的情況？你已經提到你的 - 你有能力匹配成本。我只是想知道這在有線市場中的表現如何。至於你——正如你所說，你的——你在產品方面的競爭優勢。你能談談你在市場上看到的動態嗎？

Yes. So we're seeing -- I mean, essentially, the short story, Tim, is you see I mean you see the pretty -- quite -- our loadings are quite strong, right? And we're best TV results in 7 years on overall wireline or consumer RGUs, best results in 2005. And best Internet, and that's in 18 years. I think, again, those -- so when we talk about the fiber advantage, but they're just not idle words because you're seeing the results follow what we're seeing, right? And just to give you another data point, so we had 63,500 Internet nets or thereabouts, but we had 78,000 Internet nets and fiber territory. So I mean, I've been pretty transparent about this too.

是的。所以我們看到 - 我的意思是，本質上，短篇小說，蒂姆，你看到我的意思是你看到漂亮 - 非常 - 我們的負載非常強大，對吧？我們在 7 年內在整體有線或消費者 RGU 方面取得了最佳電視成績，2005 年取得了最佳成績。而且在 18 年內取得了最佳互聯網成績。我想，再一次，那些 - 所以當我們談論纖維優勢時，但它們並不是空話，因為你看到的結果與我們所看到的一樣，對吧？只是給你另一個數據點，所以我們有 63,500 個左右的互聯網，但我們有 78,000 個互聯網和光纖區域。所以我的意思是，我對此也非常透明。

We do lose Internet customers where we don't have fiber, we're gaining big share where we do have fiber, and I think that's the key thing. 80% of our target broadband build is done, we'll be at 85% done. I've shared in my opening remarks, the vast footprint that we will have that has 3 gigabit or 8 gigabit speeds, like those are phenomenal speeds. And as we reset what the benchmark is for acceptable broadband and we reset the bar to a gig or above, that becomes a powerful competitive proposition.

在我們沒有光纖的地方，我們確實失去了互聯網客戶，在我們有光纖的地方，我們正在獲得很大的份額，我認為這是關鍵。我們目標寬帶建設的 80% 已經完成，我們將完成 85%。我在開場白中分享了我們將擁有的巨大足跡，它具有 3 吉比特或 8 吉比特的速度，就像那些驚人的速度一樣。當我們重新設置可接受寬帶的基準並將標準重新設置為零工或更高時，這將成為一個強大的競爭優勢。

Yes. And Tim and as you've heard us say time and time again, the gift that keeps on giving is fiber, not only does it allow us to deliver a superior product to our customers a superior product over our competitors, but it's a network that allows -- it's cheaper to operate, and it's reducing our cost of operating, which you see in our margins, despite the challenges I spoke about earlier. We're maintaining stable margins and a big part of that is the cost advantage that fiber gives us.

是的。蒂姆，正如你一次又一次聽到我們所說的那樣，不斷給予的禮物是纖維，它不僅使我們能夠向客戶提供優於競爭對手的優質產品，而且它是一個網絡允許——它的運營成本更低，而且它正在降低我們的運營成本，你可以在我們的利潤中看到這一點，儘管我之前談到了挑戰。我們保持穩定的利潤率，其中很大一部分是光纖給我們帶來的成本優勢。

Following question is from Batya Levi from UBS.

以下問題來自瑞銀的 Batya Levi。

As you look at your new reporting structure, do you anticipate more cost rationalization when you combine the wireline and wireless expense buckets? Or has that already been aligned last year? And from here on, it will be more business as usual cost efficiencies? And you did mention some incremental spending this year. Is there a way to quantify them or the timing on when they will show up?

當您審視新的報告結構時，您是否預計將有線和無線費用組合在一起時會更加合理化成本？還是去年就已經對齊了？從現在開始，它會像往常一樣提高成本效率嗎？你確實提到了今年的一些增量支出。有沒有辦法量化它們或它們出現的時間？

I'll attack the first part of your question. I'm not sure what your last part was referring to. Look, we combined our internal structure for wireless and wireline this year, and we did enjoy cost efficiencies in doing so. And as I said in my opening remarks, it's become a core competency of Bell, we are always attacking costs and looking for more effective and efficient ways to deliver service, and that's not going to change. And again, to the opening remarks that Maher about how are you able to deliver stable guidance over 2022, and that's part of it. It's focusing on our cost, finding efficiencies, leveraging the ability that fiber gives us for taking costs. So on the second part of your question, I'm not sure.

我會攻擊你問題的第一部分。我不確定你的最後一部分指的是什麼。看，我們今年結合了無線和有線的內部結構，我們確實享受了這樣做的成本效益。正如我在開場白中所說，它已成為貝爾的核心競爭力，我們一直在降低成本並尋找更有效和高效的方式來提供服務，這一點不會改變。再一次，對於馬赫關於你如何能夠在 2022 年提供穩定指導的開場白，這就是其中的一部分。它專注於我們的成本，尋找效率，利用光纖為我們提供的降低成本的能力。所以關於你問題的第二部分，我不確定。

I think you mentioned that you'd like to make some internal investments this year to digitize some capabilities and some efficiency. So I was wondering if there is sort of a quantification or the pacing of that? Or is it also more sort of business as usual investments?

我想你提到過你想在今年進行一些內部投資，以數字化一些能力和一些效率。所以我想知道是否有某種量化或節奏？或者它也更像往常一樣的投資？

It's -- yes, so we won't unpack that specifically. But since 2020, particularly since we got completely shut down in 2020 during COVID, we've made a concerted effort to improve our digital capabilities, both those that are customer-facing and continue to automate some of the processes in the operations of our business. And that's continuing because it's important and it's driving better customer experience and lower cost structure. So we're going to keep doing that, and that's within the CapEx, the guidance that you see.

它是——是的，所以我們不會具體拆包。但是自 2020 年以來，特別是自從我們在 2020 年 COVID 期間完全關閉以來，我們齊心協力提高我們的數字能力，既包括面向客戶的能力，也包括繼續使我們業務運營中的某些流程自動化的能力.而且這種情況仍在繼續，因為它很重要，並且正在推動更好的客戶體驗和更低的成本結構。所以我們將繼續這樣做，這是在資本支出內，你看到的指導。

Following question is from Vince Valentini from TD Securities.

以下問題來自道明證券的 Vince Valentini。

Just a comment first. Look, I'm just not happy about getting rid of the segmented EBITDA, it makes our lives very difficult. I'm sure you have internal ideas as to what wireline versus wireless is and you're not going to change based on what I say, but I want to get that on record that it's not helpful to us. My question is on the guidance. The range is reasonably wide at 2% to 5% on EBITDA, Glen. And as you've articulated, competition seems to be escalating. You seem to be willing to lean in and load up your new networks and fight on price if you have to. I'm just wondering how the high end of the range is possible. What kind of factors would you need to see some sort of big economic improvement or some sort of improvement in the competitive environment versus the current pacing? Maybe you can talk a bit about the pros and cons -- or the gives and takes at the high end versus low end of the guidance?

先評論一下。看，我只是對擺脫分段的 EBITDA 感到不高興，這讓我們的生活變得非常困難。我相信您對有線和無線是什麼有自己的想法，並且您不會根據我所說的進行更改，但我想記錄下來，這對我們沒有幫助。我的問題是關於指南。 Glen 的 EBITDA 的範圍相當寬，在 2% 到 5% 之間。正如您所說，競爭似乎正在升級。如果必須的話，你似乎願意投入並加載你的新網絡並在價格上進行鬥爭。我只是想知道範圍的高端是如何可能的。與當前的節奏相比，您需要什麼樣的因素才能看到某種巨大的經濟改善或競爭環境的某種改善？也許你可以談談利弊——或者指導的高端與低端的讓步？

Well, first of all, Vince, the -- how wide the range is, it's the same range as in '22. And we're now approaching $25 billion revenue company and north of $10 billion in EBITDA, and I don't feel that range is all that wide when you consider the size of our organization. Yes, we provide a range because there are all kinds of uncertainties that can happen in our business. We talked a number of times on this call about recession.

好吧，首先，文斯，範圍有多廣，與 22 年的範圍相同。我們現在的收入接近 250 億美元，EBITDA 超過 100 億美元，考慮到我們組織的規模，我覺得這個範圍並沒有那麼大。是的，我們提供了一個範圍，因為我們的業務中可能會發生各種不確定性。我們在這次電話會議上多次談到了經濟衰退。

And I think that, that although I personally believe will be short and shallow. I certainly could be wrong, and many people on this call probably have a different opinion than I. (inaudible) recessionary impacts, the continued momentum we have in our fiber and our 5G strategy, recovery in our media business, those are the type of things that I think drive us towards the higher end or past the midpoint of our guidance range.

而且我認為，儘管我個人認為這將是短暫而淺薄的。我當然可能是錯的，很多參加這次電話會議的人可能與我有不同的看法。（聽不清）經濟衰退的影響，我們在光纖和 5G 戰略方面的持續勢頭，我們媒體業務的複蘇，這些都是我認為推動我們走向高端或超過我們指導範圍中點的事情。

I mean, for me to be able to give you insights on what drives you to the high end, you know it as well as I do, low promotion activity, continuing to load the network, avoiding a recession, recovery of advertising advancement of our digital-first strategy and media, those are the things that we're focused on. But I believe the guidance range is prudent. I think it takes into consideration the potential challenges plus the upside and it is not inconsistent to what we have seen from us before. But thanks for your question, Vince. And duly noted on segment reporting.

我的意思是，為了讓我能夠讓你了解是什麼驅使你走向高端，你和我一樣知道，低促銷活動，繼續加載網絡，避免經濟衰退，恢復我們的廣告進步數字優先戰略和媒體，這些是我們關注的重點。但我相信指導範圍是審慎的。我認為它考慮了潛在的挑戰和好處，並且與我們之前看到的並不矛盾。但是謝謝你的問題，文斯。並適當注意分部報告。

Following question is from Simon Flannery from Morgan Stanley.

以下問題來自摩根士丹利的 Simon Flannery。

Glen, I wonder if we could talk about roaming revenue. You've obviously had a very nice recovery during 2022, but you're pointing to a further recovery in '23. Perhaps just help us understand where we are in the recovery cycle and what sort of benefit are you anticipating in your guidance next year on a year-over-year basis versus this year? And when do we get to sort of a new run rate?

格倫，我想知道我們是否可以談談漫遊收入。您顯然在 2022 年恢復得非常好，但您指的是 23 年會進一步恢復。也許只是幫助我們了解我們在復蘇週期中所處的位置，以及您預計明年的指導與今年相比會有什麼樣的好處？我們什麼時候才能達到新的運行率？

Certainly, Simon. Mirko mentioned that we're at 112% of what pre-pandemic roaming revenue is. And to unpack that for you about -- on a volume basis, we're pretty much flat. We're back to pre-pandemic. So the additional 12% is all related to price, so your P versus Q. I said in our opening remarks, one of us said that we don't anticipate the same tailwind on roaming that we enjoyed this year. Naturally, this was a year of true recovery as I think Canadians and we're starting to gain confidence to move again post the challenge of this pandemic. I would say some of the price increases that we implemented in calendar 2022, were done through the year. So we get to enjoy the half year of those, coupled with -- I think you're starting to see Canadian confidence continue on moving around again and enjoying the ability to travel. So I think the short answer is the improvement from '21 to '22 will not repeat itself, but there's still a bit of a tailwind there for '22 to '23.

當然，西蒙。 Mirko 提到我們的漫遊收入是大流行前的 112%。並為您打開包裝 - 在數量的基礎上，我們幾乎持平。我們回到了大流行前。所以額外的 12% 都與價格有關，所以你的 P 與 Q。我在開場白中說過，我們中的一個人說我們預計今年漫遊不會出現同樣的順風。自然地，這是真正復甦的一年，因為我認為加拿大人和我們開始獲得信心，在這場大流行病的挑戰之後再次行動。我想說的是，我們在 2022 日曆年實施的一些價格上漲是全年完成的。所以我們開始享受其中的半年，再加上——我想你開始看到加拿大的信心繼續四處走動並享受旅行的能力。所以我認為簡短的回答是從 21 年到 22 年的改進不會重演，但是 22 年到 23 年仍然有一些順風。

Mode, any more questions?

模式，還有問題嗎？

We have no further questions registered at this time. So back to you, Mr. Fotopoulos.

我們目前沒有登記進一步的問題。那麼回到你身邊，Fotopoulos 先生。

Great. Thank you very much. So as usual, I'll be available throughout the day to take your follow-up questions and for any clarification. So you have a few minutes to get ready for your next call. So have a great day, everybody.

偉大的。非常感謝。因此，與往常一樣，我將全天候回答您的後續問題並進行任何澄清。因此，您有幾分鐘時間為下一次通話做好準備。祝大家有美好的一天。

Thank you. The conference has now ended. Please disconnect your lines at this time, and we thank you for your participation.

謝謝。會議現已結束。請此時斷開您的線路，我們感謝您的參與。