BCE Inc (BCE) 2024 Q2 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the BCE Q2 2024 Results Conference Call. I would now like to turn the meeting over to Mr. Thane Fotopoulos. Please go ahead, Mr. Fotopoulos.

早安，女士們先生們。歡迎參加 BCE 2024 年第二季業績電話會議。現在我想將會議轉交給塔恩·福托普洛斯先生。請繼續，福托普洛斯先生。

Thank you, Matthew, and good morning, everyone, and thank you for joining our call. With me here today are Mirko Bibic, President and CEO of BCE; and our CFO, Curtis Millen. You can find all of our Q2 disclosure documents on the Investor Relations page of the bce.ca website, which we posted earlier this morning.

謝謝馬修，大家早安，謝謝您加入我們的電話會議。今天和我在一起的還有 BCE 總裁兼執行長 Mirko Bibic；以及我們的財務長柯蒂斯‧米倫 (Curtis Millen)。您可以在 bce.ca 網站的投資者關係頁面上找到我們所有的第二季披露文件，該頁面是我們今天早上發布的。

Before we begin, I want to draw your attention to our Safe Harbor Statement on slide 2 of the analyst presentation, reminding you that today's presentation and remarks made during the call will include forward-looking information and therefore are subject to risks and uncertainties.

在我們開始之前，我想提請您注意分析師演示文稿第二張幻燈片上的安全港聲明，提醒您今天的演示文稿和電話會議期間的言論將包括前瞻性信息，因此存在風險和不確定性。

Results could differ materially. We disclaim any obligation to update forward-looking statements, except as required by law. Please refer to BCE's publicly filed documents for more details on our assumptions and risks.

結果可能存在重大差異。除法律要求外，我們不承擔任何更新前瞻性聲明的義務。請參閱 BCE 公開提交的文件，以了解有關我們的假設和風險的更多詳細資訊。

With that, I'll turn it over to Mirko.

有了這個，我會把它交給米爾科。

Thank you, Thane, and good morning, everyone. So looking at our overall second quarter operating results, the Bell team managed well, and we executed with financial discipline against the backdrop of a highly competitive marketplace. We have a clear vision for how we're competing now and into the future, combined with our proven trademark consistent execution.

謝謝你，塔恩，大家早安。因此，從我們第二季的整體營運表現來看，貝爾團隊管理得很好，在競爭激烈的市場背景下，我們執行了財務紀律。我們對現在和未來的競爭方式有著清晰的願景，並結合我們久經考驗的品牌一貫執行力。

While consolidated top line growth continued to be impacted by sustained competitive pricing pressures and expected revenue loss from the source, we remain laser focused on profitable margin, accretive subscriber growth and driving costs out of the organization, as you can see by 2% EBITDA growth in Q2 and a 1.3 point increase in BCE's margin to 44.9%.

雖然綜合營收成長持續受到持續的競爭性定價壓力和預期來源收入損失的影響，但我們仍然專注於利潤率、用戶成長和降低組織成本，正如您可以看到的 2% EBITDA 成長第二季度， BCE 的利潤率增加了1.3 個百分點，達到44.9%。

Both of these results were higher than forecasted, demonstrating our success in driving efficiencies and reducing costs to offset near-term competitive and economic pressures. This contributed to $1.1 billion of free cash flow being delivered in Q2, which represents an increase of 8% over last year and aligns with the expectations we shared with you on our Q1 conference call and made for higher free cash flow generation as profiled in our quarterly budget at the start of the year.

這兩項結果均高於預期，顯示我們在提高效率和降低成本以抵消近期競爭和經濟壓力方面取得了成功。這為第二季交付了11 億美元的自由現金流，比去年增加了8%，符合我們在第一季電話會議上與您分享的預期，並根據我們的報告中的描述實現了更高的自由現金流產生。

As for operating results, our CTS segment subscriber metrics continue to be underpinned by leading broadband fiber network that's consistently recognized by third parties for its best-in-class performance and customer experience by mobile 5G speeds that are being further enhanced with deployment of 3,800 megahertz spectrum as well as increased customer bundling of mobility and Internet that serves as an important churn management and value driver tool.

至於營運業績，我們的CTS 部門用戶指標繼續受到領先的寬頻光纖網路的支撐，該網路因其一流的性能和客戶體驗而受到第三方的一致認可，行動5G 速度隨著3,800 兆赫茲的部署而得到進一步增強頻譜以及增加的行動和網路客戶捆綁，作為重要的客戶流失管理和價值驅動工具。

In wireless, we were arguably the most disciplined in striking the right balance between volume growth and economics in a heightened competitive pricing environment. We managed our promotional offers prudently to deliver a healthy step up in new subscriber activations that focused on higher quality main brand loading.

在無線領域，我們可以說是在競爭激烈的定價環境中在銷售成長和經濟效益之間取得適當平衡方面最自律的。我們謹慎地管理我們的促銷優惠，以實現新訂戶啟動的健康進步，並專注於更高品質的主品牌加載。

In fact, Bell has led the charge on more rational pricing behavior, increasing the rates on a number of Bell Mobility and Virgin plus plans at the beginning of July, while continuing to deliver exceptional value to our customers. Collectively, total postpaid and prepaid mobile phone net adds in Q2 were up 4.4% to 131,043.

事實上，貝爾在更合理的定價行為方面處於領先地位，在 7 月初提高了許多貝爾移動和 Virgin plus 計劃的費率，同時繼續為我們的客戶提供卓越的價值。總體而言，第二季後付費和預付費手機淨新增總數成長了 4.4%，達到 131,043 部。

And with robust Canadian population growth projections and even greater focus on bundling wireless and consumer Internet service. We see good runway for continued growth in mobile subscriber growth also included connected device net adds of approximately 88,000. That's up 10.5% over the prior year and reflects continued strong momentum for our 5G and IoT B2B solutions.

加拿大人口成長預測強勁，並且更加重視捆綁無線和消費者網路服務。我們認為行動用戶的持續成長勢頭良好，其中連網設備淨增加量約為 88,000 台。這比前一年增長了 10.5%，反映出我們的 5G 和物聯網 B2B 解決方案持續強勁的勢頭。

In residential wireline, we continue to gain a significant share of new Internet subscriber growth, and that's fueled by our fiber by our fiber network, superior symmetrical speeds and overall customer experience, which drove our highest Q2 consumer retail Internet net adds in 17 years and an 18% increase in households subscribing to mobility and Internet service bundles and that's where we have fiber.

在住宅有線方面，我們繼續在新的網路用戶成長中獲得很大份額，這得益於我們的光纖網路、卓越的對稱速度和整體客戶體驗，這推動了我們17 年來最高的第二季度消費者零售網路淨增量訂閱行動和網路服務套餐的家庭增加了 18%，而這正是我們擁有光纖的地方。

Notably 41% of our new Internet customers this quarter, subscribed to a service bundle with wireless, which should help drive better subscriber lifetime value and improve retention longer-term.

值得注意的是，本季我們的新網路客戶中有 41% 訂閱了無線服務捆綁包，這將有助於提高用戶生命週期價值並提高長期保留率。

Turning now to media, Bell Media continues to transform from a traditional broadcaster to a digital media and content leader. And a prime example of that is the advanced advertising solutions for clients powered by Bell first-party data, including Bell analytics, the SAM TV sales tool, Bell DSP, addressable TV and Crave with ads, which together which collectively drove a 35% increase in digital advertising revenues this quarter. And investments to sustain the strategic shift to digital will continue.

現在轉向媒體，貝爾媒體繼續從傳統廣播公司轉型為數位媒體和內容領導者。一個典型的例子是由貝爾第一方數據支援的為客戶提供的先進廣告解決方案，包括貝爾分析、SAM 電視銷售工具、貝爾DSP、可尋址電視和Crave 廣告，這些解決方案共同推動了35%的成長本季數位廣告收入。維持向數位化策略轉變的投資將持續。

We announced a number of new partnerships and additions to our ad offerings at our upfront presentation in June. These included a new self-serve buying platform for advertisers who are looking to reach local audiences, strategic sales partnerships with TikTok premium advertising product called Premier, as well as Dotdash, Meredith, the largest digital and print publisher in the US, and expanded distribution for our 10 new fast channels, which we launched in April.

我們在 6 月的前期演示中宣布了一些新的合作夥伴關係以及我們的廣告產品的新增內容。其中包括為希望接觸本地受眾的廣告商提供新的自助購買平台、與 TikTok 優質廣告產品 Premier 以及 Dotdash、美國最大的數位和印刷出版商 Meredith 建立戰略銷售合作夥伴關係，以及擴大分銷我們於4 月份推出了10 個新的快速頻道。

Our momentum also continues to build in the business enterprise space as our expanding capabilities in cloudification security and managed automation have led to increasing customer wins and the expansion of existing relationships, all of which drove strong business solutions services revenue growth of 22% this quarter.

我們在企業領域的勢頭也繼續增強，因為我們在雲端安全和管理自動化方面不斷擴大的能力導致了客戶數量的增加和現有關係的擴展，所有這些都推動了本季度業務解決方案服務收入強勁增長22%。

Building on this growth strategy, we recently acquired leading technical services companies have Stratejm and CloudKettle. These acquisitions complement our acquisition of FX innovation last year by immediately strengthening Bell's cybersecurity and sales force workflow automation know-how for enterprises and enriching the range of capabilities available to manage customers' public and hybrid cloud environments with the world's leading cloud providers.

基於這項成長策略，我們最近收購了領先的技術服務公司Stratejm和CloudKettle。這些收購補充了我們去年對FX Innovation 的收購，立即加強了貝爾為企業提供的網路安全和銷售人員工作流程自動化專業知識，並豐富了可用於與世界領先的雲端供應商一起管理客戶的公有雲和混合雲環境的功能範圍。

We can now deliver customer solutions across the two leading platform software companies, ServiceNow and Salesforce, in addition to our new advanced managed security solution. And regarding service now and we recently entered into an expanded partnership with them to accelerate Bell's digital transformation and importantly, the digital transformation of our enterprise customers.

除了我們新的高級託管安全解決方案之外，我們現在還可以跨 ServiceNow 和 Salesforce 這兩家領先的平台軟體公司提供客戶解決方案。關於現在的服務，我們最近與他們建立了擴大的合作夥伴關係，以加速貝爾的數位轉型，更重要的是，加速我們企業客戶的數位轉型。

ServiceNow's applications will streamline several areas of our business, including network customer and field service operations, resulting in a more efficient experience for technicians, leveraging AI driven insights to automate scheduling, improve customer service, and reduce drive time, also to enhance customer support with powerful automation capabilities to streamline case handling and drive faster service deliveries using solutions that ensure customers get the services they want and require in a matter of hours or days.

ServiceNow 的應用程式將簡化我們業務的多個領域，包括網路客戶和現場服務運營，從而為技術人員帶來更有效率的體驗，利用人工智慧驅動的見解來自動調度、改善客戶服務並減少駕駛時間，並透過以下方式增強客戶支援：強大的自動化功能可簡化案例處理並使用解決方案加快服務交付速度，確保客戶在幾小時或幾天內獲得他們想要和需要的服務。

While these investments and partnerships in technology and automation will enable us to unlock even greater operation efficiencies going forward. We're already benefiting from advanced AI and machine learning capabilities to improve the Bell customer experience and importantly, take costs out of our business, which contributed to $20 million in labor cost savings across our customer operations this quarter.

這些在技術和自動化方面的投資和合作將使我們能夠在未來提高營運效率。我們已經受益於先進的人工智慧和機器學習功能來改善貝爾客戶體驗，更重要的是，降低了我們的業務成本，這為本季我們的客戶營運節省了 2000 萬美元的勞動力成本。

Here's some examples of how our AI leadership is setting us apart. We pioneered a self-serve virtual repair tool for technical troubleshooting of Internet and TV issues, and that eliminated call wait times and technician visits. We launched the first Google a AI powered info bot in Canada, offering instant answers to customer questions and directing them to self-serve options and links.

以下是我們的人工智慧領導力如何讓我們脫穎而出的一些例子。我們首創了一種自助虛擬維修工具，用於對互聯網和電視問題進行技術故障排除，從而消除了呼叫等待時間和技術人員上門服務。我們在加拿大推出了第一個由 Google 人工智慧驅動的資訊機器人，為客戶的問題提供即時答案，並引導他們使用自助選項和連結。

Our implementation of the full Google call center AI platform is a world. First for our contact center of this scale, virtual assistant, we've implemented first for Lucky Mobile chat and now for our Bell and Virgin brands has resulted in over 1.1 million virtual assistant interactions year to date across the three brands.

我們實施的完整 Google 呼叫中心 AI 平台是一個世界。首先，我們為這種規模的聯絡中心實施了虛擬助理，我們首先為Lucky Mobile 聊天實施了虛擬助理，現在又為我們的Bell 和Virgin 品牌實施了虛擬助理，今年迄今為止，這三個品牌已實現了超過110 萬次虛擬助理互動。

We've also implemented a AI powered agent support models that leverage real-time transcription. We analyze calls in our contact centers through our speech AI solutions, and that enables us to identify cross-sell opportunities where appropriate. We also use AI enabled dynamic call routing to pair in customer incoming customer calls with the agent with the right skill set to optimize that customer's experience.

我們也實作了人工智慧驅動的代理支援模型，利用即時轉錄。我們透過語音人工智慧解決方案分析聯絡中心的呼叫，這使我們能夠在適當的情況下識別交叉銷售機會。我們還使用支援人工智慧的動態呼叫路由，將客戶傳入的客戶呼叫與具有適當技能的座席配對，以優化客戶的體驗。

And we're also using generative AI for call quality assurance monitoring aspects like time on hold and manager escalations and to automatically generate retention offers in real time, all of which is designed to vastly improve the customer experience, drive operating efficiencies, lower churn, and generate higher customer lifetime value.

我們還使用生成式人工智慧來監控通話品質保證，例如等待時間和經理升級，並即時自動產生保留報價，所有這些都旨在極大地改善客戶體驗，提高營運效率，降低客戶流失率，並產生更高的客戶終身價值。

And against the backdrop of these accelerating investments in key growth areas. We entered into a transaction to sell Northwestel to a consortium of indigenous communities for up to $1 billion in cash. This was a unique opportunity that emerged to surface good value for a stand-alone BCE asset at a fair valuation and to use those proceeds to proactively manage our balance sheet and to pay down debt.

在關鍵成長領域投資加速的背景下。我們達成了一項交易，以高達 10 億美元的現金將 Northwestel 出售給原住民社區財團。這是一個獨特的機會，可以以合理的估值讓獨立的 BCE 資產展現出良好的價值，並利用這些收益來主動管理我們的資產負債表並償還債務。

And consistent with our strategy to reduce focus on non-core businesses. We took the next step in the transition of 167 source stores to Best Buy Express with the opening of our first store in June. That marks the beginning of a phased rollout with all stores expected to be opened by the end of this year. All remaining 107 of the Source stores are now closed and they're no longer in operation.

並符合我們減少對非核心業務的關注的策略。隨著 6 月第一家商店的開業，我們在 167 家貨源商店向百思買快遞的過渡中邁出了下一步。這標誌著分階段推出的開始，預計所有商店將於今年年底開業。所有剩餘的 107 家 Source 商店現已關閉，不再營業。

I'm going to turn now to slide 5 for a brief review of some of the operating metrics by segment, and I'll start with wireless. Of course, we added 131,043 new net mobile phone subscribers in Q2. That's up 4.4% from last year, and that was a function of a 14.4% increase in gross activations, which outpaced peers who have already reported by a wide margin and a second consecutive quarter of deceleration in the year-over-year rate of churn increase.

我現在將轉向投影片 5，並按細分市場簡要回顧一些營運指標，我將從無線開始。當然，我們在第二季新增了 131,043 名手機淨用戶。這比去年增長了 4.4%，這是由於總激活量增長了 14.4%，大大超過了已經報告的同行，並且客戶流失率連續第二個季度同比下降。

Now that churn does remain elevated and it's clearly not at a level that I'm satisfied with but it's down sequentially from Q1, both in absolute terms and in the magnitude of increase when compared to the prior year. Although postpaid net adds of 78,500 were down versus Q2 of last year on what was a relatively strong prior year, importantly, and quite deliberately, the vast majority of our new customers continue to be in our main premium brand, which is fundamental to our operating strategy.

現在，客戶流失率確實仍然很高，而且顯然沒有達到我滿意的水平，但與前一年相比，無論是絕對值還是增長幅度，它都比第一季連續下降。儘管後付費淨增加人數比去年第二季的78,500 人有所下降，但重要的是，而且是故意的，我們的絕大多數新客戶仍然是我們的主要高端品牌，這對我們的營運至關重要戰略。

This result reflects our focus on better-quality, profitable and margin accretive subscriber acquisition. We plan to continue with this consistent and disciplined approach which balances subscriber growth with financial performance rather than just buying loads as we progress through the balance of 2024 and beyond.

這一結果反映了我們對提高品質、提高利潤和增加利潤的用戶獲取的關注。隨著 2024 年及以後的發展，我們計劃繼續採用這種一致且嚴格的方法，平衡用戶成長與財務業績，而不僅僅是購買負載。

Prepaid net additions were up meaningfully over last year, growing to 52,543 as we benefited from the launch of No Name Mobile and Lucky Mobile marketing initiatives. This represents our best quarterly prepaid result in almost two years, having led the market in prepaid growth this quarter, it shows that we've made massive strides in breaking into the Canadian new market newcomer market in a relatively short period of time.

由於 No Name Mobile 和 Lucky Mobile 行銷計畫的推出，預付費淨增數量較去年顯著增加，增至 52,543 名。這是我們近兩年來最好的季度預付費業績，本季預付費成長領先市場，這表明我們在相對較短的時間內打入加拿大新市場新市場方面取得了巨大進步。

To close off on wireless, ARPU was down 1.9% year over year. This result doesn't come as a surprise, given that we've been facing the lowest pricing environment in the history of wireless in Canada for much of the past year. However, we did see an improvement in June. And although encouraging, given the current dynamic pricing environment that's in flux as we enter the back-to-school period. It's still too early to make a call on the direction of RPU for the balance of this year.

無線業務的 ARPU 年減 1.9%。鑑於過去一年的大部分時間我們一直面臨著加拿大無線業務歷史上最低的定價環境，這一結果並不令人意外。然而，我們確實在六月看到了改善。儘管令人鼓舞，但考慮到當前隨著我們進入返校時期而不斷變化的動態定價環境。現在判斷 RPU 今年剩餘時間的走向還為時過早。

I'm going to turn over to wireline now. We had 23,841 new retail Internet Internet additions. We delivered our second best Q2 results since 2007 after Q2 2023, which was an exceptional year. Moreover, where we have fiber, our bundle sales continued to grow.

我現在要轉向有線。新零售網路新增23,841個。我們取得了自 2007 年以來第二好的第二季度業績，僅次於 2023 年第二季度，這是非凡的一年。此外，在我們有光纖的地方，我們的捆綁銷售持續成長。

In Q2 alone, new customers subscribing to mobility and Internet service bundles increased 23% compared to last year and now comprise 48% of our total residential households. And we had another solid quarter for our for our Bell branded IPTV service which added 3% more new net subscribers in Q2 2023.

光是第二季度，訂閱行動和網路服務套餐的新客戶就比去年增加了 23%，目前占我們住宅家庭總數的 48%。我們的貝爾品牌 IPTV 服務又迎來了一個穩定的季度，該服務在 2023 年第二季度增加了 3% 的新淨用戶。

However, gross activations on our 5TV app streaming service were down considerably this quarter, and that was due to a $5 rate increase in May for new subscribers, and it resulted in a 12,800 year-over-year decrease in total IPTV net additions.

然而，本季我們 5TV 應用程式串流服務的總啟動量大幅下降，這是由於 5 月新訂戶費率上漲了 5 美元，導致 IPTV 淨增量總數比去年同期減少 12,800 人。

Lastly, I'm going to turn over to media. Total advertising revenue was up on the strength of digital and live sports. And although this result represents our second consecutive quarter of growth, the ad market improvement is expected to be uneven for the balance of this year. Digital and direct-to-consumer continued to grow strongly, helping to offset the secular pressures from traditional media platforms.

最後，我要談談媒體。廣告總收入因數位和體育賽事直播而成長。儘管這一結果代表了我們連續第二個季度的成長，但預計今年剩餘時間廣告市場的改善將不平衡。數位媒體和直接面向消費者的媒體持續強勁成長，有助於抵消傳統媒體平台的長期壓力。

Digital revenues were up 23% over last year, and they now comprise 41% of media revenue compared to 33% last year. Driving this performance was crave, which grew direct streaming subscribers by 21% in Q2 on the back of market-leading content as well as strong growth in usage of our programmatic ad marketplace, including our SAM TV advertising tool, which increased sales revenue by 43% this quarter.

數位收入比去年增長了 23%，目前佔媒體收入的 41%，而去年這一比例為 33%。推動這一業績的動力是渴望，由於市場領先的內容以及我們的程序化廣告市場（包括我們的SAM TV 廣告工具）使用量的強勁增長，第二季度直接串流媒體訂戶增長了21%，該工具使銷售收入增加了43%本季%。

TSN and RDS direct-to-consumer streaming subscribers more than doubled over last year, and that was on the back of Euro Cup soccer and record-breaking audiences for the Copa America tournament. For the current broadcast season to date, CTV remains Canada's most watched network for 23rd consecutive year.

TSN 和 RDS 直接面向消費者的串流訂閱者數量比去年增加了一倍多，這得益於歐洲盃足球賽和美洲盃錦標賽破紀錄的觀眾人數。迄今為止，CTV 已連續 23 年成為加拿大收視率最高的電視網。

On the French language side, Bell Media led all competitors in the entertainment and pay specialty market, and Noovo was the conventional TV market network excuse me, with the largest growth in full-day audiences, increasing 8% over Q2 of last year.

在法語方面，Bell Media 在娛樂和付費專業市場上領先所有競爭對手，Noovo 是傳統電視市場網絡，全天觀眾增長最快，比去年第二季度增長了 8%。

In summary, our performance for Q2 reflects the team's consistent execution in a highly competitive and evolving marketplace with financial results that demonstrated a prudent balancing subscriber growth with profitability and a continued sharp focus on cost efficiency and effectiveness.

總而言之，我們第二季度的業績反映了團隊在競爭激烈且不斷發展的市場中的一貫執行力，其財務業績表明了用戶增長與盈利能力之間的審慎平衡，以及對成本效率和有效性的持續關注。

I'll now turn the call over to Curtis, who's going to provide more details on our financial results.

我現在將把電話轉給柯蒂斯，他將提供有關我們財務業績的更多詳細資訊。

Thanks, Martin, and good morning, everyone. As you can see on slide 7, our consolidated financial results for Q2 demonstrate the Bell team's consistent and responsible execution in an intensely competitive marketplace will be returned to positive service revenue growth in Q2 following declines in the two previous quarters.

謝謝馬丁，大家早安。正如您在幻燈片7 中看到的，我們第二季度的綜合財務業績表明，貝爾團隊在競爭激烈的市場中始終如一、負責任的執行力，將在前兩個季度出現下降後，在第第二季恢復服務收入的正成長。

This is the direct result of our successful fiber strategy, our ability to attract premium wireless subscribers and drive greater cross-sell penetration of mobility and Internet households, our expanded business tech services capabilities and continued strong digital media growth.

這是我們成功的光纖策略、我們吸引優質無線用戶並推動行動和網路家庭更大的交叉銷售滲透率、我們擴展的商業技術服務能力以及持續強勁的數位媒體成長的直接結果。

Total revenue was down 1% can be attributed to an 8.7% decrease in low margin wireless and wireline product sales, which included the loss of revenue from the source store closures. Adjusted EBITDA grew 2%, delivering a notable margin improvement of 1.3 points on the back of a 3.3% reduction in operating costs. Net earnings were up 52% in Q2, while helped by the comp increase was due mainly to a large non-cash loss recorded in Q2 of 2023 and BCE share of an obligation to repurchase the minority interest in a joint venture equity investment at fair value.

總收入下降 1%，可歸因於低利潤無線和有線產品銷售下降 8.7%，其中包括源商店關閉造成的收入損失。調整後 EBITDA 成長 2%，由於營運成本下降 3.3%，利潤率顯著提高 1.3 個百分點。第二季淨利成長 52%，而公司業績成長主要得益於 2023 年第二季錄得的巨額非現金虧損以及 BCE 承擔的以公允價值回購合資企業股權投資少數股權的義務。

Nothing notable on adjusted EPS, consistent with our 2024 guidance. Assumptions for interest and depreciation expense was down $0.01 compared to last year. As for free cash flow, it grew a strong 8% this quarter, benefiting from the flow-through of higher EBITDA and lower CapEx in line with our plan to reduce capital spending by at least $500 million in 2024. CapEx was down $329 million in Q2. This brought year-to-date CapEx savings to $413 million. We are well on track to achieve our planned reduction for the year.

調整後每股盈餘沒有什麼值得注意的地方，與我們 2024 年的指引一致。利息和折舊費用假設較去年下降 0.01 美元。至於自由現金流，本季強勁成長 8%，受益於更高的 EBITDA 和更低的資本支出，這符合我們在 2024 年減少至少 5 億美元資本支出的計畫。第二季資本支出減少 3.29 億美元。這使得年初至今的資本支出節省達到 4.13 億美元。我們正在順利實現今年的削減計劃。

Turning to Bell CTS financial results on slide 8. Top line story here is all about low margin product revenue, which was down $66 million in Q2, accounting for 93% of the 1.3% decline in total revenue. The decrease was the result of lower mobile phone sales of 70% of new customer activations in Q2 were BYOD subs.

轉向幻燈片 8 上的貝爾 CTS 財務表現。這裡最重要的故事都是關於低利潤產品收入，第二季下降了 6,600 萬美元，佔總收入下降 1.3% 的 93%。下降的原因是手機銷量下降，第二季啟動的新客戶中有 70% 是 BYOD 訂閱者。

The source store closures that I referenced earlier and reduced wireline telecom equipment sales at levels normalized following an exceptional year in 2023 due to the global supply chain recovery.

由於全球供應鏈的復甦，我之前提到的源頭商店關閉以及有線電信設備銷售減少的情況在 2023 年是異常的一年之後恢復正常。

Importantly, the EBITDA impact was negligible as these product revenues are very low-margin with Internet revenue was up approximately 3%, while wireless service revenue grew by 1.2%. Although both are solid results, they continue to be impacted by overly aggressive rate plan pricing and bundled discounting, reflecting a more intense competitive market environment compared to last year.

重要的是，EBITDA 的影響可以忽略不計，因為這些產品收入的利潤率非常低，其中網路收入成長了約 3%，而無線服務收入則成長了 1.2%。儘管兩者都是穩健的業績，但它們繼續受到過於激進的費率計劃定價和捆綁折扣的影響，反映出與去年相比競爭更加激烈的市場環境。

This, together with ongoing legacy erosion, moderated service revenue growth this quarter. We also continued to see good business solutions trade, a key growth factor going forward for revenue grew 22% over last year. This was driven by higher sales of cloud-based computing, managed automation and security services as well as our acquisition of Apex innovation and we lapped in June.

這加上持續的遺留侵蝕，減緩了本季服務收入的成長。我們也繼續看到良好的業務解決方案貿易，這是未來收入比去年增長 22% 的關鍵成長因素。這是由基於雲端的運算、管理自動化和安全服務的銷售額增加以及我們對 Apex Innovation 的收購所推動的，我們在 6 月表現不佳。

However, the financial highlight of the quarter was EBITDA, which strengthened over Q1, growing by 2% to yield a strong margin of 46.9% at 150 point increase over last year. And the direct result of our focus on cost management as evidenced by 4.1% reduction in Q2 operating costs and margin-accretive subscriber growth.

然而，本季的財務亮點是 EBITDA，較第一季有所增強，成長 2%，利潤率高達 46.9%，比去年增長 150 個百分點。我們注重成本管理的直接結果是第二季度營運成本下降 4.1% 和利潤成長的用戶成長。

Turning over to Bell Media on slide 9. Good overall financial performance in Q2. In fact, the smartphone Media's first quarter of revenue and EBITDA growth in two years, a positive result on the circumstances, which is a testament to the team's strong execution, our diversified asset mix, premium content and success of our digital-first media strategy.

轉到幻燈片 9 上的貝爾媒體。第二季整體財務表現良好。事實上，智慧型手機媒體兩年來第一季的收入和EBITDA 成長，在這種情況下取得了積極的結果，這證明了團隊強大的執行力、我們多元化的資產組合、優質內容以及我們數位優先媒體策略的成功。

Total Q2 revenue was up approximately 1%. This result was driven by 1.9% increase in advertising revenue on the back of our strong TV sport specialty performance, continued robust digital advertising growth and the acquisition of OUTFRONT Media was completed in June. The F1 Canadian Grand Prix and higher international sales of Bell Media programming also contributed to higher revenue this quarter immediately.

第二季總營收成長約 1%。這項業績得益於我們強勁的電視體育專業業績、持續強勁的數位廣告成長以及 6 月完成的 OUTFRONT Media 收購，廣告收入成長了 1.9%。F1 加拿大大獎賽和貝爾媒體節目國際銷量的增加也立即為本季的收入帶來了成長。

We also did a great job managing costs to the recurring theme, which increased only marginally despite higher TV programming costs. As much of this pressure was effectively offset by cost saving initiatives. This, together with the benefit of higher revenue, enabled us to deliver EBITDA growth of nearly 2% this quarter.

我們在管理重複主題的成本方面也做得很好，儘管電視節目成本較高，但該主題僅略有增加。成本節約措施有效地抵銷了大部分壓力。再加上營收增加的好處，使我們本季的 EBITDA 成長了近 2%。

Turning to the balance sheet on slide 10, we ended Q2 with $5 billion of available liquidity, which includes the proceeds of a $1.5 billion public debt issuance we completed in May. Our debt maturity schedule is also prudently structured with an average term to maturity of approximately 13 years at an after-tax cost of debt below prevailing interest rates at 3.2%.

轉向投影片 10 上的資產負債表，我們在第二季結束時擁有 50 億美元的可用流動性，其中包括我們 5 月完成的 15 億美元公共債務發行的收益。我們的債務到期時間表也經過審慎設計，平均到期期限約為 13 年，稅後債務成本低於現行利率 3.2%。

This together with no standing refinancing requirements for the balance of the year maturities in 2025 totaling $2.1 billion that have already been largely pre-funded using interest rates and a sizable pension solvency surplus. We remain in a good financial position. We made a final payment of $414 million in Q2 for 3,800 megahertz spectrum that we won an auction late last year.

再加上 2025 年剩餘期限的 21 億美元的常設再融資要求，這些資金大部分已透過利率和相當大的退休金償付能力盈餘進行了預先融資。我們仍保持良好的財務狀況。我們在第二季支付了 4.14 億美元的尾款，購買了去年底拍賣的 3,800 兆赫頻譜。

This led to a slight increase in our leverage ratio from Q1 to 3.7 times adjusted EBITDA were mindful of our elevated debt position and remain highly focused on reducing our leverage ratio over time. This will be achieved through positive free cash flow generation after dividend payments and using proceeds from asset sales such as Northwestel to pay down debt. In fact, the announced billion-dollar Northwestel transaction is expected to improve our leverage ratio two approximately 5 basis points.

這導致我們的槓桿率從第一季略有上升至調整後 EBITDA 的 3.7 倍，我們注意到我們的債務狀況較高，並繼續高度關注隨著時間的推移降低我們的槓桿率。這將透過股息支付後產生積極的自由現金流以及使用西北電信等資產出售收益來償還債務來實現。事實上，宣布的價值數十億美元的西北電信交易預計將使我們的槓桿率提高約5個基點。

To finish off on slide 11, you can see from our performance in the first half of 2024 that we are effectively navigating a dynamic, competitive and economic environment to achieve financial results, largely in line with our expectations. Going forward, and we'll continue to execute in the same consistent and disciplined manner, focusing on cost efficiencies and balanced growth. Accordingly, we remain confident in our ability to deliver on all of our financial guidance targets for 2024.

在投影片11 的最後，您可以從我們2024 年上半年的業績中看到，我們正在有效地駕馭充滿活力、競爭激烈的經濟環境，以實現財務業績，這在很大程度上符合我們的預期。展望未來，我們將繼續以同樣一致和有紀律的方式執行，重點關注成本效率和平衡成長。因此，我們對實現 2024 年所有財務指導目標的能力仍然充滿信心。

I'll now hand the call back to Thane and operator to begin Q&A.

我現在將把電話轉回給 Thane 和接線員以開始問答。

(Operator Instructions) Maher Yaghi, Scotiabank.

（操作員指示）Maher Yaghi，豐業銀行。

Great. Thank you for taking my question and good morning, everyone. So I wanted to ask you I want to ask you about wireless. I'll ask you about wireline actually. So we are seeing significant promotional and retention activities in the market with some like late time, price locks guarantees by Videotron, which is the Canadian market hasn't seen before, but also aggressive signing promotions by well with prices as low as $55 for 1.5 gig.

偉大的。感謝您提出我的問題，大家早安。所以我想問你我想問你關於無線的問題。我實際上會問你關於有線的問題。因此，我們在市場上看到了重大的促銷和保留活動，其中包括Videotron 的後期價格鎖定保證，這是加拿大市場以前從未見過的，而且還有積極的簽約促銷活動，價格低至1.5 美元55美元演出。

We are waiting for the decision by the CRTC, but I would say the market is quite competitive, but that's just me we'll see what they have in mind. But my question on this topic is the following. When first one BCE first embarked on on its fiber to the home deployment. I remember quite clearly quite like 10 years ago, the expectation was that broadband ARPU was going to be in the $90 to $100 range.

我們正在等待 CRTC 的決定，但我想說市場競爭相當激烈，但這只是我的看法，我們將看看他們的想法。但我關於這個主題的問題如下。當第一個 BCE 首次開始光纖到府部署。我記得很清楚，就像 10 年前一樣，人們的預期是寬頻 ARPU 將在 90 美元到 100 美元之間。

And now we're sitting at $55, $60 range. Are we still being positive NPVs on fiber to the home, when you look at your models and you look at the pricing currently in the marketplace. What's your view on that investment potential positive return for our shareholders?

現在我們的價格範圍是 55 美元到 60 美元。當您查看您的型號並查看當前市場上的定價時，我們是否仍然對光纖到戶持正面的淨現值？您對這項投資為我們股東帶來的潛在正面回報有何看法？

Thank you.

謝謝。

Thank you, Maher. That's a question for fiber continues to be the growth engine of of Bell on the wireline side. But frankly, if you look at the communications segments, pretty much everywhere, the the area of growth in wireline is actually fiber so I'm still quite positive on that.

謝謝你，馬赫。這是一個問題，因為光纖仍然是貝爾在有線方面的成長引擎。但坦白說，如果你看看幾乎所有地方的通訊領域，有線成長的領域實際上是光纖，所以我對此仍然相當樂觀。

On the fiber strategy, obviously, it remains the bedrock of our wireline strategy and the investments were much needed critical and will serve us well for years and years to come. I'm quite pleased with our net performance over time, but including Q2 of this year was our second best Q2 since 2007 after last year, which was a standout quarter a year ago.

顯然，就光纖策略而言，它仍然是我們有線策略的基石，投資非常關鍵，並將在未來的歲月裡為我們提供良好的服務。我對我們一段時間內的淨表現非常滿意，但包括今年第二季度在內，這是我們自 2007 年以來第二好的第二季度，僅次於去年，去年是一個出色的季度。

So I already said that in my opening remarks, we're seeing very good, very good bundling success, and that's adding to the lifetime value of customers, Maher. Now there is room for ARPU growth. In some markets, though, by site we've seen promotional intensity stabilize as bill credits lowered.

所以我已經在開場白中說過，我們看到了非常非常好的捆綁銷售成功，這增加了客戶的終身價值，Maher。現在 ARPU 有成長空間。不過，在某些市場，我們發現隨著帳單信用額的減少，促銷力道趨於穩定。

You're giving an example of a particular offer that that's maybe marketing in particular areas, but that really cater to a higher value customers, which remains part of our overall strategy. But we're in an intense pricing environment in wireless and wireline. Everybody knows this, but we're going to continue to focus on generating on lifetime value for customers who choose the very best and who want a premium product and that Bell 5. And we're doing a very good job standing out in the marketplace.

您給出了一個特定優惠的範例，該優惠可能是針對特定領域的行銷，但實際上是為了迎合更高價值的客戶，這仍然是我們整體策略的一部分。但我們正處於無線和有線領域激烈的定價環境中。每個人都知道這一點，但我們將繼續專注於為那些選擇最好產品並想要優質產品和 Bell 5 的客戶創造終身價值。我們做得非常好，在市場上脫穎而出。

I would say not to end to end the answer to your question. And as you see, we're going to adjust to circumstances as they arise, whether it's pricing environment, macroeconomic pressures, regulatory pressures. We're just going to adjust and you've seen some major adjustment over the last 12 months in terms of the pace of our fiber build as we get closer and closer to reaching our near term build-out targets. And we'll continue to adjust very quickly in the face of in the face of pressures, and that's one of the hallmarks of how Bell operates.

我想說不要結束你問題的回答。正如你所看到的，我們將根據情況進行調整，無論是定價環境、宏觀經濟壓力或監管壓力。我們將進行調整，在過去 12 個月中，隨著我們越來越接近實現近期建設目標，我們的光纖建設速度也發生了一些重大調整。面對壓力，我們將繼續快速調整，這是貝爾運作方式的標誌之一。

Thank you.

謝謝。

Stephanie Price, CIBC World Markets.

史蒂芬妮·普萊斯 (Stephanie Price)，CIBC 全球市場。

Good morning. I was hoping to understand more around the opportunities with ServiceNow and AI and automation. Are these initiatives kind of included in your original cost savings initiatives or should we think about them as additive? And if so, how do we think about the magnitude and timing around our automation and digitization?

早安.我希望能更多地了解 ServiceNow 以及人工智慧和自動化帶來的機會。這些舉措是否包含在您最初的成本節約舉措中，還是我們應該將它們視為附加措施？如果是這樣，我們如何考慮自動化和數位化的規模和時機？

Thanks for the question. So on and on ServiceNow, we are kind of embedding ServiceNow into our own environment in order to increase efficiency, both in how we operate, of course, driving costs out of the business. But I'm particularly I'm particularly energized in terms of that partnership with our ability to go to market with some of the in conjunction with ServiceNow and to serve our enterprise customers in their own and digital transformation journeys.

謝謝你的提問。如此等等，我們將 ServiceNow 嵌入到我們自己的環境中，以提高我們的營運效率，當然，也可以降低業務成本。但我對這種夥伴關係特別充滿活力，因為我們有能力與 ServiceNow 一起進入市場，並在我們的企業客戶自己的數位轉型之旅中為他們提供服務。

And that's across cloud security and managed automation and integrating ServiceNow into the environments of our customers and them and and co-creating with ServiceNow so that we can jointly go to market. So that's where for me, it's equally positive initiative is on the go-to-market side, including kind of embedding it into our own environment. So that's going to continue to drive costs out of our business combined with more robotic process automation and more use of AI.

這涉及雲端安全和託管自動化，並將 ServiceNow 整合到我們的客戶和他們的環境中，並與 ServiceNow 共同創建，以便我們可以共同進入市場。所以對我來說，進入市場方面同樣積極主動，包括將其嵌入到我們自己的環境中。因此，結合更多的機器人流程自動化和更多的人工智慧使用，這將繼續降低我們的業務成本。

Stephanie and I gave you I gave a list of examples in my opening remarks of how we're going to use AI to improve the customer experience, attract more customers and importantly, drive costs out of the business. And I share the 20 million figure. So I can't give you a a precise figure as to how we're going to continue or the quantum of cost efficiencies quarter by quarter that are going to come from deploying AI and ServiceNow but we're going to continue to come to should do that in the business and you can count on us to do it.

史蒂芬妮和我在開場白中給出了一系列範例，說明我們將如何使用人工智慧來改善客戶體驗，吸引更多客戶，更重要的是，降低業務成本。我分享了2000萬的數字。因此，我無法向您提供準確的數據，說明我們將如何繼續下去，也無法提供部署人工智慧和 ServiceNow 所帶來的每季度成本效率的準確數據，但我們將繼續採取行動在業務中，您可以信賴我們能夠做到這一點。

And the only thing I'll add to see the second part of your question. We've been looking at those types of opportunities three years, and we do see the results there and there is a part of them and potentially the other part of your question, we would look at this as incremental to the workforce restructuring benefits that we talked about in February and just on that, we do remain on track in terms of hitting those targets.

我唯一要添加的內容是為了查看您問題的第二部分。三年來，我們一直在關注這些類型的機會，我們確實看到了結果，其中一部分，也可能是您問題的另一部分，我們將其視為勞動力重組福利的增量。這一點而言，我們在實現這些目標方面確實保持在正軌上。

We continue to see a way through to $150 million to $200 million of in-year savings, as you can appreciate it's a pretty big workforce restructuring. So it will continue to scale throughout the year, but we see those two different opportunities.

我們繼續尋找年內節省 1.5 億至 2 億美元的方法，因為您可以理解這是一次相當大的勞動力重組。因此，它將在全年繼續擴大規模，但我們看到了這兩個不同的機會。

Great. Thank you very much.

偉大的。非常感謝。

Sebastiano Petti, JPMorgan.

塞巴斯蒂亞諾·佩蒂，摩根大通。

Thank you. And just a quick follow-up there. Curtis, on the $150 million to $200 million of cost savings can you maybe tell us where we're at in terms of are you at the run rate exiting the second quarter and I think, you know, how should we anticipate that perhaps tracking and phasing over the balance of the year would be helpful?

謝謝。並進行快速跟進。柯蒂斯，關於 1.5 億至 2 億美元的成本節省，您能否告訴我們我們目前的情況，即第二季度退出時的運行速度，我認為，您知道，我們應該如何預測也許跟踪和分階段度過今年的剩餘時間會有幫助嗎？

And then I think we talked about Mirko, I guess or to Curtis as well in terms of just thinking about your prepaid and new to Canada market on the US strong results there, part of that, obviously driven by the No Name Mobile Lucky initiatives you talked about but this has been building for some time.

然後我想我們談論了米爾科，我猜或者柯蒂斯也談到了你的預付費和加拿大市場在美國的強勁業績，其中一部分顯然是由無名移動幸運計劃推動的談論過，但這已經建立了一段時間了。

Can you help us think about and how your how the team is evaluating maybe the prepaid versus postpaid mix given the emphasis and the focus on premium loadings on the Bell brand. Should we should we think about above and beyond perhaps some of your initiatives with No Name Mobile and Lucky do you and the new to Canada market continued to be robust?

鑑於貝爾品牌對優質負載的重視和關注，您能否幫助我們思考您的團隊如何評估預付費與後付費組合。我們是否應該考慮一下您與 No Name Mobile 和 Lucky 的一些舉措，您和新進入的加拿大市場是否繼續保持強勁？

Should we think about maybe a higher mix towards the prepaid loadings over the over the coming quarters and maybe over the next year or the foreseeable future rather as a way to perhaps combat flanker brand competition? Just maybe your thoughts on that would be great. Thanks.

我們是否應該考慮在未來幾季甚至明年或可預見的未來對預付費負載進行更高的組合，而不是作為對抗側翼品牌競爭的一種方式？也許你對此的想法會很棒。謝謝。

Hey, Sebastiano. Thanks for the question. I'll answer the first question I had and then hand over to Mirko. So we don't we're not going to report that information on a quarterly basis. But I would say as we reiterate our confidence in capturing those savings in year that we expect and continue to expect to reach our run rate benefit by the end of Q4.

嘿，塞巴斯蒂亞諾。謝謝你的提問。我將回答第一個問題，然後交給 Mirko。所以我們不會按季度報告這些資訊。但我想說的是，當我們重申我們對在今年實現這些節省的信心時，我們預計並將繼續預計到第四季末將達到我們的運行率效益。

So it'll continue to ramp up through the year and we'll hit our annual target and we'll be at full run rate by end of the calendar year.

因此，它將在今年繼續成長，我們將達到我們的年度目標，並且到年底我們將達到滿載運作。

Thanks, Chris. So I'm glad you asked the question on prepaid because, um, I would cloud allows me to kind of emphasize that the very strong growth you see in prepaid actually is, in my mind very well aligned with the premium loading strategy actually. So if you think through how we're trying to segment customers, we need to better align base pricing with in-market pricing will better align in market pricing with base pricing, number one.

謝謝，克里斯。所以我很高興你問了關於預付費的問題，因為，嗯，我想雲端可以讓我強調一點，在我看來，你在預付費中看到的非常強勁的增長實際上與高級加載策略非常一致。因此，如果您仔細考慮我們如何細分客戶，我們需要更好地使基本定價與市場定價保持一致，這將更好地使市場定價與基本定價保持一致，這是第一。

We need to better align the pricing differential between and bring your own device and contract pricing and on at the same time, we need to differentiate between prepaid and value-based postpaid plans. And we did a much better job in Q2, making prepaid the true entry point for those looking to enter wireless in at the lower price point, and that includes a portion of newcomers and other customers.

我們需要更好地調整自帶設備和合約定價之間的定價差異，同時，我們需要區分預付費和基於價值的後付費方案。我們在第二季度做得更好，使預付費成為那些希望以較低價格進入無線市場的人的真正切入點，其中包括一部分新來者和其他客戶。

And then what you do is you work on on migrating your you're your prepaid customers, those who are seeking an entry price point, you seek to migrate them up to postpaid plans. So if you do that properly, what you're going to do is you're going to attract and a bigger portion of those newcomers in Canada are those newcomers into the segment into the prepaid rather than into postpaid, which was a problem on on how we were pricing as an industry let's say, a year ago.

然後你要做的就是努力遷移你的預付費客戶，那些正在尋求入門價格點的客戶，你尋求將他們遷移到後付費方案。因此，如果你做得正確，你要做的就是吸引加拿大的新來者，其中很大一部分是那些進入預付費市場而不是後付費市場的新來者，這是一個問題比方說，一年前我們作為一個產業是如何定價的。

And so I think what we did there is we saw as we better align that pricing and as we better segmented customers, we saw very strong growth in premium postpaid loadings and strong growth in prepaid, particularly adept at attracting newcomers to Canada in that segment.

因此，我認為我們所做的是，隨著我們更好地調整定價並更好地細分客戶，我們看到優質後付費負載的強勁增長和預付費的強勁增長，特別擅長吸引該細分市場的新移民到加拿大。

So the success you see there is completely aligned premium postpaid, better growth on newcomers, which is a continual category that continues to grow. And that's because we did a better job it differentiating the pricing across the various brands.

因此，您看到的成功與保費後付費完全一致，新用戶的成長更好，這是一個持續成長的持續類別。這是因為我們在區分不同品牌的定價方面做得更好。

Thank you.

謝謝。

David Barden, Bank of America.

大衛巴登，美國銀行。

Hey, guys. Thank you for taking the questions. Good morning. I guess my first question would be on Morocco at the very beginning of the year. There was a hope that that we might see decelerating ARPU growth last quarter on there was a change in expectations that we would maybe see declining ARPU for the year.

嘿，夥計們。感謝您提出問題。早安.我想我的第一個問題是關於今年年初的摩洛哥。人們希望上個季度的 ARPU 成長放緩，因為我們今年可能會看到 ARPU 下降的預期發生了變化。

Your comments just now seem maybe to express some cautious optimism that the second half is yet to be written. Could you and maybe map out for us, the good base and bad case scenarios and how you see those unfolding in the back part of the year and about Canada in the wireless ARPU front?

你剛才的評論似乎表達了一些謹慎的樂觀態度，即下半年尚未完成。您能否為我們規劃一下良好的基礎和不良的情況情景，以及您如何看待今年下半年的情況以及加拿大在無線 ARPU 方面的情況？

And then as a follow up on, could you share with us any traction that you think Bell Canada as achieved through your decisions to cut CapEx, cut employment on in response to some of the regulatory decisions that have been made. Do you think that that's borne any fruit or may bear fruit to yet?

作為後續行動，您能否與我們分享您認為貝爾加拿大公司透過削減資本支出、削減就業以響應已做出的一些監管決定的決定而取得的任何進展。您認為這已經取得成果或可能會取得成果嗎？

Thank you.

謝謝。

Thank you. I would say kind of in wireless and on pricing, we are facing the most intense competitive pressure in the history of our industry in Canada. I said that in my opening in my opening comments, but we will repeat the lengthy answer I gave to Sebastiano, but I'll say that I'll add to that that we did take steps in early July to reset pricing to what we feel is more sustainable while continuing. And this is really important while continuing to deliver exceptional value to our customers.

謝謝。我想說的是，在無線和定價方面，我們面臨加拿大產業史上最激烈的競爭壓力。我在開場白中說過這一點，但我們將重複我給塞巴斯蒂亞諾的冗長答案，但我會說我會補充一點，我們確實在7 月初採取了措施，將定價重置為我們的感受在繼續的同時更具可持續性。在繼續為我們的客戶提供卓越價值的同時，這一點非常重要。

So I'm too early to call what that what that might bring for the balance of the year, but we did take those steps in early July. And it's in keeping with that kind of customer segmentation strategy that I described a few minutes ago. On the second part of your question, David, I know our views on the overall environment are very well known, so I won't I won't repeat them. What I will say, though, is we're going to continue to focus on our our strategy, which is, I hope is crystal clear, which is to continue to capitalize on our fiber momentum. It's the product of choice for customers.

因此，我現在判斷這可能會為今年剩下的時間帶來什麼，但我們確實在 7 月初採取了這些措施。這與我幾分鐘前描述的那種客戶細分策略是一致的。關於你問題的第二部分，大衛，我知道我們對整體環境的看法是眾所周知的，所以我不會重複。不過，我要說的是，我們將繼續專注於我們的策略，我希望這項策略非常明確，即繼續利用我們的光纖勢頭。是顧客的首選產品。

Continue to focus on the premium loadings in wireless. Continued focus on mobility and Internet bundles. We're going to use our advantage our lead in AI to continue to improve the customer experience and lower costs. And so maybe a little bit more pertinent to your direct question.

繼續關注無線領域的優質負載。繼續關注行動和互聯網捆綁。我們將利用我們在人工智慧領域的領先優勢，繼續改善客戶體驗並降低成本。因此，也許與您的直接問題更相關。

We're focused on investments in our core business and in growth segments. So whether or not that's things like the acquisition of OUTFRONT, our ServiceNow partnership, the acquisitions of strategy and the shift from the source to Best Buy No Name Mobile, those are those are very important investments in growth areas. And so are those are the those are the elements of the strategy.

我們專注於核心業務和成長領域的投資。因此，無論是收購 OUTFRONT、我們的 ServiceNow 合作夥伴關係、策略性收購以及從源頭轉向 Best Buy No Name Mobile，這些都是成長領域非常重要的投資。這些都是戰略的要素。

Thanks, Mirko.

謝謝，米爾科。

Vince Valentini, TD Securities.

文斯·瓦倫蒂尼，道明證券。

Thanks very much. Fritz, can I just clarify the 70% BYOD, Curtis, it would that be on total activations or just postpaid and then just a follow-up question on a different topic and a couple of your peers use a dividend sort of drip discount programs to help alleviate the increase in their debt as they pay their dividends.

非常感謝。Fritz，我可以澄清一下 70% BYOD，Curtis，這將是全部激活還是後付費，然後只是關於不同主題的後續問題，並且您的一些同行使用股息類型的點滴折扣計劃來幫助減輕他們在支付股息時債務的增加。

I'm wondering, is that not something that BCE is considered? It seems to be very eloquent later to match the interests of equity shareholders plus the credit rating agencies and bondholders.

我想知道，這不是BCE考慮的事情嗎？後來將股權股東加上信用評等機構和債券持有人的利益進行配對似乎是非常有說服力的。

So I mean thanks for the questions. On the first one, just a clarification. The 70% BYOD is on postpaid and of course, growth, simplicity grossed and in terms of the dividend of Repsol, we've certainly considered it and it's not in our plan at this point.

所以我的意思是感謝您提出的問題。關於第一點，只是澄清一下。70% 的 BYOD 是後付費的，當然，成長、簡單性以及雷普索爾的股息方面，我們當然已經考慮過，但目前不在我們的計劃中。

We believe we have a path to getting our payout ratio below 100% driving free cash flow through all of the levers that Mirko and I have mentioned, obviously, going forward, it is a topic that we would have and but it's not in the cards right now.

我們相信，我們有辦法使支付率低於 100%，透過 Mirko 和我提到的所有槓桿來推動自由現金流，顯然，展望未來，這是我們將會討論的一個話題，但它不在卡片上現在。

Thank you.

謝謝。

Simon Flannery, Morgan Stanley.

西蒙‧弗蘭納裡，摩根士丹利。

Great. Thank you very much for that. So thank you for the data on convergence and bundles, very interesting, a number of from the US companies and also Rogers are looking at fixed wireless to help provide essentially a national bundle. How are you thinking about whether you have you address maybe areas where you don't have fiber either in footprint or out of footprint with either a fixed wireless or a resale bundle.

偉大的。非常感謝你。因此，感謝您提供有關融合和捆綁的數據，非常有趣，許多來自美國公司和羅傑斯正在考慮固定無線以幫助提供本質上的全國捆綁。您如何考慮是否透過固定無線或轉售捆綁來解決可能沒有光纖的區域，無論是在佔地面積內還是在佔地面積外。

We are primarily focused on generating growth through our fiber superiority, and that's where the focus is in other areas. We have the ability to combine our TV product line with or content rather with with wireless. But, in 75% of the country where we have network overlap between fixed and wireless really the emphasis is fiber. And we're seeing as you as we mentioned, we're seeing very good it results on bundling wireless and Internet in fiber territory.

我們主要致力於透過我們的纖維優勢實現成長，這也是其他領域的重點所在。我們有能力將我們的電視產品線與無線內容結合。但是，在 75% 的國家/地區，固定網路和無線網路重疊，真正的重點是光纖。正如我們所提到的，我們看到在光纖領域捆綁無線和互聯網的效果非常好。

Thank you.

謝謝。

(Operator Instructions) Jerome Dubreuil, Desjardins Securities.

（操作員指示）Jerome Dubreuil，Desjardins 證券。

Hey, good morning. Thanks for taking my questions. The first one, you, it seems like we're transitioning a bit higher percentage of the subscriber base on the wireless towards towards prepaid, if you can discuss what's the margin dollar margin profile on prepaid versus postpaid? Are we talking about something that is similar across both type of services and second question is on capital allocation. On wireless. Again, you know where you have a government that may give it more difficult to earn returns on required wireless investments.

嘿，早安。感謝您回答我的問題。第一個，你，似乎我們正在將無線用戶的比例更高一點轉向預付費，如果你能討論一下預付費與後付費的利潤率概況是多少？我們是否正在談論兩種類型的服務之間的相似之處，第二個問題是關於資本配置。在無線上。再說一遍，您知道哪裡的政府可能會讓您更難以從所需的無線投資中獲得回報。

We've talked a lot about the OpEx side of the equation. But what about wireless CapEx? You know, excluding the new generation, the new spectrum onboarding, how do you see wireless CapEx evolving directionally in the future versus what it has been last decade or so?

我們已經討論了很多關於營運支出方面的問題。但無線資本支出又如何呢？您知道，除了新一代、新光譜的加入之外，您如何看待未來無線資本支出與過去十年左右的情況相比的方向發展？

Well, on the CapEx question, whether or not it's wireless or wireline, overall, you're going to I mean, you've already seen a step down in our CapEx year over year, and we're going to continue to, lower the overall CapEx spend. So next year, it'll be lower than this year.

好吧，關於資本支出問題，無論是無線還是有線，總的來說，我的意思是，你已經看到我們的資本支出逐年下降，我們將繼續降低整體資本支出。所以明年會比今年低。

And, I think we can run this company at a capital intensity below 15%, which is a level where Bell operated historically for a long time. And I think we can do that while continuing to invest in the key strategic areas. And that's not the long term. I'm talking about the short to medium term there. I'll leave it at that on CapEx.

而且，我認為我們可以以低於 15% 的資本密集度來經營這家公司，這是貝爾長期以來的營運水準。我認為我們可以在繼續投資關鍵策略領域的同時做到這一點。這不是長期的。我說的是短期到中期。我將把它留在資本支出上。

And then [hydraulics], on your first question. So ultimately, we manage EBITDA margins on a consolidated basis and we don't provide prepaid only reporting. I'd say ultimately, we manage, as you've seen in our results quarter after quarter, we manage costs diligently, whether it's prepaid or postpaid and we're looking to lower our cost to serve while providing the same great service to customers again, whether are prepaid customers or postpaid customers.

然後[液壓]，關於你的第一個問題。因此，最終，我們在合併的基礎上管理 EBITDA 利潤率，並且我們不提供僅預付費的報告。我想說的是，最終，正如您在我們每個季度的業績中看到的那樣，我們努力管理成本，無論是預付費還是後付費，我們希望降低服務成本，同時為客戶提供同樣優質的服務再次，是預付費客戶還是後付費客戶。

Thank you.

謝謝。

Batya Levy, UBS.

巴蒂亞·利維，瑞銀集團。

Thank you. On the revenue guidance, you're tracking below your guidance so far. I think it's mostly due to lower margin equipment revenues. But what are some drivers to get back to growth in the second half of the year? And also, if you could remind us revenue and EBITDA contribution from our funds media, that would be helpful.

謝謝。在收入指導方面，到目前為止，您的收入低於指導值。我認為這主要是由於設備收入利潤率較低。但下半年恢復成長的驅動因素有哪些？另外，如果您能提醒我們基金媒體的收入和 EBITDA 貢獻，那將會很有幫助。

Yes, Hey, Batya. Thanks for the question. So as we said in our prepared remarks, we are reconfirming all of our guidance targets for 2024. I will go through the laundry list of our revenue-generating tactics, but I would remind everyone that the majority of the revenue declines here have been driven by a decrease in very low-margin product sales, which is consistent with our strategy of not chasing low-value subscriber loadings.

是的，嘿，巴特亞。謝謝你的提問。因此，正如我們在準備好的演講中所說，我們正在重新確認 2024 年的所有指導目標。我將詳細列出我們的創收策略，但我要提醒大家，這裡的大部分收入下降是由極低利潤產品銷售的減少造成的，這與我們不追逐利潤的策略是一致的低價值訂戶負載。

And then on OUTFRONT Media.

然後是OUTFRONT Media。

Yes, OUTFRONT Media closed midway through June so the contribution on revenue is single digits on units. It's an immaterial number given the timeline of when that transaction closed.

是的，OUTFRONT Media 在 6 月中旬關閉，因此對收入的貢獻是個位數。考慮到交易結束的時間線，這個數字並不重要。

Okay. Thank you.

好的。謝謝。

Thank you. There are no further questions registered at this time. I would now like to turn the meeting over to Mr. Fotopoulos.

謝謝。目前沒有登記任何其他問題。我現在想把會議交給福托普洛斯先生。

Okay. Great. Thank you, Matthew, and thanks again to everybody who participated on the call this morning, and I'll give you back to her 15 minutes so you can enjoy the nice summer day. As usual, the IR team will be available throughout the day for any follow-ups and clarifications on that. Have a good day, everybody, and thank you, everyone. Thank you.

好的。偉大的。謝謝你，馬修，並再次感謝今天早上參加電話會議的每個人，我會給你 15 分鐘時間，以便你可以享受美好的夏日。與往常一樣，投資者關係團隊將全天為您提供後續跟進和澄清。祝大家有美好的一天，謝謝大家。謝謝。

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

會議現已結束。此時請斷開您的線路，我們感謝您的參與。