BCE reports third quarter 2022 results - Yahoo Finance

This quality merchandise contains forward-looking statements. For a statement of the related hazard factors and assumptions, delight spot the conception entitled "Caution Regarding Forward-Looking Statements" aboriginal successful this quality release. The accusation contained successful this quality merchandise is unaudited.

• Leading precocious mobile and fibre networks delivered grounds 401,132 full broadband nett lawsuit activations — 224,343 mobile phone, 49,044 mobile connected devices; 89,652 retail Internet and 38,093 IPTV — up 50.3% y/y

• 3.2% consolidated gross maturation delivered 1.2% higher adjusted EBITDA¹ arsenic $38 million successful tempest and inflationary outgo pressures² absorbed successful the quarter

• Net net of $771 million, down 5.2%, with nett net attributable to communal shareholders of $715 million, oregon $0.78 per communal share, down 6.0%; adjusted nett earnings¹ of $801 million generated adjusted EPS¹ of $0.88, up 7.3%

• Excellent wireless operating results: beardown gross and adjusted EBITDA maturation of 7.4% and 7.8%, respectively; best-ever mobile telephone nett subscriber activations of 224,343, up 64.4%; lowest Q3 postpaid churn³ complaint of 0.90%; and 2.2% higher mobile telephone blended ARPU⁴

• Highest retail Internet nett activations successful 17 years, up 36.3% to 89,652, drove 8% residential Internet gross growth; connected way to implicit 80% of broadband Internet buildout program by extremity of 2022

• Bell Media integer revenue⁵ up 40% contributing to unchangeable full media gross arsenic advertiser spending slows owed to macroeconomic conditions

• Reconfirming each 2022 fiscal guidance targets

, /PRNewswire/ - BCE Inc. (TSX: BCE) (NYSE: BCE) contiguous reported results for the 3rd 4th (Q3) of 2022.

"The Bell team's continued excellence successful executing connected our strategy and customer-centric approach, combined with our starring networks has delivered beardown results this quarter, firmly placing Bell successful a coagulated competitory presumption arsenic we caput into the extremity of the year," said Mirko Bibic, President and CEO of BCE and Bell Canada.

"We're seeing wide request from Canadians for differentiated fibre Internet services and fast, reliable wireless networks. We experienced implicit 400,000 nett activations crossed our wireline and wireless networks, with our highest-ever fig of full mobile telephone nett additions, and we besides gained a important stock of Internet subscriber maturation with implicit 95,000 caller nett fibre-to-the-home customers this past quarter, up 33% implicit past twelvemonth and our best-ever result.

The devastation of Hurricane Fiona underscored the relation that our networks play successful the regular lives of Canadians. The Bell squad worked tirelessly successful hard conditions to reconstruct work for those impacted – enactment that is inactive ongoing – and I privation to admit the Bell squad members who were portion of the betterment efforts. While the harm to our infrastructure was unprecedented, it reinforced that our accelerated superior concern programme to physique and grow reliable fibre and wireless networks crossed our footprint continues to beryllium the close attack for our customers."

KEY BUSINESS DEVELOPMENTS

Building the champion networks 
Bell expanded axenic fibre Internet entree to astir 10,000 homes and businesses successful Owen Sound, Ontario; astir 40,000 successful Barrie, Ontario and implicit 6,500 crossed 7 communities successful rural Manitoba. Bell volition enactment intimately with governments connected projects to enactment distant areas including gathering high-speed Internet connectivity and wireless capableness successful 3 northern Manitoba communities with the CRTC Broadband Fund, and improving mobile connectivity for the Atikamekw First Nation of Wemotaci with the Universal Broadband Fund.

Offering customers the fastest speeds and accrued work options 
Bell was awarded fastest mobile web successful Canada for the 3rd consecutive twelvemonth by PCMag successful its 2022 Fastest Mobile Networks Canada report. PCMag besides ranks Bell's 5G web arsenic fastest successful the country. Bell Fibe Gigabit 8.0, with the fastest Internet speeds disposable successful North America among large work providers, is present disposable successful Toronto. The Bell Giga Hub with Wi-Fi 6E, the astir precocious Wi-Fi technology, is present disposable for fibre-to-the-home customers passim Ontario and Québec. Bell announced its intent to get Distributel to enactment the enlargement of Internet services for consumers and businesses. The transaction is expected to adjacent by the extremity of the year, taxable to closing conditions, including regulatory approvals.

5G enactment and exertion innovation 
Bell launched its firm task superior initiative, Bell Ventures, to put successful early-stage and maturation companies that harness the powerfulness of Bell's networks to thrust maturation and adoption of precocious technological solutions. Bell expanded its 5G+ service successful confederate Ontario; 5G+ is besides present disposable successful Halifax, Nova Scotia, Moncton New Brunswick and St. John's Newfoundland. Bell is connected way to screen astir 40% of the Canadian colonisation by the extremity of 2022. Bell besides continues to grow its 5G service, with availability successful each 10 Canadian provinces.

Bell for Better: Better World, Better Communities 
Bell was named the inaugural Greenhouse Gas (GHG) Reductions Champion by Clean50, a nationalist sustainability organization, and besides received a Top Project 2023 grant from Clean50 for its solar-powered distant connection towers initiative. To people Mental Illness Awareness Week, Bell Let's Talk announced the 114 recipients of the 2022 Bell Let's Talk Community Fund including Blue Door successful East Gwillimbury, Ontario. Over $2 million was raised for intelligence wellness successful Québec during the 4th Bal des Lumières event, co-chaired by Mirko Bibic. Bell donated $50,000 to the Canadian Red Cross to enactment humanitarian alleviation efforts successful Pakistan and an further $50,000 to the Canadian Red Cross to enactment betterment successful Eastern Canada aft Hurricane Fiona.

Delivering the astir compelling content 
Astral acquired Imagine Outdoor's full integer out-of-home advertizing web successful Alberta, bringing Astral's full integer inventory successful Alberta to 39 faces. TSN and RDS proceed to present large league sports action, including 41 regular play games of the Toronto Raptors connected TSN and TSN1050 vigor successful Toronto and 23 connected RDS, and stay the exclusive tv broadcast spouse of the NFL successful Canada. HBO's House of the Dragon, the prequel to "Game of Thrones" based connected George R.R. Martin's "Fire and Ice" series, aired exclusively connected Crave for Canadian audiences, and saw the biggest play finale assemblage since "Game of Thrones". Three archetypal French language Bell Media dramas, "La Confrérie", "…Moi non Plus", and "Une Affaire Criminelle", person been sold successful 7 planetary territories. Noovo continues to summation momentum with marketplace stock of primetime viewership up 4% implicit Q3 2021, portion Noovo.ca saw an summation successful views of 23% for the autumn play compared to past year.

BCE Q3 RESULTS

Financial Highlights

"Bell's Q3 fiscal results item our accordant execution excellence and starring plus premix crossed each Bell operating segments, which delivered beardown consolidated gross maturation of 3.2%. Despite sizeable costs related to storms and inflationary pressures¹ absorbed successful the quarter, our disciplined attack successful balancing marketplace stock maturation and fiscal show resulted successful a respectable adjusted EBITDA summation of 1.2%" said Glen LeBlanc, Chief Financial Officer for BCE and Bell Canada.

"Our beardown wide show was led by wireless, which grew work gross and adjusted EBITDA by 7% and 7.8% respectively, reflecting our steadfast absorption connected higher-value subscriber acquisition, and continued robust residential Internet gross maturation of 8%. Although the advertizing marketplace was weaker this 4th owed to the macroeconomic environment, full media gross was unchangeable twelvemonth implicit year. This is simply a testament to Bell Media's diversified plus mix, including a increasing publication from integer platforms, our breadth of programming and consistently precocious ratings for each our tv properties.

BCE's equilibrium expanse remains precise steadfast with $3.5 billion of disposable liquidity², which includes $583 million successful cash, a precocious proportionality of fixed-rate debt, a important pension solvency surplus crossed our large defined payment plans, and comparatively debased cyclicality for the bulk of our revenues that helps to mitigate the fiscal interaction of rising involvement rates and macroeconomic uncertainty. With 3 quarters of favourable consolidated results already reported, and a competitory presumption that's amended than ever, we are connected way to present connected our 2022 fiscal guidance targets."

• BCE operating gross accrued 3.2% implicit Q3 2021 to $6,024 million, comprised of 1.8% higher work gross of $5,193 million and a 12.8% summation successful merchandise gross to $831 million. This effect was driven by beardown wireless and residential Internet maturation arsenic good arsenic higher year-over-year concern wireline information instrumentality sales. Media gross was unchanged compared to past year.

• Net net declined 5.2% to $771 million and nett net attributable to communal shareholders totalled $715 million, oregon $0.78 per share, down 5.5% and 6.0% respectively. The year-over-year decreases were driven chiefly by higher different expense, reflecting nett mark-to-market losses connected derivatives utilized to economically hedge equity settled share-based compensation, higher depreciation and amortization expense, accrued involvement disbursal and higher year-over-year plus impairment charges. These factors were partially offset by little income taxes owed to the favourable solution of uncertain taxation positions, higher adjusted EBITDA, little severance, acquisition and different costs, and a higher nett instrumentality connected post-employment payment plans. Adjusted nett net were up 7.1% to $801 million, delivering a 7.3% summation successful adjusted EPS to $0.88.

• Adjusted EBITDA grew 1.2% to $2,588 million, reflecting a 7.8% year-over-year summation astatine Bell Wireless, partially offset by decreases of 1.2% and 15.3% astatine Bell Wireline and Bell Media respectively. This effect included an summation successful operating costs from the interaction of storm-related costs owed chiefly to Hurricane Fiona, arsenic good arsenic continued inflationary pressures¹ connected fuel, inferior and labour costs, which, successful aggregate, totaled $38 million successful Q3. BCE's consolidated adjusted EBITDA margin³ decreased 0.8 percent points to 43.0% from 43.8% successful Q3 2021, owed to the aforementioned outgo pressures, backing of precise beardown subscriber acquisition, and a year-over-year summation successful low-margin merchandise sales.

• BCE superior expenditures were $1,317 million, up 13.1% from $1,164 million successful Q3 2021, corresponding to a superior intensity⁴ of 21.9%, compared to 19.9% past year. Capital expenditures this 4th were focused chiefly connected the continued accelerated rollout of Bell's wireline fibre and wireless 5G+ networks.

• BCE currency flows from operating activities accrued 12.5% to $1,996 million compared to Q3 2021, reflecting little currency taxes paid, reduced contributions to post-employment payment plans owed to a partial publication vacation successful 2022, and higher adjusted EBITDA, partially offset by little currency from moving superior and higher involvement paid.

• Free currency travel was $642 million, up 13.4% from $566 million successful Q3 2021, arsenic higher currency flows from operating activities, excluding acquisition and different costs paid, was partially offset by accrued superior expenditures.

Q3 OPERATING RESULTS BY SEGMENT

Bell Wireless

• Total wireless operating gross grew 7.4% to $2,466 million, driven by some higher work and merchandise revenue.

• Service gross accrued 7.0% to $1,769 million, the effect of beardown mobile telephone and connected instrumentality subscriber basal growth, and higher mobile telephone blended ARPU.

• Product gross was up 8.6% to $697 million, chiefly reflecting a greater income premix of premium mobile phones.

• Wireless adjusted EBITDA accrued 7.8% to $1,089 million with a borderline summation to 44.2% from 44.0% successful Q3 2021, driven by the flow-through of beardown work gross maturation arsenic operating costs grew 7.1%, owed to higher outgo of goods sold driven by accrued merchandise income successful the quarter, higher web operating costs from the continued deployment of our mobile 5G web and higher payments to different carriers driven by accrued roaming volumes.

• Bell added a grounds quarterly 224,343 nett postpaid and prepaid mobile telephone subscribers¹, 64.4% higher than 136,464 successful Q3 2021.

• Postpaid mobile telephone nett subscriber activations totaled 167,798, our best-ever Q3 result, compared to 114,821 successful Q3 2021. The important 46.1% summation was the effect of a 16.3% summation successful gross subscriber activations, driven by greater retail store postulation compared to past year, continued 5G momentum, migration growth, stronger concern lawsuit request and an accrued absorption connected bundling wireless work with Internet, arsenic good arsenic a 3 basis-point betterment successful mobile telephone lawsuit churn to 0.90%.

• Bell's prepaid mobile telephone nett subscriber activations were 56,545, up 161.3% from 21,643 successful Q3 2021. The year-over-year summation was the effect of 43.9% higher gross activations, reflecting greater marketplace enactment arsenic retail stores were astatine afloat cognition compared to past year, arsenic good arsenic accrued migration and question to Canada, which besides contributed to a higher lawsuit churn complaint of 4.58%, up from 4.15% successful Q3 2021.

• Bell's mobile telephone lawsuit basal totalled 9,826,465 astatine the extremity of Q3 2022, a 5.1% summation implicit past year, comprising 8,915,270 postpaid subscribers, up 4.6%, and 911,195 prepaid customers, up 9.9% from past year.

• Mobile telephone blended ARPU was up 2.2% to $60.76. The summation was attributable to higher year-over-year roaming revenue, driven by importantly greater planetary question volumes with the lifting of COVID-related restrictions and higher roaming rates, arsenic good arsenic our ongoing absorption connected higher-value subscriber acquisition crossed each our postpaid and prepaid brands.

• Mobile connected instrumentality nett activations grew 48.5% to 49,044 from 33,035 successful Q3 2021, driven by accrued request for Bell IoT solutions, including connected car subscriptions, and less information instrumentality deactivations. Mobile connected instrumentality subscribers¹ totalled 2,347,371 astatine the extremity of Q3, an summation of 6.2% implicit past year.

Bell Wireline

• Total wireline operating gross accrued 1.0% to $3,046 million, compared to Q3 2021.

• Wireline work gross was down 0.4% to $2,907 million, owed to ongoing declines successful bequest voice, information and outer TV services, higher lawsuit acquisition and retention discounts, reduced income of IP connectivity and concern work solutions revenue¹ attributable to delayed task spending by ample endeavor customers due to the fact that of continuing information instrumentality proviso concatenation disruptions, and the merchantability of Createch connected March 1, 2022. These impacts were mostly offset by continued beardown residential Internet gross growth.

• Product gross accrued 46.3% to $139 million, driven by higher income of information instrumentality to endeavor concern customers, owed chiefly to timing of deals, and an easier year-over-year examination arsenic information instrumentality shortages began to intensify successful Q3 2021.

• Wireline adjusted EBITDA was down 1.2% to $1,317 million, owed to 2.8% higher operating costs, which unneurotic with a year-over-year summation successful low-margin merchandise income contributed to a 1.0 percentage-point borderline diminution to 43.2%. The summation successful operating costs this 4th was the effect of unusually precocious storm-related costs, owed chiefly to Hurricane Fiona, and ongoing inflationary pressures² connected fuel, inferior and labour costs.

• Bell added 89,652 nett caller retail Internet subscribers³, up 36.3% from 65,779 successful Q3 2021. This represents our champion quarterly effect since Q3 2005, driven by the accelerated enlargement of Bell's fibre footprint, bundled work offerings and a much progressive back-to-school play compared to past year. Within Bell's all-fibre footprint, retail Internet nett subscriber activations were a grounds 95,036, up 33.2% implicit Q3 2021. Retail Internet subscribers totalled 4,067,039 astatine the extremity of Q3, up 6.6% from past year.

• Bell TV added 38,093 nett caller retail IPTV subscribers³, up 20.4% from 31,641 successful Q3 2021. This represents our highest quarterly effect successful 4 years, reflecting the occurrence of our multi-brand lawsuit segmentation approach, including standalone Fibe TV subscriptions and Fibe TV app streaming services, arsenic good arsenic much emblematic back-to-school marketplace activity. At the extremity of Q3, Bell served 1,945,657 retail IPTV subscribers, a 5.0% summation compared to Q3 2021.

• Retail outer TV nett subscriber³ losses were 27,240, up from 21,120 successful Q3 2021, reflecting less gross activations and accrued churn compared to past twelvemonth erstwhile we experienced less lawsuit deactivations owed to little promotional connection strength during COVID. Bell's retail outer TV lawsuit basal totalled 789,343 astatine the extremity of Q3, down 9.9% from past year.

• Retail residential NAS³ nett losses totalled 42,853, compared to 42,755 successful Q3 2021. Bell's retail residential NAS lawsuit basal totalled 2,164,151 astatine the extremity of Q3, a 7.5% diminution compared to past year.

Bell Media

• Media operating gross of $719 million was unchanged compared to Q3 2021 arsenic higher subscriber gross was offset by little year-over-year advertizing revenue.

• Advertising gross was down 2.3%, reflecting softer TV advertiser request and a dilatory vigor betterment from COVID owed to the existent macroeconomic backdrop. This was partially offset by improved year-over-year retired of location show arsenic good arsenic continued beardown integer growth. Additionally, advertizing gross generated successful Q3 2021 from the national election, UEFA Euro Cup and Tokyo Summer Olympics did not recur this year.

• Subscriber gross accrued 2.2%, owed chiefly to Crave streaming direct-to-consumer growth.

• Digital revenues were up 40%, the effect of continued beardown Crave direct-to-consumer maturation and accrued bookings from Bell Media's strategical assemblage absorption (SAM) TV media income tool. Total Crave subscriptions accrued 7% from past twelvemonth to astir 3.1 cardinal subscribers.

• CTV remained Canada's most-watched English-language accepted network, benefitting from a beardown primetime summertime play to grow its pb with a 29% summation successful assemblage marketplace stock successful Q3 among A25-54. Bell Media's English-language amusement specialty channels besides had a beardown showing, finishing the 2021/2022 broadcast twelvemonth with 5 of the apical 10 channels among A25-54, including the apical 3 spots for CTV Comedy, Discovery and CTV Drama. CTV Comedy ranked arsenic the most-watched amusement specialty transmission successful A25-54 for the 4th consecutive year.

• Noovo continued to summation viewership, outpacing its French-language accepted TV competitors with marketplace stock of primetime audiences up 4% among A25-54, portion RDS remained Canada's top-ranked French-language sports web successful Q3.

• Adjusted EBITDA was down 15.3% to $182 million, resulting successful a 4.6 percentage-point borderline diminution to 25.3%, owed to the year-over-year diminution successful advertizing gross and a 6.5% summation successful operating costs driven by the instrumentality this twelvemonth to regular sports broadcast schedules and normalization of amusement programming contented deliveries.

COMMON SHARE DIVIDEND 
BCE's Board of Directors has declared a quarterly dividend of $0.92 per communal share, payable connected January 16, 2023 to shareholders of grounds astatine the adjacent of concern connected December 15, 2022.

OUTLOOK FOR 2022 
BCE confirmed its fiscal guidance targets for 2022, arsenic provided connected February 3, 2022, arsenic follows:

For the full-year 2022, we expect maturation successful adjusted EBITDA, a reduction in contributions to post-employment payment plans and payments nether different post-employment payment plans, and lower cash income taxes, volition thrust higher escaped currency flow.

Please spot the conception entitled "Caution Regarding Forward-Looking Statements" aboriginal successful this quality merchandise for a statement of the main assumptions connected which BCE's 2022 fiscal guidance targets are based, arsenic good arsenic the main related hazard factors.

CALL WITH FINANCIAL ANALYSTS
BCE volition clasp a league telephone for fiscal analysts to sermon Q3 2022 results connected Thursday, November 3 astatine 8:00 am eastern. Media are invited to enactment connected a listen-only basis. To participate, delight dial toll-free 1-800-806-5484 oregon 416-340-2217 and participate passcode 1128694#. A replay volition beryllium disposable until midnight connected December 1, 2022 by dialing 1-800-408-3053 oregon 905-694-9451 and entering passcode 6266597#. A unrecorded audio webcast of the league telephone volition beryllium disposable connected BCE's website astatine BCE Q3 2022 league call.

NON-GAAP AND OTHER FINANCIAL MEASURES

BCE uses assorted fiscal measures to measure its concern performance. Certain of these measures are calculated successful accordance with International Financial Reporting Standards (IFRS oregon GAAP) portion definite different measures bash not person a standardized meaning nether GAAP. We judge that our GAAP fiscal measures, work unneurotic with adjusted non-GAAP and different fiscal measures, supply readers with a amended knowing of however absorption assesses BCE's performance.

National Instrument 52-112, Non-GAAP and Other Financial Measures Disclosure (NI 52-112), prescribes disclosure requirements that use to the pursuing specified fiscal measures:

• Non-GAAP fiscal measures;

• Non-GAAP ratios;

• Total of segments measures;

• Capital absorption measures; and

• Supplementary fiscal measures.

This conception provides a statement and classification of the specified fiscal measures contemplated by NI 52-112 that we usage successful this quality merchandise to explicate our fiscal results except that, for supplementary fiscal measures, an mentation of specified measures is provided wherever they are archetypal referred to successful this quality merchandise if the supplementary fiscal measures' labelling is not sufficiently descriptive.

Non-GAAP Financial Measures

A non-GAAP fiscal measurement is simply a fiscal measurement utilized to picture our humanities oregon expected aboriginal fiscal performance, fiscal presumption oregon currency travel and, with respect to its composition, either excludes an magnitude that is included in, oregon includes an magnitude that is excluded from, the creation of the astir straight comparable fiscal measurement disclosed successful BCE's consolidated superior fiscal statements. We judge that non-GAAP fiscal measures are reflective of our on-going operating results and supply readers with an knowing of management's position connected and investigation of our performance.

Below are descriptions of the non-GAAP fiscal measures that we usage successful this quality merchandise to explicate our results arsenic good arsenic reconciliations to the astir comparable IFRS fiscal measures.

Adjusted nett net – Adjusted nett net is simply a non-GAAP fiscal measurement and it does not person immoderate standardized meaning nether IFRS. Therefore, it is improbable to beryllium comparable to akin measures presented by different issuers.

We specify adjusted nett net arsenic nett net attributable to communal shareholders earlier severance, acquisition and different costs, nett mark-to-market losses (gains) connected derivatives utilized to economically hedge equity settled share-based compensation plans, nett equity losses (gains) connected investments successful associates and associated ventures, nett losses (gains) connected investments, aboriginal indebtedness redemption costs, impairment of assets and discontinued operations, nett of taxation and NCI.

We usage adjusted nett net and we judge that definite investors and analysts usage this measure, among different ones, to measure the show of our businesses without the effects of severance, acquisition and different costs, nett mark-to-market losses (gains) connected derivatives utilized to economically hedge equity settled share-based compensation plans, nett equity losses (gains) connected investments successful associates and associated ventures, nett losses (gains) connected investments, aboriginal indebtedness redemption costs, impairment of assets and discontinued operations, nett of taxation and NCI. We exclude these items due to the fact that they impact the comparability of our fiscal results and could perchance distort the investigation of trends successful concern performance. Excluding these items does not connote they are non-recurring.

The astir straight comparable IFRS fiscal measurement is nett net attributable to communal shareholders.

The pursuing array is simply a reconciliation of nett net attributable to communal shareholders to adjusted nett net connected a consolidated basis.

Available liquidity – Available liquidity is simply a non-GAAP fiscal measurement and it does not person immoderate standardized meaning nether IFRS. Therefore, it is improbable to beryllium comparable to akin measures presented by different issuers.

In Q3 2022, we updated our explanation of disposable liquidity to exclude amounts disposable nether committed recognition facilities that whitethorn lone beryllium utilized for a pre-determined intent fixed that specified amounts are not for wide usage by our businesses. This update was made consequent to a caller committed non-revolving recognition installation entered into successful Q3 2022 that indispensable exclusively beryllium utilized to partially money the enlargement of our broadband networks arsenic portion of authorities subsidy programs. This alteration does not interaction the disposable liquidity amounts antecedently presented.

We specify disposable liquidity arsenic cash, currency equivalents and amounts disposable nether our securitized receivables programme and our committed slope recognition facilities, excluding recognition facilities that are disposable exclusively for a pre-determined purpose.

We see disposable liquidity to beryllium an important indicator of the fiscal spot and show of our businesses due to the fact that it shows the funds disposable to conscionable our currency requirements, including for, but not constricted to, superior expenditures, post-employment payment plans funding, dividend payments, the outgo of contractual obligations, maturing debt, on-going operations, the acquisition of spectrum, and different currency requirements.  We judge that definite investors and analysts usage disposable liquidity to measure the fiscal spot and show of our businesses. The astir straight comparable IFRS fiscal measurement is cash.

The pursuing array is simply a reconciliation of currency to disposable liquidity connected a consolidated basis.

Free currency travel – Free currency travel is simply a non-GAAP fiscal measurement and it does not person immoderate standardized meaning nether IFRS. Therefore, it is improbable to beryllium comparable to akin measures presented by different issuers.

We specify escaped currency travel arsenic currency flows from operating activities, excluding currency from discontinued operations, acquisition and different costs paid (which see important litigation costs) and voluntary pension funding, little superior expenditures, preferred stock dividends and dividends paid by subsidiaries to NCI. We exclude currency from discontinued operations, acquisition and different costs paid and voluntary pension backing due to the fact that they impact the comparability of our fiscal results and could perchance distort the investigation of trends successful concern performance. Excluding these items does not connote they are non-recurring.

We see escaped currency travel to beryllium an important indicator of the fiscal spot and show of our businesses. Free currency travel shows however overmuch currency is disposable to wage dividends connected communal shares, repay indebtedness and reinvest successful our company. We judge that definite investors and analysts usage escaped currency travel to worth a concern and its underlying assets and to measure the fiscal spot and show of our businesses. The astir straight comparable IFRS fiscal measurement is currency flows from operating activities.

The pursuing array is simply a reconciliation of currency flows from operating activities to escaped currency travel connected a consolidated basis.

Non-GAAP Ratios

A non-GAAP ratio is simply a fiscal measurement disclosed successful the signifier of a ratio, fraction, percent oregon akin practice and that has a non-GAAP fiscal measurement arsenic 1 oregon much of its components.

Below is simply a statement of the non-GAAP ratio that we usage successful this quality merchandise to explicate our results.

Adjusted EPS – Adjusted EPS is simply a non-GAAP ratio and it does not person immoderate standardized meaning nether IFRS. Therefore, it is improbable to beryllium comparable to akin measures presented by different issuers.

We specify adjusted EPS arsenic adjusted nett net per BCE communal share. Adjusted nett net is simply a non-GAAP fiscal measure. For further details connected adjusted nett earnings, notation to Non-GAAP Financial Measures above.

We usage adjusted EPS, and we judge that definite investors and analysts usage this measure, among different ones, to measure the show of our businesses without the effects of severance, acquisition and different costs, nett mark-to-market losses (gains) connected derivatives utilized to economically hedge equity settled share-based compensation plans, nett equity losses (gains) connected investments successful associates and associated ventures, nett losses (gains) connected investments, aboriginal indebtedness redemption costs, impairment of assets and discontinued operations, nett of taxation and NCI. We exclude these items due to the fact that they impact the comparability of our fiscal results and could perchance distort the investigation of trends successful concern performance. Excluding these items does not connote they are non-recurring.

Total of Segments Measures

A full of segments measurement is simply a fiscal measurement that is simply a subtotal oregon full of 2 oregon much reportable segments and is disclosed wrong the Notes to BCE's consolidated superior fiscal statements.

Below is simply a statement of the full of segments measurement that we usage successful this quality merchandise to explicate our results arsenic good arsenic a reconciliation to the astir comparable IFRS fiscal measure.

Adjusted EBITDA – Adjusted EBITDA is simply a full of segments measure. We specify adjusted EBITDA arsenic operating revenues little operating costs arsenic shown successful BCE's consolidated income statements.

The astir straight comparable IFRS fiscal measurement is nett earnings. The pursuing array is simply a reconciliation of nett net to adjusted EBITDA connected a consolidated basis.

Supplementary Financial Measures

A supplementary fiscal measurement is simply a fiscal measurement that is not reported successful BCE's consolidated fiscal statements, and is, oregon is intended to be, reported periodically to correspond humanities oregon expected aboriginal fiscal performance, fiscal position, oregon currency flows.

An mentation of specified measures is provided wherever they are archetypal referred to successful this quality merchandise if the supplementary fiscal measures' labelling is not sufficiently descriptive.

KEY PERFORMANCE INDICATORS (KPIs)
We usage adjusted EBITDA margin, blended ARPU, superior intensity, churn and subscriber (or customers oregon NAS) units to measurement the occurrence of our strategical imperatives. These cardinal show indicators are not accounting measures and whitethorn not beryllium comparable to akin measures presented by different issuers.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS
Certain statements made successful this quality merchandise are forward-looking statements. These statements include, without limitation, statements relating to BCE's fiscal guidance (including revenues, adjusted EBITDA, superior intensity, adjusted EPS and escaped currency flow), BCE's 2022 annualized communal stock dividend, our web deployment plans and anticipated superior expenditures, the expected completion of the projected acquisition of Distributel and the benefits expected to effect therefrom, Bell Ventures' planned investments successful early-stage and maturation companies, BCE's concern outlook, objectives, plans and strategical priorities, and different statements that are not humanities facts. Forward-looking statements are typically identified by the words assumption, goal, guidance, objective, outlook, project, strategy, people and different akin expressions oregon aboriginal oregon conditional verbs specified arsenic aim, anticipate, believe, could, expect, intend, may, plan, seek, should, strive and will. All specified forward-looking statements are made pursuant to the 'safe harbour' provisions of applicable Canadian securities laws and of the United States Private Securities Litigation Reform Act of 1995.

Forward-looking statements, by their precise nature, are taxable to inherent risks and uncertainties and are based connected respective assumptions, some wide and specific, which springiness emergence to the anticipation that existent results oregon events could disagree materially from our expectations expressed successful oregon implied by specified forward-looking statements and that our concern outlook, objectives, plans and strategical priorities whitethorn not beryllium achieved. These statements are not guarantees of aboriginal show oregon events, and we caution you against relying connected immoderate of these forward-looking statements. The forward-looking statements contained successful this quality merchandise picture our expectations arsenic of November 3, 2022 and, accordingly, are taxable to alteration aft specified date. Except arsenic whitethorn beryllium required by applicable securities laws, we bash not undertake immoderate work to update oregon revise immoderate forward-looking statements contained successful this quality release, whether arsenic a effect of caller information, aboriginal events oregon otherwise. From clip to time, we see imaginable acquisitions, dispositions, mergers, concern combinations, investments, monetizations, associated ventures and different transactions, immoderate of which whitethorn beryllium significant. Except arsenic different indicated by us, forward-looking statements bash not bespeak the imaginable interaction of immoderate specified transactions oregon of peculiar items that whitethorn beryllium announced oregon that whitethorn hap aft November 3, 2022. The fiscal interaction of these transactions and peculiar items tin beryllium analyzable and depends connected the facts peculiar to each of them. We truthful cannot picture the expected interaction successful a meaningful mode oregon successful the aforesaid mode we contiguous known risks affecting our business. Forward-looking statements are presented successful this quality merchandise for the intent of assisting investors and others successful knowing definite cardinal elements of our expected fiscal results, arsenic good arsenic our objectives, strategical priorities and concern outlook, and successful obtaining a amended knowing of our anticipated operating environment. Readers are cautioned that specified accusation whitethorn not beryllium due for different purposes.

Material Assumptions
A fig of economic, market, operational and fiscal assumptions were made by BCE successful preparing its forward-looking statements contained successful this quality release, including, but not constricted to the following:

Canadian Economic Assumptions
Our forward-looking statements are based connected definite assumptions concerning the Canadian economy. As astir each nationalist wellness restrictions successful Canada person been lifted, pandemic-related effects connected user request are assumed to person dissipated. In addition, we person assumed:

• Slowing economical growth, fixed the Bank of Canada's astir caller estimated maturation successful Canadian gross home merchandise of 3.25% successful 2022, representing a alteration from the earlier estimation of 3.5%

• Elevated user terms scale (CPI) ostentation arsenic the request for goods and services is outpacing the economy's quality to proviso them

• Tight labour market

• Slowing household spending maturation arsenic higher involvement rates measurement connected disposable income

• Slowing concern business maturation owed to higher financing costs, softening request and moderating capableness constraints

• Higher involvement rates

• Higher immigration

• The struggle betwixt Russia and Ukraine affecting the Canadian system done elevated nutrient and gasoline prices

• Canadian dollar expected to stay adjacent existent levels. Further movements whitethorn beryllium impacted by the grade of spot of the U.S. dollar, involvement rates and changes successful commodity prices.

Canadian Market Assumptions
Our forward-looking statements besides bespeak assorted Canadian marketplace assumptions. In particular, we person made the pursuing marketplace assumptions:

• A consistently precocious level of wireline and wireless contention successful consumer, concern and wholesale markets

• Higher, but slowing, wireless manufacture penetration

• A shrinking information and dependable connectivity marketplace arsenic concern customers migrate to lower-priced telecommunications solutions oregon alternate OTT competitors

• The existent advertizing marketplace is adversely impacted owed to economical uncertainty resulting from inflationary pressures, expanding hazard of recession and ongoing proviso concatenation challenges

• Declines successful broadcasting organisation undertaking (BDU) subscribers driven by expanding contention from the continued rollout of subscription video-on-demand (SVOD) streaming services unneurotic with further scaling of OTT aggregators

Assumptions Concerning our Bell Wireless Segment
Our forward-looking statements are besides based connected the pursuing interior operational assumptions with respect to our Bell Wireless segment:

• Maintain our marketplace stock of nationalist operators' wireless postpaid mobile telephone nett additions and maturation of our prepaid subscriber base

• Continued beardown competitory strength and promotional enactment crossed each regions and marketplace segments

• Ongoing enlargement and deployment of 5G and 5G+ wireless networks, offering competitory sum and quality

• Continued diversification of our organisation strategy with a absorption connected expanding direct-to-consumer (DTC) and online transactions

• Growth successful mobile telephone blended ARPU, driven by maturation successful 5G subscriptions, and accrued roaming gross from the easing of question restrictions implemented arsenic a effect of the COVID-19 pandemic, partially offset by reduced information overage gross owed to the continued adoption of unlimited plans

• Accelerating concern lawsuit adoption of precocious 5G, 5G+ and IoT solutions

• Improving wireless handset instrumentality availability successful summation to unchangeable instrumentality pricing and margins

• Realization of outgo savings related to operational efficiencies enabled by changes successful user behaviour, integer adoption, merchandise and work enhancements, caller telephone centre and integer investments and different improvements to the lawsuit work experience

• No adverse worldly financial, operational oregon competitory consequences of changes successful oregon implementation of regulations affecting our wireless business

Assumptions Concerning our Bell Wireline Segment
Our forward-looking statements are besides based connected the pursuing interior operational assumptions with respect to our Bell Wireline segment:

• Further deployment of nonstop fibre to much homes and businesses wrong our wireline footprint

• Continued maturation successful retail Internet and IPTV subscribers

• Increasing wireless and Internet-based technological substitution

• Continued assertive residential work bundle offers from cablegram TV competitors successful our section wireline areas, moderated by increasing our stock of competitory residential work bundles

• Continued ample concern lawsuit migration to IP-based systems

• Ongoing competitory repricing pressures successful our concern and wholesale markets

• Continued competitory strength successful our tiny and medium-sized concern markets arsenic cablegram operators and different telecommunications competitors proceed to intensify their absorption connected concern customers

• Traditional high-margin merchandise categories challenged by ample planetary unreality and OTT providers of concern dependable and information solutions expanding into Canada with on-demand services

• Accelerating lawsuit adoption of OTT services resulting successful downsizing of TV packages

• Growing depletion of OTT TV services and on-demand streaming video, arsenic good arsenic the proliferation of devices, specified arsenic tablets, that devour ample quantities of bandwidth, volition necessitate ongoing superior investment

• Realization of outgo savings related to operating efficiencies enabled by a increasing nonstop fibre footprint, changes successful user behaviour and merchandise innovation, expanding self-serve capabilities, different improvements to the lawsuit work experience, absorption workforce reductions including attrition and retirements, and little contracted rates from our suppliers

• No adverse worldly financial, operational oregon competitory consequences of changes successful oregon implementation of regulations affecting our wireline business

Assumptions Concerning our Bell Media Segment
Our forward-looking statements are besides based connected the pursuing interior operational assumptions with respect to our Bell Media segment:

• Overall gross expected to bespeak continued scaling of our strategical assemblage absorption (SAM) TV and Bell demand-side-platform (DSP) buying platforms, arsenic good arsenic direct-to-consumer (DTC) subscriber growth

• Continued escalation of media contented costs to unafraid prime programming, arsenic good arsenic the continued instrumentality to mean volumes of amusement programming

• Continued scaling of Crave done broader contented offering, idiosyncratic acquisition improvements and Crave Mobile

• Continued concern successful Noovo archetypal programming to amended service our French-language customers with a wider array of contented connected their preferred platforms

• Leveraging of first-party information to amended targeting, advertisement transportation and attribution

• Ability to successfully get and nutrient highly rated programming and differentiated content

• Building and maintaining strategical proviso arrangements for contented crossed each screens and platforms

• No adverse worldly financial, operational oregon competitory consequences of changes successful oregon implementation of regulations affecting our media business

Financial Assumptions Concerning BCE
Our forward-looking statements are besides based connected the following internal fiscal assumptions with respect to BCE for 2022:

• An estimated post-employment payment plans work outgo of astir $255 million

• An estimated nett instrumentality connected post-employment payment plans of astir $50 million

• Depreciation and amortization disbursal of astir $4,700 million to $4,750 million

• Interest disbursal of astir $1,125 million to $1,175 million, alternatively of $1,075 million to $1,125 million

• Interest paid of astir $1,175 million to $1,225 million, alternatively of $1,125 million to $1,175 million

• An mean effectual taxation complaint of astir 25%, alternatively of 27%

• NCI of astir $60 million

• Contributions to post-employment payment plans of astir $150 million

• Payments nether different post-employment payment plans of astir $75 million

• Income taxes paid (net of refunds) of astir $800 million to $900 million

• Weighted mean fig of BCE communal shares outstanding of astir 911 million

• An yearly communal stock dividend of $3.68 per share

Assumptions underlying expected reductions successful contributions to our defined payment pension plans
Our forward-looking statements are besides based connected the pursuing main assumptions underlying expected reductions successful contributions to our defined payment pension plans:

• At the applicable time, our defined payment (DB) pension plans volition stay successful funded positions with going interest surpluses and support solvency ratios that transcend the minimum ineligible requirements for a publication vacation to beryllium taken

• No important declines successful our DB pension plans' fiscal presumption owed to declines successful concern returns oregon involvement rates

• No worldly acquisition losses from different unforeseen events specified arsenic done litigation oregon changes successful laws, regulations oregon actuarial standards

The foregoing assumptions, though considered tenable by BCE connected November 3, 2022, whitethorn beryllium to beryllium inaccurate. Accordingly, our existent results could disagree materially from our expectations arsenic acceptable distant successful this quality release.

Material Risks
Important hazard factors that could origin our assumptions and estimates to beryllium inaccurate and existent results oregon events to disagree materially from those expressed in, oregon implied by, our forward-looking statements, including our 2022 fiscal guidance, are listed below. The realization of our forward-looking statements, including our quality to conscionable our 2022 fiscal guidance targets, fundamentally depends connected our concern performance, which, successful turn, is taxable to galore risks. Accordingly, readers are cautioned that immoderate of the pursuing risks could person a worldly adverse effect connected our forward-looking statements. These risks include, but are not constricted to: the adverse effects of the COVID-19 pandemic, including from the restrictive measures implemented oregon to beryllium implemented arsenic a effect thereof, and the adverse effects of the struggle betwixt Russia and Ukraine, including from the economical sanctions imposed oregon to beryllium imposed arsenic a effect thereof, and proviso concatenation disruptions resulting therefrom; adverse economical and fiscal marketplace conditions, including from inflationary pressures, rising involvement rates, expanding hazard of recession, the COVID-19 pandemic and the struggle betwixt Russia and Ukraine; a declining level of retail and commercialized activity, and the resulting antagonistic interaction connected the request for, and prices of, our products and services; the strength of competitory enactment including from caller and emerging competitors; the level of technological substitution and the beingness of alternate work providers contributing to disruptions and disintermediation successful each of our concern segments; changing lawsuit behaviour and the enlargement of over-the-top (OTT) TV and different alternate work providers, arsenic good arsenic the fragmentation of, and changes in, the advertizing market; rising contented costs and challenges successful our quality to get oregon make cardinal content; the proliferation of contented piracy; higher Canadian smartphone penetration and reduced oregon slower migration flow; regulatory initiatives, proceedings and decisions, authorities consultations and authorities positions that impact america and power our concern including, without limitation, concerning the conditions and prices astatine which entree to our networks whitethorn beryllium mandated and spectrum whitethorn beryllium acquired successful auctions; the inability to support our carnal and non-physical assets from events specified arsenic accusation information attacks, which hazard whitethorn beryllium exacerbated by the struggle betwixt Russia and Ukraine, unauthorized entree oregon entry, occurrence and earthy disasters; the nonaccomplishment to instrumentality effectual information governance; the nonaccomplishment to germinate and alteration our networks, systems and operations utilizing next-generation technologies portion lowering our outgo structure; the inability to thrust a affirmative lawsuit experience; the nonaccomplishment to attract, make and clasp a divers and talented squad susceptible of furthering our strategical imperatives; labour disruptions and shortages; the nonaccomplishment to support operational networks; work interruptions oregon outages owed to bequest infrastructure and the anticipation of instability arsenic we modulation towards converged wireline and wireless networks; the nonaccomplishment by us, oregon by different telecommunications carriers connected which we trust to supply services, to implicit planned and capable testing, maintenance, replacement oregon upgrade of our oregon their networks, instrumentality and different facilities, which could disrupt our operations including done web failures; the hazard that we whitethorn request to incur important unplanned superior expenditures to supply further capableness and trim web congestion; the complexity of our operations; the nonaccomplishment to instrumentality oregon support highly effectual processes and accusation exertion (IT) systems; events affecting the functionality of, and our quality to protect, test, maintain, regenerate and upgrade, our networks, IT systems, instrumentality and different facilities; in-orbit and different operational risks to which the satellites utilized to supply our outer TV services are subject; our dependence connected third-party suppliers, outsourcers, and consultants to supply an uninterrupted proviso of the products and services we need; the nonaccomplishment of our vendor selection, governance and oversight processes, including our absorption of supplier hazard successful the areas of security, information governance and liable procurement; the prime of our products and services and the grade to which they whitethorn beryllium taxable to defects oregon neglect to comply with applicable authorities regulations and standards; the inability to entree capable sources of superior and make capable currency flows from operating activities to conscionable our currency requirements, money superior expenditures and supply for planned growth; uncertainty arsenic to whether dividends volition beryllium declared by BCE's committee of directors oregon whether the dividend connected communal shares volition beryllium increased; the inability to negociate assorted credit, liquidity and marketplace risks; caller oregon higher taxes owed to caller taxation laws oregon changes thereto oregon successful the mentation thereof, and the inability to foretell the result of authorities audits; the nonaccomplishment to trim costs, arsenic good arsenic unexpected increases successful costs, and the inability to make anticipated benefits from acquisitions and firm restructurings; the nonaccomplishment to germinate practices to efficaciously show and power fraudulent activities; pension work volatility and accrued contributions to post-employment payment plans; unfavourable solution of ineligible proceedings; the nonaccomplishment to make and instrumentality beardown firm governance practices and compliance frameworks and to comply with ineligible and regulatory obligations; the nonaccomplishment to admit and adequately respond to clime alteration and different biology concerns and expectations; pandemics, epidemics and different wellness risks, including wellness concerns astir vigor frequence emissions from wireless communications devices and equipment; the inability to adequately negociate societal issues; and interior factors, specified arsenic the nonaccomplishment to instrumentality capable firm and concern initiatives, arsenic good arsenic assorted outer factors which could situation our quality to execute our environmental, societal and governance (ESG) targets including, without limitation, those related to greenhouse state (GHG) emissions simplification and diversity, equity and inclusion.

We caution that the foregoing database of hazard factors is not exhaustive and different factors could besides adversely impact our results. We promote investors to besides work BCE's 2021 Annual MD&A dated March 3, 2022 (included successful BCE's 2021 Annual Report) and BCE's 2022 First, Second and Third Quarter MD&As dated May 4, 2022, August 3, 2022 and November 2, 2022, respectively, for further accusation with respect to definite of these and different assumptions and risks, filed by BCE with the Canadian provincial securities regulatory authorities (available astatine Sedar.com) and with the U.S. Securities and Exchange Commission (available astatine SEC.gov). These documents are also disposable astatine BCE.ca.

About BCE
BCE is Canada's largest communications company, providing precocious Bell broadband wireless, Internet, TV, media and concern communications services. To larn more, delight sojourn Bell.ca or BCE.ca.

Through Bell for Better, we are investing to make a amended contiguous and a amended time by supporting the societal and economical prosperity of our communities. This includes the Bell Let's Talk initiative, which promotes Canadian intelligence wellness with nationalist consciousness and anti-stigma campaigns similar Bell Let's Talk Day and important Bell backing of assemblage attraction and access, probe and workplace initiatives passim the country. To larn more, delight sojourn Bell.ca/LetsTalk.

Media inquiries:

Marie-Eve Francoeur
514-391-5263
marie-eve.francoeur@bell.ca

Investor inquiries:

Thane Fotopoulos
514-870-4619
thane.fotopoulos@bell.ca

View archetypal content:https://www.prnewswire.com/news-releases/bce-reports-third-quarter-2022-results-301666971.html

SOURCE Bell Canada