MONTRÉAL, Aug. 8, 2024 /CNW/ - Quebecor Inc. ("Quebecor" or "the Corporation") today reported its consolidated financial results for the second quarter of 2024.

Second quarter 2024 highlights

In the second quarter of 2024, Quebecor recorded revenues of $1.39 billion, down $11.6 million (‑0.8%), adjusted EBITDA1 of $624.9 million, up $19.7 million (3.3%) and adjusted cash flows from operations2 of $449.7 million, down $5.6 million (‑1.2%) compared with the same period of 2023.The Telecommunications segment reported a $14.3 million (‑1.2%) decrease in revenues, stable adjusted EBITDA, and a $15.7 million (‑3.4%) decrease in adjusted cash flow from operations, which reflects sustained investment in the Canada‑wide expansion plan.There was a net increase of 66,200 revenue‑generating units ("RGUs")3 (0.9%) in the second quarter of 2024, including 93,500 connections (2.4%) to the mobile telephony service.TVA Group Inc. ("TVA Group") recorded a $5.2 million (3.7%) increase in revenues and a $17.0 million favourable variance in adjusted EBITDA compared with the second quarter of 2023, due in part to an agreement on carriage fees for the LCN specialty channel, which gave rise to a $10.2 million favourable retroactive adjustment.The Sports and Entertainment segment's revenues decreased by $3.4 million (‑7.0%) and its adjusted EBITDA by $2.0 million in the second quarter of 2024.Quebecor's consolidated net income attributable to shareholders: $207.6 million ($0.90 per basic share), up $33.5 million ($0.15 per basic share) or 19.2%.Adjusted income from operating activities:4 $205.1 million ($0.89 per basic share), up $22.8 million ($0.10 per basic share) or 12.5%.In the second quarter of 2024, Fizz and Freedom announced the expansion of their service areas in several regions of Canada, including Manitoba, through agreements reached under the Canadian Radio-television and Telecommunications Commission ("CRTC")'s Mobile Virtual Network Operator ("MVNO") regime. This expansion continued on July 23, 2024, when Freedom announced the addition of some 50 cities and communities in Alberta and British Columbia to its service area.On May 7, 2024, Freedom Mobile Inc. ("Freedom") announced the phased roll‑out of its affordable new wireline Internet and TV services, Freedom Home Internet and Freedom TV, becoming a true multi‑service player and positioning itself to address a new customer segment seeking bundled offers.On April 10, 2024, Videotron announced that it would help improve wireless coverage in outlying regions of Québec by installing at least 37 new cell towers in Abitibi‑Témiscamingue and the Laurentians in partnership with the Québec government.Both Videotron and Freedom performed very well in the mid‑year report released by the Commission for Complaints for Telecom‑television Services (CCTS) on April 25, 2024. Videotron's and Freedom's outstanding customer service and their determination to resolve issues promptly are reflected in this report. While the volume of complaints logged by CCTS about the telecom industry as a whole rose sharply by 43.1%, Videotron stood out from the other major players with a significant drop of 11.4%, while Freedom saw its percentage of complaints decrease from 6.5% to 4.7% compared to the industry total volume of complaints.On June 26, 2024, Event Management Gestev Inc. ("Gestev") acquired Evenma, a company that manages popular and corporate events including the renowned Festivent and Festibières festivals. This acquisition is an important step in Gestev's expansion, strengthening its leadership position in the events market.On May 6, 2024, S&P Global Ratings upgraded Videotron's unsecured debt from BB+ to BBB‑ with stable outlook. On May 30, 2024, Moody's Ratings upgraded Videotron's unsecured debt from Ba2 to Baa3 with stable outlook. On June 13, 2024, following these new ratings, all liens on Videotron's assets granted to bank lenders were terminated and the related debt instruments (including derivative financial instruments) are now unsecured.On June 21, 2024, Videotron issued $600.0 million aggregate principal amount of Senior Notes bearing interest at 4.650% and maturing on July 15, 2029, and $400.0 million aggregate principal amount of Senior Notes bearing interest at 5.000% and maturing on July 15, 2034, for total net proceeds of $992.6 million.On June 17, 2024, Videotron redeemed at maturity its Senior Notes in aggregate principal amount of US$600.0 million, bearing interest at 5.375%, and unwound the related hedging contracts for a total cash consideration of $662.3 million.On June 25, 2024, Quebecor redeemed all of its outstanding 4.0% convertible debentures in the aggregate principal amount of $150.0 million. Pursuant to the terms of the debentures, the Corporation elected to settle the redemption in shares and consequently issued and delivered 5,161,237 Class B Subordinate Voting Shares ("Class B Shares") to the holders.