Company continues wait for the right MVNO conditions, decision on Shaw’s Freedom
MONTREAL – Quebecor Inc. today reported its fourth quarter and full year financial results for 2021, which show revenue increased 3.2% and 5.5% respectively compared to the same periods in 2020.
For the quarter ended Dec. 31, 2021, Quebecor’s revenues were $1.2 billion, up from $1.1 billion in the same quarter of 2020. For the full year, revenues were $4.6 billion, an increase from $4.3 billion in 2020.
Adjusted EBITDA decreased 5.3% in Q4 2021 to $498.8 million. For the full year 2021, adjusted EBITDA increased 1.1% to $2 billion.
Quebecor’s telecommunications segment reported revenues of $953.1 million for Q4 2021, an increase from $940.9 million in Q4 2020. Full year revenue for 2021 for the segment was $3.7 billion an increase from $3.6 billion in 2020.
Adjusted EBITDA for telecommunications was reported to be $466.5 million for Q4 2021, which decreased from $481.7 million in the same quarter the previous year. Full year adjusted EBITDA for 2021 remained largely unchanged from 2020 at $1.9 billion.
The company’s media segment reported $212.4 million in revenues for Q4 2021 an increase from $185.8 million in Q4 2020. For the full year, the segment reported $776 million in revenues, an increase from $650.5 million in 2020.
Adjusted EBITDA for the media segment was $28.8 million for Q4 2021, a decrease from $45.6 million in the same quarter the previous year. Full year adjusted EBITDA for 2021 was reported at $83.4 million, an increase from $82.2 million in 2020.
Quebecor’s sports and entertainment segment reported Q4 2021 revenues of $53.2 million, an increase from $48.8 million in 2020. Full year revenue for the segment was $167 million, which increased from $158 million in 2020.
Adjusted EBITDA for sports and entertainment for Q4 2021 was $4.2 million, an increase from $2.1 million in 2020. For the full year 2021, adjusted EBITDA in the segment was $20.4 million, increased from $8.7 million in 2020.
Pierre Karl Péladeau, president and CEO of Quebecor, in the press release, said Quebecor has continued to increase its revenue generating units (RGUs) “in the highly competitive mobile telephony space, with an increase of 120,800 subscriber connections, or 8.2%, in the last 12 months, including 30,600 in the fourth quarter of 2021.”
He further commented that Quebecor’s Helix platform is performing well “as evidenced by the 157,000 RGUs that switched over to the service during the fourth quarter of 2021, the highest quarterly numbers of the year.”
Péladeau also said the number of Quebecor’s Internet access subscribers was 1.8 million as of Dec. 31, 2021, which is an increase of 2.4% from the previous year, and noted Quebecor’s OTT video service saw a 7.7% increase in subscribers in Q4 2021. “With its diverse, regularly updated selection of local content, the service now has more than 503,000 subscribers, including 42,000 to our new Vrai subscription platform, which carries unscripted lifestyle content in French,” he said.
On a conference call with investors this morning, Péladeau indicated Quebecor is still looking to expand its mobile services out to western Canada and remains open to doing so as an MVNO if the conditions are right, and/or through the purchase of Shaw’s Freedom should it be put up for sale.
Péladeau told investors Quebecor has been answering questions from the Competition Bureau on the merger between Rogers and Shaw, but they are “not going to try to read tea leaves” on what the outcome will be.
For more on Quebecor’s Q4 2021 and full year 2021 financial results, please click here.
