Rogers Communications (RCI) Q2 2022 Earnings Call Transcript

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Thank you for standing by. This is the conference operator. Welcome to the Rogers Communications Inc. Second Quarter 2022 Results Conference Call. [Operator Instructions].

I would now like to turn the conference over to Paul Carpino, Vice President of Investor Relations with Rogers Communications. Please go ahead, Mr. Carpino.

Paul Carpino

Thanks, Ariel, and good morning, everyone, and thank you for joining us. Today, I'm here with our President and Chief Executive Officer, Tony Staffieri; and our Chief Financial Officer, Glenn Brandt.

Today's discussion will include estimates and other forward-looking information from which our actual results could differ. Please review the cautionary language in today's earnings report and in our 2021 annual report regarding the various factors, assumptions and risks that could cause our actual results to differ.

With that, let me turn it over to Tony to begin.

Anthony Staffieri

Thank you, Paul, and good morning, everyone. Our results for the second quarter demonstrated strong growing momentum across each of our businesses. As our economy and our markets continue to expand, our teams executed well in capturing an increasing share of this growth and converting it into meaningful financials for each of our Wireless, Cable and Media businesses.

Our drivers of top line growth centered on a few main factors, namely the return of travel as well as market share gains in our Wireless business, the expansion of our footprint into new areas while capturing a growing penetration rate in our Cable business and the return of fans to the Rogers Centre together with meaningful growth in advertising revenues for our Media business.

Our network outage just after quarter end was a major disappointment to all of us at Rogers. Network quality and reliability have been a core foundation of our company. And this isolated, albeit significant outage had a major impact on our customers. Changes are already underway to address not only the root cause of the outage but more importantly, to ensure we emerge from the incident with more strength and resiliency that is truly industry-leading.

As I've stated publicly in recent days, we can and will do better and I am committed to ensure we make the necessary changes to earn back the trust and confidence of our customers and Canadians. Our improvements will include changes to our network architecture that will separate our wireless and wireline networks for better redundancy; better partitioning of our network to reduce the risk of a national spreading of an outage; changes to our internal processes on how we plan, control and execute network upgrades; and, importantly, a fail-safe method of ensuring communications for emergency and essential services work all the time, irrespective of any 1 carrier's outage.