BCE Inc. (NYSE:BCE) Q4 2022 Earnings Call Transcript

Those are the type of things that I think drive us towards the higher end or past the midpoint of our guidance range. I mean, for me to be able to give you insights on what drives you to the high end, you know it as well as I do, low promotion activity, continuing to load the network, avoiding a recession, recovery of advertising advancement of our digital-first strategy and media, those are the things that we’re focused on. But I believe the guidance range is prudent. I think it takes into consideration the potential challenges plus the upside and it is not inconsistent to what you have seen from us before. But thanks for your question, Vince, and duly noted on segment reporting.

Vince Valentini: Thanks.

Operator: Thank you. Following question is from Simon Flannery from Morgan Stanley. Please go ahead.

Simon Flannery: Great. Thank you very much. Good morning. Glen, I wonder if we could talk about roaming revenue. You have obviously, had a very nice recovery during 2022, but you are pointing to a further recovery in €˜23. Perhaps just help us understand where we are in the recovery cycle and what sort of benefit are you anticipating in your guidance next year on a year-over-year basis versus this year? And when do we get to sort of a new run rate?

Glen LeBlanc: Certainly, Simon. Mirko mentioned that we are at 112% of what pre-pandemic roaming revenue is. And to unpack that for you about €“ on a volume basis, we are pretty much flat. We are back to pre-pandemic. So, the additional 12% is all related to price, so your P versus Q. I said in our opening remarks, one of us said that we don’t anticipate the same tailwind on roaming that we enjoyed this year. Naturally, this was a year of true recovery as I think Canadians and we are starting to gain confidence to move again post the challenge of this pandemic. I would say some of the price increases that we implemented in calendar 2022, were done through the year. So, we get to enjoy the half year of those, coupled with €“ I think you are starting to see Canadian confidence continue on moving around again and enjoying the ability to travel.

So, I think the short answer is the improvement from €˜21 to €˜22 will not repeat itself, but there is still a bit of a tailwind there for €˜22 to €˜23.

Simon Flannery: Alright. Thank you.

Glen LeBlanc: You’re welcome Simon.

Thane Fotopoulos: Mode. Any more questions?

Operator: We have no further questions registered at this time. So, back to you, Mr. Fotopoulos.

Thane Fotopoulos: Great. Thank you very much. So, as usual, I will be available throughout the day to take your follow-up questions and for any clarifications. So, you have a few minutes to get ready for your next call. So, have a great day, everybody.

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