Stephanie Price: And then on Wireless churn at 1.1%, can you talk a little bit about how you see those metrics evolving over 2024 and the broader Wireless pricing strategy here?
Anthony Staffieri: Stephanie, in terms of churn, the summary is we continue to see an environment where we’ll have heightened churn. Certainly, in Q1, as you saw many of the offers from Q4 continue into Q1, what you saw is continued heightened churn, as Glenn pointed out. Sequentially, when you look on year-on-year increases, it came down in Q1 as some of that promotional activity subsided in and out of the quarter. But as we look to the rest of the year, we continue to see factors that would suggest heightened churn. A number of them is the — just the way the new-to-Canada segment works in terms of coming in, coming out, and that’s a factor that’s going to be a bit of a permanent input to increase churn, and ease of switching is going to be another factor facilitated by eSIM as an example.
And there are other factors that we see driving up churn. But it isn’t something that we’re necessarily concerned about. It actually continues to — and it’s really a demonstration of the competitiveness in the market. And as customers decide to — and have choices, we do well in that environment. So we continue to look at it on a net basis and ensure that the cost of acquisition costs continue to come down so that even in a higher churn environment, we have a very balanced approach to deliver industry-leading margins on the Wireless portfolio.
Operator: Our next question comes from Jerome Dubreuil of Desjardins.
Jerome Dubreuil: The first one, we’re seeing reports of potential data center sales. So maybe just provide you an opportunity with commenting on that. But some foreign telecom operators, they do see data centers as a way to offer maybe more end-to-end connectivity solutions and being an important part of digital infrastructure. If you can comment on the rationale of potential sale there. Then my second one would be on the new immigration target by the federal government. If you can comment on the dynamics you are seeing on penetration in the future just so we have a better idea of where the net adds might be trending in the future.
Glenn Brandt: Thank you, Jerome. I’ll start with the first one on — there were some media reports over the last month or so around a potential sale of our data centers. And so it’s true. We are looking at raising about $1 billion in asset sales, predominantly real estate. However, we are looking for interest in our data center business. The business that we’re looking to sell is not one that would affect how we sell our Wireless services or the end-to-end, as you say, data aspect of those services. It’s the enterprise-type data center business that is really focused on third-party sales. We have our own data center requirements that we manage separately from that. We are — we have undertaken a process to see if there are interested parties.
We’re taking our time with all of our asset sales. And I mentioned this I think in my comments, the interest rate environment has run with rates a little bit higher for a little bit longer than anticipated. And so that has had a slowing effect on the timing for the real estate sales as well as the timing around the data centers. I do expect that we will have asset sales to announce this year. I’m hoping that we will have some interest — sufficient interest in the data centers that might be one of the opportunities. That’s as much as I’ll say on that. And then on the immigration numbers.
Anthony Staffieri: Yes. On the immigration piece, Jerome, I would say it’s important to set the context. If we look at total market growth for the industry, last year, it was over 5%, which was remarkable. As we look to the first quarter, which is the initial impact of some of the curbing of foreign students to Canada, we expect market growth to be about 4.6% for Q1 would be our best estimate. And as we look to the balance of the year, we continue to see likely growth, all things considered, in the 4% to 4.5% range, which continues to be extremely strong growth. I reemphasize the growth that you see in the market is really combination of 2 factors. Half of it roughly is from penetration gains, and then the other half relates to the new-to-Canada category. So it’s important that you always look at it in that context.
Operator: Our next question comes from Batya Levi of UBS.
Batya Levi: Just going back to the Cable revenue declines. Can you provide more color on the drivers to get to growth in 4Q from about 3% declines now and assuming that video erosion will continue? And how should we kind of think about broadband net adds for the balance of the year?
Anthony Staffieri: Batya, okay, a couple of things there. In terms of the strategy to return Cable to top line growth, it’s really a combination of factors, some of which I talked about — or maybe all of them, which I’ve talked about. One is turning around our market share performance in our Cable footprint, and you’re seeing early signs of that already. And that’s across our entire footprint, both in East and West, and we have a compelling value proposition there where we can offer a superior Internet product performance across more homes passed than our competitors can. So it’s about execution on that. Embedded in that is the opportunity to continue to grow Internet ARPU because of our ability to offer speeds a minimum of 1 gig ubiquitously across our entire footprint and, in certain areas, beyond that.
