Glenn Brandt: And then Maher, on your question around what our adjusted or pro forma or organic growth rates would have been across Wireless and Cable. Within Wireless, the Shaw Mobile customers really had limited impact on the year-over-year growth rates when you roll it through the entire business than just the scale of customers, that was really limited. And so you’ve seen consistently through the year similar in the fourth quarter. The fourth quarter, we had 9% revenue growth, 10% EBITDA growth — that was — I would peg around those numbers. That was largely unaffected by the Shaw Mobile ads that happened throughout the nine months from closing on Shaw most notably in the second half of the year. On Cable, what you see on an adjusted basis for the transaction is a 3% revenue decline and roughly a 12% pro forma growth in EBITDA, largely driven by the cost synergy achievements that we’ve realized to date. Does that help?
Maher Yaghi: Yes, thank you very much. And just my question, the more broad question I wanted to ask you Tony. I mean Rogers has been, I think, definitely better — getting more than their fair market share on new immigration, new Canadians coming into Canada. But I need to ask you, I mean those stores that you in the West, Shaw stores. I’m sure you’re using them a lot more to sell wireless now combining cable and wireless selling into those stores. How much that retail position that you grabbed by the acquisition of Shaw is helping you increase your market share loading in Western Canada in Wireless specifically? And around also that strategy, you’re deemphasizing Fido moving a lot of your customer base to Rogers. Can you explain the cost savings that you — or give us some views on the cost savings that you’re going to get through that change in how you sell your product? Thank you.
Tony Staffieri: Thanks, Maher. Let me clarify at the outset, you made the comment we’re getting more than our fair share. I would characterize it as we’re getting the share we deserve and we earn every day. Canadians have choice and they’re making their choice. And so that’s one. In terms of how that’s playing out in our stores in the West, I would say more broadly, and we’ve talked about this on previous calls, we are expanding our retail locations to more and more cross-sell on the bundle and make it easier for the customer to purchase their home Internet and entertainment services at our retail locations. And so certainly, with the closing of Shaw, that was a big advantage to us to rebrand the Shaw stores to Rogers and increase the penetration of the bundled sale.
I would say it continues to be early days on that, and we’re underpenetrated in terms of bundle. And so we look that to be a good growth opportunity for us in promoting strong sales certainly in Wireless. But importantly, on the Internet side, which is, I would say, it’s just at the beginning of acceleration. And then the final point in our brand consolidation strategy and what it means for our cost structure, it’s a bit too premature to start sharing that type of stuff. You’re certainly seeing some of it come through in our wireless margin expansion and leading industry margins already. But I’m not prepared to start quantifying the different pieces of it, Maher.
Maher Yaghi: Okay. Thank you.
Paul Carpino: Thanks Maher. Next question Ariel.
Operator: Our next question comes from Stephanie Price of CIBC. Please go ahead.
Stephanie Price: Good morning. I wanted to focus in on the CAPEX guidance, and I was hoping you could talk a little bit of the buckets of CAPEX investment here, whether it’s 5G, DOCSIS and whether we can see any CAPEX synergies with Shaw in the guide, and maybe more broadly how you think about network investments internally and what percentage of the CAPEX envelope you think of as growth versus just baseline?
Glenn Brandt: Thank you, Stephanie. Good morning. I think if I could maybe not give you quite the specifics that you’re looking for, but just in general, we remain committed on investing more and more of our annual capital spend in network infrastructure and hard infrastructure as opposed to other projects and so that continues. The impact of the Shaw acquisition allows better efficiencies certainly in terms of how far those dollars go, I’m not going to give any particular clarity to that. The $1 billion of targeted synergy savings, those are just on the cost side, but we do see benefits that also accrue on our capital spend as a result of the scale. We’ve now got twice the route kilometers of network roughly from the acquisition on the wireline side.
And so our service contracts are gear purchases, those all we lean in on negotiating the rates. Those all reflect now a roughly 2x volume, and we drive the savings that you would anticipate in those negotiations. That will continue in 2024. And so I anticipate gains that come from that. You can see from our guidance, we still intend to invest significantly this year in the range similar to what we had in 2023, and that is predominantly on expanding our coverage and our footprint.
Stephanie Price: Thanks. And then just for my second question, Tony, your prepared remarks mentioned expanding fixed wireless nationally. Just curious how you think about fixed wireless here, is it just for remote regions or could we see Rogers rolling out more broadly as we’ve seen in the U.S.?
Tony Staffieri: You’re going to see us do — we launched it I would say on a soft launch a little while ago in the fourth quarter. And now we’re expanding that to a more robust offering. It is national and it may include urban, but it is focused on rural for the most part but also where we don’t have a wireline footprint. So we cover two thirds of the country with our wireline cable footprint. And there’s one third that we don’t cover with wireline and so what you’ll see us focus on is fixed wireless access in those markets as well as TPIA. We purchased Comwave in the fourth quarter, and that allowed us a platform to be able to sell home Internet and products that we could bundle with what is already our national coverage on Wireless. So that’s how you should think about that strategy. And that’s why this network slicing is an important component of that.
Stephanie Price: Thank you.
Paul Carpino: Yeah, thanks Stephanie. Next question Ariel.
Operator: Our next question comes from Jerome Dubreuil of Desjardins. Please go ahead.
Jerome Dubreuil: Hey, good morning. Thanks for taking my questions. The first one is a follow-up to Stephane’s question on network slicing and what it allows you to do in terms of expanding fixed wireless. A clarification on your comment on urban, I would imagine that’s more when you don’t have cable, right? And then the second one on this is what does that mean in terms of your potential investments in wireless capacity?
Tony Staffieri: Excellent question, Jerome. So in terms of slicing, think about it as — the offer is out there for customers and they’ll always get better network performance with our cable network, depending on where they’re located. But for some, they’re looking for ease of — and it might be, for example, the use cases that we’re seeing more and more of where there are foreign students that are here temporarily. And so the off and on of the Internet Wi-Fi experience within their dorm or apartment, etcetera, is a lot easier with FWA. And so it’s a much easier process and a much more inexpensive process to come on and off. And so that’s we’re thinking very smartly about how we deploy it in urban. But as I said, rural is one, but the areas like Southwest Ontario and Quebec that we don’t serve today are key markets for us as we look to that.
In terms of what it means for Wireless CAPEX, it’s within our envelope. But frankly, the biggest enabler of fixed Wireless access performance is going to be more spectrum. And so we look forward to the government’s plans on making more spectrum available. That’s one of the biggest differences between the Canadian and U.S. markets. The U.S. telecom industry just has more capacity of spectrum available to it. And as we catch up, I think that will be a terrific growth product for us.
Jerome Dubreuil: That’s good color. Second question I have is whether investments in DOCSIS 4.0 are included in this CAPEX guidance, what possibly — what will be done in terms of DOCSIS 4.0 within that guided CAPEX envelope this year?
