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Rogers Communications Reports Fourth Quarter 2024 Results; Announces 2025 Financial Guidance

1. RCI reached over $20 billion in annual revenue for 2024. 2. 623,000 mobile and Internet net additions indicate strong market demand. 3. Projected 2025 revenue growth between 0% to 3% reflects cautious optimism. 4. Free cash flow increased by 26%, showing improved financial health. 5. Investment in 5G network enhances competitive positioning in Canada.

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FAQ

Why Bullish?

Strong revenue growth and free cash flow suggest solid operational performance, boosting investor confidence.

How important is it?

The article highlights key financial metrics that impact RCI's valuation and stock interest.

Why Long Term?

Sustained financial performance and network expansion plans are likely to yield benefits over time.

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Rogers tops $20 billion in annual revenue in 2024 as more Canadians choose Rogers Wireless and Internet than any other carrier in Canada Led all Canadian carriers with combined mobile phone and Internet net additions of 623,000 in 2024Delivered service revenue growth of 7% and adjusted EBITDA growth of 12%; over $3 billion in free cash flow1 and $4 billion in capital expenditures in Canadian economy in 2024 Q4 caps our third straight year of delivering industry-leading financial and operating performance led by continued disciplined loading and efficiency gains Wireless service revenue up 2% and adjusted EBITDA up 6% Net postpaid and prepaid phone additions of 95,000Margin up 250 basis points to 66%; blended ARPU stable at $58Postpaid mobile phone churn of 1.53%, a 14 basis point improvement over last year Cable revenue improves to slightly positive growth; adjusted EBITDA up 5% Retail Internet net adds of 26,000, up 30%Margin up 290 basis points to 59% Media revenue up 10% Adjusted EBITDA $53 million compared to $4 million last year Consolidated total service revenue up 2%; adjusted EBITDA up 9% Consolidated margin of 46%, up 250 basis pointsCapital expenditures of $1 billion; free cash flow1 of $878 million, up 7%Debt leverage ratio1 of 4.5x; work continues on prospective $7 billion structured equity investment Rogers' network leadership continues Substantially completed our 5G network build along the Highway of Tears in BCTrialed cloud-based network technology as an additional layer of mobile network resilience with Nokia and AWS - a global firstCarried record amounts of mobile data at Taylor Swift concerts Provides 2025 outlook; anticipates single-digit total service revenue and adjusted EBITDA growth, strong free cash flow, and continued network investments and expansion across all regions in Canada Total service revenue growth of 0% to 3%; adjusted EBITDA growth of 0% to 3%; capital expenditures of $3.8 billion to $4.0 billion; and free cash flow of $3.0 billion to $3.2 billion TORONTO, Jan. 30, 2025 (GLOBE NEWSWIRE) -- Rogers Communications Inc. (TSX: RCI.A and RCI.B; NYSE: RCI) today announced its unaudited financial and operating results for the fourth quarter ended December 31, 2024. "The fourth quarter caps three straight years of industry-leading results," said Tony Staffieri, President and CEO. "I'm proud of our team and their disciplined execution in a very competitive market. As I look to the year ahead, our 2025 outlook reflects continued growth, strong free cash flow, and investment in our core businesses." Consolidated Financial Highlights (In millions of Canadian dollars, except per share amounts, unaudited)Three months ended December 31 Twelve months ended December 31  2024 2023% Chg  2024 2023% Chg          Total revenue 5,481 5,3353   20,604 19,3087 Total service revenue 4,543 4,4702   18,066 16,8457 Adjusted EBITDA 1 2,533 2,3299   9,617 8,58112 Net income 558 32870   1,734 849104 Adjusted net income 1 794 63026   2,719 2,40613          Diluted earnings per share$1.02$0.6265  $3.20$1.6298 Adjusted diluted earnings per share 1$1.46$1.1923  $5.04$4.5910          Cash provided by operating activities 1,135 1,379(18)  5,680 5,2219 Free cash flow 1 878 8237   3,045 2,41426  ____________________1 Adjusted EBITDA is a total of segments measure. Free cash flow and debt leverage ratio are capital management measures. Adjusted diluted earnings per share is a non-GAAP ratio. Adjusted net income is a non-GAAP financial measure and is a component of adjusted diluted earnings per share. See "Non-GAAP and Other Financial Measures" for more information about each of these measures. These are not standardized financial measures under International Financial Reporting Standards (IFRS) and might not be comparable to similar financial measures disclosed by other companies. Quarterly Financial Highlights RevenueTotal revenue and total service revenue increased by 3% and 2%, respectively, this quarter, driven by revenue growth in our Wireless and Media businesses and by stabilized revenue in our Cable business. Wireless service revenue increased by 2% this quarter, primarily as a result of the cumulative impact of growth in our mobile phone subscriber base over the past year. Wireless equipment revenue increased by 9%, primarily as a result of an increase in subscribers purchasing higher-value devices. Cable service revenue was stable this quarter, improving sequentially from the third quarter and from the prior year. Media revenue increased by 10% this quarter, primarily as a result of higher sports- and entertainment-related revenue, but lower than expectations as previously announced. Adjusted EBITDA and margins Consolidated adjusted EBITDA increased 9% this quarter, and our adjusted EBITDA margin increased by 250 basis points, primarily as a result of ongoing productivity and cost efficiencies. Wireless adjusted EBITDA increased by 6%, primarily due to the flow-through impact of higher revenue as discussed above in conjunction with ongoing cost efficiencies. This gave rise to an adjusted EBITDA margin of 66%, up 250 basis points. Cable adjusted EBITDA increased by 5% due to ongoing cost efficiencies. This gave rise to an adjusted EBITDA margin of 59%, up 290 basis points. Media adjusted EBITDA increased by $49 million this quarter, primarily due to higher revenue as discussed above. Net income and adjusted net income Net income and adjusted net income increased by 70% and 26%, respectively, this quarter, primarily as a result of higher adjusted EBITDA. Cash flow and available liquidity This quarter, we generated cash provided by operating activities of $1,135 million (2023 - $1,379 million), which decreased as a result of a greater net investment in net operating assets and liabilities partially offset by higher adjusted EBITDA, and free cash flow of $878 million (2023 - $823 million), which increased primarily as a result of higher adjusted EBITDA. As at December 31, 2024, we had $4.8 billion of available liquidity2 (December 31, 2023 - $5.9 billion), including $0.9 billion in cash and cash equivalents and $3.5 billion available under our bank and other credit facilities. Our debt leverage ratio as at December 31, 2024 was 4.5 (December 31, 2023 - 5.0, or 4.72 on an as adjusted basis to include trailing 12-month adjusted EBITDA of a combined Rogers and Shaw as if the Shaw Transaction had closed on January 1, 2023). See "Financial Condition" for more information. We also returned $267 million in dividends to shareholders this quarter and we declared a $0.50 per share dividend on January 29, 2025. ____________________2 Available liquidity is a capital management measure. Pro forma debt leverage ratio is a non-GAAP ratio. Pro forma trailing 12-month adjusted EBITDA is a non-GAAP financial measure and is a component of pro forma debt leverage ratio. See "Non-GAAP and Other Financial Measures" for more information about these measures. These are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other companies. See "Financial Condition" for a reconciliation of available liquidity. Strategic Highlights The five objectives set out below guide our work and decision-making as we further improve our operational execution and make well-timed investments to grow our core businesses and deliver increased shareholder value. Below are some highlights for the year. Build the biggest and best networks in the country Awarded Canada's most reliable 5G network by umlaut for the sixth straight year and most reliable wireless network by Opensignal, both in July 2024.Recognized as Canada's most reliable Internet by Opensignal in July 2024.Completed Canada's first national live trial of 5G network slicing.Started to deploy 3800 MHz spectrum licences, further expanding our 5G capabilities.Delivered 4 Gbps download and 1 Gbps upload speeds with DOCSIS 4.0 modem technology trial. Deliver easy to use, reliable products and services Signed landmark deals with Warner Bros. Discovery and NBCUniversal to acquire the most-watched lifestyle and entertainment brands and content, subsequently launching Bravo in Canada and launched channels for HGTV, Food Network, Discovery, and others on January 1, 2025.Announced a ten-year agreement with Comcast to bring their world-class Xfinity products and technology to Canadians, beginning with Rogers Xfinity Streaming and Rogers Xfinity Storm-Ready WiFi, Canada's first home Internet backup solution.Introduced a program to help newcomers build credit and finance a new smartphone through a partnership with Nova Credit.Launched Rogers 5G Home Internet across our wireless network coverage area. Be the first choice for Canadians Led the industry with 623,000 mobile phone and Internet net additions.Signed an agreement with BCE Inc. (Bell) to become the majority owner of Maple Leaf Sports & Entertainment (MLSE).Produced and broadcast Canada's first Law & Order original series, premiering at #1 in the country and becoming Citytv’s most watched original series in over a decade.Sportsnet was the most watched specialty channel in Canada. Be a strong national company investing in Canada Invested a record $4 billion in capital expenditures, primarily in our networks.Became the first national carrier in Canada with net-zero greenhouse gas (GHG) emissions targets approved by the Science Based Targets initiative (SBTi).Drove benefits to community organizations across Canada of over $100 million.Raised a record $25 million to support children’s charities in Alberta at the 12th annual Rogers Charity Classic.Released our 2023 Economic Impact Assessment showing Rogers supported 92,000 jobs and contributed $14 billion to Canada's GDP. Be the growth leader in our industry Grew total service revenue by 7% and adjusted EBITDA by 12%.Reported industry-leading margins in our Wireless and Cable operations.Generated free cash flow of $3,045 million, up 26%, and cash flow from operating activities of $5,680 million. MLSE TransactionOn September 18, 2024, we announced an agreement with BCE Inc. (Bell) to acquire Bell's indirect 37.5% ownership stake in Maple Leaf Sports & Entertainment Inc. (MLSE) for a purchase price of $4.7 billion subject to certain adjustments, payable in cash (MLSE Transaction). In December 2024, we received clearance from the Competition Bureau to proceed with the MLSE Transaction. We still require sports league approvals and approval from the Canadian Radio-television and Telecommunications Commission before the MLSE Transaction can close. We expect financing for the MLSE Transaction will include private investors. Update on prospective $7 billion structured equity investmentOn October 24, 2024, we announced that we entered into a non-binding term sheet with a leading global financial investor for a proposed $7 billion structured equity investment, substantially all of the net proceeds of which are expected to be used to reduce debt and further strengthen our balance sheet. The equity investment, if completed, would result in the investor acquiring a minority stake in a subsidiary that will own a portion of our wireless backhaul transport infrastructure, with Rogers continuing to maintain operational control. We continue to consider, evaluate, and work on definitive agreements with respect to the proposed equity investment. Completion is subject to entering into binding definitive documentation with the investor. 2024 Guidance The following table outlines guidance ranges we had previously provided and our actual results and achievements for the selected full-year 2024 financial metrics. On January 3, 2025, we issued a press release stating we expected annual total service revenue growth just over 7% driven by weakness in Media revenue during the fourth quarter. On a full-year basis, competitive intensity in Wireless and Cable impacted our full-year results relative to our 2024 guidance ranges.  2023 2024 2024  (In millions of dollars, except percentages)Actual Guidance Ranges Actual AchievementConsolidated Guidance 1          Total service revenue16,845 Increase of 8%toincrease of 10% 18,0667% XAdjusted EBITDA8,581 Increase of 12%toincrease of 15% 9,61712% *Capital expenditures 23,934 3,800to4,000 4,041n/m **Free cash flow2,414 2,900to3,100 3,045n/m * Missed XAchieved *Exceeded ** n/m - not meaningful1 The table outlines guidance ranges for selected full-year 2024 consolidated financial metrics provided in our February 1, 2024 earnings release. Guidance ranges presented as percentages reflect percentage increases over full-year 2023 results.2 Includes additions to property, plant and equipment net of proceeds on disposition, but does not include expenditures for spectrum licences, additions to right-of-use assets, or assets acquired through business combinations. 2025 Outlook For the full-year 2025, we expect healthy total service revenue and adjusted EBITDA will drive sustained strong free cash flow. In 2025, we expect to have the financial flexibility to maintain our network advantages and to continue to return cash to shareholders.  2024 2025(In millions of dollars, except percentages; unaudited)Actual Guidance Ranges 1       Consolidated Guidance      Total service revenue18,066 Increase of 0%toincrease of 3% Adjusted EBITDA9,617 Increase of 0%toincrease of 3% Capital expenditures 24,041 3,800to4,000 Free cash flow3,045 3,000to3,200  1 Guidance ranges presented as percentages reflect percentage increases over full-year 2024 results.2 Includes additions to property, plant and equipment net of proceeds on disposition, but does not include expenditures for spectrum licences, additions to right-of-use assets, or assets acquired through business combinations. The above table outlines guidance ranges for selected full-year 2025 consolidated financial metrics without giving effect to the MLSE Transaction (see "MLSE Transaction"), any associated financing, or any other associated transactions or expenses. These ranges take into consideration our current outlook and our 2024 results. The purpose of the financial outlook is to assist investors, shareholders, and others in understanding certain financial metrics relating to expected 2025 financial results for evaluating the performance of our business. This information may not be appropriate for other purposes. Information about our guidance, including the various assumptions underlying it, is forward-looking and should be read in conjunction with "About Forward-Looking Information" (including the material assumptions listed under the heading "Key assumptions underlying our full-year 2025 guidance") and the related disclosure and information about various economic, competitive, and regulatory assumptions, factors, and risks that may cause our actual future financial and operating results to differ from what we currently expect. We provide annual guidance ranges on a consolidated full-year basis that are consistent with annual full-year Board of Directors-approved plans. Any updates to our full-year financial guidance over the course of the year would only be made to the consolidated guidance ranges that appear above. About Rogers Rogers is Canada's communications and entertainment company and its shares are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI). Investment Community ContactMedia ContactPaul Carpino647.435.6470paul.carpino@rci.rogers.comSarah Schmidt647.643.6397sarah.schmidt@rci.rogers.com   Quarterly Investment Community Teleconference Our fourth quarter 2024 results teleconference with the investment community will be held on: January 30, 20258:00 a.m. Eastern Timewebcast available at investors.rogers.commedia are welcome to participate on a listen-only basis A rebroadcast will be available at investors.rogers.com for at least two weeks following the teleconference. Additionally, investors should note that from time to time, Rogers' management presents at brokerage-sponsored investor conferences. Most often, but not always, these conferences are webcast by the hosting brokerage firm, and when they are webcast, links are made available on Rogers' website at investors.rogers.com. For More Information You can find more information relating to us on our website (investors.rogers.com), on SEDAR+ (sedarplus.ca), and on EDGAR (sec.gov), or you can e-mail us at investor.relations@rci.rogers.com. Information on or connected to these and any other websites referenced in this earnings release is not part of, or incorporated into, this earnings release. You can also go to investors.rogers.com for information about our governance practices, environmental, social, and governance (ESG) reporting, a glossary of communications and media industry terms, and additional information about our business. About this Earnings Release This earnings release contains important information about our business and our performance for the three and twelve months ended December 31, 2024, as well as forward-looking information (see "About Forward-Looking Information") about future periods. This earnings release should be used as preparation for reading our forthcoming Management's Discussion and Analysis (MD&A) and Audited Consolidated Financial Statements for the year ended December 31, 2024, which we intend to file with securities regulators in Canada and the US in the coming weeks. These documents will be made available at investors.rogers.com, sedarplus.ca, and sec.gov or mailed upon request. The financial information contained in this earnings release is prepared using International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. This earnings release should be read in conjunction with our 2023 Annual MD&A, our 2023 Audited Consolidated Financial Statements, our 2024 First, Second, and Third Quarter MD&A and Interim Condensed Consolidated Financial Statements, and our other recent filings with Canadian and US securities regulatory authorities, which are available on SEDAR+ at sedarplus.ca or EDGAR at sec.gov, respectively. References in this earnings release to the Shaw Transaction are to our acquisition of Shaw Communications Inc. (Shaw) on April 3, 2023. For additional details regarding the Shaw Transaction, see "Shaw Transaction" in our 2023 Annual MD&A and our 2023 Annual Audited Consolidated Financial Statements. We, us, our, Rogers, Rogers Communications, and the Company refer to Rogers Communications Inc. and its subsidiaries. RCI refers to the legal entity Rogers Communications Inc., not including its subsidiaries. Rogers also holds interests in various investments and ventures. All dollar amounts are in Canadian dollars unless otherwise stated and are unaudited. All percentage changes are calculated using the rounded numbers as they appear in the tables. Information is current as at January 29, 2025 and was approved by RCI's Board of Directors (the Board). We are publicly traded on the Toronto Stock Exchange (TSX: RCI.A and RCI.B) and on the New York Stock Exchange (NYSE: RCI). In this earnings release, this quarter, the quarter, or fourth quarter refer to the three months ended December 31, 2024, first quarter refers to the three months ended March 31, 2024, second quarter refers to the three months ended June 30, 2024, third quarter refers to the three months ended September 30, 2024 and year to date or full year refer to the twelve months ended December 31, 2024. All results commentary is compared to the equivalent period in 2023 or as at December 31, 2023, as applicable, unless otherwise indicated. Trademarks in this earnings release are owned or used under licence by Rogers Communications Inc. or an affiliate. This earnings release may also include trademarks of other parties. The trademarks referred to in this earnings release may be listed without the ™ symbols. ©2025 Rogers Communications Reportable segmentsWe report our results of operations in three reportable segments. Each segment and the nature of its business is as follows: SegmentPrincipal activitiesWirelessWireless telecommunications operations for Canadian consumers and businesses.CableCable telecommunications operations, including Internet, television and other video (Video), Satellite, telephony (Home Phone), and home monitoring services for Canadian consumers and businesses, and network connectivity through our fibre network and data centre assets to support a range of voice, data, networking, hosting, and cloud-based services for the business, public sector, and carrier wholesale markets.MediaA diversified portfolio of media properties, including sports media and entertainment, television and radio broadcasting, specialty channels, multi-platform shopping, and digital media. Wireless and Cable are operated by our wholly owned subsidiary, Rogers Communications Canada Inc. (RCCI), and certain of our other wholly owned subsidiaries. Media is operated by our wholly owned subsidiary, Rogers Media Inc., and its subsidiaries. Summary of Consolidated Financial Results  Three months ended December 31 Twelve months ended December 31 (In millions of dollars, except margins and per share amounts) 2024  2023 % Chg  2024  2023 % Chg          Revenue        Wireless 2,981  2,868 4   10,595  10,222 4 Cable 1,983  1,982 —   7,876  7,005 12 Media 616  558 10   2,484  2,335 6 Corporate items and intercompany eliminations (99) (73)36   (351) (254)38 Revenue 5,481  5,335 3   20,604  19,308 7 Total service revenue 1 4,543  4,470 2   18,066  16,845 7          Adjusted EBITDA        Wireless 1,367  1,291 6   5,312  4,986 7 Cable 1,169  1,111 5   4,518  3,774 20 Media 53  4 n/m  84  77 9 Corporate items and intercompany eliminations (56) (77)(27)  (297) (256)16 Adjusted EBITDA 2,533  2,329 9   9,617  8,581 12 Adjusted EBITDA margin 2 46.2% 43.7%2.5 pts  46.7% 44.4%2.3 pts          Net income 558  328 70   1,734  849 104 Basic earnings per share$1.04 $0.62 68  $3.25 $1.62 101 Diluted earnings per share$1.02 $0.62 65  $3.20 $1.62 98          Adjusted net income 2 794  630 26   2,719  2,406 13 Adjusted basic earnings per share 2$1.48 $1.19 24  $5.09 $4.60 11 Adjusted diluted earnings per share$1.46 $1.19 23  $5.04 $4.59 10          Capital expenditures 1,007  946 6   4,041  3,934 3 Cash provided by operating activities 1,135  1,379 (18)  5,680  5,221 9 Free cash flow 878  823 7   3,045  2,414 26  1 As defined. See "Key Performance Indicators". 2 Adjusted EBITDA margin is a supplementary financial measure. Adjusted basic earnings per share is a non-GAAP ratio. Adjusted net income is a non-GAAP financial measure and is a component of adjusted basic earnings per share. These are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other companies. See "Non-GAAP and Other Financial Measures" for more information about these measures. Results of our Reportable Segments WIRELESS Wireless Financial Results  Three months ended December 31 Twelve months ended December 31 (In millions of dollars, except margins)2024 2023 % Chg 2024 2023 % Chg         Revenue       Service revenue2,058 2,020 2  8,108 7,802 4 Equipment revenue923 848 9  2,487 2,420 3 Revenue2,981 2,868 4  10,595 10,222 4         Operating costs       Cost of equipment913 846 8  2,489 2,396 4 Other operating costs701 731 (4) 2,794 2,840 (2)Operating costs1,614 1,577 2  5,283 5,236 1         Adjusted EBITDA1,367 1,291 6  5,312 4,986 7         Adjusted EBITDA margin 166.4%63.9%2.5 pts 65.5%63.9%1.6 ptsCapital expenditures446 334 34  1,596 1,625 (2) 1 Calculated using service revenue. Wireless Subscriber Results 1  Three months ended December 31 Twelve months ended December 31 (In thousands, except churn and mobile phone ARPU) 2024  2023 Chg  2024  2023  Chg         Postpaid mobile phone 2       Gross additions 561  703  (142)  1,914  2,007  (93)Net additions 69  184  (115)  380  674  (294)Total postpaid mobile phone subscribers 3 10,768  10,498  270   10,768  10,498  270 Churn (monthly) 1.53% 1.67%(0.14 pts)  1.21% 1.11%0.10 ptsPrepaid mobile phone 4,5       Gross additions 117  156  (39)  534  867  (333)Net additions (losses) 26  (73) 99   132  (50) 182 Total prepaid mobile phone subscribers 3 1,106  1,111  (5)  1,106  1,111  (5)Churn (monthly) 2.80% 6.20%(3.40 pts)  3.17% 6.12%(2.95 pts)Mobile phone ARPU (monthly) 6$        58.04 $        57.96 $        0.08  $        57.98 $        57.86 $        0.12  1 Subscriber counts and subscriber churn are key performance indicators. See "Key Performance Indicators".2 Effective January 1, 2024, and on a prospective basis, we adjusted our postpaid mobile phone subscriber base to remove 110,000 Cityfone subscribers as we stopped selling new plans for this service as of that date. Given this, we believe this adjustment more meaningfully reflects the underlying organic subscriber performance of our postpaid mobile phone business.3 As at end of period.4 Effective January 1, 2024, and on a prospective basis, we adjusted our prepaid mobile phone subscriber base to remove 56,000 Fido prepaid subscribers as we stopped selling new plans for this service as of that date. Given this, we believe this adjustment more meaningfully reflects the underlying organic subscriber performance of our prepaid mobile phone business.5 Effective October 1, 2024, and on a prospective basis, we adjusted our prepaid mobile phone subscriber base to remove 81,000 Rogers prepaid subscribers as we stopped selling new plans for this service as of that date. Given this, we believe this adjustment more meaningfully reflects the underlying organic subscriber performance of our prepaid mobile phone business.6 Mobile phone ARPU is a supplementary financial measure. See "Non-GAAP and Other Financial Measures" for an explanation as to the composition of this measure. Service revenueThe 2% increase in service revenue this quarter was primarily a result of the cumulative impact of growth in our mobile phone subscriber base over the past year, including our evolving mobile phone plans that increasingly bundle more services in the monthly service fee. Mobile phone ARPU remained stable this quarter. The decrease in gross and net additions this quarter was a result of a less active market, slowing population growth as a result of changes to government immigration policies, and our focus on attracting subscribers to our premium 5G Rogers brand. Equipment revenue The 9% increase in equipment revenue this quarter was primarily a result of: an increase in new subscribers purchasing devices; anda continued shift in the product mix towards higher-value devices; partially offset bylower device upgrades by existing customers. Operating costs Cost of equipment The 8% increase in the cost of equipment this quarter was a result of the equipment revenue changes discussed above. Other operating costs The 4% decrease in other operating costs this quarter was primarily a result of lower costs associated with productivity and efficiency initiatives. Adjusted EBITDA The 6% increase in adjusted EBITDA this quarter was a result of the revenue and expense changes discussed above. CABLE Cable Financial Results  Three months ended December 31 Twelve months ended December 31 (In millions of dollars, except margins)2024 2023 % Chg 2024 2023 % Chg          Revenue        Service revenue1,968 1,965 —  7,825 6,962 12 Equipment revenue15 17 (12) 51 43 19 Revenue1,983 1,982 —  7,876 7,005 12          Operating costs814 871 (7) 3,358 3,231 4          Adjusted EBITDA1,169 1,111 5  4,518 3,774 20          Adjusted EBITDA margin59.0%56.1%2.9 pts 57.4%53.9%3.5 pts Capital expenditures439 448 (2) 1,939 1,865 4  Cable Subscriber Results 1  Three months ended December 31 Twelve months ended December 31 (In thousands, except ARPA and penetration) 2024  2023 Chg  2024  2023  Chg         Homes passed 2 10,205  9,943  262   10,205  9,943  262 Customer relationships       Net additions (losses) 14  (1) 15   47  (2) 49 Total customer relationships 2 4,683  4,636  47   4,683  4,636  47 ARPA (monthly) 3$140.31 $141.96 ($1.65) $140.12 $142.58 ($2.46)        Penetration 2 45.9% 46.6%(0.7 pts)  45.9% 46.6%(0.7 pts)        Retail Internet       Net additions 26  20  6   111  77  34 Total retail Internet subscribers 2 4,273  4,162  111   4,273  4,162  111 Video       Net (losses) additions (35) (12) (23)  (134) 15  (149)Total Video subscribers 2 2,617  2,751  (134)  2,617  2,751  (134)Home Monitoring       Net additions (losses) 13  (1) 14   44  (12) 56 Total Home Monitoring subscribers 2 133  89  44   133  89  44 Home Phone       Net losses (27) (38) 11   (122) (116) (6)Total Home Phone subscribers 2 1,507  1,629  (122)  1,507  1,629  (122) 1 Subscriber results are key performance indicators. See "Key Performance Indicators".2 As at end of period.3 ARPA is a supplementary financial measure. See "Non-GAAP and Other Financial Measures" for an explanation as to the composition of this measure. Service revenueService revenue was stable this quarter as a result of service pricing changes offset by declines in our Home Phone, Video, and Satellite subscriber bases. The lower ARPA this quarter was primarily a result of competitive promotional activity. Operating costs The 7% decrease in operating costs this quarter was a result of ongoing cost efficiency initiatives. Adjusted EBITDAThe 5% increase in adjusted EBITDA this quarter was a result of the service revenue and expense changes discussed above. MEDIA Media Financial Results  Three months ended December 31 Twelve months ended December 31 (In millions of dollars, except margins)2024 2023 % Chg 2024 2023 % Chg          Revenue616 558 10  2,484 2,335 6 Operating costs563 554 2  2,400 2,258 6          Adjusted EBITDA53 4 n/m  84 77 9          Adjusted EBITDA margin8.6%0.7%7.9 pts 3.4%3.3%0.1 pts Capital expenditures58 113 (49) 263 250 5  Revenue The 10% increase in revenue this quarter was a result of: higher sports- and entertainment-related revenue, driven by higher subscriber and other revenue, including from the Taylor Swift Eras Tour concerts hosted at Rogers Centre; partially offset bylower Today's Shopping Choice revenue. Operating costs The 2% increase in operating costs this quarter was a result of: higher programming and production costs; partially offset bylower Today's Shopping Choice costs in line with lower revenue. Adjusted EBITDAThe increase in adjusted EBITDA this quarter was a result of the revenue and expense changes discussed above. CAPITAL EXPENDITURES  Three months ended December 31 Twelve months ended December 31 (In millions of dollars, except capital intensity)2024 2023 % Chg 2024 2023 % Chg         Wireless446 334 34  1,596 1,625 (2)Cable439 448 (2) 1,939 1,865 4 Media58 113 (49) 263 250 5 Corporate64 51 25  243 194 25         Capital expenditures 11,007 946 6  4,041 3,934 3         Capital intensity 218.4%17.7%0.7 pts 19.6%20.4%(0.8 pts) 1 Includes additions to property, plant and equipment net of proceeds on disposition, but does not include expenditures for spectrum licences, additions to right-of-use assets, or assets acquired through business combinations.2 Capital intensity is a supplementary financial measure. See "Non-GAAP and Other Financial Measures" for an explanation as to the composition of this measure. One of our objectives is to build the biggest and best networks in the country. As we continually work towards this, we once again spent more on our wireless and wireline networks this year than we have in the past several years. We continue to expand the reach and capacity of our 5G network (the largest 5G network in Canada as at December 31, 2024) across the country. We also continue to invest in fibre deployments, including fibre-to-the-home (FTTH), in our cable network and we are expanding our network footprint to reach more homes and businesses, including in rural, remote, and Indigenous communities. These investments will strengthen network resilience and stability and will help us bridge the digital divide by expanding our network further into rural and underserved areas through participation in various programs and projects. WirelessThe increase in capital expenditures in Wireless this quarter was a result of investments made to upgrade and expand our wireless network. We continue to make investments in our network development and 5G deployment to expand our wireless network. The ongoing deployment of 3500 MHz spectrum and the commencement of 3800 MHz spectrum deployment continue to augment the capacity and resilience of our earlier 5G deployments in the 600 MHz spectrum band. CableCapital expenditures in Cable this quarter were in line with last year. Capital expenditures reflect continued investments in our infrastructure, including additional fibre deployments to increase our FTTH distribution. These investments incorporate the latest technologies to help deliver more bandwidth and an enhanced customer experience as we progress in our connected home roadmap, including service footprint expansion and upgrades to our DOCSIS 3.1 platform to evolve to DOCSIS 4.0, offering increased network resilience, stability, and faster download speeds over time. MediaThe decrease in capital expenditures in Media this quarter was primarily a result of lower stadium infrastructure expenditures associated with the multi-year Rogers Centre modernization project that was completed earlier this year. Capital intensityCapital intensity increased this quarter as a result of the revenue and capital expenditure changes discussed above. Review of Consolidated PerformanceThis section discusses our consolidated net income and other income and expenses that do not form part of the segment discussions above.  Three months ended December 31 Twelve months ended December 31 (In millions of dollars)2024 2023 % Chg 2024 2023% Chg         Adjusted EBITDA2,533 2,329 9  9,617 8,58112 Deduct (add):       Depreciation and amortization1,174 1,172 —  4,616 4,12112 Restructuring, acquisition and other83 86 (3) 406 685(41)Finance costs571 568 1  2,295 2,04712 Other (income) expense(11)(19)(42) (6)362n/mIncome tax expense158 194 (19) 572 51711         Net income558 328 70  1,734 849104  Depreciation and amortization  Three months ended December 31 Twelve months ended December 31 (In millions of dollars)20242023% Chg 20242023% Chg          Depreciation of property, plant and equipment934938—  3,6653,33110 Depreciation of right-of-use assets104107(3) 40837110 Amortization1361277  54341930          Total depreciation and amortization1,1741,172—  4,6164,12112  Restructuring, acquisition and other  Three months ended December 31 Twelve months ended December 31(In millions of dollars)20242023 20242023        Restructuring, acquisition and other excluding Shaw Transaction-related costs4425 276365 Shaw Transaction-related costs3961 130320        Total restructuring, acquisition and other8386 406685  The restructuring, acquisition and other costs excluding Shaw Transaction-related costs in the fourth quarters of 2023 and 2024 include severance and other departure-related costs associated with the targeted restructuring of our employee base. These costs also included costs related to real estate rationalization programs and transaction costs related to other completed and potential acquisitions and other corporate transactions. The Shaw Transaction-related costs in the fourth quarter of 2023 and 2024 consisted of incremental costs supporting integration activities related to the Shaw Transaction. Finance costs  Three months ended December 31 Twelve months ended December 31 (In millions of dollars)2024 2023 % Chg 2024 2023 % Chg         Total interest on borrowings 1497 531 (6) 2,022 1,981 2 Interest earned on restricted cash and cash equivalents— — —  — (149)(100)        Interest on borrowings, net497 531 (6) 2,022 1,832 10 Interest on lease liabilities34 31 10  137 111 23 Interest on post-employment benefits(2)(3)(33) (5)(13)(62)Loss (gain) on foreign exchange115 (127)n/m 222 (111)n/mChange in fair value of derivative instruments(111)111 n/m (205)108 n/mCapitalized interest(6)(10)(40) (36)(38)(5)Deferred transaction costs and other44 35 26  160 158 1         Total finance costs571 568 1  2,295 2,047 12  1 Interest on borrowings includes interest on short-term borrowings and on long-term debt. Interest on borrowings, netThe 6% decrease in net interest on borrowings this quarter was primarily a result of lower interest expense associated with refinancing a significant portion of the borrowings under our term loan facility with senior notes issued in September 2023 and February 2024. Income tax expense  Three months ended December 31  Twelve months ended December 31 (In millions of dollars, except tax rates)2024 2023  2024 2023       Statutory income tax rate26.2%26.2% 26.2%26.2%Income before income tax expense716 522  2,306 1,366 Computed income tax expense188 137  604 358 Increase (decrease) in income tax expense resulting from:     Non-(taxable) deductible stock-based compensation(7)11  (13)9 Revaluation of deferred tax balances due to corporate reorganization-driven change in income tax rate— 52  — 52 Non-taxable income from security investments— (6) — (16)Non-deductible loss on joint venture's non-controlling interest purchase obligation— —  — 111 Other items(23)—  (19)3       Total income tax expense158 194  572 517       Effective income tax rate22.1%37.2% 24.8%37.8%Cash income taxes paid157 39  545 439  Cash income taxes paid increased this quarter due to the timing of installment payments. Net income  Three months ended December 31 Twelve months ended December 31 (In millions of dollars, except per share amounts) 2024 2023% Chg  2024 2023% Chg          Net income 558 32870  1,734 849104 Basic earnings per share$1.04$0.6268 $3.25$1.62101 Diluted earnings per share$1.02$0.6265 $3.20$1.6298  Adjusted net incomeWe calculate adjusted net income from adjusted EBITDA as follows:  Three months ended December 31 Twelve months ended December 31 (In millions of dollars, except per share amounts) 2024  2023 % Chg  2024  2023 % Chg         Adjusted EBITDA 2,533  2,329 9   9,617  8,581 12 Deduct:       Depreciation and amortization 1 946  923 2   3,699  3,357 10 Finance costs 571  568 1   2,295  2,047 12 Other income 2 (11) (19)(42)  (6) (60)(90)Income tax expense 3 233  227 3   910  831 10         Adjusted net income 1 794  630 26   2,719  2,406 13         Adjusted basic earnings per share$1.48 $1.19 24  $5.09 $4.60 11 Adjusted diluted earnings per share$1.46 $1.19 23  $5.04 $4.59 10  1 Our calculation of adjusted net income excludes depreciation and amortization on the fair value increment recognized on acquisition of Shaw Transaction-related property, plant and equipment and intangible assets. For purposes of calculating adjusted net income, we believe the magnitude of this depreciation and amortization, which was significantly affected by the size of the Shaw Transaction, may have no correlation to our current and ongoing operating results and affects comparability between certain periods. Depreciation and amortization excludes depreciation and amortization on Shaw Transaction-related property, plant and equipment and intangible assets for the three and twelve months ended December 31, 2024 of $228 million and $917 million (2023 - $249 million and $764 million). Adjusted net income includes depreciation and amortization on the acquired Shaw property, plant and equipment and intangible assets based on Shaw's historical cost and depreciation policies.2 Other expense (income) for the twelve months ended December 31, 2023 excludes a $422 million loss related to an obligation to purchase at fair value the non-controlling interest in one of our joint ventures' investments.3 Income tax expense excludes recoveries of $75 million and $338 million (2023 - recoveries of $85 million and $366 million) for the three and twelve months ended December 31, 2024 related to the income tax impact for adjusted items and it also excludes a $52 million expense for the three and twelve months ended December 31, 2023 due to a revaluation of deferred tax balances resulting from a change in our income tax rate. Managing our Liquidity and Financial Resources Operating, investing, and financing activities  Three months ended December 31  Twelve months ended December 31 (In millions of dollars)2024 2023  2024 2023 Cash provided by operating activities before changes in net operating assets and liabilities, income taxes paid, and interest paid2,424 2,243  9,188 8,067 Change in net operating assets and liabilities(667)(369) (876)(627)Income taxes paid(157)(39) (545)(439)Interest paid, net(465)(456) (2,087)(1,780)      Cash provided by operating activities1,135 1,379  5,680 5,221       Investing activities:     Capital expenditures(1,007)(946) (4,041)(3,934)Additions to program rights(16)(17) (72)(74)Changes in non-cash working capital related to capital expenditures and intangible assets167 (68) 136 (2)Acquisitions and other strategic transactions, net of cash acquired— 786  (475)(16,215)Other(14)21  (3)25       Cash used in investing activities(870)(224) (4,455)(20,200)      Financing activities:     Net proceeds received from (repayment of) short-term borrowings19 (96) 1,138 (1,439)Net issuance (repayment) of long-term debt5 (2,749) (1,103)5,040 Net proceeds on settlement of debt derivatives and forward contracts110 260  107 492 Transaction costs incurred(1)—  (47)(284)Principal payments of lease liabilities(120)(106) (478)(370)Dividends paid(181)(191) (739)(960)Other(1)—  (5)—       Cash (used in) provided by financing activities(169)(2,882) (1,127)2,479       Change in cash and cash equivalents and restricted cash and cash equivalents96 (1,727) 98 (12,500)Cash and cash equivalents and restricted cash and cash equivalents, beginning of period802 2,527  800 13,300       Cash and cash equivalents, end of period898 800  898 800  Operating activitiesThis quarter, cash provided by operating activities decreased primarily as a result of a greater net investment in net operating assets and liabilities, partially offset by higher adjusted EBITDA. Investing activitiesCapital expendituresDuring the quarter, we incurred $1,007 million (2023 - $946 million) on capital expenditures before changes in non-cash working capital items. See "Capital Expenditures" for more information. Financing activitiesDuring the quarter, we received net amounts of $133 million (2023 - paid $2,585 million) on our short-term borrowings, long-term debt, and related derivatives, including transaction costs. See "Financial Risk Management" for more information on the cash flows relating to our derivative instruments. Short-term borrowingsOur short-term borrowings consist of amounts outstanding under our receivables securitization program, our US dollar-denominated commercial paper (US CP) program, and our non-revolving credit facilities. Below is a summary of our short-term borrowings as at December 31, 2024 and December 31, 2023.  As atDecember 31As atDecember 31 (In millions of dollars)20242023     Receivables securitization program2,0001,600 US commercial paper program (net of the discount on issuance)452150 Non-revolving credit facility borrowings (net of the discount on issuance)507—     Total short-term borrowings2,9591,750  The tables below summarize the activity relating to our short-term borrowings for the three and twelve months ended December 31, 2024 and 2023.   Three months ended December 31, 2024  Twelve months ended December 31, 2024 (In millions of dollars, except exchange rates)Notional (US$)Exchange rateNotional (Cdn$) Notional (US$)Exchange rateNotional (Cdn$)         Proceeds received from receivables securitization  —    800 Repayment of receivables securitization  (400)   (400)Net (repayment of) proceeds received from receivables securitization  (400)   400         Proceeds received from US commercial paper607 1.415859  2,009 1.3732,759 Repayment of US commercial paper(294)1.429(420) (1,819)1.371(2,494)Net proceeds received from US commercial paper  439    265         Proceeds received from non-revolving credit facilities (US$) 11,070 1.4031,501  2,899 1.3783,996 Repayment of non-revolving credit facilities (US$) 1(1,083)1.404(1,521) (2,547)1.383(3,523)Net (repayment of) proceeds received from non-revolving credit facilities  (20)   473         Net proceeds received from short-term borrowings  19    1,138  1 Borrowings under our non-revolving facility mature and are reissued regularly, such that until repaid, we maintain net outstanding borrowings equivalent to the then-current credit limit on the reissue dates.   Three months ended December 31, 2023  Twelve months ended December 31, 2023 (In millions of dollars, except exchange rates)Notional (US$)Exchange rateNotional (Cdn$) Notional (US$) Exchange rateNotional (Cdn$)         Repayment of receivables securitization  —    (1,000)Net repayment of receivables securitization  —    (1,000)        Proceeds received from US commercial paper306 1.373420  1,803 1.3572,447 Repayment of US commercial paper(194)1.361(264) (1,858)1.345(2,499)Net proceeds received from (repayment of) US commercial paper  156    (52)        Proceeds received from non-revolving credit facilities (Cdn$) 1  —    375 Proceeds received from non-revolving credit facilities (US$)— ——  2,125 1.3492,866 Total proceeds received from non-revolving credit facilities  —    3,241         Repayment of non-revolving credit facilities (Cdn$) 1  —    (758)Repayment of non-revolving credit facilities (US$)(183)1.377(252) (2,125)1.351(2,870)Total repayment of non-revolving credit facilities  (252)   (3,628)        Net repayment of non-revolving credit facilities  (252)   (387)        Net repayment of short-term borrowings  (96)   (1,439) 1 Borrowings under our non-revolving facility mature and are reissued regularly, such that until repaid, we maintain net outstanding borrowings equivalent to the then-current credit limit on the reissue dates. Concurrent with our US CP issuances and US dollar-denominated borrowings under our credit facilities, we entered into debt derivatives to hedge the foreign currency risk associated with the principal and interest components of the borrowings. See "Financial Risk Management" for more information. Long-term debtOur long-term debt consists of amounts outstanding under our bank and letter of credit facilities and the senior notes, debentures, and subordinated notes we have issued. The tables below summarize the activity relating to our long-term debt for the three and twelve months ended December 31, 2024 and 2023.  Three months ended December 31, 2024 Twelve months ended December 31, 2024 (In millions of dollars, except exchange rates)Notional (US$)Exchange rateNotional (Cdn$) Notional (US$)Exchange rateNotional (Cdn$)         Credit facility borrowings (Cdn$)  64    64 Total credit facility borrowings  64    64         Term loan facility net borrowings (US$) 1— ——  8 n/m18 Term loan facility net repayments (US$) 1(41)n/m(59) (2,553)1.352(3,452)Net repayments under term loan facility  (59)   (3,434)        Senior note issuances (US$)— ——  2,500 1.3473,367 Senior note repayments (Cdn$)  —    (1,100)Net issuance of senior notes  —    2,267         Net issuance (repayment) of long-term debt  5    (1,103) 1 Borrowings under our term loan facility mature and are reissued regularly, such that until repaid, we maintain net outstanding borrowings equivalent to the then-current credit limit on the reissue dates.   Three months ended December 31, 2023  Twelve months ended December 31, 2023(In millions of dollars, except exchange rates)Notional (US$)Exchange rateNotional (Cdn$) Notional (US$)Exchange rateNotional (Cdn$)        Credit facility borrowings (US$)— ——  220 1.368301 Credit facility repayments (US$)— ——  (220)1.336(294)Net borrowings under credit facilities  —    7         Term loan facility net borrowings (US$) 1— ——  4,506 1.3506,082 Term loan facility net repayments (US$)(811)1.337(1,084) (1,265)1.340(1,695)Net (repayments) borrowings under term loan facility  (1,084)   4,387         Senior note issuances (Cdn$)  —    3,000         Senior note repayments (Cdn$)  (500)   (500)Senior note repayments (US$)(850)1.37(1,165) (1,350)1.373(1,854)Total senior notes repayments  (1,665)   (2,354)        Net (repayment) issuance of senior notes  (1,665)   646         Net (repayment) issuance of long-term debt  (2,749)   5,040  1 Borrowings under our term loan facility mature and are reissued regularly, such that until repaid, we maintain net outstanding borrowings equivalent to the then-current credit limit on the reissue dates.  Three months ended December 31 Twelve months ended December 31 (In millions of dollars)2024 2023  2024 2023       Long-term debt net of transaction costs, beginning of period40,294 44,094  40,855 31,733 Net issuance (repayment) of long-term debt5 (2,749) (1,103)5,040 Long-term debt assumed through the Shaw Transaction— —  — 4,526 Increase in government grant liability related to Canada Infrastructure Bank facility(39)—  (39)— Loss (gain) on foreign exchange1,599 (526) 2,094 (549)Deferred transaction costs incurred1 —  (52)(31)Amortization of deferred transaction costs36 36  141 136       Long-term debt net of transaction costs, end of period41,896 40,855  41,896 40,855  In April 2024, we amended our revolving credit facility to extend the maturity date of the $3 billion tranche to April 2029, from January 2028, and the $1 billion tranche to April 2027, from January 2026. In April 2023, we drew the maximum $6 billion on the term loan facility upon closing the Shaw Transaction, consisting of $2 billion from each of the three tranches. The three tranches mature on April 3, 2026, 2027, and 2028, respectively. During 2023, we repaid $1.6 billion of the tranche maturing in 2027. In February 2024, we used the proceeds from our senior note issuances (see "Issuance of senior notes and related debt derivatives") to repay an additional $3.4 billion of the facility such that $1 billion remains outstanding under the April 2026 tranche. In April 2023, we also assumed $4.55 billion principal amount of Shaw's senior notes upon closing the Shaw Transaction, of which $500 million was subsequently repaid at maturity in November 2023 and $500 million was repaid at maturity in January 2024. Issuance of senior notes and related debt derivativesBelow is a summary of the senior notes we issued during the three and twelve months ended December 31, 2024 and 2023. (In millions of dollars, except interest rates and discounts) Discount/ premium at issuanceTotal grossproceeds 1 (Cdn$)Transaction costs anddiscounts 2 (Cdn$)Date issued Principal amountDue dateInterest rate        2024 issuances       February 9, 2024US1,25020295.000%99.714%1,68420February 9, 2024US1,25020345.300%99.119%1,68330        2023 issuances       September 21, 2023 50020265.650%99.853%5003September 21, 2023 1,00020285.700%99.871%1,0008September 21, 2023 50020305.800%99.932%5004September 21, 2023 1,00020335.900%99.441%1,00012 1 Gross proceeds before transaction costs, discounts, and premiums.2 Transaction costs, discounts, and premiums are included as deferred transaction costs and discounts in the carrying value of the long-term debt, and recognized in net income using the effective interest method. DividendsBelow is a summary of the dividends declared and paid on RCI's outstanding Class A Voting common shares (Class A Shares) and Class B Non-Voting common shares (Class B Non-Voting Shares) in 2024 and 2023. On January 29, 2025, the Board declared a quarterly dividend of $0.50 per Class A Voting Share and Class B Non-Voting Share, to be paid on April 2, 2025, to shareholders of record on March 10, 2025.     Dividends paid (in millions of dollars)Number ofClass BNon-VotingShares issued(in thousands) 1Declaration dateRecord datePayment dateDividend pershare (dollars)In cashIn Class BNon-VotingSharesTotal        January 31, 2024March 11, 2024April 3, 20240.50183832661,552April 23, 2024June 10, 2024July 5, 20240.50185812661,651July 23, 2024September 9, 2024October 3, 20240.50181862671,633October 23, 2024December 9, 2024January 3, 20250.50185842691,943        February 1, 2023March 10, 2023April 3, 20230.50252—252—April 25, 2023June 9, 2023July 5, 20230.50264—264—July 25, 2023September 8, 2023October 3, 20230.50191742651,454November 8, 2023December 8, 2023January 2, 20240.50190752651,244 1 Class B Non-Voting Shares are issued as partial settlement of our quarterly dividend payable on the payment date under the terms of our dividend reinvestment plan. Free cash flow  Three months ended December 31 Twelve months ended December 31(In millions of dollars)20242023% Chg 20242023% Chg        Adjusted EBITDA2,5332,3299  9,6178,58112Deduct:       Capital expenditures 11,0079466  4,0413,9343Interest on borrowings, net and capitalized interest491521(6) 1,9861,79411Cash income taxes 215739n/m 54543924        Free cash flow8788237  3,0452,41426 1 Includes additions to property, plant and equipment net of proceeds on disposition, but does not include expenditures for spectrum licences, additions to right-of-use assets, or assets acquired through business combinations.2 Cash income taxes are net of refunds received. The 7% increase in free cash flow this quarter was primarily a result of higher adjusted EBITDA, partially offset by higher cash income taxes. Financial Condition Available liquidityBelow is a summary of our available liquidity from our cash and cash equivalents, bank credit facilities, letter of credit facilities, and short-term borrowings as at December 31, 2024 and December 31, 2023. As at December 31, 2024Total sourcesDrawnLetters of creditUS CP program 1Net available(In millions of dollars)      Cash and cash equivalents898———898Bank credit facilities 2:     Revolving4,000—104553,535Non-revolving500500———Outstanding letters of credit3—3——Receivables securitization 22,4002,000——400      Total7,8012,500134554,833 1 The US CP program amounts are gross of the discount on issuance.2 The total liquidity sources under our bank credit facilities and receivables securitization represents the total credit limits per the relevant agreements. The amount drawn and letters of credit are currently outstanding under those agreements. The US CP program amount represents our currently outstanding US CP borrowings that are backstopped by our revolving credit facility. As at December 31, 2023Total sourcesDrawnLetters of creditUS CP program 1Net available(In millions of dollars)      Cash and cash equivalents800———800Bank credit facilities 2:     Revolving4,000—101513,839Non-revolving500———500Outstanding letters of credit243—243——Receivables securitization 22,4001,600——800      Total7,9431,6002531515,939 1 The US CP program amounts are gross of the discount on issuance.2 The total liquidity sources under our bank credit facilities and receivables securitization represents the total credit limits per the relevant agreements. The amount drawn and letters of credit are currently outstanding under those agreements. The US CP program amount represents our currently outstanding US CP borrowings that are backstopped by our revolving credit facility. Our $815 million Canada Infrastructure Bank credit agreement is not included in available liquidity as it can only be drawn upon for use in broadband projects under the Universal Broadband Fund, and therefore is not available for other general purposes. This quarter, we borrowed $64 million under this facility. Weighted average cost of borrowingsOur weighted average cost of all borrowings was 4.61% as at December 31, 2024 (December 31, 2023 - 4.85%) and our weighted average term to maturity was 9.8 years (December 31, 2023 - 10.4 years). These figures reflect the expected repayment of our subordinated notes on the five-year anniversary. Adjusted net debt and debt leverage ratioWe use adjusted net debt and debt leverage ratio to conduct valuation-related analysis and to make capital structure-related decisions.  As atDecember 31 As atDecember 31 (In millions of dollars, except ratios)2024 2023    Current portion of long-term debt3,696 1,100 Long-term debt38,200 39,755 Deferred transaction costs and discounts951 1,040  42,847 41,895 Add (deduct):  Adjustment of US dollar-denominated debt to hedged rate(2,855)(808)Subordinated notes adjustment 1(1,540)(1,496)Short-term borrowings2,959 1,750 Deferred government grant liability 239 — Current portion of lease liabilities587 504 Lease liabilities2,191 2,089 Cash and cash equivalents(898)(800)   Adjusted net debt 343,330 43,134 Divided by: trailing 12-month adjusted EBITDA9,617 8,581    Debt leverage ratio4.5 5.0    Divided by: pro forma trailing 12-month adjusted EBITDA 3n/a 9,095    Pro forma debt leverage ration/a 4.7  1 For the purposes of calculating adjusted net debt and debt leverage ratio, we believe adjusting 50% of the value of our subordinated notes is appropriate as this methodology factors in certain circumstances with respect to priority for payment and this approach is commonly used to evaluate debt leverage by rating agencies.2 For the purposes of calculating adjusted net debt and debt leverage ratio, we have added the deferred government grant liability relating to our Canada Infrastructure Bank facility to reflect the inclusion of the cash drawings.3 Adjusted net debt is a capital management measure. Pro forma trailing 12-month adjusted EBITDA is a non-GAAP financial measure and is a component of pro forma debt leverage ratio. These are not standardized financial measures under IFRS and might not be comparable to similar financial measures disclosed by other companies. See "Non-GAAP and Other Financial Measures" for more information about these measures. In order to meet our stated objective of returning our debt leverage ratio to approximately 3.5 within 36 months of closing the Shaw Transaction, we intend to manage our debt leverage ratio through combined operational synergies, organic growth in adjusted EBITDA, proceeds from asset sales and monetizations, equity financing, and debt repayment, as applicable. Credit ratingsBelow is a summary of the credit ratings on RCI's outstanding senior and subordinated notes and debentures (long-term) and US CP (short-term) as at December 31, 2024. IssuanceS&P Global Ratings ServicesMoody'sFitchDBRS MorningstarCorporate credit issuer default ratingBBB- (stable)Baa3 (stable)BBB- (stable)BBB (low) (stable)Senior unsecured debtBBB- (stable)Baa3 (stable)BBB- (stable)BBB (low) (stable)Subordinated debtBB (stable)Ba2 (stable)BB (stable)N/A 1US commercial paperA-3P-3N/A 1N/A 1 1 We have not sought a rating from Fitch or DBRS Morningstar for our short-term obligations or from DBRS Morningstar for our subordinated debt. Outstanding common shares  As atDecember 31As at December 31 20242023   Common shares outstanding 1  Class A Voting Shares111,152,011111,152,011Class B Non-Voting Shares424,949,191418,868,891   Total common shares536,101,202530,020,902   Options to purchase Class B Non-Voting Shares  Outstanding options9,707,84710,593,645Outstanding options exercisable6,135,1904,749,678 1 Holders of Class B Non-Voting Shares are entitled to receive notice of and to attend shareholder meetings; however, they are not entitled to vote at these meetings except as required by law or stipulated by stock exchanges. If an offer is made to purchase outstanding Class A Shares, there is no requirement under applicable law or our constating documents that an offer be made for the outstanding Class B Non-Voting Shares, and there is no other protection available to shareholders under our constating documents. If an offer is made to purchase both classes of shares, the offer for the Class A Shares may be made on different terms than the offer to the holders of Class B Non-Voting Shares. We issue Class B Non-Voting Shares as partial settlement of our quarterly dividends under the terms of our dividend reinvestment plan (see "Managing our Liquidity and Financial Resources" for more information). Financial Risk Management This section should be read in conjunction with "Financial Risk Management" in our 2023 Annual MD&A. We use derivative instruments to manage financial risks related to our business activities. We only use derivatives to manage risk and not for speculative purposes. We also manage our exposure to both fixed and fluctuating interest rates and had fixed the interest rate on 90.8% of our outstanding debt, including short-term borrowings, as at December 31, 2024 (December 31, 2023 - 85.6%). Debt derivativesWe use cross-currency interest rate exchange agreements, forward cross-currency interest rate exchange agreements, and foreign currency forward contracts (collectively, debt derivatives) to manage risks from fluctuations in foreign exchange rates and interest rates associated with our US dollar-denominated senior notes, debentures, subordinated notes, lease liabilities, credit facility borrowings, and US CP borrowings. We typically designate the debt derivatives related to our senior notes, debentures, subordinated notes, and lease liabilities as hedges for accounting purposes against the foreign exchange risk or interest rate risk associated with specific issued and forecast debt instruments. Debt derivatives related to our credit facility and US CP borrowings have not been designated as hedges for accounting purposes. Credit facilities and US CPBelow is a summary of the debt derivatives we entered into and settled related to our credit facility borrowings and US CP program during the three and twelve months ended December 31, 2024 and 2023.  Three months ended December 31, 2024 Twelve months ended December 31, 2024(In millions of dollars, except exchange rates)Notional (US$)Exchange rateNotional(Cdn$) Notional (US$)ExchangerateNotional(Cdn$)        Credit facilities       Debt derivatives entered3,2041.4064,504 14,9431.36620,407Debt derivatives settled3,2581.4074,583 17,1361.36423,368Net cash received on settlement  95   87        US commercial paper program       Debt derivatives entered6071.415859 2,0081.3742,758Debt derivatives settled2931.427418 1,8071.3712,478Net cash received on settlement  8   13   Three months ended December 31, 2023  Twelve months ended December 31, 2023(In millions of dollars, except exchange rates)Notional (US$)Exchange rateNotional(Cdn$) Notional (US$)ExchangerateNotional(Cdn$)        Credit facilities       Debt derivatives entered10,1771.36513,891  38,2051.34851,517 Debt derivatives settled11,1711.36315,226  34,9641.34847,126 Net cash paid on settlement  (27)   (10)        US commercial paper program       Debt derivatives entered3071.365419  1,8031.3572,447 Debt derivatives settled1941.361264  1,8481.3452,486 Net cash paid on settlement  (1)   (20) As at December 31, 2024, we had US$1,048 million and US$314 million notional amount of debt derivatives outstanding relating to our credit facility borrowings and US CP program (December 31, 2023 - US$3,241 million and US$113 million), at average rates of $1.439/US$ and $1.423/US$ (December 31, 2023 - $1.352/US$ and $1.369/US$), respectively. Senior notesBelow is a summary of the debt derivatives we entered into related to senior notes during the three and twelve months ended December 31, 2024. We did not enter into any debt derivatives related to senior notes issued during 2023. (In millions of dollars, except interest rates)     US$ Hedging effectEffective datePrincipal/Notional amount (US$)Maturity dateCoupon rate Fixed hedged (Cdn$) interest rate 1Equivalent (Cdn$)       2024 issuances      February 9, 20241,25020295.000% 4.735%1,684February 9, 20241,25020345.300% 5.107%1,683 1 Converting from a fixed US$ coupon rate to a weighted average Cdn$ fixed rate. As at December 31, 2024, we had US$17,250 million (December 31, 2023 - US$14,750 million) in US dollar-denominated senior notes, debentures, and subordinated notes, of which all of the associated foreign exchange risk had been hedged using debt derivatives, at an average rate of $1.272/US$ (December 31, 2023 - $1.259/US$). Lease liabilitiesBelow is a summary of the debt derivatives we entered into and settled related to our outstanding lease liabilities for the three and twelve months ended December 31, 2024 and 2023.  Three months ended December 31, 2024 Twelve months ended December 31, 2024(In millions of dollars, except exchange rates)Notional(US$)Exchange rateNotional(Cdn$) Notional(US$)ExchangerateNotional(Cdn$)        Debt derivatives entered431.44262 2711.369371Debt derivatives settled591.30577 2141.322283  Three months ended December 31, 2023 Twelve months ended December 31, 2023(In millions of dollars, except exchange rates)Notional(US$)Exchange rateNotional(Cdn$) Notional(US$)ExchangerateNotional(Cdn$)        Debt derivatives entered931.312122 2741.336366Debt derivatives settled421.31055 1421.310186 As at December 31, 2024, we had US$416 million notional amount of debt derivatives outstanding relating to our outstanding lease liabilities (December 31, 2023 - US$357 million) with terms to maturity ranging from January 2025 to December 2027 (December 31, 2023 - January 2024 to December 2026) at an average rate of $1.349/US$ (December 31, 2023 - $1.329/US$). See "Mark-to-market value" for more information about our debt derivatives. Expenditure derivativesWe use foreign currency forward contracts (expenditure derivatives) to manage the foreign exchange risk in our operations, designating them as hedges for accounting purposes for certain of our forecast operational and capital expenditures. Below is a summary of the expenditure derivatives we entered into and settled during the three and twelve months ended December 31, 2024 and 2023.  Three months ended December 31, 2024 Twelve months ended December 31, 2024(In millions of dollars, except exchange rates)Notional(US$)Exchange rateNotional(Cdn$) Notional(US$)ExchangerateNotional(Cdn$)        Expenditure derivatives entered301.30039 1,1401.3401,528Expenditure derivatives settled2851.326378 1,2001.3251,590  Three months ended December 31, 2023 Twelve months ended December 31, 2023(In millions of dollars, except exchange rates)Notional(US$)Exchange rateNotional(Cdn$) Notional(US$)ExchangerateNotional(Cdn$)        Expenditure derivatives entered4201.326557 1,6501.3252,187Expenditure derivatives acquired——— 2121.330282Expenditure derivatives settled2731.267346 1,1721.2621,479 As at December 31, 2024, we had US$1,590 million notional amount of expenditure derivatives outstanding (December 31, 2023 - US$1,650 million) with terms to maturity ranging from January 2025 to December 2026 (December 31, 2023 - January 2024 to December 2025) at an average rate of $1.336/US$ (December 31, 2023 - $1.325/US$). See "Mark-to-market value" for more information about our expenditure derivatives. Equity derivativesWe use total return swaps (equity derivatives) to hedge the market price appreciation risk of the Class B Non-Voting Shares granted under our stock-based compensation programs. The equity derivatives have not been designated as hedges for accounting purposes. As at December 31, 2024, we had equity derivatives outstanding for 6.0 million (December 31, 2023 - 6.0 million) Class B Non-Voting Shares with a weighted average price of $53.27 (December 31, 2023 - $54.02). In 2024, we executed extension agreements for our equity derivative contracts under substantially the same commitment terms and conditions with revised expiry dates to April 2025 (from April 2024) and the weighted average cost was adjusted to $53.27 per share. See "Mark-to-market value" for more information about our equity derivatives. Cash settlements on debt derivatives and forward contractsBelow is a summary of the net proceeds on settlement of debt derivatives and forward contracts during the three and twelve months ended December 31, 2024 and 2023.  Three months ended December 31  Twelve months ended December 31 (In millions of dollars, except exchange rates)20242023  20242023       Credit facilities95(27) 87(10)US commercial paper program8(1) 13(20)Senior and subordinated notes—288  —522 Lease liabilities7—  7—       Net proceeds on settlement of debt derivatives and forward contracts110260  107492  Mark-to-market valueWe record our derivatives using an estimated credit-adjusted, mark-to-market valuation, calculated in accordance with IFRS.  As at December 31, 2024 (In millions of dollars, except exchange rates)Notionalamount(US$)ExchangerateNotionalamount(Cdn$)Fair value (Cdn$) Debt derivatives accounted for as cash flow hedges:    As assets11,1161.251013,9061,194 As liabilities6,5501.31278,598(842)Debt derivatives not accounted for as hedges:    As assets6661.42829517 As liabilities6961.44211,004(2)Net mark-to-market debt derivative asset   357 Expenditure derivatives accounted for as cash flow hedges:    As assets1,5901.33622,125132 Net mark-to-market expenditure derivative asset   132 Equity derivatives not accounted for as hedges:    As liabilities——320(54)Net mark-to-market equity derivative liability   (54)     Net mark-to-market asset   435   As at December 31, 2023 (In millions of dollars, except exchange rates)Notionalamount(US$)ExchangerateNotionalamount(Cdn$)Fair value (Cdn$) Debt derivatives accounted for as cash flow hedges:    As assets4,5571.15835,278599 As liabilities10,5501.305513,773(1,069)Short-term debt derivatives not accounted for as hedges:    As liabilities3,3541.35264,537(101)Net mark-to-market debt derivative liability   (571)Expenditure derivatives accounted for as cash flow hedges:    As assets6001.31477894 As liabilities1,0501.33151,398(19)Net mark-to-market expenditure derivative liability   (15)Equity derivatives not accounted for as hedges:    As assets——32448 Net mark-to-market equity derivative asset   48      Net mark-to-market liability   (538) Key Performance Indicators We measure the success of our strategy using a number of key performance indicators that are defined and discussed in our 2023 Annual MD&A and this earnings release. We believe these key performance indicators allow us to appropriately measure our performance against our operating strategy and against the results of our peers and competitors. The following key performance indicators, some of which are supplementary financial measures (see "Non-GAAP and Other Financial Measures"), are not measurements in accordance with IFRS. They include: subscriber counts; Wireless;Cable; andhomes passed (Cable); Wireless subscriber churn (churn);Wireless mobile phone average revenue per user(ARPU); Cable average revenue per account (ARPA);Cable customer relationships;Cable market penetration (penetration);capital intensity; andtotal service revenue. Non-GAAP and Other Financial Measures We use the following "non-GAAP financial measures" and other "specified financial measures" (each within the meaning of applicable Canadian securities law). These are reviewed regularly by management and the Board in assessing our performance and making decisions regarding the ongoing operations of our business and its ability to generate cash flows. Some or all of these measures may also be used by investors, lending institutions, and credit rating agencies as indicators of our operating performance, of our ability to incur and service debt, and as measurements to value companies in the telecommunications sector. These are not standardized measures under IFRS, so may not be reliable ways to compare us to other companies. Non-GAAP financial measuresSpecified financial measureHow it is usefulHow we calculate itMost directlycomparableIFRS financialmeasureAdjusted netincome● To assess the performance of our businesses before the effects of the noted items, because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply that they are non-recurring.Net (loss) income add (deduct) restructuring, acquisition and other; loss (recovery) on sale or wind down of investments; loss (gain) on disposition of property, plant and equipment; (gain) on acquisitions; loss on non-controlling interest purchase obligations; loss on repayment of long-term debt; loss on bond forward derivatives; depreciation and amortization on fair value increment of Shaw Transaction-related assets; and income tax adjustments on these items, including adjustments as a result of legislative or other tax rate changes.Net (loss) incomePro forma trailing 12-month adjusted EBITDA● To illustrate the results of a combined Rogers and Shaw as if the Shaw Transaction had closed at the beginning of the applicable trailing 12-month period.Trailing 12-month adjusted EBITDAaddAcquired Shaw business adjusted EBITDA - January 2023 to March 2023Trailing 12-month adjusted EBITDA Non-GAAP ratiosSpecified financial measureHow it is usefulHow we calculate itAdjusted basicearnings pershareAdjusted dilutedearnings pershare● To assess the performance of our businesses before the effects of the noted items, because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply that they are non-recurring.Adjusted net incomedivided bybasic weighted average shares outstanding.Adjusted net income including the dilutive effect of stock-based compensationdivided bydiluted weighted average shares outstanding.Pro forma debt leverage ratio● We believe this helps investors and analysts analyze our ability to service our debt obligations, with the results of a combined Rogers and Shaw as if the Shaw Transaction had closed at the beginning of the applicable trailing 12-month period.Adjusted net debtdivided bypro forma trailing 12-month adjusted EBITDA Total of segments measuresSpecified financial measureMost directly comparable IFRS financial measureAdjusted EBITDANet income Capital management measuresSpecified financial measureHow it is usefulFree cash flow● To show how much cash we generate that is available to repay debt and reinvest in our company, which is an important indicator of our financial strength and performance.● We believe that some investors and analysts use free cash flow to value a business and its underlying assets.Adjusted net debt● We believe this helps investors and analysts analyze our debt and cash balances while taking into account the economic impact of debt derivatives on our US dollar-denominated debt.Debt leverage ratio● We believe this helps investors and analysts analyze our ability to service our debt obligations.Available liquidity● To help determine if we are able to meet all of our commitments, to execute our business plan, and to mitigate the risk of economic downturns. Supplementary financial measuresSpecified financial measureHow we calculate itAdjusted EBITDA marginAdjusted EBITDAdivided byrevenue.Wireless mobile phone average revenue per user (ARPU)Wireless service revenue divided by average total number of Wireless mobile phone subscribers for the relevant period.Cable average revenue per account (ARPA)Cable service revenue divided by average total number of customer relationships for the relevant period.Capital intensityCapital expenditures divided by revenue. Reconciliation of adjusted EBITDA  Three months ended December 31  Twelve months ended December 31(In millions of dollars)2024 2023  2024 2023      Net income558 328  1,734 849Add:     Income tax expense158 194  572 517Finance costs571 568  2,295 2,047Depreciation and amortization1,174 1,172  4,616 4,121EBITDA2,461 2,262  9,217 7,534Add (deduct):     Other (income) expense(11)(19) (6)362Restructuring, acquisition and other83 86  406 685      Adjusted EBITDA2,533 2,329  9,617 8,581 Reconciliation of pro forma trailing 12-month adjusted EBITDA  As at December 31(In millions of dollars)2023  Trailing 12-month adjusted EBITDA - 12 months ended December 31, 20238,581Add (deduct): Acquired Shaw business adjusted EBITDA - January 2023 to March 2023514  Pro forma trailing 12-month adjusted EBITDA9,095 Reconciliation of adjusted net income  Three months ended December 31 Twelve months ended December 31 (In millions of dollars)2024 2023  2024 2023       Net income558 328  1,734 849 Add (deduct):     Restructuring, acquisition and other83 86  406 685 Depreciation and amortization on fair value increment of Shaw Transaction-related assets228 249  917 764 Loss on non-controlling interest purchase obligation— —  — 422 Income tax impact of above items(75)(85) (338)(366)Income tax adjustment, tax rate change— 52  — 52       Adjusted net income794 630  2,719 2,406  Reconciliation of free cash flow  Three months ended December 31  Twelve months ended December 31 (In millions of dollars)2024 2023  2024 2023       Cash provided by operating activities1,135 1,379  5,680 5,221 Add (deduct):     Capital expenditures(1,007)(946) (4,041)(3,934)Interest on borrowings, net and capitalized interest(491)(521) (1,986)(1,794)Interest paid, net465 456  2,087 1,780 Restructuring, acquisition and other83 86  406 685 Program rights amortization(11)(12) (63)(70)Change in net operating assets and liabilities667 369  876 627 Other adjustments 137 12  86 (101)      Free cash flow878 823  3,045 2,414  1 Consists of post-employment benefit contributions, net of expense, cash flows relating to other operating activities, and other investment income from our financial statements. Other Information Consolidated financial results - quarterly summaryBelow is a summary of our consolidated results for the past eight quarters.   2024   2023 (In millions of dollars, except per share amounts) Q4  Q3  Q2  Q1   Q4  Q3  Q2  Q1 Revenue         Wireless 2,981  2,620  2,466  2,528   2,868  2,584  2,424  2,346 Cable 1,983  1,970  1,964  1,959   1,982  1,993  2,013  1,017 Media 616  653  736  479   558  586  686  505 Corporate items and intercompany eliminations (99) (114) (73) (65)  (73) (71) (77) (33)Total revenue 5,481  5,129  5,093  4,901   5,335  5,092  5,046  3,835 Total service revenue 1 4,543  4,567  4,599  4,357   4,470  4,527  4,534  3,314           Adjusted EBITDA         Wireless 1,367  1,365  1,296  1,284   1,291  1,294  1,222  1,179 Cable 1,169  1,133  1,116  1,100   1,111  1,080  1,026  557 Media 53  134  —  (103)  4  107  4  (38)Corporate items and intercompany eliminations (56) (87) (87) (67)  (77) (70) (62) (47)Adjusted EBITDA 2,533  2,545  2,325  2,214   2,329  2,411  2,190  1,651 Deduct (add):         Depreciation and amortization 1,174  1,157  1,136  1,149   1,172  1,160  1,158  631 Restructuring, acquisition and other 83  91  90  142   86  213  331  55 Finance costs 571  568  576  580   568  600  583  296 Other (income) expense (11) 2  (5) 8   (19) 426  (18) (27)Net income before income tax expense 716  727  528  335   522  12  136  696 Income tax expense 158  201  134  79   194  111  27  185 Net income (loss) 558  526  394  256   328  (99) 109  511           Earnings (loss) per share:         Basic$1.04 $0.99 $0.74 $0.48  $0.62 ($0.19)$0.21 $1.01 Diluted$1.02 $0.98 $0.73 $0.46  $0.62 ($0.20)$0.20 $1.00           Net income (loss) 558  526  394  256   328  (99) 109  511 Add (deduct):         Restructuring, acquisition and other 83  91  90  142   86  213  331  55 Depreciation and amortization on fair value increment of Shaw Transaction-related assets 228  227  220  242   249  263  252  — Loss on non-controlling interest purchase obligation —  —  —  —   —  422  —  — Income tax impact of above items (75) (82) (81) (100)  (85) (120) (148) (13)Income tax adjustment, tax rate change —  —  —  —   52  —  —  — Adjusted net income 794  762  623  540   630  679  544  553           Adjusted earnings per share:         Basic$1.48 $1.43 $1.17 $1.02  $1.19 $1.28 $1.03 $1.10 Diluted$1.46 $1.42 $1.16 $0.99  $1.19 $1.27 $1.02 $1.09           Capital expenditures 1,007  977  999  1,058   946  1,017  1,079  892 Cash provided by operating activities 1,135  1,893  1,472  1,180   1,379  1,754  1,635  453 Free cash flow 878  915  666  586   823  745  476  370  1 As defined. See "Key Performance Indicators". Supplementary Information Rogers Communications Inc.Interim Condensed Consolidated Statements of Income(In millions of dollars, except for per share amounts, unaudited)  Three months ended December 31 Twelve months ended December 31  2024  2023   2024  2023      Revenue 5,481  5,335   20,604  19,308      Operating expenses:     Operating costs 2,948  3,006   10,987  10,727Depreciation and amortization 1,174  1,172   4,616  4,121Restructuring, acquisition and other 83  86   406  685Finance costs 571  568   2,295  2,047Other (income) expense (11) (19)  (6) 362      Income before income tax expense 716  522   2,306  1,366Income tax expense 158  194   572  517      Net income for the period 558  328   1,734  849      Earnings per share:     Basic$1.04 $0.62  $3.25 $1.62Diluted$1.02 $0.62  $3.20 $1.62 Rogers Communications Inc.Condensed Consolidated Statements of Financial Position(In millions of dollars, unaudited)  As atDecember 31As atDecember 31 20242023   Assets  Current assets:  Cash and cash equivalents898800Accounts receivable5,4784,996Inventories641456Current portion of contract assets171163Other current assets8491,202Current portion of derivative instruments33680Assets held for sale—137Total current assets8,3737,834   Property, plant and equipment25,07224,332Intangible assets17,85817,896Investments615598Derivative instruments997571Financing receivables1,1891,101Other long-term assets1,027670Goodwill16,28016,280   Total assets71,41169,282   Liabilities and shareholders' equity  Current liabilities:  Short-term borrowings2,9591,750Accounts payable and accrued liabilities4,0594,221Income tax payable26—Other current liabilities482434Contract liabilities800773Current portion of long-term debt3,6961,100Current portion of lease liabilities587504Total current liabilities12,6098,782   Provisions6154Long-term debt38,20039,755Lease liabilities2,1912,089Other long-term liabilities1,6661,783Deferred tax liabilities6,2816,379Total liabilities61,00858,842   Shareholders' equity10,40310,440   Total liabilities and shareholders' equity71,41169,282 Rogers Communications Inc.Interim Condensed Consolidated Statements of Cash Flows(In millions of dollars, unaudited)  Three months ended December 31Twelve months ended December 31 2024 2023  2024 2023 Operating activities:     Net income for the period558 328  1,734 849 Adjustments to reconcile net income to cash provided by operating activities:     Depreciation and amortization1,174 1,172  4,616 4,121 Program rights amortization11 12  63 70 Finance costs571 568  2,295 2,047 Income tax expense158 194  572 517 Post-employment benefits contributions, net of expense28 21  82 46 (Income) losses from associates and joint ventures(9)—  (8)412 Other(67)(52) (166)5 Cash provided by operating activities before changes in net operating assets and liabilities, income taxes paid, and interest paid2,424 2,243  9,188 8,067 Change in net operating assets and liabilities(667)(369) (876)(627)Income taxes paid(157)(39) (545)(439)Interest paid, net(465)(456) (2,087)(1,780)      Cash provided by operating activities1,135 1,379  5,680 5,221       Investing activities:     Capital expenditures(1,007)(946) (4,041)(3,934)Additions to program rights(16)(17) (72)(74)Changes in non-cash working capital related to capital expenditures and intangible assets167 (68) 136 (2)Acquisitions and other strategic transactions, net of cash acquired— 786  (475)(16,215)Other(14)21  (3)25       Cash used in investing activities(870)(224) (4,455)(20,200)      Financing activities:     Net proceeds received from (repayments of) short-term borrowings19 (96) 1,138 (1,439)Net issuance (repayment) of long-term debt5 (2,749) (1,103)5,040 Net proceeds on settlement of debt derivatives and forward contracts110 260  107 492 Transaction costs incurred(1)—  (47)(284)Principal payments of lease liabilities(120)(106) (478)(370)Dividends paid(181)(191) (739)(960)Other(1)—  (5)—       Cash (used in) provided by financing activities(169)(2,882) (1,127)2,479       Change in cash and cash equivalents and restricted cash and cash equivalents96 (1,727) 98 (12,500)Cash and cash equivalents and restricted cash and cash equivalents, beginning of period802 2,527  800 13,300       Cash and cash equivalents, end of period898 800  898 800  Change in net operating assets and liabilities  Three months ended December 31 Twelve months ended December 31(In millions of dollars)2024 2023  2024 2023       Accounts receivable, excluding financing receivables(388)(182) (396)(362)Financing receivables(413)(433) (318)(367)Contract assets11 (19) 7 (44)Inventories(169)6  (185)(4)Other current assets34 35  146 1 Accounts payable and accrued liabilities82 77  (209)11 Contract and other liabilities176 147  79 138       Total change in net operating assets and liabilities(667)(369) (876)(627) Long-term debt      As at December 31(In millions of dollars, except interest rates)Due date Principal amountInterest rate2024 2023 Term loan facility   Floating1,001 4,286 Canada Infrastructure Bank credit facility2052  1.000%64 — Senior notes2024 6004.000%— 600 Senior notes 12024 5004.350%— 500 Senior notes2025US1,0002.950%1,439 1,323 Senior notes2025 1,2503.100%1,250 1,250 Senior notes2025US7003.625%1,007 926 Senior notes2026 5005.650%500 500 Senior notes2026US5002.900%719 661 Senior notes2027 1,5003.650%1,500 1,500 Senior notes 12027 3003.800%300 300 Senior notes2027US1,3003.200%1,870 1,719 Senior notes2028 1,0005.700%1,000 1,000 Senior notes 12028 5004.400%500 500 Senior notes 12029 5003.300%500 500 Senior notes2029 1,0003.750%1,000 1,000 Senior notes2029 1,0003.250%1,000 1,000 Senior notes2029US1,2505.000%1,799 — Senior notes2030 5005.800%500 500 Senior notes 12030 5002.900%500 500 Senior notes2032US2,0003.800%2,878 2,645 Senior notes2032 1,0004.250%1,000 1,000 Senior debentures 22032US2008.750%288 265 Senior notes2033 1,0005.900%1,000 1,000 Senior notes2034US1,2505.300%1,799 — Senior notes2038US3507.500%504 463 Senior notes2039 5006.680%500 500 Senior notes 12039 1,4506.750%1,450 1,450 Senior notes2040 8006.110%800 800 Senior notes2041 4006.560%400 400 Senior notes2042US7504.500%1,079 992 Senior notes2043US5004.500%719 661 Senior notes2043US6505.450%935 860 Senior notes2044US1,0505.000%1,511 1,389 Senior notes2048US7504.300%1,079 992 Senior notes 12049 3004.250%300 300 Senior notes2049US1,2504.350%1,799 1,653 Senior notes2049US1,0003.700%1,439 1,323 Senior notes2052US2,0004.550%2,878 2,645 Senior notes2052 1,0005.250%1,000 1,000 Subordinated notes 32081 2,0005.000%2,000 2,000 Subordinated notes 32082US7505.250%1,079 992      42,886 41,895 Deferred transaction costs and discounts    (951)(1,040)Deferred government grant liability    (39)— Less current portion    (3,696)(1,100)       Total long-term debt    38,200 39,755  1 Senior notes originally issued by Shaw Communications Inc. which are unsecured obligations of RCI and for which RCCI was an unsecured guarantor as at December 31, 2024 and 2023.2 Senior debentures originally issued by Rogers Cable Inc. which are unsecured obligations of RCI and for which RCCI was an unsecured guarantor as at December 31, 2024 and 2023.3 The subordinated notes can be redeemed at par on the five-year anniversary from issuance dates of December 2021 and February 2022 or on any subsequent interest payment date. About Forward-Looking Information This earnings release includes "forward-looking information" and "forward-looking statements" within the meaning of applicable securities laws (collectively, "forward-looking information"), and assumptions about, among other things, our business, operations, and financial performance and condition approved by our management on the date of this earnings release. This forward-looking information and these assumptions include, but are not limited to, statements about our objectives and strategies to achieve those objectives, and about our beliefs, plans, expectations, anticipations, estimates, or intentions. Forward-looking information: typically includes words like could, expect, may, anticipate, assume, believe, intend, estimate, plan, project, guidance, outlook, target, and similar expressions;includes conclusions, forecasts, and projections that are based on our current objectives and strategies and on estimates, expectations, assumptions, and other factors that we believe to have been reasonable at the time they were applied but may prove to be incorrect; andwas approved by our management on the date of this earnings release. Our forward-looking information includes forecasts and projections related to the following items, among others: revenue;total service revenue;adjusted EBITDA;capital expenditures;cash income tax payments;free cash flow;dividend payments;the growth of new products and services;expected growth in subscribers and the services to which they subscribe;the cost of acquiring and retaining subscribers and deployment of new services; continued cost reductions and efficiency improvements;the proposed $7 billion structured equity investment, including its expected terms and the use of proceeds therefrom;our debt leverage ratio and how we intend to manage that ratio;the completion and financing of the MLSE Transaction; andall other statements that are not historical facts. Specific forward-looking information included in this document includes, but is not limited to, information and statements under "2025 Outlook" relating to our 2025 consolidated guidance on total service revenue, adjusted EBITDA, capital expenditures, and free cash flow. All other statements that are not historical facts are forward-looking statements. Our conclusions, forecasts, and projections are based on a number of estimates, expectations, assumptions, and other factors, including, among others: general economic and industry conditions, including the effects of inflation;currency exchange rates and interest rates;product pricing levels and competitive intensity;subscriber growth;pricing, usage, and churn rates;changes in government regulation; technology and network deployment;availability of devices;timing of new product launches;content and equipment costs;the integration of acquisitions; andindustry structure and stability. Except as otherwise indicated, this earnings release and our forward-looking information do not reflect the potential impact of any non-recurring or other special items or of any dispositions, monetizations, mergers, acquisitions, other business combinations, or other transactions that may be considered or announced or may occur after the date on which the statement containing the forward-looking information is made. Risks and uncertaintiesActual events and results can be substantially different from what is expressed or implied by forward-looking information as a result of risks, uncertainties, and other factors, many of which are beyond our control, including, but not limited to: regulatory changes; technological changes; economic, geopolitical, and other conditions affecting commercial activity; unanticipated changes in content or equipment costs; changing conditions in the entertainment, information, and communications industries; sports-related work stoppages or cancellations and labour disputes; the integration of acquisitions; litigation and tax matters; the level of competitive intensity; the emergence of new opportunities; external threats, such as epidemics, pandemics, and other public health crises, natural disasters, the effects of climate change, or cyberattacks, among others; anticipated asset sales may not be achieved within the expected timeframes or at all for proceeds in the amount or type expected; new interpretations and new accounting standards from accounting standards bodies;the MLSE Transaction, and any financing for it from private investors, may not be completed on the anticipated terms or at all;we may not reach definitive agreements for, or may not complete, the proposed $7 billion structured equity investment on the anticipated terms or at all;if completed, we may use proceeds from the structured equity investment for different purposes due to alternative opportunities or requirements, general economic and market conditions, or other internal or external considerations; andthe other risks outlined in "Risks and Uncertainties Affecting our Business" in our 2023 Annual MD&A and "Updates to Risks and Uncertainties" in our Third Quarter 2024 MD&A. These risks, uncertainties, and other factors can also affect our objectives, strategies, plans, and intentions. Should one or more of these risks, uncertainties, or other factors materialize, our objectives, strategies, plans, or intentions change, or any other factors or assumptions underlying the forward-looking information prove incorrect, our actual results and our plans could vary materially from what we currently foresee. Accordingly, we warn investors to exercise caution when considering statements containing forward-looking information and caution them that it would be unreasonable to rely on such statements as creating legal rights regarding our future results or plans. We are under no obligation (and we expressly disclaim any such obligation) to update or alter any statements containing forward-looking information or the factors or assumptions underlying them, whether as a result of new information, future events, or otherwise, except as required by law. All of the forward-looking information in this earnings release is qualified by the cautionary statements herein. Key assumptions underlying our full-year 2025 guidanceOur 2025 guidance ranges presented in "2025 Outlook" are based on many assumptions including, but not limited to, the following material assumptions for the full-year 2025: continued competitive intensity in all segments in which we operate consistent with levels experienced in 2024;no significant additional legal or regulatory developments, other shifts in economic conditions, or macro changes in the competitive environment affecting our business activities;overall wireless market penetration in Canada continues to grow in 2025;continued subscriber growth in retail Internet;declining Television and Satellite subscribers, including the impact of customers migrating to Rogers Xfinity TV from our legacy Television product, as subscription streaming services and other over-the-top providers continue to grow in popularity;in Media, continued growth in sports and similar trends in 2025 as in 2024 in other traditional media businesses;no significant sports-related work stoppages or cancellations will occur;with respect to capital expenditures: similar levels of capital investment associated with (i) expanding our 5G wireless network and (ii) upgrading our hybrid fibre-coaxial network to lower the number of homes passed per node, utilize the latest technologies, and deliver an even more reliable customer experience; andwe continue to make expenditures related to our Home roadmap in 2025 and we make progress on our service footprint expansion projects; a substantial portion of our 2025 US dollar-denominated expenditures is hedged at an average exchange rate of $1.34/US$;key interest rates remain relatively stable throughout 2025; andwe retain our investment-grade credit ratings. Before making an investment decisionBefore making any investment decisions and for a detailed discussion of the risks, uncertainties, and environment associated with our business, its operations, and its financial performance and condition, fully review the "Regulatory Developments" and "Updates to Risks and Uncertainties" sections in our Third Quarter 2024 MD&A and fully review the sections in our 2023 Annual MD&A entitled "Regulation in Our Industry" and "Risk Management", as well as our various other filings with Canadian and US securities regulators, which can be found at sedarplus.ca and sec.gov, respectively. Information on or connected to sedarplus.ca, sec.gov, our website, or any other website referenced in this document is not part of or incorporated into this earnings release.

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