QuebecorInc. (“Quebecor” or “the Corporation”) today reported its consolidated financial results for the secondquarter of 2025.
Second quarter 2025 highlights
— In the second quarter of 2025, Quebecor recorded cash flows provided by operating activities of $538.0 million, up $146.4 million (37.4%) from the same quarter of 2024, revenues of $1.38 billion, down slightly by $6.5 million (‑0.5%), and adjusted EBITDA1of $605.1million, down $19.8million (‑3.2%), due to a significant $24.2million increase in the stock‑based compensation charge. Excluding this accounting charge, adjusted EBITDA was up $4.4million (0.7%).
— The Telecommunications segment's adjusted EBITDA increased by $1.4 million (0.2%), or $8.8 million (1.4%), excluding the impact of the stock‑based compensation charge, its revenues were stable, and its adjusted cash flows from operations2increased by $13.7million (3.1%) in the second quarter of 2025.
— There was a net increase of 72,000 (1.7%) connections to the mobile telephony service and 33,700 (0.4%) total revenue‑generating units3(“RGUs”) in the Telecommunications segment.
— Quebecor's net income attributable to shareholders: $217.7million ($0.95 per basic share), an increase of $10.1million ($0.05per basic share) or 4.9%.
— Adjusted income from operating activities:4$226.8million ($0.99 per basic share), up $21.7million ($0.10 per basic share) or10.6%.
— The consolidated net debt leverage ratio5decreased to 3.20x, still the lowest among Canada's major telecommunications providers.
— On June16, 2025, VideotronLtd. (“Videotron”) redeemed at maturity its Senior Notes in aggregate principal amount of$400.0million, bearing interest at 5.625%.
— On June11, 2025, Videotron announced a major expansion of its GIGA Internet service in the Québec City, Outaouais, Saguenay‑Lac‑Saint‑Jean and Hautes‑Laurentides areas, and the Rivière‑du‑Loup regional county municipality (RCM). In all, more than 350,000additional households can now enjoy higher download speeds.
— On April4, 2025, Freedom MobileInc. (“Freedom”) began the phased rollout of 3800MHz spectrum across its 5G+ network in Ontario, Alberta and British Columbia. This rollout will significantly increase network capacity and deliver improved connectivity for customers with 5G+ compatible devices and plans, with theoretical download speeds in excess of 1Gbps.
Comments by Pierre KarlPéladeau, President and Chief Executive Officer of Quebecor
“Quebecor posted a solid financial performance in the second quarter of 2025, as evidenced by the 37.4%increase in cashflowsprovided by operating activities and the 10.6% increase in adjusted income from operating activities. Thanks to disciplined management of operating costs, we reduced our consolidated net debt by approximately $200million during the quarter, after paying out over $160million in dividends and nearly $30million for share repurchases. This lowered our consolidated net debt leverage ratio by 0.06x during the quarter to 3.20x at June30, 2025, the lowest among major telecommunications providers in Canada.
In a fiercely competitive market environment, we continued to gain market share by offering innovative products at competitive prices, while expanding access to our state‑of‑the‑art technology for a growing number of Canadians. This strategy is paying off, particularly in mobile telephony, where we again posted the highest growth rate among Canada's major carriers, with an increase of 72,000lines(1.7%) in the second quarter of2025, for a total increase of 346,000lines (8.8%) over the past twelve months.
Freedom successfully continued the gradual rollout of 3800MHz spectrum across its 5G+ network in Ontario, British Columbia and Alberta, recently adding Edmonton and Calgary. With state‑of‑the‑art 5G+ technology now included in all Freedom monthly plans, regardless of price, this upgrade significantly boosts network capacity and performance.
In July2025, in line with its commitment to transforming the Canadian wireless market and pursuing a consumer‑centric strategy, Freedom launched the Roam Beyond Travel Data eSIM, a travel data eSIM card available to all Canadians, regardless of their carrier. This outside‑the‑box product offers worry‑free connectivity in over 120global destinations with no fixed‑term contracts, transparent rates and no hidden charges.
Also in the second quarter of 2025, we substantially expanded access to Videotron's GIGA Internet service, which supports superior download speeds. GIGA is now available to more than 350,000additional households across Québec, including in the Québec City, Outaouais, Saguenay‑Lac‑Saint‑Jean, Hautes‑Laurentides and Rivière‑du‑Loup RCM areas. Another innovation was the launch of our new 2.5GIGA symmetrical speed Internet plan, powered by Videotron's 100%fibre network. This innovative service guarantees exceptional download and upload speeds and is now available in several regions of Québec, including Abitibi‑Témiscamingue, Montérégie, Québec City, Lanaudière, Laurentides, Bas‑Saint‑Laurent, Saguenay‑Lac‑Saint‑Jean and Côte‑Nord.
TVAGroupInc. (“TVAGroup”) generated adjusted EBITDA of $1.8million in the second quarter of 2025, down $11.4million from the same period of 2024, mainly as a result of a favourable non‑recurring retroactive adjustment of $10.2million recorded in the secondquarter of 2024 in connection with carriage rates for the LCN specialty channel, and the absence of major foreign productionshoots at MELS studios. These factors were partially offset by savings stemming from the reorganization measures wehave implemented, including with respect to our workforce. However, despite these sustained efforts, TVAGroup continues to incur significant financial losses due to the continuing challenges facing the television industry, which affect all private broadcasters. Total viewership of Québec's three French‑language over‑the‑air channels throughout the day fell by 13% during the period fromMarch31 to June1, 2025 compared with the same period of 2024. This across‑the‑board decline directly affects advertising revenues, the only source of revenue for over‑the‑air channels. The sharp drop in advertising revenue, combined with major competitive imbalances in relation to the Web giants and CBC/Radio‑Canada's commercial practices, is seriously undermining Québec's audiovisual ecosystem.
Since2023, TVAGroup has implemented far‑reaching restructuring plans that have resulted in the elimination of approximately 680positions, including some 30 related to television activities in the second quarter of 2025. In all, its workforce has been reduced by almost half. In addition, operating costs have been steadily pared over the years, real estate holdings have been optimized, budgets for original productions have been reduced and some popular content has been removed from TVAGroup's programming. Despite their scope, these measures are still insufficient to ensure the long‑term viability of our television business.
In this situation, we again call on government authorities and the CRTC to correct the imbalances that are undermining Canada's private broadcasters. Among other things, they must establish a level regulatory playing field for Canada's traditional broadcasters in relation to foreign online platforms, eliminate all advertising from CBC/Radio‑Canada's platforms, and eliminate the tax deduction for advertising on foreign platforms. As we have been saying for years, equitable structural changes are urgently needed to ensure the survival of Canada's private broadcasters, which are pillars of our culture and our democracy.
Despite the challenging environment, TVAGroup had a market share of 43.8% from April1 to June30, 2025, a 1.3‑point increase over the same period of 2024. For the 2025spring season, March31 to June1, 2025, the increase was 1.7points, while the market shares of Radio‑Canada and Bell were down 0.4 and 0.5points, respectively, a clear indication of the continuing appeal of our content forviewers.
The LCN channel remained the undisputed news channel leader with an 8.5% market share from March31 to June1, 2025, a1.4‑pointincrease over the same period of 2024. The TVA Nouvelles newscast maintained its lead in all its time slots on the TVAand LCN channels. Meanwhile, the TVA Sports channel was boosted by its broadcast of the National Hockey League playoffs. BetweenApril19 and June17, 2025, it recorded a 10.9% market share in prime time, an impressive 3.5‑pointincrease over the sameperiod of 2024. The broadcasts of the five Montreal Canadiens games in the first round of the playoffs averaged a 35.6%market share, making them the most‑watched sports program in Québec in 2025 thus far.
Quebecor remains firmly committed to growth through innovation, operational excellence and industry‑leading financial discipline. Ourambition is clear: to deliver an unrivaled customer experience, to continually enrich our product offerings and to extend access to our services to more Canadians. With our superior track record and solid balance sheet, we are well positioned to create long‑term value for all our stakeholders.
Non‑IFRS financial measures
The Corporation uses financial measures not standardized under International Financial Reporting Standards (“IFRS”), such as adjusted EBITDA, adjusted income from operating activities, adjusted cash flows from operations, free cash flows from operatingactivities and consolidated net debt leverage ratio, and key performance indicators, including RGUs. Definitions of the non‑IFRSmeasures and key performance indicator used by the Corporation in this press release are provided in the “Definitions” section.
Financial table
Table 1 Consolidated summary of income, cash flows and balance sheet (in millions of Canadian dollars, except per basic share data)
2025/2024 second quarter comparison
Revenues: $1.38billion, a $6.5million (‑0.5%) decrease.
— Revenues decreased in Media ($10.0million or ‑5.4%).
— Revenues increased in Sports and Entertainment ($6.1million or 13.4%).
— Revenues were stable in the Telecommunications segment.
Adjusted EBITDA: $605.1million, a $19.8million (‑3.2%) decrease. This decrease was due to, among other things, a $24.2millionincrease in the stock‑based compensation charge due to a significant change in the fair value of Quebecor stock options and stock‑price‑based share units.
— There was an unfavourable variance at Head Office ($15.3million) and a decrease in the Media segment ($9.6million).
— Adjusted EBITDA increased in Sports and Entertainment ($3.7million) and in Telecommunications ($1.4million).
Net income attributable to shareholders: $217.7million ($0.95 per basic share) in the second quarter of 2025, compared with$207.6million ($0.90 per basic share) in the same period of 2024, an increase of $10.1million ($0.05 per basic share) or 4.9%.
— The main favourable variances were:
— $23.8million decrease in the depreciation and amortization charge;
— $22.1million decrease in financial expenses.
— The unfavourable variances were:
— $19.8million decrease in adjusted EBITDA;
— $7.0 million unfavourable variance in the charge for restructuring, impairment of assets and other;
— $5.7million unfavourable variance related to gains on valuation and translation of financial instruments;
— $3.8million increase in the income tax expense.
Adjusted income from operating activities: $226.8million ($0.99 per basic share) in the second quarter of 2025, compared with$205.1million ($0.89 per basic share) in the same period of 2024, an increase of $21.7million ($0.10 per basic share) or 10.6%.
Adjusted cash flows from operations: $452.8million, a $3.1million (0.7%) increase in the second quarter of 2025 due to the$22.9million decrease in capital expenditures, partially offset by a $19.8million decrease in adjusted EBITDA.
Cash flows provided by operating activities: $538.0million, a $146.4million (37.4%) increase in the second quarter of 2025 due primarily to the favourable net change in non‑cash balances related to operating activities and a decrease in the cash portion of financial expenses, partially offset by the decrease in adjusted EBITDA, an increase in current income taxes, and the increase in the cash portion of the charge for restructuring, impairment of assets and other.
2025/2024 year‑to‑date comparison
Revenues: $2.72billion, a $26.2million (‑1.0%) decrease.
— Revenues decreased in Telecommunications ($19.5million or ‑0.8% of segment revenues) and in Media ($14.2million or ‑4.0%).
— Revenues increased in Sports and Entertainment ($9.1million or 9.9%).
Adjusted EBITDA: $1.15billion, a $29.7million (‑2.5%) decrease. This decrease was due to, among other things, a $46.7million increase in the stock‑based compensation charge resulting from a significant change in the fair value of Quebecor stock options and stock‑price‑based share units.
— There were unfavourable variances at Head Office ($28.8million) and in the Media segment ($11.5million).
— Adjusted EBITDA increased in Telecommunications ($7.3million or 0.6% of segment adjusted EBITDA) and in Sports and Entertainment ($3.3million).
Net income attributable to shareholders: $408.4million ($1.77 per basic share) in the first half of 2025, compared with $380.8million ($1.65 per basic share) in the same period of 2024, an increase of $27.6million ($0.12 per basic share) or 7.2%.
— The main favourable variances were:
— $44.7million decrease in the depreciation and amortization charge;
— $38.5million decrease in financial expenses.
— The main unfavourable variances were:
— $29.7million decrease in adjusted EBITDA;
— $15.5million unfavourable variance related to gains on valuation and translation of financial instruments;
— $10.2million increase in the income tax expense.
Adjusted income from operating activities: $411.9million ($1.79 per basic share) in the first half of 2025, compared with $368.2million ($1.60 per basic share) in the same period of 2024, an increase of $43.7million ($0.19 per basic share) or 11.9%.
Adjusted cash flows from operations: $856.1million, a $12.6million (‑1.5%) decrease due to the $29.7million decrease in adjusted EBITDA, partially offset by a $17.1million decrease in capital expenditures.
Cash flows provided by operating activities: $958.2million, a $177.8million (22.8%) increase due primarily to the favourable netchange in non‑cash balances related to operating activities and a decrease in the cash portion of financial expenses, partially offset by the decrease in adjusted EBITDA, an increase in current income taxes, and an increase in the cash portion of the charge forrestructuring, impairment of assets and other.
Financing operations
— On June16, 2025, Videotron redeemed at maturity its Senior Notes in aggregate principal amount of $400.0million, bearing interest at 5.625%.
— On April15, 2025, QuebecorMediaInc. (“QuebecorMedia”) terminated its $300.0million secured revolving credit facility. OnMay27, 2025, Videotron increased its revolving credit facility by an equivalent amount, from $500.0million to $800.0million, consistent with its rights, under its credit agreement, to request additional commitments of up to $1.00billion from its lenders.
Capital stock
Normal course issuer bid
On August6, 2025, the Board of Directors of the Corporation authorized a normal course issuer bid for a maximum of 1,000,000ClassA Multiple Voting Shares (“ClassA Shares”), representing approximately 1.3% of issued and outstanding ClassA Shares, and for a maximum of 5,000,000ClassB Subordinate Voting Shares (“ClassB Shares”), representing approximately 3.2% of issued and outstanding ClassB Shares as of August1, 2025. The purchases can be made from August15, 2025 to August14, 2026, at prevailing market prices on the open market through the facilities of the Toronto Stock Exchange (“TSX”) or other alternative trading systems in Canada. All repurchased shares will be cancelled. As of August1, 2025, 75,449,875ClassA Shares and 154,026,304ClassB Shares were issued and outstanding.
The average daily trading volume of the Class A Shares and Class B Shares of the Corporation between February 1, 2025 and July 31, 2025 through the facilities of the TSX in accordance with its requirements, or through other alternative trading systems in Canada, was 947ClassA Shares and 930,564ClassB Shares. Consequently, the Corporation will be authorized to purchase a maximum of 1,000ClassA Shares and 232,641Class B Shares during the same trading day, pursuant to its normal course issuer bid.
The Corporation believes that the repurchase of these shares under this normal course issuer bid is in the best interests of the Corporation and its shareholders.
The Corporation also announced that on or around August8, 2025 it will enter into an automatic securities purchase plan (“the plan”) with a designated broker whereby shares may be repurchased under the plan at times when such purchases would otherwise be prohibited pursuant to regulatory restrictions or self‑imposed blackout periods. The plan received prior approval from the TSX. It will come into effect on August15, 2025 and terminate on the same date as the normal course issuer bid.
Under the plan, before entering a self‑imposed blackout period, the Corporation may, but is not required to, ask the designated broker to make purchases under the normal course issuer bid. Such purchases will be made at the discretion of the designated broker, within parameters established by the Corporation prior to the blackout periods. Outside the blackout periods, purchases will be made at the discretion of the Corporation's management.
Between August15, 2024 and August1, 2025, of the 1,000,000ClassA Shares and 5,000,000ClassB Shares it was authorized to repurchase under its previous normal course issuer bid, the Corporation repurchased no ClassA Shares and 4,829,092ClassB Shares at a weighted average price of $34.3572 per share on the open market through the facilities of the TSX and alternative trading systems in Canada.
During the first half of 2025, the Corporation repurchased and cancelled 2,570,000ClassB Shares for a total cash consideration of $90.7million (940,000ClassB Shares for a total cash consideration of $27.7million in 2024) and 48,444ClassB Shares were issued following the exercise of stock options for a total cash consideration of $1.3million (no shares were issued in 2024).
Dividends declared
On August6, 2025, the Board of Directors of Quebecor declared a quarterly dividend of $0.35 per share on its ClassA Shares and ClassB Shares, payable on September16, 2025 to shareholders of record at the close of business on August22, 2025. This dividend is designated an eligible dividend, as provided under subsection 89(14) of the Canadian Income Tax Act and its provincial counterpart.
Board of Directors
On May8, 2025, Frantz Saintellemy was elected to the Board of Directors of Quebecor and QuebecorMedia.
Detailed financial information
For a detailed analysis of Quebecor's second quarter 2025 results, please refer to the Management Discussion and Analysis and condensed consolidated financial statements of Quebecor, available on the Corporation's website at www.quebecor.com/en/investors/financial-documentation and the SEDAR+ website atwww.sedarplus.ca.
Conference call for investors and webcast
Quebecor will hold a conference call to discuss its second quarter 2025 results on August7, 2025, at 11:00a.m. EDT. There will be a question period reserved for financial analysts. To access the conference call, please dial 1‑800‑990‑4777. The conference call will also be broadcast live on Quebecor's website at www.quebecor.com/en/investors/conferences‑and‑annual‑meeting. A recording will be available at the same address until October 10, 2025 for anyone unable to attend the call.
Cautionary statement regarding forward‑looking statements
The statements in this press release that are not historical facts are forward‑looking statements and are subject to significant known and unknown risks, uncertainties and assumptions that could cause Quebecor's actual results for future periods to differ materially from those set forth in forward‑looking statements. Forward‑looking statements may be identified by the use of the conditional or by forward‑looking terminology such as the terms “plans,” “expects,” “may,” “anticipates,” “intends,” “estimates,” “projects,” “seeks,” “believes,” or similar terms, variations of such terms or the negative of such terms. Some important factors that could cause actual results to differ materially from those expressed in these forward‑looking statements include, but are not limited to:
— Quebecor's ability to continue successfully developing its network and the facilities that support its mobile services;
— general economic climate, financial and economic market conditions, global business challenges, such as tariffs and trade barriers, as well as market conditions and variations in the businesses of local, regional and national advertisers in Quebecor's newspapers, television outlets and other media properties;
— Quebecor's ability to implement its business and growth strategies successfully;
— the intensity of competitive activity in the industries in which Quebecor operates and its ability to penetrate new markets and successfully develop its business, including in growth sectors and new geographies;
— fragmentation of the media landscape and its impact on the advertising market and the media properties of Quebecor;
— new technologies that might change consumer behaviour with respect to Quebecor's product suites;
— unanticipated higher capital spending required for developing Quebecor's network or to address the continued development of competitive alternative technologies, or the inability to obtain additional capital to continue the development of Quebecor's business segments;
— risks relating to the ongoing integration of Freedom, acquired in2023, which could result in additional and unforeseen expenses, capital expenditures and financial risks, such as the incurrence of unexpected write‑offs, unanticipated or unknown liabilities, or unforeseen litigation. In addition, the anticipated benefits of the Freedom acquisition may not be fully realized or could take longer to realize than expected;
— the impacts of the significant and recurring investments that will be required for development and expansion and to compete effectively with the incumbent local exchange carriers (“ILECs”) and other current or potential competitors in the Telecommunications segment's target markets;
— disruptions to the network through which Quebecor provides its television, Internet access, mobile and wireline telephony and over‑the‑top (OTT) services, and its ability to protect such services against piracy, unauthorized access and other security breaches;
— labour disputes and strikes, service interruptions resulting from equipment breakdown, network failure, the threat of natural disasters, epidemics, public‑health crises and political instability in some countries;
— impacts related to environmental issues, cybersecurity and the protection of personal information;
— changes in Quebecor's ability to obtain services and equipment critical to its operations;
— changes in laws and regulations, or in their interpretations, which could result, among other things, in increased competition, changes in Quebecor's markets, increased operating expenses, capital expenditures or tax expenses, or a reduction in the value of some assets; and
— Quebecor's substantial indebtedness, interest rate and exchange rate fluctuations, the tightening of credit markets and the restrictions on its business imposed by the terms of its debt.
The forward‑looking statements in this document are made to provide investors and the public with a better understanding of the Corporation's circumstances and are based on assumptions it believes to be reasonable as of the day on which they are made. Investors and others are cautioned that the foregoing list of factors that may affect future results is not exhaustive and that undue reliance should not be placed on any forward‑looking statements. For more information on the risks, uncertainties and assumptions that could cause the Corporation's actual results to differ from current expectations, please refer to the Corporation's public filings, available at www.sedarplus.ca and www.quebecor.com, including, in particular, the “Trend Information” and “Risks and Uncertainties” sections of the Corporation's Management Discussion and Analysis for the year ended December31, 2024.
The forward‑looking statements in this document reflect the Corporation's expectations as of August7, 2025, and are subject to change after that date. The Corporation expressly disclaims any obligation or intention to update or revise any forward‑looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
About Quebecor
Quebecor, a Canadian leader in telecommunications, entertainment, news media and culture, is one of the best‑performing integrated communications companies in the industry. Driven by their determination to deliver the best possible customer experience, all of Quebecor's subsidiaries and brands are differentiated by their high‑quality, multiplatform, convergent products and services.
Quebecor (TSX: QBR.A, QBR.B) is headquartered in Québec and employs more than 11,000people in Canada.
A family business founded in 1950, Quebecor is strongly committed to the community. Every year, it actively supports more than 400organizations in the vital fields of culture, health, education, the environment, and entrepreneurship.
Visit our website: www.quebecor.com
Follow us on X: www.x.com/Quebecor
DEFINITIONS
Adjusted EBITDA
In its analysis of operating results, the Corporation defines adjusted EBITDA, as reconciled to net income underIFRS, as net income before depreciation and amortization, financial expenses, gain on valuation and translation of financial instruments, restructuring, impairment of assets and other, and income taxes. Adjusted EBITDA as defined above is not a measure of results that is consistent with IFRS. It is not intended to be regarded as an alternative to IFRS financial performance measures or to the statement of cash flows as a measure of liquidity. This measure should not be considered in isolation or as a substitute for other performance measures prepared in accordance with IFRS. The Corporation's management and Board of Directors use this measure in evaluating its consolidated results as well as the results of the Corporation's operating segments. This measure eliminates the significant level of impairment and depreciation/amortization of tangible and intangible assets and is unaffected by the capital structure or investment activities of the Corporation and its business segments.
Adjusted EBITDA is also relevant because it is a component of the Corporation's annual incentive compensation programs. A limitation of this measure, however, is that it does not reflect the capital expenditures and acquisitions of spectrumlicences needed to generate revenues in the Corporation's segments. The Corporation also uses other measures that do reflect capital expenditures, such as adjusted cash flows from operations and free cash flows from operating activities. The Corporation's definition of adjusted EBITDA may not be the same as similarly titled measures reported by other companies.
Table 2 provides a reconciliation of adjusted EBITDA to net income as disclosed inQuebecor's condensed consolidated financial statements.
Table 2 Reconciliation of the adjusted EBITDA measure used in this press release to the net income measure used in the condensed consolidated financial statements (in millions of Canadian dollars)
Adjusted income from operating activities
The Corporation defines adjusted income from operating activities, as reconciled to net income attributable to shareholders underIFRS, as net income attributable to shareholders before the gain on valuation and translation of financial instruments, and restructuring, impairment of assets and other, net of income tax related to adjustments and net income attributable to non controlling interest related to adjustments. Adjusted income from operating activities, as defined above, is not a measure of results that is consistent with IFRS. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. The Corporation uses adjusted income from operating activities to analyze trends in the performance of its businesses. The above listed items are excluded from the calculation of this measure because they impair the comparability of financial results. Adjusted income from operating activities is more representative for forecasting income. The Corporation's definition of adjusted income from operating activities may not be identical to similarly titled measures reported by other companies.
Table 3 provides a reconciliation of adjusted income from operating activities to the net income attributable to shareholders measure used inQuebecor's condensed consolidated financial statements.
Table 3 Reconciliation of the adjusted income from operating activities measure used in this press release to the net income attributable to shareholders measure used in the condensed consolidated financial statements (in millions of Canadian dollars)
Adjusted cash flows from operations and free cash flows from operating activities
Adjusted cash flows from operations
Adjusted cash flows from operations represents adjusted EBITDA less capital expenditures (excluding spectrumlicence acquisitions). Adjusted cash flows from operations represents funds available for interest and income tax payments, expenditures related to restructuring programs, business acquisitions, acquisitions of spectrum licences, payment of dividends, repayment of long term debt and lease liabilities, and share repurchases. Adjusted cash flows from operations is not a measure of liquidity that is consistent with IFRS. It is not intended to be regarded as an alternative to IFRS financial performance measures or to the statement of cash flows as a measure of liquidity. Adjusted cash flows from operations is used by the Corporation's management and Board of Directors to evaluate the cash flows generated by the operations of all of its segments, on a consolidated basis, in addition to the operating cash flows generated by each segment. Adjusted cash flows from operations is also relevant because it is a component of the Corporation's annual incentive compensation programs. The Corporation's definition of adjusted cash flows from operations may not be identical to similarly titled measures reported by other companies.
Free cash flows from operating activities
Free cash flows from operating activities represents cash flows provided by operating activities calculated in accordance withIFRS, less cash flows used for capital expenditures (excluding spectrum licence acquisitions), plus proceeds from disposal of assets. Free cash flows from operating activities is used by the Corporation's management and Board of Directors to evaluate cash flows generated by the Corporation's operations. Free cash flows from operating activities represents available funds for business acquisitions, acquisitions of spectrum licences, payment of dividends, repayment of long term debt and lease liabilities, and share repurchases. Free cash flows from operating activities is not a measure of liquidity that is consistent with IFRS. It is not intended to be regarded as an alternative to IFRS financial performance measures or to the statement of cash flows as a measure of liquidity. The Corporation's definition of free cash flows from operating activities may not be identical to similarly titled measures reported by other companies.
Tables 4 and 5 provide a reconciliation of adjusted cash flows from operations and free cash flows from operating activities to cash flows provided by operating activities reported in the condensed consolidated financial statements. Table 4 Adjusted cash flows from operations (in millions of Canadian dollars)
Table 5 Free cash flows from operating activities and cash flows provided by operating activities reported in the condensed consolidated financial statements (in millions of Canadian dollars)
Consolidated net debt leverage ratio
The consolidated net debt leverage ratio represents consolidated net debt divided by the trailing 12 month adjusted EBITDA. Consolidated net debt represents total long term debt plus bank indebtedness, lease liabilities and liabilities related to derivative financial instruments, less assets related to derivative financial instruments and cash and cash equivalents. The consolidated net debt leverage ratio serves to evaluate the Corporation's financial leverage and is used by management and the Board of Directors in decisions on the Corporation's capital structure, including its financing strategy, and in managing debt maturity risks. Consolidated net debt leverage ratio is not a measure established in accordance withIFRS. It is not intended to be used as an alternative to IFRS measures or the balance sheet to evaluate the Corporation's financial position. The Corporation's definition of consolidated net debt leverage ratio may not be identical to similarly titled measures reported by other companies.
Table 6 provides the calculation of consolidated net debt leverage ratio and the reconciliation to balance sheet items reported inQuebecor's condensed consolidated financial statements.
Table 6 Consolidated net debt leverage ratio (in millions of Canadian dollars)
Key performance indicator
Revenue generating unit
The Corporation usesRGU, an industry metric, as a key performance indicator. An RGU represents, as the case may be, subscriber connections to the mobile and wireline telephony services and subscriptions to the Internet access and television services. RGU is not a measurement that is consistent with IFRS and the Corporation's definition and calculation of RGU may not be the same as identically titled measurements reported by other companies or published by public authorities.
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SOURCE Québecor
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