BCE reports first quarter 2025 results

PR Newswire

MONTRÉAL, May 8, 2025

This news release contains forward-looking statements. For a description of the related risk factors and assumptions, please see the section entitled "Caution Regarding Forward-Looking Statements" later in this news release. The information contained in this news release is unaudited.

   -- Net earnings of $683 million, up 49.5% with net earnings attributable to 
      common shareholders of $630 million, up 56.7% or $0.68 per common share 
 
   -- Adjusted net earnings1 of $633 million yielded adjusted EPS1 of $0.69, 
      down 4.2% 
 
   -- Consolidated adjusted EBITDA1 essentially stable in Q1 2025 compared with 
      Q1 2024 with 0.4 percentage-point increase in margin2 to 43.1% on 2.1% 
      lower operating costs 
 
   -- Free cash flow1 increased $713 million to $798 million; cash flows from 
      operating activities up 38.8% to $1,571 million 
 
   -- Bell Media revenue up 6.9% with 35.9% adjusted EBITDA growth; digital 
      revenue3 up 12% as digital platforms and advertising technology continue 
      to drive growth 
 
   -- Balanced capital allocation strategy: 
 
          -- BCE annualized common share dividend established at $1.75 to 
             support deleveraging efforts while providing enhanced flexibility; 
 
          -- net debt leverage ratio1 of approximately 3.5 times adjusted 
             EBITDA expected by end of 2027; 
 
          -- discounted treasury issuances terminated under dividend 
             reinvestment plan. 

MONTRÉAL, May 8, 2025 /PRNewswire/ - BCE Inc. (TSX: BCE) $(BCE)$ today reported results for the first quarter (Q1) of 2025 and adjusted the BCE annualized common share dividend to $1.75, or $0.4375 quarterly per common share, from a $3.99 annualized common share dividend.

"Over the past year, we have been laying the groundwork to position Bell for the years ahead," said Mirko Bibic, President and CEO, BCE and Bell Canada. "Bell's Q1 results reflect intense price competition and sustained regulatory uncertainty. With the current backdrop of macroeconomic and geopolitical instability, we need to stay more focused than ever on our core business and on winning customers over to Bell.

There are a number of significant changes in our economic and operating environments that have occurred since the Fall of 2024 that we need to address. We have made the appropriate decision to adjust our annualized dividend to $1.75 per common share to strengthen our balance sheet while maintaining flexibility in the context of economic uncertainty.

Today we also announced a major strategic partnership with Public Sector Pension Investment Board (PSP Investments), one of Canada's largest pension investors, to accelerate the development of fibre infrastructure through Ziply Fiber in underserved markets in the United States. PSP Investments will potentially commit in excess of US$1.5 billion, enabling us to support our U.S. fibre growth strategy in a cost-efficient manner, while optimizing our balance sheet and improving our free cash flow profile.

As we look ahead to the rest of 2025, we will be focused on disciplined execution and continuing to strengthen the balance sheet. We will remain resilient in a challenging environment to deliver for our customers and shareholders."

 
_________________________ 
(1) Adjusted EBITDA is a total of segments measure, adjusted net earnings and 
free cash flow are non-GAAP financial measures, adjusted EPS is a non-GAAP 
ratio, and net debt leverage ratio is a capital management measure. Refer to 
the Non-GAAP and Other Financial Measures section in this news release for 
more information on these measures. 
(2) Adjusted EBITDA margin is defined as adjusted EBITDA divided by operating 
revenues. Refer to the Key Performance Indicators (KPIs) section in this news 
release for more information on adjusted EBITDA margin. 
(3) Digital revenues are comprised of advertising revenue from digital 
platforms including web sites, mobile apps, connected TV apps and out-of-home 
(OOH) digital assets/platforms, as well as advertising procured through Bell 
digital buying platforms and subscription revenue from direct-to-consumer 
services and video-on-demand services. 
 

Driving growth through tech services

   -- Bell unveiled Ateko, a Montréal-headquartered technology solutions 
      provider. Standing for Automation and Tech Collaboration, Ateko's team of 
      workflow automation experts draw on their experience with the world's 
      largest hyperscalers and automation platforms to help customers 
      streamline their operations and improve automation. 
 
   -- Bell launched a Security-as-a-Service (SECaaS) solution, hosted on its 
      Canadian sovereign cloud. The service provides public and private sector 
      organizations with top-tier cybersecurity solutions while ensuring data 
      remains within Canadian borders, adhering to local privacy and security 
      regulations. 

Expanded partnerships delivering future-ready solutions

   -- Bell has deployed an AI-powered network operations solution built on 
      Google Cloud to modernize Bell's network operations. The solution uses 
      Google Cloud's Artificial Intelligence / Machine Learning capabilities 
      for faster detection and resolution of network problems for enhanced 
      overall network performance. 
 
   -- Bell and Nokia expanded their 5G network infrastructure partnership, 
      marking a major step forward in deploying Cloud Radio Access Networks 
      $(RAN)$ and paving the way for future Open RAN deployments. 

The fastest pure fibre and 5G wireless networks

   -- Bell pure fibre Internet was awarded Canada's fastest Internet by 
      Ookla$(R)$ in their Speedtest Awards for the fourth consecutive time4, 
      while its 5G and 5G+ networks were recognized by Global Wireless 
      Solutions (GWS) as the fastest and best in Canada5 in its 2024 nationwide 
      assessment of 5G networks. 
 
   -- Bell pure fibre Internet now offers download and upload speeds of up to 
      8Gbps for residential and business customers in select areas of Ontario 
      and Québec -- the fastest speeds available on the market today. 

AI-driven solutions for a more secure customer experience

   -- Bell introduced a new suspicious call detection feature, which uses AI 
      analytics to label suspicious callers with "likely fraud" or "possible 
      spam" tags. The feature aims to help customers better identify fraudulent 
      calls and builds on Bell's call-blocking technology, which has prevented 
      over 6.6 billion fraudulent calls since its launch in 2021. 

Delivering the most compelling content

   -- Bell Media acquired a majority stake in Sphere Abacus through its parent 
      company Sphere Media International. This acquisition will expand Bell 
      Media's content distribution, with Sphere Abacus becoming the primary 
      international distributor of Bell Media's owned distribution rights. 
 
   -- Bell Media launched live Connected TV inventory on TSN, digitizing part 
      of TSN's linear inventory. This makes many live sports accessible on 
      Connected TVs and allows for addressable advertising with tailored 
      messaging based on demographic and behavioural data, maximizing impact 
      for brands. 
 
___________________________ 
(4) Based on analysis by Ookla(R) of Speedtest Awards$(TM)$ data for Q3-Q4 2024. 
Ookla trademarks used under license and reprinted with permission. 
(5) Independent testing by GWS from February to November 2024 ranked Bell's 5G 
and 5G+ networks highest among Canadian national wireless carriers. GWS 
OneScore(TM) rankings for 5G+ performance and speeds are based on testing 
while actively using 3500 MHz spectrum. 
 

Financial Highlights

 
($ millions except per share amounts) (unaudited)   Q1 2025  Q1 2024  % change 
--------------------------------------------------  -------  -------  -------- 
BCE 
Operating revenues                                    5,930    6,011   (1.3 %) 
Net earnings                                            683      457    49.5 % 
Net earnings attributable to common shareholders        630      402    56.7 % 
Adjusted net earnings                                   633      654   (3.2 %) 
Adjusted EBITDA                                       2,558    2,565   (0.3 %) 
Net earnings per common share (EPS)                    0.68     0.44    54.5 % 
Adjusted EPS                                           0.69     0.72   (4.2 %) 
Cash flows from operating activities                  1,571    1,132    38.8 % 
Capital expenditures                                  (729)  (1,002)    27.2 % 
Free cash flow                                          798       85  n.m. 
--------------------------------------------------  -------  -------  -------- 
 

BCE operating revenues were $5,930 million in Q1 2025, down 1.3% compared to Q1 2024.

   -- This result reflected a 7.4% decrease in product revenue to $758 million, 
      as well as 0.4% lower service revenue of $5,172 million, due to a 
      year-over-year decline at Bell Communication & Technology Services $(CTS)$, 
      partly offset by growth at Bell Media. 

Net earnings in Q1 increased 49.5% to $683 million and net earnings attributable to common shareholders totalled $630 million, or $0.68 per share, up 56.7% and 54.5%, respectively.

   -- The year-over-year increases were mainly due to higher other income 
      primarily resulting from early debt redemption gains, partly offset by 
      higher income taxes. 

Adjusted net earnings were down 3.2% in Q1 to $633 million, resulting in a 4.2% decrease in adjusted EPS to $0.69.

Adjusted EBITDA was down 0.3% in Q1 to $2,558 million, reflecting a 2.0% decrease at Bell CTS, partly offset by a 35.9% increase at Bell Media.

BCE's adjusted EBITDA margin increased 0.4 percentage points to 43.1% from 42.7% in Q1 2024.

   -- This year-over-year increase was driven by a 2.1% reduction in operating 
      costs: 
 
          -- decreased labour costs attributable to workforce reductions and 
             permanent closures of The Source stores as part of our strategic 
             distribution partnership with Best Buy Canada; 
 
          -- technology and automation-enabled operating efficiencies across 
             the organization. 

BCE capital expenditures in Q1 2025 were $729 million, down 27.2% from $1,002 million in Q1 last year, corresponding to a capital intensity(6) of 12.3%, compared to 16.7% in Q1 2024.

   -- The year-over-year decrease is consistent with a planned reduction in 
      capital spending largely attributable to slower FTTP footprint expansion, 
      due to regulatory decisions that discourage network investment. 

BCE cash flows from operating activities in Q1 were $1,571 million, up 38.8% from Q1 2024.

   -- The year-over-year increase was mainly due to higher cash from working 
      capital and lower income taxes paid, partly offset by higher interest 
      paid. 

Free cash flow was $798 million, up from $85 million in Q1 2024.

   -- The year-over-year increase is mainly due to higher cash flows from 
      operating activities, excluding cash from acquisition and other costs 
      paid, and lower capital expenditures. 
 
____________________________________ 
(6) Capital intensity is defined as capital expenditures divided by operating 
revenues. Refer to the Key Performance Indicators (KPIs) section in this news 
release for more information on capital intensity. 
 

OPERATING RESULTS BY SEGMENT

Bell Communication and Technology Services(7) (Bell CTS)

Total Bell CTS operating revenues decreased 2.4% to $5,246 million in Q1 2025 compared to Q1 2024, due to both lower service and product revenue.

Service revenue was down 1.5% in Q1 to $4,488 million, reflecting:

   -- ongoing declines in legacy voice, data services and satellite services; 
 
   -- greater acquisition, retention and bundle discounts on residential 
      services compared to Q1 2024; 
 
   -- lower mobile phone blended average revenue per user (ARPU)8,9,10. 

These factors were partly offset by:

   -- expansion of our mobile phone, mobile connected device, IPTV and retail 
      Internet average subscriber bases; 
 
   -- the financial contribution from acquisitions made over the past year 
      including Stratejm, CloudKettle and HGC Technologies; 
 
   -- increased sales of business solutions to large enterprise customers and 
      higher radio sales; 
 
   -- flow through of rate increases. 

Product revenue decreased 7.4% in Q1 to $758 million, due to:

   -- lower mobile device sales to large enterprise customers in the government 
      sector; 
 
   -- a reduction in consumer electronics revenue from The Source due to 
      permanent store closures that took place throughout 2024 as we converted 
      to Best Buy Express as part of our strategic distribution partnership 
      with Best Buy Canada. 

This was partly offset by higher wireless device sales to consumers from higher upgrade volumes and contracted activations, moderated by greater discounting.

Bell CTS adjusted EBITDA decreased 2.0% in Q1 to $2,399 million on the flow-through of lower year-over-year revenue. However, margin increased to 45.7% from 45.5% in Q1 2024, due to a 2.7% reduction in operating costs reflecting:

   -- decreased labour costs; 
 
   -- savings from our customer service centres driven by improved call 
      placement; 
 
   -- permanent closures of The Source stores as part of our strategic 
      distribution partnership with Best Buy Canada; 
 
   -- technology and automation-enabled operating efficiencies across the 
      organization. 

Postpaid mobile phone net subscriber losses were 9,598 in Q1, compared to net activations of 45,247 in Q1 2024.

The year-over-year decrease was the result of 12.7% lower gross subscriber activations, due to a less active market, slowing population growth attributable to government immigration policies, and our focus on higher-value subscriber loadings. Mobile phone postpaid customer churn(11) remained stable at 1.21%.

Prepaid mobile phone net subscriber activations(8,9,11) increased by 9,002 in Q1, compared to a net loss of 20,039 in Q1 2024. Despite a 3-basis point increase in mobile phone prepaid customer churn to 5.77%, the improvement was the result of 5.5% higher gross activations, reflecting a shift in market activity from postpaid discount brands to prepaid service and expanded retail distribution.

Bell's mobile phone customer base(8,9,11) totalled 10,287,978 at the end of Q1 2025, a 0.8% increase over Q1 2024, comprised of 9,520,838 postpaid subscribers, up 1.7% and 767,140 prepaid customers, down 9.1%.

Mobile phone blended ARPU was down 1.8% to $57.08 in Q1 2025 from $58.14 in Q1 2024. The decrease was due to:

   -- increased competitive pressure on base rate plan pricing over the past 
      year; 
 
   -- lower overage revenue from customers subscribing to unlimited and larger 
      capacity data plans; 
 
   -- lower outbound roaming revenue as a result of decreased travel to the 
      United States. 

Mobile connected device net activations decreased 45.8% in Q1 to 35,984, compared to the same period last year, mainly due to higher business IoT deactivations driven largely by one customer.

At the end of Q1 2025, mobile connected device subscribers(11) totalled 3,079,414, an increase of 10.0% over last year.

Bell added 9,515 total net new retail high-speed Internet subscribers(11) in Q1 2025, down 69.4% from 31,078 in Q1 2024 -- Q1 2024 being Bell's best Q1 result since 2007.

Despite continued strong demand for Bell's fibre services and bundled offerings with mobile service, the year-over-year decrease reflects:

   -- higher customer deactivations attributable to aggressive promotional 
      offers by competitors and a greater number of customers coming off of 
      promotional offers; 
 
   -- less new fibre footprint expansion compared to last year; 
 
   -- slowing industry growth given lower immigration and slower housing 
      starts. 

Retail high-speed subscribers(7,8) totalled 4,416,962 at the end of Q1 2025, representing a 1.8% decline compared to Q1 2024.

In Q1 2025, we reduced our retail high-speed Internet subscriber base by 80,666 subscribers, as at March 31, 2025, as we stopped selling new plans for this service under the Distributel, Acanac, Oricom and B2B2C brands. Additionally, at the beginning of Q1 2025, we reduced our retail high-speed Internet subscriber base by 2,783 subscribers to adjust for prior year customer deactivations following a review of customer accounts.

Bell's retail IPTV customer base decreased by 15,971 net subscribers in Q1 2025, compared to a net gain of 14,174 in Q1 2024. The year-over-year decrease was due mainly to:

   -- less pull-through of our full-service Bell Fibe TV product as a result of 
      lower Internet volumes; 
 
   -- greater competitive intensity; 
 
   -- lower customer activations, particularly on our Fibe TV streaming 
      service. 

At the end of Q1 2025, Bell served 2,116,541 retail IPTV subscribers(7,12) , a 1.5% increase over Q1 2024. In Q1 2025, we reduced our retail IPTV subscriber base by 441 subscribers, as at March 31, 2025, as we stopped selling new plans for this service under the Distributel, Acanac, Oricom and B2B2C brands.

Retail residential NAS net losses were 47,430 in Q1 2025, compared to 43,911 in Q1 2024. The higher year-over-year net losses reflect fewer gross activations due to ongoing substitution to wireless and Internet-based technologies, along with less pull-through on reduced Internet activations.

Bell's retail residential NAS customer base(7,11) totalled 1,772,611 at the end of Q1 2025 representing a 10.4% decline compared to Q1 2024. In Q1 2025, we reduced our retail residential NAS lines subscriber base by 14,150 subscribers, as at March 31, 2025, as we stopped selling new plans for this service under the Distributel, Acanac, Oricom and B2B2C brands.

 
_______________________________ 
(7) In Q1 2025, we reduced our retail high-speed Internet, retail IPTV and 
retail residential NAS lines subscriber bases by 80,666, 441, and 14,150 
subscribers, respectively, as at March 31, 2025, as we stopped selling new 
plans for this service under the Distributel, Acanac, Oricom and B2B2C brands. 
Additionally, at the beginning of Q1 2025, we reduced our retail high-speed 
Internet subscriber base by 2,783 subscribers to adjust for prior year 
customer deactivations following a review of customer accounts. 
(8) In Q3 2024, we removed 77,971 Virgin Plus prepaid mobile phone subscribers 
from our prepaid mobile phone subscriber base as at September 30, 2024, as we 
stopped selling new plans for this service as of that date. Additionally, as a 
result of a recent CRTC decision on wholesale high-speed Internet access 
services, we are no longer able to resell cable Internet services to new 
customers in our wireline footprint as of September 12, 2024, and consequently 
we removed all of the existing 106,259 cable subscribers in our wireline 
footprint from our retail high-speed Internet subscriber base as of that 
date. 
(9) In Q4 2024, we removed 124,216 Bell prepaid mobile phone subscribers from 
our prepaid mobile phone subscriber base as at December 31, 2024, as we 
stopped selling new plans for this service as of that date. 
(10) ARPU is defined as Bell CTS wireless external services revenues, divided 
by the average mobile phone subscriber base for the specified period, 
expressed as a dollar unit per month. Refer to the Key Performance Indicators 
(KPIs) section in this news release for more information on blended ARPU. 
(11) Refer to the Key Performance Indicators (KPIs) section in this news 

release for more information on churn and subscriber (or customer) units. 
(12) In Q2 2024, we increased our retail IPTV subscriber base by 40,997 to 
align the deactivation policy for our Fibe TV streaming services to our 
traditional Fibe TV service. 
 

Bell Media

Bell Media operating revenue increased 6.9% year-over-year to $775 million, driven by both higher year-over-year advertising and subscriber revenues.

Advertising revenue was up 3.9% in Q1 2025 compared to Q1 2024. The results were driven by:

   -- higher digital advertising revenue, including the financial contribution 
      from the acquisition of OUTEDGE Media Canada; 
 
   -- greater advertiser demand for sports and premier live events including 
      our broadcast of Super Bowl LIX and the 97th Oscars(R); 
 
   -- increased advertising spending related to the Canadian federal election. 

Subscriber revenue increased 7.8% in Q1, compared to the same period last year, on continued Crave and sports direct-to-consumer streaming subscriber growth.

Total digital revenues grew 12% in Q1 2025 compared to Q1 2024, driven by:

   -- continued Crave and sports direct-to-consumer streaming subscriber 
      growth; 
 
   -- higher digital advertising revenue reflecting growth in ad-supported 
      subscription tiers on Crave and Connected TV. 

Total Crave subscriptions increased 22% from last year to approximately 3.8 million, driven by a 57% increase in Crave direct-to-consumer streaming subscribers which now comprise the majority of total Crave subscriptions, while sports direct-to-consumer streaming subscribers increased 62%.

Adjusted EBITDA in Q1 2025 was up 35.9% to $159 million, delivering a 4.4 percentage-point increase in margin to 20.5% compared to the same period last year. This was driven by the flow-through of higher operating revenue, despite a 1.3% increase in operating costs due to higher TV content costs and the acquisition of OUTEDGE Media Canada, which were partly offset by workforce reductions.

COMMON SHARE DIVIDEND

On February 6, 2025, we announced that BCE's common share dividend and common share dividend payout policy would continue to be reviewed by the Board.

The Board has considered the macroeconomic, regulatory and competitive environments of BCE. Heightened economic uncertainty, inflationary pressures and the prospect of a global recession are weighing on consumer confidence. In addition, the decline in BCE's share price has resulted in a higher cost of capital. The Board also considered the impact of the unsupportive regulatory environment given recent CRTC decisions, ongoing aggressive competitive pricing, and a slowdown in immigration.

Greater financial flexibility and a prudent approach to capital management is required in the current economic, regulatory and competitive environments. Accordingly, the Board has determined to establish the annualized dividend at $1.75 per BCE common share. In addition, BCE's common share dividend payout policy has been updated to target a dividend payout range of 40% to 55% of free cash flow. In order to allow investors to consider the effects of lease liability repayments on our cash available for dividend payments, we will also going forward be disclosing both free cash flow and free cash flow after payment of lease liabilities(13) .

This measure is expected to strengthen the Corporation's balance sheet, while providing enhanced flexibility in the context of economic uncertainty. BCE's Board has declared today a quarterly dividend of $0.4375 per common share, payable on July 15, 2025 to shareholders of record at the close of business on June 16, 2025.

BCE also announced today that the Board has determined to terminate the discounted treasury issuances under the Shareholder Dividend Reinvestment and Stock Purchase Plan effective from the July 15, 2025 dividend payment date. See BCE's separate news release issued today for additional information.

 
______________________________ 
(13) Free cash flow after payment of lease liabilities is a non-GAAP financial 
measure. Refer to the non-GAAP and Other Financial Measures section in this 
news release for more information. 
 

OUTLOOK FOR 2025

BCE confirmed its financial guidance targets for 2025, as provided on February 6, 2025, as per the table below, with the annualized common share dividend of $1.75 per share. The guidance ranges are unaffected by the pending divestiture of Northwestel and also exclude the acquisition of Ziply Fiber, which is expected to close in the second half of 2025.

 
                                       2024 Results  2025 Guidance 
-------------------------------------  ------------  ------------- 
Revenue growth                           (1.1 %)      (3%) to 1% 
-------------------------------------  ------------  ------------- 
Adjusted EBITDA growth                    1.7 %       (2%) to 2% 
-------------------------------------  ------------  ------------- 
Capital intensity                          16 %       Approx. 14% 
-------------------------------------  ------------  ------------- 
Adjusted EPS growth                      (5.3 %)     (13%) to (8%) 
-------------------------------------  ------------  ------------- 
Free cash flow growth                    (8.1 %)      11% to 19% 
-------------------------------------  ------------  ------------- 
Annualized common dividend per share      $3.99          $1.75 
-------------------------------------  ------------  ------------- 
 

For 2025, we expect:

   -- wireless and broadband competitive pricing flowthrough pressure from 
      2024, lower subscriber loadings, decreased wireless product sales and 
      higher media content and programming costs to impact revenue and adjusted 
      EBITDA; 
 
   -- a slowdown of our fibre build in Canada and efficiencies from 
      transformation initiatives to drive lower capital expenditures; 
 
   -- increased interest expense, higher depreciation and amortization expense, 
      lower gains on sale of real estate and a higher number of common shares 
      outstanding due to the implementation in January and April 2025 of a 
      discounted treasury dividend reinvestment plan to drive lower EPS; 
 
   -- lower capital expenditures to drive higher free cash flow. 
 
   -- Reduction in the BCE annualized common share dividend to $1.75 per common 
      share from $3.99 per common share effective with Q2 2025 dividend. 

Please see the section entitled "Caution Regarding Forward-Looking Statements" later in this news release for a description of the principal assumptions on which BCE's 2025 financial guidance targets are based, as well as the principal related risk factors.

CALL WITH FINANCIAL ANALYSTS

BCE will hold a conference call with the financial community to discuss Q1 2025 results on Thursday, May 8 at 8:00 am eastern. Media are welcome to participate on a listen-only basis. To participate, please dial toll-free 1-844-933-2401 or 647-724-5455. A replay will be available until midnight on June 8, 2025 by dialing 1-877-454-9859 or 647-483-1416 and entering passcode 7485404. A live audio webcast of the conference call will be available on BCE's website at BCE Q1-2025 conference call.

NON-GAAP AND OTHER FINANCIAL MEASURES

BCE uses various financial measures to assess its business performance. Certain of these measures are calculated in accordance with IFRS Accounting Standards or GAAP while certain other measures do not have a standardized meaning under GAAP. We believe that our GAAP financial measures, read together with adjusted non-GAAP and other financial measures, provide readers with a better understanding of how management assesses BCE's performance.

National Instrument 52-112, Non-GAAP and Other Financial Measures Disclosure (NI 52-112), prescribes disclosure requirements that apply to the following specified financial measures:

   -- Non-GAAP financial measures; 
 
   -- Non-GAAP ratios; 
 
   -- Total of segments measures; 
 
   -- Capital management measures; and 
 
   -- Supplementary financial measures. 

This section provides a description and classification of the specified financial measures contemplated by NI 52-112 that we use in this news release to explain our financial results except that, for supplementary financial measures, an explanation of such measures is provided where they are first referred to in this news release if the supplementary financial measures' labelling is not sufficiently descriptive.

Non-GAAP Financial Measures

A non-GAAP financial measure is a financial measure used to depict our historical or expected future financial performance, financial position or cash flow and, with respect to its composition, either excludes an amount that is included in, or includes an amount that is excluded from, the composition of the most directly comparable financial measure disclosed in BCE's consolidated primary financial statements. We believe that non-GAAP financial measures are reflective of our on-going operating results and provide readers with an understanding of management's perspective on and analysis of our performance.

Below are descriptions of the non-GAAP financial measures that we use in this news release to explain our results as well as reconciliations to the most directly comparable financial measures under IFRS Accounting Standards.

Adjusted net earnings -- Adjusted net earnings is a non-GAAP financial measure and it does not have any standardized meaning under IFRS Accounting Standards. Therefore, it is unlikely to be comparable to similar measures presented by other issuers.

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