Ladies and gentlemen, welcome to the Rogers Communications 2024 Annual and Special Meeting. I would like to now ask Matthew Murphy to offer a territorial welcome.t
Welcome, everyone. My name is Matthew Murphy. I'm a proud member of the Rogers family and the Mohawks of the Bay of Quinte. I'm honored to kick off Rogers' 2024 Annual and Special Meeting with a territorial welcome. As we are currently located in Toronto, Ontario, I will acknowledge the Indigenous peoples who have lived here for thousands of years. I'd like to give thanks, appreciation, and respect for all in creation, including the ancestors of the Anishinaabe, Mississaugas, and Haudenosaunee, other beings, clans, allied nations, and Mother Earth. Together, we are bound to share and protect this land. Kanyen'kehá:ka . Thank you.
Let me now introduce Edward Rogers, Chairman of the Board, Rogers Communications.
Matthew, thank you very much. Good morning, ladies and gentlemen. Thank you for joining us here this morning. For those in person, welcome to our amazing Sportsnet studios, home of the NHL playoffs and Blue Jays Central. And we're in about eight hours, you'll be listening to Ron MacLean talk about the Maple Leafs crushing the Boston Bruins. My name is Edward Rogers, and I'm Chair of the Board, and I am pleased to welcome you to this year's shareholder meeting. I'd like to start by thanking Tony Staffieri and our entire team for delivering industry-leading results again in 2023. This marks the second straight year of growth, and I'm pleased to see this continuing in the first quarter of 2024. Over the last two years, Rogers has turned around its performance and solidified its position as the leader.
Rogers did this while closing the largest deal in Canadian telecom history. It's been one year since we closed our deal with Shaw, and the combined team is on track to integrate Rogers and Shaw, and more importantly, Rogers, together with Shaw, is now a more national communications and media company, bringing choice and innovation to Canadians. We've seen the greatest benefit to customers through increased competition, especially in Western Canada, as we promised that we would. Shaw has been a leader for over 50 years, and we all learned a great deal over the years from J.R. Shaw, Jim Shaw, and Brad Shaw. Brad and Trevor have added a significant depth to our board and will continue to act as long-term stewards for Rogers. Through the merger, we've doubled the size of our cable business, and our cable network now covers over 60% of Canadian households.
In wireless, we remain the largest wireless company in Canada, with the largest, most reliable 5G networks. Canadians recognize this, and in 2023, Rogers again earned the largest share of new wireless customers. In media, we reach 96% of Canadians through our leading media brands. We also delight fans across Canada with our various sports brands. We've come a very long way from where we started, one radio station here in Toronto, CHFI. This doesn't just happen. We built this company through investment, innovation, and tireless work. Every year, we invest over 90% of our profits back into Canadian networks, content, and jobs. We are a proud Canadian company, and we will continue to invest for the long term. In the last decade, we've invested over CAD 40 billion in networks, building Canada's largest and most reliable 5G network, and creating a coast-to-coast wireline company.
We've invested CAD 20 billion in Canadian sports and content and CAD 750 million in the communities that we serve. We've also invested our jobs in Canada, not shipping them overseas. We're the only national telecom company to proudly commit to 100% Canadian-based customer service. Over the last year, over the last decade, we've contributed billions of dollars to Canada's GDP and supported tens of thousands of jobs. Last year alone, we contributed over CAD 14 billion to our country's GDP and supported 92,000 jobs. Building Canada's future requires long-term focus and long-term thinking. It's why we invested in FM radio when AM dominated. It's why we invested in cable television when over-the-air television was free. It's why we invested in wireless when mobile phones were the size of a briefcase. And it's why we're now investing in satellite to mobile and a 10G internet roadmap.
This thinking has been the hallmark of our success for the last 65 years, and it will continue to be the hallmark of our success the next 65 years. I want to pay tribute to Phil Lind, who passed away in 2023. For 54 years, Phil served as an executive, a board member, our Vice Chairman. He was a partner and friend to my father, Ted Rogers, and was a partner and friend to myself. Phil helped build the company and made a significant difference. We are forever grateful for Phil's countless contributions and will miss his deep devotion, relentless determination, and sage counsel. I'd like to welcome three distinguished Canadians who were nominated to join our board. They come from varied backgrounds and bring diverse perspectives and experiences. I know they will contribute greatly to the long-term success of Rogers.
Chief Wayne Sparrow of the Musqueam Indian Band is leader in economic reconciliation in British Columbia. His perspective will make us stronger. Diane Kazarian's leadership in the field of accounting and public boards will be invaluable, as will the contributions of John Tory with his history with Rogers and his vast operational experience with the company. In closing, I'd like to thank our board for their support and their relentless commitment to Rogers. I'd also like to thank Tony, our senior leadership team, and all of our employees for your hard work and commitment to deliver for our customers, our shareholders, and for Canadians. Thank you. In accordance with the company's articles, I will act as chair of the meeting, and our Chief Legal Officer and Corporate Secretary, Marisa Wyse, will act as the recording secretary.
I'd like to call the annual special meeting of shareholders of Rogers Communications to order. We will now commence with the formal part of the meeting. Registered holders of Class A shares and duly appointed proxy holders attending online will have the opportunity to vote via the electronic ballot for any ballot that comes before the meeting. Shareholders who have already voted by proxy do not need to vote unless you wish to change your vote. For those attending online, a voting panel will appear on your screen when it is time to vote on a matter. After we address the motions contained in the meeting materials and consider any other business that might properly come before today's meeting, we will close the formal part of the meeting, and then our President and Chief Executive Officer, Tony Staffieri, will make some comments. We'll then address questions from our shareholders.
Shareholders attending online can submit questions through the meeting, but we encourage you to submit your questions early. To submit a question through the online platform, select the messaging tab at the top of your screen, type your message within the text box at the top of the messaging screen, and then click the send button. Following the conclusion of the question and answer period, everyone in attendance today is invited to an informal reception that will be held at the Radio Café here at our 333 Bloor Street offices. This will provide an opportunity for you to meet and speak with members of the Rogers management team and members of the board. With that, I would like to introduce my colleagues on the board who are present here today and ask that they would stand and be recognized as I call their names.
Michael Cooper, Trevor English, Ivan Fecan, Robert Gemmell, Jan Innes, Dr. Mohamed Lachemi, David Robinson, Lisa Rogers, Brad Shaw, and Tony Staffieri, our CEO. In addition, I would also like to recognize and ask that they also stand to be recognized as I call their names. Diane Kazarian, John Tory, who are also with us here today. I'd like to recognize Chief Wayne Sparrow, who was attending online. Before moving on, I will now appoint the representatives in attendance from TSX Trust Company, Rogers Registrar and Transfer Agent, to act as scrutineers for the meeting. The notice calling this meeting and the proxy related to this meeting were mailed on March 22nd, 2024, to shareholders of record as of March 1st, 2024.
TSX Trust Company has provided proof of delivery to shareholders as required of the notice and proxy related to this meeting, with the meeting materials and 2023 annual report and financial statements having been made available to shareholders per notice and access under the applicable securities laws. Unless there is an objection, I will dispense with the reading of the notice of the meeting. I've also received the scrutineer's initial report on attendance at today's meeting, and I'm advised that there are sufficient numbers of shareholders and proxy holders in attendance to constitute a quorum. Notice having been properly given and a quorum being present, I now declare the meeting to be regularly called and constituted for the transaction of business. As noted in the meeting materials, only registered holders of Class A shares or their proxy holders are entitled to vote on matters of today's meetings.
Holders of Class B shares are encouraged to participate in discussions during the question and answer period. Voting is now open on all resolutions. The first item of business is the presentation of the company's 2023 annual report and consolidated financial statements, copies which were made available before the meeting. I now formally present these items to the meeting, including the report, the external auditors, KPMG. I would ask that any questions related to the financial statements be held until after the presentations. The board has fixed the number of directors to be elected at this meeting at 14. We will now proceed with the election. The nominating committee intends to nominate all proposed directors whose names are contained in the meeting materials. I now call on Robert Gemmell to make the nominations. Robert.
Thank you, Mr. Chair. I nominate the following persons for election as directors of the company: Michael Cooper, Trevor English, Ivan Fecan, Robert Gemmell, Jan Innes, Diane Kazarian, Dr. Mohamed Lachemi, David Robinson, Edward Rogers, Lisa Rogers, Brad Shaw, Chief Wayne Sparrow, Tony Staffieri, and John Tory, and move that they be elected directors to hold office until the next annual meeting of shareholders.
I, David Robinson, second the motion.
Are there any further nominations? Given that there are no additional nominations, I declare the nominations closed. Having read the nominations, is there any discussion? Management has received proxies representing approximately 98% of the corporation's Class A shares. These proxies direct me to vote over 98% of the Class A shares in favor of each of the directors. I request a poll be taken. As the poll has been requested, I now direct that we proceed to take a vote by ballot. If you're voting as a proxy holder who holds a proxy instructing you to vote for a particular motion or resolution, you may only vote in accordance with those instructions.
If you are a registered holder of Class A Shares or duly appointed proxy holder, please record your vote now for the directors via the voting keypad or if you're attending online on a virtual basis. If you have already voted or sent in your proxy, there's no need to do anything unless you wish to change your vote. We will now take a short pause for voting. Based on the proxies received, I declare that all individuals nominated have been elected directors of Rogers Communications until the next annual meeting. The final voting results will be released later today. The next item of business is a resolution appointing the external auditors of Rogers. I now call on Robert Gemmell to make a motion with respect to the appointment of the auditors.
Thank you, Mr. Chair. I move that KPMG LLP Chartered Professional Accountants be appointed as auditors of the company to hold office until the next annual meeting or until their successor is appointed.
I, David Robinson, second the motion.
Having heard the motion, is there any discussion? Management has received proxies representing approximately 98% of the corporation's Class A shares. These proxies direct me to vote over 98% of the Class A shares in favor of the resolution.
I request a poll be taken.
As a poll has been requested, I now direct that we proceed to take a vote by ballot. If you're a registered holder of Class A Shares or duly appointed proxy holder, please record your vote on the auditors now via the voting keypad if attending in person or on the online platform if attending virtually. If you have already voted or sent in a proxy, there's no need to do anything unless you wish to change your vote. We will now take a short pause for voting. Based on the proxies received, I declare the motion carried. The final voting results will be released later today. The next item of business is a resolution adopting the directors' restricted share unit plan as more particularly described in the management information circular for this meeting.
The full text of the resolution is set out in the management information circular. Unless there is any objection, I will dispense with the reading of the resolution. I now call on Robert Gemmell to make a motion with respect to the adoption of the directors' restricted share unit plan. Robert.
Thank you. I move that the resolution in the form set out in the management information circular approving the adoption of the directors' restricted share unit plan be passed.
I, David Robinson, second the motion.
Having heard the motion, is there any discussion? Management has received proxies representing approximately 98% of the corporation's Class A shares. These proxies direct me to vote over 98% of the Class A shares in favor of the resolution.
I request a poll be taken.
As a poll has been requested, I now direct that we proceed to take a vote by ballot.
If you are a registered holder of Class A shares or duly appointed proxy holder, please record your vote on the directors' restricted share unit plan now via the voting keypad if attending in person or on the online platform if attending virtually. If you have already voted or sent in a proxy, there is no need to do anything unless you wish to change your vote. We will now take a short pause for voting. Based on the proxies received, I declare the motion carried. The final voting results will be released later today. Voting is now closed on all resolutions. If you are voting in person with us today or virtually online, your votes will be automatically submitted , and no further action is needed. If there is any other business that may be properly brought before this meeting.
Ladies and gentlemen, as there is no other formal business that has properly been brought before this meeting, I declare the meeting now closed. We will now proceed with some comments from Tony Staffieri, our President and Chief Executive Officer. Following these comments, we will address questions from shareholders. If you're attending online and have a question, please submit it now. To submit a question through the online platform, select the messaging tab at the top of your screen, type your message within the text box at the top of the messaging screen, and then click the send button. I caution everyone that the remarks, presentations, and discussions today may contain forward-looking statements. Such statements are based on assumption as to the future and on what management's current expectations are and are naturally subject to risks and uncertainties, as noted on the cautionary note slide now being presented.
You should review the Rogers 2023 annual report and first quarter 2024 MD&A regarding the various factors, assumptions, and risks that could cause our actual results to differ. I am now pleased to call on our President and Chief Executive Officer, Tony Staffieri, to say a few words. Tony.
Thank you, Edward . Good morning, everyone. Welcome to our Sportsnet Studios, home of Canada's number one sports network. Last year, 75% of Canadians tuned in to watch Sportsnet, and viewership is up 15% over last year. It's clear demand for our services is growing, and we're growing with it. I believe we are uniquely positioned with our incredible mix of communications assets and our powerhouse media brands. Ultimately, we want to give Canadians more reasons to choose Rogers. As I reflect on the last two years, this strategy is working.
We delivered industry-leading results, completed an industry-leading merger, and drove industry-leading innovation. We are fundamentally a different company than we were a few years ago. We went from last to leading. We delivered two straight years of growth, and this morning, we announced our ninth consecutive quarter of industry-leading performance. We closed Shaw and doubled our cable business. We are now number one in almost every key metric. Simply put, we out-executed our competition. Looking at 2023, we grew top-line revenue by 27% and adjusted EBITDA by 34%. We led in wireless market share with 674,000 postpaid net customer additions. We accelerated growth in cable, delivering industry-leading margins, and we grew revenue in media by 3% and EBITDA by 12%. We're firing on all cylinders, and I'm proud of our team's disciplined execution. But we're relentless, and we're never satisfied with the status quo. There's always more work to do.
That's why we're focused on growing cable subscribers, divesting CAD 1 billion in non-core assets, and reducing our debt leverage ratio back to pre-merger levels. Notwithstanding our performance, our sector's valuation has been overly dampened of late due to factors largely outside of our control. But we see these as short-term, as the capital markets realize our fundamentals are sound and our government continues to stay the course on industry policies that promote investment in our sector. Now, more than ever, it's critical that we have stable regulatory policy that encourages innovation, rewards investment, and increases competition based on investment in infrastructure. We will continue to advocate for smart public policy while we do everything we can to strengthen our fundamentals and our underlying business. Taking a step back, we've been delivering industry-leading results while closing the largest merger in Canadian telecom history.
Earlier this month, we celebrated our one-year anniversary. In our first year, we integrated the two companies, and we are six months ahead on our integration plan. We achieved our CAD 1 billion synergy target in half the time and one year ahead of schedule. We invested CAD 1.5 billion in our networks across the West. We introduced more affordable plans for low-income Canadians, and we lowered the cost of wireless data and residential services. In Canada, wireless prices are down 26% over the last year, and they are lower in Canada than in the U.S. We have also invested in quality, and Canadians enjoy the best networks in the world. We also delivered more competitive products from internet to home monitoring and bundled services. We're delivering real competition and taking market share. We have seen healthy subscriber gains and great growth opportunity in BC, Alberta, Saskatchewan, and Manitoba.
Overall, we met or exceeded the year-one merger commitments we set for ourselves. To keep this momentum, we need to invest and innovate. In 2023, we made key strategic investments in innovation. We led and brought 5G to Toronto's subway system. We partnered with SpaceX and Lynk Global to connect Canadians in the most remote parts of our country, and we plan to bring satellite to mobile talk and text later this year. We invested in wildfire detection technology that, combined with Rogers' 5G and satellite technology, will protect communities from the devastating impact of climate change. This is not a revenue driver for Rogers. It's just the right thing to do. We trialed new network slicing technology using our 5G wireless network that will give businesses and first responders dedicated lanes of network traffic so their work is not hampered in any way.
And we introduced Rogers' 5G home internet that runs on Canada's largest, most reliable 5G wireless network. We also recently announced the establishment of CableLabs North in Calgary. We are taking our involvement in research and development work with CableLabs, based in Denver, to further technology that converges our wireless 5G network with our leading 10G home internet network to create a seamless, always-on experience for customers. And we are developing this world-leading innovation right here in Canada. In our quest to bring the best to Canadians, we announced today a new 10-year strategic partnership with Comcast to bring their next generation of world-class Xfinity products and services to Canadians, only on the Rogers network. Comcast is a world leader in technology, and it connects more than 50 million homes and businesses globally. This partnership will change the way Canadians connect to the internet and experience entertainment.
Traffic on our network has grown 200% over the past five years, and today, the average Canadian home has 20 connected devices. Reliance on broadband is only going up. And through our new 10G internet, we will bring Canadians the best internet experience in the world, period. 10G will deliver multi-gigabit speeds, ultra-low latency, and even better reliability so customers can post, stream, game, and take video calls all at the same time. And we will converge our 5G and 10G networks so we can seamlessly connect our customers in and out of the home. And to ensure the best reliability in those rare instances when there is a power outage or a storm, Canadians can depend on our new Storm-Ready internet product, which will seamlessly connect home internet to our wireless network.
This technology is truly the first of its kind in Canada that will deliver always-on internet with wireless backup. We're already trialing the service in customers' homes, and the early feedback has been terrific. We look forward to introducing the service to Canadians later this year. Xfinity will also bring the next level of premium entertainment to our customers. This new service will bring live sports, entertainment, and news with on-demand and streaming apps all into one simple viewing experience without the need to hop to different apps. It means customers will spend more time watching and less time searching. We're proud to partner with Comcast to bring Canadians the best, the best networks, the best content, and the best experiences. As Edward said, that's been our legacy for 65 years, and it will be our legacy for at least the next 65.
In closing, I'm confident in our plan, our team, and our future. I would like to thank Edward and the board for their support, our team for their relentless dedication, and our shareholders for their confidence. As Ted would say, the best is yet to come. Thank you.
Thank you, Tony. With that, we will now address any questions from shareholders. Only questions of interest to all shareholders will be addressed. If your question is related to a personal matter, a Rogers representative will contact you after the meeting to follow up. To ensure fairness to all those asking questions, discretion may be exercised in responding to the questions, including the order in which the questions are answered, the grouping of similar questions, and the amount of time devoted to any similar topic. We will do our best to answer all questions.
If we're unable to answer your question online, we will follow up with you and contact you after the meeting. If you are a shareholder in the room who has a question, please rise, wait to be recognized, and identify yourself as either a Rogers shareholder or proxy holder. And because this part of the proceeding is also being webcast, please wait until a microphone is handed before asking your question. Now, Paul, are there any questions?
Mr. Chairman, there is a question from Kyle. The question is, what are the 2024-2025 plans to expand the fiber infrastructure to increase Ignite customers?
I'll take that. Rogers has been a big investor in infrastructure. We continue to deploy fiber across the country. This past year, we've deployed over CAD 4 billion in capital investment.
Our goal, our aspiration, and our plans are to continue to deploy fiber and connectivity technology to all parts of the country. We're very much committed to growing with Canada as the population grows and as the number of home construction grows. You can be sure that every single one of those homes will be connected to fiber, or in the alternative, will be connected to our 5G wireless internet services, and soon with satellite. Thanks for the question, Kyle.
Paul, are there any additional questions?
Mr. Chairman, there are no further questions.
Okay. Thank you, Paul. Ladies and gentlemen, thank you. As there are no further questions, this concludes the Rogers annual general and special meeting and discussion today. We now invite those attending in the room to join us, our board, and our management team for an informal reception that will be held at the Radio Café here at our 333 Bloor Street offices. Thank you for your interest in Rogers, and thank you for taking the time to join us here today.