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    Aravinda Galappatthige • Canaccord Genuity

    Aravinda Galappatthige's questions to BCE Inc (BCE) leadership

    Aravinda Galappatthige's questions to BCE Inc (BCE) leadership • Q2 2025

    Question

    Aravinda Galappatthige from Canaccord Genuity inquired about the long-term revenue and free cash flow opportunity for the Bell AI Fabric initiative and followed up on the potential for further asset divestitures, such as tower monetization.

    Answer

    President & CEO Mirko Bibic highlighted the large addressable market and strong growth rates for Bell AI Fabric, emphasizing its integration with Bell's network, Ateco, and cybersecurity services at manageable investment levels. Regarding asset sales, he stated there were no updates on towers but affirmed that infrastructure is viewed as a valuable source of capital and they remain open to opportunities.

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    Aravinda Galappatthige's questions to BCE Inc (BCE) leadership • Q2 2025

    Question

    Aravinda Galappatthige questioned the long-term revenue and free cash flow opportunity for the Bell AI Fabric business and followed up by asking about the potential for further asset divestitures, such as tower monetization.

    Answer

    President & CEO Mirko Bibic highlighted that Bell AI Fabric is a key part of an integrated enterprise strategy with a large addressable market and significant growth potential, leveraging BCE's network and speed-to-market advantages. Regarding asset sales, he noted no current updates on towers but affirmed the company remains open to opportunities to create shareholder value.

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    Aravinda Galappatthige's questions to BCE Inc (BCE) leadership • Q1 2025

    Question

    Aravinda Galappatthige of Canaccord Genuity sought confirmation on the new 14.5% CapEx intensity ceiling and asked if recent high levels of restructuring costs would continue in the coming years.

    Answer

    CFO Curtis Millen confirmed that CapEx intensity should be in the 14.5% range going forward. He also noted that while some one-time costs will continue as part of the transformation, they are expected to decrease from the higher levels seen in the past couple of years as the focus shifts more to process improvement.

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    Aravinda Galappatthige's questions to BCE Inc (BCE) leadership • Q4 2024

    Question

    Aravinda Galappatthige asked for more detail on the potential structure for third-party investment in the U.S. fiber expansion, specifically if it could involve a separate, non-consolidated entity. He also questioned if future Internet revenue growth would be primarily dependent on price increases.

    Answer

    Mirko Bibic, President and CEO, confirmed that pricing is the key lever for future Internet revenue growth, given that BCE continues to capture a majority of net subscriber additions. On the U.S. investment structure, he reiterated that any model would aim to reduce BCE's funding requirements and be guided by the principles of maintaining investment-grade ratings and deleveraging, without committing to a specific structure like a non-consolidated entity.

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    Aravinda Galappatthige's questions to Thomson Reuters Corp (TRI) leadership

    Aravinda Galappatthige's questions to Thomson Reuters Corp (TRI) leadership • Q2 2025

    Question

    Aravinda Galappatthige of Canaccord Genuity Inc. asked if the strong EBITDA growth in the Tax & Accounting segment was mainly due to the timing of SafeSend integration costs. He also inquired about the characteristics of client cohorts and their varying appetite for adopting new AI products.

    Answer

    CFO Michael Eastwood confirmed that the Q2 Tax & Accounting EBITDA margin strength was primarily due to the timing of SafeSend integration expenses, which are now expected in the second half of the year. CEO Steve Hasker described the client cohorts, noting that while nearly all customers are interested in AI, about 20-30% are aggressively leaning in to differentiate themselves, with the rest adopting at a more measured pace. He highlighted that this interest spans firms of all sizes.

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    Aravinda Galappatthige's questions to Thomson Reuters Corp (TRI) leadership • Q1 2025

    Question

    Aravinda Galappatthige of Canaccord Genuity asked for an update on the CoCounsel Drafting opportunity, including its addressable market and progress, and questioned if AI-related investment would increase in 2025 from the prior year's level.

    Answer

    CEO Steve Hasker described the drafting opportunity as significant, emphasizing the company's differentiation through its proprietary Westlaw and Practical Law content, but did not provide a specific TAM. CFO Mike Eastwood confirmed a slight uptick in AI investment for 2025 from the previous ~$200 million level, noting it is split between OpEx and CapEx and is fully reflected in the company's guidance.

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