Shaw Announces Third Quarter and Year-to-Date Fiscal 2022 Results

Provided By Globe Newswire

Last update: Jun 30, 2022

CALGARY, Alberta, June 30, 2022 (GLOBE NEWSWIRE) -- Shaw Communications Inc. (“Shaw” or the “Company”) announces consolidated financial and operating results for the quarter ended May 31, 2022. On a year-over-year basis, consolidated revenue decreased by 2.1% to $1.35 billion, adjusted EBITDA increased 0.3% to $644 million and net income decreased 42.7% to $203 million. The prior year period included incremental Wireline Consumer revenue of approximately $20 million related to the release of a provision following the Canadian Radiotelevision and Telecommunications Commission (CRTC) decision on final aggregated Third Party Internet Access (TPIA) rates. On a year-over-year basis, this revenue impact is effectively offset by equity-based compensation adjustments driven by significant fluctuations in Shaw’s share price and adjustments to employee benefits provisions, resulting in no significant impact on EBITDA variances.