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SÃO PAULO, Oct. 26, 2022 /PRNewswire/ -- Telefônica Brasil - (B3: VIVT3; NYSE: VIV), announces its results for 3Q22.
Solid performances on revenues lead to better margins and higher Net Income
R$ million
3Q22
3Q21
% y-o-y
9M22
9M21
% y-o-y
Net Operating Revenues
12,199
11,033
10.6
35,382
32,532
8.8
Core Revenue
11,256
9,888
13.8
32,380
28,904
12.0
Mobile Revenue
8,480
7,391
14.7
24,172
21,529
12.3
Fixed Core Revenue
2,776
2,496
11.2
8,209
7,375
11.3
Non-Core Revenue
943
1,145
(17.7)
3,002
3,628
(17.3)
Recurring Total Costs
(7,242)
(6,620)
9.4
(21,335)
(19,437)
9.8
Reported Total Costs
(7,242)
(6,203)
16.7
(21,335)
(18,457)
15.6
Recurring EBITDA
4,957
4,414
12.3
14,047
13,095
7.3
Recurring EBITDA Margin
40.6 %
40.0 %
0.6 p.p.
39.7 %
40.3 %
(0.6) p.p.
Reported EBITDA
4,957
4,830
2.6
14,047
14,075
(0.2)
Reported EBITDA Margin %
40.6 %
43.8 %
(3.1) p.p.
39.7 %
43.3 %
(3.6) p.p.
Net Income
1,436
1,315
9.3
2,932
3,602
(18.6)
Capex | Ex- IFRS 16
2,586
2,151
20.2
7,041
6,346
11.0
Operating Cash Flow (OpCF)
2,371
2,262
4.8
7,006
6,749
3.8
OpCF/Net Revenue Margin
19.4 %
20.5 %
0.1
19.8 %
20.7 %
(4.6)
Free Cash Flow after Lease Payments
1,839
2,634
(30.2)
6,473
6,701
(3.4)
Total Subscribers (thousand)
111,688
97,424
14.6
111,688
97,424
14.6
Core Subscribers
104,070
88,601
17.5
104,070
88,601
17.5
Non-Core Subscribers
7,618
8,823
(13.7)
7,618
8,823
(13.7)
Net Operating Revenue grew 10.6% YoY led by Mobile Service Revenue which increased 13.8% on a yearly comparison, and by Handset Revenue, which in its turn, grew a robust +25.9% YoY due to higher demand for 5G compatible smartphones. Net Revenues in the period were not impacted by the time difference between the disclosure of the new ICMS rates and the reduction of prices on invoices.
Despite Vivo disconnecting 3 million mobile accesses, considered inactive by Vivo's criteria regarding the acquisition of Oi Mobile, Postpaid Revenue and Prepaid Revenue grew, on an annual comparison, +12.0% and +21.5% respectively. These increases were driven by the expansion of the customer base and annual price adjustments in postpaid.
Net Fixed Revenue rose +2.1% YoY due to a higher representativeness of Core Fixed Revenue, which is corresponding to 74.6% (+6.1 p.p.) of Net Fixed Revenue. FTTH Revenue grew +20.1% YoY as our FTTH network reached 71 new cities YoY, now present in 380 Brazilian cities, with 22.3 million homes passed and 5.3 million homes connected.
When not considering Depreciation and Amortization, RecurringTotal Costs expanded +9.4% YoY, as Cost of Services reached 1.4 billion with higher revenues from the sale of licenses and services to companies, and with Costs of Products Sold growing +39.7% YoY, given a solid performance in the sale of handsets, accessories and IT equipment.
Recurring EBITDA totaled R$4,957 million (+12.3% YoY) in 3Q22, with a Recurring EBITDA margin of 40.6%.
In 3Q22, we bought back R$ 144 million in shares with the new Share Buyback Program that will last until Feb-23. In the last 12 months, the Company registered 113% in dividend payout, and an 9.2% dividend yield, considering the share buyback program.
Net Income totaled R$1,436 million in 3Q22, rising +9.3% YoY, due to higher revenues and the improvement in the financial result.
TELEFÔNICA BRASIL – Investor Relations Christian Gebara David Melcon João Pedro Carneiro Gabriel Figueiredo Menezes ir.br@telefonica.com
To download the complete version of the Company's earnings release, please visit our website: http://www.telefonica.com.br/ir
somos uma empresa do grupo telefónica, um dos maiores conglomerados de comunicação do mundo, com presença em 20 países e mais de 120 mil colaboradores. no brasil, nossos produtos e serviços são comercializados com a marca vivo, assim como movistar na espanha e países de língua espanhola e o2 reino unido e alemanha. líder em âmbito mundial na oferta de soluções de comunicação, informação e entretenimento, nosso portfólio é amplo e completo, passando por serviços como banda larga fixa e móvel, voz, ultra banda larga, dados e ti. temos trabalhado para nos consolidar como uma telco digital. atualmente desenvolvemos produtos e serviços para que possamos apresentar novas soluções em áreas como e-health, vídeo, m2m, publicidade móvel, pagamento pelo celular, entre outros. com esses produtos, acreditamos que ajudaremos nossos clientes a viver melhor. conecte-se à telefônica brasil e entenda como abrimos caminho para transformar possibilidades em realidade, criando valor para o colaborador, cli