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, Recurring Total 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

Cision View original content:https://www.prnewswire.com/news-releases/3q22-results-telefonica-brasil-sa-301659917.html

SOURCE Telefônica Brasil S.A.

Copyright 2022 PR Newswire

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