Financial reports

($ millions, except per share amounts)

BCE Financial Highlights	Q4 2020	Q4 2019	$ change	% change
Operating revenues	$6,102	$6,275	negative $173	negative 2.8%
Adjusted EBITDA⁽¹⁾Operating revenues less operating costs	$2,404	$2,484	negative $80	negative 3.2%
Adjusted EBITDA margin	39.4%	39.6%	Not Applicable	negative 0.2 pt
Net earnings attributable to common shareholders	$889	$672
Adjusted EPS ⁽²⁾Net earnings attributable to common shareholders before severance, acquisition and other costs, net mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans, net losses (gains) on investments, early debt redemption costs, impairment of assets and discontinued operations, net of tax and non-controlling interest (NCI)	$0.81	$0.86	negative 5 cents	negative 5.8%
Free Cash Flow ⁽³⁾Cash flows from operating activities, excluding cash from discontinued operations, acquisition and other costs paid (which include significant litigation costs) and voluntary pension funding, less capital expenditures, preferred share dividends and dividends paid by subsidiaries to NCI.	$92	$874	negative $782	negative 89.5%

Quarterly