Telus Corp (TU) 2022 Q2 法說會逐字稿

Good day, everyone. Welcome to the TELUS 2022 Q2 Earnings Conference Call. I would like to introduce your speaker, Mr. Robert Mitchell. Please go ahead.

今天是個好日子。歡迎參加 TELUS 2022 年第二季度收益電話會議。我想介紹一下您的演講者，羅伯特·米切爾先生。請繼續。

Thanks, Melay. Hello, everyone, and thanks for joining us today. Our second quarter 2022 results news release, MD&A and financial statements and detailed supplemental investor information were posted on our website this morning at telus.com/investors.

謝謝，梅萊。大家好，感謝您今天加入我們。我們的 2022 年第二季度業績新聞稿、MD&A 和財務報表以及詳細的補充投資者信息已於今天上午在我們的網站 telus.com/investors 上發布。

On our call today, we'll start off with remarks by Doug and Darren. For the Q&A portion of our call, we will be joined by Zainul Mawji, who leads our Home Solutions and Customer Excellence; Jim Senko, who heads up Mobility Solutions; and Navin Arora, who leads Business Solutions; and Tony Geheran, COO; as well as Michael Dingle, who recently joined TELUS Health as Chief Operating Officer, is joining our call today.

在我們今天的電話會議上，我們將從 Doug 和 Darren 的講話開始。對於我們電話的問答部分，Zainul Mawji 將加入我們，他領導我們的家庭解決方案和客戶卓越；移動解決方案負責人 Jim Senko；和領導業務解決方案的 Navin Arora；和首席運營官 Tony Geheran；以及最近加入 TELUS Health 擔任首席運營官的 Michael Dingle 今天也加入了我們的電話會議。

Briefly on Slide 2. This presentation and answers to questions contain forward-looking statements that are subject to risks and uncertainties and made based on certain assumptions. Accordingly, actual performance could differ from statements made today, so we ask that you do not place undue reliance upon them. We disclaim any obligation to update forward-looking statements, except as required by law. And we refer you to the risks and assumptions as outlined in our public disclosures, including our second quarter 2022 MD&A, our annual 2021 MD&A and filings with Securities Commissions in Canada and the U.S.

簡要介紹幻燈片 2。本演示文稿和問題答案包含前瞻性陳述，這些陳述受風險和不確定性影響，並基於某些假設作出。因此，實際表現可能與今天的陳述有所不同，因此我們要求您不要過分依賴它們。除法律要求外，我們不承擔更新前瞻性陳述的任何義務。我們向您推薦我們公開披露中概述的風險和假設，包括我們的 2022 年第二季度 MD&A、我們的 2021 年度 MD&A 以及向加拿大和美國證券委員會提交的文件。

With that, over to you, Darren.

有了這個，交給你，達倫。

Thanks, Mitchie, and hello, everyone. In the second quarter, the TELUS team once again demonstrated continued execution excellence, characterized by the consistent combination of industry-leading customer growth, resulting again in strong operational and financial results across our business.

謝謝，米奇，大家好。在第二季度，TELUS 團隊再次展示了持續卓越的執行力，其特點是始終如一地結合行業領先的客戶增長，再次為我們的業務帶來強勁的運營和財務業績。

Our robust performance reflects the potency of our globally leading broadband networks and customer-centric culture, which enabled record second quarter loading in terms of 247,000 net customer additions. This reflects strong demand for our superior bundled offerings and customer service over our world-leading broadband networks.

我們強勁的業績反映了我們全球領先的寬帶網絡和以客戶為中心的文化的潛力，這使得第二季度的負載量達到創紀錄的 247,000 個淨客戶增加。這反映了我們世界領先的寬帶網絡對我們卓越的捆綁產品和客戶服務的強烈需求。

Furthermore, our leading customer growth is underpinned by our consistent industry best client loyalty across our mobile and fixed product lines. Notably, again this quarter, and for 7 of the last 9 quarters, Blended Mobile Phone, PureFibre Internet, Optic TV, Security and Voice Churn were all below 1%. Moreover, since the onset of the pandemic at the beginning of 2020, we now welcome more than 2.1 million new mobility and fixed customers. This represents an industry-leading result, including outpacing our next closest peer by a multiple of more than 2x and support strong financial performance today and well into the future.

此外，我們領先的客戶增長得益於我們在移動和固定產品線中始終如一的行業最佳客戶忠誠度。值得注意的是，本季度以及過去 9 個季度中的 7 個季度，混合手機、PureFibre Internet、光學電視、安全和語音流失率均低於 1%。此外，自 2020 年初疫情爆發以來，我們現在迎來了超過 210 萬新的移動和固定客戶。這代表了行業領先的結果，包括以超過 2 倍的倍數超過我們下一個最接近的同行，並支持今天和未來的強勁財務業績。

In the second quarter, TELUS achieved strong consolidated revenue growth of 7.1%, while EBITDA was higher by 8.9% or 9.4% on an organic basis. Strength in our core telecom operations continues to be complemented by a highly differentiated and powerful asset mix that's geared towards high-growth, technology-oriented verticals.

在第二季度，TELUS 研科實現了 7.1% 的強勁綜合收入增長，而 EBITDA 有機增長 8.9% 或 9.4%。我們核心電信業務的實力繼續得到高度差異化和強大的資產組合的補充，這些資產組合面向高增長、以技術為導向的垂直行業。

Let's turn now to have a look at our mobile operating results. TELUS achieved healthy customer growth of 185,000 net additions. This included strong mobile phone net additions of 93,000, up close to 5% over last year, and our best second quarter result since 2011. It also included 92,000 connected device net additions, which is up 10% on a year-over-year basis.

現在讓我們來看看我們的移動運營結果。 TELUS 實現了 185,000 個淨新增客戶的健康增長。這包括強勁的 93,000 部移動電話淨增加量，比去年增長近 5%，以及我們自 2011 年以來的第二季度最佳業績。它還包括 92,000 部聯網設備淨增加量，同比增長 10% .

Importantly, our team delivered another quarter of industry-best loyalty results, which, as you well know, is the hallmark of the TELUS organization and our customers-first culture. Blended mobile phone churn was 0.81%, similar to this time last year, and only 1 basis point off our all-time lowest churn rate ever achieved. Moreover, our industry-leading postpaid mobile phone churn of 0.64% was unchanged over the prior year period. This represents the seventh quarter out of the last 10 that we've realized a postpaid mobile phone churn rate below 0.8%.

重要的是，我們的團隊又交付了四分之一的行業最佳忠誠度結果，眾所周知，這是 TELUS 組織和我們客戶至上文化的標誌。混合手機流失率為 0.81%，與去年同期相似，僅比我們有史以來最低的流失率低 1 個基點。此外，我們行業領先的後付費手機用戶流失率為 0.64%，與去年同期持平。這是過去 10 個季度中我們實現後付費手機流失率低於 0.8% 的第 7 個季度。

Our consistently strong operating and financial performance is buttressed by our highly engaged team who are passionate about delivering superior service offerings and digital capabilities over our world-leading wireless and PureFibre broadband networks. Without question, more than ever before, Canadians value fast and reliable connections. The consistent recognition from a range of independent organizations worldwide reinforces the superior performance and attributes of TELUS' world-leading networks.

我們始終保持強勁的運營和財務業績得到了我們高度敬業的團隊的支持，他們熱衷於通過我們世界領先的無線和 PureFibre 寬帶網絡提供卓越的服務產品和數字能力。毫無疑問，加拿大人比以往任何時候都更重視快速可靠的連接。來自全球一系列獨立組織的一致認可加強了 TELUS 世界領先網絡的卓越性能和屬性。

Last month, U.S.-based Ookla once again named TELUS the fastest mobile service provider in Canada for the tenth consecutive time. Furthermore, in June, TELUS was once again named the fastest Internet service provider in Canada by U.S.-based PCMag for the third consecutive year. These acknowledgments, alongside the numerous other third-party network awards that our skilled and dedicated team has earned, reinforce TELUS' leadership in terms of offering customers the fastest, most expansive and most reliable service in Canada across both our wireless and PureFibre networks.

上個月，總部位於美國的 Ookla 再次連續第十次將 TELUS 評為加拿大最快的移動服務提供商。此外，6 月，TELUS 連續第三年被美國 PCMag 評為加拿大最快的互聯網服務提供商。這些認可，連同我們熟練和敬業的團隊贏得的眾多其他第三方網絡獎項，鞏固了 TELUS 在通過我們的無線和 PureFibre 網絡為客戶提供加拿大最快、最廣泛和最可靠的服務方面的領導地位。

Moreover, this recognition of the leadership of TELUS' national broadband networks underscores the value of our significant generational investments in world-leading network technologies, which will continue to drive extensive socioeconomic benefits to Canadians from coast-to-coast as well as meaningful future free cash flow for decades to come that will benefit all stakeholders of this organization, including securities holders.

此外，對 TELUS 國家寬帶網絡領導地位的認可突顯了我們對世界領先網絡技術的重大世代投資的價值，這將繼續為加拿大人帶來廣泛的社會經濟效益，從海岸到海岸以及有意義的未來自由未來幾十年的現金流，這將有利於該組織的所有利益相關者，包括證券持有人。

To close on mobile, second quarter ARPU was up 2.1% on a year-over-year basis. This was supported by higher roaming revenues that are now at 100% of pre-pandemic levels. Notably, mobile phone lifetime revenue of $7,100 was up 30%, and that was a significant delta versus our peers in terms of being 30% higher within our peer group contrast. This is reflective of the combination of our consistent focus on high-quality customer growth and leading client loyalty.

以移動端收盤，第二季度 ARPU 同比增長 2.1%。這得益於較高的漫遊收入，目前已達到大流行前水平的 100%。值得注意的是，7,100 美元的手機終生收入增長了 30%，與我們的同行相比，這是一個顯著的增量，在我們的同行組對比中高出 30%。這反映了我們對高質量客戶增長和領先客戶忠誠度的一貫關注。

Let's take a look now at our fixed operating results. TELUS delivered another quarter of industry-best wireline customer growth. We achieved industry-leading second quarter Internet net additions of 34,000, up 4,000 on a year-over-year basis despite modestly higher churn compared to the very low rates during heightened pandemic restrictions this time last year. We continue to drive healthy growth in TV with net additions of 15,000, which were up 4,000 over the prior year.

現在讓我們看看我們的固定運營結果。 TELUS 又實現了四分之一的行業最佳有線客戶增長。我們在第二季度實現了行業領先的互聯網淨增數 34,000，同比增長 4,000，儘管與去年這個時候大流行限制期間的極低比率相比，流失率略有增加。我們繼續推動電視的健康增長，淨增 15,000 台，比去年增加 4,000 台。

Furthermore, residential voice line losses of 7,000 were down 3,000 on a year-over-year basis. Strong security net additions of 20,000 were up 1,000 over this time last year. Overall, industry-leading total external fixed net additions of 62,000 were up 12,000 or some 24% on a year-over-year basis, representing an all-time second quarter record for the TELUS organization. What a great testament to the team's commitment and execution and the receptivity of our services in terms of customer affinity. This reflects the strength of our unique and highly attractive bundled offers across our industry best portfolio of products and services, buttressed by our ever-expanding broadband networks, our leading customer-centric culture as well as our strong and differentiated social capitalism attributes that underpin the TELUS brand.

此外，住宅語音線路損失 7,000 條，同比下降 3,000 條。去年同期增加了 20,000 個安全網，比去年同期增加了 1,000 個。總體而言，行業領先的外部固定淨增加總量為 62,000，同比增長 12,000 或約 24%，創下了 TELUS 組織第二季度的歷史記錄。這是對團隊的承諾和執行以及我們服務在客戶親和力方面的接受度的一個很好的證明。這反映了我們在行業最佳產品和服務組合中獨特且極具吸引力的捆綁服務的實力，並得到我們不斷擴展的寬帶網絡、領先的以客戶為中心的文化以及我們強大且差異化的社會資本主義屬性的支持TELUS 品牌。

Now let's take a look at our TELUS Health operations. Our team once again drove attractive year-over-year health services revenue growth, whilst continuing to meaningfully scale our health operations, including covering now more than 22 million lives in Canada with our health care programs, an increase of 24% on a year-over-year basis. It includes executing 145 million digital health transactions during the quarter, which is up 6% over last year, and it includes earning 1.4 million net new virtual health care members in the last 12 months, increasing our membership now to 3.6 million, representing a 64% increase on a year-over-year basis.

現在讓我們來看看我們的 TELUS Health 運營。我們的團隊再次推動了具有吸引力的醫療服務收入同比增長，同時繼續有意義地擴展我們的醫療業務，包括現在通過我們的醫療保健計劃覆蓋加拿大超過 2200 萬人的生活，同比增長 24%-超過一年的基礎。它包括在本季度執行 1.45 億筆數字健康交易，比去年增長 6%，其中包括在過去 12 個月中淨賺 140 萬新的虛擬醫療保健會員，現在我們的會員人數增加到 360 萬，相當於 64同比增長 %。

We continue to leverage our leading position in health care, technology solutions and data analytics to deliver improved health outcomes for employees and citizens alike through access to better health information, which, of course, has never been more critical within our society.

我們繼續利用我們在醫療保健、技術解決方案和數據分析方面的領先地位，通過獲取更好的健康信息為員工和公民提供更好的健康結果，當然，這在我們的社會中從未像現在這樣重要。

Just last week, we had the pleasure of welcoming Michael Dingle as our Chief Operating Officer at TELUS Health. Michael is on the call with us today, brings deep experience at the intersection of health and technology most recently as Chief Product and Technology Officer and partner at PwC in the health and technology practices.

就在上週，我們很高興地歡迎 Michael Dingle 擔任 TELUS Health 的首席運營官。邁克爾今天與我們通話，最近擔任首席產品和技術官以及普華永道在健康和技術實踐方面的合作夥伴，帶來了健康和技術交叉領域的豐富經驗。

TELUS Health scale will, of course, be significantly enhanced by our acquisition of LifeWorks announced in June and approved yesterday by LifeWorks shareholders. The potent combination of the respective skills and capabilities of LifeWorks and TELUS Health will create a world-leading end-to-end digital first employee primary and preventative health care, mental health and wellness platform covering more than 50 million lives in Canada and beyond our borders.

當然，我們在 6 月宣布並在昨天獲得 LifeWorks 股東批准的收購 LifeWorks 將顯著增強 TELUS Health 的規模。 LifeWorks 和 TELUS Health 各自的技能和能力的有效結合將創建一個世界領先的端到端數字第一員工初級和預防性醫療保健、心理健康和健康平台，覆蓋加拿大及其他地區超過 5000 萬人的生活邊界。

Importantly, LifeWorks International relationships will be complemented by TELUS International's proven expertise in digital, analytics and cloud transformation capabilities, and of course, their client service excellence, as well as their expansive client base and delivery teams now spanning 30 countries worldwide to allow us to extend our digital health offering to customers globally and to buttress the distribution strength on an international basis that we will secure through the LifeWorks acquisition.

重要的是，LifeWorks International 的關係將得到 TELUS International 在數字、分析和雲轉換能力方面的成熟專業知識的補充，當然還有他們卓越的客戶服務，以及他們現在遍布全球 30 個國家的龐大客戶群和交付團隊，使我們能夠將我們的數字健康產品擴展到全球客戶，並加強我們將通過收購 LifeWorks 獲得的國際分銷實力。

We remain highly confident in receiving the appropriate regulatory approvals, and in turn, closing this transaction in the second half of the year and look forward to welcoming LifeWorks employees and their significant product and capabilities on the technology front as well as their venerable customer base into the wider TELUS Health family, and we look forward to realizing the significant potential for these assets in the years ahead.

我們仍然對獲得適當的監管批准充滿信心，進而在今年下半年完成這項交易，並期待著歡迎 LifeWorks 員工及其在技術前沿的重要產品和能力以及他們可敬的客戶群進入更廣泛的 TELUS Health 大家庭，我們期待在未來幾年實現這些資產的巨大潛力。

Let's turn now to TELUS Agriculture and Consumer Goods, recently rebranded to reflect a broader business strategy to deliver data insights and a wide range of digital solutions to consumer packaged goods producers and customers across the agricultural sector and beyond. As we continue to scale our business globally, we have a compelling opportunity to create more value for the entire value chain, whilst improving the safety, quality and sustainability of food and other goods all in a way that is traceable and clear to the end consumer. This includes a significant opportunity to help effectively manage the disconcerting amount of goods that never end up in the hands of consumers due to wastage, spoilage, quality issues and inaccurate forecasting, something that can be addressed by better data analytics and dynamic insights.

現在讓我們轉向最近更名的 TELUS 農業和消費品，以反映更廣泛的業務戰略，為農業及其他領域的消費品生產商和客戶提供數據洞察和廣泛的數字解決方案。隨著我們繼續在全球擴展我們的業務，我們有一個令人信服的機會，可以為整個價值鏈創造更多價值，同時以對最終消費者可追溯和清晰的方式提高食品和其他商品的安全性、質量和可持續性.這包括一個重要的機會，可以幫助有效管理由於浪費、變質、質量問題和不准確的預測而永遠不會落入消費者手中的令人不安的商品數量，這可以通過更好的數據分析和動態洞察力來解決。

At TELUS Agriculture and Consumer Goods, our team drove revenue growth of 40% over the same period last year as a result of our team's ongoing efforts to integrate and grow this compelling business and the assets that we're assembling and integrating. This performance is illustrative of the significant value we are creating as the leading provider of agriculture and consumer goods technology solutions around the world as we advance the sector's efficiency and effectiveness through data analytics.

在 TELUS Agriculture and Consumer Goods，由於我們團隊不斷努力整合和發展這一引人注目的業務以及我們正在組裝和整合的資產，我們團隊的收入比去年同期增長了 40%。這一業績說明了我們作為全球農業和消費品技術解決方案的領先供應商正在創造的重要價值，因為我們通過數據分析提高了該行業的效率和有效性。

Let's turn now and take a look at TELUS International. Earlier today, TELUS International, once again, announced excellent double-digit revenue growth, coupled with leading profitability and strong cash flow growth in the quarter. TI's continued robust results demonstrate its consistent execution, its attractive end-to-end digital capabilities and the position of TI as the leading partner of choice for premier digital customer experiences and IT services for some of the world's largest companies and best-known brands.

現在讓我們看看 TELUS International。今天早些時候，研科國際再次宣布了出色的兩位數收入增長，加上本季度領先的盈利能力和強勁的現金流增長。 TI 持續強勁的業績證明了其一貫的執行力、極具吸引力的端到端數字能力，以及 TI 作為全球一些最大公司和知名品牌的一流數字客戶體驗和 IT 服務首選合作夥伴的地位。

Doug is going to have an opportunity to provide further commentary on both TTEC and TELUS International financials shortly.

Doug 很快將有機會就 TTEC 和 TELUS International 的財務狀況提供進一步的評論。

In closing, our confidence in the strong outlook for our business and the long-term sustainability of our industry-leading dividend growth program is underpinned by our ongoing smart investment in technology infrastructure, including 5G and our accelerated broadband build program, our digital capabilities, our leading data analytics and our exploitation of the significant opportunities that we have in growth markets that enable the continued advancement of our robust operational and financial performance because we do those 2 things in concert at TELUS.

最後，我們對我們業務的強勁前景和我們行業領先的股息增長計劃的長期可持續性充滿信心，這得益於我們對技術基礎設施（包括 5G）和我們的加速寬帶建設計劃、我們的數字能力、我們領先的數據分析和我們在增長市場中擁有的重要機會的利用使我們能夠持續提升我們強勁的運營和財務業績，因為我們在 TELUS 共同做這兩件事。

Our compelling free cash flow outlook and dividend affordability will be backed by our strong EBITDA growth outlook in our telecom data services portfolio, complemented by significant value creation in our TI, health and agriculture and consumer goods businesses. This will be further bolstered by the significant reduction in capital expenditures in terms of the reduction in our run rate by approximately $1 billion beginning in 2023 as our fiber build approaches completion.

我們令人信服的自由現金流前景和股息承受能力將得到我們電信數據服務組合強勁的 EBITDA 增長前景的支持，以及我們在 TI、健康和農業以及消費品業務中的重大價值創造。隨著我們的光纖建設接近完成，從 2023 年開始，我們的運行率將減少約 10 億美元，資本支出的大幅減少將進一步加強這一點。

It will also be supported by enhanced efficiencies as we largely conclude our copper-to-fiber migration by year-end, and continue retiring our remaining copper infrastructure, whilst pursuing other increased digitization and cost reduction programs that are available to this organization.

隨著我們在年底前基本完成從銅纜到光纖的遷移，並繼續淘汰我們剩餘的銅纜基礎設施，同時尋求該組織可用的其他增加的數字化和降低成本的計劃，這也將得到提高效率的支持。

Finally, I'd like to recognize the way our TELUS team continues to give where we live day in and day out. By way of example, thus far in 2022, 65,000 TELUS team members, retirees and their families have volunteered for our 17th annual TELUS Days of Giving now celebrated in 20 countries on a global basis. It's thanks to their passionate and their committed level of dedication that TELUS is the most giving company in the world and well on our way to achieving our goal of contributing 1.5 million hours of volunteerism in 2022 to improve outcomes for people in need around the world.

最後，我想承認我們的 TELUS 團隊繼續為我們日復一日的生活做出貢獻的方式。例如，到 2022 年為止，已有 65,000 名 TELUS 團隊成員、退休人員及其家人自願參加我們的第 17 屆年度 TELUS Days of Giving，目前在全球 20 個國家/地區慶祝。多虧了他們的熱情和他們堅定的奉獻精神，TELUS 是世界上捐贈最多的公司，並且我們正在努力實現我們的目標，即在 2022 年貢獻 150 萬小時的志願服務，以改善世界各地有需要的人的成果。

I remain exceedingly grateful to the entire TELUS team for exemplifying our world leadership in social capitalism as we strive to deliver outstanding results for all of our stakeholders in pursuit of making the future friendly for everyone.

我仍然非常感謝整個 TELUS TELUS 團隊在我們努力為所有利益相關者提供出色的結果以追求對每個人都友好的未來中體現了我們在社會資本主義方面的世界領導地位。

And on that note, I'll hand the call over to uncle Doug. Uncle Doug, over to you.

在那張紙條上，我會把電話交給道格叔叔。道格叔叔，交給你了。

Thank you, Darren, and hello, everyone. Our Q2 results showcase our consistent execution excellence and leading asset mix across all our business offerings. Mobile network revenue improved 6.4% year-over-year, demonstrating improving momentum as compared to the 4.9% in the first quarter of 2022. Furthermore, mobile network revenue was higher by 6.6% compared to the pre-pandemic Q2 2019 period, showcasing our strong consistent growth. This is reflective of our consistency and resilience through the unprecedented times and beyond, and continued focus on high-quality customer growth, excellent customer base management, superior and diversified product offerings on the best networks.

謝謝你，達倫，大家好。我們的第二季度業績展示了我們在所有業務產品中始終如一的卓越執行力和領先的資產組合。移動網絡收入同比增長 6.4%，與 2022 年第一季度的 4.9% 相比，勢頭有所改善。此外，與大流行前的 2019 年第二季度相比，移動網絡收入增長了 6.6%，展示了我們的強勁的持續增長。這反映了我們在前所未有的時代及以後的一致性和彈性，並繼續關注高質量的客戶增長、出色的客戶群管理、在最佳網絡上提供卓越和多樣化的產品。

We continue to see a steady improvement in roaming revenue, with a Q2 amount at approximately 103% of pre-pandemic levels despite volumes still in the low 90s, leaving more room for growth. These improving roaming trends will continue to support ARPU growth as we progress through the back half of 2022.

我們繼續看到漫遊收入穩步增長，儘管數量仍處於 90 年代的低位，但第二季度的數量約為大流行前水平的 103%，留出了更大的增長空間。隨著我們在 2022 年下半年的進展，這些改善的漫遊趨勢將繼續支持 ARPU 的增長。

Beyond roaming, we remain focused on driving sustainable ARPU growth by executing on our 5G monetization strategy. Furthermore, customer reception to our launch of Stream+ has been very strong, further supporting increased customer adoption of our premium unlimited data plans. Additionally, we continue to make meaningful investments in digitization and simplification, driving down our cost structure while also improving our effectiveness and our customer experience.

除了漫遊之外，我們仍然專注於通過執行我們的 5G 貨幣化戰略來推動可持續的 ARPU 增長。此外，客戶對我們推出 Stream+ 的接受度非常高，進一步支持了更多客戶採用我們的高級無限數據計劃。此外，我們繼續在數字化和簡化方面進行有意義的投資，降低我們的成本結構，同時提高我們的效率和客戶體驗。

Fixed data revenue which, as a reminder, excludes revenue from health services and agriculture and consumer product services, grew 4.5% year-over-year and nearly 6% when considering the divestiture of our financial services business towards the end of last year. Underlying our fixed data growth, our residential Internet revenue growth was an impressive 13% growth year-over-year as we continue to drive market share gains as well as higher ARPU as customers continue to move to higher speeds and recognize the compelling value of our superior PureFibre and bundled offerings.

提醒一下，固定數據收入不包括健康服務和農業和消費品服務的收入，同比增長 4.5%，考慮到去年底剝離我們的金融服務業務時增長近 6%。在我們的固定數據增長的基礎上，我們的住宅互聯網收入增長令人印象深刻，同比增長 13%，因為我們繼續推動市場份額的增長以及更高的 ARPU，因為客戶繼續轉向更高的速度並認識到我們的引人注目的價值卓越的 PureFibre 和捆綁產品。

On the B2B front, inclusive of mobile and fixed services, we saw positive trends continue with both revenue and EBITDA up on a year-over-year basis. TELUS International, Health and Agriculture and Consumer Goods all showed strong growth once again, reflecting the high-growth nature of our unique data-centric asset mix, which sets us apart from our global peer group.

在 B2B 方面，包括移動和固定服務，我們看到積極的趨勢繼續存在，收入和 EBITDA 均同比增長。研科國際、健康與農業和消費品再次呈現強勁增長，反映了我們獨特的以數據為中心的資產組合的高增長性質，這使我們在全球同行中脫穎而出。

Furthermore, with the acquisition of LifeWorks, we anticipate being able to drive significant cross-selling synergies between our respective organizations, striving for more than $200 million annually within a 3- to 5-year period or sooner. This includes leveraging TELUS International's extensive capabilities and client base.

此外，通過收購 LifeWorks，我們預計能夠在我們各自的組織之間推動顯著的交叉銷售協同效應，力爭在 3 到 5 年或更短的時間內實現每年超過 2 億美元的目標。這包括利用 TELUS International 的廣泛能力和客戶群。

At the segment level, TTEC external revenue was up 4.7% or circa 7% when excluding mobile equipment revenue. The lower equipment revenue reflects a continuation of consumers holding on to their devices longer, benefiting from the transparency of our equipment installment plans as well as greater BYOD loading. However, the back half of the year will be influenced by the level of contracted renewal volumes that are more seasonally weighted to Q3 and Q4 with back-to-school, Black Friday and the Christmas season.

在細分市場層面，TTEC 外部收入增長 4.7%，如果不包括移動設備收入，則增長約 7%。較低的設備收入反映了消費者持續更長時間地使用他們的設備，受益於我們設備分期付款計劃的透明度以及更大的 BYOD 負載。然而，今年下半年將受到合同續訂量水平的影響，合同續訂量在第三季度和第四季度以及返校、黑色星期五和聖誕節季節的季節性權重更大。

TTEC adjusted EBITDA grew 6.1% year-over-year or 6.7%, excluding the impact of the financial services divestiture, while adjusted EBITDA margin improved by 50 basis points to 38.4%. DLCX external revenue was higher by 22% and adjusted EBITDA up 36%, with margins improved 250 basis points year-over-year.

剔除金融服務剝離的影響，TTEC 調整後 EBITDA 同比增長 6.1% 或 6.7%，而調整後 EBITDA 利潤率提高 50 個基點至 38.4%。 DLCX 外部收入增長 22%，調整後 EBITDA 增長 36%，利潤率同比提高 250 個基點。

TI reaffirmed its full guidance today, and the team remains on track for another strong year of double-digit growth and attractive margin profile even with certain foreign exchange headwinds. Consolidated adjusted EBITDA grew 8.9% year-over-year or 9.4% on an organic basis, demonstrating strong sequential growth as we progress as plans towards our 8% and 10% targets.

TI 今天重申了其全面指導，即使在某些外匯逆風的情況下，該團隊仍有望實現又一個強勁的兩位數增長和有吸引力的利潤率。合併調整後 EBITDA 同比增長 8.9% 或有機增長 9.4%，表明隨著我們朝著 8% 和 10% 目標的計劃進展，強勁的連續增長。

Furthermore, we saw strong margin expansion in the quarter with consolidated adjusted EBITDA margin up 70 basis points year-over-year to 36.9%, reflecting the strong expansion in TTEC and DLCX. This margin expansion reflects the benefits from our ongoing investments in simplification and digitization, which are both enhancing the customer experience, while improving our cost structure on a permanent basis.

此外，我們看到本季度利潤率強勁增長，綜合調整後 EBITDA 利潤率同比增長 70 個基點至 36.9%，反映出 TTEC 和 DLCX 的強勁擴張。這種利潤增長反映了我們在簡化和數字化方面的持續投資所帶來的好處，這既能增強客戶體驗，又能永久改善我們的成本結構。

Consolidated net income was up 45% year-over-year, while EPS grew 36%. The strong growth was driven by higher EBITDA and lower financing costs, partially offset by higher depreciation and amortization. During the quarter, we observed an $80 million unrealized benefit included in our financing costs related to our 3 virtual power purchase agreements, or VPPAs, that became operational in Q2, supporting our environmental targets. These agreements generate renewable efficiency certificates that we will use in helping us achieve our Scope 1 and Scope 2 science-based greenhouse gas reduction targets, along with reaching our goal to be net carbon neutral in 2030.

合併淨利潤同比增長 45%，每股收益增長 36%。強勁增長是由較高的 EBITDA 和較低的融資成本推動的，部分被較高的折舊和攤銷所抵消。在本季度，我們觀察到與我們的 3 個虛擬電力購買協議 (VPPA) 相關的融資成本中包含 8000 萬美元的未實現收益，該協議於第二季度開始運作，支持我們的環境目標。這些協議產生了可再生能源效率證書，我們將使用這些證書來幫助我們實現基於科學的溫室氣體減排目標 1 和 2，同時實現我們在 2030 年實現淨碳中和的目標。

By the end of 2023, 80% of our national energy needs will be met by clean sources, and we'll be striving to hit our 25% target of 100% from electricity requirements from renewable or low remitting sources or even sooner to that target.

到 2023 年底，80% 的國家能源需求將由清潔能源滿足，我們將努力實現 25% 的目標，即 100% 來自可再生能源或低排放能源的電力需求，甚至更快地實現這一目標.

On an adjusted basis, which excludes this tax effected benefit, net income and EPS are higher, 21% and 23%, respectively. The $80 million unrealized gain that we recognized in the quarter represents the fair value as at a current balance sheet date on a present value basis for the future cash flow model. The VPPAs meet IFRS accounting for hedge accounting, and therefore, must be recognized this way.

在調整後的基礎上，不包括這種稅收影響的收益，淨收入和每股收益分別更高，分別為 21% 和 23%。我們在本季度確認的 8000 萬美元未實現收益代表了在當前資產負債表日的公允價值，基於未來現金流模型的現值。 VPPA 符合 IFRS 會計對沖會計的要求，因此必須以這種方式確認。

Free cash flow of $205 million in Q2 was down slightly by $5 million over last year, as strong EBITDA growth was partially offset by our higher capital expenditures as planned as part of our prefunded accelerated broadband build program. For 2022, we continue to target our free cash flow of $1 billion to $1.2 billion, and with regards to capital expenditures, our annual target of $3.4 billion remains unchanged.

第二季度的自由現金流為 2.05 億美元，比去年略有下降 500 萬美元，因為強勁的 EBITDA 增長被我們作為預資助加速寬帶建設計劃的一部分計劃的更高資本支出部分抵消。 2022 年，我們繼續將自由現金流的目標定為 10 億美元至 12 億美元，在資本支出方面，我們 34 億美元的年度目標保持不變。

In Q3, we expect a similar level of capital expenditures compared to Q2 before tapering off in Q4 as we advance towards a lower run rate in 2023 of approximately $2.5 billion. Our balance sheet also remains very healthy, including total availability of liquidity of over $1.5 billion and a weighted average interest rate of 3.72%, essentially flat as compared to 1 year earlier and an average term to maturity of 12 years.

在第三季度，我們預計與第二季度相似的資本支出水平，然後在第四季度逐漸減少，因為我們在 2023 年朝著較低的運行率前進，約為 25 億美元。我們的資產負債表也保持非常健康，包括超過 15 億美元的總流動性和 3.72% 的加權平均利率，與一年前相比基本持平，平均到期期限為 12 年。

Our debt-to-EBITDA leverage ratio for the quarter is at 3.23x, up from 3.11x 1 year earlier. However, excluding the impact of acquiring spectrum licenses, our net debt-to-EBITDA leverage ratio at Q2 would have been 2.76x.

我們本季度的債務與 EBITDA 槓桿比率為 3.23 倍，高於一年前的 3.11 倍。然而，排除獲得頻譜許可的影響，我們在第二季度的淨債務與 EBITDA 槓桿比率為 2.76 倍。

We also remain committed to our dividend payout ratio guideline of 60% to 75% on a prospective basis. Excluding our accelerated broadband capital investments, which we prefunded with our equity offering last year, our dividend payout ratio at the end of Q2 was 56%. As we progress through the remainder of the year and into 2023 and beyond, we are confident that we will continue to execute at the high level our stakeholders expect, building on strong value creation along the way.

我們還繼續致力於在未來的基礎上實現 60% 至 75% 的派息率指導方針。不包括我們去年通過股票發行預先提供資金的加速寬帶資本投資，我們在第二季度末的股息支付率為 56%。隨著我們在今年剩餘時間和 2023 年及以後的進展，我們相信我們將繼續在利益相關者期望的高水平上執行，並在此過程中建立強大的價值創造。

With that, Robert, I'll pass it back to you for Q&A.

有了這個，羅伯特，我會把它傳回給你進行問答。

Thanks, Doug. Melay, please proceed with questions.

謝謝，道格。梅萊，請繼續提問。

First question comes from Maher Yaghi from Scotiabank. (Operator Instructions)

第一個問題來自豐業銀行的 Maher Yaghi。 （操作員說明）

Darren, you articulated very well the reasons that drove to acquire LifeWorks. As we get closer to the end of your accelerated CapEx cycle and look forward to the improved cash production, can you discuss a little bit what your additional capital need might be for TELUS Ag and TELUS Health to get them to where you want them to be in order to become independent or do similar outcomes to TELUS International, i.e., trying to understand a little bit more what more -- what additional investments you need to make in those 2 assets that can take money away from maybe debt reduction or improved dividend growth?

達倫，你很好地闡述了推動收購 LifeWorks 的原因。隨著我們接近您加速資本支出週期的結束並期待改善現金生產，您能否討論一下您對 TELUS Ag 和 TELUS Health 的額外資本需求，以使它們達到您希望的位置為了變得獨立或與 TELUS International 取得類似的成果，即嘗試更多地了解更多——您需要對這兩項資產進行哪些額外投資，這些資產可能會從減少債務或提高股息增長中獲利?

Thanks, Maher. The way that investors should look at TELUS is balancing the interest of all 3 constituencies. So the economic strength of our organization allows us to simultaneously invest for the future, including in key high-growth areas like health and ag on an organic and inorganic basis, and at the same time, pursue our deleveraging goals, and at the same time, underpin the affordability of our long-term dividend growth model. And so if the past is prescient, I think we have historically done a terrific job balancing the interest of all securities holders, so both the equity and on the debt side.

謝謝，馬赫。投資者應該看待 TELUS 的方式是平衡所有 3 個選區的利益。因此，我們組織的經濟實力使我們能夠同時投資於未來，包括在有機和無機基礎上的健康和農業等關鍵高增長領域，同時追求我們的去槓桿化目標，同時，支持我們長期股息增長模式的可負擔性。因此，如果過去有先見之明，我認為歷史上我們在平衡所有證券持有人的利益方面做得非常出色，無論是在股權方面還是在債務方面。

And as we move now into an era at TELUS in 2023 and beyond, where the sources of cash will chronically exceed the uses of cash, we will have plentiful resources to support the growth ambitions of our Health business and our Ag business, bringing them to scale as well as bringing them to some exciting multiple monetization events, and at the same time, achieve the goals that we've set out for ourselves with our balance sheet and, of course, underpinning the affordability of our dividend growth program. And I think these things taking place in combination are important because they're synergistic.

隨著我們現在進入 2023 年及以後 TELUS 的時代，現金的來源將長期超過現金的使用，我們將擁有豐富的資源來支持我們的健康業務和農業業務的增長雄心，將它們帶到規模以及將它們帶到一些令人興奮的多重貨幣化事件中，同時實現我們通過資產負債表為自己設定的目標，當然還有支撐我們股息增長計劃的可承受性。我認為這些事情結合起來很重要，因為它們是協同作用的。

As I said before, it won't be long before returning the conversation to what's happening with the dividend growth model in 2025 to 2028. Our ability to sustain that dividend growth model is contingent upon the smart investments that we make today, whether it's in our core telecoms business on fiber and 5G, or the exciting opportunities that lie ahead for TELUS International, TELUS Health and TELUS Agriculture. Those growth investments will also yield significant returns that allows us to further strengthen our balance sheet to support future growth, but also to weather some economic challenges that come and go as the years roll by.

正如我之前所說，不久之後，話題就會回到 2025 年至 2028 年的股息增長模式。我們維持這種股息增長模式的能力取決於我們今天所做的明智投資，無論是在我們在光纖和 5G 方面的核心電信業務，或 TELUS International、TELUS Health 和 TELUS Agriculture 面臨的激動人心的機遇。這些增長投資也將產生可觀的回報，使我們能夠進一步加強我們的資產負債表以支持未來的增長，同時也能夠抵禦隨著歲月的流逝而來的一些經濟挑戰。

The other thing that's important is that in addition to entering into that chronic period where the sources of cash exceed the uses, and that's buttressed by the continuing expansion of EBITDA at TELUS as well as the reduction in our capital appetite in 2023 and well beyond.

另一件重要的事情是，除了進入現金來源超過用途的長期時期外，這得益於 TELUS 的 EBITDA 持續擴張以及我們在 2023 年及以後的資本需求下降。

We also have significant opportunities for monetizing further the assets that we're building within the emerging market areas. So there are still significant opportunities for value creation within TI and multiple monetization opportunities as it relates to Health and Ag, whether that's taking a page out of TI's book and saying, wow, okay, our growth ambitions and our scale ambitions and our international reach ambitions in both Health and Ag would be better served in the near to medium term by bringing on a partner as we did back in 2016 with TI.

我們也有重要的機會將我們在新興市場領域內建立的資產進一步貨幣化。因此，在 TI 內部仍有重要的價值創造機會以及與健康和農業相關的多種貨幣化機會，無論是從 TI 的書中拿出一頁，然後說，哇，好吧，我們的增長雄心、我們的規模雄心和我們的國際影響力就像我們在 2016 年與 TI 合作時所做的那樣，通過引入合作夥伴，在中短期內將更好地實現健康和農業領域的雄心壯志。

And then down the road, if we bring on the right partner, that provides the right resources, the right connectivity, the right level of expertise, then that sets us up if we execute well, making smart organic and inorganic investments for another play in terms of taking those businesses public.

然後，如果我們找到合適的合作夥伴，提供合適的資源、合適的連接、合適的專業知識水平，那麼如果我們執行得好，就可以為我們做好準備，進行明智的有機和無機投資，以在另一個領域發揮作用將這些企業公開的條款。

And that's the role that we're on at this organization, and there's a convergence in terms of economic growth, supporting, underpinning the investments that we need to make as well as achieving our deleveraging goals as well as supporting the continued ability to fund our dividend with the significant headroom that we will have from both cash expansion and within the dividend payout ratio as per the comments that Doug made earlier. So D, all of the above.

這就是我們在這個組織中所扮演的角色，在經濟增長、支持、支持我們需要進行的投資、實現我們的去槓桿化目標以及支持為我們的持續融資能力方面存在一個趨同。根據道格早些時候的評論，我們將從現金擴張和股息支付率中獲得巨大的紅利空間。所以D，以上所有。

Melay, next question, please.

梅萊，請下一個問題。

Our next question comes from David Joyce from Barclays Capital.

我們的下一個問題來自巴克萊資本的大衛喬伊斯。

Could you please update us on your thoughts about further decommissioning benefits? I know you did mention there was some -- the closing of the infrastructure. How much of your infrastructure is left to be retired? So I think there have been some comments in the past about possible real estate monetization. So any fresh thoughts on the savings and the timing on that would be appreciated.

您能否向我們介紹您對進一步退役福利的看法？我知道你確實提到了一些——基礎設施的關閉。您有多少基礎設施需要退役？所以我認為過去有一些關於可能的房地產貨幣化的評論。因此，任何關於節省和時間的新想法將不勝感激。

Zainul, given that you're somewhat involved with our fixed business, why don't you talk about some of the savings from getting to homogeneity within our PureFibre footprint? Tony can have a top-up on that if he wants to make some other comments in terms of our technology thesis. And Doug, given that this is your favorite subject, that you can talk with Tony in terms of real estate development and monetization opportunities. Zainul, over to you.

Zainul，鑑於您在一定程度上參與了我們的固定業務，您為什麼不談談在我們的 PureFibre 足跡內實現同質化所節省的一些成本？如果托尼想就我們的技術論文發表一些其他評論，他可以對此進行補充。還有道格，鑑於這是您最喜歡的主題，您可以與托尼討論房地產開發和貨幣化機會。 Zainul，交給你了。

Thank you, Darren, and thanks for the question. So I just want to highlight that, as Darren mentioned, we now have about 7% of our remaining Internet and wireline customers on copper that are accessible in our PureFibre footprint. Our goal and desire is to get that close to 0 by the end of the year. And we have demonstrated some great traction with respect to achieving those migrations.

謝謝你，達倫，謝謝你的問題。所以我只想強調，正如 Darren 所提到的，我們現在有大約 7% 的剩餘互聯網和有線客戶使用銅線，這些銅線客戶可以在我們的 PureFibre 足跡中訪問。我們的目標和願望是到今年年底接近 0。在實現這些遷移方面，我們已經展示了一些巨大的吸引力。

Before we get into some of the technology retirement opportunities in the real estate monetization that I know Tony and Doug will top up on, just in terms of the savings opportunity and the overall flow-through, as we've highlighted before, the difference between a copper and a fiber customer is quite stark in terms of the overall profitability and contribution to the organization. We see a significantly higher AMPU, we see greater product intensity and we see lower cost to serve as well as incremental churn.

在我們討論房地產貨幣化中的一些技術退休機會之前，我知道托尼和道格將補足，就儲蓄機會和整體流動而言，正如我們之前強調的那樣，兩者之間的區別銅和光纖客戶在整體盈利能力和對組織的貢獻方面非常明顯。我們看到 AMPU 顯著提高，產品強度更高，服務成本更低，客戶流失增加。

And so when you look at that delta, it has consistently been a minimum of a 40% customer lifetime value delta between copper and fiber. And so we are very bullish about the flow-through, given that a number of those migrations would have occurred in the last year. And we will continue as we complete our fiber build to aggressively migrate existing copper customers.

因此，當您查看該增量時，銅線和光纖之間始終存在至少 40% 的客戶生命週期價值增量。因此，鑑於其中一些遷移將在去年發生，因此我們非常看好流量。我們將繼續完成我們的光纖構建，以積極遷移現有的銅線客戶。

We also take the opportunity, in addition to that customer lifetime value benefit, to look at retiring the ultimate value chains, processes, systems that supported copper and migrate them into fiber. And so there's fixed cost opportunities in terms of the flow-through to that margin accretion.

除了客戶終身價值利益之外，我們還藉此機會考慮淘汰支持銅纜的最終價值鏈、流程和系統，並將其遷移到光纖中。因此，就利潤增長的流動而言，存在固定成本機會。

And in addition to that, with fiber customers, we do see a greater product intensity, an opportunity to increase product intensity as our product roadmap expands and our opportunity to fulfill that product intensity on a digital-first basis with new platform development. So there is significant runway. We'll continue to see that accretion and those flow-through benefits through the coming months and years.

除此之外，對於光纖客戶，我們確實看到了更高的產品強度，隨著我們產品路線圖的擴展，我們有機會增加產品強度，並且我們有機會通過新平台開發在數字優先的基礎上實現產品強度。所以有重要的跑道。在接下來的幾個月和幾年中，我們將繼續看到這種增長和那些流動的好處。

And I will now hand it over to Tony to talk a little bit more about the technology.

現在我將把它交給托尼，讓他更多地談談這項技術。

Thank you, Zainul. I'd say, I'd just add up that we've been very successful in reducing the copper footprint and will be substantially complete by the end of the year in our fiber footprint area. For those areas outside of fiber, we're relying on responsible and effective spectrum policy that will allow us to leverage the wireless infrastructure effectively to provide broad and wideband services to those consumers more remote and rural. And we're leveraging our 4G and 5G spectrum allocations to do that within our operating area. And when we get the millimeter wave spectrum, we'll have yet another technical element to provide broadband, wideband services to remote and rural customers.

謝謝你，再努爾。我想說，我想補充一下，我們在減少銅足跡方面非常成功，並將在今年年底之前在我們的光纖足跡領域基本完成。對於那些光纖以外的地區，我們依靠負責任和有效的頻譜政策，這將使我們能夠有效地利用無線基礎設施，為那些更偏遠和農村的消費者提供廣泛的寬帶服務。我們正在利用我們的 4G 和 5G 頻譜分配在我們的運營區域內做到這一點。當我們獲得毫米波頻譜時，我們將擁有另一個技術元素，為偏遠和農村客戶提供寬帶、寬帶服務。

And with that, I'll pass to you, Doug, on the opportunity around real estate that this represents.

有了這個，我將把這代表的房地產機會轉達給你，道格。

Yes. So our real estate opportunity is a multiyear initiative. We currently have approximately 5 started and pilots underway on building between commercial to residential real estate on property that we own that we do not need for our networks anymore. And there's a list of 15 to 30 more opportunities into the future that we look to develop over that time frame. And so it will be a multiyear as the land frees up. Each property could take anywhere from 1 to 3 to 5 years to actually get from, call it, permit to build. And so you'll see that phased in as we continue to move forward as Zainul and Tony's comments come to fruition.

是的。因此，我們的房地產機會是一項多年計劃。我們目前有大約 5 個已啟動和正在進行的試點項目，用於在我們擁有的、我們不再需要我們的網絡的財產上建造商業房地產和住宅房地產。我們希望在該時間範圍內開發 15 到 30 個未來機會。因此，隨著土地的釋放，這將是多年的時間。每處房產都可能需要 1 到 3 到 5 年的時間才能真正獲得、稱之為、允許建造。因此，隨著 Zainul 和 Tony 的評論取得成果，隨著我們繼續前進，您會看到這一點逐步實施。

Melay, next question, please.

梅萊，請下一個問題。

Next question comes from Jerome Dubreuil from Desjardin Securities.

下一個問題來自 Desjardin Securities 的 Jerome Dubreuil。

I have 2 today. Good to see the copper to fiber migration is on track here. And since you expect the TV and Internet customers will be substantially migrated by year-end, should we maybe expect a bit higher churn in the back half of the year? That's the first question.

我今天有2個。很高興看到銅線到光纖的遷移正在走上正軌。而且由於您預計電視和互聯網客戶將在年底前大幅遷移，我們是否應該預計下半年的客戶流失率會更高一些？這是第一個問題。

The second one, in terms of the churn on the wireless side we're seeing declining again, which is great, but is there -- maybe a more philosophical question. Is there a floor level at which you consider this is not efficient anymore? Don't get me wrong, I get the lifetime value impact, but interested in your perspective here.

第二個，就無線方面的流失而言，我們再次看到下降，這很好，但是否存在 - 也許是一個更哲學的問題。是否存在您認為不再有效的樓層？不要誤會我的意思，我得到了終生價值影響，但對你的觀點感興趣。

Zainul, why don't you hit the first one, and Jim, you hit the second.

Zainul，你為什麼不打第一個，Jim，你打第二個。

Yes. I think it's a great question, and it's natural to assume that you might see some customers that don't make the journey from copper to fiber. But with respect to our customers and our experience on this, which has been extensive in terms of getting to the 7% rate, we have seen a very minimal, if any, impact. And that has been overcome or offset by the significant superiority of churn benefit when customers are served by fiber. And a lot of that comes from having access to higher speed tiers, which also gives you the ARPU benefit, but it comes from the product intensity and the bundling capabilities of having enhanced services.

是的。我認為這是一個很好的問題，很自然地假設您可能會看到一些客戶沒有從銅線到光纖的旅程。但就我們的客戶和我們在這方面的經驗而言，在達到 7% 的利率方面已經很豐富，我們看到的影響非常小，如果有的話。當客戶使用光纖服務時，客戶流失優勢的顯著優勢已經克服或抵消了這一點。其中很大一部分來自訪問更高的速度層，這也為您帶來了 ARPU 優勢，但它來自產品強度和增強服務的捆綁能力。

So if you think about things like the ability to which fiber symmetry supports multiple video streams in the home to support security, support multiple video conferences and Teams in my world, at least, gaming and streaming, we see a lot more adoption of services, and therefore, a superior churn outcome. So I don't expect to see a churn uptick. I think there are macroeconomic and post-pandemic impacts that Darren has spoken to that have had a minimal impact on our churn performance in the wireline business. We'll continue to likely see the same delta on those fronts. But with respect to the migrations, we've demonstrated a strong capability to bring customers through that journey successfully.

因此，如果您考慮諸如光纖對稱支持家庭中的多個視頻流以支持安全，支持我的世界中的多個視頻會議和團隊的能力，至少，遊戲和流媒體，我們看到更多的服務採用，因此，出色的客戶流失結果。所以我不希望看到客戶流失率上升。我認為 Darren 談到的宏觀經濟和大流行後的影響對我們在有線業務的流失表現的影響微乎其微。我們可能會繼續在這些方面看到相同的增量。但就遷移而言，我們已經展示了讓客戶成功完成這一旅程的強大能力。

Jim, over to you.

吉姆，交給你了。

Thanks, Darren. Yes, on wireless, we're focused on high-quality customer additions really defined by contribution to lifetime value and AMPU. So we're looking for long-tenured customers that have strong EBITDA return. And in terms of a floor for churn, one example is our prepaid churn is now at around 2.13%. And that's substantially lower than our peer groups who are both over 4%. I think there's more room for churn reduction on the prepaid side as we are seeking quality prepaid subscribers that have longer tenure.

謝謝，達倫。是的，在無線方面，我們專注於真正由對生命週期價值和 AMPU 的貢獻定義的高質量客戶添加。因此，我們正在尋找具有強勁 EBITDA 回報的長期客戶。就流失率而言，一個例子是我們的預付費流失率現在約為 2.13%。這大大低於我們都超過 4% 的同行群體。我認為在預付費方面還有更多減少流失的空間，因為我們正在尋找擁有更長期限的優質預付費用戶。

And then on the postpaid side, I do think that there's still some more room for churn. But I think one of the notable things about that 0.64 churn rate is the -- in parallel to that, is the trend in the market towards more BYOD. So we've been able to drive down our churn in a market with less contracts, and then at the same time, driving improvements on lifetime value. So our lifetime value is 30% greater than our peers.

然後在後付費方面，我確實認為還有更多的流失空間。但我認為關於 0.64 的流失率的一個值得注意的事情是——與此並行的是，市場趨向於更多 BYOD。因此，我們能夠在合同較少的市場中降低客戶流失率，同時推動終身價值的提高。因此，我們的生命週期價值比同行高出 30%。

And so like -- we're really pleased with our quality customer growth. If you look at it, we've been consistent quarter in, quarter out, year in, year out, and that low churn dynamic is really helping. And if you look at it through the pandemic period, we've led the industry with nearly 800,000 mobile phone net additions, and that's 147,000 more than our closest peer. So we really like the dynamic that we're seeing right now and the contribution to lifetime value, which is really, really playing in our favor.

就像 - 我們對我們高質量的客戶增長感到非常滿意。如果你看一下，我們一直在季復一季，年復一年，年復一年地保持一致，這種低流失動態確實很有幫助。如果您在大流行期間查看它，我們已經以近 800,000 部手機淨增加量領先行業，比我們最接近的同行多出 147,000 部。所以我們真的很喜歡我們現在看到的動態以及對終身價值的貢獻，這真的非常有利於我們。

Jerome, also the thing that is worth looking at in terms of the right lens from a value creation point of view, if there is such a thing as a threshold on the diminishing return on depressed churn, that still gets lowered by doing more effective bundling between our mobile and home services. So that would lower the point of the diminishing return as per your question, on a theoretical basis, speaking to the quality of the economics when we bring together our mobility and Internet product lines and the other capabilities that we have within the fixed space.

杰羅姆，從價值創造的角度來看，從正確的角度來看，杰羅姆也是值得關注的事情，如果有這樣一個閾值，比如降低客戶流失率的遞減回報，那麼通過更有效的捆綁銷售仍然會降低這個閾值在我們的移動和家庭服務之間。因此，根據您的問題，從理論上講，當我們將移動和互聯網產品線以及我們在固定空間內擁有的其他能力結合在一起時，這將降低收益遞減點。

Next question please, Melay.

下一個問題，梅萊。

Next question comes from Vince Valentini from TD Securities.

下一個問題來自道明證券的 Vince Valentini。

Three things, if I could throw them at you. One in your portfolio investments this quarter of $286 million at sites and investment in LifeWorks. Can you just clarify if you already own LifeWorks shares so that we don't overestimate how much to put in our model when we assume closing?

三件事，如果我可以把它們扔給你。本季度您的投資組合中有 2.86 億美元在場地和 LifeWorks 上的投資。您能否澄清一下您是否已經擁有 LifeWorks 股票，以便我們在假設關閉時不會高估在我們的模型中投入多少？

Second, the prepaid, I mean, it hasn't been a big factor for a while, but it seems for your peers, it had a much bigger impact in Q2. I think it's about 30,000 for Bell and about 50,000 for Rogers. So can you give us any at least directional color of how much of your 93,000 mobile phone adds were prepaid this quarter?

其次，預付，我的意思是，它在一段時間內並不是一個大因素，但對於你的同行來說，它似乎在第二季度產生了更大的影響。我認為貝爾約為 30,000，羅傑斯約為 50,000。那麼，您能否向我們提供任何至少有方向性的顏色，說明本季度您的 93,000 部手機添加中有多少是預付的？

And then third and last, you mentioned the impact from scaling the Health Care and Agriculture businesses as a bit of a detriment to EBITDA growth for TTEC this quarter. Is there any way you can quantify that a little bit for us? It's never easy for us to predict what's going on with those J-curves without your help.

然後第三個也是最後一個，您提到擴大醫療保健和農業業務的影響，這對本季度 TTEC 的 EBITDA 增長有點不利。有什麼方法可以為我們量化一點嗎？沒有您的幫助，我們很難預測這些 J 曲線的情況。

Doug, why don't you take questions 1 and 3 in terms of the front-loading on LifeWorks shares that we undertook. And Jim, you can answer the question on the prepaid front.

道格，你為什麼不就我們承擔的 LifeWorks 股票的前期加載問題來回答問題 1 和 3。吉姆，你可以在預付費方面回答這個問題。

Okay. Got it. So for the first one, we had acquired a little less than 10% of -- so high 9s percent of LifeWorks over the last little while at a price of a little less than $31. So that was the initial payment or the initial investment that we had made.

好的。知道了。所以對於第一個，我們在過去的一段時間里以略低於 31 美元的價格收購了 LifeWorks 不到 10% 的 - 如此高的 9%。這就是我們所做的初始付款或初始投資。

We did disclose the organic growth in both EBITDA and on revenue when you exclude those J-curves that we had invested in M&A on Health and Ag. So I think that's your best proxy for the J-curve this quarter. The existing Health and Ag businesses are EBITDA positive, and it was more the incremental of some of the investments that took us down.

當您排除我們投資於健康和農業併購的那些 J 曲線時，我們確實披露了 EBITDA 和收入的有機增長。所以我認為這是本季度 J 曲線的最佳代表。現有的健康和農業業務的 EBITDA 為正，更多的是一些投資的增量讓我們失望了。

Jim, you want to take on prepaid?

吉姆，你想接受預付嗎？

Yes. So Vincent, we don't disclose that mix. But what I can say is that we're traditionally lower on prepaid volume, and it comes back to what I was saying earlier, which is that we're really looking for long tenure or longer tenured subscribers. As an example, a traveler prepaid would typically be 1, 1.5 months of revenue, and then go into a spend pool and deact out in 3 months. And those subscribers are difficult to make money on because of your channel compensation costs and your promotional costs.

是的。所以文森特，我們不會透露這種組合。但我可以說的是，我們傳統上的預付費量較低，這又回到了我之前所說的，即我們真的在尋找長期或長期訂閱者。例如，旅行者預付通常是 1、1.5 個月的收入，然後進入支出池並在 3 個月內退出。由於您的渠道補償成本和促銷成本，這些訂閱者很難賺錢。

So I think there is a bit of that dynamic. We had made some moves in the market, which you probably saw this quarter. We've moved public mobile to digital, and we've slotted in Koodo prepaid into all of the major retail locations. And that's for a number of reasons. One, Koodo has better brand equity within the Walmarts of the world. Number two, we can support our customers better on Koodo prepaid. Number three, a single SIM on Koodo means that we can migrate more customers to postpaid and move them up the ladder to higher-value, longer tenure customers. So it's all playing into that strategy that I talked about before.

所以我認為有一點動態。我們在市場上採取了一些舉措，您可能在本季度看到了這些舉措。我們已經將公共移動移動到數字化，並且我們已經將 Koodo 預付到所有主要零售地點。這有很多原因。一，Koodo 在全球沃爾瑪擁有更好的品牌資產。第二，我們可以通過 Koodo 預付費更好地支持我們的客戶。第三，Koodo 上的單一 SIM 卡意味著我們可以將更多客戶轉移到後付費，並將他們提升到更高價值、更長期限的客戶。所以這一切都在我之前談到的那個策略中發揮作用。

Melay, next question, please?

梅萊，請問下一個問題？

Next question comes from Simon Flannery from Morgan Stanley.

下一個問題來自摩根士丹利的 Simon Flannery。

It's been refreshing to have this call go on and really not much talk about macro or inflation pressures or anything like that. Perhaps you could just let us know what, if anything, are you seeing out there? Are you seeing anything amongst your low-end consumer base? And how are you managing with inflationary pressures in your cost base from energy labor costs, et cetera? And then could you comment on the outage by your competitor? And what are you seeing in the marketplace in terms of customers looking to perhaps diversify their network vendors and maybe switch away to you?

繼續這個電話令人耳目一新，而且真的很少談論宏觀或通脹壓力或類似的事情。也許您可以讓我們知道您在外面看到了什麼（如果有的話）？您在低端消費者群中看到了什麼嗎？您如何應對來自能源勞動力成本等成本基礎的通脹壓力？然後你能評論一下你的競爭對手的中斷嗎？您在市場上看到的客戶可能希望使其網絡供應商多樣化並可能轉向您？

So for the first part of the question, Simon, I think we'll have Doug talk about what we're doing on the cost front, what we're doing on the supply chain front, leveraging everything from our efficiency initiatives, explicit cost reduction initiatives, cost synergies related to legacy M&A activity, that will be important as well as the strength that we have on digital transformation, which allows us to achieve the 4-point game of better customer outcomes achieved at a lower cost.

所以對於問題的第一部分，西蒙，我想我們會讓道格談談我們在成本方面所做的事情，我們在供應鏈方面所做的事情，利用我們的效率計劃、顯性成本等所有方面減少舉措、與傳統併購活動相關的成本協同效應，這將是重要的，以及我們在數字化轉型方面的實力，這使我們能夠以更低的成本實現更好的客戶成果的 4 點遊戲。

I'll ask Navin to speak more specifically about what we're seeing within the B2B market on the inflation front or some of the economic stress that's out there. I think we're weathering it quite well on the consumer side, as you can see in respect of our results. And I'll kick it off while they formulate their responses as it relates to the Rogers outage.

我將請 Navin 更具體地談談我們在 B2B 市場中看到的通脹方面或一些經濟壓力。我認為我們在消費者方面做得很好，正如你從我們的結果中看到的那樣。我會在他們制定與羅傑斯停電有關的回應時開始。

We are not going to comment on the Rogers outage. I don't believe, from a value basis, it's the appropriate thing to do. What you can expect from us going forward is more of the same. We'll focus on quality loading, quality execution and quality financials in Q3, just like we did in all the previous quarters before it. The focus of this organization is leveraging the strength of our network performance. And you can see that in terms of the independent third-party attestations as it relates to speed, coverage and the reliability attributes of our network. But it's the combination of that with the fact that we have the best customer service at TELUS within our industry by a distinct margin on a global basis.

我們不會對羅傑斯的停電發表評論。我不相信，從價值基礎來看，這是合適的做法。您對我們未來的期望與此大致相同。我們將在第三季度專注於質量加載、質量執行和財務質量，就像我們之前所有季度所做的那樣。該組織的重點是利用我們網絡性能的優勢。您可以從獨立的第三方認證方面看到這一點，因為它與我們網絡的速度、覆蓋範圍和可靠性屬性有關。但這與我們在 TELUS 擁有業內最佳客戶服務這一事實相結合，在全球範圍內具有明顯優勢。

And when you've got the best technology, infrastructure and products and you've got the best people delivering the highest quality of service, leveraging things like our digital efficiency also along the way, that is a potent combination. And that's what you can expect from us going forward. And I think the hallmark of our organization pre-pandemic, during the pandemic, post the pandemic or any other exogenous event or any other industry development that happened is going to be consistency and excellence in execution, strong operational, leading to strong financial results, leading to strong economic returns for shareholders.

當您擁有最好的技術、基礎設施和產品，並且您擁有最優秀的人員提供最高質量的服務，並在此過程中利用我們的數字效率之類的東西時，這是一個有效的組合。這就是您對我們未來的期望。我認為我們組織在大流行前、大流行期間、大流行後或任何其他外因事件或發生的任何其他行業發展的標誌將是執行的一致性和卓越性、強大的運營能力、帶來強勁的財務業績，為股東帶來豐厚的經濟回報。

Doug, Navin, over to you.

道格，納文，交給你了。

Yes. So I'll start off. So on the customer side and the customer payment side, we have seen a small slowing of, call it, days outstanding, and we have provided for it accordingly but it's insignificant in the big scheme of things. So far, not any kind of material impact by any means.

是的。所以我要開始了。所以在客戶方面和客戶支付方面，我們已經看到了一個小的放緩，稱之為天數，我們已經相應地提供了它，但在大計劃中它是微不足道的。到目前為止，還沒有以任何方式產生任何實質性的影響。

On the labor front, there continues to be, as you highlighted, inflationary pressures on that. In our budget, we had put in some incremental position for this exact issue. And so, so far, we're within our budget on meeting the expectations on that front because we had actually built in a cushion for a better term to make sure that we had -- able to address this as we saw the pressures coming.

正如您所強調的，在勞動力方面，通脹壓力繼續存在。在我們的預算中，我們已經為這個確切的問題增加了一些位置。因此，到目前為止，我們在滿足這方面預期的預算範圍內，因為我們實際上已經為更好的任期建立了緩衝，以確保我們能夠在看到壓力到來時解決這個問題。

On the supply chain, we've always used a multi-vendor approach, and we're trying to consolidate vendors and scale vendors so that we can get the best outcome. We've also signed multiyear contracts with vendors, and Tony has done an excellent job with that, to ensure that we get a fixed supply, and a lot of times, at fixed rates into the future to ensure we can accomplish what we need.

在供應鏈上，我們一直採用多供應商的方式，我們正在努力整合供應商和規模供應商，以便獲得最佳結果。我們還與供應商簽訂了多年合同，托尼在這方面做得非常出色，以確保我們在未來獲得固定供應，並且很多時候以固定價格獲得，以確保我們能夠完成我們需要的事情。

And then to Darren's point on cost efficiencies, we have numerous irons in the fire, to Darren's point, on the integration. We've done significant M&A that we're currently under the way to do those integrations, which will drive efficiencies right from integrated systems to support to marketing, et cetera, that will allow us to bring down the cost structure on a prospective basis.

然後就達倫的成本效率而言，我們有無數的鐵桿在火上，達倫的觀點是整合。我們已經完成了重要的併購，我們目前正在進行這些整合，這將提高從整合系統到支持到營銷等的效率，這將使我們能夠在預期的基礎上降低成本結構。

And as we're planning for LifeWorks, that will be built into our 2023 targets as well. As Darren highlighted, we have the digitization and simplification program. And I think we showed that during COVID, when you have a strong digitization and simplification program, you can still execute extremely well in a digital format and a cheaper format. And so we're continuing to leverage that while providing excellent customer experience.

當我們為 LifeWorks 進行規劃時，這也將納入我們的 2023 年目標。正如 Darren 強調的那樣，我們有數字化和簡化計劃。而且我認為我們表明，在 COVID 期間，當您擁有強大的數字化和簡化程序時，您仍然可以以數字格式和更便宜的格式執行得非常好。因此，我們將繼續利用這一點，同時提供出色的客戶體驗。

And then as we do the copper to fiber migration, as we talked about earlier in this call, we will be able to, again, align on more integrated systems, one product or delivery model from our networks, which again will allow us to streamline that cost structure. So as we're dealing with the inflationary pressures, we have enough and looking to accelerate some of those cost opportunities to mitigate the impacts.

然後，正如我們在本次電話會議前面談到的那樣，當我們進行銅線到光纖的遷移時，我們將能夠再次調整更集成的系統、我們網絡中的一種產品或交付模型，這將再次使我們能夠簡化這種成本結構。因此，在我們應對通脹壓力時，我們有足夠的資金並希望加速其中一些成本機會以減輕影響。

Navin, do you want to make a comment on B2B?

Navin，你想對 B2B 發表評論嗎？

Yes. Thanks, Darren. Thanks, Doug. So just on B2B, the one thing I'd say upfront is we have a very strong track record of absorbing external market changes or economy-related pressures, and really the current environment is no different in that regard. We have a lot of natural diversity across our B2B segments and geographies within the overall B2B business. And that really allows us to manage the external impacts in one part of the business with strength in another part. And we're watching what's happening closely.

是的。謝謝，達倫。謝謝，道格。所以就 B2B 而言，我首先要說的一件事是，我們在吸收外部市場變化或與經濟相關的壓力方面有著非常出色的記錄，而當前的環境在這方面確實沒有什麼不同。在整個 B2B 業務中，我們的 B2B 細分市場和地域有很多自然的多樣性。這確實使我們能夠在業務的一部分中管理外部影響，而在另一部分中則具有實力。我們正在密切關注正在發生的事情。

We're looking at all of our segments and regions carefully. But it's also really important to note that the technology and services we provide our customers really help them weather these shocks by reducing their costs, improving their customer experience, helping enable their employees to be more efficient, drive better margins and revenues for them. And with our health portfolio, really take care of their #1 asset, which is their team members, their engagement, their health and their productivity. So there's a real strong opportunity for growth in these economic conditions as well.

我們正在仔細研究我們所有的細分市場和地區。但同樣重要的是要注意，我們為客戶提供的技術和服務通過降低成本、改善客戶體驗、幫助員工提高效率、為他們帶來更好的利潤和收入，真正幫助他們度過了這些衝擊。借助我們的健康產品組合，真正照顧他們的#1 資產，即他們的團隊成員、他們的參與度、他們的健康和他們的生產力。因此，在這些經濟條件下，也存在真正強大的增長機會。

I'd also say that the strong work, as mentioned previously, that we've done in regards to significantly reducing our cost through digital, through automation and simplification of our business, puts us in a very resilient position. And all of that combined really has led to our B2B business to be a growth business, and we're pleased to see that growth on a revenue, EBITDA and cash basis steadily increase 2022 over '21. And we really remain bullish looking ahead with not only strong growth in our core products and services, but also opportunities to monetize 5G, IoT and key industry solutions capabilities across the verticals and horizontals we want to play in.

我還要說，如前所述，我們在通過數字化、自動化和業務簡化顯著降低成本方面所做的出色工作，使我們處於非常有彈性的位置。所有這些結合起來確實使我們的 B2B 業務成為增長型業務，我們很高興看到收入、EBITDA 和現金基礎的增長在 2022 年比 21 年穩步增長。我們真的仍然看好未來，不僅我們的核心產品和服務的強勁增長，而且還有機會在我們想要參與的垂直和水平領域利用 5G、物聯網和關鍵行業解決方案能力獲利。

So I'll pass it back to you, Darren. Thanks.

所以我會把它還給你，達倫。謝謝。

We have time for one more question, please, Melay.

拜託，我們有時間再問一個問題，Melay。

The last question comes from Drew McReynolds from RBC.

最後一個問題來自 RBC 的 Drew McReynolds。

Just one question, and it's a bigger picture one on data consumption. It seems to be a theme here coming out of COVID where we're seeing or hearing from operators step up to premium plans, and obviously, TELUS has talked about this. We've got a fairly bullish medium-term outlook on content inflection period, which I obviously won't get into here, but essentially translating to a major step-up in data consumption. So just wondering, and I don't know who wants to answer this, but just what you are seeing out there on data consumption, particularly on the 5G handset-enabled subscriber as well as with your premium Internet plans for gamers and streamers, et cetera? Just any high-level kind of insight there would be extremely helpful.

只是一個問題，它是關於數據消耗的一個更大的圖景。這似乎是來自 COVID 的一個主題，我們看到或聽到運營商升級到高級計劃，顯然，TELUS 已經談到了這一點。我們對內容拐點期的中期前景相當看好，我顯然不會在這裡討論，但基本上可以轉化為數據消費的重大提升。所以只是想知道，我不知道誰想回答這個問題，但只是你在數據消費方面看到的情況，特別是在支持 5G 手機的用戶以及為遊戲玩家和流媒體等提供的高級互聯網計劃中等等？任何高層次的洞察力都會非常有幫助。

Jim, Zainul, why don't you do a duet on this one, given the attributes, and you can cover the range from step-ups and percentage of step-ups in terms of larger data appetites and what we're seeing as well as the advent of new services on the Stream+ front as it relates to the content component. And then what we see in terms of the capability on the gaming front from mobile networking to broadband capabilities in the home. Over to you.

Jim，Zainul，考慮到這些屬性，你為什麼不在這個上做一個二重奏，你可以根據更大的數據需求以及我們所看到的內容來涵蓋從升壓和升壓百分比的範圍隨著 Stream+ 前端新服務的出現，它與內容組件相關。然後我們在遊戲方面看到的能力，從移動網絡到家庭寬帶能力。交給你。

Perfect. Why don't I start, Zainul. Yes, we're really excited. If you look at with our ARPU this quarter, ARPU is up 2.1%. And we're driving sequential improvement on both ARPU and pre-pandemic revenue growth versus Q1, which we're very happy about. And when you dig underneath that, we're seeing a nice step-up to 5G as data usage is increasing. So in fact, we're up -- we saw a 27% increase year-over-year on our step-ups to 5G.

完美的。我為什麼不開始呢，Zainul。是的，我們真的很興奮。如果你看一下我們本季度的 ARPU，ARPU 增長了 2.1%。與第一季度相比，我們正在推動 ARPU 和大流行前收入增長的連續改善，我們對此感到非常高興。當您深入挖掘時，我們會看到隨著數據使用量的增加，向 5G 邁進了一大步。所以事實上，我們正在上升——我們看到我們在升級到 5G 方面同比增長了 27%。

But the other thing that is really powerful is when you look at rate plan changes across all of our transaction types, activations, renewals, migrations between brands, rate plan changes, every one of those transactions are driving net accretive value to the rate plan value. In fact, the average rate plan value on those step-up transactions is up 5x year-over-year, and that's all coming from adoption of more data usage and that mix shift up towards unlimited and 5G.

但另一件真正強大的事情是，當您查看我們所有交易類型、激活、續訂、品牌之間遷移、房價計劃變更的房價計劃變化時，每一項交易都在推動房價計劃價值的淨增值.事實上，這些升級交易的平均費率計劃價值同比增長 5 倍，這一切都來自於採用更多的數據使用，以及向無限制和 5G 的轉變。

And then even within the 5G unlimited category, we're seeing 20% of our unlimited 5G activations now going to 5G-plus. And I think part of that is the take-up of Stream+ as customers are using their 5G device now to actually stream a Netflix or an Apple TV program because they have the cost certainty, they have a large data bucket and they have the large speeds. And as we deploy 3500, those 5G-plus speeds will continue to increase and drive even better experiences. So I think that all bodes well to kind of the trajectory that we're seeing on ARPU. Zainul?

然後，即使在 5G 無限類別中，我們也看到 20% 的無限 5G 激活現在進入 5G+。我認為部分原因是 Stream+ 的使用，因為客戶現在正在使用他們的 5G 設備來實際流式傳輸 Netflix 或 Apple TV 節目，因為他們有成本確定性，他們有一個大數據桶，他們有很大的速度.隨著我們部署 3500，這些 5G 以上的速度將繼續提高，並帶來更好的體驗。所以我認為這一切都預示著我們在 ARPU 上看到的軌跡。再努爾？

Thanks, Jim. So I think there's a similar story to tell on the wireline side. If you look at our overall customer sort of take rate and base, first off, just to tie it back to the ARPU number, Doug spoke to a 13% improvement on the data ARPU for our Internet customers, we see that continuing to improve. We've got less than half of our customers loading on 1-gig plus plans, but a steady improvement in the proportion of customers loading on those plans.

謝謝，吉姆。所以我認為有線方面也有類似的故事。如果你看看我們的整體客戶接受率和基數，首先，為了將其與 ARPU 數字聯繫起來，Doug 談到我們的互聯網客戶的數據 ARPU 提高了 13%，我們看到這種情況還在繼續提高。我們只有不到一半的客戶加載 1-gig plus 計劃，但加載這些計劃的客戶比例穩步提高。

And then if you look at the base, the overall base of our customers, we still have a minimum -- like we don't have that 50% across our base. So we have upside opportunity to upgrade those customers, and as we complete the copper to fiber migrations, and sometimes we don't get the upgrade on the initial migration, but as customers start to complete the migration and see what services are available through security, through video options, through incremental streaming and gaming, they start to adopt those upgrades post the initial migration.

然後，如果您查看基數，即我們客戶的整體基數，我們仍然有最低限度——就像我們的基數沒有 50% 一樣。所以我們有機會升級這些客戶，當我們完成銅線到光纖的遷移時，有時我們在初始遷移時沒有得到升級，但是隨著客戶開始完成遷移並通過安全查看哪些服務可用，通過視頻選項、增量流媒體和遊戲，他們在初始遷移後開始採用這些升級。

So I think there is a significant amount of upside. I think you've seen a lot of speed wars. We see our customers really navigating towards that 1-gig profile or a little bit above that. And we're really confident that more customers will see more value in those services and see value in the symmetry of the Internet services we provide, which is a significant differentiation capability.

所以我認為有很大的上升空間。我想你已經看過很多速度戰了。我們看到我們的客戶真正朝著 1-gig 配置文件或略高於該配置文件導航。我們非常有信心，更多的客戶會在這些服務中看到更多價值，並在我們提供的互聯網服務的對稱性中看到價值，這是一種顯著的差異化能力。

Thanks very much, everyone. Appreciate the excellent questions and the support as always. Enjoy the weekend. Take care.

非常感謝大家。一如既往地感謝優秀的問題和支持。週末愉快。小心。

Please feel free to reach out to IR team with any follow-ups. Thanks, everyone.

請隨時聯繫 IR 團隊進行任何跟進。感謝大家。

This concludes the TELUS 2022 Q2 Earnings Conference Call. Thank you for your participation, and have a nice day.

TELUS 2022 年第二季度收益電話會議到此結束。感謝您的參與，祝您有美好的一天。