Telus Corp (TU) 2022 Q3 法說會逐字稿

Good morning, everyone. Welcome to the TELUS 2022 Q3 Earnings Conference Call. I would like to introduce your speaker, Mr. Robert Mitchell. Please go ahead.

大家，早安。歡迎來到 TELUS 2022 年第三季度收益電話會議。我想介紹一下您的演講者，羅伯特·米切爾先生。請繼續。

Hello, everyone. Thank you for joining us today. Our third 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. On our call today, we will start off with remarks by Doug and Darren. And they will be joined by the TELUS leadership team for the Q&A portion of the call.

大家好。感謝您今天加入我們。我們的 2022 年第三季度業績新聞稿、MD&A 和財務報表以及詳細的投資者補充信息已於今天上午發佈在我們的網站 telus.com/investors 上。在我們今天的電話會議上，我們將從 Doug 和 Darren 的發言開始。 TELUS 領導團隊將與他們一起參加電話會議的問答部分。

Briefly on Slide 2. This presentation 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 third 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。本演示文稿對問題的回答包含前瞻性陳述，這些陳述受風險和不確定性的影響，並基於某些假設做出。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。除非法律要求，否則我們不承擔任何更新前瞻性陳述的義務。我們向您推薦我們的公開披露中概述的風險和假設，包括我們的 2022 年第三季度 MD&A、我們的 2021 年年度 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，就交給你了，達倫。

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

謝謝，羅伯特，大家好。在第三季度，TELUS 團隊再次展示了持續的卓越執行力，其特點是行業領先的客戶增長的有力結合導致了整個企業強勁的運營和財務業績。

Our robust performance reflects the chemistry of our globally leading broadband networks and customer-centric culture, which enabled us to deliver total mobile and fixed customer net additions of 347,000, up more than 8% on a year-over-year basis and our strongest quarter on record.

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化學反應，這使我們能夠實現 347,000 的移動和固定客戶淨增，同比增長超過 8%，是我們最強勁的季度記錄在案。

This reflects strong demand for our superior bundled offerings and customer service over our world-leading broadband networks. Furthermore, our leading customer growth is underpinned by our consistent industry-best client loyalty across our mobile and fixed product lines.

這反映出對我們世界領先的寬帶網絡的優質捆綁產品和客戶服務的強烈需求。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。

Notably, again this quarter, and for 8 of the last 10 quarters, blended mobile phone, PureFibre Internet, security and voice churn were all at or below 1% on the churn front. Moreover, since the onset of the pandemic at the beginning of 2020, we've now welcomed approximately 2.5 million new mobility and wireline customers.

值得注意的是，本季度以及過去 10 個季度中的 8 個季度，混合移動電話、PureFibre Internet、安全和語音的流失率都在 1% 或以下。此外，自 2020 年初大流行病爆發以來，我們現在已經迎來了大約 250 萬新的移動和有線客戶。

This represents a significant industry-leading results, outpacing our next closest peer by a multiple of more than 2x, underpinning our financial performance today and, of course, well into the future. In the third quarter, TELUS achieved strong consolidated revenue growth of 10%, whilst EBITDA was higher by 11%.

這代表了行業領先的重大成果，超過了我們下一個最接近的同行超過 2 倍，支撐了我們今天的財務業績，當然，也將延續到未來。第三季度，TELUS 實現了 10% 的強勁綜合收入增長，而 EBITDA 則增長了 11%。

Strength in our core telecom operations continues to be complemented by growth in our highly differentiated technology-oriented businesses. Let's turn now to have a look at our mobile operating results. TELUS achieved healthy customer growth of 274,000 net additions. This included strong mobile phone net additions of 150,000, up 11% over last year, representing our best quarterly result since 2010. Notably, this strength was driven primarily by loading on our premium brand, reflecting our continued focus on high-quality and profitable customer growth. It also included record high connected device net additions of 124,000, which were up 13% on a year-over-year basis.

我們高度差異化的技術導向業務的增長繼續補充了我們核心電信業務的實力。現在讓我們來看看我們的移動運營結果。 TELUS 實現了 274,000 淨增客戶的健康增長。這包括強勁的手機淨增 150,000 部，比去年增長 11%，這是我們自 2010 年以來最好的季度業績。值得注意的是，這一實力主要是由我們高端品牌的加載所推動的，反映了我們對高質量和有利可圖的客戶的持續關注生長。它還包括創紀錄的聯網設備淨增 124,000 台，同比增長 13%。

Importantly, our team delivered another quarter of industry-best loyalty results, which continues to be the hallmark of the TELUS organization and our customers first culture. Blended mobile phone churn was 0.95%. Moreover, our industry-leading postpaid mobile phone churn of 0.76% represents the 8th quarter out of the last 11 that we've achieved the 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，這仍然是 TELUS 組織和我們客戶至上文化的標誌。混合手機流失率為 0.95%。此外，我們行業領先的後付費手機用戶流失率為 0.76%，這是過去 11 個季度中我們第 8 個季度的用戶流失率低於 0.8%。

Our consistently strong operational and financial performance is buttressed by our highly engaged team that is passionate about delivering superior service offerings and digital capabilities over our world-leading wireless and PureFibre broadband networks.

我們始終如一的強勁運營和財務業績得益於我們高度敬業的團隊，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功能。

More than ever before, Canadians value fast and reliable connections. Notably, in August, independent global analytics company, Opensignal, named TELUS as Canada's best provider for consistent mobile network quality. This recognition makes TELUS the most awarded network in Canada and one of the most awarded globally by Opensignal, with this being the 11th consecutive award of this ilk.

加拿大人比以往任何時候都更加重視快速可靠的連接。值得注意的是，8 月，獨立的全球分析公司 Opensignal 將 TELUS 評為加拿大移動網絡質量始終如一的最佳供應商。這一認可使 TELUS 成為加拿大獲獎最多的網絡，也是 Opensignal 在全球範圍內獲獎最多的網絡之一，這是連續第 11 次獲得此類獎項。

Furthermore, in October, U.S.-based Ookla recognized TELUS as the fastest mobile provider in Canada in their Q3 Network Performance Report, also representing the 11th consecutive time TELUS has received this recognition. 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, the most expensive and the most reliable service in Canada across both our wireless and our PureFibre networks.

此外，10 月，總部位於美國的 Ookla 在其第三季度網絡性能報告中將 TELUS 評為加拿大最快的移動服務提供商，這也是 TELUS 連續第 11 次獲此殊榮。這些認可以及我們技術精湛、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我們的 PureFibre 網絡為加拿大客戶提供最快、最昂貴和最可靠的服務方面的領導地位。

Moreover, this recognition of TELUS' national broadband network leadership underscores the value of our significant generational investments in world-leading network technologies. These investments will continue to drive extensive socioeconomic benefits to Canadians as well as meaningful future free cash flow for decades to come.

此外，這種對 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。這些投資將繼續為加拿大人帶來廣泛的社會經濟效益，並在未來幾十年帶來有意義的未來自由現金流。

Just like fiber is doing now and will do into the future, copper did in the past and look how long we generated those returns and dined out on them. What fiber did for us historically, it's going to be a fantastic performance for us on a go-forward basis in terms of the build that started way back in 2013 on the PureFibre front.

就像光纖現在正在做並將在未來做的那樣，銅過去也做過，看看我們產生這些回報並消耗它們的時間有多長。從歷史上看，光纖為我們所做的一切，對於我們從 2013 年開始在 PureFibre 前端構建的基礎架構來說，將是一個非常棒的表現。

To close on mobile, third quarter ARPU was up 2.3% as compared to last year, continuing the year-over-year growth momentum that we have seen so demonstrably in recent quarters. This was supported by higher domestic monthly recurring revenue, driven by step-ups to our unlimited data offerings, including increased adoption of 5G-plus plans, as well as customers clearly recognizing the superior value inherent in our 5G speeds and the technology that underpins it.

以移動端為例，第三季度 ARPU 與去年同期相比增長了 2.3%，延續了我們在最近幾個季度看到的明顯的同比增長勢頭。這得益於更高的國內月度經常性收入，這得益於我們無限數據產品的升級，包括更多地採用 5G+ 計劃，以及客戶清楚地認識到我們 5G 速度和支持它的技術固有的卓越價值.

ARPU is driven by our focus on premium customer loading. It's driven by our effective base management and it's driven by our continued strong IoT growth. In addition, to roaming revenues that we're now seeing returning to the organization as a result of increased international travel volumes as COVID restrictions have eased.

ARPU 是由我們對優質客戶負載的關注驅動的。這是由我們有效的基礎管理推動的，也是由我們持續強勁的物聯網增長推動的。此外，隨著 COVID 限制的放寬，國際旅行量增加，我們現在看到漫遊收入又回到了組織。

Notably, mobile phone lifetime revenue of over $6,200 continues to be significantly higher than our peer group, reflective of the combination of our consistent focus on high-quality customer growth and leading client loyalty.

值得注意的是，超過 6,200 美元的手機生命週期收入繼續明顯高於我們的同行群體，這反映了我們始終專注於高質量的客戶增長和領先的客戶忠誠度。

Let's take a look now at our fixed operating results. TELUS delivered another quarter of industry-best wireline customer growth. We achieved healthy third quarter Internet net additions of 36,000. This is indeed a healthy result as we continue to deliver on our strategy of driving high-quality customer additions and multi-product penetration with the year-over-year decrease primarily resulting from continued normalization of the market, including higher churn in the post COVID restriction environment.

現在讓我們來看看我們的固定經營業績。 TELUS 又實現了四分之一的行業最佳有線客戶增長。我們在第三季度實現了健康的互聯網淨增 36,000。這確實是一個健康的結果，因為我們繼續實施推動高質量客戶增加和多產品滲透的戰略，同比下降主要是由於市場持續正常化，包括 COVID 後客戶流失率增加限制環境。

We continue to drive strong growth in TV with industry-leading net additions of 18,000. This is up 80% over the prior year despite modestly higher churn compared to the very low rates that were realized during heightened pandemic restrictions. Furthermore, residential voice was a very positive story this quarter, with Q3 line losses of only 6,000, down more than 45% on a year-over-year basis.

我們以 18,000 部行業領先的淨增幅繼續推動電視的強勁增長。這比前一年增長了 80%，儘管與大流行限制措施加強期間實現的非常低的流失率相比，流失率略有上升。此外，本季度住宅語音表現非常積極，第三季度線損僅為 6,000，同比下降超過 45%。

This led the industry by a wide margin and marks the best voice result that we've seen since the third quarter of 2004. Notably, this reflects our successful retention of a high-margin product line and the product intensity momentum that we continue to achieve and the inherent churn benefits.

這大大領先於行業，標誌著我們自 2004 年第三季度以來最好的語音結果。值得注意的是，這反映了我們成功保留了高利潤產品線以及我們繼續實現的產品強度勢頭以及固有的流失優勢。

Strong security net additions of 25,000 this quarter further supports our expanding product intensity. Overall, industry-leading external fixed net additions of 73,000 were relatively steady year-over-year in spite of modestly higher churn as the market normalizes post COVID restrictions.

本季度 25,000 的強大安全淨增幅進一步支持了我們不斷擴大的產品強度。總體而言，儘管隨著 COVID 限制後市場正常化，流失率略有上升，但行業領先的外部固定網絡淨增 73,000 戶與去年同期相比相對穩定。

This result and these performance attributes reflect the strength of our unique and highly attractive bundled offers across our industry best portfolio of products and services that is buttressed by our ever-expanding broadband networks, our leading customer-centric culture as well as our strong and highly differentiated social capitalism attributes that truly do underpin our TELUS brand.

這一結果和這些性能屬性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產品的優勢，這些產品和服務得到了我們不斷擴展的寬帶網絡、我們領先的以客戶為中心的文化以及我們強大而高度重視的支持真正支撐我們 TELUS 品牌的差異化社會資本主義屬性。

Now let's take a look at our TELUS Health operations. Including 1 month of LifeWorks, we realized health services revenue in the third quarter of $225 million. This illustrates the meaningful scale of our health operations as we improve health outcomes for citizens to access the better data analytics that render better health information.

現在讓我們來看看我們的 TELUS Health 業務。包括 1 個月的 LifeWorks，我們在第三季度實現了 2.25 億美元的醫療服務收入。這說明了我們健康業務的有意義的規模，因為我們改善了公民的健康結果，以訪問更好的數據分析，從而提供更好的健康信息。

This includes our health care programs that now cover over 60 million lives, inclusive of LifeWorks and reflecting organic growth of 4.2 million lives over the third quarter of last year. It includes executing 143 million digital health transactions during the quarter, up 4% over last year.

這包括我們現在覆蓋超過 6000 萬生命的醫療保健計劃，包括 LifeWorks，反映了去年第三季度 420 萬生命的有機增長。其中包括本季度執行的 1.43 億筆數字健康交易，比去年增長 4%。

And it includes earning 1.7 million new virtual health care members in the last 12 months, increasing our virtual health care members the $4 million, which is up 74% over the prior year. On September 1, we completed our acquisition of LifeWorks earlier than anticipated. We are pleased to welcome their employees and customers into our TELUS Health family.

它包括在過去 12 個月中獲得 170 萬新的虛擬醫療保健會員，使我們的虛擬醫療保健會員增加 400 萬美元，比上一年增長 74%。 9 月 1 日，我們比預期提前完成了對 LifeWorks 的收購。我們很高興歡迎他們的員工和客戶加入我們的 TELUS Health 大家庭。

And of course, we immediately commenced integration efforts to combine our respective skills and capabilities. This powerful combination creates a globally leading end-to-end digital first employee primary and preventative health care, mental health and wellness platform covering more than 60 million lives in Canada and well beyond across 150 countries.

當然，我們立即開始了整合工作，以結合我們各自的技能和能力。這一強大的組合創建了一個全球領先的端到端數字化第一員工初級和預防性醫療保健、心理健康和保健平台，覆蓋加拿大和 150 個國家以外超過 6000 萬人的生活。

Customers can now benefit from our team's steadfast focus on providing exceptional customer experiences over our world-leading broadband networks and the data that they generate. Customers will benefit from our consolidated engineering talent that will incorporate best-in-class data platform technologies to positively impact health outcomes for employees and their families.

客戶現在可以受益於我們團隊的堅定專注，即通過我們世界領先的寬帶網絡及其生成的數據提供卓越的客戶體驗。客戶將受益於我們整合的工程人才，這些人才將採用一流的數據平台技術，對員工及其家人的健康結果產生積極影響。

And customers are going to benefit from our significantly expanded economies of scope and scale as we drive value creation in the significant expansion of our health capability set. This includes complementing LifeWorks international relationships with TELUS International's proven expertise in digital transformation and client service excellence as well as their expansive client base and delivery teams that span 30 countries to extend our offerings to customers well beyond the construct of Canada.

隨著我們在健康能力集的顯著擴展中推動價值創造，客戶將受益於我們顯著擴展的範圍和規模經濟。這包括利用 TELUS International 在數字化轉型和卓越客戶服務方面久經考驗的專業知識，以及他們遍布 30 個國家/地區的龐大客戶群和交付團隊來補充 LifeWorks 的國際關係，從而將我們的產品擴展到加拿大以外的客戶。

Our combined organizations guided by a shared set of values will provide employers with convenient, innovative and effective data-driven primary and preventative care solutions for employees and their families to proactively manage their health and optimize their wellness.

我們在一套共同價值觀的指導下合併後的組織將為雇主提供方便、創新和有效的數據驅動的初級和預防性護理解決方案，讓員工及其家人主動管理他們的健康並優化他們的健康。

This includes support for their mental health so that they have the opportunity to lead their healthiest and most productive professional and personal lives. LifeWorks brings significant benefits to TELUS Health, and we are focused intensely on integration efforts aimed at crystallizing these benefits. These include meaningful synergies of $200 million or more over the next 3 to 5 years, inclusive of revenue synergies, and as well approximately $60 million in near-term cost and operation synergies.

這包括支持他們的心理健康，使他們有機會過上最健康、最富有成效的職業和個人生活。 LifeWorks 為 TELUS Health 帶來了顯著的好處，我們非常專注於旨在具體化這些好處的整合工作。其中包括未來 3 至 5 年 2 億美元或更多的有意義的協同效應，包括收入協同效應，以及大約 6000 萬美元的近期成本和運營協同效應。

Let's turn now to TELUS Agriculture and Consumer Goods. Our team drove revenue growth of 29% over the same period last year as a result of our ongoing efforts to integrate and grow this compelling business and all the assets that we are developing across agribusiness, animal health and consumer goods and trade optimization.

現在讓我們轉向 TELUS 農業和消費品。由於我們不斷努力整合和發展這一引人注目的業務以及我們在農業綜合企業、動物保健和消費品以及貿易優化領域開發的所有資產，我們的團隊推動收入比去年同期增長了 29%。

We are creating significant value as the leading provider of agriculture and consumer goods technology solutions around the world as we advance the sector's efficiency and effectiveness including food quality production, waste reduction, food and retail execution and trade promotion optimization, all being driven through better data analytics.

作為全球領先的農業和消費品技術解決方案提供商，我們正在創造巨大價值，因為我們提高了該行業的效率和效益，包括食品質量生產、減少浪費、食品和零售執行以及貿易促進優化，所有這些都是通過更好的數據驅動的分析。

Let's now turn and take a look at TELUS International. Earlier today, TI once again announced solid double-digit revenue growth coupled with leading profitability and significant robust cash flow in the third quarter. Notably, revenue increased by 16% on a constant currency basis, whilst EBITDA grew by 15%.

現在讓我們看看 TELUS International。今天早些時候，TI 再次宣布第三季度實現兩位數的穩健收入增長以及領先的盈利能力和強勁的現金流。值得注意的是，按固定匯率計算，收入增長了 16%，而 EBITDA 增長了 15%。

These represent solid results against the backdrop of ongoing global macroeconomic and geopolitical uncertainties. TI's continued focus on quality, profitable growth, powered by an attractive end-to-end set of digital capabilities, position TELUS International as a trusted adviser for premier digital customer experiences and IT solutions for its over 600 global clients.

在持續存在的全球宏觀經濟和地緣政治不確定性的背景下，這些都是可靠的結果。 TI 持續關注質量、盈利性增長，並在具有吸引力的端到端數字功能集的支持下，將 TELUS International 定位為其 600 多家全球客戶提供一流數字客戶體驗和 IT 解決方案的值得信賴的顧問。

Last week, TI announced an agreement to acquire WillowTree, a full-service digital product provider that will significantly bolster TI's front end and design competencies and unlock attractive and significant cross-selling opportunities whilst adding new marquee customers and further diversifying TI's enviable list of client partners.

上週，TI 宣布了一項收購 WillowTree 的協議，WillowTree 是一家提供全方位服務的數字產品供應商，這將顯著增強 TI 的前端和設計能力並釋放具有吸引力的重要交叉銷售機會，同時增加新的重要客戶並進一步豐富 TI 令人羨慕的客戶名單夥伴。

Importantly, WillowTree will augment our go-to-market transformation capabilities in respect of digital, cloud and software-based services that are going to be highly sought after as we progress toward a period of economic recovery in the months to come.

重要的是，WillowTree 將增強我們在數字、雲和基於軟件的服務方面的上市轉型能力，隨著我們在未來幾個月的經濟復甦時期取得進展，這些服務將受到高度追捧。

Furthermore, and extremely importantly, WillowTree's software development capabilities will enhance TI's ability to support and materially accelerate TELUS' own ongoing digital transformation and as well support key product development aspirations across our business, particularly within health and agriculture.

此外，極為重要的是，WillowTree 的軟件開發能力將增強 TI 的能力，以支持並從實質上加速 TELUS 自身正在進行的數字化轉型，並支持我們業務中的關鍵產品開發願望，尤其是在健康和農業領域。

Doug is going to have an opportunity to provide further commentary on both TTech and TELUS International's financials in just a minute. In closing, significant ongoing investments in our PureFibre and 5G networks alongside digital capabilities and data analytics in high-growth markets are further enabling the continued advancement of our financial and operational performance, strengthening our confidence in the robust outlook for our business and the long-term sustainability of our industry-leading dividend growth program.

道格將有機會在一分鐘內就 TTech 和 TELUS International 的財務狀況提供進一步評論。最後，我們對 PureFibre 和 5G 網絡的重大持續投資以及在高增長市場的數字能力和數據分析進一步推動了我們的財務和運營業績的持續進步，增強了我們對強勁業務前景和長期發展的信心。我們行業領先的股息增長計劃的長期可持續性。

Importantly, the 7.2% year-over-year dividend increase announced today represents the 23rd increase since we initiated our multiyear dividend growth program way back in 2011. Notably, our program is now in its 12th year and was recently extended through 2025.

重要的是，今天宣布的股息同比增長 7.2% 是我們自 2011 年啟動多年股息增長計劃以來的第 23 次增長。值得注意的是，我們的計劃現已進入第 12 個年頭，最近延長至 2025 年。

Since 2004, TELUS has returned more than $22 billion to shareholders, including those shareholders that are saving for retirement or other life events or they're returning relying on this money for their income. This now represents over $17 billion in dividends since 2004 and this, in totality, equates to $16 on a per share basis.

自 2004 年以來，TELUS 已向股東返還超過 220 億美元，包括那些為退休或其他生活事件儲蓄的股東，或者他們依靠這筆錢返回的收入。自 2004 年以來，這代表了超過 170 億美元的股息，總計相當於每股 16 美元。

Future dividend growth and the affordability of that growth is going to be supported by strong EBITDA and free cash flow growth, supported by value creation across TELUS International, TELUS Health and TELUS Agriculture and Consumer Goods businesses as well as significant reductions in annual capital expenditures beginning in 2023, leading to meaningful and sustainable free cash flow expansion.

強勁的 EBITDA 和自由現金流增長，以及 TELUS International、TELUS Health 和 TELUS Agriculture and Consumer Goods 業務的價值創造以及開始時年度資本支出的大幅減少，將支持未來的股息增長和這種增長的可負擔性2023 年，實現有意義且可持續的自由現金流擴張。

Notably, it will also be supported by enhanced efficiencies resulting from the completion of our copper to fiber migration and continued retirement of our remaining copper infrastructure. This is complemented by our increased digitization and the other revenue and cost benefits that will come from fiber ubiquity, which represents a significant value differentiator for TELUS.

值得注意的是，由於我們完成了銅線到光纖的遷移以及我們剩餘的銅線基礎設施的繼續退役，效率也將得到提高。這與我們增加的數字化以及光纖無處不在帶來的其他收入和成本收益相輔相成，這對 TELUS 來說是一個重要的價值差異化因素。

We lead on fiber expansiveness and we lead on digitization, and we lead on customer simplification. All of those attributes drive significant efficiencies for this organization at the OpEx and CapEx levels.

我們引領光纖擴展，引領數字化，引領客戶簡化。所有這些屬性都在 OpEx 和 CapEx 級別顯著提高了該組織的效率。

Finally, I'd like to recognize the way our TELUS team continues to demonstrate that when things are at their worst, the TELUS team is at their very best. This is highlighted by our team's support for humanitarian and disaster relief efforts just this past quarter alone and of course, that's the culture and heritage of our organization in action.

最後，我想認可我們的 TELUS 團隊繼續證明的方式，即當事情處於最糟糕的時候，TELUS 團隊處於最佳狀態。僅在過去一個季度，我們團隊對人道主義和救災工作的支持就突出了這一點，當然，這是我們組織在行動中的文化和傳統。

Thus far, TELUS, our team members, the TELUS Friendly Future Foundation and our customers have contributed nearly $1 million in cash and in-kind assistance supporting those impacted by Hurricane Fiona, Hurricane Ian, flooding in Pakistan and the unrest in Iran.

到目前為止，TELUS、我們的團隊成員、TELUS 友好未來基金會和我們的客戶已經捐助了近 100 萬美元的現金和實物援助，支持受颶風菲奧娜、颶風伊恩、巴基斯坦洪水和伊朗動亂影響的人們。

Indeed, as a leading provider of mental health and well-being services we launched a free 24/7 crisis support hotline through LifeWorks to support the Iranian community and their loved ones. Furthermore, to help customers stay connected to their family and friends we waived all long distance and text messaging fees for those at home in Canada, reaching out to friends and families in Iran.

事實上，作為領先的心理健康和福利服務提供商，我們通過 LifeWorks 推出了一條免費的 24/7 危機支持熱線，以支持伊朗社區及其親人。此外，為了幫助客戶與家人和朋友保持聯繫，我們免除了在加拿大家中與伊朗朋友和家人聯繫的所有長途電話和短信費用。

I remain exceedingly grateful for the TELUS team's passionate efforts to support our communities across the globe as we strive to deliver outstanding results for all of our stakeholders further exemplifying our leadership in social capitalism.

我仍然非常感謝 TELUS 團隊為支持我們全球社區所做的熱情努力，因為我們努力為我們所有的利益相關者提供出色的成果，進一步證明我們在社會資本主義方面的領導地位。

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

在這一點上，你注意到，我會把電話交給道格。

Thank you, Darren, and hello, everyone. Our third quarter results build on our consistent and long tenured operating momentum, reflecting continued execution excellence and supported by our high growth and diversified asset mix. Mobile network revenue continued to show sequential improvement with Q3 increasing by 6.8% year-over-year driven by strong customer growth and higher ARPU.

謝謝你，達倫，大家好。我們第三季度的業績建立在我們一貫和長期的經營勢頭之上，反映了持續的卓越執行力，並得到了我們高增長和多元化資產組合的支持。移動網絡收入繼續呈現環比改善，在強勁的客戶增長和更高的 ARPU 的推動下，第三季度同比增長 6.8%。

Furthermore, as compared to the pre-pandemic Q3 2019 period, mobile network revenue has increased by 7.5%, showcasing our strong consistent growth in customer service excellence. We continue to see already a steady improvement in roaming revenue with the Q3 amount of approximately 113% in Q3 as compared to pre-pandemic levels and up from 103% in Q2.

此外，與大流行前的 2019 年第三季度相比，移動網絡收入增長了 7.5%，展示了我們在卓越客戶服務方面的強勁持續增長。我們繼續看到漫遊收入已經穩步改善，第三季度的漫遊收入與大流行前的水平相比約為 113%，高於第二季度的 103%。

These improving trends will continue to support ARPU growth as we progress through the remainder of the year and into 2023. Beyond roaming, we remain focused on driving sustainable ARPU growth by executing on our 5G monetization strategy, excellence in base management, maintaining our long-standing approach to smart profitable loading and leveraging our leading churn profile within the competitive landscape.

隨著我們在今年剩餘時間和 2023 年取得進展，這些改善趨勢將繼續支持 ARPU 增長。除了漫遊，我們仍然專注於通過執行我們的 5G 貨幣化戰略、卓越的基礎管理、保持我們長期的智能盈利加載的常備方法，並在競爭格局中利用我們領先的客戶流失率。

Fixed data revenue grew 5.4% year-over-year or nearly 7% when considering the divestiture of our financial services business towards the end of last year. Within fixed data, residential internet revenue grew by 11% year-over-year as we continue to drive market share gains alongside higher ARPU while customers continue to move to higher speed tiers and recognizing the compelling value and reliability of our superior PureFibre and bundled offerings.

考慮到去年底剝離我們的金融服務業務，固定數據收入同比增長 5.4% 或近 7%。在固定數據中，住宅互聯網收入同比增長 11%，因為我們繼續推動市場份額增長以及更高的 ARPU，同時客戶繼續轉向更高的速度層級並認識到我們卓越的 PureFibre 和捆綁產品的引人注目的價值和可靠性.

At the beginning of September, our team successfully closed the acquisition of LifeWorks earlier than anticipated, accelerating the recognition of financial and operational benefits of the transaction. Health Services revenue increased by 73% in the third quarter, including an $87 million contribution from LifeWorks.

9 月初，我們的團隊比預期提前成功完成了對 LifeWorks 的收購，加速了對交易財務和運營收益的認識。健康服務收入在第三季度增長了 73%，其中包括來自 LifeWorks 的 8700 萬美元貢獻。

The earlier closing date also allowed us the opportunity to accelerate the integration process months earlier, advancing our ability to begin unlocking the significant synergies of the powerful combination of TELUS Health and LifeWorks, including leveraging TELUS International's extensive capabilities and client base.

較早的截止日期也讓我們有機會在幾個月前加快整合進程，提高我們開始釋放 TELUS Health 和 LifeWorks 強大組合的顯著協同效應的能力，包括利用 TELUS International 廣泛的能力和客戶群。

Our planned acquisition of WillowTree significantly enhances TI's digital services portfolio, augmenting and scale in design and build capabilities and increasing its high-value digital services mix and revenue per team member. We expect the transaction to close in early January 2023. Together, these transactions represent important steps we are taking to scale our high-growth, technology-oriented business, further setting us apart from our global peer group and adding capacity for value creation and diversification of our business.

我們計劃收購 WillowTree 可顯著增強 TI 的數字服務產品組合，增強和擴展設計和構建能力，並增加其高價值數字服務組合和每個團隊成員的收入。我們預計該交易將於 2023 年 1 月初完成。這些交易共同代表了我們為擴大高增長、以技術為導向的業務而採取的重要步驟，進一步使我們從全球同行中脫穎而出，並增加價值創造和多元化的能力我們的業務。

At the segment level, TTech external revenue was up 9.3% over last year and adjusted EBITDA grew 8.1%. For the quarter, LifeWorks contributed approximately 2% of the growth in revenue and 1% on adjusted EBITDA. DLCX external revenue was higher by 14% year-over-year, and adjusted EBITDA was up 36%, while margins improved 380 basis points to approximately 25%.

在分部層面，TTech 外部收入比去年增長 9.3%，調整後的 EBITDA 增長 8.1%。本季度，LifeWorks 貢獻了約 2% 的收入增長和 1% 的調整後 EBITDA。 DLCX 外部收入同比增長 14%，調整後的 EBITDA 增長 36%，而利潤率提高 380 個基點至約 25%。

Altogether, consolidated revenue increased 10% year-over-year and adjusted EBITDA 11% with margins improving by 30 basis points to nearly 37%. Consolidated net income was up 54% year-over-year, while basic EPS grew 48%. The strong growth was driven by higher EBITDA and lower financing costs, partly offset by higher depreciation and amortization and, as it relates to EPS, higher shares outstanding.

總體而言，綜合收入同比增長 10%，調整後 EBITDA 增長 11%，利潤率提高 30 個基點至近 37%。綜合淨收入同比增長 54%，基本每股收益增長 48%。 EBITDA 增加和融資成本降低推動了強勁增長，部分被折舊和攤銷增加以及與每股收益相關的流通股增加所抵消。

During the quarter, we observed an unrealized benefit included in our financing expenses related to our virtual purchase power agreement totaling $151 million. On an adjusted basis, excluding this benefit, net income and EPS were higher by 20% and 17%, respectively.

在本季度，我們觀察到與我們的虛擬購買力協議相關的融資費用中包含的未實現收益總計 1.51 億美元。在調整後的基礎上，剔除這項福利，淨收入和每股收益分別增長了 20% 和 17%。

Free cash flow of $331 million was -- in Q3, was up 63% over last year, driven by higher EBITDA and a decline in capital expenditures from lower investments as we near the completion of our accelerated broadband build, and as we start to align our run rate to our reduced '23 capital spend.

在第三季度，自由現金流為 3.31 億美元，比去年增長 63%，這是由於 EBITDA 增加以及隨著我們接近完成加速寬帶建設並開始調整而減少投資導致資本支出下降我們的運行率與我們減少的 '23 資本支出。

As outlined in our press release today, we are updating our consolidated financial targets for 2022. Our domestic core telecom business continues to perform very well, benefiting from our world-leading wireless and PureFibre networks and customer service excellence. We expect LifeWorks to have a similar TTech monthly percentage impact on revenue and EBITDA in Q4.

正如我們今天的新聞稿所述，我們正在更新 2022 年的綜合財務目標。我們的國內核心電信業務繼續表現出色，這得益於我們世界領先的無線和 PureFibre 網絡以及卓越的客戶服務。我們預計 LifeWorks 對第四季度收入和 EBITDA 的 TTech 月度百分比影響類似。

Our customer wireless contracts from lower mobile handset sales volumes were lower as a result of fewer customers requiring a new handset in our customer growth and within our existing base as well as the success of our certified preowned handset sales. This resulted in less handset revenue year-to-date and is expected to be lower than planned for the full year when we set the guidance back in February. This trend will be accretive to free cash flow as less handsets need to be financed or subsidized than planned when we set our original guidance.

由於我們的客戶增長和現有基礎中需要新手機的客戶減少，以及我們認證的二手手機銷售成功，我們的客戶無線合同來自較低的手機銷量。這導致年初至今的手機收入減少，預計將低於我們在 2 月份設定指引時的全年計劃。這種趨勢將增加自由現金流，因為需要融資或補貼的手機比我們設定最初指導時計劃的要少。

At TELUS International, the current macroeconomic environment is influencing customer spending in the near term, leading to a TI update on their outlook for 2022. Importantly, TI continues to target robust double-digit revenue growth and eating margin and cash flow profile. Please see TI's announcement earlier today. As we consider the inclusion of LifeWorks, the strong results that we saw in our current business, the impact from the lower mobile equipment revenues as well as account for TI's updated outlook, we are now targeting, for the full year, consolidated revenue to be approximately 8%. We tightened the range on adjusted EBITDA growth to 9% to 10%. Capital expenditures for '22 will be expected to be $3.475 billion, including additional capital for LifeWorks and free cash flow now being increased to approximately $1.3 billion, above our original guidance range of $1 billion to $1.2 billion, more than offsetting the increase in capital.

在 TELUS International，當前的宏觀經濟環境正在影響短期內的客戶支出，導致 TI 更新了他們對 2022 年的展望。重要的是，TI 繼續以兩位數的強勁收入增長、利潤率和現金流狀況為目標。請參閱今天早些時候 TI 的公告。當我們考慮納入 LifeWorks、我們在當前業務中看到的強勁業績、較低移動設備收入的影響以及 TI 更新後的展望時，我們現在的目標是全年合併收入為約 8%。我們將調整後的 EBITDA 增長率範圍收緊至 9% 至 10%。 '22 的資本支出預計為 34.75 億美元，包括 LifeWorks 的額外資本和自由現金流現在增加到約 13 億美元，高於我們最初 10 億至 12 億美元的指導範圍，足以抵消資本的增加。

LifeWorks did not have any impact on our higher free cash flow outlook for the quarter and the year outlook. For full year impacts in 2023 of LifeWorks and WillowTree, we will be included in our February guidance release. During Q3, the team successfully issued $2 billion in new debt securities across 3 different maturities, including our third sustainability-linked bond, making TELUS the largest issuer of sustainability-linked bond in a Canada. This offering was met with high investor demand within a very dynamic market environment and further demonstrates our strong success and access to the capital markets as well as advance our growth strategy.

LifeWorks 對我們更高的季度自由現金流展望和年度展望沒有任何影響。對於 LifeWorks 和 WillowTree 在 2023 年的全年影響，我們將包含在我們 2 月份發布的指南中。在第三季度，該團隊成功發行了 3 種不同期限的 20 億美元新債券，包括我們的第三隻可持續發展相關債券，使 TELUS 成為加拿大最大的可持續發展相關債券發行人。此次發行在一個非常動態的市場環境中滿足了投資者的高需求，進一步證明了我們的巨大成功和進入資本市場的機會以及推進我們的增長戰略。

Importantly, our balance sheet remains strong. At the end of the quarter, the average cost of our long-term debt remained at a low 3.95%, reflecting how our team has successfully leveraged the low interest rate environment over the past decade to accelerate our growth strategy, including our meaningful investments in wireless spectrum and our generational PureFibre build, which is nearing completion.

重要的是，我們的資產負債表依然強勁。本季度末，我們長期債務的平均成本保持在 3.95% 的低位，反映出我們的團隊在過去十年中如何成功地利用低利率環境來加速我們的增長戰略，包括我們對無線頻譜和我們即將完成的一代 PureFibre 構建。

We have a strong debt maturity schedule with an average maturity of our long-term debt of over 12 years and no significant debt maturities until 2024. Our balance sheet strength will continue to be further enhanced in 2023 with a meaningful increase in free cash flow generation.

我們有一個強大的債務到期時間表，我們的長期債務的平均期限超過 12 年，並且在 2024 年之前沒有重大債務到期。我們的資產負債表實力將在 2023 年繼續進一步增強，自由現金流的產生將顯著增加.

At the end of 2022, our accelerated broadband build will conclude, setting up TELUS to see meaningful positive free cash flow for 2023. And capital expenditures declining to approximately $2.6 billion, inclusive of approximately $100 million CapEx related to LifeWorks.

到 2022 年底，我們加速的寬帶建設將結束，TELUS 將在 2023 年看到有意義的正自由現金流。資本支出將下降至約 26 億美元，其中包括與 LifeWorks 相關的約 1 億美元資本支出。

Importantly, our capital investments are going to long-term infrastructure-based assets that will yield positive operational and financial results for decades to come. As we progress through the quarter and for the rest of the year into 2023, our team remains highly confident of our growth trajectory and long-term strategy to plan and further advance our leading growth profile, building strong value creation along the way. Robert, back to you.

重要的是，我們的資本投資將轉向基於基礎設施的長期資產，這些資產將在未來幾十年產生積極的運營和財務成果。隨著我們在本季度和今年剩餘時間進入 2023 年，我們的團隊仍然對我們的增長軌跡和長期戰略充滿信心，以規劃和進一步推進我們領先的增長狀況，並在此過程中創造強大的價值。羅伯特，回到你身邊。

Thanks, Doug. Melay, we're ready for questions.

謝謝，道格。 Melay，我們準備好提問了。

First question comes from Maher Yaghi from Scotiabank.

第一個問題來自豐業銀行的 Maher Yaghi。

And I'd say it's hard to find a telecom company with -- in a mature market with this type of growth. So congratulations. But I have -- when looking at the balance sheet and, Doug, you mentioned the strength that you see going into next year, but one has to maybe question a little bit how fast can you deliver the balance sheet because we've seen your debt-to-EBITDA ratio go from 3.15% to about 3.6% now if I include the most recent acquisition, WillowTree, so up 0.5% approximately in turn. In terms of the balance sheet, how should we look at your delevering process, how quickly can you deliver that balance sheet? And in terms of the share count, also we're seeing an uptick because of the DRIP. So maybe if you can give us a sense of where should we look at those 2 metrics in 2023, especially with the spectrum auction coming up?

而且我會說很難找到一家電信公司 - 在具有這種增長的成熟市場中。恭喜你。但是我 - 在查看資產負債表時，道格，你提到了你看到明年的實力，但人們可能不得不質疑你能多快交付資產負債表，因為我們已經看到了你的如果我包括最近的收購 WillowTree，債務與 EBITDA 的比率現在從 3.15% 上升到約 3.6%，因此依次上升約 0.5%。在資產負債表方面，我們應該如何看待你的去槓桿化過程，你能多快交付該資產負債表？就份額數量而言，我們也看到了 DRIP 帶來的增長。那麼，也許您可以讓我們了解 2023 年我們應該在哪裡查看這兩個指標，尤其是在即將進行頻譜拍賣的情況下？

And my second question quickly on churn. Can you maybe give us a view as to what caused the increase in churn? Is it mainly prepaid? Or you also saw an uptick in postpaid churn?

我的第二個問題很快就流失了。您能告訴我們是什麼導致了客戶流失增加嗎？主要是prepaid嗎？或者您還看到後付費用戶流失率上升？

Okay. Doug will take the first part and then Jim will take the second part.

好的。 Doug 將負責第一部分，然後 Jim 將負責第二部分。

I'll start at the back of your and move forward. The DRIP, we're going to keep in place until after the spectrum auction is over at the end of next year, and then we'll make an assessment after that date. From a delevering perspective, all the investments we've made are extremely strategic.

我會從你的後面開始向前走。 DRIP，我們將一直保留到明年年底頻譜拍賣結束後，然後我們將在該日期之後進行評估。從去槓桿的角度來看，我們所做的所有投資都極具戰略意義。

There have been smart investments that provide long-term benefits, as Darren highlighted, and I highlighted, in fiber, 5G spectrum and acquisitions that diversify our organization, build for future growth and generate very, very significant free cash flow into the future.

正如達倫所強調的那樣，我也強調了在光纖、5G 頻譜和收購方面提供長期利益的明智投資，這些投資使我們的組織多樣化，為未來的增長而建設，並為未來產生非常、非常可觀的自由現金流。

The reduction of the capital that we had discussed also leads to 2023 acceleration of free cash flow. So we will continue to delever very quickly starting next year. TI, and you would have seen their leverage go up to 3.0, and it will delever very, very quickly as well as they always do with low capital intensity.

我們討論過的資本減少也導致 2023 年自由現金流加速。因此，從明年開始，我們將繼續非常迅速地去槓桿化。 TI，你會看到他們的槓桿率上升到 3.0，它會非常、非常快地去槓桿化，就像他們在低資本密集度下一直做的那樣。

So from that, the fact that we've got the reduction in capital, we have growth engines from health to ag to TI, all contributing. None of them are in the negative J-curve anymore contributing to positive growth. the execution within our base and the capital reduction, we're very confident that we'll continue to delever in a very quick and appropriate way. And that's why we have the ongoing confidence in our balance sheet and the ongoing confidence in our business.

因此，從這一點來看，我們已經減少了資本，我們擁有從健康到農業再到 TI 的增長引擎，所有這些都在做出貢獻。它們中沒有一個處於負 J 曲線中，不再對正增長做出貢獻。我們基地內的執行和資本減少，我們非常有信心我們將繼續以非常快速和適當的方式去槓桿化。這就是為什麼我們對我們的資產負債表和我們的業務有持續的信心。

And on churn. Postpaid churn was 0.76%, which was pretty much flat year-over-year. Prepaid churn was at 2.36%, which was up 31 basis points and that was largely due to some transient activations during the Rogers outage and a bit of the traveler segment. So we were pretty comfortable.

並在流失。後付費客戶流失率為 0.76%，同比基本持平。預付費客戶流失率為 2.36%，上升了 31 個基點，這主要是由於羅傑斯停電期間的一些短暫激活和一些旅行者細分市場。所以我們很舒服。

We had very strong lifetime value again. And the one thing that I would like to mention is we continue to focus on premium loading, which is what's helping our domestic ARPU. And in the quarter, our premium brand net ports were up dramatically, and we had 2x the premium net ports versus any of our competitors.

我們再次擁有非常強大的終生價值。我想提的一件事是我們繼續專注於優質加載，這有助於我們的國內 ARPU。在本季度，我們的優質品牌淨端口大幅增加，我們的優質淨端口是任何競爭對手的 2 倍。

And maybe one just quick top up to my answer, just to reinforce, our maturities next year are less than $500 million. And after that, again, it's a balanced maturity ladder. So we have very little needs or requirements for financing over the next 2 years concurrently.

也許有人只是快速補充我的回答，只是為了強調，我們明年的到期期限不到 5 億美元。在那之後，它又是一個平衡的成熟度階梯。因此，我們在未來 2 年內幾乎沒有同時融資的需求或要求。

Next question comes from Stephanie Price from CIBC World Markets.

下一個問題來自 CIBC World Markets 的 Stephanie Price。

Just following up on Maher's question around the fiber investment cycle nearing completion. Hoping you could talk a little bit about your thoughts on the uses of excess capital around ag and health and return of capital to shareholder versus future M&A, et cetera.

只是跟進馬赫關於即將完成的纖維投資週期的問題。希望您能談一談您對圍繞農業和健康的過剩資本的使用以及向股東返還資本與未來併購等方面的想法。

Stephanie, I'll take this one. You're quite correct. If you look at our fiber footprint, the copper component within that is in the low single digits as a percentage. And of course, that's going to unlock significant value for us on a go-forward basis.

斯蒂芬妮，我要這個。你說得很對。如果您查看我們的光纖足跡，其中的銅成分佔百分比的低個位數。當然，這將在未來的基礎上為我們釋放巨大的價值。

Number two, we are entering a period where the sources of cash are going to chronically exceed the uses of cash. In terms of this organization, we like our dividend growth model as the most efficient and effective form of returning cash to shareholders.

第二，我們正在進入一個現金來源將長期超過現金使用的時期。就這個組織而言，我們喜歡我們的股息增長模式，因為它是向股東返還現金的最有效形式。

Secondly, we want to retire debt along the way. I think it's interesting to note that when we began the fiber build program over a decade ago, our cost of debt and our average term to maturity at that time, the cost of debt was over 5%, and the average term to maturity, I think, was about 5.3 years.

其次，我們希望在此過程中還清債務。我認為有趣的是，當我們在十多年前開始纖維建設計劃時，我們的債務成本和我們當時的平均到期期限，債務成本超過 5%，平均到期期限，我想想，大約是5.3年。

Now we've got a cost of debt around 3.95% on average, and the average term to maturity is 12.1 years, which profiled quite well the return of the fiber in terms of revenue and margin generation versus the expense on the capital investment to bring it to fruition.

現在我們的債務成本平均約為 3.95%，平均到期期限為 12.1 年，這很好地反映了纖維在收入和利潤產生方面的回報與資本投資帶來的費用它實現。

And then thirdly, we want to put the money to work on selective M&A to support the continued scaling and value creation at TELUS International, at TELUS Ag and at TELUS Health. So we would see us taking excess cash and putting that money to work as it relates to the key growth engines of the organization beyond the excellent value that we're creating right now within our core business.

第三，我們希望將資金用於選擇性併購，以支持 TELUS International、TELUS Ag 和 TELUS Health 的持續擴張和價值創造。因此，我們會看到我們拿出多餘的現金並將這些錢用於與組織的關鍵增長引擎相關的工作，而不僅僅是我們目前在核心業務中創造的卓越價值。

The interesting thing about that latter comment is while we spend money to invest in the scaling and growth at TI, Ag and Health. Ag and Health like TI are also poised to return capital as those valuations from a scaling point of view, come to fruition and we think about undertaking public market events for both the Ag and the Health businesses. So I think it's quite an exciting 2-way story in terms of investment in value and scale realized and cash returned yet again to shareholders.

後一條評論的有趣之處在於，我們花錢投資於 TI、Ag 和 Health 的規模和增長。像 TI 這樣的 Ag 和 Health 也準備返還資本，因為從規模化的角度來看，這些估值已經取得成果，我們考慮為 Ag 和 Health 業務開展公開市場活動。因此，我認為就價值投資和規模實現以及現金再次返還給股東而言，這是一個非常令人興奮的雙向故事。

And that's what really differentiates TELUS on a global basis because I would challenge you to find another company in our sector that does as well as what we do on core growth, whether it's operational loading and customer service or the financial results that accompany that or the fact that we have 2 growth engines, one on wireline and one on wireless. And then complement that with exacting and exciting value creation on emerging businesses from TI to Health to Ag.

這就是 TELUS 在全球範圍內真正與眾不同的地方，因為我會挑戰你在我們的行業中找到另一家在核心增長方面做得和我們一樣好的公司，無論是運營負荷和客戶服務，還是隨之而來的財務業績，或者事實上，我們有兩個增長引擎，一個在有線網絡上，一個在無線網絡上。然後通過在從 TI 到 Health 再到 Ag 的新興業務中創造嚴格而令人興奮的價值來補充這一點。

And then complements that with a dividend growth program that is now going on from 2011 through to 2025. I just don't see that diversified performance at core the exciting prospects and possibilities across TI, Health and Ag and then returning cash to shareholders at a level that really has no parallel. I think that collective combination really does make us unique.

然後通過從 2011 年到 2025 年正在進行的股息增長計劃對其進行補充。我只是不認為核心的多樣化表現是 TI、Health 和 Ag 令人興奮的前景和可能性，然後以一定的速度向股東返還現金真的是無與倫比的水平。我認為集體組合確實讓我們與眾不同。

That's helpful color. Maybe just one follow-up for me on the fiber rollout. Just curious about your thoughts on the homes in your footprint that were not originally targeted by the fiber and how you think about rolling those out over time?

這是有用的顏色。也許只是我對光纖推出的一個後續行動。只是想知道您對您足跡中那些最初不是光纖目標的房屋的想法，以及您如何考慮隨著時間的推移推出這些房屋？

What do you mean the homes that were not originally targeted by fiber? Are you're talking about homes outside the fiber footprint that we would reach with 5G wireless, HSIA?

您指的是那些最初不是光纖目標的家庭？您是在談論我們可以通過 5G 無線、HSIA 到達的光纖足蹟之外的家庭嗎？

Or converting those to fiber in the future, I guess, is more of the question.

或者我想，將來將它們轉換為光纖是更多的問題。

Okay. Why don't I take a break then and hand it over to Zainul? She's got a particular passion on this piece of subject matter.

好的。那我為什麼不休息一下，然後把它交給 Zainul？她對這個主題特別感興趣。

Zainul, why don't you kick in and answer Stephanie's question?

Zainul，你為什麼不插手回答 Stephanie 的問題？

Okay. Thank you. I think the first thing I would say is that while our footprint completion or our footprint is nearing completion on fiber, we're continuing to make pure fiber investments. So as new home growth continues, there are pockets of build that we are continuing that are within our capital guidance that Doug spoke to.

好的。謝謝你。我想我要說的第一件事是，雖然我們的足跡完成或我們的足跡接近完成光纖，但我們將繼續進行純光纖投資。因此，隨著新房的繼續增長，我們正在繼續建造一些建築，這些建築在道格談到的我們的資本指導範圍內。

So we will continue to see footprint expansion within our PureFibre footprint, and we'll continue to drive the copper to fiber migrations with the speed and alacrity that we have done so far. The second point is that we have a healthy wireless high-speed opportunity that we developed several years ago, and that will expand with the rollout of 5G and that will continue to enable us to be at the forefront of leveraging new footprint in rural areas, particularly.

因此，我們將繼續看到我們 PureFibre 足跡內的足跡擴張，我們將繼續以我們迄今為止所做的速度和敏捷度推動銅線向光纖的遷移。第二點是，我們擁有幾年前開發的健康無線高速機會，並且隨著 5G 的推出而擴大，這將繼續使我們能夠站在利用農村地區新足蹟的最前沿，特別。

And then the third thing I would say, and where our passion really lies, to Darren's point, is around ensuring that we continue to drive rural and indigenous footprint. We've been very assertive in our applications on the Universal Broadband Fund.

然後我要說的第三件事，也是我們真正的熱情所在，就達倫的觀點而言，就是確保我們繼續推動農村和土著足跡。我們對 Universal Broadband Fund 的申請一直非常自信。

We are -- we have a high -- the highest level of completion against that portfolio against our peer group in terms of completion of actual connected customers and it's a significant drive in our social purpose to ensure that we continue to achieve connectivity for our rural indigenous customers.

就實際連接客戶的完成情況而言，我們是 - 我們有一個高 - 與我們的同行相比，該組合的最高完成水平，這是我們社會目標的重要推動力，以確保我們繼續為我們的農村實現連通性土著客戶。

And then there's such a great synergy there with the rest of our capabilities when you look at ag tech, when you look at health. So we will continue to drive those investments and leverage our assets across fiber and 5G.

然後當你看農業技術時，當你看健康時，與我們的其他能力有如此大的協同作用。因此，我們將繼續推動這些投資，並利用我們在光纖和 5G 領域的資產。

It's interesting, Stephanie, because you've struck a chord with me perhaps something that I didn't realize. Within the $2.6 billion capital envelope prospectively in 2023, which will excitingly for investors see us take our CapEx intensity down into the low teens. I didn't think I'd still be here to say that, but there you go.

這很有趣，斯蒂芬妮，因為你引起了我的共鳴，也許是我沒有意識到的事情。在 2023 年預期的 26 億美元資本封套內，這將使投資者興奮地看到我們將資本支出強度降至十幾歲以下。我不認為我還會在這裡這麼說，但你去吧。

You hang around long enough, sometimes good things like that happen. But included within that $2.6 billion envelope is hundreds of millions of dollars that we'll still be spending on fiber expansion. And perhaps we haven't been as definitive about that as we should. When we talk about expansion copper, it's easy for people to assume, okay, we're just now going to halt our fiber build and stop.

你逗留的時間足夠長，有時會發生這樣的好事。但在這 26 億美元的信封中，我們仍將花費數億美元用於光纖擴展。也許我們還沒有像我們應該的那樣確定這一點。當我們談論擴展銅纜時，人們很容易假設，好吧，我們現在要停止我們的光纖構建並停止。

That's not the case. We will still be spending hundreds of millions of dollars on fiber expansion as well as fiber upgrades to XGS-PON along the way. so we can take 1 gig and 2.5 gig services to 10 gig. But I think that's exciting for investors to say, well, you can take your CapEx down to $2.6 billion, and you're still making material investments in both fiber upgrades and fiber expansion, which, of course, will eventually also reduce in time along the way.

事實並非如此。在此過程中，我們仍將花費數億美元用於光纖擴展以及光纖升級到 XGS-PON。所以我們可以將 1 演出和 2.5 演出服務增加到 10 演出。但我認為這對投資者來說是令人興奮的，好吧，你可以將你的資本支出降低到 26 億美元，而且你仍在對光纖升級和光纖擴展進行實質性投資，當然，這最終也會隨著時間的推移而減少道路。

And the neat thing for us now in terms of fixed cost infrastructure is that the incremental expense to upgrade to something like XGS-PON to get to those 10 gig speeds, it's a de minimus investment. So we really have broken the back of this challenge, but it does continue to include significant investments in fiber expansion and upgrades.

就固定成本基礎設施而言，現在對我們來說很巧妙的是，升級到 XGS-PON 之類的東西以達到 10 gig 速度的增量費用，這是微不足道的投資。因此，我們確實已經克服了這一挑戰，但它確實繼續包括對光纖擴展和升級的重大投資。

Next question comes from Drew McReynolds from RBC Capital Markets.

下一個問題來自 RBC Capital Markets 的 Drew McReynolds。

Yes. So 2 for me. First, on the fixed data services revenue growth. And I guess in the deck you exclude [T A T H] from that. I mean, obviously, very good looking at your core telecom business. So I appreciate that disclosure. And I think Doug, in your remarks, you talked about 11% growth in consumer residential, so the question around that dynamic, I think qualitatively, we all understand the drivers of that, just because we don't know the ebb and flow. Is this something you're confident in sustaining through, let's say, the next year or so?

是的。所以2對我來說。首先，關於固定數據業務收入的增長。我猜你在套牌中排除了 [T A T H]。我的意思是，很明顯，非常看好你的核心電信業務。所以我很欣賞這種披露。我認為道格，在你的發言中，你談到了住宅消費增長 11%，所以圍繞這種動態的問題，我認為定性地，我們都理解其驅動因素，只是因為我們不知道潮起潮落。這是你有信心維持的東西嗎？比方說，明年左右？

And then secondly and separately, obviously, cost inflation is something that needs to be managed by everyone. But when I look at TELUS, it does appear that you're further along your peers on digitization in that journey for TELUS and stuff like cloud migration, et cetera. So just doing if you can give us an update on where exactly you are on that journey as you look forward.

其次，顯然，成本通脹是每個人都需要管理的。但是，當我查看 TELUS 時，在 TELUS 和雲遷移等方面的數字化之旅中，您確實在數字化方面走得更遠。因此，如果您可以向我們提供有關您期待的旅程中的確切位置的最新信息，那就去做吧。

All right. Doug, why don't you hit the 7%, 11% and the diversity of quality performance that underpins the sustainability of that number?

好的。道格，你為什麼不達到 7%、11% 以及支撐該數字可持續性的質量表現的多樣性？

We do expect to see a sustainable proportion to that as we're getting more of the -- our customers on fiber. As we've talked about, you do get a higher ARPU in addition to the other benefits of cost reduction and churn reductions. We have seen good loading on our Internet and security base through that period.

我們確實希望看到一個可持續的比例，因為我們在光纖上獲得了更多的客戶。正如我們所討論的，除了降低成本和減少客戶流失的其他好處之外，您確實可以獲得更高的 ARPU。在那段時間裡，我們已經看到我們的互聯網和安全基礎上的良好負載。

And having the product sets that we have that we're able to bundle on the FFH side through the products that's the best in market, we're going to continue to see that growth at very good levels along the way. And then you are seeing a selection to the higher rate plans and unlimited speed tiers as we talked about. So seeing benefits of our fiber initiative is going to continue to drive that for the foreseeable future.

並且擁有我們擁有的產品集，我們能夠通過市場上最好的產品在 FFH 方面捆綁，我們將繼續看到這種增長在非常好的水平上。然後你會看到我們談到的更高費率計劃和無限速度等級的選擇。因此，在可預見的未來，看到我們的纖維計劃的好處將繼續推動它。

And on the inflation front, and I think for me, this is maybe the most exciting set of attributes as it relates to value creation at TELUS versus our peers. We like what's going on wireless in terms of what we're seeing on the ARPU improvement front, both absolutely at TELUS and relative to our peers, given our focus on quality and our strength as it relates to both bundling and retention.

在通貨膨脹方面，我認為對我來說，這可能是最令人興奮的一組屬性，因為它與 TELUS 相對於我們同行的價值創造有關。就我們在 ARPU 改進方面所看到的情況而言，我們喜歡無線方面的進展，無論是在 TELUS 還是相對於我們的同行，鑑於我們對質量的關注以及我們在捆綁和保留方面的優勢。

We like the upside in terms of roaming. But as I noted in my comments, recurring revenue within the domestic context continues to be quite strong and I am very bullish on our 9-digit IoT business within the 5G construct. And so I think that looks pretty healthy. Then I turn and look at the cost infrastructure for our wireline business, and that confidence grows.

我們喜歡漫遊方面的好處。但正如我在評論中指出的那樣，國內的經常性收入仍然非常強勁，我非常看好我們在 5G 架構中的 9 位數物聯網業務。所以我認為這看起來很健康。然後我轉身查看我們有線業務的成本基礎設施，這種信心增強了。

Clearly, as a result of bundling, we're enjoying cost economies of scope. And given the broadband connectivity that we have, the marginal cost as it relates to adding new products to that continuum, is extremely attractive. And we will be adding new products to that continuum.

顯然，由於捆綁，我們正在享受範圍成本經濟。考慮到我們擁有的寬帶連接，與向該連續體添加新產品相關的邊際成本極具吸引力。我們將為該連續體添加新產品。

Now we're also launching a new entertainment platform with our OPUS project that will materially reduce our cost infrastructure in terms of entertainment delivery. Then you look at the conversation that we've just been having on fiber. And just plow through the attributes, the average margin per home on fiber is 20% better than our historical copper footprint, but the lifetime revenue on fiber is 30% better. The cost to serve on fiber is significantly reduced.

現在，我們還通過我們的 OPUS 項目推出了一個新的娛樂平台，這將大大降低我們在娛樂交付方面的基礎設施成本。然後你看看我們剛剛就光纖進行的對話。仔細研究這些屬性，每個家庭的光纖平均利潤率比我們歷史上的銅足跡高 20%，但光纖的生命週期收入高 30%。在光纖上提供服務的成本顯著降低。

The facilitation of digitization, to your point, and the entire automation of the product and service continuum is made a hell of a lot easier by fiber. Geez, even if I take an ESG investing bent to this the energy, the appetite, of fiber versus copper is 80% less. And so that's quite a compelling set of attributes.

光纖使數字化的便利化以及產品和服務連續體的整個自動化變得容易得多。哎呀，即使我將 ESG 投資傾向這一點，與銅相比，光纖的能量和胃口也要低 80%。因此，這是一組非常引人注目的屬性。

Then you look at the B2B component, which was a pretty unique TELUS story. It was a hard road to hoe for us since 2014 with the economic impacts in the West and Alberta, economic impacts on the sectoral front within oil and gas that business was profit dilutive for many, many, many years since 2014. And that business now has turned profit accretive.

然後你看看 B2B 組件，這是一個非常獨特的 TELUS 故事。自 2014 年以來，由於西部和艾伯塔省的經濟影響，以及對石油和天然氣行業前沿的經濟影響，自 2014 年以來，該業務在許多、許多、許多年裡都在稀釋利潤。現在，該業務對我們來說是一條艱難的道路已實現利潤增長。

And nice to see the profit trajectory on B2B being a 3% EBITDA growth. And I would look over the next 12 to 24 to 36 months for us to take that EBITDA growth to 5% or greater. We are much further progressed on our digital program at TELUS than our peer group. And it's not dissimilar to the story on fiber. We're not saying that we have some intellectual property. We're not saying that we know better. We just started early and stuck with it. The reason why we are where we are on the fiber front right now is we had the guts to make that decision in 2012 and 2013, and we were early movers on digital.

很高興看到 B2B 的利潤軌跡是 3% 的 EBITDA 增長。我會在接下來的 12 到 24 到 36 個月內將 EBITDA 增長率提高到 5% 或更高。與同行相比，我們在 TELUS 的數字項目上取得了更大的進步。這與光纖的故事並無不同。我們並不是說我們擁有一些知識產權。我們並不是說我們知道得更多。我們只是很早就開始並堅持了下來。我們現在處於光纖前沿的原因是我們有勇氣在 2012 年和 2013 年做出這個決定，而且我們是數字化的先行者。

We're a customers' first organization, and we've got a great leadership team that's dedicated to strong execution. And we just leaned into it, and we've made a hell of a lot of progress along the way. And we did it with a purpose. It wasn't just digitize, digitize. It was digitization to do 2 things: improve customer service excellence and simplify the organization because we were overly complex.

我們是客戶至上的組織，我們擁有一支致力於強大執行力的優秀領導團隊。我們只是深入其中，一路上我們取得了很大的進步。我們這樣做是有目的的。這不僅僅是數字化，數字化。數字化可以做兩件事：改善卓越的客戶服務並簡化組織，因為我們過於復雜。

And with simplification, it's a 4-point game. You get better customer service and you get better cost reduction. And then next to that, we've got very attractive post-acquisition integration synergies on LifeWorks. I think you might have noticed it used to be $150 million, then it was $200 million. And I was quite purposeful in the comment saying it's $200 million plus now. And we're off to a pretty quick start on $60 million of near-term operational and cost synergies.

簡單來說，這是一場 4 分的比賽。您可以獲得更好的客戶服務，並且可以更好地降低成本。接下來，我們在 LifeWorks 上獲得了非常有吸引力的收購後整合協同效應。我想你可能已經註意到它曾經是 1.5 億美元，然後是 2 億美元。我在評論中非常有目的地說現在已經超過 2 億美元。我們很快就開始了 6000 萬美元的近期運營和成本協同效應。

And of course, then we've got our own TELUS cost efficiency program. When you marry that up with our LifeWorks post-acquisition integration synergies, that's a $400 million to $500 million cost improvement program that we want to bring to fruition over the next 36 months.

當然，我們還有自己的 TELUS 成本效率計劃。當您將其與我們的 LifeWorks 收購後整合協同效應結合起來時，我們希望在未來 36 個月內實現 4 億至 5 億美元的成本改進計劃。

And then next, we've got TI. I mean, who -- what other the Telco in the world do you know that has an organization like TI supporting it? So when I talk about why we lead on digital, TI is a big, big, big answer to that solution. They have been aiding and abetting the acceleration of our digital program. What a fantastic resource to have at our fingertips, and they help us from hygiene to self-actualization.

接下來，我們有 TI。我的意思是，您知道世界上還有哪些電信公司擁有像 TI 這樣的組織來支持它？因此，當我談到為什麼我們在數字領域處於領先地位時，TI 是對該解決方案的一個非常非常大的回答。他們一直在幫助和教唆加速我們的數字計劃。觸手可及的資源真是太棒了，它們幫助我們從衛生到自我實現。

On the hygiene front, they help us with labor arbitrage and what it does. And on the self-actualized state, they accelerate not just our digital progression but our cloud transformation. And they do it with the quality bent. TI is not cheap and cheerful, it's all about customers first, customers first in terms of the excellence that they bring. And you can see that within their own margins, they're highly differentiated in that regard.

在衛生方面，他們幫助我們進行勞動力套利及其作用。在自我實現的狀態下，它們不僅加速了我們的數字化進程，還加速了我們的雲轉型。他們以質量為本。 TI 並不廉價和令人愉快，它始終以客戶為先，就客戶帶來的卓越而言，客戶至上。你可以看到，在他們自己的利潤範圍內，他們在這方面存在很大差異。

Next, it's not just an OpEx story, it's a CapEx story. We purposely forecasted for 2023, that holistically, wireless and wireline, we're heading into the low teens for capital intensity. And I think 2 things, the maturation of our major investments in broadband and the fact that our assets composite at TELUS is changing because of TI, Health and Ag and the digitization of the organization. And increasingly, we are becoming a Software-as-a-Service organization. And again, I think we lead our industry in that regard.

接下來，這不僅僅是一個 OpEx 的故事，它是一個 CapEx 的故事。我們有意預測 2023 年，從整體上看，無論是無線還是有線，我們的資本密集度都將進入低十幾歲。我認為有兩件事，我們在寬帶方面的主要投資的成熟，以及我們在 TELUS 的資產組合正在發生變化的事實，因為 TI、Health 和 Ag 以及組織的數字化。我們越來越成為一個軟件即服務組織。再一次，我認為我們在這方面領先於我們的行業。

And then the last thing in terms of inflation fighters and the like, we've got emerging value and scale and margin and profit accretion coming from Health and Ag. They're not dilutive right now, and they'll become just increasingly accretive in the future, and we're looking to those businesses to deliver double-digit EBITDA growth across the board.

然後最後一件事是關於通貨膨脹戰士等，我們已經從健康和農業中獲得了新興的價值和規模以及利潤和利潤增長。它們現在不具有稀釋性，而且它們在未來只會變得越來越增值，我們期待這些業務能夠全面實現兩位數的 EBITDA 增長。

Next question comes from Jerome Dubreuil from Desjardin.

下一個問題來自 Desjardin 的 Jerome Dubreuil。

I guess with the WillowTree acquisition, this signals a bit that growth will increasingly come from the tech side, that it's a total surprise, but if you can please discuss a bit how you see the exposure of TELUS to telecom evolving in the longer term?

我猜想通過對 WillowTree 的收購，這有點表明增長將越來越多地來自技術方面，這完全令人驚訝，但如果你能談談你如何看待 TELUS 在電信領域的長期發展？

Okay. We've got Jeff on the call and given that he's dedicated now the rest of his life to growing value from WillowTree. Jeff, why don't you answer that question?

好的。我們已經接到 Jeff 的電話，並且考慮到他現在的餘生都致力於增加 WillowTree 的價值。傑夫，你為什麼不回答這個問題？

Thanks, Darren. Happy to. Thanks for the question, Jerome. WillowTree's client base is rather complementary to TELUS International in a number of ways, including, in particular, we only have about 5 shared customers. So whilst they certainly do support clients in the tech sector, they also have clients in communications and media, in health care and life sciences, financial services, consumer goods, travel and hospitality.

謝謝，達倫。高興。謝謝你的問題，杰羅姆。 WillowTree 的客戶群在許多方面與 TELUS International 相當互補，特別是我們只有大約 5 個共享客戶。因此，雖然他們確實為科技行業的客戶提供支持，但他們在通信和媒體、醫療保健和生命科學、金融服務、消費品、旅遊和酒店業也有客戶。

So we don't see that actually intensifying our client concentration around existing verticals, particularly tech where we're today, circa 60% of our customers at TI between tech and games and e-commerce and fintech, they actually improve our client concentration profile by about 500 basis points.

所以我們沒有看到這實際上加強了我們對現有垂直行業的客戶集中度，特別是我們今天的技術，我們在 TI 大約 60% 的客戶在技術和遊戲以及電子商務和金融科技之間，他們實際上提高了我們的客戶集中度約 500 個基點。

So we see this as very complementary. And as I shared on our WillowTree specific investor call last week and as I commented, on the TI earnings call just barely an hour ago, we think the revenue synergy opportunity by cross-selling WillowTree services into TI's customer base and in particular, helping to accelerate and amplify our support for TELUS' own digital transformation journey that both Darren and Doug spoke to earlier as well as all of our other clients.

所以我們認為這是非常互補的。正如我上週在我們的 WillowTree 特定投資者電話會議上分享的那樣，正如我在僅僅一個小時前的 TI 財報電話會議上評論的那樣，我們認為通過向 TI 的客戶群交叉銷售 WillowTree 服務，特別是幫助加快並擴大我們對 TELUS 自己的數字化轉型之旅的支持，Darren 和 Doug 早些時候以及我們所有其他客戶都談到了這一點。

And then vice versa, our ability to sell TI services into the WillowTree base. And just by way of example, we had a customer diligence call as part of the transaction, where I spoke directly to one of WillowTree's long-tenured existing clients. And when they learn a little bit about the combination and TI trust and safety and content moderation capabilities, in particular, they got quite animated and excited. There's a reason why we think this transaction is going to be so exciting for us both, down the road.

然後反之亦然，我們將 TI 服務銷售到 WillowTree 基地的能力。舉個例子，作為交易的一部分，我們有一個客戶盡職調查電話，我直接與 WillowTree 的一位長期現有客戶交談。當他們了解到一些有關組合以及 TI 信任和安全以及內容審核功能的信息時，他們會變得非常興奮和興奮。我們認為這筆交易在未來對我們雙方都將如此令人興奮，這是有原因的。

Great. And while we're talking about TELUS International, maybe for managing the workload at TELUS, with the more uncertain demand at TELUS International, can you maybe use excess capacity to accelerate the LifeWorks integration? Or is it more time to proceed with caution maybe?

偉大的。當我們談論 TELUS International 時，也許是為了管理 TELUS 的工作量，隨著 TELUS International 的需求更加不確定，您是否可以利用過剩的產能來加速 LifeWorks 的整合？還是可能需要更多時間謹慎行事？

So we work diligently to keep our entire global workforce as fully utilized as possible. And notwithstanding the macroeconomic uncertainty and some slowdown in some of our larger tech clients, e-commerce and fintech lines in particular. The business is still out looking 16% to 18% growth top line revenue on a constant currency basis.

因此，我們努力工作，以盡可能充分利用我們的整個全球員工隊伍。儘管宏觀經濟存在不確定性，而且我們的一些較大的科技客戶，尤其是電子商務和金融科技行業出現了一些放緩。在固定匯率基礎上，該業務的收入仍有望增長 16% 至 18%。

Where we have some programs slowing or ramping down, our first port of call is to absolutely repurpose those talented team members into other areas of opportunity. And that absolutely could be supporting and accelerating the LifeWorks integration and transformation, the other parts of the TELUS organization. We look to cross-pollinate some of our expertise and experience serving TELUS to non-TELUS accounts and then vice versa repatriating best practices in order to be a better partner to both TELUS and all of our other clients.

在我們有一些計劃放慢或減少的地方，我們的第一個停靠點是絕對將這些有才華的團隊成員重新用於其他機會領域。這絕對可以支持和加速 LifeWorks 的整合和轉型，以及 TELUS 組織的其他部分。我們希望將我們為 TELUS 服務的一些專業知識和經驗交叉傳授給非 TELUS 賬戶，然後反之亦然，將最佳實踐匯集到國內，以便成為 TELUS 和我們所有其他客戶的更好合作夥伴。

What I can tell you as a customer of TI, we are extremely excited by the WillowTree acquisition and what it can do for us on the design and build front and how that's going to get manifested within our digital, cloud and software development platforms.

作為 TI 的客戶，我可以告訴您的是，我們對 WillowTree 的收購及其在設計和構建方面為我們做的事情以及這將如何在我們的數字、雲和軟件開發平台中得到體現感到非常興奮。

And I think it's also exciting to highlight that whilst the WillowTree customer list is highly complementary to TI, there's a greater and a beneficial overlap between the WillowTree customer list and the customers at both Health and Ag, there's a very interesting overlap there that we are looking forward to exploiting.

我認為同樣令人興奮的是，雖然 WillowTree 客戶名單與 TI 高度互補，但 WillowTree 客戶名單與 Health 和 Ag 的客戶之間存在更大且有益的重疊，我們在那裡有一個非常有趣的重疊期待開發。

Next question comes from Vince Valentini from TD Securities.

下一個問題來自道明證券的 Vince Valentini。

Question on TTech segment adjusted EBITDA margins. Additionally, in the first quarter of this year, they were up 30 basis points year-over-year. Second quarter they're up 50 basis points. Now in this quarter, they're down 40 basis points year-over-year. Is that just a LifeWorks dilution, Doug? Or is there anything else we should think about there?

關於 TTech 部門調整後的 EBITDA 利潤率的問題。此外，在今年第一季度，它們同比上漲了 30 個基點。第二季度他們上漲了 50 個基點。現在在本季度，它們同比下降了 40 個基點。道格，這只是 LifeWorks 的稀釋嗎？或者還有什麼我們應該考慮的嗎？

And then maybe more importantly, can you give us any thoughts on how much of an upward ramp there should be in that in 2023 and beyond, especially when fiber homes, as Darren just said, a 20% higher margin than copper homes. And your work is to be done in the copper. So should we see a big step function up in those TTech margins soon?

然後也許更重要的是，你能否給我們任何關於 2023 年及以後應該有多少上升斜坡的想法，特別是當光纖家庭，正如達倫剛才所說的那樣，利潤率比銅線家庭高 20%。你的工作將在銅中完成。那麼我們是否應該很快看到這些 TTech 利潤率大幅上升？

Yes. So -- yes, it is substantially the LifeWorks weighting into our results. And -- yes, we see upside in margin both as Darren discussed, but also the other areas. We talked about health care and Ag as being accretive, and that's a double-digit accretive on EBITDA going into the future, which was not the case in the past.

是的。所以 - 是的，我們的結果基本上是 LifeWorks 的權重。而且 - 是的，我們看到達倫討論的利潤率上升，但也看到其他領域。我們談到了醫療保健和 Ag 的增長，這是未來 EBITDA 的兩位數增長，而過去並非如此。

And you'd see business in the business segment, we talked about also having slower growth that is recovering very, very well. And so -- looking forward, we're very optimistic on that margin enhancement. There might be some weighting impacts along the way, and we'll try to be very transparent on that as we move forward. But the overall water level will continue to increase.

你會看到業務部門的業務，我們也談到了增長放緩但恢復得非常非常好。因此——展望未來，我們對利潤率的提高非常樂觀。在此過程中可能會有一些權重影響，我們會在前進的過程中盡量保持透明。但總體水位將繼續上漲。

And just to clarify, Darren, did you say $400 million to $500 million in incremental cost savings from new efficiency programs?

澄清一下，Darren，你是說新的效率計劃可以節省 4 億到 5 億美元的增量成本嗎？

Yes, I did. The combination of what TELUS is doing in our own right, added to the synergies on LifeWorks. That's exactly correct. Yes.

是的，我做到了。 TELUS 在我們自己的權利上所做的事情的結合，增加了對 LifeWorks 的協同作用。這是完全正確的。是的。

Sorry, Vince. One just small top up. The only other thing was our revenue on handset revenue did increase a bit in Q3 from Q1 and Q2. So as we add a few more renewals during the back-to-school special, they would actually be low margin as well. So a little bit attributed to that in addition to LifeWorks.

對不起，文斯。一個只是小充值。唯一的另一件事是我們的手機收入在第三季度確實比第一季度和第二季度有所增加。因此，當我們在返校特別活動期間增加一些續訂時，它們實際上也將是低利潤率。因此，除了 LifeWorks 之外，還有一點點歸因於此。

Fair point. Like your tiny clarification, Doug, there. the accelerated CapEx for this year was $750 million was the plan, I believe $691 million has been spent through the first 3 quarters. Does that imply it falls off significantly in the fourth quarter to only about $60 million and then you're done?

有道理。道格，就像你的小澄清一樣。今年的加速資本支出是 7.5 億美元的計劃，我相信前 3 個季度已經花費了 6.91 億美元。這是否意味著它在第四季度大幅下降至僅約 6000 萬美元，然後你就完蛋了？

Correct.

正確的。

Right. Next question comes from Aravinda Galappatthige from Canaccord Genuity.

正確的。下一個問題來自 Canaccord Genuity 的 Aravinda Galappatthige。

Two for me. Just to go back to LifeWorks and synergies, Darren, that you talked about. When you kind of look at the next 12 to 18 months, call it, low-hanging fruit, what's achievable during sort of the near term there and maybe some granularity around where that could come from?

兩個給我。回到你談到的 LifeWorks 和協同效應，Darren。當你看看未來 12 到 18 個月時，稱之為低垂的果實，在短期內可以實現什麼，也許可以從哪裡獲得一些粒度？

Is it -- is the plan to originally sort of attack the Canadian opportunity given those enterprise relationships? Or is sort of the U.S. sort of ripe for some revenue synergies as well, almost straight off the bat? I wanted to get your thoughts on that. And then my second question, a smaller one, on the B2B number that you provided, the 3%. Is -- are you able to kind of -- is that including wireless? Or are you able to provide ex wireless number there? Just kind of give a sense of what the enterprise wireline trends maybe.

考慮到這些企業關係，計劃最初是在某種程度上攻擊加拿大的機會嗎？或者美國是否也已經成熟，幾乎可以立即產生一些收入協同效應？我想听聽你對此的看法。然後是我的第二個問題，一個較小的問題，關於您提供的 B2B 數字，即 3%。是——你能不能——包括無線？或者你能在那裡提供前無線號碼嗎？只是有點了解企業有線趨勢可能是什麼。

Okay. Thanks for that. Michael, we've got our Chief Operating Officer for TELUS Health on the call and he's been leading the LifeWorks integration and the realization of the synergies. So I'm going to ask Michael to comment. And I'll ask Michael also, in addition to synergy realization and the sources as it relates to the synergies, I would also let Michael to speak to the significant and exciting cross-sell opportunities that exist between TELUS, TELUS Health, LifeWorks and TELUS International.

好的。感謝那。邁克爾，我們接到了 TELUS Health 的首席運營官的電話，他一直在領導 LifeWorks 的整合和協同效應的實現。所以我要請Michael 發表意見。我還會問邁克爾，除了協同效應的實現和與協同效應相關的資源之外，我還會讓邁克爾談談 TELUS、TELUS Health、LifeWorks 和 TELUS 之間存在的重要而令人興奮的交叉銷售機會國際的。

Michael, over to you.

邁克爾，交給你了。

Thank you, Darren, and thank you for the question. Well, perhaps let's start with -- at this time, demand for health and well-being services has never been higher. And the combination of TELUS Health and LifeWorks will improve health outcomes and provide a better preventive health and wellness experiences for people worldwide.

謝謝你，達倫，謝謝你提出這個問題。好吧，也許讓我們開始吧——此時，對健康和福祉服務的需求從未像現在這樣高。 TELUS Health 和 LifeWorks 的結合將改善健康結果，並為全世界的人們提供更好的預防性健康和保健體驗。

Our teams continue to successfully navigate the early days of integration. And we have a solid start behind us to continue to drive momentum on significant growth opportunities as we go to market as one team. Now we're confident that we will hit the $200 million of total synergies over the next 3 to 5 years given that we've already identified $60 million in near-term cost synergies thus far.

我們的團隊繼續在整合的早期成功導航。當我們作為一個團隊進入市場時，我們有一個堅實的開端，可以繼續推動重大增長機會的發展勢頭。現在我們有信心在未來 3 到 5 年內達到 2 億美元的總協同效應，因為到目前為止我們已經確定了 6000 萬美元的近期成本協同效應。

And moreover, our collective sales teams in collaboration with TI and TBS have already identified more than 130 joint sales opportunities in the 8 weeks since close. And I would just add that our focus, of course, is Canada and North America and then exporting from our North American strategy to rest of world.

此外，我們的集體銷售團隊與 TI 和 TBS 合作，在關閉後的 8 週內已經確定了 130 多個聯合銷售機會。我只想補充一點，我們的重點當然是加拿大和北美，然後從我們的北美戰略出口到世界其他地區。

Okay. And for the answer to the next question, just given you asked the clarification, that 3% EBITDA growth was holistic. So that was wireless, wireline combined. And it was holistic across our B2B segment. So from small business to mid-market to enterprise and public sector. But Navin, why don't you give a little bit of additional color on that front?

好的。對於下一個問題的答案，剛才你要求澄清，3% 的 EBITDA 增長是整體的。所以這是無線、有線的結合。它在我們的 B2B 細分市場中是全面的。因此，從小型企業到中型市場再到企業和公共部門。但是 Navin，你為什麼不在那前面多加一點顏色呢？

Yes. Thanks very much, Darren. So our B2B business continues to accelerate profitable growth and is actually growing not only EBITDA but also revenue and cash. So we continue to retain and grow our customer base given the reliability, coverage and speed of our global lean networks, both wireless and PureFibre and of course, our industry-leading customer experience and are positively differentiated solutions.

是的。非常感謝，達倫。因此，我們的 B2B 業務繼續加速盈利增長，實際上不僅 EBITDA 還在增長，收入和現金也在增長。因此，鑑於我們全球精益網絡（無線和 PureFibre）的可靠性、覆蓋範圍和速度，當然還有我們行業領先的客戶體驗和積極差異化的解決方案，我們將繼續保留和擴大我們的客戶群。

So Aravinda to your question, we're continuing to outrun our legacy service revenue declines, with strong growth in both market share expansion as well as increased product penetration, both in wireless and wireline. Our churn remains strong and low, and we're well positioned to lead in new 5G IoT and industry solutions capabilities. So we expect to see continued acceleration of our profitable growth as we close off the year and progress our energy further into 2023. And that profitable growth is going to come from both improvements in or fixed or wireline segments as well as our wireless segment. So thank you.

因此，對於您的問題，Aravinda 繼續超越我們的傳統服務收入下降，市場份額擴張以及無線和有線產品滲透率增加的強勁增長。我們的客戶流失率仍然很高且很低，我們處於領先地位，可以引領新的 5G 物聯網和行業解決方案能力。因此，我們預計隨著我們結束這一年並將我們的能量進一步推進到 2023 年，我們的利潤增長將繼續加速。利潤增長將來自固定或有線細分市場以及我們的無線細分市場的改進。所以謝謝。

Next question comes from David Joyce from Barclays.

下一個問題來自巴克萊銀行的大衛喬伊斯。

I just wanted to follow up on one of the questions earlier on the capital expenditure plans and your footprint. Granted, you can still do some more fiber expansion with new home builds. But how can we think about long term, how much more of population or a geography. However, you could help us quantify it. Can you expand? What's your allowable territory where you could still be growing fiber over the -- or once 5G has a viable alternative? Just how do we think about that expansion of your footprint from here?

我只是想跟進前面關於資本支出計劃和您的足蹟的問題之一。當然，您仍然可以通過新建住宅進行更多的光纖擴展。但是我們怎麼能考慮長期，人口或地理的多少。但是，您可以幫助我們對其進行量化。你能擴大嗎？你允許的範圍是什麼，在那裡你仍然可以在 - 或者一旦 5G 有一個可行的替代方案？我們如何看待您從這裡擴大足跡？

Not really given any public guidance on that. But maybe I can help you with some quick parameters. Firstly, we don't have a singular broadband solution in fiber. We've got 2 broadband solutions, one fiber and one 5G. And I think it's really down to the organization to determine what is the pareto optimal combination of expanding fiber but also leveraging fixed wireless along the way.

沒有真正給出任何公開指導。但也許我可以幫助您快速設置一些參數。首先，我們沒有單一的光纖寬帶解決方案。我們有 2 種寬帶解決方案，一種是光纖，一種是 5G。而且我認為這真的取決於組織來確定什麼是擴展光纖的帕累托最優組合，同時還要在此過程中利用固定無線。

So roughly speaking, over the longer term across the totality of the population within our build territory, seeing fiber get to maybe 75% of the population, where we would use wireless broadband to cover the remaining 25% of the population, I think that's not a bad rule of thumb along the way. There are some adjustments to that. If you look at what we can do on government programs and leveraging government programs to expand our fiber footprint, I think that's an opportunity that would allow us to take fiber penetration deeper into rural communities.

所以粗略地說，從長遠來看，在我們建設區域內的總人口中，看到光纖可能覆蓋 75% 的人口，而我們將使用無線寬帶覆蓋其餘 25% 的人口，我認為這不是一個糟糕的經驗法則。對此有一些調整。如果你看看我們可以在政府項目上做些什麼，並利用政府項目來擴大我們的光纖足跡，我認為這是一個機會，可以讓我們將光纖更深入地滲透到農村社區。

If you look at what we would do maybe on joint cost sharing, in terms of fiber expansion on rural, whether it's with the community or whether it's with the electricity company, those are also exciting opportunities to leverage scope economies along the way or stronger commitments of the communities.

如果你看一下我們可能會在聯合成本分攤方面做些什麼，在農村的光纖擴展方面，無論是與社區還是與電力公司，這些也是在整個過程中利用範圍經濟或更有力的承諾的令人興奮的機會的社區。

Tony Geheran and his team have done a fantastic job in terms of our indigenous coverage. If you look at TELUS, we are a global leader in bringing broadband and digital capabilities to indigenous communities in rural areas across Canada. We have a footprint that's second to none in that regard.

Tony Geheran 和他的團隊在我們的土著報導方面做得非常出色。如果你看看 TELUS，我們是為加拿大農村地區的土著社區提供寬帶和數字功能的全球領導者。在這方面，我們的足跡首屈一指。

So again, that would see us expanding the penumbra of our fiber footprint. And then lastly, it's down to some hard economics. How much bandwidth do customers need? How many services are they going to take? And if the bandwidth and the services justify it, then we can expand the fiber build along that particular path.

因此，這將再次擴大我們光纖足蹟的半影。最後，這取決於一些困難的經濟學。客戶需要多少帶寬？他們要接受多少服務？如果帶寬和服務證明它是合理的，那麼我們可以沿著該特定路徑擴展光纖構建。

And of course, the other thing that gets forgotten is that fiber and 5G fixed wireless are not just for consumers, to the extent to which we can leverage B2B opportunities, particularly within the SMB space or certain public sector areas as well, that gives us an opportunity for further expansion. But that would give you a sense of how far we could go on the expansion front and how we could smartly leverage wireless broadband to close off the final mile.

當然，另一件被遺忘的事情是，光纖和 5G 固定無線不僅適用於消費者，在某種程度上我們可以利用 B2B 機會，特別是在 SMB 空間或某些公共部門領域內，這讓我們進一步擴張的機會。但這會讓您了解我們可以在擴展方面走多遠，以及我們如何巧妙地利用無線寬帶來完成最後一英里。

Thank you, David, and thank you, everyone, for joining us today. Please feel free to reach out to the IR team with any follow-ups. Take care, and have a nice weekend, everyone.

謝謝大衛，也謝謝大家今天加入我們。如有任何後續行動，請隨時聯繫 IR 團隊。大家保重，週末愉快。

Everyone, this concludes the TELUS 2022 Q3 earnings conference call. Thank you for your participation, and have a nice day.

大家好，TELUS 2022 年第三季度財報電話會議到此結束。感謝您的參與，祝您有愉快的一天。