Telus Corp (TU) 2022 Q4 法說會逐字稿

Good day, everyone. Welcome to the TELUS 2022 Q4 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 年第四季度收益電話會議。我想介紹一下您的演講者，羅伯特·米切爾先生。請繼續。

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

謝謝，卡爾。大家好。感謝您今天加入我們。我們的第四季度和 2022 年底業績新聞稿、MD&A 和財務報表以及詳細的補充信息已於今天上午發佈在我們的網站 telus.com/investors 上。

Our call today will begin with remarks by Darren and Doug. The Q&A portion of our call will be joined by Zainul Mawji, President, Consumer Solutions; Navin Arora, President of Business Solutions; Jim Senko, our Chief Product Officer; Tony Geheran, our Chief Operating Officer; Jeff Puritt, President and CEO of TELUS International; John Raines, President of TELUS Agriculture and Consumer Goods; and Michael Dingle, Chief Operating Officer at TELUS Health. 

我們今天的電話會議將從 Darren 和 Doug 的講話開始。消費者解決方案總裁 Zainul Mawji 將加入我們電話會議的問答部分；業務解決方案總裁 Navin Arora； Jim Senko，我們的首席產品官；我們的首席運營官 Tony Geheran； TELUS International總裁兼首席執行官Jeff Puritt； TELUS 農業和消費品總裁 John Raines； TELUS Health 首席運營官 Michael Dingle。

Briefly, this discussion and answers questions contain forward-looking statements. Actual results could vary materially from those statements. The assumptions in which they are based and the material risks that could cause them to differ are outlined in our public filings with Securities Commissions in Canada and the U.S., including in our 2022 annual MD&A. 

簡而言之，本討論和回答問題包含前瞻性陳述。實際結果可能與這些陳述存在重大差異。我們向加拿大和美國證券委員會提交的公開文件（包括我們的 2022 年度 MD&A）中概述了它們所依據的假設以及可能導致它們不同的重大風險。

With that, over to you, Darren.

有了這個，就交給你了，達倫。

Thanks, Diego, and hello, everyone. Throughout 2022, TELUS achieved strong operational and financial results across our business, leading our North American peer group with respect to 2022 operating revenue, adjusted EBITDA and free cash flow growth, along with most operating metrics. This is a trend the TELUS team has consistently demonstrated over the longer term. Our robust performance in the fourth quarter and for the full year reflects the chemistry of our globally leading broadband networks and customers first culture, driving our hallmark combination of profitable customer growth alongside strong financial results. Industry meeting telecom, net additions of $301,000 represented our best fourth quarter on record and concluded another year of industry-leading expansion of our customer base. 

謝謝，迭戈，大家好。在整個 2022 年，TELUS 在我們的業務中取得了強勁的運營和財務業績，在 2022 年的運營收入、調整後的 EBITDA 和自由現金流增長以及大多數運營指標方面領先於我們的北美同行。從長遠來看，這是 TELUS 團隊一貫展示的趨勢。我們在第四季度和全年的強勁表現反映了我們全球領先的寬帶網絡和客戶至上文化的化學反應，推動了我們將盈利的客戶增長與強勁的財務業績相結合的標誌。行業會議電信，淨增加 301,000 美元是我們有記錄以來最好的第四季度，結束了又一年行業領先的客戶群擴展。

Indeed, in 2022, we delivered all-time record customer growth, surpassing total annual net additions of more than $1 million for the first time. This included another best ever year for fixed subscriber growth of $274,000 and the highest mobile phone net additions for our organization since 2010 with 401,000 net new customers. Our industry-leading growth reflects the consistent potency of our operational execution, unmatched bundled product offerings across mobile and home and team member culture focused on delivering exceptional customer experiences over our globally leading pure fiber and 5G networks. 

事實上，在 2022 年，我們實現了創紀錄的客戶增長，首次超過年度淨增總額超過 100 萬美元。這包括固定用戶增長 274,000 美元的又一個有史以來最好的年度，以及我們組織自 2010 年以來最高的移動電話淨增加量（401,000 名淨新客戶）。我們行業領先的增長反映了我們始終如一的運營執行力、無與倫比的移動和家庭捆綁產品以及專注於通過我們全球領先的純光纖和 5G 網絡提供卓越客戶體驗的團隊成員文化。

Our team's passion for delivering customer experience excellence, once again contributed to strong client loyalty across our key product lines, including blended Mobile Phone, PureFiber Internet, Optik TV, Security and Voice churn, all below 1% for the year. Also for the full year, operating revenue growth of 8.6% came in above our revised guidance of approximately 8% of EBITDA growth of 9.5% landed comfortably in the midpoint of our revised guidance range. Moreover, we achieved strong free cash flow growth of 64% for the year, exceeding our original free cash flow target. In addition, CapEx was in line with our target and reflected the final year of our accelerated broadband build program that has been considerably successful. Strength in our core telecom operations continues to be bolstered by continued strong operating momentum in our highly differentiated technology-oriented businesses, TELUS International, TELUS Health, and TELUS Agriculture and Consumer Goods. 

我們團隊對提供卓越客戶體驗的熱情再次促成了我們主要產品線的強大客戶忠誠度，包括混合移動電話、PureFiber 互聯網、Optik 電視、安全和語音客戶流失率，全年均低於 1%。同樣對於全年，8.6% 的營業收入增長高於我們修訂後的 EBITDA 增長 9.5% 的約 8% 的指導，輕鬆落在我們修訂後的指導範圍的中點。此外，我們今年的自由現金流實現了 64% 的強勁增長，超過了我們最初的自由現金流目標。此外，資本支出符合我們的目標，反映了我們加速寬帶建設計劃的最後一年取得了相當大的成功。我們高度差異化的技術導向型業務 TELUS International、TELUS Health 和 TELUS Agriculture and Consumer Goods 的持續強勁運營勢頭繼續增強了我們核心電信業務的實力。

Let's now turn to take a look at the fourth quarter. TELUS once again achieved industry-leading operating revenues and EBITDA growth of 12.6% and 11.3%, respectively. Looking at mobile, TELUS achieved strong customer growth of 218,000 net additions in the fourth quarter. This included healthy mobile phone net additions of 112,000, which was similar to last year. Notably, the strength continued to be driven primarily by loading on our premium brand, reflecting our consistent focus on profitable customer growth. It also included leading and record fourth quarter connected device net additions of 106,000, up 31% on a year-over-year basis. 

現在讓我們來看看第四季度。 TELUS 研科再次實現了行業領先的營業收入和 EBITDA 增長，分別達到 12.6% 和 11.3%。在移動領域，TELUS 研科在第四季度實現了 218,000 名客戶的強勁增長。其中健康手機淨增11.2萬部，與去年持平。值得注意的是，實力繼續主要受到我們優質品牌的推動，反映出我們始終專注於可盈利的客戶增長。它還包括領先且創紀錄的第四季度聯網設備淨增 106,000 台，同比增長 31%。

Importantly, our team delivered another quarter of industry fast loyalty results, which continues to be the hallmark of the TELUS organization. Blended mobile phone churn was an industry low 1.22% in the fourth quarter, reflecting a year-over-year increase as a result of the intensely competitive Black Friday promotional environment. Looking at our industry-leading postpaid mobile churn, this was once again below 1% in the quarter. Indeed, at 0.75% for the year and relatively flat over last year, 2022 represented our ninth consecutive year of industry-leading postpaid wireless churn below 1%.

重要的是，我們的團隊交付了另外四分之一的行業快速忠誠度結果，這仍然是 TELUS 組織的標誌。混合手機流失率在第四季度為 1.22% 的行業低點，反映出由於競爭激烈的黑色星期五促銷環境導致的同比增長。看看我們行業領先的後付費移動用戶流失率，本季度再次低於 1%。事實上，2022 年全年為 0.75%，與去年相比持平，代表我們連續第九年保持行業領先的後付費無線用戶流失率低於 1%。

One key factor behind this consistent industry best performance is the superiority of our world-leading networks. In this regard, in 2022, TELUS once again earned numerous accolades from independent third-party organizations. Notably, Global analytics company Opensignal out of the U.K., recognized TELUS with 5 industry awards in the year for both our 4G and 5G networks, making TELUS Canada's most awarded network by Opensignal for the 11th consecutive time. Similarly, TELUS was honored with 3 awards from U.S. based Ookla in 2022, including being named North America's fastest mobile network according to results from their speed test. Moreover, Canada-based Tutela recognized our wireless network with four national awards for Excellent Consistent Quality, Core Consistent Quality, 5G Excellent Consistent Quality and 5G Core Consistent Quality. Likewise, our wireline network also received praise, ranking as the fastest nationwide internet service provider in Canada amongst major carriers by PCMag for the third consecutive year. 

這一一致的行業最佳性能背後的一個關鍵因素是我們世界領先的網絡的優勢。就此而言，2022年，TELUS研科再次獲得獨立第三方機構的無數讚譽。值得注意的是，英國的全球分析公司 Opensignal 授予 TELUS 年度 4G 和 5G 網絡 5 項行業獎項，使 TELUS Canada 連續第 11 次成為 Opensignal 獲獎最多的網絡。同樣，TELUS 在 2022 年獲得了美國 Ookla 頒發的 3 個獎項，包括根據其速度測試結果被評為北美最快的移動網絡。此外，總部位於加拿大的 Tutela 以優秀一致質量、核心一致質量、5G 優秀一致質量和 5G 核心一致質量四項國家獎項認可了我們的無線網絡。同樣，我們的有線網絡也獲得好評，連續第三年被 PCMag 評為加拿大主要運營商中速度最快的全國互聯網服務提供商。

These acknowledgments clearly illustrate TELUS' leadership in offering our customers the fastest, most expansive and most reliable service in Canada across both our wireless and PureFiber networks. Moreover, this recognition of TELUS' national broadband network leadership underscores the tremendous value of our generational investments in world-leading network technologies, including our now concluded accelerated broadband expansion program undertaken over the past couple of years. Importantly, these investments will continue to drive extensive socioeconomic benefits to Canadians in communities from coast to coast for decades to come. 

這些認可清楚地表明 TELUS 在通過我們的無線和 PureFiber 網絡為我們的客戶在加拿大提供最快、最廣泛和最可靠的服務方面處於領先地位。此外，對 TELUS 國家寬帶網絡領導地位的認可突顯了我們這一代人對世界領先網絡技術的投資的巨大價值，包括我們在過去幾年中開展的現已完成的加速寬帶擴展計劃。重要的是，這些投資將在未來幾十年繼續為加拿大各地的社區帶來廣泛的社會經濟效益。

To close on mobile, industry-leading fourth quarter ARPU growth of 2.2% over last year was supported by roaming improvements as a result of increased international travel. It was also supported by strong performance on our premium brand, also supported by strength within our MRC and supported, of course, by our low churn rate, keeping our premium customers. Notably, mobile phone, lifetime churn and the revenue that we generate continues to be up in terms of lifetime revenue by 48% higher than our national peers, reflective of the critical combination of our consistent focus on high-quality economic customer growth and leading client loyalty and what a combination that is and what a huge differentiator that is versus our peers.

移動方面，第四季度行業領先的 ARPU 比去年增長 2.2%，這得益於國際旅行增加帶來的漫遊改善。這也得到了我們優質品牌的強勁表現的支持，也得到了我們 MRC 內部實力的支持，當然還有我們低流失率的支持，從而保留了我們的優質客戶。值得注意的是，我們產生的手機、終生流失率和收入在終生收入方面持續增長，比全國同行高出 48%，反映了我們始終專注於高質量經濟客戶增長和領先客戶的關鍵結合忠誠度，這是一種組合，與我們的同行相比，這是一個巨大的差異化因素。

Now let's take a look at our [FIC] operating results, where TELUS delivered another quarter of industry best wireline customer growth. Our team achieved strong fourth quarter Internet net additions of 42,000, up 5% on a year-over-year basis. We continue to drive strong growth in our TV product line with industry-leading net additions of 17,000, relatively flat over the prior year despite modestly higher churn. Furthermore, residential voice was again a very positive story this quarter, with industry low line losses of only 4,000, which was down 60% on a year-over-year basis and represents our best fourth quarter result since 2002. Notably, this reflects our momentum with respect to our product intensity or product bundling, if you will, and the inherent churn benefits associated with this strategy that are proving to be so successful for TELUS. Strong and leading security net additions of 28,000 further reflects our successful strategy of driving profitable customer growth and multiproduct penetration. 

現在讓我們來看看我們的 [FIC] 經營業績，TELUS 又實現了四分之一的行業最佳有線客戶增長。我們的團隊在第四季度實現了 42,000 的強勁互聯網淨增，同比增長 5%。我們繼續推動電視產品線的強勁增長，淨增 17,000 台處於行業領先地位，儘管客戶流失率略有上升，但與上一年相比持平。此外，本季度住宅語音再次表現非常積極，行業低線損僅為 4,000，同比下降 60%，是我們自 2002 年以來最好的第四季度業績。值得注意的是，這反映了我們關於我們的產品強度或產品捆綁的勢頭，如果你願意的話，以及與該戰略相關的固有流失優勢，這些優勢被證明對 TELUS 來說非常成功。 28,000 個強大而領先的安全網絡增加進一步反映了我們推動盈利客戶增長和多產品滲透的成功戰略。

Overall, our robust industry-leading external fixed net additions of 83,000 represented our best quarterly wireline customer growth on record. These performance attributes reflect the strength of our unique and highly attractive bundled offers across our unmatched portfolio of products and services, products and services that are 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 the strength of the TELUS brand and culture. 

總體而言，我們強勁的行業領先的外部固網淨增 83,000 是我們有記錄以來最好的季度有線客戶增長。這些性能屬性反映了我們無與倫比的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 TELUS 品牌和文化力量的差異化社會資本主義屬性。

Now let's take a look at our TELUS Health business. In 2022, Health Services revenue increased by 75%, nearing the $1 billion revenue milestone, including 4 months of contribution from the acquisition of LifeWorks at the beginning of September. As we progress into 2023, we continue to focus intensely on integrating and scaling our global health operations to build the healthiest communities and workplaces on the planet. Notably, we recently united LifeWorks with TELUS Health together under the TELUS Health name and one brand going forward with the aim of integrating the best of the global branded culture from across both LifeWorks and TELUS. The expanding scale of our health care programs within our integrated TELUS Health organization includes covering 68 million lives, an increase of more than 47 million over last year. In addition, digital health transactions were up over 5% in 2022 to more than 580 million. Furthermore, we welcomed 1.7 million new virtual care members in the last 12 months alone, increasing our membership to 4.5 million, up 61% over the prior year. 

現在讓我們來看看我們的 TELUS Health 業務。 2022 年，健康服務收入增長了 75%，接近 10 億美元的收入里程碑，其中包括 9 月初收購 LifeWorks 的 4 個月貢獻。隨著我們進入 2023 年，我們將繼續集中精力整合和擴大我們的全球衛生業務，以建設地球上最健康的社區和工作場所。值得注意的是，我們最近將 LifeWorks 與 TELUS Health 合併為 TELUS Health 名稱和一個品牌，旨在整合來自 LifeWorks 和 TELUS 的最佳全球品牌文化。在我們綜合的 TELUS Health 組織中，我們的醫療保健計劃規模不斷擴大，包括覆蓋 6800 萬人的生命，比去年增加了 4700 萬人。此外，數字醫療交易在 2022 年增長了 5% 以上，達到 5.8 億多筆。此外，僅在過去 12 個月裡，我們就迎來了 170 萬新的虛擬護理會員，使我們的會員人數增加到 450 萬，比上一年增長了 61%。

For 2023, we anticipate strong growth at TELUS Health, including solid organic growth as we continue to integrate and expand its business into an asset of scale and significant global consequence. This will be supported by our intense focus on crystallizing meaningful synergies of $200 million or more that we expect to drive over the next 3 to 5 years, inclusive of revenue synergies from cross-selling and $60 million in near-term cost synergies. And of course, TELUS International has a critical role to play to help us achieve these results and beat the targets that we've set for ourselves. 

到 2023 年，我們預計 TELUS Health 將實現強勁增長，包括穩健的有機增長，因為我們將繼續整合和擴展其業務，使其成為具有規模和全球影響力的資產。這將得到我們高度關注的支持，即我們希望在未來 3 到 5 年內實現 2 億美元或更多有意義的協同效應，包括交叉銷售帶來的收入協同效應和 6000 萬美元的近期成本協同效應。當然，TELUS International 可以發揮關鍵作用，幫助我們取得這些成果並實現我們為自己設定的目標。

Before we close on health, I'm pleased to share the appointment of Sid Kosaraju as our President, TELUS Health. With more than 20 years of global experience leading organizations with a focus on innovative health care technology and services, Sid is exceedingly well positioned to lead the ongoing transformation and scaled growth of TELUS Health. Indeed, leveraging its tremendous expertise, Sid will drive product innovation, distribution strength and an engaged culture that puts customers first across our health care business. Myself and the executive leadership team look forward to supporting Sid and our TELUS Health team as we accelerate our transformational strategy of leveraging data analytics and dynamic insights to revolutionize access to advanced health care services, including preventative health and wellness optimization solutions, driving remarkable health experiences for the benefit of the clients and individuals that we serve in Canada and worldwide. The economic growth that stems from that will put us on the IPO trajectory that we all find so exciting. 

在我們結束健康之前，我很高興與大家分享 Sid Kosaraju 被任命為我們 TELUS Health 總裁的消息。 Sid 擁有超過 20 年的全球經驗，領導著專注於創新醫療保健技術和服務的組織，在領導 TELUS Health 的持續轉型和規模增長方面處於非常有利的地位。事實上，憑藉其豐富的專業知識，Sid 將推動產品創新、分銷實力和參與文化，在我們的醫療保健業務中將客戶放在首位。我本人和行政領導團隊期待支持 Sid 和我們的 TELUS Health 團隊，因為我們正在加速利用數據分析和動態洞察力徹底改變對高級醫療保健服務的訪問的轉型戰略，包括預防性健康和健康優化解決方案，推動卓越的健康體驗為了我們在加拿大和世界各地服務的客戶和個人的利益。由此帶來的經濟增長將使我們走上我們都覺得非常令人興奮的 IPO 軌道。

Turning to TELUS Agriculture and Consumer Goods. Annual revenues of $354 million were up 24% in 2022 over the prior year. Through a combination of organic growth and the impact of business acquisitions in 2021, as our team continues to integrate and grow this compelling global business. 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, trade promotion optimization and doing it all through advanced data analytics and dynamic insights that help our customers from agribusiness to food retailing. In 2023, we look forward to strong progress and double-digit revenue growth in this business. 

轉向 TELUS 農業和消費品。 2022 年的年收入為 3.54 億美元，比上年增長 24%。通過有機增長和 2021 年業務收購影響的結合，我們的團隊將繼續整合和發展這一引人注目的全球業務。作為全球領先的農業和消費品技術解決方案提供商，我們正在創造巨大的價值，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、貿易促進優化，並通過先進的技術來實現這一切數據分析和動態洞察，幫助我們的客戶從農業綜合企業到食品零售。 2023 年，我們期待這項業務取得強勁進展和兩位數的收入增長。

Now let's take a look at TELUS International. Despite a challenging macroeconomic environment, this morning, TELUS International announced strong 2022 results, including double-digit revenue growth, leading profitability and robust cash flow for the full year. Indeed, TI's strong results and strong outlook also reflect the important relationship with TELUS as an anchor customer, enabling TELUS with superior customer service excellence and powering our digitization strategy, a unique relationship that significantly benefits both organizations and one that is expected to continue growing, and we will realize the success of that neutralism. 

現在讓我們來看看TELUS International。儘管宏觀經濟環境充滿挑戰，但今天上午，TELUS International 宣布了強勁的 2022 年業績，包括全年兩位數的收入增長、領先的盈利能力和強勁的現金流。事實上，TI 強勁的業績和強勁的前景也反映了與作為主要客戶的 TELUS 的重要關係，使 TELUS 能夠提供卓越的客戶服務並為我們的數字化戰略提供動力，這是一種獨特的關係，對雙方組織和預計將繼續增長的組織都大有裨益，我們將實現中立主義的成功。

TI's continued focus on profitable growth, powered by an attractive end-to-end set of digital capabilities, position it as a trusted adviser for premier digital customer experiences and IT services for its over 650 global clients. Earlier in January, TI consummated the acquisition of full service digital provider, WillowTree, significantly bolstering TI's front-end development and design competencies and importantly, unlocking unprecedented and deeply attractive cross-selling opportunities for both organizations. The transaction resulted in the addition of new marquee customers that further diversify TI's enviable list of client partners. Importantly, TELUS International and WillowTree also support the acceleration of TELUS' ongoing digital transformation and key product development across the totality of our business, but in particular, in health and agriculture and consumer goods.

TI 持續專注於盈利增長，在極具吸引力的端到端數字功能集的支持下，將其定位為為其 650 多家全球客戶提供一流數字客戶體驗和 IT 服務的值得信賴的顧問。 1 月初，TI 完成了對全方位服務數字供應商 WillowTree 的收購，顯著增強了 TI 的前端開發和設計能力，重要的是，為兩家組織開啟了前所未有且極具吸引力的交叉銷售機會。該交易導致增加了新的重要客戶，進一步豐富了 TI 令人羨慕的客戶合作夥伴名單。重要的是，TELUS International 和 WillowTree 還支持加速 TELUS 正在進行的數字化轉型和我們整個業務的關鍵產品開發，尤其是在健康、農業和消費品領域。

Doug is going to have an opportunity to provide further commentary on both TTech and TELUS International's fourth quarter results in just a moment. In closing, the TELUS team's ability to consistently drive profitable growth over the longer term on the back of a differentiated asset base, best-in-class customer experiences, world-leading networks and our unique growth businesses provide us with our confidence in the robust outlook for our business and our ability to deliver on the ambitious annual targets that we announced today. 

Doug 稍後將有機會就 TTech 和 TELUS International 的第四季度業績提供進一步評論。最後，TELUS 團隊在差異化資產基礎、一流的客戶體驗、世界領先的網絡和我們獨特的增長業務的支持下，能夠在長期內持續推動盈利增長，這讓我們對穩健的業務充滿信心我們的業務前景以及我們實現今天宣布的雄心勃勃的年度目標的能力。

For the year, we are targeting industry-leading operating revenue and adjusted EBITDA increases of up to 14% and 11%, respectively. As previously announced, we expect a very meaningful drop in core capital expenditures to approximately $2.6 billion following the successful completion of our accelerated broadband investment program. This will represent a CapEx intensity ratio of circa 13%, which represents a historic low for TELUS and is amongst the lowest globally within our peer group. As a result, we expect free cash flow of approximately $2 billion, up close to 60%, supported by strong EBITDA growth and the material capital expenditure stepped down. Our targets will be supported by the healthy guidance for 2023 announced this morning by TELUS International, once again, targeting double-digit revenue and EBITDA growth alongside leading margins as they continue to drive solid and profitable operating momentum. 

今年，我們的目標是實現行業領先的營業收入和調整後的 EBITDA 增幅分別高達 14% 和 11%。正如之前宣布的那樣，我們預計在成功完成加速寬帶投資計劃後，核心資本支出將大幅下降至約 26 億美元。這將代表大約 13% 的資本支出強度比率，這是 TELUS 的歷史低點，並且是我們同行組中全球最低的。因此，在強勁的 EBITDA 增長和物質資本支出下降的支持下，我們預計自由現金流約為 20 億美元，接近 60%。我們的目標將得到今天上午 TELUS International 宣布的 2023 年健康指導的支持，再次以兩位數的收入和 EBITDA 增長為目標，同時保持領先的利潤率，因為它們將繼續推動穩健和盈利的運營勢頭。

TI's financial objectives will be backed by their end-to-end design capabilities as they build and deliver these capabilities, tapping in to the accelerated need for premium digital customer experiences, digital transformation, content moderation and AI data solutions across its strategic industry verticals on a global basis. Importantly, the unparalleled skill innovation, grit and execution excellence of our team and progressing our consistent and winning strategy underpins our leading multiyear dividend growth program, now unbelievably in its 13th year and extended that particular ambition for annual growth of 7% to 10% through to the end of the 2025 financial year. 

TI 的財務目標將得到其端到端設計能力的支持，因為他們構建和交付這些能力，利用其戰略垂直行業對優質數字客戶體驗、數字轉型、內容審核和 AI 數據解決方案的加速需求全球基礎。重要的是，我們團隊無與倫比的技能創新、勇氣和卓越執行力以及推進我們始終如一的製勝戰略鞏固了我們領先的多年股息增長計劃，令人難以置信的是，該計劃現已進入第 13 個年頭，並將每年增長 7% 至 10% 的特定目標擴大到到 2025 財政年度結束。

Finally, I'd like to take this opportunity to recognize our team for the way they continue to exemplify our social purpose in action. In 2022 alone, our team members and retirees donated $125 million and volunteered close to 1.5 billion hours in support of charitable and community organizations. This is more than any other company in Canada. Indeed, since 2000, we've demonstrated our global leadership in social capitalism by getting $1.5 billion, including 2 million days of global volunteerism. Myself and the leadership team continue to be inspired by the unparalleled compassion of our TELUS family and their dedication to making the future friendly for all of our stakeholders. They are indeed the best exemplification of our brand values in action. 

最後，我想藉此機會表彰我們的團隊，因為他們繼續以行動體現我們的社會目標。僅在 2022 年，我們的團隊成員和退休人員就捐贈了 1.25 億美元，志願服務時間接近 15 億小時，以支持慈善和社區組織。這比加拿大的任何其他公司都多。事實上，自 2000 年以來，我們已經通過獲得 15 億美元（包括 200 萬天的全球志願服務）證明了我們在社會資本主義方面的全球領導地位。我和領導團隊繼續受到我們 TELUS 大家庭無與倫比的同情心以及他們致力於為我們所有利益相關者創造友好未來的奉獻精神的鼓舞。它們確實是我們品牌價值在行動中的最佳體現。

Before I came to TELUS, I spent 10 years in global telecoms, hunting for value in most places on the planet. So it is with some degree of familiarity that I'd say -- the growth profile that we have is truly unmatched on a global basis. I don't know of a global peer that can match the strength and critically, the sustainability of our revenue growth, our EBITDA growth, our cash flow growth and our dividend growth. And that's not just the story for 2023. It's the story for 2024, 2025 and beyond. And that truly makes us unique. 

在我來到 TELUS 之前，我在全球電信行業工作了 10 年，在地球上的大多數地方尋找價值。因此，我要說的是某種程度的熟悉——我們擁有的增長情況在全球範圍內確實是無與倫比的。我不知道有哪個全球同行可以與我們的收入增長、我們的 EBITDA 增長、我們的現金流增長和我們的股息增長的實力和關鍵的可持續性相媲美。這不僅僅是 2023 年的故事。這是 2024 年、2025 年及以後的故事。這確實使我們與眾不同。

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

在那張紙條上，我會把電話轉給道格。

Thank you, Darren, and hello, everyone. Our fourth quarter results extend our track record of delivering leading operational and financial results, supported by our high growth and diversified asset mix. In the quarter, we continued to see strong growth across all areas of our business. In mobility, we delivered network revenue growth of 6.5%, driven by strong customer growth and higher ARPU. Furthermore, as compared to the pre-pandemic Q4 2019 period, mobile network revenue is 11% higher, showcasing our strong consistent growth and customer service excellence. 

謝謝你，達倫，大家好。在我們的高增長和多元化資產組合的支持下，我們的第四季度業績延續了我們提供領先運營和財務業績的記錄。在本季度，我們繼續看到我們所有業務領域的強勁增長。在移動領域，我們實現了 6.5% 的網絡收入增長，這得益於強勁的客戶增長和更高的 ARPU。此外，與大流行前的 2019 年第四季度相比，移動網絡收入增長了 11%，展示了我們強勁的持續增長和卓越的客戶服務。

We continue to see a steady improvement in roaming revenue, with a Q4 amount of approximately 122% as compared to pre-pandemic levels. We remain focused on driving sustainable ARPU growth by maintaining our consistent focus on high-quality customer growth, executing on our 5G monetization strategy, excellent base management, diligent cash management on handsets and leveraging our leading churn profile within a competitive and dynamic market environment.

我們繼續看到漫遊收入穩步提高，與大流行前的水平相比，第四季度的金額約為 122%。我們始終專注於推動可持續的 ARPU 增長，方法是保持我們對高質量客戶增長的一貫關注，執行我們的 5G 貨幣化戰略，出色的基礎管理，勤奮的手機現金管理，並在競爭激烈和充滿活力的市場環境中利用我們領先的客戶流失率。

Fixed data services revenue grew 5.9% year-over-year or nearly 6.8% when considering the divestiture of the Financial Services business in December 2021. Within fixed data, residential Internet revenue grew 8.4% year-over-year as we continue to drive market share alongside higher ARPU. Customers are continuing to move to our high-speed tiers, recognizing the superior customer excellence on our PureFiber network, while the compelling value of symmetrical speeds and reliability leads in this product set. 

考慮到 2021 年 12 月剝離的金融服務業務，固定數據服務收入同比增長 5.9% 或近 6.8%。在固定數據中，隨著我們繼續推動市場，住宅互聯網收入同比增長 8.4%與更高的 ARPU 一起分享。客戶繼續轉向我們的高速層級，認識到我們 PureFiber 網絡的卓越客戶卓越性，而對稱速度和可靠性的引人注目的價值在該產品集中處於領先地位。

Health Services revenue of $411 million increased by $270 million over the prior period, reflecting the contribution from LifeWorks as well as continued organic growth. As we progress into 2023, we remain very focused on the LifeWorks integration and executing on the significant synergies and health outcomes our combined organizations can unlock together. Early in January, we announced the successful acquisition of WillowTree, as highlighted by Darren. 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 while adding capacity for value creation and diversification of our overall business. 

健康服務收入為 4.11 億美元，比上一期間增加了 2.7 億美元，反映了 LifeWorks 的貢獻以及持續的有機增長。隨著我們進入 2023 年，我們仍然非常關注 LifeWorks 的整合，並執行我們合併後的組織可以共同釋放的重要協同效應和健康成果。 1 月初，我們宣布成功收購 WillowTree，達倫強調了這一點。總之，這些交易代表了我們正在採取的重要步驟，以擴大我們的高增長、技術導向的業務，進一步使我們從全球同行中脫穎而出，同時增加我們整體業務的價值創造和多元化能力。

At the segment level, TTech operating revenues were up 13% year-over-year. As a reminder, in the fourth quarter of 2021, we recognized a $410 million gain from the sale of our Financial Services business to flow through other income. TTech adjusted EBITDA grew 10% for the quarter and capital expenditures declined by 28%, reflecting the conclusion of our accelerated capital program. DLCX operating revenues from external customers were higher by 9% year-over-year, primarily for growth in our tech and game clients arising from additional services provided to existing customers and the addition of new customers. DLCX adjusted EBITDA was up 23%, while margins improved 200 basis points to approximately 25%. Consolidated operating revenues increased by 13% year-over-year and adjusted EBITDA growth by over 11%. Furthermore, our annual EBITDA growth in each of 2020, 2021 and 2022, our cumulative EBITDA growth was over $1.3 billion since the pandemic started, while most of our industry peers are still humanly negative. We did not go negative in any year. 

在細分市場層面，TTech 營業收入同比增長 13%。提醒一下，在 2021 年第四季度，我們確認出售金融服務業務產生的 4.1 億美元收益流向其他收入。本季度 TTech 調整後的 EBITDA 增長了 10%，資本支出下降了 28%，反映了我們加速資本計劃的結束。 DLCX 來自外部客戶的營業收入同比增長 9%，這主要是因為我們的技術和遊戲客戶的增長是由於向現有客戶提供的額外服務和新客戶的增加。 DLCX 調整後的 EBITDA 增長了 23%，而利潤率提高了 200 個基點，達到約 25%。綜合營業收入同比增長 13%，調整後的 EBITDA 增長超過 11%。此外，我們在 2020 年、2021 年和 2022 年每年的 EBITDA 增長，自大流行開始以來我們的累計 EBITDA 增長超過 13 億美元，而我們的大多數行業同行仍然是人為負面。我們在任何一年都沒有負數。

Consolidated income was down 60% year-over-year, while EPS was down 64% due to the disposition of the financial services business I highlighted earlier. Excluding the impacts of our virtual power purchase agreements, financing costs in Q4 were primarily higher due to higher indebtedness over the past 12 months, along with higher interest rate environment. On an adjusted basis, net income was slightly higher, while EPS remained unchanged to $0.23. Free cash flow of $323 million in Q4 increased by $280 million, driven by a decline in capital expenditures and higher EBITDA, partially offset by higher mobile contracted volumes during a highly competitive Black Friday period and higher cash interest in the period. Looking ahead, we have set leading annual financial targets while advancing our leading growth profile and building on the momentum of strong and consistent operating momentum. 

由於我之前強調的金融服務業務的處置，綜合收入同比下降 60%，而每股收益下降 64%。排除我們的虛擬購電協議的影響，第四季度的融資成本較高主要是由於過去 12 個月的高負債以及較高的利率環境。在調整後的基礎上，淨收入略有增加，而每股收益保持不變，為 0.23 美元。在資本支出下降和 EBITDA 增加的推動下，第四季度的自由現金流為 3.23 億美元，增加了 2.8 億美元，部分被競爭激烈的黑色星期五期間較高的移動合同量和較高的現金利息所抵消。展望未來，我們設定了領先的年度財務目標，同時推進我們領先的增長模式，並在強勁和持續的經營勢頭的基礎上再接再厲。

In 2023, our operating revenue growth of 11% to 14% and adjusted EBITDA growth of 9.5% to 11%. Our financial outlook reflects continued healthy growth within our telecom business, including profitable customer growth and continued demand for our superior bundled products over our broadband networks. In 2023, we anticipate growing contributions from our unique in businesses, including TELUS International, which is highlighted by Darren released their targets today, as well as TELUS Health and Agriculture and Consumer Goods. Not included in our formal CapEx target of our core capital is $75 million earmarked for real estate development as we progress through our proper decommissioning program and work to delivering on our strategy of delivering certain surplus real estate assets within the footprint, which we will monetize in the future. Our portfolio in real estate holdings will continue to increase over time with commercial, residential and industrial sites. 

2023 年，我們的營業收入增長 11% 至 14%，調整後的 EBITDA 增長 9.5% 至 11%。我們的財務前景反映了我們電信業務的持續健康增長，包括有利可圖的客戶增長和對我們寬帶網絡優質捆綁產品的持續需求。到 2023 年，我們預計我們獨特的業務會做出越來越大的貢獻，包括達倫今天發布的目標所強調的 TELUS International，以及 TELUS Health 和 Agriculture and Consumer Goods。我們的核心資本正式資本支出目標中不包括 7500 萬美元，專用於房地產開發，因為我們通過適當的退役計劃取得進展，並致力於實現我們在足跡內交付某些剩餘房地產資產的戰略，我們將在未來。隨著時間的推移，我們的房地產投資組合將繼續增加商業、住宅和工業用地。

Lastly, free cash flow for 2023 is forecasted to increase by over $700 million or 60% over 2022 to approximately $2 billion. The increase is industry-leading and materially higher than our peers, driven by EBITDA and lower CapEx. This is partially offset by a couple of nonoperating items such as higher cash flow -- or said cash interest as highlighted, an increase in cash restructuring to drive margin accretion, higher handset investments from the continued loading of our high-value customers and higher taxes with our higher operating income. (inaudible) details are detailed in our 9.3 of our MD&A. 

最後，預計 2023 年的自由現金流將比 2022 年增加 7 億多美元或 60%，達到約 20 億美元。在 EBITDA 和較低的資本支出的推動下，這一增長處於行業領先地位，並且大大高於我們的同行。這部分被幾個非經營性項目所抵消，例如更高的現金流量——或強調的現金利息、現金重組的增加以推動利潤增長、我們的高價值客戶的持續加載帶來的更高手機投資和更高的稅收隨著我們更高的營業收入。 （聽不清）詳細信息在我們的 MD&A 的 9.3 中有詳細說明。

We are confident in our ability to continue generating strong free cash flow for years to come, benefiting from an industry-leading growth profile and consistently showcasing our superior asset mix and operational execution. Our continued strong operation and financial performance supports our robust balance sheet and liquidity position. We have a strong debt maturity schedule with average debt to maturity over 12 years and only $500 million of debt maturing in 2023. The average cost of long-term debt remains at a low 4%, while 86% of the debt is fixed. Additionally, our balance sheet strength will further be enhanced by the strong cash flow as highlighted. 

我們有信心在未來幾年繼續產生強勁的自由現金流，受益於行業領先的增長狀況，並始終如一地展示我們卓越的資產組合和運營執行力。我們持續強勁的運營和財務業績支持我們穩健的資產負債表和流動性狀況。我們有一個強大的債務到期時間表，平均債務到期時間超過 12 年，2023 年到期的債務只有 5 億美元。長期債務的平均成本保持在 4% 的較低水平，而 86% 的債務是固定的。此外，正如所強調的那樣，強勁的現金流將進一步增強我們的資產負債表實力。

The strong position further supports our dividend growth will now be in place until 2025, along with the delivering of our balance sheet and supporting strategic investments. Robert, over to you.

強勢地位進一步支持我們的股息增長將持續到 2025 年，同時交付我們的資產負債表和支持戰略投資。羅伯特，交給你了。

Thank you, Doug, Karl, please proceed with questions.

謝謝 Doug 和 Karl，請繼續提問。

(Operator Instructions) So the first question is from Maher Yaghi from Scotiabank.

（操作員說明）第一個問題來自豐業銀行的 Maher Yaghi。

Maybe I'll start with a question on health. By my calculation, I'm getting around 5% organic growth on the business on the revenue side and 2% on LifeWorks. You discussed in your MD&A that demand for health and well-being services has never been higher than it is right now. So I'm trying to figure out, is it a pricing issue that you guys are having that is pressuring the top line from growing faster? And when you talk about your expectation for 2023 with the integration with LifeWorks. Can you talk a little bit on what you expect this business to look like in 2023?

也許我會先問一個關於健康的問題。根據我的計算，我在收入方面的業務實現了大約 5% 的有機增長，在 LifeWorks 方面實現了 2% 的有機增長。您在 MD&A 中討論過，對健康和福祉服務的需求從未像現在這樣高。所以我想弄清楚，你們遇到的定價問題是否正在迫使收入增長更快？當您談到您對 2023 年與 LifeWorks 集成的期望時。您能談談您對這項業務在 2023 年的預期嗎？

Okay. Doug will kick it off, and then Michael will do the follow-up.

好的。 Doug 將開始，然後 Michael 將進行後續工作。

As you can see in our KPIs, yes, there is significant demand for our products. As you can see, our KPIs continue to grow. There was a rerate in one of our more material customers as we renewed for a long period of time. That is generating significant long-term value. And I think the opportunity in front of us, as Michael will highlight, will be the integration and cross-selling that is in its infancy with LifeWorks at the moment. So Michael, maybe I can have you talk of.

正如您在我們的 KPI 中看到的那樣，是的，對我們的產品有很大的需求。如您所見，我們的 KPI 繼續增長。由於我們續訂了很長一段時間，我們的一位更重要的客戶進行了重新評級。這正在產生顯著的長期價值。我認為擺在我們面前的機會，正如邁克爾將強調的那樣，將是目前與 LifeWorks 處於起步階段的整合和交叉銷售。所以邁克爾，也許我可以讓你談談。

Thank you, Doug, and thank you for the question. That's right. Well, Q4 did see a slight slowdown in respect of one segment in the health business as a result of a customer reprice on a renewal. Q4 also saw our team laser focused on 2 priorities: the first being servicing our global customer base and the second being increasing the pace of our post-acquisition integration activities with respect to LifeWorks. In addition to our post-acquisition integration efforts, the TELUS Health team has been hard at work partnering across TELUS to seize opportunities for collaboration, as highlighted by our substantial partnership with TELUS International, which is focused on customer experience and digital transformation, including bringing AI to TELUS Health's market-leading digital health solutions. 

謝謝你，道格，謝謝你提出這個問題。這是正確的。好吧，由於客戶在續訂時重新定價，第四季度確實看到健康業務的一個細分市場略有放緩。第 4 季度我們的團隊還專注於兩個優先事項：第一個是為我們的全球客戶群提供服務，第二個是加快我們與 LifeWorks 相關的收購後整合活動的步伐。除了我們在收購後的整合工作之外，TELUS Health 團隊一直在努力與 TELUS 合作以抓住合作機會，正如我們與 TELUS International 的實質性合作夥伴關係所強調的那樣，TELUS International 專注於客戶體驗和數字化轉型，包括帶來AI 到 TELUS Health 市場領先的數字健康解決方案。

In Q4, we deepened our partnership with TI by partnering on over $100 million in business, which affords us the opportunity to deliver increased customer value through increased customer service levels across our business units. And we are ahead of our integration plans, which sets us up very well for '23 and beyond. As Darren shared earlier, 2023 sees us going to market under one brand, TELUS Health, underpinned by our strategic intent to be the most trusted well-being company in the world. Expect strong contributions from TELUS Health in 2023 and beyond. Combining the skills and capabilities of TELUS Health and LifeWorks creates a globally leading end-to-end digital-first employee wellness platform that now covers better than 68 million lives. 

在第 4 季度，我們通過在超過 1 億美元的業務上進行合作，加深了與 TI 的合作夥伴關係，這使我們有機會通過提高我們業務部門的客戶服務水平來提供更高的客戶價值。而且我們領先於我們的整合計劃，這使我們為 23 世紀及以後做好了很好的準備。正如 Darren 早些時候分享的那樣，到 2023 年，我們將以一個品牌 TELUS Health 進入市場，我們的戰略意圖是成為世界上最值得信賴的健康公司。期待 TELUS Health 在 2023 年及以後做出巨大貢獻。結合 TELUS Health 和 LifeWorks 的技能和能力，創建了一個全球領先的端到端數字優先員工健康平台，現在覆蓋超過 6800 萬人的生活。

Our teams continue to drive strong growth fueled by the LifeWorks acquisition, as evidenced by cross-selling and upselling velocities across our global customer base today. We're focused on the pursuit of our unparalleled opportunity in TELUS Health to become a global leader in EFAP alongside with data-driven, preventative health care and wellness and mental health. Finally, I'll say we work tirelessly to extend our social purpose every day. Our recent collaboration with TELUS Agriculture and Consumer Goods is a good example of this as we partnered to bring mental health services to Canadian farmers in a partnership with the Canadian Center for agriculture and well-being.

我們的團隊在收購 LifeWorks 的推動下繼續推動強勁增長，今天我們全球客戶群的交叉銷售和追加銷售速度證明了這一點。我們專注於追求我們在 TELUS Health 中無與倫比的機會，成為 EFAP 以及數據驅動的預防性醫療保健和健康與心理健康領域的全球領導者。最後，我要說的是，我們每天都在孜孜不倦地工作，以擴大我們的社會目標。我們最近與 TELUS 農業和消費品的合作就是一個很好的例子，因為我們與加拿大農業和福利中心合作，為加拿大農民提供心理健康服務。

The next question is from Jerome Dubreuil from Desjardins.

下一個問題來自 Desjardins 的 Jerome Dubreuil。

Mine is on the strategy update you gave us a year ago. I wonder if you can update us on this. Basically, the points you were making is that you were looking to maintain tech leadership, resurrecting B2B and reducing cost as well as scaling the tech ventures. I wonder if there's any tilt or shift in these strategic priorities or well sale on the same road map basically?

我的是你一年前給我們的戰略更新。我想知道你是否可以更新我們這方面的情況。基本上，您提出的要點是您希望保持技術領先地位、重振 B2B 並降低成本以及擴大技術風險投資。我想知道這些戰略重點是否有任何傾斜或轉變，或者基本上在同一路線圖上銷售？

We're on the same road map, Jerome explicitly in that regard. Navin may be given the improving EBITDA trajectory of our B2B operations, given that was referenced in the question, why don't you provide a succinct response to that component?

我們在同一個路線圖上，杰羅姆在這方面明確表示。考慮到問題中提到的，Navin 可能會得到我們 B2B 業務的 EBITDA 軌蹟的改進，為什麼不對該組件提供簡潔的響應？

Yes. Thank you, Darren. So as you said, Darren, B2B has had a very strong 2022, and we expect that trend to not only continue but accelerate in 2023. And what I think is notable, especially as we look across other global B2B communication service providers, is that TELUS' B2B team delivered strong growth, not only on an EBITDA basis, but also revenue, margin and cash. And another key highlight is that this profitable growth came from across all B2B segments, right from small business through to enterprise and public sector. 

是的。謝謝你，達倫。正如你所說，Darren，B2B 在 2022 年表現強勁，我們預計這種趨勢不僅會持續下去，而且會在 2023 年加速。我認為值得注意的是，尤其是當我們審視其他全球 B2B 通信服務提供商時， TELUS 的 B2B 團隊不僅在 EBITDA 基礎上，而且在收入、利潤和現金方面實現了強勁增長。另一個關鍵亮點是，這種盈利增長來自所有 B2B 細分市場，從小型企業到企業和公共部門。

So looking ahead, we feel quite bullish on where the business is going, and we expect strong and consistent growth over the next several years. And underpinning that growth are a few important contributors. So first, digitization and automation is really helping to concurrently improve our cost structure, remove non-value-add work, all while improving the customer experience. TELUS International will play a very important role in enabling this digitization capability, and we look to the recent WillowTree acquisition to help further both their capabilities and our digitization efforts in B2B. Next, leveraging our significant investments and coverage in both PureFiber and 5G, which both reduced costs and improved service quality. We feel we've got a lot of opportunity to continue to drive further penetration and growth in these core connectivity areas. 

因此，展望未來，我們對業務的發展方向感到非常樂觀，我們預計未來幾年將實現強勁而持續的增長。支持這種增長的是一些重要的貢獻者。因此，首先，數字化和自動化確實有助於同時改善我們的成本結構，消除非增值工作，同時改善客戶體驗。 TELUS International 將在實現這種數字化能力方面發揮非常重要的作用，我們期待最近對 WillowTree 的收購，以幫助進一步提高他們的能力和我們在 B2B 中的數字化努力。接下來，利用我們在 PureFiber 和 5G 方面的大量投資和覆蓋範圍，這既降低了成本又提高了服務質量。我們覺得我們有很多機會繼續推動這些核心連接領域的進一步滲透和增長。

Also tied to 5G, we're very keen to see new revenue growth through vertical and horizontal based industry solutions, as well as the data monetization opportunities. And as part of this industry solutions capabilities, we see some really strong adjacencies with both health and agriculture in terms of how we go to market, and those adjacencies also drive some very significant differentiation in the market. 

同樣與 5G 相關，我們非常希望通過基於垂直和水平的行業解決方案以及數據貨幣化機會看到新的收入增長。作為這個行業解決方案能力的一部分，我們看到在我們如何進入市場方面與健康和農業有一些非常強大的鄰接關係，這些鄰接關係也推動了市場上一些非常顯著的差異化。

And then lastly, really strong geographic segment and product diversity, which gives us several levers to drive growth with significant market share upside. So all this to say, we expect strong cash contribution as well as accelerating revenue, margin and EBITDA growth in 2023 and beyond. And we expect that trend to accelerate not only in '23, but for several years beyond that. So I will pass it back to you, Darren.

最後，真正強大的地域細分和產品多樣性，這為我們提供了多種槓桿來推動增長，並帶來顯著的市場份額上升空間。因此，綜上所述，我們預計 2023 年及以後將有強勁的現金貢獻以及收入、利潤率和 EBITDA 的加速增長。我們預計這種趨勢不僅會在 23 年加速，而且還會持續數年。所以我會把它傳回給你，達倫。

Thanks, Karl next question, please?

謝謝，卡爾，下一個問題好嗎？

The next question is from Aravinda Galappatthige.

下一個問題來自 Aravinda Galappatthige。

I wanted to focus a little bit on TELUS Health. Thanks for the color early on. But leave aside the synergies, and I recognize that's material with LifeWorks I wanted to get a sense of how we should think about the shape back towards perhaps stronger organic growth that TELUS Health and what the construct of that would be. And then connected to that, I know that 12 to 18 months from now, you are looking at prospects of an IPO, maybe a strategic partnership on the latter option, maybe a little bit of definition around what kind of partnership you're looking for, which areas, what criteria to the extent that you can disclose right now?

我想稍微關註一下 TELUS Health。謝謝你早點上色。但撇開協同作用不談，我認識到這對 LifeWorks 很重要，我想了解我們應該如何考慮形狀回到 TELUS Health 可能更強勁的有機增長，以及它的結構是什麼。然後與此相關，我知道從現在起 12 到 18 個月後，您正在考慮 IPO 的前景，也許是後一種選擇的戰略合作夥伴關係，也許是關於您正在尋找什麼樣的合作夥伴關係的一些定義，您現在可以披露哪些領域，哪些標準？

Okay. So Firstly, 12 to 18 months is not the IPO time cycle. But it could be the time cycle for bringing in a strategic partner. If you're wanting color on what that model looks like, I think the example that we set in 2016 with [Barings] coming into TELUS International as a precursor to what we would eventually do on the IPO front, is a very good model to draw inference from -- the one area of important differentiation that we would be looking for is a partner coming in not just from a cash and a valuation point of view, but what they could add to the business strategically and commercially. 

好的。所以首先，12 到 18 個月不是 IPO 時間週期。但這可能是引入戰略合作夥伴的時間週期。如果您想了解該模型的外觀，我認為我們在 2016 年設置的示例 [Barings] 進入 TELUS International 作為我們最終在 IPO 方面所做的先驅，是一個非常好的模型從中得出推論——我們要尋找的一個重要差異化領域是合作夥伴，不僅從現金和估值的角度來看，而且他們可以在戰略和商業上為業務增加什麼。

And in that regard, there's 2 key things that matter to us in terms of potentially seeking a partner. What can they do to assist us in the area of products and technology and what can they do to assist us in the area of distribution channels and global reach in terms of scaling our customer penetration and our global customer growth. Those are the attributes that we would be seeking if we chose to strike a partnership. It would be fair to say that we do like the 2-step model establishing a partnership first, creating a semblance of independence of the business whilst, of course, still integrated in terms of the operations with both TELUS and TELUS International. We think it's a good discipline in terms of getting the business to stand on its own 2 feet in a run-up to eventually earning the way to the IPO. 

在這方面，就潛在的合作夥伴而言，有兩件對我們很重要的關鍵事情。他們可以在產品和技術領域為我們提供哪些幫助，以及在擴大我們的客戶滲透率和全球客戶增長方面，他們可以在分銷渠道和全球影響力方面為我們提供哪些幫助。如果我們選擇建立夥伴關係，這些就是我們將尋求的屬性。可以公平地說，我們確實喜歡先建立合作夥伴關係的兩步模式，創造出業務獨立的表象，當然，在運營方面仍然與 TELUS 和 TELUS International 整合。我們認為這是一個很好的紀律，可以讓企業在籌備階段自立兩腳，最終贏得 IPO 之路。

And one of the things that we implemented with TELUS International that we would again emulate with TELUS Health is that we had at TI, a preflight IPO checklist of things that needed to be achieved by TELUS International if they were going to earn their way to the right of IPO-ing the business and service to the strategy. And so the other thing that we would be looking at, which gets to the first part of your question, is a business where we deliver very strong organic growth double-digit organic growth at the revenue level and at the EBITDA level. 

我們與 TELUS International 一起實施的其中一件事我們將再次與 TELUS Health 一起效仿，那就是我們在 TI 有一份上市前的 IPO 檢查清單，上面列出了 TELUS International 要想獲得成功，就需要完成的事情IPO 業務和服務戰略的權利。因此，我們要研究的另一件事，即您問題的第一部分，是我們在收入水平和 EBITDA 水平上實現非常強勁的有機增長兩位數有機增長的業務。

And that, of course, allows us to earn our way to the M&A opportunities because when you have a strong organic underpinning from a growth profile, you make better acquisition decisions because they are discretionary rather than necessities. Also, when you have stronger organic growth, you integrate those acquisitions significantly more effectively. And if you look at some of the choices that TELUS International has made in terms of its acquisition path and how well those choices were and how well those acquisitions were integrated, that, of course, is going to be indicative of the etiology with TELUS Health. 

當然，這使我們能夠贏得併購機會，因為當您從增長狀況中獲得強大的有機支撐時，您會做出更好的收購決策，因為它們是可自由支配的，而不是必需的。此外，當你有更強勁的有機增長時，你可以更有效地整合這些收購。如果你看看 TELUS International 在其收購路徑方面做出的一些選擇，以及這些選擇的效果如何以及這些收購的整合程度，那當然會表明 TELUS Health 的病因學。A

And then lastly, if we're going to do an IPO, it's going to be for a high valuation because clearly, an organization like TELUS were going forward, the sources of cash are going to significantly and chronically exceed the uses of cash. It's not for a need of money. It's to establish a great valuation and a transaction currency that increases or amplifies the addressable market of acquisition opportunities that we can pursue, given the multiple that we've established with our transaction currency, we are only going to realize that high level of multiple if we have great execution results for TELUS Health in 2023, 2024 and 2025. And those will be underpinned by excellence in organic growth, but also the harvesting of the synergies with LifeWorks. And those synergies are deeply significant. We've given you a lot of color on those on $200 million plus holistically and $60 million in the near term on the cost front, but the strength of what we can do on the cross-selling side of things, the strength of combining EAP with virtual care, the strength of what we can do on new product development and of course, underscored by the significant efficiency opportunity. I think that, that's going to buttress the growth profile that we want to have in terms of the TELUS Health IPO. 

最後，如果我們要進行首次公開募股，這將是一個高估值，因為很明顯，像 TELUS 這樣的組織正在向前發展，現金來源將大大和長期超過現金的使用。這不是因為需要錢。這是建立一個偉大的估值和交易貨幣，增加或擴大我們可以追求的收購機會的可尋址市場，考慮到我們已經用我們的交易貨幣建立的倍數，我們只會意識到高水平的倍數如果我們在 2023 年、2024 年和 2025 年為 TELUS Health 取得了很好的執行結果。這些將得到卓越的有機增長以及與 LifeWorks 的協同效應的支持。這些協同作用非常重要。我們已經為您提供了很多關於 2 億美元以上的整體成本以及近期 6000 萬美元的成本方面的顏色，但是我們在交叉銷售方面可以做的事情的優勢，結合 EAP 的優勢有了虛擬關懷，我們可以在新產品開發方面做些什麼，當然，重要的效率機會也強調了這一點。我認為，這將支持我們希望在 TELUS Health IPO 方面擁有的增長狀況。

Karl, next question, please.

卡爾，請問下一個問題。

The next question is from Drew McReynolds from RBC Capital Markets.

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

Yes. Maybe for you, Doug, with respect to free cash flow, obviously, a lot of growth year-over-year and nice to see CapEx come down. I don't know if everyone on this call investor knows, but your free cash flow definition is probably the most conservative among your peers, and I think all the analysts understand that. So when you think about the low EBITDA free cash flow items, my question is, when you think about the $2 billion in 2023, with respect to your earmarked CapEx, your cash taxes, the contract assets, all of kind of the moving parts, is that $2 billion in your view, kind of more of a normalized level? Or are these things still kind of swinging back and forth a little bit more volatile with a little bit more volatility than usual?

是的。也許對你來說，道格，關於自由現金流，顯然，同比增長很多，很高興看到資本支出下降。我不知道這個電話投資者是否知道，但你的自由現金流定義可能是同行中最保守的，我想所有的分析師都明白這一點。因此，當你考慮低 EBITDA 自由現金流項目時，我的問題是，當你考慮 2023 年的 20 億美元時，關於你的專用資本支出、你的現金稅、合同資產，所有這些活動部分，在您看來，這 20 億美元是否更接近正常水平？或者這些東西是否仍然比平時更不穩定地來回擺動？

Less back and more fourth over to you, Douglas.

道格拉斯，少靠背，多靠你。

Exactly. There's definitely a few one items in there. The restructuring cash that we anticipate for 2023, we would assume would be a decline over time. So again, that would be more accretive outside the 2023 time frame. I think with handsets, and thank you for pointing that out on the definition provide. 

確切地。裡面肯定有一些單品。我們預計 2023 年的重組現金會隨著時間的推移而減少。因此，在 2023 年時間框架之外，這將更具增值性。我認為是手機，感謝您在定義中指出這一點。

On the handsets, we've assumed that intensity levels we saw in Q4 throughout part of 2023. And including an investment in high-quality loading is exactly what we should be doing, and we were transparent in our assumptions around that. I think because COVID was a bit of a lull that once we get over 2023, we should see a normal run rate or more of a normal run rate on handset. So I think the climb back out of COVID, again, would be limiting a little bit this year, but 2024 and beyond, again, would be a year-over-year neutral basis.

在手機上，我們假設我們在 2023 年的部分時間裡看到了第四季度的強度水平。包括對高質量加載的投資正是我們應該做的，我們對此的假設是透明的。我認為，因為 COVID 有點平靜，所以一旦我們過了 2023 年，我們應該會在手機上看到正常運行率或更高的正常運行率。因此，我認為今年再次擺脫 COVID 的影響將受到一些限制，但 2024 年及以後再次將是同比中性的基礎。

And then when you look at our CapEx continues and the growth we've talked in EBITDA, I would say we're going to have nothing but accelerated growth on free cash flow in the future…

然後當你看到我們的資本支出持續增長以及我們在 EBITDA 中談到的增長時，我想說我們未來除了自由現金流的加速增長之外別無他物......

And interest...

還有興趣...

And interest. As we (inaudible), you're right, thank you, Darren. 

和興趣。正如我們（聽不清），你是對的，謝謝你，達倫。

We are at a bit of that peak after the WillowTree acquisition. You'll see us delever over the next few quarters and as the year progresses into the next few years. And with that, the interest amount also will be more managed or more reduced.

在收購 WillowTree 之後，我們正處於那個高峰期。你會看到我們在接下來的幾個季度和接下來的幾年裡去槓桿化。這樣，利息金額也將得到更多管理或減少。

The next question is from Vince Valentini from TD Securities.

下一個問題來自道明證券的 Vince Valentini。

Question on connected devices and the impact they're having. The first time you gave us disclosure was 2018, there was about 1.2 million, and now it's more than doubled to 2.47 million devices. That's -- is that starting to have a meaningful impact on your service revenue and ARPU? And maybe you could just clarify or verify for me that you include that in service revenue, but it's not counted as a subscriber. So it should be inflating ARPU with the extent that line gets bigger.

關於連接設備及其影響的問題。您第一次向我們披露是在 2018 年，大約有 120 萬台，現在翻了一番多，達到 247 萬台設備。那就是 - 這是否開始對您的服務收入和 ARPU 產生有意義的影響？也許你可以為我澄清或證實你把它包括在服務收入中，但它不算作訂戶。因此，隨著線路變大，它應該會增加 ARPU。

So that's correct. It's included in revenue, but it's not included in the sub base. And if you look at the 2.2% ARPU growth, both absolutely and relative to our peers, I think you can see the success of connected devices, finding its way through to the economics of the business. Frankly, it's still not yet scaled sufficiently. So there's tremendous upside on that front still to be harvested, which I think will be aided and abetted by what we're doing on the 5G front and product development that leverages 5G bandwidth in that regard. Navin, do you want to maybe just top up a little bit on the connected device front and maybe even if you want to highlight a couple of vertical examples that are indicative of the future growth that we expect to realize and the strong economics that go with it and maybe also highlight that this is not just an ARPU story on connected devices. It's an ARPU story, given the attractive margins over to you, Navin.

所以這是正確的。它包含在收入中，但不包含在子基數中。如果你看看 2.2% 的 ARPU 增長，無論是絕對增長還是相對於我們的同行，我認為你可以看到連接設備的成功，找到了通往商業經濟的道路。坦率地說，它的規模還不夠大。因此，在這方面仍有巨大的優勢有待收穫，我認為我們在 5G 方面所做的工作和在這方面利用 5G 帶寬的產品開發將有助於和教唆。 Navin，你是否想在連接的設備方面稍微補充一下，甚至你想強調幾個垂直的例子，這些例子表明我們期望實現的未來增長以及隨之而來的強勁經濟它也許還強調這不僅僅是連接設備的 ARPU 故事。這是一個 ARPU 的故事，考慮到你的誘人利潤，Navin。

Yes. Thanks, Darren. So gratefully, we are very bullish on IoT connected devices and actually the industry solutions capabilities that will ride on top of that connected device and connectivity capability. So as I mentioned previously, this is a meaningful 9-figure business for us. It has double-digit growth on the IoT and industry solutions side. And we're getting some good traction in the market across several key verticals and horizontals. Just before I give some examples, we're really liking how 5G IoT and PureFiber are driving some nice adjacencies across our health and agriculture business units, again, providing some important market differentiation. 

是的。謝謝，達倫。非常感謝，我們非常看好物聯網連接設備，實際上是在連接設備和連接能力之上的行業解決方案能力。所以正如我之前提到的，這對我們來說是一項有意義的 9 位數業務。它在物聯網和行業解決方案方面實現了兩位數的增長。我們在幾個關鍵的縱向和橫向市場上獲得了良好的牽引力。在我舉一些例子之前，我們真的很喜歡 5G IoT 和 PureFiber 如何在我們的健康和農業業務部門之間推動一些良好的鄰接關係，再次提供一些重要的市場差異化。

One example would be really how we're taking advantage of our Western incumbency and the logical linkage to key natural resource industries. So TELUS was selected to help build one of the largest private wireless network solutions for a mining operation in Canada. Another key area where we are focused is on transportation. And so recently, TELUS was selected as the exclusive 5G connectivity partner for Project Arrow, which is Canada's electric vehicle manufacturing initiative and maybe one other example of where we're partnering with academia and industry as we just announced a $5 million investment with University of Windsor to accelerate the development of 5G technology applications in agriculture, advanced manufacturing, cybersecurity and connected vehicles. 

一個例子就是我們如何利用我們在西方的優勢以及與關鍵自然資源行業的邏輯聯繫。因此，TELUS 被選中幫助為加拿大的採礦作業構建最大的私人無線網絡解決方案之一。我們關注的另一個關鍵領域是交通。最近，TELUS 被選為 Project Arrow 的獨家 5G 連接合作夥伴，這是加拿大的電動汽車製造計劃，也許是我們與學術界和工業界合作的另一個例子，因為我們剛剛宣布與 University of University 進行了 500 萬美元的投資溫莎加速 5G 技術在農業、先進製造、網絡安全和互聯車輛領域的應用發展。

And as Darren said, we're not only bullish on the revenue growth in this space, but we really like the margin profile. And that's mainly driven by a high-volume business with a lot of automation, a lot of self-serve and end-to-end digital capabilities. So in terms of scaling that revenue growth, huge potential, but at very little cost increases. So we definitely like the economics of this business. So with that, I'll pass back to you, Darren.

正如達倫所說，我們不僅看好這一領域的收入增長，而且我們真的很喜歡利潤率。這主要是由具有大量自動化、大量自助服務和端到端數字功能的大批量業務推動的。因此，就擴大收入增長而言，潛力巨大，但成本增加很少。所以我們絕對喜歡這項業務的經濟學。因此，達倫，我會把它傳給你。

Also with sticky churn in terms of client retention, another attractive feature, which helps you achieve attractive lifetime revenues out of the IoT sector. And then secondly, the biggest opportunity going forward is milking the data analytics overall, those data volumes. Okay. Let's go to the... Thanks, Vince, for the question.

此外，在客戶保留方面具有粘性流失，這是另一個有吸引力的功能，可幫助您從物聯網領域獲得有吸引力的終身收入。其次，未來最大的機會是從整體上榨取數據分析，即那些數據量。好的。讓我們去...謝謝文斯提出的問題。

The next question is from Stephanie Price from CIBC Capital Markets.

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

I was curious if you could think about the strategy around the acquisition of 2 small Internet service providers in Ontario. Just curious if interested now wireless plus wireline offering in Ontario? And maybe more broadly, how you think about the growth vectors in telecom post the potential Rogers Stramerger?

我很好奇您是否可以考慮收購安大略省 2 家小型互聯網服務提供商的戰略。只是好奇現在安大略省是否有興趣提供無線和有線服務？也許更廣泛地說，您如何看待潛在的 Rogers Stramerger 之後電信的增長向量？

Thanks, Stephanie. Zainul, do you want to take that question?

謝謝，斯蒂芬妮。 Zainul，你想回答這個問題嗎？

Sure. So Stephanie, we have been doing small tuck-in acquisitions in specific areas where we've competed for a number of years. These are no different. We have a very significant and growing smart home security business. As an example, these particular acquisitions are helping to advance our capabilities in that area. And so they're relatively consistent with these types of acquisitions we've done in the past in Ontario and nationally.

當然。所以斯蒂芬妮，我們一直在我們競爭多年的特定領域進行小規模收購。這些沒有什麼不同。我們擁有非常重要且不斷發展的智能家居安全業務。例如，這些特定的收購有助於提升我們在該領域的能力。因此，它們與我們過去在安大略省和全國范圍內進行的這些類型的收購相對一致。

The next question is from David Barden from Bank of America.

下一個問題來自美國銀行的大衛巴登。

It's Matt sitting in for Dave. I was wondering just on 2 points, if I could. I know you just released 2023 guidance. But if I look ahead a little bit, can you talk about what your expectations are for maybe improving flow-through of your EBITDA growth to free cash flow as you move forward with some of these acquisitions and your plan? 

是馬特代替戴夫。如果可以的話，我想知道兩點。我知道您剛剛發布了 2023 年指南。但如果我向前看一點，你能談談你的期望是什麼，當你推進其中一些收購和你的計劃時，你可能會改善你的 EBITDA 增長到自由現金流的流動嗎？

And secondly, on the $75 million of CapEx for the kind of real estate opportunity, can you touch on whether or not this includes also like a partner? I know that's been a discussion in the past that you might bring in a partner for these things. And then also on the lag between when you would make these investments and when you might see a return, like how many years the right measure? Should we expect to kind of lap for this type of action?

其次，關於房地產機會的 7500 萬美元資本支出，您能否談談這是否也包括合作夥伴？我知道過去曾討論過您可能會為這些事情引入合作夥伴。然後還有關於何時進行這些投資與何時可能看到回報之間的滯後，例如正確的衡量標準是多少年？我們是否應該為這種類型的動作期待一圈？

Doug, why don't you take that?

道格，你為什麼不接受它？

Yes. So we'll start the second question first. So on the real estate one, the $75 million does not include a partner at the moment. We have assumed we would get potentially partners on individual real estate opportunities where appropriate and bring in high-quality partners to get things up and running. But it really is to start to build the portfolio so that over the time frame you're thinking we would have something of substance that could be monetized probably in the 3-year period is probably the appropriate ramp on that one. But we absolutely intend to bring in partners, and that number could go down, the more we do that -- on the flow-through, I think in this -- and Darren highlighted that it's for the direction up on free cash flow and margins.

是的。那麼我們先開始第二個問題。所以在房地產方面，7500 萬美元目前不包括合夥人。我們假設我們會在適當的時候就個別房地產機會獲得潛在的合作夥伴，並引入高質量的合作夥伴來啟動和運行。但它確實是開始建立投資組合，以便在你認為的時間框架內我們會有一些可以在 3 年期間貨幣化的物質可能是那個適當的斜坡。但我們絕對打算引入合作夥伴，而且這個數字可能會下降，我們做得越多 - 我認為在流通方面 - 達倫強調這是為了提高自由現金流和利潤率.

If you look at the integration costs we're currently doing for LifeWorks, our margins are going to continue to enhance. The double-digit growth we have in health is going to continue to contribute to that as is that some of the acquisitions we did for J curves and the double-digit growth in both revenue and EBITDA in both agri are now going to contribute in addition to what Navin had highlighted. And so I think you're going to continue to see more and more flow through on an ongoing basis, both in 2023 and beyond on all of those fronts in addition to the strength of our core business.

如果你看看我們目前為 LifeWorks 所做的整合成本，我們的利潤率將繼續提高。我們在健康方面的兩位數增長將繼續為此做出貢獻，因為我們為 J 曲線所做的一些收購以及農業收入和 EBITDA 的兩位數增長現在將另外做出貢獻Navin 強調的內容。因此，我認為除了我們核心業務的實力之外，您將在 2023 年及以後在所有這些方面繼續看到越來越多的流量持續不斷。

And if you look at the EBITDA flow-through and the cash flow trajectory over '23, '24 and '25, also calculate what the dividend payout ratio is of free cash flow. -- and the headroom that we're creating as it relates to our dividend growth model. I think those figures are very interesting.

如果您查看 23 年、24 年和 25 年的 EBITDA 流通量和現金流軌跡，還可以計算自由現金流的股息支付率。 ——以及我們正在創造的淨空，因為它與我們的股息增長模式有關。我認為這些數字非常有趣。

The final question is from Simon Flannery from Morgan Stanley.

最後一個問題來自摩根士丹利的 Simon Flannery。

Great... Can you talk a little bit about the market environment for 2023? I think looking through your discussion, you're assuming a slower macro growth rate next year. We've obviously had a lift from COVID in terms of pent-up demand. It sounds like you think that will continue. But how should we think about the overall industry KPIs across wireless and across broadband? Do you think we can sustain the pacing across the industry that we've seen in 2022 and 2023, given continued immigration, et cetera? Or are you expecting some sort of moderation overall?

太好了……你能談談2023年的市場環境嗎？我認為通過你的討論，你假設明年的宏觀增長率會放緩。就被壓抑的需求而言，我們顯然已經從 COVID 中得到了提升。聽起來你認為這會繼續下去。但是我們應該如何考慮無線和寬帶的整體行業 KPI？考慮到持續的移民等等，您認為我們能否維持我們在 2022 年和 2023 年看到的整個行業的步伐？還是您希望總體上有所節制？

Okay. Jim, why don't you kick that off? And Zainul, why don't you do the Part 2?

好的。吉姆，你為什麼不開始呢？ Zainul，你為什麼不做第 2 部分？

Okay. So for sure, we're seeing persistent promotional activity in the low end of the market. But that said, industry best ARPU growth at 2.2%, really good underlying domestic ARPU characteristics coming from the high-value subscriber mix and also the base management and the step-up to 5G. We're also seeing industry best churn on the back of our product intensity and our customer experience. In fact, our postpaid churn continued to be really strong, very similar to pre-pandemic levels. 

好的。所以可以肯定的是，我們在低端市場看到了持續的促銷活動。但話雖如此，行業最高 ARPU 增長率為 2.2%，真正良好的潛在國內 ARPU 特徵來自高價值用戶組合以及基礎管理和升級到 5G。在我們的產品強度和客戶體驗的支持下，我們還看到了行業最佳流失率。事實上，我們的後付費用戶流失率仍然很高，與大流行前的水平非常相似。

Our prepaid churn is elevated by -- due to travelers, but over 200 basis points better than our competitors. And when you look at our nets, Q4 nets were up 80,000 versus pre-pandemic 2019. So a lot of the focus we've gone on distribution, like mobile clinic, digital, direct-to-consumer are driving benefits. And so when we look into next year, we would expect that, that promotional activity is going to continue at the low end of the market, but our strength is really on the premium side of the market. And bundling, and we feel that's very robust. So we expect consistent trajectory from where we are on ARPU.

由於旅行者，我們的預付費客戶流失率有所提高，但比我們的競爭對手高出 200 多個基點。當您查看我們的網絡時，與 2019 年大流行前相比，第四季度網絡增加了 80,000。因此，我們將重點放在分銷上，例如移動診所、數字化、直接面向消費者，這些都在推動收益。因此，當我們展望明年時，我們預計促銷活動將在低端市場繼續進行，但我們的實力確實在高端市場。和捆綁，我們覺得這非常強大。因此，我們期望我們在 ARPU 上的位置保持一致的軌跡。

We see upside in business roaming. We're already seeing that in Q1. We will continue to see that high-value subscriber mix washing through the base. Our base management around 5G and Kudo Pick your Perk step-ups is working really well. The growth in our IoT subscriber base is now contributing meaningfully to our network revenue growth. And we're not as reliant on the low-end flanker promotions, which is good. So I feel really good on the wireless side that will continue this trajectory, and we'll see that kind of consistent -- growth. On the Home Solutions side and Zainul, maybe you want to top up, but we're seeing similar characteristics, especially around the bundling. And with the bringing together of Mobility and Home Solutions in the consumer organization, that presents tremendous opportunities for us to drive further efficiencies and even better bundling. But Zainul maybe you want to say a couple of words on the Home Solutions side.

我們看到了商務漫遊的優勢。我們已經在第一季度看到了這一點。我們將繼續看到高價值的訂戶組合在基數中不斷湧現。我們圍繞 5G 和 Kudo Pick your Perk 升級的基礎管理運作得非常好。我們物聯網用戶群的增長現在對我們的網絡收入增長做出了有意義的貢獻。而且我們不那麼依賴低端側翼促銷，這很好。因此，我在無線方面感覺非常好，它將繼續這一軌跡，我們將看到這種持續的增長。在 Home Solutions 方面和 Zainul，也許您想充值，但我們看到了類似的特徵，尤其是在捆綁方面。隨著消費者組織中移動和家庭解決方案的結合，這為我們提供了巨大的機會來進一步提高效率，甚至更好地捆綁銷售。但是 Zainul 也許您想就家庭解決方案方面說兩句。

Sure. Thanks, Jim. And I think you gave a really great summary. And one thing I would top up on as well is that we've been the lion's share of the net porting winner. So I think we demonstrate across the board that clients are choosing TELUS. We're getting the larger premium share of the market. We have a higher level of product intensity, a lower level of churn and a higher ARPU position. So the delta between us and our peers on customer lifetime value is significant and there's an opportunity for growth and continued growth there on the back of our completion largely of the fiber to the prem build in the West. So if you take those characteristics and extend them out, we see a higher margin per household at over 20% increase. We see a significantly lower churn of 16 points we see a higher product intensity, 25% less cost and 70% less fewer outside plant repairs. 

當然。謝謝，吉姆。我認為你給出了一個非常好的總結。我還要補充的一件事是，我們一直是淨移植贏家的最大份額。所以我認為我們全面證明客戶正在選擇 TELUS。我們正在獲得更大的市場份額。我們擁有更高水平的產品密集度、更低水平的客戶流失和更高的 ARPU 位置。因此，我們和我們的同行在客戶生命週期價值方面的差異是巨大的，並且在我們完成大部分光纖到西方 prem 構建的支持下，那裡有增長和持續增長的機會。因此，如果您考慮這些特徵並將其擴展，我們會看到每個家庭的利潤率更高，增幅超過 20%。我們看到客戶流失率顯著降低 16 個點，我們看到產品強度更高，成本降低 25%，外部工廠維修減少 70%。

So we have an incredible margin accretion opportunity, and we also have a significant level of digitization and product development taking place so that we can continue to grow our share and to develop new products under Jim's leadership as well as leverage TI and WillowTree in terms of driving margin accretion across our segments so that even in the lower end of the market, where we see significant immigration growth, we can come to the table with value props that are more margin accretive than our competitors. 

因此，我們有一個令人難以置信的利潤增長機會，我們也有顯著水平的數字化和產品開發，這樣我們就可以繼續擴大我們的份額並在 Jim 的領導下開發新產品，並利用 TI 和 WillowTree 在推動我們各個細分市場的利潤增長，因此即使在我們看到移民顯著增長的低端市場，我們也可以帶著比我們的競爭對手更具利潤增長的價值支柱來到談判桌。

So we're quite excited about the growth potential in the market, and we think that we're positioned incredibly well across segments and across the demographics. We absolutely do see some customers characterized is looking for value in their bundle, value -- higher levels of value in their purchase patterns. But because we provide solutions at every end of the market, we're really poised well for that growth.

因此，我們對市場的增長潛力感到非常興奮，我們認為我們在各個細分市場和人口統計數據中的定位非常好。我們確實看到一些客戶的特徵是在他們的捆綁包中尋找價值，價值——在他們的購買模式中更高水平的價值。但由於我們在市場的每一端提供解決方案，我們確實為這種增長做好了準備。

Thanks, Simon, and thank you, everyone, for joining us today. Please feel free to reach out to the IR team with any follow-up questions you may have.

謝謝，西蒙，謝謝大家今天加入我們。如有任何後續問題，請隨時聯繫 IR 團隊。

This concludes the TELUS 2022 Q4 earnings conference call. Thank you for your participation, and have a nice day.

TELUS 2022 年第四季度收益電話會議到此結束。感謝您的參與，祝您有愉快的一天。