Telus Corp (TU) 2023 Q1 法說會逐字稿

Good day, and welcome to the TELUS 2023 Q1 Earnings Conference Call. I would like to introduce your speaker, Mr. Robert Mitchell. Please go ahead.

美好的一天，歡迎來到 TELUS 2023 第一季度收益電話會議。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 first quarter 2023 results release, MD&A, financial statements and detailed supplemental investor information were posted to our website earlier this morning at telus.com/investors.

大家好。感謝您今天加入我們。我們的 2023 年第一季度業績發布、MD&A、財務報表和詳細的投資者補充信息已於今天上午早些時候發佈在我們的網站 telus.com/investors 上。

Our call today we'll begin with remarks by Darren, Zainul and Doug. For the Q&A session, as we typically do, we will be joined by other senior leaders, including Navin, Jim, Tony, Jeff, Sid and John.

我們今天的電話會議將從 Darren、Zainul 和 Doug 的發言開始。對於問答環節，正如我們通常所做的那樣，我們將由其他高級領導人加入，包括 Navin、Jim、Tony、Jeff、Sid 和 John。

Today's remarks and answers to questions contain forward-looking statements, actual results could vary from these statements. The assumptions on which they are based and the material risks that could cause them to differ are outlined in our public filings with the securities commissions in Canada and the U.S., including our first quarter 2023 and annual 2022 MD&A. With that, over to you, Darren.

今天的評論和問題的回答包含前瞻性陳述，實際結果可能與這些陳述有所不同。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 2023 年第一季度和 2022 年年度 MD&A）中概述了它們所基於的假設以及可能導致它們不同的重大風險。有了這個，就交給你了，達倫。

Thank you, [Rasco], and hello, everyone. In the first quarter, the TELUS team once again demonstrated our hallmark execution excellence, characterized by the potent combination of industry-leading customer growth and financial results. Our robust performance continues to be underpinned by our globally leading broadband networks and, of course, our customer-centric culture. This enabled our best first quarter on record with total customer net additions of 163,000, up 10% on a year-over-year basis.

謝謝 [Rasco]，大家好。在第一季度，TELUS 團隊再次展示了我們標誌性的卓越執行力，其特點是行業領先的客戶增長和財務業績的有力結合。我們強勁的業績繼續得到我們全球領先的寬帶網絡的支持，當然還有我們以客戶為中心的文化。這使我們在第一季度取得了有記錄以來最好的成績，總客戶淨增 163,000 人，同比增長 10%。

Once again, this quarter, our team's passion for delivering superior customer experiences contributed to strong client loyalty across all of our key product lines, including blended mobile phone, PureFibre Internet, Optik TV, Security and voice churn, all coming in at or below 1%, which reflects North American industry-leading performance in that regard. In the first quarter, we delivered leading consolidated revenue and EBITDA growth of 16% and 11%, respectively, alongside industry passed double-digit free cash flow growth of 29%.

本季度，我們的團隊對提供卓越客戶體驗的熱情再一次促成了我們所有主要產品線的強大客戶忠誠度，包括混合移動電話、純光纖互聯網、Optik 電視、安全和語音流失，所有這些都達到或低於 1 %，這反映了北美在這方面的行業領先表現。第一季度，我們實現了領先的綜合收入和 EBITDA 增長，分別增長了 16% 和 11%，同時自由現金流增長了 29%，超過了行業標準。

Let's turn now to have a look at our Mobile operating results. TELUS achieved strong customer growth of 105,000 net additions in the first quarter. This included healthy Mobile Phone net additions of 47,000, up slightly over last year and our best first quarter result since 2010. Notably, the strength was driven primarily by loading on our premium brand, reflecting our continued focus on high-quality and profitable customer growth.

現在讓我們來看看我們的移動運營結果。 TELUS 在第一季度實現了 105,000 名客戶的強勁增長。這包括健康的手機淨增 47,000 部，比去年略有增長，是我們自 2010 年以來最好的第一季度業績。值得注意的是，這一實力主要是由我們高端品牌的加載推動的，反映出我們持續關注高質量和有利可圖的客戶增長.

It also included healthy connected device net additions of some 58,000, which were up 26% on a year-over-year basis, indicative of positive momentum with respect to our 5G and IoT B2B solutions. 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 put into action. Blended mobile phone churn was 0.88%. Moreover, our industry-leading postpaid mobile phone churn of 0.7% represents the ninth quarter out of the last 13 that we've earned a customer loyalty rate below 0.8%. This distinguishes us from our competitors. And indeed, this is a result that is unsurpassed in North America with a churn rate that is amongst the lowest globally.

它還包括約 58,000 台健康連接設備的淨增加，同比增長 26%，表明我們的 5G 和物聯網 B2B 解決方案勢頭良好。重要的是，我們的團隊又取得了四分之一的行業最佳忠誠度結果，這仍然是 TELUS 組織的標誌，也是我們客戶的第一文化付諸實踐。混合手機流失率為 0.88%。此外，我們行業領先的後付費手機流失率為 0.7%，這是過去 13 個季度中第 9 個季度我們的客戶忠誠度低於 0.8%。這使我們有別於我們的競爭對手。事實上，這一結果在北美是無與倫比的，其客戶流失率在全球處於最低水平。

Our consistently strong performance is powered by our highly engaged team who passionately deliver superior service offerings and digital capabilities over our world-leading broadband networks. Indeed, in this regard in March, TELUS was recognized as Canada's best major mobile carrier in the inaugural 2023 Readers Choice Awards conducted by U.S.-based PCMag whilst Public Mobile was named Canada's best digital mobile carrier. In addition, TELUS was awarded Canada's best mobile carrier for business and PCMag Business Choice Awards.

我們始終如一的強勁表現得益於我們高度敬業的團隊，他們熱情地通過我們世界領先的寬帶網絡提供卓越的服務產品和數字功能。事實上，在這方面，TELUS 在 3 月份由美國 PCMag 舉辦的首屆 2023 年讀者選擇獎中被公認為加拿大最佳主要移動運營商，而 Public Mobile 則被評為加拿大最佳數字移動運營商。此外，TELUS 還獲得了加拿大最佳商業移動運營商和 PCMag 商業選擇獎。

Furthermore, in February, TELUS earned the top spot in 6 categories in the Mobile Network Experience Report by global analytics company, Opensignal, making TELUS Canada's most awarded network for the 12th consecutive time. The consistent recognition from a range of independent organizations reinforces the superiority of TELUS' world-leading networks in terms of offering customers the fastest, most expansive and most reliable service in Canada.

此外，在 2 月，TELUS 在全球分析公司 Opensignal 的移動網絡體驗報告中獲得 6 個類別的頭把交椅，使 TELUS 加拿大連續第 12 次成為獲獎最多的網絡。一系列獨立組織的一致認可加強了 TELUS 世界領先網絡在為加拿大客戶提供最快、最廣泛和最可靠的服務方面的優勢。

[We closed the] Mobile industry leading first quarter ARPU growth of 3.8% over last year, was supported by roaming improvements as a result of increased international travel. It was also buttressed, however, by strength in our premium brand and domestic monthly recurring revenue as well as our industry best churn rate, whereby we are retaining our highest value customers in addition to continued growth in IoT and connected device revenues that we will expect to see a tidy contribution from at the ARPU and AMPU level prospectively.

[我們關閉]移動行業領先的第一季度 ARPU 比去年增長 3.8%，這得益於國際旅行增加導致的漫遊改善。然而，我們的優質品牌和國內每月經常性收入的實力以及我們行業最佳的客戶流失率也支撐了這一點，除了我們預期的物聯網和連接設備收入的持續增長之外，我們還留住了我們最高價值的客戶前瞻性地看到 ARPU 和 AMPU 水平的可觀貢獻。

This drove North American leading mobile network revenue growth, which is amongst the highest of developed markets globally, quite a result. Notably, our leading mobile phone lifetime revenue continues to exceed our national peers by up to 62% and is amongst the best in the world. This is reflective of the combination of our consistent focus on high-quality customer growth and leading client loyalty, delivered consistently as this is the hallmark of the TELUS organization.

這推動了北美領先的移動網絡收入增長，這是全球發達市場中最高的，這是一個很好的結果。值得注意的是，我們領先的手機生命週期收入繼續超過我們的國家同行高達 62%，並且在世界上名列前茅。這反映了我們始終如一地專注於高質量的客戶增長和領先的客戶忠誠度，因為這是 TELUS 組織的標誌。

Let's turn now and take a look at our fixed operating results, where TELUS delivered industry-leading first quarter wireline customer growth. Our team achieved leading Internet net additions of 35,000 in the quarter, up 17% on a year-over-year basis. We continue to drive leading growth in our TV product line with net additions of 9,000, which was relatively flat on a year-over-year basis.

現在讓我們來看看我們的固定運營業績，TELUS 在第一季度提供了行業領先的有線客戶增長。我們的團隊在本季度實現了領先的互聯網淨增 35,000，同比增長 17%。我們繼續推動電視產品線的領先增長，淨增 9,000 台，同比持平。

Furthermore, residential voice losses were again an industry low at 8,000, which represents a 20% improvement over this time last year. Notably, this leading performance reflects our continued momentum with respect to multi-product intensity or multiproduct penetration and in the inherent churn benefit that has been so consistently successful for the TELUS team. Strong and industry-best Security net additions of 22,000 in the first quarter contributed to the important milestone of achieving 1 million total Security customers. Quite the progress on the Security front over the last 5 years, a lot of (inaudible) is that we hit the 1 million sub mark and we've now done that, and we're still growing significantly both individually within the security product line, but is also as part of the bundle on both the consumer and the B2B front. Notably, this 1 million sub achievement comes on the heels of our security team being named Brand Spark's most trusted home security service in Canada for the second year in a row.

此外，住宅語音損失再次達到 8,000 的行業低點，比去年同期提高了 20%。值得注意的是，這一領先的業績反映了我們在多產品強度或多產品滲透方面的持續勢頭，以及 TELUS 團隊一直取得如此成功的固有流失優勢。第一季度 22,000 的強大且行業最佳的安全網絡淨增加促成了實現 100 萬安全客戶總數的重要里程碑。在過去 5 年中，安全方面取得了相當大的進步，很多（聽不清）是我們達到了 100 萬次標記，我們現在已經做到了，而且我們在安全產品線中的個人仍在顯著增長，但同時也是消費者和 B2B 前端捆綁包的一部分。值得注意的是，在我們的安全團隊連續第二年被 Brand Spark 評為加拿大最值得信賴的家庭安全服務之後，我們的安全團隊取得了 100 萬分的成就。

Overall, thanks to our team. Our robust and industry-leading external fixed net addition of 58,000 represented our best first quarter on record. This performance reflects the strength of our unique and highly attractive bundle offerings across our truly unmatched portfolio of products and services, products and services that are buttressed by our ever-expanding leading PureFibre and 5G networks. Our products being supported by our leading customer-centric culture that delivers global best customer outcomes. And finally and critically, our success is supported by our highly differentiated social capitalism attributes that underpin the strength of the TELUS brand in action and the way that it resonates with customers when they think about who they're going to give their patronage to and which company does the most for their community.

總的來說，感謝我們的團隊。我們強勁且行業領先的外部固定網絡新增 58,000 個是我們有史以來最好的第一季度。這一業績反映了我們在我們真正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實力，這些產品和服務得到了我們不斷擴展的領先 PureFibre 和 5G 網絡的支持。我們領先的以客戶為中心的文化為我們的產品提供了支持，該文化可提供全球最佳的客戶成果。最後且至關重要的是，我們的成功得到了我們高度差異化的社會資本主義屬性的支持，這些屬性鞏固了 TELUS 品牌在行動中的實力，以及當客戶考慮他們將贊助誰以及哪些人時，它與客戶產生共鳴的方式公司為他們的社區做的最多。

Notably, in April, our TELUS PureFibre network was recognized by Opensignal as the best fixed broadband network in Western Canada in their inaugural Fixed Broadband Experience Report. Indeed, the accolade on both of our fixed and mobile networks underscore the tremendous value of the generational investments that we have made in global best network technologies, which will continue to drive extensive socioeconomic benefits for Canadians for decades and decades to come. This certainly highlights the efficacy of the facility-based competition regulatory model.

值得注意的是，4 月，我們的 TELUS PureFibre 網絡在其首份固定寬帶體驗報告中被 Opensignal 評為加拿大西部最佳固定寬帶網絡。事實上，我們的固定和移動網絡獲得的讚譽凸顯了我們在全球最佳網絡技術方面所做的世代投資的巨大價值，這將在未來幾十年繼續為加拿大人帶來廣泛的社會經濟效益。這無疑凸顯了以設施為基礎的競爭監管模式的有效性。

TELUS' broadband leadership is owing to our unique innovation-centric culture, and as well the determination and skill of our team as we build out and rapidly, aggressively expanded our PureFibre network over the past 10 years, which is one of the most advanced fiber deployments in the entire world. This generational investment is the cornerstone of our leading customer growth and the significant ongoing market share gains that we have driven over many years and will do so going forward.

TELUS 的寬帶領導地位歸功於我們獨特的以創新為中心的文化，以及我們團隊在過去 10 年中建立並迅速、積極擴展我們的 PureFibre 網絡的決心和技能，這是最先進的光纖之一在全世界部署。這種世代相傳的投資是我們領先的客戶增長的基石，也是我們多年來推動的顯著持續市場份額增長的基石，並將繼續這樣做。

Moreover, TELUS PureFibre has truly and fundamentally transformed the way we do business. It's not just about the glass but the ideology in terms of the business transformation of our organization, and this includes enabling meaningful simplification and enhanced efficiency effectiveness. It includes supporting our social purpose and environmental sustainability promises. And finally, it positions us in terms of what we have done so diligently over the last 10 years in terms of our PureFibre investments for decades of robust free cash flow generation.

此外，TELUS PureFibre 真正從根本上改變了我們開展業務的方式。這不僅僅是關於玻璃，而是關於我們組織業務轉型的意識形態，這包括實現有意義的簡化和提高效率。它包括支持我們的社會目標和環境可持續性承諾。最後，它根據我們過去 10 年在 PureFibre 投資方面所做的努力為我們定位，幾十年來產生了強勁的自由現金流。

In the same way, our organization reaped a century of attractive returns from copper as we continue our world leading copper decommissioning and recycling program. In a moment, Zainul is going to have the opportunity to provide additional color on our consumer mobile and fixed businesses.

同樣，隨著我們繼續開展世界領先的銅退役和回收計劃，我們的組織從銅中獲得了一個世紀的誘人回報。稍後，Zainul 將有機會為我們的消費者移動和固定業務增添色彩。

Looking at TELUS Business Solutions and what a story, this is turning to be for our organization. Our team continues to accelerate profitable growth and make meaningful contributions to our success, achieving strong growth in revenue, EBITDA contribution and cash flow in the first quarter across our B2B product lines. Our Business Solutions team secured a number of significant wins and strategic renewals in the commercial and public sector space including a 9-figure deal to deploy TELUS cloud collaboration services that will modernize communications for one of our high-profile clients.

看看 TELUS Business Solutions 和一個多麼好的故事，這將成為我們組織的轉折點。我們的團隊繼續加速盈利增長，並為我們的成功做出有意義的貢獻，我們的 B2B 產品線在第一季度實現了收入、EBITDA 貢獻和現金流的強勁增長。我們的業務解決方案團隊在商業和公共部門領域獲得了多項重大勝利和戰略續約，包括一項價值 9 位數的交易，用於部署 TELUS 雲協作服務，該服務將為我們的一位知名客戶實現通信現代化。

Now let's take a look at our TELUS Health Business. Significant growth in the first quarter in terms of our revenues coming out at $423 million reflects the significantly enhanced scale of our health operations driven by our acquisition of LifeWorks, which is enabling us to make meaningful progress in respect of our goal to be the most trusted, well-being company in the world. The expanding scale of our health care programs with our integrated TELUS Health organization includes covering 67 million lives, an increase of more than 45 million over last year.

現在讓我們來看看我們的 TELUS 健康業務。第一季度我們收入的顯著增長達到 4.23 億美元，這反映了我們在收購 LifeWorks 後顯著擴大了我們的健康業務規模，這使我們能夠在實現成為最值得信賴的公司的目標方面取得有意義的進展，幸福公司在世界上。我們與整合的 TELUS Health 組織的醫療保健計劃規模不斷擴大，覆蓋了 6700 萬人，比去年增加了 4500 萬人。

In addition, digital health transactions were up 7% to 49 million (sic) 149 million in the quarter. Furthermore, we welcome close to 2 million new virtual care members in the last 12 months alone, increasing our membership to 5.2 million, up nearly 60% in over the prior year. We anticipate continued strong growth in TELUS Health buttressed by the integration of our product suite that enables us to not only meet but exceed the diverse and evolving needs of our customers with a differentiated -- highly differentiated and comprehensive range of innovative health care solutions.

此外，本季度數字健康交易增長 7%，達到 4900 萬（原文如此）1.49 億。此外，僅在過去 12 個月，我們就迎來了近 200 萬新的虛擬護理會員，使我們的會員人數增加到 520 萬，比上一年增長了近 60%。我們預計 TELUS Health 的持續強勁增長得益於我們產品套件的整合，這使我們不僅能夠滿足而且超越我們客戶多樣化和不斷變化的需求，提供差異化的——高度差異化和全面的創新醫療保健解決方案。

This will be supported by our ongoing and intense focus on crystallizing meaningful synergies with respect to the integration of LifeWorks. Looking at over $200 million in total synergies that we initially identified, we're looking to stretch that to $0.25 billion in total synergies. This is inclusive of revenues and cost reductions. Indeed, we've now achieved over $70 million in near-term cost savings or more than the $50 million we initially indicated as our objective when we announced the acquisition last June. Indeed, since that time, we've identified additional, annual cost efficiencies approaching $70 million for a total of $120 million in cost synergies by 2025.

這將得到我們持續和高度關注的支持，即在 LifeWorks 的整合方面明確有意義的協同作用。看看我們最初確定的超過 2 億美元的總協同效應，我們希望將其擴展到 2.5 億美元的總協同效應。這包括收入和成本削減。事實上，我們現在已經實現了超過 7000 萬美元的近期成本節約，或者超過了我們在去年 6 月宣布收購時最初設定的目標 5000 萬美元。事實上，從那時起，我們已經確定額外的年度成本效率將接近 7000 萬美元，到 2025 年將產生總計 1.2 億美元的成本協同效應。

Moreover, our combined organizations are now fully ramped and delivering on revenue synergies, and they are significant on a cross-selling basis with in-market efforts pursuing value creation by means of organic growth throughout the remainder of 2023 and beyond to allow us to achieve our goal of hitting total synergies now at $0.25 billion.

此外，我們合併後的組織現已全面發展並實現收入協同效應，它們在交叉銷售的基礎上具有重要意義，市場努力通過在 2023 年剩餘時間及以後的有機增長來追求價值創造，使我們能夠實現我們現在的目標是達到 2.5 億美元的總協同效應。

Turning to TELUS Agriculture & Consumer Goods. First quarter revenues of $84 million were essentially flat on a year-over-year basis, reflecting transient headwinds, including onetime sales last year and some softness related to macroeconomic challenges as our team continues to integrate and grow this compelling global business, where there is no shortage of demand. We expect ongoing strong progress, including driving double-digit revenue growth in 2023, reflective of the significant long-term value we are creating as a globally leading provider of Agriculture & Consumer Goods technology solutions around the world.

轉向 TELUS 農業和消費品。第一季度 8400 萬美元的收入與去年同期基本持平，反映出短暫的逆風，包括去年的一次性銷售以及與宏觀經濟挑戰相關的一些疲軟，因為我們的團隊繼續整合和發展這一引人注目的全球業務，其中有不缺需求。我們預計將取得持續的強勁進展，包括在 2023 年推動兩位數的收入增長，這反映了我們作為全球領先的農業和消費品技術解決方案提供商正在創造的重要長期價值。

Thanks to the efforts of our team. We continue to advance the sector's efficiency and its effectiveness including quality food production, material waste reduction, better food and retail execution, and significantly seize the material opportunities as it relates to trade promotion optimization within our Consumer Goods business, doing it through data analytics, yielding dynamic insights that allows our customers to realize better go-to-market outcomes.

感謝我們團隊的努力。我們繼續提高該行業的效率和有效性，包括優質食品生產、減少材料浪費、更好的食品和零售執行，並通過數據分析，大力抓住與我們消費品業務中的貿易促進優化相關的物質機會，產生動態洞察力，使我們的客戶能夠實現更好的上市結果。

Now let's take a look at TELUS International. Despite the challenging global macroeconomic environment, earlier today, our TI team once again announced strong double-digit revenue growth and solid profitability for the first quarter. TI's resilient results and outlook reflect the important relationship with TELUS as an anchor customer, enabling TELUS' customer service excellence and powering our critical digitization strategy with attendant AI benefits. This is a unique and symbiotic relationship that significantly benefits both organizations and differentiate both organizations from our peer groups.

現在讓我們來看看TELUS International。儘管全球宏觀經濟環境充滿挑戰，但今天早些時候，我們的 TI 團隊再次宣布了第一季度強勁的兩位數收入增長和穩健的盈利能力。 TI 的彈性結果和前景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，並通過隨之而來的 AI 優勢為我們的關鍵數字化戰略提供動力。這是一種獨特的共生關係，對兩個組織都大有裨益，並將兩個組織與我們的同行群體區分開來。

TI's ongoing focus on smart, profitable growth, powered by attractive end-to-end digital capabilities continues to strongly position it as a trusted adviser for premier digital customer experiences and IT services for over 650 clients. Doug is going to have an opportunity to provide further commentary on both TTech and TELUS International's first quarter results in just a moment.

TI 持續關注以有吸引力的端到端數字功能為動力的智能盈利增長，這繼續鞏固了它作為 650 多家客戶提供一流數字客戶體驗和 IT 服務的值得信賴的顧問的地位。 Doug 稍後將有機會就 TTech 和 TELUS International 第一季度的業績發表進一步評論。

In closing, our ongoing broadband network investments further enable the continued advancement of our operational and financial performance, strengthening our confidence in the robust outlook for our business and the long-term affordability and sustainability of our dividend growth program, which, of course, leads the industry on a global basis. The nearly 7.5% year-over-year dividend increase we announced today represents the 24th increase since we initiated our multiyear dividend growth program way back in 2011. This program is now in its 13th year, and of course, we've extended that through 2025, enabled by a TELUS organization, we're looking forward, the sources of cash are chronically exceeding the uses. We think shareholders should benefit from that.

最後，我們正在進行的寬帶網絡投資進一步推動了我們的運營和財務業績的持續進步，增強了我們對我們業務的強勁前景以及我們的股息增長計劃的長期可承受性和可持續性的信心，這當然會導致該行業在全球範圍內。我們今天宣布的股息同比增長近 7.5%，這是我們自 2011 年啟動多年股息增長計劃以來的第 24 次增長。該計劃現已進入第 13 個年頭，當然，我們已經將其延長至2025 年，由 TELUS 組織啟用，我們期待著，現金來源長期超過使用。我們認為股東應該從中受益。

Since 2004, TELUS has returned more than $23 billion to shareholders, including over $18 billion in dividends, representing some $16 per share, supporting our global industry-leading total shareholder return achievements, another consistent hallmark of this organization. Importantly, and tellingly future dividend growth and affordability is going to be supported by strong EBITDA and free cash flow growth. It's going to be supported by significant value creation across TI, Health and Agriculture and Consumer Goods businesses, and it's going to be supported by the significant reduction in annual capital expenditures beginning this year, resulting in one of the lowest capital intensity ratios in the industry globally, talk about a transition to a software-based organization, talk about an organization that's leading on digital transformation, talk about an organization that's leveraging the attributes of TELUS International. And of course, these things in combination will drive meaningful and sustainable free cash flow expansion.

自 2004 年以來，TELUS 已向股東回報超過 230 億美元，包括超過 180 億美元的股息，相當於每股約 16 美元，支持我們全球行業領先的總股東回報成就，這是該組織的另一個一貫標誌。重要的是，強勁的 EBITDA 和自由現金流增長將支持未來的股息增長和負擔能力。它將得到 TI、健康和農業以及消費品業務的顯著價值創造的支持，並將得到今年開始的年度資本支出大幅減少的支持，從而成為行業中最低的資本密集度比率之一在全球範圍內，談論向基於軟件的組織的過渡，談論引領數字化轉型的組織，談論利用 TELUS International 屬性的組織。當然，這些因素的結合將推動有意義且可持續的自由現金流擴張。

Finally, I'd like to take this opportunity to always recognize our team, our customers and our partners for helping us create stronger and healthier communities. This is rooted in the ideology of our organization is that the nexus of our strategy. Notably, since its inception in 2018, TELUS Friendly Future Foundation has granted $38 million in cash donations, the charities in our communities, making a positive impact on the lives of 14 million young people. This includes $2.1 million in grants so far in 2023 alone to ensure even more you have the opportunity because they deserve it to realize their full potential.

最後，我想藉此機會始終認可我們的團隊、我們的客戶和我們的合作夥伴幫助我們創建更強大、更健康的社區。這植根於我們組織的意識形態，是我們戰略的紐帶。值得一提的是，自 2018 年成立以來，TELUS Friendly Future Foundation 已捐贈 3800 萬美元現金，為我們社區的慈善機構，對 1400 萬年輕人的生活產生了積極影響。這包括迄今為止僅在 2023 年就提供的 210 萬美元贈款，以確保您有更多機會，因為他們應得的充分發揮潛力。

Myself and the leadership team of TELUS and our Board 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 world leadership in social capitalism.

我本人以及 TELUS 的領導團隊和我們的董事會仍然非常感謝 TELUS 團隊為支持我們全球社區所做的熱情努力，因為我們努力為所有利益相關者提供出色的成果，進一步體現我們在社會資本主義方面的世界領導地位。

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

在那張紙條上，我會把電話轉給你，Zainul。

Thank you, Darren. We continue to demonstrate consistently strong results back the power of our superior work differentiated products, unparalleled assets and, of course, our winning team who passionately provide the best service and support in our industry leading with social capitalism.

謝謝你，達倫。我們繼續以卓越的工作差異化產品、無與倫比的資產，當然還有我們成功的團隊的力量，持續展示強勁的業績，他們熱情地在我們以社會資本主義為主導的行業中提供最好的服務和支持。

PureFibre is the backbone of our award-winning 5G network. It continues to receive accolades, a hallmark of the predictable facilities-based regulatory environment to date. By any measure, PureFibre exceeds DOCSIS and will endure to deliver exceptional reliability and symmetrical speed advantages to our customers as investments in DOCSIS aim to catch up.

PureFibre 是我們屢獲殊榮的 5G 網絡的支柱。它繼續獲得讚譽，這是迄今為止可預測的基於設施的監管環境的標誌。無論以何種標準衡量，PureFibre 都超過了 DOCSIS，並將繼續為我們的客戶提供卓越的可靠性和對稱速度優勢，因為對 DOCSIS 的投資旨在趕上。

For 10 years, we've made generational investments in PureFibre and 5G at a lower cost of capital, which have accelerated premium loading and upsell. 1 gigabit per second and higher plans now comprise the largest segment of our Internet base and 32% of our mobility base is now on 5G.

10 年來，我們以較低的資本成本對 PureFibre 和 5G 進行了世代投資，從而加速了保費加載和追加銷售。每秒 1 吉比特和更高的計劃現在構成了我們互聯網基礎的最大部分，我們 32% 的移動基礎現在在 5G 上。

Meanwhile, PureFibre continues to bear vastly superior subscriber economics, margin per home and profitability compared to copper, migrating to PureFibre drives more than 15% higher ARPU, close to 25% lower churn and approximately 25% lower overall cost to serve. Our world-leading copper decommissioning program is well underway, realizing cost savings from real estate to the benefits of copper recycling and additional fixed cost efficiencies as well as being Canada's most sustainable Internet with 85% energy savings compared to copper, PureFibre also enables effective mobile and home bundling.

與此同時，與銅纜相比，PureFibre 繼續擁有非常優越的用戶經濟、每戶利潤率和盈利能力，遷移到 PureFibre 後，ARPU 提高了 15% 以上，流失率降低了近 25%，總體服務成本降低了約 25%。我們世界領先的銅退役計劃正在順利進行，實現了房地產成本的節約、銅回收的好處和額外的固定成本效率，以及與銅相比節能 85% 的加拿大最可持續的互聯網，PureFibre 還實現了有效的移動和家庭捆綁。

In fact, we see 30% higher product intensity in PureFibre households. This is evidenced by the strong organic growth of our customer base, including security. With organic loading accounting for nearly half of the 1 million customers we proudly serve today and our security customers represent amongst the highest adoption of our consumer health services. The fact is that TELUS has the most comprehensive suite of products in our industry.

事實上，我們看到 PureFibre 家庭的產品強度提高了 30%。我們客戶群（包括安全性）的強勁有機增長證明了這一點。在我們今天自豪地服務的 100 萬客戶中，有機負荷佔近一半，我們的安全客戶代表了我們消費者健康服務採用率最高的客戶。事實上，TELUS 研科擁有業內最全面的產品套件。

Over many years, we have leveraged this for a proven track record of product intensity, providing customers with more value and lowering churn. The continued excellence in our wireless churn, these parallel performance in PureFibre, which includes a robust 13 consecutive quarters of sub-1% Internet churn. Our deliberate focus on high-value customers across wireless and fix has also yielded consistent and healthy network revenue growth.

多年來，我們利用這一點在產品強度方面取得了可靠的記錄，為客戶提供了更多價值並降低了客戶流失率。我們的無線流失率持續保持卓越，PureFibre 的這些並行表現包括連續 13 個季度低於 1% 的強勁互聯網流失率。我們對無線和固定網絡高價值客戶的刻意關注也帶來了持續健康的網絡收入增長。

This quarter was our eighth straight quarter of wireless network revenue growth and our best result since 2014. Industry-leading mobility ARPU growth has been bolstered by strength on premium loading, which will continue as we enhance our wireless value proposition with unique add-ons leveraging our diverse offers like Stream+, TELUS Online Security and TELUS MyCare roaming.

本季度是我們無線網絡收入連續第八個季度增長，也是我們自 2014 年以來的最佳業績。行業領先的移動 ARPU 增長得到了優質負載的支持，隨著我們利用獨特的附加組件增強我們的無線價值主張，這種增長將繼續我們多樣化的服務，如 Stream+、TELUS 在線安全和 TELUS MyCare 漫遊。

[For health], residential Internet revenue grew 12% year-over-year and industry-leading results with upside as customers lean further into gigabit plus plans. Across our multiple brands and products, we are advancing innovation in our value prop to maximize cost efficiency and flow-through from our ARPU strength.

[對於健康]，住宅互聯網收入同比增長 12%，並且隨著客戶進一步傾向於千兆位以上計劃，其業績處於行業領先水平。在我們的多個品牌和產品中，我們正在推動價值支撐的創新，以最大限度地提高成本效率和 ARPU 優勢的流動性。

Leveraging TELUS' array of diversified assets we're able to drive incremental value to our customers. Through TELUS International, we are accelerating our digitization efforts, further evolving our platform, simplifying our products and support experiences and leaning into digital first to radically reduce our cost structure. A clear example is our new video platform and industry first that we launched in Q1, which offers customers more flexibility while also driving higher premium loading and reducing cost by as much as 30%, supporting enhanced profitability and cash flow.

利用 TELUS 的一系列多元化資產，我們能夠為客戶帶來增量價值。通過 TELUS International，我們正在加速我們的數字化工作，進一步發展我們的平台，簡化我們的產品和支持體驗，並傾向於數字優先，以從根本上降低我們的成本結構。一個明顯的例子是我們在第一季度推出的新視頻平台和行業首創，它為客戶提供了更大的靈活性，同時也推動了更高的保費負擔，並將成本降低了多達 30%，支持提高盈利能力和現金流。

Crucially, social capitalism is at the core of our go-to-market value proposition and continues to be our most meaningful and sustainable additive advantage. It is a principle that customers value. We have passionately supported our communities for years, including being the first to launch Connecting for Good program, offering the most sustainable Internet and the most sustainable devices with certified preowned.

至關重要的是，社會資本主義是我們進入市場價值主張的核心，並將繼續成為我們最有意義和可持續的附加優勢。這是客戶重視的原則。多年來，我們一直熱情地支持我們的社區，包括率先推出 Connecting for Good 計劃，提供最可持續的互聯網和經過認證的二手設備。

What's more is we are executing on our mission to improve access to health care for every Canadian through virtual care and pharmacy. And as we continue to embed social purpose into our products and services, we will further enhance loyalty now and into the future. We are confident that our strategy, our unique capabilities, our commitment to our customers and communities and our consistent execution track record will enable us to win continuously into the future.

更重要的是，我們正在執行我們的使命，通過虛擬護理和藥房改善每個加拿大人獲得醫療保健的機會。隨著我們繼續將社會目標融入我們的產品和服務，我們將進一步提高現在和未來的忠誠度。我們相信，我們的戰略、我們獨特的能力、我們對客戶和社區的承諾以及我們一貫的執行記錄將使我們能夠在未來不斷取得成功。

Now I'll hand it over to Doug.

現在我將把它交給道格。

Thank you, Zainul, and hello, everyone. Mobile Network revenue increased by an industry-leading 7.6% year-over-year, driven by our best Q1 on record for mobile and connected device net additions of 105,000 and higher mobile ARPU. ARPU growth of 3.8% in Q1 reflects the continuation of roaming recovery before we start lapping in Q2. Beyond roaming, we remain focused on driving sustainable ARPU growth and in Q1, we delivered year-over-year growth in domestic ARPU, and we anticipate maintaining positive growth for the rest of the year.

謝謝你，Zainul，大家好。移動網絡收入同比增長 7.6%，行業領先，這得益於我們有史以來最好的第一季度移動和連接設備淨增 105,000 台以及更高的移動 ARPU。第一季度 ARPU 增長 3.8% 反映了我們在第二季度開始之前漫遊復甦的持續。除了漫遊，我們仍然專注於推動可持續的 ARPU 增長，在第一季度，我們實現了國內 ARPU 的同比增長，我們預計今年剩餘時間將保持正增長。

The positive trajectory is a result of our consistent focus on high-quality loading executing our 5G monetization strategy, including IoT, step-ups in excellent base management, diligent cash management on handsets as well as leveraging our industry-leading churn profile. The ARPU increase with our combined leading churn has more than a 50% premium on lifetime value as compared to our peers. Fixed data services revenue grew 6.7% year-over-year driven primarily by strong customer growth across Internet, TV and security along with higher revenue per subscriber.

積極的軌跡是我們始終專注於執行我們的 5G 貨幣化戰略的高質量加載的結果，包括物聯網、加強卓越的基礎管理、勤奮的手機現金管理以及利用我們行業領先的客戶流失率。與我們的同行相比，ARPU 的增長與我們領先的流失率相結合，使生命週期價值高出 50% 以上。固定數據服務收入同比增長 6.7%，主要受互聯網、電視和安全領域客戶強勁增長以及每用戶收入增加的推動。

Within fixed data, residential Internet revenue grew by 12% year-over-year as we continue to drive more market share gains alongside modest ARPU growth. Importantly, our customers are continuing to move up to our higher-speed tiers recognizing the lower customer -- or the high -- superior customer experience on our fiber network, the compelling value of symmetrical speeds and the value and reliability of our industry lead bundled offerings.

在固定數據中，住宅互聯網收入同比增長 12%，因為我們繼續推動更多的市場份額增長以及適度的 ARPU 增長。重要的是，我們的客戶正在繼續升級到我們的更高速度層，認識到我們光纖網絡上較低的客戶 - 或高 - 卓越的客戶體驗，對稱速度的引人注目的價值以及我們行業領先捆綁的價值和可靠性產品。

Overall TTech operating revenues were up 15% for last year and adjusted EBITDA grew by 11%. In DLCX operating revenues from external customers were up 17% year-over-year, driven by additional services provided by existing customers and new clients, including those from the acquisition of WillowTree. DLCX revenue also benefited from year-over-year strengthening in the Canadian to U.S. dollar. DLCX EBITDA was up 8.1% as revenue growth was partially offset by higher employee benefits costs, primarily in Europe and higher share-based compensation expense. As a reminder, the reporting differences between TI and DLCX, as we previously disclosed. These solid results were delivered against the backdrop of a challenging economic environment.

去年 TTech 的整體營業收入增長了 15%，調整後的 EBITDA 增長了 11%。在 DLCX，來自外部客戶的營業收入同比增長 17%，這主要得益於現有客戶和新客戶提供的額外服務，包括收購 WillowTree 帶來的服務。 DLCX 的收入也受益於加元對美元的同比走強。 DLCX EBITDA 增長了 8.1%，因為收入增長被員工福利成本增加（主要是在歐洲）和股票薪酬費用增加部分抵消。提醒一下，TI 和 DLCX 之間的報告差異，正如我們之前披露的那樣。這些堅實的成果是在充滿挑戰的經濟環境下取得的。

TELUS International remains firmly focused on managing through these near-term headwinds with a key eye on efficiency and effectiveness in order to support their leading margin profile and cash flow generation. Importantly, TI reaffirmed its guidance today, targeting another strong year of double-digit growth while maintaining an attractive margin profile.

TELUS International 仍然堅定地專注於管理這些近期的不利因素，重點關注效率和有效性，以支持其領先的利潤率和現金流生成。重要的是，TI 今天重申了其指導方針，目標是在保持有吸引力的利潤率的同時，又一個強勁的兩位數增長年度。

Overall, consolidated operating results increased by 16% year-over-year and adjusted EBITDA grew by 11%. Consolidated net income and basic EPS were down 45% and 46%, respectively. These results reflect the depreciation and amortization impact of the inclusion of WillowTree and LifeWorks and from our generational capital investments that we made in our world-leading PureFibre and 5G networks Depreciation and amortization expenses also include $52 million write-off of leasehold improvements on the real estate decommission as part of our LifeWorks integration. The increase in financing costs were due a higher debt outstanding, which enabled us to drive success of our growth strategy.

總體而言，綜合經營業績同比增長 16%，調整後的 EBITDA 增長 11%。綜合淨收入和基本每股收益分別下降了 45% 和 46%。這些結果反映了包含 WillowTree 和 LifeWorks 的折舊和攤銷影響，以及我們在世界領先的 PureFibre 和 5G 網絡中進行的世代資本投資折舊和攤銷費用還包括 5200 萬美元的實際租賃改善註銷作為我們 LifeWorks 整合的一部分，房地產退役。融資成本的增加是由於未償債務增加，這使我們能夠推動我們的增長戰略取得成功。

In Q1, net income and EPS were also impacted by higher restructuring costs, including lump sum amounts of $67 million from the ratification of the new collective agreement between the TWU and TELUS along with LifeWorks integration costs and TI efficiency and effectiveness. The TWU lump sum payments were fully paid in April.

第一季度，淨收入和每股收益也受到更高重組成本的影響，包括批准 TWU 和 TELUS 之間的新集體協議以及 LifeWorks 整合成本和 TI 效率和有效性的一次性總付金額 6700 萬美元。 TWU 一次性付款已於 4 月全額支付。

Free cash flow of $535 million increased by an industry-leading 29%, driven primarily by higher EBITDA and lower CapEx. We're the only organization that show free cash flow growth in the quarter from our peers. For 2023, we're reiterating our consolidated financial guidance, targeting operational revenue growth of 11% to 14% and adjusted EBITDA growth of 9.5% to 11% and free cash flow of approximately $2 billion. As we progress through 2023, we anticipate the profile of our capital expenditures to be greater in the first half of the year as we position our team to take advantage of better seasonal weather as well as drive incremental in-year operational and financial benefits.

自由現金流為 5.35 億美元，增幅達到行業領先的 29%，這主要是由於更高的 EBITDA 和更低的資本支出。我們是本季度唯一一家在同行中顯示自由現金流增長的組織。對於 2023 年，我們重申了我們的綜合財務指導，目標是營業收入增長 11% 至 14%，調整後的 EBITDA 增長 9.5% 至 11%，自由現金流約為 20 億美元。隨著我們到 2023 年的進展，我們預計今年上半年我們的資本支出狀況會更好，因為我們將讓我們的團隊利用更好的季節性天氣，並推動年內運營和財務收益的增加。

Our capital profile will decelerate in the back half of 2023. During the first quarter, our team advanced our leadership position in sustainability, issuing our core sustainability-linked bond, linking our financing to the achievement of our ambitious environmental targets.

我們的資本狀況將在 2023 年下半年減速。在第一季度，我們的團隊提升了我們在可持續發展方面的領導地位，發行了我們與可持續發展相關的核心債券，將我們的融資與實現我們雄心勃勃的環境目標聯繫起來。

TELUS is the largest SMB program -- has the largest SMB program in Canada in the fixed income market and reinforces our sustainability commitments as a global leader in executing on our long-standing ESG strategy. At the end of the quarter, our average cost of long-term debt remains at 4.18%, while the average turn to maturity is over 12 years. Our leading growth profile and robust balance sheet position us to support are well-established and leading dividend program. Our ability to deliver on the program reflects our confidence in continuing to execute our successful global growth expansion, our ability to drive meaningful free cash flow and our sustainment of our EBITDA growth and low capital intensity.

TELUS 是最大的 SMB 計劃——在加拿大固定收益市場擁有最大的 SMB 計劃，並加強了我們作為執行長期 ESG 戰略的全球領導者的可持續發展承諾。本季度末，我們的長期債務平均成本保持在 4.18%，而平均到期期限超過 12 年。我們領先的增長狀況和穩健的資產負債表使我們能夠支持成熟且領先的股息計劃。我們執行該計劃的能力反映了我們對繼續執行我們成功的全球增長擴張的信心、我們推動有意義的自由現金流的能力以及我們維持 EBITDA 增長和低資本密集度的能力。

This will be supported by our intense focus on identifying and implementing cost efficiency and effectiveness opportunities including the ongoing investments in digitization and the retirement of our copper network, along with the new and targeted cost reduction initiatives to rationalize our cost structure on a permanent basis.

這將得到我們對確定和實施成本效率和有效性機會的高度關注的支持，包括對數字化的持續投資和我們銅線網絡的退役，以及新的和有針對性的成本削減計劃，以永久合理化我們的成本結構。

With that, Robert, back to you.

有了這個，羅伯特，回到你身邊。

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

謝謝，道格。 Mihai，我們準備好提問了。

Yes, of course. First question comes from Jerome Dubreuil from Desjardins.

是的當然。第一個問題來自 Desjardins 的 Jerome Dubreuil。

First, on the ARPU. Congrats, on the great results there. I think you did mention that you expect growth in ARPU for the remainder of the year. I'd like to know what's the assumption in terms of competition or behind that assumption?

首先，關於ARPU。恭喜，在那裡取得了很好的成績。我想你確實提到過你預計今年剩餘時間的 ARPU 會增長。我想知道競爭方面的假設或該假設背後的假設是什麼？

And then second question, on the spectrum policy announcement from yesterday, you published a white paper on spectrum last year. Were you surprised by the announcement of ISED, especially maybe with regards to the (inaudible) wave announcement and noncompetitive bidding there?

然後第二個問題，關於昨天的頻譜政策公告，你去年發布了一份關於頻譜的白皮書。您對 ISED 的公告感到驚訝嗎，尤其是關於（聽不清）浪潮公告和那裡的非競爭性投標？

So why don't you go ahead, Zainul, you can top up if you want.

那麼你為什麼不繼續，Zainul，如果你願意，你可以充值。

Yes. On ARPU, we still expect to see more roaming ARPU continue throughout the year. There continue to be more and more travelers as we look forward. And in addition to our quality loading, we've continued to focus substantially on premier economically and not chase lows or migrations that are uneconomic. And with that, you get an ARPU growth through your base and it's -- your base will continue to generate those returns and will not be influenced overnight over short-term marketing initiatives.

是的。在 ARPU 方面，我們仍然預計全年會看到更多的漫遊 ARPU。正如我們所期待的那樣，會有越來越多的旅行者。除了我們的質量加載外，我們還繼續在經濟上大量關注總理，而不是追逐低點或不經濟的遷移。這樣一來，您就可以通過您的基礎獲得 ARPU 增長——您的基礎將繼續產生這些回報，並且不會因短期營銷計劃而在一夜之間受到影響。

We've assumed and Zainul can top up that we'll continue with very, call it, intense marketing initiatives that we've seen year after year in Canada. And I would say that we highly expect that to continue.

我們已經假設並且 Zainul 可以充實我們將繼續我們在加拿大年復一年看到的非常可以稱之為強烈的營銷計劃。我要說的是，我們非常希望這種情況能夠繼續下去。

Yes. So thanks, Doug. Maybe to top up a couple of things. We have seen really good strength in our premium loading and that is highlighted by our differentiated offerings, our bundled capabilities, and we've seen strength in our net porting as well. We continue to believe and see that we will have some improvements from roaming, but also strong domestic ARPU growth, and there's upside related to that. I think the other thing to say is that we will -- we have ensured that our premium capabilities are bundled with differentiated offerings. I highlighted some of them in my remarks in terms of TELUS Online Security, Stream+ and other capabilities. And we'll also continue to bundle our health offerings such as MyCare Health roaming with our premium offers and ensure that we use that to drive the premium loading and domestic ARPU.

是的。所以謝謝，道格。也許要補充幾件事。我們在保費裝載方面看到了非常好的實力，我們的差異化產品、捆綁功能凸顯了這一點，我們在淨移植方面也看到了實力。我們繼續相信並看到我們將在漫遊方面有所改善，但國內 ARPU 也會強勁增長，並且存在與此相關的上行空間。我認為另一件事是我們將 - 我們已經確保我們的高級功能與差異化產品捆綁在一起。我在 TELUS 在線安全、Stream+ 和其他功能方面的評論中強調了其中一些。我們還將繼續將我們的健康產品（例如 MyCare Health 漫遊）與我們的高級產品捆綁在一起，並確保我們使用它來推動高級負載和國內 ARPU。

(Operator Instructions) And the next question comes from Maher Yaghi from Scotiabank.

（操作員說明）下一個問題來自豐業銀行的 Maher Yaghi。

Very strong numbers on the telecom side and thank you for all the granularities. And I mean, your bundling ability and your bundling history has -- is one of the best in Canada. So your peers are trying to catch up to you. But my question today is actually on health care. In the quarter, you noted that LifeWorks had a loss of $53 million. How much of that is related to real estate rationalization versus the -- some restructuring costs within the $141 million that you took in TTech. And the second question I had as well on health care is that in Q4, LifeWorks generated $350 million of revenue while it generated $269 million in the first quarter, so a drop of close of $100 million.

電信方面的數字非常強勁，感謝您提供所有詳細信息。我的意思是，你們的捆綁能力和捆綁歷史是加拿大最好的之一。所以你的同齡人正試圖趕上你。但我今天的問題實際上是關於醫療保健的。在本季度，您注意到 LifeWorks 虧損了 5300 萬美元。其中有多少與房地產合理化相關，而與您在 TTech 獲得的 1.41 億美元中的一些重組成本有關。第二個關於醫療保健的問題是，LifeWorks 在第四季度創造了 3.5 億美元的收入，而第一季度創造了 2.69 億美元的收入，因此下降了 1 億美元。

That business -- in my view, I don't remember seeing that much seasonality in the business. So can you maybe help us understand what is the base of the revenue that you should look for when we look at LifeWorks going forward within the revenue synergies that Darren, you talked about?

那項業務——在我看來，我不記得在業務中看到過那麼多的季節性。那麼，當我們在 Darren 談到的收入協同效應中展望 LifeWorks 時，您能否幫助我們了解您應該尋找的收入基礎是什麼？

So Maher, I think it would be better to take this offline. We're not entirely clear on the question. The normalization of the underlying LifeWorks results and the like. So we can speak with you separately on that to make sure that we have a clarity of understanding.

所以 Maher，我認為最好將其下線。我們對這個問題並不完全清楚。底層 LifeWorks 結果等的規範化。因此，我們可以就此單獨與您交談，以確保我們有一個清晰的理解。

What I can tell you is that the synergies related to the integration have grown markedly. So when we announced the deal, we were looking at total synergies, both soft and hard or revenue and cost in the circa $150 million on over a prospective 36-month period. We then elevated that goal based on our due diligence of the opportunities at both the cost level and at the revenue level, and that's principally related to cross-selling opportunities that are quite significant, which is not surprising when you think about TELUS Health pre-LifeWorks pursuing EAP opportunities from our virtual care platform or LifeWorks free the deal, pursuing virtual care opportunities off their EAP platform. There's a very synergistic fit between the 2. And then when you add into that, what the wider TELUS organization brings to bear, either on a B2B basis, or B2B2C in terms of employer-based health care solutions, it's extremely attractive. What we have also communicated is that our original view on the cost synergy component was under (inaudible) at $50 million of near-term cost synergies.

我可以告訴你的是，與整合相關的協同效應已經顯著增強。因此，當我們宣布這筆交易時，我們正在考慮未來 36 個月內大約 1.5 億美元的總協同效應，無論是軟的還是硬的，或者收入和成本。然後，我們根據對成本水平和收入水平機會的盡職調查提高了該目標，這主要與非常重要的交叉銷售機會有關，當您考慮 TELUS Health 預LifeWorks 從我們的虛擬護理平台尋求 EAP 機會，或者 LifeWorks 免費交易，從他們的 EAP 平台尋求虛擬護理機會。兩者之間有一種非常協同的配合。然後當你加入其中時，更廣泛的 TELUS 組織所帶來的影響，無論是在 B2B 的基礎上，還是在基於雇主的醫療保健解決方案方面的 B2B2C，它都極具吸引力。我們還傳達的是，我們對成本協同效應部分的最初看法低於（聽不清）5000 萬美元的近期成本協同效應。

We think the more accurate view of near-term cost synergies now stands at around $70 million and we've also elevated our total ambition as it relates to cost synergies up to $120 million just because of the work that we've done on due diligence, finding significant cost efficiencies that we can leverage between the TELUS Health organization, the LifeWorks organization and TELUS proper and they are significant from customer service to processes to digitization, the shared services and the like.

我們認為，目前對近期成本協同效應的更準確看法約為 7000 萬美元，而且由於我們在盡職調查方面所做的工作，我們還將與成本協同效應相關的總體目標提高到了 1.2 億美元，找到我們可以在 TELUS Health 組織、LifeWorks 組織和 TELUS 本身之間利用的顯著成本效率，它們從客戶服務到流程到數字化、共享服務等都非常重要。

The other material synergy that's emerged on the cost front is TELUS International. And that one, we also under (inaudible) , into how big this opportunity was on the efficiency front. And TI has stepped in, in Q4 and Q1 and it's taken over really the preponderance of the LifeWorks customer service responsibilities and their digital progression road map at some degree of materiality. And this is really leveraging what is a legacy TELUS strength in terms of what TI can do on the customer experience front, but also what TI can do as a digital accelerator on the transformative front. And that has been an opportunity bigger than our original actions.

在成本方面出現的另一個材料協同效應是 TELUS International。而那個，我們也在（聽不清）之下，了解這個機會在效率方面有多大。 TI 已經介入，在第四季度和第一季度，它在某種程度上真正接管了 LifeWorks 客戶服務職責的優勢和他們的數字化發展路線圖。這實際上是在利用 TI 在客戶體驗方面的傳統優勢，以及 TI 在變革方面作為數字加速器的優勢。這是一個比我們最初的行動更大的機會。

And so when you marry all those things up, as I said in my remarks today, what was the $150 million that went to $200 million of total synergies is now at $0.25 billion and it's really underpinned by the cost synergy component amongst TELUS, TELUS Health, LifeWorks and TELUS International and the material go-to-market opportunities on the revenue front. And I would expect you to see those results reflecting prominently in the performance of the combined business in the quarters and in the years ahead.

因此，當你把所有這些結合起來時，正如我在今天的發言中所說，從 1.5 億美元到 2 億美元的總協同效應現在是 2.5 億美元，它確實得到了 TELUS、TELUS Health 之間的成本協同效應的支持、LifeWorks 和 TELUS International 以及收入方面的材料上市機會。我希望你能看到這些結果在未來幾個季度和未來幾年合併後的業務表現中得到顯著反映。

In terms of the specificity of your comments, Doug, do you want to add something to that now?

道格，就你的評論的具體性而言，你現在想補充什麼嗎？

Yes. Just on the revenue side, we have mid-single-digit increase on the LifeWorks revenue in the year. Maher, we will reconcile with you off-line on where that differential may lie.

是的。就收入方面而言，我們今年 LifeWorks 的收入實現了中個位數的增長。 Maher，我們將離線與您核對差異可能存在的位置。

And we'll report against those synergies as well. So you've got full transparency on that and the delineation between what we're securing on cost efficiency versus what we're getting on the cross-sell revenue front, so you can track our progress against that $0.25 billion of value creation.

我們也會報告這些協同作用。因此，您可以完全透明地了解我們在成本效率方面所取得的成果與我們在交叉銷售收入方面所取得的成果之間的界限，因此您可以跟踪我們在 2.5 億美元價值創造方面的進展。

Our next question comes from Drew McReynolds from RBC.

我們的下一個問題來自 RBC 的 Drew McReynolds。

Two for me. First, maybe for you, Doug. Just on the working capital swings, we're seeing a pretty big one here in Q1. And I think for telecom investors in North America, it's a little bit more of a confusing item to track given all the changes, whether it's accounting or otherwise. So just -- could you just help us kind of think through how that plays out for the rest of the year? And then secondly, on the bundling, just to the comment earlier, TELUS has been doing a very successfully for many, many years. I'm trying to better understand where -- what the awareness is among households to bundle wireless and wireline together and how that's evolved, let's say, over the last 2 or 3 years. And really, the crux of the question is, is there a lot of incentives that have to be thrown household way in order to lock it down with the product intensity? Or are there other kind of ways this is being done at least from a TELUS perspective?

兩個給我。首先，也許對你來說，道格。就營運資金波動而言，我們在第一季度看到了一個相當大的波動。而且我認為對於北美的電信投資者來說，考慮到所有的變化，無論是會計方面還是其他方面，這都更像是一個令人困惑的項目。所以，你能不能幫我們想想今年餘下時間的效果如何？其次，關於捆綁，就剛才的評論而言，TELUS 多年來一直非常成功。我試圖更好地了解家庭將無線和有線捆綁在一起的意識如何，以及這種意識在過去 2 或 3 年中是如何演變的。實際上，問題的癥結在於，是否有很多激勵措施必須以家庭方式投入才能通過產品強度來鎖定它？或者至少從 TELUS 的角度來看，還有其他方法可以做到這一點嗎？

On free cash flow, a couple of things. First quarter does have more payments on performance bonus as well as maintenance fees and license fees that happened in the first quarter. That being said, if you take our EBITDA minus CapEx and the investment in handsets was circa $50 million that substantially gets us to our free cash flow and everything else is kind of noise. So the simple count really be EBITDA minus CapEx and handsets to $50 million and you get to our $535 directionally. Zainul?

關於自由現金流，有幾件事。第一季度確實有更多的績效獎金支付以及第一季度發生的維護費和許可費。話雖這麼說，如果您將我們的 EBITDA 減去資本支出，並且手機的投資約為 5000 萬美元，這將大大提高我們的自由現金流，而其他一切都是噪音。因此，簡單的計算實際上是 EBITDA 減去資本支出和手機，達到 5000 萬美元，您可以定向得到我們的 535 美元。再努？

Sure. Maybe what I'll say on the bundling front is that we have several value propositions in the market across several brands. And we use those to ensure that we create opportunities for our customers to buy into the value prop that is aligned to their goals from a value perspective. We try to take more of a more-for-more approach. And because we have more products in our bundle, than anyone else, we get to see some efficiencies in terms of how we deploy our marketing strategies and our execution of those strategies. So I think that what we've been able to do is really drive increased intensity because of the differentiation.

當然。也許我要說的是，在捆綁方面，我們在市場上有多個品牌的多個價值主張。我們利用這些來確保我們為客戶創造機會，讓他們從價值角度購買符合他們目標的價值支柱。我們嘗試採取更多的更多方法。而且因為我們捆綁的產品比其他任何人都多，所以我們在部署營銷策略和執行這些策略方面看到了一些效率。所以我認為我們已經能夠做的是因為差異化而真正推動強度的增加。

Our value prop across Security, Health, Online Security, video products and other capabilities and not look at pure discounting.

我們對安全、健康、在線安全、視頻產品和其他功能的價值支持，而不是單純的折扣。

Next question comes from Vince Valentini from TD Securities.

下一個問題來自道明證券的 Vince Valentini。

Yes. hoping to clarify a couple of things. I'm sorry if I missed it, but to Jerome's question on the new auction framework turning it to noncompetitive being proposed. Did you answer that? Or did you say you need to review it before you can answer?

是的。希望澄清幾件事。如果我錯過了，我很抱歉，但是關於杰羅姆關於將其轉變為非競爭性的新拍賣框架的問題。你回答了嗎？還是你說要先複習才能回答？

I think the best thing for us to do is take that way. We'd like to review that, Vince.

我認為我們最好的做法就是採取這種方式。文斯，我們想回顧一下。

Okay. I wasn't sure if that's just it, I just missed it. Second question, probably for Doug, just roaming, have you -- did I miss an actual figure in your opening comment, like what the percentage increase was or where you're at now versus pre pandemic?

好的。我不確定是否僅此而已，我只是錯過了它。第二個問題，可能是道格，只是漫遊，你有沒有——我在你的開場評論中錯過了一個實際數字，比如增加的百分比是多少，或者你現在與大流行前相比的位置？

Yes, we did not-- I didn't disclose it, but it's not -- say it's circa [135].

是的，我們沒有——我沒有透露它，但它不是——說它大約是 [135]。

That's great. And when you're saying domestic roaming, you're expecting to get better as the year goes on, I just want to make sure I understand what you mean by that. You mean inbound roaming from people traveling into Canada?

那太棒了。當你說國內漫遊時，你期望隨著時間的推移會變得更好，我只是想確保我理解你的意思。你的意思是來自前往加拿大的人的入站漫遊？

No. Domestic performance of our business contributing to the ARPU on the MRC front, it was an important differentiator because people would assume that 100% plus of our ARPU was buttressed by the international roaming improvement, and that doesn't fully capture the case because we're seeing a strong domestic contribution on the ARPU front from improving MRC, and you can see that in our leading network revenue. And the other thing, of course, that's making an increasing contribution there is IoT.

否。我們業務在 MRC 方面對 ARPU 的貢獻的國內業績，這是一個重要的區別因素，因為人們會認為我們 ARPU 的 100% 以上是由國際漫遊改善支撐的，但這並不能完全反映情況，因為我們看到改善 MRC 對 ARPU 方面的國內貢獻很大，你可以在我們領先的網絡收入中看到這一點。當然，另一件事正在為物聯網做出越來越大的貢獻。

That makes a lot of sense, Darren. I wasn't sure how to reconcile the roaming that I thought I heard. And the last one, just to clarify, grade on LifeWorks targets and how well you're -- how optimistic you are about how it's going. But I'm not sure I understand what's going on in the numbers for this quarter. We see the revenue pretty clearly up 4% versus what LifeWorks reported in their prior life last year in Q1. But in terms of EBITDA, they did $48 million in Q1 last year if I add in the synergies, even a small amount of what you're talking about, I just don't see that amount in your consolidated numbers. Is this all coming in the future? And for now, there's integration costs or some other holdbacks to the EBITDA?

這很有道理，達倫。我不確定如何調和我以為我聽到的漫遊。最後一個，只是為了澄清一下，對 LifeWorks 目標進行評分，以及你的表現如何——你對它的進展有多樂觀。但我不確定我是否了解本季度的數字。我們看到收入與 LifeWorks 去年第一季度報告的收入相比增長了 4%。但就 EBITDA 而言，如果我加上協同效應，他們去年第一季度的收入為 4800 萬美元，即使是你所說的一小部分，我也沒有在你的綜合數字中看到這個數額。這一切會在未來到來嗎？目前，EBITDA 是否存在整合成本或其他一些障礙？

I think that the simplest way to put it is that value creation, the preponderance of that is forward looking, kicking in, in Q2 and beyond.

我認為最簡單的表達方式是價值創造，其優勢是前瞻性的，在第二季度及以後發揮作用。

Next question comes from Simon Flannery from Morgan Stanley.

下一個問題來自摩根士丹利的西蒙弗蘭納里。

On macro, you mentioned tough macro a couple of times notably on TELUS International. Just -- if you could just give us a little bit more detail on where you're seeing that and particularly anything going on in consumer and customer payment patterns or anything like that and how you see that evolving. And then I know it's only been a month since Rogers-Shaw close, but just wondering if you've seen anything on the ground in the Shaw footprint. I think they've stopped marketing Shaw Mobile and how do you expect that competitive environment to evolve over the next few months?

在宏觀方面，你提到過幾次艱難的宏觀，特別是在 TELUS International 上。只是——如果你能給我們更多的細節，告訴我們你在哪裡看到的，特別是消費者和客戶支付模式或類似的任何事情，以及你如何看待它的演變。然後我知道 Rogers-Shaw 關閉才一個月，但我只是想知道你是否在 Shaw 足跡中看到任何東西。我認為他們已經停止營銷 Shaw Mobile，您認為競爭環境在未來幾個月內會如何發展？

Okay. I'll let Zainul speak to that. But I think in terms of on the ground post-merger, it's early days. We don't have enough data points to draw inference from. But Zainul will talk to how well positioned we are as an organization. Secondly, Simon, when we talk about the macroeconomic environment or headwinds and the like, it's important to point out that the performance of TTech has been nothing short of exemplary and really does reflect the countercyclical strength of our core telecom operations. If you look across every parameter from revenue to EBITDA to every single one of our loading goals and the results that we achieved on wireless and on wireline, I think you'll find that we performed very favorably across the board against street expectations and very favorably relative to our competitors exhaustively in that regard, and that speaks to the resilience of our business, the strength of our strategy and how well positioned we are in the marketplace. And I'd really encourage you to take a look at the results at revenue and at the operational loading level versus Street expectations and on a relative basis across our Canadian industry.

好的。我會讓 Zainul 談談這個問題。但我認為就合併後的實際情況而言，現在還處於早期階段。我們沒有足夠的數據點來進行推斷。但 Zainul 將談論我們作為一個組織的定位。其次，西蒙，當我們談論宏觀經濟環境或逆風等時，重要的是要指出 TTech 的表現堪稱典範，確實反映了我們核心電信業務的逆週期實力。如果你查看從收入到 EBITDA 的每一個參數，再到我們的每一個加載目標以及我們在無線和有線網絡上取得的成果，我想你會發現我們的整體表現非常好，超出了市場預期，而且非常好相對於我們的競爭對手在這方面詳盡無遺，這說明了我們業務的彈性、我們戰略的優勢以及我們在市場上的優勢。我真的鼓勵你看看收入和運營負荷水平與華爾街預期的結果，以及我們加拿大行業的相對基礎。

As it relates to the comments on TI, I'll hand it over to Jeff to make some comments there, where the impact of the macroeconomic environment has been material, but being weathered well within TI, but still nevertheless, I'm reflecting the pressures of some of what is transpiring particularly with sectoral implications amongst the hyperscalers. Jeff, over to you.

由於它涉及到對 TI 的評論，我會把它交給 Jeff 在那裡發表一些評論，其中宏觀經濟環境的影響是重大的，但在 TI 內部受到很好的影響，但儘管如此，我仍在反映一些正在發生的事情的壓力，特別是對超大規模企業的部門影響。傑夫，交給你了。

Thank, Darren. Thanks for the question, Simon. Indeed, from a math perspective, the primary consideration for being now over the past months or continued uncertainty influencing elongated decision-making cycles for many of our enterprise clients, particularly amongst the hyperscaler and tech community more broadly. Obviously, with continued interest rate inflation, continued uncertainty with respect to what's happening in the Ukraine, given our exposure in our European delivery footprint, in particular, and inflation more broadly.

謝謝，達倫。謝謝你的問題，西蒙。事實上，從數學的角度來看，過去幾個月的主要考慮因素是現在，或者持續的不確定性影響了我們許多企業客戶延長的決策週期，尤其是在更廣泛的超大規模和技術社區中。顯然，鑑於我們在歐洲交付足跡中的風險敞口，以及更廣泛的通貨膨脹，隨著利率持續通脹，烏克蘭正在發生的事情持續存在不確定性。

We're still seeing longer decision-making cycles and a pause in connection with moving forward on meaningful digital transformation initiatives amongst our incumbent customers base, given that we have a meaningful exposure to the tech and game sector more broadly, that uncertainty and slower decision-making is obviously creating some headwinds for us but thankfully, given both the countercyclical nature of the relationship with TELUS, both TELUS Communications, TELUS Health, specifically as an anchor customer for TI that you saw us report earlier this morning, hopefully, 15% consolidated growth year-over-year quarter 16% on a constant currency basis.

考慮到我們在更廣泛的技術和遊戲領域有重要的接觸，我們仍然看到更長的決策週期和在我們現有客戶群中推進有意義的數字轉型計劃的暫停，這種不確定性和更慢的決策-製造顯然給我們帶來了一些阻力，但值得慶幸的是，考慮到與 TELUS 關係的反週期性質，包括 TELUS Communications 和 TELUS Health，特別是作為 TI 的主要客戶，你看到我們今天早上早些時候報告的，希望是 15%按固定匯率計算，本季度綜合增長率為 16%。

And we continue to be quite bullish on the opportunity to deliver against the guidance we established in February, double digits, starting with a two consolidated growth for the year and double digits, starting with a 1 on an organic basis as we (inaudible) continued stability and a return to more appropriate and normal decision-making cycle in the back half of the year.

我們繼續非常看好有機會實現我們在 2 月份制定的兩位數的指導，從今年的兩位數綜合增長和兩位數開始，從有機基礎上的 1 開始，因為我們（聽不清）繼續穩定並在下半年恢復到更適當和正常的決策週期。

On the West?

在西方？

So I think we've -- I just want to answer your question on the bad debt and the macroeconomic impacts that we see in the domestic business, particularly consumer say that we haven't seen an increase. We're relatively flat. I think what we are seeing certainly is customers wanting to change the composition of their value prop, their bundles, and we're well positioned for that. We've talked a lot about our bundling strategy, our product intensity and the relative churn economics. And what I would say, though, that across other parameters as well, we're very well positioned and the way I think we would characterize it is that we're ahead of the curve but with upside.

所以我認為我們已經 - 我只想回答你關於我們在國內業務中看到的壞賬和宏觀經濟影響的問題，特別是消費者說我們沒有看到增加。我們比較平。我認為我們肯定看到的是客戶希望改變他們的價值支柱、他們的捆綁包的構成，而我們已經做好了準備。我們已經談了很多關於我們的捆綁策略、我們的產品強度和相對的流失經濟學。不過，我要說的是，在其他參數方面，我們也處於非常有利的位置，我認為我們將描述它的方式是我們領先於曲線，但有上升空間。

So when you think about our broadband investments, we're ahead of that curve. We've made a number of significant investments, and we'll continue to see the value of the efficiencies that we can gain and the ability to take costs out of our business. We're ahead of the curve on our customer-first and experience journey. We're ahead of the curve on our digitization but with significant upside. And we're ahead of the curve in terms of bring new product capabilities and new platforms. And this, again, is where we've been leveraging the skills of TI and are continually excited to work with WillowTree and other aspects of our TI partnership and assets therein to advance the journeys that we have in advance the customer simplification and the customer engagement in our products and services.

因此，當您考慮我們的寬帶投資時，我們走在了這條曲線的前面。我們已經進行了大量重大投資，我們將繼續看到我們可以獲得的效率的價值以及從我們的業務中降低成本的能力。我們在客戶至上和體驗之旅中處於領先地位。我們在數字化方面領先於曲線，但有很大的上升空間。我們在帶來新產品功能和新平台方面處於領先地位。這也是我們一直在利用 TI 技能的地方，並且很高興與 WillowTree 以及我們 TI 合作夥伴關係的其他方面和其中的資產合作，以推進我們在客戶簡化和客戶參與方面的旅程在我們的產品和服務中。

And so I think that what we've demonstrated is a consistent track record when you look back. But we've also demonstrated the capability to weather different kinds of regulatory changes, to weather macroeconomic changes, to be ahead of our peer group in circumstances like COVID and to be ahead of our peers when we have competitive challenges.

因此，我認為當您回顧時，我們所展示的是一致的記錄。但我們也展示了應對各種監管變化、應對宏觀經濟變化、在 COVID 等情況下領先同行以及在面臨競爭挑戰時領先同行的能力。

So we feel very confident in our strategy. We feel that our diversified asset portfolio will continue to service into the future. And we're excited about the new product capabilities that we're going to bring into the market.

因此，我們對我們的戰略非常有信心。我們認為我們多元化的資產組合將繼續服務於未來。我們對即將推向市場的新產品功能感到興奮。

Thanks, Simon. Mihai, we have time for one more question, please.

謝謝，西蒙。 Mihai，我們有時間再問一個問題。

Yes. The last question comes from Stephanie Price from CIBC.

是的。最後一個問題來自 CIBC 的 Stephanie Price。

I just want to touch on Ag and Consumer Goods. Growth in the division was flat this quarter. It sounds like you're expecting an improvement through the year. Just curious if you could speak about some of the puts and takes in the division in the quarter and going forward.

我只想談談 Ag 和消費品。本季度該部門的增長持平。聽起來您希望這一年有所改善。只是想知道您是否可以談談本季度和未來的部門中的一些看跌期權和收益。

Yes. Thanks, Stephanie. I would say we're disappointed in the Q1 performance given the market opportunity that we have. And to the point that you're making and the comments that I made in my opening remarks, we are looking for an improvement in Q2 and beyond to deliver a better result on a growth basis for 2023 that I think investors would be impressed with. Back to the macroeconomic comment that we just discussed. There's been some headwind pressure there within our Ag business. That's been punitive in nature as well as some transient impacts on a year-over-year basis.

是的。謝謝，斯蒂芬妮。我想說，鑑於我們擁有的市場機會，我們對第一季度的表現感到失望。就您和我在開場白中發表的評論而言，我們正在尋求第二季度及以後的改善，以便在我認為投資者會對 2023 年的增長基礎上取得更好的結果。回到我們剛才討論的宏觀經濟評論。我們的 Ag 業務中存在一些逆風壓力。這本質上是懲罰性的，並且與去年同期相比產生了一些短暫的影響。

In terms of specificity of where I'm looking for improvement on this front is in the area of product development and commercialization bringing to market some fantastic capabilities that we have on the technology and data analytics front, both within Agri business as well as our consumer goods operations. We've got some platform capabilities that are terrific and differentiated getting those operationalized, getting those commercialized and then scaling those on a go-to-market basis is something that you should look for going forward to support the improved results that we're all expecting.

就我在這方面尋求改進的具體方面而言，是在產品開發和商業化領域，將我們在技術和數據分析方面擁有的一些出色能力推向市場，無論是在農業企業還是我們的消費者中貨物操作。我們擁有一些非常棒且與眾不同的平台功能，讓這些功能實現運營化、商業化，然後在進入市場的基礎上擴展這些功能，這是您應該期待的，以支持我們所有人的改進結果期待。

Secondly, we need to improve the distribution strength of this organization. And that speaks to everything from our marketing and sales strategy to our channel strategy. To the extent to which you develop great products and platforms, but don't have the go-to-market capacity to put them in the hands usefully of customers because you're weak or subscale on distribution that's not going to give you the revenue and EBITDA and cash flow outcome that you're desirous of.

其次，我們要提高這個組織的分銷實力。這說明了從我們的營銷和銷售策略到我們的渠道策略的方方面面。在某種程度上，您開發了出色的產品和平台，但沒有進入市場的能力將它們有效地交付給客戶，因為您的分銷能力薄弱或規模較小，這不會給您帶來收入以及您想要的 EBITDA 和現金流量結果。

And then the third area, after scaling distributions and channel strength, is finishing off our integration activities. I still think there's work to be done in driving better integration to become one cohesive Ag and Consumer Goods business. For sure, I think there are still efficiency cost and effectiveness benefits to be harvested from that integration strategy and really seen a stronger adoption of the customer's first mentality that's been so successful at TELUS, which has been consistently fueled by our world leading levels of employee engagement.

然後是第三個領域，在擴大分銷和渠道實力之後，正在完成我們的整合活動。我仍然認為在推動更好的整合以成為一個有凝聚力的農業和消費品業務方面還有很多工作要做。可以肯定的是，我認為該整合戰略仍然可以帶來效率成本和效益方面的好處，並且確實看到了在 TELUS 如此成功地更強烈地採用客戶至上的心態，這一直受到我們世界領先水平的員工的推動訂婚。

At the end of the day, if you wonder why we're so strong on customers first, it's because we're so strong on employee engagement. And those 2 things are symbiotic, and the third area where I'm looking to see improvement. John, do you want to top up on anything?

歸根結底，如果您想知道為什麼我們首先對客戶如此重視，那是因為我們對員工敬業度如此重視。這兩件事是共生的，第三個領域是我希望看到改進的地方。約翰，你想補充什麼嗎？

Yes, Darren. I think you summed it up well, but I do want to top up on the fact that we expect a very growth in 2023 and delivering double-digit year-over-year growth demonstrated really through our consumer goods business from renewed food and beverage contracts on trade promotions as well as new logos and really strong acceleration in our data analytics work with our Animal Health division. And as Darren pointed out, we're in a very unique position. We have doubled down on our investments related to our global cloud-based multi-tenant trade promotions platform in both North America and in Europe and Asia, and we see this as a significant differentiator as we move ahead in this billion-dollar trade promotions market and really fueling significant growth as we move forward.

是的，達倫。我認為您總結得很好，但我確實想強調一個事實，即我們預計 2023 年將實現非常大的增長，並實現兩位數的同比增長，這通過我們的消費品業務與續籤的食品和飲料合同得到了真正的證明關於貿易促銷以及新徽標以及我們與動物健康部門的數據分析合作的真正強勁加速。正如達倫指出的那樣，我們處於一個非常獨特的位置。我們在北美、歐洲和亞洲加大了對基於雲的全球多租戶貿易促銷平台的投資，我們認為這是我們在這個價值數十億美元的貿易促銷市場中取得進展的重要差異化因素並在我們前進的過程中真正推動顯著增長。

I should say, Stephanie, we don't have a demand issue in this business, so it's down to management to go out and realize the potential.

我應該說，斯蒂芬妮，我們在這項業務中沒有需求問題，所以管理層要走出去並發揮潛力。

Thank you, Stephanie, and thank you, everyone, for joining us today. Please feel free to reach out to the IR team with any follow-up you may have. Have a great day.

謝謝你，斯蒂芬妮，也謝謝大家今天加入我們。如果您有任何後續行動，請隨時聯繫 IR 團隊。祝你有美好的一天。

This concludes the TELUS 2023 Q1 earnings conference call. Thank you for your participation, and have a nice day.

TELUS 2023 第一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。