Telus Corp (TU) 2023 Q2 法說會逐字稿

Good day, and welcome to the TELUS 2023 Q2 Earnings Conference Call. I would like to introduce your speaker, Robert Mitchell. Please go ahead.

美好的一天，歡迎參加 TELUS 2023 年第二季度收益電話會議。我想介紹一下你們的演講者羅伯特·米切爾。請繼續。

Hello, everyone. Thank you for joining us today. Our second quarter 2023 results news release, MD&A and financial statements and detailed supplemental investor information were posted on our website this morning.

大家好。感謝您今天加入我們。我們今天早上在我們的網站上發布了 2023 年第二季度業績新聞稿、MD&A 和財務報表以及詳細的補充投資者信息。

On our call today, we'll begin with remarks by Darren and Doug. As usual, for the Q&A portion of our call, we will be joined by a range of other executive leaders, Zainul Mawji, Consumer Solutions; Navin Arora, Business Solutions; Jim Senko, Chief Product Officer; Tony Geheran, COO; Jeff Puritt, President and CEO of TI and Sid Kosaraju, President of TELUS Health.

在今天的電話會議上，我們將從達倫和道格的講話開始。與往常一樣，在我們電話會議的問答部分，其他一系列執行領導者將參加我們的會議，其中包括消費者解決方案部門的 Zainul Mawji； Navin Arora，業務解決方案； Jim Senko，首席產品官；托尼·格黑蘭，首席運營官； TI 總裁兼首席執行官 Jeff Puritt 和 TELUS Health 總裁 Sid Kosaraju。

Briefly, this presentation and answers to questions contain forward-looking statements. Actual results could vary materially 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 including second quarter 2023 and annual 2022 MD&As.

簡而言之，本演示文稿和問題解答包含前瞻性陳述。實際結果可能與這些陳述存在重大差異。我們向證券委員會提交的公開文件（包括 2023 年第二季度和 2022 年年度 MD&A）中概述了它們所依據的假設以及可能導致它們出現差異的重大風險。

With that, Darren, over to you.

達倫，接下來就交給你了。

Thanks very much, and hello, everyone. In the second quarter, our TELUS team once again demonstrated execution strength in our TTech business segment, characterized by the potent combination of leading overall customer growth, complemented by strong operational and financial results.

非常感謝，大家好。第二季度，我們的 TELUS 團隊再次展示了 TTech 業務部門的執行實力，其特點是領先的整體客戶增長與強勁的運營和財務業績的有力結合。

The robust performance in our Communications Technology business continues to be underpinned by our globally leading broadband networks and of course, our customer-centric culture. This enabled our strongest second quarter on record, with total customer net additions of 293,000, up 19% on a year-over-year basis, driven by strong demand for our superior product portfolio and service excellence. Our leading customer growth is reflective of our consistent industry-best client loyalty across both mobile and our fixed product lines.

我們的通信技術業務的強勁表現繼續受到我們全球領先的寬帶網絡以及我們以客戶為中心的文化的支撐。在對我們卓越產品組合和卓越服務的強勁需求的推動下，我們第二季度的客戶淨增總數達到了有記錄以來最強勁的 293,000 名，同比增長 19%。我們領先的客戶增長反映了我們在移動和固定產品線中始終保持行業最佳的客戶忠誠度。

The TELUS team's passion for delivering customer experience excellence contributed to blended and postpaid mobile phone PureFibre Internet and residential voice churn all being below 1% yet again this quarter.

TELUS 團隊對提供卓越客戶體驗的熱情使得混合和後付費移動電話 PureFibre 互聯網和住宅語音流失率在本季度再次低於 1%。

I'll pick it up here on the interruption. I was speaking to the fact that mobile phone churn is now in its 10th consecutive year of being less than 1%, and our PureFibre Internet product has been below the 1% threshold now for 14 consecutive quarters. This is quite the unique combination that certainly bodes well for the future of the organization.

我會在中斷時在這裡接聽。我所說的事實是，手機流失率已連續 10 年低於 1%，而我們的 PureFibre 互聯網產品已連續 14 個季度低於 1% 的門檻。這是一個非常獨特的組合，對於該組織的未來來說無疑是個好兆頭。

In the second quarter, we delivered strong consolidated revenue growth of 13% and resilient EBITDA growth of 5% in spite of the macroeconomic challenges impacting TELUS International. Alongside that, we generated strong free cash flow growth of 36%.

儘管宏觀經濟挑戰影響了 TELUS International，但第二季度我們的綜合收入強勁增長了 13%，EBITDA 增長了 5%。除此之外，我們的自由現金流增長了 36%。

Let's turn now to have a look at our mobile operating results at TELUS. TELUS achieved leading wireless customer growth of 234,000 net additions in the second quarter. This included strong mobile phone net additions of 110,000, our best second quarter result since 2010. Notably, this strength was driven alongside our continued focus on high-quality and profitable customer growth. It also included record second quarter connected device net additions of 124,000, which were up 35% on a year-over-year basis. This reflects continued strong momentum with respect to our 5G and our IoT B2B solutions that are so critical for the future.

現在讓我們看看 TELUS 的移動運營結果。 TELUS 在第二季度實現了領先的無線客戶淨增 234,000 名。其中包括110,000 部強勁的手機淨增量，這是我們自2010 年以來最好的第二季度業績。值得注意的是，這種優勢是在我們持續關注高質量和盈利的客戶增長的同時推動的。第二季度聯網設備淨增量創歷史新高，達 124,000 台，同比增長 35%。這反映出我們的 5G 和物聯網 B2B 解決方案持續強勁的勢頭，這對未來至關重要。

Importantly, our team delivered another quarter of industry fast loyalty results, which continues, of course, to be the hallmark of the TELUS organization and is emblematic of our customers' first culture in action in terms of the empirical results it generates. Blended mobile phone churn was an industry low 0.91%. Moreover, our industry-leading postpaid mobile phone churn of 0.73% represents the 10th quarter out of the last 14 that we have earned a customer loyalty rate below 0.8%. This clearly distinguishes TELUS from our competitors and indeed, it is a result that is unsurpassed in North America with a churn rate that is amongst the lowest globally.

重要的是，我們的團隊又交付了四分之一的行業快速忠誠度結果，當然，這仍然是TELUS 組織的標誌，並且就其產生的實證結果而言，是我們客戶的第一行動文化的象徵。混合手機流失率為行業最低水平 0.91%。此外，我們業界領先的後付費手機流失率為 0.73%，這代表著過去 14 個季度中我們第 10 個季度的客戶忠誠度低於 0.8%。這明顯地將 TELUS 與我們的競爭對手區分開來，事實上，這一結果在北美是無與倫比的，其客戶流失率是全球最低的之一。

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, offering customers the fastest, most expansive and most reliable service in Canada.

我們始終如一的強勁業績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，為客戶提供加拿大最快、最廣泛和最可靠的服務。

The close on mobile industry-leading second quarter ARPU growth of 1.8% over last year was supported by roaming improvements as a result of increased international travel. It was also buttressed by higher domestic monthly recurring revenue as well as our industry-based churn rates, whereby we are retaining our highest value customers in addition, of course, to growth in connected devices and IoT revenues. This once again drove strong industry best organic network revenue growth of 6% in the quarter.

第二季度 ARPU 較去年增長 1.8%，接近移動行業領先水平，這得益於國際旅行增加帶來的漫遊改善。它還受到較高的國內每月經常性收入以及我們基於行業的客戶流失率的支撐，當然，除了聯網設備和物聯網收入的增長之外，我們還保留了最高價值的客戶。這再次推動本季度 6% 的行業最佳有機網絡收入強勁增長。

Notably, our leading Mobile Phone lifetime revenue continues to exceed our national peers by up to 70%. This has been a consistent story at the TELUS organization for a very long time. This is reflective of the combination of our continued focus on high-quality customer growth and leading client loyalty, delivered consistently as is the hallmark of our company.

值得注意的是，我們領先的手機生命週期收入繼續超過國內同行高達 70%。長期以來，這是 TELUS 組織的一貫說法。這反映了我們持續關注高質量客戶增長和領先的客戶忠誠度，始終如一地提供服務，這是我們公司的標誌。

Turning now to our fixed operating results where TELUS delivered industry-leading second quarter wireline customer growth. Our team achieved leading Internet net additions of 35,000 in the quarter, up 3% on a year-over-year basis, powered by leading customer loyalty in combination with the significant advantages of TELUS' extensive PureFibre network.

現在轉向我們的固定運營業績，TELUS 在第二季度實現了行業領先的有線客戶增長。在領先的客戶忠誠度以及 TELUS 廣泛的 PureFibre 網絡的顯著優勢的推動下，我們的團隊在本季度實現了 35,000 名領先的互聯網淨增用戶，同比增長 3%。

We continue to drive leading growth in our TV product line with net additions of 17,000 and which was up 13% on a year-over-year basis. Furthermore, residential voice losses were again an industry low at 8,000 and were relatively flat over this time last year.

我們繼續推動電視產品線的領先增長，淨增數量達到 17,000 台，同比增長 13%。此外，住宅語音損失再次創下行業新低，為 8,000，並且與去年同期相比相對持平。

Notably, this leading performance reflects our continued momentum with respect to multi-product intensity and the inherent churn benefits that have been so consistently successful for the TELUS organization. Healthy and leading security net additions of 15,000 further reflect our successful strategy of driving profitable customer growth and multiproduct penetration.

值得注意的是，這種領先的業績反映了我們在多產品強度和固有的客戶流失效益方面的持續動力，而這些優勢對於 TELUS 組織來說一直是成功的。健康且領先的安全網絡新增 15,000 名進一步反映了我們推動盈利性客戶增長和多產品滲透的成功戰略。

Overall, we drove robust and industry-leading external fixed net additions of 59,000 in the second quarter. This performance is indicative of the strength of our unique and highly attractive bundled offerings across our truly unmatched portfolio of products and services, buttressed by our ever-expanding, globally leading PureFibre and 5G networks, all wrapped within our customer-centric culture.

總體而言，我們在第二季度實現了強勁且行業領先的外部固定淨增量 59,000 人。這一業績表明了我們在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，並得到了我們不斷擴展的全球領先的PureFibre 和5G 網絡的支持，所有這些都融入了我們以客戶為中心的文化之中。

Indeed, the generational investments that we've made in the global best network technologies that are the cornerstone of our leading customer growth and the significant ongoing profitable market share gains that we have driven over so many years and will continue to do so on a go-forward basis. Furthermore, these investments will continue to drive important and extensive socioeconomic benefits for our communities and Canadian citizens for many, many, many decades to come.

事實上，我們對全球最佳網絡技術進行的一代又一代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並將繼續持續實現的顯著的持續盈利市場份額增長的基石。 - 向前基礎。此外，這些投資將在未來的許多年裡繼續為我們的社區和加拿大公民帶來重要和廣泛的社會經濟效益。

Let's turn now and take a look at TELUS Business Solutions. Our team within TELUS Business Solutions continues to deliver on its track record of contributing meaningfully to the success of the wider TELUS organization. Notably, this includes delivering another strong quarter with 6% revenue growth and profitable EBITDA contribution growth across our B2B product lines. This is enabled by a team that is absolutely dedicated to propelling its position as one of the leading B2B organizations on the planet and it's a story of differentiation at TELUS versus our peers.

現在讓我們來看看TELUS Business Solutions。我們的 TELUS 業務解決方案團隊繼續保持其良好記錄，為更廣泛的 TELUS 組織的成功做出有意義的貢獻。值得注意的是，這包括在我們的 B2B 產品線中實現另一個強勁的季度收入增長 6% 和盈利性 EBITDA 貢獻增長。這是由一支絕對致力於推動其作為全球領先 B2B 組織之一的團隊實現的，這是 TELUS 與同行的差異化故事。

During the quarter, our team secured several notable wins to bring our highly differentiated assets and capabilities to meet the evolving needs of our customers. This included a significant deal to deploy our intelligent smart building technology that will modernize retail operations for H&M 1 of the world's leading retailers.

在本季度，我們的團隊取得了幾項重大勝利，利用我們高度差異化的資產和能力來滿足客戶不斷變化的需求。其中包括部署我們的智能建築技術的一項重大交易，該技術將使世界領先零售商 H&M 1 的零售運營現代化。

We recently moved our TELUS Agriculture & Consumer Goods business, or TAC into TBS. This will clearly support enhanced efficiency and effectiveness measures and is reflective of our collective commitment in respect of realizing quantum growth in our compelling TAC business.

我們最近將 TELUS 農業和消費品業務 (TAC) 轉移至 TBS。這顯然將支持提高效率和有效性的措施，並反映了我們在引人注目的 TAC 業務中實現量子增長的集體承諾。

Second quarter TELUS Agriculture & Consumer Goods revenues of $79 million were relatively flat on a year-over-year basis, and this disappoints us. It reflects headwinds in our Agribusiness vertical due to softness related to macroeconomic challenges and as well it reflects onetime professional services revenues that were realized in the second quarter of 2022. We continue to expect progress on our top line and to see that flow through to profitability in this business for the second half of 2023, resulting in positive annual growth.

第二季度 TELUS 農業和消費品收入為 7900 萬美元，與去年同期相比相對持平，這讓我們感到失望。它反映了由於宏觀經濟挑戰相關的疲軟而導致我們的農業綜合企業垂直領域面臨的逆風，也反映了2022 年第二季度實現的一次性專業服務收入。我們繼續期望我們的營收取得進展，並看到這一進展轉化為盈利能力2023 年下半年該業務將實現年度正增長。

The TELUS Agriculture & Consumer Goods team will leverage the expertise, to leverage the experience, and to leverage the high-performance culture and talent of our TBS team, ensuring that we are well positioned to accelerate our customers for sales, marketing, channel and holistic go-to-market efforts, including exciting and plentiful cross-selling opportunities.

TELUS 農業和消費品團隊將利用我們 TBS 團隊的專業知識、經驗以及高績效文化和人才，確保我們處於有利位置，能夠加速客戶的銷售、營銷、渠道和整體發展進入市場的努力，包括令人興奮的大量交叉銷售機會。

TELUS remains steadfast in our objective to accelerate and significantly scale our TAC business into a potent asset of consequence, focused on becoming the world's largest global independent provider of digital technologies and data insights, connecting customers from producers to consumers across the agricultural products, food and packaged goods industries.

TELUS 始終堅持我們的目標，即加速並大幅擴展我們的TAC 業務，使其成為一項強大的重要資產，專注於成為全球最大的數字技術和數據洞察獨立提供商，將農產品、食品和飲料領域的生產商和消費者之間的客戶聯繫起來。包裝商品行業。

Let's turn now and take a look at our TELUS Health business unit. We achieved second quarter revenues of $428 million in TELUS Health, up 212%. Notably, when normalizing for LifeWorks, EBITDA grew by 11%. These results reflect the continued growth and increasing scale of our health operations since our acquisition of LifeWorks in 2022, enabling us to make meaningful progress on our goal to be the most trusted, well-being company in the world. And this includes covering more than 68 million lives around the world with our healthcare services and healthcare programs, an increase of nearly 46 million on a year-over-year basis and includes supporting health outcomes on nearly 153 million digital health transactions during the second quarter of 2023. This was up more than 5% over the same period a year ago.

現在讓我們來看看我們的 TELUS Health 業務部門。 TELUS Health 第二季度收入達 4.28 億美元，增長 212%。值得注意的是，當 LifeWorks 實現正常化時，EBITDA 增長了 11%。這些結果反映了自 2022 年收購 LifeWorks 以來我們健康業務的持續增長和規模不斷擴大，使我們能夠在成為世界上最值得信賴、最幸福的公司的目標上取得有意義的進展。這包括通過我們的醫療保健服務和醫療保健計劃覆蓋全球超過 6800 萬人，同比增加近 4600 萬人，並包括在第二季度支持近 1.53 億筆數字健康交易的健康結果2023 年。這一數字比一年前同期增長了5% 以上。

It includes increasing our virtual care membership to 5.3 million. up nearly 50% over the prior year. We expect TELUS Health to continue its sustained growth and a sustained expansion underpinned by the integration and innovation of our diverse product suite and care delivery that enables us to support the evolving needs of our customers around the world.

其中包括將我們的虛擬護理會員人數增加到 530 萬。較上年增長近50%。我們期望 TELUS Health 在我們多元化產品套件和護理服務的整合和創新的基礎上繼續持續增長和持續擴張，使我們能夠支持世界各地客戶不斷變化的需求。

Importantly, since acquiring LifeWorks, our team has now committed to driving $425 million in annualized synergies by the end of 2025, up from $250 million. This includes $325 million expected to be realized through operating cost synergies from continued integration, continued optimizing of our organizational structure, systems and, of course, optimizing the real estate portfolio of TELUS Health within the wider TELUS fold.

重要的是，自收購 LifeWorks 以來，我們的團隊現已承諾到 2025 年底實現年化協同效應從 2.5 億美元增至 4.25 億美元。其中包括預計通過持續整合、持續優化我們的組織結構、系統，當然還有在更廣泛的 TELUS 範圍內優化 TELUS Health 的房地產投資組合帶來的運營成本協同效應而實現的 3.25 億美元。

Furthermore, we expect to drive at least $100 million from revenue synergies over the same period, fueled by cross-selling health services and the potent products that we have within our portfolio to our TELUS Health customer base, but also across the wider TELUS portfolio of assets. The realization of these synergies will allow us to reinvest in the growth of the business and improve our profitability, whilst we focus on delivering efficient, effective, secure and truly best-in-class health and wellness solutions to our customers. Notably, to date, we've achieved $127 million in combined annualized synergies towards this overall objective of $425 million.

此外，在向 TELUS Health 客戶群以及更廣泛的 TELUS 產品組合交叉銷售健康服務和我們的產品組合中的強效產品的推動下，我們預計同期收入協同效應將帶來至少 1 億美元的收入。資產。這些協同效應的實現將使我們能夠對業務增長進行再投資並提高我們的盈利能力，同時我們專注於為客戶提供高效、有效、安全和真正一流的健康和保健解決方案。值得注意的是，迄今為止，我們已經實現了 1.27 億美元的年度綜合協同效應，以實現 4.25 億美元的總體目標。

Now let's take a look at TELUS International. As we announced in July, increasing macroeconomic pressure has temporarily impacted service demand from some of TI's larger tech clients as they aggressively address their own cost structures, slowing expected revenue and profit growth for 2023. In response, our TI team has actioned significant incremental cost efficiency programs, including staff reductions to address lower service volumes.

現在讓我們來看看TELUS International。正如我們在7 月份宣布的那樣，不斷增加的宏觀經濟壓力暫時影響了TI 一些大型科技客戶的服務需求，因為他們積極解決自己的成本結構問題，從而減緩了2023 年的預期收入和利潤增長。作為回應，我們的TI 團隊已採取了大幅增加成本的行動效率計劃，包括裁員以解決服務量下降的問題。

TI importantly is also driving additional automation and generative AI-enabled solutions to further optimize its cost structure, and of course, its go-to-market sales opportunities, which are significant. Despite these near-term challenges, we at TELUS remain highly confident in TI's strategy, the team and their investment thesis. This is amplified by meaningful opportunities in respect of digital transformation, particularly within generative AI adoption and the continuing critical importance of differentiated digital customer experience solutions in the market, which remains a vibrant tailwind for TI's medium- and long-term growth and profitability. Doug will provide further commentary on both TTech and TELUS International's second quarter results in just a moment.

重要的是，TI 還在推動更多自動化和生成式 AI 支持的解決方案，以進一步優化其成本結構，當然還有意義重大的上市銷售機會。儘管近期面臨這些挑戰，TELUS 對 TI 的戰略、團隊及其投資理念仍然充滿信心。數字化轉型方面的有意義的機會，特別是在生成式人工智能的採用方面，以及市場上差異化數字客戶體驗解決方案的持續至關重要性，進一步放大了這一點，這仍然是TI 中長期增長和盈利能力的強勁推動力。 Doug 稍後將對 TTech 和 TELUS International 第二季度業績發表進一步評論。

Before I close, let me turn to the significant investment which we are announcing today in an extensive efficiency and effectiveness initiative across TELUS. This is against the backdrop of rapid transformation in our industry and the ways in which our customers want to engage with us. Furthermore, it is in response to the evolving regulatory, competitive and macroeconomic environment that we currently face and where we want to realize success within.

在結束之前，讓我談談我們今天宣布的對 TELUS 廣泛的效率和有效性計劃的重大投資。這是在我們行業快速轉型以及客戶希望與我們互動的方式發生變化的背景下發生的。此外，它是為了應對我們當前面臨的不斷變化的監管、競爭和宏觀經濟環境，以及我們希望在其中取得成功的環境。

Importantly, the transformational investments that we are prudently making now are building upon the saying when investments that TELUS has made over the course of 2 decades in building the best culture and enabling industry-leading customer experiences over our globally leading wireless and PureFibre broadband networks, and they are allowing us to accelerate our well progressed plans to digitally revolutionize our business and further streamline operating costs meaningfully that bodes so well for the future success of this organization.

重要的是，我們現在謹慎進行的轉型投資是建立在 TELUS 過去 20 年的投資基礎上的，即通過我們全球領先的無線和 PureFibre 寬帶網絡打造最佳文化並實現行業領先的客戶體驗，它們使我們能夠加快進展順利的計劃，以數字方式徹底改變我們的業務，並進一步有意義地簡化運營成本，這對該組織未來的成功來說是個好兆頭。

The generational investments we have made are fueling significant economic efficiencies and will ensure we remain market leaders in driving innovation and value for our customers, realizing profitable growth for our shareholders and supporting our team members and the communities within which we live, work and serve.

我們所做的一代又一代的投資正在顯著提高經濟效益，並將確保我們在推動創新和為客戶創造價值、為股東實現利潤增長以及支持我們的團隊成員以及我們生活、工作和服務的社區方面保持市場領導者的地位。

The accelerated program we are announcing today will yield expected cumulative annual cost savings of more than $325 million. Building smartly upon the terrific digital progress that this organization has made on a leading basis over the last few years, aided and embedded by the TELUS International Organization. Whilst this investment will temporarily dilute our strong free cash flow in 2023, importantly, it will support stronger free cash flow expansion in the years ahead as well as the progression and affordability of our leading multiyear dividend growth program.

我們今天宣布的加速計劃預計將每年節省超過 3.25 億美元的累計成本。該組織在過去幾年中在 TELUS 國際組織的協助和嵌入下在領先的基礎上取得了巨大的數字進步，巧妙地建立在這一進步的基礎上。雖然這項投資將暫時稀釋我們 2023 年強勁的自由現金流，但重要的是，它將支持未來幾年更強勁的自由現金流擴張，以及我們領先的多年股息增長計劃的進展和承受能力。

Given the scale of this incremental program, it is with a heavy heart that we are proceeding with 6,000 staff reductions across our global footprint, including approximately 4,000 in TTech and 2,000 at TELUS International, including offering early retirement and voluntary departure packages.

考慮到這一增量計劃的規模，我們懷著沉重的心情在全球範圍內裁員 6,000 人，其中 TTech 約 4,000 人，TELUS International 約 2,000 人，包括提供提前退休和自願離職套餐。

As a result of these extremely difficult decisions, we now expect incremental restructuring investments of up to $475 million in 2023. Our winning strategy at TELUS remains unchanged and our transformational efforts will be buttressed by our decade-long track record of successfully navigating exogenous factors from regulatory and competitive to macroeconomic and most recently, through the global pandemic, where we distinguished ourselves so admirably. Our resilience and ability to embrace change and continuously evolve the way we operate our cornerstones of our TELUS culture and the technology that we deploy in combination. And these 2 things will continue to fuel our future and all the success that we will realize.

由於這些極其困難的決定，我們現在預計2023 年增量重組投資將高達4.75 億美元。我們在TELUS 的製勝戰略保持不變，我們的轉型努力將得到我們十年來成功應對外部因素影響的記錄的支持。宏觀經濟的監管和競爭，以及最近的全球大流行，我們在其中表現得非常出色。我們擁抱變革的韌性和能力，不斷發展我們運營 TELUS 文化基石和我們部署的技術的方式。這兩件事將繼續推動我們的未來和我們將實現的所有成功。

In closing, I'd like to extend my sincere appreciation to our more than 80,000 team members, retirees, family members and friends, who have collectively volunteered in 260 communities across 32 countries, thus far for our 18th annual TELUS Days of Giving making 2023, our most giving year yet. Indeed, since 2000, our TELUS family has contributed 2.2 million days of volunteerism, more than any other company in the world, helping to improve the lives of people across the globe that need a helping hand.

最後，我要向我們超過80,000 名團隊成員、退休人員、家人和朋友致以誠摯的謝意，他們在32 個國家/地區的260 個社區集體提供志願服務，迄今為止，我們的第18 屆年度TELUS捐贈日使2023 年成為可能，我們迄今為止最付出的一年。事實上，自 2000 年以來，我們的 TELUS 大家庭已經貢獻了 220 萬天的志願服務，比世界上任何其他公司都多，幫助改善了全球需要幫助的人們的生活。

Myself, our leadership team and the TELUS Board of Directors remain exceedingly grateful for our team's passionate efforts to support our global communities as we strive to deliver outstanding results for all of our stakeholders, exemplifying our world leadership in social capitalism. And on that note, I'll hand the call over to Doug.

我本人、我們的領導團隊和TELUS 董事會仍然非常感謝我們的團隊為支持我們的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，體現了我們在社會資本主義領域的世界領導地位。關於這一點，我會將電話轉交給道格。

Thank you, Darren, and hi, everyone. Mobile network revenue increased by 6% year-over-year, our 9th straight quarter of strong year-over-year growth. driven by high-quality customer additions, which has been supported by record population growth, along with higher mobile ARPU.

謝謝你，達倫，大家好。移動網絡收入同比增長 6%，連續第 9 個季度實現同比強勁增長。這是由高質量的客戶增加推動的，而創紀錄的人口增長以及更高的移動 ARPU 也為其提供了支持。

Our growth has been also supported by our superior product bundling across home and mobile, customer service excellence and globally leading networks. Our ARPU growth of 1.8% in Q2 reflects -- 1.8% in Q2 reflects the continuing roaming benefits, however, at a lower level as we lapped the Q1 recovery. We anticipate roaming to remain positive contributor to grow in Q3 and Q4, but in smaller increments.

我們的增長還得益於我們在家庭和移動領域的卓越產品捆綁、卓越的客戶服務和全球領先的網絡。我們第二季度的 ARPU 增長 1.8%，反映了第二季度 1.8% 的增長反映了持續的漫遊效益，但隨著第一季度的複蘇，這一增長水平較低。我們預計漫遊仍將對第三季度和第四季度的增長做出積極貢獻，但增量較小。

Despite a highly competitive operating environment, particularly in the flanker space, we delivered positive year-over-year growth in domestic ARPU in the second quarter, reflecting high-quality loading and strong base management. As we progress through the back half of the year, we are targeting ARPU growth approaching 2% for 2023.

儘管運營環境競爭激烈，尤其是在側翼領域，我們第二季度的國內 ARPU 仍實現了同比正增長，這反映出高質量的負載和強大的基礎管理。隨著今年下半年的進展，我們的目標是 2023 年 ARPU 增長接近 2%。

Fixed data services revenue growth grew by 6.2% year-over-year, driven primarily by strong customer growth across internet, security and TV and higher revenue per internet customer. Within fixed, we also achieved strong B2B growth of 5%.

固定數據服務收入同比增長 6.2%，主要得益於互聯網、安全和電視領域客戶的強勁增長以及每個互聯網客戶收入的增加。在固定時間內，我們還實現了 5% 的強勁 B2B 增長。

Our leading fixed customer growth reflects our superior bundled offers and our leading PureFibre network. Customers are continuing to move to our higher Internet speed tiers, recognizing the superior customer excellence of our PureFibre network, the compelling value of symmetrical speeds and the value and reliability of our leading portfolio bundled offerings.

我們領先的固定客戶增長反映了我們卓越的捆綁產品和領先的 PureFibre 網絡。客戶不斷轉向我們更高的互聯網速度層，認識到我們的 PureFibre 網絡卓越的客戶卓越性、對稱速度的引人注目的價值以及我們領先的產品組合捆綁產品的價值和可靠性。

On the B2B front, inclusive of both mobile and fixed services, we continue to see positive financial results with revenue and EBITDA contribution up year-over-year. Health revenue increased by $291 million in Q2 over last year, primarily reflecting the contribution of LifeWorks as well as organic growth. EBITDA contribution in our health business area continues to grow steadily, along with margins in the mid-teens, which we anticipate to increase over time.

在 B2B 方面，包括移動和固定服務，我們繼續看到積極的財務業績，收入和 EBITDA 貢獻同比增長。第二季度醫療保健收入比去年增加了 2.91 億美元，主要反映了 LifeWorks 的貢獻以及有機增長。我們的健康業務領域的 EBITDA 貢獻繼續穩定增長，利潤率達到十幾歲左右，我們預計隨著時間的推移，利潤率將會增加。

As part of our broader cost efficiency program, our health team is improving their cost structure as we actively and complete the LifeWorks integration. Longer term, we continue to anticipate meaningful health revenue synergies from cross-selling opportunities and continued margin expansion, benefiting from the cost optimization. Overall, TTech revenues were up nearly 14% over last year, and adjusted EBITDA grew by 8.1%.

作為我們更廣泛的成本效率計劃的一部分，我們的健康團隊正在積極完成 LifeWorks 集成，從而改善其成本結構。從長遠來看，我們繼續預計交叉銷售機會和持續的利潤擴張將帶來有意義的健康收入協同效應，並受益於成本優化。總體而言，TTech 收入比去年增長近 14%，調整後 EBITDA 增長 8.1%。

In TI, we pre-released the second quarter results on July 13. Operating revenues from external customers were higher by 7.6% year-over-year, driven by additional services provided by existing clients and new clients, including those from our WillowTree acquisition. A strengthening of the U.S. to Canadian dollar exchange also benefit the DLCX revenue growth. DLCX adjusted EBITDA was down 19%, consistent with the pre-release last month -- earlier this month, primarily due to the reduction in service revenues from larger tech clients combined with higher service delivery costs in our AI business. These imbalances are due to the timing of some of the European labor reduction regulations and will be part of our future cost reduction initiatives.

在TI，我們於7 月13 日預發布了第二季度業績。在現有客戶和新客戶（包括我們收購的WillowTree 客戶）提供的額外服務的推動下，來自外部客戶的運營收入同比增長7.6% 。美元兌加元匯率走強也有利於 DLCX 收入增長。 DLCX 調整後 EBITDA 下降了 19%，與上個月（本月初）預發布的數據一致，主要是由於大型科技客戶的服務收入減少，加上我們人工智能業務的服務交付成本上升。這些不平衡是由於歐洲部分勞動力削減法規的實施時間造成的，並將成為我們未來成本削減舉措的一部分。

Our TELUS TI team remains firmly focused on managing through these near-term headwinds with a keen eye on efficiency and effectiveness in order to support their margin and cash flow generation. Overall, consolidated operating revenues increased by 13% year-over-year, and adjusted EBITDA grew by 5%. Consolidated net income and EPS were both down approximately 60% due to higher depreciation and amortization from our growing asset base, including LifeWorks, WillowTree and our generational investments in PureFibre and 5G networks.

我們的 TELUS TI 團隊仍然堅定地專注於應對這些近期的不利因素，並密切關注效率和有效性，以支持其利潤和現金流的產生。總體而言，合併營業收入同比增長 13%，調整後 EBITDA 增長 5%。由於我們不斷增長的資產基礎（包括 LifeWorks、WillowTree 以及我們對 PureFibre 和 5G 網絡的代際投資）帶來的折舊和攤銷增加，綜合淨利潤和每股收益均下降了約 60%。

Macroeconomics, notably our DLCX operating segment also impacted EPS and higher financing costs from our higher debt outstanding, reflecting the investments in our growth strategy as well as higher interest rates. In Q2, net income and EPS were also impacted by higher restructuring costs, as it relates to our cost efficiency initiatives.

宏觀經濟，特別是我們的 DLCX 運營部門，也影響了每股收益和因未償還債務增加而導致的更高的融資成本，反映了我們增長戰略的投資以及更高的利率。第二季度，淨利潤和每股收益也受到重組成本上升的影響，因為這與我們的成本效率舉措有關。

Free cash flow of $279 million increased 36% year-over-year, primarily by lower capital expenditures and higher adjusted EBITDA. This was partially offset by the increase in cash interest paid, higher restructuring, primarily due to the lump sum payments from the ratification of our TWU agreement and our ongoing efficiency programs.

自由現金流為 2.79 億美元，同比增長 36%，主要是由於資本支出減少和調整後 EBITDA 增加。這部分被支付的現金利息的增加和重組的增加所抵消，這主要是由於批准我們的 TWU 協議和我們正在進行的效率計劃而產生的一次性付款。

As announced on July 13, we revised our annual target for consolidated revenue and adjusted EBITDA to reflect TELUS International's updated outlook. Notably, the implied annual financial target for our TTech operating segment remains unchanged. Today, we updated our 2023 free cash flow guidance to reflect the higher expected restructuring disbursements related to the accelerated cost efficiency programs throughout all parts of our organization.

正如 7 月 13 日宣布的那樣，我們修改了合併收入的年度目標，並調整了 EBITDA，以反映 TELUS International 的最新前景。值得注意的是，我們 TTech 運營部門的隱含年度財務目標保持不變。今天，我們更新了 2023 年自由現金流指引，以反映與我們組織所有部門的加速成本效率計劃相關的更高預期重組支出。

While these decisions are difficult to undertake, they reflect our innovation for our customers, and are required -- the requirement to address the pressures from the current regulatory competitive macroeconomic environments while embracing our significant digital progression.

雖然這些決定很難做出，但它們反映了我們為客戶提供的創新，並且是必需的——需要解決當前監管競爭性宏觀經濟環境的壓力，同時擁抱我們重大的數字化進步。

Restructuring costs are now anticipated to be up to $750 million for the full year, an increase of $475 million from our original assumption. As Darren highlighted, the annual cost savings from the incremental accelerated program are anticipated to be approximately $325 million for the full year and about 80% of that will be to the TTech segment. Of the $325 million, we anticipate a small portion of the benefits to begin accruing in the back half of this year.

目前預計全年重組成本將高達 7.5 億美元，比我們最初的假設增加了 4.75 億美元。正如 Darren 所強調的那樣，增量加速計劃預計全年可節省約 3.25 億美元的成本，其中約 80% 將用於 TTech 部門。在 3.25 億美元中，我們預計一小部分收益將在今年下半年開始產生。

Consistent with our capital plan, we anticipate approximately 85% of our annual capital expenditures of our $2.6 billion target to be in the first 3 quarters of the year and we reaffirmed our $2.6 billion guidance for the year on CapEx. The expected decline in our capital program in Q4 is aligned with our seasonal build plan.

根據我們的資本計劃，我們預計 26 億美元目標的年度資本支出的約 85% 將在今年前 3 季度進行，並且我們重申了今年 26 億美元的資本支出指導。我們第四季度資本計劃的預期下降與我們的季節性建設計劃一致。

Our growth profile and robust balance sheet position continue to -- and our well-established dividend program will continue into the future. The initiatives we take today will be supporting all of that. We will continue to focus on executing our cost efficiency and effectiveness opportunities driving down our cost structure on a permanent basis.

我們的增長狀況和穩健的資產負債表狀況將繼續下去，而我們完善的股息計劃也將在未來繼續下去。我們今天採取的舉措將支持所有這一切。我們將繼續專注於執行成本效率和效益機會，永久降低我們的成本結構。

With that, we'll turn it over to Robert for the Q&A.

這樣，我們將把它交給羅伯特進行問答。

Thank you, Doug. Fredric, could we please proceed with questions?

謝謝你，道格。 Fredric，我們可以繼續提問嗎？

(Operator Instructions) So the first question we have is coming from Jerome Dubreuil of Desjardins.

（操作員說明）我們的第一個問題來自 Desjardins 的 Jerome Dubreuil。

First one I have is I'm interested in the digitization of your operations. Obviously, you've invested a lot in this over the last few years. Do you believe that you're a bit in advance in terms of your digitization versus what global peers might have done?

我的第一個問題是我對你們運營的數字化感興趣。顯然，過去幾年您在這方面投入了大量資金。您是否認為您在數字化方面比全球同行領先一些？

Jeff, why don't you take that and I'll top up if necessary.

傑夫，你為什麼不拿走這個，如果需要的話我會加滿的。

Yes. I think there's no doubt at all that the impact our digital transformation is having and has had on the business has given us a competitive advantage. I think it does 2 things concurrently and historically, I think these have been perceived to be mutually exclusive, but we've demonstrated that, that's not the case.

是的。我認為毫無疑問，我們的數字化轉型正在和已經對業務產生的影響給我們帶來了競爭優勢。我認為它同時和歷史地做了兩件事，我認為這些事情被認為是相互排斥的，但我們已經證明，事實並非如此。

One, it has meaningfully improved the cost to serve in terms of driving efficiency and effectiveness in those systems that we rely upon to support our customers. And then equally importantly, I think it's improved the client experience by making it easier for them to do business with us, to procure our products and services to requests, changes, add, editions, et cetera. And as a consequence, that's driving better adoption, increased subscriber net adds, increased share of wallet and lifetime average revenue.

第一，它顯著降低了服務成本，提高了我們賴以支持客戶的系統的效率和有效性。同樣重要的是，我認為它讓客戶更容易與我們開展業務，採購我們的產品和服務來請求、更改、添加、版本等，從而改善了客戶體驗。因此，這推動了更好的採用，增加了用戶淨增加，增加了錢包份額和終身平均收入。

So I think it is beyond contestation than having been an early adopter of digitally enabled interactions with our team members and our customers that gives us an advantage in the marketplace.

因此，我認為，與我們的團隊成員和客戶進行數字化交互的早期採用者相比，這是無可爭議的，這為我們在市場上帶來了優勢。

Without the investments and progress that we've made on the digital front, the AI front and currently and prospectively degenerative AI front, we would not be capable of realizing the cost efficiencies that we articulated today. We're realizing these cost efficiencies and looking to contemporaneously increase the service quotient of this organization. And I think that's a huge competitive differentiator for TELUS versus our peer group and the relationship between TELUS and TI has been absolutely key to realizing this position and what it portends for the future.

如果沒有我們在數字領域、人工智能領域以及當前和未來退化的人工智能領域所做的投資和進步，我們將無法實現我們今天闡述的成本效率。我們正在實現這些成本效率，並希望同時提高該組織的服務商。我認為這是 TELUS 與我們同行相比的一個巨大競爭優勢，TELUS 和 TI 之間的關係對於實現這一地位及其對未來的預示絕對是關鍵。

Great. And second one, I would have -- you've updated your guidance in mid-July. Now you're updating it again this time. Has anything changed since the mid-July? Or is it just that the restructuring decision and paperwork had to be done after?

偉大的。第二個，我想——你已經在七月中旬更新了你的指導。現在你這次又更新了。自7月中旬以來有什麼變化嗎？或者只是重組決定和文書工作必須在之後完成？

Doug, why don't you go on this one?

道格，你為什麼不繼續這個呢？

Yes. Nothing has changed from the perspective of 2 weeks ago. It was, in essence, bringing this forward with the overall story. And execution of our results. I think it would have been hard to do that in a pre-release and so we wanted to have to pull some picture of our overall operating results concurrent with the restructuring initiatives and finalizing those to the extent we discussed today.

是的。與兩週前相比，一切都沒有改變。從本質上講，它是在推動整個故事的發展。並執行我們的結果。我認為在預發布中很難做到這一點，因此我們希望在重組計劃的同時了解我們的整體運營業績，並最終確定我們今天討論的範圍。

Our next question comes from Mr. Maher Yaghi from Scotiabank.

我們的下一個問題來自豐業銀行的 Maher Yaghi 先生。

I would like to start just by asking a question on your leverage and capital allocation priorities. Over the last year, we have seen our leverage go from 3.2% to 3.8%. I mean you invested heavily in CapEx for sure, but also in acquisitions. This ratio is now above your long-term range. And can you help us understand the expected pace of the decline that you think this ratio is going to take, especially given the upcoming spectrum auctions coming up? Any targets on leverage that you can share with us here?

我想首先詢問有關您的槓桿和資本配置優先級的問題。去年，我們的槓桿率從 3.2% 升至 3.8%。我的意思是，你肯定在資本支出上投入了大量資金，但也在收購方面投入了大量資金。該比率現在高於您的長期範圍。您能否幫助我們了解您認為該比率將採取的預期下降速度，特別是考慮到即將到來的頻譜拍賣？您可以在這裡與我們分享任何槓桿目標嗎？

And just a follow-up after this question. You have supported TI in several ways, more recently through a couple of stock buyback acquisitions. Can you provide us some understanding as to how much more you are willing to support TI, specifically when it comes to stock acquisition, because this is a question that keeps coming up with investors? And I think some clarity on that would be helpful.

這只是這個問題之後的後續行動。您以多種方式支持 TI，最近通過了幾次股票回購收購。您能否向我們介紹一下您願意在多大程度上支持 TI，特別是在股票收購方面，因為這是投資者不斷提出的一個問題？我認為澄清這一點會有所幫助。

Okay. I'll let Doug take the first part of the question, and I'll top up on the second part.

好的。我將讓道格回答問題的第一部分，我將補充第二部分。

I think when you look at our industry-leading EBITDA growth and the fact that we've been coming to the end of our accelerated capital spend in this year's the decrease in capital spend was a good example of that. You're going to see that capital continue to be moderated into the future with even the initiatives we talked about today on bringing down our long-term cost structure for enhanced margins.

我認為，當你看看我們行業領先的 EBITDA 增長以及今年我們已經結束加速資本支出的事實時，資本支出的減少就是一個很好的例子。您將看到，即使我們今天討論的旨在降低長期成本結構以提高利潤率的舉措，未來的資本也會繼續減少。

We have full confidence we're going to delever very well into the future on free cash flow, and that these initiatives, if anything, will solidify even a stronger balance sheet into the future. So when you look at the growth areas we have, confidence in EBITDA growth and value gen and consistence with the demand on CapEx going forward coming down.

我們完全有信心，我們將在未來充分利用自由現金流去槓桿化，並且這些舉措（如果有的話）將鞏固未來更強勁的資產負債表。因此，當你看看我們擁有的增長領域時，對 EBITDA 增長和價值生成的信心以及與未來資本支出需求的一致性都會下降。

I think it's pretty clear that TELUS is now in a period where the sources of cash will chronically exceed the uses of cash, and that bodes well for the balance sheet of the organization as well as our strategic positioning from an investment thesis.

我認為很明顯，TELUS 現在正處於現金來源將長期超過現金用途的時期，這對於該組織的資產負債表以及我們的投資理論的戰略定位來說是個好兆頭。

Secondly, as you would know, Doug and the team have done a superb job, timing the balance sheet of the organization with the investment profiles that we have undertaken in areas like fiber and 5G. We've got an average term to maturity on our debt profile of 11 years. And our cost of debt is quite attractive, just to touch over 4% and of course, that debt is tax effective given the tax paying position of this organization.

其次，如您所知，Doug 和團隊做得非常出色，根據我們在光纖和 5G 等領域進行的投資情況調整了組織的資產負債表。我們的債務狀況的平均到期期限為 11 年。我們的債務成本非常有吸引力，僅達到 4% 以上，當然，考慮到該組織的納稅地位，這筆債務是節稅的。

In terms of TI, yes, we have made investments in TI on the edge in the past. We've done that, because we have a high degree of confidence in the TI organization and its growth prospects. But it's not just because we are confident in its external growth prospects, we recognize critically, as we've just spoken to, that TI is a critical enabler of TELUS' growth strategy, supporting everything that we're doing from customer service excellence to the digital transformation of our organization that put us in such a strong position.

就 TI 而言，是的，我們過去對 TI 進行了邊緣投資。我們之所以這麼做，是因為我們對 TI 組織及其發展前景充滿信心。但這不僅僅是因為我們對其外部增長前景充滿信心，正如我們剛才所說，我們批判性地認識到，TI 是TELUS 增長戰略的關鍵推動者，支持我們所做的一切，從卓越的客戶服務到我們組織的數字化轉型使我們處於如此有利的地位。

We, as an organization, believe, as you would expect, that TI is significantly undervalued. And as it deals up, the macroeconomic challenges in front of it with the right moves, the medium- and longer-term prospects for the organization are exceedingly strong.

正如您所料，我們作為一個組織相信 TI 的價值被嚴重低估。當它通過正確的行動來應對所面臨的宏觀經濟挑戰時，該組織的中長期前景非常強勁。

Having said that, we expect TI to stand on its own two feet and that's policy. So in terms of answering or fielding any questions that you're getting in that regard, we do not intend to buy TI back into the TELUS organization. Anything that we might do would be entirely opportunistic and only around the edges. We expect the organization to stand on its own two feet and drive growth. And we think that the organization, particularly post the efficiency measures that they're now implementing is going to have a fantastic platform for future growth and a very eager anchor tenant within the TELUS organization, but tremendous prospects on an external basis, particularly leveraging what we think are terrific accelerators for TI in respect of generative AI and how uniquely the TELUS International organization is positioned in that regard.

話雖如此，我們還是希望 TI 能夠自力更生，這就是我們的政策。因此，就回答或回答您在這方面提出的任何問題而言，我們不打算將 TI 重新納入 TELUS 組織。我們可能做的任何事情都完全是機會主義的，而且只是邊緣性的。我們期望該組織能夠自力更生並推動增長。我們認為，該組織，特別是他們現在正在實施的效率措施，將為未來的增長提供一個絕佳的平台，並在TELUS 組織內擁有一個非常熱切的主力租戶，但在外部基礎上前景廣闊，特別是利用我們認為，TI 在生成式人工智能方面是極好的加速器，而且 TELUS 國際組織在這方面的定位非常獨特。

It's also a huge opportunity for TI to product type, the success that has helped drive at TELUS and drive those solutions, not just across the comp, the media sector, but on a wider basis within its external client perimeter. So that policy TI will stand on its own two feet, and I think the future will be very bright.

這對 TI 的產品類型來說也是一個巨大的機會，它的成功幫助推動了 TELUS 並推動了這些解決方案，不僅在整個計算機、媒體領域，而且在其外部客戶範圍內更廣泛的基礎上。這樣政策TI就會自力更生，我認為未來會非常光明。

Our next question comes from Drew McReynolds of RBC.

我們的下一個問題來自加拿大皇家銀行的德魯·麥克雷諾茲。

Yes. Just 2 for me. First, I guess, maybe for you, Doug, on the restructuring. Obviously, I think you're the only one that includes this in free cash flow guidance and everyone restructuring. So there shouldn't be any surprise there. But it feels a little bit of back foot, front foot. There's part of this that is required probably, because of some cost inflation, but also front foot, because of your ability to be ahead of the curve and digitize. So maybe comment on if that's correct.

是的。對我來說只有2個。首先，我想，也許對你來說，道格，關於重組。顯然，我認為您是唯一將這一點納入自由現金流指導和所有人重組的人。所以這應該不會有什麼意外。但感覺有點後腳、前腳的感覺。其中一部分可能是必需的，因為一些成本上漲，但也需要先行一步，因為你有能力走在潮流前面並進行數字化。所以也許可以評論一下這是否正確。

And then just secondly, on the $325 million in run rate annualized savings, how should we think about that flowing through in 2024? I think by our calculation, it's about 500 basis points of year-over-year EBITDA growth, but I'm sure it's not that simple as adding that in 2024, because there's other things that I'm sure will offset. So just setting expectations here just broadly on that front.

其次，對於 3.25 億美元的運行率年化節省，我們應該如何考慮 2024 年的支出？我認為根據我們的計算，EBITDA 同比增長約為 500 個基點，但我確信這並不像 2024 年添加那麼簡單，因為我確信還有其他因素會抵消。因此，只是在這方面大致設定期望。

All right, Doug, go for it.

好吧，道格，加油吧。

Thanks, Drew. So we do plan to execute a majority of the plan within 2023. There are some other restructuring initiatives, though that do have a longer-term benefit and there would be some that would be, call it, multiyear in that payback such as the real estate rationalization as an example. And you are right, there will definitely be some give and take between the cost efficiencies versus other pressures within the market dynamics as highlighted by Darren earlier. So I would profile majority of it coming through in the early to mid part of next year, but balance through with some of the items that we've talked about lapping roaming as an example, you'll see that, that will slow down into 2024 as we lapped the COVID uptick and then it's declining and have less of an impact into the future. And that's just one example of where you'd see that partial offset.

謝謝，德魯。因此，我們確實計劃在 2023 年內執行該計劃的大部分內容。還有一些其他重組舉措，儘管它們確實具有長期效益，而且有些舉措的回報期可能需要多年，例如實際的以房地產合理化為例。你是對的，正如達倫早些時候強調的那樣，成本效率與市場動態中的其他壓力之間肯定會存在一些讓步。因此，我將在明年年初到中期介紹其中的大部分內容，但要與我們以漫遊為例討論的一些項目進行平衡，您會看到，這將減慢為到2024 年，我們經歷了新冠疫情的上升，然後開始下降，對未來的影響也較小。這只是您會看到部分偏移的示例之一。

But when we look at it, it is a long-term plan. It is looking through the initiatives in front of us and driving the efficiency savings as quickly as possible is definitely at our desired outcome.

但當我們審視它時，它是一個長期計劃。它正在審視我們面前的舉措，並儘快推動效率節約，這絕對是我們期望的結果。

Our next question comes from Simon Flannery of Morgan Stanley.

我們的下一個問題來自摩根士丹利的西蒙·弗蘭納里。

Great. I wanted to talk a little bit more about competition. I think you talked about increased flanker competition. Perhaps you could just characterize that? And do you think this is temporary or longer-term change? And to what extent is there risk of trade down from the premium plans?

偉大的。我想多談談競爭。我想你談到了側翼競爭的加劇。也許你可以描述一下這一點？您認為這是暫時的還是長期的變化？保費計劃的交易風險有多大？

And maybe specifically on the West, we've had several months of Shaw and Rogers integration, you put up some good KPIs. But what are you seeing on the ground there? Is there any real change in the competitive intensity on the converged product set out West?

也許特別是在西方，我們已經進行了幾個月的肖和羅傑斯整合，你提出了一些很好的關鍵績效指標。但你在地面上看到了什麼？西方出發的融合產品競爭強度是否有真正的變化？

Thanks, Simon. Jim, Zainul, why don't you hit that one?

謝謝，西蒙。吉姆、扎努爾，你們為什麼不打那個呢？

Okay. Why don't I go first. The headwinds, I think, are pretty well known. But we're also seeing some good tailwinds. So Bring Your Own Phone customer growth is strong, and that's growth without device subsidies. 5G plus is holding its value versus 5G and 4G. And we're seeing bundling accelerating, especially not just in the West, but we're also seeing good bundling opportunities in Eastern Canada, now it has been great.

好的。我為什麼不先走呢。我認為，不利因素是眾所周知的。但我們也看到了一些有利的推動因素。因此，“自帶手機”客戶增長強勁，而且是在沒有設備補貼的情況下實現的增長。與 5G 和 4G 相比，5G+ 保持了其價值。我們看到捆綁銷售正在加速，特別是不僅在西部，而且我們也在加拿大東部看到了很好的捆綁銷售機會，現在情況非常棒。

Look, we're pleased with how we navigated Q2. We had our best new customer growth since 2010. We're the only major carrier sustaining ARPU growth, continued churn leadership, significant industry lead on customer lifetime value. Our roaming growth is 145% versus pre-pandemic. So those were all solid. Bundling 5G plus Family Discount are protecting our premium customers. We're sustaining our customer renewal volumes with the year-over-year step up. So we've been able to manage our margins in areas like access points to device subsidies.

看，我們對第二季度的表現感到滿意。我們實現了自 2010 年以來最好的新客戶增長。我們是唯一一家保持 ARPU 增長、持續保持領先地位、在客戶生命週期價值方面處於行業領先地位的主要運營商。與大流行前相比，我們的漫遊增長了 145%。所以這些都是可靠的。 5G 與家庭折扣捆綁銷售正在保護我們的優質客戶。我們正在以逐年增長的方式維持我們的客戶續訂量。因此，我們已經能夠在設備補貼接入點等領域管理我們的利潤。

We relaunched public mobile balanced customer growth and margins. So 100% digital, 100% redesigned for simplicity. The cost to serve at 6x lower than TELUS allows us to meet prices while maintaining premium margins. And I think going forward, we're confident in our prospects for continued best backed by our consistent strategy, really best network and customer experience, bundling, focus on execution. We anticipate ongoing subscriber strength from the growth in integration and from product intensity.

我們重新推出了公共移動，平衡了客戶增長和利潤。因此，100% 數字化，100% 重新設計，以求簡單。服務成本比 TELUS 低 6 倍，使我們能夠在滿足價格的同時保持溢價利潤。我認為展望未來，我們對我們的持續前景充滿信心，這得益於我們一致的戰略、真正最好的網絡和客戶體驗、捆綁、專注於執行。我們預計，由於集成度的增長和產品強度的增加，用戶數量將會持續增長。

We continue to manage our margins with thoughtful mix of digital, Bring Your Own Phone and access points to device subsidies. We actually believe the retail flanker 5G price points will drive step up, especially from the growth we're getting on BYOP newcomer growth. So that we see as a positive and then 5G plus bundling Bring-It-Back, Family Discount are all holding and attracting our premium customers. So we continue to expect the full year ARPU growth, and we're very, very relentlessly focused on customer margin. Zainul, I don't know if you want to top up.

我們繼續通過深思熟慮的數字組合、自帶手機和設備補貼接入點來管理我們的利潤。事實上，我們相信零售側翼 5G 價格點將推動價格上漲，特別是從我們通過 BYOP 新用戶增長獲得的增長來看。因此，我們認為這是積極的，然後 5G 加上捆綁“Bring-It-Back”、“家庭折扣”都在吸引並吸引我們的優質客戶。因此，我們繼續預計全年 ARPU 會增長，並且我們非常非常不懈地關注客戶利潤。 Zainul，我不知道你是否要充值。

Yes. Maybe I will add a few points with respect to the West, as you highlighted there, Simon, and the competitive intensity. So to build on Jim's point, we're going to be ultra focused on AMPU driving wallet share and product intensity. And the customer loyalty that we continue to build on and garner as well as the superiority of our network capabilities and also the real product differentiation we're able to offer our customers from areas like home security and automation at consumer health are absolutely unique in the market. And so those are areas where we're continuing to see the opportunity to grow wallet share and grow our customer loyalty and affinity.

是的。也許我會補充一些關於西方的觀點，正如你所強調的，西蒙，以及競爭強度。因此，基於 Jim 的觀點，我們將高度關注 AMPU 推動錢包份額和產品強度。我們不斷建立和積累的客戶忠誠度以及我們網絡能力的優勢，以及我們能夠為家庭安全和消費者健康自動化等領域的客戶提供真正的產品差異化，在行業中絕對是獨一無二的。市場。因此，我們在這些領域繼續看到增加錢包份額、提高客戶忠誠度和親和力的機會。

And so in terms of what we're seeing in the competitive environment, we're really seeing consistency with respect to how we're executing on our strategy from the get-go. You're seeing us able to monetize some of the elements of our strategy from a cost takeout perspective and the digitization perspective. But to Darren's earlier point, that's been on the back of foundational investments we've made in both the network and the digital side. And it's also enabled our ability to do rapid product development and rapid go-to-market for our new product capabilities. And so that's serving us incredibly well.

因此，就我們在競爭環境中所看到的情況而言，我們確實從一開始就看到了我們執行戰略的一致性。您會看到我們能夠從成本支出和數字化的角度將我們戰略的一些要素貨幣化。但就達倫之前的觀點而言，這是我們在網絡和數字方面進行的基礎性投資的支持。它還使我們能夠快速開發產品并快速將新產品推向市場。這對我們來說非常好。

So we're continuing to see strong output on the back of our PureFibre 5G bundling. We see better wallet share and customer household growth and better loyalty and as well as better cost-to-serve across the board and we're just heads down and focused on continuing to drive that strategy and seeing, as you've seen in our results, continued traction in that strategy.

因此，我們繼續看到 PureFibre 5G 捆綁產品的強勁輸出。我們看到更好的錢包份額和客戶家庭增長、更好的忠誠度以及更好的全面服務成本，我們只是埋頭苦幹，專注於繼續推動這一戰略並看到，正如您在我們的報告中看到的那樣結果，繼續推動該戰略。

Pretty simple, Simon, a 5-point strategy that you'll see from this organization quarter in, quarter out, which is leverage best network, leverage best customer service, leverage best product portfolio, leverage best channels and digital capabilities and leverage best cost base, that's the 5-point.

很簡單，西蒙，你會從這個組織中每季度看到一個五點戰略，即利用最佳網絡、利用最佳客戶服務、利用最佳產品組合、利用最佳渠道和數字能力以及利用最佳成本基礎，這就是5點。

Our next question comes from Vince Valentini of TD Securities.

我們的下一個問題來自道明證券的文斯·瓦倫蒂尼。

First, sorry, if I missed it. The cost savings from the new restructuring program. I didn't see anything in the TELUS International release, but it's a public company, so I assume they have to provide some numbers. So hopefully, you can help us out how much of the $325 million will be on the TELUS side versus the TI side?

首先，抱歉，如果我錯過了。新的重組計劃節省了成本。我在 TELUS International 的新聞稿中沒有看到任何內容，但它是一家上市公司，所以我認為他們必須提供一些數字。希望您能幫助我們了解 3.25 億美元中 TELUS 方面與 TI 方面的佔比分別是多少？

So I think we did actually reference that in our call earlier today, Vince, it was $40 million in a year. And that's USD, not Canadian.

所以我認為我們確實在今天早些時候的電話會議中提到了這一點，文斯，一年的收入為 4000 萬美元。那是美元，不是加元。

Annual run rate.

年運行率。

No, in year.

不，一年內。

That was the restructuring (inaudible) debt.

這就是重組（聽不清）債務。

That's restructuring, sorry, okay. Yes, Joe USD 40 million out of the CAD 475 million restructuring costs is on the TI side. Do you have a similar figure on the $325 million ongoing operating savings?

這就是重組，抱歉，好吧。是的，Joe 在 4.75 億加元的重組成本中，有 4000 萬美元屬於 TI 一方。對於 3.25 億美元的持續運營節省，您是否有類似的數字？

About 20% of that was TI.

其中大約 20% 是 TI 的。

So I want to ask that first because my follow-up would be, if I take 80% of that $325 million, and then I take the new very impressive synergy target you're throwing out on LifeWorks getting up to $425 million by the end of 2025. Even with -- before we even add $1 of revenue growth, is it safe to assume that the EBITDA run rate in 2025 is surpass $600 million, higher than what we're seeing this year?

所以我想首先問這個問題，因為我的後續行動是，如果我拿走這3.25 億美元中的80%，然後我會拿走你為LifeWorks 提出的新的非常令人印象深刻的協同目標，到最後將達到4.25 億美元2025 年。即使在我們增加 1 美元的收入增長之前，是否可以安全地假設 2025 年的 EBITDA 運行率將超過 6 億美元，高於我們今年看到的水平？

I think Vince, we will update guidance for next year as appropriate. I think Drew's question on some of the offsets that may happen, including ARPU and some of the other pressures on the market size would potentially be a bit of volatility factor that this is going to hedge against.

我認為文斯，我們將酌情更新明年的指導。我認為德魯關於可能發生的一些抵消的問題，包括 ARPU 和市場規模的其他一些壓力，可能會成為對沖的一些波動因素。

So I think the cost savings here, yes, down the path you suggested, but I think there's other initiatives that will we'll balance that as we look into 2024, but we're expecting to still have industry-leading growth as you're implying.

因此，我認為這裡的成本節約，是的，按照您建議的方式進行，但我認為，在展望 2024 年時，我們將採取其他舉措來平衡這一點，但我們預計仍將實現行業領先的增長。重新暗示。

And the efficiencies will be holistically lucrative.

整體而言，效率將是有利可圖的。

Our next question comes from Tim Casey of BMO.

我們的下一個問題來自蒙特利爾銀行的蒂姆·凱西。

Two questions. One, I'm wondering if the challenges you've had at TELUS International, how that is influencing how you're approaching TELUS Health and its path to some sort of corporate event?

兩個問題。第一，我想知道您在 TELUS International 遇到的挑戰是否會影響您處理 TELUS Health 的方式及其舉辦某種企業活動的方式？

And second, we are getting questions on how you're thinking about your dividend growth plan in your 3-year commitment to 7%. Wondering if you could frame that in light of, I guess, the headwinds in TELUS International, but your announcement today of restructuring and restructuring savings going forward?

其次，我們收到有關您如何看待 3 年 7% 股息增長計劃的問題。我想知道您是否可以考慮到 TELUS International 的逆風，但您今天宣布了重組和重組儲蓄？

Okay. Let me kick it off with TI and TELUS Health to very explicitly answer your question, Tim. I think TI despite what's transpired in Q2 remains an exemplary model for TELUS Health. The TI organization has had an excellent track record of success historically and had surpassed expectations on many instances in the past, leading up to add and post the IPO process. I think TI's track record of success on differentiation, product development, client affinity has been absolutely key for that organization. And the duration of the success, I think, is quite telling in that regard.

好的。讓我首先通過 TI 和 TELUS Health 非常明確地回答您的問題，蒂姆。我認為，儘管第二季度發生了一些事情，TI 仍然是 TELUS Health 的典範。 TI 組織歷史上擁有出色的成功記錄，並且在過去的許多情況下都超出了預期，從而導致添加並發布了 IPO 流程。我認為 TI 在差異化、產品開發、客戶親和力方面的成功記錄對於該組織來說絕對是關鍵。我認為，在這方面，成功的持續時間非常有說服力。

So the hiccup that transpired in Q2, did not diminish TI, I think, is the right model as it relates to TELUS Health. And one of the other key attributes of TI's success is the duality of their performance in terms of both organic growth and smart inorganic moves that were well integrated and significant value was created from those acquisitions. And I think that is, again, a good model for the TELUS Health organization to follow. Our expectations of TELUS Health remain undiminished. And if anything, I would say they're emboldened and accelerating.

因此，我認為第二季度出現的問題並沒有削弱 TI 的影響力，因為它與 TELUS Health 相關，因此是正確的模式。 TI 成功的其他關鍵因素之一是其在有機增長和巧妙的無機舉措方面表現的雙重性，這些舉措得到了很好的整合，並從這些收購中創造了巨大的價值。我認為這也是 TELUS Health 組織可以遵循的一個很好的模式。我們對 TELUS Health 的期望依然沒有減弱。如果說有什麼不同的話，我會說他們變得更加大膽並且加速。

The other thing that is clear and maybe we need to make it more clear, is TI is not just a terrific enabler of TELUS on everything from customer service to digital progression, but TI is a significant enabler of TELUS Health itself. As TELUS Health goes through its improvements on cost efficiency, customer service excellence, product development and digital and gen AI progression. They will be aided and embedded by TI every single step of the way. And of course TI, which focuses on the health vertical as well, we'll take those capabilities and not only serve TELUS Health well, but productize them within the overall external market.

另一件明確的事情（也許我們需要更清楚地講）是，TI 不僅是 TELUS 從客戶服務到數字化進程等各方面的出色推動者，而且 TI 也是 TELUS Health 本身的重要推動者。 TELUS Health 在成本效率、卓越客戶服務、產品開發以及數字化和新一代人工智能方面不斷取得進步。他們將在每一步中得到 TI 的幫助和嵌入。當然，TI 也專注於健康垂直領域，我們將利用這些能力，不僅為 TELUS Health 提供良好的服務，還將在整個外部市場中將其產品化。

And so I think that's quite a compelling composition, and we're very much looking forward to realizing the synergies that we've articulated for TELUS Health at the $425 million level, where we've highlighted $325 million of hard synergies in terms of key efficiencies that TI will be supporting along the way to make sure that we deliver against that $325 million number. And I look forward to significantly improving upon the $100 million of revenue synergies from the plentiful cross-selling opportunities that we have.

因此，我認為這是一個相當引人注目的組合，我們非常期待實現我們為 TELUS Health 闡述的 4.25 億美元水平的協同效應，我們在關鍵方面強調了 3.25 億美元的硬協同效應TI 將全程支持提高效率，以確保我們實現3.25 億美元的目標。我期待著通過我們擁有的大量交叉銷售機會顯著提高 1 億美元的收入協同效應。

And on the dividend growth side, if anything, the initiatives we talked about today will solidify our passion to continue that going and our commitment to keeping that going. When you -- our decisions are off of free cash flow. And to Darren's point, in our discussion of free cash flow will accelerate as we move into the future, we don't see our commitment to that changing at all.

在股息增長方面，如果有什麼不同的話，那就是我們今天討論的舉措將鞏固我們繼續這一勢頭的熱情以及我們對保持這一勢頭的承諾。當你——我們的決策是基於自由現金流的。達倫認為，在我們討論自由現金流將隨著我們走向未來而加速時，我們認為我們對此的承諾根本沒有改變。

Quite the reverse.

恰恰相反。

Our next question comes from Stephanie Price of CIBC.

我們的下一個問題來自 CIBC 的 Stephanie Price。

(inaudible) your thoughts around capital allocation between the base business and TI and the growth businesses. As you noted, free cash flow is expected to accelerate from here. I'm just curious how you're thinking about where that margin (inaudible) should go. And then I've got another question.

（聽不清）您對基礎業務和 TI 以及成長業務之間資本分配的看法。正如您所指出的，自由現金流預計將從這裡開始加速。我只是好奇你是如何考慮這個餘量（聽不清）應該去哪裡。然後我還有另一個問題。

So if you look at the preponderance of our capital composition, how we've executed discretionary decisions on capital allocation. Firstly, TI has to stand on its own two feet, leveraging its own balance sheet and its own transaction currency, which is why we're interested in valuation improvement for that organization. for TELUS, I think it's been fairly transparent the big consumers of capital, which I think have paid off handsomely, and you can see it in the best-in-class operating results that we have generated.

因此，如果你看看我們的資本構成的優勢，就會發現我們如何執行資本配置的酌情決定。首先，TI 必須自力更生，利用自己的資產負債表和自己的交易貨幣，這就是為什麼我們對該組織的估值改善感興趣。對於TELUS來說，我認為對於資本的大消費者來說，這是相當透明的，我認為這已經得到了豐厚的回報，你可以從我們產生的一流運營業績中看到這一點。

Number one, we have invested and we'll continue to invest in wireless network technologies from 4G-plus to 5G to 5G-plus and of course, the spectrum that fuels our capacity along the way.

第一，我們已經並將繼續投資於從 4G+ 到 5G 再到 5G+ 的無線網絡技術，當然還有一路推動我們容量發展的頻譜。

Second, you'll see us continue to invest in PureFibre broadband with its attendant attributes of product intensity realization significantly above 3%, a cost-to-serve in terms of the external network that's 70% better than copper, revenue per home that's 20% better than copper, a margin per home, that's 25% better than copper and a churn rate that's 20% better than copper. You'll continue to see us make those investments.

其次，您將看到我們繼續投資 PureFibre 寬帶，其伴隨的產品強度實現明顯高於 3%，就外部網絡而言，服務成本比銅纜低 70%，每個家庭的收入為 20%比銅好%，每個家庭的利潤比銅好25%，流失率比銅好20%。您將繼續看到我們進行這些投資。

Number three has been our focus on digital progression, digital transformation, AI and generative AI, moving that continuum along the way. We wouldn't be able to do what we're doing today in terms of staff level efficiencies without what we've done over the last 36 months in that regard. And that's a really critical factor for us, because to be able to make those moves and because of our digital competency and capabilities set to not miss the beat in our go-to-market operations or our customer service excellence, I think, is a really distinguishing story.

第三是我們對數字化進程、數字化轉型、人工智能和生成式人工智能的關注，推動這一連續體的發展。如果沒有我們過去 36 個月在這方面所做的努力，我們就無法在員工效率方面取得今天的成就。這對我們來說是一個非常關鍵的因素，因為能夠採取這些舉措，並且我們的數字能力和能力不會錯過我們的市場運營或卓越客戶服務的節拍，我認為，這是一個真正與眾不同的故事。

Fourth area for us is success-based capital. And this is demonstrably within the core business of this organization. And you can see it reflected within our operational loading features.

我們的第四個領域是基於成功的資本。這顯然屬於該組織的核心業務。您可以看到它反映在我們的操作加載功能中。

And then the last area is supporting the growth of our data-centric businesses, data-centric businesses on health. And if you look at what's happening around the world today, the efficacy of what we're doing on data insights on health or data insights on ag or data insights on consumer packaged goods is stronger today than what it's ever been. And so that's where we will be focusing the preponderance of our capital. And I think what we have spent and how we have spent it from a composition point of view historically is present in terms of what you can expect us to do prospectively.

最後一個領域是支持我們以數據為中心的業務、以數據為中心的健康業務的增長。如果你看看當今世界各地正在發生的事情，就會發現我們在健康數據洞察、農業數據洞察或消費品數據洞察方面所做的工作的有效性比以往任何時候都更強。因此，這就是我們將集中我們的優勢資本的地方。我認為，從歷史上的構成角度來看，我們花費了什麼以及我們如何花費它，這取決於您可以期望我們未來做什麼。

And just a quick follow-up on the cost efficiency program. We've seen some headcount reductions from the telecom unit already. Just curious if you can talk a bit about the staff reduction goals for the telecom unit specifically?

這只是成本效率計劃的快速跟進。我們已經看到電信部門裁員了一些。只是好奇您能否具體談談電信部門的裁員目標？

Yes. So the staff reduction goals are 4,000 within our TTech business, incremental and 2,000 within TELUS International and potentially some incremental steps on TI over the remainder of the year in terms of optimizing its staff levels within its organization. The 4,000 within our telecoms business or communications technology business is 4,000 incremental to the 1,000 that we already had within our base plan for 2023. So it brings the total to 5,000 within the TTech part of the business.

是的。因此，我們的 TTech 業務部門的裁員目標是增量 4,000 人，TELUS International 的裁員目標是增量 2,000 人，並且 TI 在今年剩餘時間裡可能會採取一些增量措施來優化其組織內的員工水平。我們的電信業務或通信技術業務中的 4,000 名員工是在 2023 年基本計劃中已有的 1,000 名員工的基礎上增加了 4,000 名員工。因此，TTech 業務部分的員工總數達到 5,000 名。

And we think that's the right quantum right now to support what we want to achieve in terms of profitability and cash flow for 2024 and 2025 and 2026. And I think it sets us up well. And when you look at that improved profitability because of those moves with a diminished capital appetite in 2024, 2025 to 2026. I do think that the lucrative efficiencies that I mentioned earlier and the way that they will buttress and amplify our EBITDA results within our TTech business in combination with a slowing capital consumption profile will be hugely generative to the cash profile of the organization, which is why I made the comment on our dividend growth model of quite the reverse.

我們認為，現在這是支持我們在 2024 年、2025 年和 2026 年實現盈利能力和現金流目標的最佳時機。我認為這對我們來說非常有利。當你看到盈利能力的提高是因為 2024 年、2025 年到 2026 年資本胃口減弱的情況下。我確實認為我之前提到的利潤豐厚的效率以及它們將支撐和放大我們 TTech 內的 EBITDA 業績。業務增長與資本消耗放緩相結合，將為該組織的現金狀況帶來巨大的收益，這就是為什麼我對我們的股息增長模型做出了相反的評論。

I think our dividend growth model is crystallized in a stronger fashion than what it's ever been in terms of delivering against our forecast and what our management's expectations in terms of the accretion of our dividend within the 7% to 10% range over the next 36 months. And it's not lost on me as a personal investor in TELUS that this is over and above the 6% yield that the dividend currently represents on our trading price.

我認為我們的股息增長模式比以往任何時候都更加具體，符合我們的預測，也符合我們管理層對未來 36 個月內股息增長 7% 至 10% 的預期。作為 TELUS 的個人投資者，我並沒有忘記，這超出了我們目前交易價格所代表的 6% 股息收益率。

Thanks, Stephanie. Frederic, we have time for 2 more questions, please.

謝謝，斯蒂芬妮。 Frederic，我們還有時間再問兩個問題。

Our next question comes from David Barden of Bank of America.

我們的下一個問題來自美國銀行的大衛·巴登。

David, are you on mute?

大衛，你靜音了嗎？

So (inaudible) on for Dave. On my first question, you referenced the regulatory competitive and macro factors as sort of driving forces or influencing forces behind that cost efficiency program. I was wondering if you could add some context. Are you seeing this as kind of an increasing area of uncertainty as you're looking into 2024 and beyond? Or are those just -- are they stable factors that are always being considered that are just driving the need and the investment case for the digital transformation, and it's not an increasing level of uncertainty for you.

所以（聽不清）戴夫。關於我的第一個問題，您提到了監管競爭和宏觀因素作為成本效率計劃背後的驅動力或影響力。我想知道您是否可以添加一些上下文。在展望 2024 年及以後，您是否認為這是一個日益增加的不確定性領域？或者這些只是——它們是否是始終被考慮的穩定因素，只是推動數字化轉型的需求和投資案例，而這對您來說並不是越來越大的不確定性。

And secondly, on bundling, which is referenced repeatedly and it's a source of strength for the organization. Is there any sort of additional color you could provide on where you are on that journey? How much is left? Which services you're finding the most traction bundling? Which ones might be growing in their bundling outlook? Just any kind of color on where that stands, would be helpful.

其次，關於捆綁銷售，這一點被反复提及，也是組織的力​​量源泉。您可以為您在這段旅程中所處的位置提供任何額外的顏色嗎？還剩多少？您發現哪些服務捆綁最具吸引力？哪些公司的捆綁銷售前景可能會有所增長？任何一種顏色都會有所幫助。

Okay. Zainul, why don't I ask you to speak to the bundling front, and I'll kick it off with an answer on the regulatory side of things. Firstly, I think we've made an error in calling regulatory factors exogenous. Clearly, if we've learned anything over the last 23 years, regulatory factors are endogenous within our industry. And there's an aspect of development within the regulatory environment that seems to have characterized every single year, that I have been with the organization. And that's just something that we have to live with on a normalized basis in terms of the strategy of this organization and the operating sample.

好的。 Zainul，我為什麼不請你談談捆綁方面的問題，我將從監管方面的答案開始。首先，我認為我們將監管因素稱為外生因素是錯誤的。顯然，如果我們在過去 23 年中學到了什麼的話，那就是監管因素是我們行業內生的。監管環境中的一個發展方面似乎每年都有一個特點，我一直在該組織工作。就該組織的戰略和運營樣本而言，這只是我們必須在正常化的基礎上忍受的事情。

We are clearly, in terms of both magnitude and diversity, seeing every form of regulatory challenge over the past 20 years, hence, endogenous comment, and I do think that this organization has distinguished itself with a demonstrable track record that is truly second to none in processing these challenges, and in some cases, opportunities and moving the business forward with a terrific success. And that's no different than what's happening within 2023, whether it relates to mandated access components when it relates to the development of the MVNO model, whether it relates to facilities-based competition and the like.

顯然，在過去20 年裡，無論是規模還是多樣性，我們都看到了各種形式的監管挑戰，因此產生了內生評論，而且我確實認為，該組織以真正首屈一指的可證明的記錄而脫穎而出。在應對這些挑戰的過程中，在某些情況下，抓住機遇並推動業務取得巨大成功。這與 2023 年發生的情況沒有什麼不同，無論是與 MVNO 模型的開發相關的強制訪問組件，還是與基於設施的競爭等相關。

I would say right now, all of those developments are just normalized within the overall TELUS strategy. And we get on with absorbing them, with mitigating them and with coming up with strategies to overcome those regulatory impediments to our business. And the most demonstrable example is what we have done today.

我現在想說的是，所有這些發展都在 TELUS 的整體戰略中正常化。我們繼續吸收它們，減輕它們，並製定策略來克服這些對我們業務的監管障礙。最明顯的例子就是我們今天所做的事情。

When you look at the efficiencies that we're driving, they are preemptive in terms of how we see certain regulatory challenges evolving in the months and the years ahead, and we want to get ahead of it. Our ability to take cost out of the business today will prepare us to better absorb any regulatory impediment at T plus X and we're an organization that just wants to control our own destiny along the way.

當你看看我們正在提高的效率時，你會發現它們在我們如何看待未來幾個月和幾年內不斷演變的某些監管挑戰方面是先發製人的，我們希望能夠超越它。今天，我們降低業務成本的能力將使我們能夠更好地吸收 T plus X 的任何監管障礙，我們是一個只想一路掌控自己命運的組織。

The other thing that we are doing is we will always tune our employment and our investment according to the regulatory environment. And if we are seeing regulatory challenges or impediments, that is going to see us diminish the job profile within the TELUS organization in response to that and/or also diminish the investment profile. We will put shareholder money to work in the areas that can generate the best return overall for our stakeholders.

我們正在做的另一件事是，我們將始終根據監管環境調整我們的就業和投資。如果我們看到監管方面的挑戰或障礙，我們就會減少 TELUS 組織內的工作崗位以應對這一挑戰和/或減少投資情況。我們將把股東的資金投入到能夠為利益相關者帶來最佳整體回報的領域。

And then thirdly, we challenge the regulatory environment by doing what we think is right for our country. And when you look at the affordability, the solutions that are out there now from wireless to wireline and do a deep dive on the value propositions of each of the 3 brands within our wireless ecosystem, clearly, clearly, we are evidencing the affordability objective being met in a very fulsome fashion.

第三，我們通過做我們認為適合我們國家的事情來挑戰監管環境。當您查看負擔能力、現在從無線到有線的解決方案，並深入研究我們無線生態系統中 3 個品牌中每一個品牌的價值主張時，很明顯，我們正在證明負擔能力目標是見面的方式非常充實。

We are also delivering a quality of service within our portfolio to Canadian citizens in terms of regulatory oversight that is second to none globally. We have the best networks and the best customer service on the planet.

我們還在我們的產品組合中為加拿大公民提供全球首屈一指的監管監督服務質量。我們擁有地球上最好的網絡和最好的客戶服務。

And then the third axiom to our regulatory agenda is to invest in areas where there's a lighter regulatory touch, a benign regulatory environment or less regulatory intrusion and disruption. And clearly, when you see what we're doing with TELUS International and the growth prospects there, as that business returns to both double-digit revenue growth and margins that are well in excess of 20% or what we're doing globally with TELUS Health on the digital front or what we're doing globally with TELUS Agriculture and consumer goods on the digital front, leveraging data insights on a disruptive basis to drive growth within those industries. Those are areas that fall outside the yoke of the Canadian regulatory paradigm. And I think they will yield significant value creation for investors prospectively.

我們監管議程的第三個公理是投資於監管力度較輕、監管環境良性或監管干擾和乾擾較少的領域。顯然，當您看到我們與TELUS International 所做的事情以及那裡的增長前景時，隨著該業務恢復兩位數的收入增長和遠遠超過20% 的利潤率，或者我們在全球範圍內與TELUS所做的事情數字化領域的健康，或者我們在數字化領域與 TELUS 農業和消費品在全球範圍內所做的事情，利用顛覆性的數據洞察來推動這些行業的增長。這些領域不屬於加拿大監管模式的管轄範圍。我認為它們未來將為投資者創造巨大的價值。

So that is the regulatory theorem for this organization. And I think we have evidentiary documentation and empirical track record that says we've run that particular game plan well over the past 2 decades. Zainul?

這就是該組織的監管定理。我認為我們有證據文件和經驗記錄表明我們在過去 20 年裡很好地執行了特定的遊戲計劃。扎伊努爾？

So I think it would be overly simplistic to think about bundling from only a wireline, wireless perspective. I think we look at bundling across a journey. We have several brands. Some of those brands help us to identify new prospects that we can bring into our ecosystem, and then we look at the level of product intensity, and it's a self-fulfilling prophecy, because as you add products, and as you add other digital touch points into the customer's journey and into the household, you improve the economies of scope and scale, you improve the revenue and you improve the cost structure.

因此，我認為僅從有線、無線角度考慮捆綁過於簡單化。我認為我們應該考慮在整個旅程中進行捆綁。我們有幾個品牌。其中一些品牌幫助我們識別可以帶入生態系統的新前景，然後我們看看產品強度的水平，這是一個自我實現的預言，因為當你添加產品時，當你添加其他數字接觸時點進入客戶的旅程和家庭，您可以提高範圍經濟和規模經濟，提高收入並改善成本結構。

And so because we have such a significant breadth of products, as I highlighted across our home security automation, our online security, our consumer health portfolio in addition to the incredible products we have across our core services and our entertainment and other portfolios, we look at this from a perspective of continuous growth and that drives both revenue and cost-to-serve. And so as you look -- even if you look at, for example, a newcomer journey, that customer's needs and that customer's desires in terms of what they need in their household is going to change over time.

因此，由於我們擁有如此廣泛的產品，正如我在家庭安全自動化、在線安全、消費者健康產品組合中所強調的那樣，除了我們在核心服務、娛樂和其他產品組合中擁有的令人難以置信的產品外，我們希望從持續增長的角度來看，這會推動收入和服務成本。因此，當你觀察時，即使你觀察新移民的旅程，客戶的需求以及客戶對家庭需求的渴望也會隨著時間的推移而發生變化。

So there's a significant base management opportunity, and we look at the journey across the multitude of our products. We have the most products relative to our peers, and we're going to continue to build and deploy new product categories, some of which will be aligned to the product areas we're in and some of which will be net new areas that we can grow new digital relationships with our customers.

因此，這是一個重要的基礎管理機會，我們著眼於我們眾多產品的旅程。相對於同行，我們擁有最多的產品，我們將繼續構建和部署新的產品類別，其中一些將與我們所處的產品領域保持一致，其中一些將是我們的淨新領域可以與我們的客戶建立新的數字關係。

Final question comes from Sebastiano Petti of JPMorgan.

最後一個問題來自摩根大通的塞巴斯蒂亞諾·佩蒂。

I just wanted to see if you can provide a bit more color on perhaps maybe the margin in TTech within the second quarter. Was there anything onetime in nature or anything we should be thinking about in terms of comps? And in the context of the back half trajectory, obviously, you have some LifeWorks synergies coming in, but you're also comping LifeWorks in September, beginning in September of last year. And so some of the puts and takes around that and how we should perhaps be thinking about underlying growth within TTech on an ex-synergy or ex-LifeWorks basis?

我只是想看看你們是否可以在第二季度內為 TTech 的利潤提供更多的信息。自然界中有什麼一次性的事情或者我們應該在比較方面考慮的事情嗎？顯然，在後半段軌蹟的背景下，你會看到一些 LifeWorks 的協同效應，但你也在 9 月份（從去年 9 月開始）對 LifeWorks 進行比較。因此，圍繞這個問題的一些看法以及我們應該如何在前協同或前 LifeWorks 的基礎上考慮 TTech 的潛在增長？

Okay. Doug, we'll kick this one off.

好的。道格，我們就開始這一件事吧。

Yes. In the second half, there are a couple onetime items from last year. We did have a total investment in LifeWorks, which on the execution of the deal created a gain and you would have seen that through and we disclosed that in the third quarter of last year. That would be our main one. There's a couple of small, called put option gains that occur periodically through quarters. It also would be in the second half of the year. But the total would be the main one to acknowledge for Q3.

是的。下半年，有一些去年的一次性項目。我們確實對 LifeWorks 進行了總投資，在執行交易時創造了收益，您會看到這一點，我們在去年第三季度披露了這一點。那將是我們的主要任務。有一些小的、稱為看跌期權的收益會在每個季度定期發生。也將是在今年下半年。但總數將是第三季度需要承認的主要因素。

Would also be a mistake to -- because of the lapping of LifeWorks assume that the growth profile of Q4 relative to Q3 is significantly diminished. We are forecasting a more consistent performance across Q3 and Q4 in the second half of the year. So I would guide you in that regard.

由於 LifeWorks 的假設，第四季度的增長狀況相對於第三季度顯著減弱，這也是一個錯誤。我們預計下半年第三季度和第四季度的表現將更加一致。所以我會在這方面指導你。

Thank you, everyone, for joining us today. Please feel free to reach out to the IR team if you have any follow-ups. And for those in Canada, we wish you a wonderful long weekend.

謝謝大家今天加入我們。如果您有任何後續事宜，請隨時聯繫 IR 團隊。對於加拿大的人們，我們祝您度過一個愉快的長周末。

This concludes the TELUS 2023 Q2 Earnings Conference Call. Thank you for your participation, and have a nice day.

TELUS 2023 年第二季度收益電話會議至此結束。感謝您的參與，祝您有美好的一天。