Telus Corp (TU) 2023 Q3 法說會逐字稿

Good day, and welcome to the TELUS 2023 Q3 Earnings Conference Call. I would like to introduce your speaker, Mr. Robert Mitchell. Please go ahead.

美好的一天，歡迎參加 TELUS 2023 年第三季財報電話會議。我想介紹一下你們的演講者，羅伯特·米切爾先生。請繼續。

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

大家好。感謝您今天加入我們。我們的 2023 年第三季業績新聞稿、MD&A、財務報表和詳細的補充資訊已於今天上午發佈在我們的網站上。

On our call today, we'll begin with remarks by Darren, Doug and Zainul. For the Q&A portion, we will be joined by other members of our executive leadership team. Briefly, prepared remarks, slides 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 Securities Commissions in Canada and the U.S., including our third quarter 2023 and annual 2022 MD&A.

在今天的電話會議上，我們將首先由達倫、道格和扎伊努爾發表講話。對於問答部分，我們的執行領導團隊的其他成員將參加。簡而言之，準備好的評論、投影片和問題答案包含前瞻性陳述。實際結果可能與這些陳述有重大差異，我們向加拿大和美國證券委員會提交的公開文件中概述了它們所依據的假設以及可能導致它們不同的重大風險，包括我們的2023 年第三季和2022 年年度MD&A 。

With that, over to you, Darren.

就這樣，交給你了，達倫。

Thank you, Rosco, and hello, everyone. In the third quarter, our TELUS team once again demonstrated execution strength in our TTech business segment, characterized by the potent combination of leading customer growth alongside strong operational and financial results. This was complemented by sequential EBITDA improvement and margin expansion in our DLCX segment.

謝謝羅斯科，大家好。第三季度，我們的 TELUS 團隊再次展現了 TTech 業務部門的執行實力，其特點是領先的客戶成長與強勁的營運和財務表現的有效結合。我們的 DLCX 部門的 EBITDA 連續改善和利潤率擴張補充了這一點。

Notably, we achieved our strongest quarter of telecom customer growth on record with total net additions of 406,000, up 17% on a year-over-year basis. This was driven by strong demand for our best-in-class portfolio of bundled services. Our all-time record customer growth is reflective of our dedicated team, who are passionate about consistently delivering customer experience excellence, leveraging our superior service offerings and digital capabilities over our world-leading wireless and PureFibre broadband networks.

值得注意的是，我們實現了有史以來最強勁的季度電信客戶成長，淨增總數達到 406,000 戶，年增 17%。這是由於對我們一流的捆綁服務組合的強烈需求所推動的。我們創紀錄的客戶成長反映了我們的敬業團隊，他們熱衷於持續提供卓越的客戶體驗，利用我們世界領先的無線和 PureFibre 寬頻網路的卓越服務產品和數位功能。

In the third quarter, we delivered solid consolidated operating revenue growth of 7.5% and resilient EBITDA growth of 5.5% in spite of the macroeconomic challenges TELUS International continues to manage through globally.

儘管TELUS International 在全球範圍內繼續應對宏觀經濟挑戰，但第三季我們的綜合營業收入實現了 7.5% 的穩健成長，EBITDA 成長了 5.5%。

Let's turn now to our TTech mobile operating results. TELUS achieved leading and record wireless customer growth of 339,000 net additions in the third quarter, up 24% over this time last year. This included strong Mobile Phone net additions of 160,000, up 7%. Notably, this represents our best third quarter on record and our best quarterly result since the second quarter of 2008. This strength was driven alongside our continued focus on profitable and margin-accretive customer growth. Indeed, this consistent and disciplined approach will continue throughout the fourth quarter and into 2024 to ensure our net adds exclusively drive EBITDA and cash flow accretion.

現在讓我們來看看 TTech 行動營運表現。 TELUS第三季無線客戶淨增數達到創紀錄的339,000名，比去年同期成長24%。其中行動電話淨增數量強勁，達到 16 萬部，成長 7%。值得注意的是，這是我們有史以來最好的第三季度，也是我們自 2008 年第二季度以來最好的季度業績。這種優勢是我們持續專注於盈利和利潤增長的客戶成長所推動的。事實上，這種一致且嚴格的方法將在整個第四季度持續到 2024 年，以確保我們的淨增量專門推動 EBITDA 和現金流成長。

It also included leading an all-time record quarterly connected device net additions of 179,000, which was up 44% on a year-over-year basis. This reflects continued strong momentum with respect to our 5G and IoT B2B solutions that are so critical for the future. Importantly, our team delivered another quarter of industry best loyalty results, which continues to be the hallmark of the TELUS organization and is emblematic of our customers first culture in action.

它還包括創歷史紀錄的季度連網設備淨增量 179,000 台，年增 44%。這反映出我們的 5G 和物聯網 B2B 解決方案持續強勁的勢頭，這些解決方案對未來至關重要。重要的是，我們的團隊又創造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，也是我們客戶至上文化的實際體現。

Whilst blended Mobile Phone churn of 1% and postpaid churn of 0.84% were up slightly against the backdrop of heightened competitive activity, both represented industry best results. Notably, our postpaid churn is now in the tenth consecutive year at less than 1%, and we'll soon be entering its 11th year. The close on Mobile third quarter ARPU of $59.19 was down slightly year-over-year as a result of intense promotional activity in the market and heightened activity in the flanker space. This was mitigated, however, by our long-standing focus on AMPU-accretive loading, driven by our team's passion for winning and retaining profitable customers. At the same time, we are maintaining a keen eye on efficiency by remaining highly disciplined on device subsidies and leveraging our leading digital capabilities.

雖然在競爭活動加劇的背景下，混合手機流失率 1% 和後付費流失率 0.84% 略有上升，但這兩項都代表了行業最佳業績。值得注意的是，我們的後付費客戶流失率現已連續第十年低於 1%，很快就會進入第十一年。由於市場上激烈的促銷活動和側翼領域的活動增加，第三季行動 ARPU 收盤價為 59.19 美元，同比略有下降。然而，由於我們團隊對贏得和留住獲利客戶的熱情，我們長期專注於 AMPU 增值負載，這一點得到了緩解。同時，我們透過在設備補貼方面保持嚴格的紀律並利用我們領先的數位能力來保持對效率的敏銳關注。

Furthermore, connected devices and IoT will increasingly be an important contributor to network revenue, ARPU and AMPU growth in the quarters ahead. Indeed, our solid ARPU and leading churn continued to drive our industry best Mobile Phone lifetime revenue, which consistently exceeds our national peers by a considerable margin. This is reflective of the combination of our continued focus on high-quality customer growth and leading client loyalty, enabled by our highly engaged team, who passionately deliver superior service offerings over our world-leading broadband networks, offering customers the fastest, most expansive and most reliable service in Canada.

此外，連網設備和物聯網將日益成為未來幾季網路收入、ARPU 和 AMPU 成長的重要貢獻者。事實上，我們穩健的 ARPU 和領先的客戶流失率繼續推動我們的手機生命週期收入達到行業最高水平，持續大幅超過我們的國內同行。這反映了我們對高品質客戶成長和領先客戶忠誠度的持續關注，這得益於我們高度敬業的團隊，他們熱情地透過我們世界領先的寬頻網路提供卓越的服務產品，為客戶提供最快、最廣泛和最廣泛的服務。加拿大最可靠的服務。

Let's turn now and take a look at our fixed operating results. TELUS delivered another quarter of robust external fixed net additions of 67,000 in the third quarter. This represented an industry-leading result of the company's reporting to date. Moreover, it included strong and steady Internet net additions of 37,000, powered by the significant advantages of TELUS' extensive PureFibre network.

現在讓我們來看看我們的固定經營業績。 TELUS 在第三季又實現了強勁的外部固定淨增 67,000 台。這是該公司迄今為止報告的行業領先結果。此外，在 TELUS 廣泛的 PureFibre 網路的顯著優勢的推動下，網路使用者數量強勁且穩定地增加了 37,000 個。

Our leading performance reflects the continued strength and success of our unique and highly attractive bundled offerings across our truly unmatched portfolio of products and services. These are buttressed by our ever-expanding globally leading PureFibre and 5G networks, all of which are backed by our long-standing customer-centric culture. I'll turn the call over to Zainul in a moment to provide further color on our consumer TTech performance.

我們領先的業績反映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持續實力和成功。這些都得到了我們不斷擴張的全球領先的 PureFibre 和 5G 網路的支持，所有這些都得到了我們長期以客戶為中心的文化的支持。我稍後會將電話轉給 Zainul，以進一步介紹我們的消費者 TTech 表現。

Let's turn now and take a look at TELUS Business Solutions, or TBS, which continues to contribute meaningfully to the success of the wider TELUS organization. Notably, this includes delivering another strong quarter with continued revenue and EBITDA growth. Our performance reflects the strength of execution and cost transformation and our highly differentiated solutions, market segment and geographic diversification. It is also indicative of how we uniquely extend our social purpose through our stand with owner's brand promise, including technology solutions that empower businesses to thrive in an increasingly digital world.

現在讓我們來看看 TELUS 商業解決方案（TBS），它繼續為更廣泛的 TELUS 組織的成功做出有意義的貢獻。值得注意的是，這包括實現另一個強勁的季度，營收和 EBITDA 持續成長。我們的業績反映了執行和成本轉型的實力以及我們高度差異化的解決方案、市場區隔和地理多元化。它還表明我們如何透過我們的立場和所有者的品牌承諾來獨特地擴展我們的社會目標，包括使企業能夠在日益數位化的世界中蓬勃發展的技術解決方案。

During the quarter, our TBS 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 strategic deal with Flo to provide TELUS' world-leading connectivity to the most extensive electric vehicle network footprint in Canada, as well as underpinning a record-setting quarter for connected devices performance.

本季度，我們的 TBS 團隊取得了許多重大勝利，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。其中包括與 Flo 達成的一項重大戰略協議，為加拿大最廣泛的電動車網路提供 TELUS 世界領先的連接，並為連網設備性能創紀錄的季度奠定基礎。

Since announcing the move of TELUS Agriculture & Consumer Goods, or TAC, to TBS, we've begun executing a robust strategic plan, leveraging the strengths of both organizations to capture the market opportunity across the business, also allowing us to streamline our focus, align the right talent, the key leadership roles and of course, as always, improve our cost structure. Whilst TAC revenues of $83 million in the quarter were relatively flat against the backdrop of ongoing macroeconomic headwinds, we remain strongly confident in the positive outlook for this exciting business.

自從宣布 TELUS 農業和消費品 (TAC) 遷至 TBS 以來，我們開始執行一項穩健的戰略計劃，利用兩個組織的優勢來抓住整個業務的市場機會，同時也使我們能夠簡化我們的重點，調整合適的人才、關鍵領導角色，當然，一如既往地改善我們的成本結構。儘管在宏觀經濟持續不利的背景下，本季 TAC 收入 8,300 萬美元相對持平，但我們對這項令人興奮的業務的積極前景仍然充滿信心。

Notably, our Consumer Goods business had its strongest sales quarter in over 3 years, with a strong sales funnel to continue that momentum going forward into 2024. TAC is exceedingly well positioned as the globally leading provider of digital technology and data insights, leveraging its superior products, platforms, distribution channels and enviable client base to scale this business into a true asset of consequence and deliver meaningful and sustained growth for the TELUS organization.

值得注意的是，我們的消費品業務迎來了3 年來最強勁的銷售季度，強大的銷售通路將這一勢頭延續到2024 年。TAC 憑藉其卓越的優勢，成為全球領先的數位技術和數據洞察提供商。產品、平台、分銷管道和令人羨慕的客戶群，將這項業務擴展為真正的重要資產，並為 TELUS 組織帶來有意義和持續的成長。

Furthermore, we are accelerating efforts to build AI capabilities into the full suite of product offerings to capitalize on data commercialization and monetization across animal agriculture, agronomy and rebate management, and as well our consumer goods capabilities of trade promotion management and retail execution.

此外，我們正在加緊努力，將人工智慧能力建置到全套產品中，以利用畜牧業、農業和回扣管理的數據商業化和貨幣化，以及我們的貿易促銷管理和零售執行的消費品能力。

Let's turn now and take a look at our TELUS Health business. We achieved third quarter revenues of $422 million in TELUS Health, alongside 20% EBITDA growth normalizing for LifeWorks. We continue to execute on our global growth strategy and progress towards our goal of being the most trusted well-being company in the world, accelerated by the acquisition of LifeWorks. And this includes our health care services and programs now covering nearly 70 million lives around the world, an increase of more than 9 million on a year-over-year basis. It includes supporting health outcomes on nearly 151 million digital health transactions during the third quarter, up more than 5% over the same period a year ago. And it includes increasing our virtual care membership to 5.5 million, up nearly 40% over the prior year.

現在讓我們來看看我們的 TELUS Health 業務。 TELUS Health 第三季營收達到 4.22 億美元，LifeWorks 的 EBITDA 成長正常化為 20%。我們繼續執行我們的全球成長策略，並透過收購 LifeWorks 加速實現成為世界上最值得信賴的福祉公司的目標。其中包括我們的醫療保健服務和計劃，目前已覆蓋全球近 7,000 萬人，較去年同期增加超過 900 萬人。其中包括第三季近 1.51 億筆數位健康交易的健康成果，比去年同期成長了 5% 以上。其中包括將我們的虛擬護理會員人數增加到 550 萬，比前一年增加近 40%。

As we evolve to answer the needs of our customers worldwide, we foresee TELUS Health continuing its double-digit growth over the medium and longer term. Indeed, since acquiring LifeWorks, our team is committed to driving $427 million in annualized synergies by the end of 2025. This includes $327 million expected to be realized through operating cost synergies from continued integration and optimizing our organizational structure, systems and our real estate portfolio. Furthermore, we continue to anticipate $100 million from longer-term revenue synergies driven by cross-selling health service products within our TELUS Health customer base and throughout our TELUS portfolio of assets, including TELUS International.

隨著我們不斷發展以滿足全球客戶的需求，我們預計 TELUS Health 在中長期將繼續保持兩位數的成長。事實上，自收購LifeWorks 以來，我們的團隊致力於在2025 年底實現4.27 億美元的年度協同效應。其中包括預計透過持續整合和優化我們的組織結構、系統和房地產投資組合帶來的營運成本協同效應實現的3.27 億美元。此外，我們繼續預計，在我們的 TELUS Health 客戶群和整個 TELUS 資產組合（包括 TELUS International）中交叉銷售健康服務產品所帶來的長期收入協同效應將達到 1 億美元。

To date, we've achieved $194 million in combined annualized synergies towards our overall objective. These synergies will allow us to reinvest in the growth of our business, and as well, improve our profitability whilst we focus on delivering efficient, secure and best-in-class health and wellness solutions to our customers.

迄今為止，我們已經實現了 1.94 億美元的年度協同效應，以實現我們的整體目標。這些協同效應將使我們能夠對業務成長進行再投資，並提高我們的獲利能力，同時我們專注於為客戶提供高效、安全和一流的健康和保健解決方案。

Notably, we continue to grow our revenue opportunities globally with significant wins in Canada, the U.S. and Europe exemplified by deals won year-to-date, representing over $450 million in total contract value. Indeed, in the third quarter alone, we closed several material deals across our employer line of business, our payer and provider line of business and our retirement benefit solutions portfolios. The strength of our combined health and well-being solutions and services remain unmatched in the marketplace.

值得注意的是，我們繼續在全球範圍內增加收入機會，在加拿大、美國和歐洲取得了重大勝利，今年迄今贏得的合約總價值超過 4.5 億美元。事實上，僅在第三季度，我們就在雇主業務線、付款人和提供者業務線以及退休福利解決方案組合中完成了幾項重大交易。我們的健康與福祉綜合解決方案和服務的實力在市場上仍然無與倫比。

Now let's turn and take a look at TELUS International. Earlier today, TI reported steady year-over-year revenue growth, a meaningful improvement in sequential profitability and margins, and reiterated its 2023 full year outlook. Revenue growth was driven by a combination of higher volumes and the ramp-up of projects across key clients, notably within TELUS International's AI data solutions, demonstrating the significant potential in the AI space and portending what is to come in the quarters and years ahead.

現在讓我們來看看TELUS International。今天早些時候，TI 報告收入同比穩定增長，連續盈利能力和利潤率顯著改善，並重申了 2023 年全年展望。收入成長是由銷售增加和關鍵客戶專案的增加共同推動的，特別是 TELUS International 的人工智慧數據解決方案，這展示了人工智慧領域的巨大潛力，並預示著未來幾個季度和幾年的發展。

TI's adjusted EBITDA margin increased meaningfully quarter-over-quarter, a positive trend that we expect to continue in the fourth quarter and into 2024. The strong improvement reflects the team's considerable efforts to realize the significant cost savings from our cost efficiency program aimed at rebalancing supply and demand factors across TI's operations, most notably those in Europe.

TI 的調整後EBITDA 利潤率環比大幅增長，我們預計這一積極趨勢將在第四季度持續到2024 年。強勁的改善反映了團隊為透過旨在再平衡的成本效率計劃實現顯著成本節約而付出的龐大努力TI 業務（尤其是歐洲業務）的供需因素。

Despite the near-term macroeconomic pressures that TI has faced this year, we remain highly confident in TI's strategy and TI's investment thesis. This is amplified by meaningful opportunities in respect of digital transformation, particularly with generative AI adoption, and the continuing critical importance of differentiated digital consumer and B2B business experience solutions in the overall marketplace.

儘管 TI 今年面臨近期宏觀經濟壓力，但我們對 TI 的策略和 TI 的投資理念仍然充滿信心。數位轉型方面的有意義的機會，特別是生成式人工智慧的採用，以及差異化數位消費者和 B2B 業務體驗解決方案在整個市場中持續發揮的至關重要性，進一步放大了這一點。

In this regard, earlier this week, TI launched Fuel iX, an enhanced end-to-end offering that integrates generative AI in the clients' customer experience ecosystems, enabled by TI's capability in digital consulting, TI's capability in data analytics, their capabilities in self-serve applications, and TI's leveraging of their AI-enabled platform integration.

在這方面，本週早些時候，TI 推出了Fuel iX，這是一種增強的端到端產品，它將生成式AI 整合到客戶的客戶體驗生態系統中，這得益於TI 的數位諮詢能力、TI 的數據分析能力、TI 的自助服務應用程序，以及 TI 利用其支援 AI 的平台整合。

Critically, Fuel iX helps companies overcome disjointed data and organization silos and ensures that AI is thoughtfully embedded in the functionality of day-to-day client experience, operations and workflows, driving better outcomes and driving better inherent efficiency.

至關重要的是，Fuel iX 幫助公司克服脫節的數據和組織孤島，並確保人工智慧精心嵌入日常客戶體驗、營運和工作流程的功能中，從而推動更好的結果並提高內在效率。

Moreover, TI offers an accelerator program that unlocks gen AI potential with a clear path to production for companies at the start of their AI journeys, representing a vibrant tailwind for TI's medium and long-term growth and profitability. Doug is going to provide further commentary on both TTech and TELUS International's third quarter results in just a moment.

此外，TI 提供加速器計劃，釋放新一代 AI 潛力，為剛開始 AI 之旅的公司提供清晰的生產路徑，為 TI 的中長期成長和盈利能力提供充滿活力的推動力。 Doug 稍後將對 TTech 和 TELUS International 第三季業績發表進一步評論。

The significant broadband network investments that we've made and those that we continue to make enable the advancement of our financial and operational performance and underpin the long-term sustainability of our industry-leading dividend growth program. The 7.1% year-over-year dividend increase announced today represents the 25th increase since we initiated our multiyear dividend growth program in 2011, which is now in its 13th year. Since 2004, TELUS has returned more than $24 billion to shareholders, including over $19 billion in dividends, representing approximately $17 on a per-share basis.

我們已經進行的以及繼續進行的重大寬頻網路投資能夠提高我們的財務和營運績效，並支撐我們行業領先的股息成長計劃的長期可持續性。今天宣布的股息年增 7.1%，是我們自 2011 年啟動多年股息成長計畫以來的第 25 次成長，目前該計畫已進入第 13 年。自2004年以來，TELUS已向股東返還超過240億美元，其中包括超過190億美元的股息，相當於每股約17美元。

Our robust outlook for the continuity of our strong free cash flow expansion portends well for future dividend growth, particularly in the context of our dividend payout ratio guideline of 60% to 75% and the opportunity for increases as we prospectively approach the lower end of that range in the quarters and years ahead. Indeed, this represents an attractive investment scenario, particularly in combination with our dividend growth program for a 7% to 10% annual growth through 2025 and an attractive current dividend yield of well over 6%.

我們對自由現金流持續強勁擴張的強勁前景預示著未來股息增長，特別是在我們的股息支付率指導值為60% 至75% 的背景下，以及隨著我們預期接近該水平下限而有增加的機會未來幾個季度和幾年的範圍。事實上，這代表了一個有吸引力的投資方案，特別是與我們在2025 年實現7% 至10% 的年增長率的股息增長計劃以及遠超6% 的有吸引力的當前股息收益率相結合。

To buttress our consistently strong performance against the backdrop of rapid transformation in our industry and the evolving regulatory, competitive and macroeconomic environment, we continue to focus on executing the extensive efficiency and effectiveness initiative across TELUS that we announced back in the month of August.

為了在行業快速轉型以及不斷變化的監管、競爭和宏觀經濟環境的背景下鞏固我們持續強勁的業績，我們繼續專注於在 TELUS 中執行我們在 8 月宣布的廣泛的效率和有效性計劃。

Importantly, the transformational investments we've prudently made over the course of more than a decade in building the best culture and enabling industry-leading customer experiences over our globally leading wireless and PureFibre broadband networks are allowing us to accelerate our well progressed plans to digitally revolutionize our business and further streamline our operating costs.

重要的是，十多年來，我們謹慎地進行了轉型投資，透過全球領先的無線和 PureFibre 寬頻網路打造最佳文化並實現領先業界的客戶體驗，這使我們能夠加快推進數位轉型計畫。徹底改變我們的業務並進一步簡化我們的營運成本。

Our team's grit, resilience and ability to embrace change and continuously evolve the way that we operate have enabled us to substantially complete the targeted team member reductions. The incremental cost savings are expected to more meaningfully contribute to fourth quarter EBITDA, with the full run rate expected to be felt by the second quarter of next year. Whilst this initiative has certainly come with many difficult decisions, we've leveraged our decades-long track record of successfully navigating exogenous factors, from regulatory and competitive, to macroeconomic, and most recently through the global pandemic in order to rise and answer the current challenges and future-proof our business and all of our profitable growth aspirations.

我們團隊的勇氣、韌性和擁抱變革以及不斷發展我們運作方式的能力使我們基本上能夠完成團隊成員削減的目標。增量成本節約預計將對第四季的 EBITDA 做出更有意義的貢獻，預計明年第二季將全面運作。雖然這項舉措肯定伴隨著許多艱難的決定，但我們利用了數十年成功駕馭外生因素的記錄，從監管和競爭到宏觀經濟，以及最近的全球大流行，以便崛起並應對當前的問題挑戰和麵向未來的我們的業務和我們所有的獲利成長願望。

Importantly, your company's global leadership in social capitalism was exemplified by the recent launch of the $50 million TELUS Student Bursary, the largest bursary fund in all of Canada. The TELUS Student Bursary will enable thousands of young people who might otherwise lack the means to enrich their lives through post-secondary education at a university, college or technical vocational school. Our annual bursary program will empower these leaders of tomorrow to pursue their ambitions, realize their potential and create a brighter future for themselves and their communities. Myself and our entire leadership team as well as 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.

重要的是，貴公司在社會資本主義方面的全球領導地位體現在最近推出的價值 5,000 萬加元的 TELUS 學生助學金，這是加拿大最大的助學金。 TELUS學生助學金將使成千上萬可能缺乏手段的年輕人透過大學、學院或技術職業學校的高等教育來豐富自己的生活。我們的年度助學金計畫將使這些未來的領導者能夠追求自己的抱負，實現自己的潛力，並為自己和社區創造更光明的未來。我自己和我們的整個領導團隊以及 TELUS 董事會仍然非常感謝我們的團隊在我們努力為所有利益相關者提供出色成果的同時為支持我們的全球社區所做的熱情努力。

Finally, from the head and from the heart, I'd like to conclude by extending my sincere appreciation to my long-term colleague and friend, Jim Senko. Today marks Jim's final TELUS investor call before he retires at the end of the year. Over the past 22 years, Jim's amazing dedication to TELUS and his team, alongside his tremendous skill and expertise, have set a remarkably high standard of excellence for our entire organization. I know I speak on behalf of our entire leadership team when I say we will dearly miss Jim's considerable skill, his relentless competitive spirit and his outstanding ingenuity in respect of delivering innovative programs and exceptional outcomes for our customers.

最後，我謹衷心地向我的長期同事和朋友吉姆·森科（Jim Senko）致以誠摯的謝意。今天是吉姆在年底退休前最後一次參加 TELUS 投資者電話會議。在過去的 22 年裡，Jim 對 TELUS 及其團隊的驚人奉獻，以及他出色的技能和專業知識，為我們整個組織樹立了非常高的卓越標準。我知道，當我說我們將深深懷念吉姆的高超技能、他不懈的競爭精神以及他在為我們的客戶提供創新計劃和卓越成果方面的傑出獨創性時，我代表我們整個領導團隊發言。

Thank you, Jim, for the many outstanding contributions, and congratulations on a truly, truly, truly outstanding career.

吉姆，謝謝你所做的許多傑出貢獻，並祝賀你真正、真正、真正傑出的職業生涯。

Thank you.

謝謝。

On that note, I'll turn the call over to Zai. Zai, over to you.

關於這一點，我會將電話轉給扎伊。札伊，交給你了。

Thank you, Darren. Amidst an intensely dynamic market, we remain steadfast in our commitment to our consistent strategy, demonstrated by our strong results and driven by our dedicated team, who relentlessly put our customers first, provide the best products and services in our industry and passionately believe in our social purpose.

謝謝你，達倫。在充滿活力的市場中，我們仍然堅定不移地致力於我們一貫的策略，這在我們的強勁業績和我們敬業的團隊的推動下得到了證明，他們堅持不懈地將客戶放在第一位，提供業界最好的產品和服務，並熱情地相信我們的社會目的。

As Darren highlighted, our winning strategy has resulted in another record quarter for mobility loading, including robust share within the new Canadian and other key growing segments. In addition, our household intensification strategy is yielding impressive results. This has translated into industry-leading customer retention rates and strong customer loyalty. Our leading postpaid churn is resulting in an industry-best customer lifetime value of over $5,900. Our focus on product intensity has yielded superior churn and also optimized acquisition and retention costs.

正如達倫（Darren）所強調的那樣，我們的致勝策略導致行動出行負載再創歷史新高，包括在新的加拿大和其他關鍵成長細分市場中的強勁份額。此外，我們的家庭集約化策略正在取得令人矚目的成果。這轉化為業界領先的客戶保留率和強大的客戶忠誠度。我們領先的後付費客戶流失率創造了超過 5,900 美元的行業最佳客戶終身價值。我們對產品強度的關注帶來了卓越的客戶流失率，並優化了採購和保留成本。

While ARPU momentum has softened by competitive aggression, deceleration of roaming growth versus pre-pandemic performance and a skew in loading towards lower ARPU segments, we remain disciplined on quality profitable loading. Growth in the newcomer segment has been predominantly through our Public and Koodo brands, which are heavily digitized and have a lower cost to serve. We have achieved our tenth consecutive quarter of year-over-year network revenue growth, supported by a 60% year-over-year growth in the percentage of our base on 5G-enabled devices.

雖然 ARPU 勢頭因競爭激烈、漫遊增長相對於大流行前的表現放緩以及負載向較低 ARPU 細分市場傾斜而減弱，但我們仍然嚴格遵守質量盈利負載。新市場的成長主要是透過我們的 Public 和 Koodo 品牌實現的，這些品牌高度數位化且服務成本較低。在支援 5G 的設備比例同比增長 60% 的推動下，我們的網路收入已連續第十個季度實現同比增長。

Mobility direct margin growth is outpacing revenue growth by 35%, or 4.2% versus 3.1%, respectively. Our device subsidy per subscriber is declining at a 3.5x faster rate than ARPU as customers step up to access device discounts. And as a result of our transformative cost evolution, we have reduced overall cost to serve by 4% year-over-year. This underscores our historic commitment to focus on profitable customer growth, an axiom that has served us well in the past and one we will continue into the future.

行動直接利潤成長分別超過營收成長 35%、4.2% 和 3.1%。隨著客戶加強享受設備折扣，我們的每位訂戶設備補貼下降速度比 ARPU 快 3.5 倍。由於我們變革性的成本演變，我們的整體服務成本比去年同期降低了 4%。這凸顯了我們致力於關注獲利性客戶成長的歷史性承諾，這項公理在過去一直為我們提供了良好的服務，並且我們將在未來繼續堅持這一公理。

In fixed, customers continue to choose TELUS over our competitors. We have achieved year-over-year growth in Internet net additions in 5 of the last 6 quarters, enabled by our network superiority with PureFibre as we expand our premium leadership in the West through the launch of symmetrical 3 gigabit per second high speed, which is 20x the upload cap of the competition on a vastly more reliable network. This has supported a 19% year-over-year growth in the percentage of our base on 1 gig plus plans.

在固定情況下，客戶繼續選擇 TELUS 而不是我們的競爭對手。過去6 個季度中的5 個季度，我們的互聯網淨增量實現了同比增長，這得益於PureFibre 的網絡優勢，同時我們通過推出每秒3 Gb 的對稱高速網絡擴大了我們在西方的高端領先地位。在更可靠的網路上，上傳上限是競爭對手的 20 倍。這使得我們的 1 份以上計劃的比例同比增長了 19%。

In August, U.S.-based PC Mag named TELUS the fastest Internet service provider in Canada for the fourth consecutive year, and the best Internet service provider for Alberta and British Columbia. This demonstrates our commitment to connecting Canadians to the people and information that matter most and underscores the tremendous value of our generational investments in world-leading wire line and wireless network technologies.

8 月，美國 PC Mag 連續第四年將 TELUS 評為加拿大最快的網路服務供應商，以及艾伯塔省和不列顛哥倫比亞省最佳網路服務供應商。這表明我們致力於將加拿大人與最重要的人和資訊聯繫起來，並強調了我們這一代人對世界領先的有線和無線網路技術的投資的巨大價值。

PureFibre continues to yield superior results, including markedly higher products for household, 68% fewer outside plant repairs and resulting in a 26% higher margin per household. PureFibre Internet churn is 31% lower than copper, driving higher customer lifetime value. Our long track record of positive subscriber growth in video also continued in Q3 with our strongest growth in over 10 quarters. This hinged on the success of our industry-leading video platform, which offers bundled premium and OTT content in addition to the success of Stream+, our affordable OTT aggregation offering for cord shavers that is resonating significantly among customers across the country.

PureFibre 繼續取得優異的成果，包括顯著提高家庭產品品質、減少 68% 的外部工廠維修次數以及使每個家庭的利潤提高 26%。 PureFibre 網路流失率比銅纜低 31%，從而推動更高的客戶終身價值。我們在視訊領域的用戶積極成長的長期記錄在第三季度也得到了延續，實現了 10 多個季度以來最強勁的成長。這取決於我們領先業界的視訊平台的成功，該平台提供捆綁的優質內容和OTT 內容，此外還有Stream+ 的成功，Stream+ 是我們為剃刀提供的價格實惠的OTT 聚合產品，在全國各地的客戶中引起了顯著的反響。

As Darren conveyed, our focus on innovation to provide the most comprehensive suite of products in the industry underpins our leading bundling strategy. We will continue to enhance the breadth and depth of our portfolio, offering unparalleled value to our customers with SmartHome Security and Automation, Stream+ and our unique suite of consumer health products like TELUS Health MyCare and MyPet. These results demonstrate our company's ability to drive consistent growth, deliver strong customer loyalty and maximize household lifetime value.

正如達倫所表達的那樣，我們專注於創新，提供業內最全面的產品套件，這支撐了我們領先的捆綁策略。我們將繼續增強我們產品組合的廣度和深度，透過智慧家庭安全和自動化、Stream+ 以及我們獨特的消費者健康產品套件（如 TELUS Health MyCare 和 MyPet）為我們的客戶提供無與倫比的價值。這些結果證明了我們公司有能力推動持續成長、提供強大的客戶忠誠度並最大限度地提高家庭終身價值。

In what is anticipated to be a seasonally competitive fourth quarter, we will maintain our long-standing focus on quality, profitable customer growth that will deliver positive financial outcomes, including AMPU and cash flow per subscriber. Finally, if I could take a moment to echo Darren's comments and thank Jim for his unwavering dedication to our team. Jim, your outstanding leadership has set the team up well for the future. I am grateful for your partnership and support. We wish you all the best in this next chapter.

預計第四季度將具有季節性競爭優勢，我們將繼續長期專注於高品質、可獲利的客戶成長，這將帶來積極的財務成果，包括 AMPU 和每位用戶的現金流。最後，請允許我花點時間回應達倫的評論，並感謝吉姆對我們團隊堅定不移的奉獻。吉姆，你出色的領導能力為團隊的未來做好了準備。我感謝您的合作與支持。我們祝福您在下一章一切順利。

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 3.4% year-over-year, driven by strong subscriber additions, which has been supported by Canadian population growth. ARPU growth declined by 0.5% in Q3, given the competitive environment, particularly within flanker and as roaming revenue growth slowed. Overall, AMPU is strong as we predominantly focus on profitable loading, cost reduction and service delivery, managing device subsidies to higher value loading and as we leverage our leading digital capabilities.

謝謝你，Zainul，大家好。在加拿大人口成長的推動下，用戶成長強勁，行動網路營收年增 3.4%。考慮到競爭環境，特別是側衛內部的競爭以及漫遊收入成長放緩，第三季 ARPU 成長下降了 0.5%。總體而言，AMPU 很強大，因為我們主要專注於盈利裝載、降低成本和服務交付、管理設備補貼以實現更高價值的裝載，以及我們利用我們領先的數位能力。

Our strong AMPU performance is further evidenced by our strong mobility direct margin contribution increasing by 4.2% in the quarter, notably exceeding mobile network revenue growth of 3.4%. On a year-to-date basis, ARPU is higher by 1.6%. And for the fourth quarter, we anticipate ARPU on a year-over-year basis to improve relative to Q3 through a continued focus on profitable loading, strong base management, leveraging our product superiority and bundling and including strong growth in connected devices.

我們強勁的 AMPU 業績進一步體現在本季度我們強勁的行動直接利潤貢獻增加了 4.2%，明顯超過了行動網路營收成長 3.4%。年初至今，ARPU 成長了 1.6%。對於第四季度，我們預計透過持續專注於獲利負載、強大的基礎管理、利用我們的產品優勢和捆綁以及連接設備的強勁成長，ARPU 值將比第三季度同比有所改善。

Fixed data service revenue grew by 4.9% year-over-year, driven primarily by strong customer growth in Internet, Security and TV and higher but moderating revenue per Internet customer. Within fixed data, residential Internet grew 10% year-over-year, a leading result primarily driven by continued market share gains. Health Service revenue increased by 88% or $197 million over Q3 last year, reflecting the contribution from LifeWorks as well as continued organic growth. As a reminder, we have now lapped the LifeWorks acquisition on a year-over-year basis as of September 1.

固定數據服務收入年增 4.9%，主要是由於互聯網、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但有所放緩。在固定數據中，住宅互聯網年增 10%，這一領先結果主要是由市場份額的持續增長所推動的。健康服務收入較去年第三季成長 88%，即 1.97 億美元，反映了 LifeWorks 的貢獻以及持續的有機成長。提醒一下，截至 9 月 1 日，我們對 LifeWorks 的收購已按年計算。

EBITDA contribution in our Health business area, which excludes shared services from TELUS, continues to grow at a very good rate in the mid-teens, which will include any -- which we expect to increase in 2024 and beyond, benefiting from organic growth, revenue cross-sell synergies and significant cost synergies. Overall, TTech operating revenues were up 7.8% over last year, and adjusted EBITDA grew by 7%.

我們的健康業務領域的 EBITDA 貢獻（不包括 TELUS 的共享服務）繼​​續以十幾歲左右的速度快速增長，其中包括任何我們預計將在 2024 年及以後增加的業務，受益於有機增長，收入交叉銷售協同效應和顯著的成本協同效應。整體而言，TTech 營業收入比去年成長 7.8%，調整後 EBITDA 成長 7%。

DLCX operating revenues from external customers were up 5.8% year-over-year, driven by additional services provided to existing and new customers, including those from the acquisition of WillowTree. A strengthening of both the Canadian -- sorry, the U.S. and European dollar against the Canadian dollar also benefited revenue growth. DLCX adjusted EBITDA was down 6.5%, primarily due to revenue pressures from some of their larger technology customers, partially offset by the rightsizing of their cost structure.

DLCX 來自外部客戶的營業收入年增 5.8%，這得益於向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）。加幣——抱歉，美元和歐洲元兌加元的走強也有利於收入成長。 DLCX 調整後 EBITDA 下降 6.5%，主要是由於一些較大技術客戶的收入壓力，部分被成本結構調整所抵銷。

During the third quarter, our International team executed against its significant and ongoing efficiency plans to meaningfully rightsize that cost structure. Notably, as compared to the prior quarter, DLCX EBITDA improved 12 percentage points to adjusted EBITDA margin and increased 410 basis points to 21%. Heading into the fourth quarter, these ongoing efforts put TI in a strong position to continue to build on this momentum.

在第三季度，我們的國際團隊執行了其重要且持續的效率計劃，以有意義地調整成本結構。值得注意的是，與上一季相比，DLCX EBITDA 調整後 EBITDA 利潤率提高了 12 個百分點，增加了 410 個基點，達到 21%。進入第四季度，這些持續的努力使 TI 處於有利地位，可以繼續鞏固這一勢頭。

Overall, consolidated operating revenues increased by 7.5% and adjusted EBITDA of 5.5%. On an adjusted basis, net income was lower by 21% as higher depreciation, amortization and interest costs offset the strong adjusted EBITDA growth. While we have substantially completed our targeted headcount reductions that we announced in August, including approximately 4,000 in TTech and 2,000 team members within DLCX, we anticipate consolidated restructuring and other costs to remain elevated in the fourth quarter of up to approximately $175 million, all within our revised outlook that we gave last quarter as we continue to implement our efficiency programs, including nonlabor initiatives.

整體而言，綜合營業收入成長 7.5%，調整後 EBITDA 成長 5.5%。調整後的淨利潤下降了 21%，因為較高的折舊、攤提和利息成本抵消了調整後 EBITDA 的強勁成長。雖然我們已經基本完成了8 月宣布的裁員目標，其中包括TTech 中的約4,000 名員工和DLCX 中的2,000 名團隊成員，但我們預計第四季度的綜合重組和其他成本仍將保持在高位，最高可達約1.75 億美元，全部在我們在上個季度繼續實施效率計劃（包括非勞工舉措）時給出了修訂後的前景。

Free cash flow in the quarter was up $355 million, increased by 7.3%, driven by lower CapEx, higher EBITDA and partially offset by our higher restructuring costs and cash interest paid. Our balance sheet remains strong, as evidenced by our successful multi-tranche $1.75 billion debt offering in September, including our fifth sustainability-linked bond, which contributes to TELUS' position as the largest SLB issuer in Canada. The average cost of our long-term debt stands at 3 -- 4.33% at the end of Q3, well below current rates. In addition, we expect -- or in addition, we have our long-term debt to maturity of 12 years, and our ratio of fixed to floating is at 85%. As we progress through the seasonality -- competitive final quarter of 2024, we remain in a strong operating and financial position.

本季的自由現金流增加了3.55 億美元，成長了7.3%，這主要是由於資本支出降低、息稅折舊攤銷前利潤(EBITDA) 增加以及我們較高的重組成本和支付的現金利息部分抵消的。我們的資產負債表仍然強勁，9 月成功發行17.5 億美元的多批次債券證明了這一點，其中包括我們的第五支可持續發展相關債券，這有助於鞏固TELUS 作為加拿大最大SLB 發行人的地位。截至第三季末，我們的長期債務平均成本為 3 - 4.33%，遠低於當前利率。此外，我們預計—或此外，我們的長期債務到期期限為 12 年，固定與浮動比率為 85%。隨著我們在季節性競爭中取得進展，即 2024 年最後一個季度，我們仍保持強勁的營運和財務狀況。

Today, we reconfirmed our 2023 financial targets. Our positive outlook reflects the confidence we have in our business to successfully navigate through a dynamic and competitive macroeconomic environment globally. Our outlook is further supported by our significant investments in our cost efficiency, which we are expected to begin yielding more notable savings in the fourth quarter and well beyond. Furthermore, our go-to-market strategy remains consistent in prioritizing strong economic and financial outcomes, including EBITDA and cash flow accretion, balanced against the focus of profitable customer growth.

今天，我們再次確認了 2023 年的財務目標。我們的正面前景反映了我們對我們的業務能夠成功應對全球充滿活力和競爭的宏觀經濟環境的信心。我們對成本效率的重大投資進一步支持了我們的前景，預計我們將在第四季度及以後開始產生更顯著的節省。此外，我們的市場進入策略始終堅持優先考慮強勁的經濟和財務成果，包括 EBITDA 和現金流成長，並與獲利客戶成長的重點相平衡。

With that, I'll turn it back to Robert.

有了這個，我會把它轉回給羅伯特。

Thanks, Doug. Mihai, we're ready to proceed with the questions, please.

謝謝，道格。 Mihai，我們已準備好繼續提問。

First question comes from Maher Yaghi from Scotiabank.

第一個問題來自豐業銀行的 Maher Yaghi。

Great. Darren, can you provide some context around your wireless net adds in the quarter? I mean, I asked this because your numbers were strong even though you stayed flat on handset financing, sitting at a higher price point than your peers' during the quarter. So what is it that allowed you to hit these numbers? And just as a follow-up on ARPU, you indicated that you expect ARPU to improve, Doug, next quarter. I'm trying to just understand what are the reasons behind the deterioration that we saw in Q3. Is it like mix shift, lower overage or a general decline in pricing across the different price points?

偉大的。達倫（Darren），您能否提供一些有關本季無線網路新增情況的背景資訊？我的意思是，我問這個問題是因為，儘管您的手機融資持平，本季的價格點高於同行，但您的數字仍然強勁。那麼是什麼讓您達到了這些數字呢？就像 ARPU 的後續行動一樣，Doug，您表示您預計 ARPU 會在下個季度有所改善。我試圖了解我們在第三季看到的惡化背後的原因是什麼。是混合轉變、超量減少還是不同價位的定價普遍下降？

Given it's his last investor call, I'll give Jim the opportunity to hit the ball out of the park on this one as it relates to not just the loading answer, but the ARPU and the AMPU answer, why don't you tackle both, Jim.

鑑於這是他最後一次投資者電話會議，我將給吉姆機會在這次電話會議上大放異彩，因為這不僅關係到加載答案，還關係到ARPU 和AMPU 答案，為什麼不同時解決這兩個問題呢？ ，吉姆。

Thank you. Firstly, I want to thank you, Darren, Zainul and Doug and TELUS. I'm completely humbled by your words today. I really appreciate that.

謝謝。首先，我要感謝你們，Darren、Zainul、Doug 和 TELUS。我今天對你的話感到非常謙卑。我真的很感激。

So despite the highly competitive environment, we saw strong customer growth and accelerating AMPU or margin in the quarter. We had our best Q3 Mobile Phone nets, and we were up 10,000 year-over-year. And that was driven largely by the new to Canada loading and strong bundling. But also, we had best-ever connected device additions, which bodes well for future ARPU. And we do expect improving ARPU going into Q4.

因此，儘管競爭激烈，我們還是看到了本季客戶的強勁成長以及 AMPU 或利潤率的加速成長。第三季我們擁有最好的手機網絡，年增了 10,000 個。這主要是由加拿大的新裝載和強大的捆綁銷售所推動的。而且，我們還添加了有史以來最好的連接設備，這對未來的 ARPU 來說是個好兆頭。我們確實預期 ARPU 會在第四季有所改善。

And that's really being driven by two things. One is our step-up programs are gaining momentum and compounding. And we're lapping aggressive rate promotions from last Q4. So when you look at the loading, we are seeing and expect to see newcomer growth to continue. And though that growth is lower in ARPU, it's predominantly coming in our Public and Koodo brands, which are heavily digitized and have a lower cost to serve.

這實際上是由兩件事驅動的。一是我們的升級計劃正在獲得動力並不斷複合。我們正在實施上個第四季以來的激進利率促銷活動。因此，當您查看載入情況時，我們會看到並期望看到新用戶繼續成長。儘管 ARPU 的成長較低，但主要來自我們的 Public 和 Koodo 品牌，這些品牌高度數位化，服務成本較低。

When you look at it, Public Mobile, which we're excited about, Public Mobile, but Public Mobile has no retail commissions, no call center costs and no subsidies. So we're getting -- we're tapping into that volume, but our costs are coming down with that lower ARPU profile.

當你看到它時，公共移動，我們對此感到興奮，公共移動，但公共移動沒有零售佣金，沒有呼叫中心費用，也沒有補貼。所以我們正在利用這個數量，但我們的成本隨著 ARPU 的降低而下降。

We also are doing well and expect to continue to do well from bundling, which is driving great household churn outcomes, not just for mobility, but across all of our products, protecting both our wire line and wireless. And they also come with the characteristic of lower device subsidy, as Zainul talked about earlier. The combination of the subsidy discipline, bundling and digital customer experiences are driving the meaningful EBITDA flow-through in cash flow.

我們也做得很好，並希望透過捆綁繼續做得很好，這會導致家庭流失，不僅是在移動性方面，而且在我們所有的產品中，都保護了我們的有線和無線網路。而且它們還具有設備補貼較低的特點，正如 Zainul 之前談到的。補貼規則、捆綁銷售和數位客戶體驗的結合正在推動現金流中有意義的 EBITDA 流動。

And as Zainul mentioned earlier, our device subsidy is declining at a rate 3.5x faster than ARPU. So in Q3, when you look at it, our device subsidy per subscriber declined by $1.5 year-over-year, which is quite a dramatic number. And we expect this to continue, along with the growing preowned device volumes that we're seeing.

正如 Zainul 之前提到的，我們的設備補貼下降速度比 ARPU 快 3.5 倍。因此，在第三季度，你會發現我們每個用戶的設備補貼同比下降了 1.5 美元，這是一個相當驚人的數字。我們預計這種情況將持續下去，同時我們所看到的二手設備數量也會不斷增加。

So yes, so we're getting that growth in the newcomer segment and through our bundling. A lot of that growth is coming without a device, but we're keeping our churn down through the bundling and the intensification across our product lines. And that lower device subsidy combined with the operational efficiencies is resulting in mobility direct margin growth that is significantly outpacing our revenue growth. So we have a nice dynamic happening there, which is tapping into where the growth is coming from, but also driving down device subsidy and our operating costs so that we're getting the volume, but we're also getting the margin as well.

所以，是的，我們透過捆綁銷售在新來者群體中實現了成長。大部分成長都是在沒有設備的情況下實現的，但我們透過捆綁和強化整個產品線來降低客戶流失率。較低的設備補貼與營運效率相結合，導致行動直接利潤成長，大大超過了我們的收入成長。因此，我們在那裡發生了一個很好的動態，即挖掘成長的來源，同時也降低設備補貼和我們的營運成本，以便我們獲得銷量，但我們也獲得利潤。

And I'd say from an outlook perspective, we expect TELUS to continue to prioritize profitable loading over volume. Our ongoing focus will be AMPU. And as an example, we continue to drive step up to 5G and 5G Plus plans to unlock device promotions.

我想說，從前景的角度來看，我們預計 TELUS 將繼續優先考慮可盈利的裝載量而不是數量。我們持續關注的焦點將是 AMPU。舉例來說，我們繼續推動 5G 和 5G Plus 計劃，以解鎖設備促銷。

And then finally, I'd say we see promising revenue growth in the future from all the connected devices in IoT and believe there's even more future upside on 5G business applications, especially in this world fueled by artificial intelligence and automation. So net-net, we're tapping into where the loading volume is coming from. We're driving the cost down, and we're very focused on AMPU.

最後，我想說，我們看到物聯網中所有連接設備未來的收入成長前景光明，並相信 5G 商業應用程式未來還有更多的上升空間，尤其是在人工智慧和自動化推動的世界中。因此，我們正在挖掘加載量的來源。我們正在降低成本，並且非常關注 AMPU。

Thanks, Maher. Next question, please, Mihai.

謝謝，馬赫。請下一個問題，米哈伊。

Next question comes from Vince Valentini.

下一個問題來自文斯·瓦倫蒂尼。

Did I hear correctly that wireless EBITDA was up 4.2% year-over-year this quarter? Or was that some other metric?

我沒聽錯吧，本季無線 EBITDA 年成長 4.2%？還是這是其他一些指標？

It's contribution margin. So in our financial statements, we disclosed as part of segmented info, the direct contribution. So that would be revenue minus, call it, direct costs. It does not include the allocated cost below direct margin.

這是邊際貢獻。因此，在我們的財務報表中，我們揭露了直接貢獻作為細分資訊的一部分。所以這就是收入減去直接成本。它不包括低於直接利潤的分配成本。

And that's up 35% versus the revenue component.

與收入部分相比，這一數字增長了 35%。

In front of the margin growth.

在利潤成長面前。

Got that part. And I wanted to ask, I mean, you are going to painstaking lengths to give us a lot of metrics to show how good the profitability is. And I fully agree, these all-digital brands can't be judged just on ARPU if the profitability is good. But why give us so many metrics when every other company just gives us one simple metric called EBITDA, and then we can see how well you're doing in terms of EBITDA growth versus revenue growth?

得到了那部分。我想問，我的意思是，你們將不遺餘力地為我們提供大量指標來顯示盈利能力有多好。我完全同意，這些全數位品牌不能只憑ARPU來判斷獲利能力是否良好。但是，當其他公司只給我們一個稱為 EBITDA 的簡單指標，然後我們就可以看到您在 EBITDA 成長與營收成長方面的表現如何時，為什麼要給我們這麼多指標呢？

We continue to drive synergies and rely on our bundled products within our wire line and wireless environment. And when you can actually do co-selling cooperations and co customer service in each of those streams, your overall cost structure comes down on an integrated area. And so when we brought wire line and wireless together on a consumer and business level years ago, we've been monetizing those benefits and providing better customer touch points. So we actually don't go down to that level on an individual product level anywhere.

我們繼續推動協同效應，並依靠有線和無線環境中的捆綁產品。當您實際上可以在每個串流中進行共同銷售合作和共同客戶服務時，您的整體成本結構就會下降到一個整合領域。因此，當我們幾年前在消費者和企業層面將有線和無線結合在一起時，我們一直在將這些優勢貨幣化並提供更好的客戶接觸點。因此，我們實際上不會在任何地方的單一產品等級上降低到這個水平。

Okay. And just to make sure we're clear, the guidance on ARPU for the fourth quarter, you're not saying ARPU will be up from Q3. What you're saying is the rate of year-over-year decline will improve versus the 0.5% we just saw in Q3. Is that fair?

好的。為了確保我們清楚，第四季 ARPU 的指導，你並不是說 ARPU 會比第三季上升。你的意思是，與我們剛剛在第三季度看到的 0.5% 相比，同比下降率將會有所改善。這樣公平嗎？

That is correct.

那是對的。

Thanks, Vince. Next question, please, Mihai.

謝謝，文斯。請下一個問題，米哈伊。

Next question comes from Jerome Dubreuil from Desjardins.

下一個問題來自 Desjardins 的 Jerome Dubreuil。

The first one I have is coming back to Darren, your comment about the payout ratio in the future trending toward the lower end of your comfort zone. I think it was 65% to 75%. Just want to confirm that this does not include any DRIP going forward? And then related to that, maybe for Doug, what are the maybe free cash flow implications for next year? Not asking for guidance, but maybe directionally in terms of the -- the items we don't think about too often like cash taxes and interest rates. And what would be these assumptions behind that payout ratio comment?

我的第一個問題是回到達倫，您對未來支付率的評論趨向於您舒適區的下限。我認為是 65% 到 75%。只是想確認這不包括任何後續的 DRIP 嗎？與此相關的是，也許對道格來說，明年的自由現金流可能會受到什麼影響？不尋求指導，但可能是針對我們不經常考慮的項目（例如現金稅和利率）的指導。支付率評論背後的假設是什麼？

Okay. So the ratio is not 65% to 75%, it's 60% to 75% in terms of the payout ratio on the cash front. The comment that I made indeed indicated specifically in the quarters and years ahead that we expect through our EBITDA growth that we will be delivering, complemented by our significantly moderated capital profile that we will be pushing on the bottom end of that range. Particularly when you do the calculation on a prospective basis. So you can do your calculations in terms of our 7% TTech EBITDA growth this quarter are reconfirming of guidance for the full year. And where you think we would be shooting for in terms of EBITDA guidance in 2024. If you run those numbers, we would be hitting or falling through the lower end of the payout ratio range of 60%.

好的。因此，就現金支付比率而言，該比例不是 65% 至 75%，而是 60% 至 75%。我的評論確實明確指出，在未來的季度和幾年中，我們預計將透過我們的 EBITDA 成長來實現，並輔以我們顯著調整的資本狀況，我們將推動該範圍的底部。特別是當您進行前瞻性計算時。因此，您可以根據我們本季 7% 的 TTech EBITDA 成長率進行計算，這再次確認了全年的指導。您認為我們將在 2024 年實現 EBITDA 指導目標。如果您計算這些數字，我們將達到或低於 60% 的派息率範圍的下限。

And the point there, of course, is that, that bodes well for the affordability of our 7% to 10% dividend growth model. It also is indicative of our confidence in the free cash flow picture for this organization. We don't just expect to see significant free cash flow growth in 2024, but beyond 2024 as well. And we see that as a synergistic combination with the affordability and the expansion -- potential expansion of our dividend growth model.

當然，重點是，這對我們 7% 至 10% 的股息成長模型的承受能力來說是個好兆頭。這也顯示我們對該組織的自由現金流狀況充滿信心。我們不僅預計 2024 年自由現金流將出現顯著成長，而且在 2024 年後也將顯著成長。我們認為這是與負擔能力和擴張（我們的股息成長模型的潛在擴張）的協同組合。

Finally, in respect of the [D-DRIP], our view here within management is that it's a necessary mechanism at the present point in time. We look forward to the future of turning that D component of the D-DRIP off, given the free cash flow expansion strength of the organization and what it portends for the strength of our balance sheet.

最後，關於 [D-DRIP]，我們管理階層的觀點是，這是目前的必要機制。考慮到該組織自由現金流擴張的實力以及它對我們資產負債表實力的預示，我們期待未來關閉 D-DRIP 的 D 部分。

And maybe just starting to the capital and EBITDA that Darren covered. The next 3 main ones will probably be handset investments on renewals. And I would say we don't see a material change in that going forward. It would be cash taxes to your point. And again, I think there'll be no surprises on that front.

也許達倫所涵蓋的資本和 EBITDA 才剛開始。接下來的三個主要可能是手機更新投資。我想說的是，我們認為未來不會發生實質變化。對你來說，這將是現金稅。再說一次，我認為這方面不會有什麼意外。

And then restructuring. And I think the only item to highlight is there will probably be some of the restructuring that we've executed this year or where the cash will be paid out next year. And when we give out guidance, we'll be clear on the cash versus expense component to free cash flow next year. But other than that, I would say it's very straightforward and clear, as Darren discussed.

然後重組。我認為唯一需要強調的是，我們今年可能會執行一些重組，或者明年將支付現金。當我們給予指引時，我們將明確指出明年自由現金流的現金與費用部分。但除此之外，我想說，正如達倫所討論的那樣，它非常簡單明了。

And no repeating of union payments.

並且不會重複工會付款。

Thanks, Jerome. Next question, please.

謝謝，傑羅姆。請下一個問題。

Next question comes from Drew McReynolds from RBC.

下一個問題來自加拿大皇家銀行 (RBC) 的德魯·麥克雷諾茲 (Drew McReynolds)。

Two for me. First, maybe for you, Doug, just on the cost savings that were actually realized in Q3. Obviously, they will ramp up in Q4. So just wondering if you could highlight for us just what percentage we did see here in the quarter. And then secondly, in a bigger picture question, maybe for you, Darren. You've alluded to the transformation period that the industry is in. It's probably always in some kind of transformation period. But I would love to get your just high-level view, looking out 3 to 5 years on kind of where you see the major changes in the industry, whether it's competitive, regulatory technology?

給我兩個。首先，也許對你來說，道格，只是在第三季實際實現的成本節省。顯然，他們將在第四季加速。因此，我想知道您是否可以向我們強調我們在本季度看到的百分比。其次，在一個更大的問題上，也許對你來說，達倫。您提到了產業正處於轉型期。它可能總是處於某種轉型期。但我很想聽聽您的高層觀點，展望未來 3 到 5 年產業的重大變化，是否是競爭性的、監管性的技術？

And why I'm asking this question is it looks like your playbook differentiates itself from your Canadian peers. And when I think about the contributors to growth that equity shareholders want to see, maybe you have a different definition of where those growth drivers come from over that medium term. So just at the high level, I'd like to get your updated thoughts on that one.

我為什麼問這個問題是因為看起來你們的策略與加拿大同行不同。當我想到股東希望看到的成長貢獻者時，也許你對中期成長動力的來源有不同的定義。因此，就高層而言，我想了解您對此的最新想法。

Okay. Go ahead. Go on savings first.

好的。前進。先存錢吧。

On savings, it will be at full run rate, as we suggested, by Q2 of next year. I would say we will probably exit the year a little greater than 50% to 60%. And in quarter then if you prorated it backwards, it would be substantially less than half this quarter. And approaching an exit rate of above the halfway run rate in Q4.

在節省方面，正如我們所建議的，到明年第二季度，它將達到滿載運轉。我想說，我們今年退出的比例可能會略高於 50% 至 60%。如果按比例向後分配，那麼在季度中，該比例將大大低於本季的一半。並且接近第四季中期運行率以上的退出率。

Drew, I really appreciate that tight question that you gave me. Let me just try and tackle this efficiently. I think the investments that we've made on the broadband front, both wire line and wireless, will be key in the years ahead, leveraging whatever the environment at that juncture will entail. For sure, our goal to commercialize and monetize those investments is going to be key. So when I look out, I look at 5G and to date, beyond faster speeds and bigger buckets, it's not really delivered on its promise on the productization front, particularly within the B2B and B2B2C space.

德魯，我真的很感激你向我提出的這個緊迫的問題。讓我嘗試有效地解決這個問題。我認為我們在有線和無線寬頻方面所做的投資將是未來幾年的關鍵，充分利用當時的環境。當然，我們將這些投資商業化和貨幣化的目標將是關鍵。因此，當我展望未來時，我著眼於 5G，迄今為止，除了更快的速度和更大的範圍之外，它還沒有真正兌現其在產品化方面的承諾，特別是在 B2B 和 B2B2C 領域。

I am cautiously optimistic that over the years ahead, the productization on 5G is going to be a big value generator for our business because it's going to be a big factor within the private sector, the public sector and consumer lifestyles. I think with that also comes the massive opportunity because of the data volumes generated for the data analytics commercialization and data monetization opportunity. So I just see that as being massive.

我謹慎樂觀地認為，未來幾年，5G 產品化將成為我們業務的巨大價值創造者，因為它將成為私營部門、公共部門和消費者生活方式的重要因素。我認為隨之而來的是巨大的機會，因為數據分析商業化和數據貨幣化機會產生的數據量。所以我認為這是巨大的。

On the wire line front, I think it's all about economies of scope. When you spend $7 billion positioning fiber, I think the goal is how many differentiated RGUs that are meaningful to clients can you deliver over that particular mechanism to get the desired ROI? Which is why you see us going from voice and data and entertainment into the areas of security, into the areas of health, into the areas of energy and home automation on both the wired and wireless basis.

在有線方面，我認為這一切都與範圍經濟有關。當您花費 70 億美元定位光纖時，我認為目標是您可以透過該特定機制提供多少對客戶有意義的差異化 RGU，以獲得所需的投資回報率？這就是為什麼您會看到我們從語音、數據和娛樂進入安全領域、進入健康領域、進入有線和無線基礎上的能源和家庭自動化領域。

TELUS launched a strategy 23 years ago, saying that the future was all about data, both on wire line and wireless. And I think it's as true or more true today than what it was 23 years ago. And how well do you position yourself for that digital revolution and leveraging everything from legacy AI opportunities, the generative AI opportunities. And I believe that they are truly profound within both our telecom business and our emerging business. And they're profound because they can help us on the customer service front, better service for less money spent. They can help us on product development, new sources of revenue. They can help us on what we need to do to materially reduce our cost base. So our story of our margins growing 35% faster than our revenues isn't a story that's isolated to Q3 2023, but a story that's indicative of what happens over the next 5 years.

TELUS 在 23 年前推出了一項策略，表示未來的一切都與數據有關，無論是有線還是無線。我認為今天這與 23 年前一樣真實，甚至更加真實。您對數位革命的定位如何，如何充分利用傳統人工智慧機會和生成式人工智慧機會。我相信它們對我們的電信業務和新興業務都具有真正深遠的影響。它們意義深遠，因為它們可以在客戶服務方面為我們提供幫助，以更少的資金提供更好的服務。他們可以幫助我們開發產品、開啟新的收入來源。他們可以幫助我們大幅降低成本基礎。因此，我們的利潤成長速度比收入快 35% 的故事並不是孤立於 2023 年第三季的故事，而是一個預示著未來 5 年會發生的事情的故事。

And we got to be an organization through TELUS and TI that's out there helping our B2B customers with their digital and AI transformation journey along the way. I also think people look at the sectoral place that we've made on agriculture, consumer goods and health. Those are really just data plays. There are digital thesis in action to drive value creation to leverage the advent of these capabilities and what they're going to mean in terms of driving better health outcomes, better food outcomes along the way.

我們必須透過 TELUS 和 TI 成為一個能夠幫助我們的 B2B 客戶完成數位和人工智慧轉型之旅的組織。我也認為人們會關注我們在農業、消費品和健康方面所取得的部門地位。這些其實只是數據遊戲。有一些數位論文正在採取行動，推動價值創造，利用這些功能的出現，以及它們對推動更好的健康結果、更好的食物結果的意義。

As it relates to the regulatory environment, and God forgive me for saying this, but I see over the longer term, the environment moderating. I think a lot of the goals that the federal government has had on the regulatory front have effectively been answered. And I think this is an era to allow free market forces to determine competitive outcomes, not regulatory or government intervention. I'm not saying that it's going to go away. I believe strongly that it's always going to be there. But I believe that on the whole, the regulatory environment of the future will be more moderate or benign versus what we've seen in the past.

因為它與監管環境有關，上帝原諒我這麼說，但我認為從長遠來看，環境會緩和。我認為聯邦政府在監管方面的許多目標都已有效滿足。我認為這是一個允許自由市場力量決定競爭結果的時代，而不是監管或政府乾預。我並不是說它會消失。我堅信它永遠都會在那裡。但我相信，總體而言，未來的監管環境將比我們過去看到的更溫和或良性。

And if you look at whether it's the competitive landscape, the number of offerings that are out there in the competitive landscape, the number of competitors. Or if you just want to go down to the key metrics like has the affordability objective been achieved? Well, there's one hell of a dichotomy right now within the Canadian landscape, where if you look at the magnitude of general inflation on the CPI front, it's a nontrivial number. And you can see what federal governments around the world are doing as it relates to quantitative tightening.

如果你看看競爭格局、競爭格局中的產品數量、競爭對手的數量。或者，如果您只想了解關鍵指標，例如是否實現了負擔能力目標？好吧，現在加拿大的情況存在著一種巨大的二分法，如果你看看消費者物價指數 (CPI) 方面總體通膨的幅度，你會發現這是一個不小的數字。你可以看到世界各地的聯邦政府在量化緊縮方面正在做什麼。

On the flip side, prices on telecom have come down appreciably to the tune of like 17% to 20% within the wireless industry alone. So it is quite a deflationary, inflationary dichotomy as it relates to telecoms versus general goods and services along the way.

另一方面，僅無線產業的電信價格就大幅下降了 17% 至 20%。因此，這是一個相當通貨緊縮和通貨膨脹的二分法，因為它涉及電信與一般商品和服務。

And then lastly, I think the organization that best executes the technology play does it with the best culture of execution and the best customer centricity, manages its cost base really well and finds the type of sustainable sources of growth that you see within the complexion of the TELUS portfolio and bundles those solutions in a way that's very elegant and meaningful to clients. I think that they're going to win. And so that's the best I can give you on a concise basis for the purposes of this call. Thanks.

最後，我認為最好地執行技術遊戲的組織以最好的執行文化和最好的以客戶為中心來做到這一點，很好地管理其成本基礎，並找到你在複雜的環境中看到的可持續成長來源的類型。TELUS 產品組合併以一種對客戶來說非常優雅且有意義的方式捆綁這些解決方案。我認為他們會贏。這就是為了本次電話會議的目的，我能為您提供的最好的簡明資訊。謝謝。

Thank you, Drew. Mihai, next question please.

謝謝你，德魯。米海，請下一個問題。

The next question comes from Stephanie Price from CIBC World Markets.

下一個問題來自 CIBC 全球市場的 Stephanie Price。

You posted solid Internet net adds in the quarter. And I'm just curious about what you're seeing in the West in terms of competition? But also what sort of contribution your non-Western footprint played in Internet adds in the quarter?

您在本季發布了可靠的網路淨成長數據。我只是好奇你在西方看到的競爭情況如何？但您的非西方足跡在本季的網路領域中又做出了什麼樣的貢獻？

Okay. Maybe after my last answer, I'll hand it over to Zainul to do this one, Stephanie. Zainul, go ahead.

好的。也許在我上次回答之後，我會把它交給 Zainul 來做這個，史蒂芬妮。扎伊努爾，繼續吧。

Thanks, Darren. So Stephanie, I think it's important to highlight that what we're seeing in the West is pretty consistent. Our value propositions are resonating. We're continuing to drive bundled economics and bundled households, as we've talked about. And as Jim reinforced as well, that's giving us some retention momentum that serves us well on the net adds front.

謝謝，達倫。所以史蒂芬妮，我認為重要的是要強調我們在西方所看到的情況是相當一致的。我們的價值主張引起了共鳴。正如我們所討論的，我們將繼續推動捆綁經濟和捆綁家庭。正如吉姆也強調的那樣，這給了我們一些保留動力，這對我們在網路增加方面很有幫助。

And there are areas that we're continuing to build new fiber capability even though our CapEx is declining, there is still fiber new footprint as well as tenured footprint that we're growing into. And we're seeing a lower sort of rate of -- or a higher rate of occupancy across footprint. So that's continuing to add to growth as well.

儘管我們的資本支出正在下降，但我們仍在某些領域繼續建立新的光纖能力，但我們仍然有新的光纖足跡以及我們正在發展的長期足跡。我們看到整個足跡的入住率較低或較高。因此，這也將繼續促進成長。

I would say that the eastern side is humble at this point. We're really looking at that in terms of we've been providing home security and automation nationally for several years now in some areas, having a solid Wi-Fi, and high-speed service is the backbone of that. And we're also seeing bundling economics helping us with wireless base management in those areas as well. So we'll continue to look at that and again, really focus on profitable net growth based on the rate at which we're able to access facilities as well as the bundling economics of the base.

我想說，東方在這一點上是謙虛的。我們確實在考慮這一點，因為我們多年來一直在全國某些地區提供家庭安全和自動化服務，擁有穩定的 Wi-Fi，而高速服務是其支柱。我們也看到捆綁經濟也有助於我們在這些領域進行無線基地管理。因此，我們將繼續關注這一點，並再次真正關注基於我們能夠使用設施的速度以及基地的捆綁經濟的利潤淨增長。

And then maybe just one other one for me, just on TELUS Health and its trajectory now that the rebranding has been completed. It looks like revenue growth was solid in the quarter and there was obviously very strong EBITDA growth. How should we think about the changes you're implementing in the business to drive growth and the trajectory here?

然後也許對我來說只是另一篇文章，關於 TELUS Health 及其品牌重塑已經完成後的發展軌跡。看起來本季營收成長穩健，且 EBITDA 成長明顯非常強勁。我們應該如何考慮您為推動成長而在業務中實施的變革以及這裡的發展軌跡？

I think there's lots of opportunity within the TELUS Health arena. I think we've spoken at length on the cost synergy front and provided the specificity on the $327 million cost goal alone within the $427 million envelope, Stephanie. And we've already realized $194 million of the $427 million goal along the way.

我認為 TELUS Health 領域有很多機會。我認為我們已經詳細討論了成本協同方面的問題，並在 4.27 億美元的範圍內提供了 3.27 億美元成本目標的具體細節，斯蒂芬妮。在此過程中，我們已經實現了 4.27 億美元目標中的 1.94 億美元。

The revenue and the cross-sell funnel is voluminous in the TELUS Health space. All of our products are hunting well within all of our theaters of operation Canada, the U.S. and Europe. And I'm particularly bullish about the opportunity, specifically within employer health solutions, both at the physiological level, but also at the mental health level. And it's not just the remediation component of that, but what we can do to promote and optimize a wellness from an employer health perspective, which fits beautifully with our existing thesis on workforce productivity.

TELUS Health 領域的營收和交叉銷售管道非常龐大。我們所有的產品在加拿大、美國和歐洲的所有營運區域內都表現良好。我特別看好這個機會，特別是在雇主健康解決方案中，無論是在生理層面，還是在心理健康層面。這不僅僅是其中的補救部分，而是我們可以從雇主健康的角度來促進和優化健康，這與我們現有的關於勞動生產力的論文非常吻合。

The AI from legacy -- the generative AI opportunity in TELUS Health is extremely attractive. I talked about Fuel iX on TELUS International and what we're doing with external clients, but TELUS and TELUS Health are also buyers of Fuel iX in terms of what we can do to leverage our data thesis on steroids within TELUS Health and monetize that on a very, very attractive basis. And it's all within the field of doability within the primary care ecosystem or dealing directly with employers along the way. And we set a goal for how fast and how significant we want to scale this business into an asset of consequence.

傳統的人工智慧—TELUS Health 的生成式人工智慧機會極具吸引力。我在 TELUS International 上談到了 Fuel iX 以及我們正在與外部客戶所做的事情，但 TELUS 和 TELUS Health 也是 Fuel iX 的買家，因為我們可以利用 TELUS Health 內類固醇的數據論文並將其貨幣化一個非常非常有吸引力的基礎。這一切都在初級保健生態系統內的可行性範圍內，或在此過程中直接與雇主打交道。我們設定了一個目標，我們希望以多快的速度和多大的規模將這項業務擴展為重要的資產。

And so the task that management has set for itself is what we call our 14 -- 50 program, where we're looking to take our monthly EBITDA within TELUS Health from the low $20 million to $50 million over the next 18 months. That's an exciting program. It's going to be driven by revenue growth through new product opportunities, new markets and cross-selling as well. It will also be significantly aided and embedded by our efficiency programs. But when we accomplish this particular program and get to that $50 million per month level or $600 million on an annualized basis with the CAGR that would underpin it, I think the valuation implications are relatively obvious, and we are certainly excited by those. And that's the type of aspiration that we've got for this asset. And I think it's doable.

因此，管理層為自己設定的任務是我們所說的 14 - 50 計劃，我們希望在未來 18 個月內將 TELUS Health 的每月 EBITDA 從 2000 萬美元的低水平提高到 5000 萬美元。這是一個令人興奮的計劃。新產品機會、新市場和交叉銷售將推動收入成長。我們的效率計劃也將為其提供大力幫助和嵌入。但是，當我們完成這個特定計劃並達到每月 5000 萬美元的水平或年化 6 億美元的水平以及支撐它的複合年增長率時，我認為估值影響相對明顯，我們當然對此感到興奮。這就是我們對這項資產的渴望。我認為這是可行的。

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

謝謝，斯蒂芬妮。米哈伊，我們還有時間再問一個問題。

Last question we have in the queue comes from Simon Flannery from Morgan Stanley.

我們隊列中的最後一個問題來自摩根士丹利的西蒙·弗蘭納裡。

Great. Just a couple of follow-ups on 5G, if I could. You talked a bit about the opportunities here, IoT and other things. One thing we started to hear from the U.S. carriers more is a lot of interest in private networks. I was just wondering to what extent are you starting to see those deployments start to gain traction here? And then the other thing we're seeing a lot in is fixed wireless in the U.S. How are you thinking about using fallow capacity in 5G outside of your wire line footprint as a potential broadband alternative for bundling with your wireless service?

偉大的。如果可以的話，我只是對 5G 進行一些後續報導。您談到了這裡的機會、物聯網和其他事情。我們開始從美國運營商那裡聽到更多的一件事是對專用網路的濃厚興趣。我只是想知道您在多大程度上開始看到這些部署開始在這裡獲得關注？我們經常看到的另一件事是美國的固定無線。您如何考慮在有線覆蓋範圍之外使用 5G 的閒置容量作為與無線服務捆綁的潛在寬頻替代方案？

Simon, that's a very fortuitous question to conclude with. I want to thank you for it. Navin. Fastball down the middle of the plate for you, given the traction that we've got on the private wireless network out front. So I'll hand that one over to you. And Tony, why don't you talk about FWA and how we leverage that capability within our connectivity portfolio in terms of making smart choices on connectivity and the economics associated with that?

西蒙，這是一個非常偶然的問題。我想為此感謝你。納文.考慮到我們在前面的專用無線網路上的吸引力，為您提供快速球。所以我會把那個交給你。托尼，為什麼不談談 FWA 以及我們如何在連接產品組合中利用該功能來做出明智的連接選擇以及與之相關的經濟效益？

Yes. Thanks very much, Darren, and Simon, thanks for the question. So we've actually had significant success and had meaningful progress when it comes to commercializing a number of our private wireless network opportunities. Really, given our superior network leadership, we're very bullish on leading the market across all our segments when it comes to this important product set.

是的。非常感謝達倫和西蒙，謝謝你的提問。因此，在將我們的許多專用無線網路機會商業化方面，我們實際上已經取得了巨大的成功並取得了有意義的進展。事實上，鑑於我們卓越的網路領導地位，我們非常看好在這重要產品系列方面引領我們所有細分市場的市場。

We have a large funnel of opportunities to provide solutions, and they support critical use cases across many industry verticals. And interestingly enough, lots of ESG-related use cases to drive environmental efficiencies, as well as worker safety through autonomous vehicles, robotics, video analytics and security and safety device-type applications.

我們擁有大量提供解決方案的機會，並且它們支援許多垂直行業的關鍵用例。有趣的是，許多與 ESG 相關的用例透過自動駕駛汽車、機器人、視訊分析以及安全和安全設備類型應用來提高環境效率以及工人安全。

And while we're talking about monetizing 5G, as you saw, we had record loading on connected devices this quarter. And a lot of what we're doing with connected devices bodes well for the future. And as we build out greater industry solutions use case, we expect acceleration across that 5G monetization capability. So specific areas would be smart building technology solutions. You may have read the release. And of course, in Darren's comments, we talked about Flo as an important new customer, new win, where we're in the process of installing 60,000 intelligent electric vehicle chargers across North America.

正如您所看到的，當我們談論 5G 貨幣化時，我們本季的連網裝置負載量創歷史新高。我們在連網設備上所做的許多事情都預示著未來的美好前景。隨著我們建立更強大的產業解決方案用例，我們預計 5G 貨幣化能力將會加速。因此，具體領域將是智慧建築技術解決方案。您可能已經閱讀了該新聞稿。當然，在達倫的評論中，我們將 Flo 視為重要的新客戶、新勝利，我們正在北美安裝 60,000 個智慧電動車充電器。

Previously, we did something similar with JOLT, up to 5,000 EV charging stations here across Canada. So -- and then lastly, we've got a lot going on when it comes to smart cities as well. So this will be an important developing story and an important contributor to ARPU as we move into 2024. So back to you, Darren, and then over to you, Tony, I guess.

在此之前，我們對 JOLT 做過類似的事情，在加拿大各地建立了多達 5,000 個電動車充電站。最後，在智慧城市方面我們也取得了許多進展。因此，當我們進入 2024 年時，這將是一個重要的發展故事，並對 ARPU 做出重要貢獻。所以回到你，達倫，然後是你，托尼，我想。

Go ahead, Tony.

繼續吧，東尼。

Thanks, Darren. Simon, great question. The -- what you're seeing in the U.S. with the millimeter wave fixed wireless access is something we're excited about as a capability, not yet available in Canada as the spectrum hasn't yet been released. But ostensibly, we would see broadband connectivity leveraging PureFibre, we're economically feasible as the first choice is, by far and away, the best technology to deliver a broadband experience or a wideband experience, if you will.

謝謝，達倫。西蒙，好問題。您在美國看到的毫米波固定無線存取是我們感到興奮的功能，但由於頻譜尚未發布，加拿大尚未提供該功能。但表面上，我們會看到利用 PureFibre 的寬頻連接，我們在經濟上是可行的，因為迄今為止，首選是提供寬頻體驗或寬頻體驗的最佳技術（如果您願意的話）。

We would leverage our 4G and 5G mobile assets for mobile broadband connectivity. And we have been using our mobile spectrum to support wireless high-speed Internet in some remote and rural areas. And that will continue to be an edge strategy, particularly in low-dense community environments. And then when the fixed wireless millimeter wave spectrum becomes available, that will be probably the final piece in the connectivity jigsaw puzzle, if you will, excluding LEO satellite servicing areas where that plays a role. We would leverage fixed wireless access as one of our connectivity network measures to drive the widest possible extensible broadband coverage we can get. And of course, in some of those areas, you're going to be leveraging government subsidy where it's available, as we've been doing very successfully for the past few years in remote and real communities.

我們將利用我們的 4G 和 5G 行動資產進行行動寬頻連線。我們一直在使用我們的行動頻譜來支援一些偏遠和農村地區的無線高速網路。這將繼續成為一種優勢策略，特別是在低密度社區環境中。然後，當固定無線毫米波頻譜可用時，如果你願意的話，這可能是連接拼圖中的最後一塊，不包括發揮作用的低地球軌道衛星服務區域。我們將利用固定無線存取作為我們的連接網路措施之一，以推動盡可能廣泛的可擴展寬頻覆蓋。當然，在其中一些領域，您將在可能的情況下利用政府補貼，正如我們過去幾年在偏遠和真實社區中所做的非常成功的事情一樣。

So really, it's a mix of those technologies, Simon, and we would see -- it will have a role to play. It will extend fixed network areas where maybe the geography or the cost in a term, particular terrain is prohibitive. And I'll allow you to get that coverage -- will allow an attractive urban infill in certain circumstances, where tactically, you may want to deploy this in advance of a build that's ongoing. So we would expect to be utilizing the capability as soon as the spectrum is available.

所以，實際上，它是這些技術的混合體，西蒙，我們會看到 - 它將發揮作用。它將擴展固定網路區域，這些區域可能因地理位置或特定地形的成本而令人望而卻步。我將允許您獲得該覆蓋範圍 - 將在某些情況下允許有吸引力的城市填充，從戰術上講，您可能希望在正在進行的構建之前部署它。因此，我們希望在頻譜可用後立即利用該功能。

Thank you, Simon, and thank you, everyone, for joining us today. Please feel free to reach out to the IR team with any follow-ups you may have. And with that, Mihai, back over to you.

謝謝西蒙，也謝謝大家今天加入我們。如果您有任何後續事宜，請隨時聯絡 IR 團隊。米哈伊，現在回到你身邊。

This concludes the TELUS 2023 Q3 earnings conference call. Thank you for your participation, and have a nice day.

TELUS 2023 年第三季財報電話會議到此結束。感謝您的參與，祝您有美好的一天。