Telus Corp (TU) 2023 Q4 法說會逐字稿

Good day, and welcome to the TELUS 2023 Q4 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 年第四季財報電話會議。我想介紹一下你們的演講者羅伯特·米切爾。請繼續。

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

大家好。感謝您今天加入我們。我們的 2023 年第四季業績、新聞稿、MD&A、財務報表和補充投資者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 and Doug. For the Q&A portion, we will be joined by other members of the Lee's executive leadership team.

在今天的電話會議上，我們將從達倫和道格的演講開始。對於問答部分，李氏執行領導團隊的其他成員將參加。

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 the securities commissions in Canada and the U.S., including in our fourth quarter and annual 2023 MD&A.

簡短準備的評論、幻燈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這些陳述所依據的假設以及可能導致它們不同的重大風險，包括我們在2023 年第四季度和年度的文件MD&A。

With that, over to you, Darren.

就這樣，交給你了，達倫。

Thanks, [Randy], and hello, everyone. Throughout 2023, our team successfully navigated a highly competitive industry and overcame a challenging macroeconomic landscape and dynamic regulatory environment to achieve strong operational and financial results across our business.

謝謝，[蘭迪]，大家好。 2023 年，我們的團隊成功駕馭了競爭激烈的行業，克服了充滿挑戰的宏觀經濟形勢和動態的監管環境，在整個業務領域實現了強勁的營運和財務業績。

Indeed, our results for the year demonstrate execution strength in our TTech business segment, characterized by the potent combination of leading customer growth and strong operational and financial results, enhanced by our significant and ongoing focus on cost efficiency.

事實上，我們今年的業績證明了我們技術技術業務部門的執行力，其特點是領先的客戶成長與強勁的營運和財務業績的有效結合，並透過我們對成本效率的持續關注而得到加強。

These results were buttressed by improving a resilient fourth quarter profitability from our DLCX segment despite the continued challenging macroeconomic operating environment faced by TELUS International.

儘管 TELUS International 面臨持續充滿挑戰的宏觀經濟營運環境，但我們 DLCX 部門第四季度盈利能力的強勁增長支撐了這些業績。

Robust performance in our core telecom business is underpinned by our globally leading broadband networks and superior customer-first culture. This enabled our strongest fourth quarter customer growth on record with industry-leading total net additions of $404,000. This represented an increase of 34% year-over-year, driven by strong demand for our leading portfolio of bundled services across mobility and VIX.

我們的核心電信業務的強勁表現得益於我們全球領先的寬頻網路和卓越的客戶至上文化。這使得我們第四季度的客戶成長達到了有史以來最強勁的水平，淨增加總額達到業界領先的 404,000 美元。由於對我們領先的行動出行和 VIX 捆綁服務組合的強勁需求推動，這一數字同比增長 34%。

The fourth quarter capped off a record-setting year for industry best customer net additions of close to $1.3 million, surpassing our previous record high achieved in 2022 by more than 21%. Notably, 2023 marked the second consecutive year our team delivered more than 1 million new customer additions.

第四季創下了業界最佳客戶淨增量接近 130 萬美元的紀錄，比我們之前在 2022 年創下的紀錄高出 21% 以上。值得注意的是，2023 年是我們團隊連續第二年新增超過 100 萬名客戶。

This robust performance included strong fixed subscriber growth of $259,000, our highest mobile phone net additions since 2010 with 443,000 net new customers and all-time record connected device and additions of $564,000. TELUS' industry-leading growth reflects the consistent potency of our operational execution and our unmatched bundled product offerings across mobile and home.

這一強勁的業績包括固定用戶強勁增長 259,000 美元，這是我們自 2010 年以來最高的行動電話淨增量，淨新客戶數量達到 443,000 名，連接設備數量和增量創歷史新高，達 564,000 美元。 TELUS業界領先的成長反映了我們營運執行的持續效力以及我們在行動和家庭領域無與倫比的捆綁產品。

Our team's passion for delivering customer service excellence contributed to strong loyalty across our key product lines, and we, of course, have done this on a continued basis. Looking at our consolidated performance for the full year, operating revenue growth of 9.4% essentially met the lower end of our updated guidance range, reflecting the exogenous challenges we encountered, which we will discuss further on our call today.

我們團隊對提供卓越客戶服務的熱情促進了我們關鍵產品線的強烈忠誠度，當然，我們一直在持續這樣做。縱觀我們全年的綜合業績，營業收入增長 9.4% 基本上達到了我們更新指導範圍的下限，反映了我們遇到的外生挑戰，我們將在今天的電話會議上進一步討論這些挑戰。

Despite these challenges, we drove EBITDA growth of 7.6% for the year, just above the midpoint of our public guidance expectations. Moreover, we achieved strong free cash flow of approximately $1.8 billion, representing industry-leading growth of 38% for the year.

儘管面臨這些挑戰，我們今年的 EBITDA 成長了 7.6%，略高於我們公眾指導預期的中點。此外，我們實現了約 18 億美元的強勁自由現金流，全年成長 38%，處於業界領先水準。

Let's now turn to take a look at the fourth quarter. TELUS once again achieved resilient operating revenues and strong EBITDA growth of 2.6% and 9.4%, respectively. Looking at our TTech mobile results, TELUS realized robust customer growth of 329,000 net additions in the fourth quarter.

現在讓我們來看看第四季。 TELUS 再次實現強勁的營業收入和強勁的 EBITDA 成長，分別為 2.6% 和 9.4%。從我們的 TTech 行動業績來看，TELUS 在第四季度實現了淨增 329,000 名客戶的強勁成長。

This included healthy mobile phone net additions of 126,000, representing a year-over-year increase of 13% and notably, surpassing the 10 million mobile phone customer milestone.

其中，手機淨增數為 126,000 戶，年增 13%，尤其突破了 1,000 萬手機用戶的里程碑。

This strength was driven alongside our continued focus on profitable and margin-accretive customer growth. Indeed, this consistent and disciplined approach will continue throughout 2024 and beyond to ensure our mobile customer growth drives EBITDA and cash flow accretion.

這種優勢是隨著我們持續專注於獲利和獲利成長的客戶成長而推動的。事實上，這種一致且嚴格的方法將在 2024 年及以後繼續下去，以確保我們的行動客戶成長推動 EBITDA 和現金流成長。

It also included an all-time quarterly record for connected device net additions of 203,000 close to double compared to the prior year. This reflects continued strong momentum with respect to our 5G and IoT B2B solutions that are so essential for our successful future.

它還包括連網設備淨增量 203,000 台的歷史季度記錄，幾乎是去年的兩倍。這反映出我們的 5G 和物聯網 B2B 解決方案持續強勁的勢頭，這對於我們未來的成功至關重要。

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 by our team.

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，也是我們團隊實踐客戶至上文化的象徵。

Whilst blended mobile phone churn of 1.4% was up against the backdrop of heightened competitive activity and not at a level where we are content, it represented an industry best result by a rather substantial margin.

雖然 1.4% 的混合手機流失率是在競爭活動加劇的背景下上升的，而且並未達到我們滿意的水平，但它以相當大的利潤率代表了行業最佳結果。

Notably, postpaid mobile phone churn of 0.87% for the full year marks our 10th consecutive year at less than 1%. Not many companies can make that claim on a global basis. One key factor behind this consistent industry best performance is the superiority of our world-leading networks.

值得注意的是，全年後付費手機流失率為 0.87%，這標誌著我們連續 10 年低於 1%。在全球範圍內，沒有多少公司能夠做出這樣的聲明。這種一致的行業最佳表現背後的一個關鍵因素是我們世界領先的網絡的優越性。

In this regard, in 2023, TELUS once again earned numerous accolades for network reliability, network expansiveness, speed and superiority. This included multiyear recognition from independent third-party organizations such as Opensignal and PCMag.

就此而言，2023年，TELUS再次在網路可靠性、網路擴展性、速度和優越性方面贏得了無數讚譽。這包括 Opensignal 和 PCMag 等獨立第三方組織的多年認可。

TELUS is recognized as Canada's most awarded network by Opensignal over 6 consecutive years now. Moreover, PCMag named TELUS Canada's best mobile carrier and best mobile carrier for business in their annual Reader's Choice Awards.

TELUS 連續六年被 Opensignal 評為加拿大獲獎最多的網路。此外，PCMag 在年度讀者選擇獎中將 TELUS 評為加拿大最佳行動營運商和最佳商業行動營運商。

The close on mobile, fourth quarter ARPU of $58.50 was down slightly year-over-year as a result of intense promotional market activity and heightened activity, in particular, 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, whilst remaining highly disciplined in respect of device subsidies.

由於激烈的促銷市場活動以及側翼空間活動的增加，第四季度行動 ARPU 收盤價為 58.50 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所驅動，我們長期關注 AMPU 增值負載，同時在設備補貼方面保持高度紀律，這一點得到了緩解。

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 and resilient ARPU, which was up 1.2% in 2023, alongside our leading churn continued to drive our industry best mobile phone lifetime revenue.

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，我們穩健且有彈性的 ARPU（2023 年成長了 1.2%）以及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佳水平。

We consistently exceed our national peers in this regard by a considerable margin of up to more than 60% in 2023. This leadership is reflective of the combination of our continued focus on high-quality customer growth and leading client loyalty.

到 2023 年，我們在這方面持續大幅超越國內同行，增幅高達 60% 以上。這種領先地位反映了我們持續專注於高品質客戶成長和領先的客戶忠誠度。

Now, let's take a look at our TTech fixed operating results, where TELUS delivered another quarter of industry best wireline customer growth. Indeed, our team achieved strong fourth quarter Internet net additions of $36,000.

現在，讓我們來看看我們的 TTech 固定營運業績，其中 TELUS 又實現了業界最佳有線客戶成長四分之一。事實上，我們的團隊在第四季度實現了 36,000 美元的強勁網路淨成長。

We also continue to drive healthy growth in our TV product line with industry-leading net additions of 23,000, up 35% over the prior year despite modestly higher churn. Modest residential voice losses of 7,000 again represented an industry best result.

我們也持續推動電視產品線的健康成長，淨增數量達 23,000 台，處於行業領先地位，儘管客戶流失率略有上升，但比上年增長了 35%。 7,000 的住宅語音損失再次代表了行業最佳結果。

Strong and leading security additions of 23,000 further reflect the momentum with respect to our successful multi-product penetration strategy. Overall, our industry-leading external fixed net additions of 75,000 demonstrate the strength of our unique and highly attractive bundled offers across our unmatched portfolio of products and services combined with our customer service excellence.

新增的 23,000 個強大且領先的安全功能進一步體現了我們成功的多產品滲透策略的勢頭。總體而言，我們業界領先的 75,000 名外部固定淨增客戶證明了我們在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，以及我們卓越的客戶服務。

These are buttressed by our ever-expanding broadband networks, our leading customer centricity approach as well as our strong and highly differentiated social capitalism attributes that truly underpin the strength of the TELUS brand and culture in action in respect of our go-to-market activities.

這些都得到了我們不斷擴展的寬頻網路、我們領先的以客戶為中心的方法以及我們強大且高度差異化的社會資本主義屬性的支持，這些屬性真正鞏固了TELUS 品牌的實力和在我們的市場推廣活動中的行動文化。

Notably, PCMag recognized TELUS as the fastest Internet service provider in Canada for the fourth consecutive year in 2023. The accolades that we have won for the superiority of our broadband networks across both mobile and fixed, illustrate the TELUS team's steadfast commitment to connecting Canadians to the people and to the information that matter most.

值得注意的是，2023 年，PCMag 連續第四年將TELUS 評為加拿大速度最快的互聯網服務提供商。我們憑藉移動和固定寬頻網路的優越性而贏得的讚譽，表明了TELUS 團隊堅定致力於將加拿大人與網路連接起來。最重要的人員和資訊。

Furthermore, the generational broadband network investments that TELUS is prudently made over the last decade, will continue to drive extensive socioeconomic benefits for Canadians and communities from coast to coast, whilst underpinning the continued advancement of our operational and financial performance at the TELUS organization.

此外，TELUS 在過去十年中審慎進行的一代寬頻網路投資將繼續為加拿大人和全國各地的社區帶來廣泛的社會經濟效益，同時支撐我們 TELUS 組織營運和財務業績的持續進步。

Let's turn now and look at TELUS Business Solutions, or TBS, which continues to contribute meaningfully to the success of the wider TELUS organization. TBS once again delivered another strong quarter with continued revenue and EBITDA growth.

現在讓我們來看看 TELUS 業務解決方案 (TBS)，它繼續為更廣泛的 TELUS 組織的成功做出有意義的貢獻。 TBS 再次實現了又一個強勁的季度業績，營收和 EBITDA 持續成長。

Impressively, TBS achieved its highest Q4 year-over-year EBITDA growth over the past 3 years. During the quarter, TBS continued its strong momentum in SMB and secured several notable wins with commercial and public sector organizations across Canada, accelerating the growth of both our core services and monetizing 5G through private wireless networks, connected worker, fleet and IoT connectivity management solutions.

令人印象深刻的是，TBS 第四季 EBITDA 實現了過去 3 年來最高的年成長。本季度，TBS 繼續在中小型企業領域保持強勁勢頭，並與加拿大各地的商業和公共部門組織取得了多項重大勝利，加速了我們核心服務的成長，並透過專用無線網路、聯網員工、車隊和物聯網連接管理解決方案實現5G 貨幣化。

TELUS Agriculture and Consumer Goods, or TAC, has recently delivered the best back-to-back sales quarters on record in over 3 years in consumer goods and also realized the best quarter on record for digital animal agriculture.

TELUS農業和消費品（TAC）最近在消費品領域實現了三年多來有史以來最好的連續銷售季度，並且還實現了數位動物農業有史以來最好的季度。

As we move into 2024, we are looking to build upon this positive momentum and drive accelerated financial contributions on a consolidated basis. To support the next chapter of our winning growth strategy and reflective of our commitment to use our technology and data services to lead the world in social capitalism, we recently moved our TELUS Health business into TBS.

進入 2024 年，我們希望在這一積極勢頭的基礎上再接再厲，並在鞏固的基礎上推動加速財務貢獻。為了支持我們致勝成長策略的下一章，並反映我們利用我們的技術和數據服務來引領社會資本主義世界的承諾，我們最近將 TELUS Health 業務轉移到 TBS。

Similar to our earlier integration of TAC into TBS, this better positions our health business to leverage the expertise, the experience and high-performance culture and talent of our broader B2B teams.

與我們先前將 TAC 整合到 TBS 類似，這使我們的健康業務能夠更好地利用更廣泛的 B2B 團隊的專業知識、經驗、高績效文化和人才。

Looking now at our TELUS Health business. We achieved fourth quarter revenues of $432 million, alongside 24% year-over-year EBITDA growth and delivered total annual revenues of $1.7 billion in 2023.

現在來看看我們的 TELUS Health 業務。我們第四季的營收達到 4.32 億美元，EBITDA 年成長 24%，2023 年年度總營收達到 17 億美元。

We continue to execute on our global growth strategy and demonstrate our progress towards our goal to be the most trusted well-being company in the world. And this includes our health care services and programs now covering 70 million lives around the world, an increase of almost $2 million on a year-over-year basis.

我們繼續執行我們的全球成長策略，並展示我們在實現成為世界上最值得信賴的福祉公司的目標方面所取得的進展。其中包括我們的醫療保健服務和計劃，目前已覆蓋全球 7,000 萬人的生命，年增近 200 萬美元。

This includes supporting health outcomes on 610 million digital health transactions during 2023, up 5% over last year and this includes increasing our Virtual Care membership to $5.6 million, up more than 24% over the prior year.

這包括支持 2023 年 6.1 億筆數位健康交易的健康成果，比去年增長 5%，還包括將我們的 Virtual Care 會員資格增加到 560 萬美元，比去年增長 24% 以上。

Since acquiring LifeWorks in 2022, 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, our systems and our real estate portfolio.

自2022 年收購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、系統和房地產帶來的營運成本協同效應實現的3.27億美元文件夾。

In addition, we continue to anticipate $100 million or more from longer-term revenue synergies, driven by cross-selling health services products within our TELUS Health customer base and throughout our TELUS portfolio of assets, including TELUS Business Solutions, TELUS Partner Solutions, TELUS Agriculture and consumer goods and obviously, TELUS International.

此外，在我們的TELUS Health 客戶群和整個TELUS 資產組合（包括TELUS 業務解決方案、TELUS 合作夥伴解決方案、TELUS）交叉銷售健康服務產品的推動下，我們繼續預計長期收入協同效應將達到1 億美元或更多。農業和消費品，當然還有 TELUS International。

To date, we've achieved $233 million in combined annualized synergies towards our overall objective of $427 million. These synergies will allow us to reinvest in the growth of our business and improve our profitability whilst we focus on delivering efficient, secure and best-in-class health and wellness solutions to our customers across the globe.

迄今為止，我們已實現 2.33 億美元的年度綜合協同效應，以實現 4.27 億美元的總體目標。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獲利能力，同時我們專注於為全球客戶提供高效、安全和一流的健康和保健解決方案。

Now, let's take a look at TELUS International. Earlier today, TI reported its fourth quarter and full year 2023 results with solid revenue growth, notwithstanding a continued challenging operating environment.

現在，讓我們來看看TELUS International。今天早些時候，TI 公佈了 2023 年第四季和全年業績，儘管營運環境持續充滿挑戰，但營收仍實現穩健成長。

Importantly, TI delivered on its commitment to improve profitability in the second half of the year, exiting the year with a strong margin profile more aligned with its historical trend. Our synergistic relationship offered incrementally more opportunities to partner with TI.

重要的是，TI 兌現了其在下半年提高盈利能力的承諾，以更符合其歷史趨勢的強勁利潤狀況結束了這一年。我們的協同關係為與 TI 的合作提供了越來越多的機會。

Alongside continued momentum fueled by the AI solutions that TI provides to companies like Google, its second largest client, offsetting an otherwise softer demand environment. The improvement in TI's profitability also reflected meaningful cost efficiency efforts implemented during the year, realigning its cost base to better meet the near-term demand environment.

TI 為其第二大客戶Google等公司提供的人工智慧解決方案推動了持續的成長勢頭，抵消了原本疲軟的需求環境。 TI 獲利能力的改善也反映了今年實施的有意義的成本效率努力，重新調整了其成本基礎，以更好地滿足近期需求環境。

Over the longer term, TI remains a compelling growth story with meaningful opportunities driven by digital transformation underpinned by robust and highly differentiated AI capabilities. Doug is going to provide further commentary on both TTech and TELUS International's results in just a moment.

從長遠來看，TI 仍然是一個引人注目的成長故事，在強大且高度差異化的人工智慧功能的支持下，數位轉型帶來了有意義的機會。 Doug 稍後將對 TTech 和 TELUS International 的結果提供進一步的評論。

Our team's ability to consistently drive profitable growth over the longer term on the back of our differentiated asset base, best-in-class customer experience and world-leading networks alongside our unique growth businesses, provides us with confidence in the robust outlook for our business and delivering on the annual targets that we've announced for 2024.

憑藉我們差異化的資產基礎、一流的客戶體驗和世界領先的網絡以及我們獨特的增長業務，我們的團隊有能力在長期內持續推動盈利增長，這使我們對業務的強勁前景充滿信心並實現我們宣布的2024 年年度目標。

These include TTech operating revenues and adjusted EBITDA increases of 2% to 4% and 5.5% to 7.5%, respectively. It includes consolidated CapEx of approximately $2.6 billion, and it includes consolidated free cash flow of approximately $2.3 billion, up circa 30% over 2023, supported by strong EBITDA growth and stable capital investments.

其中包括 TTech 營業收入和調整後 EBITDA 分別成長 2% 至 4% 和 5.5% 至 7.5%。其中包括約 26 億美元的綜合資本支出，以及約 23 億美元的綜合自由現金流，在強勁的 EBITDA 成長和穩定的資本投資的支持下，比 2023 年增長約 30%。

On a consolidated basis, our 2024 performance will be supported by the annual targets TI announced this morning. This includes revenue and EBITDA growth of 3% to 5% and 7% to 10%, respectively, supporting robust profitability and leading free cash flow yield in line with TI's historical average.

綜合來看，我們 2024 年的業績將得到 TI 今天早上宣布的年度目標的支持。這包括營收和 EBITDA 分別成長 3% 至 5% 和 7% 至 10%，支援強勁的獲利能力和領先的自由現金流收益率，與 TI 的歷史平均值一致。

Combining our outlook for TTech and TI, we expect consolidated operating revenues and adjusted EBITDA growth rates similar to those that were outlined for the TTech segment.

結合我們對 TTech 和 TI 的展望，我們預計合併營業收入和調整後 EBITDA 成長率與 TTech 部門概述的類似。

Furthermore, the unparalleled skill innovation and, of course, the execution excellence of our team on our consistent and winning strategy underpins our industry-leading multiyear dividend growth program now in its 14th year through to the end of 2025, and we look forward to communicating our multiyear dividend growth program at our AGM in May.

此外，無與倫比的技能創新，當然還有我們團隊在一致且致勝的戰略上的卓越執行力，支撐著我們行業領先的多年股息增長計劃，該計劃現已進入第14 個年頭，一直到2025 年底，我們期待與您溝通我們在五月的年度股東大會上製定了多年股息增長計劃。

To further buttress the sustainability of our consistently strong performance against the backdrop of the rapid transformation in our industry due to the evolving regulatory, competitive and macroeconomic environment, we continue to focus on executing extensive efficiency and effectiveness initiatives across the TELUS organization.

在監管、競爭和宏觀經濟環境不斷變化導致行業快速轉型的背景下，為了進一步鞏固我們一貫強勁業績的可持續性，我們將繼續專注於在整個 TELUS 組織內執行廣泛的效率和有效性舉措。

Importantly, the transformational investments we have prudently made over the course of more than a decade in building the best culture and supporting industry-leading customer experiences over our globally leading wireless and pure fiber broadband networks, are enabling the progression of our accelerated plans to digitally revolutionize our business and further streamline our operating costs because this organization leads on digital and this organization has a unique update in TI.

重要的是，十多年來，我們在全球領先的無線和純光纖寬頻網路上謹慎地進行轉型投資，打造最佳文化並支持行業領先的客戶體驗，這使得我們加速計劃的數位化進程得以推進。徹底改變我們的業務並進一步簡化我們的營運成本，因為該組織在數位化方面處於領先地位，而該組織在TI 中擁有獨特的更新。

Our team's great. Brazil's an ability to embrace change and continuously evolve the way that we operate have enabled us to achieve our targeted team member reductions in 2023 with the full run rate of annualized cost savings expected to be realized in the second quarter of 2024.

我們的團隊很棒。巴西有能力擁抱變革並不斷發展我們的營運方式，這使我們能夠在 2023 年實現團隊成員削減目標，並預計在 2024 年第二季度實現年度成本節約的全部運行率。

Furthermore, our intensified focus on cost efficiency is continuing into 2024, targeting restructuring investments of approximately $300 million over the course of the year. While these come with many difficult decisions, we continue to leverage our decade-long track record of successfully navigating exogenous factors in order to rise to the current challenges and future proof our business and deliver industry-leading operational, financial and value-creation results.

此外，我們將在 2024 年繼續加強對成本效率的關注，目標是全年重組投資約 3 億美元。儘管這些決策伴隨著許多艱難的決定，但我們將繼續利用我們長達十年的成功應對外部因素的記錄，以應對當前的挑戰並證明我們的業務面向未來，並提供行業領先的運營、財務和價值創造成果。

Against the backdrop of these ongoing challenges, our TELUS family continues to bring our caring culture to life. Last year, our team members and retirees logged in unprecedented 1.5 million hours of volunteerism in communities across the globe. This is an unparalleled accomplishment that is more than any other company in the world.

在這些持續挑戰的背景下，我們的 TELUS 大家庭繼續將我們的關懷文化帶入生活。去年，我們的團隊成員和退休人員在全球各地的社區中進行了前所未有的 150 萬小時的志工服務。這是一項無與倫比的成就，比世界上任何其他公司都多。

Due in part to our team's unsurpassed dedication to putting both our communities and customers first, the TELUS brand is increased in value from $10.3 billion in 2023 to circa $11.5 billion today as ranked in the Brand Finance 2024 global report.

在品牌金融 2024 年全球報告中，TELUS 品牌的價值從 2023 年的 103 億美元增加到今天的約 115 億美元，部分原因是我們團隊將社群和客戶放在第一位的無與倫比的奉獻精神。

Notably, TELUS moved up 2 places to become the most valuable telco brand in Canada and the eighth most valuable brand nationally. And to think this brand was worth $600 million back in 2000. 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.

值得注意的是，TELUS 上升了兩位，成為加拿大最有價值的電信品牌和全國第八大最有價值品牌。想想這個品牌在2000 年就價值6 億美元。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為支持全球社區所做的熱情努力，同時我們努力為所有人提供出色的成果我們的利害關係人。

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

關於這一點，我會將電話轉給道格叔叔。

Thank you, Darren, and hello, everyone. In the fourth quarter, our team achieved strong operational and financial results, supported by our long-standing commitment to drive profitable customer growth, our product diversity, execution excellence, our leading customer service and our ongoing focus on efficiency and effectiveness.

謝謝你，達倫，大家好。在第四季度，我們的團隊取得了強勁的營運和財務業績，這得益於我們對推動獲利性客戶成長的長期承諾、我們的產品多樣性、卓越的執行力、我們領先的客戶服務以及我們對效率和效益的持續關注。

In Mobility, continued mobile phone and connected device subscriber additions drove network revenue higher by 3.8% along with the moderating roaming revenue growth. We expect a highly competitive environment will continue to pressurize ARPU along with the lapping of the (inaudible) recovery that we experienced in the first half of 2023.

在行動領域，行動電話和連接設備用戶的持續成長推動網路收入成長 3.8%，同時漫遊收入成長放緩。我們預計，隨著 2023 年上半年經歷的（聽不清楚）復甦的結束，高度競爭的環境將繼續給 ARPU 帶來壓力。

Importantly, we continue to focus on AMPU to drive the right economic outcomes. Our ongoing focus on efficiency and effectiveness will help drive sustainable EBITDA growth and margin accretion.

重要的是，我們繼續關注 AMPU 以推動正確的經濟成果。我們對效率和效益的持續關注將有助於推動可持續的 EBITDA 成長和利潤成長。

Our strong AMPU performance is further evidenced by our mobility direct margin contribution, increasing by nearly 5% in the quarter. Fixed Data services grew 3.6% year-over-year, driven by strong customer growth across Internet security, TV and higher but moderating revenue per customer.

我們的行動直接利潤貢獻進一步證明了我們強勁的 AMPU 業績，本季成長了近 5%。固定數據服務年增 3.6%，受到網路安全、電視等客戶強勁成長的推動，但每位客戶的收入有所放緩。

Health Services revenue increased by 5.1% over the prior period, primarily driven by demand for our products and services and continued adoption of our virtual care solutions. At the segment level, TTech operating revenues were up 2.6%, while TTech adjusted EBITDA increased 8% and adjusted EBITDA margin expanded 190 basis points supported through our efficiency program flow-through.

健康服務收入較上一期增長 5.1%，這主要是由於對我們的產品和服務的需求以及我們的虛擬護理解決方案的持續採用所推動的。在分部層面，TTech 營運收入成長了 2.6%，而 TTech 調整後 EBITDA 成長了 8%，調整後 EBITDA 利潤率在我們的效率計畫流程的支持下擴大了 190 個基點。

In DLCX, operating revenues from our existing customers were higher by 6.8% year-over-year, primarily from growth in our tech and games, e-commerce, fintech and other clients arising from additional services provided to existing customers and new customers added since the prior year, including those from the acquisition of Willow Tree. A strengthening of both the European euro and U.S. dollar against the Canadian dollar also benefited in the period.

在DLCX 中，我們現有客戶的營業收入年增6.8%，主要來自我們的技術和遊戲、電子商務、金融科技和其他客戶的成長，這些成長是由於向現有客戶提供的額外服務以及自去年以來增加的新客戶而產生的。上一年，包括收購 Willow Tree 的收入。在此期間，歐元和美元兌加幣的走強也受益。

During the fourth quarter, our TELUS International team continued to execute against its significant efficiency plans and meaningful of rightsizing to its cost structure. Notably, DLCX adjusted EBITDA was up 19% or closer to 6% when excluding the onetime earnout adjustment, while margins improved 120 basis points year-over-year.

在第四季度，我們的 TELUS International 團隊繼續執行其重要的效率計劃，並對其成本結構進行了有意義的調整。值得注意的是，排除一次性獲利調整後，DLCX 調整後 EBITDA 成長了 19% 或接近 6%，而利潤率則年增了 120 個基點。

Heading into 2024, TI's focus on efficiency and organic growth will continue as we address some of the continued macroeconomic pressures.

進入 2024 年，隨著我們應對一些持續的宏觀經濟壓力，TI 將繼續關注效率和有機成長。

Overall, consolidated operating revenues increased by 2.6% year-over-year and adjusted EBITDA grew by 9.4%. Consolidated net income was up 17% year-over-year, while basic EPS was up 18%. On an adjusted basis, net income was slightly up by just under 1%, while EPS was relatively flat.

整體而言，綜合營業收入年增 2.6%，調整後 EBITDA 成長 9.4%。綜合淨利潤年增 17%，基本每股收益成長 18%。調整後的淨利潤略有增長，增幅略低於 1%，而每股收益則相對持平。

Free cash flow of $590 million in the fourth quarter increased by $267 million, driven by increased EBITDA growth, lower capital expenditures and taxes paid, partially offset by an increase in interest payments and higher restructuring disbursements.

第四季自由現金流為 5.9 億美元，增加了 2.67 億美元，這是由於 EBITDA 成長增加、資本支出和繳納稅款減少所推動的，但部分被利息支付增加和重組支出增加所抵消。

For the full year, free cash flow of approximately $1.8 billion came in higher than our updated target of 1.5. The result was higher primarily for 2 items. The increase in restructuring reserve that we had deferred until 2024 of payments, which will flow into the first quarter and partially the second quarter.

全年自由現金流約 18 億美元，高於我們更新的 1.5 目標。結果較高的主要是 2 項。我們推遲到 2024 年支付的重組準備金增加，將流入第一季度，部分流入第二季度。

In addition, the second was the handset financing of approximately $75 million, where promotions in the period were more focused on rate plans instead of device plans. Looking forward to our financial targets for 2024 and leading of the period. As Darren highlighted, our TTech revenue growth that will grow by 2% to 4% and TTech adjusted growth of EBITDA of 5.5% to 7.5%.

此外，第二個是約7,500萬美元的手機融資，該時期的促銷活動更側重於費率計劃而不是設備計劃。展望我們 2024 年的財務目標和同期領先水準。正如達倫所強調的那樣，我們的 TTech 收入成長將成長 2% 至 4%，TTech 調整後的 EBITDA 成長為 5.5% 至 7.5%。

Our financial outlook reflects continued healthy growth, while our core TTech business as we maintain our consistent focus on profitable growth driven by continued demand for superior bundled offerings over our leading networks. Our strategic focus to drive increased efficiency and effectiveness will also contribute to our financial outlook.

我們的財務前景反映了持續的健康成長，而我們的核心技術技術業務由於我們對領先網路上優質捆綁產品的持續需求而保持對盈利增長的一貫關注。我們的策略重點是提高效率和效益，這也將有助於我們的財務前景。

Furthermore, in 2024, we anticipate improving financial contributions from TELUS International as well as TELUS Health and our TELUS Agriculture and consumer goods. Consolidated capital expenditures are targeted to remain stable at $2.6 billion, representing a consolidated capital intensity ratio of 13%, which is a historic low for TELUS.

此外，我們預計到 2024 年，TELUS International 以及 TELUS Health 以及我們的 TELUS Agriculture 和消費品的財務貢獻將會增加。綜合資本支出目標穩定在26億美元，相當於13%的綜合資本密集度，也就是TELUS的歷史低點。

In addition, we have earmarked $100 million for capital for real estate development initiatives similar to 2023 as we progress our copper to decommissioning program and work towards delivering our strategy and co-developing certain surplus real estate assets within our footprint.

此外，我們還指定了 1 億美元資金用於類似於 2023 年的房地產開發計劃，以推進我們的銅退役計劃，並努力實現我們的策略並在我們的足跡內共同開發某些剩餘房地產資產。

Lastly, consolidated free cash flow for 2024 is forecasted to be $2.3 billion, driven by higher EBITDA and stable CapEx. The strong growth includes higher cash restructuring payments related to our efforts undertaken in 2023 as discussed earlier as well as incremental restructuring targeted in 2024.

最後，在更高的 EBITDA 和穩定的資本支出的推動下，2024 年的綜合自由現金流預計為 23 億美元。強勁的成長包括與我們之前討論的 2023 年所做的努力相關的更高的現金重組付款，以及 2024 年的增量重組。

Putting it all together, and combined with TI's outlook announced earlier today, on a consolidated basis, we expect operating revenues and adjusted EBITDA to grow similar to that of TTech.

綜上所述，並結合 TI 今天稍早宣布的前景，在合併基礎上，我們預計營業收入和調整後 EBITDA 的成長將與 TTech 類似。

As we progress through 2024, we anticipate our adjusted EBITDA growth to build as the year progresses. A detailed list of our assumptions for 2024 are set out in our annual MD&A released today.

隨著 2024 年的進展，我們預計調整後的 EBITDA 將隨著這一年的進展而成長。我們今天發布的年度 MD&A 列出了我們對 2024 年假設的詳細清單。

Overall, we remain bullish on our ability to continue generating strong free cash flow for the years to come, benefiting from our industry-leading growth profile that consistently showcases our superior asset mix, our leading customer service and our operational execution excellence.

總體而言，我們仍然看好我們在未來幾年繼續產生強勁自由現金流的能力，受益於我們行業領先的成長狀況，不斷展示我們卓越的資產組合、領先的客戶服務和卓越的營運執行力。

The strong position further supports our industry-leading dividend growth program in place through 2025 and beyond. Along with the de-levering of our balance sheet while continuing to make key strategic investments and continuing advancing our winning growth strategy.

這一強大的地位進一步支持我們在 2025 年及以後實施領先業界的股息成長計畫。隨著我們資產負債表的去槓桿化，同時繼續進行關鍵策略投資並繼續推動我們的勝利成長策略。

With that, Robert, back to you.

羅伯特，現在回到你身邊。

Thanks, Doug. Operator, please proceed with questions.

謝謝，道格。接線員，請繼續提問。

Of course. First question comes from Vince Valentini from TD Securities.

當然。第一個問題來自道明證券的文斯·瓦倫蒂尼。

The first thing I want to ask is about the DRIP. Your free cash flow growth has been very strong and now seems to fully cover the dividend. Are we getting close to removing the DRIP discount, Doug?

我想問的第一件事是關於 DRIP 的。您的自由現金流成長非常強勁，現在似乎完全覆蓋了股息。道格，我們即將取消 DRIP 折扣嗎？

Yes. We are assessing that as we speak. We're going to look to the completion of the next spectrum auction, but we are definitely considering that as a future near or midterm opportunity.

是的。我們正在評估這一點。我們將期待下一次頻譜拍賣的完成，但我們肯定會將其視為未來的近期或中期機會。

And related to free cash flow, one follow-up. As you may have noticed there's some working capital gyrations in some places in the industry. Your free cash flow definition is very clean, but you do not include working capital. Any color you can give there on 2024? Is there any notable increase in working capital usage that we should be aware of?

與自由現金流相關的是後續行動。您可能已經注意到，該行業的某些地方存在一些營運資金波動。您的自由現金流量定義非常清晰，但不包括營運資金。 2024 年你能給那裡什麼顏色嗎？我們應該注意的營運資金使用量是否有顯著增加？

No, there isn't. We actually had a -- you'll see in our statements a significant decline in accounts payable at the end of 2023 based on our capital acceleration from the year before. We do not see any blips in 2024.

不，沒有。實際上，您會在我們的報表中看到，基於我們上一年的資本加速，到 2023 年底，應付帳款將大幅下降。我們認為 2024 年不會出現任何現象。

Next question comes from Maher Yaghi from Scotiabank.

下一個問題來自豐業銀行的 Maher Yaghi。

We saw a public mobile quite active in the marketplace in Q4, and I suspect that this helped your loading in the quarter. We also saw one of your competitors had a significant amount of prepaid to postpaid switching.

我們在第四季度看到公共行動裝置在市場上非常活躍，我懷疑這有助於您在本季的載入。我們還看到您的競爭對手之一有大量的預付到後付費轉換。

So, while this is probably the auto to ARPU, Darren, could you talk a little bit about the comparative metrics on AMPU for public mobile versus your existing wireless space, just to be able to understand the impact and the changes of the mix for future profitability.

因此，雖然這可能是 ARPU 的汽車，Darren，您能否談談公共移動 AMPU 與現有無線空間的比較指標，以便能夠了解未來組合的影響和變化盈利能力。

And the second question I have is on Health Services. We're seeing probably an improving momentum here in the business. What would you like to see for this segment in terms of achievement in 2024 for revenue growth? And any kind of information on EBITDA margins or what you'd like to see in EBITDA margins in '24, that would be helpful.

我的第二個問題是關於衛生服務的。我們可能看到該業務的改善勢頭。您希望該細分市場在 2024 年實現什麼收入成長？有關 EBITDA 利潤率或您希望在 24 年 EBITDA 利潤率中看到的任何資訊都會有所幫助。

Okay. Thanks, Maher, for both questions. I think I'll let Zainul answer the first question. It's a pretty good new story, particularly as it relates to the quality of our loading, the integrity between post and pre, the digital construct of public and what that portends at an AMPU level.

好的。謝謝馬赫提出的兩個問題。我想我會讓 Zainul 回答第一個問題。這是一個非常好的新故事，特別是因為它涉及到我們的加載品質、後期和前期之間的完整性、公眾的數字結構以及它在 AMPU 層級上的預示。

So, I'll hand over to Zainul for that. And Navin, I'll let you handle what our expectations are for health in 2024. I'm sure they'll be both laudable and very ambitious and exciting. So, Zainul and Navin over to the both of you.

所以，我會把這件事交給 Zainul。 Navin，我會讓你來處理我們對 2024 年健康的期望。我相信它們將是值得稱讚的、非常雄心勃勃和令人興奮的。那麼，Zainul 和 Navin 就交給你們兩個了。

Thank you, Darren. And, Maher, thanks for the question. I think public, one of the things to really highlight is that we think about it internally as our IPO, our initial public offering, because it is a new offering. It's our the first digital-only subscription offering and it has resonated in the market and it's resonated in a demographic and a space that I think that we've been underpenetrated in, in the past, and I think you can see that in our prepaid results.

謝謝你，達倫。馬赫，謝謝你的提問。我認為，在公開市場上，真正需要強調的一件事是，我們在內部將其視為我們的首次公開發行（IPO），我們的首次公開發行（IPO），因為它是一次新的發行。這是我們第一個純數位訂閱服務，它在市場上引起了共鳴，在我認為我們過去滲透不足的人群和空間中引起了共鳴，我想你可以在我們的預付費訂閱中看到這一點。結果。

What you can actually glean from that though is that when you load a public mobile customer because it is absolutely digital only, we get a 6x improvement on AMPU relative to a traditional subscriber. And so, that is incredibly accretive in our AMPU story.

不過，您實際上可以從中了解到的是，當您加載公共行動客戶時，因為它完全是數位化的，相對於傳統訂戶，我們的 AMPU 提高了 6 倍。因此，這對我們的 AMPU 故事來說是令人難以置信的增值。

And I would say that the additional element of that is that we have been very focused on leveraging the assets that we have that are differentiated relative to our peers in the market. And one of those is TELUS International.

我想說的另一個因素是，我們一直非常注重利用我們擁有的資產，這些資產相對於市場上的同業來說是有差異化的。 TELUS International 就是其中之一。

And by leveraging the digital capabilities of TELUS International, we're able to advance these kinds of offers that are unique to the market and that can get a lot of traction going forward. So, we think that this is a great growth area for our business. It's resonating in terms of the digital-only subscription model. It's a very seamless experience for customers.

透過利用 TELUS International 的數位能力，我們能夠推出市場獨有的此類產品，並且可以在未來獲得很大的吸引力。因此，我們認為這對我們的業務來說是一個巨大的成長領域。它在純數位訂閱模式方面引起了共鳴。對於客戶來說，這是一種非常無縫的體驗。

So, the journey, we get a lot of great feedback on the journey, and we think there's good upside potential, and it will continue to support our AMPU growth.

所以，在這個過程中，我們得到了很多很好的回饋，我們認為有很好的上升潛力，它將繼續支持我們 AMPU 的成長。

And indeed, our health ambitions are laudable and exciting. So, we're very excited to bring the teams together across our B2B portfolio. I think it's really going to give us an opportunity that amplify our cross-sell ambitions and really drive some highly differentiated growth opportunities.

事實上，我們的健康抱負是值得稱讚和令人興奮的。因此，我們非常高興能夠將 B2B 產品組合中的團隊聚集在一起。我認為這確實會給我們一個機會，增強我們的交叉銷售雄心，並真正推動一些高度差異化的成長機會。

I think it's important to remember that for the health team today, we operate in 160 countries. And so, a big part of our increased growth momentum that we're planning in 2024 is really around leveraging our presence in those 160 countries today and driving improved product penetration as well as improved customer expansion in those geographies.

我認為重要的是要記住，對於當今的衛生團隊來說，我們在 160 個國家/地區開展業務。因此，我們計劃在 2024 年增加成長動力的很大一部分實際上是利用我們目前在這 160 個國家的業務，推動提高產品滲透率以及改善這些地區的客戶擴張。

Our health and well-being solutions are really unmatched in the market today, and we continue to develop improved capabilities. And again, that will be a significant focus in 2024 around accelerating the development of those products and services.

我們的健康和福祉解決方案在當今市場上確實無與倫比，我們將繼續開發改進的功能。同樣，這將成為 2024 年的一個重要焦點，圍繞著加速這些產品和服務的發展。

And in addition to that, in 2024, we're going to be looking to leverage the significant investments we did in sales and distribution channel strength to drive top line revenue. We're going to be focused aggressively on improving our margins by bringing in much more automation and AI capabilities by leveraging our TELUS International team.

除此之外，到 2024 年，我們將尋求利用我們在銷售和分銷通路實力方面所做的重大投資來推動營收成長。我們將利用我們的 TELUS International 團隊引入更多自動化和人工智慧功能，積極致力於提高利潤率。

We'll do some tuck-in acquisitions where it makes sense. We're very focused on the development of our industry-leading mental health products and services. And we have the opportunity to intelligently and on an anonymized basis, monetize vast amounts of data. So, we'll be looking at what we can do in that regard and provide additional value through analytics and insights.

我們將在有意義的情況下進行一些收購。我們非常專注於開發行業領先的心理健康產品和服務。我們有機會在匿名的基礎上智慧地利用大量數據獲利。因此，我們將研究在這方面我們可以做些什麼，並透過分析和見解提供額外的價值。

In terms of the LifeWorks integration, as Darren mentioned, we're about $233 million of synergies on a plan of $427 million. And so, 2024 is a lot about continuing to drive those synergies, continue to drive EBITDA margin expansion.

在 LifeWorks 整合方面，正如 Darren 所提到的，我們在 4.27 億美元的計畫中獲得了約 2.33 億美元的協同效應。因此，2024 年的重點是繼續推動這些協同效應，繼續推動 EBITDA 利潤率擴張。

And as we continue to scale this asset, there is a significant opportunity for us to show the significant value this business adds and how it contributes to TELUS' asset mix and positively differentiates in terms of the valuation it contributes to TELUS.

隨著我們繼續擴大這項資產的規模，我們有一個重要的機會來展示這項業務所增加的重要價值，以及它如何為TELUS 的資產組合做出貢獻，並在為TELUS 貢獻的估值方面發揮積極的差異化作用。

So, in terms of specific goals, we're definitely looking for double-digit EBITDA contribution and significant expansion on our cash contribution from this business. Back to you, Darren.

因此，就具體目標而言，我們肯定會尋求兩位數的 EBITDA 貢獻，並顯著擴大該業務的現金貢獻。回到你身邊，達倫。

Well, that sounds really exciting, Navin. Sure, like your trajectory on 11% EBITDA growth in Q2, 20% EBITDA growth in Q3, 24% EBITDA growth in Q4. So, I'm sure it would be disappointing not to hit circa 20% in 2024, given your leadership, the cross-selling opportunities, the cost synergy opportunities and the TI support. Robert, let us go to the next question. Thanks, Maher. Our next question, please.

嗯，這聽起來真的很令人興奮，納文。當然，就像第二季 EBITDA 成長 11%、第三季 EBITDA 成長 20%、第四季 EBITDA 成長 24% 的軌跡一樣。因此，考慮到您的領導力、交叉銷售機會、成本協同機會和 TI 的支持，我確信如果在 2024 年未能達到 20% 左右，將會令人失望。羅伯特，讓我們進入下一個問題。謝謝，馬赫。請我們下一個問題。

(Operator Instructions) And the next question comes from Jerome Dubreuil from Desjardin.

（操作員說明）下一個問題來自 Desjardin 的 Jerome Dubreuil。

Just following on the DRIP questions and comments. I think towards the end of last year, you were thinking more about deleveraging versus maybe historically, you've been spending more on M&A. If you can maybe reiterate if deleveraging is still top of minus at this point, and if you have set deleveraging targets, obviously, depending on your decision on the DRIP?

只是關注 DRIP 問題和評論。我認為去年年底，您更多地考慮去槓桿化，而從歷史上看，您在併購上的支出可能更多。您是否可以重申一下，目前去槓桿化是否仍然處於負值之上，以及您是否已經設定了去槓桿化目標，顯然，這取決於您對 DRIP 的決定？

And then second question, if you can maybe provide a bit more color on long-term fiber potential and copper decommissioning. We've had global players talking about longer-term fiber CapEx intensity in the 10% range. Is that something you are also seeing longer term?

然後是第二個問題，您是否可以提供更多有關長期光纖潛力和銅纜退役的資訊。全球參與者都在談論 10% 範圍內的長期光纖資本支出強度。從長遠來看，這也是您所看到的嗎？

On your first question, we will continue to de-lever in 2024. It will be a little slower than we expect subsequent to '24 with having to do the 2 spectrum auction payments in 2024 is our estimate.

關於你的第一個問題，我們將在 2024 年繼續去槓桿化。我們估計，24 年之後的速度會比我們預期的要慢一些，因為我們估計必須在 2024 年進行兩次頻譜拍賣付款。

And so, I would say, yes, we're still on a positive trajectory based on the strength of our free cash flow, but it will be a bit slower in '24 and accelerate a bit more into '25 and beyond. On M&A, we'll continue with strategic M&A. And I would say at this moment, we don't anticipate an impact on leverage at all, and we do have an amount built into our plan and so far tracking to that.

所以，我想說，是的，基於我們自由現金流的實力，我們仍然處於積極的軌道上，但在 24 年會慢一些，在 25 年及以後會加速一些。在併購方面，我們將繼續進行策略併購。我想說，此時此刻，我們預計槓桿率根本不會受到影響，而且我們的計劃中確實有一定的金額，並且到目前為止正在追蹤這一金額。

And, Tony, why don't you talk about copper decommissioning?

東尼，你為什麼不談談銅退役呢？

Sure. Hi, Jerome, as you'll have seen, pure fiber and 5G deployments now cover over 3.2 million premises and 86% of the Canadian population, respectively. We surpassed actively 1.6 million pure fiber customers across BC, Alberta and Quebec, which reflects a global leading penetration of built footprint, a build penetration measure that we think sets the bar for what good looks like.

當然。你好，Jerome，如您所見，純光纖和 5G 部署現在分別覆蓋了超過 320 萬個場所和 86% 的加拿大人口。我們在不列顛哥倫比亞省、艾伯塔省和魁北克省積極超過了 160 萬純光纖客戶，這反映了建築足蹟的全球領先滲透率，我們認為這一建築滲透率指標為美好的外觀設定了標準。

So, with that impressive fiber investment, we're seeing great strategy returns. Our churn performance on a pure fiber base is less than 1% and has been so for 15 of the last 16 quarters. It presents a great product intensity opportunity for Home businesses, the far surpasses other networks, be they copper or coax.

因此，透過令人印象深刻的光纖投資，我們看到了巨大的策略回報。我們在純光纖基礎上的流失率低於 1%，在過去 16 個季度中有 15 個季度都是如此。它為家庭企業提供了巨大的產品強度機會，遠遠超過其他網絡，無論是銅纜還是同軸電纜。

Combined with 5G, we got an impressive broadband network resiliency for homes and businesses and we support higher value loading, which we saw in Q4, a 12% year-over-year increase in the base penetration of our 1 gig plus plans.

與5G 相結合，我們為家庭和企業提供了令人印象深刻的寬頻網路彈性，並且我們支援更高的價值負載，我們在第四季度看到，我們的1 gig+ 計劃的基礎滲透率同比增長了12%。

And, of course, the fiber is really accentuating the future proofing as Internet bandwidth demands continue to increase. Our pure fiber can easily accommodate higher speeds with minimal incremental investment per subscriber, a very different picture from those networks on legacy copper or coax which have a much more costly journey of investment and upgrade required.

當然，隨著網路頻寬需求的不斷增加，光纖確實增強了面向未來的能力。我們的純光纖可以輕鬆適應更高的速度，並且每個用戶的增量投資最少，這與傳統銅纜或同軸電纜網路的情況截然不同，後者的投資和升級成本要高得多。

Talking about the exciting copper retirement opportunities this represents, we decommissioned in 2023, 14 central offices and the copper serving areas they serviced. And that presents a unique and differentiated real estate development opportunity for our business.

談到這所代表的令人興奮的銅退役機會，我們於 2023 年退役了 14 個中心辦公室及其服務的銅服務區域。這為我們的業務提供了獨特且差異化的房地產開發機會。

So, let's talk about urban mining as we like to call it. We provided improved the capability in multiple geographies in Victoria, Edmonton and the Lower Mainland, and we determined that we can create a profitable transformation of this retired copper asset. And this paves the way for unracking real estate opportunities and importantly, supporting critical social need through the delivery of affordable housing in the hearts of the communities we serve.

那麼，讓我們來談談我們喜歡稱之為的城市採礦。我們在維多利亞州、埃德蒙頓和低陸平原的多個地區提供了改進的能力，並且我們確定我們可以對這一退役銅資產進行盈利轉型。這為釋放房地產機會鋪平了道路，更重要的是，透過在我們服務的社區中心提供經濟適用房來支持關鍵的社會需求。

In 2024, we yearn to retire a further 25 central office and associated service areas for copper retirement and opening up the opportunity of urban mining, building on the full, as I mentioned, Michi in 2023.

到 2024 年，我們渴望再淘汰 25 個中心辦公室和相關服務區，以實現銅的退役，並在 2023 年全面建設密歇根的基礎上（正如我提到的那樣）開闢城市採礦機會。

So, I think it represents an exciting part for us. And then, we're exploring some innovative ideas around how we can continue to build out in those markets, not yet deployed with pure fiber. And we'll have more to say on that subject at a later date, but there are some exciting partnerships that we're developing, which I think will help us to continue to capitalize on the extreme benefits fiber represents.

所以，我認為這對我們來說是一個令人興奮的部分。然後，我們正在探索一些創新想法，圍繞著如何繼續在這些尚未部署純光纖的市場進行拓展。稍後我們將就這個主題進行更多討論，但我們正在發展一些令人興奮的合作夥伴關係，我認為這將幫助我們繼續利用纖維所帶來的極端好處。

And, of course, the recycling of the copper provides significant positive opportunities on the environmental front as well. Okay, Robert?

當然，銅的回收也為環境方面提供了重大的正面機會。好吧，羅伯特？

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。

I was hoping that just given the increasing spend with TI going over to TI as CFO. Maybe you can talk a little bit about how you see that relationship with TI evolving over time?

我希望這只是考慮到 TI 的支出不斷增加，讓 TI 擔任財務長。也許您可以談談您如何看待與 TI 的關係隨著時間的推移而演變？

And then for my second question, hoping you can touch on the additional restructuring costs of roughly $300 million in 2024. In a tougher economic environment, do we assume more of an annual cadence to restructuring as you look to optimize the business?

接下來是我的第二個問題，希望您能談談 2024 年約 3 億美元的額外重組成本。在更嚴峻的經濟環境下，當您尋求優化業務時，我們是否會假設每年都會進行重組？

And related, Doug, I think you mentioned that you expect EBITDA growth to build over the year, and I assume that might be restructuring related as well.

與此相關的是，道格，我想您提到您預計 EBITDA 成長將在一年內實現，我認為這也可能與重組有關。

Zainul, given the criticality of the relationship between our consumer business and TI, why don't you speak to that? And, Jeff, you're on the call, if you've got a few things that you want to top up on post-[Sandoz], I think that would be great. And, Doug, you and I can handle restructuring Zainul.

Zainul，考慮到我們的消費者業務和 TI 之間關係的重要性，您為什麼不談談這一點呢？而且，傑夫，你正在接聽電話，如果你有一些想要在[山德士]之後補充的東西，我認為那就太好了。而且，道格，你和我可以處理 Zainul 的重組工作。

Okay. Thank you. Thanks, Stephanie. Great question. I think you'll definitely see us, as I mentioned around the public review as well that we're going to continue to synergize and leverage TI effectively across our business. And you can see that there are AMPU opportunities from an end-to-end perspective.

好的。謝謝。謝謝，斯蒂芬妮。很好的問題。我想您肯定會看到我們，正如我在公開審查中提到的那樣，我們將繼續在我們的業務中有效地協同和利用 TI。從端到端的角度來看，您可以看到 AMPU 的機會。

Customers are wanting more digitized solutions. And what we're doing with TI is also ensuring that we build exciting new product road map capabilities that we can own ourselves. We can license from an end-to-end perspective to other peers in the industry globally and that reduce our costs and create an opportunity for us to really own our destiny in terms of our product road maps.

客戶需要更多數位化解決方案。我們與 TI 合作的目的還在於確保我們能夠建立令人興奮的新產品路線圖功能，並且我們可以擁有這些功能。我們可以從端到端的角度向全球產業內的其他同行進行許可，這可以降低我們的成本，並為我們創造機會，讓我們在產品路線圖上真正掌握自己的命運。

So, you'll see more of that to come and it accelerates our opportunity to drive those gains because we're not dependent on a third party. We have a synergistic relationship with TI across development.

因此，您會看到更多這樣的事情發生，它加速了我們推動這些成果的機會，因為我們不依賴第三方。我們與 TI 在開發方面有著協同關係。

And then on the overall cost per customer perspective, leveraging TI enables us to support the demands of our customers in a product intensity environment. We're serving our customers across numerous products. And we're able to leverage TI to scale those capabilities and provide quality and excellence in our customer service profile.

然後，從每位客戶的整體成本角度來看，利用 TI 使我們能夠在產品密集型環境中支援客戶的需求。我們為眾多產品的客戶提供服務。我們能夠利用 TI 來擴展這些功能，並在我們的客戶服務中提供優質和卓越的服務。

And so, while we're going to continue to digitize our customer support and ensure that we build a more streamlined customer journeys as we've done with public mobile, we're also able to lean on our relationship with TI and the depth of experience in TI in terms of supporting our business over years and over the transitions we've made from things like copper to fiber and from new products that we've offered in the market.

因此，雖然我們將繼續數位化我們的客戶支援並確保我們像公共行動那樣建立更簡化的客戶旅程，但我們也能夠依靠我們與 TI 的關係以及深度合作在TI 多年來支持我們的業務以及從銅纜到光纖以及我們在市場上提供的新產品的轉型過程中，我們累積了豐富的經驗。

So, I think you'll continue to see that synergistic relationship evolve, and you'll see it as bidirectional with respect to supporting us on our growth and AMPU objective and us supporting TI in terms of leveraging those solutions more globally. Maybe, Jeff, you wanted to top up.

因此，我認為您將繼續看到這種協同關係的發展，並且您會認為它是雙向的，既支持我們的成長和 AMPU 目標，又支持 TI 在全球範圍內更廣泛地利用這些解決方案。傑夫，也許你想充值。

Sure. Thanks Zainul. Hi, Stephanie, nice to hear your voice again. A few things I would add. The symbiotic relationship between TELUS and TI is by no means new. That has been in place as part of our originating thesis first instance, TELUS International enabling TELUS in its digital transformation and delighting customers through the combination of talent and technology.

當然。謝謝扎伊努爾。嗨，史蒂芬妮，很高興再次聽到你的聲音。我想補充一些事情。 TELUS 和 TI 之間的共生關係絕非新鮮事。作為我們最初論文第一個實例的一部分，TELUS International 幫助 TELUS 進行數位轉型，並透過人才和技術的結合來取悅客戶。

But at the same time, TELUS International, then repatriating that learnings from serving other customers, bringing those back to TELUS. And then what we do within for TELUS enables us to go and take that show on the road, so to speak, and serve other customers, certainly principally in the Telecom & Media segment, but by no means exclusively given the obvious similar dynamics in the buying behaviors and challenges that customers in the BFSI, health care and other segments are challenged with as well.

但與此同時，TELUS International 將從服務其他客戶中學到的知識帶回 TELUS。然後，我們為TELUS 所做的工作使我們能夠在路上進行演出，可以這麼說，並為其他客戶提供服務，當然主要是在電信和媒體領域，但絕不是完全考慮到在電信和媒體領域存在明顯的類似動態。BFSI、醫療保健和其他領域的客戶也面臨購買行為和挑戰。

I think consistent with that symbiotic dynamic now, whilst we're certainly patent to sevens, bringing Gopi on board is a part of the robust coordinated succession planning, again, an opportunity for both TI and TELUS to benefit from one another's access to a global talent pool and Gopi having proven herself as a trusted leader and adviser and advocate within the TELUS organization for the past 14 years, brings to TI an opportunity to further strengthen the connection between the 2 organizations.

我認為，與現在的共生動態一致，雖然我們肯定是七人制的專利，但讓 Gopi 加入是強有力的協調繼任計劃的一部分，這也是 TI 和 TELUS 雙方從彼此進入全球市場中受益的機會。人才庫和Gopi 在過去14 年中證明了自己是TELUS 組織內值得信賴的領導者、顧問和倡導者，為TI 帶來了進一步加强两個組織之間聯繫的機會。

And as Zainul just pointed out, there are opportunities prospectively to continue to enable one another. And similarly, on Navin's comments earlier on the health care front, I think the environment just becomes that much more target-rich bidirectionally.

正如 Zainul 剛才指出的那樣，未來有機會繼續相互支持。同樣，關於納文早些時候在醫療保健方面的評論，我認為環境在雙向上變得更加目標豐富。

Doug, do you want to comment on restructuring?

道格，您想對重組發表評論嗎？

Yes. On the restructuring side, we still have an elevated amount of restructuring within the real estate portfolio. So, as Tony highlighted, we have a significant opportunity on the rationalization of real estate, not just in coordination with the copper decommissioning, but even within our own office footprint and aligning the way we do business and the way our team members work today versus at the old historical footprint that we have.

是的。在重組方面，我們房地產投資組合中的重組數量仍然較多。因此，正如托尼所強調的那樣，我們在房地產合理化方面擁有重大機會，不僅與銅退役相協調，而且甚至在我們自己的辦公室範圍內，並調整我們的業務方式和團隊成員今天的工作方式在我們古老的歷史足跡中。

So, I'd say a little more than 1/3 of it is going to be the elevated real estate, which we'd have in a year again. There's a portion of it for M&A and integration and some of the items that we would normally see as well. And then the remaining is the ongoing efficiency and effectiveness program.

所以，我想說，其中超過 1/3 的部分將是高架房地產，一年後我們將再次擁有它。其中一部分用於併購和整合，以及一些我們通常會看到的項目。剩下的就是正在進行的效率和有效性計劃。

And if you remember, our ongoing run rate is generally $150 million to $200 million. So, we are elevated maybe $100 million next year, but it's a combination of all those items and trying to leverage all the assets that we have in front of us.

如果你還記得的話，我們的持續營運費用通常為 1.5 億至 2 億美元。因此，明年我們可能會增加 1 億美元，但這是所有這些項目的組合，並試圖利用我們面前的所有資產。

Next question comes from Simon Flannery.

下一個問題來自西蒙·弗蘭納裡。

I wanted to just come to the '24 outlook and particularly around the wireless industry. Maybe you could just talk about the sustainability we've seen across the whole industry this quarter, this year, really strong loading. I know the government is looking at foreign student visas or permits.

我想談談 24 世紀的前景，特別是無線產業的前景。也許你可以談談我們在本季、今年整個產業看到的可持續性，負載非常強勁。我知道政府正在審查外國學生簽證或許可證。

How do you think about the sustainability of the current growth rates for the industry? And then you specifically called out the churn has been better than peers, but still not where you want it to be. So, perhaps just unpack how you think you can bring that down? Are you already seeing some normalization in Q1?

您如何看待該行業當前成長率的可持續性？然後你特別指出，客戶流失率比同業好，但仍然沒有達到你想要的水平。那麼，也許只是解開你認為如何才能解決這個問題？您是否已經看到第一季出現了一些正常化？

Okay, Zainul and Navin, I'll hand that over to you to comment. Doug., so, we cover off both the consumer side but also the B2B side, particularly in respect of IoT as well. Zainul, why don't you go first and Navin, you can complement.

好的，Zainul 和 Navin，我會將其交給你們發表評論。道格，所以，我們既涵蓋消費者方面，也涵蓋 B2B 方面，特別是在物聯網方面。 Zainul，為什麼不先走呢，Navin，你可以補充。

Yes. Thank you so much for the question. So, I think we are focused on continued premium and high-quality product intensity loading.

是的。非常感謝你的提問。因此，我認為我們的重點是持續優質和高品質的產品強度裝載。

And we're also focused, as I mentioned in some of the discussion on public on penetrating areas that where we have been underpenetrated in the past, and I think that there is tremendous growth opportunity for us and our organization in that regard that can -- we will obviously be impacted by the macroeconomic environment, but I think that there are growth prospects for us as we have been underpenetrated in some of those segments.

正如我在一些關於公眾滲透領域的討論中提到的那樣，我們也專注於我們過去滲透不足的領域，我認為我們和我們的組織在這方面存在巨大的增長機會，可以 - - 我們顯然會受到宏觀經濟環境的影響，但我認為我們有成長前景，因為我們在其中一些領域的滲透率不足。

And we've been underpenetrated from a product intensity perspective in some regions of Canada, which I think we can continue to pursue.

從產品強度的角度來看，我們在加拿大某些地區的滲透率還不夠，我認為我們可以繼續追求這一點。

So, when it comes to churn, as Darren highlighted, we have been, of course, ahead of the industry and ahead of our peers, but we're not satisfied. And what it's taught at us from a performance perspective is that we're going to have to continue to advance our product intensity and bundling plays for all segments of the market and have more attractive bundles for all segments of the market.

因此，正如達倫所強調的那樣，在客戶流失方面，我們當然領先於行業和同行，但我們並不滿足。從績效的角度來看，它告訴我們的是，我們必須繼續提高我們的產品強度和針對所有細分市場的捆綁銷售，並為所有細分市場提供更具吸引力的捆綁銷售。

And when you look at the assets that we have and our ability to accelerate the go-to-market of those assets, as we discussed with TI, we have tremendous upside opportunity.

當你看到我們擁有的資產以及我們加速這些資產上市的能力時，正如我們與 TI 討論的那樣，我們擁有巨大的上升機會。

Clients are responding to our desire to see greater product intensity and create greater value from them. And I think you can see that in areas like security and smart home automation, which we will continue to evolve.

客戶正在回應我們的願望，即看到更高的產品強度並從中創造更大的價值。我認為您可以在安全和智慧家庭自動化等領域看到這一點，我們將繼續發展這些領域。

You can see that in areas like health and other areas that we're continuing to bundle. And you can see it in our very unique and differentiated content strategies. And as an example, we were the first in the world to launch the new version of Streams 2.0, which bundles Netflix, Disney+ and Amazon Prime for the first time ever.

您可以看到，在健康等領域以及我們繼續捆綁的其他領域。您可以在我們非常獨特且差異化的內容策略中看到這一點。舉個例子，我們是世界上第一個推出新版本 Streams 2.0 的公司，它首次捆綁了 Netflix、Disney+ 和 Amazon Prime。

And so, these types of offers are going to continue to resonate with our base and continue to drive product intensity and continue to differentiate us relative to our peers. And I think that those are the kinds of areas that we'll continue to lean into to improve our churn results.

因此，這些類型的優惠將繼續與我們的基礎產生共鳴，並繼續推動產品強度，並繼續使我們相對於同行脫穎而出。我認為這些是我們將繼續致力於改善客戶流失結果的領域。

I appreciate the commentary on judicious loading in respect of quality and the potency on our retention front. The continued focus on efficiency due to the AMPU level and how we win in the marketplace as it relates to bundling. Navin, do you want to comment?

我很欣賞對我們保留方面的質量和效力方面明智加載的評論。由於 AMPU 水平以及我們如何在與捆綁相關的市場中獲勝而持續關注效率。納文，你想發表評論嗎？

Yes. Thanks, Darren. Just building on Zainul's comments. Similar thought process on the B2B side. So, first and foremost, we are very focused on high-quality, good margin loading. We're not going to chase nonprofitable or low profitable loading.

是的。謝謝，達倫。只是以 Zainul 的評論為基礎。 B2B 方面也有類似的思考過程。因此，首先也是最重要的是，我們非常注重高品質、良好的利潤負荷。我們不會追逐無利可圖或低利潤的裝載。

I think there's a significant market growth opportunity that we still have on the B2B space. There are natural geographies where we have a lot more addressable market to go after, and that's what we're focused on.

我認為我們在 B2B 領域仍然擁有巨大的市場成長機會。在某些自然地理環境中，我們有更多的目標市場需要追求，這就是我們所關注的重點。

I think on the bundling point, again, as I mentioned on my response in health, what a great differentiator for our B2B organizations, and we can leverage that in terms of the cross-sell and strategic value or solution value we can provide customers with a combination of telecommunications and health capabilities. So, lots we can do there and lots of opportunity for growth and intensity.

我再次認為，在捆綁點上，正如我在健康方面的回應中提到的那樣，對於我們的B2B 組織來說，這是一個巨大的差異化因素，我們可以在交叉銷售和戰略價值或解決方案價值方面利用這一點，我們可以為客戶提供電信和衛生能力的結合。因此，我們可以在那裡做很多事情，也有很多成長和強度的機會。

And then on the 5G or monetizing 5G side, we continue to remain very bullish in terms of our ability to monetize 5G and as you heard and saw in our results, really strong momentum with IoT and connected device growth.

然後在 5G 或 5G 貨幣化方面，我們繼續對 5G 貨幣化能力非常樂觀，正如您在我們的結果中聽到和看到的那樣，物聯網和連接設備的成長勢頭非常強勁。

We have a natural differentiator there with Canada's only dedicated IoT core network. Data monetization, it's a bit of a marathon, not a sprint, but it is becoming more and more of a growth story across both our vertical and horizontal services and applications, private wireless network. We had very, very strong momentum in 2023 and an even stronger funnel in 2024.

我們擁有加拿大唯一的專用物聯網核心網絡，因此擁有天然的優勢。數據貨幣化，有點像馬拉松，而不是短跑，但它越來越成為我們垂直和水平服務和應用程式以及專用無線網路的成長故事。我們在 2023 年擁有非常非常強勁的勢頭，並在 2024 年擁有更強大的漏斗。

And so, we'll continue to look at intelligent ways to monetize 5G. We will look at smart tuck-in acquisitions where it makes sense. We recently bought Badal, which really is a leader in supporting data migration to the cloud, data management excellence and data analytics and a great opportunity for us to bring that capability across health across TELUS agriculture, consumer goods and then our core B2B capabilities along with our vertical and horizontal industry solutions capabilities on the IoT side.

因此，我們將繼續尋找透過 5G 貨幣化的智慧方法。我們將在有意義的情況下考慮明智的收購。我們最近收購了Badal，它確實是支援資料遷移到雲端、卓越資料管理和資料分析的領導者，這對我們來說是一個很好的機會，可以將這種能力帶入TELUS 農業、消費品以及我們的核心B2B 能力和健康領域。我們在物聯網方面的垂直和水平行業解決方案能力。

So, lots of opportunities for us to differentiate, drive product intensity and drive significant revenue growth, all underpinned by our focus on cost and leveraging our partners in TI to help drive that really strong digital generative AI and automation and self-serve capabilities. Back to you, Darren.

因此，我們有很多機會實現差異化、提高產品強度並推動顯著的收入成長，所有這些都得益於我們對成本的關注，並利用我們在TI 的合作夥伴幫助推動真正強大的數位生成人工智慧、自動化和自助服務能力。回到你身邊，達倫。

Simon, one thing that's exceedingly clear in terms of a differentiated TELUS story on a global basis is that our growth is phenomenally well underpinned across both business and consumer because of our customer service excellence and what it delivers on a client loyalty and retention basis.

Simon，就TELUS 在全球範圍內的差異化故事而言，有一點非常明顯，那就是我們的成長在企業和消費者方面都得到了顯著的良好支撐，因為我們卓越的客戶服務以及它在客戶忠誠度和保留基礎上所提供的服務。

And that's true, whether it's digital, whether it's our great people and our culture or whether it's TI supporting those service excellence outcomes and for us, that's just good business in supporting the growth. And at the end of the day, keeping the customers that we have sets up the right platform, but it also gives us the right upselling opportunity as we drive product penetration with our bundling strategy.

確實如此，無論是數位化方面，無論是我們優秀的員工和文化，還是 TI 支持這些卓越的服務成果，對我們來說，這都是支持成長的好業務。最終，我們建立了正確的平台來留住客戶，同時也為我們提供了正確的追加銷售機會，因為我們透過捆綁策略推動產品滲透。

So, that's the ecosystem and our philosophy, and you can expect more of the same in 2024. Thanks for the excellent question.

這就是我們的生態系統和我們的理念，您可以在 2024 年期待更多相同的事情。感謝您提出了一個很好的問題。

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.

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。

This concludes the TELUS 2023 Q4 Earnings Conference Call. Thank you for your participation, and have a nice day.

TELUS 2023 年第四季財報電話會議至此結束。感謝您的參與，祝您有美好的一天。