Telus Corp (TU) 2024 Q1 法說會逐字稿

Good day, and welcome to the TELUS 2024 Q1 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 2024 年第一季財報電話會議。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 first quarter 2024 news release MD&A, financial statements and detailed supplemental investor information were posted on our website earlier this morning. On our call today, we will begin with remarks by Darren and Doug. 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 differ materially from those statements, the assumptions in which they are based and the material risks that could cause them to differ are outlined in our public filings with the Securities Commissions in Canada and the U.S. including our first quarter 2024 and annual 2023 MD&A.

大家好。感謝您今天加入我們。今天早上早些時候，我們在我們的網站上發布了 2024 年第一季新聞稿 MD&A、財務報表和詳細的補充投資者資訊。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，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，包括我們的2024 年第一季和2023 年年度MD&A 。

With that, over to you, Darren.

就這樣，交給你了，達倫。

Thanks. Hello, everyone. In the first quarter, our team once again delivered against our differentiated growth strategy, leveraging our superior asset portfolio, consistent execution track record and proactive cost efficiency initiatives to deliver industry-leading customer additions and solid financial results.

謝謝。大家好。第一季度，我們的團隊再次兌現了差異化成長策略，利用我們卓越的資產組合、一致的執行記錄和積極的成本效率舉措，實現了行業領先的客戶成長和穩健的財務業績。

This was achieved against the backdrop of a pretty dynamic operating environment as you all well know. Our robust performance is underpinned by our strategic focus on margin-accretive customer growth, our customer-centric culture and our globally leading broadband networks. This enabled our strongest first quarter on record with industry-leading total customer net additions of 209,000, up 28% on a year-over-year basis.

眾所周知，這是在相當動態的營運環境背景下實現的。我們強勁的業績得益於我們對利潤成長型客戶成長的策略重點、我們以客戶為中心的文化以及我們全球領先的寬頻網路。這使得我們第一季的淨新增客戶總數達到 209,000 名，年增 28%，處於行業領先地位，創下了歷史上最強勁的表現。

TELUS' industry best growth reflects the consistent potency of our operational execution and our unmatched bundle portfolio offerings across mobile and home. Our team's passion for delivering customer service excellence contributed to continued leading loyalty across our key product lines. In the first quarter, TELUS achieved resilient EBITDA growth of 4.3% and margin expansion of 170 basis points. These results reflect the progression of our ongoing transformational efficiency programs that are clearly bearing fruit.

TELUS 的行業最佳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組合產品。我們團隊對提供卓越客戶服務的熱情有助於我們在關鍵產品線中保持領先的忠誠度。第一季度，TELUS 的 EBITDA 實現了 4.3% 的彈性成長，利潤率擴大了 170 個基點。這些結果反映了我們正在進行的轉型效率計劃的進展，這些計劃顯然正在取得成果。

Looking at our TTech mobile results, TELUS realized robots first quarter customer growth of 146,000 net additions, our strongest first quarter on record. This included healthy mobile phone net additions of 45,000, relatively stable as compared to this time last year. This consistent result was driven alongside our continued focus on profitable margin-accretive customer growth. And of course, that's a hallmark of our organization. Indeed, we are continuing and now doubling down on this consistent and disciplined approach as we progress through 2024 and beyond. Our efforts in this regard will ensure our mobile customer growth drives EBITDA and cash flow accretion. That is the formula for this organization.

從我們的 TTech 行動業績來看，TELUS 第一季機器人客戶淨增 146,000 名，這是我們有史以來最強勁的第一季。其中手機淨增量為 45,000 部，與去年同期相比相對穩定。這一致的結果是我們持續關注利潤率成長的客戶成長所推動的。當然，這是我們組織的標誌。事實上，隨著 2024 年及以後的進展，我們正在繼續並加倍努力採用這種一致且嚴格的方法。我們在這方面的努力將確保我們的行動客戶成長推動 EBITDA 和現金流成長。這就是這個組織的模式。

Mobile subscriber growth also included record first quarter connected device net additions of 101,000, which represents a 74% increase over the prior year. This reflects continued strong momentum with respect to our 5G and IoT B2B solutions. Importantly, our team delivered another quarter of leading loyalty results, which continues to be the hallmark of the TELUS team. Blended mobile phone churn of 1.13% was up against the backdrop of elevated competitive activity relative to seasonal trends and not clearly at a level where this organization is content. However, this represented an industry-best result by a substantial margin of up to 46 basis points versus our peers.

行動用戶成長還包括第一季連網設備淨增量創紀錄的 101,000 台，比上年增長 74%。這反映出我們的 5G 和物聯網 B2B 解決方案持續強勁的勢頭。重要的是，我們的團隊在忠誠度結果方面又取得了領先的季度成績，這仍然是 TELUS 團隊的標誌。 1.13% 的混合手機流失率是在競爭活動相對於季節性趨勢增加的背景下上升的，而且顯然並沒有達到該組織滿意的水平。然而，這代表了行業最佳結果，與同行相比，大幅領先高達 46 個基點。

Notably, postpaid mobile phone churn was 0.91% as we now have entered the 11th consecutive year below the 1% level. This is an outstanding result, and it's an outstanding result on a global basis, reflective of the industry-based customer experience that we deliver that's best-in-class and it's done time and again by our TELUS team delivering over our world-leading broadband networks. And that, for us, is the blend, network excellence combined with the excellence of our people and our digital technology at work.

值得注意的是，後付費手機流失率為 0.91%，我們已連續 11 年低於 1% 的水平。這是一個傑出的結果，也是全球範圍內的傑出結果，反映了我們提供的基於行業的一流客戶體驗，並且我們的 TELUS 團隊透過我們世界領先的寬頻提供了一次又一次的服務網絡。對我們來說，這就是卓越的網路與卓越的員工和工作中的數位技術的結合。

The close on mobile, first quarter ARPU of $59.31 was down year-over-year. This was a result of intense promotional market activity and heightened competition and, in particular, across device financing subsidies. Our flanker brands offer strong customer value in certain segments with lower associated ARPU, however, notably attractive AMPU attributes. Through digital transformation, we are lowering our cost to serve across the board inclusive of supporting a compelling AMPU for BYOD and flanker activity. Furthermore, with respect to our premium brand, we are doubling down to reinforce our long-standing and distinctive focus on AMPU-accretive loading.

第一季行動端 ARPU 收盤價為 59.31 美元，年減。這是激烈的促銷市場活動和激烈的競爭，特別是跨裝置融資補貼的結果。我們的側翼品牌在某些相關 ARPU 較低的細分市場中提供強大的客戶價值，但 AMPU 屬性尤其有吸引力。透過數位轉型，我們正在降低全面服務的成本，包括支援用於 BYOD 和側翼活動的引人注目的 AMPU。此外，對於我們的高端品牌，我們正在加倍努力，以加強我們對 AMPU 增值裝載的長期且獨特的關注。

Notably, last week, we implemented changes to evolve our go-to-market offerings across our brands and particularly in order to enrich our premium TELUS offering and afford customers enhanced and differentiated value. These efforts will continue to be supported by our team's passion for winning and retaining profitable customers, whilst remaining highly disciplined in respect of device subsidies.

值得注意的是，上週我們實施了一些變革，以發展我們各個品牌的上市產品，特別是為了豐富我們的優質 TELUS 產品並為客戶提供增強的差異化價值。我們團隊對贏得和留住獲利客戶的熱情將繼續支持這些努力，同時在設備補貼方面保持嚴格的紀律。

Furthermore, we continue to expect connected devices and IoT to increasingly contribute to network revenue, ARPU and AMPU growth as we move forward, regardless of the external environment within which we find ourselves. First quarter ARPU, alongside leading customer loyalty continue to drive our industry best mobile phone lifetime revenue which consistently exceeds our national peers by a considerable margin, a considerable margin of up to 44% again in Q1.

此外，隨著我們的發展，無論我們所處的外部環境如何，我們仍然期望互聯設備和物聯網對網路收入、ARPU 和 AMPU 成長做出越來越大的貢獻。第一季 ARPU 以及領先的客戶忠誠度繼續推動我們行業最佳的手機生命週期收入，該收入持續大幅超過我們的國內同行，第一季的利潤率再次高達 44%。

Now let's take a look at our TTech fixed operating results where TELUS delivered another quarter of industry-best total wireline customer growth. Indeed, our team achieved robust first quarter Internet net additions of $30,000. We also continue to drive healthy growth in our TV product line with industry-leading net additions of 19,000, more than double the prior year.

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總成長的四分之一。事實上，我們的團隊在第一季實現了 30,000 美元的強勁網路淨成長。我們也持續推動電視產品線的健康成長，淨增數量達到業界領先的 19,000 台，是前一年的兩倍多。

Modest residential voice losses of some 8,000 were flat over last year and again represented an industry-best result. Strong and leading security net additions of 22,000 were also similar to last year and continue to reflect our successful multiproduct penetration strategy, and also reflect a distinctive performance premium unloading versus our peers. And of course, that's reflected as well within the way we bundle security within the FFH portfolio at TELUS.

住宅語音損失約 8,000 人，與去年持平，再次代表業界最佳結果。強勁且領先的安全網路新增數量為 22,000 輛，與去年相似，繼續反映了我們成功的多產品滲透戰略，也反映了與同行相比獨特的性能溢價卸載。當然，這也反映在我們在 TELUS 的 FFH 產品組合中捆綁安全性的方式中。

Overall, our industry-leading external fixed net additions of 63,000, notably, again, a Q1 record demonstrate the strength of our unique and highly attractive bundled offers across our unmatched portfolio of products and services. These will be further enhanced by continued and significant innovation on our home automation road map and the products that are resonant within that particular ecosystem that really does create a level of excitement in terms of new revenue sources to come in the quarters ahead.

總體而言，我們行業領先的外部固定淨增數量達 63,000 人，尤其是第一季度的記錄，再次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。我們的家庭自動化路線圖上的持續重大創新以及在特定生態系統中引起共鳴的產品將進一步增強這些創新，這些產品確實在未來幾個季度的新收入來源方面確實創造了一定程度的興奮。

Our superior bundled offerings are buttressed by our leading customer experience over our ever-expanding world-leading PureFibre and wireless broadband networks. These results are also bolstered by our strong and highly differentiated social capitalism attributes that truly underpin the strength of the TELUS brand.

我們卓越的捆綁產品得益於我們不斷擴展的世界領先 PureFibre 和無線寬頻網路的領先客戶體驗。這些結果也得到了我們強大且高度差異化的社會資本主義屬性的支持，這些屬性真正支撐了 TELUS 品牌的實力。

Let's turn now and look at TELUS Business Solutions, or TBS, which delivered another strong quarter and again, differentiates us from telco B2B performance on a global basis. In the first quarter, TBS achieved robust EBITDA and cash flow contribution growth of 4% and 9% on a respective basis. Building on our track record of continued profitable growth, TBS experienced strong demand and product growth across all areas of our business. These efforts are progressing our goal of leading the market across both core telecom capabilities as well as our 5G powered Software as a Service and Data Insights Industry Solutions.

現在讓我們來看看 TELUS Business Solutions（TBS），它再次實現了強勁的季度表現，讓我們在全球範圍內有別於電信公司 B2B 的表現。第一季度，TBS 的 EBITDA 和現金流貢獻分別實現了 4% 和 9% 的強勁成長。基於我們持續獲利成長的記錄，TBS 在我們所有業務領域都經歷了強勁的需求和產品成長。這些努力正在推動我們在核心電信能力以及 5G 支援的軟體即服務和數據洞察產業解決方案方面引領市場的目標。

In TELUS Agriculture & Consumer Goods, on the back of record sales performances over the past 2 quarters, we accelerated our momentum in the first quarter. Indeed, we achieved a 36% year-over-year increase in bookings in Consumer Goods & Agri business. Furthermore, we delivered 8% revenue growth in animal agriculture. We remain confident in the strong growth potential in this business and anticipate positive mid- to high single-digit revenue growth in the second half of the year.

在TELUS農業和消費品部門，在過去兩個季度創紀錄的銷售業績的支持下，我們在第一季加速了成長勢頭。事實上，我們消費品和農產品業務的預訂量比去年同期成長了 36%。此外，我們的畜牧業​​收入成長了 8%。我們對該業務的強勁成長潛力仍充滿信心，並預計下半年營收將實現中高個位數成長。

Let's turn now and take a look at our TELUS Health business. We achieved first quarter revenues of $420 million, alongside 28% EBITDA contribution growth. On the back of on-target sales and bookings in Q1, we expect steady improvement in health services revenue growth in the quarters ahead. Strong first quarter EBITDA growth was supported by the achievement of $251 million in combined annualized LifeWorks integration and other cost synergies to date, leveraging TELUS International along the way.

現在讓我們來看看我們的 TELUS Health 業務。我們第一季的營收達到 4.2 億美元，EBITDA 貢獻成長 28%。在第一季銷售和預訂達到目標的背景下，我們預計未來幾季醫療服務收入成長將穩步改善。第一季 EBITDA 的強勁成長得益於 LifeWorks 整合和其他成本協同效應的綜合年化收益達 2.51 億美元，並利用 TELUS International 一路走來。

We continue to work towards our overall TELUS Health synergy objective of $427 million to be realized by the end of 2025 as we've committed to the Street in that regard. Furthermore, we drove a 7% year-over-year increase in our global lives covered that is now reaching nearly 72 million people. Moreover, we supported health outcomes on close to 160 million digital health transactions in the quarter, up 7% on a year-over-year basis.

我們將繼續努力實現 2025 年底前實現 4.27 億美元的 TELUS Health 整體協同目標，因為我們已向華爾街做出了這方面的承諾。此外，我們的全球生活覆蓋範圍年增了 7%，目前已覆蓋近 7,200 萬人。此外，本季我們透過近 1.6 億筆數位健康交易支持健康成果，年增 7%。

In addition, we increased our virtual care membership to nearly 6 million people, up 13.5% on a year-over-year basis again. As we continue to make strong progress scaling TELUS Health and TELUS Agriculture & Consumer Goods, we remain intensely focused on accelerating the significant growth profile of these highly differentiated global businesses that are thirsty for digital disruption to deliver better client outcomes. Importantly, we are leveraging the expertise, experience and high-performance culture and talent of our entire team inclusive of leveraging significant cross-selling synergies across all lines of our business. This is buttressed by the blue chip customer relationships leading digital customer experience and AI cost transformation capabilities of TELUS International.

此外，我們的虛擬護理會員人數增加到近 600 萬人，年比再次成長 13.5%。隨著我們繼續在 TELUS Health 和 TELUS Agriculture & Consumer Goods 領域取得強勁進展，我們仍然高度關注加速這些高度差異化的全球企業的顯著增長，這些企業渴望數位化顛覆，以提供更好的客戶成果。重要的是，我們正在利用整個團隊的專業知識、經驗、高績效文化和人才，包括利用我們所有業務線的顯著交叉銷售協同效應。 TELUS International 領先的數位客戶體驗和人工智慧成本轉換能力為藍籌客戶關係提供了支撐。

On that note, earlier today, TI also reported its first quarter results. Jeff and the team announced robust cash flow generation amidst what remains a challenging global macroeconomic operating environment and a difficult prior year comparable. Despite the near-term top line challenges, our TI team has executed to gain significant cost efficiency programs over the past 10 months. These efforts are positioning the business to deliver a strong 2024 in totality. TI's capacity to generate strong cash flows remains highly visible in its quarterly results.

就此而言，今天早些時候，TI 也公佈了第一季業績。傑夫和他的團隊宣布，在全球宏觀經濟營運環境仍充滿挑戰且去年困難重重的情況下，現金流量將實現強勁成長。儘管近期面臨營收挑戰，但我們的 TI 團隊在過去 10 個月中仍然執行了顯著的成本效率計劃。這些努力使該業務能夠在 2024 年實現強勁的整體業績。 TI 產生強勁現金流的能力在其季度業績中仍然非常明顯。

Committed to delivering profitable growth, TI's ability to service further efficiency gains will also help fuel its investment in sales and marketing, along with ongoing technology innovation. TELUS remains highly confident in TI's strategy and investment thesis. This is amplified by meaningful opportunities in respect of digital transformation and particularly with TI's capabilities in AI solutions including generative AI and this technology's proliferation on a worldwide basis.

TI 致力於實現獲利成長，其進一步提高效率的能力也將有助於推動其在銷售和行銷方面的投資以及持續的技術創新。 TELUS 對 TI 的策略和投資理念仍然充滿信心。數位轉型方面的重大機遇，特別是 TI 在人工智慧解決方案（包括生成式人工智慧）方面的能力以及該技術在全球範圍內的擴散，進一步放大了這一點。

The continuing critical importance of differentiated digital customer experience solutions in the market including a welcome and needed disruption from Gen AI is enabling us to serve customers better and win incremental business along the way. This is creating a vibrant tailwind for both TI and TELUS that will bear fruit over the medium and longer term in terms of growth and profitability. Doug is going to have an opportunity in a minute to provide further commentary on both TTech and TELUS International's results.

差異化數位客戶體驗解決方案在市場上持續發揮至關重要的作用，包括Gen AI 帶來的受歡迎且必要的顛覆，使我們能夠更好地為客戶服務，並在此過程中贏得增量業務。這為 TI 和 TELUS 創造了充滿活力的推動力，並將在中長期內在成長和獲利能力方面取得成果。 Doug 稍後將有機會對 TTech 和 TELUS International 的結果提供進一步的評論。

In closing, the record customer growth we continue to report is underpinned by our dedicated team who are passionate about delivering superior service offerings and digital capabilities over our world-leading wireless and PureFibre broadband networks. The significant broadband network investments we've made are driving extensive socioeconomic benefits for Canadians and communities across the country, and we'll continue to do so for decades to come. These investments also enable the continued advancement of our financial and operational performance at TELUS and the long-term sustainability of our industry-leading dividend growth program.

最後，我們持續報告的創紀錄的客戶成長得益於我們的專業團隊，他們熱衷於透過我們世界領先的無線和 PureFibre 寬頻網路提供卓越的服務產品和數位功能。我們所做的重大寬頻網路投資正在為加拿大人和全國各地的社區帶來廣泛的社會經濟效益，我們將在未來幾十年繼續這樣做。這些投資也使我們在 TELUS 的財務和營運績效持續進步，以及我們領先業界的股息成長計畫的長期可持續性。

Today, we announced a 7% dividend increase, reflecting our unwavering commitment in delivering superior value to our shareholders. This builds on our extraordinarily consistent track record of delivering on our multiyear dividend growth program, first established in 2011 and most recently extended through 2025, targeting annual growth in the range of 7% to 10%.

今天，我們宣布將股息增加 7%，反映了我們堅定不移地致力於為股東提供卓越價值的承諾。這是建立在我們一貫執行多年股息成長計畫的基礎上的，該計畫首次製定於 2011 年，最近延長至 2025 年，目標是年增長率在 7% 至 10% 之間。

Today's increase represents our 26th over the past 14 years. It also reflects our unwavering confidence in delivering leading operational and financial results on a chronic basis prospectively. Importantly, our strong outlook includes anticipated and continued free cash flow expansion in the years ahead, driven by ongoing strong EBITDA growth and moderating CapEx intensity. This will further support the long-term sustainability and the quality and growth of our dividend expansion program.

今天的成長是過去 14 年來的第 26 次成長。它也反映了我們對長期提供領先的營運和財務表現的堅定信心。重要的是，我們的強勁前景包括在持續強勁的 EBITDA 成長和適度的資本支出強度的推動下，未來幾年自由現金流的預期和持續擴張。這將進一步支持我們股息擴張計劃的長期可持續性以及品質和成長。

Finally, reflecting our team's long-standing belief in the synergistic relationship between doing well in business and doing good in our communities main marks the official kickoff of our 19th Annual TELUS Days of Giving. And we're glad that we've created emulators in this regard given the societal benefit for all. This year, with the support of our extended TELUS family, I have every confidence that we will exceed our goal of inspiring 80,000 volunteers, supporting positive outcomes in communities across the 32 countries in which we now operate as an organization.

最後，我們第 19 屆年度 TELUS 捐贈日正式拉開序幕，這反映了我們團隊長期以來對做好業務和為社區做好事之間的協同關係的信念。考慮到所有人的社會利益，我們很高興在這方面創建了模擬器。今年，在我們 TELUS 大家庭的支持下，我堅信我們將超越激勵 80,000 名志工的目標，支持我們目前作為組織開展業務的 32 個國家的社區取得積極成果。

Indeed, thanks to the unparalleled level of caring and commitment that our team members and retirees globally have contributed 2.2 million Days of Giving since 2000, and this is more than any other company on the planet. And the cultural connection that we have to giving back and what it does for engagement at TELUS is the same recipe that underpins the customer service excellence at this organization and the very low churn rates that we consistently deliver again, such as the alchemy in that regard.

事實上，由於無與倫比的關懷和承諾，自 2000 年以來，我們的團隊成員和全球退休人員已經貢獻了 220 萬天的捐贈日，這比地球上任何其他公司都多。我們必須回饋的文化連結以及它對 TELUS 參與度的作用與支撐該組織卓越的客戶服務以及我們始終如一地再次提供的極低客戶流失率的秘訣相同，例如這方面的煉金術。

Myself, our leadership team and our Board of Directors remain consistently and exceedingly grateful for our team's passionate efforts to support our global communities as we strive to deliver outstanding results for all of the stakeholders that we serve.

我自己、我們的領導團隊和董事會始終如一地非常感謝我們的團隊為支持我們的全球社區所做的熱情努力，同時我們努力為我們服務的所有利益相關者提供卓越的成果。

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

關於這一點，我會將電話轉給道格。

Thank you, Darren, and hello, everyone. In the first quarter, our team navigated a highly competitive environment and challenging global macroeconomic climate to achieve strong operational and financial results. Despite the exogenous headwinds, our results are supported by our long-standing commitment to drive profitable customer growth, product intensity, execution excellence and our ongoing focus for efficiency and effectiveness. In mobility, continued mobile phone and connected device subscriber additions drove higher network revenue by 2.9%, partially offset by the high impact of competitive intensity.

謝謝你，達倫，大家好。第一季度，我們的團隊在激烈的競爭環境和充滿挑戰的全球宏觀經濟環境中取得了強勁的營運和財務表現。儘管存在外部阻力，我們的業績仍得到了我們對推動盈利性客戶成長、產品強度、卓越執行以及對效率和效益的持續關注的長期承諾的支持。在行動領域，行動電話和連接設備用戶的持續增加推動網路收入成長 2.9%，但部分被競爭強度的巨大影響所抵消。

As we progress through the remainder of 2024, we expect a highly competitive environment could continue to pressurize ARPU in the near term along with the lapping of some roaming recovery experience in the first half of 2023. Importantly, we continue to focus on AMPU to drive the right economic outcomes. This is supported by driving lower cost to serve and leveraging our significant digital and self-serve capabilities, along with critical support from TI.

隨著2024 年剩餘時間的進展，我們預計，隨著2023 年上半年漫遊恢復經驗的積累，高度競爭的環境可能會在短期內繼續給ARPU 帶來壓力。以推動ARPU 的成長。這得益於降低服務成本、利用我們重要的數位和自助服務能力以及 TI 的關鍵支援。

Our significant and ongoing focus on cost efficiency will help offset top line pressures across the business, driving sustainable EBITDA and margin accretion. Fixed data service revenue grew 2.7% year-over-year, driven by strong customer growth across Internet, security and TV along with increased B2B revenue contribution. This solid growth reinforces our superior product diversity within the home and business, enabled by our world-leading PureFibre network.

我們對成本效率的持續關注將有助於抵消整個業務的頂線壓力，推動可持續的 EBITDA 和利潤成長。受網路、安全和電視客戶強勁成長以及 B2B 收入貢獻增加的推動，固定數據服務收入年增 2.7%。這種穩健的成長強化了我們在家庭和企業領域中卓越的產品多樣性，這得益於我們世界領先的 PureFibre 網路。

At the segment level, TTech operating revenues were up slightly by 0.4%, while TTech adjusted EBITDA increased by 4.1%. Adjusted EBITDA margin expanded by 160 basis points to over 39%, reflecting a 4% decline in employee benefits expense from our efficiency programs.

在分部層面，TTech 營業收入小幅成長 0.4%，而 TTech 調整後 EBITDA 成長 4.1%。調整後的 EBITDA 利潤率擴大了 160 個基點，達到 39% 以上，反映出我們的效率計劃使員工福利費用下降了 4%。

Turning to DLCX. For more additional and comprehensive details, please listen to the TELUS International webcast that occurred earlier today. DLCX had continued impact from the challenging macroeconomic environment that resulted in operating revenues declining by 4.6% year-over-year. The decline was primarily driven by lower revenue from a leading social media client and a reduction in revenue in other industry verticals, notably, e-commerce, fintech and travel and hospitality.

轉向 DLCX。如需了解更多、更全面的詳細信息，請收聽今天早些時候舉行的 TELUS International 網路廣播。 DLCX 受到充滿挑戰的宏觀經濟環境的持續影響，導致營業收入較去年同期下降 4.6%。下降的主要原因是領先社群媒體客戶的收入下降以及其他垂直行業收入的減少，特別是電子商務、金融科技以及旅遊和酒店業。

This was partially offset by growth in services provided by existing customers, including TELUS and Google as well as other new clients added over the past 12 months. DLCX adjusted EBITDA was up 11%, including the earnout adjustment with respect to WillowTree. In addition, the efficiency and effectiveness programs executed on to address operating expenses included decrease of over 3% in employee benefits.

這被現有客戶（包括 TELUS 和 Google 以及過去 12 個月內新增的其他新客戶）提供的服務成長所部分抵消。 DLCX 調整後 EBITDA 成長 11%，其中包括 WillowTree 的獲利調整。此外，為解決營運費用而執行的效率和效益計劃包括員工福利減少 3% 以上。

Looking forward, new opportunities with new and existing clients, supported by building on our momentum with an AI adopted solutions, revenue will continue to improve as the year progresses while TI's ongoing focus on efficiency also puts them in a strong position to manage through some of the macroeconomic pressures as we progress throughout 2024.

展望未來，在我們採用人工智慧解決方案的勢頭的支持下，與新客戶和現有客戶的新機會將隨著時間的推移收入將繼續提高，而TI 對效率的持續關注也使他們處於有利地位，可以透過一些我們在 2024 年取得進展時面臨的宏觀經濟壓力。

Overall, TELUS consolidated operating revenues decreased by 1.2% year-over-year and adjusted EBITDA grew by 4.3%. Consolidated net income was down 38% year-over-year, while basic EPS was lower by 40%, in part driven by adjusted EBITDA growth being offset by higher restructuring, depreciation, amortization and financing costs. On an adjusted basis, net income and EPS were essentially unchanged year-over-year. Free cash flow of $396 million was lower by $139 million, primarily driven by higher cash restructuring disbursements totaling $225 million in the quarter of which $185 million was related to the 2023 restructuring that we had discussed and disclosed in February.

整體而言，TELUS 綜合營業收入年減 1.2%，調整後 EBITDA 成長 4.3%。合併淨利潤年減 38%，基本每股盈餘下降 40%，部分原因是調整後 EBITDA 成長被重組、折舊、攤提和融資成本上升所抵銷。調整後的淨利潤和每股收益同比基本保持不變。自由現金流為 3.96 億美元，減少了 1.39 億美元，主要是由於本季度現金重組支出總額達 2.25 億美元，其中 1.85 億美元與我們在 2 月份討論和披露的 2023 年重組相關。

We remain focused on driving towards achieving our financial targets for 2024, which we reiterated today. This includes targeting TTech operating growth of 2% to 4% and TTech adjusted EBITDA growth of 5.5% to 7.5%. Consolidated capital expenditures, excluding circa $100 million that is earmarked for real estate development are still targeted to remain approximately $2.6 billion.

我們仍然專注於推動實現我們今天重申的 2024 年財務目標。這包括目標 TTech 營運成長 2% 至 4%，TTech 調整後 EBITDA 成長 5.5% 至 7.5%。綜合資本支出（不包括專門用於房地產開發的約 1 億美元）仍目標維持在約 26 億美元。

Lastly, consolidated free cash flow for 2024 is forecasted to be approximately $2.3 billion, driven by higher EBITDA and stable CapEx. While top line growth was pressured at the beginning of the year, in part to the aggressive pricing environment, we remain laser-focused on profitable customer growth as evidenced by our recent and differentiated multi-brand pricing suite and continued to drive demand in our superior bundled offerings over our leading broadband networks. Furthermore, we anticipate improvement from TELUS International, particularly in the second half of the year as well as TELUS Health and TELUS Agriculture & Consumer Goods.

最後，在較高的 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約為 23 億美元。儘管年初的收入成長受到了壓力，部分原因是激進的定價環境，但我們仍然專注於有利可圖的客戶成長，我們最近的差異化多品牌定價套件就證明了這一點，並繼續推動我們的優質產品的需求透過我們領先的寬頻網路提供捆綁產品。此外，我們預計 TELUS International 以及 TELUS Health 和 TELUS Agriculture & Consumer Goods 的表現將有所改善，特別是在今年下半年。

Overall, we remain positive on our ability to continue to generate strong free cash flow for years to come, benefiting from our industry-leading growth profile that consistently showcases our superior asset mix and operational execution. This strong position further supports our industry-leading dividend growth program in place for 2025. Our commitment to deliver on this program is underpinned by our confidence in executing our growth strategy and generating meaningful free cash flow on a sustained basis. This is balanced with maintaining a strong balance sheet and providing us ample flexibility to support our future growth ambitions, leverage reductions and capital returns to shareholders.

總體而言，我們對未來幾年繼續產生強勁自由現金流的能力保持樂觀，這得益於我們行業領先的成長狀況，持續展示了我們卓越的資產組合和營運執行力。這一強勢地位進一步支持我們在 2025 年實施的行業領先的股息成長計劃。這與保持強勁的資產負債表相平衡，並為我們提供足夠的靈活性來支持我們未來的成長目標、降低槓桿率和股東資本回報。

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. We're ready to proceed with questions, please.

謝謝，道格。我們已準備好繼續提問。

First question comes from Vince Valentini from TD.

第一個問題來自 TD 的 Vince Valentini。

Couple of things. The 4.1% is obviously a bit below the 5.5% to 7.5%. I think that was planned, Doug, but can you just confirm that you expect EBITDA growth for TTech to pick up with passing quarters and you're still confident not necessarily even at the low end, but just somewhere in the guidance range?

有幾件事。 4.1%明顯低於5.5%至7.5%。我認為這是計劃好的，道格，但你能否確認一下，你預計TTech 的EBITDA 增長將在過去的幾個季度中有所回升，並且你仍然有信心，即使不一定處於低端，但只是在指導範圍內的某個地方？

That is correct, Vince.

這是正確的，文斯。

Perfect. Second on that is, you're focused on AMPU. And I'm sure it's happening, but as you know, we can't really see it visibly. Is it fair to say that wireless segment EBITDA would have been above that 4.1% total TTech?

完美的。其次，您關注的是 AMPU。我確信它正在發生，但正如你所知，我們無法真正看到它。可以公平地說，無線業務部門的 EBITDA 會高於 TTech 總額的 4.1% 嗎？

We actually don't go to that level on a full allocation. I would say it was directionally in that zone. The profitability on FFH is also very strong with our bundled offering. So I would say, it's directionally where you're highlighting, but we don't go to that level, so I can't confirm it.

事實上，我們並沒有達到全額分配的水平。我想說它是定向在那個區域的。透過我們的捆綁產品，FFH 的獲利能力也非常強勁。所以我想說，這是你強調的方向，但我們沒有達到那個水平，所以我無法確認。

Okay. And one last one. On your free cash flow calculation table where you break everything down nicely. There's the effective lease principle for $178 million this quarter. Can you confirm like that comes out of your free cash flow for guidance purposes and when you're doing a dividend payout ratio, and I'm just wondering why, like what are those? Can you give us some examples of those real cost of the business as opposed to just some sort of fabricated financing charge?

好的。還有最後一張。在你的自由現金流計算表上，你可以很好地分解所有內容。本季的有效租賃原則為 1.78 億美元。您能否確認，出於指導目的，當您制定股息支付率時，這來自您的自由現金流，我只是想知道為什麼，就像那些是什麼？您能給我們舉一些例子來說明企業的真實成本，而不是某種捏造的融資費用嗎？

Yes. When the accounting changed and you put leasing on your books, we were the only ones that went pulled in that if it was an operating lease before and it's now a lease on your books that we would still charge it through free cash flow where others haven't. So it is a clean view to the previous accounting, and it would be anything from building leases to equipment leases to any of those environments. So it's all 100% supporting our business across the board, and it is in alignment with the accounting principles that were established with IFRS 16 a few years ago. And yes, they are completely legit and they are completely on board to supporting our business.

是的。當會計發生變更並且您將租賃記入您的帳簿時，我們是唯一介入的人，如果以前是經營租賃，現在是您帳簿上的租賃，我們仍然會透過自由現金流收取費用，而其他人則沒有這樣做't。因此，這是對先前會計的清晰看法，它可以是從建築物租賃到設備租賃到任何這些環境的任何內容。因此，這一切都 100% 全面支持我們的業務，並且符合幾年前根據 IFRS 16 制定的會計原則。是的，他們是完全合法的，並且完全支持我們的業務。

Next question comes from Jerome Dubreuil from Desjardins.

下一個問題來自 Desjardins 的 Jerome Dubreuil。

Yes. You've been talking about lower CapEx objective during the conference season lately. Maybe in the context of the dividend increase, if you could maybe just provide some more color on potentially reaching a 10% CapEx intensity down the road and maybe a time line for that objective?

是的。您最近一直在談論會議季節期間較低的資本支出目標。也許在股息增加的背景下，您是否可以提供更多關於未來可能達到 10% 資本支出強度的信息，以及實現該目標的時間表？

Yes. So we've been holding our CapEx flat with the opportunity to continue to bring it down. You've seen our growth trajectory, and we're going to be 12% or lower even in the current year. And so as we assess our capital needs into the future, we're going to have continued growth, and we do not see growth in our capital number. If anything, we can continue to bring it down as we've discussed. So that is how we will get to circa 10, let's say. But that is still significantly lower than others in the industry. And it's the result of all the investments we made in our fiber way earlier than all of our peers. And the fact that we're bringing that to conclusion ahead of our peers at rates that were lowest in history -- at labor rates that were lowest in history is an advantage that we have that our peers don't. And I think that's why you're going to see it through that capital intensity level complemented by an improving revenue profile.

是的。因此，我們一直保持資本支出持平，並有機會繼續降低資本支出。您已經看到了我們的成長軌跡，即使在今年，我們的成長率也將達到 12% 或更低。因此，當我們評估未來的資本需求時，我們將持續成長，但我們的資本數量不會成長。如果有的話，我們可以繼續按照我們討論過的方式將其降低。假設這就是我們達到大約 10 的方式。但這仍然明顯低於業內其他公司。這是我們比所有同行更早對光纖進行投資的結果。事實上，我們以歷史最低的利率（歷史最低的勞動力價格）領先於同行得出了這一結論，這是我們擁有而同行所沒有的優勢。我認為這就是為什麼你會看到資本密集度水準和收入狀況的改善相輔相成。

Second from me is, if you can provide more color on the rationale for giving 5G on the public mobile brand? I get totally the AMPU strategy, but just looking forward to that, it seems like this marks a clear sign that this is difficult to monetize.

我的第二個問題是，您能否提供更多關於在公共行動品牌上提供 5G 服務的理由？我完全理解 AMPU 策略，但只是期待這一點，這似乎標誌著一個明顯的跡象，表明這很難貨幣化。

Zainul?

扎伊努爾？

Sure. So I think there's a couple of things. So there are bifurcated offers on public mobile for both 4G and 5G, depending on the profile of the customer. I think fundamentally, it is a digital-first and subscription on-demand brand. And that shouldn't prevent it from offering services on the best network that we have.

當然。所以我認為有幾件事。因此，根據客戶的情況，公共行動裝置上有 4G 和 5G 兩種不同的優惠。我認為從根本上來說，它是一個數位優先和按需訂閱的品牌。但這並不妨礙它在我們擁有的最好的網路上提供服務。

And secondly, I think the key here is that it's a completely eSIM, digital-only, no contact, no store, no device opportunity. And that digital-first entity does resonate with the population of the market that is looking for 5G service in a bring-your-own device market. So we're playing in that market accordingly. We're being very clear about differentiating our bundles with respect to premium. As Darren mentioned, we have launched new premium capabilities in the market, and are really pushing the value of our premium loading as well as the fact that we are looking at the Koodo brand and working through bundling options for our customers in that value segment as well. So that's our rational.

其次，我認為這裡的關鍵是它是完全的 eSIM、純數字、沒有接觸、沒有商店、沒有設備機會。這個數位優先的實體確實與在自帶設備市場中尋求 5G 服務的市場人群產生了共鳴。因此，我們正在相應地參與該市場。我們非常清楚我們的捆綁包在溢價方面的差異化。正如達倫所提到的，我們已經在市場上推出了新的高級功能，並且真正推動了我們高級裝載的價值，事實上我們正在關注Koodo 品牌，並為該價值細分市場的客戶提供捆綁選項：出色地。這就是我們的理性。

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)。

So 2 from me. Obviously, on the wireless ARPU side, I think a bunch of us are increasingly thinking it's in a relevant metric, like we continue to see denominator tweaks over the years. And I think yours actually worked against you this quarter, if I'm reading that footnote right in your deck. And any of that would just -- I think I know the answer, but would love to hear your view on the relevance of wireless ARPUs and KPI and why we're just not focused on network revenue growth instead?

所以我有2個。顯然，在無線 ARPU 方面，我認為我們中的許多人越來越認為它是一個相關的指標，就像我們多年來不斷看到分母的調整一樣。如果我正在閱讀你的甲板上的腳註，我認為你的這個季度實際上對你不利。所有這些都只是 - 我想我知道答案，但很想聽聽您對無線 ARPU 和 KPI 相關性的看法，以及為什麼我們不專注於網路收入成長？

And then second, just with respect to the leverage target, maybe for you, Doug, we saw a BCE raise its target to 3x. Obviously, I don't need to comment on that. But just with reference to your 2.2 to 2.7x leverage target, just what are the puts and takes to you either doing the same or maintaining that over time?

其次，就槓桿目標而言，也許對你來說，道格，我們看到 BCE 將其目標提高到了 3 倍。顯然，我不需要對此發表評論。但僅參考您的 2.2 至 2.7 倍槓桿目標，您的看跌期權和看跌期權是多少，要么做同樣的事情，要么隨著時間的推移維持這種水平？

Zainul, why don't you kick it off and then Doug, you can provide commentary and then you can move on to leverage, okay?

Zainul，為什麼不先開始，然後道格，你可以提供評論，然後你可以繼續利用槓桿，好嗎？

I think the key thing that you're really zooming in on and highlighting is the degree to which ARPU as a metric is a driver of how we're managing the business. And of course, we are always focused on the profitability and the segmentation of our customer base and the right pricing dynamic. But I think more so, what you're going to see out of us is that we're focused on household AMPU across our mobile and home business and customer lifetime value.

我認為您真正關注和強調的關鍵是 ARPU 作為衡量標準在多大程度上推動了我們管理業務的方式。當然，我們始終關注獲利能力、客戶群細分以及正確的定價動態。但我認為更重要的是，您將從我們身上看到的是，我們專注於行動和家庭業務以及客戶終身價值的家庭 AMPU。

So the key elements that are going to reflect within that metric, our product intensity, our churn value, the level of wallet share that we are able to glean and gain traction to in our customer base, and more so, what we want to achieve is we want to ensure that areas that customers are already spending money, whether it's streaming services or you'll see that we're coming out with new home automation capabilities that save our customers' money on their energy bill, those are the kinds of things that we're going to drive in the market from a differentiation perspective and will lead more to the indicator of household AMPU in terms of improving our cost to serve over a broader revenue base and customer lifetime value in terms of driving better retention outcomes across a broader revenue base as well. So that's a more relevant metric for us in terms of how we want to manage the business.

因此，該指標將反映我們的產品強度、客戶流失價值、我們能夠在客戶群中收集和吸引的錢包份額水平，以及我們想要實現的目標我們希望確保客戶已經在花錢的領域，無論是流媒體服務還是您會看到我們正在推出新的家庭自動化功能，可以節省客戶的能源費用，這些都是我們將從差異化的角度推動市場發展，並將更多地引導家庭AMPU 指標（改善我們在更廣泛的收入基礎上提供服務的成本）和客戶終身價值（在推動更好的保留結果方面）更廣泛的收入基礎。因此，就我們希望如何管理業務而言，這對我們來說是一個更相關的指標。

And just confirming, you are correct because we apply the adjustment retroactively, so you could have clean comparisons. It actually was negative to us on our ARPU growth in the quarter, and treated prospectively, it would have been a completely different story. So trying to be transparent to the Street on the retroactive impact on that front.

只是確認一下，您是正確的，因為我們會追溯應用調整，因此您可以進行清晰的比較。實際上，這對我們本季的 ARPU 成長產生了負面影響，並且前瞻性地看待，這將是一個完全不同的故事。因此，我們試圖讓華爾街對這方面的追溯影響保持透明。

On the leverage side, we definitely are managing to an optimal cost of capital. And that optimal cost of capital as you look back in where we are today, allowed us to be a little bit higher, but delevering is obviously in our objective to get down to that 3 or below 3. We've taken the position. We will not change our -- it's not even guidance, but our benchmark on what we want to be in for leverage until we are closer to that metric because we want to make sure we are in the right to do that.

在槓桿方面，我們確實正在設法實現最佳資本成本。當你回顧我們今天所處的位置時，最佳資本成本使我們能夠稍微高一點，但去槓桿化顯然是我們的目標，即降至 3 或低於 3。我們不會改變我們的——這甚至不是指導，而是我們想要發揮槓桿作用的基準，直到我們更接近該指標，因為我們希望確保我們有權這樣做。

So do I think that range of anywhere around the 3 to below 3 is the right zone? Yes. Is that probably where the optimal long-term cost of capital is? Yes. And we'll reassess it when we get closer to it. But our goal right now is to ensure we invest appropriately and continue to have a strong balance sheet. Just as a quick highlight as well, even the spectrum purchase as we've done in the past 12 months at 44 basis points to our numbers. So we'd be in the low 3s without the high cost of spectrum as being one of the key drivers.

那麼我認為 3 到 3 以下的任何範圍都是正確的區域嗎？是的。這可能是最佳長期資本成本嗎？是的。當我們接近它時，我們會重新評估它。但我們現在的目標是確保我們進行適當的投資並繼續擁有強勁的資產負債表。同樣需要快速強調的是，即使我們在過去 12 個月中以 44 個基點的價格購買頻譜。因此，如果沒有高頻譜成本作為關鍵驅動因素之一，我們將處於低 3 的水平。

Next question comes from Maher Yaghi from Scotiabank.

下一個問題來自豐業銀行的 Maher Yaghi。

I wanted to touch base on -- touch on your fixed data services revenue growth rate. Last year, fixed data services was growing at 7% and now that growth is running around 3%. You indicated in the MD&A that ARPU for Internet customers is now flat year-on-year versus growing last year. Can you dissect for us the forces at play here? And what is causing your Internet ARPU to come under pressure? More importantly, I wondered if you can give us your view on where that line item growth rate is heading to and if achieving your revenue guidance for the year depends on seeing that growth rate reaccelerating in the back half of the year?

我想談談你們的固定數據服務收入成長率。去年，固定數據服務成長了 7%，現在成長了 3% 左右。您在 MD&A 中表示，與去年的成長相比，網路客戶的 ARPU 現在比去年同期持平。您能為我們剖析一下這裡發揮作用的力量嗎？是什麼導致您的網路 ARPU 面臨壓力？更重要的是，我想知道您是否可以向我們提供您對訂單項增長率走向的看法，以及實現今年的收入指導是否取決於看到下半年增長率重新加速？

Zainul, why don't you take that?

Zainul，為什麼不接受這個？

So I think the answer to that is very simple and clear. There is competitive pressure in the market, and we've talked about that before. I think fundamentally, you've seen that we've been able to grow based on the volume of our growth. You've seen that come through in the overall fixed data revenue, the ARPU similar to wireless is under significant pressure. We are seeing customers step up -- continue to step up to higher broadband speeds. And we are seeing customers continue to value our fiber capabilities. And what's really important there as well is that our PureFibre churn on high-speed is well under 0.9.

所以我認為這個問題的答案非常簡單明了。市場存在競爭壓力，我們之前也談過。我認為從根本上講，您已經看到我們能夠根據增長量實現增長。您已經看到，在整個固定數據收入中，與無線類似的 ARPU 承受著巨大的壓力。我們看到客戶不斷提高寬頻速度。我們看到客戶繼續重視我們的光纖能力。真正重要的是，我們的 PureFibre 高速攪拌率遠低於 0.9。

So we're continuing to see resonance in the market with our offering. But at the lower end of the market and for the customers that are willing to make the switch, there is an ARPU pressure. I think the way that we think about that goes back to my answer on household AMPU, we're focused on product intensity, continued revenue drivers and a significant focus on cost to serve, which you've seen come through in our restructuring efforts as well as our digitization efforts leveraging TI, both for our product development as well as for our digitization and cost to serve improvement and customer experience improvement. So we have significant upside from a profitability perspective in that regard.

因此，我們的產品不斷引起市場的共鳴。但對於低端市場以及願意進行轉換的客戶來說，存在 ARPU 壓力。我認為我們的思考方式可以追溯到我對家用 AMPU 的回答，我們專注於產品強度、持續的收入驅動因素以及對服務成本的高度關注，您已經在我們的重組工作中看到了這一點：以及我們利用TI 進行的數位化工作，包括我們的產品開發以及服務改進和客戶體驗改進的數位化和成本。因此，從獲利角度來看，我們在這方面有顯著的優勢。

And what's your view on expected growth rate of that line item going forward?

您對該訂單項未來的預期成長率有何看法？

We're not going to give a view on the line item expected growth rate in terms of forward-looking guidance. But to maybe answer your question in a different way, our confirmation of our guidance range and what we're going to do is not contingent upon resurrecting that fixed data line growth back to the 2023 levels. That would be nice, and we would welcome it if supported by the competitive dynamic, but we think that we have sufficient opportunities on the ARPH front, we have sufficient opportunities on the bundling and volume extension front, and we have sufficient opportunities on new product development to support getting into our established guidance range.

我們不會在前瞻性指導方面給出該行項目的預期成長率。但也許可以用不同的方式回答你的問題，我們對指導範圍的確認以及我們將採取的行動並不取決於將固定數據線增長恢復到 2023 年的水平。那太好了，如果有競爭動態的支持，我們會歡迎它，但我們認為我們在ARPH 方面有足夠的機會，我們在捆綁和數量擴展方面有足夠的機會，並且我們在新產品方面有足夠的機會發展以支持進入我們既定的指導範圍。

Next question comes from David Barden from Bank of America.

下一個問題來自美國銀行的大衛‧巴登。

It's Matt sitting in for Dave. I guess, first, I wanted to, if I could just please revisit the kind of margin expansion within TTech? I heard you guys obviously stay driven by like the efficiency program. I was wondering if you could maybe give some color around how much of the -- if there should be more efficiency gains from that program that are coming in subsequent quarters, should we be thinking that, that 160 basis point range is something that could be sustained or grow, just some commentary around there?

馬特代替戴夫。我想，首先，我想請您重新審視 TTech 內部的利潤擴張方式？我聽說你們顯然一直受到效率計劃的推動。我想知道您是否可以就該計劃在接下來的幾個季度中帶來的效率收益有多少提供一些說明，我們是否應該認為 160 個基點的範圍可能是持續或增長，只是周圍的一些評論？

And then maybe secondarily, Zainul, I heard twice in responses to answers, you're highlighting the important or the in-house measures of product intensity in churn, I think, primarily on some of the wireline products and cost to serve. And I think you gave a broad range on what churn is for Internet, if I'm not mistaken, for the quarter. Is there any thought to providing on a more regular basis some of these measures, which are obviously internally important providing them externally to the extent that you feel comfortable?

其次，Zainul，我在回答答案時聽到兩次，您強調了流失中產品強度的重要或內部衡量標準，我認為，主要是一些有線產品和服務成本。如果我沒記錯的話，我認為您對本季網路的流失情況給出了廣泛的範圍。是否考慮更定期地提供其中一些措施，這些措施顯然對內部很重要，在外部提供它們到您感到舒服的程度？

And then maybe finally, just on the broadband net adds, I know that there's -- obviously, they're still fairly robust even like by historic trends. But I was wondering -- I know there is some wholesale that's included in there, out of territory kind of Internet ads. I was wondering if you could provide any color on what that split might be if it's material, if it's growing, any type of color would be helpful?

然後也許最後，就寬頻網路而言，我知道，顯然，即使按照歷史趨勢，它們仍然相當強勁。但我想知道 - 我知道其中包含一些批發的、境外的互聯網廣告。我想知道你是否可以提供任何關於分裂可能是什麼的顏色，如果它是物質的，如果它正在生長，任何類型的顏色都會有幫助？

Okay. I'll hand it over to Doug to talk about the margin expansion. It's 170 bps, Matt, not 160. And the answer simply, to your question about whether it was finished and we're just seeing the impact of last year or whether it's still ongoing, it is indeed still ongoing as it relates to our major cost efficiency program in so far as staff-level reductions are concerned, that won't be complete until the end of July.

好的。我將把它交給道格來討論利潤擴張的問題。這是170 bps，馬特，而不是160。 答案很簡單，對於你的問題，即它是否已經完成，我們只是看到去年的影響，或者它是否仍在進行中，它確實仍在進行中，因為它與我們的專業相關就人員削減而言，成本效率計劃要到七月底才能完成。

So there's more to come on the efficiency front to support what we're delivering in terms of EBITDA growth and margin expansion. But Doug can provide some additional color, and then Zainul can follow up and answer the second part of your question or second 2 parts of your question.

因此，在效率方面還有更多工作要做，以支持我們在 EBITDA 成長和利潤率擴張方面所實現的目標。但是 Doug 可以提供一些額外的顏色，然後 Zainul 可以跟進並回答您問題的第二部分或問題的後 2 部分。

Yes. So you would have seen in our disclosure that we actually had a 4% reduction in our employee benefits cost and that would equate to over $50 million in the quarter on its own, which is not complete yet. There will still be more as we complete there, finish the program and continue to drive digitization and efficiencies as the year goes on.

是的。因此，您會在我們的揭露中看到，我們的員工福利成本實際上減少了​​ 4%，這相當於本季度的成本超過 5,000 萬美元，但尚未完成。隨著時間的推移，我們將完成更多工作，完成該計劃並繼續推動數位化和效率。

We're also well through the health savings that we've talked to and hitting our health target, as Darren highlighted in his previous remarks. And so the combination of the 2 absolutely gets us on a trajectory that, that will be sustainable and will grow as a year goes. We will start to lap a little bit of the -- those savings as you get in the back end of the year, but the margin expansion will hold.

正如達倫在先前的演講中所強調的那樣，我們也很好地完成了我們所討論的健康儲蓄並實現了我們的健康目標。因此，兩者的結合絕對讓我們走上了一條可持續發展的軌道，並且會隨著時間的推移而增長。我們將開始在今年年底節省一些資金，但利潤率擴張將保持不變。

I think both your question and Drew's lead us to kind of want to take away and think about some better leading indicators with respect to whether it's product intensity revenue growth, customer lifetime value on a prospective basis, we'll think about that in terms of what we should take away. On an ad hoc basis, one of the things I can highlight as an example is that our product intensity is now 3.21 on a PureFibre household basis. And that has grown significantly, and it will continue to grow not just on the back of the existing products that we have, but the new products that we're going to be introducing as well.

我認為你的問題和德魯的問題都讓我們想要考慮一些更好的領先指標，無論是產品強度、收入成長、客戶終身價值，我們都會從以下方面考慮：我們應該拿走什麼。作為臨時例子，我可以強調的一件事是，我們的產品強度現在以 PureFibre 家庭為基礎為 3.21。這一數字已經顯著增長，而且它將繼續增長，不僅依靠我們現有的產品，而且還依靠我們將要推出的新產品。

In terms of your question on the split of Internet, I would say that relative to the TPIA side of the business, it's fairly modest. It continues to be modest. We continue to see and drive growth on the back of our existing PureFibre footprint, which does see some incremental household releases and newcomer, as well as new household introduction growth as well. And I think the most critical element to give you some insight into how we're going to be managing that part of the business, we certainly feel that you need to have a high product intensity and a bundled capability to be successful in a lease network environment.

至於你關於網路分裂的問題，我想說，相對於 TPIA 方面的業務，這是相當溫和的。它仍然是謙虛的。我們繼續在現有的 PureFibre 足跡的基礎上看到並推動成長，這確實看到了一些增量家庭發布和新成員，以及新家庭引入的成長。我認為最關鍵的因素是讓您了解我們將如何管理這部分業務，我們當然認為您需要擁有高產品強度和捆綁功能才能在租賃網路中取得成功環境。

And we are operating under the axiom that on an overall basis, the return on investment for any bundled household, whether it is on a lease network, has to be equal to or better what we would achieve in terms of our own build. And that's delivered on the back again of product intensity, of looking at both mobile and home, of leveraging our differentiated brand so that you're leveraging the premium aspects of your brand and on the back of cost to serve and churn improvements as well. But that's the way we're looking at making sure that we're focused on economic value loading and not hollow loading.

我們的經營原則是，總體而言，任何捆綁家庭的投資回報率，無論是在租賃網路上，都必須等於或更好我們自己建造的回報率。這是透過產品強度、同時專注於行動和家庭、利用我們的差異化品牌來實現的，這樣您就可以利用品牌的優質方面，並透過成本來實現服務和客戶流失的改進。但這就是我們正在考慮的方式，以確保我們專注於經濟價值加載而不是空洞加載。

Next question comes from Stephanie Price from CIBC.

下一個問題來自 CIBC 的 Stephanie Price。

The prepared remarks mentioned a few times increases in competition on device financing. Just curious about what you're seeing in the market and how you think about competing in that type of environment?

準備好的演講多次提到設備融資方面的競爭加劇。只是想知道您在市場上看到的情況以及您如何看待在這種環境中競爭？

Doug?

道格？

So what we've seen on that end is a lot of our offerings on device financing, we kept the floor and made sure we held economics, strong economics, where there's our times through the competitive side where that hasn't held and the device financing floors have come down which would then open up lower ARPU customers to a high subsidy and/or a long-term financing cost. So I'd say that intensity is really what we've seen throughout and February was probably as intense as Black Friday was, and that's where you've seen that or even more intense. And that's what the reference was. And it's primarily lowering the floor so that you're giving more subsidy to lower ARPU customers which becomes very dilutive, the lower you go.

因此，我們在這方面看到的是我們在設備融資方面提供的許多產品，我們保留了底線並確保我們擁有經濟性，強大的經濟性，我們的時代是透過競爭方面而沒有保持的，而設備融資底線已經下降，這將使ARPU 較低的客戶獲得高額補貼和/或長期融資成本。所以我想說，這種強度確實是我們在整個過程中所看到的，二月可能和黑色星期五一樣激烈，這就是你所看到的，甚至更激烈。這就是參考。它主要是降低下限，這樣你就可以向 ARPU 較低的客戶提供更多補貼，補貼越低，其稀釋作用就越大。

Zainul, you want to add some color in terms of what we are doing on brand segmentation and premium?

Zainul，您想為我們在品牌細分和溢價所做的工作添加一些色彩嗎？

Absolutely. I think Doug covered the highlights, but it's really important to kind of zone in on the 2 or 3 levers that impact dilution the most. So one of them is the amount of subsidy. The second one is the rate at which you offer that subsidy on a device because that has a significant flow-through impact from your base to step down when it's an attractive market for devices.

絕對地。我認為道格涵蓋了要點，但重點關注對稀釋影響最大的 2 或 3 個槓桿，這一點非常重要。其中之一就是補貼金額。第二個是您為設備提供補貼的比率，因為當設備市場具有吸引力時，這會對您的基礎產生重大的流動影響，從而導致其退出。

And then the third piece actually is to bring it back value. And one of the things we've seen relatively stable in the market up until Q1 was to bring it back value, but we saw that increase in competitiveness towards the back end of Q1 as well. So what we're really focused on is really differentiating our brands so that we are creating a higher value step up on the device financing floor and reducing the level of potential re-rate for our customers.

第三部分實際上是讓它恢復價值。在第一季之前，我們看到市場相對穩定的事情之一就是使其價值回升，但我們也看到第一季末競爭力的增強。因此，我們真正關注的是真正使我們的品牌脫穎而出，以便我們在設備融資方面創造更高的價值，並降低客戶的潛在重估水準。

And so when the promotional intensity creeps up, you're not seeing that rerate materialize when customers see promotions for devices. And then, on the flanker side, that's where you have to look at most of the volume being on bring your own device. But what's important there is to really think about the right bundles, like our Koodo Happy Stack which offers streaming and Internet and a lower data plan on mobility as a really attractive bundle so that you can curtail some of the switching behavior that would be dominant in that part of the market. So that's how we're kind of trying to ensure we differentiate our brands.

因此，當促銷強度逐漸增加時，當客戶看到設備促銷時，您不會看到重新定價的實現。然後，在側翼方面，您必須查看自帶設備上的大部分音量。但重要的是要真正考慮正確的捆綁包，例如我們的Koodo Happy Stack，它提供串流媒體和互聯網以及較低的移動數據計劃，作為一個真正有吸引力的捆綁包，這樣您就可以減少一些在行動應用中占主導地位的切換行為。這就是我們努力確保我們的品牌與眾不同的方式。

And one other one for me, just on TELUS Health. It looks like revenue was down a bit year-over-year. Just curious about the revenue drivers in the quarter and how we should think about cross-sell at this point from TELUS Health?

我還可以在 TELUS Health 上找到另一個。看起來收入比去年同期略有下降。只是好奇本季的營收驅動因素以及此時我們應該如何考慮 TELUS Health 的交叉銷售？

Navin, do you want to speak to that one, please?

納文，你想和那個人說話嗎？

Yes, absolutely, Darren. So you're absolutely right, Stephanie. We were unhappy with where our revenue growth landed in Q1, but our focus on channel expansion, distribution and customer experience, excellent investments is notably starting to pay off. So just to give you an example, year-to-date, we've driven a strong performance, delivering about 111% target on our sales bookings across our health lines of business.

是的，絕對是，達倫。所以你是完全正確的，史蒂芬妮。我們對第一季的營收成長不滿意，但我們對通路擴張、分銷和客戶體驗的關注，出色的投資已開始獲得回報。舉個例子，今年迄今為止，我們的健康業務領域取得了強勁的業績，實現了約 111% 的銷售預訂目標。

And that represents a 17% year-over-year increase in volume of deals and $175 million in total contract value. And then as another example of the momentum we're building, our Payvider business unit had its best sales quarter on record. So we're going to still continue to see some macroeconomic headwinds, but through our aggressive focus on growth and synergies, we actually expect a very steady improvement in revenue growth and profitability in the coming quarters.

這意味著交易量年增 17%，合約總價值年增 1.75 億美元。作為我們正在建立的勢頭的另一個例子，我們的 Payvider 業務部門創下了有史以來最好的銷售季度。因此，我們仍將繼續看到一些宏觀經濟阻力，但透過我們對成長和協同效應的積極關注，我們實際上預計未來幾季的營收成長和獲利能力將非常穩定地改善。

And with the big parts of our integration of LifeWorks behind us, we actually see a pretty great growth opportunity ahead of us working as one team, one unified culture, one unified set of priorities and really driving some increased sales performance that's going to drive that revenue growth.

隨著LifeWorks 整合的重要部分的完成，我們實際上看到了一個相當大的成長機會，我們作為一個團隊、一種統一的文化、一套統一的優先事項進行工作，並真正推動銷售業績的提高，從而推動此目標營收成長。

So we're actually expecting strong revenue growth coming in Q2 and beyond. And tied to that, we're actually seeing some very good success working with TELUS International in terms of not only driving cost savings but really driving digital and automation capabilities and those capabilities are not going to only help us on the cost side, but they're also going to help create differentiation in our capabilities, which again is going to allow us to drive greater revenue opportunities.

因此，我們實際上預計第二季及以後的營收將出現強勁成長。與此相關的是，我們實際上看到與TELUS International 合作取得了一些非常好的成功，不僅在推動成本節約方面，而且在真正推動數位和自動化能力方面，這些能力不僅在成本方面幫助我們，而且它們也將幫助我們創造差異化的能力，這又將使我們能夠獲得更大的收入機會。

And then the last thing I would say is we have tremendous cross-sell opportunity across TELUS Health and the rest of our B2B telecom and other assets, and those opportunities are already starting to bear fruit for us. And I see that as a very important developing story that's going to give us a competitive advantage going forward and it really elevates the conversation with our customers at a strategic level and that's going to become more and more part of our growth as we go forward.

我要說的最後一件事是，我們在 TELUS Health 以及我們其他 B2B 電信和其他資產方面擁有巨大的交叉銷售機會，這些機會已經開始為我們帶來成果。我認為這是一個非常重要的發展故事，它將為我們帶來未來的競爭優勢，它確實在策略層面上提升了與客戶的對話，隨著我們的前進，這將越來越成為我們成長的一部分。

Next question comes from Sebastiano Petti from JPMorgan.

下一個問題來自摩根大通的塞巴斯蒂亞諾·佩蒂。

Just wanted to follow up, Doug, on one of your comments towards the end of prepared remarks, just anticipating the improvement in TI and Health and Agriculture as you kind of get into the second half of the year. Is that because you get to easier comps? Or do you see demonstrable change in demand within those different business lines?

道格，我只是想跟進您在準備好的演講結束時發表的評論之一，只是期待 TI 以及健康和農業領域的改善，因為您即將進入今年下半年。那是因為你得到了更容易的比賽嗎？或者您看到這些不同業務線內的需求發生了明顯的變化？

And specifically on TELUS Health, I mean, the guidance that TELUS Health has given -- TELUS International has given, sorry, anticipates sequential declines and then exit rates -- sequential exit rates that are, again, pretty healthy. Again, just trying to underpin or just trying to think about the underlying drivers of demand and what is implied within that? And what is giving you confidence in that? And then just kind of going back to Maher's question, and just thinking about the revenue context within the TTech revenue guidance, what do we need to see within consumer within Health to kind of feel more comfortable about that revenue range?

特別是在 TELUS Health 方面，我的意思是，TELUS Health 給出的指導——抱歉，TELUS International 給出的指導預計會出現連續下降，然後是退出率——連續退出率再次相當健康。再說一遍，只是試圖支撐或只是試圖思考需求的潛在驅動因素以及其中隱含的含義？是什麼讓您對此充滿信心？然後回到馬赫的問題，想想 TTech 收入指導的收入背景，我們需要在健康領域的消費者中看到什麼，才能對這個收入範圍感到更放心？

Okay. We'll do a bit of a daisy chain on this. Doug, we'll kick it off briefly, then I'll ask Navin to make the commentary on B2B health, Zainul on Consumer Health and Jeff, as it relates to TI. Doug, why don't you go ahead?

好的。我們將對此進行一些菊花鏈操作。 Doug，我們將簡短地開始，然後我將請 Navin 對 B2B 健康發表評論，Zainul 對消費者健康發表評論，而 Jeff 則對 TI 發表評論。道格，你為什麼不繼續呢？

Yes. So just overall, we have confidence from the perspective of we've been going through our plans on the funnel, as you've heard from Navin, and you'll hear from Jeff in a moment on the losses that we had in TI and it's on a path recovery based on sales with TELUS, with Google, with others and confidence in Ag as we've talked from Navin on the funnel, in conjunction with the largest sales we've had in the last 2 quarters.

是的。因此，總的來說，我們有信心，因為我們一直在漏斗上執行我們的計劃，正如您從Navin 那裡聽到的那樣，您很快就會從Jeff 那裡聽到我們在TI 和TI 中遭受的損失。額。

So it is all aligned with our projection, it is all aligned with our guidance. We do believe the contributions are aligned with what we have been suggesting to the Street and our market, our targets for Health, Ag and TI. There's nothing abnormal in any of those beyond what we've already highlighted.

所以這一切都符合我們的預測，都符合我們的指導。我們確實相信這些貢獻與我們一直向華爾街和市場提出的建議以及我們對健康、農業和 TI 的目標是一致的。除了我們已經強調的內容之外，這些都沒有任何異常。

Jeff, do you want to follow up quickly, briefly?

傑夫，你想快速、簡短地跟進嗎？

Sure. We guided at first instance and then reiterated first half, second half split for revenue, 48%, 52% for adjusted EBITDA of 45-55. That seasonality is somewhat consistent over the past several years and further reinforced by the visibility we have for the wins we've had in Q1, in particular, just over the last couple of months.

當然。我們先進行指導，然後重申上半年、下半年收入分配分別為 48%、52%，調整後 EBITDA 為 45-55。在過去的幾年裡，這種季節性在某種程度上是一致的，並且我們在第一季取得的勝利的可見性進一步加強了這種季節性，特別是在過去的幾個月。

To Doug's comment a moment ago, it's also predicated upon stabilization in the historical decline and now hopefully coming out of that with our social media clients as well as continued strong growth, 30% year-over-year for the quarter serving Google and 22% year-over-year in the first quarter serving TELUS. So we think that the view we've reaffirmed is prudent and appropriate reflective of what we're actually seeing. And it's not entirely inconsistent with our historical seasonal profile.

對於 Doug 剛才的評論，這也是基於歷史下滑的穩定，現在希望我們的社交媒體客戶能夠擺脫這種下滑，並持續強勁增長，本季度服務於 Google 的同比增長 30%，同比增長 22%與去年同期相比，TELUS 服務的第一季。因此，我們認為我們重申的觀點是審慎且適當的，反映了我們實際看到的情況。這並不完全不符合我們歷史上的季節性特徵。

Thanks, Jeff. Navin?

謝謝，傑夫。納文？

Yes. Thanks, Darren. So just to answer the question directly, is it real growth? It absolutely is. I shared the sales booking numbers for Health in Q1. And that absolutely translates into the revenue growth. And we, in terms of the drivers of the demand, I really believe in both Health and Agriculture, we have really excellent set of assets, really differentiated products and capabilities.

是的。謝謝，達倫。那麼直接回答這個問題，這是真正的成長嗎？絕對是。我分享了第一季健康業務的銷售預訂數量。這絕對會轉化為收入成長。就需求驅動因素而言，我真的相信健康和農業，我們擁有非常優秀的資產、真正差異化的產品和能力。

And one of the things that we've been really focused on is investing in our channel and distribution strength to really drive the volume and the quality of sales. And so we've made those investments throughout 2023, but really accelerated them in the back half of 2023. And now we're starting to see those investments pay dividends.

我們真正關注的事情之一是投資我們的通路和分銷實力，以真正提高銷售量和品質。因此，我們在 2023 年全年都進行了這些投資，但在 2023 年下半年確實加速了投資。

And so for example, as Darren mentioned, we had our best 2 back-to-back quarters in terms of sales growth in the Agriculture business as well, our Agriculture and Consumer Goods business. And in our animal agriculture space, we're starting to really see that high single revenue growth kick in now quarter after quarter.

例如，正如達倫所提到的，就農業業務以及農業和消費品業務的銷售成長而言，我們連續兩個季度表現最佳。在我們的畜牧業​​領域，我們開始真正看到單一收入的高成長在一個又一個季度開始出現。

So I think we've got a great story to tell, differentiated products and services, now the right investments around channel and distribution, and we should see that actually accelerate month-over-month as those investments start to really mature and we get through the learning curve on how to sell these products and services and start to see that acceleration in growth.

因此，我認為我們有一個很棒的故事要講，差異化的產品和服務，現在圍繞著通路和分銷進行正確的投資，隨著這些投資開始真正成熟並且我們度過難關，我們應該看到實際上逐月加速。

And the last thing I'll say is we've got an amazing list of our base of customers across TELUS Business Solutions, across TELUS International, across TELUS Agriculture and we're just starting on our journey in terms of driving health penetration or health product penetration into that base. And so when we look at it from a B2B perspective, our product intensity opportunity there goes beyond just telecom services, but obviously, into these great health capabilities. And with the latest health capability of our total mental health product, we just see that accelerating on top of our existing health products and services. So I think it's a really good developing story, and we're going to see some nice steady acceleration as the quarters go.

我要說的最後一件事是，我們擁有一份令人驚嘆的客戶群名單，涉及 TELUS 商業解決方案、TELUS 國際、TELUS 農業，在推動健康滲透或健康方面，我們才剛開始我們的旅程。產品滲透到基地。因此，當我們從 B2B 的角度來看時，我們的產品強度機會不僅限於電信服務，而且顯然還涉及這些偉大的健康功能。憑藉我們整體心理健康產品的最新健康功能，我們看到它在我們現有的健康產品和服務之上加速發展。所以我認為這是一個非常好的發展故事，隨著季度的發展，我們將看到一些不錯的穩定加速。

Zainul, do you want to pile on consumer health? Or do you want to leave it there?

Zainul，您想專注於消費者健康嗎？或者你想把它留在那裡嗎？

I can maybe just offer one element and just say that, fundamentally, I don't think our revenue -- on our revenue profile, we can comment on what we think the competitive environment will do or won't do. What we're going to focus on is insulating ourselves accordingly with the capabilities that we have that are differentiated and continuing to grow those capabilities, whether they are consumer health-oriented or on the back of our home automation capability suite or on the back of our very differentiated OTT offerings.

我也許可以只提供一個要素，只是說，從根本上說，我不認為我們的收入——在我們的收入概況上，我們可以評論我們認為競爭環境會做什麼或不會做什麼。我們將重點關注的是，將我們自己與我們擁有的差異化能力相隔離，並繼續發展這些能力，無論它們是面向消費者健康的，還是在我們的家庭自動化能力套件的支持下，或者是在我們的家庭自動化能力套件的支持下。

So we're going to continue to focus on that and in parallel on cost to serve, and continue to differentiate our brands accordingly and add more value to customers based on those differentiated offerings that are really unmatched in the market. And because of our relationship with TI, our speed-to-market capability and delivery as well as our ability to own those assets and own the IP of those assets is also differentiated relative to our peers and changes the cost to serve profile of offering new services.

因此，我們將繼續關注這一點，同時關注服務成本，並繼續相應地差異化我們的品牌，並基於市場上真正無與倫比的差異化產品為客戶增加更多價值。由於我們與 TI 的關係，我們的上市速度能力和交付能力以及擁有這些資產和這些資產知識產權的能力也相對於我們的同行有所不同，並改變了提供新產品的服務成本。

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

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. If I could return to the convergence and the bundling question. We've seen Verizon and now AT&T really lean into fixed wireless for business, and they like the lower usage characteristics versus a consumer product now that you've rolled out 5G and we're seeing a lot of interesting business use cases, whether that's for backup or for tougher to cover locations. It would be great to see how you're thinking about that as an extra product to leverage your 5G network outside, particularly where you have fiber?

偉大的。如果我能回到收斂和捆綁問題上。我們已經看到 Verizon 和現在的 AT&T 確實傾向於商業固定無線，他們喜歡與消費產品相比較低的使用特性，因為你已經推出了 5G，而且我們看到了很多有趣的商業用例，無論是用於備份或難以覆蓋的位置。很高興看到您如何將其視為在室外利用 5G 網路的額外產品，尤其是在有光纖的地方？

Navin, you want to speak to that as it relates to the B2B component or saying aphoristically? Navin, go ahead.

Navin，您想談談與 B2B 元件相關的問題還是用格言來表達？納文，繼續吧。

Yes, absolutely, we're looking at how we can bring fixed wireless in for business. You hit the comment bang on because the usage characteristics are different. And also the timing of usage is different. And so that allows us to manage spectrum in an inefficient way as we look to do this. So we are absolutely looking at it. We're looking at how we accelerated in relation to where we have PureFibre and other network capabilities. And it's something that we'll talk more about into the future.

是的，當然，我們正在研究如何將固定無線技術引入商業。你點擊評論是因為使用特徵不同。而且使用的時機也不同。因此，當我們希望做到這一點時，這使我們能夠以低效的方式管理頻譜。所以我們絕對會關注它。我們正在研究如何在擁有 PureFibre 和其他網路功能的情況下加速。我們將來會更多地討論這一點。

Yes, we saw it off there, but it's I think important to point out, we've been deploying fixed wireless as an access methodology since about 2009. So a well familiar complement to what we're doing on broadband wireline and wireless along the way. Thank you, Simon.

是的，我們已經看到了這一點，但我認為重要的是要指出，自2009 年左右以來，我們一直在部署固定無線作為一種接入方法。所做的工作的一個非常熟悉的補充方式。謝謝你，西蒙。

Thanks, Simon. Thanks, everyone, for joining us today. If there's any follow-ups, please feel free to reach out to the IR team.

謝謝，西蒙。謝謝大家今天加入我們。如果有任何後續行動，請隨時聯繫 IR 團隊。

This concludes the TELUS 2024 Q1 Earnings Conference Call. Thank you for your participation, and have a nice day.

TELUS 2024 年第一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。