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Operator
Operator
Good day.
再會。
Welcome to the TELUS 2024 Q2 earnings conference call.
歡迎參加 TELUS 2024 年第二季財報電話會議。
I would like to introduce your speaker, Mr. Robert Mitchell.
我想介紹一下你們的演講者,羅伯特·米切爾先生。
Please go ahead.
請繼續。
Robert Mitchell - Head - Investor Relations
Robert Mitchell - Head - Investor Relations
Hello, everyone.
大家好。
Thank you for joining us today.
感謝您今天加入我們。
Our second quarter 2024 results news release, MD&A, and financial statements and detailed supplemental investor information were posted to our website earlier this morning.
我們的 2024 年第二季業績新聞稿、MD&A、財務報表以及詳細的補充投資者資訊已於今天早上早些時候發佈到我們的網站上。
On our call today, we'll begin with remarks by Darren and Doug.
在今天的電話會議上,我們將從達倫和道格的演講開始。
For the Q&A portion, we'll be joined by other members of our leadership team.
對於問答部分,我們領導團隊的其他成員將參加。
Briefly, prepared remarks, slides, and answers to questions contain forward-looking statements.
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。
Actual results could vary materially from these statements, the assumptions in which they are based and the material risks that could cause them to differ are our public filings with Securities Commissions in Canada and the US, including second quarter 2024 and annual 2023 MD&A.
實際結果可能與這些陳述有重大差異,它們所依據的假設以及可能導致它們出現差異的重大風險來自我們向加拿大和美國證券委員會提交的公開文件,包括 2024 年第二季和 2023 年年度 MD&A。
With that, over to you, Darren.
就這樣,交給你了,達倫。
Darren Entwistle - President, Chief Executive Officer, Director
Darren Entwistle - President, Chief Executive Officer, Director
Thank you, Ringo.
謝謝你,林戈。
And hello, everyone.
大家好。
In the second quarter, our team built upon our track record of execution excellence to drive industry-leading customer growth and strong financial results, leveraging our premier portfolio of assets, coupled with our relentless pursuit to drive cost efficiency and effectiveness.
在第二季度,我們的團隊憑藉著卓越的執行記錄,利用我們優質的資產組合以及我們對提高成本效率和效益的不懈追求,推動行業領先的客戶成長和強勁的財務業績。
Our results clearly demonstrate how we are delivering sustainable profitable growth, underpinned by our consistent strategic focus on margin-accretive customer expansion, our globally leading broadband networks, and of course, our customer-centric culture.
我們的業績清楚地表明了我們如何實現可持續的盈利增長,這得益於我們對利潤增長型客戶擴張的一貫戰略重點、我們全球領先的寬頻網絡,當然還有我們以客戶為中心的文化。
This enabled a record second quarter with total customer net additions of $332,000, up 13% on a year-over-year basis.
這使得第二季客戶淨增總額達到創紀錄的 332,000 美元,年增 13%。
This included helping mobile phone net additions and record second quarter customer growth for both connected devices and total fixed net additions.
這包括幫助行動電話淨增加並記錄第二季度連接設備和固定淨增加總量的客戶成長。
Our team's passion for delivering customer service excellence once again contributed to leading loyalty results across our key product lines.
我們團隊對提供卓越客戶服務的熱情再次為我們的關鍵產品線帶來了領先的忠誠度結果。
Notably, postpaid mobile phone churn was again below 1%, alongside pure fiber churn of circa 1%.
值得注意的是,後付費手機流失率再次低於 1%,而純光纖流失率約為 1%。
This showcases the consistent potency of our unmatched bundled product offerings across mobile and home, and our leading customer experience over our industry best pure fiber and wireless broadband networks.
這展示了我們在行動和家庭領域無與倫比的捆綁產品的一致效力,以及我們在業界最佳純光纖和無線寬頻網路上的領先客戶體驗。
For the second quarter, TELUS achieved resilient EBITDA growth of 5.6% and margin expansion of 170 basis points.
第二季度,TELUS 的 EBITDA 實現了 5.6% 的彈性成長,利潤率擴大了 170 個基點。
These results reflect the progression of our ongoing transformational efficiency programs that are clearly bearing fruit.
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。
Let's turn now and take a look at our TTech mobile results.
現在讓我們來看看我們的 TTech 行動結果。
TELUS realized second quarter customer growth of 262,000 net additions, our strongest second quarter on record.
TELUS 第二季客戶淨增數量達到 262,000 名,這是我們有史以來最強勁的第二季。
This included robust mobile phone net additions of 101,000, driven alongside our continued focus on profitable margin-accretive customer growth.
其中包括 101,000 部強勁的行動電話淨增量,同時我們持續專注於利潤率成長的客戶成長。
Indeed, we are doubling down on our disciplined focus on profitability as we progress through the remainder of 2024 and beyond.
事實上,隨著 2024 年剩餘時間及以後的進展,我們將加倍嚴格地關注盈利能力。
Our efforts will ensure our mobile customer growth drives sustainable EBITDA and cash flow accretion for our business and our investors.
我們的努力將確保我們的行動客戶成長為我們的業務和投資者帶來可持續的 EBITDA 和現金流成長。
Mobile subscriber growth also included record second quarter connected device net additions of $161,000, which represents a 30% increase on a year-over-year basis.
行動用戶成長還包括創紀錄的第二季連網設備淨增量 161,000 美元,較去年同期成長 30%。
This reflects continued strong momentum with respect to our 5G and our IoT B2B solutions.
這反映出我們的 5G 和物聯網 B2B 解決方案持續強勁的勢頭。
Importantly, our team delivered another quarter of leading loyalty results which, of course, continues to be a hallmark of our TELUS team.
重要的是,我們的團隊又在一個季度取得了領先的忠誠度結果,當然,這仍然是我們 TELUS 團隊的標誌。
Blended mobile phone churn of 1.07% was up against the backdrop of elevated competitive activity relative to seasonal trends.
與季節性趨勢相比,競爭活動加劇的背景下,混合手機流失率上升了 1.07%。
Whilst this is not a level at which our team is content, it once again represented an industry best result by a substantial margin versus our peer group.
雖然這不是我們團隊滿意的水平,但它再次代表了行業最佳結果,與我們的同行相比具有顯著的優勢。
Notably, postpaid mobile phone churn was 0.89% in the quarter as we progressed through our 11th consecutive year with a churn rate below 1%.
值得注意的是,本季後付費手機流失率為 0.89%,我們連續 11 年流失率低於 1%。
This is an outstanding result on a global basis and reflective of the industry best customer experience our TELUS team delivers time and time again.
這是全球傑出的成果,反映了我們的 TELUS 團隊一次又一次提供的業界最佳客戶體驗。
To close on mobile, second quarter ARPU of $58.49 was down year-over-year.
截至行動端,第二季 ARPU 為 58.49 美元,年減。
This was a result of continued intense promotional market activity and heightened competition.
這是持續激烈的促銷市場活動和激烈競爭的結果。
Notwithstanding the competitive pressures, our team is distinctly dissatisfied with our ARPU results, and we remain focused on driving a better outcome through multiple levers prospectively.
儘管面臨競爭壓力,我們的團隊對 ARPU 結果明顯不滿意,我們仍然專注於透過多種槓桿來推動更好的結果。
These include enhancing our premium bundled offers across mobility and fixed, and driving unmatched product development, differentiation, and intensity, also while maintaining strategic focus on profitable growth and sustainable economics.
其中包括增強我們在行動和固定領域的優質捆綁服務,推動無與倫比的產品開發、差異化和強度,同時保持對獲利成長和永續經濟的策略重點。
Our flanker brands offer strong customer value in key growth segments, some with lower associated ARPU, but notably compelling AMPU attributes.
我們的側翼品牌在關鍵成長領域提供強大的客戶價值,其中一些相關 ARPU 較低,但 AMPU 屬性引人注目。
Through digital transformation, we are meaningfully lowering our cost to serve across the board, inclusive of supporting an attractive AMPU for BYOD and flanker activity.
透過數位轉型,我們正在有意義地降低全面服務的成本,包括為 BYOD 和側翼活動支援有吸引力的 AMPU。
Furthermore, our growing product intensity increases both average revenue and average margin per home, whilst reducing churn.
此外,我們不斷增長的產品強度增加了每個家庭的平均收入和平均利潤,同時減少了客戶流失。
Thus, we see sequential benefits as we layer more fixed and mobility products significantly enhancing lifetime revenue and the associated economics.
因此,當我們分層更多的固定和移動產品時,我們看到了連續的好處,顯著提高了終身收入和相關的經濟效益。
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.
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, network ARPU and AMPU and seeing that growth grow at a level of materiality prospectively.
此外,我們繼續預期連網設備和物聯網將對網路收入、網路 ARPU 和 AMPU 做出越來越多的貢獻,並且預計這種成長將達到實質水準。
Importantly, our industry-leading customer loyalty and focus on profitable growth allow us to continue delivering industry-best mobile phone lifetime revenue, which consistently exceeds our national peers by a considerable margin of up to 38% in the second quarter alone.
重要的是,我們行業領先的客戶忠誠度和對盈利增長的關注使我們能夠繼續提供行業最佳的手機生命週期收入,僅在第二季度就以高達38% 的可觀利潤持續超過我們的國內同行。
Now, let's take a look at our TTech fixed operating results, where TELUS delivered another quarter of industry best total wireline customer growth.
現在,讓我們來看看我們的 TTech 固定營運業績,其中 TELUS 又實現了行業最佳有線客戶總成長的四分之一。
Indeed, our team achieved robust and industry-leading second quarter Internet net additions of $33,000, similar to the prior year and up slightly versus the first quarter of 2024.
事實上,我們的團隊在第二季度實現了強勁且行業領先的互聯網淨增長 33,000 美元,與去年相似,並且比 2024 年第一季略有增長。
Importantly, consumers in the West are choosing TELUS for our pure fiber superiority, coupled with our customer service excellence, which is sustaining strong growth on a year-over-year basis.
重要的是,西方消費者選擇 TELUS 是因為我們的純纖維優勢,以及我們卓越的客戶服務,這些服務每年都保持強勁成長。
We are also continuing to drive healthy growth in our TV product line with industry-leading net additions of 25,000, up 47% on a year-over-year basis.
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 25,000 台,較去年同期成長 47%。
Additionally, modest residential voice losses of 8,000 were flat over last year and again represented an industry best result compared to our national peers by notably wide margin.
此外,住宅語音損失為 8,000 人,與去年持平,與全國同行相比,再次代表行業最佳結果,差距明顯較大。
Strong and leading security net additions of 20,000 were up 33% and reflect our successful multi-product penetration strategy as well as the distinctive performance on premium versus our peers.
強大且領先的安全網路新增 20,000 個,成長了 33%,這反映了我們成功的多產品滲透策略以及與同行相比在高端方面的獨特表現。
Overall, our industry-leading external fixed net additions of 70,000 again represented a record second quarter results for the TELUS organization.
總體而言,我們行業領先的外部固定淨增 70,000 人再次代表了 TELUS 組織創紀錄的第二季度業績。
This demonstrates the strength of our unique and highly attractive bundled offers across our unmatched portfolio of products and services, in combination with our superior customer experience over our ever-expanding pure fiber network.
這證明了我們在無與倫比的產品和服務組合中提供的獨特且極具吸引力的捆綁產品的實力,以及我們透過不斷擴展的純光纖網路提供的卓越客戶體驗。
It's terrific to be able to deliver that magnitude of net fixed results for this organization in terms of getting an ROI on the billions of dollars that we've invested in pure fiber connectivity.
能夠為該組織提供如此大規模的淨固定結果,讓我們在純光纖連接上投資的數十億美元獲得投資回報,真是太棒了。
Any particular strengths will be further enhanced by continued significant innovation on our differentiated product road map where we will be delivering a series of new products in the months and quarters to come.
透過我們差異化產品路線圖上的持續重大創新,任何特定優勢都將進一步增強,我們將在未來幾個月和幾季推出一系列新產品。
In this regard, TELUS has built the first device-agnostic SmartHome platform, leveraging new IoT services in close partnership with AWS as well as the development talent and capacity of our TELUS digital experience team, formerly TELUS International.
在這方面,TELUS 建立了第一個與設備無關的智慧家庭平台,利用與 AWS 密切合作的新物聯網服務以及我們的 TELUS 數位體驗團隊(前身為 TELUS International)的開發人才和能力。
This platform will enable us to enter many new verticals such as energy management, which we launched earlier this week.
該平台將使我們能夠進入許多新的垂直領域,例如我們本週早些時候推出的能源管理。
Furthermore, that will enable the enhanced integration of existing capabilities, such as health and wellness, whilst at the same time, driving cost to serve improvements at a material level, and driving as well licensing savings within our core business operations.
此外,這將有助於加強健康和保健等現有能力的整合,同時提高材料層面改善服務的成本,並推動我們核心業務營運中的許可節省。
It's really the embodiment of what we did on AMPU on the wireless front being driven into the wireline side of our business.
這實際上是我們在無線前端的 AMPU 上所做的工作被推動到我們業務的有線方面的體現。
Our product development, differentiated service portfolio, and product intensity driven by leading data and AI capabilities not only positions us for growth, but helps Canadians save money in an affordability challenged environment.
我們的產品開發、差異化服務組合以及由領先的數據和人工智慧功能驅動的產品強度不僅使我們能夠實現成長,而且幫助加拿大人在承受能力受到挑戰的環境中省錢。
Looking forward, the integrated product platform will deliver a multitude of innovative products, which will further solidify our product intensity leadership and present new revenue sources in the quarters to come that are completely differentiated from our competitive peer group.
展望未來,整合產品平台將提供大量創新產品,這將進一步鞏固我們產品強度的領先地位,並在未來幾季提供完全區別於我們競爭對手的新收入來源。
Let's turn now and look at TELUS Business Solutions, or TBS, which once again delivered a robust quarter of growth across all areas of the business.
現在讓我們來看看 TELUS Business Solutions(TBS),該公司的所有業務領域再次實現了強勁的季度成長。
Our focus in B2B continues to be on accelerating profitable growth.
我們在 B2B 領域的重點仍然是加速獲利成長。
And in this regard, notably, in the second quarter, TBS achieved strong cash flow growth of 8% on a year-over-year basis, reflective of our strong customers-first culture, global best networks, digital capabilities, and of course, focused execution.
在這方面,值得注意的是,TBS 在第二季度實現了同比 8% 的強勁現金流成長,這反映了我們強大的客戶至上文化、全球最佳網路、數位能力,當然,集中執行。
TELUS business drove industry-leading loyalty results in Q2.
TELUS 業務在第二季度推動了行業領先的忠誠度結果。
A lead, we've maintained now for nine consecutive quarters.
我們已經連續九個季度保持領先。
Our Business Solutions team continued securing significant wins and strategic renewals in the commercial and public sector space.
我們的業務解決方案團隊繼續在商業和公共部門領域取得重大勝利和策略更新。
This included an eight-figure deal to deploy TELUS' leading next-generation video security services for a high-profile client with a road map to expand with our video analytics, IoT, and automation solutions.
其中包括一項價值八位數的交易,為知名客戶部署 TELUS 領先的下一代視訊安全服務,並製定了透過我們的視訊分析、物聯網和自動化解決方案進行擴展的路線圖。
We also secured a new strategic partnership that will see TELUS supporting thousands of Canadian vehicles with their industry-leading IoT service.
我們還建立了新的策略合作夥伴關係,TELUS 將透過其領先業界的物聯網服務為數千輛加拿大車輛提供支援。
This win builds on our multiyear collaboration with GM to provide connected car technology for its Canadian customers.
這場勝利建立在我們與通用汽車多年合作的基礎上,為加拿大客戶提供連網汽車技術。
In TELUS Health, we are pleased with the solid performance returning to positive top line growth of 4% as investments in our products, sales capacity and distribution channels deliver strong momentum across multiple lines of service.
在TELUS Health,我們對穩健的業績恢復到4%的正成長感到高興,因為對我們的產品、銷售能力和分銷管道的投資在多個服務領域帶來了強勁的勢頭。
This includes MyCare, pharmacy management systems, virtual pharmacy, retirement benefit solutions, health benefits management, our precision health, and our employee assistance programs.
這包括 MyCare、藥房管理系統、虛擬藥房、退休福利解決方案、健康福利管理、我們的精準健康以及我們的員工協助計劃。
The performance at TELUS Health has been strong across all of our products and business lines.
TELUS Health 的所有產品和業務線均表現強勁。
And notably, we expect this positive momentum to continue in the quarters ahead.
值得注意的是,我們預計這種積極勢頭將在未來幾季持續下去。
Furthermore, our TELUS Health team delivered over 33% adjusted EBITDA contribution growth in the second quarter of 2024.
此外,我們的 TELUS Health 團隊在 2024 年第二季調整後的 EBITDA 貢獻成長超過 33%。
And this was supported by accelerated revenue growth alongside the continued progression of our synergy program at TELUS Health.
這得益於收入的加速成長以及我們在 TELUS Health 協同計劃的持續進展。
Notably on the synergy front, we achieved $297 million in combined annualized synergies since acquiring LifeWorks back in 2022, including an increase of $46 million in the past quarter alone.
值得注意的是,在綜效方面,自 2022 年收購 LifeWorks 以來,我們實現了 2.97 億美元的年度綜合綜效,其中僅上一季就增加了 4,600 萬美元。
Since the acquisition, we've driven $248 million in cost synergies, along with $49 million in cross-selling as we work towards our overall objective of $427 million by the end of 2025.
自收購以來,我們已實現 2.48 億美元的成本協同效應,以及 4,900 萬美元的交叉銷售,努力實現到 2025 年底實現 4.27 億美元的總體目標。
This means we've got about $130 million synergies left to go and about $80 million are going to come from the cost side and $50 million as it relates to cross-selling.
這意味著我們還有大約 1.3 億美元的協同效應需要發揮,大約 8,000 萬美元將來自成本方面,5,000 萬美元來自交叉銷售。
Moreover, in the second quarter, we saw a 10% year-over-year increase in our global lives covered by TELUS Health to now stand at more than 75 million.
此外,第二季度,TELUS Health 覆蓋的全球生命人數年增 10%,目前已超過 7,500 萬人。
Similarly, within TELUS Agriculture and Consumer Goods, or TAC, we are yielding positive outcomes as we strengthen our market position, delivering strong second quarter revenue growth of more than 15%.
同樣,在 TELUS 農業和消費品 (TAC) 內部,隨著我們鞏固市場地位,我們正在取得積極成果,第二季度收入強勁增長超過 15%。
This reflects some inorganic growth from tuck-in acquisitions and as well improving organic revenue performance in our consumer goods, precision agronomy, and animal agriculture businesses.
這反映了我們的消費品、精準農學和畜牧業業務中的收購帶來的一些無機成長以及有機收入表現的改善。
Furthermore, it comes on the heels of continuing strong sales performance quarter to quarter to quarter, where we have now realize, in terms of our performance, we've more than doubled our year-to-date sales bookings versus this time last year.
此外,這是在每個季度持續強勁的銷售業績之後發生的,我們現在意識到,就我們的業績而言,我們今年迄今為止的銷售預訂量比去年同期增加了一倍多。
Nice to see that doubling of our year-to-date sales bookings in terms of our performance in 2024 versus 2023.
很高興看到我們 2024 年迄今的銷售預訂量比 2023 年翻了一番。
And as a result of all of these factors, we expect positive organic growth intact in the quarters ahead.
由於所有這些因素,我們預計未來幾季將保持積極的有機成長。
Our commitment to amplifying the substantial growth potential of our distinctive global health and agriculture businesses includes capitalizing on significant cross-selling opportunities throughout all of our businesses, showcasing the collective talent and effectiveness of our team in propelling our success.
我們致力於擴大我們獨特的全球健康和農業業務的巨大成長潛力,包括利用我們所有業務中的重要交叉銷售機會,展示我們團隊在推動我們成功方面的集體才能和有效性。
Watch for more in that space in the quarters to come.
在接下來的幾個季度中,請關注該領域的更多內容。
Turning to TELUS International, which will formally complete its rebranding to TELUS Digital Experience in the third quarter.
TELUS International 將於第三季正式完成品牌重塑,更名為 TELUS Digital Experience。
TELUS Digital's second quarter results reflect a macroeconomic and operating environment that remains distinctly challenged.
TELUS Digital 第二季業績反映了仍面臨明顯挑戰的宏觀經濟和營運環境。
Whilst we are obviously not pleased with this performance, our confidence in the business and assets remains steadfast, and our team is committed to proving this throughout strong execution and exceptional service delivery starting in the second half of 2024, and building momentum for a much more successful 2025 and beyond.
雖然我們顯然對這一業績不滿意,但我們對業務和資產的信心依然堅定,我們的團隊致力於從2024 年下半年開始通過強有力的執行力和卓越的服務交付來證明這一點,並為更多業務奠定動力2025 年及以後取得成功。
This is going to be achieved by reinvesting TELUS Digital's strong cash flow generation back into the business to support the reacceleration of top line profitable growth, along with the ongoing and extensive focus on cost efficiencies and digital transformation initiatives that will improve not just our cost base, but the operational tempo of this organization.
這將透過將 TELUS Digital 強大的現金流生成重新投資到業務中來實現,以支持營收利潤成長的重新加速,同時持續廣泛地關注成本效率和數位轉型計劃,這不僅會改善我們的成本基礎,而是這個組織的運作節奏。
In that regard, TELUS Digital's promising capabilities in data and IR services as well as their early success with Fuel iX is capturing customer demand as demonstrated by the double digit revenue growth within its AI data solutions line of service in the first half of this year.
在這方面,TELUS Digital 在數據和IR 服務方面的前景廣闊的能力以及他們在Fuel iX 方面的早期成功正在抓住客戶的需求,今年上半年其人工智慧數據解決方案服務線的兩位數收入增長就證明了這一點。
And that growth is indeed encouraging.
這種成長確實令人鼓舞。
Furthermore, our relationship with TELUS Digital offers a unique competitive advantage as the strength of the GenAI-fueled solutions created for and tested at TELUS fortify their go-to-market efforts with other external clients.
此外,我們與 TELUS Digital 的關係提供了獨特的競爭優勢,因為為 TELUS 創建和測試的 GenAI 驅動解決方案的優勢加強了他們與其他外部客戶的市場推廣工作。
Whilst we are encouraged by these positive indicators of longer-term significant growth potential, the challenges TELUS Digital is facing impact the expected levels of revenue and profit for 2024, as seen in the revised outlook for the full year.
雖然我們對這些長期顯著成長潛力的積極指標感到鼓舞,但 TELUS Digital 面臨的挑戰影響了 2024 年收入和利潤的預期水平,如修訂後的全年展望所示。
It's clear that TELUS Digital must execute on its strategy to deliver the financial results that our investors expect and that we know that we can achieve, given the quality of the asset base.
顯然,TELUS Digital 必須執行其策略,以實現我們的投資者期望的財務業績,並且我們知道,鑑於資產基礎的質量,我們可以實現這一目標。
In a moment, Doug will provide further commentary on both TTech and TELUS Digital's results.
稍後,Doug 將針對 TTech 和 TELUS Digital 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 indeed passionate about delivering superior service offerings and digital capabilities over a world-leading wireless and broadband fiber networks.
最後,我們繼續報告的創紀錄的客戶成長是由我們的專業團隊支撐的,他們確實熱衷於透過世界領先的無線和寬頻光纖網路提供卓越的服務產品和數位功能。
The significant broadband network investments we have made are enabling our resilient EBITDA growth; ongoing monetization of pure fiber and 5G; the financial and strategic benefits of copper decommissioning; intense strategic focus on efficiency enhancement; and notable revenue and profit progression in TELUS Health and TELUS Agriculture and Consumer Goods.
我們所做的重大寬頻網路投資使我們的 EBITDA 實現了彈性成長;純光纖和 5G 的持續貨幣化;銅退役的財務和戰略利益;高度重視效率提升的策略重點; TELUS Health 和 TELUS Agriculture and Consumer Goods 的營收和利潤顯著成長。
That's quite the combination.
這就是完美的組合。
Together, this combination of factors, solidly positions TELUS to focus on what's next, and you will see this organization doubling down in these areas and evolving our product road map and customer-centric offerings in the weeks and months ahead, in a way that will drive further significant differentiation and profitable and material revenue growth opportunities.
總而言之,這些因素的結合使TELUS 能夠專注於下一步,您將看到該組織在這些領域加倍努力,並在未來幾週和幾個月內不斷發展我們的產品路線圖和以客戶為中心的產品,以一種將推動進一步顯著的差異化以及盈利和實質性收入增長機會。
That will be exemplified in terms of cross-selling and improved multiproduct penetration or what we call product intensity.
這將在交叉銷售和提高多產品滲透率或我們所說的產品強度方面得到體現。
This supports the continued advancement of our financial and operational performance, which is the bedrock of the long-term sustainability of our industry-leading dividend growth program.
這支持了我們財務和營運績效的持續進步,這是我們領先業界的股息成長計畫長期可持續性的基石。
Finally, I'd like to take a moment to acknowledge the wildfires that devastated the beautiful community of Jasper last week, the thoughts of our entire TELUS team are with all those impacted by the fire.
最後,我想花點時間向上週摧毀了美麗的賈斯珀社區的野火表示感謝,我們整個 TELUS 團隊的心與所有受火災影響的人同在。
To support the community through this extremely challenging time, TELUS has committed over $100,000 and growing to assist with the vital rebuilding efforts.
為了支持社區度過這個極具挑戰性的時期,TELUS 已承諾投入超過 10 萬美元,並且還在增加,以協助重要的重建工作。
Moreover, our team members worked around the clock to support evacuees and local authorities and first responders, leveraging our technology to keep everyone connected when it mattered most.
此外,我們的團隊成員全天候工作,為撤離人員、地方當局和急救人員提供支持,利用我們的技術在最重要的時候讓每個人保持聯繫。
In addition, we provided care kits and a free 50 gigabit data top-up for those tragically displaced from their homes as a result of the wildfires.
此外,我們也為因野火而流離失所的人們提供了護理包和免費的 50GB 數據流量。
As a further demonstration of our support, we activated a free community crisis hotline through TELUS Health, offering professional emotional support to anyone affected.
為了進一步展示我們的支持,我們透過 TELUS Health 開設了免費社區危機熱線,為任何受影響的人提供專業的情感支持。
I am, and the entire team is, sincerely grateful to the countless team members who continue that demonstrate that when things are at their worst, our TELUS team is at their very best.
我和整個團隊都真誠地感謝無數團隊成員,他們繼續證明,當事情最糟糕時,我們的 TELUS 團隊卻處於最佳狀態。
Indeed, I can think of no better exemplification of putting our customers first, then by putting our citizens in need first, such as the symbiotic relationship between customers and communities.
事實上,我想不出更好的例子,將我們的客戶放在第一位,然後將我們的公民放在第一位,例如客戶和社區之間的共生關係。
And before handing off to Doug, I'd like to take this opportunity to express my immense gratitude and appreciation to Jeff Puritt for his innumerable and important contributions to TELUS Digital over the past two decades and almost a quarter of the century as a TELUS team member.
在交給 Doug 之前,我想藉此機會向 Jeff Puritt 表示衷心的感謝和讚賞,他作為 TELUS 團隊在過去二十年和近四分之一個世紀中為 TELUS Digital 做出了無數重要貢獻成員。
Jeff will retire as President and CEO of TELUS Digital, effective on September 3.
Jeff 將於 9 月 3 日退休,擔任 TELUS Digital 總裁兼執行長。
And he will assume his new role as Executive Vice Chair of TELUS Digital and joined the Board of Directors at that same time.
他將擔任 TELUS Digital 執行副主席的新職務,並同時加入董事會。
As you know, Jeff has played a pivotal role in leading and shaping our TELUS Digital business, since its inception from a single delivery center in the Philippines with fewer than 2,000 team members back in 2005 to an integrated global provider of AI, digital, and customer experience services, with over 75,000 employees now serving more than 650 clients from 32 countries around the world.
如您所知,自2005 年成立以來,Jeff 在領導和塑造我們的TELUS Digital 業務方面發揮了關鍵作用,從一個位於菲律賓、團隊成員不足2,000 名的單一交付中心發展成為人工智慧、數位化和人工智慧領域的綜合全球提供者。
Supported by robust senior leadership talent succession and in alignment with the company's strategy of bringing the best of technology to enable excellence in customer service, we are extremely pleased to welcome Jason Macdonnell as CEO of TELUS Digital, and President of TELUS Digital customer experience.
在強大的高級領導者才繼任者的支持下,並符合公司利用最佳技術實現卓越客戶服務的策略,我們非常高興地歡迎 Jason Macdonnell 擔任 TELUS Digital 執行長兼 TELUS Digital 客戶體驗總裁。
Jason is a 20-year tenured member of our TELUS senior leadership team with a proven track record of bringing the capabilities that TELUS has developed to lead in its industry and client care, leading in loyalty, leading cost efficiency, and leading in digital transformation excellence, bringing these capabilities to all the business verticals that TELUS Digital addresses with external clients.
Jason 是我們TELUS 高級領導團隊中的20 年終身成員,在將TELUS 開發的能力帶入行業和客戶服務領域、在忠誠度方面處於領先地位、在成本效率方面處於領先地位以及在卓越數位轉型方面處於領先地位方面有著良好的記錄。
In addition, Tobias Dengel, Founder and President of WillowTree, will take on the elevated role of President of Digital Solutions at TELUS Digital Solutions.
此外,WillowTree 創辦人兼總裁 Tobias Dengel 將擔任 TELUS Digital Solutions 數位解決方案總裁。
Tobias' both the industry-leading expertise.
Tobias 擁有業界領先的專業知識。
He's got the experience.
他有經驗。
He's got the credentials.
他有資格證。
And he's got the entrepreneurial acumen and drive, needed to ensure we continuously deliver best-in-class solutions across our digital, GenAI, and AI-modeling businesses.
他擁有確保我們在數位、GenAI 和人工智慧建模業務中持續提供一流解決方案所需的創業頭腦和乾勁。
Both Jason and Tobias will work with me closely and report directly to the TELUS Digital Board of Directors.
Jason 和 Tobias 都將與我密切合作,並直接向 TELUS Digital 董事會報告。
And we are eager to see the significant leadership contribution and impact that they are going to have and make in returning TELUS Digital to material profitable growth.
我們渴望看到他們在帶領 TELUS Digital 恢復實質獲利成長方面所做出的重大領導貢獻和影響。
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。
Doug French - Chief Financial Officer, Executive Vice President
Doug French - Chief Financial Officer, Executive Vice President
Thank you, Darren.
謝謝你,達倫。
And hello, everyone.
大家好。
Mobile phone and connected device subscriber additions drove network revenue growth of 0.9%, partially offset by lower mobile on ARPU, which declined by 3.4%.
行動電話和連接設備用戶的增加推動網路收入成長 0.9%,但部分被行動 ARPU 下降(下降 3.4%)所抵消。
The ARPU reflects the ongoing impact from the competitive pricing environment with customers optimizing the rate plans, as well as declining contribution from overage and roaming.
ARPU 反映了競爭性定價環境、客戶優化費率計劃以及超額和漫遊貢獻下降的持續影響。
This was partially offset by higher IoT revenue.
這被物聯網收入的增加部分抵消。
As we progress through the back half of the year, we expect the highly competitive environment to continue.
隨著下半年的進展,我們預計激烈的競爭環境將持續下去。
Importantly, we continue our intense focus on AMPU and bundling to drive the right economic outcomes.
重要的是,我們繼續高度關注 AMPU 和捆綁銷售,以推動正確的經濟成果。
This is supported by our continued focus to drive lower cost to serve as well as leverage our significant digital capabilities.
我們持續致力於降低服務成本並利用我們重要的數位能力,這為這一點提供了支援。
This is further bolstered by TELUS Digital, a key enabler to our customer experience leadership.
TELUS Digital 進一步支持了這一點,TELUS Digital 是我們客戶體驗領先地位的關鍵推動者。
Our significant and ongoing focus on cost efficiency is helping us offset the top line competitive pricing pressures, allowing us to invest in new product development that will support sustainable EBITDA growth and margin accretion.
我們對成本效率的持續關注正在幫助我們抵消頂線競爭性定價壓力,使我們能夠投資於新產品開發,以支持可持續的 EBITDA 成長和利潤成長。
Fixed data services revenue grew by 1% year-over-year, driven by strong customer net additions of 78,000 across Internet, security, and TV as well as B2B growth, including cybersecurity and cloud services.
固定資料服務營收年增 1%,主要得益於網路、安全和電視領域客戶淨增 78,000 名,以及 B2B 成長(包括網路安全和雲端服務)。
Despite the competitive landscape, the solid growth demonstrates our superiority of our pure fiber network and growing product intensity.
儘管競爭激烈,但穩健的成長證明了我們純光纖網路的優勢和不斷增長的產品強度。
Internet ARPU in the quarter was stable due to our successful base management while our TV revenue per house home was lower as customers continue to evolve their entertainment packages, along with technological substitution.
由於我們成功的基礎管理,本季的網路 ARPU 保持穩定,而隨著客戶不斷發展其娛樂套餐以及技術替代,我們每戶家庭的電視收入較低。
This includes positive growth from the continued strong adoption of our Stream+ offering featuring a bundle of leading OTT content made available nationally through TELUS and Kudo.
這包括我們的 Stream+ 產品的持續強勁採用帶來的積極成長,該產品包括透過 TELUS 和 Kudo 在全國範圍內提供的一系列領先的 OTT 內容。
At the segment level, TTech operating revenues were up 0.5%, driven by mobile network and fixed data services as well as positive health and ag services revenue growth, as Darren highlighted.
正如達倫所強調的那樣,在細分市場層面,TTech 營運收入成長了 0.5%,這得益於行動網路和固定數據服務以及健康和農業服務收入的積極成長。
This was partially offset by lower equipment revenue.
這被設備收入下降部分抵消。
Other revenue includes real estate and copper gains driven by our leading pure fiber deployment, which is enabling our copper decommissioning program, and monetizing of targeted central offices for redevelopment.
其他收入包括由我們領先的純光纖部署推動的房地產和銅收益,這使我們的銅退役計劃得以實現,並透過目標中央辦公室的重建實現貨幣化。
To date, we have completed copper retirement initiatives in 18 targeted CO offices and sites, which is aligned to our real estate development opportunities.
迄今為止,我們已在 18 個目標 CO 辦事處和地點完成了銅退役計劃,這與我們的房地產開發機會一致。
We expect these opportunities to grow and continue for years to come as we develop a diversified mix of real estate assets and continue monetizing copper from the active decommissioning program while also realizing the operational benefits of fiber.
我們預計,隨著我們開發多元化的房地產資產組合,並繼續從主動退役計畫中將銅貨幣化,同時實現光纖的營運效益,這些機會將在未來幾年內持續成長並持續下去。
TTech adjusted EBITDA growth increased by 5.1% and adjusted EBITDA margin expanded 150 basis points over 38%.
TTech 調整後 EBITDA 成長了 5.1%,調整後 EBITDA 利潤率擴大了 150 個基點,超過 38%。
The strong growth reflects a 9.2% decline in employee benefits expense driven by our cost efficiency programs.
這一強勁成長反映出我們的成本效率計劃推動員工福利支出下降了 9.2%。
This reflects a net reduction of $87 million after annual increases as the cost savings from the programs we announced in last August have reached full run rate, which will continue and -- while we continue to invest in incremental efficiency and effectiveness opportunities, including digitization.
這反映出,由於我們去年8 月宣布的計劃所節省的成本已達到全面運行率,因此在年度增長後淨減少了8700 萬美元,這種情況將繼續下去,同時我們將繼續投資於增量效率和有效性機會,包括數位化。
We have increased our outlook for restructuring from $300 million to $400 million for 2024 accordingly.
我們相應地將 2024 年的重組預期從 3 億美元提高到 4 億美元。
In TELUS Digital Experience, external operating revenues declined by 7.9% year-over-year.
TELUS Digital Experience 的外部營運收入年減 7.9%。
This was primarily driven by unfavorable year-over-year revenue comparison from a leading social media client.
這主要是由於領先社群媒體客戶的年比收入比較不利。
Although we are seeing signs of stabilization in that regard, along with the broader impact from challenging macroeconomic environment, the industry -- and industry competitive conditions.
儘管我們看到這方面出現穩定的跡象,以及充滿挑戰的宏觀經濟環境、產業和產業競爭條件所帶來的更廣泛影響。
This was partially offset in volumes and expansion of services providing from existing customers, including Google, in particular, driven by the continued momentum of digital AI services, new clients over the last 12 months, and some favorable foreign exchange.
這被包括谷歌在內的現有客戶提供的服務數量和擴張所部分抵消,尤其是在數位人工智慧服務的持續成長勢頭、過去 12 個月的新客戶以及一些有利的外匯的推動下。
When including the intersegment revenue from TELUS, external operating revenues were essentially flat.
當包括 TELUS 的部門間收入時,外部營運收入基本上持平。
The growing contribution from TELUS to TELUS Digital showcases our strong and unique partnership, which is creating mutual benefit opportunities and underscores the critical role in driving our customer experience and digital transformation.
TELUS 對 TELUS Digital 日益增長的貢獻展示了我們強大而獨特的合作夥伴關係,這種合作關係正在創造互惠互利的機會,並強調了在推動我們的客戶體驗和數位轉型方面的關鍵作用。
This includes the implementation of GenAI applications across levels of organization, driving further efficiencies and effectiveness opportunities.
這包括在組織各個層面實施 GenAI 應用程序,從而推動進一步提高效率和有效性的機會。
TELUS Digital adjusted EBITDA was up 18% or down 11% when excluding $43 million earn-out in the adjusted number from WillowTree.
TELUS Digital 調整後 EBITDA 成長 18%,如果排除 WillowTree 調整後資料中的 4,300 萬美元獲利,則下降 11%。
Other income associated with others was lapping share-based compensation from the prior year.
與其他相關的其他收入是上一年基於股份的薪酬。
As discussed earlier today, TELUS Digital revised 2024 targets.
正如今天早些時候所討論的,TELUS Digital 修訂了 2024 年目標。
Importantly, the updated outlook implies stable to slightly improving revenue in the second half of the year relative to the first half and stable margins aligned with the second quarter, while normalizing for the WillowTree earn-out.
重要的是,更新後的前景意味著下半年收入相對上半年穩定或略有改善,利潤率與第二季度保持穩定,同時 WillowTree 獲利正常化。
Overall, TELUS consolidated operating revenues decreased by 0.7% year-over-year, while adjusted EBITDA increased by 5.6%, improving from the 4.3% in the first quarter.
整體而言,TELUS綜合營業收入較去年同期下降0.7%,而調整後的EBITDA則成長5.6%,較第一季的4.3%有所改善。
EBITDA margins expanded by 170 basis points year-over-year, driven by a 6.1% decline in employee benefits expense.
由於員工福利費用下降 6.1%,EBITDA 利潤率年增 170 個基點。
Consolidated net income increased by 13% year-over-year, while basic EPS was higher by 7.1%.
綜合淨利年增13%,基本每股收益成長7.1%。
On an adjusted basis, net income and EPS were higher by 34% and 32%, respectively.
調整後的淨利潤和每股收益分別增加了 34% 和 32%。
This growth -- this strong growth was driven by higher EBITDA and the flow-through from our cost efficiency programs, in addition to stable depreciation and amortization.
這種成長——這種強勁的成長是由更高的 EBITDA 和我們的成本效率計劃的流量以及穩定的折舊和攤提推動的。
Free cash flow of $478 million was higher by $199 million, driven by lower capital expenditures and higher EBITDA.
由於資本支出減少和 EBITDA 增加,自由現金流為 4.78 億美元,增加了 1.99 億美元。
CapEx declined by $116 million or 14%, driven by our planned capital reductions.
由於我們計劃削減資本,資本支出下降了 1.16 億美元,即 14%。
Consolidated capital intensity was down -- was 13%, down 300 basis points over Q2 last year.
綜合資本密集度下降了 13%,比去年第二季下降了 300 個基點。
Looking ahead, we are confirming our TTech revenue and EBITDA guidance, however, trending to the lower end of our 2024 targets.
展望未來,我們正在確認我們的 TTech 收入和 EBITDA 指導,但趨勢是達到 2024 年目標的下限。
We remain confident in our commitment to driving strong, sustainable, and margin-accretive growth while maintaining focus on lowering our cost to serve with profitable customer loading.
我們對推動強勁、可持續和利潤成長的承諾充滿信心,同時繼續專注於降低服務成本,以實現盈利的客戶負載。
Our consolidated free cash flow has been updated to approximately $2.1 billion, due entirely to the flow-through of TELUS Digital's revised EBITDA outlook as announced today.
我們的綜合自由現金流已更新至約 21 億美元,這完全歸功於今天宣布的 TELUS Digital 修訂後的 EBITDA 前景。
The $100 million of incremental restructuring investments as being offset by lower taxes and handset investments.
1 億美元的增量重組投資被較低的稅收和手機投資所抵消。
Our annual target for consolidated capital expenditures remains unchanged at $2.6 billion.
我們的年度綜合資本支出目標維持在 26 億美元不變。
Overall, we remain confident in our ability to continue generating strong and growing cash flows for years ahead, driven by our ongoing strong EBITDA growth and moderating capital intensity towards 10% level.
總體而言,在我們持續強勁的 EBITDA 成長和將資本密集度降至 10% 水平的推動下,我們對未來幾年繼續產生強勁且不斷增長的現金流的能力仍然充滿信心。
This will remain -- that this will support maintaining its strong balance sheet to provide us with ample flexibility to support growth, our growth ambitions and shareholder returns.
這將繼續存在——這將支持維持強勁的資產負債表,為我們提供足夠的靈活性來支持成長、我們的成長雄心和股東回報。
As we enter the back half, our financial position remains strong.
當我們進入下半年時,我們的財務狀況仍然強勁。
At the end of the second quarter, we have approximately $2.5 billion of available liquidity.
截至第二季末,我們擁有約 25 億美元的可用流動資金。
Our cost -- our average cost of long-term debt is 4.42%, and our average term to maturity is over 11 years with our debt -- net debt to EBITDA of 3.85 times.
我們的成本——我們的平均長期債務成本為 4.42%,我們的平均到期期限超過 11 年,我們的債務——淨債務與 EBITDA 的比率為 3.85 倍。
The acquisition of wireless licenses in the recent years has increased that ratio by 0.56 times.
近年來無線牌照的獲得使這一比率增加了0.56倍。
This includes payments of our 3,800 megahertz spectrum auction and obtaining the use of AWS-4 spectrum in the second quarter alone.
這包括支付我們的 3,800 兆赫頻譜拍賣費用以及僅在第二季度就獲得 AWS-4 頻譜的使用權。
As we progress through 2024 into future years, we anticipate our leverage ratio to improve as we work towards our target ratio through continued EBITDA growth, declining capital intensity, and ongoing free cash flow expansion.
隨著 2024 年進入未來幾年,我們預計我們的槓桿率將會提高,因為我們透過持續的 EBITDA 成長、資本密集度下降和持續的自由現金流擴張來實現我們的目標比率。
Robert, over to you.
羅伯特,交給你了。
Robert Mitchell - Head - Investor Relations
Robert Mitchell - Head - Investor Relations
Thanks, Doug.
謝謝,道格。
Carl, we're ready for questions, please.
卡爾,我們準備好回答問題了。
Operator
Operator
Vince Valentini, TD Securities.
文斯·瓦倫蒂尼,道明證券。
Vince Valentini - Analyst
Vince Valentini - Analyst
Yes.
是的。
Thanks very much.
非常感謝。
I'm going to try to sneak in two.
我要試著偷偷溜進去兩個。
One, you talked about record sub adds, and it just isn't translating into much revenue growth.
第一,你談到了創紀錄的子增加,但它並沒有轉化為太多的收入成長。
In fact, your fixed data revenue was lower in the second quarter than the first quarter by $1 million, despite net sub being up $70,000.
事實上,儘管淨用戶增加了 7 萬美元,但第二季的固定數據收入比第一季低了 100 萬美元。
So I wonder if you can talk a little bit about are you happy with this?
所以我想知道你是否可以談談你對此感到滿意嗎?
Do there need to be a bit more of a balance between pricing and volume in your mind?
您是否需要在定價和銷售之間取得更多平衡?
Are you looking to try to take advantage of higher pricing in any areas in the next few months to try to get that revenue growth up?
您是否希望在未來幾個月內嘗試利用任何領域的更高定價來提高收入成長?
And second, I'm sure you'll get this from others in a different way, but given what we've seen at TELUS International or TELUS Digital today, does this make it more likely that you need to consider privatizing that company?
其次,我相信您會以不同的方式從其他人那裡得到這一點,但考慮到我們今天在 TELUS International 或 TELUS Digital 所看到的情況,這是否使您更有可能需要考慮將該公司私有化?
Or is that on your radar as the share price and valuation gets lower, given that you still see positive on the long-term outlook, Darren?
或者,鑑於您仍然對長期前景持樂觀態度,達倫,隨著股價和估值下降,您是否會注意到這一點?
Thanks.
謝謝。
Darren Entwistle - President, Chief Executive Officer, Director
Darren Entwistle - President, Chief Executive Officer, Director
Okay.
好的。
I'll let Zainul kick off the first part of the question, Vince.
我將讓 Zainul 開始問題的第一部分,Vince。
And let Doug maybe provide any editorializing that he would like to do on that.
讓道格也許提供他想做的任何社論。
And then I'll answer the second part.
然後我來回答第二部分。
Zainul, over to you.
札伊努爾,交給你了。
Zainul Mawji - Executive Vice President, President - Consumer Solutions
Zainul Mawji - Executive Vice President, President - Consumer Solutions
Thank you, Darren.
謝謝你,達倫。
Thanks, Vince, for the question.
謝謝文斯提出這個問題。
I think to be clear in terms of suggesting are we satisfied with this performance, the clear answer to that would be no.
我認為要明確表明我們對這表現是否滿意,明確的答案是否定的。
We are not satisfied with the level of performance we've seen in this very competitive environment.
我們對在這個競爭激烈的環境中所看到的表現水準並不滿意。
I think one of the things that is very clear to us, though, is that we have and will always be focused on economic and profitable loading at the household level.
不過,我認為我們非常清楚的一件事是,我們已經並將始終關注家庭層面的經濟和獲利負載。
You can see that in terms of many characteristics of our performance.
您可以從我們的表現的許多特徵中看到這一點。
Our mobile and home additions have increased significantly year-over-year.
我們的移動和家庭新增數量較去年同期顯著增加。
Our product intensity on a per-household basis for fiber households is over 3.2 now, which is significant.
目前,我們光纖家庭的每戶產品強度超過 3.2,這數字非常顯著。
And we are consistently driving cost reduction in a very competitively intense environment.
我們在競爭非常激烈的環境中持續推動成本降低。
So we've seen about a 6% year-over-year cost to serve improvement just in the consumer business.
因此,我們發現僅在消費者業務中,服務改善的成本就比去年同期下降了約 6%。
That said, we're leaning into our product road map.
也就是說,我們正在研究我們的產品路線圖。
Darren highlighted a number of elements of our product road map to continue driving intensity, to drive new revenue streams that our competitors are differentiated from.
達倫強調了我們產品路線圖的許多要素,以繼續推動強度,推動新的收入來源,使我們的競爭對手與眾不同。
And we are going to continue to find levers to improve our AMPU performance and continue driving better overall retention outcomes in doing so.
我們將繼續尋找提高 AMPU 效能的方法,並在此過程中繼續推動更好的整體保留結果。
We're a company that has always been focused on ensuring that we support the retention of our customers and drive overall customer lifetime value at the household level.
我們是一家始終致力於確保支持留住客戶並提高家庭層面的整體客戶終身價值的公司。
This competitive dynamic is not one that we created, and it is one that we are going to continue to persevere through with those levers as stated.
這種競爭動力不是我們創造的,而是我們將繼續利用這些槓桿來堅持的。
Doug French - Chief Financial Officer, Executive Vice President
Doug French - Chief Financial Officer, Executive Vice President
I think maybe just a quick top up.
我想也許只是快速儲值。
I think our Internet ARPU, as I highlighted, was flat quarter-over-quarter.
正如我所強調的,我認為我們的網路 ARPU 環比持平。
So again, managing the value prop that, that brings.
再次強調,管理所帶來的價值支撐。
And with the EBITDA growth of 5.1%, I think it reinforces Zainul's comment on our focus on AMPU and generating economic value.
EBITDA 成長 5.1%,我認為這強化了 Zainul 對我們專注於 AMPU 和創造經濟價值的評論。
Darren Entwistle - President, Chief Executive Officer, Director
Darren Entwistle - President, Chief Executive Officer, Director
On the second part of the question, Vince, whilst we obviously have a fiduciary obligation to keep all of our options open, explicitly.
關於問題的第二部分,文斯,雖然我們顯然有信託義務明確地保留我們所有的選擇。
It is not our intention to privatize TELUS Digital.
我們無意將 TELUS Digital 私有化。
We still believe in the assets that we have and the potential, in terms of the value that they can generate going forward and how well they are positioned to leverage developments that are taking place in the industry at the data, data analytics, and AI from legacy to GenAI basis.
我們仍然相信我們擁有的資產和潛力,因為它們未來可以產生的價值,以及它們在利用行業中數據、數據分析和人工智慧方面正在發生的發展方面的能力如何。
I think you can draw inference from the structure that we have put in place.
我認為您可以從我們建立的結構中得出推論。
This is not going to be the long-term structure for TELUS Digital, but it is the right structure for right now.
這不會是 TELUS Digital 的長期結構,但目前是正確的結構。
And I think this structure is going to be excellent in driving the recovery and growth program over the next 18 months, and you can expect tremendous consistency in that regard.
我認為這種結構將非常有效地推動未來 18 個月的復甦和成長計劃,您可以期待在這方面具有巨大的一致性。
The other attribute of the structure that I think is good for investors to focus on is that it provides an explicit focus and accountability on the two major components of our business, which, of course, is driving the considerable potential as it relates to digital AI for which we are very well positioned and to be has that remit.
我認為該結構的另一個值得投資者關注的屬性是,它為我們業務的兩個主要組成部分提供了明確的關注和問責制,這當然正在推動與數位人工智慧相關的巨大潛力為此,我們處於非常有利的位置,並且有這樣的職責。
And then, of course, the other area is driving remediation, growth, and digital transformation in the CX part of our business and leveraging the TELUS case study in that regard, along the way.
當然,另一個領域正在推動我們業務的 CX 部分的修復、成長和數位轉型,並在此過程中利用 TELUS 的案例研究。
And Jason's credentials to do that given what he's delivered at the TELUS organization are second to none.
鑑於 Jason 在 TELUS 組織所做的貢獻,他在這方面的資歷是首屈一指的。
Both Tobias and Jason know each other very well.
托比亞斯和傑森彼此都很了解。
So I would expect this to be a very strong partnership between the two, and both of them are smack dab in their areas of expertise where they've got a proven track record credentials and experience to deliver on the objectives that we have here and drive that recovery and growth program extremely successfully.
因此,我希望這兩者之間會成為一種非常牢固的合作夥伴關係,而且他們都在各自的專業領域中表現出色,在這些領域中,他們擁有經過驗證的記錄證書和經驗,可以實現我們在這裡設定的目標並推動該恢復和成長計劃非常成功。
And I've got a lot of confidence that we're going to do exactly that.
我非常有信心我們會做到這一點。
Robert Mitchell - Head - Investor Relations
Robert Mitchell - Head - Investor Relations
Thanks, Vince.
謝謝,文斯。
Carl, next question, please.
卡爾,請下一個問題。
Operator
Operator
Drew McReynolds, RBC.
德魯·麥克雷諾茲,加拿大皇家銀行。
Drew McReynolds - Analyst
Drew McReynolds - Analyst
Yeah.
是的。
Thanks very much.
非常感謝。
I'll try and squeeze in two myself.
我會嘗試自己擠兩個。
First, a clarification.
首先,澄清一下。
Just to make sure I'm looking at it the right way.
只是為了確保我以正確的方式看待它。
With wireless ARPU and I will get in my second one to network revenue with growth, which is kind of the more important KPI.
對於無線 ARPU,我將獲得第二個網路收入的成長,這是一種更重要的 KPI。
But on wireless ARPU, you're down 3.4%, but you've restated last year's and if you were to kind of do an apples-to-apples comparison with Rogers or BC, they'd be down kind of 1.5% to maybe 3%, respectively.
但在無線 ARPU 方面,您下降了 3.4%,但您重申了去年的情況,如果您要與 Rogers 或 BC 進行同類比較,他們會下降 1.5%,也許分別為3%。
I just want to confirm, I guess, with you, Doug, that that's the right way to look at it in terms of how you're reporting.
我想,我想與你確認,道格,從你的報告方式來看,這是正確的方式。
Doug French - Chief Financial Officer, Executive Vice President
Doug French - Chief Financial Officer, Executive Vice President
Absolutely, that's the right way to look at it.
絕對,這是正確的看待它的方式。
Drew McReynolds - Analyst
Drew McReynolds - Analyst
Okay.
好的。
And then just shifting more important to network revenue growth in the prepared remarks, your commentary on IoT in that kind of bucket of revenues beginning or continuing to build.
然後,在準備好的評論中將更重要的內容轉移到網路收入成長上,也就是您對物聯網的評論,即收入開始或繼續增加的情況。
Just can you help us just understand the relative size or contribution of that bucket?
您能否幫助我們了解該儲存桶的相對大小或貢獻?
I think everybody's assumption here is on the B2C side within wireless, still continue to be some kind of pressure or commoditization.
我認為每個人的假設都是在無線領域的 B2C 方面,仍然繼續受到某種壓力或商品化。
So just wondering how that mix kind of flows through looking into next year and the extent to which you can kind of rebuild the 1% network revenue growth that you're currently generating?
因此,我只是想知道明年的這種組合會如何流動,以及您可以在多大程度上重建目前產生的 1% 的網路收入成長?
Thank you.
謝謝。
Doug French - Chief Financial Officer, Executive Vice President
Doug French - Chief Financial Officer, Executive Vice President
And I think maybe we'll hand that to Zainul again on some of the ARPU initiatives.
我想也許我們會在一些 ARPU 計劃上再次將其交給 Zainul。
Maybe one thing leading to the ARPU trajectory and the profitability that we talked about on the 5.1%.
也許有一件事導致了 ARPU 軌跡和我們談到的 5.1% 的獲利能力。
If you think through confirming the bottom end of our guidance, what that means to our growth rates as well in the back half of the year, as our growth rates will continue to accelerate above 6% for the next six months.
如果您仔細考慮確認我們指導的下限,這對我們下半年的成長率意味著什麼,因為我們的成長率將在未來六個月繼續加速至 6% 以上。
And again, that is leveraging all the tools that Zainul was talking about, in addition to our efficiency effectiveness and our growth engines, that of health and ag, as Darren highlighted in his presentation, so leveraging all the tools in our toolkit.
再說一次,這就是利用Zainul 所談論的所有工具,除了我們的效率和成長引擎、健康和農業的引擎之外,正如達倫在他的演講中所強調的那樣,因此利用我們工具包中的所有工具。
Darren Entwistle - President, Chief Executive Officer, Director
Darren Entwistle - President, Chief Executive Officer, Director
Zainul, you want to top up?
Zainul,你想儲值嗎?
Zainul Mawji - Executive Vice President, President - Consumer Solutions
Zainul Mawji - Executive Vice President, President - Consumer Solutions
Yeah, sure.
是的,當然。
I mean I think, fundamentally, there are a number of ARPU initiatives that we're going to continue to drive.
我的意思是,我認為從根本上來說,我們將繼續推動許多 ARPU 計劃。
And you've seen us create premium capabilities and bundled capabilities across our brands.
您已經看到我們在我們的品牌中創建了優質功能和捆綁功能。
We have a differentiated suite of brands that we are leaning into more effectively that help us compete in underpenetrated segments in some areas, and help us drive premium capabilities in other segments.
我們擁有一套差異化的品牌,我們正在更有效地利用這些品牌,幫助我們在某些領域的滲透不足的細分市場中競爭,並幫助我們在其他細分市場中推動優質能力。
And we've really led on that.
我們確實在這方面處於領先地位。
We're leaning into our entertainment and our SmartHome and other differentiation to continue driving that premium opportunity.
我們正在專注於我們的娛樂和智慧家居以及其他差異化產品,以繼續推動這一優質機會。
And of course, there's a general block and tackle in terms of the level at which we have to drive improved ARPU performance, and drive that relationship between customer renewal and churn performance, along with managing the very challenging device and promotional subsidies in our market.
當然,在我們必須提高 ARPU 性能、推動客戶更新和客戶流失性能之間的關係、以及管理我們市場上極具挑戰性的設備和促銷補貼的水平方面,存在一個普遍的障礙和解決方案。
So we're going to continue to lean into the brand differentiation and the product differentiation that we have.
因此,我們將繼續致力於我們擁有的品牌差異化和產品差異化。
I think the other thing to highlight is that we've always been focused on economic loading and on household ARPU.
我認為另一件需要強調的事情是,我們一直在關注經濟負荷和家庭 ARPU。
And we've talked about the fact that we should transition to household ARPU over time as the most meaningful metric.
我們已經討論過這樣一個事實:隨著時間的推移,我們應該過渡到家庭 ARPU 作為最有意義的指標。
And we're going to focus on economics and profitable growth across our brands.
我們將專注於我們品牌的經濟效益和獲利成長。
I think you've seen strong performance from an EBITDA perspective, and we're going to continue to drive that performance over time.
我認為,從 EBITDA 的角度來看,您已經看到了強勁的業績,隨著時間的推移,我們將繼續推動這一業績。
Drew McReynolds - Analyst
Drew McReynolds - Analyst
Thank you very much.
非常感謝。
Robert Mitchell - Head - Investor Relations
Robert Mitchell - Head - Investor Relations
Thanks, Drew.
謝謝,德魯。
Next question, please, Carl?
請下一個問題,卡爾?
Operator
Operator
Jerome Dubreuil, Desjardins.
傑羅姆·杜布勒伊,加鼎。
Jerome Dubreuil - Analyst
Jerome Dubreuil - Analyst
Hi.
你好。
Thanks for taking my questions.
感謝您回答我的問題。
First one, the release from TELUS Digital is saying that the company is pivoting its focus to revenue growth.
首先,TELUS Digital 發布的消息稱,該公司正在將重點轉向營收成長。
That's what a lot of spec investors are after.
這就是許多投機投資者所追求的。
But historically, telecom investors have talked maybe more about free cash flow growth.
但從歷史上看,電信投資者可能更多地談論自由現金流的成長。
Obviously, you're still getting a lot of free cash flow growth in both revenue and free cash flow are good to see.
顯然,您仍然獲得了大量的自由現金流成長,無論是收入還是自由現金流都是值得高興的。
But I'm trying to reconcile if the telecom and tech objectives are aligned at this point.
但我正在努力協調電信和技術目標目前是否一致。
Darren Entwistle - President, Chief Executive Officer, Director
Darren Entwistle - President, Chief Executive Officer, Director
Jeff, do you want to take that question and talk about both what we want to achieve prospectively on EBITDA growth driven by top line revenue?
傑夫,你想回答這個問題並談談我們希望在頂線收入驅動的 EBITDA 成長方面實現什麼目標嗎?
And where you see the major opportunities prospectively in that regard as we overcome the challenges?
當我們克服挑戰時,您認為這方面的主要機會在哪裡?
And then maybe speak to the free cash flow potency of the business, and the consistency on that front with a very low level of CapEx intensity.
然後也許會談到業務的自由現金流潛力,以及在資本支出強度非常低的情況下這方面的一致性。
Jeffrey Puritt - TELUS Executive Vice-President and TELUS International President and CEO
Jeffrey Puritt - TELUS Executive Vice-President and TELUS International President and CEO
Certainly, Darren.
當然,達倫。
Thank you, Jerome.
謝謝你,傑羅姆。
We absolutely believe that the revenue growth potential of TELUS Digital is just at early days.
我們絕對相信 TELUS Digital 的營收成長潛力仍處於早期階段。
And we have not executed as well as we should have or could have, and you will have seen and heard from me and the team earlier today, a more detailed discussion on the efforts underway to try and get back to achieving that level of growth that we believe is possible.
我們的執行力還沒有達到我們應該或本可以達到的水平,今天早些時候,你們將會看到並聽到我和團隊的來信,我們正在就正在努力恢復實現增長水平進行更詳細的討論。我們相信這是可能的。
Given the asset mix that we enjoy today, particularly around not just the legacy of customer experience excellence, but particularly around technology-enabled GenAI-enabled capabilities.
鑑於我們今天享有的資產組合,特別是不僅圍繞著卓越的客戶體驗傳統,而且特別圍繞著技術支援的 GenAI 功能。
The upside opportunity for this business, we believe, is significant.
我們認為,這項業務的上昇機會是巨大的。
And we just need to do a better job of marshaling these resources and leveraging these assets to achieve high single-digit revenue growth potential.
我們只需要更好地整合這些資源並利用這些資產來實現高個位數的收入成長潛力。
Along the way, the legacy pedigree heritage of the TELUS family in focusing on profitable growth has informed our approach to the market and I think a few years ago, we were able to enjoy outsized margin yield because of our superior and differentiated service level performance.
一路走來,TELUS家族專注於獲利成長的傳統血統影響了我們的市場策略,我認為幾年前,由於我們卓越且差異化的服務水準表現,我們能夠享受到巨大的利潤率。
The appetite for customer changing to more and better for less has really forced us to revisit that profile only in the near-term.
客戶對以更少的成本獲得更多、更好的需求確實迫使我們僅在短期內重新審視這一概況。
And we absolutely expect that, that will improve in the months, years ahead as we continue to demonstrate the capabilities of helping our customers themselves to do more and better with less leveraging our support.
我們絕對期望,隨著我們繼續展示幫助客戶在更少利用我們的支援的情況下做得更多更好的能力,這種情況將在未來幾個月、幾年內得到改善。
Along the way, you will have seen that the focus on cash flow yield at 15% year-over-year, year-to-date as, I think, continued to distinguish us, and that has enabled us to continue to reinvest in the business to ensure that we can get back to that level of growth and the profitability that we've enjoyed historically.
在此過程中,您會發現,年初至今,我們對同比 15% 的現金流收益率的關注繼續使我們脫穎而出,這使我們能夠繼續對業務,以確保我們能夠恢復到歷史上享有的增長水平和盈利能力。
Jerome Dubreuil - Analyst
Jerome Dubreuil - Analyst
Thank you.
謝謝。
Robert Mitchell - Head - Investor Relations
Robert Mitchell - Head - Investor Relations
Thanks, Jerome.
謝謝,傑羅姆。
Carl, next question, please?
卡爾,請問下一個問題嗎?
Operator
Operator
Stephanie Price, CIBC.
史蒂芬妮·普萊斯,CIBC。
Stephanie Price - Analyst
Stephanie Price - Analyst
Good afternoon.
午安.
Congratulations on the revenue and EBITDA growth at TELUS Health in the quarter.
恭喜 TELUS Health 本季的營收和 EBITDA 成長。
I just wanted to focus in on the growth businesses.
我只是想專注於成長型業務。
I'm curious if you still envision a monetization event for TELUS Health, in kind of the near to midterm.
我很好奇您是否仍設想在近期到中期為 TELUS Health 舉辦貨幣化活動。
And how are you thinking about the growth businesses?
您如何看待成長型業務?
Or if you're thinking about the growth business, has it changed given what we've seen with TELUS Digital?
或者,如果您正在考慮成長型業務,考慮到我們在 TELUS Digital 上看到的情況,它是否發生了變化?
Darren Entwistle - President, Chief Executive Officer, Director
Darren Entwistle - President, Chief Executive Officer, Director
All right.
好的。
I'll take this one.
我要這個。
The short answer to your question is, yes, we still do envisage a monetization opportunity that relates to our emerging businesses where, I would say, TELUS Health is in the leading position in that regard.
對你的問題的簡短回答是,是的,我們仍然設想與我們的新興業務相關的貨幣化機會,我想說,TELUS Health 在這方面處於領先地位。
I would be more medium-term than near-term in terms of its orientation.
就其方向而言,我會更傾向於中期而不是近期。
The manifestation of that monetization may be something that is synonymous with what we did historically back in 2016 and thereafter on the IPO front with TELUS Digital.
這種貨幣化的表現可能與我們在 2016 年以及此後在 TELUS Digital 的 IPO 所做的事情是同義的。
So it's not just looking at going public, but also looking at partnership opportunities along the way.
因此,我們不僅著眼於上市,還著眼於在過程中的合作機會。
But we are very clear in terms of things like a IPO checklist, that we have to earn our way to that monetization event through the organic performance of the business because we have to have that strong organic performance, delivered on a consistent basis to support the premium valuation because it's not about the repatriation of money, but it's a monetization event to establish a transaction currency.
但我們非常清楚,在 IPO 清單等方面,我們必須透過業務的有機績效來實現貨幣化,因為我們必須擁有強勁的有機績效,並持續交付以支持估值溢價,因為這不是資金回流,而是建立交易貨幣的貨幣化事件。
So that we can expand the addressable market of inorganic opportunities to complement what we're earning in terms of the organic performance of that business.
這樣我們就可以擴大無機機會的潛在市場,以補充我們在該業務的有機績效方面的收入。
I think it's encouraging to see this quarter, the improved performance of TELUS Health.
我認為看到本季 TELUS Health 業績的改善令人鼓舞。
We've experienced some macroeconomic impacts within that business.
我們在該業務中經歷了一些宏觀經濟影響。
But clearly, the business is on the right track with the return to mid-single-digit revenue growth and an EBITDA contribution of north of 30%, which has been the case now for well over a year on a quarter-to-quarter-to-quarter basis.
但顯然,該業務正走在正確的軌道上,收入增長恢復到中個位數,稅息折舊及攤銷前利潤(EBITDA) 貢獻率超過30%,這一情況已經持續了一年多,按季度計算。
And the quality of the contribution within TELUS Health, I think, is indicative.
我認為,TELUS Health 內部貢獻的品質具有代表性。
Within my remarks I made the comment that the performance is not coming from a single product or agency within TELUS Health but across the totality of the business asset mix that we have.
在我的演講中,我評論說,業績並非來自 TELUS Health 內的單一產品或機構,而是來自我們擁有的整個業務資產組合。
Like our agriculture business, we're seeing a strong accretion within the sales funnel at TELUS Health, which bodes well for continued strong organic performance of the business.
與我們的農業業務一樣,我們看到 TELUS Health 的銷售管道強勁成長,這預示著該業務將持續強勁的有機業績。
I think we're a little bit over $300 million in total contract value improvements on a year-over-year basis in terms of year-to-date sales strength within the TELUS Health organization.
我認為,就 TELUS Health 組織內今年迄今的銷售實力而言,我們的合約總價值年增了 3 億多美元。
And I think that is an attractive attribute.
我認為這是一個有吸引力的屬性。
We made a commitment to you when we bought LifeWorks a couple of years ago, in terms of synergy realization.
幾年前,當我們收購 LifeWorks 時,我們就實現協同效應向您做出了承諾。
And I think we have made strong progress in that regard, bumping up against $300 million at this juncture of synergies being realized.
我認為我們在這方面已經取得了巨大進展,在實現協同效應的時刻突破了 3 億美元。
The preponderance of which has come from efficiency measures on the cost synergy side.
其中大部分來自成本協同的效率措施。
We got about $130 million of synergies left to go to meet the expectation that we set with you to be realized by the end of 2025.
我們還剩下約 1.3 億美元的綜效,以滿足我們與您共同設定的 2025 年底實現的期望。
And as I indicated earlier, the split on the $130 million is around $80 million on the cost front and $50 million on the revenue synergy front.
正如我之前指出的,1.3 億美元的分配中,大約 8000 萬美元用於成本方面,5000 萬美元用於收入協同方面。
And I would be hopeful that we could materially beat that $50 million revenue synergy given the considerable cross-sell opportunity that exists within the business.
鑑於業務內存在大量交叉銷售機會,我希望我們能夠實質地超越 5000 萬美元的收入協同效應。
I've stated it strongly internally within TELUS that within the TTech business, we should be able to grow EBITDA at 5% and never bring in a new logo.
我在 TELUS 內部強烈表示,在 TTech 業務中,我們應該能夠將 EBITDA 成長 5%,並且永遠不會引入新商標。
But just selling new products to existing customers, such as the cross-sell opportunity.
但只是向現有客戶銷售新產品,例如交叉銷售機會。
Fortunately, we're not restricted by that.
幸運的是,我們不受此限制。
We can do both, but it is illustrative of the major opportunity there.
我們可以兩者兼而有之,但這說明了那裡存在的重大機會。
And in particular, for TELUS Health, the synergistic combination of our B2B base within TELUS Business Solutions and TELUS Health is extremely strong, and every one of our clients right now wants to talk to us about employer productivity, including the health profile of their employees.
特別是,對於 TELUS Health 來說,我們在 TELUS Business Solutions 和 TELUS Health 內的 B2B 基礎的協同組合非常強大,我們的每一位客戶現在都想與我們談論雇主生產力,包括其員工的健康狀況。
And so I'm excited by that particular dynamic.
所以我對這種特殊的動態感到興奮。
And then lastly, on the health front.
最後,在健康方面。
As you all know for us, the expansion in emerging markets is all about the data play.
眾所周知,新興市場的擴張完全取決於數據的發揮。
It's where we started back in 2000, and we're still on that particular page today, leveraging data, data analytics, legacy AI, GenAI; to couple that with network connectivity; to couple that with premium services to be able to leverage the attributes of our business, including our sales channels and our customer base.
這是我們 2000 年開始的地方,今天我們仍然在那個特定的頁面上,利用數據、數據分析、傳統人工智慧、GenAI;將其與網路連接結合;將其與優質服務結合起來,以便能夠利用我們的業務屬性,包括我們的銷售管道和客戶群。
And the digital and AI opportunity within TELUS Health absolutely huge.
TELUS Health 內部的數位和人工智慧機會絕對巨大。
And TELUS Health can feed off of the digital AI progression at TELUS and feed off of the digital AI capability set at TELUS Digital or formerly TELUS International.
TELUS Health 可以利用 TELUS 的數位人工智慧進展,並利用 TELUS Digital 或先前的 TELUS International 的數位人工智慧功能集。
And what I like about it right now is with this performance trajectory that bodes so well for the future and is so encouraging.
我現在喜歡它的是這種績效軌跡,它對未來來說是個好兆頭,而且非常令人鼓舞。
I don't think the business is firing on all cylinders.
我不認為該業務正在全速運轉。
If I gave it an operational grade on a score to 10, I would probably give it a five or a six out of 10 right now, such as the upside opportunity.
如果我給它的營運評分為 10 分,我現在可能會給它 5 或 6 分(滿分 10 分),例如上漲機會。
We have more that we can do on cost efficiency.
在成本效率方面我們可以做更多的事情。
We have more that we can do in automating and digitizing the business.
在業務自動化和數位化方面,我們可以做更多的事情。
We can be a lot better on the customer service front, taking a page out of the TELUS book.
借鑒 TELUS 的經驗,我們可以在客戶服務方面做得更好。
We can do a lot better on operational execution.
我們可以在營運執行方面做得更好。
And I've got great expectations in terms of the new leadership team that we put in place at TELUS Health.
我對 TELUS Health 組成的新領導團隊抱有很大的期望。
And we've got a long way to go on sales and marketing.
我們在銷售和行銷方面還有很長的路要走。
The opportunity to elevate our distribution strength that TELUS Health is considerable.
TELUS Health 提升我們分銷實力的機會是巨大的。
We've got a ton of products and capabilities that are sitting on a shelf and waiting for our channels to market and our distribution competencies to get properly activated.
我們有大量的產品和功能放在貨架上,等待我們的行銷管道和我們的分銷能力得到適當的啟動。
So I like the upside opportunity there.
所以我喜歡那裡的上昇機會。
And the path that TELUS Health goes, I think, blazes the trail for what's to follow on TELUS Agriculture and Consumer Good.
我認為,TELUS Health 所走的道路為 TELUS 農業和消費品行業的發展開闢了道路。
And at a smaller level because it's 1/5 the size of TELUS Health but at a smaller level, TELUS Agriculture and Consumer Goods is also making excellent steps in that direction.
在較小的層面上,因為它的規模只有 TELUS Health 的 1/5,但在較小的層面上,TELUS Agriculture and Consumer Goods 也在朝著這個方向邁出了出色的一步。
So we are still extremely committed to these components of our business.
因此,我們仍然非常致力於我們業務的這些組成部分。
And the last thing I'll say about them is these activities come with very low CapEx intensity.
關於它們我要說的最後一件事是這些活動的資本支出強度非常低。
Our solutions on the product front are SaaS-based solutions.
我們在產品方面的解決方案是基於SaaS的解決方案。
So our ability to take revenue to EBITDA to cash generation is extremely strong.
因此,我們將收入轉化為 EBITDA 並產生現金的能力非常強。
And of course, we're not looking at just the domestic market.
當然,我們不僅僅關注國內市場。
This is a global opportunity for us.
這對我們來說是一個全球性的機會。
So the scale opportunity is something that we've never enjoyed before looking at the telecoms business historically.
因此,在回顧電信業務歷史之前,我們從未享受過規模化機會。
So it's quite the upside.
所以這是很有好處的。
Stephanie Price - Analyst
Stephanie Price - Analyst
Thank you.
謝謝。
Robert Mitchell - Head - Investor Relations
Robert Mitchell - Head - Investor Relations
Thanks, Stephanie.
謝謝,斯蒂芬妮。
Next question, please?
請下一個問題?
Operator
Operator
Tim Casey, BMO.
蒂姆·凱西,BMO。
Tim Casey - Analyst
Tim Casey - Analyst
Yeah.
是的。
Thanks.
謝謝。
Good afternoon.
午安.
A couple for me.
給我一對。
One, Doug, can you just clarify Darren's comments with respect to an EBITDA contribution of 30% from TELUS Health?
第一,Doug,您能否澄清一下 Darren 對於 TELUS Health 貢獻 30% 的 EBITDA 的看法?
Is that an EBITDA margin we're talking about?
這是我們談論的 EBITDA 利潤率嗎?
Or is that a contribution to growth?
或者說這對成長有貢獻嗎?
And then second one is on the fixed data line metric.
第二個是固定數據線指標。
It's a little under 3% in the first quarter down to 1% in the second quarter.
第一季略低於 3%,第二季則降至 1%。
How should we think about that in the back half of the year?
下半年我們該如何思考這個問題?
Just wondering if there's any price increases we should think about?
只是想知道我們是否應該考慮價格上漲?
Or is it more going to be in the 1% area for the back half of the year?
還是今年下半年會更處於1%區域?
Thank you.
謝謝。
Darren Entwistle - President, Chief Executive Officer, Director
Darren Entwistle - President, Chief Executive Officer, Director
I'll answer the question and clarify my own comments.
我將回答這個問題並澄清我自己的評論。
And then Doug can clarify my clarification, if he wants.
然後道格可以澄清我的澄清,如果他願意的話。
No, it's not a margin number.
不,這不是保證金數字。
It's a growth number.
這是一個成長數字。
I referenced it in my opening remarks at 33%.
我在開場白中提到了這一點,佔 33%。
I rounded it to 30% in the Q&A that just took place.
我在剛剛進行的問答中將其四捨五入為 30%。
That's an EBITDA contribution number, and it reflects year-over-year growth in terms of TELUS Health profitability.
這是 EBITDA 貢獻數字,反映了 TELUS Health 盈利能力的同比增長。
The other element of it that I alluded to, but to give you greater specificity.
我提到了其中的另一個要素,但為了給您更具體的資訊。
From the 11% EBITDA contribution that we achieved in Q2 of 2023 on a year-over-year basis, since that particular juncture in every quarter that has followed right through to now Q2 of 2024, we've been in the 11% to 20% to now 30% EBITDA contribution coming on the TELUS Health side.
從我們在 2023 年第二季度同比實現 11% 的 EBITDA 貢獻來看,自每季的特定時刻一直到 2024 年第二季度,我們一直處於 11% 到 20% 的水平% 到現在30% 的EBITDA貢獻來自TELUS Health 方面。
The preponderance of that, obviously, given my synergy comment is coming from the cost synergies that we're realizing.
顯然,考慮到我對協同效應的評論,其中的優勢來自於我們正在實現的成本協同效應。
But now in Q2 of 2024, we're starting to see the increased contribution at the EBITDA level coming from profitable revenue growth.
但現在到了 2024 年第二季度,我們開始看到 EBITDA 水準的貢獻增加來自獲利收入的成長。
Tim Casey - Analyst
Tim Casey - Analyst
Thank you.
謝謝。
Doug French - Chief Financial Officer, Executive Vice President
Doug French - Chief Financial Officer, Executive Vice President
And maybe just a quick top up. health margins, we've talked about from and EBITDA are still below 20% with the opportunity that we desire to get them well above 20%, as Darren highlighted with some of the staff services cost reductions and complementary bundling.
也許只是快速充值。就健康利潤率而言,我們已經討論過,EBITDA 仍低於 20%,但我們希望有機會使其遠高於 20%,正如達倫在員工服務成本削減和補充捆綁方面所強調的那樣。
So there's still room to go significantly our margin enhancement on that end.
因此,我們在這方面的利潤率仍有大幅提升的空間。
And on fixed data, we haven't given forward-looking on component side.
而在固定資料上,我們並沒有給出組件方面的前瞻性。
That being said, obviously, there's been some give and takes within that number, but focusing on margins, really what matters.
話雖這麼說,顯然,這個數字中有一些讓步,但關注利潤率才是真正重要的。
So within that item, I highlighted that TV revenue was actually down yet the margin on TV, we would be managing through the different programs we're operating, including the national, call it, light program that Zainul referred to.
因此,在該項目中,我強調電視收入實際上有所下降,但電視利潤率卻下降了,我們將透過我們正在經營的不同節目進行管理,包括 Zainul 提到的全國性輕節目。
And so I think there's a lot of give and take in there, highlighted our ARPU on the Internet remains flat.
所以我認為這裡面有很多的付出和接受,這凸顯了我們在網路上的 ARPU 仍然持平。
So the growth coming from that would be obviously positive growth.
因此,由此產生的成長顯然是正成長。
And biz is also included in that number as their business component.
商業也作為其業務組成部分包含在該數字中。
So I'll just say our objective is we are to take it back up and continue the growth on well above the 1%.
所以我只想說,我們的目標是恢復成長並繼續保持遠高於 1% 的成長率。
But I think there'll be some give and takes along the way, depending on product set and however they're focusing on margin and improve.
但我認為在過程中會有一些讓步,這取決於產品組合以及他們對利潤和改進的關注程度。
Zainul Mawji - Executive Vice President, President - Consumer Solutions
Zainul Mawji - Executive Vice President, President - Consumer Solutions
Maybe just to top up the story.
或許只是為了讓故事添彩。
I wanted to highlight we're going to -- we've shown and demonstrated that we lean into product superiority and differentiation.
我想強調的是,我們將進行——我們已經展示並證明了我們傾向於產品優勢和差異化。
So you would have seen us drive the 5 gig program for Internet in the last week.
所以你會看到我們上週推動了 5 場網路計畫。
We've seen actually, to Doug's point on the ARPU front, we've seen even in a very competitive and highly pressurized environment, both with respect to competition and Canadians driving their desire to reduce costs and lean in to affordability that our step-ups on Internet have been very strong as well.
實際上,就道格在ARPU 方面的觀點而言,我們已經看到,即使在競爭非常激烈和壓力很大的環境中,無論是在競爭方面,還是在加拿大人推動降低成本和傾向於負擔能力的願望方面,我們的步驟-互聯網上的ups也非常強大。
And there are some downgrades, of course, but at the same time, we have a healthy volume of step-up opportunity.
當然,也會有一些降級,但同時,我們有大量的升級機會。
And we also have some areas where we are quite underpenetrated than where we would like to be in our fiber footprint.
我們也有一些領域的滲透率遠低於我們希望的光纖足跡。
And we've demonstrated success and strength in driving growth and subscriber growth in those areas.
我們在推動這些領域的成長和用戶成長方面展現了成功和實力。
So we're going to continue to lean into that in terms of ensuring that our fixed data continues positive momentum.
因此,我們將繼續致力於確保我們的固定數據繼續保持積極勢頭。
Robert Mitchell - Head - Investor Relations
Robert Mitchell - Head - Investor Relations
Thanks, Tim.
謝謝,蒂姆。
Carl, we have time for two more questions, please.
卡爾,我們還有時間問兩個問題。
Operator
Operator
Maher Yaghi, Scotia Bank.
Maher Yaghi,豐業銀行。
Maher Yaghi - Analyst
Maher Yaghi - Analyst
Great.
偉大的。
Thank you for taking my question.
感謝您回答我的問題。
I wanted to just -- I'm sorry because I have to ask this question.
我只是想——抱歉,因為我必須問這個問題。
I mean when we look at the fixed data, you have a very low video component in there compared to cable companies in Canada.
我的意思是,當我們查看固定數據時,與加拿大的有線電視公司相比,其中的視訊成分非常低。
And the growth rate, I would have thought given that split, you would show higher growth than other cable companies.
就成長率而言,我以為考慮到這次拆分,你們會比其他有線電視公司表現出更高的成長率。
And obviously, we're seeing repricing in your base.
顯然,我們看到您的基礎正在重新定價。
You also talk about in your MD&A that you're seeing repricing in your securities business -- security business.
您也在 MD&A 中談到,您在證券業務(證券業務)中看到了重新定價。
Can you discuss how much of the repricing we've seen already and how much is left before we reprice the base on the security, on some of the video components and maybe the broadband side?
您能否討論一下我們已經看到了多少重新定價,以及在我們根據安全性、某些視訊組件以及寬頻方面重新定價之前還剩下多少?
I'm just trying to figure out how much more pressure should we expect before we see the growth again?
我只是想知道在我們再次看到成長之前我們應該承受多少壓力?
And the second question I had is on wireless.
我的第二個問題是關於無線的。
Public mobile offering 5G, is that a -- when you think about the value and the benefit on subscriber loading on public mobile, is there an opportunity maybe to price 5G services at a premium than 4G and then continuing to offer it as is right now?
公共行動提供 5G 是——當你考慮公共行動用戶加載的價值和好處時,是否有機會以高於 4G 的價格提供 5G 服務,然後繼續以現在的方式提供它?
Thank you.
謝謝。
Darren Entwistle - President, Chief Executive Officer, Director
Darren Entwistle - President, Chief Executive Officer, Director
That's a great question.
這是一個很好的問題。
Really like that one, Zainul, why don't you take a shot at answering that?
真的很喜歡那個,Zainul,為什麼不試著回答這個問題呢?
I really like that question.
我真的很喜歡這個問題。
Zainul Mawji - Executive Vice President, President - Consumer Solutions
Zainul Mawji - Executive Vice President, President - Consumer Solutions
Yes, I know you do.
是的,我知道你會的。
So the answer on the public side is yes.
所以公眾的答案是肯定的。
I think the key thing is that we haven't been satisfied with the road map of capabilities we have on public.
我認為關鍵在於我們對公共能力的路線圖並不滿意。
It's got a digital-first capability.
它具有數字優先的能力。
We like the customer base that it's attracting and we like the positioning of the improvement in ARPU relative to where that brand had sat before.
我們喜歡它所吸引的客戶群,也喜歡相對於品牌先前的 ARPU 改善的定位。
But there is absolute upside in differentiation and we're going to drive that with some unique channel and road map strategy.
但差異化絕對有好處,我們將透過一些獨特的管道和路線圖策略來推動這一點。
So still to come on that, not satisfied.
所以還是來吧,不滿足。
I think on the fixed side, what I would say is that I can't -- we can't predict the competitive environment.
我認為在固定方面,我想說的是我不能──我們無法預測競爭環境。
We're going to take a long-term view, as I highlighted in terms of household economics and household customer lifetime value.
正如我在家庭經濟和家庭客戶終身價值方面所強調的那樣,我們將著眼於長遠。
But where we're going to lean in both on the two areas that you highlighted with respect to entertainment and security is counter the cord-shaving behavior that we're seeing from our customer base with differentiated products and services.
但是,我們將重點關注您在娛樂和安全方面強調的兩個領域,以對抗我們從客戶群中看到的差異化產品和服務的「剪線行為」。
So as customers are continuing to cord-shave some of their linear products and services on the entertainment side, we're continuing to lean into OTT, and becoming a real leader in our integration of OTT and linear and giving customers different kinds of video and value bundles, which we can only do because we've built our own platform to do so.
因此,隨著客戶繼續在娛樂方面取消一些線性產品和服務,我們將繼續向 OTT 傾斜,並成為 OTT 和線性整合的真正領導者,為客戶提供不同類型的視訊和服務。這樣做,因為我們已經建立了自己的平台來做到這一點。
So we're going to continue to drive the outcomes based on differentiating value in a way that's meaningful to customers.
因此,我們將繼續以對客戶有意義的方式推動基於差異化價值的成果。
And I would say that we're just on the cusp in both entertainment and security of being able to realize that upside.
我想說的是,我們在娛樂和安全方面正處於能夠實現這一優勢的風口浪尖。
But we can't control sort of what the competitive dynamic will bring.
但我們無法控制競爭動態會帶來什麼。
We want to be immune to it.
我們希望免受它的影響。
Darren Entwistle - President, Chief Executive Officer, Director
Darren Entwistle - President, Chief Executive Officer, Director
I think also importantly, just to take people up to the top floor again, as it relates to absorbing re-rate on fixed and mobile, we're postulating H2 in terms of our guidance that sees us at 6% profitability at an EBITDA level or better, absorbing the re-rate along the way.
我認為同樣重要的是,只是為了讓人們再次回到頂層,因為這與吸收固定和移動的重新利率有關,我們根據我們的指導假設 H2,即我們在 EBITDA 水平上的盈利能力為 6%或更好的是,一路吸收重新定價。
And so as that re-rate moderates and that pressure reduces the profitability upside for our organization is extremely attractive.
因此,隨著重新評級的緩和以及壓力的降低,我們組織的獲利能力上行空間極具吸引力。
And it's also complemented by something else that keeps getting left off the discussion.
而且它還得到了其他一些一直被排除在討論之外的東西的補充。
A CapEx intensity measure that is 13% today, drifting to the low end on the double-digit side of things on the 10% zone.
目前的資本支出強度指標為 13%,正在向 10% 區域兩位數的低端漂移。
So in terms of both absorption of re-rate working our way through that challenges.
因此,就吸收重新定價而言,我們正在努力應對這些挑戰。
Leveraging in the future, the profitable asset mix that we have aided and embedded by new products coming online that shouldn't experience the same degree of profit, or price rather commoditization because they are completely differentiated from the product portfolio of our competitors.
未來,我們透過新上線的新產品輔助和嵌入的獲利資產組合不應經歷相同程度的利潤或價格而不是商品化,因為它們與我們競爭對手的產品組合完全不同。
And to complement that with a lower level of CapEx intensity that seems to bode well for a sustainable free cash flow story.
並以較低的資本支出強度來補充這一點,這似乎對可持續的自由現金流故事來說是個好兆頭。
Maher Yaghi - Analyst
Maher Yaghi - Analyst
Thank you.
謝謝。
Robert Mitchell - Head - Investor Relations
Robert Mitchell - Head - Investor Relations
Thanks, Maher.
謝謝,馬赫。
Carl, we will take our last question, please.
卡爾,我們將回答最後一個問題。
Operator
Operator
Simon Flannery, Morgan Stanley.
西蒙‧弗蘭納裡,摩根士丹利。
Simon Flannery - Analyst
Simon Flannery - Analyst
Great.
偉大的。
Thank you very much.
非常感謝。
Doug, I wonder if you could expand a little bit on the copper retirement opportunity.
道格,我想知道您是否可以擴展銅退休機會。
A sense, I think you mentioned 18 markets.
從某種意義上說,我認為您提到了 18 個市場。
But what sort of percentage are we through this?
但我們完成這個任務的百分比是多少?
And I don't know if you can put some parameters around the financial benefits that from that, you talked about freeing up real estate.
我不知道你是否可以對你談到的釋放房地產帶來的經濟利益設定一些參數。
But what are your latest findings in terms of OpEx savings, maintenance savings, and the overall impact on the business?
但是,您在營運支出節省、維護節省以及對業務的整體影響方面的最新發現是什麼?
Darren Entwistle - President, Chief Executive Officer, Director
Darren Entwistle - President, Chief Executive Officer, Director
Maybe I'll take it off, Simon, I'll hand it over to Doug.
也許我會把它脫下來,西蒙,我會把它交給道格。
Doug French - Chief Financial Officer, Executive Vice President
Doug French - Chief Financial Officer, Executive Vice President
In terms of the program, as we're decommissioning 250,000 copper lines on the run, we would expect to have by the end of this year.
就計劃而言,我們預計將在今年年底前退役 25 萬條運行中的銅線。
So over the next few months, 36 central offices that have been decommissioned, which I think would put us in a global leadership position in that regard.
因此,在接下來的幾個月裡,36 個中央辦公室已經退役,我認為這將使我們在這方面處於全球領先地位。
In terms of the economics of it, we -- on the copper front, we see the gross opportunity here of being upwards of $1 billion.
就其經濟學而言,在銅方面,我們看到這裡的總機會超過 10 億美元。
And at a net level, somewhere between $400 million and $500 million on that front.
從淨額來看,這方面的費用在 4 億至 5 億美元之間。
The real estate opportunity that accompanies it, that Doug can speak to, in terms of our long-term recurring strategy and the opportunity there.
道格可以就我們的長期經常性策略和那裡的機會談論與之相伴的房地產機會。
In terms of the performance of our business.
就我們的業務表現而言。
As we go from a heterogeneous network environment with fiber and copper to a pure-play fiber may be complemented by fixed wireless access, the opportunity on this front is huge.
當我們從光纖和銅纜的異質網路環境轉向可能由固定無線存取補充的純光纖時,這方面的機會是巨大的。
We see cost reductions in the range of 25% to 30% on cost to serve.
我們發現服務成本降低了 25% 至 30%。
And these are now hard numbers.
現在這些都是硬數字。
They're not speculations because we've been at this for well over a decade.
它們不是猜測,因為我們已經這樣做了十多年。
We see churn improvement in the zone of 20% to 25%.
我們看到客戶流失率改善了 20% 到 25%。
We see the average revenue per household going up by roughly 15%.
我們預計每戶平均收入將成長約 15%。
And we see the products for household.
我們看到了家用產品。
Their product intensity, banging away right now at 3.3%, up from what was the low 2s historically on the copper front, which is extremely attractive.
他們的產品強度目前激增至 3.3%,高於銅方面史上最低的 2%,這是極具吸引力的。
It allows us to be much more efficient with our field force.
它使我們的現場人員能夠更有效率。
When you've got a level of two-thirds reductions in truck rules, you've got quite the story from cost efficiency to reducing your environmental footprint.
當卡車規則減少三分之二時,您就已經了解了從成本效率到減少環境足跡的故事。
And those will be huge benefits for us, in terms of positioning us for the future economically, allowing us to do everything from on the hygiene front, absorb re-rate from competitive activity.
就我們未來的經濟定位而言,這些對我們來說將是巨大的好處,使我們能夠從衛生方面做一切事情,並從競爭活動中吸收重新定價。
But the cost of launching new products when you've got fiber ubiquity on top of all the comments that I've just made.
但是,除了我剛剛發表的所有評論之外,當光纖無處不在時,推出新產品的成本也是如此。
Everything going forward is now soft provisioning.
現在,接下來的一切都是軟配置。
So you can soft-provision a customer from an installed basis, you can change their products and their value proposition on a virtual basis.
因此,您可以從已安裝的基礎上對客戶進行軟配置,您可以在虛擬的基礎上更改他們的產品及其價值主張。
Or you can let the customer do it themselves along the way.
或者您也可以讓客戶自己完成。
And then lastly, the economies of scope given the limitless bandwidth opportunities on fiber, second to none, which improves the economics on an accretive basis for every new product that you bring to market along the way.
最後,範圍經濟賦予了光纖無限的頻寬機會,這是首屈一指的,這可以在不斷增加的基礎上提高您推向市場的每個新產品的經濟效益。
And so I think it's a very attractive composition of benefits and maybe Doug can top up on that and then maybe make a specific comment in terms of monetizing the real estate opportunity.
因此,我認為這是一個非常有吸引力的福利組合,也許道格可以補充這一點,然後就房地產機會的貨幣化發表具體評論。
Darren Entwistle - President, Chief Executive Officer, Director
Darren Entwistle - President, Chief Executive Officer, Director
Yeah.
是的。
So an exciting part about this, as you're well aware, is that it's the gift the keeps on giving.
因此,正如您所知,這一點令人興奮的部分是,這是人們不斷給予的禮物。
So you know where we built an asset with over six-year life.
所以您知道我們在哪裡建造了使用壽命超過六年的資產。
So monetizing it isn't for the short term, and it's a superior asset to our competitors' offerings.
因此,將其貨幣化並不是短期的,而且相對於我們競爭對手的產品來說,它是一項更優越的資產。
And you heard all the operational benefits that Darren highlighted.
您也聽到了達倫強調的所有營運優勢。
On copper decommissioning specifically, of the 100% that Darren referred to at the $1 billion level on gross, were low single digits by the end of 2024.
具體而言,就銅退役而言,達倫提到的 100% 總額為 10 億美元,到 2024 年底,這一比例將僅為個位數。
So well below 5% monetized.
貨幣化率遠低於 5%。
So there's significant upside over the next two to five years.
因此,未來兩到五年將會有顯著的上升空間。
We then started moving into land monetization, where we're putting the land into partnerships with development opportunities where we put in the land and the developer would put in cash to get the projects off the ground.
然後我們開始進入土地貨幣化,我們將土地與開發機會建立夥伴關係,我們投入土地,開發商將投入現金以使專案啟動。
And so you're seeing land opportunities now moving into permitting and development.
因此,您會看到土地機會現在正在進入許可和開發階段。
And as Darren highlighted, we're up to the -- well over 30 now of those that have been decommissioned in opportunities.
正如達倫(Darren)所強調的那樣,我們現在已經有超過 30 個已經退役的機會。
We were building on collectively three to four as we speak and 15 are in permitting.
截至我們發言時,我們正在共同建造 3 到 4 個項目,目前已獲得 15 個項目的許可。
And so we expect to have by 2026, over 250 homes available for rental through Nanaimo and Sechelt.
因此,我們預計到 2026 年,納奈莫和塞切爾特將有超過 250 間房屋可供出租。
We'll have over 1,500 in the next three to five years.
未來三到五年內我們將擁有超過 1,500 個。
And we have a commercial building that's launching in the fall of 2024.
我們有一棟商業建築將於 2024 年秋季投入使用。
So to the development opportunity, there's multiple layers and these aren't onetime.
因此,發展機會是多層的,而且不是一次性的。
So you're going to see these kind of benefits coming through from us for the years to come, and continuing then to build on that momentum.
因此,您將在未來幾年中看到我們帶來的這些好處,並在此基礎上繼續發展。
Simon Flannery - Analyst
Simon Flannery - Analyst
Great.
偉大的。
Thanks a lot
多謝
Robert Mitchell - Head - Investor Relations
Robert Mitchell - Head - Investor Relations
Thanks, Simon.
謝謝,西蒙。
And thank you, everyone, for joining us today.
感謝大家今天加入我們。
And please feel free to reach out to the IR team, if you have any follow-ups or questions.
如果您有任何後續行動或疑問,請隨時聯絡 IR 團隊。
Operator
Operator
This concludes the TELUS 2024 Q2 earnings conference call.
TELUS 2024 年第二季財報電話會議到此結束。
Thank you for your participation.
感謝您的參與。
And have a nice day.
祝你有美好的一天。