Telus Corp (TU) 2024 Q3 法說會逐字稿

Good day.

再會。

Welcome to the TELUS 2024 Q3 earnings conference call.

歡迎參加 TELUS 2024 年第三季財報電話會議。

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。

Hello, everyone.

大家好。

Thank you for joining us today.

感謝您今天加入我們。

Our third-quarter 2024 results' news release, MD&A, financial statements, and detailed supplemental investor information were posted to our website earlier this morning.

我們的 2024 年第三季業績新聞稿、MD&A、財務報表以及詳細的補充投資者資訊已於今天早上發佈到我們的網站上。

On our call today, we will 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 will be joined by Zainul, Navin, and Jason.

Zainul、Navin 和 Jason 將參加問答部分。

(audio playing) We're just going to take a moment.

（音頻播放）我們需要一點時間。

Okay.

好的。

Just carrying on our call today, we'll begin with remarks by Darren and Doug.

今天繼續我們的電話會議，我們將從達倫和道格的演講開始。

For the Q&A portion, we'll be joined by Zainul, Navin, and Jason.

Zainul、Navin 和 Jason 將參加問答部分。

Briefly prepared remarks, slides, and answers to questions contain forward-looking statements.

簡短準備的評論、幻燈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 outlined in our public filings with securities commissions in Canada and the US, including our third quarter 2024 and annual 2023 MD&A.

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 年第三季和2023 年年度MD&A 。

With that, over to you, Darren.

就這樣，交給你了，達倫。

Thanks, Rocky, and hello, everyone.

謝謝洛基，大家好。

In the third quarter, our team's dedication to operational excellence led to industry-leading financial results and customer growth, harnessing our premier asset portfolio, and focused commitment to cost efficiency and operating effectiveness.

在第三季度，我們的團隊致力於卓越運營，利用我們優質的資產組合以及對成本效率和營運效率的專注承諾，實現了行業領先的財務業績和客戶成長。

Our results demonstrate our ability to deliver sustainable profitable growth, anchored by our strategic emphasis on margin-accretive customer expansion, globally leading broadband networks, and of course, our customer centric culture.

我們的業績證明了我們實現可持續獲利成長的能力，這得益於我們對利潤成長型客戶擴張的策略重點、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 industry best total net additions of 347,000 customers.

這使得淨增客戶總數達到業界最高水準 347,000 名。

Our team's passion for delivering customer service excellence once again contributed to industry-leading loyalty 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業界的忠誠度。

Notably, postpaid mobile phone churn was once again below 1%.

值得注意的是，後付費手機流失率再次低於 1%。

Furthermore, churn for TELUS's branded mobility and home bundled households nationally was also below 1%.

此外，TELUS 品牌行動和家庭捆綁家庭在全國的流失率也低於 1%。

This showcases the consistent potency of our unmatched bundled product offerings across mobile and home and our industry-leading customer experience over our industry-best PureFibre 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貫效力，以及我們在業界最佳的 PureFibre 和無線寬頻網路上提供的業界領先的客戶體驗。

Looking at our financial results, we achieved solid and resilient third-quarter TTech EBITDA growth of 5.6%.

從我們的財務表現來看，我們第三季 TTech EBITDA 實現了 5.6% 的穩健且有彈性的成長。

This reflects the progression of our ongoing transformational efficiency programs, which are clearly bearing fruit.

這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 industry-leading third-quarter customer growth of 289,000 net additions.

TELUS 第三季客戶淨增數量達 289,000 名，業界領先。

This included robust mobile phone, net additions of 130,000, driven alongside our continued focus on profitable, margin-accretive customer growth, indeed.

其中包括強勁的行動電話業務，淨增 130,000 部，同時我們持續專注於可獲利、可增加利潤的客戶成長。

We are doubling down on our disciplined focus on profitability as we progress through the busy and highly competitive final quarter of the year and into 2025.

隨著我們度過繁忙且競爭激烈的今年最後一個季度並進入 2025 年，我們將加倍嚴格地專注於盈利能力。

By way of example, we strategically chose not to match dilutive offers that we saw in market during the back-to-school period.

舉例來說，我們策略性地選擇不匹配我們在返校期間在市場上看到的稀釋報價。

Our efforts will ensure our mobile customer growth drives sustainable EBITDA and cash flow accretion for our business and for 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 strong gains in connected devices with net additions of 159,000, reflecting ongoing momentum with respect to our 5G and IoT B2B solutions.

行動用戶成長還包括連網設備的強勁成長，淨增數量達到 159,000 台，反映出我們 5G 和物聯網 B2B 解決方案的持續成長動能。

Importantly, our team delivered another quarter of leading loyalty results, which continues to be, of course, 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，這當然仍然是我們 TELUS 團隊的標誌。

Blended mobile phone churn of 1.09% was up slightly against the backdrop of continued elevated competitive activity, whilst we drove a meaningful improvement over the higher year-over-year increases seen in the first two quarters of the year.

在競爭活動持續加劇的背景下，混合手機流失率略有上升，達到 1.09%，同時我們在今年前兩個季度的同比增幅上取得了顯著的改善。

Although this is not a level of churn at which our team is content, it once again represents an industry-best result by a substantial margin versus our peer group.

儘管這不是我們團隊滿意的流失水平，但它再次代表了行業最佳結果，與我們的同行相比有很大優勢。

Notably, postpaid mobile phone churn was 0.9% in the quarter as we progress 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 0.9%，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 for our clients.

這是全球傑出的成果，反映了我們的 TELUS 團隊一次又一次為我們的客戶提供業界最佳的客戶體驗。

To close on mobile, third-quarter ARPU was $58.85. This was down year over year with a flat rate of decline as compared to the second quarter, largely as a result of continued intense promotional market activity that we are familiar with.

截至行動端，第三季 ARPU 為 58.85 美元。與第二季相比，這一數字同比下降，降幅持平，這主要是由於我們所熟悉的持續激烈的促銷市場活動所致。

Our team remains focused on driving improved ARPU outcomes through multiple levers prospectively.

我們的團隊仍專注於透過多種手段前瞻性地推動 ARPU 成果的改善。

These include enhancing our premium bundle offers across mobility and fixed to drive an accretive household economics.

其中包括增強我們在行動和固定領域的優質捆綁服務，以推動家庭經濟的成長。

These include optimizing our highly differentiated product portfolio and brand mix.

其中包括優化我們高度差異化的產品組合和品牌組合。

These include driving unmatched product development, product differentiation, and product intensity.

其中包括推動無與倫比的產品開發、產品差異化和產品強度。

And these include maintaining a strategic focus on profitable growth and sustainable economics for our business.

其中包括維持我們業務的獲利成長和永續經濟的策略重點。

Our flanker brands continue to offer strong customer value in key growth segments, including public mobile, with its compelling AMPU attributes.

我們的側翼品牌憑藉其引人注目的 AMPU 屬性，繼續在包括公共移動在內的關鍵成長領域提供強大的客戶價值。

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 now at more than 3.2 products per household and growing increases both average revenue and average margin per home while simultaneously reducing churn.

此外，我們的產品密集度不斷提高，目前每戶擁有超過 3.2 種產品，而且還在不斷增長，這增加了每戶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 bundle more fixed and mobility products on a national basis, significantly enhancing customer lifetime revenue and the associated economics.

因此，當我們在全國範圍內捆綁更多固定和移動產品時，我們會看到連續的效益，從而顯著提高客戶終身收入和相關經濟效益。

Notably, the team has driven 8% year-over-year growth in bundled mobile and home households on a national basis.

值得注意的是，該團隊在全國範圍內推動了捆綁移動和家庭家庭的同比增長 8%。

These efforts will continue to be supported by our strategic focus on winning and retaining profitable customers whilst remaining highly disciplined in respect of device subsidies.

這些努力將繼續得到我們贏得和留住獲利客戶的策略重點的支持，同時在設備補貼方面保持嚴格的紀律。

Moreover, we continue to expect connected devices and IoT to increasingly contribute to network revenue, ARPU and AMPU and seeing that growth 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、ARPU 和 AMPU 做出越來越多的貢獻，並在未來看到這種成長的實質水準。

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, specifically up to 46% in the third quarter.

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，該收入始終大幅超過我們的國內同行，特別是在第三季度高達 46%。

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 又實現了業界最佳有線客戶總成長的四分之一。

Indeed, our team achieved robust third-quarter internet net additions of 34,000.

事實上，我們的團隊在第三季度實現了 34,000 名網路用戶的強勁成長。

Importantly, consumers in Western Canada are choosing TELUS for our PureFibre superiority, coupled with our customer service excellence, which is sustaining strong growth on a year-over-year basis.

重要的是，加拿大西部的消費者選擇 TELUS 是因為我們的 PureFibre 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。

By way of example, we drove 17% year-over-year growth in our 1 gig plus rate plans as well as compared to one year ago.

舉例來說，與一年前相比，我們的 1 份演出加費率計畫年增了 17%。

We're also continuing to drive healthy growth in our TV product line with industry-leading net additions of 21,000, up slightly 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 21,000 台，較去年同期略有成長。

Additionally, modest residential voice losses of 9,000 were relatively flat year over year and again represented an industry-best result compared to our national peers by a notably wide margin.

此外，住宅語音損失為 9,000 人，與去年同期相比相對持平，與全國同行相比，再次代表了行業最佳結果，差距明顯較大。

Security net additions of 12,000 continue to reflect our successful multiproduct penetration strategy, although down year over year, largely due to an emphasis on loading higher-value customers ahead of the transition to our accretive proprietary platform.

安全淨增加 12,000 名，繼續反映了我們成功的多產品滲透策略，儘管同比有所下降，這主要是由於在過渡到我們的增值專有平台之前強調吸引更高價值的客戶。

Overall, our external fixed net additions of 58,000, again, represented an industry-leading third quarter result for the TELUS organization by again a notable margin.

總體而言，我們的外部固定淨增數量達到 58,000 人，這再次代表了 TELUS 組織第三季度領先業界的業績，並且領先優勢再次顯著。

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 PureFibre 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大的 PureFibre 網路提供的卓越客戶體驗。

The magnitude of fixed results we are delivering illustrates the return we are getting on transformational investments in our PureFibre network, which will continue to flow for decades to come, given the longitudinal characteristics of this highly valuable asset.

我們提供的固定結果的規模說明了我們在 PureFibre 網路中進行轉型投資所獲得的回報，鑑於這一高價值資產的縱向特徵，該網路將在未來幾十年內繼續流動。

This will be further enhanced by our continued significant innovation on our differentiated product roadmap, where we have multiple service bundling options available with our proven fiber strategy.

我們在差異化產品路線圖上不斷進行重大創新，這將進一步增強這一點，我們在經過驗證的光纖策略中提供了多種服務捆綁選項。

The foundation for this is the first device-agnostic smart home platform which TELUS has built leveraging new IoT services in close partnership with AWS as well as the development skills and capacity of our TELUS digital team.

其基礎是TELUS利用與AWS密切合作的新物聯網服務以及我們TELUS數位團隊的開發技能和能力建構了第一個與設備無關的智慧家庭平台。

This platform enables our entry into new verticals as evidenced by the two new products we launched in the third quarter.

這個平台使我們能夠進入新的垂直領域，我們在第三季推出的兩款新產品證明了這一點。

Notably, our consumer energy management service, TELUS Smart Energy, will save Canadians money whilst reducing their environmental footprint.

值得注意的是，我們的消費者能源管理服務 TELUS Smart Energy 將為加拿大人節省資金，同時減少他們的環境足跡。

We also launched TELUS Home View, the next step in our home security automation, allowing customers to monitor their home on our TELUS App and maintain their safety and privacy, leveraging AI.

我們還推出了 TELUS Home View，這是我們家庭安全自動化的下一步，讓客戶可以在我們的 TELUS 應用程式上監控他們的家，並利用人工智慧來維護他們的安全和隱私。

Our platform will also enable the enhanced integration of existing capabilities such as health and wellness whilst at the same time, driving meaningful cost to serve improvements as well as licensing, savings, and revenues.

我們的平台也將增強健康和保健等現有功能的整合，同時推動顯著的成本來服務改進以及許可、節省和收入。

Our product development differentiated service portfolio, and product intensity, driven by leading data and AI capabilities not only positions us for growth, but they also help Canadians save money in an affordability challenged environment.

在領先的數據和人工智慧能力的推動下，我們的產品開發差異化服務組合和產品強度不僅使我們能夠實現成長，而且還幫助加拿大人在負擔能力受到挑戰的環境中省錢。

Looking forward, this integrated product portfolio will further solidify our product intensity leadership and present new revenue sources that are highly differentiated from our competitive peer group.

展望未來，這項整合產品組合將進一步鞏固我們在產品強度方面的領先地位，並提供與我們的競爭對手截然不同的新收入來源。

Indeed, our product roadmap is national in scope, unlocking new opportunities for bundled growth nationally, particularly alongside expanded fiber access, as well as international revenues via licensing agreements with worldwide telecommunications companies.

事實上，我們的產品路線圖是全國性的，為全國範圍內的捆綁式增長釋放了新的機會，特別是隨著光纖接入的擴大，以及通過與全球電信公司的許可協議獲得國際收入。

Let's turn now and look at TELUS business solutions or TBS, which once again delivered a strong quarter of growth across all lines of business.

現在讓我們來看看 TELUS 業務解決方案或 TBS，它再次在所有業務領域實現了強勁的季度成長。

Our team drove continued success in private wireless networks, including a large multisite deployment that went live in the third quarter, supporting advanced applications and operational effectiveness.

我們的團隊推動了專用無線網路的持續成功，包括第三季上線的大型多站點部署，支援進階應用程式和營運效率。

Our intense cross-sell program across TELUS business, TELUS health, TELUS agriculture and consumer Goods, and TELUS digital continues to resonate strongly as we increasingly bring the full power of TELUS to customers across the globe.

隨著我們越來越多地將 TELUS 的全部力量帶給全球客戶，我們在 TELUS 業務、TELUS 健康、TELUS 農業和消費品以及 TELUS 數位領域的密集交叉銷售計劃繼續引起強烈反響。

Year to date, we've closed over $40 million in cross functional sales with a robust and growing sales funnel of over $300 million in opportunities.

今年迄今為止，我們已經完成了超過 4000 萬美元的跨職能銷售，擁有一個強大且不斷增長的銷售漏斗，其中包含超過 3 億美元的機會。

Importantly, we achieved a strong quarter within our IoT portfolio, delivering double-digit year-over-year growth in IoT revenue, driven by strong growth from our emerging private wireless network, connected worker, and Intelligent Spaces solutions.

重要的是，在我們新興的專用無線網路、互聯員工和智慧空間解決方案的強勁增長的推動下，我們的物聯網產品組合實現了強勁的季度表現，物聯網收入實現了兩位數的同比增長。

Notably, reflective of our strong customers-first culture, our industry leading networks, our digital capabilities and AI leadership powered by TELUS digital, our national business team achieved industry-best loyalty results in Q3, a lead which we have maintained for nine consecutive quarters now.

值得注意的是，我們的國家業務團隊在第三季度取得了行業最佳的忠誠度結果，這反映了我們強大的客戶至上文化、行業領先的網絡、數位能力和由TELUS digital 提供支援的人工智能領導力，我們已連續九個季度保持領先地位現在。

Looking to TELUS health, our team drove revenue growth of 4% as strategic investments in our products, our sales, and distribution channels generate strong momentum across our health portfolio.

展望 TELUS health，我們的團隊推動了 4% 的收入成長，因為對我們的產品、銷售和分銷管道的策略性投資為我們的健康產品組合帶來了強勁動力。

Sales bookings across key TELUS health growth portfolios are up meaningfully on a year-to-date basis, including being up by 32% in employer solutions, 84% in payer and provider solutions, and almost two-fold within our healthcare digital clinics.

今年迄今為止，TELUS 主要健康成長產品組合的銷售預訂量大幅成長，其中雇主解決方案的銷售預訂量增加了32%，付款人和提供者解決方案的銷售預訂量增加了84%，我們的醫療保健數位診所的銷售預訂量增加了近兩倍。

This indeed does bode well for future revenue growth and expansion at a supernormal level.

這確實是未來營收成長和超常水準擴張的好兆頭。

The growth in these areas not only drives global scale for us, but also represents some of our most profitable domestic lines of business.

這些領域的成長不僅推動了我們的全球規模，也代表了我們一些最賺錢的國內業務。

Moreover, in the third quarter, our team achieved 50% EBITDA contribution growth within TELUS health, supported by higher revenue and the realization of $331 million in combined annualized synergies since acquiring LifeWorks in 2022.

此外，在第三季度，我們的團隊在 TELUS health 內實現了 50% 的 EBITDA 貢獻成長，這得益於營收的增加以及自 2022 年收購 LifeWorks 以來實現的 3.31 億美元的綜合年化協同效應。

This includes $277 million in cost synergies and $54 million and growing in cross selling, as we work towards our overall objective of delivering $427 million in synergies by the end of 2025.

其中包括 2.77 億美元的成本綜效和 5,400 萬美元的交叉銷售成長，我們致力於實現到 2025 年底實現 4.27 億美元協同效應的總體目標。

Our strong performance at TELUS health also includes driving a 9% year-over-year increase in global lives covered up to now 76 million.

我們在 TELUS health 的強勁表​​現還包括推動全球生命覆蓋人數年增 9%，目前覆蓋人數已達 7,600 萬人。

The performance includes supporting health outcomes on nearly 162 million digital health transactions during the third quarter alone, up more than 7% over the same period a year ago.

該業績包括僅第三季就支持了近 1.62 億筆數位健康交易的健康成果，比去年同期增長了 7% 以上。

And the strong performance at telehealth includes increasing our virtual care membership to 6.5 million clients, up more than 18% over the prior year.

遠距醫療的強勁表現包括將我們的虛擬護理會員數量增加到 650 萬客戶，比前一年增長超過 18%。

Similarly, with TELUS agriculture and consumer goods or TAC, we continue to see positive outcomes as we strengthen our market position.

同樣，在 TELUS 農業和消費品（TAC）方面，隨著我們鞏固市場地位，我們繼續看到積極的成果。

On the back of record sales performance over the past four quarters, the team delivered year-over-year revenue growth of more than 20% across our TELUS agriculture and consumer goods business and bookings growth of 65% on a year-to-date basis.

憑藉過去四個季度創紀錄的銷售業績，該團隊的 TELUS 農業和消費品業務收入同比增長超過 20%，年初至今預訂量增長 65% 。

Notably, this was alongside strong profitability and margin contribution, with TAC's EBITDA contribution being up over 100% relative to the same period a year ago.

值得注意的是，這也伴隨著強勁的獲利能力和利潤貢獻，TAC 的 EBITDA 貢獻較去年同期成長了 100% 以上。

Our commitment to maximizing the full potential of our distinctive global businesses is underscored by leveraging the expertise, experience, and high-performance culture of our broader TELUS team.

透過利用更廣泛的 TELUS 團隊的專業知識、經驗和高績效文化，我們致力於最大限度地發揮我們獨特的全球業務的全部潛力。

Importantly, this includes capitalizing on significant and highly differentiated cross-selling opportunities across all of our B2B businesses, demonstrating the collective talent and effectiveness of our team in driving our combined success.

重要的是，這包括利用我們所有 B2B 業務中重要且高度差異化的交叉銷售機會，展示我們團隊在推動共同成功方面的集體才能和有效性。

Turning to TELUS digital, which also reported its third-quarter results earlier today.

談到 LUS digital，該公司今天稍早也公佈了第三季業績。

The team delivered stable financial performance compared to the prior quarter, signifying a positive step on the recovery trajectory.

與上一季相比，該團隊實現了穩定的財務業績，標誌著在復甦軌道上邁出了積極的一步。

We remain eager to drive further improvements as we advance our growth objectives.

在推進我們的成長目標的同時，我們仍然渴望推動進一步的改進。

Indeed, TELUS digital's comprehensive and growing suite of leading AI solutions continues to demonstrate strong and encouraging momentum.

事實上，TELUS digital 全面且不斷成長的領先人工智慧解決方案套件繼續展現出強勁且令人鼓舞的勢頭。

This includes capturing new client engagements and broader recognition in the market, exemplifying our progress in next-generation technology applications.

這包括吸引新的客戶參與和市場上更廣泛的認可，體現了我們在下一代技術應用方面的進展。

Moreover, the strength of TELUS digital's transformational generative AI-powered solutions and tools created for all lines of business at TELUS continues to enhance their go-to-market efforts with new and prospective clients.

此外，TELUS digital 為 TELUS 所有業務線創建的變革性生成人工智慧驅動解決方案和工具的實力繼續增強其與新客戶和潛在客戶的市場推廣工作。

As we continue progressing our own digital transformation journey, it offers a unique opportunity for TELUS digital to leverage TELUS as an innovation lab which they in turn can exploit as a meaningful reference case for the productization of solutions with their external clients.

隨著我們繼續推進自己的數位轉型之旅，它為TELUS digital 提供了一個獨特的機會，可以利用TELUS 作為創新實驗室，而他們反過來可以將其用作與外部客戶一起實現解決方案產品化的有意義的參考案例。

Our confidence in TELUS digital's fundamental drivers of value creation remain strong, particularly given the company's leadership in key areas, including trust and safety, including the digitization of its own and its clients' customer experience operations, including TELUS, and our unique set of tech-focused growth assets.

我們對TELUS digital 價值創造的基本驅動力仍然充滿信心，特別是考慮到該公司在關鍵領域的領導地位，包括信任和安全，包括其自身及其客戶的客戶體驗運營（包括TELUS）的數位化，以及我們獨特的技術組合-專注於成長型資產。

And it includes the broader evolution of its business towards a technology-centric model with the attendant value creation opportunities.

它還包括其業務向以技術為中心的模式的更廣泛發展，以及隨之而來的價值創造機會。

Importantly, we see TELUS Digital under the capable leadership of Jason and Tobias, creating positive momentum for its medium- and long-term growth aspirations.

重要的是，我們看到 TELUS Digital 在 Jason 和 Tobias 的得力領導下，為其中長期成長目標創造了積極的動力。

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 industry-leading customer growth we continue to report is underpinned by our dedicated team who passionately deliver superior service offerings and digital capabilities over our world-leading wireless and fiber networks.

最後，我們持續報告的領先業界的客戶成長得益於我們的專業團隊，他們熱情地透過我們世界領先的無線和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.

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。

They're enabling the ongoing monetization of PureFibre and 5G.

他們正在推動 PureFibre 和 5G 的持續貨幣化。

They're enabling the financial and strategic benefits of copper decommissioning.

他們正在實現銅退役的財務和戰略利益。

They're enabling an intense strategic focus on efficiency enhancements.

他們將戰略重點集中在提高效率上。

And notably, they're delivering revenue and profit progression in TELUS health and TELUS agriculture and consumer goods.

值得注意的是，他們在 TELUS 健康、TELUS 農業和消費品領域實現了收入和利潤成長。

They also underpin the long-term sustainability of our industry-leading dividend growth program.

它們還支撐了我們領先業界的股息成長計劃的長期可持續性。

The 7% year-over-year dividend increase announced today represents the 27th increase since we initiated our multiyear dividend growth program in 2011; 2011 now in its 14th year.

今天宣布的股息年增 7%，是我們自 2011 年啟動多年股息成長計畫以來的第 27 次成長； 2011年已經是第14年了。

Since 2004, TELUS has returned more than $26 billion to shareholders, including over $21 billion in dividends representing approximately $18 per share. 14 years since 2011 and counting.

自2004年以來，TELUS已向股東返還超過260億美元，其中包括超過210億美元的股息，相當於每股約18美元。自 2011 年至今已有 14 年了。

The TELUS team is intensely focused on what's next, including evolving our product road map on a national basis with innovative customer-centric offerings in the months and quarters ahead.

TELUS 團隊高度關注接下來的發展，包括在未來幾個月和幾季透過以客戶為中心的創新產品在全國範圍內發展我們的產品路線圖。

This will drive further significant differentiation and meaningful revenue growth opportunities, and importantly, buttress the continued advancement of our financial and operational performance and the continuation of our robust dividend growth model prospectively.

這將進一步推動顯著差異化和有意義的收入成長機會，更重要的是，將支持我們財務和營運績效的持續進步以及我們強勁的股息成長模式的延續。

Finally, demonstrating our organization's long-standing belief in the symbiotic relationship between doing well in business and doing good in the global communities where our team members live, work, and serve, last month, we celebrated the one-year anniversary of the TELUS Student Bursary.

最後，上個月，我們慶祝了 TELUS 學生計畫一周年，展示了我們組織長期以來對做好業務與為團隊成員生活、工作和服務的全球社區做好事之間的共生關係的信念。

Through the TELUS Student Bursary, we are creating the circumstances necessary to empower young people in Canada to realize their full potential.

透過 TELUS 學生助學金，我們正在創造必要的環境，使加拿大的年輕人能夠充分發揮潛力。

In addition to being the largest bursary fund in the country, the TELUS Student Bursary is also unique because of its focus on future leaders who are volunteering in their communities and driving essential social innovation.

除了是全國最大的助學金之外，TELUS 學生助學金的獨特之處還在於它專注於在社區做志工並推動重要社會創新的未來領導者。

Since the inception of the bursary program, the TELUS Friendly Future Foundation has provided over $4 million to nearly 1,000 students. 1,000 students, the talent of the future for community-centric organizations like TELUS.

自從助學金計畫啟動以來，TELUS 友好未來基金會已向近 1,000 名學生提供了超過 400 萬美元的資助。 1,000 名學生，是 TELUS 等以社區為中心的組織的未來人才。

Now that's investing for future growth.

現在這是對未來成長的投資。

Myself and our entire leadership team remain exceedingly grateful for our team's passionate efforts to support our global communities as we strive to deliver outstanding results for all of our stakeholders.

我自己和我們的整個領導團隊仍然非常感謝我們的團隊在我們努力為所有利益相關者提供出色成果的同時為支持我們的全球社區所做的熱情努力。

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

關於這一點，我會將電話轉給道格叔叔。

Uncle Doug, over to you.

道格叔叔，交給你了。

Thank you, Darren.

謝謝你，達倫。

And hello everyone.

大家好。

Mobile network revenue growth of 0.7% was driven by mobile phone and connected device subscriber additions, partially offset by lower mobile phone.

行動網路收入成長 0.7% 是由行動電話和連接設備用戶增加推動的，但部分被行動電話數量減少所抵消。

ARPU which declined by 3.4% consistent with Q2.

ARPU 下降 3.4%，與第二季一致。

Lower ARPU is a result of ongoing impact from the competitive pricing environment, including lower roaming from the adoption of unlimited roaming plans.

ARPU 下降是競爭性定價環境持續影響的結果，其中包括採用無限制漫遊計畫導致的漫遊費用下降。

This is partially offset by higher IoT revenue growth.

這被較高的物聯網收入成長所部分抵消。

Our strategy continues to focus on strong subscriber economics and profitable growth.

我們的策略持續專注於強勁的用戶經濟和獲利成長。

Our ongoing focus for cost efficiency, as demonstrated by the increase in our restructuring assumption to approximately $450 million, will help offset industry pricing pressures and allow us to reinvest into the growth of our business and product development.

我們持續關注成本效率，正如我們的重組假設增加至約 4.5 億美元所證明的那樣，這將有助於抵消行業定價壓力，並使我們能夠對業務成長和產品開發進行再投資。

These investments will support sustainable EBITDA growth, margin expansion, and cash flow generation in the quarters and years ahead.

這些投資將支持未來幾個季度和幾年的可持續 EBITDA 成長、利潤率擴張和現金流生成。

Fixed data service revenue grew by 1.9% year over year, improving sequentially quarter over quarter.

固定數據服務收入較去年同期成長1.9%，季增。

This growth was driven by strong customer net additions of 67,000 across our superior product portfolio of PureFibre Internet, TV, security, and home automation as well as B2B growth.

這一成長是由我們的 PureFibre 網路、電視、安全和家庭自動化優質產品組合以及 B2B 成長推動的 67,000 名強勁客戶淨增加。

This was partially offset by lower TV revenue per customer as customers continue to evolve their entertainment packages along with technology substitution, including the strong adoption of our national Stream+ offering.

這被每位客戶的電視收入下降所部分抵消，因為客戶不斷發展他們的娛樂套餐以及技術替代，包括我們全國 Stream+ 產品的大力採用。

At a segment level, TTech operating revenues were up 1.9%, driven by mobile network, mobile equipment, fixed data services, as well as health and agriculture services revenue.

在細分市場層面，受行動網路、行動裝置、固定數據服務以及健康和農業服務收入的推動，TTech 營運收入成長了 1.9%。

Notably, other income of $54 million in the quarter increased by $36 million year over year, largely due to gains from the active real estate projects that we have in front of us, resulting from our PureFibre and associated copper decommissioning program.

值得注意的是，本季的其他收入為 5,400 萬美元，年比增加了 3,600 萬美元，這主要歸功於我們面前的活躍房地產項目的收益，以及我們的 PureFibre 和相關銅退役計劃帶來的收益。

We anticipate these gains to continue in the quarters ahead as we execute against our multiyear real estate development strategy and decommissioning programs as we move more and more of our customers to fiber.

隨著我們將越來越多的客戶轉向光纖，我們預計這些收益將在未來幾季繼續下去，因為我們將執行多年的房地產開發策略和退役計劃。

TTech adjusted EBITDA increased by 5.6% and adjusted margin expanded by 110 basis points to 39% as a result of our focus on profitable loading, customer service and product intensity, and our cost efficiency programs.

由於我們專注於獲利裝載、客戶服務和產品強度以及成本效率計劃，TTech 調整後 EBITDA 成長了 5.6%，調整後利潤率成長了 110 個基點，達到 39%。

TELUS digital segment continued to see some challenges in the macroeconomic environment and associated pricing pressures but led to declining revenues of about 4.4% year over year.

TELUS數位部門持續面臨宏觀經濟環境和相關定價壓力的一些挑戰，但導致營收年減約4.4%。

However, this result reflects digital's ability to partially offset these pressures with growth from services provided to our existing customers, new clients added over the past 12 months.

然而，這一結果反映出 Digital 有能力透過向現有客戶提供的服務以及過去 12 個月中新增的新客戶來部分抵消這些壓力。

When including the intersegment revenue with TELUS, operating revenue is up almost 1%, demonstrating our strong and unique relationship with TELUS digital, which is creating mutual beneficial opportunities and underscores their crucial role in driving our customer leadership and digital transformation.

當包括與TELUS 的部門間收入時，營業收入增長了近1%，這證明了我們與TELUS digital 之間強大而獨特的關係，這種關係正在創造互惠互利的機會，並強調了他們在推動我們的客戶領導力和數位轉型方面的關鍵作用。

This includes the implementation of our GenAI applications across all levels of our organization, driving further efficiencies and growth opportunities.

這包括在我們組織的各個層面實施我們的 GenAI 應用程序，從而進一步提高效率和成長機會。

This digital adjusted EBITDA was down 30% driven by customer margin pressure with higher investments in the commercial sales team, operational effectiveness programs as well as investments in Fuel iX product development.

由於客戶利潤壓力、商業銷售團隊、營運效率計劃以及 Fuel iX 產品開發投資增加，導致數位調整後的 EBITDA 下降了 30%。

Additionally, the year-over-year comparison reflects an increase in share-based compensation primarily due to the timing of award grants, higher expenses from the awards granted in relation to previous acquisitions.

此外，同比比較反映了股權激勵的增加，這主要是由於獎勵授予的時間、與先前收購相關的授予獎勵的費用增加所致。

Overall, stabilization in TELUS digital's results compared to the prior quarter show they are on target to achieve their full-year outlook as provided in August.

總體而言，TELUS digital 的業績與上一季相比趨於穩定，表明他們有望實現 8 月提供的全年展望。

On a consolidated basis, TELUS overall operating revenues increased by 1% year over year and adjusted EBITDA increased by 1.3%.

綜合來看，TELUS整體營業收入較去年同期成長1%，調整後EBITDA成長1.3%。

Adjusted EBITDA margin was 36% and was stable as strong TTech margin was partially offset with TELUS digital.

調整後的 EBITDA 利潤率為 36%，由於 TTech 的強勁利潤率被 TELUS digital 部分抵消，因此保持穩定。

Net consolidated income increased by 80% year over year while basic EPS was higher by 111%.

合併淨收入年增 80%，基本每股收益成長 111%。

On an adjusted basis, net income and EPS were higher by 11% and 12% respectively.

調整後的淨利潤和每股收益分別增加了 11% 和 12%。

The strong growth was driven by higher adjusted EBITDA and declining depreciation and amortization, partially offset by higher financing costs.

強勁成長是由調整後 EBITDA 提高以及折舊和攤提下降推動的，但部分被融資成本上升所抵消。

In the quarter, financing costs were higher from the impact of the non-cash unrealized changes to the forward element of our virtual purchase power agreements, as well as increased long-term debt and higher interest rates.

本季度，由於虛擬購買力協議遠期要素的非現金未實現變化以及長期債務增加和利率上升的影響，融資成本較高。

Free cash flow of $561 million was higher by $206 million or 58%, driven by lower restructuring disbursements and lower CapEx.

由於重組支出減少和資本支出減少，自由現金流增加了 5.61 億美元，增加了 2.06 億美元，即 58%。

Consolidated CapEx declined by $101 million or 13%, primarily driven by our planned CapEx reductions.

綜合資本支出下降了 1.01 億美元，即 13%，這主要是由於我們計劃削減資本支出。

Consolidated CapEx intensity with 13%, down 200 basis points over Q3 last year.

綜合資本支出強度為 13%，較去年第三季下降 200 個基點。

Today, we updated our TTech financial target for operating revenue, which will now -- which we now expect to be slightly below the lower end of our original target range.

今天，我們更新了 TTech 營業收入的財務目標，我們現在預計該目標將略低於我們最初目標範圍的下限。

We're remaining above the current average of analyst consensus estimates.

我們仍高於目前分析師一致預期的平均值。

This updated outlook both from -- both the competitive market conditions and our team's focus on operational execution.

這項更新的前景既來自競爭激烈的市場條件，也來自我們團隊對營運執行的關注。

Importantly, our TTech adjusted EBITDA, along with our consolidated targets for capital expenditures and free cash flow, remain unchanged as previously communicated in our Q2 results in August.

重要的是，我們的 TTech 調整後 EBITDA 以及我們的資本支出和自由現金流的綜合目標與先前在 8 月第二季業績中傳達的一樣保持不變。

Overall, we remain confident in our ability to continue generating strong and growing cash flow for the years ahead, driven by ongoing EBITDA growth and moderating CapEx intensity.

總體而言，在 EBITDA 持續成長和資本支出強度放緩的推動下，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 support our strong balance sheet to provide us ample flexibility to support our growth ambitions and shareholder returns.

這將支持我們強勁的資產負債表，為我們提供充足的靈活性，以支持我們的成長雄心和股東回報。

At the end of the third quarter, we had approximately $3.2 billion of available liquidity.

截至第三季末，我們擁有約 32 億美元的可用流動資金。

Our average cost of long-term debt was approximately 4.4% and the term to maturity of long-term debt was 10.6 years, and our net debt to EBITDA ratio 3.83 times.

我們的平均長期負債成本約為4.4%，長期負債到期期限為10.6年，淨負債與EBITDA比率為3.83倍。

As a reminder, the acquisition of wireless spectrum licenses in the recent years has increased that ratio by 0.56 times.

需要提醒的是，近年來無線頻譜牌照的獲得使這一比率增加了 0.56 倍。

As we progress into future years, we anticipate our leverage ratio to improve as we work towards our target ratio through continued EBDA growth, declining capital intensity, asset monetization including real estate and copper, and operating free cash flow expansion, as we continue to support our capital allocation priorities including long term sustainability of our dividend and cash flow growth.

隨著我們進入未來幾年，隨著我們繼續支持我們的資本配置優先事項包括股息和現金流成長的長期可持續性。

Robert, back to you.

羅伯特，回到你身邊。

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 instructions) Drew McReynolds, RBC.

（操作員說明）Drew McReynolds，RBC。

Yeah.

是的。

Thanks very much, and good afternoon or good morning.

非常感謝，下午好或早安。

I'm going to keep my question to just a big picture one. 2024, obviously, has been a tough year for the industry and the tides kind of gone out a little bit here.

我將把我的問題保留為一個大局。顯然，2024 年對該行業來說是艱難的一年，趨勢有所減弱。

If you step back and, Darren, kind of watch the evolution of TELUS on fiber bundling, product intensity, AMPU, public mobile, digitization, customer experience, I think everyone can agree you've been ahead of the curve here.

Darren，如果你退後一步，看看 TELUS 在光纖捆綁、產品強度、AMPU、公共移動、數位化、客戶體驗方面的演變，我想每個人都會同意你在這方面一直處於領先地位。

So when you describe what's next, it's kind of interesting to see what that playbook looks like.

因此，當您描述接下來會發生什麼時，看看劇本是什麼樣子是很有趣的。

So my question is, and it's a question that all investors are asking right now, is just what is really the revenue growth potential here for the industry.

所以我的問題是，這是所有投資者現在都在問的問題，即該行業真正的收入成長潛力是什麼。

So I'm just wondering from TELUS's perspective, what that outlook looks like?

所以我只是想知道從 TELUS 的角度來看，前景是什麼樣的？

And if you could kind of cut it into two buckets.

如果你能把它切成兩桶就好了。

One would be the outlook for the traditional core telecom business of, let's say, just core wireline and wireless.

其中之一就是傳統核心電信業務（比如說核心有線和無線業務）的前景。

And then, can you give us a sense of then the second bucket, which is all of the new revenue streams and initiatives you've put in place?

然後，您能為我們介紹第二個桶，也就是您實施的所有新收入來源和措施嗎？

Thank you.

謝謝。

Okay.

好的。

Thank you for that fastball down the middle of the plate, Drew, to get things kicked off here.

謝謝你在本壘板中間的那記快球，德魯，讓事情在這裡開始。

I'll do my best.

我會盡力的。

Firstly, in terms of investing and getting returns from investing, we really are focused on a pecking order trifecta of harvesting the fruits of our labor to improve our balance sheet prospectively.

首先，在投資和從投資中獲得回報方面，我們真正關注的是收穫勞動成果以改善我們的資產負債表的先後順序。

We think that's a super smart thing to do because the attendant economics aren't just good for debt holders, they'll also be good for equity holders.

我們認為這是一件非常明智的事情，因為隨之而來的經濟效益不僅有利於債務持有人，也有利於股權持有人。

Secondly, for us, we think there are still very attractive areas to invest in our business, and I'll speak about those in just a moment and I think they will hit your question head on.

其次，對我們來說，我們認為我們的業務仍然有非常有吸引力的投資領域，我稍後會談到這些領域，我認為它們會直接回答你的問題。

And then thirdly, as has been a long term hallmark of our organization, when we execute on our investments and we derive our returns, we make sure that our investors participate in those returns.

第三，正如我們組織的長期標誌一樣，當我們執行投資並獲得回報時，我們確保我們的投資者參與這些回報。

And so returning the fruits of our labor to our shareholders via the continuation of our dividend growth model is something that is near and dear to our hearts.

因此，透過延續我們的股利成長模式，將我們的勞動成果回饋給股東，是我們最關心、最珍惜的事情。

In terms of growth across the two buckets that you've articulated, we still see significant opportunities with what we're doing on fiber and 5G at both the revenue growth level but also at the cost efficiency level as well.

就您所闡述的兩個領域的成長而言，我們仍然看到我們在光纖和 5G 方面所做的工作在收入成長水準和成本效率水準上都存在重大機會。

We have a ton of opportunity in terms of revenue growth just on product intensity and cross selling alone.

僅就產品強度和交叉銷售而言，我們在收入成長方面就有大量機會。

I frequently talk -- chide the team at TELUS that we should be able to grow EBITDA 5% without bringing on a single new customer, such as the opportunity for cross-product pollination within our existing customer base.

我經常責備 TELUS 的團隊，我們應該能夠在不引入任何新客戶的情況下將 EBITDA 成長 5%，例如在我們現有客戶群中進行跨產品授粉的機會。

So that opportunity is material, if not voluminous.

因此，這個機會即使不是大量的，也是實質的。

I think one of the things that massively differentiates our organization is what we're doing on new product and platform development, creating new RGUs for the organization.

我認為使我們的組織與眾不同的事情之一是我們在新產品和平台開發方面所做的工作，為組織創建新的 RGU。

I think when you're spending billions and billions of dollars on fiber and 5G, you have a fiduciary responsibility to exact economies of scope from those infrastructure investments and the significant new product and platform developments that are taking place on a B2C and B2B basis are huge for this organization.

我認為，當您在光纖和 5G 上花費數十億美元時，您就有信託責任從這些基礎設施投資中實現範圍經濟，並且在 B2C 和 B2B 基礎上進行的重大新產品和平台開發是對於這個組織來說是巨大的。

And they also give us a level of diversification from certain core areas where we've seen price commoditization and marching compression from the competitive intensity.

它們也使我們在某些​​核心領域實現了一定程度的多元化，在這些領域，我們看到了價格商品化和競爭強度的不斷壓縮。

We like the thought of developing products that our competitors don't have.

我們喜歡開發競爭對手沒有的產品的想法。

And there is a long, long road map of opportunities from smart home automation to 5G commercialization and productization.

從智慧家庭自動化到5G商業化和產品化，還有一個很長很長的機會路線圖。

We still think there's significant opportunity for us on the national expansion front and international as it relates to some of the SaaS services that we're now selling and penetration opportunities in a number of key markets from consumer to small and medium business.

我們仍然認為，在國內和國際擴張方面，我們仍然存在重大機會，因為這與我們現在銷售的一些 SaaS 服務以及從消費者到中小型企業的許多關鍵市場的滲透機會有關。

We're very excited about our emerging growth businesses at TELUS health and TELUS agriculture and consumer goods.

我們對 TELUS 健康以及 TELUS 農業和消費品的新興成長業務感到非常興奮。

And I think what you've seen in terms of our third-quarter performance within health and agriculture and consumer goods bodes well for what you can expect into the future as it relates to sales growth, being translated into revenue growth, being translated into EBITDA growth, being translated into cash flow generation.

我認為您所看到的我們第三季度在健康、農業和消費品領域的業績預示著您對未來的預期，因為它與銷售增長有關，轉化為收入增長，轉化為 EBITDA增長，轉化為現金流的產生。

And when you couple that with an improving trajectory in terms of the recovery path for TELUS digital, who's also aiding and abetting what TELUS is doing in its own digital transformation, there's a lot of opportunity there.

當你將這一點與 TELUS digital 恢復路徑的改善軌跡結合起來時，TELUS digital 也在幫助和支持 TELUS 在其自己的數位轉型中所做的事情，那裡有很多機會。

And of course, that opportunity is on a global basis.

當然，這個機會是在全球範圍內的。

So yes, domestic, but these are big, big markets on a global basis for us to pursue.

所以，是的，國內市場，但這些都是我們要追求的全球性的龐大市場。

And I like the way that we're positioned in those industries, in terms of the asset collection that we have and where we're positioned at the key pivot points.

我喜歡我們在這些行業中的定位方式，包括我們擁有的資產收集以及我們在關鍵支點上的定位。

Although it doesn't get talked about a lot, we're also investing on the cost efficiency side.

儘管談論不多，但我們也在成本效率方面進行了投資。

So we want to see the bias of EBITDA accretion coming from revenue generation.

因此，我們希望看到 EBITDA 增加來自創收的偏差。

But we always want to see EBITDA also benefiting from constant improvements in cost efficiency.

但我們始終希望看到 EBITDA 也受益於成本效率的不斷提高。

And we still have lots of room for improvement in terms of the efficiency of our operations with leveraging our digital and growing -- leading -- growing and leading AI capabilities that are very exciting for us on both CX and on a go-to-market basis.

透過利用我們的數位化和不斷增長的領先人工智慧能力，我們在營運效率方面仍然有很大的改進空間，這對我們的客戶體驗和上市都非常令人興奮基礎。

We're also investing in monetization opportunities.

我們也投資於貨幣化機會。

What we're talking about and Doug alluded to this, but on real estate monetization and copper mining, recycling, and monetization, those are opportunities that are not just recurring.

我們正在談論的內容，道格也提到了這一點，但在房地產貨幣化和銅礦開採、回收和貨幣化方面，這些機會不僅僅是重複出現的。

Those are longitudinal opportunities over the longer term for this organization.

對該組織來說，這些是長期的縱向機會。

And we like to say that they're the byproduct of the gift that just keeps on giving, which is our fiber infrastructure and our expanding footprint.

我們想說，它們是我們不斷奉獻的禮物的副產品，這就是我們的光纖基礎設施和不斷擴大的足跡。

And of course, we also -- as it relates to the emerging businesses that I've just talked about, we've got prospective monetization opportunities in terms of growing health and ag and consumer goods on either a partnership path into the future as it relates to monetizations or prospectively successful IPOs or a combination of both.

當然，我們也——因為它與我剛才談到的新興業務有關，我們在不斷增長的健康、農業和消費品方面擁有潛在的貨幣化機會，無論是透過未來的合作夥伴關係還是涉及貨幣化或預期成功的首次公開募股或兩者的組合。

And one of the things that, I think, is missing when you look at all of those areas for revenue accretion on a robust basis, a sustained basis, and on a quality of revenue and earnings basis, there's one other thing that gets missed is that TELUS is an organization that's undergoing the most significant transformation in its history.

我認為，當你在穩健、持續的基礎上以及收入和盈利質量的基礎上審視所有這些領域的收入增長時，你會忽略一件事，還有一件事會被忽略： TELUS 是一個正在經歷其史上最重大變革的組織。

The digital transformation of TELUS, the cloudification of TELUS, and the evolution of our product portfolio to be one of a SaaS construct, in combination with the pervasiveness of our wideband fiber infrastructure, is allowing us to drive down our capital intensity to the 10% zone.

TELUS 的數位轉型、TELUS 的雲端化以及我們的產品組合向 SaaS 架構的發展，再加上我們寬頻光纖基礎設施的普及，使我們能夠將資本密集度降低至 10%區。

And I think when you take those two buckets, in answering your question, in terms of profitable revenue growth and combine them with the factors that are getting us down to CI of circa 10%, I think we're going to be earning our way to an elevation in our valuation multiple.

我認為，當你從盈利收入增長的角度來回答你的問題時，將這兩個方面與使我們的 CI 降至約 10% 的因素相結合，我認為我們將實現盈利提高我們的估值倍數。

Thanks, Drew., Carl, next question please.

謝謝，德魯，卡爾，請下一個問題。

Vince Valentini, TD Securities.

文斯·瓦倫蒂尼，道明證券。

Hey.

嘿。

Thanks very much.

非常感謝。

I have a different question but I just wanted -- given everything you just said there, Darren, can I wrap that up with one final point.

我有一個不同的問題，但我只是想——鑑於你剛才所說的一切，達倫，我可以用最後一點來結束這個問題嗎？

If you have so much opportunity in front of you and you're getting CapEx down to 10%, is there any reason you shouldn't keep growing your dividend 7%?

如果您面前有如此多的機會，而您的資本支出已降至 10%，那麼您是否有理由不繼續將股息增加 7%？

I mean you grew it for 7% for years, when you were spending a lot more CapEx than that and had to borrow a bit.

我的意思是，多年來你的資本支出增加了 7%，而你的資本支出遠高於此，並且不得不借一點錢。

So if you can level set us on that final piece of the puzzle you just said?

那麼，您能否讓我們了解您剛才所說的最後一塊拼圖？

And then more technical question for Doug, if I could.

如果可以的話，然後向道格提出更多技術問題。

The $36 million for real estate, can you just remind us exactly how that works?

3600 萬美元的房地產，您能具體提醒我們這是如何運作的嗎？

This is just you've sold some of the initial chunks of real estate.

這只是您出售了一些最初的房地產。

And every time you do a sale, it's going to count as revenue.

每次你進行銷售時，它都會算是收入。

Is that 100% flowing to EBITDA?

是 100% 流入 EBITDA 嗎？

Is there any cost associated with that?

是否有任何相關費用？

That would be great.

那太好了。

Thanks.

謝謝。

So, a direct answer to your question, Vince, no reason.

所以，直接回答你的問題，文斯，沒有理由。

Doug, over to you.

道格，交給你了。

Yeah, on the real estate side, what you're seeing is really 50% of the gain of those properties.

是的，在房地產方面，你看到的其實是這些房產收益的 50%。

So we are moving them into partnerships where our partner is bringing in cash, so we're in essence selling 50% of the property up front.

因此，我們將它們轉變為合作夥伴關係，我們的合作夥伴將帶來現金，因此我們實質上是預先出售 50% 的財產。

And then once developed and put into commercial, we would recognize the other 50% of the gain and then any income that comes from it concurrently.

然後一旦開發並投入商業，我們將同時確認另外 50% 的收益以及由此產生的任何收入。

So you're building an asset a consequence.

因此，你正在建立一項資產。

And it's accumulating across the board as we speak.

就在我們說話的時候，它正在全面累積。

So strong building of a portfolio.

如此強大的投資組合建構。

It would be no incremental cash to us to develop it and to complete that cycle.

開發它並完成這個週期對我們來說不會增加任何現金。

And we continue to see the benefits of this for many years to come.

在未來的許多年裡，我們將繼續看到這一點的好處。

Long-term recurring, with another shoe to fall on a positive basis.

長期反覆出現，與另一鞋跌為正向基礎。

Absolutely

絕對地

Sorry, Doug.

對不起，道格。

But so when you booked the 50% sale as revenue, is there any cost associated with it?

但是，當您將 50% 的銷售額記為收入時，是否有與之相關的任何成本？

Or is it [$36 million] EBITDA

或是 [3,600 萬美元] EBITDA

--?

——？

Whatever the cost base of the land was at the time, most of the land we've owned for many, many years.

無論當時土地的成本基礎是多少，我們已經擁有大部分土地很多很多年了。

So the cost base is relatively low.

所以成本基礎相對較低。

Thanks, Vince.

謝謝，文斯。

Carl, next question, please.

卡爾，請下一個問題。

Stephanie Price, CIBC.

史蒂芬妮·普萊斯，CIBC。

Hi.

你好。

Good morning.

早安.

Peers have been engaging in divestitures and some structured transactions as they take a look at their balance sheet.

同行在審視資產負債表時一直在進行資產剝離和一些結構性交易。

Is divestiture something TELUS is thinking about?

TELUS 正在考慮剝離嗎？

Or how do you think about noncore assets here?

或者您如何看待這裡的非核心資產？

So we will -- we've obviously looked at noncore assets from the perspective of the gift that keeps on giving with fiber on -- or real estate and copper, as Darren highlighted.

因此，正如達倫所強調的那樣，我們顯然已經從光纖或房地產和銅繼續提供的禮物的角度來審視非核心資產。

We've also done small divestitures of business lines that aren't in our long-term strategic view.

我們也對不符合我們長期策略觀點的業務線進行了小規模剝離。

And with our fiduciary responsibility, we'll continue to look at other monetization opportunities as we delever over time.

憑藉我們的信託責任，隨著時間的推移，我們將繼續尋找其他貨幣化機會。

But in addition to just the cash flow generation and CapEx reductions, all of those will contribute to a stronger balance sheet and we'll continue to monitor what is best for our organization moving forward.

但除了現金流的產生和資本支出的減少之外，所有這些都將有助於增強資產負債表，我們將繼續監控對我們組織前進最有利的因素。

And then just on the restructuring, it looks like you've brought the cost up a little bit.

然後就重組而言，看起來你已經將成本提高了一點。

I think the restructure is supposed to be completed this quarter.

我認為重組應該在本季完成。

Just curious how we should think about the margin cadence for the remainder of the year.

只是好奇我們應該如何考慮今年剩餘時間的保證金節奏。

And if you see any additional opportunities for efficiency.

如果您發現任何其他提高效率的機會。

The restructuring, overall, I'd argue in Darren's points on digitization and opportunities to continue to rationalize our cost structure will -- probably won't be over for a very long time.

總體而言，我認為達倫關於數位化和繼續合理化成本結構的機會的觀點可能不會在很長一段時間內結束。

So what we've identified is more opportunity that as we found more digital, found more automation, we're continuing to reduce our cost structure concurrently.

因此，我們發現了更多的機會，隨著我們發現更多的數位化、更多的自動化，我們將同時繼續降低成本結構。

And so I would say that's what we're seeing.

所以我想說這就是我們所看到的。

The cash from that is primarily going to hit us next year on an outlay very little within year.

由此產生的現金主要將在明年以極少的支出衝擊我們。

And the benefits from that will most likely be Q1 is where you'll see them start.

從中帶來的好處很可能會在第一季開始。

I think it's notable how proactive and preemptive we've been with our cost efficiency programs at TELUS dating back to 2023 and seeing those, Stephanie, continue into 2024.

我認為值得注意的是，自 2023 年以來，我們在 TELUS 的成本效率計劃中一直表現得非常主動和先發製人，斯蒂芬妮，這些計劃將持續到 2024 年。

So that we're trying to get ahead of market conditions on an anticipatory basis, which is why we've taken our workforce restructuring charge up to about $450 million for the 2024 year.

因此，我們試圖在預期的基礎上領先市場狀況，這就是為什麼我們將 2024 年的勞動力重組費用提高到約 4.5 億美元。

We are continuing to be aggressive and leveraging our digital transformation leadership, which is a real hallmark of our success.

我們將繼續積極進取，並利用我們的數位轉型領導力，這是我們成功的真正標誌。

And we've got a market leadership there so we need to lean into it.

我們在那裡擁有市場領導地位，因此我們需要依靠它。

And TELUS digital has been a huge asset for us and a unique asset.

TELUS digital 一直是我們的巨大資產，也是一項獨特的資產。

This is not something that our peers have.

這是我們同行所沒有的。

And the skills and development capabilities that they are bringing to support the digital transformation of TELUS and the AI tool set that we're using to improve the efficiency of our CX and go-to-market operations is material in nature.

他們為支援 TELUS 的數位轉型而帶來的技能和開發能力，以及我們用來提高客戶體驗和上市營運效率的人工智慧工具集，本質上是重要的。

And then you can see these activities, to give you some examples, in terms of what's happening within the guts of our organization.

然後你可以看到這些活動，給你一些例子，說明我們組織內部正在發生的事情。

We talk about fiber and 3.2 plus products per fiber household and that's great.

我們談論每個光纖家庭的光纖和 3.2+ 產品，這很棒。

And we talk about it in terms of bandwidth differentiation and symmetry differentiation.

我們從頻寬微分和對稱微分的角度來談論它。

But one of the most important aspects of our pervasive fiber network is that the unit cost to serve is 30% lower than what it was under copper.

但我們普及的光纖網路最重要的方面之一是單位服務成本比銅纜低 30%。

And so to get the economics of copper decommissioning and then get an exposure to a 30% unit cost to serve improvement with fiber is a pretty potent combination.

因此，獲得銅退役的經濟效益，然後以 30% 的單位成本來透過光纖進行改進，這是一個非常有效的組合。

Look at what we're doing now at the AMPU level with our digital pure-play offering with public mobile.

看看我們現在在 AMPU 層級上透過公共行動數位純遊戲產品所做的事情。

I think it's indicative of the orientation of our cost efficiency.

我認為這體現了我們成本效率的導向。

It doesn't get talked about a lot because it's very much focused, back to Drew's question, on revenue and growth.

它沒有被太多談論，因為回到德魯的問題，它非常關注收入和成長。

But the platforms that we're building at TELUS, on a proprietary basis, give us substantial improvements in our cost structure.

但我們在 TELUS 建造的專有平台使我們的成本結構得到了顯著改善。

So when you think about what we're doing on our proprietary TV platform, a significant improvement in our cost structure; what we're doing on smart home security on our platform, significant improvement in our cost structure; what we're doing with Amazon on smart home automation, significant improvement in our cost structure.

因此，當您考慮我們在專有電視平台上所做的事情時，我們的成本結構得到了顯著改善；我們在平台上的智慧家庭安全方面所做的工作，我們的成本結構的顯著改善；我們與亞馬遜在智慧家庭自動化方面所做的事情，並顯著改善了我們的成本結構。

And then finally, back to the comments I made earlier, the evolution to more of a SaaS product construct provides not just significant profit efficiencies in terms of cost but cash efficiencies because of the lower capital rent associated with them and also our ability not just to deploy them domestically but to export them internationally on a licensing basis.

最後，回到我之前發表的評論，向更多SaaS 產品結構的演變不僅在成本方面提供了顯著的利潤效率，而且還提供了現金效率，因為與之相關的資本租金較低，而且我們不僅能夠在國內部署，但在許可的基礎上將其出口到國際。

And so I think that's a -- and I could go deeper on the cost story, but hopefully, that's indicative for you.

所以我認為這是一個——我可以更深入地探討成本故事，但希望這對你有啟發。

Thank you, Stephanie.

謝謝你，斯蒂芬妮。

Next question, please, Carl.

請下一個問題，卡爾。

Maher Yaghi, Scotiabank.

Maher Yaghi，豐業銀行。

Great.

偉大的。

Thank you for taking my question.

感謝您回答我的問題。

Listening to your prepared remarks, Darren, we get a clear sign that you still see or expect topline and bottom-line growth in your telecom business into the future.

達倫，聽了您準備好的講話，我們得到一個明確的信號，即您仍然看到或期望電信業務未來的收入和利潤增長。

But how are you approaching your asset portfolio as a whole?

但您該如何處理整個資產組合呢？

Do you see a need to change your capital allocation or amplify investments in any of your non-telecom businesses to offset pressures on your telecom business.

您是否認為需要改變資本配置或擴大對任何非電信業務的投資，以抵銷電信業務的壓力？

And second question, I was hoping if you can provide some visibility on your wireless loading.

第二個問題，我希望您能提供一些有關無線負載的可見性。

We have seen a significant increase in prepaid loading at your peers.

我們發現您的同行的預付費負載顯著增加。

Was it also as visible in your operations this quarter?

這在您本季的營運中也同樣明顯嗎？

And how do you approach this trend from a long-term lifetime customer value or lifetime customer profitability point of view?

您如何從長期終身客戶價值或終身客戶獲利能力的角度來應對這一趨勢？

Thank you.

謝謝。

Okay.

好的。

Why don't we -- just to take a break from me droning on, I'll answer the first part of your question.

為什麼我們不——只是為了讓我的喋喋不休休息一下，我來回答你問題的第一部分。

Last, Zainul, why don't I give you an opportunity here to lean in on the prepaid front, and then I'll close off with capital allocation within our non-telecom businesses, although I would call them telecom extension businesses.

最後，Zainul，為什麼我不在這裡給你一個機會，讓你在預付費方面有所依靠，然後我將在我們的非電信業務中進行資本配置，儘管我將其稱為電信擴展業務。

But I'll get back to that in a second.

但我稍後會再回到這個話題。

Zainul, all over to you.

札伊努爾，一切都交給你了。

Thanks for the question.

謝謝你的提問。

I would say that we have seen a pretty significant shift across our peer group, as you mentioned, from a prepaid mix perspective.

我想說，正如您所提到的，從預付費組合的角度來看，我們的同儕群體發生了相當重大的轉變。

What I wanted to highlight though is that our mix has been really consistent quarter over quarter and into '24.

但我想強調的是，我們的組合在每季和 24 年都非常穩定。

So we don't disclose the exact mix, but I can tell you that in Q3, it was quite consistent.

所以我們不會透露確切的組合，但我可以告訴你，在第三季度，它是相當一致的。

I think the other thing, as we've highlighted, is that we have seen really great AMPU characteristics with respect to our public mobile platform and continue to see that as a great lever with respect to the managing the new dynamics in the industry.

我認為另一件事，正如我們所強調的，我們已經看到了與我們的公共行動平台相關的 AMPU 特性，並且繼續將其視為管理行業新動態的重要槓桿。

And then, I think it's also important to highlight that the opportunity is to really focus on the life cycle management of the customer from a pre to post perspective.

然後，我認為強調這一點也很重要：從事前到事後的角度真正專注於客戶的生命週期管理。

And that's something that you can see in our retention behavior and continue to see in terms of why we're continuing to gain share in those prepaid segments of the market.

您可以從我們的保留行為中看到這一點，並繼續了解我們為何繼續在預付費市場領域獲得份額。

And I think that fundamentally what we are going to be focused on is the absolute and most optimal mix from both a revenue growth perspective as well as an AMPU and household ARPA perspective.

我認為從根本上講，我們要關注的是從收入成長角度以及 AMPU 和家庭 ARPA 角度來看的絕對且最佳的組合。

So that, I think, is relatively consistent with respect to our execution in terms of what you've seen on bundling, what you've seen on retention, and what you've seen on the overall EBTDA performance of the organization.

因此，我認為，就您在捆綁方面看到的情況、在保留方面看到的情況以及您在組織的整體 EBTDA 績效方面看到的情況而言，這與我們的執行情況相對一致。

Okay.

好的。

Let me try and go from general to specific here.

讓我嘗試從一般到具體。

I think, again, it's important to highlight the trifecta pecking order in terms of capital allocation to specifically address the question.

我認為，再次強調資本配置方面的三重順序非常重要，以具體解決這個問題。

That pecking order is to use proceeds to bolster the balance sheet.

這種優先順序是利用收益來支撐資產負債表。

We really do think that, that would be synergistic for both debt and equity holders and position as well prospectively.

我們確實認為，這對於債務和股權持有人以及未來的地位都將產生協同效應。

You've heard me talk about the next step in the pecking order, which we are continuing to be excited by the investment opportunities in the business, both telecom and non-telecom.

你們已經聽我談論了下一步的優先順序，我們繼續對電信和非電信產業的投資機會感到興奮。

And thirdly, we remain committed to returning the money that we achieved through the successful execution of our investments via the sustainability materiality of our dividend growth model.

第三，我們仍然致力於透過股息成長模型的可持續性重要性，返還透過成功執行投資而獲得的資金。

Second point here is the telecom, non-telecom delineation is an erroneous way to look at portfolio management at TELUS.

第二點是電信和非電信的劃分是看待 TELUS 投資組合管理的錯誤方式。

What we're doing in TELUS health and TELUS agriculture and consumer goods, indeed even TELUS digital, these are all data strategies.

我們在 TELUS 健康、TELUS 農業和消費品，甚至 TELUS 數位領域所做的事情，這些都是數據策略。

The strategy for our telecom business prospectively is a data strategy from data analytics to data insights to data monetization, aided and abetted by voluminous data coming off the back of our wideband fiber and 5G networks.

我們電信業務的未來策略是從數據分析到數據洞察再到數據貨幣化的數據策略，並得到來自寬頻光纖和 5G 網路的大量數據的幫助和推動。

Our health play is a data play.

我們的健康遊戲是數據遊戲。

Our ag play is a data play.

我們的ag玩法是數據玩法。

Our consumer goods play is a data play.

我們的消費品遊戲是數據遊戲。

It's the extensibility of that orientation from telecom in terms of where we're taking data across that analytics, insights, and monetization continuum into areas that we think are exciting for growth on health, agriculture and consumer goods.

這是電信方向的可擴展性，我們將分析、洞察和貨幣化連續體中的數據引入我們認為對健康、農業和消費品成長令人興奮的領域。

And if you look at the intersection point, it goes beyond data.

如果你看一下交叉點，你會發現它超出了資料的範圍。

You can see intersection points on network and connectivity.

您可以看到網路和連接上的交叉點。

These are areas on health, agriculture and consumer goods that we think are ripe for digital transformation and the profits attendant with that.

我們認為，這些健康、農業和消費品領域的數位轉型以及隨之而來的利潤已經成熟。

They've got global scale and we're excited by that.

他們具有全球規模，我們對此感到興奮。

Small market share gains have huge nominal economics associated with them.

微小的市佔率成長會帶來巨大的名目經濟效益。

They have not benefited from customer service excellence.

他們沒有從卓越的客戶服務中受益。

You know, how much of my prepared remarks today were all about customer service excellence, loyalty, and retention.

你知道，我今天準備的演講中有多少都是關於卓越的客戶服務、忠誠度和保留率。

We want to bring our game plan on customer service excellence to health, agriculture and consumer goods.

我們希望將我們的卓越客戶服務計劃引入健康、農業和消費品領域。

Look at the number of intersection points between health, ag, consumer goods, and the traditional telecommunications business, whether it's at the data layer, at the device layer, at the broadband connectivity layer, at the workforce productivity layer, if you think about B2B applications.

看看健康、農業、消費品和傳統電信業務之間的交叉點數量，無論是在資料層、設備層、寬頻連接層、勞動生產力層，如果你考慮 B2B應用程式。

And lastly, they fit well culturally with us in terms of the social purpose thesis.

最後，就社會目的論點而言，它們在文化上與我們非常契合。

And then as it relates to capital allocation specifically -- let me try and put this in a simple and clear way.

然後，由於它與具體的資本配置相關，讓我嘗試以簡單明了的方式表達這一點。

As it relates to capital allocation prospectively for health, agriculture, and consumer goods, the path is prologue.

由於它涉及健康、農業和消費品的未來資本配置，因此這條道路只是序幕。

So what you've seen us doing through '23 and '24 is indicative of what you can expect in terms of capital allocation prospectively for the business.

因此，您在 23 年和 24 年期間看到的我們所做的事情表明了您對企業未來資本配置的期望。

Secondly, you can see these businesses getting stronger and stronger.

其次，你可以看到這些企業越來越強大。

We talked about it in terms of sales generation.

我們從銷售創造的角度討論了這個問題。

That's now manifesting itself in terms of revenue growth.

現在這體現在收入成長方面。

And we're seeing the wash through to the EBITDA level.

我們看到了 EBITDA 水準的下降。

And that organic foundation is key because anything that we do on an M&A basis, we want to earn that through strong organic growth.

這個有機基礎是關鍵，因為我們在併購的基礎上所做的任何事情，我們都希望透過強勁的有機成長來實現。

If we've got strong organic growth, we'll make better M&A decisions and we'll do better at post-acquisition integration.

如果我們有強勁的有機成長，我們將做出更好的併購決策，並且我們將在收購後整合方面做得更好。

And these M&A moves, by and large, back to the past being prologue, are more tuck-in acquisitions to fill product gaps or geo coverage gaps to complete the overall jigsaw puzzle for the organization and in creating the asset composite that we think we need to win along the way.

總的來說，這些併購舉措，回到過去的序幕，更多的是為了填補產品差距或地理覆蓋範圍差距而進行的收購，以完成組織的整體拼圖，並創建我們認為我們需要的資產組合。一路獲勝。

This amount of capital allocation still fits within the overall capital intensity envelope at a portfolio level.

此資本配置量仍符合投資組合層面的整體資本強度範圍。

So investing to support the growth in health and ag and consumer goods is not going to defray or be diluted to getting our CapEx intensity down into that 10%, 11% zone.

因此，用於支持健康、農業和消費品成長的投資不會支出或被稀釋以使我們的資本支出強度降至 10%、11% 區域。

They are mutually inclusive in that regard.

在這方面它們是相互包容的。

And I think we're excited by that.

我認為我們對此感到興奮。

And the, prospectively, getting that right combination of organic execution and smart precision shopping and ingestion of M&A activities, we want to again earn the way to bring in a partnership, maybe following the model that we did previously with TELUS digital or IPO.

展望未來，將有機執行、智慧精準購物和併購活動正確結合起來，我們希望再次贏得引入合作夥伴關係的方式，也許會遵循我們先前與 TELUS digital 或 IPO 合作的模式。

And the efficacy of the IPO back to capital allocation is that it gives us a transaction currency to consider moves on an addressable market basis that are more ambitious prospectively than what we have been historically within the confines of our own balance sheet.

首次公開募股回到資本配置的功效在於，它為我們提供了一種交易貨幣，可以在可尋址市場的基礎上考慮採取比我們歷史上在我們自己的資產負債表範圍內採取的行動更加雄心勃勃的行動。

And so I would hope that would give you all the parameters that you would be looking for on that question.

因此，我希望這能為您提供有關該問題所需的所有參數。

Thanks, Maher.

謝謝，馬赫。

Next question, please, Carl.

請下一個問題，卡爾。

Jerome Dubreuil, Desjardins.

傑羅姆·杜布勒伊，加鼎。

Hi.

你好。

Thanks for taking my questions.

感謝您回答我的問題。

Just a clarification, Darren, on your answer to Drew's question.

達倫，請澄清一下你對德魯問題的回答。

Maybe I didn't understand right but I think you said you think the business should be able to generate EBITDA growth of 5% before having a single new customer on board.

也許我沒理解正確，但我想你說過你認為在擁有一個新客戶之前，企業應該能夠實現 5% 的 EBITDA 成長。

I think we can all agree that you are going to have additional customers in the future.

我想我們都同意你們將來會有更多的客戶。

So are you guiding for more than 5% EBITDA growth in the future annually?

那麼，您的目標是未來每年 EBITDA 成長超過 5% 嗎？

So we can watch for that when we go live in February.

所以我們可以在二月上線時關注這一點。

That's number one.

這是第一名。

Number two, the specifics of what I said is I frequently chide the team that we should be able to generate 5% EBITDA growth just cross selling our products, what I call cross-product pollination, within our existing client base; such is the materiality or magnitude of that opportunity on the consumer basis and on B2B as well.

第二，我所說的具體內容是，我經常責備團隊，我們應該能夠在現有客戶群內交叉銷售我們的產品，即我所說的交叉產品授粉，從而產生 5% 的 EBITDA 增長；這就是該機會對消費者和 B2B 的重要性或重要性。

And I think the entire team would say there is a hell of a lot of opportunity here for profitable revenue growth in that regard.

我認為整個團隊都會說，在這方面有很多實現獲利收入成長的機會。

That is not indeed to not go out and get new customers.

這並不是說不出去尋找新客戶。

We will be looking to do both.

我們將尋求兩者兼而有之。

I'm just making a point that the opportunity on the product intensity front is salivating.

我只是想說，產品強度方面的機會令人垂涎欲滴。

And as a responsible management team, we should go out and do that.

作為一個負責任的管理團隊，我們應該走出去這樣做。

And the reason why I push hard on that is that I think our first responsibility is to sweat the assets on the money that we've already spent, which is why I made the comment about getting better economies of scope on fiber and 5G.

我之所以大力推動這一點，是因為我認為我們的首要責任是在我們已經花費的資金上充分利用資產，這就是為什麼我發表關於在光纖和 5G 上獲得更好的範圍經濟的評論。

Sweat those assets.

為這些資產付出努力。

We've already deployed the infrastructure.

我們已經部署了基礎架構。

We already have the customer relationship.

我們已經有了客戶關係。

It's a warm relationship.

這是一種溫暖的關係。

It's easier to sell a new product to an existing customer than a new product to a new customer.

向現有客戶銷售新產品比向新客戶銷售新產品更容易。

And so let's leverage those more attractive economics along the way.

因此，讓我們一路利用這些更具吸引力的經濟因素。

And then, not only do we get more revenue from that customer, but the relationship gets stickier.

然後，我們不僅可以從該客戶那裡獲得更多收入，而且關係也變得更加牢固。

So it lowers the churn, which improves the overall lifetime value.

因此它降低了客戶流失率，從而提高了整體生命週期價值。

But we are going to do that, and yet at the same time, go out and hunt for new relationships that can embellish the client portfolio that we already have.

但我們會這樣做，但同時，出去尋找新的關係，以完善我們已有的客戶組合。

So it's the duality of both and you can stay tuned for what the future holds when we give our 2025 guidance, when the time comes.

因此，這是兩者的雙重性，當時機到來時，當我們給出 2025 年指導時，您可以繼續關注未來的發展。

But thanks for the question.

但謝謝你的提問。

Thanks, Jerome.

謝謝，傑羅姆。

Carl, we have time for one more question, please.

卡爾，我們還有時間再問一個問題。

Aravinda Galapapatthige, Canaccord.

阿拉文達·加拉帕帕蒂格，Canaccord。

Thanks for squeezing me in.

謝謝你把我擠進去。

Two from me.

我的兩個。

First of all, on wireline, obviously, starting to see a little bit of a rebound there in the fixed data services number growing up to 2%.

首先，在有線方面，顯然，固定資料服務數量開始出現小幅反彈，成長至 2%。

And obviously, the broadband sub-loading has been positive as well.

顯然，寬頻子負載也是正面的。

How should we think about this line item going forward, particularly in the backdrop of competitive conditions in the West and maybe just an update on those conditions and those pricing promotions there?

我們該如何看待這個計畫的未來，特別是在西方競爭條件的背景下，也許只是這些條件和定價促銷的最新情況？

And secondly, maybe a little bit more of a specific question on wireless ARPU.

其次，也許是關於無線 ARPU 的更多具體問題。

When you think about the ARPU pressure, we obviously focus on the single ARPU number.

當你考慮 ARPU 壓力時，我們顯然關注的是單一 ARPU 數字。

But there's naturally a number of cohorts there.

但那裡自然有很多群體。

There could be a chunk of customers at $70, $80, $90.

70 美元、80 美元、90 美元的價格可能會有大量客戶。

When you think about the degradation in ARPU, what's the construct of that?

當您考慮 ARPU 下降時，其結構是什麼？

Is it sort of the -- maybe the cohort that's below the average going even lower?

是不是——也許低於平均的群體甚至會更低？

Or are you seeing chunks of the upper tiers perhaps also revising?

或者您看到上層的大部分內容可能也在修改？

I realize that's a bit of a specific question.

我意識到這是一個有點具體的問題。

And so maybe just a general answer, that would help.

所以也許只是一個一般性的答案，會有幫助。

Thank you.

謝謝。

Okay.

好的。

I think what I'll do on this one is, Zainul, I'll ask you to speak to fixed data growth and what we're doing there prospectively at the revenue and profitability line as well as on the wireless ARPU front.

我想我在這一問題上要做的是，Zainul，我會請您談談固定數據增長以及我們在收入和盈利能力以及無線 ARPU 方面的前瞻性工作。

But Navin, I would like you -- because it frequently gets forgotten to supplement Zainul's answer on both questions with the B2B view, including within the SMB area.

但 Navin，我希望你能這樣做——因為經常忘記用 B2B 觀點來補充 Zainul 對這兩個問題的回答，包括在 SMB 領域。

Zainul, over to you.

札伊努爾，交給你了。

Thanks, Darren.

謝謝，達倫。

Thanks for the question.

謝謝你的提問。

I think you've definitely seen from us overall a level of consistency.

我認為您肯定已經從我們身上看到了整體的一致性。

So you've seen consistency with respect to our growth on subscribers on the wireline side.

因此，您已經看到了我們有線用戶數量增長的一致性。

You've seen consistency with respect to our revenue growth and our goal is to continue driving that consistency as well as continuing to drive growth.

您已經看到了我們收入成長的一致性，我們的目標是繼續推動這種一致性並繼續推動成長。

Darren talked a lot thought about our product intensity thesis and some of the new exciting product capabilities that we're bringing to market.

達倫（Darren）對我們的產品強度論文以及我們即將推向市場的一些令人興奮的新產品功能進行了很多思考。

To answer your question specifically on the competitive side, we're absolutely continuing to see the competitive pressure.

為了具體回答您在競爭方面的問題，我們絕對會繼續看到競爭壓力。

It was more intense and bleeding from wireless into wireline and we continue to see that.

它更加激烈，並從無線滲透到有線，我們繼續看到這一點。

But we've seen our retention capabilities stay strong and our product intensity continue to grow.

但我們看到我們的保留能力仍然很強，而且我們的產品強度持續成長。

And I think we've also seen pretty strong uptake both in our mobile and home subscriber growth, as Darren highlighted, but as well in our ability to drive step-ups and get customers higher speeds and higher capabilities, and of course, that superiority that is very unique to us.

我認為，正如達倫所強調的那樣，我們在行動和家庭用戶成長方面也看到了相當強勁的成長，而且我們推動升級並為客戶提供更高速度和更高功能的能力，當然還有這種優勢這對我們來說非常獨特。

Maybe the final point I'll make though on the wireline side is that with the opportunity to drive scale economics, with the continuation of growth in our fiber footprint and growth in our fiber loading, and with our product intensity, there's also a significant AMPU economic thesis there that we're continuing to pursue.

也許我要在有線方面提出的最後一點是，隨著推動規模經濟的機會，隨著我們光纖足跡和光纖負載的持續增長，以及我們的產品強度，還有顯著的 AMPU我們正在繼續研究那裡的經濟論文。

I think that customers are looking really for more simplification and a more seamless experience in terms of how they interact with us and other providers.

我認為客戶真正希望在與我們和其他提供者的互動方式方面更加簡化和更加無縫的體驗。

And we want to be on the leading edge of providing those capabilities from a digitization and customer-first experience perspective.

我們希望在從數位化和客戶至上體驗的角度提供這些功能方面處於領先地位。

And so I think there's some material growth opportunity ahead on both that cost thesis, but on a customer experience improvement thesis.

因此，我認為無論是成本論還是客戶體驗改進論，都存在著一些實質的成長機會。

With respect to your question on ARPU, it's definitely a very dynamic environment and we continue to see different dynamics emerge quarter over quarter.

關於您關於 ARPU 的問題，這絕對是一個非常動態的環境，我們繼續看到每個季度都會出現不同的動態。

I think, based on the results that we have all communicated in the last couple of weeks, you definitely see the aggression and where the ARPU dilution is coming from.

我認為，根據過去幾週我們傳達的結果，您肯定會看到攻擊性以及 ARPU 稀釋的來源。

And you've seen us really focus on quality versus dilutive loading and you've seen us focus on driving the right optimal mix, the right bundling and the right retention outcomes.

您已經看到我們真正專注於品質而不是稀釋負載，您也看到我們專注於推動正確的最佳組合、正確的捆綁和正確的保留結果。

So that is the most -- that thesis applies greatly to our postpaid customers and to ensuring that we continue to drive their perspective of value in what they're getting from a higher-tier capability suite across both mobile and home.

因此，這是最重要的——該論文非常適合我們的後付費客戶，並確保我們繼續推動他們從行動和家庭的更高層功能套件中獲得的價值。

I would say that there's a limited dilution at the lower end of the market -- at the lowest end of the market as you've highlighted.

我想說的是，市場低端的稀釋程度有限——正如您所強調的，在市場的最低端。

But there's more offers where premium offerings continue to be offered to that lower end of the market.

但還有更多優惠繼續向低階市場提供優質產品。

And so we need to ensure that we continue to pursue the right balance of value propositions to the customer based on the cost of those services and based on what customers want to acquire in terms of multi-product capabilities and multi-line capabilities.

因此，我們需要確保根據這些服務的成本以及客戶希望獲得的多產品功能和多產品線功能，繼續為客戶追求價值主張的正確平衡。

We're heading into the most aggressive quarter of the year.

我們即將進入一年中最活躍的季度。

So it's hard to say exactly how things will progress.

因此很難確切地說事情將如何進展。

But I think that you've seen a lot of consistency with respect to how we behave in the market and how we're going to continue driving our product intensity and our retention focus thesis going forward.

但我認為，您已經看到了我們在市場上的表現以及我們將如何繼續推動我們的產品強度和我們未來的保留重點主題方面的許多一致性。

Over to you, Navin.

交給你了，納文。

Yeah.

是的。

Thanks, Zainul.

謝謝，扎伊努爾。

I think a number of things that you said on the consumer side apply on the business side.

我認為你在消費者方面所說的很多事情也適用於商業方面。

So a few top-ups.

所以要進行一些儲值。

I think just to hit the wireline revenue and profitability improvements, we're actually quite happy with the steady progress we're making on the B2B side in this regard.

我認為，為了實現有線收入和盈利能力的提高，我們實際上對 B2B 方面在這方面取得的穩步進展感到非常滿意。

I think a couple of points to be made there.

我認為有幾點需要說明。

First and foremost, we have a volume play.

首先也是最重要的，我們有一個音量播放。

We have a market share play that allows us to outrun some of the pricing challenges in the market that we're taking advantage of, and in the process, driving good revenue, good cash growth as a result.

我們的市場份額使我們能夠克服我們正在利用的市場中的一些定價挑戰，並在此過程中推動良好的收入和良好的現金成長。

I think, secondly, on the cost side, as you've heard a couple of times on this call, we continue to push extremely hard in terms of our digital automation and Gen AI investments, a lot of that driven by our TELUS digital experience team.

我認為，其次，在成本方面，正如您在這次電話會議上多次聽到的那樣，我們將繼續大力推動數位自動化和 Gen AI 投資，其中很大一部分是由我們的 TELUS 數位體驗推動的團隊。

So not only are we growing revenue through a good market share expansion but doing that with good cost structure and good cost reductions as a result.

因此，我們不僅透過良好的市佔率擴張來增加收入，而且透過良好的成本結構和良好的成本降低來實現這一目標。

I think, on the fixed base, as you asked specifically, when you think about the cross-sell opportunity within Canada and the linkage across all of our B2B assets, that bodes really well.

我認為，在固定基礎上，正如您具體詢問的那樣，當您考慮加拿大境內的交叉銷售機會以及我們所有 B2B 資產之間的聯繫時，這確實是個好兆頭。

And we know that every -- for example, every business in Canada needs employer-based healthcare services and to be able to link the two is a big part of our cross-sell opportunity.

我們知道，例如，加拿大的每家企業都需要基於雇主的醫療保健服務，而能夠將兩者聯繫起來是我們交叉銷售機會的重要組成部分。

And on a global basis, we're seeing that cross-sell funnel grow significantly.

在全球範圍內，我們看到交叉銷售管道顯著成長。

And we've got over $300 million in that funnel right now.

目前我們的通路中已經有超過 3 億美元的資金。

So I think that also is an important part of how we're going to grow revenue, how we're going to improve product intensity, and as a result, improve ARPU and AMPU.

因此，我認為這也是我們如何增加收入、如何提高產品強度，進而提高 ARPU 和 AMPU 的重要組成部分。

And the last thing I'll say is just back to your point around wireless ARPU, one of the other components, as you said, the different constructs of ARPU, we're seeing good IoT and industry solutions growth in that number, private wireless network implementations, IoT industry solutions, and just core connectivity as that continues to grow, that's helpful on the wireless ARPU side.

我要說的最後一件事是回到您關於無線ARPU 的觀點，正如您所說的其他組成部分之一，ARPU 的不同結構，我們看到物聯網和行業解決方案在這個數字上取得了良好的成長，專用無線網路實施、物聯網產業解決方案以及不斷增長的核心連接，這對無線 ARPU 方面很有幫助。

So I'll pause there.

所以我就在這裡暫停一下。

Thank you, Aravinda, and thank you, everyone, for joining us today.

謝謝阿拉文達，也謝謝大家今天加入我們。

Please feel free to reach out to the IR team with any follow ups.

如有任何後續事宜，請隨時聯絡 IR 團隊。

And with that, Carl, back to you.

卡爾，現在回到你身邊。

Everyone, this concludes the TELUS 2024 Q3 earnings conference call.

大家好，TELUS 2024 年第三季財報電話會議到此結束。

Thank you for your participation and have a nice day.

感謝您的參與，祝您有美好的一天。