Telus Corp (TU) 2025 Q1 法說會逐字稿

Good day everyone. Welcome to the TELUS 2025 Q1 earnings conference call. I would like to introduce your speaker, Mr. Robert Mitchell. Please go ahead.

大家好。歡迎參加 TELUS 2025 年第一季財報電話會議。我想介紹一下你們的演講者羅伯特·米切爾先生。請繼續。

Hello, everyone, thank you for joining us today. Our first quarter 2025 results news release, MD&A, financial statements, and detailed supplemental investor information were posted to our website earlier this morning. On our call today, we'll begin with remarks by Darren and Doug. The Q&A portion will be joined by Zainul, Naveen, Jason, and Tobias.

大家好，感謝大家今天加入我們。我們的 2025 年第一季業績新聞稿、MD&A、財務報表和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。在今天的電話會議上，我們將以達倫和道格的演講開始。Zainul、Naveen、Jason 和 Tobias 將參與問答環節。

Briefly, prepared remarks, slides, and answers to questions contain forward-looking statements. Actual results could vary from these statements. The assumptions on which they're based and the material risks that could cause them to differ are outlined in our public filings of Securities Commissions in Canada and the US, including our first quarter of 2025 and our annual 2024 MDNA.

簡而言之，準備好的評論、投影片和問題的答案包含前瞻性陳述。實際結果可能與這些陳述有所不同。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假設所依據的假設以及可能導致它們出現差異的重大風險，包括我們 2025 年第一季和 2024 年年度 MDNA。

With that, over to you, Darren.

現在，就交給你了，達倫。

Thank you, Remington, and hello everyone. In the first quarter, our team's dedication to operational excellence, coupled with cost efficiency empowered TELUS to deliver another quarter of industry leading customer growth and financial performance. These results were achieved within a dynamic operating environment, demonstrating the resiliency of our business and the strength of our leading portfolio of services.

謝謝你，雷明頓，大家好。在第一季度，我們的團隊致力於卓越運營，加上成本效益，使 TELUS 再次實現了行業領先的客戶成長和財務業績。這些成果是在充滿活力的營運環境中取得的，證明了我們業務的彈性和領先服務組合的實力。

Our industry-best total mobile and fixed customer growth of 218,000 net additions represented our strongest first quarter on record. This performance was driven by strong demand for our highly differentiated integrated product offerings across mobile and home, powered by our leading PureFibre and wireless broadband networks.

我們的移動和固定客戶總數淨增 218,000 戶，為業內最佳，代表我們第一季業績表現最為強勁。這一業績得益於我們領先的 PureFibre 和無線寬頻網路對我們在行動和家庭領域高度差異化的整合產品的強勁需求。

Our team's commitment to customer service contributed to continued strong loyalty results across our key product lines once again this quarter, and notably, postpaid mobile phone churn was 0.84%. This represents a 6 basis points improvement over last year as we progress through our 12th consecutive year below the 1% level.

我們團隊對客戶服務的承諾再次促成了我們本季主要產品線持續保持強勁的忠誠度，值得注意的是，後付費手機流失率為 0.84%。這比去年提高了 6 個基點，我們已經連續 12 年低於 1% 的水平。

Looking at our financial results, we achieved solid and resilient TTech EBITDA growth of 4%. In mobile, we drove Q1 total net additions of 168,000. This includes mobile phone net additions of 20,000 and record Q1 connected device net additions of 148,000.

從我們的財務表現來看，我們實現了 4% 的穩健且有彈性的 TTech EBITDA 成長。在行動領域，我們推動第一季總淨增用戶數達到 168,000 人。其中包括手機淨增加2萬部，以及第一季連網設備淨增加14.8萬部，創歷史新高。

These results were supported by our ongoing focus on economic margin accretive customer growth. And this is evidenced by our consistent industry-leading lifetime revenue underpinned by our industry best churn.

這些結果得益於我們持續關注經濟利潤增值的客戶成長。我們始終保持業界領先的終身收入以及業界最佳的客戶流失率證明了這一點。

Let's turn now and take a look at our wireline business. TELUS delivered another quarter of industry leading total fixed customer additions of 50,000. Alongside industry fast fixed data services revenue growth of some 3%.

現在讓我們來看看我們的有線業務。TELUS 在本季新增固定客戶總數達 5 萬名，處於業界領先地位。與產業同步快速成長的固定數據服務收入也成長了約 3%。

Furthermore, our highly differentiated technology and data-centric growth businesses continue to demonstrate impressive momentum for TELUS. TELUS Health, which we begun to report as a separate business segment, achieved revenue and EBITDA growth of 12% and 30%, respectively.

此外，我們高度差異化的技術和以數據為中心的成長業務繼續為 TELUS 展現出令人印象深刻的發展勢頭。我們開始將 TELUS Health 作為獨立業務部門進行報告，其收入和 EBITDA 分別成長了 12% 和 30%。

Moreover, the team drove a 7% year over year increase in global lives covered to 76.5 million. This was fueled by global expansion, product enhancements, expanding sales channels, and effective cost management through technology and synergy optimization underpinned by a deeply rooted dedication to putting customers first.

此外，該團隊推動全球受保人數較去年同期成長 7%，達到 7,650 萬人。這是由全球擴張、產品升級、銷售管道擴大以及透過技術和協同優化進行的有效成本管理所推動的，而這一切都建立在客戶至上的堅定奉獻精神之上。

We're excited to maintain and build on this momentum throughout 2025 and well beyond. Notably, since acquiring LifeWorks, we've realized $376 million in combined annualized synergies. This includes $306 million from cost efficiencies and $70 million and growing from successful cross-selling strategies, and they are plentiful.

我們很高興能夠在 2025 年及以後保持並發揚這一勢頭。值得注意的是，自收購 LifeWorks 以來，我們已實現 3.76 億美元的年度綜效。其中包括來自成本效益的 3.06 億美元和來自成功的交叉銷售策略的 7,000 萬美元，而且金額還很大。

We remain on track to meet our goal of $427 million by the end of 2025 and continuing to push the outside of that envelope well beyond the 2025 timeframe.

我們仍有望在 2025 年底實現 4.27 億美元的目標，並將繼續在 2025 年後實現這一目標。

In May, TELUS acquired Workplace Options, a leading global provider of integrated employee well-being solutions with 88 million employees served across 200 countries and territories.

今年 5 月，TELUS 收購了 Workplace Options，後者是一家全球領先的綜合員工福利解決方案提供商，為 200 個國家和地區的 8,800 萬名員工提供服務。

In aggregate with TELUS Health, this brings our lives covered to more than 160 million or roughly 8% of the entire global market. Together, we will offer the most comprehensive suite of health and well-being solutions globally, powered by innovative technology and delivered with unmatched service excellence.

與 TELUS Health 合併後，我們的保險覆蓋範圍將覆蓋超過 1.6 億人，約佔全球市場的 8%。我們將共同提供全球最全面的健康和福祉解決方案，以創新技術為動力，並提供無與倫比的卓越服務。

This acquisition will be made in partnership with a leading private equity investor within the healthcare vertical with deep expertise across the healthcare landscape, and they will be a value added partner supporting our efforts to accelerate growth and realize significant synergies.

此次收購將與醫療保健垂直領域領先的私募股權投資者合作進行，該投資者在醫療保健領域擁有深厚的專業知識，他們將成為增值合作夥伴，支持我們加速成長和實現顯著協同效應的努力。

Moreover, within TELUS Agriculture and Consumer Goods, our team demonstrated strong performance with a 20% revenue increase on a year over year basis supported by enhanced profitability and notable margin improvements.

此外，在 TELUS 農業和消費品領域，我們的團隊表現強勁，在獲利能力增強和利潤率顯著提高的支持下，營收年增 20%。

The results that we are achieving in these businesses reflect our dedicated efforts to deliver outstanding customer experiences, maximizing shareholder value, and driving our social capitalism initiatives, all the while with a data-centric insights-based strategy just like our core telco.

我們在這些業務中取得的成果反映了我們致力於提供卓越的客戶體驗、最大化股東價值和推動我們的社會資本主義計劃，同時像我們的核心電信公司一樣採用以數據為中心的洞察策略。

The strategic investments we've made in our leading broadband networks underpin the continued advancement of our strong financial and operational performance. This includes obviously growing EBITDA, which, when combined with moderating CapEx, supports meaningful and sustainable free cash flow generation as evidenced by the 22.3% growth this quarter.

我們對領先的寬頻網路所做的策略投資為我們強勁的財務和營運績效的持續提升奠定了基礎。這包括明顯成長的 EBITDA，與適度的資本支出相結合，支持有意義且可持續的自由現金流產生，本季 22.3% 的成長就是明證。

This gives us a lot of confidence in the robust outlook for consistent long-term profitable growth and the sustainability of our industry-leading multi-year dividend growth program. Today, we're now seeing a 7% dividend increase reflecting our commitment to delivering superior value to our shareholders.

這使我們對長期持續獲利成長的強勁前景以及我們行業領先的多年股息成長計畫的可持續性充滿信心。今天，我們的股息成長了 7%，這反映了我們致力於為股東提供卓越價值的承諾。

This builds on our consistent track record of delivering on our multi-year dividend growth program first established in 2011.

這是建立在我們一貫履行 2011 年制定的多年期股息成長計畫的良好記錄之上的。

Furthermore, we announced today for the fifth time, the extension of our industry-best dividend growth program. TELUS is targeting 3% to 8% annual growth for our dividend from 2026 through 2028.

此外，我們今天第五次宣布延長我們業內最佳的股息成長計畫。TELUS 的目標是從 2026 年到 2028 年，我們的股息年增率達到 3% 至 8%。

This moderated growth range will allow us flexibility to support the key priority of deleveraging our balance sheet and eliminating the dividend discount DRIP program associated within our dividend reinvestment plan.

這種適度的成長範圍將使我們能夠靈活地支持去槓桿化資產負債表的關鍵優先事項，並取消與股息再投資計劃相關的股息折扣 DRIP 計劃。

This is in line with our target of achieving a net debt to EBITDA ratio of circa 3 times by 2027 in conjunction with the ratcheting down and removal of the discount dividend reinvestment plan.

這符合我們的目標，在 2027 年實現淨負債與 EBITDA 比率約為 3 倍，同時降低並取消折扣股息再投資計畫。

Our dividend growth model will be supported by the best combination of EBITDA growth rates and capital intensity ratios globally, yielding meaningful and sustainable free cash flow expansion.

我們的股息成長模式將得到全球最佳 EBITDA 成長率和資本密集度比率組合的支持，從而實現有意義且可持續的自由現金流擴張。

Moreover, as we have seen today, this is augmented maturely by significant value creation in our emerging growth businesses and a succession of asset monetization opportunities that are deeply material that will further reduce TELUS' leverage and interest outlays, improving the cash story yet again at this organization.

此外，正如我們今天所看到的，我們的新興成長業務創造了巨大的價值，而一系列非常重要的資產貨幣化機會也進一步增強了這一優勢，這將進一步降低 TELUS 的槓桿率和利息支出，再次改善該組織的現金狀況。

Our management team at TELUS remains laser focused on building on the strong operational and financial performance momentum with which we exited 2024 and achieved in the first quarter.

TELUS 的管理團隊始終專注於鞏固我們在 2024 年結束時以及第一季取得的強勁營運和財務業績勢頭。

We remain dedicated to achieving our robust targets for 2025 and delivering sustainable free cash flow expansion year in and year out for the foreseeable future.

我們將繼續致力於實現 2025 年的宏偉目標，並在可預見的未來年復一年地實現可持續的自由現金流擴張。

Reflecting our TELUS team's long-standing commitment to putting our customers and our communities first, this month we will celebrate our 20th Annual TELUS Days of Giving in 33 countries now.

為了體現我們 TELUS 團隊長期以來將客戶和社區放在首位的承諾，本月我們將在 33 個國家慶祝第 20 屆年度 TELUS 捐贈日。

Over the past two decades, thanks to the support of our valued clients, we have led our corporate peers globally by contributing 2.4 million days in the communities where we live, where we work, and where we serve, striving to make the future friendly for all.

在過去的二十年裡，在我們尊貴客戶的支持下，我們引領全球企業同行，在我們生活、工作和服務的社區貢獻了 240 萬天的時間，努力為所有人創造友好的未來。

If you want to understand why our churn rate is where it is, you need to look quite clearly at the relationship that we built with our communities underpinned by the social purpose of this organization.

如果您想了解為什麼我們的客戶流失率如此之高，您需要清楚地了解我們與社區建立的關係，這種關係以該組織的社會目的為基礎。

In closing, I'd like to express my gratitude to our team for their efforts in this regard and for their expertise, their resiliency, their grit in executing on our consistent winning strategy to meet our commitments to all stakeholders, no matter how difficult market conditions may be.

最後，我要感謝我們的團隊在這方面的努力、他們的專業知識、他們的韌性和勇氣，無論市場條件多麼困難，他們都執行我們始終如一的製勝策略，履行我們對所有利害關係人的承諾。

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

關於這一點，我將把電話轉給 Doug。

Thank you, Darren and hi, everyone. Effective with our Q1 results today, we have changed our reporting structure and introduced a new TELUS Health reporting segment, which was previously included in TTech. We have also provided historical information in our core TELUS Health, which you'll find in our IR supplemental.

謝謝你，達倫，大家好。從今天的第一季業績開始，我們改變了報告結構，並引入了新的 TELUS Health 報告部門，該部門之前包含在 TTech 中。我們還在我們的核心 TELUS Health 中提供了歷史信息，您可以在我們的 IR 補充中找到。

Mobile network revenue was down slightly as robust mobile phone and connected device subscriber additions, as well as higher IoT revenue growth of 11% were offset by lower mobile ARPU. The 3.7% decline in ARPU is reflective of ongoing competitive pressures and lower roaming.

行動網路收入略有下降，因為行動電話和連網裝置用戶的強勁成長以及物聯網收入 11% 的成長被行動 ARPU 的下降所抵消。ARPU 下降 3.7% 反映了持續的競爭壓力和漫遊費用的下降。

Fixed data services grew 3% year over year, driven by strong customer growth across our leading product portfolio of PureFibre internet, TV, and security and automation. Additionally, higher internet, security and automation ARPU supported that growth.

固定數據服務年增 3%，這得益於我們領先的 PureFibre 互聯網、電視、安全和自動化產品組合的客戶強勁成長。此外，更高的互聯網、安全和自動化 ARPU 也支持了這一成長。

At the segment level, TTech operating revenues were up 2%, driven by higher mobile equipment revenue, fixed data services, fixed equipment, and agriculture services revenue.

從細分市場來看，TTech 的營業收入成長了 2%，這得益於行動裝置收入、固定數據服務、固定設備和農業服務收入的增加。

TTech adjusted EBITDA excluding health, now excluding health, increased 3% alongside margin expansion of 30 basis points to 42.4%, demonstrating our disciplined operational execution and cost management in a highly dynamic operating environment.

TTech 調整後的 EBITDA（不包括健康業務）成長了 3%，利潤率擴大了 30 個基點，達到 42.4%，證明了我們在高度動態的營運環境中嚴謹的營運執行和成本管理。

These results were driven by our consistent emphasis on profitable customer growth and the benefits from our ongoing focus on cost efficiency and effectiveness, gains planned from our non-core asset divestitures, as well as our real estate and copper monetization program.

這些績效的推動因素包括：我們一貫強調獲利性客戶成長、持續關注成本效率和效益、計劃從非核心資產剝離中獲得收益以及我們的房地產和銅貨幣化計劃。

In health, health operating revenues and adjusted EBITDA grew by 12% and 30%, respectively. The growth was driven by organic growth across various services, including our payvider vertical, retirement and benefit solutions, cost reduction efforts, as well as a mix and of our recent acquisitions and employer solutions. TELUS Digital operating revenues and adjusted EBITDA were in line with expectations. Please refer to TELUS Digital's earnings release and analyst call commentary earlier today.

在健康領域，健康營運收入和調整後 EBITDA 分別成長了 12% 和 30%。這一成長是由各種服務的有機成長所推動的，包括我們的支付垂直業務、退休和福利解決方案、成本削減努力，以及我們最近的收購和雇主解決方案的組合。TELUS Digital 營運收入和調整後的 EBITDA 符合預期。請參閱今天早些時候的 TELUS Digital 收益報告和分析師電話評論。

On a consolidated basis, reported net income and basic EPS more than doubled year over year, primarily due to lower restructuring. On a adjusted basis, net income and EPS were essentially unchanged on a year over year basis.

從合併數據來看，報告的淨收入和基本每股盈餘年增一倍以上，這主要歸因於重組減少。經調整後，淨收入和每股盈餘與去年同期相比基本保持不變。

Capital expenditures, excluding real estate declined by $132 million or 19%, primarily driven by planned slowdown of our fiber and wireless network builds.

不包括房地產的資本支出下降了 1.32 億美元，降幅為 19%，這主要是由於我們計劃放緩光纖和無線網路建設。

Overall consolidated capital (technical difficulty) 11% was down 300 basis points over last year. Our quarterly free cash flow of $48 million was higher by 22%, driven by lower CapEx and higher EBITDA. These factors were partially offset by higher taxes and interest paid.

整體合併資本（技術難度）11%，較去年同期下降300個基點。我們的季度自由現金流為 4,800 萬美元，成長了 22%，這得益於資本支出的降低和 EBITDA 的提高。這些因素被更高的稅收和利息支付部分抵消。

Looking ahead, we remain focused on driving towards achieving our 2025 targets, which we reiterated today. This includes targeting TTech operating revenues and adjusted EBITDA growth, including TELUS Health, of 2% to 4% and 3% to 5%, respectively.

展望未來，我們將繼續致力於實現我們今天重申的 2025 年目標。這包括將 TTech 營業收入和調整後 EBITDA 成長率（包括 TELUS Health）分別設定為 2% 至 4% 和 3% 至 5%。

Consolidated capital expenditures, excluding circa $100 million for capital and real estate development initiatives are targeted to remain stable at $2.5 billion. Lastly, free cash flow guidance for 2025 of $2.15 billion is also confirmed.

綜合資本支出（不包括約 1 億美元的資本和房地產開發計劃）目標是保持穩定在 25 億美元。最後，也確認了 2025 年 21.5 億美元的自由現金流指引。

As it relates to our balance sheet, the average term to maturity of our long-term debt stands over 10 years with a weighted average cost of 4.4%. While leverage is elevated at 3.9 times, we remain committed to improving our leverage ratio, targeting our net debt to the EBITDA ratio by 3 times by 2027.

就我們的資產負債表而言，我們的長期債務平均到期期限超過 10 年，加權平均成本為 4.4%。儘管槓桿率已升至 3.9 倍，但我們仍致力於改善槓桿率，目標是到 2027 年將淨債務與 EBITDA 比率提高至 3 倍。

Our efforts to deleverage our balance sheet will be supported by continual operational growth, including EBITDA and free cash flow expansion. Additionally, ongoing monetization initiatives, including the planned divestiture of non-core assets, continued real estate and copper monetization, as well as our potential monetization of wireless towers are well underway and will continue to further strengthen our balance sheet.

我們降低資產負債表槓桿的努力將得到持續營運成長的支持，包括 EBITDA 和自由現金流擴張。此外，正在進行的貨幣化舉措，包括計劃剝離非核心資產、持續的房地產和銅貨幣化以及我們潛在的無線塔貨幣化都在順利進行，並將繼續進一步加強我們的資產負債表。

During the quarter, we monetize certain non-core assets within the business, as well as our TELUS global ventures portfolio receiving proceeds of $66 million.

在本季度，我們將業務中的某些非核心資產以及我們的 TELUS 全球創投組合貨幣化，獲得了 6,600 萬美元的收益。

In April, we successfully raised $1.6 billion in hybrid debt securities, with the proceeds being entirely directed to debt repayment. The 50% of the proceeds receiving equity treatment by credit rating agencies. On a pro forma basis when including the benefit of our hybrid offering, leverage would have been approximately 3.8 times at the end of the quarter.

四月份，我們成功籌集了16億美元的混合債務證券，所得款項全部用於償還債務。50%的收益將由信用評等機構進行股權處理。以備考基礎計算，如果包括我們混合產品的收益，則本季末的槓桿率將約為 3.8 倍。

As it relates to the DRIP discount, we expect to lower the discount from the current 2% by 0.5 point in each of '26 and '27 before removing it completely at the end of 2027.

就 DRIP 折扣而言，我們預計在 2026 年和 2027 年，折扣將從目前的 2% 降低 0.5 個百分點，然後在 2027 年底完全取消折扣。

If the balance sheet deleveraging plan, as we have outlined, is quicker in execution, we will review removing the DRIP discount earlier than the current timeline.

如果我們所概述的資產負債表去槓桿計劃執行得更快，我們將考慮在當前時間表之前取消 DRIP 折扣。

As Darren highlighted earlier, we recently completed the purchase of Workplace Options of approximately $500 million net of assumed debt of approximately $100 million. We've also signed a non-binding term sheet with a third-party investor who will invest CAD285 million as part of the acquisition, which we expect to be completed in Q2.

正如達倫先前強調的那樣，我們最近完成了對 Workplace Options 的收購，收購價格約為 5 億美元，扣除約 1 億美元的承擔債務。我們還與第三方投資者簽署了一份不具約束力的條款清單，該投資者將投資 2.85 億加元作為收購的一部分，我們預計收購將在第二季完成。

As we progress through 2025, we are well positioned to drive strong growth, sustainable and sustainable growth despite the dynamic operating environment, supported by our leading asset mix and robust business strategy.

隨著我們邁向 2025 年，儘管經營環境充滿活力，但我們仍處於有利地位，在領先的資產組合和穩健的業務戰略的支持下，我們能夠實現強勁、可持續和可持續的增長。

Before we move to our Q&A, I just want to congratulate Darren on his 100th earnings call since 2000. It's been a remarkable journey over the past 25 years, and congratulations, Warren.

在我們進入問答環節之前，我只想祝賀 Darren 自 2000 年以來召開了第 100 次財報電話會議。過去 25 年是一段非凡的旅程，恭喜沃倫。

Robert, over to you.

羅伯特，交給你了。

Thank you, Doug, and congratulations, Darren. Carl, please proceed with the questions.

謝謝你，道格，恭喜你，達倫。卡爾，請繼續提問。

Thank you. (Operator Instructions) Stephanie Price, CIBC.

謝謝。（操作員指示）Stephanie Price，CIBC。

Good afternoon. Maybe I'll start with TELUS Health, just very strong revenue and even the growth in the quarter. Just curious what's fueling that? Is it primarily synergy related? Have there been other tuck-ins and maybe you could talk a little bit about workplace solutions and what that brings to the health solution? And more broadly, how you see TELUS Health evolving over the next few years and the key milestones you're looking for from the business before a monetization opportunity?

午安.也許我會從 TELUS Health 開始，其收入非常強勁，甚至本季的成長也很好。只是好奇是什麼導致了這種情況？它主要與協同作用有關嗎？還有其他措施嗎？也許您可以談談工作場所解決方案以及這些解決方案對健康解決方案有何影響？更廣泛地說，您如何看待 TELUS Health 在未來幾年的發展，以及在實現盈利機會之前您希望業務達到哪些關鍵里程碑？

Navin will take that question, Stephanie.

史蒂芬妮，納文將回答這個問題。

Yeah, thanks, Darren, and thanks, Stephanie, for the question. I think I'll start by saying that we've been building very strong momentum in TELUS Health over the last couple of years and that growth is coming from a number of areas. Number one, we've made some smart tuck in acquisitions that are accretive, immediately accretive. The synergies that we're getting from those acquisitions are on track and doing well.

是的，謝謝 Darren 和 Stephanie 提出這個問題。我想首先要說的是，過去幾年來，TELUS Health 的發展勢頭非常強勁，而且成長來自多個領域。首先，我們進行了一些明智的收購，這些收購可以帶來增值，而且是立即增值。我們從這些收購中獲得的協同效應正在順利實現。

On the other part of that, I would say, we've made some really good investments in terms of our go to market and channel capabilities and those are yielding strong returns. In fact, we had our best bookings quarter in TELUS Health since the LifeWorks acquisition.

另一方面，我想說，我們在市場進入和通路能力方面做出了一些非常好的投資，並且獲得了豐厚的回報。事實上，自從收購 LifeWorks 以來，TELUS Health 的預訂量達到了最佳水準。

Thirdly, tied to LifeWorks acquisition, as Darren mentioned, we continue to have very strong synergies. A lot of the cost synergies are behind us, but the revenue and cross sell synergies are just starting to really ramp up and in regards to cross sell, we're starting to see some very good ramping across all of the B2B assets. So for example, cross-sell across the core B2B telecom, healthcare, TELUS Agriculture and Consumer Goods, and TELUS Digital was up over 5 times relative to at this time last year.

第三，正如達倫所提到的，與 LifeWorks 收購相關，我們繼續保持非常強大的協同效應。許多成本綜效已經過去，但收入和交叉銷售綜效才剛開始真正提升，就交叉銷售而言，我們開始看到所有 B2B 資產都出現了非常好的成長。例如，核心 B2B 電信、醫療保健、TELUS 農業和消費品以及 TELUS Digital 的交叉銷售與去年同期相比增長了 5 倍以上。

So we feel very good about the momentum on health. Bringing on Workplace Options is a really, really positive development for us. We're acquiring Workplace Options from a position of strength. It's a high growth asset that again is immediately the accretive. Really strong industry leading client experience capability, a really strong customer base. We're really pleased with the talent level and the level of leadership that's coming along with this asset.

因此，我們對健康領域的發展動能感到非常滿意。引入工作場所選項對我們來說是一個非常非常積極的發展。我們以實力雄厚的優勢收購了 Workplace Options。它是一種高成長資產，可以立即增值。真正強大的行業領先的客戶體驗能力，真正強大的客戶群。我們對這項資產所帶來的人才水準和領導水準感到非常滿意。

The digital capabilities and the data capabilities and the monetization opportunities with the data that we get with WPO is super strong. Their cost structure is excellent. Their capital intensity is low. Great global reach, great complimentary set of products with what we have today in TELUS Health. So I think we're really excited about WPO and more to come on that in the subsequent quarters.

我們從 WPO 獲得的數位能力、數據能力和數據貨幣化機會非常強大。他們的成本結構非常好。他們的資本密集度較低。具有強大的全球影響力，與 TELUS Health 目前的產品相輔相成。所以我認為我們對 WPO 感到非常興奮，並且在接下來的幾季中還會有更多相關內容。

And then just lastly, we're very pleased to be able to report TELUS Health as a segment. We're excited about where it can go. And in terms of the the future, we'll look at the right monetization or partnership opportunities as it evolves. So that's it for me. Darren, any top-ups from you?

最後，我們非常高興能夠報道 TELUS Health 這部分。我們對它的去向感到興奮。就未來而言，我們將隨著其發展尋找合適的貨幣化或合作機會。對我來說就是這樣。達倫，你有什麼補充嗎？

Just one thing. Stephanie, to elucidate, of the 30% EBITDA growth in Q1, 26% was the organic growth rate. So the preponderance coming from organic.

只有一件事。史蒂芬妮解釋說，第一季 30% 的 EBITDA 成長中，26% 是有機成長率。因此，主要成分來自有機物。

Thank you very much.

非常感謝。

Vince Valentini, TD Cowen.

文斯·瓦倫蒂尼 (Vince Valentini)，TD Cowen。

First, can I just clarify on the Workplace Options acquisition. The partner's putting up $285 million out of the $500 million total, but TELUS is retaining over 50% control. If you can just maybe clarify that for me. And then the other question bigger picture is on wireless. But good results overall today, everybody's happy with the share price performance and great to see the dividend commitment. But I mean wireless service revenue, almost minus 1% cannot be viewed as satisfactory, I'm sure, to you either, Darren.

首先，我可以先澄清一下 Workplace Options 收購的情況嗎？合作夥伴出資 5 億美元中的 2.85 億美元，但 TELUS 保留了 50% 以上的控制權。如果您能幫我澄清一下的話。另一個更大的問題是關於無線的。但今天的整體業績不錯，每個人都對股價表現感到滿意，並且很高興看到股息承諾。但我的意思是，無線服務收入幾乎為負 1%，我相信對你來說也不能令人滿意，達倫。

Do you have any thoughts on what's going on in the market and what perhaps needs to change and do you think TELUS needs to play a role here on sort of balancing volume versus pricing as one of the leaders in the industry to sort of set an example for others? I'd love to hear what your views are on the industry at this stage. Thanks.

您對市場上正在發生的事情以及可能需要做出哪些改變有什麼看法？您是否認為 TELUS 需要在平衡銷售和定價方面發揮作用，作為行業領導者之一，為其他公司樹立榜樣？我很想聽聽您對現階段這個產業的看法。謝謝。

Thanks for the question, Vince. The answer to the second part of your question is, yeah, and we'll provide color on that in a second with Zainul and myself, and Doug will kick it off as it relates to the Workplace Options acquisition and the role on the P/E front of the 285 and how that plays out at an equity level. Doug, over to you.

謝謝你的提問，文斯。對你問題的第二部分的回答是，是的，稍後我們將與 Zainul 和我一起對此進行詳細說明，Doug 將首先討論 Workplace Options 收購以及 285 在市盈率方面的作用以及它在股權層面上的作用。道格，交給你了。

Yeah. So that $500 million was cash, Vince, there was $100 million of assumed debt. So the all-in purchase price is [$6] in substance, and then the [285 million] is obviously less than 50%.

是的。文斯，那 5 億美元是現金，還有 1 億美元的承擔債務。所以全部收購價格實質上是[6美元]，那麼[2.85億美元]顯然不到50%。

Thank you.

謝謝。

Zainul.

扎伊努爾。

Thanks, Darren, and thanks, Vince, for the question. I think first and foremost we have to say that we are not satisfied with that performance. It is not headed in the direction that we wanted, and we are going to significantly improve it. I think it's important to highlight that there's a few levers that are going to be critical to achieving a better performance.

謝謝 Darren 和 Vince 提出的問題。我認為首先我們必須說我們對那場表現並不滿意。它並沒有朝著我們想要的方向發展，我們將對其進行顯著改進。我認為有必要強調的是，有幾個槓桿對於實現更好的性能至關重要。

And I'll focus internally because we have to focus on what we can control. I think, fundamentally, we have to do a much better job of leveraging our product intensity, our bundling capabilities, improving our loyalty and retention, which is headed in the right direction but it's certainly not achieving the performance that I think is commensurate with what we can achieve when we put more focus and energy into that. And even in certain areas like leveraging AI and the capabilities that TELUS Digital provides to help us with revenue management and predictive models.

我會把注意力集中在內部，因為我們必須專注於我們能夠控制的事情。我認為，從根本上來說，我們必須更好地利用我們的產品強度、捆綁能力，提高我們的忠誠度和保留率，這是朝著正確的方向前進的，但肯定沒有達到我認為與我們投入更多精力和精力所能達到的水平相稱的業績。甚至在某些領域，例如利用人工智慧和 TELUS Digital 提供的功能來幫助我們進行收入管理和預測模型。

I think on -- the other side of it is really balancing and aligning investment with outcomes. So when you look at the three core elements of rate, subsidy, device pricing and the financing for, ultimately, in this type of environment, what we need to do is ensure that our investment in subsidy enhance sets is commensurate with the right return levels.

我認為，另一方面實際上是平衡和協調投資與結果。因此，當你看到費率、補貼、設備定價和融資這三個核心要素時，最終，在這種環境下，我們需要做的是確保我們對補貼增強套件的投資與正確的回報水平相稱。

And then finally, I think there's an AMPU qualification element if there are segments of the market that are still profitable to support and drive growth and we need to make sure we continue to align the AMPU outcomes and the cost to serve model with the demographics of those markets.

最後，我認為，如果市場中有些部分仍然有利可圖，需要支持和推動成長，那麼就存在 AMPU 資格要素，我們需要確保繼續將 AMPU 結果和服務成本模型與這些市場的人口統計數據保持一致。

So those are the areas that we're going to focus on. I'll keep it succinct, my peers may want to add with respect to the B2B side, but I think it's really important to highlight that we're not satisfied and we're going to focus on this to improve it.

這些就是我們要重點關注的領域。我會保持簡潔，我的同事可能想補充有關 B2B 方面的內容，但我認為強調我們並不滿足並且我們將專注於此以進行改進非常重要。

Yeah, do you want to add anything (multiple speakers)

是的，你想補充什麼嗎（多位發言者）

Just to top up, I would say, on the B2B side, we aren't satisfied either. I think we have some levers in terms of strong 5G IoT growth. We had really strong IoT loading in the quarter, that needs to be a more material percentage of our wireless network revenue. On the B2B side, we've actually had strong loading and we'll continue to focus on accretive loading.

補充一下，我想說，在 B2B 方面，我們也不滿意。我認為我們在 5G IoT 強勁成長方面擁有一些優勢。本季我們的物聯網負載非常強勁，這需要在我們的無線網路收入中佔據更重要的比例。在 B2B 方面，我們實際上已經擁有強大的負載，並且我們將繼續專注於增值負載。

We have an opportunity to continue to drive product intensity, which will help both with churn and lifetime revenue that we're very much focused on and the opportunity to drive geographic expansion across core segments like SMB and midmarket is also progressing well but an opportunity for us to do more there.

我們有機會繼續提高產品強度，這將有助於我們關注的客戶流失率和終身收入，而推動中小企業和中端市場等核心領域的地理擴張的機會也進展順利，但這對我們來說也是一個機會，讓我們在那裡做更多的事情。

I think Vince, your point is well made. One of the benefits of having strong and resilient financial results and a premium asset mix as our results have demonstrated today is it gives us the latitude to take a leadership position in the market and move to a more sanguine economic model. So I think the point that you're pressing on there is quite cogent.

我認為文斯，你的觀點很正確。正如我們今天的業績所證明的那樣，擁有強勁而有韌性的財務表現和優質的資產組合的好處之一是，它使我們有能力在市場上佔據領導地位，並轉向更加樂觀的經濟模式。所以我認為你強調的觀點非常有說服力。

Secondly -- and this is, I think, where you would expect us to lead. We have been the most progressive on digital. It's driving our AMPU thesis, not from a traditional cost cutting, cost efficiency point of view, but leveraging our digital progression and leveraging our AI capabilities.

其次──我想，這也是你們期望我們採取的行動。我們在數位化方面一直是最先進的。它推動著我們的 AMPU 論點，不是從傳統的成本削減、成本效率的角度，而是利用我們的數位化進步和利用我們的人工智慧能力。

We have the best asset to support that in TELUS Digital and putting that to work in terms of the AMPU for our business overall and wireless in particular in terms of what we should be able to do on digital and AI better than our peers on a global basis. I think that has to be a priority for this organization because we have a differentiated capability set there.

我們在 TELUS Digital 中擁有最好的資產來支援這一點，並將其應用於 AMPU 方面，為我們的整體業務，特別是無線業務服務，讓我們能夠在數位和人工智慧方面比全球同行做得更好。我認為這必須是該組織的優先事項，因為我們在那裡擁有差異化的能力。

And then lastly, you saw me make the comment that we set a record on connected devices. Yeah, okay, clap clap, that's great, but it's not good enough. We have to scale more aggressively on the connected device machine to machine, IoT front that is profitable business, that is attractive revenue growth for this organization. It's a ROI on all that money we spent on 5G infrastructure and spectrum along the way. It's good business from a retention characteristic point of view, and we've got to scale that business. And that's the type of thing that really alleviates the ARPU pressure and shows up in terms of network revenue growth. So those are the three areas I think that are key to takeaway for investors.

最後，您看到我評論說我們在連接設備上創下了記錄。是的，好吧，鼓掌，這很好，但還不夠好。我們必須在機器對機器的互聯設備、物聯網方面進行更積極的擴展，這是一項有利可圖的業務，對於該組織來說，這是有吸引力的收入成長點。這是我們在 5G 基礎設施和頻譜上投入的所有資金的投資回報。從保留特性的角度來看，這是一項很好的業務，我們必須擴大這項業務。這類措施確實能緩解 ARPU 壓力，並體現在網路收入成長。所以我認為這三個領域對投資人來說是關鍵的。

Thanks, Vince. Carl, next question please.

謝謝，文斯。卡爾，請問下一個問題。

Jerome Dubreuil, Desjardin.

傑羅姆‧杜布雷伊 (Jerome Dubreuil)、德雅爾丹 (Desjardin)。

The first question for me, sorry for the long term guidance question, but given the three-year dividend growth plan, I'll allow myself. So can you talk about the puts and takes maybe about the free cash flow trend that you're seeing in the coming years with numbers, if possible, that allows you to grow the dividend for the next three years by that much.

對我來說，第一個問題是，抱歉，這是一個長期指導問題，但考慮到三年股息成長計劃，我可以回答。那麼，您能否談談未來幾年您所看到的自由現金流趨勢，如果可能的話，可以用數字來說明，這可以讓您在未來三年內增加那麼多的股息。

And then the second one, Doug, you mentioned that if deleveraging is quicker than expected, we may remove the DRIP quicker. What specifically are you referring to in terms of potential events that may happen maybe outside of quicker organic growth? Thank you.

然後第二個問題，道格，你提到，如果去槓桿速度比預期的要快，我們可能會更快地取消 DRIP。除了更快的有機成長之外，您具體指的是可能發生的潛在事件是什麼？謝謝。

Okay. I'll kick it off and I'll let Doug pull up our three-year free cash flow view so that he can give you multi-year guidance at a quarterly level on that front.

好的。我將開始討論，並讓 Doug 提出我們三年的自由現金流觀點，以便他可以在這方面為您提供季度級別的多年指導。

So let's just say a couple of things. When we did the reset from 7 to 10 to 3 to 8, you can imagine the amount of modeling, analytics, scenario planning, contingency views that we put into this from a conservatism perspective. So we chose those numbers wisely to give us the latitude that we need prospectively. I'll let Doug comment on that in a second.

所以我們只說幾件事。當我們將數字從 7 到 10 重置為 3 到 8 時，你可以想像從保守主義的角度我們投入了多少建模、分析、情境規劃和應急觀點。因此，我們明智地選擇了這些數字，以便為我們提供未來所需的自由。我會讓 Doug 馬上對此發表評論。

In terms of sustainability, I really meant what I said in my remarks. We are looking at TELUS to have the best combination of EBITDA growth prospectively and lower CapEx intensity to support the successive expansion at the free cash flow level, and that's underpinned by a few things that I think are important.

關於永續性，我確實是認真地表達了我在發言中所說的內容。我們希望 TELUS 能夠實現 EBITDA 成長和較低資本支出強度的最佳組合，以支持自由現金流水準的連續擴張，而我認為這是基於一些重要因素的。

One is, we expect to see strong continued execution within our outperforming telecom business. I think you can expect it to be resilient when we're in a corrosive competitive pricing environment, and I think you can expect it to be robust when that environment gets more sanguine, which eventually it will.

一是，我們預期我們表現優異的電信業務將持續保持強勁表現。我認為，當我們處於腐蝕性的競爭定價環境中時，你可以預期它會具有彈性，並且我認為，當環境變得更加樂觀時，你可以預期它會變得強勁，而最終它會變得更加樂觀。

I think we have an emerging growth story in health and TELUS Agriculture and Consumer Goods that's second to none. And again, you're seeing that in today's results and to Navin's excellent point. The health EBITDA expansion that we've disclosed in Q1 is really just a carry through of what we've been reporting on over the last six quarters in that regard.

我認為我們在醫療衛生和 TELUS 農業及消費品領域有著無與倫比的成長前景。再說一次，您可以從今天的結果和 Navin 的精彩觀點中看到這一點。我們在第一季揭露的健康 EBITDA 擴張實際上只是我們過去六個季度所報告內容的延續。

Next, for us, it's a huge factor to be able to rely on, call upon leverage what TELUS Digital is doing on a leading basis on the digital AI transformation because for us that's a 4 point game. It helps us sustainably take costs out of our business, but it's equally potent in respect of revenue generating go to market strategies. And so for us, that's transformative and it's a unique asset within our portfolio.

其次，對我們來說，能夠依賴並利用 TELUS Digital 在數位 AI 轉型方面所發揮的領先作用是一個巨大的因素，因為對我們來說，這是一場 4 分遊戲。它幫助我們持續降低業務成本，但在創收市場策略方面也同樣有效。因此，對我們來說，這是變革性的，也是我們投資組合中的獨特資產。

And I don't think people have done the right tale of the tape on this because all of the above is complemented by a very smart, very specific, very well structured, laid out successive deleveraging plan that's going to yield prospectively continued cash and economic benefits to this organization. Again, enabling what we want to do in terms of growth overall but also buttressing the sustainability, the doability, the predictability, the reliability of our 3% to 8% on the dividend expansion from 2026 to 2028.

我認為人們對此事的敘述並不正確，因為上述所有內容都輔以非常聰明、非常具體、結構非常好、佈局合理的連續去槓桿計劃，該計劃將為該組織帶來持續的現金和經濟利益。再次，在實現我們想要的整體成長的同時，也鞏固了 2026 年至 2028 年股息擴張 3% 至 8% 的可持續性、可行性、可預測性和可靠性。

And so I think that's a lot in terms of the free cash flow story of this organization and why it's unique to TELUS. But maybe Doug, if you want to provide a little bit of additional color on perspective cash, go ahead.

所以我認為這與該組織的自由現金流情況以及為什麼它對 TELUS 來說是獨一無二的有關。但是，道格，如果你想對現金前景提供一些額外的信息，那就繼續吧。

Yeah, in addition to that, as Darren highlighted, we continue to invest in our business appropriately with CapEx, but with our accelerated build and the completion of fiber, we have the ability to bring CapEx intensity down to industry, if not world leading lows as we've talked about in the past. So that will continue to be a future driver.

是的，除此之外，正如 Darren 所強調的那樣，我們繼續透過資本支出適當地投資於我們的業務，但隨著我們的加速建設和光纖的完成，我們有能力將資本支出強度降至行業最低水平，如果不是我們過去談到的世界領先水平的話。因此這將繼續成為未來的驅動力。

As we delever, cash interest will flatline and decrease over time, so we can assume you'll get an uptick in free cash flow over interest. Restructuring costs also were elevated as we had to right size our organization through some of the digital and economic challenges that we've seen over the last little bit.

隨著我們去槓桿，現金利息將趨於平穩並隨時間推移而減少，因此我們可以假設您的自由現金流將超過利息。由於我們必須透過最近遇到的一些數位和經濟挑戰來調整組織規模，因此重組成本也有所增加。

And you'll see that leases will also start to dec decrease in the future on payments for leases in 2026. So free cash flow starts to accelerate on all those fronts in addition to everything that Darren had already highlighted in his overview of the operations of the business.

您會發現，2026 年租賃付款也將開始減少。因此，除了 Darren 在業務運營概述中已經強調的所有內容之外，自由現金流在所有這些方面都開始加速。

And on monetization or other events that would allow us to reduce the DDRIP sooner, we continue to talk about our endearing referred to the deleveraging plan. We have, in our base plan, I would say, a risk adjusted execution that allows us to hit that plan and have multiple levers to get there. And if there are some items we can't execute on, we have others.

關於貨幣化或其他可以讓我們更快降低 DDRIP 的事件，我們繼續談論我們所提到的去槓桿計劃。我想說，在我們的基本計劃中，我們有一個風險調整執行，它使我們能夠實現該計劃，並有多種手段來實現目標。如果有些項目我們無法執行，我們還有其他項目。

So I would say, if we can continue to execute more than the assumed rate, which I believe is conservative, it would allow us to delever faster and more deeply in that time frame, which would give us the opportunity to reduce the DRIP faster. And that includes the items that we continue to talk about. Darren talked about the value of health and ag and partnerships.

因此我想說，如果我們能夠繼續執行超過假設利率（我認為這是保守的），它將使我們能夠在這段時間內更快、更深地去槓桿，這將使我們有機會更快地降低 DRIP。其中包括我們繼續討論的內容。達倫談到了健康、農業和夥伴關係的價值。

We did a hybrid, as you saw, in April, and we still are very low in the hybrid offering within our industry, and there's more room on that opportunity should we desire to go there. Our asset divestitures between copper real estate are well underway.

如您所見，我們在四月份推出了一款混合動力車型，但在我們行業中，混合動力車型的供應量仍然很低，如果我們願意的話，這個機會還有很大的發展空間。我們的銅房地產資產剝離工作正在順利進行中。

And then you would have seen the first wave of our non-strategic divestitures of $66 million this quarter, and we are not expecting anything unreasonable to hit our 3.0 plan. It really is then just accelerating any of these pillars that we just talked about.

然後你會看到我們本季第一波 6,600 萬美元的非戰略性資產剝離，我們預計不會有任何不合理的事情影響我們的 3.0 計畫。這實際上只是在加速我們剛才談到的這些支柱的發展。

A new measure, I think, that would be helpful in terms of looking at TELUS is our goal to have the lowest or be near the lowest CapEx intensity minus the EBITDA growth rate. That particular outcome, CapEx intensity minus the EBITDA growth rate we want to lead the industry with and complement that by chunking our way through all of our deleveraging programs in a very methodical fashion.

我認為，對於檢視 TELUS 而言，一個有幫助的新指標是，我們的目標是將資本支出強度減去 EBITDA 成長率，使其達到最低或接近最低。這個特定的結果，即資本支出強度減去 EBITDA 成長率，我們希望以此引領產業，並透過以非常有條理的方式分塊完成我們所有的去槓桿計畫來補充這一點。

Drew McReynolds, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的德魯‧麥克雷諾茲 (Drew McReynolds)。

Yeah, thanks very much. Three follow ups for me. First on the, I guess since it's wireless question, in the spirit, Darren, of your 100th conference call, I recall, within one of these calls going back to 2018, you looked forward on the industry and I think it was a warning shot on competition and wireless pricing.

是的，非常感謝。對我來說有三次後續行動。首先，我想既然這是無線問題，達倫，本著您第 100 次電話會議的精神，我記得在 2018 年的一次電話會議中，您對這個行業進行了展望，我認為這是對競爭和無線定價的警告。

And it seems since then you've kind of built TELUS to absorb whatever was coming, I guess, the industry's way and I think you kind of nailed it, to be honest. So just wondering, on the B2C wireless side, isn't this kind of largely commoditized now or do you really see it as transitory?

從那時起，您似乎就已經開始著手建立 TELUS，以吸收行業中出現的一切新事物，我想，老實說，我認為您已經成功了。所以我只是想問一下，在 B2C 無線方面，這種現象現在不是已經很大程度上商品化了嗎，還是您真的認為它是暫時的？

Second question, follow up just on the AI dynamic. Just maybe in the next three years going to 2027, can you give a specific examples where you're driving lower cost and alternatively, seeing new growth revenues -- growth opportunities with AI? And then last quick clarification or a comment, maybe to you, Doug. As you get closer to 3 times, what's your thought on the institution of an NCIB? Thank you.

第二個問題，請關注人工智慧動態。也許在未來三年到 2027 年期間，您能否給出一個具體的例子，說明如何降低成本，以及如何看到新的成長收入——人工智慧帶來的成長機會？最後，我想快速澄清一下或評論一下，也許是給你的，道格。當您接近 3 次時，您對 NCIB 的機構有何看法？謝謝。

Alright. Here we go on that. Doug, you'll give the launch date for NCIB first. Tobias, I think it would be great for people to hear from you, given you're a global thought leader on AI product to go to market. I think a very exciting conversation. And then we'll do the Donnie & Marie, you and I at the end on B2C on that front. So Doug, go ahead.

好吧。我們繼續吧。道格，你首先要給 NCIB 的發布日期。托比亞斯，鑑於您是人工智慧產品市場化的全球思想領袖，我認為人們很高興聽到您的意見。我認為這是一次非常令人興奮的對話。然後，我們將在 B2C 領域與 Donnie 和 Marie 一起開展工作，你和我也將在最後合作。那麼 Doug，繼續吧。

Yeah, I would assume it would be after that 2027 period, and we will bounce it off with all the capital allocation priorities that we've talked about on what is the best shareholder return at that time frame, ensuring our balance sheet is to the strength, not just for the hitting '27 but futureproofed as well and then appropriate investment in the business, but I would assume it's after '27.

是的，我認為它會在 2027 年之後，我們會根據我們已經討論過的所有資本配置優先事項來確定在那個時間段內最佳的股東回報，確保我們的資產負債表保持強勁，不僅是為了達到 2027 年的目標，而且也為未來做好了準備，然後對業務進行適當的投資，但我認為它會在 2027 年之後。

Tobias, do you want to comment on what excites you in terms of AI profitable revenue generating growth opportunities?

托比亞斯，您能否評論一下，在人工智慧獲利創收成長機會方面，哪些方面讓您感到興奮？

Sure, Darren. Thank you. I would note that I'm on my 100th as many earnings calls as Darren today, so thank you for having me. As Darren said, AI is a dual opportunity for us. On the one hand, it's helping TELUS drive those efficiency and operating excellence, but on the other side, it's helping us take those learnings, know-how and products to clients to then monetize those. And I think that makes us extraordinarily unique, not just in the industry, but in the entire competitive landscape.

當然，達倫。謝謝。我想指出的是，今天我已經和達倫一樣參加了第 100 次財報電話會議，所以感謝你們邀請我。正如 Darren 所說，人工智慧對我們來說是一個雙重機會。一方面，它幫助 TELUS 提高效率和卓越運營，另一方面，它幫助我們將這些學習、專業知識和產品帶給客戶，然後將其貨幣化。我認為這使我們不僅在行業中，而且在整個競爭環境中都顯得非常獨特。

We have made AI team member enablement a competitive differentiator across TELUS and TELUS Digital. I think what's interesting about that is it's not just access to the LLMs and to AI tools, but it's entire ecosystem around how you find and support new AI ideas, how you do the change management of not just improving existing processes, but reinventing processes. How you look at privacy and control of your data, and then how you continuously innovate and use improvement cycles, agile development techniques, et cetera to make this happen.

我們已將 AI 團隊成員支援作為 TELUS 和 TELUS Digital 之間的競爭優勢。我認為有趣的是，它不僅僅是獲得法學碩士學位和人工智慧工具，而是圍繞著如何發現和支持新的人工智慧理念、如何進行變革管理（不僅改進現有流程，而且重塑流程）的整個生態系統。您如何看待隱私和資料控制，然後如何不斷創新並使用改進週期、敏捷開發技術等來實現這一目標。

And so I'll just share a couple of examples with you, as you requested. So first of all, we have about 50,000 users in the two companies that are -- that have access to the tools who have built over 15,000 co-pilots in the last nine months, and a 15 times increase in token consumption over the last nine months. So you can just see the volume of AI usage that's happening in the combined company.

因此，按照您的要求，我將與您分享幾個例子。首先，我們兩家公司大約有 5 萬名用戶可以使用這些工具，他們在過去 9 個月中建立了超過 15,000 名副駕駛，並且代幣消耗量在過去 9 個月中增加了 15 倍。因此，您可以看到合併後的公司中人工智慧的使用量。

So examples of that are an agent trainer, right? We've created a fuel contact center agent trainer, and usually when you're dealing with technology, you're investing and you're saying, all right, are we going to decrease cost or is this going to increase quality?

那麼代理培訓師就是一個典型例子，對嗎？我們已經創建了一個燃料聯絡中心代理培訓師，通常當你處理技術時，你會進行投資，你會說，好吧，我們是要降低成本還是要提高品質？

And with AI in many implementations, you're actually able to do both on the same time. So for agent trainer, when we take our new agents through that, we're getting 50% reductions in training time, but also significant increases in proficiency which then leads to customers CSAT down the road.

在許多實現中，透過人工智慧，您實際上可以同時完成這兩項工作。因此，對於代理培訓師來說，當我們讓新代理接受培訓時，我們的培訓時間減少了 50%，但熟練程度也顯著提高，從而提高了客戶的 CSAT。

We're giving our frontline agents Copilots, which are reducing average handle time and calls between 10% and 45%, but they're also increasing CSAT at the same time between 10% and 20% because our agents have so much better access to the most current information, the most current offers, they're able to actually upsell on the call much more efficiently than they have in the past.

我們為前線代理配備了 Copilot，這可以將平均處理時間和呼叫次數減少 10% 到 45%，但同時也將 CSAT 提高了 10% 到 20%，因為我們的代理可以更好地獲取最新信息、最新優惠，因此他們實際上可以比過去更有效地在通話中進行追加銷售。

We've integrated into our sales motion, so we have higher KPIs, 10% to 15% higher KPIs in three areas meetings, coverage, and funnel quantity. We've launched propensity to turn models working with Zainul and pricing simulation models.

我們已經將其融入我們的銷售活動中，因此我們有更高的 KPI，在會議、覆蓋率和通路數量三個領域的 KPI 提高了 10％ 到 15％。我們已經推出了與 Zainul 合作的轉變傾向模型和定價模擬模型。

We have proactive outreach based on AI analysis of data intents that's driving up to a 50% reduction in repeat calls and in targeted programs. And what's most exciting for us is all of this is just within TELUS, and this constant interplay of what we do for TELUS, bringing that to our clients and then conversely, with all the clients we talk to and work with, bringing that to TELUS creates a pretty unique opportunity for us in the industry.

我們根據數據意圖的人工智慧分析進行主動推廣，從而將重複呼叫和有針對性的計劃減少了 50%。而最讓我們興奮的是，所有這些都是在 TELUS 內部進行的，我們為 TELUS 所做的工作不斷相互作用，將其帶給我們的客戶，然後反過來，與我們交談和合作的所有客戶一起，將其帶給 TELUS，為我們在行業中創造了一個非常獨特的機會。

Darren, anything you'd like to top up there?

達倫，還有什麼需要補充的嗎？

No, that was excellent, Tobias. To wrap this up, a few comments. I guess time will tell whether they're prophetic or erroneous.

不，那太棒了，托比亞斯。最後，我想總結幾點意見。我想時間會證明它們是預言還是錯誤。

Number one, we have to change the psychology within the industry as it relates to marketing and sales. We have a wireless industry where we have to have price competition parity. And I for one don't understand that.

首先，我們必須改變與行銷和銷售相關的行業心理。在我們的無線產業中，我們必須保持價格競爭的均等性。我個人並不理解這一點。

Why can't we have a price premium? If we have better product features, but more particularly, better customer service for our clients, why do we always have to price match, price match and a race to the bottom? Why can't we build a culture of psychology, a set of competency to be able to sell at a premium?

為什麼我們不能有溢價？如果我們擁有更好的產品功能，更具體地說，擁有為客戶提供更好的客戶服務，為什麼我們總是要進行價格匹配、價格匹配和競相壓價？為什麼我們不能建立一種心理文化、一套能夠以高價銷售的能力？

That's a transformation that this organization is working ardently to achieve. Should there not be, yeah, a deserved premium if you can provide a higher quality of customer service, and we know empirically from customers that customers value reliability more than affordability. And so the opportunity is out there for us.

這是本組織正熱切努力實現的轉變。是的，如果您可以提供更高品質的客戶服務，難道不應該獲得應得的溢價嗎？我們從客戶那裡了解到，客戶更重視可靠性而不是可負擔性。所以，機會就在我們面前。

Secondly, as I've said many times, we have been a chronic underperformer on product integration or bundling. There's tremendous upside opportunity as it relates to product intensity and the benefits of that are obvious. But the one thing that is a secondary consideration is that when you get better churn through better bundling, you also get better ARPU resiliency, which supports what you want to do on the network revenue growth front.

其次，正如我多次說過的，我們在產品整合或捆綁方面一直表現不佳。由於它與產品強度相關，因此存在巨大的上升機會，其好處也是顯而易見的。但需要次要考慮的一點是，當你透過更好的捆綁獲得更好的客戶流失率時，你也會獲得更好的 ARPU 彈性，這將支持你在網路收入成長方面想要做的事情。

Third, back to the comment that I made earlier that I think is underappreciated, if you can do great things like what Tobias was specifically articulating on digital and AI and be more resilient on the AMPU front, which we should be clearly doing, and you can see the manifestation of that in our results, it allows you to have greater discretion and make better choices at the ARPU front. And that's an eclectic combination for this organization that's tremendously powerful.

第三，回到我之前提到的我認為被低估的評論，如果你能做一些偉大的事情，就像 Tobias 在數字和人工智能方面特別闡述的那樣，並且在 AMPU 方面更具彈性，我們應該這樣做，你可以在我們的結果中看到這一點，它允許你在 ARPU 方面擁有更大的自由裁量權並做出更好的選擇。對於這個極其強大的組織來說，這是一個不拘一格的組合。

Next, we're still scratching the surface on IoT and machine to machine. So -- and let me be specific on that front. There's a lot of concentration on IoT within the logistics vertical, but our performance on IoT and health has been c**p. Our performance on IOT and agriculture has been c**p. And as it relates to B2B2C on wholesale, we're deeply underperforming.

接下來，我們仍在探索物聯網和機器對機器的皮毛。那麼——讓我具體談談這一點。物流垂直領域非常重視物聯網，但我們在物聯網和健康方面的表現卻很差。我們在物聯網和農業方面的表現很差。就批發業務的 B2B2C 而言，我們的表現遠遠不夠。

So we launched our SmartEnergy product, a classic IoT solution that would show up in network revenue growth, and we're nowhere built on it. We have to have the ability to scale on that product and see it complement the legacy revenue lines within our wireless portfolio, and we have to get better at product development in general.

因此，我們推出了 SmartEnergy 產品，這是一款經典的物聯網解決方案，可體現在網路收入成長中，但我們尚未在此基礎上進行任何建置。我們必須有能力擴大該產品的規模，並使其補充我們無線產品組合中的傳統收入線，而且我們必須在整體產品開發方面做得更好。

At the end of the day, we spent all this money on broadband, broadband wireless and broadband wireline. Our job should be to exact economies of scope. More products over the same medium. More products over the same medium. So let's get more product development happening within our 5G capability set and let's scale it so that it actually shows up with an impact on ARPU and AMPU for this organization.

最終，我們把所有這些錢都花在了寬頻、無線寬頻和有線寬頻上。我們的工作應該是實現範圍經濟。透過同一媒介提供更多產品。透過同一媒介提供更多產品。因此，讓我們在 5G 功能範圍內進行更多的產品開發，並擴大其規模，以便它可以真正對該組織的 ARPU 和 AMPU 產生影響。

And then finally, I'll give you a true data insight. If we went back and did a set of data analytics over the last five quarters on what we did with pricing in all of our channels at TELUS and evaluated it on a pro forma basis as to what the optimum pricing decision would be to solve for the best economics, we left a ton of money on the table.

最後，我將為您提供真正的數據洞察。如果我們回顧過去五個季度對 TELUS 所有通路定價情況的數據分析，並在形式上對其進行評估，以確定最佳定價決策如何才能實現最佳經濟效益，那麼我們就會發現，我們損失了一大筆錢。

Now you think about what Tobias just said on AI, if we can leverage that data set, leverage our AI capabilities within the area of price optimization with lifetime revenue economics, we will make better decisions and not leave that money on the table. And that's a tremendously smart thing to do, and it fits well with our capability set.

現在想想托比亞斯剛才談到的人工智慧，如果我們能夠利用該資料集，利用我們在終身收入經濟學價格優化領域的人工智慧能力，我們就能做出更好的決策，而不會把錢浪費在桌上。這是一件非常聰明的事情，而且它與我們的能力非常契合。

So that's where I think we need to go in the future. And that's just AI on price optimization. Imagine what it can do on Copilot bundling opportunities and the like. So that's where I think this industry needs to go over the next three to five years. And if the industry doesn't go there, well, TELUS will, and we'll be this differentiated benefit and enjoy those benefits for that. So that would be my forecast for now.

所以我認為這就是我們將來需要去的地方。這只是價格優化的人工智慧。想像一下它在 Copilot 捆綁機會等方面能發揮什麼作用。所以我認為這就是這個產業在未來三到五年內需要發展的方向。如果產業不這樣做，那麼 TELUS 就會這樣做，我們將獲得這種差異化優勢並享受這些優勢。這就是我現在的預測。

Yeah, very interesting insight. Thank you, Darren.

是的，非常有趣的見解。謝謝你，達倫。

Maher Yaghi, Scotiabank.

Maher Yaghi，加拿大豐業銀行。

Great, thank you for taking my question. So I'll go back to the question on wireless. It's been four quarters that we're seeing ARPU decline, about 3.5% -- in the 3.5% zone. When I look at your reports to the ARPU and correct me if I'm wrong in any of my numbers that I'll discuss, maybe about $7 in in your ARPU is related to handset subsidy. So your average service revenue ARPU is like $51 maybe.

太好了，謝謝你回答我的問題。因此我將回到有關無線的問題。我們已經看到 ARPU 連續四個季度下降，大約 3.5%——在 3.5% 的區間。當我查看您的 ARPU 報告並糾正我所討論的任何數字是否有誤時，您的 ARPU 中大約有 7 美元與手機補貼有關。因此您的平均服務收入 ARPU 大概是 51 美元。

And when we were looking at the market, the front book right now for average customers is probably $45 -- between $40 and $45. So are we to expect ARPU long term to decline by another $3, $3.50 before we reach or before we cycle through all the back book into the front book or any of my numbers are wrong?

當我們觀察市場時，我們發現目前普通顧客的預訂價格大約是 45 美元——在 40 到 45 美元之間。那麼，在我們達到或將所有後帳簿循環到前帳簿之前，我們是否預計 ARPU 長期將再下降 3 美元或 3.50 美元，或者我的任何數字都是錯誤的？

I -- thinking backwards through the math on that and the weighted average of all our products, I'm not sure I can answer your question clearly. I do think, there is, obviously, product mix, product quality, bundling, and other items that go into that on -- does the whole base gravitate to the floor or not to and that's the question you're asking, I think I'll have to come back with a what might that look like or Zainul can top up on.

我——透過數學計算和我們所有產品的加權平均值進行反向思考，我不確定我能否清楚地回答你的問題。我確實認為，顯然存在產品組合、產品品質、捆綁銷售和其他項目，整個基礎是否會傾向於地板，這就是你要問的問題，我想我必須回過頭來看看它會是什麼樣子，或者 Zainul 可以補充什麼。

The opportunities even as Darren just highlighted that there's room to not gravitate for all the reasons of quality and product and pricing even within a handset world where at times device floors where offers are being out there for a financing handset is uneconomic at ARPUs of levels that are well below even what you quoted.

正如達倫剛才強調的那樣，即使在手機領域，出於品質、產品和定價等原因，仍有空間不被吸引，有時在設備樓層，為融資手機提供的優惠在 ARPU 水平遠低於您所引用的水平時是不經濟的。

So I think it's going to be an average of all of that. Our goal obviously is not to gravitate to that bottom, to leverage all the tools, leverage all the products, and continue to build as Darren and Zainul have highlighted. And I guess that's probably the best I could do at that top level, but Zainul, is there any top up?

所以我認為這將是所有這些的平均值。我們的目標顯然不是被吸引到那個底部，而是利用所有的工具，利用所有的產品，並繼續建設，正如 Darren 和 Zainul 所強調的那樣。我想這可能是我在最高水準上能做到的最好的了，但是 Zainul，還有補充嗎？

No, I just -- I think you've covered it well. It's a complex mix between BYOD and contract revenue in terms of the handset mix and where customers are gearing in terms of the cost of devices and the length at which they're keeping their devices.

不，我只是——我認為你已經講得很好了。從手機組合以及客戶在設備成本和保留設備時間長度的考慮來看，這是 BYOD 和合約收入之間的複雜組合。

So, you know, I think that that all of those factors have an impact on that calculation and then as I mentioned, you know, you look at your base and your loyalty impacts and how to ensure that, you know, you have offers in the market that are attractive to your existing base to renew, coupled with the right investment for the right rate plans and the right BYOD and AMPU economics for the demographic that you know is not loading on the handset basis.

所以，你知道，我認為所有這些因素都會對計算產生影響，然後正如我提到的，你知道，你要看你的基礎和你的忠誠度影響，以及如何確保你在市場上有對你現有基礎有吸引力的優惠，再加上正確的投資，正確的費率計劃和正確的 BYOD 和 AMPU 經濟，為那些你知道不是在手機上加載的人口統計。

So it's a complex mix of all of those factors and I think the key thing is that, As Darren highlighted, product intensification and the ability to drive a better household mix and better economics overall in terms of economies of scale have to be the way that we drive accretion in the business.

所以這是所有這些因素的複雜組合，我認為關鍵在於，正如達倫所強調的那樣，產品集約化和推動更好的家庭組合以及在規模經濟方面更好的整體經濟的能力必須是我們推動業務成長的方式。

Okay, and my next question, just to follow up on the question about the dividend, and I don't want to make it very theoretical here, but as long as you have the DRIP in place, any increase in your dividend is causing more dilution to shareholders, especially with the dividend yield on the stock at $7 and change, given also your cost of capital and et cetera. You're paying out more than your cost of capital.

好的，我的下一個問題是關於股息的問題，我不想在這裡把它講得太理論化，但只要您實施了 DRIP，股息的任何增加都會導致股東權益的進一步稀釋，特別是當股票的股息收益率為 7 美元並發生變化時，還要考慮到您的資本成本等等。您支付的金額超過了資本成本。

So I try to dissociate the leverage from the decision about the dividend because the dividend has to be paid out from annual free cash flows rather than using the balance sheet. So why not wait until you stop the DRIP and bring down your distribution ratio below 100 before continuing to grow the dividend? That's my question that I'm -- I was trying to figure out.

因此，我試圖將槓桿與股息決策分開，因為股息必須從年度自由現金流中支付，而不是使用資產負債表。那麼，為什麼不等到停止 DRIP 並將分配率降至 100 以下後再繼續增加股利呢？這就是我的問題——我正在努力弄清楚。

I'm a bit frustrated, so I'm pausing to bite my tongue on this response. Number one, we're a pretty quantitative organization, so as I said previously, we've modeled this eight ways to Sunday, flexed it with scenarios and conservatism and had an endogenous factor within it, looking to have a parade of optimal outcome for equity and debt holders. Frequently, they're the same institution.

我有點沮喪，所以我停下來，忍住不說話。首先，我們是一個非常量化的組織，正如我之前所說，我們已經以八種方式對此進行了建模，並通過情景和保守主義對其進行了調整，並在其中加入了內生因素，以期為股權和債務持有人帶來一系列最佳結果。通常，它們是同一家機構。

Next, at a intellectual and emotional level, the management team is extremely keen to remove our Discount Dividend Reinvestment Plan. So we are preoccupied with that. To the extent to which Doug and his remarks described the DDRIP ratchet down as a ceiling, not a floor, and if we can do better, we will do better than that, and that's contingent upon our deleveraging plan.

其次，從理性和情感層面來看，管理團隊非常渴望取消我們的折扣股利再投資計畫。所以我們專注於此。在某種程度上，道格和他的言論將 DDRIP 的下降描述為上限，而不是下限，如果我們能夠做得更好，我們就會做得更好，這取決於我們的去槓桿計劃。

Next, our deleveraging plan is not aspirational. It's not qualitative, it's not notional, and it's not long term. So it's not one that extends out for the next 5 years. It's something that's getting done in the next 24 months, and it's highly, highly, highly specific, and doable.

其次，我們的去槓桿計畫並不理想。它不是定性的，不是概念性的，也不是長期的。因此，它不會延續未來 5 年。這是將在未來 24 個月內完成的事情，而且非常具體且可行。

As a result, we have a lot of confidence in our ability to execute against that plan and if we can, I think it presents us with the opportunity to be more expedient in the removal of the DDRIP. And we are very much focused on the execution of that, and you've seen what we've done already on the $1.6 billion with the hybrid and what we have in train right now with the monetization of our towers.

因此，我們對執行該計劃的能力非常有信心，如果可以的話，我認為這為我們提供了更迅速地取消 DDRIP 的機會。我們非常注重這一目標的實現，您已經看到我們在混合電信方面已經投入了 16 億美元，並且我們正在籌備將我們的鐵塔貨幣化。

So I think that's hard evidence that speaks to the legitimacy of us eating our way through that well-structured sequential deleveraging plan with the attendant benefits as it relates to the DDRIP.

因此，我認為這是確鑿的證據，證明了我們透過精心設計的連續去槓桿計劃以及與 DDRIP 相關的伴隨利益的合法性。

Next, if I was just going to have a look at the organization at a temporal moment in time and say, okay, at this particular tight time zone, we've got a pro forma modeling payout ratio range of free cash flow greater than 100% when you make certain adjustments on the DDRIP front, and say, okay, well, let's put in place a long term plan to deal up a short-term issue.

接下來，如果我只是要看一下某個時間點的組織，然後說，好吧，在這個特定的緊湊時區，當您在 DDRIP 方面進行某些調整時，我們有一個形式建模的自由現金流派息率範圍大於 100%，然後說，好吧，讓我們制定一個長期計劃來解決短期問題。

I don't think that's the right thing for this organization to do. If we had a chronic issue on that front where the payout was going to exceed our cash generative capabilities, then yes, we would take a different decision.

我認為這不是該組織應該做的事情。如果我們在這方面有長期問題，即支出超過我們的現金創造能力，那麼是的，我們會做出不同的決定。

But I don't think that, and when we make our decision on the dividend growth model, we are taking a longer-term view for this organization. And that longer term view says that 3% to 8% is the right thing to do, balancing the interests of both equity and debt holders with the lowering of the low end of the range from 7% to 3% along the way. And it gives us the cash latitude to do what we want to do.

但我不這麼認為，當我們就股息成長模式做出決定時，我們會為這個組織採取更長遠的眼光。從長期來看，3% 到 8% 是正確的做法，在將利率範圍的低端從 7% 降至 3% 的過程中，可以平衡股權持有人和債權持有人的利益。它為我們提供了資金自由，讓我們可以做我們想做的事情。

The 3.8 is not driven off that temporal analytics on a finite basis in terms of the payout, but on the longer-term view as it relates to having the best combination of EBITDA growth and lowering CapEx intensity for this company, it reflects our growing deleveraging through the execution of our asset monetization plan.

3.8 並不是在有限的支出基礎上從時間分析得出的，而是從長期來看，因為它與該公司 EBITDA 增長和降低資本支出強度的最佳組合有關，它反映了我們通過執行資產貨幣化計劃而不斷增加的去槓桿率。

It reflects the contribution from our emerging growth assets that are impervious to the price fascinations within the telecom industry. It reflects our confidence in our continued cost efficiency capabilities underpinned by digital and AI.

它反映了我們的新興成長資產的貢獻，這些資產不受電信行業價格誘惑的影響。這反映了我們對以數位和人工智慧為基礎的持續成本效益能力的信心。

And so that's the difference in terms of your question. We're putting out a longer-term view that is synergistic or synchronized with the longer-term view of the sustainable free cash flow expansion that this organization is generating, including the 22.3% in this quarter.

這就是你所問問題的差別。我們提出的長期觀點與該組織正在產生的可持續自由現金流擴張的長期觀點具有協同作用或同步性，包括本季的 22.3%。

Benjamin Swinburn, Morgan Stanley.

摩根士丹利的班傑明‧斯溫伯恩。

Thank you for squeezing me in, and thank you for the disclosure on TELUS Health. As this business continues to compound, I'm wondering if you know this is an opportunity to unlock value, either through a sub IPO or some other way to monetize the business and if we should interpret the decision to disclose more information as a step in that direction.

感謝您抽出時間給我，也感謝您揭露有關 TELUS Health 的資訊。隨著這項業務的不斷複合，我想知道您是否知道這是一個釋放價值的機會，無論是透過子 IPO 還是其他方式將業務貨幣化，以及我們是否應該將披露更多資訊的決定解讀為朝著這個方向邁出的一步。

And then there's been a lot of talk on the call about sort of TELUS' focus on improving the wireless performance. Not a ton on how the competitive environment is currently shaping up here early in Q2. I don't know if you had any color on whether your competitors were shifting their approach to the marketplace here in early second quarter. Anything -- any comment there would be helpful.

電話會議中也討論了許多有關 TELUS 對改善無線效能的關注。目前關於第二季初期競爭環境如何的情況還不清楚。我不知道您是否了解您的競爭對手是否在第二季初改變了他們的市場策略。任何內容——任何評論都會有幫助。

Thank you.

謝謝。

Navin, you want to take the first one.

納文，你想拿第一個。

Zainul can take the second.

扎伊努爾可以拿下第二名。

Yeah, thanks Darren. So as we said before, we are open to looking at different monetization opportunities for TELUS Health. I think the way we're looking at it is, when is the right time for us to maximize that value. We're, as you've seen over the last several quarters, we're seeing some really strong growth, we're integrating a number of the assets we have.

是的，謝謝 Darren。因此，正如我們之前所說，我們願意為 TELUS Health 尋找不同的獲利機會。我認為我們看待這個問題的方式是，什麼時候才是我們最大化該價值的最佳時機。正如您在過去幾個季度所看到的，我們看到了一些非常強勁的成長，我們正在整合我們擁有的一些資產。

We're seeing strong top line and EBITDA growth. We're bringing in technology components that are going to digitize the business, allow us to monetize more data, bring in AI in partnership with Tobias and team. And all of those things are critical to improving the EBITDA and revenue multiple of this business and the valuation of the business. So we will continue to execute well and when the timing is right, look to take the right steps around monetizing this business so.

我們看到了強勁的營業收入和 EBITDA 成長。我們正在引入技術組件，以實現業務數位化，使我們能夠將更多數據貨幣化，並與 Tobias 和團隊合作引入人工智慧。所有這些對於提高該業務的 EBITDA 和收入倍數以及業務估值都至關重要。因此，我們將繼續執行良好操作，並在時機成熟時採取正確的步驟來實現這項業務的貨幣化。

And then maybe just a quick top up. And there has been a lot of interest as you could imagine in our health asset, both of our partnerships strategically perspective on participating in that growth and moving the whole strategy forward with that longer term potential IPO and maybe back to Drew's question on NCIB. It could be even more linked to a transaction such as that which can unleash enough cash to do the next step on that front.

然後可能只需快速充值即可。你可以想像，人們對我們的健康資產很感興趣，我們雙方的合作夥伴都從戰略角度考慮參與這一增長，並通過長期潛在的 IPO 推動整個戰略向前發展，也許可以回到 Drew 關於 NCIB 的問題。它甚至可能與這樣的交易有更密切的聯繫，從而可以釋放足夠的現金來採取下一步行動。

But I would say, we will take whatever steps on partnering versus IPO at the right time as we continue to grow value and this business at this growth rate in this sector is gaining a lot of traction on multiple and value expansion within our organization.

但我想說，隨著我們價值的不斷增長，我們將在適當的時候採取合作或 IPO 等任何措施，並且該業務在該領域的增長率正在我們組織內的多元化和價值擴張中獲得很大的吸引力。

(multiple speakers) So I think --

（多位發言者）所以我認為--

Go ahead.

前進。

I was just going to get into your second question. Did you have a top-up?

我正要回答你的第二個問題。你有儲值嗎？

No. Go ahead. Thank you.

不。前進。謝謝。

Thank you. I think we talked a lot about our introspective view of how we want to approach the market and what our learnings are. I can't comment specifically on our peers, but what I can say is that some of the elements of discipline that we're trying to make sure that we're aligning to in the market, we're seeing other signs of that, I think that we're seeing some performance related to looking at the offerings on the lower end of the market and aligning them with the right -- the value bundle and ensuring that there's a better AMPU focus.

謝謝。我認為我們討論了很多關於我們如何進入市場以及我們學到了什麼的內省觀點。我無法具體評論我們的同行，但我可以說的是，我們試圖確保與市場保持一致的一些紀律要素，我們看到了其他跡象，我認為我們看到了一些與關注低端市場產品並使其與正確的價值捆綁相結合併確保更好地關注 AMPU 相關的表現。

And I think it's early in the quarter in terms of the way that promotional subsidies and other things will be undertake. But I think what we can talk about is the approach that we're going to take and how we want to drive value in the market.

我認為就促銷補貼和其他措施的實施方式而言，本季還處於初期階段。但我認為我們可以討論的是我們將採取的方法以及我們希望如何在市場中推動價值。

Thank you, Ben, and thank you, everyone, for joining us today. Please feel free to reach out to the IR team with any follow ups.

謝謝本，也謝謝大家今天加入我們。如有任何後續事宜，請隨時聯繫 IR 團隊。

Ladies and gentlemen, this concludes the TELUS 2025 Q1 earnings conference call. Thank you for your participation and have a nice day.

女士們、先生們，TELUS 2025 年第一季財報電話會議到此結束。感謝您的參與並祝您有愉快的一天。