Telus Corp (TU) 2025 Q3 法說會逐字稿

Good day, everyone. And welcome to the Telus 2025 Q3 earnings conference call. I would like to introduce your speaker, Robert Mitchell. Please go ahead.

大家好。歡迎參加Telus 2025年第三季財報電話會議。我謹向大家介紹演講嘉賓，羅伯特‧米切爾。請繼續。

Good morning, everyone. Thank you for joining us today. Our third quarter 2025 results news release, MD&A, financial statements and detailed supplemental investor information were posted on our website earlier this morning. On our call today, we'll begin with remarks by Darren and Doug. For the Q&A portion, we will be joined by Zainul, Navin, Jason, Tobias, Hesham.

各位早安。感謝您今天蒞臨。今天早些時候，我們已在網站上發布了 2025 年第三季業績新聞稿、管理層討論與分析、財務報表和詳細的補充投資者資訊。在今天的電話會議上，我們將首先聽取達倫和道格的發言。在問答環節，我們將邀請 Zainul、Navin、Jason、Tobias 和 Hesham 參加。

Briefly prepared remarks, slides and answers to questions contain forward-looking statements. Actual results could vary from these statements. The assumptions on which they are based and the material risks that could cause them to differ are outlined in our public filings with securities commissions in Canada and the US, including in our third quarter 2025 and our annual 2024 MD&A.

簡要準備的發言稿、幻燈片和問題回答中包含前瞻性陳述。實際結果可能與這些說法不同。這些預測所依據的假設以及可能導致預測結果差異的重大風險，已在我們的加拿大和美國證券委員會的公開文件中進行了概述，包括我們在 2025 年第三季度和 2024 年年度管理層討論與分析 (MD&A) 中進行了概述。

With that, over to you, Darren.

那麼，接下來就交給你了，達倫。

Thank you, Robbie, and hello, everyone. In the third quarter of 2025, Telus delivered another period of strong customer growth and financial performance, powered by our team's relentless focus on operational excellence. Our results showcase the compelling value of our comprehensive bundled services across mobile and home solutions, and we're doing that in a complementary fashion with the strategic rollout of Telus PureFibre connectivity to homes and businesses nationwide.

謝謝你，羅比，大家好。2025 年第三季度，Telus 再次實現了強勁的客戶成長和財務業績，這得益於我們團隊對卓越營運的不懈追求。我們的成果充分展現了我們在行動和家庭解決方案方面提供的綜合捆綁服務的強大價值，同時，我們也在全國範圍內戰略性地推廣 Telus PureFibre 光纖網路連接，以與之相輔相成的方式實現這一目標。

We're delivering far more than connectivity. We're empowering Canadians with transformative digital experiences, including AI-powered smart home energy solutions, including cutting-edge tech-enabled health care and well-being services and as well comprehensive security offerings at the dispositions of our client. These offerings are revolutionizing productivity and enhancing quality of life for our customers.

我們提供的服務遠不止網路連線。我們正在透過變革性的數位體驗賦能加拿大人，包括人工智慧驅動的智慧家居能源解決方案、尖端科技賦能的醫療保健和福祉服務，以及客戶可支配的全面安全產品。這些產品和服務正在革新生產力，並提高客戶的生活品質。

Indeed, this quarter, we achieved an industry best 288,000 total mobile and fixed customer additions. Our close to 21 million customer connections reflects an industry-leading 5% growth as compared to the same period a year ago.

事實上，本季我們實現了業界最佳的行動和固定用戶新增總數 288,000 人。我們近 2,100 萬的客戶連線數反映了業界領先的 5% 的成長，與去年同期相比。

Furthermore, our sustained focus on delivering exceptional client experiences continues to drive leading customer loyalty metrics. This was demonstrated by our industry best postpaid mobile phone churn of 0.91% this quarter as we progress through our 12th consecutive year below the 1% level, truly a hallmark of this organization and our culture.

此外，我們持續專注於提供卓越的客戶體驗，這繼續推動我們保持領先的客戶忠誠度指標。本季我們後付費手機用戶流失率僅 0.91%，創下業界最佳紀錄，這充分證明了這一點。我們已連續 12 年將後付費手機用戶流失率控制在 1% 以下，這真正體現了我們公司和我們文化的卓越之處。

Looking at our financial results, we achieved solid and resilient TTech EBITDA growth of 3%. In mobile, we drove healthy phone net additions of 82,000 and leading connected device net additions of 169,000. These results were supported by our ongoing focus on profitable margin-accretive customer growth.

從財務表現來看，我們實現了穩健且富有韌性的TTech EBITDA成長，達到3%。在行動領域，我們實現了手機淨增 82,000 部的健康成長，以及連網裝置淨增 169,000 部的成長。這些成果得益於我們持續專注於實現獲利性、利潤率提升型客戶成長。

This is once again evidenced by our consistent industry-leading customer lifetime revenue, underpinned by our industry best churn result, which remains clearly the hallmark of the Telus organization and the financial results that we derive from it.

我們持續保持業界領先的客戶終身收入再次證明了這一點，而我們行業最佳的客戶流失率也印證了這一點，這仍然是 Telus 組織的標誌，也是我們從中獲得的財務業績的標誌。

Let's turn now and take a look at wireline. Telus delivered another quarter of industry-leading total fixed customer additions. Indeed, we have consistently delivered positive wireline net additions every year since the third quarter of 2010. This is a remarkable 15-year track record in that regard. This included an industry best 40,000 Internet net additions underpinned by our leading PureFibre offering.

現在我們來看看有線測井。Telus連續第二季維持了業界領先的固定用戶新增數量。事實上，自 2010 年第三季以來，我們每年都持續實現有線業務淨成長。在這方面，這是一項令人矚目的15年業績紀錄。這其中包括業內領先的 40,000 個互聯網新增用戶，這得益於我們領先的 PureFibre 光纖網路產品。

Our consistent strategy of leveraging our superior and growing portfolio of bundled products and services on a national basis continues to differentiate us from the competition in a way that is relevant to customers.

我們始終堅持在全國範圍內利用我們卓越且不斷增長的捆綁產品和服務組合的策略，這使我們從競爭對手中脫穎而出，並始終與客戶的需求保持密切聯繫。

Turning to Telus Health. We continue to execute against our global growth strategy, generating revenue and adjusted EBITDA growth of 18% and 24%, respectively. Moreover, we've now extended our reach to over 160 million lives covered on a worldwide basis. This global scale of our Telus Health footprint stems from a variety of factors, including smart, targeted strategic investments. It comes from continuous product innovation with a digital and AI thesis.

改用Telus Health。我們繼續執行全球成長策略，實現了營收和調整後 EBITDA 分別成長 18% 和 24%。此外，我們的業務範圍現已擴大到全球超過 1.6 億人。Telus Health 業務的全球規模源自於多種因素，包括明智的、有針對性的策略投資。它源自於以數位化和人工智慧為核心的持續產品創新。

It comes from broadening our sales channels with strong cross-selling execution that is paying off for us, and it comes from disciplined cost optimization through technology integration and synergy realization.

這源自於我們透過強而有力的交叉銷售拓展銷售管道，並且取得了豐碩的成果；也源自於我們透過技術整合和綜效實現的嚴格成本優化。

Importantly, these factors are all solidly anchored in our customers' first promise. Our LifeWorks integration has now delivered $417 million in combined annualized synergies, $329 million from cost efficiencies and $88 million from successful cross-selling strategies. Notably, this is nearly 3x above our initial target of $150 million that we set when we first acquired LifeWorks in September of 2022.

重要的是，這些因素都牢牢紮根於我們對客戶的首要承諾之中。我們與 LifeWorks 的整合目前已帶來 4.17 億美元的年度協同效應，其中 3.29 億美元來自成本效益，8,800 萬美元來自成功的交叉銷售策略。值得注意的是，這幾乎是我們最初在 2022 年 9 月收購 LifeWorks 時設定的 1.5 億美元目標的 3 倍。

Across our B2B portfolio, we have a potent story of differentiation and diversification. We are the market leader in Canada in respect of IoT, private wireless networking and 5G solutions. Moreover, we have a leading cybersecurity practice that is at the forefront of how AI is changing the cyber threat and cyber protection landscape.

在我們的B2B產品組合中，我們擁有強大的差異化和多元化策略。我們在加拿大物聯網、專用無線網路和 5G 解決方案領域處於市場領先地位。此外，我們擁有領先的網路安全實務經驗，始終處於人工智慧如何改變網路威脅和網路保護格局的最前線。

Over the years, through a thoughtful and cohesive data-centric strategy, we have significantly and successfully built high-value diversified lines of business. These global business verticals include Telus Health, Telus Agriculture & Consumer Goods and of course, Telus Digital. This has enabled business resiliency through the diversified portfolio approach whilst providing global scale and diverse sources of revenue and EBITDA.

多年來，我們透過深思熟慮、協調一致的以數據為中心的策略，成功地建立了高價值的多元化業務線。這些全球業務垂直領域包括 Telus Health、Telus Agriculture & Consumer Goods，當然還有 Telus Digital。透過多元化的投資組合方法，這增強了業務的韌性，同時提供了全球規模和多元化的收入及 EBITDA 來源。

Notably, at the end of October, we completed the acquisition of Telus Digital, making a significant upward move on our data and AI competency set, and this marks a significant milestone in the strategic evolution of our organization. We expect this integration to generate approximately $150 million to $200 million in annualized cash synergies and will deliver the $150 million within the 2026 financial year, and that will be driven predominantly through operational efficiencies.

值得一提的是，在 10 月底，我們完成了對 Telus Digital 的收購，這大大提升了我們在數據和人工智慧方面的能力，也標誌著我們組織策略發展的一個重要里程碑。我們預計此次整合每年將產生約 1.5 億美元至 2 億美元的現金綜效，其中 1.5 億美元將在 2026 財年內實現，這主要將透過提高營運效率來實現。

Let's make sure we can do here what we did on the LifeWorks synergy realization front. The synergies coming from the privatization of Telus Digital include accelerated digital and AI transformation. They include smart business simplification strategies, and they include strategic cross-promotion of our industry-leading product portfolio and services. This will further strengthen our financial performance and yield significant shareholder value creation.

讓我們確保我們能夠在這裡做到我們在 LifeWorks 協同效應實現方面所做的一切。Telus Digital 私有化帶來的綜效包括加速數位化和人工智慧轉型。其中包括巧妙的業務簡化策略，以及對我們行業領先的產品組合和服務進行策略性交叉推廣。這將進一步提升我們的財務業績，並為股東創造顯著價值。

Our well-established AI-enabling capabilities across Telus will continue to be an integral part of our business and increasingly critical to our success. These capabilities are driving materially better outcomes within our organization.

Telus 完善的人工智慧賦能能力將繼續成為我們業務不可或缺的一部分，並且對我們的成功越來越重要。這些能力正在顯著改善我們組織內部的表現。

And in turn, Telus can be leveraged as an innovation lab as a product creator, as a testimonial to commercialize these capabilities to support our external customers on their own AI journey to win in their respective markets. Indeed, the opportunity at Telus is substantial. Combined across TELUS, our AI-enabling capabilities are approaching $800 million in revenue in 2025.

反過來，Telus 可以作為創新實驗室和產品創造者，作為將這些能力商業化的見證，來支持我們的外部客戶在各自的市場中贏得人工智慧之旅。事實上，Telus公司提供的機會非常大。到 2025 年，TELUS 的人工智慧賦能能力總收入將接近 8 億美元。

This is expected to increase to approximately $2 billion by 2028, representing an annualized growth rate north of 30%. Notably, this is composed of solely external client revenue, and it excludes other parts of our global B2B portfolio such as health and agriculture and consumer goods.

預計到 2028 年，這一數字將增加至約 20 億美元，年均成長率超過 30%。值得注意的是，這完全由外部客戶收入構成，不包括我們全球 B2B 業務組合的其他部分，例如醫療保健、農業和消費品。

Supporting this growth are 4,000 dedicated professionals and AI engineers delivering digital products and solutions that help clients transform their businesses and to do that transformation at scale. One component of this growth is our September launch of Canada's first sovereign AI factory. This firmly establishes TELUS' leadership position in this space as we have ready today, the infrastructure and compute ecosystem to help Canadian businesses broadly deploy AI.

為支持這項成長，我們擁有 4,000 名敬業的專業人員和人工智慧工程師，他們提供數位產品和解決方案，幫助客戶實現業務轉型，並大規模地進行轉型。這一成長的組成部分之一是我們在 9 月啟動了加拿大首個自主人工智慧工廠。這鞏固了 TELUS 在該領域的領導地位，因為我們現在已經準備好了基礎設施和運算生態系統，以幫助加拿大企業廣泛部署人工智慧。

We are the first North American service provider to become an official NVIDIA cloud partner, utilizing our state-of-the-art data centers to support customers and partners such as OpenText, League, EY, Accenture and Railtown, to name but a few, who immediately benefit from our sovereign AI compute solutions. Telus is providing the secure sovereign foundation our country needs to create made in Canada solutions to accelerate growth and to advance our competitiveness in the global digital economy for generations to come.

我們是北美首家成為 NVIDIA 官方雲端合作夥伴的服務供應商，利用我們最先進的資料中心為 OpenText、League、EY、埃森哲和 Railtown 等客戶和合作夥伴提供支持，這些客戶和合作夥伴將立即受益於我們自主研發的 AI 運算解決方案。Telus 為我們國家提供了安全可靠的主權基礎，使我們能夠打造加拿大製造的解決方案，從而加速成長，並在未來幾代人中提升我們在全球數位經濟中的競爭力。

To wrap up, our Q3 performance reflects the strength of our core operations and the power of our differentiated strategy. The reliability of our results demonstrates our team's dedication to delivering superior customer experiences across our industry-leading wireless and PureFibre broadband infrastructure and technology.

綜上所述，我們第三季的業績反映了我們核心業務的實力和我們差異化策略的威力。我們成果的可靠性證明了我們團隊致力於透過我們領先業界的無線和 PureFibre 寬頻基礎設施和技術，為客戶提供卓越的體驗。

Our substantial network investments enable positive social and economic outcomes for Canadian communities nationwide whilst continuously enhancing our operational performance, our financial results and our customer satisfaction.

我們對網路的大量投資，為加拿大全國各地的社區帶來了積極的社會和經濟效益，同時不斷提升我們的營運績效、財務表現和客戶滿意度。

Moreover, these network investments are powering Canada's digital sovereignty through our pioneering and leading AI infrastructure and technology. And as we look ahead, we are positioned for sustained success, underpinned by ongoing EBITDA expansion and disciplined capital deployment that together generate substantial free cash flow growth for our organization and our investors.

此外，這些網路投資正透過我們開創性和領先的人工智慧基礎設施和技術，為加拿大的數位主權提供動力。展望未來，我們已做好持續成功的準備，這得益於 EBITDA 的持續成長和嚴謹的資本部署，它們共同為我們的組織和投資者創造了可觀的自由現金流成長。

Our strong financial foundation supports our industry-leading dividend growth program where today, we increased our quarterly dividend at a moderated rate of 4% to $0.4184. This is reflective of our ongoing commitment to delivering sustainable shareholder returns.

我們雄厚的財務基礎支撐著我們領先業界的股息成長計畫。今天，我們將季度股利以4%的適度增速提高至0.4184美元。這體現了我們持續致力於為股東帶來可持續回報的承諾。

Furthermore, we continue to progress considerable deleveraging initiatives. Notably, we remain on track to achieve our leverage target of 3x by 2027, whilst at the same time, stepping down and importantly, eliminating our discount dividend reinvestment plan.

此外，我們持續推動各項重要的去槓桿化措施。值得注意的是，我們仍有望在 2027 年實現 3 倍槓桿率的目標，同時，我們將逐步減少，更重要的是，我們將取消我們的折價股息再投資計畫。

In September, we closed our transaction with La Caisse establishing Terrion as Canada's largest dedicated wireless tower operator. This unique partnership will enhance wireless connectivity for Canadians whilst unlocking significant value for Telus shareholders by strengthening our balance sheet, accelerating our deleveraging program and providing another growth vector for Telus to leverage.

9 月，我們完成了與 La Caisse 的交易，使 Terrion 成為加拿大最大的專用無線鐵塔營運商。這項獨特的合作關係將增強加拿大人的無線連接，同時透過加強我們的資產負債表、加速我們的去槓桿化計劃以及為 Telus 提供另一個可以利用的成長途徑，為 Telus 股東釋放巨大的價值。

The team is working hard to quickly operationalize Terrion, which already has 3,000 wireless sites across the country. Moreover, it's begun construction of its first multi-carrier tower in the Nanaimo, BC with more planned in the months to come. Finally, in closing, with Remembrance Day approaching, I would like to offer on behalf of the entire Telus organization, my heartfelt gratitude to our veterans here in Canada and around the globe.

該團隊正努力盡快投入運營 Terrion，該公司在全國範圍內已經擁有 3000 個無線站點。此外，該公司已在不列顛哥倫比亞省納奈莫市開始建造其第一座多運營商塔，並計劃在未來幾個月內建造更多塔。最後，在陣亡將士紀念日臨近之際，我謹代表整個 Telus 公司，向加拿大和世界各地的退伍軍人致以最誠摯的謝意。

These brave individuals, including my own father, Desmond, who served with the Royal Canadian Navy in the Second World War, demonstrate immense courage to preserve the rights and freedoms of all Canadians. I hope you join me in wearing a poppy as we pay tribute to those who serve and who continue to serve so that we and our future generations can enjoy a better life.

這些勇敢的人，包括我的父親德斯蒙德（他曾在二戰期間服役於加拿大皇家海軍），都展現了巨大的勇氣來維護所有加拿大人的權利和自由。我希望大家和我一起佩戴罌粟花，向那些為我們和我們的子孫後代創造更美好生活而奉獻和繼續奉獻的人們致敬。

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

那麼，接下來我將把電話交給道格叔叔。

Thank you, Darren, and hello, everyone. Mobile network decreased slightly, consistent with the second quarter at 0.6%. This performance reflects mobile phone and connected device subscriber growth and 9% increase in IoT revenue, offset by lower mobile home revenue -- or ARPU, sorry. ARPU continues to improve, declining 2.8% in the quarter, a 50 basis point improvement sequentially.

謝謝你，達倫，大家好。行動網路流量略有下降，與第二季持平，下降幅度為0.6%。這一業績反映了行動電話和連網裝置用戶數量的成長以及物聯網收入 9% 的成長，但被行動家庭收入（或 ARPU，抱歉）的下降所抵消。ARPU持續改善，本季下降2.8%，季增50個基點。

We continue to see improvements quarter-over-quarter across new activations, rate plan changes and customer renewals, reflecting our ongoing efforts to mitigate network revenue pressures. Fixed data revenue grew 1% year-over-year, making us the only provider to report positive growth and making our 19th quarter of that positive -- positivity.

我們看到，在新增用戶、費率計畫變更和客戶續約方面，每季都持續改善，這反映了我們為緩解網路收入壓力而做出的持續努力。固定資料營收年增 1%，使我們成為唯一實現正成長的供應商，並使我們連續第 19 個季度實現正成長。

Within Consumer, data revenue increased by 4%, driven by a 6% increase in residential Internet revenue, reflecting continued customer growth and higher ARPU alongside higher security and automation revenue. In business, fixed data declined with variability from year-over-year events and customer contract changes.

在消費者業務方面，數據收入增長了 4%，這主要得益於住宅互聯網收入增長了 6%，反映出客戶數量的持續增長和 ARPU 的提高，以及安全和自動化收入的增加。在商業領域，固定數據因同比事件和客戶合約變更而出現波動。

This was primarily offset -- this was partially offset by continued small -- growth in small and medium businesses, leveraging our differentiated and diversified portfolio of solutions. TTech adjusted EBITDA, excluding Health increased by 2% alongside a margin expansion of 210 basis points to 43.4%.

這種情況主要被中小企業的持續小幅增長所抵消——中小企業利用我們差異化和多元化的解決方案組合，實現了持續小幅增長，這種情況部分被抵消。除了醫療保健業務外，TTech 的調整後 EBITDA 成長 2%，利潤率也提高 210 個基點，達到 43.4%。

These results were driven by our consistent emphasis on profitable growth alongside our ongoing focus on cost reduction and our increased adoption of Telus Digital solutions, resulting in meaningful competitive benefits.

這些成果的取得得益於我們始終堅持獲利成長，同時不斷注重降低成本，並日益普及 Telus 數位解決方案，從而帶來了顯著的競爭優勢。

In Telus Health, operating revenues and adjusted EBITDA grew by 18% and 24%. This growth was driven by global business acquisitions, including Workplace Options as well as organic growth in payer and provider solutions, reflecting strong performance in collaborative health records and recurring revenue in electronic medical records and virtual pharmacy solutions. Telus Health adjusted EBITDA margin expanded 60 basis points to 17.1%, slightly lower than Q2 as we begin post-acquisition and integration work associated with Workplace Options.

Telus Health 的營業收入和調整後 EBITDA 分別成長了 18% 和 24%。這一成長是由全球業務收購（包括 Workplace Options）以及支付方和提供方解決方案的自然增長所推動的，這反映了協作健康記錄的強勁表現以及電子病歷和虛擬藥房解決方案的經常性收入。Telus Health 調整後的 EBITDA 利潤率成長 60 個基點至 17.1%，略低於第二季度，因為我們開始進行與 Workplace Options 相關的收購後整合工作。

Looking at Telus Digital segment, operating revenue grew 5% with solid performance across many industry verticals. Across the service lines, we continue to see strong performance in our AI and digital solutions. However, pressures on Telus Digital's profitability persist with adjusted EBITDA margin at 11.1% for the third quarter.

從 Telus Digital 業務來看，營業收入成長了 5%，在多個產業領域都表現穩健。在各個服務領域，我們的人工智慧和數位化解決方案都持續表現強勁。然而，Telus Digital 的獲利能力仍面臨壓力，第三季調整後的 EBITDA 利潤率為 11.1%。

We remain focused on mitigating the operating margin pressures while making targeted investments in customer quality and planned initiatives to transform our operations through tech enablement and greater efficiencies globally.

我們將繼續專注於緩解營運利潤率壓力，同時有針對性地投資於客戶質量，並製定計劃，透過技術賦能和提高全球效率來轉變我們的營運模式。

Near-term synergies of the Telus Digital privatization include the elimination of public company costs, lowering borrowing costs as we leverage TELUS' stronger credit position and the operational efficiencies as referred by Darren. These digital -- Telus Digital remain a segment presented in our financial statements to the end of 2025. We'll review Telus Digital as a segment and provide more update when we release our Q2 results in February of 2026.

Telus Digital 私有化的近期綜效包括消除上市公司成本、降低借貸成本（因為我們利用了 TELUS 更強的信用狀況）以及 Darren 提到的營運效率。這些數位業務－Telus Digital 仍將作為我們財務報表中的一個板塊列示至 2025 年底。我們將對 Telus Digital 業務部門進行評估，並在 2026 年 2 月發布第二季業績報告時提供更多更新資訊。

On a consolidated basis, net income in the quarter of $431 million and EPS of $0.32 were higher by 68%, primarily driven by the gain on the purchase of long-term debt in respect of our tender process that closed in July 2025.

從合併層面來看，本季淨收入為 4.31 億美元，每股收益為 0.32 美元，成長了 68%，主要得益於我們在 2025 年 7 月結束的要約收購過程中購買長期債務所獲得的收益。

On an adjusted basis, net income of $370 million decreased by 10%, while EPS of $0.24 was down 14%. Capital expenditures, excluding real estate declined by $16 million or 2%, driven primarily by the elimination of certain -- by the completion of certain projects for wireless and fiber networks, in addition to our continued investments in AI.

經過調整後，淨收入為 3.7 億美元，下降了 10%；每股收益為 0.24 美元，下降了 14%。除了房地產外，資本支出減少 1,600 萬美元，降幅為 2%，主要原因是某些無線和光纖網路專案的完成，以及我們對人工智慧的持續投資。

Overall, capital intensity was 12%. That was an improvement from 13% in the prior year and continues to lead the industry. Free cash flow of $611 million increased by 8% compared to the same period a year ago, driven by [TTech] EBITDA growth, lower capital expenditures and lower contracted wireless volumes.

整體而言，資本密集度為 12%。這比上一年的 13% 有所提高，並繼續保持行業領先地位。自由現金流為 6.11 億美元，比去年同期成長 8%，主要得益於 [TTech] EBITDA 成長、資本支出減少以及無線合約量下降。

Looking at our guidance for 2025, our target for TTech operating revenue, including our Health segment, is expected to be at the lower end of our target range of 2% to 4% with variability on mobile handset equipment revenue as we go into a high-volume fourth quarter. Importantly, all other targets remain unchanged. These targets demonstrate the resilience of our business and the effectiveness of our operational execution.

展望 2025 年，我們預計 TTech 的營業收入（包括我們的健康業務）目標成長率將處於 2% 至 4% 目標範圍的下限，隨著第四季度銷量的大幅增長，行動手機設備收入可能會出現波動。重要的是，其他所有目標均保持不變。這些目標體現了我們業務的韌性和營運執行的有效性。

Following Telus Digital's completion of privatization, we begin to execute our integration plan. The guidance that we previously issued for Telus Digital will no longer be relevant and will not be updated for the rest of the year.

在 Telus Digital 完成私有化之後，我們開始執行我們的整合計劃。我們先前發布的針對 Telus Digital 的指導意見將不再適用，並且今年剩餘時間內不會更新。

Turning to our balance sheet. The average term to maturity of our long-term debt stands a little over 13 years, and our weighted average cost of capital is 4.61%. Our leverage ratio has improved to 3.5x, a decrease of 20 basis points sequentially from the second quarter of 2025.

接下來來看看我們的資產負債表。我們長期債務的平均到期期限略超過 13 年，加權平均資本成本為 4.61%。我們的槓桿率已改善至 3.5 倍，較 2025 年第二季較上季下降 20 個基點。

The improvement was driven by the cash received as a result of our partner, on Terrion, and as we -- and we did the repayment of the Telus Digital credit facility in the third quarter. We anticipate leverage in the fourth quarter to increase slightly as we pay for the Telus digitization -- Telus Digital privatization.

這項改善得益於我們合作夥伴 Terrion 的現金收入，以及我們在第三季償還了 Telus Digital 的信貸額度。我們預計第四季度槓桿率將略有上升，因為我們需要支付 Telus 數位轉型（Telus Digital 私有化）的費用。

We remain on track to deliver our leverage ratio of approximately 3x by the end of 2027, while thoughtfully stepping down our discount on our dividend reinvestment program beginning in 2026 with a full removal by the end of '27.

我們仍有望在 2027 年底前實現約 3 倍的槓桿率，同時從 2026 年開始逐步降低股利再投資計畫的折價，並在 2027 年底前完全取消折價。

Our financial position will continue to strengthen and we will continue to drive shareholder value throughout 2025 and beyond. We'll continue to focus on EBITDA growth, moderating capital intensity as we progress to our target of 10% robust free cash flow generation and our active asset monetization program, including securing partners when appropriate for Telus Health and Telus Agriculture.

我們的財務狀況將持續增強，我們將持續在2025年及以後提升股東價值。我們將繼續專注於 EBITDA 成長，在實現 10% 強勁自由現金流目標的同時，降低資本密集度，並積極推進資產貨幣化計劃，包括在適當的時候為 Telus Health 和 Telus Agriculture 尋找合作夥伴。

With that, Robert, back to you.

羅伯特，現在該你了。

Thanks, Doug. Karl, we are ready for questions, please.

謝謝你，道格。卡爾，我們準備好回答問題了。

(Operator Instructions)

（操作說明）

Maher Yaghi, Scotia.

馬赫·亞吉，斯科舍。

Great, thank you for taking my question. Maybe a first question on wireless and the second one on Terrion. So Doug, you mentioned in your prepared remarks how ARPU has improved a little bit sequentially. But can you give us maybe an overview of what you think will need to happen to return to growth on the ARPU front. And maybe just some views on the outlook for churn.

太好了，謝謝你回答我的問題。或許第一個問題是關於無線網路的，第二個問題是關於 Terrion 的。道格，你在事先準備好的發言稿中提到，ARPU（每位使用者平均收入）逐年略有提升。但您能否概述一下，您認為要讓 ARPU 恢復成長需要做些什麼？或許還可以談談對客戶流失前景的一些看法。

You're running at a low churn, but it's starting to -- we saw a slight increase in the quarter. Maybe just what's driving that behavior just on the wireless.

你們的客戶流失率很低，但已經開始上升了——我們在本季看到了輕微的成長。或許正是無線網路上的這種行為導致了這種現象。

And the second question on Terrion is how should we think about the capital needs for the business going forward? Are you looking to transact and acquire towers. Or it's just going to be building new colocation towers in different parts in Canada. And maybe the accounting of how we'll see the cash flows from that business flowing into your free cash flow calculation?

關於 Terrion 的第二個問題是，我們該如何看待公司未來的資金需求？您是否正在尋找交易和收購訊號塔的機會？或者，它可能只是在加拿大各地建造新的託管資料中心。或許還要說明的是，我們將如何把該業務的現金流量納入您的自由現金流計算中？

All right, Doug. Go ahead. Second on the last one, you're the Chair of Terrion. So we'll do Terrion on and then maybe pass to Zainul for ARPU. No, I think you should do it all.Go ahead.

好的，道格。前進。倒數第二，你是泰瑞恩的主席。所以我們會先讓 Terrion 上場，然後可能會讓 Zainul 負責 ARPU。不，我覺得你應該全部都做。去做吧。

Go ahead. All right, so on Tarian, I think the best way to describe it is we, yes, we are looking at acquiring towers where appropriate to do so, and that could be either outright purchases and or partnerships, on bringing more, partners into, to our overall partnership. We will continue to build and we have a diversification of our network and building our capacity as even Darren highlighted some of the new ones that we've already started.

前進。好的，關於 Tarian，我認為最好的描述方式是，是的，我們正在考慮在適當的時候收購信號塔，這可能是直接購買，也可能是建立合作夥伴關係，引入更多合作夥伴加入我們的整體合作夥伴關係。我們將繼續發展壯大，我們的網路也不斷多元化，我們的能力也不斷提升，正如達倫所強調的，我們已經啟動了一些新的計畫。

Cash flow out of the gate, that any of the build costs are coming out of Tarion, and so any distributions that would be coming out of Tarion would be net of that CapEx, and so as we consolidate Tarion into our books you will see, 100% of the CapEx, and then you'll see a lower distribution and as we define our free cash flow definition into the future.

從一開始，現金流就意味著所有建設成本都來自 Tarion，因此任何來自 Tarion 的分配都將扣除該資本支出，因此，當我們把 Tarion 併入我們的賬簿時，你會看到 100% 的資本支出，然後你會看到較低的分配，因為我們對未來的自由現金流定義也是如此。

We will make sure that that is very clear on the ins and outs, as you see that in both pieces, so I think that will be very clear and it'll be transparent when you see, anything of materiality. Tian's only been in play for two months, so there has been minimal impact this quarter.

我們會確保細節之處都解釋得非常清楚，就像你在這兩件作品中看到的那樣，所以我認為當你看到任何物質方面的東西時，一切都會非常清晰透明。田家球員上場才兩個月，所以本季受到的影響微乎其微。

On our growth, I think it's going to be the continued hard work that we see from the team on step ups, and the price, the prices that we're seeing on new acquisitions as well. We've seen a little bit better on device subsidy as well, but as we get into the fourth quarter and you see, Black Friday and back to and Christmas.

就我們的成長而言，我認為這將取決於團隊在不斷進步方面所付出的持續努力，以及我們在新收購中看到的價格。我們看到設備補貼方面的情況也略有好轉，但隨著第四季度的到來，以及黑色星期五和聖誕節的臨近，情況可能會有所變化。

Specials that will come in and any say aggressive specials could obviously slow that down, but I think it's momentum, once it's through your base, it's going to be slow and steady back on the way out, and so far good momentum, but I think it's to be determined that, if that holds or not as we move into the 4th quarter, and so I think that would be my best assessment.

一些特殊情況，例如一些激進的特殊情況，顯然可能會減緩這種勢頭，但我認為關鍵在於勢頭。一旦勢頭突破了你的基礎，回落的過程就會緩慢而穩定。到目前為止，勢頭良好，但我認為進入第四節後，這種勢頭能否保持還有待觀察，所以我認為這就是我最好的評估。

Just two top-ups on that. Given that we don't entirely control our own destiny on the ARPU front, I think it's important that we continue to improve our profile on unit cost to serve. So you've seen us make some good progress there getting into the double digits on the cost reduction front.

只需充值兩次。鑑於我們在 ARPU 方面無法完全掌控自己的命運，我認為我們必須繼續提高單位服務成本。所以你們已經看到我們在成本削減方面取得了一些不錯的進展，降幅達到了兩位數。

I think we need to keep going down that particular path and lower our unit cost to serve. And that's one of the attractive aspects of having Telus Digital now fully in the fold so that we can leverage AI technology to really drive down unit cost to serve within our consumer and our B2B wireless operations.

我認為我們需要繼續沿著這條路走下去，降低單位服務成本。而這正是 Telus Digital 完全納入麾下的一大吸引力所在，這樣我們就可以利用人工智慧技術真正降低我們面向消費者和 B2B 無線業務的單位服務成本。

And then the other thing that is a great antidote to ARPU pressure as we hope for better days ahead is product bundling. We've got the best product portfolio in the industry to the extent to which we can increase our product intensity in our customer relationships through progressive bundling, that's going to give us a holistic outcome with the client in terms of overall economics that's extremely appealing.

此外，我們希望未來能有更好的日子到來，而緩解 ARPU 壓力的另一個好方法是產品捆綁銷售。我們擁有業內最好的產品組合，透過逐步捆綁銷售，我們可以在客戶關係中不斷增強產品強度，這將為客戶帶來整體經濟效益，這對我們來說極具吸引力。

Thank you for this. And just to be clear, Doug, on free cash flow, any distribution that Terrion is going to be making to its equity shareholders will be deducted from your free cash flow calculation?

謝謝。道格，為了確認一下，關於自由現金流，Terrion公司將要向其股權股東進行的任何分配都將從你的自由現金流計算中扣除嗎？

We're going through that as we speak, but it will be transparent of where it is. But it will be how we assess the capital item because when you think through the capital item as well, we're not paying for 100% of the capital. We have to consolidate it. So I need to make sure that, that is very clear on both the capital that we're accountable for and then the distribution, but we'll make sure you see the net on both.

我們正在處理這件事，但進展會非常透明。但這取決於我們如何評估資本項目，因為當你仔細考慮資本項目時，你會發現我們並沒有支付 100% 的資本。我們必須鞏固它。所以我需要確保，無論是我們負責的資本，還是分配情況，都非常清楚，但我們會確保你們看到兩者的淨收益。

Great, thank you.

太好了，謝謝。

Thanks, Maher. Next question, please.

謝謝你，馬赫。下一個問題。

Jerome Dubreuil, Desjardins.

傑羅姆·杜布雷伊，德斯賈丁斯。

Hey, good morning. Thanks for taking my questions. The first one is on the partner build model. If you can please discuss the implications from a financial standpoint. Maybe I'm just throwing ideas out there, but maybe the margin profile is going more toward a wholesale model, but lower CapEx. Is this the right way to think about it. And if you can discuss the different return profile of owners' economics versus the partner build, please.

嘿，早安。謝謝您回答我的問題。第一種是合作夥伴建構模式。請您從財務角度探討一下其影響。也許我只是在提出一些想法，但也許利潤率模式會更傾向於批發模式，但資本支出會更低。這種思考方式正確嗎？如果您能討論一下業主經濟模式與合夥建設模式的不同回報情況，那就太好了。

So just on the fiber side, I assume that's the partnership you're referring to. The economics are that we would end up either signing a lease for, call it, a dark fiber lease and or we take a community as it's built, and it's our initiative to ramp up and scale it.

所以，就光纖方面而言，我猜你指的是那個合作關係。從經濟角度來看，我們最終要么會簽署一份租賃協議（姑且稱之為暗光纖租賃協議），要么會接手一個已經建成的社區，然後由我們主動擴大規模。

And so the economics are based on I would say, similar to what you would see on any third-party fiber lease or fiber wholesale arrangement. And the third party is making their money just as we would if we were wholesaling our fiber to someone else. So it's a very similar structure.

因此，我認為其經濟基礎與任何第三方光纖租賃或光纖批發安排類似。第三方賺取利潤的方式，和我們把纖維批發給其他人賺取利潤的方式一樣。所以它們的結構非常相似。

And we just have a couple of different scenarios out there of how we lease, but it would be a fair market value for what a lease arrangement would be on any kind of fiber transaction.

我們目前有幾種不同的租賃方案，但對於任何類型的光纖交易來說，這都將是一個公平的市場價值，符合租賃安排的性質。

And overall, our goal is to ensure that when we're leasing or when we're renting fiber on a wholesale basis, the return, the total economic return is equal to or better than the economic return that we derived historically from our own fiber build in Western Canada. And the reason why we've set that Axiom and think that it's doable is clearly we have much greater scale today on the fiber front. So we should be better positioned to seize those economies of scale.

總而言之，我們的目標是確保當我們以批發方式租賃光纖時，總經濟回報等於或高於我們過去在加拿大西部自建光纖所獲得的經濟回報。我們之所以確立這項原則並認為它是可行的，原因很明顯，就是我們如今在光纖領域擁有更大的規模。因此，我們應該更有能力抓住規模經濟所帶來的好處。

We have better technology deployed than what we had historically during the fiber build time in the West from 2014 to 2020 that improves both operational efficiency and operational execution. And we have far more products. When we started to build fiber in the West, the revenue returns were very much around Internet and TV.

我們部署的技術比 2014 年至 2020 年西方光纖建設時期所採用的技術更好，這提高了營運效率和營運執行力。而且我們的產品種類遠不止這些。當我們開始在西部地區建立光纖網路時，收入回報主要來自網路和電視領域。

Now our business still has the Internet and TV components, but we have the security component. We have smart home automation. We have smart home energy services, so on and so forth. So again, leveraging the limitless bandwidth of fiber. We're also looking to secure economies of scope by creating new services over that rented fiber and getting a better return than what we did originally on our own build activities.

現在我們的業務仍然包含網路和電視部分，但我們也增加了安全部分。我們擁有智慧家庭自動化系統。我們有智慧家庭能源服務等等。所以，再次利用光纖的無限頻寬。我們也希望透過租用光纖創建新服務來確保規模經濟效益，並獲得比我們最初自行建立活動更高的回報。

Okay, thanks. Second one for me is, can you please provide clarity on the, I think you call it AI-enabled revenue going from $800 million to $2 billion. If you can discuss maybe what are those lines of business? Is this replacing other existing revenue? Or is there kind of a direct line of revenue here that's going to be going from $800 million to $2 billion. Thank you.

好的，謝謝。第二個問題是，您能否解釋一下，您稱之為人工智慧驅動的收入從 8 億美元成長到 20 億美元這件事？您能否談談這些業務領域具體有哪些？這是要取代其他現有收入嗎？或者說，這裡是否存在一條直接的營收成長線，從 8 億美元成長到 20 億美元？謝謝。

Okay. Let me tackle that. And then if you want to have a follow-up for additional detail, we can go there. Looking at the base right now at the $800 million level. That base in terms of the question that you're asking is comprised of a variety of revenue sources.

好的。讓我來解決這個問題。如果您還想了解更多細節，我們可以繼續跟進。目前來看，其基本面在 8 億美元左右。就你提出的問題而言，這個基礎是由多種收入來源所構成的。

They include SaaS solutions that we're providing. They include our cloud solutions. They include the myriad of Gen AI applications that we have developed both within Telus proper as well as within Telus Digital. They include our data annotation business, and they will include -- it's very minor right now, but it will grow to be major prospectively our sovereign AI GPU compute solutions. We like the position that we're in here because we are extremely unique in that Telus controls the entirety of the AI compute ecosystem.

其中包括我們提供的SaaS解決方案。其中包括我們的雲端解決方案。其中包括我們在 Telus 內部以及 Telus Digital 內部開發的眾多 Gen AI 應用程式。其中包括我們的數據標註業務，以及——目前規模很小，但未來將發展成為主要業務的——我們自主研發的 AI GPU 運算解決方案。我們喜歡我們目前所處的地位，因為我們非常獨特，Telus 控制著整個人工智慧運算生態系統。

And that is significantly differentiated from our North American peer group. So it's all in-house at TELUS, whether you're talking about AI inferences, whether you're talking about AI models or whether you're talking about AI training.

這與我們的北美同行群體有著顯著的不同。所以，無論是人工智慧推理、人工智慧模型還是人工智慧訓練，TELUS 的所有工作都是內部完成的。

And we would believe in terms of what supports our revenue going forward that our holistic in-house solution aided and embedded by our partnership with NVIDIA creates a series of superior attributes that's going to drive the revenue model progressively in terms of getting from that $800 million to $2 billion.

我們相信，未來支撐我們收入的因素是，我們與 NVIDIA 合作打造的整體內部解決方案，將創造一系列卓越的特性，從而逐步推動收入模式從 8 億美元增長到 20 億美元。

And so when you look at these components, number one, I think we are fairly unique in that we explicitly qualify in terms of a desired Made in Canada sovereign AI solution consistent with the white paper that the federal government has just published. And I got to believe that, that is deeply relevant.

因此，當你審視這些組成部分時，首先，我認為我們相當獨特，因為我們明確符合聯邦政府剛發布的白皮書中提出的「加拿大製造的自主人工智慧解決方案」的要求。我必須相信這一點，這非常重要。

I also believe it's important in terms of revenue generation as to where the government is going to place their business be it at a federal, provincial or municipal level because that's going to be the qualifier on the RFP.

我也認為，就創造收入而言，政府將業務佈局在聯邦、省或市級層級非常重要，因為這將是招標書的資格條件。

The other thing that I think is distinct about us and our relationship with NVIDIA and our strategy of going from $800 million to $1 billion is that we're taking a modular build approach. You can look in the papers this morning and then look back historically. There's an Oklahoma land race to build infrastructure.

我認為我們與 NVIDIA 的關係以及我們從 8 億美元成長到 10 億美元的策略的另一個獨特之處在於，我們採取了模組化建置方法。你可以看看今天早上的報紙，然後再回顧歷史。俄克拉荷馬州正在展開一場土地爭奪戰，目的是建設基礎設施。

And then two weeks later, people are worrying, oh, this is going to be a bubble, and we're going to have overinvestment and too much infrastructure, and we're not going to be able to move the inventory. And it's oscillated back and forth in that regard. We think whilst the supply and demand component is still getting figured out.

兩週後，人們開始擔心，哦，這會是個泡沫，我們會過度投資，基礎設施過多，庫存無法消化。在這方面，情況一直搖擺不定。我們認為，在供需關係仍在發展的過程中，情況會如何改變。

Our modular build approach is the right way to address the market opportunity, but do it from a responsible CapEx investment point of view. The other advantage of the modular build rather than big bang is that we can continuously take advantage of improvements in chip technology, leveraging again our NVIDIA relationship.

我們的模組化建造方法是應對市場機會的正確途徑，但要從負責任的資本支出投資角度出發。模組化建置而非大爆炸式建置的另一個優點是，我們可以不斷利用晶片技術的改進，再次發揮我們與 NVIDIA 的合作關係。

And as the chips continue to get better, we're not locked in on a bulk basis with last-gen technology. We can leverage next-gen technology. And that makes a difference on compute power, but it also gives us advantages in areas like power consumption and cooling, which are, of course, nontrivial as it relates to their importance.

隨著晶片技術的不斷進步，我們不再需要大規模地使用上一代技術。我們可以利用下一代技術。這不僅對運算能力產生影響，也為我們在功耗和散熱等方面帶來了優勢，當然，就其重要性而言，這些方面也並非微不足道。

And because we control the entirety of this ecosystem, I would imagine your next question is, well, if you're going to go from $800 million to $2 billion, what's the margin? Well, I'll tell you, the margins are, a, attractive and they're more attractive to the organizations that control the totality of the compute ecosystem from inferences, models all the way through to the training capability component.

因為我們控制整個生態系統，我想你的下一個問題是，如果要從 8 億美元增加到 20 億美元，那麼利潤空間是多少？嗯，我告訴你，利潤空間非常誘人，對於那些掌控整個運算生態系統（從推理、模型到訓練能力組件）的組織來說，利潤空間更具吸引力。

And so that's an exceedingly attractive aspect for us. And we don't have to share our economics with a myriad of partners that have to buttress our solution because of our capabilities to do it in-house, aided and embedded by Telus Digital.

所以這對我們來說是一個極具吸引力的面向。而且，由於我們有能力在內部完成這項工作，並得到了 Telus Digital 的幫助和支持，我們無需與眾多合作夥伴分享我們的經濟效益，這些合作夥伴也需要支持我們的解決方案。

From a specificity point of view and going from $800 million to $2 billion across those product lines that I've just articulated from SaaS all the way through to the sovereign AI component. As it relates to the sovereign AI component, we're forecasting that by 2028, we will be circa 25,000 GPUs supported by 50 megawatts of power. And our model will be a cluster as a service model.

從具體角度來看，我剛才闡述的這些產品線（從 SaaS 一直到自主 AI 組件）的規模從 8 億美元成長到 20 億美元。就自主人工智慧組件而言，我們預測到 2028 年，我們將擁有約 25,000 個 GPU，並由 50 兆瓦的電力支援。我們的模型將採用集群即服務模式。

It's a rental model on a per GU basis within the cluster construct with a dollar charge on a per hour basis. I'm not going to get into pricing on this call, but you can work through the economics as to how big that will be on a revenue basis and how attractive it can be on a margin basis given the control of our ecosystem.

這是集群結構內按每 GU 計費的租賃模式，按小時收取一美元費用。這次電話會議我不會討論定價問題，但您可以根據我們對生態系統的控制，從經濟角度來計算一下，從收入角度來看，這將有多大，從利潤率角度來看，這將有多吸引人。

And then the other big area that we see contributing to the $2 billion that I think, again, is entirely unique to TELUS, almost fortuitously so, if you will, but we will lead the world in the combination of customer experience and AI. We will lead the world in the fusion of AI with CX on the client experience front.

另一個我們認為能帶來 20 億美元收益的大領域，我認為，這完全是 TELUS 獨有的，幾乎可以說是偶然的，但我們將在客戶體驗和人工智慧的結合方面引領世界。我們將引領世界將人工智慧與客戶體驗融合，進而提升客戶體驗。

And we will be developing AI capabilities from bots to specific copilots for lines of business to both help Telus and our external clients leveraging the developments on the back of Telus in terms of humans in the loop, aided and embedded by copilot capabilities across specific lines of business that drive better selling outcomes, better service outcomes along with lower churn, better agent training outcomes that really support a superior client experience in terms of growth, service as well as the economics because of the AI contribution to the human performance factor and will drive this contribution right through to the agentic level as well.

我們將開發從機器人到特定業務線的人工智慧輔助系統等各種人工智慧能力，以幫助 Telus 和我們的外部客戶利用 Telus 在人機協作方面取得的進展，並透過特定業務線的輔助系統功能來提升銷售業績、服務業績和客戶流失率，並改進代理培訓，從而真正支持卓越的客戶體驗，一直增長、服務以及經濟績效，因為人工智慧對人類績效的貢獻，並將這種貢獻

And we expect that to be a big source of growth on a go-forward basis because we already have a huge client base, a legacy CX client base within the Telus Digital organization where we have well over 650 clients, some of the world's largest organizations that are crying out for a CX AI transformation strategy and for us to help them along that particular journey. And so that's the color on the $2 billion in terms of specificity and where it's coming from.

我們預計這將成為未來成長的重要來源，因為我們已經擁有龐大的客戶群，在 Telus Digital 組織內擁有超過 650 家客戶的傳統 CX 客戶群，其中包括一些全球最大的組織，他們迫切需要 CX AI 轉型策略，並希望我們幫助他們完成這一轉型之旅。所以，這就是這 20 億美元的具體情況和來源。

Vince Valentini, TD Cowen.

文斯·瓦倫蒂尼，TD Cowen。

Hey, thanks very much, Darren, great answer. And you're right, you would have predicted that the next question may have been margins, but close after that would be CapEx to achieve the $2 billion, especially when it comes to the sovereign AI factories. Can you talk a little bit about how much you have to invest and clarify to us that this definitely still fits within the 10% CI target that you have?

嘿，非常感謝你，達倫，回答得很好。你說得對，你可能會預測下一個問題可能是利潤率，但緊隨其後的是實現 20 億美元目標所需的資本支出，尤其是在主權人工智慧工廠方面。您能否簡要談談您需要投資多少資金，並向我們確認這是否仍在您設定的 10% 置信區間目標之內？

So yes, it would still fit into our bucket. Based on the module approach that we talked about, we see this as a very digestible but strategic and well laid out plan over the next few years. And I think because we already have the land, we already have the data center infrastructure set up in both the East and the West, it will allow us for that easier transition.

是的，它仍然可以放進我們的桶子裡。基於我們討論過的模組化方法，我們認為這是一個非常易於理解但又具有戰略意義且佈局合理的未來幾年計劃。我認為，由於我們已經擁有土地，並且在東部和西部都已經建立了資料中心基礎設施，這將使我們能夠更輕鬆地實現過渡。

And I think the other attractive aspect of the modular build approach as it relates, Vince, to your question on cash flow, we'll be able to recycle the attractive margins that we make on GPU utilization and recycle that back into the funding of the next module and bringing new GPUs online. And so it's a philosophy or a mentality that we will eat what we kill, leveraging off the progress that we're making and the inventories that we're building.

文斯，我認為模組化建構方法的另一個吸引人之處在於，就你提出的現金流問題而言，我們可以將GPU利用率帶來的可觀利潤再循環利用，用於資助下一個模組並將新的GPU上線。因此，這是一種理念或心態，即我們將吃掉我們獵殺的獵物，利用我們正在取得的進步和我們正在建立的庫存。

Okay. Sorry, did you say earlier that there's potentially partners involved with the build as well too, though, so it may not be all on your balance sheet. Maybe I misheard you in your opening remarks.

好的。抱歉，您之前不是說過這個計畫可能還有合作夥伴參與嗎？所以可能並非所有費用都計入您的資產負債表。也許我聽錯你開場白了。

We're looking at partnerships as well as our own data centers. So looking at opportunities that would allow for even further expansion as required. And so I would say, yes, we are looking at partnerships where applicable, and it would go well beyond our just our Kamloops and our Rimouski data centers.

我們正在考慮建立合作夥伴關係以及自建資料中心。因此，我們需要尋找能夠根據需要進一步擴張的機會。因此，我會說，是的，我們正在考慮在適用的情況下建立合作夥伴關係，而且這將遠遠超出我們在坎盧普斯和里穆斯基的資料中心。

Okay. And if I can ask one other follow-up, just to clarify something. Your lease costs -- or lease principal payments came down 20% year-over-year. It's nice to see. But can you explain, Doug, like how that happened?

好的。我還能再問一個後續問題嗎？只是想澄清一下。您的租賃成本－或者說租賃本金支付額比去年同期下降了 20%。很高興看到這種情況。道格，你能解釋一下這是怎麼發生的嗎？

And is there any way that that's related to Terrion and leases for towers moving to a different subsidiary or something?

這是否與 Terrion 公司以及基地台租賃業務轉移到其他子公司有關？

No. It was just -- and we can get more detail after, but it's -- we've restructured some of the leases, and it's actually under the benefit of free cash flow. So we're trying to manage our cash flow more effectively, and that was the whole move.

不。事情是這樣的——之後我們可以提供更多細節，但是——我們已經重組了一些租賃合同，而且實際上受益於自由現金流。所以我們正在努力更有效地管理現金流，這就是我們採取這項措施的全部原因。

Drew McReynolds, RBC.

Drew McReynolds，RBC。

Yeah, thanks very much. Maybe one question on sovereign AI from my perspective. Are we going to see this ramp-up in revenue here through the fixed data services line? Does it kind of spread out through other lines just in your financials, just so we can kind of understand the moving parts there?

是的，非常感謝。或許我想從我的角度問一個關於自主人工智慧的問題。我們能否透過固定數據服務業務看到收入的成長？它是否透過財務報表中的其他項目來體現，以便我們了解其中的運作機制？

And then secondly and separately, can you just speak to some of your success you're getting on Internet and the broader kind of product portfolio in Eastern Canada. Do you see any differences in terms of what you're able to do in the West versus what you can in the East.

其次，能否請您單獨談談您在互聯網以及加拿大東部更廣泛的產品組合方面取得的一些成功？你覺得在西方和東方，你能做的事有什麼不同嗎？

And just maybe an update on where you're getting more success on the product intensity portfolio and where there's more wood to chop in terms of commercialization? Thank you.

能否更新一下您在產品密集型產品組合方面取得更多成功的地方，以及在商業化方面還有哪些方面需要努力？謝謝。

Maybe I'll kick it off and hand over to you, Doug. Where you can look for the manifestation of the revenue created on our sovereign AI factories is twofold. You'll see it within our Telus Business Solutions organization, and you'll also see it within Telus Digital.

或許我可以先開個頭，然後把接力棒交給你，道格。您可以從兩個方面來了解我們自主人工智慧工廠所創造的收入的表現。您會在我們的 Telus 商業解決方案部門看到它，也會在 Telus 數位部門看到它。

And we would intend in February to give additional guidance on how we'll report Telus Digital as a business segment. On top of that, we will provide additional ad hoc disclosure, so you'll be able to assess the process that we are following and the yield that we're getting off the sovereign AI factory and the GPU investment.

我們計劃在二月就如何將 Telus Digital 作為業務部門進行報告給予更多指導。除此之外，我們還將提供額外的臨時揭露，以便您能夠評估我們正在遵循的流程以及我們從自主人工智慧工廠和 GPU 投資中獲得的收益。

So we'll give you clarity into that specifically.

所以我們會具體地向您解釋清楚。

And within some of the product reporting between fixed data and others, you'll get even more insights as well of where that's showing up. On East-West, on loading. We've seen good loading across the board, and it's both East, both West and then business within the small business area is contributing to those Internet loads. And on a bundled basis, we are seeing obviously a little bit more bundling still in the West, but gaining momentum in the East.

在一些產品報告中，透過比較固定數據和其他數據，您也可以更深入地了解這些數據在哪些方面有所體現。東西向，正在裝載。我們看到各方面的網路負載都很好，無論是東部地區、西部地區，還是小型企業區域，都對這些網路負載做出了貢獻。從捆綁銷售的角度來看，西方國家的捆綁銷售現象仍然比較普遍，而東方國家的捆綁銷售動能也越來越強勁。

Okay, thanks very much.

好的，非常感謝。

Thanks, Drew. Next question please, Carl.

謝謝你，德魯。卡爾，請問下一個問題。

Stephanie Price, CIBC World Markets.

Stephanie Price，CIBC World Markets。

Hi, good morning. I was hoping you could talk a little bit about your strategy on device financing and how that's flowing through to the TTech service revenue? And maybe more broadly, how you think about TELUS' positioning in the wireless market at this point?

您好，早安。我希望您能談談貴公司在設備融資方面的策略，以及這種策略如何轉化為TTech的服務收入？更廣泛地說，您如何看待TELUS目前在無線市場的定位？

I couldn't hear the first part, what was it.

我沒聽清楚第一部分，那是什麼？

Device financing.

設備融資。

Device financing. So device financing is really the flow-through on the balance sheet. So you'll see it build up over that two-year period. Where the -- how it hits your P&L will be depending on how much of a handset subsidy you give. And the handset subsidy then is prorated between upfront hit and an impact on your ARPU based on an allocation from the accounting rules.

設備融資。因此，設備融資實際上是資產負債表上的支出。所以你會看到它在兩年內逐漸累積起來。對你的損益表造成多大影響，取決於你提供的手機補助金額。然後，手機補貼會根據會計規則的分配比例，在前期投入和對每位用戶平均收入 (ARPU) 的影響之間進行分攤。

So it takes the fair market value of the handset, the fair market value of the monthly recurring revenue and allocates it to both. And so you'll see from a cash flow perspective, lower handset financing, obviously, is impacting positively on cash flow. And then what goes through your P&L is really only impacted by whether you give a subsidy or whether you make a margin. And that's what you would see in our financials on any quarterly basis.

因此，它會將手機的公平市價和每月經常性收入的公平市價分別分配給兩者。因此，從現金流的角度來看，手機融資減少顯然會對現金流產生正面影響。那麼，真正影響你損益表的內容，其實只取決於你是否提供補貼或你是否有獲利。這就是您在每個季度的財務報表中都會看到的。

Okay. And then just as a follow-up, Telus has announced they're an MVNO partner for Cogeco's wireless launch and BC recently announced a fiber expansion into Alberta and BC. I understand financial details aren't disclosed, but hoping you can give some color on the financial profile versus the TTech segment? And what kind of impact we can expect to see from this over time.

好的。此外，Telus 宣布成為 Cogeco 無線網路推出的 MVNO 合作夥伴，而 BC 省最近也宣布將光纖網路擴展到阿爾伯塔省和 BC 省。我知道財務細節不會公開，但希望您能介紹一下該財務狀況與 TTech 板塊的對比？隨著時間的推移，我們能預期看到什麼樣的影響？

Yeah. So on the Cogeco one, it's all going to be based on roaming. So we will get that through roaming revenue, and it will build as their volume grows, and it'd be at a wholesale rate, a commercially driven wholesale rate.

是的。所以，Cogeco 的那款產品將完全基於漫遊。所以我們將透過漫遊收入獲得這筆收入，隨著他們業務量的成長，收入也會增加，而且會以批發價，也就是商業驅動的批發價來支付。

I think on the Bell side of reselling in the West, I think the -- as we've highlighted, we are obviously supportive of competition. And the wholesale revenue that you get comes at a higher margin, and you don't have the success-based capital, but you don't get the product intensity.

我認為就貝爾在西部地區的轉售業務而言，正如我們所強調的，我們顯然支持競爭。而且，你獲得的批發收入利潤率更高，你沒有基於成功的資本，但你也沒有產品強度。

So you would have a fast payback, you'd be earning margin and really good margin right upfront. And then you would not have that success-based capital, so it would take pressure off the capital number concurrently. And there's a good chance these are customers that we would not have gotten, so it is a net benefit to us.

這樣你就能快速收回投資，而且一開始就能獲得非常可觀的利潤。這樣一來，你就不會有基於成功的資本，同時減輕資本數額的壓力。而這些客戶很可能是我們原本無法獲得的，所以這對我們來說是淨收益。

So over time, you could build up a base just like wholesale and wireless, and it is high margin, and it's contributing, obviously, to our P&L. But from a customer experience perspective, we still want to obviously win in retail and our bundling and our product superiority will continue to compete well there.

因此，隨著時間的推移，你可以像批發和無線業務一樣建立起客戶基礎，而且利潤率很高，顯然，它對我們的損益表做出了貢獻。但從客戶體驗的角度來看，我們顯然仍然希望在零售領域取得成功，我們的捆綁銷售和產品優勢將繼續在那裡保持良好的競爭力。

Thanks for the color.

謝謝你提供的色彩。

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

謝謝你，斯蒂芬妮。卡爾，我們還有時間再問一個問題。

Matthew Griffiths, Bank of America.

馬修·格里菲斯，美國銀行。

Hi, thank you for taking the question. I was wondering if you could maybe just talk a little bit about the outlook for health. I know the growth has been strong this past quarter, partially helped by the acquisition. But just if you could make some comments on like the underlying performance that we could assume going forward, just help on the modeling front. And then on the comments about -- you gave a lot of information on the AI topic. So I don't really want to open that up too much.

您好，感謝您回答這個問題。我想問您是否可以稍微談談目前的健康狀況。我知道上個季度成長勢頭強勁，部分原因是收購帶來的推動作用。但如果您能就我們未來可以預期的潛在表現提出一些意見，在建模方面提供一些幫助，那就太好了。然後，關於您提供的評論——您提供了許多關於人工智慧主題的資訊。所以我不太想太多談論這件事。

But you made the comment about government versus enterprise and that government seem well positioned given their position paper that they would be buyers. I mean is your starting assumption in that $2 billion revenue target sort of heavily weighted towards government adoption of these services with maybe a lag to enterprise? Or are you assuming sort of just an equal adoption across the kind of those main buckets of customers?

但你提到了政府與企業之間的關係，根據政府的立場文件來看，政府似乎處於有利地位，他們表示會成為買家。我的意思是，你最初設定的20億美元營收目標是否很大程度是基於政府部門採用這些服務，而企業採用可能會有所滯後？或者，您是否假設這些主要客戶群會以大致相同的方式接受該產品？

Yeah. So the answer is the latter, a wider distribution, not anchored on the government front. It would include government, but equally or even more broadly, enterprises would include start-up organizations that would want to be able to leverage the compute access that we can provide. You could think about research opportunities. It really is a broadly distributed portfolio of customers that we would be going after.

是的。所以答案是後者，也就是更廣泛的分配，而不是以政府為主導。這其中既包括政府，也同樣甚至更廣泛地說，企業也包括希望利用我們提供的計算資源的新創公司。你可以考慮一下研究方面的機會。我們真正要爭取的是分佈廣泛的客戶群。

And there's aspects of exploration as well. We've got the capability. Let's see how it develops related to market need along the way. And because we've done it on a modular basis, we can be agile and responsive. But the answer is no, it's not anchored on government.

此外，其中也包含探索的元素。我們有能力做到。讓我們看看它如何隨著市場需求的發展而改變。因為我們採用了模組化方式，所以我們能夠靈活快速地回應變化。但答案是否定的，它並非以政府為基礎。

Navin, do you want to maybe speak a little bit about the view on health prospectively from a growth point of view?

納文，你是否願意從成長的角度，談談對健康前景的看法？

Yeah, I'd be happy to. Thanks, Darren, and thanks for the question, Matthew. I would say we're seeing good acceleration in the health business in terms of operating revenue. So we saw that improve to 18% in Q3, and that obviously was helped by a full quarter of Workplace Options this quarter.

是的，我很樂意。謝謝達倫，也謝謝馬修的提問。我認為，就營業收入而言，醫療保健產業正在實現良好的成長。因此，我們看到第三季這一比例提高到了 18%，這顯然得益於本季工作場所解決方案的全面實施。

And when I look ahead, I see some strong organic growth in the business, both in the employer and Payvider business, and we're seeing that because of strong churn performance and as well as really strong sales bookings.

展望未來，我看到公司業務，無論是雇主業務還是 Payvider 業務，都將實現強勁的自然成長，這是因為客戶流失率大幅下降，以及銷售訂單量大幅成長。

So as an example, the employer business, sales bookings are up 72%. Clinics are also up 44% and the Payvider business is up 18% all year-over-year. And so that bodes well for that revenue coming online in the future.

例如，雇主業務的銷售預訂量增加了 72%。診所業務年增 44%，Payvider 業務年增 18%。因此，這預示著未來這部分收入將穩定成長。

And when we think about the WPO integration, not only are we seeing good organic revenue growth from that part of the business, what we're also seeing is their really strong operating model is driving EBITDA margin expansion as we migrate more and more of our former Telus Health operations onto the WPO case management system.

當我們考慮 WPO 的整合時，我們不僅看到該業務部分實現了良好的內生收入成長，而且我們還看到，隨著我們將越來越多的原始 Telus Health 業務遷移到 WPO 病例管理系統，他們非常強大的營運模式正在推動 EBITDA 利潤率的擴張。

And so we're expecting even further improved churn, improved stickiness through customer experience, the opportunity to really drive improved product intensity tied to that improved experience. And then as I said, improved margin contribution from that business.

因此，我們預期客戶流失率將進一步降低，客戶黏性將透過改善客戶體驗而得到提升，並有機會真正推動與這種改善的體驗相關的產品強度的提高。正如我所說，該業務的利潤貢獻有所提高。

And then also prospectively, we really like the global footprint that we've developed and the markets that we're playing in have very strong growth opportunity. And as products like EAP, employer well-being services, employer well-being platform, capabilities and the gamification of well-being, mental health capabilities, as those capabilities continue to improve in terms of importance in those markets, we're going to ride that market growth wave tied to that. So feeling very good about that.

此外，展望未來，我們非常看好我們已經建立的全球佈局，我們所處的市場也擁有非常強勁的成長機會。隨著員工協助方案 (EAP)、雇主福利服務、雇主福利平台、福利遊戲化、心理健康等產品在這些市場中的重要性不斷提高，我們將搭上這股市場成長浪潮的順風車。所以對此感覺非常好。

And then maybe the last thing I'll close with is on the Payvider side, we've seen some very good organic growth coming from deals tied to Platform as a Service, our data capabilities and our ability to monetize the analytics coming from the data, and we're starting to see strong growth there. We also sold our largest pharmacy management system deal recently. So feeling very good about the prospects of continued growth in the health space. So with that, I'll pass it back to you, Darren.

最後，我想補充一點，關於 Payvider，我們看到與平台即服務相關的交易帶來了非常好的自然增長，這得益於我們的數據能力以及我們對數據分析的貨幣化能力，我們開始看到這方面的強勁增長。我們最近也完成了迄今為止最大的藥局管理系統交易。因此，我對醫療健康領域的持續成長前景感到非常樂觀。那麼，我就把麥克風交還給你了，達倫。

Thanks so much.

非常感謝。

Okay, Robert.

好的，羅伯特。

Okay. Thank you, Matt, and thank you, everyone, for joining us today. Please feel free to reach out to the IR team with any follow-ups. And with that, back to you, Karl.

好的。謝謝馬特，也謝謝各位今天能來參加我們的節目。如有任何後續問題，請隨時與投資者關係團隊聯繫。那麼，卡爾，把鏡頭交還給你。

This concludes the Telus 2025 Q3 earnings conference call. Thank you for your participation. Have a nice day.

Telus 2025 年第三季財報電話會議到此結束。感謝您的參與。祝你今天過得愉快。