TELUS stories operational and fiscal effects for 0.33 quarter 2024

Business-Very best General Cell and Fastened buyer expansion of 347,000 pushed through sturdy call for for our main portfolio of products and services throughout Mobility and Fastened

Robust Cell Telephone and Attached Tool internet additions of 130,000 and 159,000, respectively; industry-leading postpaid cell phone churn of 0.90 according to cent

Tough 0.33 quarter Fastened buyer internet additions of 58,000, together with 34,000 web buyer additions, pushed through our main TELUS PureFibre community and premier portfolio of bundled products and services throughout Cell and House

TTech Working Earnings and Adjusted EBITDA expansion of one.9 according to cent and 5.6 according to cent, respectively, along sturdy margin growth of 110 foundation issues to 39 according to cent reflecting a cheapen cost-to-serve and concentrate on riding greater margin according to person, features from copper and actual property monetization and persisted double digit momentum in condition products and services EBITDA contribution expansion

Internet revenue and income according to percentage greater through 88 according to cent and 111 according to cent, respectively and on an adjusted foundation greater through 11 and 12 according to cent; Consolidated separate coins stream up 58 according to cent

Quarterly dividend greater to $0.4023, up 7.0 according to cent over the similar length extreme yr, representing a dividend giveover of roughly 7.7 according to cent

2024 goal for TTech running income expansion up to date to reasonably underneath the cheapen finish of the latest field; goals for TTech Adjusted EBITDA, together with our Consolidated goals for Capital Expenditures and Sovereign coins stream, stay unchanged as supplied with the loose of our 2nd quarter 2024 ends up in August

VANCOUVER, BC, Nov. 8, 2024 /PRNewswire/ – TELUS Company as of late excepted its unaudited effects for the 0.33 quarter of 2024. Consolidated running revenues and alternative revenue greater through 1.8 according to cent over the similar length a yr in the past to $5.1 billion. This expansion used to be pushed through greater provider income and alternative revenue from copper and actual property monetization in our TELUS era answers (TTech) branch, along greater alternative offset through cheapen provider income in our TELUS virtual enjoy branch (TELUS Virtual).

Inside of TTech, greater income from the growth of cellular community, residential web, TV and safety subscribers, condition products and services, agriculture and client items products and services, together with will increase in controlled, unmanaged and alternative constant information products and services; in part offset through price discounts in cellular community, residential web, and safety products and services, in addition to declines in TV and stuck legacy resonance products and services revenues. The decrease in TELUS Virtual running revenues had been from cheapen exterior revenues reflecting: (i) cheapen revenues from main social media shopper and alternative era shoppers; (ii) a discount in income in alternative {industry} verticals, particularly amongst communications (aside from the TTech branch) and eCommerce shoppers; and (iii) a consistently difficult macroeconomic climate and aggressive situations within the {industry}. See 3rd Quarter 2024 Working Highlights inside of this information loose for a dialogue on TTech and TELUS Virtual effects.

“In the third quarter, our team’s dedication to operational excellence led to industry-leading customer growth and robust financial results, harnessing our premier asset portfolio and focused commitment to cost efficiency and effectiveness,” stated Darren Entwistle, President and CEO. “Our results demonstrate our ability to deliver sustainable profitable growth, anchored by our strategic emphasis on margin-accretive customer expansion, globally leading broadband networks, and a customer-centric culture. This enabled industry-best total customer net additions of 347,000, including robust mobile phone customer additions of 130,000, strong gains in connected devices with 159,000 net additions, and total fixed net additions of 58,000. Our team’s passion for delivering customer service excellence contributed once again to leading loyalty across our key product lines. Notably, postpaid mobile phone churn was 0.90 per cent, while churn for TELUS-branded mobility and home households nationally was below one per cent, underscoring the consistent strength of our unmatched bundled product offerings across Mobile and Home, over our industry-leading PureFibre and wireless broadband networks.”

“Within TELUS Health, our team achieved revenue growth of four per cent as strategic investments in our products, sales, and distribution channels generate strong momentum across our health portfolio. Our team also achieved 50 per cent Adjusted EBITDA contribution growth, supported by higher revenue and the realization of $331 million in combined annualized synergies since acquiring LifeWorks in 2022. This includes $277 million in cost synergies and $54 million in cross-selling, as we work towards our overall objective of $427 million by the end of 2025. Additionally, we drove a 9.2 per cent year-over-year increase in global lives covered to 76 million. Similarly, within TELUS Agriculture & Consumer Goods, we continue to see positive outcomes, strengthening our market position and delivering a more than 20 per cent increase in revenue alongside strong profitability growth and margin contribution. Our commitment to maximizing the full potential of these distinctive global businesses is underscored by leveraging the expertise, experience, and high-performance culture of our team. This also includes capitalizing on significant cross-selling opportunities across all our businesses, demonstrating the collective talent and effectiveness of our team in driving our success.”

“Importantly, our significant broadband network investments, and the profitable growth they drive, enable the continued advancement of our financial and operational performance and the long-term sustainability of our industry-leading dividend growth program,” persisted Darren. “The 7.0 per cent year-over-year dividend increase announced today represents the twenty-seventh increase since we initiated our multi-year dividend growth program in 2011, now in its fourteenth year. Since 2004, TELUS has returned more than $26 billion to shareholders, including over $21 billion in dividends, representing approximately $18 per share.”

“Demonstrating our organization’s long-standing belief in the symbiotic relationship between doing well in business and doing good in the global communities where our team members live, work and serve, last month we celebrated the one-year anniversary of the TELUS Student Bursary,” added Darren. “Through the TELUS Student Bursary, we are creating the circumstances necessary to empower young people in Canada to realize their full potential. In addition to being the largest bursary fund in the country, the TELUS Student Bursary is also unique because of its focus on social purpose and its holistic approach to supporting and developing our future leaders. This academic year alone, the TELUS Friendly Future Foundation awarded $2.2 million to more than 500 students in financial need. Since the inception of the bursary program, the Foundation has provided over $4 million to nearly 1,000 students.”

“Earlier today, TELUS Digital Experience (TELUS Digital) also reported its third quarter results, delivering stable financial performance as compared to the prior quarter, signifying a positive step on the recovery trajectory, and we are eager to drive further improvements as we advance our growth objectives. Indeed, TELUS Digital’s comprehensive and growing suite of leading AI solutions continues to demonstrate strong momentum, capturing new client engagements and broader recognition in the market, exemplifying our progress in next generation technology applications. Moreover, the strength of TELUS Digital’s transformational generative AI-powered solutions and tools created for all lines of business at TELUS, continues to enhance their go-to-market efforts with new and prospective clients. Our confidence in TELUS Digital’s fundamental drivers of value creation remains unwavering, particularly given the company’s leadership in key areas such as trust and safety, the digitization of its own and its clients’ customer experience operations, and the broader evolution of its business towards a technology-centric model. Importantly, we see TELUS Digital creating positive momentum for its medium and long-term growth.”

Doug French, Govt Vice-president and CFO stated, “Our solid performance during the third quarter continues to highlight our consistent track record of operational execution excellence as we navigate a dynamic operating environment. This quarter, TTech operating revenue growth of approximately two per cent continued to improve relative to the first half of the year, driven by stable mobile network growth, alongside a steady improvement within fixed data, as well as strong contribution from our global health and agriculture and consumer goods businesses. Furthermore, we delivered strong TTech Adjusted EBITDA growth of 5.6 per cent accompanied by margin expansion of 110 basis points to 39 per cent. This growth was driven by our longstanding emphasis on profitable customer growth, combined with driving a lower cost-to-serve through our ongoing focus on cost efficiency and effectiveness, as well as continued financial gains related to our copper and real estate monetization program. For 2024, we now anticipate restructuring expenses to be approximately $450 million as we continue to optimize our cost structure to drive EBITDA expansion, margin accretion, and accelerated free cash flow growth.”

“As we continue through the final quarter of the year, our financial position remains strong. At the end of the third quarter, we had approximately $3.2 billion of available liquidity, our average cost of long-term debt was 4.40 per cent, the average term to maturity of long-term debt is approximately 11 years, and our net debt to EBITDA ratio was 3.83 times. As we look toward future years, we anticipate an improvement in our leverage ratio as we work towards our target ratio through continued EBITDA growth, declining capital intensity toward the 10 per cent level, and ongoing free cash flow expansion.”

“For the full year, our 2024 target for TTech operating revenue growth is now anticipated to be slightly below the lower end of our original target range. This updated outlook reflects the competitive market conditions and our team’s continued focus on operational execution excellence. Importantly, targets for TTech Adjusted EBITDA, along with our consolidated targets for capital expenditures and free cash flow, remain unchanged as previously communicated in our second quarter earnings release in August. Despite the dynamic and competitive environment in the near-term, we are confident in our ability to drive strong, sustainable, and margin-accretive growth. This confidence is rooted in our persistent focus on operational efficiency and effectiveness. The strength and resilience of our business continues to demonstrate our superior asset mix, and we are enthusiastic about the promising future prospects for our organization in Canada and internationally through our global growth assets. This includes our expectations for continued free cash flow expansion in the coming years, driven by sustained strong EBITDA growth and moderating capital expenditure intensity. This is supplemented by our copper and real estate monetization programs that will continue for years to come. All of these support the long-term sustainability and quality of our long-standing and industry-leading dividend growth program,” concluded Doug.

As in comparison to the similar length a yr in the past, internet revenue within the quarter of $257 million used to be up 88 according to cent and Unadorned income according to percentage (EPS) of $0.19 greater through 111 according to cent. Those will increase had been pushed through greater Adjusted EBITDA as vivid underneath, in part offset through greater financing prices, pushed through the have an effect on of unrealized adjustments in digital energy acquire word of honour ahead part, greater long-term debt, related to our investments in spectrum and PureFibre era, and better rates of interest on each floating-rate and up to date fixed-rate issuances. Along with the Adjusted EBITDA expansion drivers mentioned underneath, EBITDA additionally displays cheapen restructuring and alternative prices, essentially connected to vital investments in charge potency and effectiveness systems, together with actual property explanation, which predominantly took playground all through the 0.33 quarter of 2023.

Because it pertains to EPS, the traits additionally mirror the impact of a better collection of Ordinary stocks remarkable. When aside from sure prices and alternative changes (see ‘Reconciliation of adjusted Internet revenue‘ on this information loose), adjusted internet revenue of $413 million greater through 11 according to cent over the similar length extreme yr, day adjusted unadorned EPS of $0.28 used to be up 12 according to cent over the similar length extreme yr. Adjusted internet revenue is a non-GAAP monetary measure and changed unadorned EPS is a non-GAAP ratio. For additional clarification of those measures, see ‘Non-GAAP and alternative specified monetary measures‘ on this information loose.

In comparison to the similar length extreme yr, consolidated EBITDA greater through 16 according to cent to roughly $1.8 billion and Adjusted EBITDA greater through 1.3 according to cent to greater than $1.8 billion. The expansion in Adjusted EBITDA displays: (i) cellular community, residential web, TV and safety subscriber expansion; (ii) broad-based charge aid efforts, synergies accomplished between LifeWorks^® and our legacy condition trade, and an building up in TTech leveraging TELUS Virtual, in addition to financial savings in advertising and marketing prices; (iii) greater features on actual property initiatives and reversals of industrial combination-related provisions; (iv) expansion in condition products and services margin; (v) greater agriculture and client items margins; and (vi) expansion in constant information products and services to unutilized and current trade consumers. Those elements had been partially offset through: (i) cheapen cell phone ARPU; (ii) cheapen operational expansion in TELUS Virtual (aside from alternative revenue); (iii) declining TV and stuck legacy resonance margins; (iv) cheapen cellular apparatus margins; (v) greater community operations prices; (vi) greater sinister debt expense; and (vii) greater prices connected to the scaling of our virtual features.

Within the 0.33 quarter of 2024, we added 347,000 internet buyer additions, ill 59,000 over the similar length extreme yr, and inclusive of 130,000 cell phones and 159,000 attached gadgets, along with 34,000 web, 21,000 TV and 12,000 safety buyer connections. This used to be partially offset through residential resonance losses of 9,000. Our overall TTech subscriber bottom of nineteen.8 million is up 6.4 according to cent over the extreme 12 months, reflecting a 4.2 according to cent building up in our cell phones subscriber bottom to over 10.0 million and a 21 according to cent building up in our attached gadgets subscriber bottom to over 3.5 million. Moreover, our web connections grew through 5.1 according to cent over the extreme 12 months to over 2.7 million buyer connections, our TV buyer bottom stands at greater than 1.3 million buyer connections, and our safety subscriber bottom greater through 7.5 according to cent to greater than 1.1 million buyer connections. Finally, our residential resonance subscriber bottom declined reasonably through 3.0 according to cent to greater than 1.0 million.

In condition products and services, as of the tip of the 0.33 quarter of 2024, digital aid participants had been 6.5 million and healthcare lives lined had been 76.0 million, up 18 according to cent and 9.2 according to cent over the life 12 months, respectively. Virtual condition transactions within the 0.33 quarter of 2024 had been 161.5 million, up 7.2 according to cent over the 0.33 quarter of 2023.

Money equipped through running actions of $1.4 billion greater through 10 according to cent within the 0.33 quarter of 2024, essentially pushed through EBITDA expansion, in part offset through greater restructuring and alternative prices disbursements, internet of expense, and greater pastime paid.

Sovereign coins stream of $561 million greater through 58 according to cent in comparison to the similar length a yr in the past, reflecting greater EBITDA and cheapen capital expenditures. Those elements had been partially offset through greater pastime paid and bigger rent bills. Our definition of separate coins stream, for which there’s no {industry} alignment, excludes affects of accounting requirements that don’t have an effect on coins, corresponding to IFRS 15 and IFRS 16.

Consolidated capital expenditures of $668 million, together with $28 million for actual property building, lowered through $101 million or 13 according to cent within the 0.33 quarter of 2024. TTech operations drove $90 million of the scale down within the 0.33 quarter of 2024, essentially pushed through the deliberate slowdown of our yarn and wi-fi community builds and techniques building. As at September 30, 2024, our 5G community lined roughly 32.1 million Canadians, representing roughly 87 according to cent of the people. TTech actual property building capital expenditures greater through $6 million within the 0.33 quarter of 2024, reflecting an building up in capital funding to backup development of multi-year building initiatives, together with TELUS Ocean^TM, TELUS Residing residential structures and alternative business structures in British Columbia. TELUS Virtual capital expenditures lowered through $5 million within the 0.33 quarter of 2024, essentially because of slower call for for shopper expansion.

Consolidated Monetary Highlights

3rd Quarter 2024 Working Highlights

TELUS era answers (TTech)

• TTech running revenues (coming up from word of honour with consumers) greater through $83 million or 1.9 according to cent within the 0.33 quarter of 2024, essentially reflecting will increase in cellular community income, cellular apparatus and alternative provider revenues, constant information products and services revenues, condition products and services and agriculture and client items products and services, as described underneath. Decreases in constant resonance products and services revenues and stuck apparatus and alternative provider revenues had been bias offsets.
• TTech EBITDA greater through $313 million or 23 according to cent within the 0.33 quarter of 2024, day TTech Adjusted EBITDA greater through $90 million or 5.6 according to cent, reflecting: (i) cellular community, residential web, TV and safety subscriber expansion; (ii) broad-based charge aid efforts, together with body of workers discounts, synergies accomplished between LifeWorks and our legacy condition trade, and an building up in TTech leveraging TELUS Virtual to bring about aggressive advantages given the cheaper price construction in TELUS Virtual, in addition to financial savings in advertising and marketing prices; (iii) greater features on actual property initiatives; (iv) expansion in condition products and services margin; (v) greater agriculture and client items margins; and (vi) expansion in constant information products and services to unutilized and current trade consumers. Those elements had been in part offset through: (i) cheapen cell phone ARPU; (ii) declining TV and stuck legacy resonance margins; (iii) cheapen cellular apparatus margins; (iv) greater community operations prices; (v) greater sinister debt expense; and (vi) greater prices connected to the scaling of our virtual features, inclusive of greater subscription-based licenses and cloud utilization prices.

Cell services

• Cell community income greater through $13 million or 0.7 according to cent within the 0.33 quarter of 2024, in large part because of expansion in our cell phone and an building up in IoT connections, partially offset through cheapen cell phone ARPU.
• Cell apparatus and alternative provider revenues greater through $34 million or 6.1 according to cent within the 0.33 quarter of 2024, because of the have an effect on of higher-value smartphones within the gross sales combine, partially offset through a discount in shrunk volumes because of our efforts to check most effective on winning offer from extra competitive promotional job within the flow yr in comparison to the prior yr, along with the rising collection of consumers benefiting from BYOD choices.
• TTech Cell services direct contribution lowered through $23 million or 1.4 according to cent within the 0.33 quarter of 2024, in large part reflecting the have an effect on of cheapen cell phone ARPU, cheapen cellular apparatus margin from cheapen shrunk quantity and greater competitor-driven discounting, and better amortization of deferred commissions because of emerging retail visitors within the flow and prior classes. Those had been partially offset through cell phone subscriber expansion.
• Cell phone ARPU used to be $58.85 within the 0.33 quarter of 2024, a scale down of $2.09 or 3.4 according to cent; the speed of decrease used to be solid relative to the second one quarter of 2024. This scale down used to be because of the adoption of bottom price plans with cheapen costs according to extra competitive advertising and marketing and promotional pricing focused on each unutilized and current consumers, and a decrease in overage and roaming revenues, partially offset through greater IoT income. We proceed to peer expanding adoption of limitless information and Canada-U.S. plans which grant greater and extra solid ARPU on a per 30 days foundation day additionally giving consumers charge sure bet in cheapen roaming charges to the U.S. and cheapen information overage charges, respectively.
• Cell phone improper additions had been 455,000 within the 0.33 quarter of 2024, in keeping with the prior yr.
• Cell phone internet additions had been 130,000 within the 0.33 quarter of 2024, reflecting a scale down of 30,000, pushed through the next cell phone churn price.
• Our cell phone churn price used to be 1.09 according to cent within the 0.33 quarter of 2024, in comparison to 1.03 according to cent within the 0.33 quarter of 2023, reflecting buyer switching selections according to extra competitive advertising and marketing and promotional pricing, along with greater adoption of BYOD plans. Those elements were partially mitigated through our persisted focal point on buyer retention thru our industry-leading provider and community component, together with a success promotions and bundled choices.
• Attached tool internet additions had been 159,000 within the 0.33 quarter of 2024, reflecting a scale down of 20,000, in large part because of one buyer decommissioning a subset in their legacy, low-usage IoT connections all through the quarter, partially offset through expansion in improper additions of IoT connections.

Fastened services

• Fastened information products and services revenues greater through $22 million or 1.9 according to cent within the 0.33 quarter of 2024, pushed through an building up in our web, safety and TV subscribers, and expansion in our controlled, unmanaged and alternative products and services to unutilized and current trade consumers. Those had been partially offset through cheapen TV income according to buyer, reflecting an greater combine of consumers settling on smaller TV mixture applications and technological substitution, reasonably cheapen web income according to buyer reflecting aggressive pressures, in addition to cheapen safety income according to buyer reflecting greater call for for inherently lower-ARPU house automation products and services.
• Fastened resonance products and services revenues lowered through $12 million or 6.3 according to cent within the 0.33 quarter of 2024, reflecting the continued decrease in legacy resonance revenues because of technological substitution and value plan adjustments. Declines had been partially mitigated through the luck of our bundled product choices and our retention efforts.
• Fastened apparatus and alternative provider revenues lowered through $8 million or 6.4 according to cent within the 0.33 quarter of 2024, in large part because of a discount in trade premises apparatus gross sales, as apparatus gross sales have a tendency to be extra one-time in nature.
• TTech constant services direct contribution greater through $51 million or 3.9 according to cent within the 0.33 quarter of 2024, essentially pushed through greater condition and agriculture and client items revenues and persisted subscriber expansion. Those had been partially offset through declines in TV and legacy resonance margins because of technological substitution.
• Web internet additions had been 34,000 within the 0.33 quarter of 2024, a scale down of three,000 for the quarter, in large part because of the next churn price because of macroeconomic and aggressive pressures that experience persisted to have an effect on client buying selections. Those elements had been partially offset through our luck in riding sturdy improper additions thru powerful gross sales methods and the power of our yarn visual providing.
• TV internet additions had been 21,000 within the 0.33 quarter of 2024, an building up of one,000 for the quarter, because of our various choices catered in opposition to the converting wishes of our shoppers, partially offset through the next churn price because of the similar elements as web internet additions.
• Safety internet additions had been 12,000 within the 0.33 quarter of 2024, a scale down of 6,000 for the quarter, essentially because of the next churn price connected to the similar elements as web internet additions.
• Residential resonance internet losses had been 9,000 within the 0.33 quarter of 2024, an building up of one,000 losses for the quarter.

Condition products and services

• Via TELUS Condition, we’re leveraging era in order attached answers and products and services, making improvements to get right of entry to to aid and revolutionizing the stream of knowledge day facilitating collaboration, potency, and productiveness around the healthcare ecosystem, progressing our visual of remodeling healthcare and empowering family to are living more fit lives.
• Condition products and services revenues greater through $17 million or 4.0 according to cent within the 0.33 quarter of 2024, essentially pushed through pharmacy upgrades, digital pharmacy gross sales, worker support systems and greater call for for condition advantages control products and services and escape advantages answers.
• On the finish of the 0.33 quarter of 2024, 6.5 million participants had been enrolled in our digital aid products and services, an building up of a million over the life 365 days, because of the ongoing adoption of digital answers that hold Canadians and others safely attached to condition and wellness aid.
• On the finish of the 0.33 quarter of 2024, our healthcare systems lined 76 million lives, an building up of 6.4 million over the life 365 days, principally reflecting powerful expansion in our worker and society support systems from each unutilized and current shoppers throughout all of our areas, along with persisted call for for digital answers.
• Virtual condition transactions had been 161.5 million within the 0.33 quarter of 2024, an building up of 10.9 million, in large part pushed through greater paid alternate of healthcare information between our condition advantages control device and aid suppliers as a result of greater affected person call for for non-obligatory condition products and services.

Agriculture and client items products and services

• Via TELUS Agriculture & Client Items, we grant cutting edge virtual answers and actionable data-insights that higher fix the worldwide provide chain, riding extra environment friendly manufacturing processes and making improvements to the security, component and sustainability of meals and client items. Importantly, those efforts also are enabling higher traceability to the tip client, additional supporting stepped forward meals results.
• Agriculture and client items products and services revenues greater through $17 million or 21 according to cent, essentially attributed to trade acquisitions and making improvements to natural expansion throughout sure strains of industrial, together with greater subscription and license revenues. Those elements had been in part offset through an building up of agriculture buyer churn and macroeconomic headwinds slowing ill subscription expansion and gross sales funnel alternatives.

TELUS Virtual

• TELUS Virtual running revenues (coming up from word of honour with consumers) lowered through $31 million or 4.4 according to cent within the 0.33 quarter of 2024. The scale down used to be essentially because of: (i) cheapen revenues from a main social media shopper and alternative era shoppers; (ii) a discount in income in alternative {industry} verticals, particularly amongst communications (aside from the TTech branch) and eCommerce shoppers; and (iii) a consistently difficult macroeconomic climate and aggressive situations within the {industry}. Those decreases had been in part offset through: (i) expansion in products and services equipped to current shoppers, together with Google all through the primary 9 months of 2024; (ii) unutilized shoppers added for the reason that identical length within the prior yr; and (iii) the nutritious of each the U.S. buck and the Ecu euro in opposition to the Canadian buck, which led to a beneficial foreign currencies have an effect on on our TELUS Virtual running effects. Revenues from word of honour denominated in U.S. greenbacks, Ecu euros and alternative currencies might be suffering from adjustments in foreign currency echange charges.
• Earnings from our tech and video games {industry} vertical lowered through $28 million or 6.9 according to cent within the 0.33 quarter of 2024, essentially because of cheapen income from a main social media shopper and sure alternative era and gaming shoppers, in part offset through expansion in income from alternative shoppers inside of this {industry} vertical.
• Earnings from our communications and media {industry} vertical greater through $15 million or 7.2 according to cent within the 0.33 quarter of 2024, pushed essentially through extra products and services equipped to the TTech branch, in part offset through cheapen provider income from sure alternative telecommunication shoppers.
• Earnings from our eCommerce and fintech {industry} vertical lowered through $14 million or 15 according to cent within the 0.33 quarter of 2024, because of cheapen provider quantity call for from a immense eCommerce shopper in addition to sure fintech shoppers.
• Earnings from our healthcare {industry} vertical greater through $15 million or 29 according to cent within the 0.33 quarter of 2024, essentially because of spare products and services equipped to the healthcare trade unit of the TTech branch.
• Earnings from our banking, monetary products and services and insurance coverage {industry} vertical greater through $10 million or 22 according to cent within the 0.33 quarter of 2024, because of expansion from sure Canadian banks and smaller regional monetary products and services companies in North The usa, in part offset through cheapen provider quantity call for from a world monetary establishment shopper.
• All alternative verticals greater through $7 million or 8.2 according to cent within the 0.33 quarter of 2024 because of seasonality and better provider quantity call for from sure shoppers within the progress and hospitality, and retail and client packaged items {industry} verticals.
• TELUS Virtual EBITDA lowered through $62 million or 37 according to cent within the 0.33 quarter of 2024 day Adjusted EBITDA lowered through $56 million or 30 according to cent in the similar length. The decreases had been pushed through greater investments in company projects, corresponding to business ability acquisition and operational effectiveness systems, as mirrored within the building up in salaries and advantages and Items and products and services bought, in addition to greater share-based repayment in comparison to a modest aid in income, which used to be in part offset through alternative revenue coming up from the revaluation of our provisions for written put choices.

TELUS 2024 monetary goals

TELUS’ monetary goals for 2024 are guided through various long-term monetary goals, insurance policies and tips, which might be vivid in Category 4.3 of the 2023 annual MD&A.

For the whole yr, our 2024 goal for TTech running income expansion is now expected to be reasonably underneath the cheapen finish of our latest goal field, reflecting the aggressive marketplace situations. Our annual goals for TTech Adjusted EBITDA, together with our consolidated goals for capital expenditures and separate coins stream, stay unchanged as prior to now communicated in our 2nd quarter income loose in August. 

Consolidated running revenues and Adjusted EBITDA can also be approximated when combining our TTech goals referenced above with the 2024 monetary goals prepared through TELUS Virtual, as introduced August 2, 2024.

The previous disclosure respecting TELUS’ 2024 monetary goals is forward-looking knowledge and is totally certified through the ‘Warning relating to forward-looking statements’ underneath and according to control’s expectancies and guesses as move ahead underneath and in Category 9.3 TELUS guesses for 2024 within the 2023 annual MD&A and up to date in Divisions 9 and 10 of our 0.33 quarter 2024 intervening time MD&A. This disclosure is gifted to bring about aiding our traders and others in working out sure key components of our anticipated 2024 monetary effects in addition to our goals, strategic priorities and trade outlook. Such knowledge might not be suitable for alternative functions.

Dividend Declaration

The TELUS Board of Administrators declared a quarterly dividend of $0.4023 according to percentage at the issued and remarkable Ordinary Stocks of the Corporate payable on January 2, 2025 to holders of file on the alike of industrial on December 11, 2024. This quarterly dividend displays an building up of seven.0 according to cent from the $0.3761 according to percentage dividend declared one yr previous and in keeping with our multi-year dividend expansion program. When a dividend cost past falls on a weekend or relief, the cost will likely be made at the later succeeding moment that could be a trade moment.

Company Highlights

TELUS makes vital contributions and investments within the communities the place crew participants are living, paintings and help and to the Canadian economic system on behalf of consumers, shareholders and crew participants. Those come with:

• Paying, accumulating and remitting roughly $1.8 billion within the first 9 months of 2024 to federal, provincial and municipal governments in Canada consisting of company revenue taxes, gross sales taxes, attribute taxes, employer portion of payroll taxes and diverse regulatory charges. Since 2000, now we have remitted roughly $37 billion in those taxes.
• Making an investment roughly $2.1 billion in capital expenditures essentially in communities throughout Canada within the first 9 months of 2024 and just about $56 billion since 2000.
• Disbursing spectrum renewal charges of roughly $56 million to Innovation, Science and Financial Construction Canada within the first 9 months of 2024. Since 2000, our overall tax and spectrum remittances to federal, provincial and municipal governments in Canada have totalled roughly $46 billion.
• Spending $7.2 billion in overall running bills within the first 9 months of 2024, together with items and products and services bought of roughly $4.8 billion. Since 2000, now we have spent $166 billion and $113 billion, respectively, in those gardens.
• Producing a complete crew member payroll of roughly $2.8 billion within the first 9 months of 2024, together with wages and alternative worker advantages, and payroll taxes of $153 million. Since 2000, overall crew member payroll totals $64 billion.
• Returning roughly $1.7 billion in dividends thru October 2024 to particular person shareholders, mutual investmrent homeowners, pensioners and institutional traders. Since 2004, now we have returned greater than $26 billion to shareholders thru our dividend and percentage acquire systems, together with over $21 billion in dividends and $5.2 billion in percentage repurchases, representing roughly $18 according to percentage.

People Highlights

Giving Again to Our Communities

• In August 2024, to backup the ones impacted through the wildfires in Jasper, Alberta, TELUS, our crew participants, consumers and the Substructure have enabled greater than $200,000 in coins donations and in-kind contributions. Our support integrated:
  • Distributing grownup and formative years situation kits at evacuation facilities containing crucial pieces corresponding to situation blankets, reusable H2O bottles, charging cables and actions for children.
  • Unexpectedly deploying 3 cellular towers on wheels (COWs) to grant wi-fi connectivity and backup situation communications alongside a no-coverage division of Freeway 16, to an RCMP checkpoint and one throughout the the town of Jasper.
  • Enforcing our first ever deployment of a low earth orbit satellite tv for pc brief connectivity resolution for a cellular tower the place its yarn connection used to be destroyed through the hearth, thereby permitting get right of entry to to 9-1-1.
  • Frequently refuelling back-up turbines to hold communique strains safely up and working nearest a lack of business energy.
  • Operating carefully with the incident command centre and its participants to offer protection to important community infrastructure.
  • Providing information top-ups and waiving long-distance cellular, house telephone, texting and roaming charges for evacuees and the ones affected.
  • Providing a separate People Extremity Help series for emotional backup, available 24/7 to all Canadians, equipped through TELUS Condition.
  • Supplying separate counselling periods thru TELUS Condition MyCare^TM.
  • Offering no-cost veterinary technician appointments thru TELUS Condition MyPet.
  • Partnering with the Pink Pass to determine a fix centre, offering tents, site-wide Wi-Fi connectivity and crucial aid pieces for returning evacuees. Moreover, our technicians performed re-entry assessments and prioritized provider recovery in a strategic way.
• In October 2024, we gained our 0.33 consecutive Catastrophe Cure Institute Canada (DRI) Reaction and Cure Award for emergency control all through the 2024 Jasper wildfires, demonstrating remarkable trade endurance, situation fix, and public and buyer backup regardless of concurrent demanding situations.
• Lately, now we have 19 TELUS People Forums, 13 running in Canada and 6 global forums. Our People Forums entrust native leaders to produce suggestions at the allocation of grants of their communities. Those grants backup registered charities that do business in condition, training or era systems to assistance formative years thrive. Since 2005, our 19 TELUS People Forums and TELUS Pleasant Age Substructure^® (the Substructure) have supported 33.6 million formative years in-need in Canada, and around the globe, through granting $131 million in coins donations to ten,500 projects.
  • Right through the 0.33 quarter of 2024, we introduced a significant milestone in charitable giving in Canada with TELUS’ People Board program achieving $100 million in donations to native charities around the nation since inception in 2005.
• Operating in alike partnership with our 13 Canadian TELUS People Forums, the Substructure supplies grants to charities that advertise training, condition and well-being for formative years around the nation. Moreover, in the course of the TELUS Pupil Bursary program, the Substructure supplies bursaries for post-secondary scholars who’re dealing with monetary obstacles and are dedicated to creating a excess of their communities. Right through the primary 9 months of 2024, the Substructure supported over 535,500 formative years through granting over $7 million to 500 Canadian registered charities. Since its inception in 2018, the Substructure has equipped $54 million in coins donations to our communities, serving to 15.7 million formative years succeed in their complete attainable. For more info concerning the TELUS Pupil Bursary program, please discuss with friendlyfuture.com/bursary.
• Right through the 0.33 quarter, we persisted to interact our world crew to volunteer of their communities, with greater than 665,000 hours of provider recorded to this point, and not off course to succeed in our annual function of one.5 million hours for the second one consecutive yr.

Empowering Canadians with Connectivity

• Right through the primary 9 months of 2024, we persisted to leverage our Connecting for Excellent^® systems to backup marginalized people through bettering their get right of entry to to each era and healthcare, in addition to our TELUS Sensible^® program to give a boost to virtual literacy and on-line protection wisdom. Because the starting of those systems, they’ve equipped backup for 1.3 million people.
  • Right through the primary 9 months of 2024, we welcomed over 6,500 unutilized families to our Web for Excellent^® program. Since we introduced this system in 2016, now we have attached alike to 62,000 families, to bring about greater than 194,000 low-income society participants and seniors, individuals in desire who’re residing with disabilities, government-assisted refugees and formative years escape foster aid with cheap, high-speed web provider.
  • Our Mobility for Excellent^® program offer separate or cheap smartphones and mobility plans to formative years growing older out of foster aid, low-income seniors and low-income households throughout Canada. Right through the primary 9 months of 2024, we added 6,500 formative years, low-income seniors and households, in addition to Indigenous ladies vulnerable to or surviving violence, government-assisted refugees and alternative marginalized people to this system. Since we introduced Mobility for Excellent in 2017, this system has equipped backup for 59,000 family.
  • Our Condition for Excellent^® cellular condition clinics facilitated 46,500 affected person visits all through the primary 9 months of 2024. Because the program’s inception, now we have enabled 246,500 cumulative affected person visits in 27 communities throughout Canada, bringing number one and psychological healthcare to people experiencing homelessness.
    • In September 2024, we greater our total loyalty to the TELUS Condition for Excellent program to over $16 million thru 2027 and introduced a unutilized cellular condition health facility, bringing number one aid and hurt aid products and services immediately to family experiencing homelessness around the B.C. Inside.
  • Right through the primary 9 months of 2024, our Tech for Excellent^® program equipped get right of entry to to customized exams, suggestions and coaching on cellular gadgets, computer systems, computers and connected assistive era and/or get right of entry to to discounted cellular plans for two,600 Canadians residing with disabilities, serving to them give a boost to their self government and component of past. Because the program’s inception in 2017, now we have supported 11,400 people in Canada who’re residing with disabilities thru this system and/or the TELUS Wi-fi Accessibility Bargain.
  • Right through the primary 9 months of 2024, greater than 95,700 people in Canada and around the globe participated in digital TELUS Sensible workshops and occasions to give a boost to virtual literacy and on-line protection, bringing overall cumulative participation to over 775,500 for the reason that program introduced in 2013.

Get admission to to Quarterly effects knowledge

traders, the media and others would possibly evaluation this quarterly income information loose, control’s dialogue and research, quarterly effects slides, audio and transcript of the investor webcast name, additional monetary knowledge at telus.com/investors.

TELUS’ 0.33 quarter 2024 convention name is scheduled for Friday, November 8, 2024 at 12:00 pm ET (9:00 am PT) and can attribute a presentation adopted through a query and resolution length with funding analysts. events can get right of entry to the webcast at telus.com/investors. An audio recording might be to be had roughly 60 mins nearest the decision till December 8, 2024 at 1-855-201-2300. Please quote convention get right of entry to code 54931# and playback get right of entry to code 54931#. An archive of the webcast can be to be had at telus.com/investors and a transcript might be posted at the web page inside of a couple of trade days.

Warning relating to forward-looking statements

This information loose incorporates forward-looking statements about anticipated occasions and the monetary and running efficiency of TELUS Company. The phrases TELUS, the Corporate, we, us and our the following TELUS Company and, the place the context of the narrative lets in or calls for, its subsidiaries.

Ahead-looking statements come with any statements that don’t the following historic details. They come with, however don’t seem to be restricted to, statements in terms of our goals and our methods to succeed in the ones goals, our expectancies relating to traits within the telecommunications {industry} (together with call for for information and ongoing subscriber bottom expansion), and our financing plans (together with our multi-year dividend expansion program). Ahead-looking statements are usually known through the phrases supposition, function, steering, goal, outlook, technique, goal and alternative indistinguishable expressions, or presen or conditional verbs corresponding to attempt, look ahead to, consider, may just, be expecting, intend, would possibly, plan, expect, search, must, attempt and will. Those statements are made pursuant to the “safe harbour” provisions of acceptable securities rules in Canada and the USA Non-public Securities Litigation Reform Operate of 1995.

By means of their nature, forward-looking statements are topic to inherent dangers and uncertainties and are according to guesses, together with guesses about presen financial situations and lessons of motion. Those guesses would possibly in the end end up to were faulty and, consequently, our original effects or occasions would possibly fluctuate materially from expectancies expressed in or implied through the forward-looking statements.

The guesses for our 2024 outlook, as described in Category 9 in our 2023 annual MD&A, stay the similar, apart from for refer to:

• Our revised estimates for 2024 economic development in Canada, B.C., Alberta, Ontario and Quebec are 1.1%, 0.9%, 1.8%, 1.0% and nil.9%, respectively (in comparison to 0.6%, 0.4%, 1.1%, 0.4% and nil.4%, respectively, as reported in our 2023 annual MD&A).
• Our revised estimates for 2024 annual inflation charges in Canada, B.C., Alberta, Ontario and Quebec are 2.6%, 2.6%, 3.0%, 2.5%, and a pair of.7%, respectively (in comparison to 2.5%, 2.4%, 2.4%, 2.4%, and a pair of.5%, respectively, as reported in our 2023 annual MD&A).
• Our revised estimates for 2024 annual unemployment charges in B.C., Alberta, Ontario and Quebec are 5.7%, 6.8%, 6.9% and 5.4%, respectively (in comparison to 6.1%, 6.3%, 6.7% and 5.5%, respectively, as reported in our 2023 annual MD&A).
• Our revised estimates for 2024 annual charges of housing begins on an unadjusted foundation in Canada, B.C., Alberta, Ontario and Quebec are 248,000 gadgets, 48,000 gadgets, 44,000 gadgets, 81,000 gadgets and 47,000 gadgets, respectively (in comparison to 234,000 gadgets, 42,000 gadgets, 36,000 gadgets, 79,000 gadgets and 46,000 gadgets, respectively, as reported in our 2023 annual MD&A).

The level to which the economic development estimates have an effect on us and the timing in their have an effect on will rely on the original enjoy of particular sectors of the Canadian economic system.

• The Results of assurance asset, acquisition and fulfilment and TELUS Simple Fee tool financing supposition has been revised to a internet coins outflow of roughly $100 million to $200 million from a internet coins outflow of roughly $150 million to $250 million.
• Our restructuring and alternative prices supposition has been revised to roughly $450 million from roughly $300 million. This used to be in large part pushed through unutilized charge potency systems carried out to power EBITDA growth, margin accretion and speeded up coins stream expansion. Roughly $200 million of money restructuring and alternative disbursements from our 2023 potency program flowed into our 2024 separate coins stream steering, and we think overall coins restructure and alternative disbursements of roughly $500 million in 2024 from roughly $400 million.
• Our revenue taxes computed at an acceptable statutory price supposition has been revised downward to 24.0 to 24.6% from 24.5 to twenty-five.1%, and our coins revenue tax bills supposition has been revised downward to a field of roughly $310 million to $390 million from a field of roughly $370 million to $450 million. The scale down in acceptable statutory price supposition is essentially because of cheapen revenue earned in jurisdictions with greater statutory revenue tax charges. The scale down in our coins revenue tax bills field is because of abundance instalment quantities from the prior length carried out to the flow length.
• Age Innovation, Science and Financial Construction Canada (ISED) had first of all introduced its purpose to keep its millimetre current spectrum public sale in 2024, it’s imaginable that the public sale could also be deferred till nearest 2024. We don’t be expecting to be materially impacted must the timing of the public sale be nearest 2024.
• We look ahead to a 2024 Canadian buck to U.S. buck common alternate price of C$1.35: US$1.00, in comparison to our latest supposition of C$1.32: US$1.00.

Dangers and uncertainties that might motive original efficiency or occasions to fluctuate materially from the forward-looking statements made herein and in alternative TELUS filings come with, however don’t seem to be restricted to, refer to:

• Regulatory issues. We function in various extremely regulated industries and are subsequently topic to all kinds of rules and rules locally and the world over. Insurance policies and practices of elected officers and regulatory selections, evaluations and authorities job will have strategic, operational and/or monetary implications (together with on income and separate coins stream).

  Dangers and uncertainties come with:

  • attainable adjustments to our regulatory regime or the results of lawsuits, instances or inquiries in terms of its software, together with however no longer restricted to these move ahead in Category 9.1 Communications {industry} regulatory tendencies and lawsuits in our 0.33 quarter 2024 MD&A.
  • our talent to conform to complicated and converting legislation of the healthcare, digital aid and scientific gadgets industries within the jurisdictions during which we function, together with as an operator of condition clinics; and
  • our talent to conform to, or facilitate our shoppers’ compliance with, various, complicated and from time to time conflicting felony regimes, each locally and the world over.
• Aggressive climate. Competitor growth, job and depth (pricing, together with discounting, bundling), in addition to non-traditional festival, disruptive era and disintermediation, would possibly modify the character of the markets during which we compete and have an effect on our marketplace percentage and fiscal effects (together with income and separate coins stream). TELUS Virtual Revel in, TELUS Condition and TELUS Agriculture & Client Items face intense festival in several markets.
• Era. Client adoption of spare applied sciences and converting buyer expectancies have the possible to have an effect on our income streams and buyer churn charges.
  Dangers and uncertainties come with:
  • a declining total marketplace for TV products and services;
  • disruptive applied sciences, together with software-defined networks within the trade marketplace, that can displace or motive us to reprice our current information products and services, and self-installed era answers;
  • any failure to innovate, guard technological benefits or reply successfully and in a well timed way to adjustments in era;
  • the roll-out, expected advantages and efficiencies, and ongoing evolution of wi-fi broadband applied sciences and techniques;
  • our reliance on wi-fi community get right of entry to word of honour, that have facilitated our deployment of cellular applied sciences;
  • provider barriers and focus and marketplace energy for merchandise corresponding to community apparatus, TELUS TV and cellular handsets;
  • our anticipated long-term wish to gain spare spectrum capability thru presen spectrum auctions and from 0.33 events to deal with expanding call for for information, and our talent to make use of spectrum we gain;
  • deployment and operation of unutilized constant broadband community applied sciences at a cheap charge and the supply and luck of unutilized services to be rolled out the use of such community applied sciences; and
  • our deployment of self-learning gear and automation, which would possibly exchange the best way we engage with consumers.
• Safety and knowledge coverage. Our talent to come across and establish attainable blackmails and vulnerabilities relies on the effectiveness of our safety controls in protective our infrastructure and running climate, and our timeliness in responding to assaults and convalescing trade operations. A a success assault would possibly hinder the operations of our community or supremacy to the unauthorized interception, ruination, significance or dissemination of shopper, crew member or trade knowledge.
• Generative AI (GenAI). GenAI exposes us to various dangers together with dangers connected to the accountable significance of AI, information privateness and cybersecurity, and the likelihood that our significance of AI would possibly make faulty or beside the point content material or develop destructive perceptions amongst firms and regulators that might have an effect on call for for our products and services.
• Environment and the climate. Herbal failures, pandemics, disruptive occasions and shape exchange would possibly have an effect on our operations, buyer pleasure and crew member enjoy.

  Our objectives to succeed in carbon neutrality and drop our greenhouse fuel (GHG) emissions in our operations are topic to our talent to spot, procure and put in force answers to drop power intake and undertake cleaner resources of power, our talent to spot and produce appropriate investments in renewable power, together with within the mode of digital energy acquire word of honour, and our talent to proceed to understand vital absolute discounts in power significance and the ensuing GHG emissions in our operations.

• Operational efficiency and trade mixture. Investments and acquisitions provide alternatives to amplify our operational scope, however would possibly disclose us to unutilized dangers. We could also be unsuccessful in gaining marketplace traction/percentage and knowing advantages, and integration efforts would possibly divert assets from alternative priorities. Dangers come with:
  • our reliance on third-party cloud-based computing products and services in order our IT products and services; and
  • financial, political and alternative dangers related to doing trade globally (together with struggle and alternative geopolitical tendencies).
• Our techniques and processes. Techniques and era innovation, upkeep and control would possibly have an effect on our IT techniques and community reliability, in addition to our running prices.

  Dangers and uncertainties come with:

  • our talent to guard customer support and function our community within the match of human error or human-caused blackmails, corresponding to cyberattacks and kit disasters that might motive diverse levels of community outages;
  • technical disruptions and infrastructure breakdowns;
  • delays and emerging prices, together with because of authorities restrictions or industry movements; and
  • the completeness and effectiveness of industrial endurance and situation fix plans and responses.
• Our crew. The hastily evolving and extremely aggressive nature of our markets and running climate, together with the globalization and evolving demographic profile of our body of workers, and the effectiveness of our inside coaching, building, succession and condition and well-being systems, would possibly have an effect on our talent to draw, create and stock crew participants with the talents required to satisfy the converting wishes of our consumers and our trade. There could also be higher bodily and psychological condition demanding situations confronted through crew participants (and their households) because of the pandemic and its aftermath, and the impact of alternative vital exchange projects on the group would possibly outcome within the lack of key crew participants thru temporary and long-term incapacity.
• Providers. We could also be impacted through provide chain disruptions and dearth of resiliency relating to world or native occasions. Dependence on a unmarried provider for merchandise, parts, provider supply or backup would possibly have an effect on our talent to successfully meet repeatedly converting and emerging buyer expectancies day keeping up component of provider. Our providers’ talent to guard and repair their product strains may just have an effect on the luck of upgrades to, and evolution of, era that we do business in.
• Actual property issues. Actual property investments are uncovered to imaginable financing dangers and confusion connected to presen call for, occupancy and condominium charges, particularly following the pandemic. Age actual property tendencies might not be finished on finances or on year and would possibly not download rent loyalty as deliberate.
• Financing, debt and dividends. Our talent to get right of entry to investment at optimum pricing could also be impacted through normal marketplace situations and converting exams within the fixed-income and fairness capital markets relating to our talent to generate enough presen coins stream to provider our debt. Our flow purpose to pay dividends to shareholders may just constrain our talent to spend money on our operations to backup presen expansion.

  Dangers and uncertainties come with:

  • our talent to significance fairness as attention in trade acquisitions is impacted through store marketplace valuations of TELUS Ordinary Stocks and TELUS World (Cda) Inc. subordinate vote casting stocks;
  • our capital expenditure ranges and attainable outlays for spectrum licences in auctions or purchases from 0.33 events have an effect on and are suffering from: our broadband projects; our ongoing deployment of more moderen cellular applied sciences; investments in community era required to conform to rules and rules in terms of the protection of cyber techniques, together with bans at the services of sure distributors; investments in community resiliency and reliability; the allocation of assets to acquisitions and presen spectrum auctions held through Innovation, Science and Financial Construction Canada (ISED). Our capital expenditure ranges may well be impacted if we don’t reach our focused operational and fiscal effects or if there are adjustments to our regulatory climate; and
  • not up to deliberate separate coins stream may just constrain our talent to spend money on operations, drop leverage or go back capital to shareholders. Quarterly dividend selections are made through our Board of Administrators according to our monetary place and outlook. There can also be deny oath that our dividend expansion program might be maintained thru 2025 or renewed.
• Components that can have an effect on TELUS Virtual’s monetary efficiency are described in TELUS World (Cda) Inc. crowd filings to be had on SEDAR+ and EDGAR. TELUS Virtual would possibly make a selection to publicize goals or grant alternative steering relating to its trade and it would possibly not reach such goals. Failure to satisfy those goals may just have an effect on TELUS’ talent to succeed in goals for the group as a complete and may just lead to a decrease within the buying and selling value of the TELUS World (Cda) Inc. subordinate vote casting stocks or the TELUS Ordinary Stocks or each.
• Tax issues. Complexity of home and international tax rules, rules and reporting necessities making use of to TELUS and our global running subsidiaries would possibly have an effect on monetary effects. World acquisitions and growth of operations heighten our publicity to a couple of methods of taxation.
• The economic system. Converting world financial situations, together with a possible recession and alternating expectancies about inflation, in addition to our effectiveness in tracking and revising expansion guesses and contingency plans, would possibly have an effect on the success of our company goals, our monetary effects (together with separate coins stream), and our explained receive advantages pension plans.
• Litigation and felony issues. Complexity of, and compliance with, rules, rules, loyalty and expectancies will have a monetary and reputational have an effect on. Dangers come with:
  • our talent to barricade in opposition to current and attainable claims or our talent to barter and workout indemnity rights or alternative protections in appreciate of such claims; and
  • the complexity of felony compliance in home and international jurisdictions, together with compliance with festival, anti-bribery and international corrupt practices rules.

The guesses underlying our forward-looking statements are described in spare component in Category 9 Basic traits, outlook and guesses, and regulatory tendencies and lawsuits and Category 10 Dangers and possibility control in our 2023 annual MD&A. The ones descriptions are integrated through reference on this cautionary commentary. Updates to the guesses on which our 2024 outlook is founded are offered in Category 9 Replace to normal traits, outlook and guesses, and regulatory tendencies and lawsuits of our 0.33 quarter 2024 MD&A.

Supplementary dangers and uncertainties that don’t seem to be recently identified to us or that we recently deem to be immaterial may additionally have a subject material opposed impact on our monetary place, monetary efficiency, coins flows, trade or recognition. Apart from as another way indicated on this file, the forward-looking statements made herein don’t mirror the possible have an effect on of any non-recurring or particular pieces or any mergers, acquisitions, tendencies or alternative trade mixtures or transactions that can be introduced or that can happen nearest the past of this file.

Readers are cautioned to not playground undue reliance on forward-looking statements. Ahead-looking statements on this file describe our expectancies, and are according to our guesses, as on the past of this file and are topic to modify nearest this past. Apart from as required through legislation, we disown any purpose or legal responsibility to replace or revise any forward-looking statements.

This cautionary commentary qualifies all the forward-looking statements on this file.

Non-GAAP and alternative specified monetary measures

We now have issued steering on and record sure non-GAAP measures which are old to judge the efficiency of TELUS, in addition to to decide compliance with debt covenants and to supremacy our capital construction. As non-GAAP measures normally shouldn’t have a standardized which means, they might not be similar to indistinguishable measures offered through alternative issuers. For sure monetary metrics, there are definitional variations between TELUS and TELUS Virtual reporting. Those variations in large part stand from TELUS Virtual adopting definitions in keeping with follow in its {industry}. Securities rules require such measures to be obviously explained, certified and reconciled with their next GAAP measure. Sure of the metrics shouldn’t have normally approved {industry} definitions.

Adjusted Internet revenue and changed unadorned income according to percentage (EPS): Those are non-GAAP measures that shouldn’t have any standardized which means prescribed through IFRS-IASB and are subsequently not likely to be similar to indistinguishable measures offered through alternative issuers. Adjusted Internet revenue excludes the consequences of restructuring and alternative prices, revenue tax-related changes, alternative fairness losses connected to actual property joint ventures, long-term debt prepayment top rate and alternative changes (known in refer to tables). Adjusted unadorned income according to percentage is calculated as adjusted internet revenue divided through unadorned weighted-average ordinary stocks remarkable. Those measures are old to judge efficiency at a consolidated stage and exclude pieces that, in control’s view, would possibly difficult to understand underlying traits in trade efficiency or pieces of an bizarre nature that don’t mirror our ongoing operations. They must no longer be thought to be choices to Internet revenue and unadorned income according to percentage in measuring TELUS’ efficiency.

Reconciliation of adjusted Internet revenue

Reconciliation of adjusted unadorned EPS

EBITDA (income ahead of pastime, revenue taxes, depreciation and amortization): We now have issued steering on and record EBITDA as a result of this can be a key measure old to judge efficiency at a consolidated stage. EBITDA is frequently reported and broadly old through traders and lending establishments as a hallmark of an organization’s running efficiency and skill to incur and repair debt, and as a valuation metric. EBITDA must no longer be thought to be an spare to Internet revenue in measuring TELUS’ efficiency, nor must it’s old as a measure of money stream. EBITDA as calculated through TELUS is identical to Working revenues and alternative revenue much less the full of Items and products and services bought expense and Worker advantages expense.

We additionally calculate Adjusted EBITDA to exclude pieces of an bizarre nature that don’t mirror our ongoing operations and must no longer, in our opinion, be thought to be in a long-term valuation metric or must no longer be integrated in an overview of our talent to provider or incur debt.

Adjusted EBITDA much less capital expenditures is calculated for our reportable branchs, because it represents a efficiency measure that can be extra similar to alternative issuers.

Sovereign coins stream: We record this measure as a additional indicator of our running efficiency, and there’s no normally approved {industry} definition of separate coins stream. It must no longer be thought to be an spare to the measures within the condensed intervening time consolidated statements of money flows. Sovereign coins stream excludes sure operating capital adjustments (corresponding to industry receivables and industry payables), proceeds from divested belongings and alternative resources and makes use of of money, as discovered within the condensed intervening time consolidated statements of money flows. It supplies a sign of what quantity of money generated through operations is to be had nearest capital expenditures (aside from purchases of spectrum licences) that can be old to, amongst alternative issues, pay dividends, pay off debt, acquire stocks or produce alternative investments. We exclude affects of accounting requirements that don’t have an effect on coins, corresponding to IFRS 15 and IFRS 16. Sovereign coins stream could also be supplemented from year to year through proceeds from divested belongings or financing actions.

Cell phone common income according to subscriber according to past (ARPU) is calculated as community income derived from per 30 days provider plan, roaming and utilization fees; divided through the common collection of cell phone subscribers at the community all through the length, and is expressed as a price according to past.

Appendix

Working revenues and alternative revenue – TTech branch

Working revenues and alternative revenue – TELUS virtual enjoy branch

About TELUS

TELUS (TSX: T, NYSE: TU) is a world-leading communications era corporate, producing over $20 billion in annual income and connecting greater than 19 million consumers thru our complicated suite of broadband products and services for shoppers, companies and the crowd sector. We’re dedicated to leveraging our era to allow notable human results. TELUS is keen about hanging our consumers and communities first, main the best way globally in shopper provider excellence and social capitalism. Our TELUS Condition trade is bettering the lives of 76 million family international thru cutting edge preventive medication and wellbeing applied sciences. Our TELUS Agriculture & Client Items trade makes use of virtual applied sciences and knowledge insights to optimize the relationship between manufacturers and shoppers. Guided through our enduring ‘give the place we are living’ philosophy, TELUS and our 140,000 crew participants have contributed $1.7 billion and volunteered 2.2 million days of provider since 2000, incomes us the dignity of the sector’s maximum giving corporate. For more info, discuss with telus.com or practice @TELUSNews on X and @Darren_Entwistle on Instagram.

Investor Family members
Robert Mitchell
(647) 837-1606
[email protected]

Media Family members
Steve Beisswanger
(514) 865-2787
[email protected]

SOURCE TELUS Company