TELUS Corporation (TU) Q1 2022 Earnings Call Transcript

For the period ending March 31, 2022

May 6, 2022 1:30 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good morning everyone. Welcome to the TELUS 2022 Q1 Earnings Conference Call. I would like to introduce your speaker Mr. Robert Mitchell. Please go ahead.

Robert Mitchell

Hello everyone and thank you for joining the call today. Our first quarter 2022 results, news release, MD&A, and financial statements, and detailed supplemental investor information were posted on our website this morning at telus.com/investors.

On our call today we will have remarks by Darren; John Raines, President of our Agriculture business; Doug. In addition for the Q&A portion of our call we'll be joined by Zainul Mawji, who runs our Consumer business; Jim Senko, who leads our Mobility Solutions business; Navin Arora who leads our Business Solutions; and Tony Geheran, our Chief Operations Officer.

Briefly on slide two, this presentation and answers to questions contain forward-looking statements that are subject to risks and uncertainties and made based on certain assumptions. Accordingly actual performance could differ from the statements made today so we ask that you do not place undue reliance upon them.

We disclaim any obligation to update forward-looking statements except as required by law. And we refer you to the risks and assumptions as outlined in our public disclosures including our first quarter of 2022 MD&A, our annual 2021 MD&A, and filings with Securities Commissions in Canada and the US.

With that, over to you Darren.

Darren Entwistle

Thanks Ricardo and hello everyone. The TELUS team once again achieved strong operational and financial results in the first quarter of 2022. Our ongoing execution excellence continues to be characterized by this consistent combination of industry-leading and profitable customer growth yielding strong financial results across the totality of our business.

Industry-leading total mobile and fixed customer growth of 148,000 represented the strongest first quarter on record for our company. This reflects robust demand for our superior bundled offerings and customer service over our world-leading broadband networks.

Moreover, our leading customer growth was underpinned by industry-best client loyalty across our T-Mobile and fixed product lines. Notably again this quarter and for five of the last eight quarters, blended mobile phone, PureFibre internet, Optik TV, Security, and voice churn were all below 1%.

Furthermore, since the onset of the pandemic at the beginning of 2020, we've welcomed an industry-leading 1.9 million net new customers. TELUS achieved strong first quarter consolidated revenue and organic EBITDA growth of 6.4% and 7.6% respectively.