TELUS Corporation (TU) Q2 2023 Earnings Call Transcript

For the period ending June 30, 2023

August 4, 2023 12:00 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day, and welcome to the TELUS 2023 Q2 Earnings Conference Call.

I would like to introduce your speaker, Mr. Robert Mitchell. Please go ahead.

Robert Mitchell

Hello everyone. Thanks for joining us today. Our second quarter 2023 results news release, MD&A, financial statements and detailed supplemental investor information were posted to our website this morning.

On our call today, we will begin with remarks by Darren and Doug. As usual for the Q&A portion of our call, we'll be joined by range of other executive leaders; Zainul Mawji, Consumer Solutions; Navin Arora, Business Solutions; Jim Senko, Chief Product Officer; Tony Geheran, COO; Jeff Puritt, President and CEO, TI; and Sid Kosaraju, President, TELUS Health.

Briefly, this presentation and answers to questions contain forward-looking statements. Actual results could vary materially from these statements. The assumptions on which they're based and the material risks that could cause them to differ are outlined in our public filings with the Securities Commissions including second quarter 2023 and annual 2022 MD&As.

With that, Darren, over to you.

Darren Entwistle

Thanks very much and hello, everyone. In the second quarter, TELUS team once again demonstrated execution strength in our TTEC business segment, characterized by the potent combination of leading overall customer growth, complemented by strong operational and financial results.

The robust performance in our communications technology business continues to be underpinned by our globally leading broadband networks and, of course, our customer-centric culture. This enabled our strongest second quarter on record, with total customer net additions of 293,000, up 19% on a year-over-year basis, driven by strong demand for our superior product portfolio and service excellence.

Our leading customer growth is reflective of our consistent industry-best client loyalty across both mobile and our fixed product lines. The TELUS team's passion for delivering customer experience excellence contributed to blended and postpaid mobile phone, pure fiber Internet, and residential voice churn all being below 1% yet again this quarter.

Notably, postpaid mobile phone churn is now in the 10th consecutive year of being less than 1% and fiber Internet has been below the 1% threshold for 14 consecutive [Technical Difficulty]

I'll pick it up here on the interruption. I was speaking to the fact that mobile phone churn is now in its 10th consecutive year of being less than 1%, and our pure fiber Internet product has been below the 1% threshold now for 14 consecutive quarters. This is quite the unique combination that certainly bodes well for the future of the organization.