TELUS Corporation (NYSE:TU) Q3 2023 Earnings Conference Call November 3, 2023 11:00 AM ET

Company Participants

Robert Mitchell - Head, Investor Relations

Darren Entwistle - President and Chief Executive Officer

Zainul Mawji - President, Consumer Solutions

Jim Senko - Chief Product Officer

Douglas French - Chief Financial Officer

Navin Arora - Executive Vice President and President, Business Solutions

Tony Geheran - Chief Operating Officer

Conference Call Participants

Maher Yaghi - Scotiabank

Vince Valentini - TD Securities

Jerome Dubreuil - Desjardins

Drew McReynolds - RBC

Stephanie Price - CIBC World Markets

Simon Flannery - Morgan Stanley

Operator

Good day and welcome to the TELUS 2023 Q3 Earnings Conference Call. I would like to introduce your speaker, Mr. Robert Mitchell. Please go ahead.

Robert Mitchell

Hello, everyone. Thank you for joining us today. Our third quarter 2023 results news release, MD&A, financial statements and detailed supplemental information were posted on our website this morning. On our call today, we’ll begin with remarks by Darren, Doug and Zainul. For the Q&A portion, we will be joined by other members of our executive leadership team.

Briefly, prepared remarks, slides and answers to questions contain forward-looking statements. Actual results could vary materially 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 U.S., including our third quarter 2023 and annual 2022 MD&A.

With that, over to you, Darren.

Darren Entwistle

Thank you, Roscoe and hello everyone. In the third quarter, our TELUS team once again demonstrated execution strength in our TTech business segment, characterized by the potent combination of leading customer growth alongside strong operational and financial results. This was complemented by sequential EBITDA improvement and margin expansion in our DLCX segment.

Notably, we achieved our strongest quarter of telecom customer growth on record with total net additions of 406,000, up 17% on a year-over-year basis. This was driven by strong demand for our best-in-class portfolio of bundled services. Our all-time record customer growth is reflective of our dedicated team, who are passionate about consistently delivering customer experience excellence, leveraging our superior service offerings and digital capabilities over our world-leading wireless and PureFibre broadband networks. In the third quarter, we delivered solid consolidated operating revenue growth of 7.5% and resilient EBITDA growth of 5.5% in spite of the macroeconomic challenges TELUS International continues to manage through globally.