TELUS Corporation (NYSE:TU) Q2 2024 Earnings Conference Call August 2, 2024 12:30 PM ET
Company Participants
Robert Mitchell - Head, IR
Darren Entwistle - President and CEO
Doug French - EVP and CFO
Zainul Mawji - EVP and President, Consumer Solutions
Jeff Puritt - President and CEO, TELUS International
Conference Call Participants
Vince Valentini - TD Securities
Drew McReynolds - RBC
Jerome Dubreuil - Desjardins
Stephanie Price - CIBC
Tim Casey - BMO
Maher Yaghi - Scotiabank
Simon Flannery - Morgan Stanley
Operator
Good day. Welcome to the TELUS 2024 Q2 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 second quarter 2024 results, news release, MD&A and financial statements, and detailed supplemental investor information were posted to 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 other members of our 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 U.S., including second quarter 2024 and annual 2023 MD&A.
With that, over to you Darren.
Darren Entwistle
Thank you, Ringo, and hello, everyone.
In the second quarter, our team built upon our track record of execution excellence to drive industry-leading customer growth and strong financial results, leveraging our premier portfolio of assets, coupled with our relentless pursuit to drive cost efficiency and effectiveness.
Our results clearly demonstrate how we are delivering sustainable, profitable growth, underpinned by our consistent strategic focus on margin-accretive customer expansion, our globally leading broadband networks, and of course, our customer-centric culture.
This enabled a record second quarter with total customer net additions of 332,000, up 13% on a year-over-year basis. This included healthy mobile phone net additions and record second quarter customer growth for both connected devices and total fixed net additions.
Our team's passion for delivering customer service excellence once again contributed to leading loyalty results across our key product lines. Notably, postpaid mobile phone churn was again below 1% alongside PureFibre churn of circa 1%. This showcases the consistent potency of our unmatched bundled product offerings across Mobile and Home, and our leading customer experience over our industry best PureFibre and wireless broadband networks. For the second quarter, TELUS achieved resilient EBITDA growth of 5.6%, and margin expansion of 170 basis points. These results reflect the progression of our ongoing transformational efficiency programs that are clearly bearing fruit.