TELUS Reports Strong Q2 2024 Results Amid Challenging Economic Environment

TELUS Corporation's Q2 2024 Performance

TELUS Corporation, a leading Canadian telecommunications company, has reported its operational and financial results for the second quarter of 2024. Despite facing a challenging economic environment, the company has demonstrated resilience and strategic growth 1

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The company reported a 9.5% increase in consolidated operating revenues, reaching C$5.1 billion. This growth was primarily driven by higher service revenues in TELUS technology solutions and TELUS International 2

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Key Financial Metrics

• Adjusted EBITDA: Up by 5.9% to C$1.7 billion
• Free cash flow: Increased by 110% to C$915 million
• Net income: C$196 million, down 61% due to restructuring and other costs

The company's CEO, Darren Entwistle, emphasized the importance of TELUS' consistent execution of its globally leading broadband networks and customer-centric strategy in driving these results 1

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Strategic Investments and Growth Areas

TELUS continued its strategic investments in 5G and fiber network expansion. The company added 296,000 new customer connections, including:

• 110,000 mobile phones
• 92,000 connected devices
• 36,000 internet customers
• 24,000 security customers
• 19,000 TV customers

These additions represent a 10% increase year-over-year, showcasing TELUS' ability to attract and retain customers across its diverse portfolio of services 2

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TELUS International's Performance

TELUS International, a subsidiary of TELUS Corporation, also reported its Q2 2024 results. The company delivered consistently strong cash flows despite macroeconomic headwinds 3

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Key highlights from TELUS International's report include:

• Revenue of US$667 million, up 1% year-over-year
• Net income of US$26 million
• Adjusted EBITDA of US$153 million, with a 22.9% margin
• Free cash flow of US$75 million, representing an 86% increase

Jeff Puritt, President and CEO of TELUS International, noted that the company's diversified vertical mix and expanded service offerings have helped maintain stability in the face of economic challenges 3

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Outlook and Future Plans

TELUS Corporation has reaffirmed its 2024 financial targets, demonstrating confidence in its strategic direction. The company expects continued growth in key areas such as 5G deployment, fiber network expansion, and digital transformation services.

TELUS International, while facing some near-term headwinds, remains optimistic about its long-term prospects. The company is focusing on operational efficiency and expanding its AI and digital solutions to drive future growth 3

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As both TELUS Corporation and TELUS International navigate the complex economic landscape, their Q2 2024 results highlight the companies' resilience and ability to generate strong cash flows while investing in future growth opportunities.