TELUS Reports Third Quarter Results

November 6, 2009 8:00 AM EST

Focus on operational efficiency and launch of next generation wireless network and devices

VANCOUVER, Nov. 6 /PRNewswire-FirstCall/ - TELUS Corporation reported third quarter 2009 net income of $280 million and earnings per share (EPS) of $0.88, a decrease of two and one per cent, respectively. Net income and EPS this quarter included favourable income tax-related adjustments related to prior years' tax matters of approximately $14 million net of tax or four cents per share, respectively. Excluding income tax-related adjustments, net income and EPS were down seven and six per cent respectively, and when further excluding restructuring costs were down two per cent and flat, respectively.

Operating revenue was $2.4 billion, a decrease of $39 million from last year. Total customer connections of 11.9 million were 326,000 higher than a year ago due to wireless, TELUS TV and high speed Internet growth. The revenue decrease reflects continued declines in voice revenues. Data and wireless revenues grew modestly affected by a weak economic environment and intense competition. Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) decreased by five per cent primarily due to lower revenues, higher defined benefit pension plan expenses and higher restructuring costs from ongoing operating efficiency initiatives. When excluding defined benefit pension plan expenses and restructuring costs, underlying EBITDA decreased by $1 million. The underlying EBITDA benefited from strong cost containment as operations expenses excluding defined pension expenses decreased by three per cent.

Free cash flow of $266 million increased by $748 million over the same period a year ago, primarily due to the prior year payment for advanced wireless services (AWS) spectrum licences. Capital expenditures of $558 million for the quarter reflect TELUS' significant ongoing wireline and wireless broadband build-out initiatives. This has facilitated our increased TELUS TV subscriber loading and the early launch of a next generation High-Speed Packet Access (HSPA) wireless network and associated offering of new devices to customers.

    FINANCIAL HIGHLIGHTS

    -------------------------------------------------------------------------
    C$ and in millions, except per share amounts    3 months ended
                                                     September 30
    (unaudited)                                     2009      2008  % Change
    -------------------------------------------------------------------------
    Operating revenues                             2,411     2,450      (1.6)
    Operations expense                             1,456     1,465      (0.6)
    Restructuring costs                               32        10       n.m.
    EBITDA(1)                                        923       975      (5.3)
    Income before income taxes                       386       411      (6.1)
    Net income(2)                                    280       286      (2.1)
    Earnings per share (EPS), basic(2)              0.88      0.89      (1.1)
    Cash provided by operating activities            814       985     (17.4)
    General capital expenditures                     558       473      18.0
    Total capital expenditures(3)                    558     1,355     (58.8)
    Free cash flow(3)(4)                             266      (482)      n.m.
    Total customer connections (millions)          11.86     11.54       2.8

    (1) Earnings before interest, taxes, depreciation and amortization
        (EBITDA) is defined as Operating revenues less Operations expense
        less Restructuring costs. See Section 11.1 of Management's discussion
        and analysis.
    (2) Net income and EPS for the three month period in 2009 included
        favourable income tax-related adjustments related to prior year tax
        matters of approximately $14 million net of tax or four cents per
        share respectively, compared to $nil for the same period in 2008.
    (3) The three month period in 2008 included $882 million payment for
        wireless spectrum licences.
    (4) See Section 11.2 of Management's discussion and analysis.

"TELUS is leading the change in Canada's wireless competitive landscape by delivering exceptional client experiences through a series of major initiatives coming to fruition simultaneously," said Darren Entwistle, TELUS president and CEO. "This week, TELUS began offering Canadian consumers the largest coverage and the fastest technology through our newly launched HSPA+ wireless network."

"We have also introduced a fantastic array of brand new HSPA smartphones including the iconic Apple iPhone 3GS. Importantly, the new Blackberry Bold 9700 and the Android HTC Hero also join our compelling selection of innovative devices for Canadians. These devices are complemented by our new Clear Choice(TM) wireless rate plans, which simplify the rate plan options for our clients," Mr. Entwistle noted. "In addition, we have expanded our phone distribution to more than 100 premium Black's Photo locations across Canada. We very much look forward to capitalizing on these positive developments in the marketplace."

Robert McFarlane, TELUS executive vice-president and CFO said that "while we continue to appropriately focus on investing in cost reduction initiatives given the economic and competitive environment, we are at an exciting inflection point in respect of our major growth investments as we transition into the commercialization phase of our wireless and wireline broadband expansion initiatives. As a result, we expect capital expenditures to peak in the second half of 2009, while subscriber growth in wireless, Internet and TV should accelerate."

The Company has updated its 2009 full year guidance to reflect the impacts of ongoing weak economic growth in Canada particularly on its wireline business, the early launch of the new next generation wireless network, and the associated impact on acquisition and retention costs from the November launch of new smartphone devices including the Apple iPhone. The company now expects 2009 revenue to be between $9.6 billion and $9.7 billion. The wireless revenue guidance range has been increased by $25 million, while the wireline revenue guidance range has been lowered and tightened. The 2009 Consolidated EBITDA guidance range has been lowered by $125 million to $3.475 billion to $3.575 billion reflecting a $75 million decrease in the wireless guidance range and a $50 million decrease in the wireline guidance range. Total estimated annual restructuring has been increased $10 million to approximately $160 million. 2009 basic EPS is now expected to be in a range of $3.10 to $3.30. Consolidated capex has increased slightly to approximately $2.1 billion with a preliminary assessment of expected 2010 capital expenditures as low as $1.7 billion. Annual revised guidance and related assumptions for 2009, and the preliminary assessment of expected 2010 capital expenditure levels are described in Section 9 of the Management's discussion and analysis.

    -------------------------------------------------------------------------
    This news release contains statements about expected future events and
    financial and operating results of TELUS that are forward-looking. By
    their nature, forward-looking statements require the Company to make
    assumptions and are subject to inherent risks and uncertainties. There is
    significant risk that the forward-looking statements will not prove to be
    accurate. Readers are cautioned not to place undue reliance on forward-
    looking statements as a number of factors could cause actual future
    results and events to differ materially from that expressed in the
    forward-looking statements. Accordingly this news release is subject to
    the disclaimer and qualified by the assumptions (including assumptions
    for 2009 guidance and preliminary assessment of expected 2010 capital
    expenditures), qualifications and risk factors (including those
    associated with the deployment and operation of the new national high-
    speed packet access network and associated introduction of new products,
    services and systems) referred to in the Management's discussion and
    analysis in the 2008 annual report, and in the 2009 first, second and
    third quarter reports. Except as required by law, TELUS disclaims any
    intention or obligation to update or revise forward-looking statements,
    and reserves the right to change, at any time at its sole discretion, its
    current practice of updating annual targets and guidance.
    -------------------------------------------------------------------------

    OPERATING HIGHLIGHTS

    TELUS wireless

    -   External revenues increased by $4 million or 0.3% to $1.2 billion in
        the third quarter of 2009, compared with the same period in 2008, as
        equipment sales and other revenue growth of 16%, which included one
        month of revenue from newly acquired Black's Photo Corporation,
        offset lower network revenue growth.
    -   Wireless data revenue increased $48 million or 27% due to the
        continued adoption of full function smartphones and mobile Internet
        keys, and increased use of data services such as text messaging and
        social networking.
    -   ARPU (average revenue per subscriber unit per month) declined by 7.3%
        to $59.45 compared to the same quarter a year ago, but continued to
        reflect the usual sequential seasonal improvement. The fast-growing
        data component of $12.05 represented 20% of ARPU. Voice revenue
        continued to trend down due to declining minutes of use and plan
        optimization by consumers and businesses, lower business-oriented
        Mike service revenue, decreased inbound roaming revenues, and an
        increased proportion of Koodo Mobile customers.
    -   Net subscriber additions of 125,000 decreased 29% from the same
        period a year ago, when excluding the deactivation of subscribers
        from the turndown of the analogue network one year ago, but improved
        13% sequentially. The year-over-year decrease was primarily due to
        current churn of Koodo subscribers being at normal levels, whereas a
        year ago there was minimal churn given its then recent service
        launch, and reduced prepaid customers. Postpaid net additions were
        131,000, while prepaid net losses were 6,000.
    -   Blended monthly subscriber churn increased slightly to 1.55% from
        1.52% a year ago, when excluding the deactivation of analogue
        subscribers in September 2008 from last year's churn rate.
    -   EBITDA of $517 million decreased by 1.7% due to increased retention
        costs and higher network operating expenses, partially offset by
        lower costs of acquisition.
    -   Cost of acquisition per gross addition decreased 11% year-over-year
        to $320 reflecting lower advertising and promotion expenses and
        commissions, partially offset by higher subsidies on smartphones.
    -   Simple cash flow (EBITDA less capital expenditures) decreased by
        $69 million to $324 million in the quarter due to lower EBITDA growth
        and higher general capital spending to support the major next
        generation HSPA network build-out being completed this year. However,
        when factoring in the payment for AWS spectrum last year, simple cash
        flow increased by $813 million.

    TELUS wireline

    -   External revenues decreased by $43 million or 3.4% to $1.2 billion in
        the third quarter of 2009, when compared with the same period in
        2008, due to declines in voice local and long distance revenues.
    -   Data revenues increased by $8 million or 1.6% primarily due to higher
        managed workplace and Internet, TELUS TV subscriber growth, and
        enhanced data and hosting revenues.
    -   TELUS high-speed Internet net additions of 9,000 were down from
        13,000 in the same period a year ago, due to a maturing market and
        promotional activity from cable-TV competitors.
    -   TELUS TV net additions were 22,000, an increase of 83% over the same
        period last year, due to enhanced broadband coverage, expanded
        marketing efforts and the introduction of TELUS Satellite TV service
        that supplements the coverage IP-based services.
    -   Network access lines (NALs) declined by 44,000 in the quarter to
        4.1 million, which is down 4.3% from a year ago. Residential NAL
        losses of 41,000 improved year-over-year due to more effective
        winbacks and from the benefit of bundling services, including TELUS
        TV. A decrease in business NALs in Western Canada due to economic and
        competitive factors more than offset increased business lines in
        Ontario and Quebec.
    -   EBITDA of $406 million decreased by 9.6% due primarily to higher
        restructuring costs and pension expenses. EBITDA excluding
        restructuring costs and pension expenses increased by $4 million
        benefitting from decreased full-time equivalent employees and strong
        cost containment as wireline operations expenses excluding these
        expenses declined 5.4%.
    -   Simple cash flow (EBITDA less capital expenditures) decreased
        $68 million to $41 million in the quarter due to lower EBITDA and
        increased capital expenditures, which primarily relates to continued
        broadband network enhancements and TELUS TV subscriber growth.

    CORPORATE AND BUSINESS DEVELOPMENTS

    TELUS launches Canada's largest 3G+ network

TELUS launched Canada's largest 3G+ network on November 5. The new next generation wireless network is the latest enhancement to TELUS' multi-network mobile strategy, offering customers the technology for increased wireless data download speeds of up to 21 megabits per second, access to a world class selection of compelling mobile devices and international roaming service to more than 200 countries. This initiative should also ensure a smoother transition to fourth generation (4G) wireless technology known as long term evolution (LTE).

With TELUS' new High Speed Packet Access plus (HSPA+) network, customers can experience dramatically decreased download times for web pages, emails, songs and movies.

TELUS brings iPhone 3GS to Canada

On November 5, TELUS launched the iPhone 3GS and iPhone 3G with a range of 3G data plans for iPhone customers. The iPhones will run on TELUS' newly launched HSPA+ network, offering access to Canada's largest 3G+ coverage.

iPhone 3GS is the fastest, most powerful iPhone yet, packed with incredible new features including improved speed and performance - up to twice as fast as iPhone 3G - with longer battery life, a high-quality 3 megapixel autofocus camera, easy to use video recording and hands free voice control. iPhone 3GS includes iPhone OS 3.1, the world's most advanced mobile operating system with features such as Cut, Copy and Paste, MMS, Spotlight Search, landscape keyboard and more.

Exciting new smartphones on TELUS' 3G+ network

TELUS clients can now access the world's leading smartphones on TELUS' new 3G+ network, including the very popular Nokia E71, and the BlackBerry Bold 9700. Exclusive to TELUS in Canada, the HTC Hero is a revolutionary Android touchscreen smartphone that brings personalization to the next level, and the LG New Chocolate, exclusive to TELUS in North America, a stunning handset designed for the future of technology. Also available, the Sierra 306 Internet key, designed to be compatible with the fastest available 3G+ network technology, which has manufacturer-rated peak data download speeds of up to 21 mbps. TELUS also launched the following 3G phones this quarter: LG Versa 9600, LG Keybo 2, Motorola Rival A455, Samsung Intensity U450 and LG Masterpiece.

TELUS introduces Clear Choice(TM) Rate Plans for Canadians

TELUS launched on November 5 new clear and simple rate plans with no System Access Fees (SAF) or carrier 911 fees. The new pricing applies across both new business and consumer wireless rate plans. For consumers, we introduced a new suite of Clear Choice plans with no SAF or carrier 911 fees and also simplified the number of rate plan options, making it easier for clients to choose the plan that is right for them. Rate plans were generally increased by $5 with customers receiving enhanced value with the inclusion of a voicemail service.

These new plans are consistent with TELUS' brand promise, the future is friendly. Existing TELUS clients can continue to renew on their existing rate plans or have the option to switch to the new rate plans. Reduced pricing complexity better positions TELUS to win and retain customers in the competitive wireless market, and the reduced number of rate plans supports operational efficiency.

TELUS acquires Black's Photo and launches camera phone sales

TELUS acquired Black's Photo Corporation for $26 million in September. Black's is a national imaging and digital retailer in Canada, with 113 stores, primarily in mall locations. Eighty-one or 72 per cent of Black's stores are located in Ontario. Starting on November 5, TELUS expanded its wireless distribution capability through Black's, complementing the existing network of dealers and Company-owned stores. It is expected that the proportion of wireless devices with embedded high quality photo and video capability will continue to expand in the future, providing a natural link between TELUS and Black's product lines.

CRTC net neutrality decisions

The Canadian Radio-television and Telecommunications Commission (CRTC) decisions released on October 21 establish guidelines for what constitutes reasonable network management and uphold the principle of usage-based billing for wholesale ADSL access service. TELUS considers these to be fair decisions that recognize the significant investments made by Internet Service Providers (ISPs) like TELUS in Internet infrastructure while empowering consumers by way of new requirements for disclosing ISP network management practices.

In its decision on Internet traffic management practices (popularly known as throttling, traffic shaping, and/or net neutrality), the CRTC has permitted Bell, Rogers, Shaw and other ISPs to continue traffic shaping peer-to-peer file sharing traffic for now; however, the CRTC will evaluate each carrier's measures in future proceedings against the framework that it has established. The issue of whether throttling is permitted has therefore not been definitively resolved yet but the commission recognized that, in some circumstances, it may be the only viable response to traffic congestion.

The CRTC decisions do not have any immediate impact on TELUS because we have not traffic shaped, however we are pleased to see the CRTC preserve ISPs flexibility to adopt usage-based pricing at wholesale and retail. The CRTC's recognition that congestion is a real problem and needs to be managed is positive. The decision strikes a good balance between the realities ISPs are facing and fairness to customers. The chairman of the CRTC has correctly proclaimed that "Canada is the first country to develop and implement a comprehensive approach to Internet traffic management practices."

CRTC finds new wireless entrant not currently eligible to operate

In April, TELUS asked the CRTC to determine if new wireless entrant Globalive was compliant with federal laws in respect of foreign ownership that all communication companies in Canada operate under. After public hearings in September, on October 29, the CRTC ruled that Globalive was not compliant with the Telecommunications Act in respect of ownership and control and is not currently eligible to operate as a Canadian telecommunications carrier.

Globalive purchased wireless spectrum in a government auction 15 months ago. TELUS advocated to Industry Canada that they should pre-qualify bidders before the auction, but this was not done. After the auction, Globalive revealed an equity ownership and debt structure with more than 80 per cent of its capital owned by an Egyptian enterprise. The structure represented a far higher participation by foreign investors than had ever been approved by Canadian regulators in telecommunications or broadcasting. Also of concern to the CRTC was the single foreign enterprise's control of Globalive through trademark and technical services agreements.

TELUS has never opposed foreign ownership restrictions being lifted in Canada, but has simply asked that all communications companies in Canada operate under the same rules without an artificial and unfair advantage being handed to any one player by the government or the regulator.

This CRTC decision does not prevent Globalive or any other new wireless company from competing in Canada or accessing Canadian capital, as several have successfully done. It does require that Globalive must abide by Canada's laws and correct its governance and capital structure. TELUS is of the view that this correction should be made within a reasonable time.

TELUS will again recommend to government that bidders in future auctions should be pre-qualified.

    TELUS/Rotman IT security study reveals increasing number and cost of
    security breaches

In September, TELUS and the Rotman School of Management released the results of their annual study of the IT security environment in Canada. According to the study, which surveyed more than 600 IT security professionals across the country, IT security breaches cost the average Canadian organization $834,000 in 2009 - a 97 per cent increase from $423,000 last year. Similarly, the average number of reported IT security breaches also increased 276 per cent to 11 per organization in 2009 - compared to three in 2008.

TELUS is a global leader in security products and services, operating one of the world's leading threat and vulnerability analysis labs. TELUS' application, data, and infrastructure security solutions help ensure businesses can focus on the future. For more information about TELUS Security Solutions, please visit telus.com.

    AWARDS AND RECOGNITION

    TELUS Annual Report ranked # 3 in world

For the seventh consecutive year, the Annual Report on Annual Reports recognized TELUS for having produced one the 10 best annual reports in the world. The 2008 TELUS report placed # 3 in the world, unchanged from the previous year. Enterprise.com is the only organization in the world that compares, rates and ranks annual reports globally. An independent panel evaluates 300 annual reports short-listed from an even wider selection of publicly listed corporations. The comprehensive survey looks at 10 key evaluation criteria: packaging, highlights, strategy, business, financials, investors, governance, accounting, responsibility and communication.

TELUS named to Dow Jones Sustainability World Index

For the ninth consecutive year, the Dow Jones Sustainability World Index (DJSI World) has ranked TELUS among the world's leading companies for corporate social responsibility (CSR). TELUS is the only North American telecommunications company and one of just 11 Canadian businesses across all sectors included in the global index of the world's top economic, environmental, and social leaders. Companies included in the DJSI ranking actively lead their industries in setting best practices in strategy, innovation, governance and relations with shareholders, employees and other stakeholders. The annual review is based on a thorough assessment of companies' performance on more than 50 general and industry-specific CSR criteria.

TELUS named Top 100 Employers in Canada list

In October, TELUS was named one of Canada's best employers by Mediacorp Canada in its 10th annual Canada's Top 100 Employers competition. Mediacorp Canada is Canada's largest publisher of employment-related periodicals and online directories. The organizations named to Canada's Top 100 Employers list for 2010 were evaluated using eight criteria: physical workplace; work atmosphere and social; health, financial and family benefits; vacation and time off; employee communications; performance management; training and skills development; and community involvement.

TELUS named best in directory assistance provider

TELUS has been recognized as top directory assistance provider in Canada for the fifth straight year. The Paisley Group 2009 survey also ranked TELUS number one in Customer Care in the United States Directory Assistance index and number two overall on the ranking for U.S. Directory Assistance services. According to The Paisley Group, no other provider in the industry handles a directory assistance call with greater accuracy or customer care than TELUS.

Three TELUS team members named to Global Telecom Business Top 40 Under 40

Global Telecom Business in August named three TELUS team members to its Top 40 Under 40 list of people most likely to lead the global telecom industry over the next decade. David Sharma, TELUS senior vice-president of Partner Solutions; Dalia Hussein, TELUS director of Data Architecture in Business Transformation and Technology Operations; and Shane Logan, TELUS director of Service Strategy and Development in Technology Strategy, were nominated by readers of Global Telecom Business and then selected for the final list by the publication's staff and chief editor from the hundreds of industry leaders nominated. Global Telecom Business has a global subscriber base and is written for executives in the telecom carrier market. This was the publication's inaugural Top 40 Under 40 feature.

    COMMUNITY INVESTMENT AND SUPPORT

    TELUS and Edmonton Oilers score with new hockey partnership

In September, TELUS announced it has entered into a multi-year, multi-million dollar sponsorship of the Edmonton Oilers NHL team. The TELUS partnership with the Edmonton Oilers includes a number of exciting events throughout the 2009/2010 season designed to bring fans of all ages attending games and watching at home on TV closer to the action. To celebrate this new partnership, TELUS also donated $25,000 to the Edmonton Oilers Community Foundation to support their work with Boys and Girls Clubs of Edmonton.

TELUS Celebration of Giving in Vancouver, Ottawa and Rimouski

In September, TELUS celebrated B.C. Lower Mainland charities at the second annual TELUS Vancouver Celebration of Giving. Ottawa charities and non-profit organizations from the Gaspesie and Lower Saint-Lawrence regions were also honoured at first ever TELUS Celebration of Giving events held locally earlier in August. These events put a spotlight on the amazing people and their organizations who work tirelessly to make a difference in the lives of those in our communities who need help. TELUS and its team members are donating more than $4 million to over 600 Lower Mainland charities, $1.3 million to more than 110 Ottawa area charities and nearly $300,000 to more than 25 local organizations in the Gaspesie and Lower Saint-Lawrence regions this year. These totals include funds from the TELUS Employee Charitable Giving program, the local TELUS Community Boards, the TELUS Community Ambassadors and TELUS' corporate donations. The TELUS Employee Charitable Giving program matches team member contributions to eligible charities dollar for dollar.

TELUS Taiwan Festival

In August and September, TELUS invited Canadians to enjoy a diverse and rich cultural experience at TELUS TAIWANfest in Toronto and Vancouver, respectively. The events, sponsored by TELUS, are a spectacular annual arts and culture festival focused on contemporary artistic expressions and presenting programs that reflect today's Taiwan. With more than 140,000 attendees, these multi-disciplinary, three-day festivals are the largest Mandarin/English speaking cultural events in Canada. This year, the festival focused on a marriage-derived theme "A New Journey" to celebrate its 4th year in Toronto and 20th year in Vancouver.

    DIVIDEND DEVELOPMENTS

    TELUS to change dividend reinvestment program to treasury issuance and
    offer 3% discount

TELUS plans to change to its dividend reinvestment program to issue shares from treasury at a three per cent discount from the average market price. Non-voting shares acquired with optional cash payments under the program would be issued from treasury at 100% of the average market price. In recent years, non-voting shares purchased under the company's dividend reinvestment plan have been purchased on the open market without discount. These changes would come into effect on December 1, 2009 and would apply to the dividend payable on Jan 4, 2010 to common and non voting shareholders of record on December 11, 2009. Under the updated program, common and non voting shareholders who reside in Canada and the United States would be able to elect to have dividends paid on their shares reinvested in TELUS non-voting shares. TELUS expects to file a registration statement on Form F-3 with the United States Securities and Exchange Commission later today to give effect to these changes. Full details of the plan are available at telus.com/drisp.

Dividend Declaration

The Board of Directors has declared a quarterly dividend of forty-seven and one half cents ($0.475) Canadian per share on the issued and outstanding Common shares and forty-seven and one half cents ($0.475) Canadian per share on the issued and outstanding Non-Voting shares of the Company payable on January 4, 2010 to holders of record at the close of business on December 11, 2009.

Access to Quarterly results information

Interested investors, the media and others may review this quarterly earnings release, quarterly results slides, supplementary financial information and our full first and second quarter 2009 report on our website at telus.com/investors.

Full quarterly earnings release available at: http://www.newswire.ca/en/releases/archive/November2009/06/c5340.html

Quarterly conference call and webcast presentation

TELUS quarterly conference call is scheduled for November 6, 2009 at 11:00 am ET and will feature a presentation about our third quarter results. It will be followed by a question and answer period with analysts. Interested parties can access the call live on a listen-only basis at: telus.com/investors. A transcript will be posted on the website within several business days. Also, a recording will be available on November 6 until November 16, 2009 at: telus.com/investors or by telephone (1-403-205-4531 or 1-877-245-4531, reservation no. 968017 followed by the number sign).

About TELUS

TELUS (TSX: T, T.A; NYSE: TU) is a leading national telecommunications company in Canada, with $9.6 billion of annual revenue and 11.9 million customer connections including 6.4 million wireless subscribers, 4.1 million wireline network access lines, 1.2 million Internet subscribers and more than 100,000 TELUS TV customers. Led since 2000 by President and CEO, Darren Entwistle, TELUS provides a wide range of communications products and services including data, Internet protocol (IP), voice, entertainment and video. In support of our philosophy to give where we live, TELUS, our team members and retirees have contributed $137 million to charitable and not-for-profit organizations and volunteered more than 2.6 million hours of service to local communities since 2000. Nine TELUS Community Boards across Canada lead our local philanthropic initiatives. For more information about TELUS, please visit telus.com.

SOURCE TELUS Corporation

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