JANUARY 25, 2021

TELUS announces preliminary fourth quarter and full year 2020 results of TELUS International

Vancouver, B.C. – TELUS Corporation (TSX: T; NYSE: TU) announced today that its subsidiary, TELUS International (Cda) Inc. (TELUS International), has disclosed its preliminary and unaudited estimates of selected results for the three months and full year ended December 31, 2020. TELUS International has disclosed these preliminary results in connection with its previously announced initial public offering. The preliminary results are presented below.

The following information reflects preliminary estimates with respect to such results based on currently available information, is not a comprehensive statement of TELUS International’s financial results and is subject to completion of its financial closing procedures.

TELUS International’s financial closing procedures are not yet complete and, as a result, its actual results may change as a result of such financial closing procedures, final adjustments, management’s review of results, and other developments that may arise between now and the time the financial results are finalized, and results could be outside of the ranges set forth below. These estimates should not be viewed as a substitute for TELUS International’s consolidated financial statements prepared in accordance with IFRS which will be available at a later date. 


Selected Financial Information (US $ millions):


Three Months Ended December 31


2020 Estimated Range

2019 Actual

Revenues arising from contracts with customers
$430 - $445
$272.5
Net Income
$13 - $20
$27.3
TI Adjusted EBITDA1
$122 - $130
$63.7
Net Income
$20 - $13
$27.3
Add back (deduct)
-
-
Changes in business combination related provisions
-
(12.1)
Interest expense
10 - 12
8.3
Foreign exchange
(3) - (6)
(0.3)
Income taxes
11 - 18
7.7
Depreciation and amortization
49 - 50
24.7
Share-based compensation expense
11 - 17
6.0
Restructuring and other costs
24 - 26
2.1
TI Adjusted EBITDA
$122 - $130
$63.7



Full Year Ended December 31


2020 Estimated Range

2019 Actual

Revenues arising from contracts with customers
$1,569 - $1,584
$1,019.6
Net Income
$95 - $102
$69.0
TI Adjusted EBITDA1
$384 - $392
$225.6
Net Income
$102 - $95
$69.0
Add back (deduct)
-
-
Changes in business combination related provisions
(73) - (73)
(14.6)
Interest expense
44 - 46
36.3
Foreign exchange
(1) - (4)
(2.6)
Income taxes
46 - 53
26.0
Depreciation and amortization
181 - 182
92.2
Share-based compensation expense
28 - 34
13.2
Restructuring and other costs
57 - 59
6.1
TI Adjusted EBITDA
$384 - $392
$225.6





For more information, please contact:

Ian McMillan
Investor Relations
(604) 695-4539
IR@telus.com

Steve Beisswanger
Media Relations
(514) 865-2787
Steve.Beisswanger@telus.com