TELUS Reports Fourth Quarter Results
2008 results consistent with latest guidance
Vancouver, B.C. – TELUS Corporation today reported fourth quarter 2008 revenue of $2.45
billion, an increase of five per cent from a year ago. The performance was driven primarily by
seven per cent growth in wireless revenue and 13 per cent growth in wireline data revenue, more
than offsetting declines in local and long distance wireline revenues. Consolidated earnings before
interest, taxes, depreciation and amortization (EBITDA), decreased by $16 million due to increased
investments in operating efficiency initiatives that resulted in restructuring costs increasing by $32
million.
Net income in the quarter was $285 million and earnings per share (EPS) were $0.90, down 29 per
cent and 27 per cent respectively. Net income and EPS included favourable tax-related
adjustments of approximately $32 million or 10 cents per share this quarter, compared to $143
million or 44 cents in the quarter a year ago. Excluding tax related adjustments in 2007 and 2008,
net income and EPS were relatively unchanged.
For the full year, TELUS reported revenue growth of six per cent to $9.65 billion and five per cent
growth in EBITDA. EBITDA growth when adjusted to exclude the 2007 net-cash settlement feature
expense was one percent for the year. Excluding the $882 million paid for AWS wireless spectrum
licences, TELUS generated free cash flow of $1.2 billion, which reflected a five per cent increase in
capital expenditures and lower cash tax recoveries. TELUS met two of four original consolidated
2008 targets and three of four segmented targets (set in December 2007). Consolidated revenue
and capital expenditure guidance was achieved, but a variance in wireless EBITDA caused a small
miss in consolidated EBITDA and a 3.7 per cent shortfall to targeted EPS.
FINANCIAL HIGHLIGHTS
C$ in millions, except per share amounts 3 months ended
December 31
(unaudited) 2008 2007 % Change
Operating revenues 2,454 2,330 5.3
EBITDA(1) 937 953 (1.7)
Income before income taxes and
non-controlling interest
373 384 (2.9)
Net income (2) 285 400 (29)
Net income (excluding income tax-related adjustments) (2) 253 257 (1.6)
Earnings per share (EPS), basic (2) 0.90 1.23 (27)
Cash provided by operating activities 747 818 (8.7)
Capital expenditures 631 472 34
Free cash flow (3) 61 379 (84)
(1) Earnings before interest, taxes, depreciation and amortization (EBITDA) is defined as Operating
revenues less Operations expense less Restructuring costs. See Section 6.1 of Management’s
review of operations.

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