Company Overview - TELUS Digital Experience is an initiative aimed at showcasing the company's expertise in AI and GenAI solutions, including the creation of intellectual property and proprietary software [1] - The company will retain its legal name and trading symbol "TIXT" during the rebranding process [2] - TELUS Digital Experience is a global provider of integrated solutions spanning digital strategy, innovation, consulting, design, digital transformation, IT lifecycle solutions, data annotation, intelligent automation, and omnichannel customer experience solutions [13] Financial Performance - In the last reported quarter, TIXT posted revenues of $657 million, down 4% year over year, attributed to reduced sales volume in eCommerce, FinTech, and Travel and Hospitality segments, along with an unfavorable macroeconomic backdrop [3] Rebranding Initiative - The rebranding to TELUS Digital Experience is expected to be completed in the third quarter of 2024, aligning with the company's focus on technological advancement and innovation [6] - This initiative aims to enhance the TELUS brand and its global visibility, positioning the organization as a leading end-to-end digital transformation partner [7] - The rebranding emphasizes TIXT's expansion efforts for its technology partner ecosystem, supporting an agile vendor-agnostic approach that aligns with client needs [8] AI Solutions - TIXT's unique AI offerings include the GenAI Jumpstart accelerator, which can build a virtual assistant prototype in eight weeks [1] - Fuel iX is an enterprise-grade AI engine designed to expedite the production of generative AI applications through scalable solutions for development, deployment, testing, and management [1] - Fuel iX's AI training data platform features Fine-Tune Studio and Experts Engine solutions, streamlining multimodal, multi-language workflows for critical AI use cases [12]

Telus International (TIXT) has joined forces with eGain Corporation to offer the eGain Knowledge Hub as an integrated solution within TIXT's Contact Center as a Service offering as well as an independent customer self- serve option. This cutting-edge platform aims to provide reliable responses and personalized guidance. eGain Knowledge Hub for TELUS International enables smooth coordination between the latest knowledge management components, including profiled content access, search methods and knowledge an ...

TELUS International (Cda) Inc. (NYSE:TIXT) Q1 2024 Results Conference Call May 9, 2024 10:30 AM ET Company Participants Jason Mayr - Head of Investor Relations and Treasurer Jeff Puritt - President and Chief Executive Officer Gopi Chande - Chief Financial Officer Conference Call Participants Ramsey El-Assal - Barclays Tien-tsin Huang - JPMorgan Stephanie Price - CIBC Aravinda Galappatthige - Canaccord Genuity Divya Goyal - Scotiabank Daniel Chan - TD Cowen Cassie Chan - Bank of America Bradley Clark - BMO C ...

Exhibit 99.1 TELUS INTERNATIONAL (CDA) INC. CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) March 31, 2024 TELUS International (Cda) Inc. Condensed Interim Consolidated Statements of Income and Other Comprehensive Income (Loss) (unaudited) | | | | Three months | | | | --- | --- | --- | --- | --- | --- | | Periods ended March 31 (millions except earnings per share) | Note | | 2024 | | 2023 | | REVENUE | 3 | $ | 657 | $ | 686 | | OPERATING EXPENSES | | | | | | | Salaries and benefits | | | 416 ...

TELUS International (Cda) Inc. (NYSE:TIXT) Q4 2023 Earnings Conference Call February 9, 2024 10:30 AM ET Company Participants Jason Mayr - Head of Investor Relations and Treasurer Jeff Puritt - President and Chief Executive Officer Vanessa Kanu - Chief Financial Officer Conference Call Participants Tien-tsin Huang - J.P. Morgan Dan Perlin - RBC Capital Markets Ramsey El-Assal - Barclays Stephanie Price - CIBC Divya Goyal - Scotiabank Aravinda Galappatthige - Canaccord Annuity Cassie Chan - Bank of America D ...

Financial Performance - Full-year 2023 revenue grew by 10% on a reported basis and 9% on a constant currency basis[27],[65] - Full-year 2023 Adjusted EBITDA was $583 million[44],[117], with an Adjusted EBITDA Margin of 21.5%[44],[117] - Q4 2023 revenue was $692 million, compared to $630 million in Q4 2022[111] - Q4 2023 Adjusted EBITDA reached $164 million, compared to $157 million in Q4 2022[44] - Free Cash Flow for the full year 2023 was $405 million[118] 2024 Outlook - The company anticipates full-year 2024 revenue between $2790 million and $2850 million, representing a year-over-year growth of 3% to 5%[33] - The company projects full-year 2024 Adjusted EBITDA between $623 million and $643 million, a year-over-year increase of 7% to 10%[33] - The company expects Adjusted Diluted EPS for full-year 2024 to be in the range of $0.93 to $0.98, reflecting a 7% to 13% year-over-year growth[33] Balance Sheet and Leverage - The company's Net Debt to Adjusted EBITDA Leverage Ratio as per credit agreement was 2.8x as of December 31, 2023[81],[119] - The company had a strong available liquidity position of $619 million as of December 31, 2023[81] Strategic Changes - Beginning in Q1 2024, the company will no longer exclude share-based compensation expense and changes in business combination-related provisions when presenting Adjusted Net Income, Adjusted Basic and Diluted EPS, and Adjusted EBITDA[2],[15],[19]

[Executive Summary & Business Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Business%20Highlights) TELUS International navigated a challenging 2023 with improved H2 profitability, focusing on efficiency and AI, securing business wins and industry recognition [Management Commentary on Performance](index=1&type=section&id=Management%20Commentary%20on%20Performance) TELUS International navigated a challenging 2023 with improved H2 profitability, focusing on efficiency and AI integration, with a cautious 2024 outlook - The company characterized 2023 as a challenging year but noted that results in the second half showed signs of stabilization with significantly improved profitability[2](index=2&type=chunk) - The 2024 outlook assumes the challenging business climate will continue for the first half of the year, with hopes for a broader demand recovery in the second half[2](index=2&type=chunk) - Strategic focus includes streamlining operations to match client demand, improving efficiencies, and integrating WillowTree to strengthen its position as an AI-fueled customer experience partner[2](index=2&type=chunk) - The company's balance sheet remains solid, with meaningful cash flow generation used to lower debt levels and improve its leverage position[3](index=3&type=chunk) [Key Business Developments & Recognitions](index=1&type=section&id=Key%20Business%20Developments%20%26%20Recognitions) Q4 saw new client wins, expanded existing relationships driven by AI, and significant industry recognition for data labeling and CCaaS solutions - Secured new business with a North American customer engagement software company, a Western Canadian truck dealership, and a German research institution[2](index=2&type=chunk) - Broadened relationships with existing clients, including Google (driven by AI momentum), a Canadian multinational bank, and expanded mandates with parent company TELUS, particularly its Health business unit[2](index=2&type=chunk) - Recognized as a Leader in the IDC MarketScape, Worldwide Data Labeling Software 2023 Vendor Assessment[2](index=2&type=chunk) - Awarded Canadian Partner of the Year and Global Partner of the Year in 2023 by Five9, a key partner for its Contact Center as a Service (CCaaS) platform[2](index=2&type=chunk) [Financial Performance](index=2&type=section&id=Financial%20Performance) Q4 2023 saw revenue growth and strong cash flow, but full-year profitability declined, with a cautious 2024 outlook projecting moderate growth [Q4 2023 Financial Highlights](index=2&type=section&id=Q4%202023%20Financial%20Highlights) Q4 2023 revenue grew 10% to $692 million, net income increased, but diluted EPS declined, while Adjusted EBITDA and free cash flow showed strong growth Q4 2023 Financial Metrics | Metric | Q4 2023 (in millions) | Q4 2022 (in millions) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | $692 | $630 | +10% | | Net Income | $38 | $34 | +11.8% | | Diluted EPS | $0.10 | $0.13 | -23.1% | | Adjusted EBITDA | $164 | $157 | +4% | | Adjusted EBITDA Margin | 23.7% | 24.9% | -120 bps | | Adjusted Diluted EPS | $0.26 | $0.35 | -25.7% | | Free Cash Flow | $115 | $60 | +92% | | Net Debt to Adj. EBITDA Ratio | 2.8x | 1.1x | +1.7x | [Full-Year 2023 Financial Highlights](index=3&type=section&id=Full-Year%202023%20Financial%20Highlights) Full-year 2023 revenue grew 10% to $2.708 billion, but net income and Adjusted EBITDA declined significantly, while cash flow from operations and free cash flow increased Full-Year 2023 Financial Metrics | Metric | FY 2023 (in millions) | FY 2022 (in millions) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue | $2,708 | $2,468 | +10% | | Net Income | $54 | $183 | -70.5% | | Diluted EPS | $0.18 | $0.68 | -73.5% | | Adjusted EBITDA | $583 | $607 | -4.0% | | Adjusted EBITDA Margin | 21.5% | 24.6% | -310 bps | | Adjusted Diluted EPS | $0.91 | $1.23 | -26.0% | | Free Cash Flow | $405 | $333 | +22% | [2024 Financial Outlook](index=3&type=section&id=2024%20Financial%20Outlook) The 2024 outlook projects revenue growth of 3-5% to $2.79-$2.85 billion, with Adjusted EBITDA of $623-$643 million and Adjusted Diluted EPS of $0.93-$0.98 2024 Outlook Projections | Metric | 2024 Outlook Range (in millions) | Implied Growth (Midpoint) | | :--- | :--- | :--- | | Revenue | $2,790 - $2,850 | ~4% | | Adjusted EBITDA | $623 - $643 | ~8.5% | | Adjusted EBITDA Margin | 22.3% - 22.6% | N/A | | Adjusted Diluted EPS | $0.93 - $0.98 | ~10% | - The 2024 outlook for Adjusted EBITDA and Adjusted Diluted EPS is calculated under a modified presentation that no longer excludes share-based compensation expense and changes in business combination-related provisions[8](index=8&type=chunk)[9](index=9&type=chunk) [Corporate Developments](index=4&type=section&id=Corporate%20Developments) TELUS International announced a planned CFO transition, with Vanessa Kanu departing and Gopi Chande from TELUS assuming the role in March 2024 [CFO Transition](index=4&type=section&id=CFO%20Transition) Vanessa Kanu will depart as CFO on March 31, 2024, succeeded by Gopi Chande from TELUS on March 4, 2024, as part of a planned succession - Chief Financial Officer (CFO), Vanessa Kanu, will leave the company effective March 31, 2024[11](index=11&type=chunk) - Gopi Chande, currently SVP Finance and Treasurer at TELUS, will be appointed as the new CFO of TELUS International, effective March 4, 2024[11](index=11&type=chunk) - The transition is presented as a planned succession, reflecting a collaborative program between TELUS International and its parent company, TELUS[13](index=13&type=chunk) [Financial Statements & Reconciliations](index=5&type=section&id=Financial%20Statements%20%26%20Reconciliations) Consolidated financial statements detail 2023 revenue growth, net income decline, asset expansion, and strong operating cash flow, with non-GAAP reconciliations and a future reporting change [Consolidated Financial Statements](index=8&type=section&id=Consolidated%20Financial%20Statements) Consolidated financial statements detail 2023 revenue growth, net income decline, asset expansion driven by acquisitions, increased debt, and strong operating cash flow [Consolidated Statements of Income](index=8&type=section&id=Consolidated%20Statements%20of%20Income) The Consolidated Statements of Income present revenue, operating income, net income, and diluted EPS for 2023 and 2022 | Metric (in millions) | Twelve Months 2023 | Twelve Months 2022 | | :--- | :--- | :--- | | Revenue | $2,708 | $2,468 | | Operating Income | $183 | $284 | | Net Income | $54 | $183 | | Diluted EPS | $0.18 | $0.68 | [Consolidated Statements of Financial Position](index=9&type=section&id=Consolidated%20Statements%20of%20Financial%20Position) The Consolidated Statements of Financial Position detail assets, liabilities, and owners' equity as of December 31, 2023, and 2022 | Metric (in millions) | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Total Assets | $4,823 | $3,556 | | Goodwill & Intangibles | $3,509 | $2,358 | | Total Liabilities | $2,786 | $1,718 | | Long-term Debt | $1,628 | $881 | | Total Owners' Equity | $2,037 | $1,838 | [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) The Consolidated Statements of Cash Flows outline cash flows from operating, investing, and financing activities for 2023 and 2022 | Metric (in millions) | Twelve Months 2023 | Twelve Months 2022 | | :--- | :--- | :--- | | Cash from Operating Activities | $498 | $437 | | Cash used in Investing Activities | ($941) | ($119) | | Cash from Financing Activities | $443 | ($300) | | Net Increase in Cash | $2 | $10 | [Non-GAAP Financial Measures & Reconciliations](index=5&type=section&id=Non-GAAP%20Financial%20Measures%20%26%20Reconciliations) The company uses non-GAAP measures, with a Q1 2024 reporting change to include share-based compensation, and provides detailed reconciliation tables - The company uses non-GAAP measures such as Adjusted EBITDA, Adjusted Net Income, Free Cash Flow, and constant currency revenue to provide a clearer view of its underlying business performance[17](index=17&type=chunk)[19](index=19&type=chunk)[21](index=21&type=chunk) - Beginning in Q1 2024, the presentation of Adjusted Net Income, Adjusted Diluted EPS, and Adjusted EBITDA will be modified to no longer exclude share-based compensation expense and changes in business combination-related provisions[3](index=3&type=chunk)[8](index=8&type=chunk)[18](index=18&type=chunk) - Detailed tables are provided to reconcile GAAP Net Income to non-GAAP Adjusted Net Income and Adjusted EBITDA for both Q4 and the full year, and to show the pro-forma impact of the modified presentation[41](index=41&type=chunk)[42](index=42&type=chunk)[43](index=43&type=chunk) [Risk Factors & Forward-Looking Statements](index=6&type=section&id=Risk%20Factors%20%26%20Forward-Looking%20Statements) The report contains forward-looking statements for 2024, based on management assumptions, and outlines key risks like competition, economic conditions, and client concentration [Forward-Looking Statements](index=6&type=section&id=Forward-Looking%20Statements) The report contains forward-looking statements and the 2024 outlook, based on management's assumptions, are subject to inherent risks and uncertainties - The report includes forward-looking statements regarding business operations and financial performance, which are based on current expectations and are not guarantees of future results[28](index=28&type=chunk) - The 2024 financial outlook is based on key assumptions about the company's ability to execute its growth strategy, maintain its culture and service competitiveness, attract talent, and realize benefits from the WillowTree acquisition[30](index=30&type=chunk) [Key Risk Factors](index=6&type=section&id=Key%20Risk%20Factors) Key risks include intense competition, adverse economic conditions, client concentration, technological adaptation, talent retention, acquisition integration, and data security - Major risks include intense competition, adverse global economic conditions, and significant revenue concentration, with three clients accounting for a large portion of revenue[31](index=31&type=chunk) - Technological risks are highlighted, specifically the need to keep pace with changes like generative AI (GenAI) to meet client expectations[32](index=32&type=chunk) - Operational and corporate risks include competition for talent, challenges in integrating acquisitions like WillowTree, potential cyberattacks, and the concentration of voting control with parent company TELUS[32](index=32&type=chunk)

Global Operations and Economic Exposure - The company operates in 32 countries as of December 31, 2023, which exposes it to various global economic conditions that could adversely affect its business and financial performance [36]. - The ongoing geopolitical conflicts, including the situation in Ukraine and the Middle East, may adversely impact the company's operations and client demand for its services [40]. - Global economic uncertainties, including inflation and higher interest rates, may limit the company's access to financing and adversely affect its liquidity and financial condition [37]. - The company may experience disruptions in operations due to international trade disputes and changing trade policies [81]. - The company’s international expansion strategy includes evaluating new locations, but it is subject to various economic and political risks [78]. Competition and Client Dependency - The company faces intense competition from both existing and new competitors, which could materially impact its financial performance and cash flows [32]. - A significant portion of the company's revenue is dependent on three major clients, and any loss or reduction in business from these clients could adversely affect its financial condition [30]. - TELUS Corporation accounted for approximately 20.6% of the company's revenue for the year ended December 31, 2023, while Google and a leading social media company accounted for 13.1% and 11.2%, respectively [104]. - Client contracts are generally long-term (3-5 years) but can be canceled at any time, which poses risks to revenue stability [52]. - Demand for services may decline due to negative perceptions of offshore outsourcing and automation, impacting future growth [59]. Operational Challenges and Risks - The majority of the company's costs are fixed in the short term, leading to potential delays in adjusting its cost structure in response to lower client demand [38]. - The company must maintain a high level of service quality to retain clients and avoid penalties, as failure to do so could harm its reputation and financial performance [45]. - The company is at risk of increased cybersecurity incidents due to ongoing global conflicts, which could adversely affect its operations and financial results [41]. - The company may face challenges in delivering complex projects, which could lead to client discontinuation and negatively impact financial performance [57]. - The company faces vulnerabilities from climate change and natural disasters that could disrupt operations and adversely affect financial performance and cash flows [50]. Financial Performance and Profitability - The company's profitability is influenced by resource utilization levels and pricing strategies, which must be managed effectively to avoid adverse financial impacts [84]. - Financial performance could be adversely affected if the company is unable to collect receivables from clients, impacting cash flows [113]. - The company may need to raise additional funds to pursue growth strategies, but may face challenges in obtaining capital on acceptable terms [112]. - The company’s operating results may experience significant variability, making accurate financial forecasts challenging [110]. - The company may struggle to adapt to evolving pricing models and client demands, which could adversely affect profitability [108][109]. Human Resources and Talent Management - The company faces challenges in retaining key personnel, which is critical for meeting client expectations and achieving growth objectives [85]. - Increased competition for skilled labor has led to higher recruitment and training costs, impacting profitability and operational efficiency [86]. - The company has experienced higher voluntary attrition rates in 2023, necessitating additional resources for recruitment and training [86]. - The company's unique culture is essential for attracting and retaining talent, and maintaining this culture may become challenging as the company grows [89]. Regulatory and Compliance Issues - Compliance with complex legal and regulatory regimes is required, and failure to meet service level requirements could result in significant penalties [53]. - The company is subject to regulatory compliance requirements, including the Sarbanes-Oxley Act, which could affect financial reporting reliability [114]. - The company faces significant compliance costs and risks due to complex and evolving global legal and regulatory requirements, which could adversely impact financial performance [130]. - The assertion of claims against the company, whether successful or not, could result in reputational damage and adversely affect financial performance [117]. Technology and Innovation - The company is focused on integrating AI into its business processes to enhance efficiency and meet evolving client expectations, but failure to do so could negatively impact its growth and profitability [43]. - The company has made significant investments and acquisitions to expand its digital-centric capabilities, including the acquisition of WillowTree, a digital product provider [209]. - TELUS International is dedicated to leveraging technology and process improvements to drive continuous operational enhancements and better serve clients [222]. - The company utilizes a crowdsourcing model for its AI Data Solutions, managing over one million annotators across more than 118 countries [195]. Corporate Governance and Shareholder Relations - TELUS controls approximately 85.4% of the combined voting power of the company's outstanding shares, significantly influencing corporate decisions [151]. - The dual-class share structure allows TELUS to maintain control over corporate matters, limiting the influence of subordinate voting shareholders [152]. - The company is classified as a controlled company under NYSE rules, which exempts it from certain corporate governance requirements [161]. - TELUS has special shareholder rights that allow it to influence key corporate actions, including the appointment and removal of the CEO [157]. Sustainability and Social Responsibility - TELUS International continues to invest in ESG initiatives, including energy and greenhouse gas reduction, which may increase costs and impact financial performance [49]. - The organization is committed to supporting a sustainable planet by adhering to principles of refuse, reduce, reuse, repurpose, and recycle [220]. - TELUS International has contributed $500,000 to charitable projects in 2023 through five Community Boards, totaling $5.6 million since 2011 [214]. - TELUS International's unique caring culture promotes diversity and has positively impacted over 1.2 million citizens globally through volunteer initiatives [211].

TELUS International (Cda) Inc. (NYSE:TIXT) Q3 2023 Results Conference Call November 3, 2023 9:30 AM ET Company Participants Jason Mayr - Head of Investor Relations and Treasurer Jeff Puritt - President and Chief Executive Officer Vanessa Kanu - Chief Financial Officer Conference Call Participants Ramsey El-Assal - Barclays Maggie Nolan - William Blair Aravinda Galappatthige - Canaccord Annuity Tien-tsin Huang - J.P. Morgan Stephanie Price - CIBC Richard Tse - National Bank Financial Markets Divya Goyal - S ...

[Condensed Interim Consolidated Financial Statements (Unaudited)](index=1&type=section&id=Condensed%20Interim%20Consolidated%20Financial%20Statements%20(Unaudited)) This section presents the unaudited interim consolidated financial statements, including statements of income, financial position, changes in equity, and cash flows [Condensed Interim Consolidated Statements of Income and Other Comprehensive Income (Loss)](index=2&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Income%20and%20Other%20Comprehensive%20Income%20(Loss)) TELUS International reported a significant decrease in net income for both the three-month and nine-month periods ended September 30, 2023, compared to the prior year, despite revenue growth, due to increased operating and interest expenses Condensed Interim Consolidated Statements of Income and Other Comprehensive Income (Loss) (millions USD) | Metric (millions USD) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :-------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Revenue | $663 | $615 | $2,016 | $1,838 | | Operating Income | $48 | $84 | $110 | $223 | | Net Income | $9 | $59 | $16 | $149 | | Basic EPS | $0.03 | $0.22 | $0.06 | $0.56 | | Diluted EPS | $0.03 | $0.22 | $0.06 | $0.55 | [Condensed Interim Consolidated Statements of Financial Position](index=3&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Financial%20Position) As of September 30, 2023, total assets and liabilities significantly increased, primarily driven by substantial growth in intangible assets, goodwill, and long-term debt Condensed Interim Consolidated Statements of Financial Position (millions USD) | Metric (millions USD) | Sep 30, 2023 | Dec 31, 2022 | | :-------------------- | :----------- | :----------- | | Total Assets | $4,828 | $3,556 | | Total Liabilities | $2,840 | $1,718 | | Owners' Equity | $1,988 | $1,838 | | Intangible Assets, net| $1,571 | $1,008 | | Goodwill | $1,951 | $1,350 | | Long-term Debt | $1,670 | $881 | [Condensed Interim Consolidated Statements of Changes in Owners' Equity](index=4&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Changes%20in%20Owners'%20Equity) Owners' equity increased from $1,838 million at January 1, 2023, to $1,988 million by September 30, 2023, primarily due to net income and common shares issued Condensed Interim Consolidated Statements of Changes in Owners' Equity (millions USD) | Metric (millions USD) | Jan 1, 2023 | Sep 30, 2023 | | :-------------------- | :---------- | :----------- | | Total Owners' Equity | $1,838 | $1,988 | | Net Income | $292 (Retained Earnings) | $307 (Retained Earnings) | | Common Shares Issued | - | $125 | [Condensed Interim Consolidated Statements of Cash Flows](index=5&type=section&id=Condensed%20Interim%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow remained stable, while investing activities significantly increased due to acquisitions, and financing activities shifted to cash provision from long-term debt issuance Condensed Interim Consolidated Statements of Cash Flows (millions USD) | Metric (millions USD) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :-------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Cash from Operating Activities | $185 | $129 | $356 | $353 | | Cash used in Investing Activities | $(21) | $(19) | $(910) | $(89) | | Cash from Financing Activities | $(174) | $(83) | $561 | $(222) | | Cash and Cash Equivalents, End of Period | $132 | $143 | $132 | $143 | [Notes to Condensed Interim Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20Condensed%20Interim%20Consolidated%20Financial%20Statements) This section provides detailed disclosures on the basis of presentation, accounting policies, capital structure, revenue, share-based compensation, and other financial statement components [General application](index=6&type=section&id=General%20application) This section outlines the basis of presentation for the interim financial statements, including business description, changes in presentation, and recent accounting policy developments - TELUS International is a leading digital customer experience innovator, providing next-generation solutions including AI and content moderation for global and disruptive brands[12](index=12&type=chunk) - The company reclassified cash interest paid on credit facilities from operating to financing activities and reclassified certain current and non-current provisions for comparative periods[19](index=19&type=chunk)[20](index=20&type=chunk) - The company adopted amendments to IAS 1, IFRS Practice Statement 2, IAS 8, and IAS 12, including temporary relief from Pillar Two model rules, with no material effect on financial disclosure expected[21](index=21&type=chunk)[22](index=22&type=chunk)[23](index=23&type=chunk) [1. Condensed interim consolidated financial statements](index=6&type=section&id=1.%20Condensed%20interim%20consolidated%20financial%20statements) This note details the basis of presentation, changes in financial statement presentation, and recent accounting policy developments impacting the interim consolidated financial statements [1.(a) Basis of presentation](index=6&type=section&id=1.(a)%20Basis%20of%20presentation) The financial results are subject to seasonality, with revenues typically higher in the third and fourth quarters, influenced by client operating environments and foreign currency rates - Financial results are subject to seasonality, with revenues typically higher in the third and fourth quarters, but can vary due to client operating environment changes or foreign currency rates[14](index=14&type=chunk) [1.(b) Change in presentation](index=8&type=section&id=1.(b)%20Change%20in%20presentation) The company reclassified cash interest paid on credit facilities from operating to financing activities and adjusted certain current and non-current provisions for comparative periods - Reclassified **$5 million** (3 months) and **$16 million** (9 months) of cash interest paid on credit facilities from cash flows from operating activities to cash flows from financing activities for the period ended September 30, 2022[19](index=19&type=chunk) - Reclassified certain current and non-current provisions in the condensed interim consolidated statements of financial position to conform with the current period presentation[20](index=20&type=chunk) [1.(c) Accounting policy developments](index=8&type=section&id=1.(c)%20Accounting%20policy%20developments) The company adopted amendments to IAS 1, IFRS Practice Statement 2, IAS 8, and IAS 12, including temporary relief from Pillar Two model rules, with no material effect on financial disclosure expected - Adopted amendments to IAS 1, IFRS Practice Statement 2, and IAS 8, requiring disclosure of material accounting policy information and clarifying changes in accounting policies vs estimates, with no material effect[21](index=21&type=chunk) - Adopted amendments to IAS 12, clarifying recognition of deferred taxes on transactions where both assets and liabilities are recognized (e.g., leases), with no material effect[22](index=22&type=chunk) - Adopted amendments to IAS 12 regarding International Tax Reform - Pillar Two Model Rules, providing temporary relief from accounting for deferred income taxes, with no material effect expected[23](index=23&type=chunk) [2. Capital structure financial policies](index=8&type=section&id=2.%20Capital%20structure%20financial%20policies) The company's capital management objective is to maintain a flexible capital structure that optimizes cost and availability of capital at acceptable risk levels, including owners' equity, long-term debt, and cash - Capital management objective is to maintain a flexible capital structure that optimizes cost and availability of capital at acceptable risk levels[24](index=24&type=chunk) - Capital includes owners' equity (excluding AOCI), long-term debt (including credit facilities and hedging assets/liabilities), and cash and cash equivalents[25](index=25&type=chunk) - Amended and expanded existing credit facility to an aggregate **$2.0 billion** (comprising **$800 million** revolving credit and **$1.2 billion** term loans) in connection with the WillowTree acquisition[27](index=27&type=chunk) [Consolidated results of operations focused](index=9&type=section&id=Consolidated%20results%20of%20operations%20focused) This section details revenue disaggregation, share-based compensation, interest expense, income tax, and earnings per share, providing insights into operational performance [3. Revenue](index=9&type=section&id=3.%20Revenue) Revenue is disaggregated by industry vertical, including Tech and Games, Communications and Media, and Healthcare, as well as by geographic region, showing varied performance across segments Revenue by Industry Vertical (millions USD) | Industry Vertical (millions USD) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Tech and Games | $301 | $289 | $885 | $856 | | Communications and Media | $155 | $150 | $465 | $432 | | Healthcare | $38 | $11 | $115 | $34 | | Total Revenue | $663 | $615 | $2,016 | $1,838 | Revenue by Geographic Region (millions USD) | Geographic Region (millions USD) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Europe | $202 | $211 | $625 | $667 | | North America | $184 | $158 | $583 | $456 | | Asia-Pacific | $162 | $149 | $474 | $441 | | Central America and others | $115 | $97 | $334 | $274 | [4. Share-based compensation](index=10&type=section&id=4.%20Share-based%20compensation) This note details the company's restricted share unit and share option award plans, along with other compensation arrangements like Unit Appreciation Rights and performance earn-outs for acquisitions RSU Activity (units) | RSU Activity (units) | 9 Months Ended Sep 30, 2023 | | :------------------- | :-------------------------- | | Outstanding, beginning of period | 1,605,821 | | Granted | 1,111,894 | | Vested | (400,990) | | Exercised | (743,976) | | Forfeited | (61,346) | | Outstanding, Sep 30, 2023 | 2,255,379 | - Granted Unit Appreciation Rights (UARs) to WillowTree employees with a maximum payout of **$120 million**, vesting in three annual tranches starting fiscal 2026, settled in cash or subordinate voting shares[35](index=35&type=chunk) - Provided performance earn-outs of approximately **$12 million** for other acquisitions, payable in fiscal 2025, settled in cash or subordinate voting shares[36](index=36&type=chunk) [4.(a) Restricted share unit plan](index=10&type=section&id=4.(a)%20Restricted%20share%20unit%20plan) Restricted share unit awards granted beginning January 1, 2021, were equity-settled, with activity detailed for the nine-month period ended September 30, 2023 - Restricted share unit awards granted beginning January 1, 2021, were equity-settled[30](index=30&type=chunk) [4.(b) Share option award plan](index=10&type=section&id=4.(b)%20Share%20option%20award%20plan) Share option awards granted beginning January 1, 2021, were equity-settled, with detailed activity for outstanding, vested, exercised, and forfeited options - Share option awards granted beginning January 1, 2021, were equity-settled[32](index=32&type=chunk) Share Option Activity (units) | Share Option Activity (units) | 9 Months Ended Sep 30, 2023 | | :---------------------------- | :-------------------------- | | Outstanding, beginning of period | 2,677,297 | | Vested | (234,075) | | Exercised | (124,337) | | Forfeited | (16,177) | | Outstanding, Sep 30, 2023 | 2,536,783 | [4.(c) Other](index=11&type=section&id=4.(c)%20Other) The company granted Unit Appreciation Rights to WillowTree employees with a maximum payout of $120 million and provided performance earn-outs for other acquisitions - Granted Unit Appreciation Rights (UARs) to WillowTree employees with a maximum payout of **$120 million**, vesting in three annual tranches exercisable beginning in fiscal 2026[35](index=35&type=chunk) - Acquired two businesses and provided performance earn-outs to certain employees, with a maximum payout of approximately **$12 million** payable in fiscal 2025[36](index=36&type=chunk) [5. Interest expense](index=11&type=section&id=5.%20Interest%20expense) Total interest expense significantly increased for both the three-month and nine-month periods ended September 30, 2023, primarily due to higher interest on long-term debt Interest Expense (millions USD) | Interest Expense (millions USD) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :------------------------------ | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Interest on long-term debt | $27 | $6 | $78 | $17 | | Interest on lease liabilities | $7 | $3 | $17 | $10 | | Interest accretion on provisions| $3 | $0 | $9 | $0 | | Total Interest Expense | $38 | $10 | $107 | $29 | [6. Income taxes](index=11&type=section&id=6.%20Income%20taxes) The company reported a total income tax recovery for the nine-month period ended September 30, 2023, contrasting with an expense in the prior year, influenced by various effective tax rate factors Income Tax (millions USD) | Income Tax (millions USD) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :------------------------ | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Current income tax expense (recovery) | $18 | $30 | $43 | $74 | | Deferred income tax expense (recovery) | $(15) | $(4) | $(52) | $(4) | | Total Income Tax expense (recovery) | $3 | $26 | $(9) | $70 | Effective Tax Rate Factors (9 Months Ended Sep 30, 2023) | Effective Tax Rate Factors (9 Months Ended Sep 30, 2023) | Impact on Rate | | :------------------------------------------------------- | :------------- | | Income taxes computed at applicable statutory income tax rates | (101.0)% | | Non-deductible items | 14.3% | | Withholding and other taxes | 158.1% | | Foreign tax differential | (114.3)% | | Adjustments for prior periods | (114.3)% | | **Effective Income Tax Rate** | **(128.6)%** | [7. Earnings per share](index=12&type=section&id=7.%20Earnings%20per%20share) Basic and diluted earnings per share significantly decreased for both the three-month and nine-month periods ended September 30, 2023, compared to the prior year EPS (USD) | EPS (USD) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :-------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Basic EPS | $0.03 | $0.22 | $0.06 | $0.56 | | Diluted EPS | $0.03 | $0.22 | $0.06 | $0.55 | - Diluted EPS calculation includes potential dilutive effects from share-based compensation awards and provisions for written put options, using the treasury stock method[42](index=42&type=chunk) [Consolidated financial position focused](index=13&type=section&id=Consolidated%20financial%20position%20focused) This section provides detailed breakdowns of accounts receivable, financial instruments, property, plant and equipment, intangible assets and goodwill, provisions, and long-term debt [8. Accounts receivable](index=13&type=section&id=8.%20Accounts%20receivable) Total accounts receivable increased from $428 million at December 31, 2022, to $494 million at September 30, 2023, with a corresponding increase in the allowance for doubtful accounts Accounts Receivable (millions USD) | Accounts Receivable (millions USD) | Sep 30, 2023 | Dec 31, 2022 | | :--------------------------------- | :----------- | :----------- | | Accounts receivable – billed | $273 | $223 | | Accounts receivable – unbilled | $195 | $201 | | Other receivables | $28 | $5 | | Total | $494 | $428 | | Allowance for doubtful accounts | $(2) | $(1) | - Allowance for doubtful accounts is determined based on current economic conditions, historical information, reasons for past due accounts, and line of business[45](index=45&type=chunk) [9. Financial instruments](index=14&type=section&id=9.%20Financial%20instruments) The company uses derivative financial instruments to manage currency and interest rate risks, with all derivatives measured at fair value using Level 2 observable inputs - Derivative financial instruments are used to manage exposure to currency risks (Euro business acquisition, Philippine peso purchases) and interest rate risk (non-fixed rate credit facility amounts)[48](index=48&type=chunk)[50](index=50&type=chunk) - All derivative financial instruments measured at fair value on a recurring basis use significant other observable inputs (Level 2)[49](index=49&type=chunk) [10. Property, plant and equipment](index=15&type=section&id=10.%20Property,%20plant%20and%20equipment) The net book value of property, plant and equipment increased from $449 million at December 31, 2022, to $494 million at September 30, 2023, including additions from acquisitions Property, Plant & Equipment (millions USD) | Property, Plant & Equipment (millions USD) | Dec 31, 2022 | Sep 30, 2023 | | :----------------------------------------- | :----------- | :----------- | | Owned assets (Net book value) | $233 | $249 | | Right-of-use lease assets (Net book value) | $216 | $245 | | Total Net Book Value | $449 | $494 | | Additions from acquisition | - | $34 | [11. Intangible assets and goodwill](index=15&type=section&id=11.%20Intangible%20assets%20and%20goodwill) This note details the significant increase in intangible assets and goodwill, primarily driven by the acquisition of WillowTree, a full-service digital product provider [11.(a) Intangible assets and goodwill](index=15&type=section&id=11.(a)%20Intangible%20assets%20and%20goodwill) Total intangible assets and goodwill increased significantly from $2,358 million at December 31, 2022, to $3,522 million at September 30, 2023, largely due to acquisitions Intangible Assets & Goodwill (millions USD) | Intangible Assets & Goodwill (millions USD) | Dec 31, 2022 | Sep 30, 2023 | | :---------------------------------------- | :----------- | :----------- | | Customer relationships (Net book value) | $887 | $1,384 | | Goodwill | $1,350 | $1,951 | | Total Intangible Assets and Goodwill | $2,358 | $3,522 | | Additions from acquisition | - | $1,302 | [11.(b) Business acquisitions](index=15&type=section&id=11.(b)%20Business%20acquisitions) The company acquired an 86% equity interest in WillowTree for $1,175 million, resulting in $608 million in goodwill, and expanded operations into Morocco and South Africa through other acquisitions - Acquired **86% equity interest** of WillowTree on January 3, 2023, a full-service digital product provider, for a total purchase consideration of **$1,175 million**[55](index=55&type=chunk)[57](index=57&type=chunk) - The WillowTree acquisition resulted in **$608 million in goodwill**, primarily due to the acquired business's earnings capacity exceeding its net tangible and intangible assets[59](index=59&type=chunk)[67](index=67&type=chunk) WillowTree Financial Impact (millions USD) | WillowTree Financial Impact (millions USD) | 3 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2023 | | :--------------------------------------- | :-------------------------- | :-------------------------- | | Revenue | $42 | $145 | | Net Loss | $(29) | $(80) | - Completed acquisition of two businesses expanding customer experience operations into Morocco and South Africa for **$2 million**, with no goodwill recognized[63](index=63&type=chunk) [12. Provisions](index=18&type=section&id=12.%20Provisions) Total provisions significantly increased from $3 million at January 1, 2023, to $212 million at September 30, 2023, primarily due to a $194 million provision for written put options related to the WillowTree acquisition Provisions (millions USD) | Provisions (millions USD) | Jan 1, 2023 | Sep 30, 2023 | | :------------------------ | :---------- | :----------- | | Total Provisions | $3 | $212 | | Additions | - | $209 | | Written put options | - | $204 | - A **$194 million** provision for written put options was established in connection with the WillowTree acquisition to acquire the non-controlling interest, measured at the present value of estimated redemption amounts[69](index=69&type=chunk) [13. Long-term debt](index=18&type=section&id=13.%20Long-term%20debt) This note details the company's long-term debt, including the amended and expanded credit facility used to fund the WillowTree acquisition, and provides a schedule of contractual maturities [13.(a) Credit facility](index=18&type=section&id=13.(a)%20Credit%20facility) The credit facility was amended and expanded to $2.0 billion on January 3, 2023, to partially fund the WillowTree acquisition, with the company in compliance with all financial covenants - Amended and expanded credit facility to **$2.0 billion** (comprising **$800 million** revolving and **$1.2 billion** term loan) on January 3, 2023, to partially fund the WillowTree acquisition[71](index=71&type=chunk) Credit Facility (millions USD) | Credit Facility (millions USD) | Sep 30, 2023 | Dec 31, 2022 | | :----------------------------- | :----------- | :----------- | | Total Outstanding | $1,535 | $742 | | Effective Interest Rate | 7.42% | 6.67% | - The company was in compliance with all financial covenants, including Net Debt to EBITDA ratio (max **4.25:1.00** for 2023) and EBITDA to Debt Service ratio (min **1.50:1.00**)[74](index=74&type=chunk)[75](index=75&type=chunk) [13.(b) Long-term debt maturities](index=19&type=section&id=13.(b)%20Long-term%20debt%20maturities) The schedule of undiscounted contractual maturities for long-term debt and leases indicates significant obligations extending to 2028 and thereafter Long-term Debt Maturities (millions USD) | Fiscal Year Ending Dec 31 | Long-term debt, excluding leases (millions USD) | Leases (millions USD) | Total (millions USD) | | :------------------------ | :-------------------------------------------- | :-------------------- | :------------------- | | 2023 (remainder) | $15 | $11 | $30 |\ | 2024 | $60 | $41 | $117 |\ | 2025 | $60 | $31 | $109 |\ | 2026 | $60 | $26 | $105 |\ | 2027 | $60 | $24 | $90 |\ | 2028 and thereafter | $1,280 | $45 | $1,353 |\ | **Undiscounted contractual maturities** | **$1,988** | **$255** | **$2,343** | [14. Share capital](index=20&type=section&id=14.%20Share%20capital) Share capital includes 200 million multiple voting shares and 74 million subordinate voting shares outstanding as of September 30, 2023, with additional shares reserved for compensation plans Share Capital (millions) | Share Capital (millions) | Sep 30, 2023 | Dec 31, 2022 | | :----------------------- | :----------- | :----------- | | Multiple Voting Shares | 200 | 200 | | Subordinate Voting Shares| 74 | 67 | - **17 million** authorized but unissued subordinate voting shares are reserved for share-based compensation plans, and **5 million** for the employee share purchase plan[77](index=77&type=chunk) [15. Contingent liabilities](index=20&type=section&id=15.%20Contingent%20liabilities) The company provides indemnification in certain transactions and is party to various legal proceedings, with inherently uncertain outcomes that could adversely affect financial condition - Provides indemnification in conjunction with certain transactions, with no maximum limit in some cases, but historically has not made significant payments. No liability recorded as of September 30, 2023[78](index=78&type=chunk) - Party to various legal proceedings and claims in the ordinary course of business, with inherently uncertain outcomes that could adversely affect operations and financial condition if resolved against the company for amounts exceeding estimates[79](index=79&type=chunk) [15.(a) Indemnification obligations](index=20&type=section&id=15.(a)%20Indemnification%20obligations) The company provides indemnification in conjunction with certain transactions, with no maximum limit on some obligations, but historically has not made significant payments - The company provides indemnification in conjunction with certain transactions, with no maximum limit on some obligations, but historically has not made significant payments[78](index=78&type=chunk) [15.(b) Claims and lawsuits](index=20&type=section&id=15.(b)%20Claims%20and%20lawsuits) The company is party to various legal proceedings and claims in the ordinary course of business, with inherently uncertain outcomes that could adversely affect financial condition - The company is party to various legal proceedings and claims in the ordinary course of business, with inherently uncertain outcomes that could adversely affect financial condition[79](index=79&type=chunk) [Other](index=20&type=section&id=Other) This section details related party transactions, including those with TELUS Corporation and key management personnel, and provides additional financial information on customer revenue concentration and cash flow components [16. Related party transactions](index=20&type=section&id=16.%20Related%20party%20transactions) This note details transactions with TELUS Corporation subsidiaries, BPEA EQT, and key management personnel, including revenues, purchases, and share-based compensation expenses [16.(a) Transactions with TELUS Corporation](index=20&type=section&id=16.(a)%20Transactions%20with%20TELUS%20Corporation) Revenues from services provided to TELUS Corporation subsidiaries increased, while goods and services purchased decreased, resulting in a net change in balance due to affiliated companies Transactions with TELUS Corporation Subsidiaries (millions USD) | Transactions with TELUS Corporation Subsidiaries (millions USD) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :------------------------------------------------------------ | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Revenues from services provided to | $133 | $108 | $394 | $302 | | Goods and services purchased from | $(6) | $(8) | $(17) | $(20) | | Net change in balance | $(76) | $8 | $(84) | $(13) | | Due to affiliated companies (end of period) | $150 | $81 | $150 | $81 | [16.(b) Transactions with BPEA EQT](index=22&type=section&id=16.(b)%20Transactions%20with%20BPEA%20EQT) There were no balances or recurring transactions with BPEA EQT, and the shareholders' agreement was amended to remove BPEA's rights regarding director nomination - No balances due to or from, or recurring transactions with BPEA EQT during the three- and nine-month periods ended September 30, 2023 and 2022[84](index=84&type=chunk) - Amended shareholders' agreement on March 9, 2023, to eliminate initial post-IPO transition requirements and remove BPEA's rights regarding director nomination and observer appointments[83](index=83&type=chunk) [16.(c) Transactions with key management personnel](index=22&type=section&id=16.(c)%20Transactions%20with%20key%20management%20personnel) Share-based compensation expense for key management personnel was $1 million for the three months and $12 million for the nine months ended September 30, 2023 Share-based Compensation Expense (millions USD) | Share-based Compensation Expense (millions USD) | 3 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2023 | | :---------------------------------------------- | :-------------------------- | :-------------------------- | | Key Management Personnel | $1 | $12 | [17. Additional financial information](index=22&type=section&id=17.%20Additional%20financial%20information) This note provides further details on customer revenue concentration, accounts payable and accrued liabilities, non-cash operating working capital, and changes in financing liabilities [17.(a) Statements of income and other comprehensive income](index=22&type=section&id=17.(a)%20Statements%20of%20income%20and%20other%20comprehensive%20income) This section highlights major customer revenue concentration, with TELUS Corporation, Google, and a leading social media company being significant contributors Major Customer Revenue Concentration (9 Months Ended Sep 30, 2023) | Major Customer Revenue Concentration (9 Months Ended Sep 30, 2023) | % of Consolidated Revenue | | :--------------------------------------------------------------- | :------------------------ | | TELUS Corporation | 19.6% | | Google | 12.5% | | Leading social media company | 11.8% | [17.(b) Statements of financial position](index=22&type=section&id=17.(b)%20Statements%20of%20financial%20position) Accounts payable and accrued liabilities increased from $289 million at December 31, 2022, to $301 million at September 30, 2023, driven by accrued liabilities and payroll Accounts Payable & Accrued Liabilities (millions USD) | Accounts Payable & Accrued Liabilities (millions USD) | Sep 30, 2023 | Dec 31, 2022 | | :---------------------------------------------------- | :----------- | :----------- | | Trade accounts payable | $38 | $39 | | Accrued liabilities | $113 | $110 | | Payroll and other employee-related liabilities | $135 | $129 | | Total | $301 | $289 | [17.(c) Statements of cash flows—operating activities and investing activities](index=23&type=section&id=17.(c)%20Statements%20of%20cash%20flows%E2%80%94operating%20activities%20and%20investing%20activities) This section details the net change in non-cash operating working capital and cash payments for capital assets, providing insights into cash flow components Net Change in Non-Cash Operating Working Capital (millions USD) | Net Change in Non-Cash Operating Working Capital (millions USD) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :------------------------------------------------------------ | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Accounts receivable | $(15) | $(2) | $(9) | $(30) | | Due to and from affiliated companies, net | $76 | $0 | $84 | $21 | | Total | $66 | $17 | $37 | $(19) | Cash Payments for Capital Assets (millions USD) | Cash Payments for Capital Assets (millions USD) | 3 Months Ended Sep 30, 2023 | 3 Months Ended Sep 30, 2022 | 9 Months Ended Sep 30, 2023 | 9 Months Ended Sep 30, 2022 | | :---------------------------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | :-------------------------- | | Property, plant and equipment | $(23) | $(24) | $(57) | $(71) | | Intangible assets | $(3) | $(2) | $(9) | $(9) | | Total | $(20) | $(26) | $(58) | $(76) | [17.(d) Changes in liabilities arising from financing activities](index=23&type=section&id=17.(d)%20Changes%20in%20liabilities%20arising%20from%20financing%20activities) Long-term debt increased from $964 million at the beginning of 2023 to $1,792 million by September 30, 2023, primarily due to credit facility issuances Changes in Long-term Debt (millions USD) | Changes in Long-term Debt (millions USD) | Beginning of Period (Jan 1, 2023) | Issued or received | Repayments or payments | End of Period (Sep 30, 2023) | | :--------------------------------------- | :-------------------------------- | :----------------- | :--------------------- | :--------------------------- | | Credit facility | $742 | $1,076 | $(283) | $1,535 | | Lease liabilities | $236 | $0 | $(63) | $269 | | Total Long-term Debt | $964 | $1,076 | $(435) | $1,792 |