TELUS International (Cda) Inc. (TIXT): Business Model Canvas [Dec-2025 Updated]

You're looking at a company making a serious pivot, and as an analyst who's seen a few cycles, I can tell you the details matter. TELUS International (Cda) Inc. is shifting from traditional BPO (Business Process Outsourcing) to become a key AI-fueled digital partner, and their 2025 targets show this focus: they are actively targeting $50 million in efficiencies while projecting an Adjusted EBITDA of about $400 million for the full year, even while planning capital expenditures around $67 million in 2025 for tech builds. This canvas breaks down exactly how they plan to blend human empathy with LLM data annotation to hit those numbers; stick around to see the nine blocks that define their strategy.

TELUS International (Cda) Inc. (TIXT) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that keep TELUS International (Cda) Inc. (TIXT) running smoothly, the ones that provide stability and open new doors for their digital services.

TELUS Corporation as a stable anchor client

The relationship with TELUS Corporation, the controlling shareholder, provides a definite level of insulation and stability for TELUS International (Cda) Inc. (TIXT) in the current environment. For instance, in the first quarter of 2025, TELUS Corporation reported consolidated operating revenues and other income of $5.1 billion. The external revenues for TELUS Digital, the segment involved in many of these partnerships, showed growth in Q1 2025 and Q3 2025. While the specific figure of 26% of YTD revenue is not confirmed in the latest reports, the anchor status is a key structural element.

Strategic alliances with tech firms like Zendesk and Adobe

TELUS International (Cda) Inc. (TIXT) has deepened its technology integrations through key alliances. The collaboration with Zendesk, announced in April 2025, focuses on integrating CRM and CCaaS (Contact Center as a Service) solutions, powered by TELUS Digital's generative AI platform, Fuel iX™. This move immediately grants access to Zendesk's platform, which powers billions of customer conversations. In turn, Zendesk integrates TELUS Digital's talent, providing access to a global network of 78,000 team members across 31 countries. The alliance with Adobe is part of the broader strategy to fuse people and technology for enterprise and mid-market clients.

Partnership with Sumsub for identity verification and fraud prevention

The expanded partnership with Sumsub, announced in May 2025, targets trust and safety solutions, including Know Your Customer (KYC) and anti-fraud tools. TELUS Digital has been using Sumsub's platform since 2024 to securely onboard its global AI community performing remote tasks. This capability is now available to clients in regulated industries like banking, financial services, insurance, and telecom. The urgency is clear: global demand for these digital identity tools is surging, driven by fraud instances that grew from 1.1% to 2.6% between 2021 and 2024.

ShiftMed collaboration for specialized healthcare staffing solutions

A strategic partnership with ShiftMed was announced in August 2025, combining ShiftMed's AI-powered workforce platform with TELUS Digital's custom integration expertise to help health systems improve margins. This aims to streamline staffing operations for complex healthcare organizations. ShiftMed's platform has access to over 450,000 credentialed healthcare professionals. The company claims its clients spend 6% less on labor compared to the average health system.

Global network of technology vendors and integrators

The operational model relies on a broad ecosystem to deliver end-to-end digital solutions. This involves integrating various platforms to offer scalable, cloud-based CX solutions. The company leverages its proprietary platform, Fuel iX™, for clients to manage and maintain generative AI across the enterprise, offering both standardized capabilities and custom development tools.

Here's a quick look at the scale of some of these key technology integrations:

Partner	Key Technology/Service Area	Metric/Scale Point
TELUS Corporation	Anchor Client Stability	Q1 2025 Consolidated Operating Revenues: $5.1 billion
Zendesk	CRM and CCaaS Integration	Access to 78,000 team members across 31 countries via talent integration
Sumsub	Identity Verification/Fraud Prevention	Fraud instances grew from 1.1% to 2.6% (2021-2024) driving demand
ShiftMed	Healthcare Workforce Management	Access to over 450,000 credentialed healthcare professionals

The ability to fuse expert human talent with advanced, AI-powered technologies is central to addressing complex digital threats and compliance needs.

• Fuel iX™ is TELUS Digital's proprietary platform for generative AI management.
• The Zendesk collaboration focuses on voice, chat, messaging, and AI-powered support.
• ShiftMed partnership aims to reduce contract spend and optimize labor for health systems.
• The Sumsub integration supports KYC, KYB, and anti-fraud tools for critical industries.

Finance: review Q3 2025 revenue breakdown to better estimate the TELUS Corporation contribution by next week.

TELUS International (Cda) Inc. (TIXT) - Canvas Business Model: Key Activities

The Key Activities for TELUS International (Cda) Inc. (TIXT) as of late 2025 center on delivering digital customer experience and technology solutions globally.

Overall, TELUS International (Cda) Inc. (TIXT) reported revenue of $699.00M for the quarter ending June 30, 2025, bringing the trailing twelve months (TTM) revenue to $2.72B, reflecting a 2.03% year-over-year growth. Full-year 2025 revenue estimates stood at $3.74 billion.

AI and Large Language Model (LLM) data annotation services

This activity involves curating and validating data for AI model training, shifting towards expert-validated datasets.

• TELUS Digital (part of TELUS International) reported revenue of $670 million in the first quarter of 2025.
• The parent company, TELUS, projects its AI-enabling capabilities revenue to grow from approximately $800 million in 2025 to $2 billion by 2028.
• The AI Data Solutions segment has an estimated annual revenue of $508.7M per year.
• The segment grew its employee count by 29% last year.

Digital transformation and IT consulting for clients

This involves crafting future-focused digital transformations for clients across various industries.

The TELUS Digital segment, which encompasses these services, saw its Adjusted EBITDA Margin at 13.4% in the first quarter of 2025.

Metric	Value	Period/Context
Q1 2025 Revenue (TELUS Digital)	$670 million	Q1 2025
Q1 2025 Adjusted EBITDA Margin	13.4%	Q1 2025
Estimated Revenue per Employee (AI Data Solutions)	$203,000	Current Estimate

Global omnichannel customer experience (CX) delivery

Delivering customer experience solutions across multiple channels remains a core function.

The company focuses on enhancing customer interactions through its global delivery capabilities.

• The TELUS Digital segment experienced an unfavorable foreign currency impact of approximately 1% in Q1 2025 compared to the prior year due to the strengthening U.S. dollar against the euro.
• TELUS Digital's capital expenditures were $43 million in Q2 2025, an increase of $3 million, driven by increased investments in site builds in Asia-Pacific and Europe regions.

Content moderation and end-to-end Trust & Safety services

This activity is integrated within the broader data and AI solutions, ensuring data quality and safety.

A survey indicated that 65% of respondents believe the exclusion of high-quality, verified content can lead to inaccurate or biased large language model responses, underscoring the need for Trust & Safety services.

Cost optimization programs targeting $50 million in 2025 efficiencies

Efficiency drives are ongoing, often realized through integration synergies and operational improvements.

While the specific $50 million target for TELUS International (Cda) Inc. (TIXT) is not directly confirmed in the latest reports, the parent company, TELUS, reported significant synergy realization from the LifeWorks integration.

• TELUS reported $417 million in combined annualized synergies from the LifeWorks integration as of Q3 2025.
• TELUS is on pace to achieve a $427 million synergy target by the end of 2025.
• TTech Adjusted EBITDA growth was 3 per cent in Q3 2025, demonstrating a focus on cost efficiency benefits.

Finance: review Q3 2025 SG&A as a percentage of revenue against the 2024 actual by Monday.

TELUS International (Cda) Inc. (TIXT) - Canvas Business Model: Key Resources

You're looking at the core assets that power TELUS International (Cda) Inc. (TIXT) right now, late in 2025. These aren't just line items; they are the engine room for their global service delivery and AI ambitions.

The human capital is massive and geographically diverse. This scale is a key differentiator, especially when handling complex, multilingual customer interactions and data annotation projects. You can see the sheer scale in the numbers:

• Team Size: 78,879 employees as of December 31, 2024.
• Global Footprint: Operations spanning over 30+ Countries.
• Delivery Centers: 65+ Global delivery centers & digital studios.

The AI Community is a distinct, critical resource, providing the necessary human intelligence layer for machine learning models. This community is a massive, on-demand workforce for data enrichment:

• AI Community Size: Over 1 million+ contributors globally.
• Data Scope: Handling data in over 500+ annotation languages & dialects.

The proprietary technology stack, particularly the platform for intelligent CX (Customer Experience), is central to their offering. The internal development and subsequent commercialization of this platform show a commitment to owning the AI enablement layer:

The Fuel iX platform is an enterprise-grade generative AI ecosystem. As of late 2025, its internal adoption within the broader TELUS organization is significant, demonstrating real-world use cases:

Fuel iX Metric	Data Point
Team Members Using Fuel iX (TELUS)	70,000 as of November 2025
Custom Copilots Created to Date	Over 21,000
Generative AI Applications in Production (at TELUS)	25

Financially, the scale of the business is reflected in its top-line performance. This figure represents the Trailing Twelve Month (TTM) revenue base, which is the most current indicator of the company's revenue-generating capacity:

Trailing Twelve Month (TTM) Revenue Base (2025): $2.71 Billion USD.

Finally, the depth of knowledge across various sectors ensures they can apply their services effectively. This expertise is built from years of client work across complex industries:

• Expertise Domains: Over 20+ Domains of expertise, including STEM, law, medicine, and finance.
• Client Verticals: Serving clients in Tech and Games, eCommerce and FinTech, Banking, Financial Services and Insurance, Communications and Media, and Healthcare.

TELUS International (Cda) Inc. (TIXT) - Canvas Business Model: Value Propositions

You're looking at the core value TELUS International (Cda) Inc. (TIXT) delivered to its clients before its October 31, 2025, delisting. The value proposition centered on blending human interaction with technology to manage complex digital customer journeys.

Blending human empathy with AI to transform digital customer experience

TELUS International (Cda) Inc. positioned its offering as a combination of human expertise and artificial intelligence to overhaul how clients interact with their customers. The company's revenue for the trailing twelve months (TTM) ending in 2025 was reported at $2.71 Billion USD. For the full year 2025, management continued to expect organic revenue growth of approximately 2% for its digital experience segment. The current Free Cash Flow for TELUS International (Cda) Inc. as of October 2025 stood at $294.8 million.

Metric	Value (as of late 2025)	Unit
Revenue (TTM 2025)	2.71	Billion USD
Revenue (FY 2024)	2.65	Billion USD
Free Cash Flow (Current)	294.8	Million USD
Market Capitalization (Oct 2025)	1,201	Million USD
Price-to-Sales (P/S) Ratio (Oct 2025)	0.46	x

End-to-end Trust, Safety, and Security solutions for digital platforms

This value stream focused on protecting customers and brands through intelligent detection and compliance capabilities. Research commissioned by the related TELUS Digital Experience segment in Q1 2025 showed strong upward trends in planned investment increases by enterprise customer experience decision-makers over the next 12 months in these areas:

• ID verification: 68% planned increase.
• Fraud detection: 66% planned increase.
• Know Your Customer (KYC) processes: 60% planned increase.
• Content moderation: 48% planned increase.

Key challenges cited by these leaders in maintaining a secure digital environment included compliance with government/industry regulations at 44%.

Scalable, global, and multilingual delivery model

While specific employee or language counts for TELUS International (Cda) Inc. alone weren't isolated in the Q3 2025 TELUS Corporation reports, the broader TELUS Health segment, which utilizes global platforms, reported covering over 160 million lives worldwide as of Q3 2025. The company's ability to scale is evidenced by the fact that the LifeWorks integration alone delivered $417 million in combined annualized synergies as of Q3 2025, with cost efficiencies contributing $329 million of that total.

Specialized digital solutions for complex enterprise IT needs

The offering included AI & Data Solutions, such as computer vision, and digital solutions like award-winning design and full-stack engineering for market-leading apps and websites. The company's proprietary platform, Fuel iX™, was highlighted as providing tools to scale generative AI reliably and securely.

Partnering with clients to drive cost reduction and efficiency

Cost optimization was a clear deliverable. For the TELUS Health segment, cost reduction efforts, driven by digital transformation programs, contributed to an Adjusted EBITDA increase of 24% in Q3 2025. Furthermore, the privatization of TELUS Digital (a related entity) was expected to generate approximately $150 million in annualized cash synergies by the end of 2026 through operational efficiencies.

The stock for TELUS International (Cda) Inc. was last traded on October 30, 2025, before its delisting on October 31, 2025, at a price of $4.31.

TELUS International (Cda) Inc. (TIXT) - Canvas Business Model: Customer Relationships

You're looking at how TELUS International (Cda) Inc. manages its client base as it moves fully private under its parent company in late 2025. The relationship structure is built around deep integration and strategic partnership, moving beyond transactional service delivery.

Dedicated strategic client teams for co-development

The operational model emphasizes embedding teams to work directly on client roadmaps. This is validated by the revenue growth seen in early 2025, where growth in services provided to existing clients was a primary driver. For instance, in the first quarter of 2025, revenue of $670 million was reported, with growth attributed in part to existing relationships, including the parent company and a leading social media client.

High-touch, consultative model for digital transformation projects

The approach centers on translating client business visions into actionable technology strategies. This consultative layer is key to securing and expanding work, especially in areas like automation and cost efficiency needs that clients are actively addressing. The market context suggests this high-touch approach is necessary, with general industry data showing that 76% of CX leaders plan to partner with external providers for Generative AI implementation.

Focus on being an 'AI-fueled CX partner of choice'

The stated core purpose of TELUS International (Cda) Inc. is to blend technology and human empathy to achieve this positioning. This focus is intended to drive future growth, especially as clients navigate complex business challenges. The company is projecting an Adjusted EBITDA of approximately $400 million for the 2025 fiscal year, reflecting the expected profitability from these high-value engagements.

Long-term contracts with anchor clients for stability

Stability is derived from deep, long-standing relationships. The relationship with TELUS Corporation, now the sole owner following the privatization completion in the fourth quarter of 2025, represents the ultimate anchor. This structure is designed to provide insulation and stability in the current environment. The Trailing Twelve Months (TTM) revenue ending June 30, 2025, stood at $2.72 Billion USD, illustrating the scale supported by these anchor relationships.

Proactive account management to expand service lines

The strategy involves expanding services offered to existing clients. This is a direct contributor to revenue performance. The move to take the company private is itself expected to generate approximately $150 million in annualized cash synergies by the end of 2026, partly through operational efficiencies that will support service expansion.

Key Financial Metrics Related to Client Engagement (as of mid-2025):

Metric	Value	Period/Date
Q1 2025 Revenue	$670 million USD	Three months ended March 31, 2025
TTM Revenue	$2.72 Billion USD	Twelve months ending June 30, 2025
Projected 2025 Adjusted EBITDA	Approximately $400 million USD	Fiscal Year 2025
Expected Annualized Synergies from Privatization	$150 million USD	By end of 2026

The growth in services for existing clients in Q1 2025 was a key factor, alongside new client additions. The company saw year-over-year revenue growth in Digital Solutions, which is the segment housing these CX and transformation services.

• Growth in services provided to existing clients was a primary Q1 2025 revenue driver.
• The relationship with the parent company is a key source of stability.
• The Q1 2025 revenue increase included a favorable foreign currency impact of approximately 1%.
• Growth was seen among the majority of the top five largest clients sequentially and year-over-year in Q1 2025.
• The company is focused on expanding services offered to existing clients as a growth strategy.

Finance: draft 13-week cash view by Friday.

TELUS International (Cda) Inc. (TIXT) - Canvas Business Model: Channels

You're looking at how TELUS International (Cda) Inc. gets its services-the digital transformation, AI work, and customer experience solutions-to its global client base as of late 2025. The channel strategy is a mix of physical presence and digital enablement, which makes sense given their dual focus on people and technology.

Physical and Geographic Reach

The physical delivery network remains a core channel for service execution. As of the May 2025 investor update, TELUS International operates a global network of 64 delivery locations across five continents. This network employs over 78,000 team members globally as of June 30, 2025. The distribution of these centers shows a concentration in key regions:

Geographic Region	Delivery Center Presence (Approximate Share)
Europe	30%
Asia Pacific	28%
Central America	23%

The company also operates in 32 countries. This physical footprint supports service delivery in over 50 CX languages and 500+ data annotation languages and dialects.

Client Concentration and Sales Structure

The sales and business development channel is heavily weighted toward North America. The North American client base accounts for 88% of revenue. To be fair, the parent company, TELUS Corporation, remains a significant anchor client, representing 26% of year-to-date revenues in Q2 2025. The sales motion is driven by direct sales force and business development teams, which are currently challenged by demand, frankly. For instance, in Q2 2025, the biggest challenge on the Digital Solutions side was hiring fast enough to keep up with the pipeline increase.

The structure now flows directly from the parent company following the privatization on October 31, 2025. The leadership driving this includes Jason Macdonnell, Acting CEO, COO and President of Customer Experience, and Tobias Dengel, President of Digital Solutions.

Here's a quick look at the revenue concentration from the largest clients as of Q2 2025:

• Top 10 clients revenue grew 10% year-over-year.
• TELUS (parent company) revenue grew 12% year-over-year.
• Clients 2 to 10 revenue grew 8% in the second quarter.

Digital Platforms and Partner Ecosystem

Digital platforms act as a crucial channel for service delivery and client interaction. The technology capabilities are anchored by the Fuel iX platform, which fuses enterprise technology with specialized applications for intelligent customer experiences. Post-privatization, the focus is on accelerating the integration of AI-driven platforms and SaaS innovation.

The go-to-market strategy is heavily supported by strategic collaborations with technology partners, which helps drive client acquisition and service expansion. You can see this in the recent activity:

• April 2025: Announced a new strategic collaboration with Zendesk.
• May 2025: Announced the acquisition of Gerent, a Salesforce-focused consultancy.
• May 2025: Announced a partnership with Tastewise to integrate into Sales Enablement software.

These partnerships help position TELUS International as a strategic partner for clients needing to innovate customer journeys. The Digital Solutions revenues saw year-over-year growth in Q1 2025, partly due to this positioning.

TELUS International (Cda) Inc. (TIXT) - Canvas Business Model: Customer Segments

You're looking at the core client base for TELUS International (Cda) Inc. (TIXT) as of late 2025, based on the first quarter performance. The total external revenue for TELUS International (Cda) Inc. in Q1 2025 was $670 million. This segment focus shows where the company drives its service delivery, which includes high-touch customer experience management and digital solutions.

The customer segments are clearly delineated by industry vertical, with a few key areas driving the majority of the business:

• Technology & Games vertical: This segment accounted for 42% of Q1 2025 revenue for TELUS International (Cda) Inc.
• Communications & Media vertical: This segment represented 26% of Q1 2025 revenue.
• Financial Services, including banks and FinTech
• Healthcare providers and life sciences companies
• Global, disruptive brands undergoing digital transformation

To give you a clearer picture of the momentum within these areas, here's a look at the reported year-over-year revenue growth rates for some of these verticals in Q1 2025:

Vertical Segment	Q1 2025 Revenue Growth (Year-over-Year)	Key Driver/Note
Banking, Financial Services, and Insurance (BFSI)	11%	Driven by Canadian-based banks and regional financial services firms in North America.
Communication and Media	8% increase	Reported revenue increase.
Healthcare	2% increase	Reported revenue increase.

The Financial Services segment, which includes banks and FinTech companies, saw notable growth, specifically an 11% revenue increase year-over-year in Q1 2025. This growth was supported by activity from Canadian-based banks and smaller regional financial services firms operating in North America.

For the Healthcare providers and life sciences companies segment, TELUS International (Cda) Inc. reported a 2% revenue increase in Q1 2025. Furthermore, the broader TELUS Health business (which informs this segment) saw global lives covered increase by 7% year-over-year, reaching 76.5 million lives as of the end of Q1 2025.

The final category, Global, disruptive brands undergoing digital transformation, is often captured within the Technology & Games vertical, which is the largest revenue contributor at 42%. Growth in the overall business was also seen with existing clients, including a leading social media network, particularly in AI and data solutions. The company is actively securing new clients across various geographies and industry verticals to enhance its diversification strategy.

Finance: draft 13-week cash view by Friday.

TELUS International (Cda) Inc. (TIXT) - Canvas Business Model: Cost Structure

You're looking at the cost side of the equation for TELUS International (Cda) Inc. (TIXT) as of late 2025. The structure is heavily weighted toward human capital, which is typical for a global digital customer experience provider, but the push into AI is clearly shifting some of that spend.

Predominantly variable costs from salaries and benefits for global team

The largest component of the cost base remains the global team, which translates directly into variable costs tied to service delivery volume. You saw this pressure acutely in the third quarter of 2025, where the Adjusted EBITDA for the TELUS Digital segment saw a decrease of 37 per cent year-over-year, with management explicitly citing an increase in salaries and benefits outpacing revenue growth. This suggests that while headcount is necessary for scale, the cost per employee is rising faster than the rates charged to clients in that specific segment for Q3 2025. For the first quarter of 2025, the Adjusted EBITDA of $90 million was also primarily impacted by increases in salaries and benefits.

The cost structure is characterized by these key variable expense drivers:

• Salaries and benefits for the global delivery workforce.
• Goods and services purchased, which also increased in Q1 and Q3 2025.
• Share-based compensation, which was higher in Q1 2025.

Significant investment in high-priced digital and AI talent

The strategic pivot toward AI capabilities requires attracting and retaining specialized, high-cost talent, which sits on top of the general workforce costs. TELUS is actively scaling a sovereign AI platform, partnered with NVIDIA, which is a clear indicator of where premium compensation dollars are flowing. The AI-enabling capabilities across TELUS are projected to generate approximately CAD 800 million in external client revenue in 2025. This revenue is expected to grow to approximately CAD 2 billion by 2028, implying sustained, high-cost investment in the underlying AI talent and development through that period.

Operating expenses for global delivery infrastructure

Beyond direct salaries, the operating expenses supporting the global footprint are substantial. These cover the necessary overhead for a worldwide service delivery model. For instance, in Q2 2025, TELUS Digital reported that increases in operating expenses outpaced revenue growth, contributing to a net loss. This category includes costs like cloud usage, software licenses, and general administrative costs necessary to support the global operations.

Capital expenditures for technology and site builds

Capital expenditures (CapEx) are necessary to build out the physical and digital infrastructure that underpins the service delivery. While the consolidated TELUS 2025 CapEx target (excluding real estate) was set at approximately $2.5 billion, the specific technology and site build costs for TELUS International are reflected in the TELUS Digital segment's CapEx. In the third quarter of 2025, TELUS Digital capital expenditures increased by $12 million, driven by higher investments in site builds across Asia-Pacific and Europe, as well as investments in the Digital Solutions service line. In the first quarter of 2025, CapEx for TELUS Digital was driven by the build out of facilities in Asia, Africa and Europe for strategic capacity expansion and AI platform development.

Here's a look at the recent CapEx activity for the relevant segment:

Period End Date	Segment	CapEx Change (QoQ/YoY)	Primary Driver
Q3 2025	TELUS Digital	Increased by $12 million	Site builds in Asia-Pacific and Europe
Q1 2025	TELUS Digital	Increased	Build out of facilities in Asia, Africa and Europe for capacity and AI platforms

Costs associated with integrating acquired specialized capabilities

Growth through acquisition introduces integration costs and the ongoing amortization/impairment of those acquisitions. TELUS International benefits from the integration of specialized capabilities, notably within the broader TELUS Health ecosystem, which has seen significant M&A activity, such as the acquisition of Workplace Options in May 2025. The integration of LifeWorks, a major component of the health segment, has delivered substantial cost efficiencies. As of the third quarter of 2025, annualized synergies from LifeWorks reached $417 million, with $329 million coming from cost efficiencies, keeping the company on pace to meet its year-end 2025 goal of $427 million. The privatization of TELUS Digital was completed on October 31, 2025, for about US$539 million, which will result in future annualized synergies expected to be between CAD 150-200 million.

These integration efforts involve direct costs and the realization of expected synergies, which offset operating costs:

• LifeWorks cost synergies realized as of Q3 2025: $329 million (annualized).
• Projected annualized synergies from TELUS Digital privatization: CAD 150-200 million.
• Acquisition of Workplace Options completed in May 2025.

Finance: draft 13-week cash view by Friday.

TELUS International (Cda) Inc. (TIXT) - Canvas Business Model: Revenue Streams

You're looking at how TELUS International (Cda) Inc. (TIXT) brings in its money as of late 2025. The revenue picture is a mix of established services and high-growth areas, with management reiterating a full-year 2025 organic revenue growth expectation of approximately 2%.

The core of the business still relies heavily on its foundational service lines, though the AI segment is clearly the near-term growth engine management is focused on.

Here's a look at the key components driving the top line, based on the latest reported figures from mid-2025:

• Customer Experience (CX) and Trust & Safety services remain a significant revenue driver, with the parent company, TELUS, contributing 26% of year-to-date revenues as of Q2 2025.
• Digital Solutions and IT lifecycle services continue to see robust demand, especially for cost optimization and automation efficiencies.
• High-growth AI and Data Solutions, including large language model (LLM) data annotation work, are expanding across key clients.
• Project-based consulting fees for digital transformation are part of the mix, supporting the Digital Solutions segment.

To give you a concrete sense of scale, here are some of the latest financial figures we have:

Metric	Amount/Figure	Period/Context
Quarterly Revenue	$699 million	Q2 2025
Year-over-Year Revenue Growth	7%	Q2 2025 (Reported Basis)
Revenue from TELUS (Parent Co.)	26%	Year-to-Date 2025
Full-Year 2025 Adjusted EBITDA Projection	Approximately $400 million	Full Year 2025 Outlook
Projected AI-enabling Capabilities Revenue	Approximately $800 million	Full Year 2025

The focus on AI is clear when you look at the longer-term projections; management is projecting that AI-enabling capabilities revenue will grow from approximately $800 million in 2025 to $2 billion by 2028. That's a compound annual growth rate exceeding 30%. Anyway, the near-term stability comes from the established CX work, especially with the relationship with TELUS Corporation.

The revenue breakdown by service line is evolving, with growth seen across the board in Q2 2025:

• Revenue from AI & Data Solutions showed growth, particularly from the LLM work stream.
• Digital Solutions revenue increased year-over-year in Q2 2025, driven by existing clients.
• The Tech & Games vertical, the largest in absolute dollar contribution, saw revenue increase 11% in Q1 2025.

Finance: draft 13-week cash view by Friday.