TELUS CEO Darren Entwistle demonstrates strong confidence in Company’s future with significant share purchases
VANCOUVER, British Columbia, Nov. 06, 2023 (GLOBE NEWSWIRE) -- TELUS President and CEO Darren Entwistle has reaffirmed his commitment to TELUS’ success by making significant share purchases this year. Since the beginning of the year through October 2023, he purchased 395,843 common shares for an aggregate purchase cost of approximately $10 million. Darren now holds a total of 800,000+ TELUS common shares.
Investing significantly in TELUS shares is consistent with Darren’s past practice of aligning his interests with those of TELUS' close to 1.2 million shareholders. Moreover, it demonstrates his continued strong confidence in the Company's strategy and global industry-best differentiated growth profile buttressed by strong operating momentum across its telecom business, and further supported through its investments in TELUS International, TELUS Health and TELUS Agriculture & Consumer Goods. Further reflecting Darren’s firm belief in the financial and operational health of the TELUS organization, enabled through the skill of the TELUS team, Darren took his salary in shares for six consecutive years from 2009 through 2015.
TELUS released its third quarter operational and financial results on November 3, 2023, showcasing the Company's continued strong performance including in its core telecom business. The results highlighted TELUS' globally leading broadband networks and customer-centric culture, which contributed to its best third quarter on record for customer growth. This growth was driven by the strong demand for TELUS' leading portfolio across Mobility and Fixed services. The Company's strong financial position, supported by a robust balance sheet, was further strengthened by significant cost efficiency efforts. These efforts aimed to drive EBITDA expansion, margin accretion, and accelerated cash flow growth. As a result, TELUS demonstrated its ability to deliver on its leading dividend growth program, which is now in its thirteenth year and has been extended through to the end of 2025. This extension reflects the confidence of Darren and the team’s ability to execute the Company's growth strategy on a global scale. Furthermore, TELUS' performance highlights its commitment to driving meaningful and sustainable free cash flow growth while unlocking transformational benefits for all stakeholders. Since 2004, TELUS has returned more than $24 billion to shareholders, including over $19 billion in dividends, representing approximately $17 per share overall.
The terms TELUS, the Company, we, us and our refer to TELUS Corporation and, where the context of the narrative permits or requires, its subsidiaries.
This news release contains statements about TELUS’ dividend growth program that may be considered forward-looking. Dividend decisions will continue to be subject to our Board’s assessment and the determination of our financial situation and outlook on a quarterly basis. There can be no assurance that we will maintain a dividend growth program through 2025 or beyond 2025. Readers are cautioned not to place undue reliance on forward-looking statements as a number of factors could cause actual results to differ materially from the forward-looking statements. These factors, and the assumptions on which the forward-looking statements are based, are described in detail in our 2022 Management's discussion and analysis (MD&A) and updated in our third quarter 2023 MD&A, and in other TELUS public disclosure documents and filings with securities commissions in Canada (on SEDAR+ at sedarplus.com) and in the United States (on EDGAR at sec.gov). Forward-looking statements are made pursuant to the “safe harbour” provisions of applicable securities laws in Canada and the United States Private Securities Litigation Reform Act of 1995. Except as required by law, TELUS disclaims any intention or obligation to update or revise forward-looking statements, and reserves the right to change, at any time at its sole discretion, its current practice of updating annual targets and guidance.
Non-GAAP and other specified financial measures
We have issued guidance on and report certain non-GAAP measures that are used to evaluate the performance of TELUS, as well as to determine compliance with debt covenants and to manage our capital structure. As non-GAAP measures generally do not have a standardized meaning, they may not be comparable to similar measures presented by other issuers. Securities regulations require such measures to be clearly defined, qualified and reconciled with their nearest GAAP measure. Certain of the metrics do not have generally accepted industry definitions. For disclosure regarding EBITDA (earnings before interest, income taxes, depreciation and amortization) and free cash flow, see Section 11 of our 2022 MD&A and in Section 11 of our third quarter 2023 MD&A, available on SEDAR+ at www.sedarplus.com and incorporated by reference in this news release.
TELUS (TSX: T, NYSE: TU) is a dynamic, world-leading communications technology company with more than $18 billion in annual revenue and over 18 million customer connections spanning wireless, data, IP, voice, television, entertainment, video, and security. Our social purpose is to leverage our global-leading technology and compassion to drive social change and enable remarkable human outcomes. Our longstanding commitment to putting our customers first fuels every aspect of our business, making us a distinct leader in customer service excellence and loyalty. The numerous, sustained accolades TELUS has earned over the years from independent, industry-leading network insight firms showcase the strength and speed of TELUS’ global-leading networks, reinforcing our commitment to provide Canadians with access to superior technology that connects us to the people, resources and information that make our lives better.
Operating in 32 countries around the world, TELUS International (TSX and NYSE: TIXT) is a leading digital customer experience innovator that designs, builds, and delivers next-generation solutions, including AI and content moderation, for global and disruptive brands across strategic industry verticals, including tech and games, communications and media, eCommerce and fintech, banking, financial services and insurance, healthcare, and others.
TELUS Health is a global healthcare leader, which provides employee and family primary and preventive healthcare and wellbeing solutions. Our TELUS team, along with our 100,000 health professionals, are leveraging the combination of TELUS’ strong digital and data analytics capabilities with our unsurpassed client service to dramatically improve remedial, preventive and mental health outcomes covering more than 69 million lives, and growing, around the world. As the largest provider of digital solutions and digital insights of its kind, TELUS Agriculture & Consumer Goods enables efficient and sustainable production from seed to store, helping improve the safety and quality of food and other goods in a way that is traceable to end consumers.
Driven by our determination and vision to connect all citizens for good, our deeply meaningful and enduring philosophy to give where we live has inspired TELUS and our team to contribute $1.6 billion, including 2.2 million days of service since 2000. This unprecedented generosity and unparalleled volunteerism have made TELUS the most giving company in the world. Together, let’s make the future friendly.
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