TELUS CEO Darren Entwistle announces purchase of additional TELUS shares

Rhea-AI Summary

On March 13, TELUS President and CEO Darren Entwistle purchased 150,400 common shares, increasing his total holdings to 556,904 shares. This investment aligns his interests with nearly 1.2 million shareholders and reflects his confidence in TELUS's growth strategy, particularly in telecommunications, TELUS International, TELUS Health, and TELUS Agriculture. TELUS reported strong fourth-quarter results, projecting revenue growth of up to 14% and EBITDA growth of 11% for 2023, alongside a near 60% increase in free cash flow, totaling approximately $2 billion. The company has sustained a dividend growth program for 13 years, yielding $18 billion since 2004.

Positive

• Darren Entwistle's purchase of 150,400 shares demonstrates strong management confidence.
• Projected revenue growth of up to 14% and EBITDA growth of 11% for 2023.
• Free cash flow expected to grow nearly 60%, reaching approximately $2 billion.
• Continued commitment to dividend growth program, yielding $18 billion since 2004.

Negative

• None.

VANCOUVER, British Columbia, March 20, 2023 (GLOBE NEWSWIRE) -- On March 13, TELUS President and CEO Darren Entwistle purchased 150,400 additional common shares and now holds a total of 556,904 TELUS common shares.

Investing significantly in TELUS shares is consistent with Mr. Entwistle's past practice, aligning his interests with those of TELUS' close to 1.2 million shareholders, including the many Canadians who count on their investment in TELUS to support their retirement income. Moreover, it demonstrates his continuing strong confidence in the Company's strategy and global industry-best growth profile, underpinned by strong operating momentum across its telecom business, bolstered by TELUS International, TELUS Health and TELUS Agriculture & Consumer Goods.

Reflecting Mr. Entwistle’s confidence in the financial and operational health of the TELUS organization, the consistent and long-term strategy it is delivering and the skill of the TELUS team, Darren took his salary in shares for six consecutive years from 2009 through 2015.

When TELUS released its distinctly positive fourth quarter financial results in February, Mr. Entwistle noted the Company's strong targeted revenue and EBITDA growth of up to 14 and 11 per cent respectively, and robust free cash flow growth of nearly 60 per cent, to approximately $2.0 billion, in 2023, will support the Company’s value creation, balance sheet strength and the continued progression of its leading multi-year dividend growth program, now in its thirteenth year, and extended last year through to the end of 2025. Since 2004, TELUS has yielded $18 billion in dividends and $16 per share overall.

Forward-looking statements

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’ financial targets and dividend growth program that are forward-looking. There is significant risk that forward-looking statements will not prove to be accurate. 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 news release dated February 9, 2023, in our Management's discussion and analysis for the year ended December 31, 2022, and in other TELUS public disclosure documents and filings with securities commissions in Canada (on SEDAR at sedar.com) and in the United States (on EDGAR at sec.gov). There can be no assurance that the Company will maintain its dividend growth model beyond 2025. 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. Disclosure regarding financial targets is presented for the purpose of assisting our investors and others in understanding certain key elements of our expected 2023 financial results as well as our objectives, strategic priorities and business outlook. Such information may not be appropriate for other purposes.

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 annual Management’s Discussion & Analysis for the year ended December 31, 2022, available on SEDAR at www.sedar.com and incorporated by reference in this news release.

About TELUS

TELUS (TSX: T, NYSE: TU) is a dynamic, world-leading communications technology company with more than $18 billion in annual revenue and 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 30 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 high-growth industry verticals, including tech and games, communications and media and eCommerce and fintech.

TELUS Health is a global healthcare leader, which provides employee and family preventative health care and wellness 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, preventative and mental health outcomes covering 68 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 $1.5 billion, including 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.

For more information about TELUS, please visit telus.com, follow us at @TELUSNews on Twitter and @Darren_Entwistle on Instagram.

For more information, please contact:

Steve Beisswanger
TELUS Media Relations
steve.beisswanger@telus.com

Robert Mitchell
TELUS Investor Relations
robert.mitchell2@telus.com

 

FAQ

What recent stock purchase did TELUS CEO make?

On March 13, TELUS CEO Darren Entwistle purchased 150,400 common shares.

What is TELUS's revenue growth projection for 2023?

TELUS projects revenue growth of up to 14% for 2023.

What is the expected increase in TELUS's free cash flow for 2023?

TELUS expects a nearly 60% increase in free cash flow, amounting to approximately $2 billion.

How long has TELUS's dividend growth program been active?

TELUS's dividend growth program has been active for 13 years.