And if you look at what’s happening around the world today, the efficacy of what we’re doing on data insights on health or data insights on ag or data insights on consumer packaged goods is stronger today than what it’s ever been. And so that’s where we will be focusing the preponderance of our capital. And I think what we have spent and how we have spent it from a composition point of view historically is present in terms of what you can expect us to do prospectively.
Stephanie Price: Thanks for that. And just a quick follow-up on the cost efficiency program. We’ve seen some headcount reductions from the telecom unit already. Just curious, if you can talk a bit about the staff reduction goals for the telecom unit specifically?
Darren Entwistle: Yeah. So the staff reduction goals are 4,000 within our TTEC business incremental and 2,000 within TELUS International, and potentially some incremental steps on TI over the remainder of the year in terms of optimizing its staff levels within its organization. The 4,000 within our telecoms business, or communications technology business is 4,000 incremental to the 1,000 that we already had within our base plan for 2023. So it brings the total to 5,000 within the TTEC part of the business. And we think that’s the right quantum, right now to support what we want to achieve in terms of profitability and cash flow for 2024 and 2025 and 2026. And I think it sets us up well. And when you look at that, improved profitability because of those moves with a diminished capital appetite in 2024, 2025 and 2026.
I do think that the lucrative efficiencies that I mentioned earlier and the way that they will buttress and amplify our EBITDA results within our TTEC business in combination with a slowing capital consumption profile will be hugely generative to the cash profile of the organization, which is why I made the comment on our dividend growth model of quite the reverse. So I think our dividend growth model is crystallized in a stronger fashion than what it’s ever been in terms of delivering against our forecast and what our management management’s expectations in terms of the accretion of our dividend within the 7% to 10% range over the next 36 months. And it’s not lost on me, as a personal investor in TELUS that this is over and above the 6% yield that the dividend currently represents on our trading price.
Stephanie Price: Thanks for the color.
Robert Mitchell: Thanks, Stephanie. Fredrik, we have time for two more questions, please.
Operator: Okay. Certainly. Our next question comes from David Barden of Bank of America. Please go ahead. David Barden of Bank of America.
Robert Mitchell: Dave, are you on mute?
David Barden: I’m sorry. I was actually on mute. Sorry about that mute. On my first question, you referenced the regulatory competitive and macro factors as sort of driving forces or influencing forces behind that cost efficiency program. I was wondering, if you could add some context. Are you seeing this as kind of an increasing area of uncertainty as you’re looking into 2024 and beyond, or are those just are they stable factors that are always being considered that are just driving the need and the investment case for digital transformation, and it’s not an increasing level of uncertainty for you. And secondly, on bundling, which is referenced repeatedly and it’s a source of strength for the organization. Is there any sort of additional color you could provide on, where you are on that journey?
How much is left? Which services you’re finding the most traction bundling, which ones might be growing in their bundling outlook. Just any kind of color on where that stands would be helpful. Thank you.
Darren Entwistle: Okay. Zainul, why don’t I ask you to speak to the bundling front? And I’ll kick it off with an answer on the regulatory side of things.
Zainul Mawji: Firstly, I think we’ve made an error in calling regulatory factors, exogenous. Clearly, if we’ve learned anything over the last 23 years, regulatory factors are endogenous within our industry. And there is an aspect of development within the regulatory environment that seems to have characterized every single year that I have been with the organization. And that’s just something that we have to live with on a normalized basis in terms of the strategy of this organization and the operating tempo — we have clearly, in terms of both magnitude and diversity, seen every form of regulatory challenge over the past 20 years, hence, the endogenous comment. And I do think that this organization has distinguished itself with a demonstrable track record that is truly second to none in processing these challenges, and in some cases, opportunities and moving the business forward with a terrific success.
And that’s no different than what’s happening within 2023, whether it relates to mandated access components when it relates to the development of the MVNO model, whether it relates to facilities-based competition and the like. I would say, right now, all of those developments are just normalized within the overall TELUS strategy. And we get on with absorbing them with mitigating them and with coming up with strategies to overcome those regulatory impediments to our business. And the most demonstrable example is what we have done today. When you look at the efficiencies that we’re driving, they are preemptive in terms of how we see certain regulatory challenges evolving in the months and the years ahead, and we want to get ahead of it. Our ability to take cost out of the business today will prepare us to better absorb any regulatory impediment at T plus X.
