Lumen Technologies, Inc (LUMN) is scheduled to report first-quarter 2024 results on Apr 30, after the closing bell.The Zacks Consensus Estimate for total revenues is pegged at $3.39 billion, suggesting a fall of 9.3% from a year ago. The consensus estimate is currently pegged at a loss of 4 cents per share. In the year-ago quarter, LUMN reported earnings of 10 cents.The company missed the Zacks Consensus Estimate in two of the last four quarters and beat in the remaining quarters. It has a trailing four-qua ...

Summary of Lumen Technologies, Inc. Conference Call Company Overview - **Company**: Lumen Technologies, Inc. (NYSE:LUMN) - **Date**: March 22, 2024 - **Participants**: Chris Stansbury (CFO), Jonathan Chaplin (New Street Research) Key Points Industry Context - The telecommunications industry is experiencing a shift from legacy services to more innovative offerings, particularly in the enterprise sector, driven by the demand for digital transformation and increased networking capacity due to AI and cloud services [3][20][22]. Financial Structure and Strategy - Lumen successfully executed a Transaction Support Agreement (TSA), which is seen as a major milestone that allows the company to focus on business growth with a clear runway until 2029 [4][5]. - The company previously had a $1.1 billion annual dividend and $20 billion in outstanding debt, with significant portions due by 2027 [4]. - The TSA has improved market confidence and provided necessary financing to support the company's turnaround efforts [4][5]. Revenue and EBITDA Projections - Lumen anticipates a return to revenue and EBITDA growth in 2025, with EBITDA expected to accelerate to approximately 9% growth by 2027 [6][8]. - The company acknowledges challenges in 2024 guidance due to customer concerns about liquidity prior to the TSA execution [6][8]. Customer Dynamics - Smaller customers expressed concerns about Lumen's longevity, while larger customers were more focused on the company's operational focus [7][8]. - The company is working on improving customer experience and operational efficiency, which is expected to enhance sales rates and overall performance [10][16]. Capital Expenditure (CapEx) Insights - The CapEx guidance for 2024 remains largely unchanged, with a focus on improving internal processes and customer experience rather than significant new capacity [11][12][16]. - There is a notable demand for increased networking capacity driven by hyperscalers and large enterprises, particularly in the context of AI [12][13]. Competitive Landscape - Lumen is positioned to capture market share as competitors focus on consumer segments rather than enterprise [19][20]. - The company is shifting away from legacy telecom services, which are declining, and investing in future growth areas [19][20]. Market Opportunities - The growth of Network-as-a-Service (NaaS) is highlighted as a significant opportunity, with Lumen's ability to deliver NaaS at a deeper network layer providing a competitive advantage [21][22]. - The company is exploring potential partnerships and joint ventures to enhance its mass market fiber opportunities [39][42]. Long-term Outlook - Lumen's capital structure is not dependent on the mass markets business, and the company believes it can improve EBITDA and leverage before any refinancing needs arise [45][46]. - The focus remains on driving innovation and operational improvements to ensure long-term success and sustainability [45][46]. Additional Insights - The company is considering various strategies for its mass market business, including potential joint ventures and wholesale opportunities [39][40]. - There is a growing concern among cloud providers about future infrastructure capacity, which could stabilize or increase pricing for long-haul networks [25][26]. This summary encapsulates the key discussions and insights from the conference call, highlighting Lumen Technologies' strategic direction, financial outlook, and market positioning within the telecommunications industry.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-7784 Lumen Technologies, Inc. (Address of principal executive offices) (Zip Code) (318) 388-9000 (Registrant's telephone number, including area cod ...

Summary of Lumen Technologies, Inc. Conference Call Company Overview - **Company**: Lumen Technologies, Inc. (NYSE:LUMN) - **Date**: December 5, 2023 - **Participants**: Chris Stansbury (EVP and CFO), Batya Levi (UBS) Key Points Company Transformation and Focus for 2024 - Lumen is in the midst of a transformation, likened to renovating a house, focusing on internal improvements such as customer retention and innovation [2][18] - The company aims to show results from its transformation efforts in 2024, aligning organizational objectives to support this [2] TSA Update - Lumen is working on a Transaction Support Agreement (TSA) to address its capital structure and refinance debt, particularly due in 2027 [5][6] - The TSA is expected to close by December 31, 2023, and is crucial for stabilizing customer confidence [10][12] Financial Strategy and Debt Management - The company anticipates a higher interest expense due to the refinancing, estimating a $200 million to $300 million gap to be addressed without expanding consumer builds [7][8] - Lumen is focused on maintaining a healthy capital structure while investing in its turnaround [5][6] Innovation and Market Position - Lumen is introducing proprietary technologies such as NaaS (Network as a Service), ExaSwitch, and edge fabric to enhance its service offerings beyond traditional fiber connectivity [12][28] - The company aims to shift the narrative from being seen as a "dumb pipe" provider to a technology-focused service provider [13][14] Enterprise Segment Insights - The enterprise segment is crucial for Lumen, with a focus on migrating customers from legacy products to innovative solutions [15][16] - The company plans to provide better metrics around its enterprise performance and customer migration strategies in the future [16] Market Trends and Competition - The macro environment is showing signs of improvement, with expectations for better investment in the coming year as inflation moderates [22][23] - Lumen is observing an explosion in data demand driven by GenAI and hybrid cloud environments, positioning itself to meet these needs [24][25] Cost Management and Efficiency - Lumen has identified a $300 million cost-cutting opportunity, which will impact the financials in 2024 [58][60] - The company is focused on improving operational efficiency and customer experience through internal investments and technology upgrades [21][66] Future Outlook - Lumen expects to see a reduction in the rate of revenue decline and aims for a point of inflection towards growth in 2025 [40][66] - The company is cautious about external funding opportunities and is prioritizing internal returns on investment [57][61] Fiber-to-the-Home Strategy - Lumen views its fiber-to-the-home business as important but distinct from its enterprise operations, indicating a preference for enterprise investments over consumer fiber builds [45][46] - The company is exploring strategic options for its fiber segment, including potential partnerships or market sales [54][55] Conclusion - Lumen Technologies is navigating a complex transformation while addressing debt concerns and focusing on innovation in its service offerings. The company is optimistic about future growth driven by improved operational efficiency and a shift in market dynamics.

Summary of Lumen Technologies, Inc. Conference Call Company Overview - **Company**: Lumen Technologies, Inc. (NYSE:LUMN) - **Date**: December 4, 2023 - **Participants**: Chris Stansbury (CFO), Frank Louthan (Analyst) Key Points Industry and Company Context - The telecom industry is experiencing legacy declines, prompting Lumen to focus on internal improvements and innovation to adapt to market changes [3][4] - Lumen is undergoing a significant turnaround, with expectations of improved seller productivity and onboarding of new clients in mid-markets [3] Financial Performance and Cost Management - The second half of 2023 is expected to be the peak for operational expenses (OpEx), with significant cost-saving opportunities anticipated moving forward [10] - A $300 million cost action has been implemented to streamline operations, with benefits expected in the following year [11] - The company has eliminated its dividend to focus on investments for turnaround and innovation [13] Debt Structure and Refinancing - Approximately half of Lumen's debt is due in 2027, posing a challenge for the company [14] - Ongoing discussions with banks regarding revolving debt are critical for the refinancing plan [14][16] - The company is working on a plan to push out debt maturities and improve its balance sheet [16] Strategic Initiatives - Lumen is focusing on its Quantum Fiber initiative, which involves upgrading copper networks to fiber, although the pace of investment has slowed due to rising capital costs [17][19] - The company is prioritizing enterprise business over consumer segments, which is expected to yield higher returns [19][27] Innovation and Market Position - Lumen is investing in network-as-a-service (NaaS) and ExaSwitch technologies to enhance data movement and connectivity [32][33] - The company aims to leverage generative AI and edge computing to meet the growing demand for data and speed in hybrid cloud environments [30][49] - Lumen's proprietary technologies and innovations position it favorably against competitors, who are primarily focused on legacy telecom services [37][49] Regulatory Environment - Lumen does not foresee significant risks from current FCC initiatives regarding digital discrimination and Title II regulations [46] Partnerships and Projects - Lumen has engaged in a project with California to enhance internet access, utilizing its existing conduit network for efficient fiber deployment [43] Competitive Landscape - The company views fixed wireless as a minor competitor in major metropolitan areas, with a focus on capturing market share in enterprise segments [25][27] - Concerns about potential overbuilding by competitors are mitigated by the current high cost of capital affecting the industry [52] Additional Insights - Lumen has received recognition for employee opportunity and movement, ranking 12th overall among 396 companies and first in communications and telecoms [8] - The company is optimistic about its turnaround strategy and expects to see improvements by mid-2024 [51]

Lumen Technologies, Inc. (NYSE:LUMN) Bank of America 2023 Leverage Finance Conference November 28, 2023 2:10 PM ET Company Participants Chris Stansbury - Executive Vice President and Chief Financial Officer Conference Call Participants Ana Goshko - Managing Director, Bank of America Ana Goshko This is the Bank of America 2023 Leverage Finance Conference, and I'm Ana Goschko. I cover Telecom and Technology Credit, and we're thrilled to have Lumen Technologies with us. And we have Chris Stansbury, Executive V ...

Lumen Technologies, Inc. (NYSE:LUMN) Q3 2023 Earnings Conference Call October 31, 2023 5:00 PM ET Company Participants Mike McCormack - Senior Vice President, Investor Relations Kate Johnson - President and Chief Executive Officer Chris Stansbury - Executive Vice President and Chief Financial Officer Conference Call Participants Simon Flannery - Morgan Stanley Nick Del Deo - MoffettNathanson Michael Rollins - Citi Batya Levi - UBS David Barden - Bank of America Greg Williams - TD Cowen Frank Louthan - Raymo ...

Third Quarter 2023 Results OCTOBER 31, 2023 Forward-Looking Statements Except for historical and factual information, the matters set forth in this presentation and other of our oral or written statements identified by words such as "estimates," "expects," "anticipates," "believes," "plans," "intends," "will," and similar expressions are forward-looking statements as defined by the federal securities laws, and are subject to the "safe harbor" protections thereunder. These forward-looking statements are not ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-7784 (State or other jurisdiction of incorporation or organization) 100 CenturyLink Drive, Monroe, Louisiana 71203 (Addr ...

Summary of Lumen Technologies, Inc. Conference Call Company Overview - **Company**: Lumen Technologies, Inc. (NYSE:LUMN) - **Date**: October 3, 2023 - **Participants**: Chris Stansbury (EVP and CFO), Mike McCormick (Head of IR), Jitendra Joshi (Deutsche Bank Analyst) Key Points Industry and Macro Environment - The telecom industry is experiencing volatility with concerns about rising interest rates and potential economic slowdown [3][4] - Lumen is currently seeing elongated sales cycles, but no significant degradation in margins or sales funnel [5][6] Transformation and Strategy - Lumen is undergoing a significant transformation, focusing on attracting talent from the tech sector to drive innovation [4][12] - The elimination of the dividend has shifted the company's focus from cost-cutting to customer service and innovation [12][13] - A cultural transformation is underway, with a new management team and a focus on improving internal efficiencies [13][14] Financial Management and Capital Expenditure - Capital spending is linked to customer demand, providing a level of protection against macroeconomic shifts [7][9] - Maintenance CapEx is approximately $0.25 billion for both enterprise and consumer segments, with optionality in innovation spending [9][10] - The company is focused on fixing internal inefficiencies and implementing a new ERP system by early 2025 [7][9] Sales and Marketing Strategy - Lumen is hiring new sales talent to adapt to a new sales motion, focusing on selling services and solutions rather than legacy telecom [16][21] - Compensation structures for sales teams have been aligned with lifecycle management to incentivize selling higher-margin products [21][22] - AI tools are being utilized to enhance sales productivity and streamline processes [22][23] Mass Markets and Consumer Business - The consumer business represents about 20% of Lumen's operations, with a focus on high-potential markets [38][39] - The company is targeting specific metro areas for investment to maximize returns, despite the long payback period for capital investments [39][41] - Lumen is cautious about scaling the consumer business until the fiber network is fully established [43] Debt and Capital Structure - Ongoing discussions with bondholders are constructive, with a focus on achieving a holistic solution for the capital structure [49][51] - The company is managing a significant debt burden, with a focus on refinancing strategies to address upcoming maturities [52][54] - There is a recognition of the need for access to capital to support both enterprise and mass market initiatives [52][56] Future Outlook - Lumen is optimistic about its transformation and the potential for growth in both enterprise and consumer segments [12][38] - The company is focused on building a robust fiber network to enhance its market position and drive future profitability [43][44] Additional Insights - The company is leveraging data analytics to refine customer offers and improve sales effectiveness [26][29] - There is a strategic focus on maintaining a balance between capital investment and operational efficiency to navigate potential economic challenges [44][46]