Lumen Q1 revenue $3.74B (-20% YoY); adjusted EBITDA -36%; FCF negative $75M

Lumen Technologies, Inc.

2023-Q1 EPS reported $0.52 revenue$3,738,000,000

Revenue $3.738B, down 20% YoY; GAAP net income $511M ($0.52 EPS); adjusted EPS $0.10 vs $0.63.
Adjusted EBITDA (excl. special items) $1.251B, -36% YoY; FCF (excl. special items) -$75M vs +$846M.
Business Grow revenue $1.128B (+3% QoQ); Quantum Fiber added ~120k locations in Q1.
Reduced debt by $620M via exchange offers; full-year 2023 cash tax outlook raised to $300-400M.
FY 2023 guidance unchanged: Adj EBITDA $4.6-4.8B, FCF $0-200M, capex $2.9-3.1B.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Lumen Technologies, Inc. reported the first quarter ended March 31, 2023 results: revenue $3,738, net income $511 million, EPS $0.52.

Period: the first quarter ended March 31, 2023
Revenue: $3,738
Net income: $511 million
EPS: $0.52
Result: reported results

Exact text from the filing

515 573 Public Sector 430 479 Enterprise Channels 2,139 2,494 Wholesale 817 907 Business Segment Revenue 2,956 3,401 Mass Markets Segment Revenue 782 1,275 Total Revenue (1)(2) $ 3,738 4,676 Cost of Services and Products 1,817 1,985 Selling, General and Administrative Expenses 721 800 Loss on disposal group held for sale 77 — Stock-based Compensation Expense 14

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Source: SEC EDGAR

accession 0000018926-23-000047

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