Lumen Q1 2024 net income $57M, revenue -12% to $3.29B; completes $15B+ debt restructuring

Lumen Technologies, Inc.

2024-Q1 EPS reported $0.06 revenue$3,290,000,000

Net income of $57M ($0.06 diluted EPS); Q1 2023 was $511M ($0.52); excl. special items diluted loss $(0.04).
Revenue $3.29B, down 12% YoY; Business segment $2.59B (-13%), Mass Markets $699M (-9%).
Adj. EBITDA excl. special items $977M vs $1.251B (-22%); free cash flow $518M (incl. $700M tax refund) vs -$75M.
Completed debt restructuring addressing >$15B of debt; extended maturities to 2029+; secured >$2.3B new liquidity.
Reiterated FY2024 outlook; Q1 expected low-point for Adj. EBITDA; Quantum Fiber best-ever net adds.

item 2.02 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Lumen Technologies, Inc. reported first quarter ended March 31, 2024 results: revenue $ 3,290, net income 57, EPS 0.06. Guidance reaffirmed.

Period: first quarter ended March 31, 2024
Revenue: $ 3,290
Net income: 57
EPS: 0.06
Guidance: reaffirmed
Result: reported results

Exact text from the filing

Total Revenue (3)(4) $ 3,290 3,738 Cost of Services and Products 1,652 1,817 Selling, General and Administrative Expenses 823 721 Net Loss on Sale of Business 22 77 Stock-based Compensation Expense 14 14 Net Income 57 511 Net (Loss) Income, Excluding Special Items (5)(6) (41) 97 Adjusted EBITDA (2)(5)(7)(8) 807 1,137 Adjusted EBITDA, Excluding Special Items (2)(5)(7)(8)(9) 977 1,251 Net Income Margin 1.7 % 13.7 % Net (Loss) Income Margin, Excluding Special Items (5)(6) (1.2) % 2.6 % Adjusted EBITDA Margin (5) 24.5 % 30.4 % Adjusted EBITDA Margin, Excluding Special Items (5)(9) 29.7 % 33.5 % Net Cash Provided by Operating Activities 1,102 595 Capital Expenditures (10) 713 640 Unlevered Cash Flow (5) 670 305 Unlevered Cash Flow, Excluding Cash Special Items (5)(11) 799 275 Free Cash Flow (5) 389 (45) Free Cash Flow, Excluding Cash Special Items (5)(11) 518 (75) Net Income per Common Share - Diluted 0.06 0.52

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Source: SEC EDGAR

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