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Mar 31, 2024
Lumen Q1 2024 Earnings Report
Lumen's first quarter performance in 2024 was marked by strategic debt restructuring and a focus on digital enterprise solutions, despite facing expected headwinds.
Key Takeaways
Lumen Technologies reported a net income of $57 million and free cash flow of $518 million, excluding special items. The company successfully completed TSA transactions, strengthening its balance sheet and securing new liquidity. While revenue declined year-over-year, Lumen saw accelerated North America Enterprise sales and improved customer satisfaction.
Successfully completed TSA transactions, addressing over $15 billion in debt and commitments.
Secured access to over $2.3 billion in new liquidity to fuel pivot to growth.
Generated Free Cash Flow of $518 million, excluding cash paid for Special Items.
Reiterated full-year 2024 financial outlook, expecting Q1 to be the low-point for Adjusted EBITDA.
Lumen
Lumen
Lumen Revenue by Segment
Revenue by Segment
Large Enterprise Revenue
CapyFin.comMid-Market Enterprise Revenue
CapyFin.comPublic Sector Revenue
CapyFin.comNorth America Enterprise Channels Revenue
CapyFin.comWholesale Revenue
CapyFin.comNorth America Business Revenue
CapyFin.comInternational and Other Revenue
CapyFin.comBusiness Segment Revenue
CapyFin.comMass Markets Segment Revenue
CapyFin.comGrow Revenue
CapyFin.comNurture Revenue
CapyFin.comHarvest Revenue
CapyFin.comOther Revenue
CapyFin.com Forward Guidance
Lumen Technologies reiterated its full-year 2024 financial outlook.
Positive Outlook
- Adjusted EBITDA is expected to be between $4.1 to $4.3 billion.
- Free Cash Flow is projected to be between $100 to $300 million.
- Net Cash Interest is anticipated to be between $1.25 to $1.35 billion.
- Capital Expenditures are expected to be between $2.7 to $2.9 billion.
- Cash Income Taxes/(Refund) is projected to be between ($200) to ($300) million, including an approximately $700 million tax refund received during the first quarter 2024.
Revenue & Expenses
Visualization of income flow from segment revenue to net income