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Dec 31, 2023
Lumen Q4 2023 Earnings Report
Lumen reported a net loss impacted by a non-cash goodwill impairment charge, while making progress on strategic priorities and delivering on EBITDA and free cash flow guidance.
Key Takeaways
Lumen Technologies reported a net loss of $(1.995) billion for Q4 2023, which included a non-cash goodwill impairment charge of $1.9 billion. Excluding special items, diluted earnings per share was $0.08. The company generated adjusted EBITDA of $1.099 billion and free cash flow of $50 million, excluding special items.
Announced Amended and Restated Transaction Support Agreement to address approximately $9 billion of outstanding indebtedness.
Completed the $1.8 billion divestiture of its EMEA business and the sale of select CDN contracts.
Generated Adjusted EBITDA of $1.099 billion for the fourth quarter 2023, compared to $1.393 billion for the fourth quarter 2022, excluding the effects of Special Items.
Generated Free Cash Flow of $50 million for the fourth quarter 2023, compared to $126 million for the fourth quarter 2022, excluding cash paid for Special items.
Lumen
Lumen
Lumen Revenue by Segment
Revenue by Segment
Large Enterprise Revenue
CapyFin.comMid-Market Enterprise Revenue
CapyFin.comPublic Sector Revenue
CapyFin.comWholesale Revenue
CapyFin.comMass Markets Segment Revenue
CapyFin.com Forward Guidance
Lumen provided its full-year 2024 financial outlook, anticipating adjusted EBITDA between $4.1 to $4.3 billion and free cash flow between $100 to $300 million.
Positive Outlook
- Adjusted EBITDA: $4.1 to $4.3 billion
- Free Cash Flow: $100 to $300 million
- Net Cash Interest: $1.25 to $1.35 billion
- Capital Expenditures: $2.7 to $2.9 billion
- Cash Income Taxes/(Refund): ($200) to ($300) million
Revenue & Expenses
Visualization of income flow from segment revenue to net income