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06.02.2024 16:07
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Lumen Technologies reports fourth quarter and full year 2023 results
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PR Newswire
DENVER, Feb. 6, 2024
Fourth Quarter 2023 Highlights
- Announced an Amended and Restated Transaction Support Agreement on January 25, 2024 which, when completed, based on current participation levels1 will address maturities of approximately $9 billion of outstanding indebtedness, including more than 77% of debt maturing through 2027
- Completed the $1.8 billion divestiture of its EMEA business and the sale of select CDN contracts
- Reported Net Loss of $(1.995) billion for the fourth quarter 2023, which included a non-cash goodwill impairment charge of $1.9 billion, compared to reported Net Loss of $(3.069) billion for the fourth quarter 2022, which included a non-cash goodwill impairment charge of $3.271 billion
- Reported diluted loss per share of $(2.03) for the fourth quarter 2023, compared to diluted loss per share of $(3.08) for the fourth quarter 2022. Excluding Special Items, diluted earnings per share was $0.08 for the fourth quarter 2023, compared to $0.43 diluted earnings per share for the fourth quarter 2022
- Generated Adjusted EBITDA of $1.099 billion2 for the fourth quarter 2023, compared to $1.393 billion for the fourth quarter 2022, excluding the effects of Special Items of $211 million and $583 million, respectively
- Reported Net Cash Provided by Operating Activities of $784 million for the fourth quarter 2023
- 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 of $87 million and $118 million, respectively
Full Year 2023 Financial Highlights
- Reduced Net Debt by $1.6 billion
- Reported Net Loss of $(10.298) billion for the full year 2023, which included non-cash goodwill impairment charges of $10.693 billion, compared to reported Net Loss of $(1.548) billion for the full year 2022, which included a non-cash goodwill impairment of $3.271 billion
- Reported diluted loss per share of $(10.48) for the full year 2023, compared to diluted loss per share of $(1.54) for the full year 2022. Excluding Special Items, diluted EPS of $0.20 per share for the full year 2023, compared to $1.55 diluted EPS for the full year 2022
- Generated Adjusted EBITDA of $4.628 billion2 for the full year 2023, compared to $6.858 billion for the full year 2022, excluding the effects of Special Items of $482 million and $155 million, respectively
- Reported Net Cash Provided by Operating Activities of $2.160 billion for the full year 2023
- Negative Free Cash Flow of $(878) million for the full year 2023, compared to $2.260 billion for the full year 2022, excluding cash paid for Special Items of $62 million and $541 million, respectively
DENVER, Feb. 6, 2024 /PRNewswire/ -- Lumen Technologies, Inc. (NYSE: LUMN) reported results for the fourth quarter ended December 31, 2023.
"In 2023, we outlined big, multi-year, strategic priorities including strengthening our balance sheet, executing on key programs to turn the core business around by 2025, and igniting new growth by delivering disruptive innovations that help our customers solve their next-gen networking needs," said Kate Johnson, president and CEO of Lumen. "I am pleased to report that we delivered our 2023 EBITDA and free cash flow guidance, and we made material progress on our strategic priorities."
| 1Participation levels are subject to adjustment, including for ongoing reconciliation and for potential additional participation in certain term loan transactions, which the Company intends to make available to all holders in connection with the consummation of such transactions. |
| 2Adjusted EBITDA and Adjusted EBITDA excluding Special Items for the fourth quarter and full year 2023 includes $14 million and $125 million, respectively, from the EMEA business that we sold on Nov. 1, 2023, which will not recur in periods following the completion of this divestiture. Adjusted EBITDA and Adjusted EBITDA excluding Special Items for the fourth quarter and full year 2022 includes (i) $27 million and $1.3 billion of Adjusted EBITDA from our businesses divested in the second half of 2022 and 2023, which will not recur in periods following the completion of these divestitures and (ii) $59 million of previously deferred revenue recognized in Q1 2022 related to the CAF Phase II program, which lapsed on Dec. 31, 2021. The Company believes that these figures will allow analysts and investors to understand the amounts associated with these transactions to understand the impact they had on the Company's past, but not current or future, financial performance. Therefore, these amounts will impact the Company's ability to match its past performance in current and future periods. The post-closing net financial impacts of actual amounts received or paid by the Company under its post-closing agreements with the purchasers of the divested businesses was a net reduction of (i) $(40) million for the fourth quarter of 2023, (ii) $(179) million for the year 2023 and (iii) $(43) million for the fourth quarter and year 2022. The Company believes that this provides useful information to investors to understand the impact that the post-closing agreements have had on the Company's financial performance following the completion of these divestitures. |
Financial Results
| Metric, as reported | Fourth Quarter | Full Year | ||
| ($ in millions, except per share data) | 2023 | 2022 | 2023 | 2022 |
| Large Enterprise | $ 1,061 | 1,217 | 4,616 | 5,377 |
| Mid-Market Enterprise | 491 | 522 | 2,011 | 2,212 |
| Public Sector | 495 | 431 | 1,783 | 1,861 |
| Enterprise Channels | 2,047 | 2,170 | 8,410 | 9,450 |
| Wholesale | 741 | 835 | 3,125 | 3,591 |
| Business Segment Revenue | 2,788 | 3,005 | 11,535 | 13,041 |
| Mass Markets Segment Revenue | 729 | 795 | 3,022 | 4,437 |
| Total Revenue(1)(2) | $ 3,517 | 3,800 | 14,557 | 17,478 |
| Cost of Services and Products | 1,737 | 1,826 | 7,144 | 7,868 |
| Selling, General and Administrative Expenses | 896 | 671 | 3,198 | 3,078 |
| Net Loss (Gain) on Sale of Businesses(3) | 9 | 480 | 121 | (113) |
| Loss on Disposal Group Held for Sale | — | 40 | — | 40 |
| Stock-based Compensation Expense | 13 | 27 | 52 | 98 |
| Net Loss | (1,995) | (3,069) | (10,298) | (1,548) |
| Net Income, Excluding Special Items(4)(5) | 83 | 425 | 193 | 1,564 |
| Adjusted EBITDA(4)(6)(7) | 888 | 810 | 4,146 | 6,703 |
| Adjusted EBITDA, Excluding Special Items(4)(6)(7)(8) | 1,099 Werbung Mehr Nachrichten zur Lumen Technologies Inc. Aktie kostenlos abonnieren
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