(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||||||||
Emerging growth company |
Item 2.02. | Results of Operations and Financial Condition. |
Item 9.01. | Financial Statements and Exhibits. |
Exhibit No. | Description | |||||||
Exhibit 99.1 | ||||||||
Exhibit 104 | Cover page formatted as Inline XBRL and contained in Exhibit 101. |
CENTURYLINK, INC. | ||||||||
Dated: November 4, 2020 | By: | /s/ Eric J. Mortensen | ||||||
Eric J. Mortensen | ||||||||
Senior Vice President - Controller | ||||||||
NEWS RELEASE |
Metric | Third Quarter | Third Quarter | ||||||
($ in millions, except per share data) | 2020 | 2019(1) | ||||||
International and Global Accounts | $ | 835 | 866 | |||||
Enterprise | 1,439 | 1,428 | ||||||
Small and Medium Business | 635 | 674 | ||||||
Wholesale | 949 | 1,017 | ||||||
Consumer | 1,309 | 1,365 | ||||||
Total Revenue | $ | 5,167 | 5,350 | |||||
Cost of Services and Products | 2,236 | 2,334 | ||||||
Selling, General and Administrative Expenses | 850 | 831 | ||||||
Share-based Compensation Expenses | 31 | 38 | ||||||
Adjusted EBITDA(2) | 2,112 | 2,223 | ||||||
Adjusted EBITDA, Excluding Integration and Transformation Costs and Special Items(2)(3) | 2,190 | 2,261 | ||||||
Adjusted EBITDA Margin(2) | 40.9 | % | 41.6 | % | ||||
Adjusted EBITDA Margin, Excluding Integration and Transformation Costs and Special Items(2)(3) | 42.4 | % | 42.3 | % | ||||
Net Cash Provided by Operating Activities | 1,794 | 1,888 | ||||||
Capital Expenditures | 988 | 957 | ||||||
Unlevered Cash Flow(2) | 1,229 | 1,382 | ||||||
Unlevered Cash Flow, Excluding Cash Integration and Transformation Costs and Special Items(2)(4) | 1,340 | 1,434 | ||||||
Free Cash Flow(2) | 806 | 931 | ||||||
Free Cash Flow, Excluding Cash Integration and Transformation Costs and Special Items(2)(4) | 917 | 983 | ||||||
Net Income | 366 | 302 | ||||||
Net Income, Excluding Integration and Transformation Costs and Special Items(5) | 430 | 328 | ||||||
Net Income per Common Share - Diluted | 0.34 | 0.28 | ||||||
Net Income per Common Share - Diluted, Excluding Integration and Transformation Costs and Special Items(5) | 0.40 | 0.31 | ||||||
Weighted Average Shares Outstanding (in millions) - Diluted | 1,085.7 | 1,074.8 | ||||||
(1) Reflects certain reclassifications due to accounting changes made in the first quarter of 2020, which were announced in the Company's 8-K report filed with the SEC on April 30, 2020. | ||||||||
(2) See the attached schedules for definitions of non-GAAP metrics, reconciliation to GAAP figures and further explanations of the adjustments referred to in notes 3, 4 and 5. | ||||||||
(3) Excludes (i) $78 million of Integration and Transformation Costs and Special Items for the third quarter of 2020 and (ii) $38 million of Integration and Transformation Costs and Special Items for the third quarter of 2019. | ||||||||
(4) Excludes (i) $111 million of cash paid for Integration and Transformation Costs and Special Items for the third quarter of 2020 and (ii) $52 million of cash paid for Integration and Transformation Costs and Special Items for the third quarter of 2019. | ||||||||
(5) Excludes (i) $64 million of Integration and Transformation Costs and Special Items for the third quarter of 2020 and (ii) $26 million of Integration and Transformation Costs and Special Items for the third quarter of 2019. |
Revenue | Third Quarter | Second Quarter | QoQ Percent | Third Quarter | YoY Percent | ||||||||||||
($ in millions) | 2020 | 2020 | Change | 2019 | Change | ||||||||||||
By Business Segment | |||||||||||||||||
International and Global Accounts | $ | 835 | 849 | (2)% | 866 | (4)% | |||||||||||
Enterprise | 1,439 | 1,433 | —% | 1,428 | 1% | ||||||||||||
Small and Medium Business | 635 | 646 | (2)% | 674 | (6)% | ||||||||||||
Wholesale | 949 | 948 | —% | 1,017 | (7)% | ||||||||||||
Consumer | 1,309 | 1,316 | (1)% | 1,365 | (4)% | ||||||||||||
Total Revenue | $ | 5,167 | 5,192 | —% | 5,350 | (3)% |
Metric (1), (2) | Current Outlook | Previous Outlook (3), (4) | ||||||
Net Cash Interest | $1.62 billion to $1.65 billion | $1.65 billion to $1.70 billion | ||||||
GAAP Interest Expense | $1.7 billion | $1.7 billion | ||||||
Dividends (5) | $1.1 billion | $1.1 billion | ||||||
Depreciation and Amortization | $4.7 billion to $4.9 billion | $4.7 billion to $4.9 billion | ||||||
Share-based Compensation Expenses | $200 million | $200 million | ||||||
Cash Income Taxes | $100 million | $100 million | ||||||
Full Year Effective Income Tax Rate | ~28% | ~28% | ||||||
(1) See the attached schedules for definitions of non-GAAP metrics and reconciliation to GAAP figures. | ||||||||
(2) Outlook measures in this release and the accompanying schedules (i) exclude Integration and Transformation Costs, (ii) exclude the effects of Special Items, future changes in our operating or capital allocation plans, unforeseen changes in regulation, laws or litigation, and other unforeseen events or circumstances impacting our financial performance and (iii) speak only as of Nov. 4, 2020. See "Forward Looking Statements" below. | ||||||||
(3) Refers to full-year 2020 financial outlook provided on Aug. 5, 2020 | ||||||||
(4) The full-year 2020 financial outlook for Adjusted EBITDA, Free Cash Flow, and Capital Expenditures was withdrawn on May 6, 2020 | ||||||||
(5) Dividends is defined as dividends paid as disclosed in the Consolidated Statements of Cash Flows. Assumes payment of dividends at the rate of $1.00 per share per year, based on the number of shares outstanding on Sept. 30, 2020. Payments of all dividends are at the discretion of the board of directors. | ||||||||
CenturyLink, Inc. | |||||||||||||||||||||||||||||||||||||||||
(doing business as Lumen Technologies) | |||||||||||||||||||||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||||||||||||||||||
THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019 | |||||||||||||||||||||||||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||||||||||||||||||||||||
($ in millions, except per share amounts; shares in thousands) | |||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, | Increase / (decrease) | Nine months ended September 30, | Increase / (decrease) | ||||||||||||||||||||||||||||||||||||||
2020 | 2019 (1) | 2020 | 2019 (1) | ||||||||||||||||||||||||||||||||||||||
OPERATING REVENUE | $ | 5,167 | 5,350 | (3) | % | 15,587 | 16,152 | (3) | % | ||||||||||||||||||||||||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||||||||||||||||||||
Cost of services and products | 2,236 | 2,334 | (4) | % | 6,703 | 6,877 | (3) | % | |||||||||||||||||||||||||||||||||
Selling, general and administrative | 850 | 831 | 2 | % | 2,598 | 2,723 | (5) | % | |||||||||||||||||||||||||||||||||
Depreciation and amortization | 1,193 | 1,235 | (3) | % | 3,515 | 3,619 | (3) | % | |||||||||||||||||||||||||||||||||
Goodwill impairment | — | — | nm | — | 6,506 | nm | |||||||||||||||||||||||||||||||||||
Total operating expenses | 4,279 | 4,400 | (3) | % | 12,816 | 19,725 | (35) | % | |||||||||||||||||||||||||||||||||
OPERATING INCOME (LOSS) | 888 | 950 | (7) | % | 2,771 | (3,573) | nm | ||||||||||||||||||||||||||||||||||
OTHER (EXPENSE) INCOME | |||||||||||||||||||||||||||||||||||||||||
Interest expense | (409) | (496) | (18) | % | (1,272) | (1,537) | (17) | % | |||||||||||||||||||||||||||||||||
Other (expense) income, net | 1 | (44) | (102) | % | (73) | (5) | nm | ||||||||||||||||||||||||||||||||||
Income tax expense | (114) | (108) | 6 | % | (369) | (377) | (2) | % | |||||||||||||||||||||||||||||||||
NET INCOME (LOSS) | $ | 366 | 302 | 21 | % | 1,057 | (5,492) | nm | |||||||||||||||||||||||||||||||||
BASIC EARNINGS (LOSS) PER SHARE | $ | 0.34 | 0.28 | 21 | % | 0.98 | (5.13) | nm | |||||||||||||||||||||||||||||||||
DILUTED EARNINGS (LOSS) PER SHARE | $ | 0.34 | 0.28 | 21 | % | 0.98 | (5.13) | nm | |||||||||||||||||||||||||||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING | |||||||||||||||||||||||||||||||||||||||||
Basic | 1,080,505 | 1,072,543 | 1 | % | 1,078,672 | 1,070,921 | 1 | % | |||||||||||||||||||||||||||||||||
Diluted | 1,085,666 | 1,074,790 | 1 | % | 1,083,368 | 1,070,921 | 1 | % | |||||||||||||||||||||||||||||||||
DIVIDENDS PER COMMON SHARE | $ | 0.25 | 0.25 | — | % | 0.75 | 0.75 | — | % | ||||||||||||||||||||||||||||||||
Exclude: Integration and Transformation Costs and Special Items(2) | $ | 64 | 26 | nm | 222 | 6,549 | (97) | % | |||||||||||||||||||||||||||||||||
NET INCOME EXCLUDING INTEGRATION AND TRANSFORMATION COSTS AND SPECIAL ITEMS | $ | 430 | 328 | 31 | % | 1,279 | 1,057 | 21 | % | ||||||||||||||||||||||||||||||||
DILUTED EARNINGS PER SHARE EXCLUDING INTEGRATION AND TRANSFORMATION COSTS AND SPECIAL ITEMS | $ | 0.40 | 0.31 | 29 | % | 1.18 | 0.99 | 19 | % | ||||||||||||||||||||||||||||||||
(1) Reflects certain reclassifications due to accounting changes made in the first quarter of 2020, which were announced in the Company's 8-K report filed with the SEC on April 30, 2020. | |||||||||||||||||||||||||||||||||||||||||
(2) Excludes the Integration and Transformation Costs and Special Items described in the accompanying Non-GAAP Integration and Transformation Costs and Special Items table, net of the income tax effect thereof. | |||||||||||||||||||||||||||||||||||||||||
nm - Percentages greater than 200% and comparisons between positive and negative values are considered not meaningful. |
CenturyLink, Inc. | |||||||||||
(doing business as Lumen Technologies) | |||||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
AS OF SEPTEMBER 30, 2020 AND DECEMBER 31, 2019 | |||||||||||
(UNAUDITED) | |||||||||||
($ in millions) | |||||||||||
September 30, 2020 | December 31, 2019 | ||||||||||
ASSETS | |||||||||||
CURRENT ASSETS | |||||||||||
Cash and cash equivalents | $ | 526 | 1,690 | ||||||||
Accounts receivable, less allowance of $156 and $106 | 2,143 | 2,259 | |||||||||
Other | 835 | 819 | |||||||||
Total current assets | 3,504 | 4,768 | |||||||||
Property, plant and equipment, net of accumulated depreciation of $30,921 and $29,346 | 26,290 | 26,079 | |||||||||
GOODWILL AND OTHER ASSETS | |||||||||||
Goodwill | 21,476 | 21,534 | |||||||||
Other intangible assets, net | 8,563 | 9,567 | |||||||||
Other, net | 2,766 | 2,794 | |||||||||
Total goodwill and other assets | 32,805 | 33,895 | |||||||||
TOTAL ASSETS | $ | 62,599 | 64,742 | ||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
CURRENT LIABILITIES | |||||||||||
Current maturities of long-term debt | $ | 1,487 | 2,300 | ||||||||
Accounts payable | 1,364 | 1,724 | |||||||||
Accrued expenses and other liabilities | |||||||||||
Salaries and benefits | 898 | 1,037 | |||||||||
Income and other taxes | 378 | 311 | |||||||||
Current operating lease liabilities | 401 | 416 | |||||||||
Interest | 278 | 280 | |||||||||
Other | 335 | 386 | |||||||||
Current portion of deferred revenue | 738 | 804 | |||||||||
Total current liabilities | 5,879 | 7,258 | |||||||||
LONG-TERM DEBT | 31,105 | 32,394 | |||||||||
DEFERRED CREDITS AND OTHER LIABILITIES | |||||||||||
Deferred income taxes, net | 3,232 | 2,918 | |||||||||
Benefit plan obligations, net | 4,345 | 4,594 | |||||||||
Other | 4,349 | 4,108 | |||||||||
Total deferred credits and other liabilities | 11,926 | 11,620 | |||||||||
STOCKHOLDERS' EQUITY | |||||||||||
Common stock | 1,097 | 1,090 | |||||||||
Additional paid-in capital | 21,130 | 21,874 | |||||||||
Accumulated other comprehensive loss | (2,795) | (2,680) | |||||||||
Accumulated deficit | (5,743) | (6,814) | |||||||||
Total stockholders' equity | 13,689 | 13,470 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 62,599 | 64,742 |
CenturyLink, Inc. | ||||||||||||||
(doing business as Lumen Technologies) | ||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||
NINE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019 | ||||||||||||||
(UNAUDITED) | ||||||||||||||
($ in millions) | ||||||||||||||
Nine months ended | ||||||||||||||
September 30, 2020 | September 30, 2019 | |||||||||||||
OPERATING ACTIVITIES | ||||||||||||||
Net Income (Loss) | $ | 1,057 | (5,492) | |||||||||||
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||||||||||||
Depreciation and amortization | 3,515 | 3,619 | ||||||||||||
Impairment of goodwill and other assets | — | 6,516 | ||||||||||||
Deferred income taxes | 315 | 350 | ||||||||||||
Provision for uncollectible accounts | 137 | 116 | ||||||||||||
Net loss (gain) on early retirement and modification of debt | 78 | (70) | ||||||||||||
Share-based compensation | 120 | 114 | ||||||||||||
Changes in current assets and liabilities, net | (677) | (464) | ||||||||||||
Retirement benefits | (96) | (24) | ||||||||||||
Changes in other noncurrent assets and liabilities, net | 287 | 72 | ||||||||||||
Other, net | 106 | 34 | ||||||||||||
Net cash provided by operating activities | 4,842 | 4,771 | ||||||||||||
INVESTING ACTIVITIES | ||||||||||||||
Capital expenditures | (2,971) | (2,688) | ||||||||||||
Proceeds from sale of property, plant and equipment and other assets | 119 | 54 | ||||||||||||
Other, net | 12 | (37) | ||||||||||||
Net cash used in investing activities | (2,840) | (2,671) | ||||||||||||
FINANCING ACTIVITIES | ||||||||||||||
Net proceeds from issuance of long-term debt | 3,257 | 988 | ||||||||||||
Payments of long-term debt | (6,334) | (1,459) | ||||||||||||
Net proceeds on revolving line of credit | 825 | 150 | ||||||||||||
Dividends paid | (837) | (829) | ||||||||||||
Other, net | (83) | (37) | ||||||||||||
Net cash used in financing activities | (3,172) | (1,187) | ||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (1,170) | 913 | ||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 1,717 | 518 | ||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 547 | 1,431 | |||||||||||
Cash, cash equivalents and restricted cash: | ||||||||||||||
Cash and cash equivalents | $ | 526 | 1,404 | |||||||||||
Restricted cash | 21 | 27 | ||||||||||||
Total | $ | 547 | 1,431 |
CenturyLink, Inc. | |||||||||||||||||||||||
(doing business as Lumen Technologies) | |||||||||||||||||||||||
OPERATING METRICS | |||||||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
September 30, 2020 | June 30, 2020 | March 31, 2020 | |||||||||||||||||||||
Operating Metrics | |||||||||||||||||||||||
Consumer broadband subscribers | 4,563 | 4,638 | 4,667 | ||||||||||||||||||||
Consumer broadband subscribers are customers that purchase broadband connection service through their existing telephone lines, stand-alone telephone lines, or fiber-optic cables. Our methodology for counting our consumer broadband subscribers includes only those lines that we use to provide services to external customers and excludes lines used solely by us and our affiliates. It also excludes unbundled loops and includes stand-alone consumer broadband subscribers. We count lines when we install the service. |
CenturyLink, Inc. | |||||||||||||||||
(doing business as Lumen Technologies) | |||||||||||||||||
Non-GAAP Integration and Transformation Costs and Special Items | |||||||||||||||||
(UNAUDITED) | |||||||||||||||||
($ in millions) | |||||||||||||||||
Actual QTD | Actual YTD | ||||||||||||||||
Integration and Transformation Costs(1) and Special Items Impacting Adjusted EBITDA | 3Q20 | 3Q19 | 3Q20 | 3Q19 | |||||||||||||
Consumer litigation | $ | 2 | — | 8 | 15 | ||||||||||||
Total Special Items impacting Adjusted EBITDA | 2 | — | 8 | 15 | |||||||||||||
Plus: Integration and Transformation Costs | 76 | 38 | 193 | 111 | |||||||||||||
Total Integration and Transformation Costs and Special Items impacting Adjusted EBITDA | $ | 78 | 38 | 201 | 126 | ||||||||||||
Actual QTD | Actual YTD | ||||||||||||||||
Integration and Transformation Costs and Special Items Impacting Net Income (Loss) | 3Q20 | 3Q19 | 3Q20 | 3Q19 | |||||||||||||
Consumer litigation | $ | 2 | — | 8 | 15 | ||||||||||||
Impairment of goodwill | — | — | — | 6,506 | |||||||||||||
Loss on sale of business | 8 | — | 8 | — | |||||||||||||
Loss (gain) on early debt retirement | (4) | (4) | 82 | (70) | |||||||||||||
Total Special Items impacting Net Income (loss) | 6 | (4) | 98 | 6,451 | |||||||||||||
Plus: Integration and Transformation Costs | 76 | 38 | 193 | 111 | |||||||||||||
Total Integration and Transformation Costs and Special Items impacting Net Income (loss) | 82 | 34 | 291 | 6,562 | |||||||||||||
Income tax effect of Integration and Transformation Costs and Special Items (2) | (18) | (8) | (69) | (13) | |||||||||||||
Total Integration and Transformation Costs and Special Items impacting Net iIcome (loss), net of tax | $ | 64 | 26 | 222 | 6,549 | ||||||||||||
(1) Represents the cost of obtaining the synergy and transformations savings over 2019-2021 that the Company initially discussed in its Feb. 13, 2019 earnings release. | |||||||||||||||||
(2) Tax effect calculated using the annualized effective statutory tax rate, excluding any non-recurring discrete items, which was 24.3% and 24.5% for the three and nine months ended Sept. 30, 2019 and 2020, respectively. |
CenturyLink, Inc. | ||||||||
(doing business as Lumen Technologies) | ||||||||
Non-GAAP Cash Flow Reconciliation | ||||||||
(UNAUDITED) | ||||||||
($ in millions) | ||||||||
3Q20 | 3Q19 | |||||||
Net cash provided by operating activities | $ | 1,794 | 1,888 | |||||
Capital expenditures | (988) | (957) | ||||||
Free Cash Flow | 806 | 931 | ||||||
Cash interest paid | 426 | 456 | ||||||
Interest income | (3) | (5) | ||||||
Unlevered Cash Flow | $ | 1,229 | 1,382 | |||||
Free Cash Flow | $ | 806 | 931 | |||||
Add back: cash Integration and Transformation Costs (1) | 105 | 52 | ||||||
Add back: Special Items (1) | 6 | — | ||||||
Free Cash Flow excluding cash Integration and Transformation Costs and Special Items | $ | 917 | 983 | |||||
Unlevered Cash Flow | $ | 1,229 | 1,382 | |||||
Add back: cash Integration and Transformation Costs (1) | 105 | 52 | ||||||
Add back: Special Items (1) | 6 | — | ||||||
Unlevered Cash Flow excluding cash Integration and Transformation Costs and Special Items | $ | 1,340 | 1,434 | |||||
(1) Refer to Non-GAAP Integration and Transformation Costs and Special Items table for details of the Integration and Transformation Costs and Special Items included above. |
CenturyLink, Inc. | ||||||||
(doing business as Lumen Technologies) | ||||||||
Adjusted EBITDA Non-GAAP Reconciliation | ||||||||
(UNAUDITED) | ||||||||
($ in millions) | ||||||||
3Q20 | 3Q19 | |||||||
Net income | $ | 366 | 302 | |||||
Income tax expense | 114 | 108 | ||||||
Total other expense, net | 408 | 540 | ||||||
Depreciation and amortization expense | 1,193 | 1,235 | ||||||
Share-based compensation expense | 31 | 38 | ||||||
Adjusted EBITDA | $ | 2,112 | 2,223 | |||||
Add back: Integration and Transformation Costs(1) | $ | 76 | 38 | |||||
Add back: Special Items (1) | 2 | — | ||||||
Adjusted EBITDA excluding Integration and Transformation Costs and Special Items | $ | 2,190 | 2,261 | |||||
Total revenue | $ | 5,167 | 5,350 | |||||
Adjusted EBITDA margin | 40.9 | % | 41.6 | % | ||||
Adjusted EBITDA margin excluding Integration and Transformation Costs and Special Items | 42.4 | % | 42.3 | % | ||||
(1) Refer to Non-GAAP Integration and Transformation Costs and Special Items table for details of the Integration and Transformation Costs and Special Items included above. |
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