(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. |
LUMEN TECHNOLOGIES, INC. | ||||||||
Date: May 4, 2022 | By: | /s/ Andrea Genschaw | ||||||
Andrea Genschaw | ||||||||
Senior Vice President, Controller | ||||||||
NEWS RELEASE |
Metric | First Quarter | First Quarter | ||||||
($ in millions, except per share data) | 2022 | 2021 | ||||||
International and Global Accounts | $ | 999 | 1,020 | |||||
Large Enterprise | 877 | 953 | ||||||
Mid-Market Enterprise | 636 | 693 | ||||||
Wholesale | 889 | 929 | ||||||
Business Segment Revenue | 3,401 | 3,595 | ||||||
Mass Markets Segment Revenue(1) | 1,275 | 1,434 | ||||||
Total Revenue(1) | $ | 4,676 | 5,029 | |||||
Cost of Services and Products | 1,985 | 2,136 | ||||||
Selling, General and Administrative Expenses | 800 | 756 | ||||||
Stock-based Compensation Expense | 23 | 20 | ||||||
Adjusted EBITDA(1)(2) | 1,914 | 2,157 | ||||||
Adjusted EBITDA, Excluding Special Items(1)(2)(3) | 1,966 | 2,165 | ||||||
Adjusted EBITDA Margin(2) | 40.9 | % | 42.9 | % | ||||
Adjusted EBITDA Margin, Excluding Special Items(2)(3) | 42.0 | % | 43.1 | % | ||||
Net Cash Provided by Operating Activities | 1,375 | 1,525 | ||||||
Capital Expenditures | 577 | 716 | ||||||
Unlevered Cash Flow(2) | 1,183 | 1,196 | ||||||
Unlevered Cash Flow, Excluding Cash Special Items(2)(4) | 1,231 | 1,237 | ||||||
Free Cash Flow(2) | 798 | 809 | ||||||
Free Cash Flow, Excluding Cash Special Items(2)(4) | 846 | 850 | ||||||
Net Income(5) | 599 | 475 | ||||||
Net Income, Excluding Special Items(2)(5)(6) | 636 | 475 | ||||||
Net Income per Common Share - Diluted | 0.59 | 0.44 | ||||||
Net Income per Common Share - Diluted, Excluding Special Items(2)(5)(6) | 0.63 | 0.44 | ||||||
Weighted Average Shares Outstanding (in millions) - Diluted | 1,015.2 | 1,091.6 | ||||||
(1) First quarter 2022 Total Revenue and Adjusted EBITDA, Excluding Special Items were positively impacted by a non-cash revenue release of $59 million related to support payments received under the Federal Communication Commission's Connect America Fund ("CAF") Phase II program, which lapsed on December 31, 2021. First quarter 2021 Total Revenue and Adjusted EBITDA, Excluding Special Items each included $123 million related to CAF II. | ||||||||
(2) See the attached schedules for definitions of non-GAAP metrics and reconciliations to GAAP figures. | ||||||||
(3) Excludes Special Items in the amounts of (i) $52 million for the first quarter of 2022 and (ii) $8 million for the first quarter of 2021. | ||||||||
(4) Excludes cash paid for Special Items of (i) $48 million for the first quarter of 2022 and (ii) $41 million for the first quarter of 2021. | ||||||||
(5) Since designating our Latin American business and our 20-state ILEC business as held for sale on July 25, 2021 and August 3, 2021, respectively, we have ceased recording depreciation of property, plant and equipment and amortization of finite-lived intangible assets and right-of-use assets with respect to these assets. We estimate that we would have recorded an additional $170 million of depreciation, intangible amortization, and amortization of right-of use assets for the quarter ended March 31, 2022 if our Latin American and 20-state ILEC businesses had not been designated as held for sale. | ||||||||
(6) Excludes Special Items (net of the income tax effect thereof) in the amounts of (i) $37 million for the first quarter of 2022 and (ii) zero for the first quarter of 2021. |
Revenue | First Quarter | Fourth Quarter | QoQ Percent | First Quarter | YoY Percent | ||||||||||||
($ in millions) | 2022 | 2021 | Change | 2021 | Change | ||||||||||||
By Business Sales Channel | |||||||||||||||||
International and Global Accounts | $ | 999 | 1,025 | (3)% | 1,020 | (2)% | |||||||||||
Large Enterprise | 877 | 931 | (6)% | 953 | (8)% | ||||||||||||
Mid-Market Enterprise | 636 | 647 | (2)% | 693 | (8)% | ||||||||||||
Wholesale | 889 | 891 | —% | 929 | (4)% | ||||||||||||
Business Segment Revenue | 3,401 | 3,494 | (3)% | 3,595 | (5)% | ||||||||||||
Mass Markets Segment Revenue | 1,275 | 1,353 | (6)% | 1,434 | (11)% | ||||||||||||
Total Revenue | $ | 4,676 | 4,847 | (4)% | 5,029 | (7)% |
Mass Markets | First Quarter 2022 | First Quarter 2021 | ||||||
By Product Category | ||||||||
($ in millions) | ||||||||
Fiber Broadband | $ | 145 | 122 | |||||
Other Broadband(1) | 610 | 648 | ||||||
Voice and Other | 520 | 664 | ||||||
Total Revenue | $ | 1,275 | 1,434 | |||||
(1) Other broadband revenue primarily includes revenue from lower speed copper-based broadband services marketed under the CenturyLink brand. |
Metric (1)(2) | Current Outlook(3) | Previous Outlook(4) | ||||||
Adjusted EBITDA | $6.9 to $7.1 billion | $6.5 to $6.7 billion | ||||||
Free Cash Flow(5) | $2.0 to $2.2 billion | $1.6 to $1.8 billion | ||||||
Net Cash Interest | $1.3 to $1.4 billion | $1.3 to $1.4 billion | ||||||
GAAP Interest Expense | $1.350 billion | $1.350 billion | ||||||
Dividends(6) | $1.00 per share | $1.00 per share | ||||||
Capital Expenditures | $3.2 to $3.4 billion | $3.2 to $3.4 billion | ||||||
Depreciation and Amortization | $3.2 to $3.4 billion | $3.2 to $3.4 billion | ||||||
Stock-based Compensation Expense | ~$150 million | ~$150 million | ||||||
Cash Income Taxes | ~$100 million | ~$100 million | ||||||
Full Year Effective Income Tax Rate | ~26% | ~26% | ||||||
(1) For definitions of non-GAAP metrics and reconciliations to GAAP figures, see the attached schedules and our Investor Relations website. | ||||||||
(2) Outlook measures in this chart and the accompanying schedules (i) 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 (ii) speak only as of May 4, 2022. See “Forward-Looking Statements.” | ||||||||
(3) Current outlook measures include accounting impacts of assets and liabilities held for sale and assume the pending sales of Lumen's LATAM business and 20-state ILEC business would be completed in the third quarter of 2022 and the fourth quarter of 2022, respectively, resulting in updated guidance which includes 2022 financial contributions of two quarters and three quarters, respectively, for each business. | ||||||||
(4) Refers to full-year 2022 financial outlook provided on Feb. 9, 2022, which assumed two quarters of financial contributions for each business. | ||||||||
(5) Assumes no discretionary pension plan contributions during 2022 and excludes any contributions related to the 20-state ILEC business transaction. | ||||||||
(6) Based on common stock outstanding as of Dec. 31. 2021 as well as expected accrued dividends. Given our $1.00 per share dividend outlook, this implies cash dividends of approximately $1.040 billion. | ||||||||
Media Relations Contact: | Investor Relations Contact: | |||||||
Esmeralda Cameron | Mike McCormack, CFA | |||||||
esmeralda.cameron@lumen.com | mike.mccormack@lumen.com | |||||||
+1 201-306-4197 | +1 720-888-3514 |
Lumen Technologies, Inc. | |||||||||||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||
THREE MONTHS ENDED MARCH 31, 2022 AND 2021 | |||||||||||||||||||||||
(UNAUDITED) | |||||||||||||||||||||||
($ in millions, except per share amounts; shares in thousands) | |||||||||||||||||||||||
Three months ended March 31, | Increase / (decrease) | ||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||
OPERATING REVENUE | $ | 4,676 | 5,029 | (7) | % | ||||||||||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Cost of services and products (exclusive of depreciation and amortization) | 1,985 | 2,136 | (7) | % | |||||||||||||||||||
Selling, general and administrative | 800 | 756 | 6 | % | |||||||||||||||||||
Depreciation and amortization | 808 | 1,150 | (30) | % | |||||||||||||||||||
Total operating expenses | 3,593 | 4,042 | (11) | % | |||||||||||||||||||
OPERATING INCOME | 1,083 | 987 | 10 | % | |||||||||||||||||||
OTHER (EXPENSE) INCOME | |||||||||||||||||||||||
Interest expense | (352) | (389) | (10) | % | |||||||||||||||||||
Other income (expense), net | 70 | 34 | 106 | % | |||||||||||||||||||
Income tax expense | (202) | (157) | 29 | % | |||||||||||||||||||
NET INCOME | $ | 599 | 475 | 26 | % | ||||||||||||||||||
BASIC EARNINGS PER SHARE | $ | 0.59 | 0.44 | 34 | % | ||||||||||||||||||
DILUTED EARNINGS PER SHARE | $ | 0.59 | 0.44 | 34 | % | ||||||||||||||||||
WEIGHTED AVERAGE SHARES OUTSTANDING | |||||||||||||||||||||||
Basic | 1,008,430 | 1,082,474 | (7) | % | |||||||||||||||||||
Diluted | 1,015,215 | 1,091,586 | (7) | % | |||||||||||||||||||
DIVIDENDS PER COMMON SHARE | $ | 0.25 | 0.25 | — | % | ||||||||||||||||||
Exclude: Special Items(1) | $ | 37 | — | nm | |||||||||||||||||||
NET INCOME EXCLUDING SPECIAL ITEMS | $ | 636 | 475 | 34 | % | ||||||||||||||||||
DILUTED EARNINGS PER SHARE EXCLUDING SPECIAL ITEMS | $ | 0.63 | 0.44 | 43 | % | ||||||||||||||||||
(1) Excludes the Special Items described in the accompanying Non-GAAP 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. |
Lumen Technologies, Inc. | |||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||
AS OF MARCH 31, 2022 AND DECEMBER 31, 2021 | |||||||||||
(UNAUDITED) | |||||||||||
($ in millions) | |||||||||||
March 31, 2022 | December 31, 2021 | ||||||||||
ASSETS | |||||||||||
CURRENT ASSETS | |||||||||||
Cash and cash equivalents | $ | 366 | 354 | ||||||||
Accounts receivable, less allowance of $111 and $114 | 1,419 | 1,544 | |||||||||
Assets held for sale | 9,025 | 8,809 | |||||||||
Other | 962 | 829 | |||||||||
Total current assets | 11,772 | 11,536 | |||||||||
Property, plant and equipment, net of accumulated depreciation of $19,635 and $19,271 | 20,829 | 20,895 | |||||||||
GOODWILL AND OTHER ASSETS | |||||||||||
Goodwill | 15,976 | 15,986 | |||||||||
Other intangible assets, net | 6,785 | 6,970 | |||||||||
Other, net | 2,675 | 2,606 | |||||||||
Total goodwill and other assets | 25,436 | 25,562 | |||||||||
TOTAL ASSETS | $ | 58,037 | 57,993 | ||||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
CURRENT LIABILITIES | |||||||||||
Current maturities of long-term debt | $ | 156 | 1,554 | ||||||||
Accounts payable | 902 | 758 | |||||||||
Accrued expenses and other liabilities | |||||||||||
Salaries and benefits | 687 | 860 | |||||||||
Income and other taxes | 244 | 228 | |||||||||
Current operating lease liabilities | 383 | 385 | |||||||||
Interest | 207 | 278 | |||||||||
Other | 184 | 232 | |||||||||
Liabilities held for sale | 2,250 | 2,257 | |||||||||
Current portion of deferred revenue | 642 | 617 | |||||||||
Total current liabilities | 5,655 | 7,169 | |||||||||
LONG-TERM DEBT | 28,397 | 27,428 | |||||||||
DEFERRED CREDITS AND OTHER LIABILITIES | |||||||||||
Deferred income taxes, net | 4,222 | 4,049 | |||||||||
Benefit plan obligations, net | 3,634 | 3,710 | |||||||||
Other | 3,847 | 3,797 | |||||||||
Total deferred credits and other liabilities | 11,703 | 11,556 | |||||||||
STOCKHOLDERS' EQUITY | |||||||||||
Common stock | 1,033 | 1,024 | |||||||||
Additional paid-in capital | 18,695 | 18,972 | |||||||||
Accumulated other comprehensive loss | (2,047) | (2,158) | |||||||||
Accumulated deficit | (5,399) | (5,998) | |||||||||
Total stockholders' equity | 12,282 | 11,840 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 58,037 | 57,993 |
Lumen Technologies, Inc. | |||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
THREE MONTHS ENDED MARCH 31, 2022 AND 2021 | |||||||||||
(UNAUDITED) | |||||||||||
($ in millions) | |||||||||||
Three months ended | |||||||||||
March 31, 2022 | March 31, 2021 | ||||||||||
OPERATING ACTIVITIES | |||||||||||
Net Income | $ | 599 | 475 | ||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | 808 | 1,150 | |||||||||
Deferred income taxes | 179 | 131 | |||||||||
Provision for uncollectible accounts | 25 | 27 | |||||||||
Net gain on early retirement of debt | — | (8) | |||||||||
Stock-based compensation | 23 | 20 | |||||||||
Changes in current assets and liabilities, net | (249) | (289) | |||||||||
Retirement benefits | (38) | (71) | |||||||||
Changes in other noncurrent assets and liabilities, net | (27) | 66 | |||||||||
Other, net | 55 | 24 | |||||||||
Net cash provided by operating activities | 1,375 | 1,525 | |||||||||
INVESTING ACTIVITIES | |||||||||||
Capital expenditures | (577) | (716) | |||||||||
Proceeds from sale of property, plant and equipment and other assets | 6 | 35 | |||||||||
Other, net | 2 | 6 | |||||||||
Net cash used in investing activities | (569) | (675) | |||||||||
FINANCING ACTIVITIES | |||||||||||
Net proceeds from issuance of long-term debt | — | 891 | |||||||||
Payments of long-term debt | (1,474) | (1,176) | |||||||||
Net proceeds from (payments on) revolving line of credit | 1,000 | (150) | |||||||||
Dividends paid | (271) | (294) | |||||||||
Other, net | (31) | (45) | |||||||||
Net cash used in financing activities | (776) | (774) | |||||||||
Net increase in cash, cash equivalents and restricted cash | 30 | 76 | |||||||||
Cash, cash equivalents and restricted cash at beginning of period | 409 | 427 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 439 | 503 | ||||||||
Cash, cash equivalents and restricted cash: | |||||||||||
Cash and cash equivalents | $ | 366 | 486 | ||||||||
Cash and cash equivalents included in assets held for sale | 59 | — | |||||||||
Restricted cash | 14 | 17 | |||||||||
Total | $ | 439 | 503 |
Lumen Technologies, Inc. | ||||||||||||||||||||
OPERATING METRICS | ||||||||||||||||||||
(UNAUDITED) | ||||||||||||||||||||
March 31, 2022 | December 31, 2021 | March 31, 2021 | ||||||||||||||||||
Operating Metrics | ||||||||||||||||||||
Mass Markets broadband subscribers | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Fiber broadband subscribers | 830 | 800 | 720 | |||||||||||||||||
Other broadband subscribers(1) | 3,640 | 3,720 | 4,010 | |||||||||||||||||
Mass Markets total broadband subscribers(2) | 4,470 | 4,520 | 4,730 | |||||||||||||||||
Mass Markets broadband enabled | ||||||||||||||||||||
(in millions) | ||||||||||||||||||||
Fiber broadband enabled | 2.9 | 2.8 | 2.5 | |||||||||||||||||
Other broadband enabled | 26.0 | 25.8 | 25.9 | |||||||||||||||||
Mass Markets total broadband enabled | 28.9 | 28.6 | 28.4 | |||||||||||||||||
(1) Other broadband subscribers are customers that primarily subscribe to lower speed copper-based broadband services marketed under the CenturyLink brand. | ||||||||||||||||||||
(2) Mass Markets 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 Mass Markets 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 Mass Markets broadband subscribers. We count lines when we install the service. Other companies may use different methodologies. |
Lumen Technologies, Inc. | ||||||||
Non-GAAP Special Items | ||||||||
(UNAUDITED) | ||||||||
($ in millions) | ||||||||
Actual QTD | ||||||||
Special Items Impacting Adjusted EBITDA | 1Q22 | 1Q21 | ||||||
Consumer and other litigation | $ | — | 8 | |||||
Severance | 2 | — | ||||||
Transaction and separation costs(1) | 50 | — | ||||||
Total Special Items impacting Adjusted EBITDA | $ | 52 | 8 | |||||
Actual QTD | ||||||||
Special Items Impacting Net Income | 1Q22 | 1Q21 | ||||||
Consumer and other litigation | $ | — | 8 | |||||
Gain on early retirement of debt (2) | — | (8) | ||||||
Severance | 2 | — | ||||||
Transaction and separation costs(1) | 50 | — | ||||||
Income from transition and separation services(3) | (3) | — | ||||||
Total Special Items impacting Net Income | 49 | — | ||||||
Income tax effect of Special Items(4) | (12) | — | ||||||
Total Special Items impacting Net Income, net of tax | $ | 37 | — | |||||
(1) Transaction and separation costs associated with the pending sale of our Latin American business to Stonepeak for $2.7 billion announced July 26, 2021 and the pending sale of our ILEC (incumbent local exchange carrier) business in 20 states for $7.5 billion announced August 3, 2021, and the evaluation of other potential transactions. | ||||||||
(2) Reflects a gain as a result of $1.1 billion in early debt retirement in Q1 2021. There were no comparable gains or losses during Q1 2022. | ||||||||
(3) Income from transition and separation services includes charges we bill for transition services agreements and IT professional services provided in connection with pending divestiture transactions. | ||||||||
(4) Tax effect calculated using the annualized effective statutory tax rate, excluding any non-recurring discrete items, which was 24.6% for Q1 2022 and 24.5% for Q1 2021. |
Lumen Technologies, Inc. | ||||||||
Non-GAAP Cash Flow Reconciliation | ||||||||
(UNAUDITED) | ||||||||
($ in millions) | ||||||||
Actual QTD | ||||||||
1Q22 | 1Q21 | |||||||
Net cash provided by operating activities | $ | 1,375 | 1,525 | |||||
Capital expenditures | (577) | (716) | ||||||
Free Cash Flow | 798 | 809 | ||||||
Cash interest paid | 386 | 387 | ||||||
Interest income | (1) | — | ||||||
Unlevered Cash Flow | $ | 1,183 | $ | 1,196 | ||||
Free Cash Flow | $ | 798 | $ | 809 | ||||
Add back: Severance | 16 | 22 | ||||||
Add back: Consumer and other litigation(1) | — | 19 | ||||||
Add back: Transaction and separation costs(1) | 32 | — | ||||||
Free Cash Flow excluding cash Special Items | $ | 846 | $ | 850 | ||||
Unlevered Cash Flow | $ | 1,183 | $ | 1,196 | ||||
Add back: Severance | 16 | 22 | ||||||
Add back: Consumer and other litigation(1) | — | 19 | ||||||
Add back: Transaction and separation costs(1) | 32 | — | ||||||
Unlevered Cash Flow excluding cash Special Items | $ | 1,231 | $ | 1,237 | ||||
(1) Refer to Non-GAAP Special Items table for details of the Special Items impacting cash included above. |
Lumen Technologies, Inc. | ||||||||
Adjusted EBITDA Non-GAAP Reconciliation | ||||||||
(UNAUDITED) | ||||||||
($ in millions) | ||||||||
Actual QTD | ||||||||
1Q22 | 1Q21 | |||||||
Net income | $ | 599 | 475 | |||||
Income tax expense | 202 | 157 | ||||||
Total other expense, net | 282 | 355 | ||||||
Depreciation and amortization expense | 808 | 1,150 | ||||||
Stock-based compensation expense | 23 | 20 | ||||||
Adjusted EBITDA | $ | 1,914 | 2,157 | |||||
Add back: Severance | $ | 2 | — | |||||
Add back: Other Special Items(1) | — | 8 | ||||||
Add back: Transaction and separation costs(1) | 50 | — | ||||||
Adjusted EBITDA excluding Special Items | $ | 1,966 | 2,165 | |||||
Total revenue | $ | 4,676 | 5,029 | |||||
Adjusted EBITDA margin | 40.9 | % | 42.9 | % | ||||
Adjusted EBITDA margin excluding Special Items | 42.0 | % | 43.1 | % | ||||
(1) Refer to Non-GAAP Special Items table for details of the Special Items included above. |
Lumen Technologies, Inc. | |||||||||||
2022 OUTLOOK (1) (2) (3) (4) (5) | |||||||||||
(UNAUDITED) | |||||||||||
($ in millions) | |||||||||||
Adjusted EBITDA Outlook | |||||||||||
Twelve Months Ended December 31, 2022 | |||||||||||
Range | |||||||||||
Low | High | ||||||||||
Net income | $ | 1,385 | 1,875 | ||||||||
Income tax expense | 490 | 650 | |||||||||
Total other expense | 1,450 | 1,250 | |||||||||
Depreciation and amortization expense | 3,400 | 3,200 | |||||||||
Stock-based compensation expense | 175 | 125 | |||||||||
Adjusted EBITDA | $ | 6,900 | $ | 7,100 | |||||||
Free Cash Flow Outlook | |||||||||||
Twelve Months Ended December 31, 2022 | |||||||||||
Range | |||||||||||
Low | High | ||||||||||
Net cash provided by operating activities | $ | 5,200 | 5,600 | ||||||||
Capital expenditures | (3,200) | (3,400) | |||||||||
Free Cash Flow | $ | 2,000 | 2,200 |
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