DENVER, Feb. 10, 2021 /PRNewswire/ -- Lumen Technologies
Inc. (NYSE: LUMN) reported results for the fourth
quarter ended Dec. 31, 2020.
"We made significant transformational progress in 2020,
launching the Lumen platform to support our customers' application
and data needs for the 4th Industrial
Revolution," said Jeff Storey,
president and CEO of Lumen. "We invested in our Edge Cloud
capabilities, enhanced our customers' digital experiences, and
launched new platform-based solutions. These investments enabled us
to improve our revenue growth trajectory and serve as the
foundation for several new strategic partnerships. We are excited
about the opportunity for growth in 2021 as we truly become the
platform for amazing things."
Total revenue was $5.125 billion
for the fourth quarter 2020, compared to $5.306 billion for the fourth quarter
2019.
Financial Results
Metric
|
Fourth
Quarter
|
Fourth
Quarter
|
Full
Year
|
Full
Year
|
($ in millions,
except per share data)
|
2020
|
2019(1)
|
2020
|
2019(1)
|
International and
Global Accounts
|
$
|
856
|
|
870
|
|
3,405
|
|
3,476
|
|
Enterprise
|
1,430
|
|
1,434
|
|
5,722
|
|
5,696
|
|
Small and Medium
Business
|
618
|
|
665
|
|
2,557
|
|
2,727
|
|
Wholesale
|
922
|
|
983
|
|
3,777
|
|
4,042
|
|
Consumer
|
1,299
|
|
1,354
|
|
5,251
|
|
5,517
|
|
Total
Revenue
|
$
|
5,125
|
|
5,306
|
|
20,712
|
|
21,458
|
|
Cost of Services and
Products
|
2,231
|
|
2,257
|
|
8,934
|
|
9,134
|
|
Selling, General and
Administrative Expenses
|
866
|
|
992
|
|
3,464
|
|
3,715
|
|
Share-based
Compensation Expenses
|
55
|
|
48
|
|
175
|
|
162
|
|
Adjusted
EBITDA(2)
|
2,083
|
|
2,105
|
|
8,489
|
|
8,771
|
|
Adjusted EBITDA,
Excluding Integration and Transformation Costs and Special
Items(2)(3)
|
2,281
|
|
2,278
|
|
8,888
|
|
9,070
|
|
Adjusted EBITDA
Margin(2)
|
40.6%
|
|
39.7%
|
|
41.0%
|
|
40.9%
|
|
Adjusted EBITDA
Margin, Excluding Integration and Transformation Costs and Special
Items(2)(3)
|
44.5%
|
|
42.9%
|
|
42.9%
|
|
42.3%
|
|
Net Cash Provided by
Operating Activities
|
1,682
|
|
1,909
|
|
6,524
|
|
6,680
|
|
Capital
Expenditures
|
758
|
|
940
|
|
3,729
|
|
3,628
|
|
Unlevered Cash
Flow(2)
|
1,297
|
|
1,486
|
|
4,416
|
|
5,065
|
|
Unlevered Cash Flow,
Excluding Cash Integration and Transformation Costs and Special
Items(2)(4)
|
1,377
|
|
1,539
|
|
4,752
|
|
5,289
|
|
Free Cash
Flow(2)
|
924
|
|
969
|
|
2,795
|
|
3,052
|
|
Free Cash Flow,
Excluding Cash Integration and Transformation Costs and Special
Items(2)(4)
|
1,004
|
|
1,022
|
|
3,131
|
|
3,276
|
|
Net (Loss)
Income
|
(2,289)
|
|
223
|
|
(1,232)
|
|
(5,269)
|
|
Net Income, Excluding
Integration and Transformation Costs and Special
Items(5)
|
522
|
|
352
|
|
1,801
|
|
1,409
|
|
Net (Loss) Income per
Common Share - Diluted
|
(2.12)
|
|
0.21
|
|
(1.14)
|
|
(4.92)
|
|
Net Income per Common
Share - Diluted, Excluding Integration and Transformation Costs and
Special Items(5)
|
0.48
|
|
0.33
|
|
1.67
|
|
1.32
|
|
Weighted Average
Shares Outstanding (in millions) - Diluted
|
1,080.5
|
|
1,078.2
|
|
1,079.1
|
|
1,071.4
|
|
|
|
|
|
|
(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 Integration and Transformation Costs and Special Items in
the amounts of (i) $198 million for the fourth quarter of
2020, (ii) $173 million for the fourth quarter of 2019, (ii) $399
million for the full year 2020, and (iv) $299 million for the
full year 2019.
|
(4)
Excludes cash paid for Integration and Transformation Costs and
Special Items of (i) $80 million for the fourth quarter of 2020,
(ii) $53 million for the fourth quarter of 2019, (iii) $336 million
for the full year 2020, and (iv) $224 million for the full year
2019.
|
(5)
Excludes Integration and Transformation Costs and Special Items
(net of the income tax effect thereof) in the amounts of (i) $2.811
billion for the fourth quarter of 2020, (ii) $129 million for the
fourth quarter of 2019, (iii) $3.033 billion for the full year
2020, and (iv) $6.678 billion for the full year 2019.
|
|
|
|
Revenue
|
Fourth
Quarter
|
Third
Quarter
|
QoQ
Percent
|
Fourth
Quarter
|
YoY
Percent
|
($ in
millions)
|
2020
|
2020
|
Change
|
2019
|
Change
|
By Business
Segment
|
|
|
|
|
|
International and
Global Accounts
|
$
|
856
|
|
835
|
|
3%
|
870
|
|
(2)%
|
Enterprise
|
1,430
|
|
1,439
|
|
(1)%
|
1,434
|
|
—%
|
Small and Medium
Business
|
618
|
|
635
|
|
(3)%
|
665
|
|
(7)%
|
Wholesale
|
922
|
|
949
|
|
(3)%
|
983
|
|
(6)%
|
Consumer
|
1,299
|
|
1,309
|
|
(1)%
|
1,354
|
|
(4)%
|
Total
Revenue
|
$
|
5,125
|
|
5,167
|
|
(1)%
|
5,306
|
|
(3)%
|
Cash Flow
Free Cash Flow, excluding Integration and Transformation Costs
and Special Items, was $1.004 billion
in the fourth quarter 2020, compared to $1.022 billion in the fourth quarter 2019.
As of Dec. 31, 2020, Lumen had
cash and cash equivalents of $406
million.
Goodwill Impairment
Each year, the company is required under GAAP to undertake a
goodwill impairment analysis of all its reporting units. The
analysis compares the fair value of the equity for each of the
reporting units to the carrying value of equity for each reporting
unit. The analysis takes into account weighted average cost of
capital and market multiples, along with the company's forecasts.
Based on this analysis, in the fourth quarter of 2020 the company
recorded an aggregate $2.642 billion
non-cash goodwill impairment across multiple reporting units.
2021 Reporting Changes
Segment and Sales Channel Reporting
The company is making changes to its segment and customer-facing
sales channel reporting categories in 2021 to align with
operational changes designed to better support its customers.
Beginning next quarter, the company will report two
segments: Business and Mass Markets. The Business segment will
include four sales channels: International & Global Accounts,
Large Enterprise, Mid-Market Enterprise, and Wholesale. Mass
Markets includes both Consumer and our Small Business Group
(SBG).
For the Business and Mass Markets segments, proforma for these
upcoming changes, fourth quarter 2020 revenue was:
Revenue
|
Proforma
Fourth
Quarter
2020
|
($ in
millions)
|
By Sales
Channel
|
|
International &
Global Accounts
|
$
|
1,033
|
|
Large
Enterprise
|
986
|
|
Mid-Market
Enterprise
|
716
|
|
Wholesale
|
930
|
|
Business
Segment
|
$
|
3,665
|
|
Mass Markets
Segment
|
1,460
|
|
Total
Revenue
|
$
|
5,125
|
|
Product Category Reporting
Additionally, beginning next quarter the company is making
changes to the product category reporting to better reflect product
life cycles and the company's go to market approach. These
changes include both the creation of new product categories and the
realignment of products and services within previously reported
product categories.
For Business segment revenue, the company will report the
following product categories: Compute & Application
Services, IP & Data Services, Fiber Infrastructure Services and
Voice & Other.
Proforma for these upcoming changes, fourth quarter 2020 product
categories for the Business Segment were:
Business
|
Proforma
Fourth
Quarter
2020
|
By Product
Category
|
($ in
millions)
|
Compute &
Application Services
|
$
|
454
|
|
IP & Data
Services
|
1,588
|
|
Fiber Infrastructure
Services
|
575
|
|
Voice &
Other
|
1,048
|
|
Total
Revenue
|
$
|
3,665
|
|
For Mass Markets segment revenue, the company will report in the
following product categories: Consumer Broadband, Small
Business Group (SBG) Broadband, Voice & Other, and CAF II.
Proforma for these upcoming changes, fourth quarter 2020 product
categories revenue for the Mass Markets segment were:
Mass
Markets
|
Proforma
Fourth
Quarter
2020
|
By Product
Category
|
($ in
millions)
|
Consumer
Broadband
|
$
|
731
|
|
SBG
Broadband
|
37
|
|
Voice &
Other
|
569
|
|
CAF II
|
123
|
|
Total
Revenue
|
$
|
1,460
|
|
Adjusted EBITDA and Free Cash Flow excluding Special
Items
Going forward, the company plans to discontinue reporting
Integration and Transformation savings and associated costs.
The company plans to continue to provide disclosure on Adjusted
EBITDA, Free Cash Flow and other profitability measures, including
and excluding Special Items. Special Items will include expenses
such as severance, material legal settlements or other unforeseen
material items that are one-time or unusual in nature.
Proforma for these upcoming changes, 2020 profitability and cash
flow metrics were:
Proforma Adjusted
EBITDA Reporting
|
|
Proforma Free Cash
Flow Reporting
|
|
|
|
Metric
|
2020
Reported
|
2020
Proforma
|
|
Metric
|
2020
Reported
|
2020
Proforma
|
Adjusted
EBITDA(1)
|
$8,489
|
$8,489
|
|
Free Cash
Flow(1)
|
$2,795
|
$2,795
|
Severance(2)
|
$151
|
$151
|
|
Severance(2)
|
$137
|
$137
|
Other Integration and
Transformation Costs
|
$224
|
n/a
|
|
Other Integration and
Transformation Costs
|
$152
|
n/a
|
Subtotal
|
$375
|
$151
|
|
Subtotal
|
$289
|
$137
|
Special
Items
|
$24
|
$24
|
|
Special
Items
|
$47
|
$47
|
Total Add
Backs
|
$399
|
$175
|
|
Total Add
Backs
|
$336
|
$184
|
Adjusted
EBITDA
Excl. Integration and
Transformation Costs and Special items
|
$8,888
|
n/a
|
|
Free Cash
Flow
Excl. Integration and
Transformation Costs and Special Items
|
$3,131
|
n/a
|
Adjusted
EBITDA
Excl. Special
Items
|
n/a
|
$8,664
|
|
Free Cash
Flow
Excl. Special
Items
|
n/a
|
$2,979
|
Adjusted EBITDA
Margin(3)
|
43%
|
42%
|
|
|
|
|
|
|
|
|
|
|
|
(1) For
definitions of non-GAAP metrics and reconciliation to GAAP figures,
see the attached schedules and Lumen's Investor Relations
website.
|
(2) Severance costs were previously
classified within Integration and Transformation Costs. Effective
in 2021, this will be reported within Special Items.
|
(3) 2020 reported Adj. EBITDA margin
excludes Integration and Transformation Costs and Special Items;
2020 proforma Adj. EBITDA margin excludes only Special Items
(including severance costs).
|
2021 Outlook
2021 Metric
(1)(2)
|
2020
Proforma(3)
|
2021
Outlook
|
Adjusted EBITDA
(excluding Special Items)
|
$8.664
billion
|
$8.4 to $8.6
billion
|
Free Cash Flow
(excluding Special Items)(4)
|
$2.979
billion
|
$2.8 to $3.0
billion
|
|
|
|
2021 Metric
(1)(2)
|
2020
Actual
|
2021
Outlook
|
Net Cash
Interest
|
$1.627
billion
|
$1.525 to $1.575
billion
|
GAAP Interest
Expense
|
$1.668
billion
|
$1.550
billion
|
Dividends
(5)
|
$1.1
billion
|
$1.1
billion
|
Capital
Expenditures
|
$3.729
billion
|
$3.5 to $3.8
billion
|
Depreciation and
Amortization
|
$4.710
billion
|
$4.2 to $4.4
billion
|
Share-based
Compensation Expenses
|
$175
million
|
~$200
million
|
Cash Income
Taxes
|
$70
million
|
$100
million
|
Full Year Effective
Income Tax Rate(6)
|
24%
|
27%
|
|
|
|
(1)
For definitions of non-GAAP metrics and reconciliation to GAAP
figures, see the attached schedules and Lumen's 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 Feb. 10, 2021. See "Forward-Looking
Statements."
|
(3)
For 2020 results, Adjusted EBITDA and Free Cash Flow are on a
proforma basis to reflect our upcoming 2021 reporting. All other
metrics are on an as reported basis.
|
(4)
Free Cash Flow outlook does not include any potential discretionary
pension fund contribution.
|
(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 Dec. 31, 2020. Payments of all dividends are
at the discretion of the Board of Directors.
|
(6)
2020 Actual excludes goodwill impairment.
|
Investor Call
Lumen's management will host a conference call at 5 p.m. ET today, Feb. 10,
2021. The conference call will be streamed live over Lumen's
website at ir.lumen.com. Additional information regarding fourth
quarter 2020 results, including the presentation materials
management will review during the conference call, will be
available on the Investor Relations website prior to the call. If
you are unable to join the call via the web, the call can be
accessed live at +1 877-283-5145 (U.S. Domestic) or +1 312-281-1201
(International).
A telephone replay of the call will be available beginning at
7 p.m. ET on Feb. 10, 2021, and ending May 11, 2021, at 6 p.m.
ET. The replay can be accessed by dialing +1 800-633-8284
(U.S. Domestic) or +1 402-977-9140 (International), reservation
code 21989194. A webcast replay of the call will also be available
on our website beginning at 7 p.m. ET
on Feb. 10, 2021, and ending
May 11, 2021, at 6 p.m. ET.
About Lumen
Lumen Technologies Inc. (NYSE: LUMN) is guided by our belief
that humanity is at its best when technology advances the way we
live and work. With approximately 450,000 route fiber miles and
serving customers in more than 60 countries, we deliver the
fastest, most secure platform for applications and data to help
businesses, government and communities deliver amazing
experiences.
Learn more about the Lumen network, edge cloud, security,
communication and collaboration solutions and our purpose to
further human progress through technology at news.lumen.com/home,
LinkedIn: /lumentechnologies, Twitter: @lumentechco, Facebook:
/lumentechnologies, Instagram: @lumentechnologies and YouTube:
/lumentechnologies. Lumen and Lumen Technologies are registered
trademarks of Lumen Technologies LLC in the United States. Lumen Technologies LLC is a
wholly-owned affiliate of Lumen Technologies, Inc.
Forward-Looking Statements
Except for historical and factual information, the matters set
forth in this release and other of our oral or written statements
identified by words such as "estimates," "expects," "anticipates,"
"believes," "plans," "intends," "will," and similar expressions are
forward-looking statements as defined by the federal securities
laws, and are subject to the "safe harbor" protections thereunder.
These forward-looking statements are not guarantees of future
results and are based on current expectations only, are inherently
speculative, and are subject to a number of assumptions, risks and
uncertainties, many of which are beyond our control. Actual events
and results may differ materially from those anticipated,
estimated, projected or implied by us in those statements if one or
more of these risks or uncertainties materialize, or if underlying
assumptions prove incorrect. Factors that could affect actual
results include but are not limited to: uncertainties regarding the
extent to which COVID-19 health and economic disruptions will
continue to impact our business, operations, cash flows and
corporate initiatives; the effects of competition from a wide
variety of competitive providers, including decreased demand for
our more mature service offerings and increased pricing pressures;
the effects of new, emerging or competing technologies, including
those that could make our products less desirable or obsolete; our
ability to attain our key operating imperatives, including
simplifying and consolidating our network, simplifying and
automating our service support systems, strengthening our
relationships with customers and attaining projected cost savings;
our ability to safeguard our network, and to avoid the adverse
impact of possible security breaches, service outages, system
failures, or similar events impacting our network or the
availability and quality of our services; the effects of ongoing
changes in the regulation of the communications industry, including
the outcome of legislative, regulatory or judicial proceedings
relating to content liability standards, intercarrier compensation,
universal service, broadband deployment, data protection, privacy
and net neutrality; our ability to effectively retain and hire key
personnel and to successfully negotiate collective bargaining
agreements on reasonable terms without work stoppages; possible
changes in the demand for our products and services, including
increased demand for high-speed data transmission services; our
ability to successfully maintain the quality and profitability of
our existing product and service offerings and to introduce
profitable new offerings on a timely and cost-effective basis; our
ability to generate cash flows sufficient to fund our financial
commitments and objectives, including our capital expenditures,
operating costs, debt repayments, dividends, pension contributions
and other benefits payments; our ability to successfully and timely
implement our operating plans and corporate strategies, including
our delevering strategy; changes in our operating plans, corporate
strategies, dividend payment plans or other capital allocation
plans, whether based upon COVID-19 disruptions, changes in our cash
flows, cash requirements, financial performance, financial
position, market conditions or otherwise; the impact of any future
material acquisitions or divestitures that we may engage in; the
negative impact of increases in the costs of our pension, health,
post-employment or other benefits, including those caused by
changes in markets, interest rates, mortality rates, demographics
or regulations; the potential negative impact of customer
complaints, government investigations, security breaches or service
outages impacting us or our industry; adverse changes in our access
to credit markets on favorable terms, whether caused by changes in
our financial position, lower credit ratings, unstable markets or
otherwise; our ability to meet the terms and conditions of our debt
obligations and covenants, including our ability to make transfers
of cash in compliance therewith; our ability to maintain favorable
relations with our securityholders, key business partners,
suppliers, vendors, landlords and financial institutions; our
ability to meet evolving environmental, social and governance
expectations and benchmarks; our ability to collect our receivables
from, or continue to do business with, financially-troubled
customers, including, but not limited to, those adversely impacted
by the economic dislocations caused by the COVID-19 pandemic; our
ability to use our net operating loss carryforwards in the amounts
projected; any adverse developments in legal or regulatory
proceedings involving us; changes in tax, pension, healthcare or
other laws or regulations, in governmental support programs, or in
general government funding levels, including those arising from
pending proposals to increase federal income tax rates; the effects
of changes in accounting policies, practices or assumptions,
including changes that could potentially require additional future
impairment charges; the effects of adverse weather, terrorism,
epidemics, pandemics, rioting, societal unrest, or other natural or
man-made disasters or disturbances; the potential adverse effects
if our internal controls over financial reporting have weaknesses
or deficiencies, or otherwise fail to operate as intended; the
effects of more general factors such as changes in interest rates,
in exchange rates, in operating costs, in public policy, in the
views of financial analysts, or in general market, labor, economic
or geo-political conditions; and other risks referenced from time
to time in our filings with the U.S. Securities and Exchange
Commission. You are cautioned not to unduly rely upon our
forward-looking statements, which speak only as of the date made.
We undertake no obligation to publicly update or revise any
forward-looking statements for any reason, whether as a result of
new information, future events or developments, changed
circumstances, or otherwise. Furthermore, any information about our
intentions contained in any of our forward-looking statements
reflects our intentions as of the date of such forward-looking
statement, and is based upon, among other things, regulatory,
technological, industry, competitive, economic and market
conditions, and our related assumptions, as of such date. We may
change our intentions, strategies or plans without notice at any
time and for any reason.
Reconciliation to GAAP
This release includes certain historical and forward-looking
non-GAAP financial measures, including but not limited to Adjusted
EBITDA, Free Cash Flow, Unlevered Cash Flow, and adjustments to
GAAP and non-GAAP measures to exclude the effect of Integration and
Transformation Costs and Special Items. In addition to providing
key metrics for management to evaluate the company's performance,
we believe these measurements assist investors in their
understanding of period-to-period operating performance and in
identifying historical and prospective trends.
Reconciliations of non-GAAP financial measures to the most
comparable GAAP measures are included in the attached financial
schedules. Reconciliation of additional non-GAAP historical
financial measures that may be discussed during the call described
above, along with further descriptions of non-GAAP financial
measures, will be available in the Investor Relations portion of
the company's website at ir.lumen.com. Non-GAAP measures are not
presented to be replacements or alternatives to the GAAP measures,
and investors are urged to consider these non-GAAP measures in
addition to, and not in substitution for, measures prepared in
accordance with GAAP. Lumen may present or calculate its non-GAAP
measures differently from other companies.
|
Lumen
Technologies, Inc.
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
THREE AND TWELVE
MONTHS ENDED DECEMBER 31, 2020 AND 2019
|
(UNAUDITED)
|
($ in millions,
except per share amounts; shares in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months
ended
December 31,
|
|
Increase /
(decrease)
|
|
Twelve months
ended December 31,
|
|
Increase /
(decrease)
|
|
|
2020
|
|
2019
(1)
|
|
|
2020
|
|
2019
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
REVENUE
|
$
|
5,125
|
|
|
5,306
|
|
|
(3)%
|
|
|
20,712
|
|
|
21,458
|
|
|
(3)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of services and
products
|
2,231
|
|
|
2,257
|
|
|
(1)%
|
|
|
8,934
|
|
|
9,134
|
|
|
(2)%
|
|
|
Selling, general and
administrative
|
866
|
|
|
992
|
|
|
(13)%
|
|
|
3,464
|
|
|
3,715
|
|
|
(7)%
|
|
|
Depreciation and
amortization
|
1,195
|
|
|
1,210
|
|
|
(1)%
|
|
|
4,710
|
|
|
4,829
|
|
|
(2)%
|
|
|
Goodwill
impairment
|
2,642
|
|
|
—
|
|
|
nm
|
|
|
2,642
|
|
|
6,506
|
|
|
(59)%
|
|
|
Total operating
expenses
|
6,934
|
|
|
4,459
|
|
|
56%
|
|
|
19,750
|
|
|
24,184
|
|
|
(18)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING (LOSS)
INCOME
|
(1,809)
|
|
|
847
|
|
|
nm
|
|
|
962
|
|
|
(2,726)
|
|
|
nm
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER (EXPENSE)
INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
(396)
|
|
|
(484)
|
|
|
(18)%
|
|
|
(1,668)
|
|
|
(2,021)
|
|
|
(17)%
|
|
|
Other (expense)
income, net
|
(3)
|
|
|
(14)
|
|
|
(79)%
|
|
|
(76)
|
|
|
(19)
|
|
|
nm
|
|
|
Income tax
expense
|
(81)
|
|
|
(126)
|
|
|
(36)%
|
|
|
(450)
|
|
|
(503)
|
|
|
(11)%
|
|
NET (LOSS)
INCOME
|
$
|
(2,289)
|
|
|
223
|
|
|
nm
|
|
|
(1,232)
|
|
|
(5,269)
|
|
|
(77)%
|
|
BASIC (LOSS) EARNINGS
PER SHARE
|
$
|
(2.12)
|
|
|
0.21
|
|
|
nm
|
|
|
(1.14)
|
|
|
(4.92)
|
|
|
nm
|
|
DILUTED (LOSS)
EARNINGS PER SHARE
|
$
|
(2.12)
|
|
|
0.21
|
|
|
nm
|
|
|
(1.14)
|
|
|
(4.92)
|
|
|
nm
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
WEIGHTED AVERAGE
SHARES OUTSTANDING
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
1,080,507
|
|
|
1,073,000
|
|
|
1%
|
|
|
1,079,130
|
|
|
1,071,441
|
|
|
1%
|
|
|
Diluted
|
1,080,507
|
|
|
1,078,175
|
|
|
—%
|
|
|
1,079,130
|
|
|
1,071,441
|
|
|
1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DIVIDENDS PER COMMON
SHARE
|
$
|
0.25
|
|
|
0.25
|
|
|
—%
|
|
|
1.00
|
|
|
1.00
|
|
|
—%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exclude: Integration
and Transformation Costs and Special Items(2)
|
$
|
2,811
|
|
|
129
|
|
|
nm
|
|
|
3,033
|
|
|
6,678
|
|
|
(55)%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME EXCLUDING
INTEGRATION AND TRANSFORMATION COSTS AND SPECIAL ITEMS
|
$
|
522
|
|
|
352
|
|
|
48%
|
|
|
1,801
|
|
|
1,409
|
|
|
28%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DILUTED EARNINGS PER
SHARE EXCLUDING INTEGRATION AND TRANSFORMATION COSTS AND SPECIAL
ITEMS
|
$
|
0.48
|
|
|
0.33
|
|
|
45%
|
|
|
1.67
|
|
|
1.32
|
|
|
27%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
|
|
|
|
Lumen
Technologies, Inc.
|
CONSOLIDATED BALANCE
SHEETS
|
AS OF DECEMBER 31,
2020 AND 2019
|
(UNAUDITED)
|
($ in
millions)
|
|
December 31,
2020
|
|
December 31,
2019
|
ASSETS
|
|
|
|
CURRENT
ASSETS
|
|
|
|
Cash and cash
equivalents
|
$
|
406
|
|
|
1,690
|
|
Accounts receivable,
less allowance of $191 and $106
|
1,962
|
|
|
2,259
|
|
Other
|
808
|
|
|
819
|
|
Total
current assets
|
3,176
|
|
|
4,768
|
|
Property, plant and
equipment, net of accumulated depreciation of $31,596 and
$29,346
|
26,338
|
|
|
26,079
|
|
GOODWILL AND OTHER
ASSETS
|
|
|
|
Goodwill
|
18,870
|
|
|
21,534
|
|
Other intangible
assets, net
|
8,219
|
|
|
9,567
|
|
Other, net
|
2,791
|
|
|
2,794
|
|
Total goodwill and other assets
|
29,880
|
|
|
33,895
|
|
TOTAL
ASSETS
|
$
|
59,394
|
|
|
64,742
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
CURRENT
LIABILITIES
|
|
|
|
Current maturities of
long-term debt
|
$
|
2,427
|
|
|
2,300
|
|
Accounts
payable
|
1,134
|
|
|
1,724
|
|
Accrued expenses and
other liabilities
|
|
|
|
Salaries and
benefits
|
1,008
|
|
|
1,037
|
|
Income and other
taxes
|
314
|
|
|
311
|
|
Current operating
lease liabilities
|
379
|
|
|
416
|
|
Interest
|
291
|
|
|
280
|
|
Other
|
328
|
|
|
386
|
|
Current portion of
deferred revenue
|
753
|
|
|
804
|
|
Total current liabilities
|
6,634
|
|
|
7,258
|
|
LONG-TERM
DEBT
|
29,410
|
|
|
32,394
|
|
DEFERRED CREDITS AND
OTHER LIABILITIES
|
|
|
|
Deferred income taxes,
net
|
3,342
|
|
|
2,918
|
|
Benefit plan
obligations, net
|
4,556
|
|
|
4,594
|
|
Other
|
4,290
|
|
|
4,108
|
|
Total deferred credits
and other liabilities
|
12,188
|
|
|
11,620
|
|
STOCKHOLDERS'
EQUITY
|
|
|
|
Common stock
|
1,097
|
|
|
1,090
|
|
Additional paid-in
capital
|
20,909
|
|
|
21,874
|
|
Accumulated other
comprehensive loss
|
(2,813)
|
|
|
(2,680)
|
|
Accumulated
deficit
|
(8,031)
|
|
|
(6,814)
|
|
Total stockholders'
equity
|
11,162
|
|
|
13,470
|
|
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
|
$
|
59,394
|
|
|
64,742
|
|
|
|
|
|
|
|
|
Lumen
Technologies, Inc.
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
TWELVE MONTHS ENDED
DECEMBER 31, 2020 AND 2019
|
|
(UNAUDITED)
|
|
($ in
millions)
|
|
|
|
|
|
|
|
Twelve months
ended
|
|
|
December 31,
2020
|
|
December 31,
2019
|
|
OPERATING
ACTIVITIES
|
|
|
|
|
Net Loss
|
$
|
(1,232)
|
|
|
(5,269)
|
|
|
Adjustments to
reconcile net loss to net cash provided by operating
activities:
|
|
|
|
|
Depreciation and
amortization
|
4,710
|
|
|
4,829
|
|
|
Impairment of goodwill
and other assets
|
2,642
|
|
|
6,506
|
|
|
Deferred income
taxes
|
366
|
|
|
440
|
|
|
Provision for
uncollectible accounts
|
189
|
|
|
145
|
|
|
Net loss (gain) on
early retirement and modification of debt
|
105
|
|
|
(72)
|
|
|
Share-based
compensation
|
175
|
|
|
162
|
|
|
Changes in current
assets and liabilities, net
|
(663)
|
|
|
(278)
|
|
|
Retirement
benefits
|
(111)
|
|
|
(12)
|
|
|
Changes in other
noncurrent assets and liabilities, net
|
246
|
|
|
245
|
|
|
Other, net
|
97
|
|
|
(16)
|
|
|
Net cash provided by
operating activities
|
6,524
|
|
|
6,680
|
|
|
INVESTING
ACTIVITIES
|
|
|
|
|
Capital
expenditures
|
(3,729)
|
|
|
(3,628)
|
|
|
Proceeds from sale of
property, plant and equipment and other assets
|
153
|
|
|
93
|
|
|
Other, net
|
12
|
|
|
(35)
|
|
|
Net cash used in
investing activities
|
(3,564)
|
|
|
(3,570)
|
|
|
FINANCING
ACTIVITIES
|
|
|
|
|
Net proceeds from
issuance of long-term debt
|
4,361
|
|
|
3,707
|
|
|
Payments of long-term
debt
|
(7,315)
|
|
|
(4,157)
|
|
|
Net proceeds on
revolving line of credit
|
(100)
|
|
|
(300)
|
|
|
Dividends
paid
|
(1,109)
|
|
|
(1,100)
|
|
|
Other, net
|
(87)
|
|
|
(61)
|
|
|
Net cash used in
financing activities
|
(4,250)
|
|
|
(1,911)
|
|
|
Net (decrease)
increase in cash, cash equivalents and restricted cash
|
(1,290)
|
|
|
1,199
|
|
|
Cash, cash
equivalents and restricted cash at beginning of period
|
1,717
|
|
|
518
|
|
|
Cash, cash
equivalents and restricted cash at end of period
|
$
|
427
|
|
|
1,717
|
|
|
|
|
|
|
|
Cash, cash
equivalents and restricted cash:
|
|
|
|
|
Cash and cash
equivalents
|
$
|
406
|
|
|
1,690
|
|
|
Restricted
cash
|
21
|
|
|
27
|
|
|
Total
|
$
|
427
|
|
|
1,717
|
|
|
|
|
Lumen
Technologies, Inc.
|
OPERATING
METRICS
|
(UNAUDITED)
|
(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
2020
|
|
September 30,
2020
|
|
December 31,
2019
|
|
|
|
|
|
|
|
|
Operating
Metrics
|
|
|
|
|
|
|
Consumer broadband
subscribers
|
|
4,544
|
|
|
4,563
|
|
|
4,678
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
|
|
|
|
|
|
|
|
|
|
|
Description of Non-GAAP Metrics
Pursuant to Regulation G, the company is hereby providing
definitions of non-GAAP financial metrics and reconciliations to
the most directly comparable GAAP measures.
The following describes and reconciles those financial measures
as reported under accounting principles generally accepted in
the United States (GAAP) with
those financial measures as adjusted by the items detailed below
and presented in the accompanying news release. These calculations
are not prepared in accordance with GAAP and should not be viewed
as alternatives to GAAP. In keeping with its historical financial
reporting practices, the company believes that the supplemental
presentation of these calculations provides meaningful non-GAAP
financial measures to help investors understand and compare
business trends among different reporting periods on a consistent
basis.
We use the term Special Items as a non-GAAP measure to
describe items that impacted a period's statement of operations for
which investors may want to give special consideration due to their
magnitude, nature or both. We do not call these items
non-recurring because, while some are infrequent, others may
recur in future periods.
Adjusted EBITDA ($) is defined as net income (loss) from
the Statements of Operations before income tax (expense) benefit,
total other income (expense), depreciation and amortization,
share-based compensation expense and impairments.
Adjusted EBITDA Margin (%) is defined as Adjusted EBITDA
divided by total revenue.
Management believes that Adjusted EBITDA and Adjusted EBITDA
Margin are relevant and useful metrics to provide to investors, as
they are an important part of Lumen's internal reporting and are
key measures used by Management to evaluate profitability and
operating performance of Lumen and to make resource allocation
decisions. Management believes such measures are especially
important in a capital-intensive industry such as
telecommunications. Management also uses Adjusted EBITDA and
Adjusted EBITDA Margin (and similarly uses these terms excluding
Integration and Transformation Costs) to compare Lumen's
performance to that of its competitors and to eliminate certain
non-cash and non-operating items in order to consistently measure
from period to period its ability to fund capital expenditures,
fund growth, service debt and determine bonuses. Adjusted EBITDA
excludes non-cash stock compensation expense and impairments
because of the non-cash nature of these items. Adjusted EBITDA also
excludes interest income, interest expense and income taxes, and in
our view constitutes an accrual-based measure that has the effect
of excluding period-to-period changes in working capital and shows
profitability without regard to the effects of capital or tax
structure. Adjusted EBITDA also excludes depreciation and
amortization expense because these non-cash expenses primarily
reflect the impact of historical capital investments, as opposed to
the cash impacts of capital expenditures made in recent periods,
which may be evaluated through cash flow measures. Adjusted EBITDA
excludes the gain (or loss) on extinguishment and modification of
debt and other, net, because these items are not related to the
primary operations of Lumen.
There are material limitations to using Adjusted EBITDA as a
financial measure, including the difficulty associated with
comparing companies that use similar performance measures whose
calculations may differ from Lumen's calculations. Additionally,
this financial measure does not include certain significant items
such as interest income, interest expense, income taxes,
depreciation and amortization, non-cash stock compensation expense,
the gain (or loss) on extinguishment and modification of debt and
net other income (expense). Adjusted EBITDA and Adjusted EBITDA
Margin (either with or without Integration and Transformation Costs
adjustments and Special Items) should not be considered a
substitute for other measures of financial performance reported in
accordance with GAAP.
Unlevered Cash Flow is defined as net cash provided
by (used in) operating activities less capital expenditures, plus
cash interest paid and less interest income, all as disclosed in
the Statements of Cash Flows or the Statements of Operations.
Management believes that Unlevered Cash Flow is a relevant metric
to provide to investors, because it reflects the operational
performance of Lumen and, measured over time, provides management
and investors with a sense of the underlying business' growth
pattern and ability to generate cash. Unlevered Cash Flow excludes
cash used for acquisitions and debt service and the impact of
exchange rate changes on cash and cash equivalents balances.
There are material limitations to using Unlevered Cash Flow to
measure Lumen's cash performance as it excludes certain material
items such as payments on and repurchases of long-term debt,
interest income, cash interest expense and cash used to fund
acquisitions. Comparisons of Lumen's Unlevered Cash Flow to that of
some of its competitors may be of limited usefulness since Lumen
does not currently pay a significant amount of income taxes due to
net operating loss carryforwards, and therefore, currently
generates higher cash flow than a comparable business that does pay
income taxes. Additionally, this financial measure is subject to
variability quarter over quarter as a result of the timing of
payments related to accounts receivable, accounts payable, payroll
and capital expenditures. Unlevered Cash Flow should not be used as
a substitute for net change in cash, cash equivalents and
restricted cash in the Consolidated Statements of Cash Flows.
Free Cash Flow is defined as net cash provided by
(used in) operating activities less capital expenditures as
disclosed in the Statements of Cash Flows. Management believes that
Free Cash Flow is a relevant metric to provide to investors, as it
is an indicator of Lumen's ability to generate cash to service its
debt. Free Cash Flow excludes cash used for acquisitions, principal
repayments and the impact of exchange rate changes on cash and cash
equivalents balances.
There are material limitations to using Free Cash Flow to
measure Lumen's performance as it excludes certain material items
such as principal payments on and repurchases of long-term debt and
cash used to fund acquisitions. Comparisons of Lumen's Free Cash
Flow to that of some of its competitors may be of limited
usefulness since Lumen does not currently pay a significant amount
of income taxes due to net operating loss carryforwards, and
therefore, generates higher cash flow than a comparable business
that does pay income taxes. Additionally, this financial measure is
subject to variability quarter over quarter as a result of the
timing of payments related to interest expense, accounts
receivable, accounts payable, payroll and capital expenditures.
Free Cash Flow should not be used as a substitute for net change in
cash, cash equivalents and restricted cash on the Consolidated
Statements of Cash Flows.
Lumen
Technologies, Inc.
|
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
|
4Q20
|
4Q19
|
|
4Q20
|
4Q19
|
Consumer and other
litigation
|
$
|
16
|
|
50
|
|
|
24
|
|
65
|
|
Total Special Items
impacting Adjusted EBITDA
|
16
|
|
50
|
|
|
24
|
|
65
|
|
Plus: Integration and
Transformation Costs
|
182
|
|
123
|
|
|
375
|
|
234
|
|
Total Integration
and Transformation Costs and Special Items impacting Adjusted
EBITDA
|
$
|
198
|
|
173
|
|
|
399
|
|
299
|
|
|
|
|
|
|
|
|
|
|
|
|
Actual
QTD
|
|
Actual
YTD
|
Integration and
Transformation Costs and Special Items Impacting Net Income
(Loss)
|
4Q20
|
4Q19
|
|
4Q20
|
4Q19
|
Consumer and other
litigation
|
$
|
16
|
|
50
|
|
|
24
|
|
65
|
|
Impairment of
goodwill
|
2,642
|
|
—
|
|
|
2,642
|
|
6,506
|
|
Loss on sale of
business
|
—
|
|
—
|
|
|
8
|
|
—
|
|
Loss (gain) on early
debt retirement
|
27
|
|
(2)
|
|
|
109
|
|
(72)
|
|
Total Special Items
impacting Net Income (loss)
|
2,685
|
|
48
|
|
|
2,783
|
|
6,499
|
|
Plus: Integration and
Transformation Costs
|
182
|
|
123
|
|
|
375
|
|
234
|
|
Total Integration
and Transformation Costs and Special Items impacting Net Income
(loss)
|
2,867
|
|
171
|
|
|
3,158
|
|
6,733
|
|
Income tax effect of
Integration and Transformation Costs and Special Items
(2)
|
(56)
|
|
(42)
|
|
|
(125)
|
|
(55)
|
|
Total Integration
and Transformation Costs and Special Items impacting Net Income
(loss), net of tax
|
$
|
2,811
|
|
129
|
|
|
3,033
|
|
6,678
|
|
|
|
|
|
|
|
(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 24.5% and 24.3% for the
12 months ended Dec. 31, 2020 and 2019,
respectively.
|
|
|
|
Lumen
Technologies, Inc.
|
Non-GAAP Cash Flow
Reconciliation
|
(UNAUDITED)
|
($ in
millions)
|
|
|
|
|
|
|
|
Actual
QTD
|
|
Actual
YTD
|
|
4Q20
|
4Q19
|
|
4Q20
|
4Q19
|
Net cash provided by
operating activities
|
$
|
1,682
|
|
1,909
|
|
|
$
|
6,524
|
|
6,680
|
|
Capital
expenditures
|
(758)
|
|
(940)
|
|
|
(3,729)
|
|
(3,628)
|
|
Free Cash
Flow
|
924
|
|
969
|
|
|
2,795
|
|
3,052
|
|
Cash interest
paid
|
373
|
|
522
|
|
|
1,627
|
|
2,028
|
|
Interest
income
|
—
|
|
(5)
|
|
|
(6)
|
|
(15)
|
|
Unlevered Cash
Flow
|
$
|
1,297
|
|
1,486
|
|
|
$
|
4,416
|
|
5,065
|
|
|
|
|
|
|
|
Free Cash
Flow
|
$
|
924
|
|
969
|
|
|
$
|
2,795
|
|
3,052
|
|
Add back: cash
Integration and Transformation Costs (1)
|
77
|
|
53
|
|
|
289
|
|
223
|
|
Add back: Special
Items (1)
|
3
|
|
—
|
|
|
47
|
|
1
|
|
Free Cash Flow
excluding cash Integration and Transformation Costs and Special
Items
|
$
|
1,004
|
|
1,022
|
|
|
$
|
3,131
|
|
3,276
|
|
|
|
|
|
|
|
Unlevered Cash
Flow
|
$
|
1,297
|
|
1,486
|
|
|
$
|
4,416
|
|
5,065
|
|
Add back: cash
Integration and Transformation Costs (1)
|
77
|
|
53
|
|
|
289
|
|
223
|
|
Add back: Special
Items (1)
|
3
|
|
—
|
|
|
47
|
|
1
|
|
Unlevered Cash
Flow excluding cash Integration and Transformation Costs and
Special Items
|
$
|
1,377
|
|
1,539
|
|
|
$
|
4,752
|
|
5,289
|
|
|
|
|
|
|
|
(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.
|
|
|
|
Lumen
Technologies, Inc.
|
Adjusted EBITDA
Non-GAAP Reconciliation
|
(UNAUDITED)
|
($ in
millions)
|
|
|
|
|
|
|
|
Actual
QTD
|
|
Actual
YTD
|
|
4Q20
|
4Q19
|
|
4Q20
|
4Q19
|
Net (loss)
income
|
$
|
(2,289)
|
|
223
|
|
|
$
|
(1,232)
|
|
(5,269)
|
|
Income tax
expense
|
81
|
|
126
|
|
|
450
|
|
503
|
|
Total other expense,
net
|
399
|
|
498
|
|
|
1,744
|
|
2,040
|
|
Depreciation and
amortization expense
|
1,195
|
|
1,210
|
|
|
4,710
|
|
4,829
|
|
Share-based
compensation expense
|
55
|
|
48
|
|
|
175
|
|
162
|
|
Goodwill
impairment
|
2,642
|
|
—
|
|
|
2,642
|
|
6,506
|
|
Adjusted
EBITDA
|
$
|
2,083
|
|
2,105
|
|
|
$
|
8,489
|
|
8,771
|
|
|
|
|
|
|
|
Add back: Integration
and Transformation Costs(1)
|
$
|
182
|
|
123
|
|
|
$
|
375
|
|
234
|
|
Add back: Special
Items (1)
|
16
|
|
50
|
|
|
24
|
|
65
|
|
Adjusted EBITDA
excluding Integration and Transformation Costs and Special
Items
|
$
|
2,281
|
|
2,278
|
|
|
$
|
8,888
|
|
9,070
|
|
|
|
|
|
|
|
Total
revenue
|
$
|
5,125
|
|
5,306
|
|
|
$
|
20,712
|
|
21,458
|
|
|
|
|
|
|
|
Adjusted EBITDA
margin
|
40.6%
|
|
39.7%
|
|
|
41.0%
|
|
40.9%
|
|
Adjusted EBITDA
margin excluding Integration and Transformation Costs and Special
Items
|
44.5%
|
|
42.9%
|
|
|
42.9%
|
|
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.
|
Outlook
To enhance the information in our outlook with respect to
non-GAAP metrics, we are providing a range for certain GAAP
measures that are components of the reconciliation of the non-GAAP
metrics. The provision of these ranges is in no way meant to
indicate that Lumen is explicitly or implicitly providing an
outlook on those GAAP components of the reconciliation. In order to
reconcile the non-GAAP financial metric to GAAP, Lumen has to use
ranges for the GAAP components that arithmetically add up to the
non-GAAP financial metric. While Lumen believes that it has used
reasonable assumptions in connection with developing the outlook
for its non-GAAP financial metrics, it fully expects that the
ranges used for the GAAP components will vary from actual results.
We will consider our outlook of non-GAAP financial metrics to be
accurate if the specific non-GAAP metric is met or exceeded, even
if the GAAP components of the reconciliation are different from
those provided in an earlier reconciliation.
Lumen
Technologies, Inc.
|
2021 OUTLOOK (1)
(2)
|
(UNAUDITED)
|
($ in
millions)
|
|
|
|
|
Adjusted EBITDA
Outlook
|
|
|
|
Twelve Months Ended
Dec. 31, 2021
|
|
|
|
|
Range
|
|
Low
|
|
High
|
Net
income
|
$
|
1,625
|
|
|
1,975
|
|
Income tax
expense
|
500
|
|
|
800
|
|
Total other
expense
|
1,650
|
|
|
1,450
|
|
Depreciation and
amortization expense
|
4,400
|
|
|
4,200
|
|
Share-based
compensation expenses
|
225
|
|
|
175
|
|
Adjusted
EBITDA
|
$
|
8,400
|
|
|
$
|
8,600
|
|
|
|
|
|
|
|
|
|
Free Cash Flow
Outlook
|
|
|
|
Twelve Months Ended
Dec. 31, 2021
|
|
|
|
|
Range
|
|
Low
|
|
High
|
Net cash provided
by operating activities
|
$
|
6,600
|
|
|
6,500
|
|
Capital
expenditures
|
(3,800)
|
|
|
(3,500)
|
|
Free Cash
Flow
|
$
|
2,800
|
|
|
3,000
|
|
|
|
|
|
|
|
|
|
(1) For definitions of non-GAAP
metrics and reconciliation to GAAP figures, see the above schedules
and Lumen's Investor Relations website.
|
(2) Outlook measures in this chart
(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 Feb. 10, 2021. See "Forward-Looking
Statements."
|
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SOURCE Lumen Technologies