Lumen Technologies : First Quarter 2024 Trending Schedule

1st Quarter Earnings

April 30, 2024

Financial Trending Schedule

Financial Results and Trend Schedules, Debt, Operating Metrics, and Adjusted EBITDA

1st Quarter Earnings		April 30, 2024
Lumen Technologies, Inc.
Financial Results
(UNAUDITED)
($ in millions, except per share data)
		First Quarter
Metric	2024	2023
Large Enterprise	858	911
Mid-Market Enterprise	486	523
Public Sector		420	432
North America Enterprise Channels	1,764	1,866
Wholesale		730	823
North America Business Revenue	2,494	2,689
International and Other(1)(2)		97	279
Business Segment Revenue	2,591	2,968
Mass Markets Segment Revenue		699	770
Total Revenue(3)(4)		3,290	3,738
Cost of Services and Products	1,652	1,817
Selling, General and Administrative Expenses	823	721
Loss on Sale of Business	22	77
Stock-based Compensation Expense	14	14
Net Income	57	511
Net (Loss) Income, Excluding Special Items(5)(6)	(41)	97
Adjusted EBITDA(2)(5)(7)(8)	807	1,137
Adjusted EBITDA, Excluding Special Items(2)(5)(7)(8)(9)	977	1,251
Net Income Margin	1.7 %	13.7 %
Net (Loss) Income Margin, Excluding Special Items(5)(6)	(1.2)%	2.6 %
Adjusted EBITDA Margin(5)	24.5 %	30.4 %
Adjusted EBITDA Margin, Excluding Special Items(5)(9)	29.7 %	33.5 %
Net Cash Provided by Operating Activities	1,102	595
Capital Expenditures(10)	713	640
Unlevered Cash Flow(5)	670	305
Unlevered Cash Flow, Excluding Cash Special Items(5)(11)	799	275
Free Cash Flow(5)	389	(45)
Free Cash Flow, Excluding Cash Special Items(5)(11)	518	(75)
Net Income per Common Share - Diluted	0.06	0.52
Net (Loss) Income per Common Share - Diluted, Excluding Special Items(5)(6)	(0.04)	0.10
Weighted Average Shares Outstanding (in millions) - Diluted	986.3	982.3

1. International revenue amounts previously reported in Large Enterprise represent revenue related to our non-domestic regions including (i) Europe, Middle East and Africa ("EMEA") through the sale of our EMEA business on November 1, 2023 and (ii) Asia Pacific ("APAC") and any remaining international operations, which we do not expect to be significant or material in future periods. As such, prior period amounts related to our historical international operations have been reclassified within the Business Segment Revenue to the "International and Other" sales channel. These reporting changes had no impact on total operating revenue, total operating expenses or net income for any period.
2. Subsequent to the sale of select Content Delivery Network ("CDN") customer contracts announced on October 10, 2023, certain prior period amounts related to our historical CDN revenue have been reclassified from "Harvest" to "International and Other" sales channel within the "Other" product in the Business Segment Revenue products to conform to our 2024 reporting presentation. These changes had no impact on total operating revenue, total operating expenses or net income for any period. Revenue and Adjusted EBITDA excluding Special Items for the first quarter of 2023 includes $29 million and $18 million, respectively, from our divested CDN customer contracts. The Company believes that these figures will allow analysts and investors to understand the amounts associated with recent transactions and to understand the impacts 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.
3. Revenue for the first quarter of 2023 includes $139 million from the EMEA business divested on November 1, 2023, which will not recur in periods following the divestiture. The Company believes that these figures will allow analysts and investors to understand the amounts associated with these transactions and 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.
4. The post-closing revenue impact of amounts received by the Company under its post-closing agreements with purchasers of our businesses divested in 2022 and 2023 was (i) $43 million for the first quarter of 2024 and (ii) $28 million for the first quarter of 2023. 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 current financial performance.
5. See the attached schedules for definitions of non-GAAP metrics and reconciliations to GAAP figures.
6. Excludes Special Items (net of the income tax effect thereof), which negatively impacted this metric by (i) $(98) million for the first quarter of 2024 and (ii) $(414) million for the first quarter of 2023.
7. Adjusted EBITDA and Adjusted EBITDA excluding Special Items for the first quarter of 2023 includes $43 million from the EMEA business, divested in November 1, 2023, which will not recur in periods following the divestiture. 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.
8. The post-closing net financial impacts to adjusted EBITDA of actual amounts received or paid by the Company under its post-closing agreements with the purchasers of our businesses divested in 2022 and 2023 were (i) a net reduction of $(46) million for the first quarter of 2024 and (ii) a net reduction of $(48) million for the first quarter 2023. 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.
9. Excludes Special Items in the amounts of (i) $170 million for the first quarter of 2024 and (ii) $114 million for the first quarter of 2023.
10. Capital expenditures for the first quarter of 2023 includes $36 million of capital expenditures related to the EMEA business divested on November 1, 2023, which will not recur in periods following the divestiture. The Company believes that these figures will allow analysts and investors to understand the amounts associated with these transactions and programs to understand the impact they had on the Company's past, but not current or future, capital expenditures. Therefore, these amounts will impact the Company's ability to match its past capital expenditure activities in current and future periods.
11. Excludes cash paid (received) for Special Items in the amonuts of (i) $129 million for the first quarter of 2024 and (ii) $(30) million for the first quarter of 2023.

1st Quarter Earnings							April 30, 2024
	Lumen Technologies, Inc.
	Consolidated Statements of Operations
		(UNAUDITED)
	($ and shares in millions, except per share amounts)
			1Q24		4Q23	3Q23	2Q23	1Q23
OPERATING REVENUE		$	3,290		3,517	3,641	3,661	3,738
OPERATING EXPENSES
Cost of services and products (exclusive of depreciation and amortization)		1,652		1,737	1,850	1,740	1,817
Selling, general and administrative			823		896	791	790	721
Loss on sale of business			22		9	22	13	77
Depreciation and amortization			748		751	755	746	733
Goodwill impairment			-		1,900	-	8,793	-
Total operating expenses			3,245		5,293	3,418	12,082	3,348
OPERATING INCOME (LOSS)			45		(1,776)	223	(8,421)	390
OTHER (EXPENSE) INCOME
Interest expense			(291)		(290)	(295)	(294)	(279)
Net gain on early retirement of debt			275		-	-	9	609
Other income (expense), net			73		(76)	(13)	16	(40)
Total other income (expense), net			57		(366)	(308)	(269)	290
Income tax expense (benefit)			45		(147)	(7)	46	169
NET INCOME (LOSS)		$	57	$	(1,995)	(78)	(8,736)	511
BASIC AND DILUTED EARNINGS (LOSS) PER COMMON SHARE
Basic		$	0.06	$	(2.03)	(0.08)	(8.88)	0.52
Diluted			0.06		(2.03)	(0.08)	(8.88)	0.52
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic			984.9		983.8	983.6	983.5	981.6
Diluted			986.3		983.8	983.6	983.5	982.3
Exclude: Special Items(1)			(98)		2,078	(7)	8,834	(414)
NET (LOSS) INCOME EXCLUDING SPECIAL ITEMS		$	(41)		83	(85)	98	97
DILUTED (LOSS) EARNINGS PER SHARE EXCLUDING SPECIAL ITEMS	$	(0.04)		0.08	(0.09)	0.10	0.10

(1) Excludes the Special Items described in the Non-GAAP Special Items table, net of the income tax effect thereof.

1st Quarter Earnings						April 30, 2024
	Lumen Technologies, Inc.
	Consolidated Balance Sheets
	(UNAUDITED)
	($ in millions)
			1Q24	4Q23	3Q23	2Q23	1Q23
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	1,580	2,234	311	411	1,148
Accounts receivable, less allowance			1,322	1,318	1,442	1,504	1,463
Assets held for sale			105	104	1,942	2,005	1,946
Other current assets			928	1,119	982	984	879
Total current assets			3,935	4,775	4,677	4,904	5,436
NET PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment			41,633	41,076	40,582	39,961	39,612
Accumulated depreciation			(21,725)	(21,318)	(20,976)	(20,529)	(20,291)
Net property, plant and equipment			19,908	19,758	19,606	19,432	19,321
GOODWILL AND OTHER ASSETS
Goodwill			1,964	1,964	3,864	3,864	12,657
Other intangible assets, net			5,290	5,470	5,744	5,899	6,034
Other, net			2,076	2,051	2,061	2,100	2,113
Total goodwill and other assets			9,330	9,485	11,669	11,863	20,804
TOTAL ASSETS	$	33,173	34,018	35,952	36,199	45,561
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES
Current maturities of long-term debt	$	86	157	155	154	153
Accounts payable			1,162	1,134	1,109	1,265	1,225
Accrued expenses and other liabilities
Salaries and benefits			578	696	733	605	590
Income and other taxes			761	251	287	234	1,303
Current operating lease liabilities			282	268	296	323	326
Interest			110	168	139	176	88
Other			167	209	174	177	178
Liabilities held for sale			5	4	478	496	472
Current portion of deferred revenue			665	647	643	627	607
Total current liabilities			3,816	3,534	4,014	4,057	4,942
LONG TERM DEBT			18,591	19,831	19,740	19,899	19,743
DEFERRED CREDITS AND OTHER LIABILITIES
Deferred income taxes, net			3,143	3,127	3,192	3,204	3,200
Benefit plan obligations, net			2,457	2,490	2,322	2,335	2,358
Deferred revenue			2,021	1,969	1,902	1,850	1,808
Other			2,641	2,650	2,626	2,633	2,578
Total deferred credits and other liabilities			10,262	10,236	10,042	10,022	9,944
STOCKHOLDERS' EQUITY
Common stock			1,016	1,008	1,008	1,008	1,005
Additional paid-in capital			18,137	18,126	18,117	18,100	18,094
Accumulated other comprehensive loss			(799)	(810)	(1,057)	(1,053)	(1,069)
Accumulated deficit			(17,850)	(17,907)	(15,912)	(15,834)	(7,098)
Total stockholders' equity			504	417	2,156	2,221	10,932
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	33,173	34,018	35,952	36,199	45,561

1st Quarter Earnings						April 30, 2024
Lumen Technologies, Inc.
Condensed Consolidated Statements of Cash Flows
	(UNAUDITED)
	($ in millions)
		1Q24	4Q23	3Q23	2Q23	1Q23
OPERATING ACTIVITIES
Net cash provided by (used in) operating activities	$	1,102	784	881	(100)	595
INVESTING ACTIVITIES
Capital expenditures			(713)	(821)	(843)	(796)	(640)
Proceeds from sale of businesses			-	1,743	-	3	-
Proceeds from sale of property, plant and equipment and other assets			12	130	9	3	23
Other, net			3	(21)	7	1	1
Net cash (used in) provided by investing activities			(698)	1,031	(827)	(789)	(616)
FINANCING ACTIVITIES
Net proceeds from issuance of long-term debt			1,325	-	-	-	-
Payments of long-term debt			(1,902)	(40)	(45)	(39)	(61)
Net (payments on) proceeds from revolving line of credit			(200)	125	(125)	200	-
Dividends paid			(3)	(1)	(1)	(1)	(8)
Debt issuance and extinguishment costs and related fees			(278)	-	(1)	(2)	(11)
Other, net			(2)	(1)	(1)	-	(6)
Net cash (used in) provided by financing activities			(1,060)	83	(173)	158	(86)
Net (decrease) increase in cash, cash equivalents and restricted cash			(656)	1,898	(119)	(731)	(107)
Cash, cash equivalents and restricted cash at beginning of period			2,248	350	469	1,200	1,307
Cash, cash equivalents and restricted cash at end of period	$	1,592	2,248	350	469	1,200
Cash, cash equivalents and restricted cash:
Cash and cash equivalents	$	1,580	2,234	311	411	1,148
Cash and cash equivalents and restricted cash included in assets held for sale			-	-	28	47	41
Restricted cash			12	14	11	11	11
Total	$	1,592	2,248	350	469	1,200

1st Quarter Earnings

April 30, 2024

Lumen Technologies, Inc.

Segment Revenue (1)

(UNAUDITED) ($ in millions)

	1Q24	4Q23		3Q23	2Q23	1Q23	4Q22	3Q22	2Q22	1Q22
Segment Revenue
Business Segment Total	$	2,591	2,802	2,905	2,908	2,968	3,020	3,232	3,432	3,415
Mass Markets Segment Total		699	715	736	753	770	780	1,158	1,180	1,261
Total	$	3,290	3,517	3,641	3,661	3,738	3,800	4,390	4,612	4,676

(1) Certain prior period amounts have been reclassified to conform to the current period presentation. These changes had no impact on total operating revenue, total operating expenses or net income for any period.

1st Quarter Earnings								April 30, 2024
			Lumen Technologies, Inc.
			Revenue by Sales Channel and Product Category
				(UNAUDITED)
				($ in millions)
		1Q24	4Q23	3Q23	2Q23	1Q23	4Q22	3Q22	2Q22	1Q22
Revenue By Sales Channel
Large Enterprise	858	894	914	899	911	931	951	966	979
Mid-Market Enterprise	486	501	506	514	523	532	560	569	581
Public Sector		420	497	445	415	432	432	459	494	478
North America Enterprise Channels	1,764	1,892	1,865	1,828	1,866	1,895	1,970	2,029	2,038
Wholesale		730	750	776	803	823	840	923	933	909
North America Business Revenue	2,494	2,642	2,641	2,631	2,689	2,735	2,893	2,962	2,947
International and Other(1)(2)		97	160	264	277	279	285	339	470	468
Business Segment Revenue	2,591	2,802	2,905	2,908	2,968	3,020	3,232	3,432	3,415
Mass Markets Segment Revenue		699	715	736	753	770	780	1,158	1,180	1,261
Total Revenue(3)	3,290	3,517	3,641	3,661	3,738	3,800	4,390	4,612	4,676
Business Revenue by Product Category and Sales Channel
Large Enterprise
Grow	427	431	429	428	421	414	414	414	411
Nurture	268	282	297	293	300	308	313	322	331
Harvest(2)		119	134	131	133	139	149	169	184	188
Subtotal	814	847	857	854	860	871	896	920	930
Other		44	47	57	45	51	60	55	46	49
Total Large Enterprise Revenue	858	894	914	899	911	931	951	966	979
Mid-Market Enterprise
Grow	207	206	201	203	197	194	194	191	189
Nurture	188	197	203	210	219	226	234	240	249
Harvest(2)		83	89	93	92	98	104	124	130	136
Subtotal	478	492	497	505	514	524	552	561	574
Other		8	9	9	9	9	8	8	8	7
Total Mid-Market Enterprise Revenue	486	501	506	514	523	532	560	569	581
Public Sector
Grow	125	119	118	119	117	107	107	116	115
Nurture	87	101	98	93	107	110	122	129	131
Harvest		94	93	96	95	99	101	119	123	123
Subtotal	306	313	312	307	323	318	348	368	369
Other		114	184	133	108	109	114	111	126	109
Total Public Sector Revenue	420	497	445	415	432	432	459	494	478
North America Enterprise Subtotals
Grow	759	756	748	750	735	715	715	721	715
Nurture	543	580	598	596	626	644	669	691	711
Harvest(2)		296	316	320	320	336	354	412	437	447
Subtotal	1,598	1,652	1,666	1,666	1,697	1,713	1,796	1,849	1,873
Other		166	240	199	162	169	182	174	180	165
Total North America Enterprise Revenue	1,764	1,892	1,865	1,828	1,866	1,895	1,970	2,029	2,038
Wholesale
Grow	260	260	256	265	271	262	250	243	236
Nurture	192	200	206	206	215	226	257	260	269
Harvest(2)		275	287	312	330	332	341	402	404	404
Subtotal	727	747	774	801	818	829	909	907	909
Other		3	3	2	2	5	11	14	26	-
Total Wholesale Revenue	730	750	776	803	823	840	923	933	909
North America Business Revenue Subtotals
Grow	1,019	1,016	1,004	1,015	1,006	977	965	964	951
Nurture	735	780	804	802	841	870	926	951	980
Harvest(2)		571	603	632	650	668	695	814	841	851
Subtotal	2,325	2,399	2,440	2,467	2,515	2,542	2,705	2,756	2,782
Other		169	243	201	164	174	193	188	206	165
Total North America Business Revenue	2,494	2,642	2,641	2,631	2,689	2,735	2,893	2,962	2,947
International and Other(1)
Grow	40	69	127	129	128	118	157	245	241
Nurture	42	52	70	72	72	73	88	119	121
Harvest(2)		11	17	30	41	38	44	48	57	61
Subtotal	93	138	227	242	238	235	293	421	423
Other(2)		4	22	37	35	41	50	46	49	45
Total International and Other Revenue(1)	97	160	264	277	279	285	339	470	468
Business Segment by Product Category
Grow	1,059	1,085	1,131	1,144	1,134	1,095	1,122	1,209	1,192
Nurture	777	832	874	874	913	943	1,014	1,070	1,101
Harvest(2)		582	620	662	691	706	739	862	898	912
Subtotal	2,418	2,537	2,667	2,709	2,753	2,777	2,998	3,177	3,205
Other(2)		173	265	238	199	215	243	234	255	210
Total Business Segment Revenue	2,591	2,802	2,905	2,908	2,968	3,020	3,232	3,432	3,415
Mass Markets Segment by Product Category
Fiber Broadband	170	164	163	158	152	148	160	151	145
Other Broadband(4)	315	330	341	355	369	377	580	596	610
Voice and Other		214	221	232	240	249	255	418	433	506
Total Mass Markets Segment	699	715	736	753	770	780	1,158	1,180	1,261

(1) International revenue amounts previously reported in Large Enterprise represent revenue related to our non-domestic regions including (i) Latin America through the sale of that business on August 1, 2022, (ii) Europe, Middle East and Africa ("EMEA") through the sale of our EMEA business on November 1, 2023, (iii) Asia Pacific ("APAC") and any remaining international operations, which we do not expect to be significant or material in future periods. As such, prior period amounts related to our historical international operations have been reclassified within the Business Segment Revenue to the "International and Other" sales channel. These reporting changes had no impact on total operating revenue, total operating expenses or net income for any period.

1. Subsequent to the sale of select Content Delivery Network ("CDN") customer contracts announced on October 10, 2023, certain prior period amounts related to our historical CDN revenue have been reclassified from "Harvest" to "International and Other" sales channel within the "Other" product in the Business Segment Revenue products to conform to the 2024 presentation. These changes had no impact on total operating revenue, total operating expenses or net income for any period.
2. Revenue includes amounts from the (i) Latin American business divested on August 1, 2022, the 20-state ILEC business divested on October 3, 2022 and the EMEA business divested on November 1, 2023 (ii) recognition of previously deferred revenue related to the Federal Communications Commission's Connect America Fund ("CAF") Phase II program, which lapsed on December 31, 2021, and (iii) revenue related to the post-closing commercial agreements with the purchasers of the Company's businesses divested in 2022 and 2023. Refer to Tab "Included in Revenue by channel" for details.
3. Other broadband revenue primarily includes revenue from lower speed copper-based broadband services marketed under the CenturyLink brand.

1st Quarter Earnings								April 30, 2024
			Lumen Technologies, Inc.
Supplemental Information Regarding Amounts included in Revenue by Sales Channel and Product Category
				(UNAUDITED)
				($ in millions)
		1Q24	4Q23	3Q23		2Q23	1Q23	4Q22	3Q22	2Q22	1Q22
Revenue by Product Category and Sales Channel
Large Enterprise
Included in Grow - Divestitures(1)	-	-	-	-	-	-	7	8	8
Included in Grow - Post-closing commercial agreements(2)	-	-	-	-	-	-	-	-	-
Included in Nurture - Divestitures(1)	-	-	-	-	-	-	6	7	7
Included in Nurture - Post-closing commercial agreements(2)	-	-	-	-	-	-	-	-	-
Included in Harvest - Divestitures(1)	-	-	-	-	-	-	13	13	14
Included in Harvest - Post-closing commercial agreements(2)		-	-	-	-	-	-	-	-	-
Subtotal included in Grow, Nurture, Harvest - Divestitures	-	-	-	-	-	-	26	28	29
Subtotal included in Grow, Nurture, Harvest - Post-closing
commercial agreements	-	-	-	-	-	-	-	-	-
Included in Other - Divestitures(1)	-	-	-	-	-	-	1	1	-
Included in Other - Post-closing commercial agreements(2)	-	-	-	-	-	-	-	-	-
Mid-Market Enterprise
Included in Grow - Divestitures(1)	-	-	-	-	-	-	-	-	-
Included in Grow - Post-closing commercial agreements(2)	-	-	-	-	-	-	-	-	-
Included in Nurture - Divestitures(1)	-	-	-	-	-	-	2	1	2
Included in Nurture - Post-closing commercial agreements(2)	-	-	-	-	-	-	-	-	-
Included in Harvest - Divestitures(1)	-	-	-	-	-	-	20	21	22
Included in Harvest - Post-closing commercial agreements(2)		-	-	-	-	-	-	-	-	-
Subtotal included in Grow, Nurture, Harvest - Divestitures	-	-	-	-	-	-	22	22	24
Subtotal included in Grow, Nurture, Harvest - Post-closing
commercial agreements	-	-	-	-	-	-	-	-	-
Included in Other - Divestitures(1)	-	-	-	-	-	-	-	-	-
Included in Other - Post-closing commercial agreements(2)	-	-	-	-	-	-	-	-	-
Public Sector
Included in Grow - Divestitures(1)	-	-	-	-	-	-	1	1	1
Included in Grow - Post-closing commercial agreements(2)	-	-	-	-	-	-	-	-	-
Included in Nurture - Divestitures(1)	-	-	-	-	-	-	4	3	3
Included in Nurture - Post-closing commercial agreements(2)	-	-	-	-	-	-	-	-	-
Included in Harvest - Divestitures(1)	-	-	-	-	-	-	17	20	21
Included in Harvest - Post-closing commercial agreements(2)		-	-	-	-	-	-	-	-	-
Subtotal included in Grow, Nurture, Harvest - Divestitures	-	-	-	-	-	-	22	24	25
Subtotal included in Grow, Nurture, Harvest - Post-closing
commercial agreements	-	-	-	-	-	-	-	-	-
Included in Other - Divestitures(1)	-	-	-	-	-	-	-	1	1
Included in Other - Post-closing commercial agreements(2)	-	-	-	-	-	-	-	-	-
NA Enterprise Channels Subtotal
Included in Grow - Divestitures (1)	-	-	-	-	-	-	8	9	9
Included in Grow - Post-closing commercial agreements (2)	-	-	-	-	-	-	-	-	-
Included in Nurture - Divestitures (1)	-	-	-	-	-	-	12	11	12
Included in Nurture - Post-closing commercial agreements (2)	-	-	-	-	-	-	-	-	-
Included in Harvest - Divestitures (1)	-	-	-	-	-	-	50	54	57
Included in Harvest - Post-closing commercial agreements (2)		-	-	-	-	-	-	-	-	-
Subtotal included in Grow, Nurture, Harvest - Divestitures	-	-	-	-	-	-	70	74	78
Subtotal included in Grow, Nurture, Harvest - Post-closing
commercial agreements	-	-	-	-	-	-	-	-	-
Included in Other - Divestitures (1)	-	-	-	-	-	-	1	2	1
Included in Other - Post-closing commercial agreements (2)	-	-	-	-	-	-	-	-	-
Wholesale
Included in Grow - Divestitures(1)	-	-	-	-	-	-	2	2	1
Included in Grow - Post-closing commercial agreements(2)	22	17	12	13	11	10	-	-	-
Included in Nurture - Divestitures(1)	-	-	-	-	-	-	41	41	42
Included in Nurture - Post-closing commercial agreements(2)	10	9	3	2	3	4	-	-	-
Included in Harvest - Divestitures(1)	-	-	-	-	-	-	54	54	56
Included in Harvest - Post-closing commercial agreements(2)		10	10	7	10	12	14	-	-	-
Subtotal included in Grow, Nurture, Harvest - Divestitures	-	-	-	-	-	-	97	97	99
Subtotal included in Grow, Nurture, Harvest - Post-closing
commercial agreements	42	36	22	25	26	28	-	-	-
Included in Other - Divestitures(1)	-	-	-	-	-	-	1	-	-
Included in Other - Post-closing commercial agreements(2)	1	3	1	2	2	5	-	-	-
NA Business Subtotal
Included in Grow - Divestitures (1)	-	-	-	-	-	-	10	11	10
Included in Grow - Post-closing commercial agreements (2)	22	17	12	13	11	10	-	-	-
Included in Nurture - Divestitures (1)	-	-	-	-	-	-	53	52	54
Included in Nurture - Post-closing commercial agreements (2)	10	9	3	2	3	4	-	-	-
Included in Harvest - Divestitures (1)(3)	-	-	-	-	-	-	104	108	113
Included in Harvest - Post-closing commercial agreements (2)		10	10	7	10	12	14	-	-	-
Subtotal included in Grow, Nurture, Harvest - Divestitures	-	-	-	-	-	-	167	171	177
Subtotal included in Grow, Nurture, Harvest - Post-closing
commercial agreements	42	36	22	25	26	28	-	-	-
Included in Other - Divestitures (1)(3)	-	-	-	-	-	-	2	2	1
Included in Other - Post-closing commercial agreements (2)	1	3	1	2	2	5	-	-	-
International and Other
Included in Grow - Divestitures(1)	-	27	83	81	81	72	112	206	202
Included in Grow - Post-closing commercial agreements(2)	-	-	-	-	-	-	-	-	-
Included in Nurture - Divestitures(1)	-	8	26	27	27	27	41	71	72
Included in Nurture - Post-closing commercial agreements(2)	-	-	-	-	-	-	-	-	-
Included in Harvest - Divestitures(1)(3)	-	3	17	26	24	28	31	41	43
Included in Harvest - Post-closing commercial agreements(2)		-	-	-	-	-	-	-	-	-
Subtotal included in Grow, Nurture, Harvest - Divestitures	-	38	126	134	132	127	184	318	317
Subtotal included in Grow, Nurture, Harvest - Post-closing
commercial agreements	-	-	-	-	-	-	-	-	-
Included in Other - Divestitures(1)(3)	-	1	8	8	7	8	8	9	8
Included in Other - CDN	-	18	24	22	29	37	35	36	33
Included in Other - Post-closing commercial agreements(2)	-	-	-	-	-	-	-	-	-
Business Segment by Product Category
Included in Grow - Divestitures(1)	-	27	83	81	81	72	122	217	212
Included in Grow - Post-closing commercial agreements(2)	22	17	12	13	11	10	-	-	-
Included in Nurture - Divestitures(1)	-	8	26	27	27	27	94	123	126
Included in Nurture - Post-closing commercial agreements(2)	10	9	3	2	3	4	-	-	-
Included in Harvest - Divestitures(1)(3)	-	3	17	26	24	28	135	149	156
Included in Harvest - Post-closing commercial agreements(2)		10	10	7	10	12	14	-	-	-
Subtotal included in Grow, Nurture, Harvest - Divestitures	-	38	126	134	132	127	351	489	494
Subtotal included in Grow, Nurture, Harvest - Post-closing
commercial agreements	42	36	22	25	26	28	-	-	-
Included in Other - Divestitures(1)(3)	-	1	8	8	7	8	10	11	9
Included in Other - CDN	-	18	24	22	29	37	35	36	33
Included in Other - Post-closing commercial agreements(2)	1	3	1	2	2	5	-	-	-
Mass Markets Segment by Product Category
Included in Fiber Broadband - Divestitures(1)	-	-	-	-	-	-	15	13	13
Included in Other Broadband - Divestitures(1)	-	-	-	-	-	-	185	188	190
Included in Voice and Other - Divestitures(1)	-	-	-	-	-	-	154	156	162
Included in Voice and Other - CAF II(3)	-	-	-	-	-	-	-	-	59

(1) Represents the revenue related to the Latin American business divested August 1, 2022, the 20-state ILEC business divested October 3, 2022 and the EMEA business divested on November 1, 2023 (the "divestitures"), which will not recur in periods following the completion of these divestitures. 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.

(2) Represents the post-closing financial impacts of actual amounts received by the Company under the post-closing agreements with the purchasers of our businesses divested in 2022 and 2023. 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 current financial performance.

(3) Represents recognition of previously deferred revenue related to the Federal Communications Commission's Connect America Fund ("CAF") Phase II program which lapsed on December 31, 2021. The Company believes that this provides useful information to investors to understand the impact that the CAF Phase II program had on the Company's revenue generating activities in relation to the Company's past, but not current or future, financial performance.

1st Quarter Earnings				April 30, 2024
Lumen Technologies, Inc.
Debt Schedule - Excludes all Finance Leases, Unamortized Premiums, Discounts and Other, Net
	March 31, 2024
	(UNAUDITED)
	($ in millions)
All information is presented as of March 31, 2024
Entity (Original Issuer)	Coupon Rate	Maturity Date		Total
Qwest Corporation
Qwest Corporation Senior Notes	7.250 %	9/15/2025		250
Qwest Corporation Senior Notes	7.750 %	5/1/2030		43
Qwest Corporation Senior Notes	7.375 %	5/1/2030		55
Qwest Corporation Senior Notes (CTBB)	6.500 %	9/1/2056		978
Qwest Corporation Senior Notes (CTDD)	6.750 %	6/15/2057		660
Total Qwest Corporation			$	1,986
Qwest Capital Funding, Inc.
Qwest Capital Funding, Inc. Senior Notes	6.875 %	7/15/2028		76
Qwest Capital Funding, Inc. Senior Notes	7.750 %	2/15/2031		116
Total Qwest Capital Funding, Inc.			$	192
Level 3 Financing, Inc.
Level 3 Financing, Inc. Term Loan B	S + 1.75%	3/1/2027		12
Level 3 Financing, Inc. Term Loan B-1	S + 6.56%	4/15/2029		1,199
Level 3 Financing, Inc. First Lien Notes	10.500 %	4/15/2029		668
Level 3 Financing, Inc. First Lien Notes	11.000 %	11/15/2029		1,575
Level 3 Financing, Inc. Term Loan B-2	S + 6.56%	4/15/2030		1,199
Level 3 Financing, Inc. Sr. Secured Notes	10.500 %	5/15/2030		925
Level 3 Financing, Inc. First Lien Notes	10.750 %	12/15/2030		678
Level 3 Financing, Inc. Second Lien Notes	4.875 %	6/15/2029		606
Level 3 Financing, Inc. Second Lien Notes	4.500 %	4/1/2030		712
Level 3 Financing, Inc. Second Lien Notes	3.875 %	10/15/2030		458
Level 3 Financing, Inc. Second Lien Notes	4.000 %	4/15/2031		453
Level 3 Financing, Inc. Sr. Secured Notes (Unsecured)	3.400 %	3/1/2027		82
Level 3 Financing, Inc. Senior Notes	4.625 %	9/15/2027		394
Level 3 Financing, Inc. Senior Notes	4.250 %	7/1/2028		488
Level 3 Financing, Inc. Senior Notes	3.625 %	1/15/2029		382
Level 3 Financing, Inc. Sustainability-Linked Senior Notes	3.750 %	7/15/2029		447
Level 3 Financing, Inc. Sr. Secured Notes (Unsecured)	3.875 %	11/15/2029		72
Total Level 3 Parent, LLC and Subsidiaries			$	10,350
Lumen Technologies, Inc
Lumen Technologies, Inc. Superpriority First Out ("FOSP") RCF	S + 4.00%	6/1/2028		-
Lumen Technologies, Inc. Superpriority Second Out ("SOSP") RCF	S + 6.00%	6/1/2028		-
Lumen Technologies, Inc. SOSP Term Loan A	S + 6.00%	6/1/2028		372
Lumen Technologies, Inc. SOSP Term Loan B-1	S + 2.35%	4/15/2029		1,625
Lumen Technologies, Inc. SOSP Notes	4.125 %	4/15/2029		333
Lumen Technologies, Inc. SOSP Term Loan B-2	S + 2.35%	4/15/2030		1,625
Lumen Technologies, Inc. SOSP Notes	4.125 %	4/15/2030		479
Lumen Technologies, Inc. Term Loan B	S + 2.25%	3/15/2027		57
Lumen Technologies, Inc. Senior Notes - Series X	5.625 %	4/1/2025		157
Lumen Technologies, Inc. Senior Notes - Series D	7.200 %	12/1/2025		45
Lumen Technologies, Inc. Senior Notes	5.125 %	12/15/2026		150
Lumen Technologies, Inc. Senior Secured Notes (Unsecured)	4.000 %	2/15/2027		233
Lumen Technologies, Inc. Senior Notes - Series G	6.875 %	1/15/2028		242
Lumen Technologies, Inc. Senior Notes	4.500 %	1/15/2029		409
Lumen Technologies, Inc. Senior Notes	5.375 %	6/15/2029		232
Lumen Technologies, Inc. Senior Notes - Series P	7.600 %	9/15/2039		354
Lumen Technologies, Inc. Senior Notes - Series U	7.650 %	3/15/2042		291
Total Lumen Technologies, Inc.			$	6,604
Total LUMN Consolidated (excluding Finance Leases,
Premium/(Discount)/Other, net)			$	19,132

1st Quarter Earnings

April 30, 2024

Lumen Technologies, Inc.

Operating Metrics

(UNAUDITED)

	1Q24	4Q23	3Q23	2Q23	1Q23
Operating Metrics
Mass Markets broadband subscribers
(in thousands)
Fiber broadband subscribers	952	916	896	877	856
Other broadband subscribers(1)	1,758	1,842	1,940	2,032	2,125
Mass Markets total broadband subscribers(2)	2,710	2,758	2,836	2,909	2,981
Mass Markets average revenue per unit (ARPU)
Fiber broadband ARPU	$61	$61	$61	$61	$60
Mass Markets broadband enabled units(3)
(in millions)
Fiber broadband enabled units	3.8	3.7	3.5	3.4	3.3
Other broadband enabled units	18.0	18.1	18.2	18.4	18.5
Mass Markets total broadband enabled units	21.8	21.8	21.7	21.8	21.8

(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.

(3) Represents the total number of units capable of receiving our broadband services at period end. Other companies may use different methodologies to count their broadband enabled units.