Summary of Lumen Technologies, Inc. Conference Call Company Overview - **Company**: Lumen Technologies, Inc. (NYSE:LUMN) - **Date**: March 6, 2023 - **Participants**: Chris Stansbury (CFO), Simon Flannery (Morgan Stanley) Key Points Company Changes and Strategy - Lumen divested two major businesses: the 20 state ILEC business to Apollo and the LATAM business, creating Brightspeed and Cirion respectively [2][3] - The divestitures led to a reevaluation of capital allocation priorities, resulting in the elimination of dividends and a focus on growth [2][3] - The company aims to achieve revenue and EBITDA stability by the end of 2024, with a growth mindset shift [3][7] Network and Product Opportunities - Lumen possesses the largest ultra-low loss fiber network globally, with plans to double its footprint [5] - The company recognizes the need to monetize its network effectively, especially in a commoditized market [6] - There is a focus on expanding offerings beyond connectivity, including security and edge computing solutions [6] Internal Focus and Resource Allocation - The "grow, nurture, harvest" strategy was introduced to improve visibility and resource allocation within the company [9][10] - This strategy aims to prioritize growth products over legacy products, ensuring resources are allocated effectively [10][12] Financial Guidance and Investments - Lumen plans to invest $700 million of free cash flow in 2023 and 2024, with $500 million allocated to CapEx and $200 million to OpEx [17][19] - The company is focused on digitizing its sales process and simplifying IT systems to unlock costs [17][18] - Guidance indicates a push for leverage reduction, with proceeds from divestitures aimed at deleveraging [25][55] Market Dynamics and Competitive Landscape - The enterprise market is experiencing slow approval cycles, with no significant changes expected in the near term [31] - Lumen is positioned to capitalize on hybrid work environments, providing connectivity and security solutions [31] - The company is also exploring partnerships with cloud companies to enhance its edge computing capabilities [34] Fiber Build and Market Penetration - Lumen's Quantum Fiber product has shown promising penetration rates, with a focus on thoughtful investment in fiber builds [46][47] - The company aims to pass 5 to 7 million homes, with a current target of 0.5 million homes for the year [51][52] Supply Chain and Inflation Challenges - Supply chain issues and inflationary pressures are expected to persist in the near term, although inventory levels are being managed [61][62] Additional Insights - The company is shifting its operational structure to enhance focus on consumer and enterprise segments [48] - There is an emphasis on customer lifetime value and transitioning customers from legacy services to newer offerings [40] - Lumen is committed to maintaining positive cash flow while navigating its investment cycle [57] This summary encapsulates the key insights and strategic directions discussed during the conference call, highlighting Lumen's focus on growth, operational efficiency, and market opportunities.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) 100 CenturyLink Drive, FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-7784 L ...

Lumen Technologies, Inc. (NYSE:LUMN) Q4 2022 Earnings Conference Call February 7, 2023 5:00 PM ET Company Participants Mike McCormack - Senior Vice President, Investor Relations Kate Johnson - President and Chief Executive Officer Chris Stansbury - Executive Vice President and Chief Financial Officer Conference Call Participants Simon Flannery - Morgan Stanley Philip Cusick - JPMorgan David Barden - Bank of America Greg Williams - Cowen & Co Batya Levi - UBS Michael Rollins - Citi Frank Louthan - Raymond Ja ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-7784 LUMEN TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) Louisiana 72-0651161 (State or othe ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-7784 LUMEN TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) Louisiana 72-0651161 (State or other jur ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-7784 LUMEN TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) Louisiana 72-0651161 (State or other ju ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-7784 Lumen Technologies, Inc. (Exact name of registrant as specified in its charter) | Louisiana | 72-0651161 | | --- | --- | | (State or other jur ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-7784 LUMEN TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) Louisiana 72-0651161 (State or othe ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-7784 LUMEN TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) Louisiana 72-0651161 (State or other jur ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q For the quarterly period ended March 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 001-7784 LUMEN TECHNOLOGIES, INC. (Exact name of registrant as specified in its charter) Louisiana 72-0651161 (State or other jurisdiction of incorporation or organization) 100 CenturyLink Drive, Monroe, Louisiana 7120 ...