Slide 1: Fourth Quarter 2024 Results
Fourth Quarter 2024 Results February 4, 2025
Slide 2: Forward-Looking Statements
Forward-Looking Statements Except for historical and factual information, the matters set forth in this presentation and other of our oral or written statements identified by words such as “estimates,” “expects,” “anticipates,” “believes,” “plans,” “intends,” “will,” and similar expressions are forw
Slide 3: Non-GAAP Measures
Non-GAAP Measures This presentation includes certain historical and forward-looking non-GAAP financial measures, including but not limited to adjusted EBITDA, adjusted EBITDA margin, and free cash flow, each excluding the effects of special items, and adjustments to GAAP and other non-GAAP measures
Slide 4: Kate Johnson, President & CEO
KATE JOHNSON President & CEO
Slide 5: Lumen Made Great Strides Forward in 2024
Lumen Made Great Strides Forward in 2024 Building the Foundation for the Future of Lumen Strengthened the Balance Sheet Partnered with Tech Leaders to Continued to Drive Operational and Improved Liquidity Build the Backbone Excellence for the AI Economy Completed TSA: Termed Out Debt Improved Custom
Slide 6: 2025 Company-wide goals
2025 Company-wide goals Deliver Lumen financial goals (revenue, EBITDA, FCF) Drive Operational Build the Backbone Cloudify Excellence for AI Economy Telecom Build growth engine: Build out new: Make network upgrades sales execution, CX, churn, etc. meet all our Big Tech commitments in key markets to
Slide 7: Building the Backbone for AI
Building the Backbone for AI Stronger Overall Network Utilization Balancing Capacity and Utilization for Growing Hyperscaler and Enterprise Demand 2022 2025 2028 Utilization (EOY) (Actuals) (Plan) (Vision) Unmatched Room for Growth: • New routes, in addition to new fiber in existing Total Intercity
Slide 8: The Multi-Cloud, AI-Ready Network Architecture
The Multi-Cloud, AI-Ready Network Architecture Up to 10% fewer cross-connects & 50% fewer ports for a lower cost, lower latency network Hyperscaler #2 Hyperscaler Hyperscaler Hyperscaler #1 #2 #3 Hyperscaler Hyperscaler #1 #3 Fabric Ports Single Ports Single Ports FUTURE Lumen Multi-Cloud Services P
Slide 9: Chris Stansbury, EVP & CFO
CHRIS STANSBURY EVP & CFO
Slide 10: 4Q24 Year-Over-Year Total Reported Revenue Bridge
4Q24 Year-Over-Year Total Reported Revenue Bridge ~25% of Decline Due to Divestitures, Net of Post-Closing Commercial Agreements and CDN Contracts Sold Y/Y% ~25%(2) ($ in millions) 4Q24 Change $3,517 $10 Business $2,659 (5.1%) ($18) $3,329 ($39) ($141) Mass Markets $670 (6.3%) Total $3,329 (5.3%) (1
Slide 11: 4Q24 Total Reported Revenue
4Q24 Total Reported Revenue Maintained Growth in N.A. Enterprise Grow Products Y/Y% Q/Q% ($ in millions) 4Q24 Change Change Y/Y% Q/Q% Large Enterprise $845 (5.5%) 0.7% ($ in millions) 4Q24 % Total Change Change Mid-Market Enterprise $452 (9.8%) (4.0%) Grow $872 15.3% 12.1% 47% Public Sector $554 11.
Slide 12: 4Q24 Mass Markets Revenue
4Q24 Mass Markets Revenue Fiber Broadband Revenue Growth Accelerated Fiber Revenue Contribution to Total Broadband Y/Y% 42% Revenue ($ in millions) 4Q24 % Total 40% Change 38% Fiber Broadband $195 18.9% 29% 35% 33% Other Broadband(1) $272 (17.6%) 41% Voice & Other $203 (8.1%) 30% Total Mass Markets
Slide 13: 4Q24 Mass Markets Broadband Metrics
4Q24 Mass Markets Broadband Metrics(1) Strong Growth In Fiber Net Subscriber Additions Y/Y Q/Q 105K Fiber 4Q24 Fiber-Enabled Location Adds Q/Q Change Change Enabled Locations 4.16M 501K 105K 42K Subscribers 1.08M 161K 42K Y/Y Q/Q Net Fiber Adds Other 4Q24 Change Change Enabled Locations 17.81M (327K
Slide 14: 4Q24 Year-Over-Year Adjusted EBITDA Bridge
4Q24 Year-Over-Year Adjusted EBITDA Bridge ~28% of Decline Due to Divestitures, Net of Post-Closing Commercial Agreements and CDN Contracts Sold Y/Y% ($ in millions) 4Q24 Change ~28%(2) Total Revenue $3,329 (5.3%) $1,099 $11 $1,052 Adjusted EBITDA $1,052 (4.3%) ($14) ($10) ($34) Adj. EBITDA Margin 3
Slide 15: Consolidated Cash Flow Summary
Consolidated Cash Flow Summary Key Metrics ($ in millions) 4Q24 Cash Flow from Operations $688 Capital Expenditures $915 Free Cash Flow ($174) Net Cash Interest $339 14
Slide 16: 2025 Financial Outlook
2025 Financial Outlook Slide Title Metric(1)(2) Outlook Adjusted EBITDA $3.2 to $3.4 billion Free Cash Flow $700 to $900 million Net Cash Interest $1.2 to $1.3 billion Capital Expenditures $4.1 to $4.3 billion Cash Income Taxes $100 to $200 million (1) For definitions of non-GAAP metrics and reconci
Slide 17: Lumen
LUMcN