Slide 1: First Quarter 2021 Results
First Quarter 2021 Results May 5th, 2021 Issued: © 2021 Lumen May 5, 2021 Technologies. All Rights Reserved.
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, free cash flow, unlevered cash flow, and adjustments to GAAP and non-GAAP measures to exclude the effect of special items. In addition to pro
Slide 4: Financial Highlights for 1Q21
Financial Highlights for 1Q21 • Solid Adjusted EBITDA and Free Cash Flow • YoY and Sequential Expansion of Adjusted EBITDA margins • Reiterated Full Year 2021 Financial Outlook Measures 4 Issued: May 5, 2021
Slide 5: 1Q21 Revenue – Sales Channels
1Q21 Revenue – Sales Channels Sales Channels Revenue YoY% QoQ% 1Q21 Mass ($ in millions) Change Change Markets International and GAM $1,013 (2.7%) (1.9%) Large Enterprise $937 (3.0%) (5.0%) 29% Mid-Market Enterprise $716 (5.9%) 0% Enterprise Channels Subtotal $2,666 (3.7%) (2.5%) Wholesale 71% $929
Slide 6: 1Q21 Business Revenue – Product Categories
1Q21 Business Revenue – Product Categories Enterprise(1) Product Categories YoY% QoQ% Wholesale Product Categories Revenue 1Q21 ($ in millions) Change Change Revenue YoY% QoQ% 1Q21 ($ in millions) Change Change Compute and Application Services $380 (2.3%) (7.1%) Compute and Application Services $48
Slide 7: 1Q21 Mass Markets Revenue
1Q21 Mass Markets Revenue Mass Markets Product Categories Revenue YoY% QoQ% Quantum Fiber 1Q21 Broadband 1Q21 ($ in millions) Change Change Performance Consumer Broadband $731 1.2% 0% Fiber Subscribers 715K SBG Broadband $39 0% 5.4% Fiber Enabled 2.5M Voice and Other $541 (11%) (4.9%) Fiber Penetrat
Slide 8: 1Q21 Adjusted EBITDA | Adjusted EBITDA Margin
1Q21 Adjusted EBITDA | Adjusted EBITDA Margin Quarterly Performance(1) ($ in Billions) $5.228 $5.192 $5.167 $5.125 $5.029 43.1% 42.3% 42.7% 41.1% 41.3% $2.209 $2.135 $2.132 $2.188 $2.165 1Q20 2Q20 3Q20 4Q20 1Q21 Adj. EBITDA Total Revenue Adj. EBITDA Margin (1) 1Q20, 2Q20, 3Q20, 4Q20 and 1Q21 exclude
Slide 9: Reiterated 2021 Financial Outlook
Reiterated 2021 Financial Outlook 2021 Metric(1)(2) 2021 Outlook Adjusted EBITDA (excluding Special Items) $8.4 to $8.6 billion Free Cash Flow (excluding Special Items)(3) $2.8 to $3.0 billion Net Cash Interest $1.525 to $1.575 billion GAAP Interest Expense $1.550 billion Dividends(4) $1.1 billion C
Slide 10: Appendix
Appendix Issued: © 2021 Lumen May 5, 2021 Technologies, LLC. All Rights Reserved.
Slide 11: Improved Debt Maturity Profile
Improved Debt Maturity Profile (1) As of 1Q21 ($ in millions) $10,976 $2,200 $4,305 $3,490 $2,372 $2,075 $1,525 $2,888 $1,737 $949 $1,125 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030+ As of 1Q21 Revolver Capacity As of 4Q18 $7,634 $7,872 $1,618 $6,571 $3,101 $5,031 $2,084 $775 $754 2021 2022 20