- LUMN has completed the 3-year integration and transformation effort following the acquisition of Level 3 and is turning to growth.
- Cash from Operating Activities grew by more than $214M in 2020 versus 2019, despite COVID-19, after a decline of $273M from 2018 to 2019.
- LUMN invested approximately $10.5B in PPE in the past 3 years and had $3.4B in net retirements indicating significant non-growth capital investment.
- LUMN had expenses of approximately $850M for integration and transformation efforts over the past 3 years, with total employment reduced from 51,000 to 39,000.
- LUMN trades at approximately a $50B enterprise value but owns critical infrastructure assets that would cost "probably hundreds of billions" to replace, a strong moat.
For further details see:
Lumen Technologies: Critical Infrastructure Generates Exceptional Cash Flow