1Q22 Enterprise Channel Revenue Report
Updated 2022 Financial Outlook
Adjusted EBITDA
Free Cash Flow (5)
Net Cash Interest
GAAP Interest Expense
Dividends (6)
Capital Expenditures
Metric (1)(2)
Depreciation & Amortization
Stock-based Compensation Expenses
Cash Income Taxes
Full Year Effective Income Tax Rate
Current Outlook (3)
$6.9 to $7.1 billion
Previous Outlook (4)
$6.5 to $6.7 billion
$2.0 to $2.2 billion
$1.6 to $1.8 billion
$1.3 to $1.4 billion
$1.350 billion
$1.00 per share
$3.2 to $3.4 billion
$3.2 to $3.4 billion
~$150 million
~$100 million
$1.3 to $1.4 billion
$1.350 billion
$1.00 per share
$3.2 to $3.4 billion
$3.2 to $3.4 billion
~$150 million
-26%
~$100 million
-26%
(1) For definitions of non-GAAP metrics and reconciliation to GAAP figures, see Lumen's Investor Relations
website.
(2) Outlook measures in this presentation and the accompanying schedules (i) exclude the effects of Special
Items, future changes in our operating or capital allocation plans, unforeseen changes in regulation, laws or
litigation, and other unforeseen events or circumstances impacting our financial performance and (ii) speak only
as of May 4, 2022. See "Forward Looking Statements" at the beginning of this presentation.
(3) Current outlook measures include accounting impacts of assets and liabilities held for sale and assume the
pending sales of Lumen's LATAM business and 20-state ILEC business would be completed in the third quarter
of 2022 and the fourth quarter of 2022, respectively, resulting in updated guidance which includes 2022 financial
31
Issued: May 4, 2022
contributions of two quarters and three quarters, respectively, for each business.
(4) Refers to full-year 2022 financial outlook provided on Feb. 9, 2022, which assumed two quarters of financial
contributions for each business.
(5) Assumes no discretionary pension plan contributions during 2022 and excludes any contributions related to
the 20-state ILEC business transaction.
(6) Based on common stock outstanding as of Dec. 31. 2021 as well as expected accrued dividends. Given our
$1.00 per share dividend outlook, this implies cash dividends of approximately $1.040 billion.
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