Lumen Investor Presentation Deck
3
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, net-debt-to-adjusted-EBITDA and free cash flow, each excluding the effects of special items, and
adjustments to GAAP and other non-GAAP measures to exclude the effect of special items. In addition to providing key metrics for
management to evaluate the company's performance, we believe these measurements assist investors in their understanding of period-
to-period operating performance and in identifying historical and prospective trends.
Disclosures for our Mass Markets segment associated with our pending 20-state ILEC business divestiture to Apollo are referred to as
RemainCo in our earnings materials. These are internal estimates which may be subject to change. Our goal is to allow investors and
others to begin to model our Mass Markets segment as we near completion of the expected divestiture. Given the complexity, we do not
intend to provide prior period estimates but will provide RemainCo estimated quarterly results through the close of the transaction with
Apollo.
Reconciliations of non-GAAP financial measures to the most comparable GAAP measures are included in the financial schedules to the
Company's accompanying earnings release. Reconciliation of additional non-GAAP historical financial measures that may be discussed
during the call, along with further descriptions of non-GAAP financial measures, will be available in the Investor Relations portion of the
company's website at http://ir.lumen.com. Non-GAAP measures are not presented to be replacements or alternatives to the GAAP
measures, and investors are urged to consider these non-GAAP measures in addition to, and not in substitution for, measures prepared
in accordance with GAAP. Lumen may present or calculate its non-GAAP measures differently from other companies.
Issued: May 4, 2022
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