Lumen Investor Day Presentation Deck
Business: Stable Margin Profile as Product Mix Evolves
Total Business Revenue
39
Grow
$11.1B 38%
2023
$11.7B 53%
2027
Nurture
Harvest
Other
2023
Grow
Nurture
Harvest
Other
Total Business
2027
Grow
Nurture
Harvest
Other
Total Business
YoY% Growth
4-year CAGR
Enterprise
Channels
41%
33%
18%
8%
71%
59%
22%
11%
8%
77%
4%
3%
Business Revenue Mix
Wholesale
32%
27%
41%
1%
29%
34%
29%
36%
1%
23%
-3%
-4%
Total Business
$4.2B
$3.4B
$2.7B
$0.7B
$11.1B
FINANCIAL OUTLOOK
$6.2B
$2.8B
$2.0B
$0.7B
$11.7B
3%
1%
Note: All outlook periods exclude financial impacts from the pending sale of Lumen's EMEA business.
1. Direct margin is defined as revenue less variable and fixed costs directly associated with the provision of services and products to customers. Direct costs would include, but are not limited to: direct labor
and materials/goods, direct taxes and fees, incremental third-party costs that can be attributed to a specific customer, and certain fixed costs.
Direct Margin¹
~82%
~66%
~81%
~22%
~73%
~78%
~65%
~83%
~22%
~73%
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