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Lumen Technologies, Inc. (LUMN) is a global networking company that operates one of the world's most interconnected communications networks. It provides a wide range of integrated products and services to enterprise, wholesale, and residential customers, focusing on high-speed, secure data transmission and connectivity solutions. The company leverages its extensive fiber optic network to deliver advanced technologies such as edge computing, cybersecurity, and broadband services.
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Business Segment - Offers networking and communication solutions to enterprise, wholesale, and public sector customers, including services like private connectivity, managed security, and cloud-based applications.
- Large Enterprise - Provides tailored solutions for large-scale businesses and carriers in North America.
- Mid-Market Enterprise - Serves medium-sized businesses through direct and indirect channels.
- Public Sector - Delivers services to government entities and educational institutions.
- Wholesale - Supplies communication services to other telecom providers.
- International and Other - Caters to multinational enterprises and global carriers.
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Mass Markets Segment - Delivers broadband and voice services to residential and small business customers.
- Fiber Broadband - Provides high-speed internet using fiber-based infrastructure.
- Other Broadband - Offers lower-speed internet through copper-based networks.
- Voice and Other - Includes local and long-distance voice services and professional support.
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Grow Products - Focuses on emerging technologies such as edge computing, IP services, managed security, and unified communications.
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Nurture Products - Includes mature offerings like Ethernet and VPN services, supporting business connectivity needs.
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Harvest Products - Manages legacy services like traditional voice and private line services for cash flow optimization.
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Other Services - Encompasses equipment sales, professional services, and ancillary solutions to complement core offerings.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Andrea Genschaw Executive | Chief Accounting Officer and Controller | Andrea Genschaw has served as the Chief Accounting Officer and Controller (Principal Accounting Officer) at Lumen Technologies since at least August 4, 2023. She has also held the role of Senior Vice President, Controller but does not serve on any board or committee at LUMN. | ||
Ashley Haynes-Gaspar Executive | Executive Vice President, Chief Revenue Officer | Ashley Haynes-Gaspar has served as the Executive Vice President, Chief Revenue Officer at Lumen Technologies since January 2024, where she oversees the company's revenue strategy. Previously, she served as Executive Vice President, Customer Experience Officer, Wholesale & International from January 2023 to January 2024. | ||
Chris D. Stansbury Executive | Executive Vice President and Chief Financial Officer | Chris D. Stansbury has served as the Executive Vice President and Chief Financial Officer at LUMN since April 2022, overseeing financial planning, accounting, tax, treasury, investor relations, procurement and supply chain management, and the global real estate portfolio. He did not hold any board or committee memberships at LUMN. | ||
David Ward Executive | Executive Vice President, Chief Technology and Product Officer | David Ward is the Executive Vice President, Chief Technology and Product Officer at Lumen Technologies since August 2024. Previously, he served as Chief Technology Officer from February 2024 to August 2024. | ||
Kate Johnson Executive | President and Chief Executive Officer | Board Member at United Parcel Service (UPS); Committees: Nominating and Corporate Governance, Risk Committees | Kate Johnson has been serving as the President and Chief Executive Officer of Lumen Technologies since November 2022. She brings extensive leadership experience from previous roles at Microsoft, GE Digital, Oracle, and Red Hat, driving digital transformation and business growth. | View Report → |
Chris Capossela Board | Independent Director | Corporate Board Member; Non-profit Board Member | Chris Capossela serves as an Independent Director at Lumen Technologies, having joined the board on October 29, 2024. Previously, he held executive roles at Microsoft for over 30 years, including serving as Executive Vice President and Chief Marketing Officer. | |
Diankha Linear Board | Board of Directors | Diankha Linear is an experienced leader in technology, logistics, and legal sectors with over 20 years of diverse roles, including serving as President & CEO of Community, Inc. (2021-2024). She brought her extensive background to Lumen when she was appointed to the Board of Directors, effective February 21, 2024. | ||
Hal Stanley Jones Board | Independent Director | Board Member at Playa Hotels and Resorts (since 2013) | Hal Stanley Jones is an independent director at Lumen Technologies since 2020, serving as Chair of the Audit Committee and as a member of the Risk and Security Committee. Previously, he served as CFO at Graham Holdings from 2009 to 2017 and held senior roles at The Washington Post Company. | |
Jim Fowler Board | Independent Director | Jim Fowler has been serving as an Independent Director at LUMN since August 7, 2023. He contributes as a member of the Audit and Risk and Security Committees and brings over 25 years of leadership experience from previous roles at AT&T, Accenture, General Electric, and Nationwide. | ||
Kevin P. Chilton Board | Independent Director | President, Chilton & Associates, LLC | Kevin P. Chilton has served as an independent director at Lumen Technologies since 2017, while contributing as a member of the Audit Committee and Chair of the Risk and Security Committee. His background spans extensive expertise in cybersecurity, risk management, and military leadership. | |
Laurie Siegel Board | Independent Director | Founder and Principal at LAS Advisory Services; Senior Advisor at G100; Director at FactSet Research Systems, Inc. | Laurie Siegel has served as an independent director at Lumen since 2009 and has chaired the Human Resources and Compensation Committee, contributing her extensive expertise in human capital and executive compensation. | |
Martha Helena Bejar Board | Independent Director | Senior Partner/Advisor at DaGrosa Capital Partners LLC; Chair of Nominations and Governance Committee at Commvault Systems; Chair of Nominating and Governance Committee at Sportsman’s Warehouse Holdings, Inc.; Chair of Nominating/Governance and Compensation Committees at Quadient SA | Martha Helena Bejar has been an independent director at Lumen Technologies since 2016, serving as Chair of the Nominating and Corporate Governance Committee and as a member of the Human Resources and Compensation Committee. She brings extensive experience from senior roles, including her current position as Senior Partner/Advisor at DaGrosa Capital Partners LLC. | |
Peter C. Brown Board | Director | Chairman, Grassmere Partners, LLC (2009–Present) ; Member of Audit and Finance Committees, EPR Properties (2010–Present) ; Chairman of the Audit Committee and Member of Compensation and Nominating Committees, Cineverse Corporation (Dates not specified) | Peter C. Brown has served as an independent director at Lumen Technologies since 2009, contributing on the Audit and Risk and Security Committees, and is set to retire from the board at the 2025 annual meeting. | |
Quincy L. Allen Board | Independent Director | Director at ABM Industries, Inc.; Director at Office Depot | Quincy L. Allen is an independent director at Lumen Technologies since February 25, 2021 with over 35 years of leadership experience in the technology services industry. He has contributed his expertise through committee roles at Lumen and prior leadership positions at companies like IBM, Unisys, and Xerox. | |
Steven T. Terry Clontz Board | Director | Corporate Advisor at ST Telemedia (2018–Present); Board Director of Armor (USA); Chair of the Executive Committee of UMobile (Malaysia) | Steven T. Terry Clontz has been serving as an independent director at Lumen Technologies since 2017, where he participates in the Human Resources and Compensation Committee and the Nominating and Corporate Governance Committee. He is a seasoned technology leader with extensive experience in telecommunications, having held leadership roles at companies such as StarHub and ST Telemedia. | |
T. Michael Glenn Board | Chairman of the Board | Director and Chair of Compensation Committee at Pentair PLC | T. Michael Glenn has served as the non-executive Chairman of the Board at LUMN since May 2020 and has been a Director since 2017. |
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Given the 10% YoY increase in Grow revenue, can you provide more detail on the mix between new customer wins versus legacy customer upgrades, and how sustainable you expect this growth to be under increasing competitive pressure?
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With the recent disconnects in legacy services showing an over 8% improvement in terms of absolute dollar disconnects, what is the timeline for additional disconnections, and how might these impact margins as more legacy products are phased out?
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You mentioned that CapEx was $791 million with volatile quarter-by-quarter timing; can you break down the cadence of future CapEx spends and how they align with your planned network expansions and PCF initiatives?
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As your digital platform begins disrupting traditional revenue streams, what steps are you taking to ensure that margin expansion is maintained, especially given the potential for cannibalization of revenue between the Nurture and Harvest categories versus digital services?
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Regarding the $3.5 billion PCF pipeline, can you clarify the expected conversion timeline and the mix between hyperscaler versus enterprise deals, considering the complexity in designing new routes for the network?
Recent press releases and 8-K filings for LUMN.
- Strategy Focus: Lumen is leveraging its underutilized network assets for AI and cloud opportunities, exemplified by the $8.5B in deals and additional ongoing initiatives.
- Network Integration: The company is modernizing its infrastructure by integrating four networks into a single platform, aiming for $1B in exit run rate savings by 2027.
- Operational Enhancement: Improved operational performance is highlighted through favorable churn trends and a move toward high-speed, low-latency enterprise services.
- Fiber Business Strategy: Lumen discussed a potential fiber-only sale to enhance free cash flow and deleverage, sharpening its focus on enterprise growth.
- Annual meeting votes were conducted on May 13, 2025, resulting in the election of board directors, the ratification of KPMG LLP as independent auditor, and the advisory approval of executive compensation.
- Shareholders approved a reverse stock split proposal (ranging from 1-for-2 to 1-for-15) with authority to implement it until May 13, 2026.
- Key corporate governance provisions related to Series L Preferred Stock, including dividend payments and conversion at a fixed price of $41.25, were detailed in the filing.
- Financial Performance: Lumen reported a net loss of $(201) million (vs. $57 million net income in Q1 2024) with a diluted loss per share of $(0.20)
- Revenue: Total revenue declined 3.3% to $3.182 billion, reflecting strategic growth initiatives
- Cash Flow & Profitability: Reported Adjusted EBITDA of $929 million, generated $1.095 billion in operating cash, and achieved free cash flow of $354 million
- Guidance: Reaffirmed full-year outlook with Adjusted EBITDA guidance of $3.2–$3.4 billion and free cash flow guidance of $700–$900 million
- Balance Sheet: Refinanced $2.4 billion in term loans, reducing annual interest expense by $55 million
- Strategic Transformation: Advancing digital initiatives through a Google Cloud partnership, NaaS expansion, and progressing $8.5 billion PCF projects for AI and enterprise connectivity
- Lumen Technologies partners with Google Cloud to integrate Google’s new Cloud WAN with its connectivity services for enhanced SD-WAN and security solutions.
- The collaboration enables 400 Gbps direct fiber connections from Google Cloud regions to customer locations, leveraging access to over 50,000 locations.
- Lumen will connect its encrypted network to Google Distributed Cloud air-gapped deployments to support secure and high-performance AI environments.
- Amendment Agreement Executed: Lumen Technologies, Inc. announced a Credit Amendment Agreement dated March 27, 2025, involving Level 3 Parent, LLC and related parties (Exhibit 10.1), demonstrating an update to their credit arrangements.
- Formal Sign-Off: The agreement was formally executed on April 2, 2025, with CFO Chris Stansbury signing on behalf of both Lumen Technologies, Inc. and Level 3 Parent, LLC.
- Lumen Technologies Inc. announced the successful refinancing of its term loans under the Level 3 Financing, Inc. Credit Agreement, enhancing its financial flexibility.
- The transaction replaced existing term loans with a new $2.4 billion term loan maturing in 2032 and priced at Term SOFR + 4.25%.
- The refinancing provided a 30-month maturity extension on a blended basis and achieved an interest rate reduction of 231 basis points, resulting in annual interest savings of over $55 million.
- EBITDA Growth and Cost Savings: Lumen emphasized its strategy to stabilize free cash flow and drive EBITDA improvements through modernization and simplification, targeting a $1B annual cost savings run rate by the end of 2027.
- Cloudification and Unified Network Vision: The discussion underlined initiatives to transform legacy networks by digitizing ports and enabling cloud on-ramps, enhancing network flexibility and reducing latency for enterprise and AI applications.
- Quantum Fiber Expansion: The call highlighted the success of its build engine with Quantum Fiber, having enabled significant coverage in major metros with plans to expand from 4M to over 10M households, bolstering market reach.