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Lumen Technologies, Inc. (NYSE: LUMN) is a leading global telecommunications and technology company dedicated to transforming the way businesses and individuals interact with the digital world. With a workforce of approximately 38,000 professionals, Lumen is at the forefront of the 4th Industrial Revolution, offering flexible, intelligent, secure, and collaborative solutions for the next generation of business.
Lumen's extensive infrastructure includes 450,000 route miles of fiber, making it one of the largest telecommunication carriers in the United States. The company's strategic shift towards enterprise services was marked by its merger with Level 3 in 2017 and the divestiture of much of its ILEC business in 2022. Today, Lumen generates about 75% of its revenue from enterprise services, providing a full spectrum of communications solutions, including colocation and data center services, data transportation, and end-user phone and Internet services.
On the consumer side, Lumen delivers broadband and phone services across 37 states, serving 4.5 million broadband customers. The company is committed to enhancing the digital experience by leveraging its network strength, which spans metro connectivity, long-haul data transport, edge cloud, security, and managed service capabilities.
Lumen is also a recognized leader in cybersecurity. The latest Lumen Quarterly DDoS & Application Threat Report for Q4 2023 highlights a surge in DDoS attacks targeting the government sector. Lumen's advanced threat intelligence, powered by AI and machine learning, has been pivotal in mitigating these threats. The company's Black Lotus Labs threat intelligence team continues to identify and combat emerging cyber threats, such as the reemergence of TheMoon malware, which exploits outdated small office/home office (SOHO) routers.
Financially, Lumen has shown robust performance. The company reported total revenue of $3.290 billion for Q1 2024, alongside substantial improvements in customer satisfaction and significant broadband net additions. After executing a comprehensive debt restructuring plan, Lumen now enjoys a strengthened liquidity position and a streamlined debt maturity profile.
Recent achievements include securing a $73.6 million contract to transform the U.S. Government Accountability Office's (GAO) network infrastructure and launching Lumen Defender, a cutting-edge AI-driven cybersecurity tool designed to proactively block evolving threats at the network edge.
For more information about Lumen Technologies and their ambitious mission, please visit www.lumen.com.
Lumen Technologies reported Q3 2022 net income of $578 million, up from $544 million year-over-year. The company completed a $2.7 billion divestiture of its Latin American business and announced a new $1.5 billion share repurchase program. However, total revenue fell to $4.390 billion from $4.887 billion in Q3 2021. Adjusted EBITDA decreased to $1.688 billion from $2.078 billion. The board eliminated the dividend for Q4 2022, reflecting ongoing adjustments in capital allocation aimed at investing in growth.
Lumen Technologies (LUMN) has announced an exclusive arrangement to sell its Europe, Middle East, and Africa (EMEA) business to Colt Technology Services for $1.8 billion, reflecting a strong ~11x multiple on estimated 2021 adjusted EBITDA. This strategic divestiture aims to enhance Lumen's focus on core business areas and strengthen its financial position. The transaction will enable Lumen to streamline operations and invest in growth initiatives while maintaining services for multinational customers through a partnership with Colt. The deal is expected to close by late 2023, pending regulatory approvals.
Lumen Technologies has secured a $1.5 billion contract from the Defense Information Systems Agency (DISA) to provide network transport and communications services in the Asia Pacific region. The indefinite-delivery/indefinite-quantity (IDIQ) contract spans over 10 years, enabling Lumen to support the U.S. Indo-Pacific Command with essential services that help protect U.S. national interests. The contract includes high-capacity communications services, contributing to military and government agency operations across 36 nations.
Lumen Technologies released its Q3 2022 DDoS report highlighting a 60% increase in exposed Connectionless Lightweight Directory Access Protocol (CLDAP) reflectors, totaling over 12,000. This vulnerability, which can amplify attack traffic, has persisted despite previous best practices. The report noted Lumen mitigated 5,547 DDoS attacks in Q3, up 21% from Q2, with the largest attack reaching 493 Gbps. Industries most targeted include Telecommunications, Gaming, and Government, highlighting the need for robust cybersecurity strategies.
Lumen Technologies (NYSE: LUMN) has been awarded the 2022 Enabling Platform Leadership Award by Frost & Sullivan for its innovative platform addressing next-generation 911 (NG911) needs. Recognized for providing an all-in-one solution that enhances efficiency for emergency call centers, Lumen's platform features high-performance networking, cloud computing, and embedded security. This award highlights Lumen's commitment to elevating public safety through advanced technology integration, enabling real-time responses during emergencies and streamlining workflow for public safety agencies.
Lumen Technologies (NYSE: LUMN) will announce its third quarter 2022 results on November 2, 2022. A live conference call will take place at 5 p.m. ET, accessible via their Investor Relations website. Additional materials including the earnings release and investor presentation will also be available online. The audio replay of the call starts at 8 p.m. ET on November 2, lasting until January 31, 2023.
Lumen Technologies, Inc. (NYSE: LUMN) announced the acceptance and initial settlement of its cash tender offers for various senior notes, totaling approximately $2.87 billion in cash. The purchased aggregate principal amount of notes is about $3.03 billion, with an expected additional purchase of up to $40.67 million on October 5, 2022. The tender offers were initiated in accordance with the Offer to Purchase dated September 26, 2022. This press release serves as an update on the company's financial maneuvers but does not constitute an offer to buy any notes.
Brightspeed has launched operations following its acquisition of ILEC assets from Lumen Technologies (NYSE: LUMN) by Apollo-managed funds (NYSE: APO). It is now the fifth largest ILEC in the U.S., covering over 6.5 million locations. Brightspeed invests at least $2 billion to enhance its fiber network, targeting 1 million new fiber passings in 17 states by year-end 2023. The company aims to bridge the digital divide and improve connectivity in underserved areas, leveraging advanced technologies like XGS-PON and Wi-Fi 6.
Lumen Technologies has successfully completed the sale of its ILEC business in 20 states to Brightspeed. This $7.5 billion deal is part of Lumen's strategic plan to focus on profitable growth and enhance its investment in markets for latency-sensitive applications. Retaining ILEC assets in 16 states allows Lumen to continue expanding its Quantum Fiber broadband services. CEO Jeff Storey emphasized that the transaction will drive long-term shareholder value and maximize efficiency.
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