¹ Adjusted EBITDA and Adjusted EBITDA aside from Particular Pieces for the second one quarter of 2023 comprises $37 million from the EMEA industry (outlined underneath), divested on Nov. 1, 2023 and $11 million from the ones of our CDN buyer assurances bought Oct. 10, 2023, which is not going to recur in next classes. The Corporate believes that those figures will permit analysts and traders to know the quantities related to those transactions to know the have an effect on they’d at the Corporate’s month, however now not flow or month, monetary efficiency. Subsequently, those quantities will have an effect on the Corporate’s skill to compare its month efficiency in flow and month classes. The post-closing monetary affects of latest quantities won or paid through the Corporate beneath the post-closing contracts with the customers of its companies divested in 2022 and 2023 have been a internet relief of $(48) million and $(51) million for the second one quarter 2024 and 2023, respectively. The Corporate believes that this offers helpful knowledge to traders to know the have an effect on that the post-closing contracts have had at the Corporate’s actions and its flow monetary efficiency.

² Contains the have an effect on of $938 million in coins tax bills connected to our divestitures finished on Aug. 1, 2022 and Oct. 3, 2022.

Metric, as reported

2d Quarter

($ in tens of millions, except for in keeping with percentage information)

2024

2023

Massive Undertaking⁽¹⁾

$        837

899

Mid-Marketplace Undertaking

478

514

Society Sector

448

415

North The united states Undertaking Channels

1,763

1,828

Wholesale

723

803

North The united states Industry Earnings

2,486

2,631

World and Alternative⁽¹⁾⁽²⁾

91

277

Industry Branch Earnings

2,577

2,908

Cluster Markets Branch Earnings

691

753

General Earnings⁽³⁾⁽⁴⁾

$      3,268

3,661

Value of Products and services and Merchandise

1,653

1,740

Promoting, Normal and Administrative Bills

742

790

(Acquire) Loss on Sale of Industry

(5)

13

Secure-based Repayment (Credit score) Expense

(3)

9

Internet Loss

(49)

(8,736)

Internet (Loss) Source of revenue, Except for Particular Pieces⁽⁵⁾⁽⁶⁾

(124)

98

Adjusted EBITDA^(2)(5)(7)(8)

875

1,127

Adjusted EBITDA, Except for Particular Pieces^{(2)(5)(7)(8)(9)}

1,011

1,229

Internet Loss Margin

(1.5) %

(238.6) %

Internet (Loss) Source of revenue Margin, Except for Particular Pieces⁽⁵⁾⁽⁶⁾

(3.8) %

2.7 %

Adjusted EBITDA Margin⁽⁵⁾

26.8 %

30.8 %

Adjusted EBITDA Margin, Except for Particular Pieces⁽⁵⁾⁽⁹⁾

30.9 %

33.6 %

Internet Money Supplied through (Impaired in) Working Actions

511

(100)

Capital Expenditures⁽¹⁰⁾

753

796

Unlevered Money Tide⁽⁵⁾

(24)

(701)

Unlevered Money Tide, Except for Money Particular Pieces^(5)(11)

62

(701)

Distant Money Tide⁽⁵⁾

(242)

(896)

Distant Money Tide, Except for Money Particular Pieces^(5)(11)

(156)

(896)

Internet Loss in keeping with Habitual Proportion – Diluted

(0.05)

(8.88)

Internet (Loss) Source of revenue in keeping with Habitual Proportion – Diluted, Except for Particular Pieces⁽⁵⁾⁽⁶⁾

(0.13)

0.10

Weighted Reasonable Stocks Exceptional (in tens of millions) – Diluted

987.2

983.5

⁽¹⁾ World income quantities up to now reported in Massive Undertaking constitute income connected to our non-domestic areas together with (i) Europe, Center East and Africa (“EMEA”) during the sale of our EMEA industry on Nov. 1, 2023 and (ii) Asia Pacific (“APAC”) and any difference global operations, which we don’t be expecting to be important or subject material in month classes. As such, prior era quantities connected to our ancient global operations had been reclassified throughout the Industry Branch Earnings to the “International and Other” gross sales channel. Those reporting adjustments had refuse have an effect on on general working income, general working bills or internet source of revenue for any era.

⁽²⁾ Next to the sale of choose Content material Supply Community (“CDN”) buyer assurances introduced on Oct. 10, 2023, positive prior era quantities connected to our ancient CDN income had been reclassified from “Harvest” to “International and Other” gross sales channel throughout the “Other” product within the Industry Branch Earnings merchandise to adapt to our 2024 reporting presentation. Those reporting adjustments had refuse have an effect on on general working income, general working bills or internet source of revenue for any era. Earnings and Adjusted EBITDA aside from Particular Pieces for the second one quarter of 2023 comprises $22 million and $11 million, respectively, from our divested CDN buyer assurances. The Corporate believes that those figures will permit analysts and traders to know the quantities related to contemporary transactions and to know the affects they’d at the Corporate’s month, however now not flow or month, monetary efficiency. Subsequently, those quantities will have an effect on the Corporate’s skill to compare its month efficiency in flow and month classes.

⁽³⁾ Earnings for the second one quarter of 2023 comprises $142 million from the EMEA industry divested Nov. 1, 2023, which is not going to recur during periods following the divestiture. The Corporate believes that those figures will permit analysts and traders to know the quantities related to those transactions and to know the have an effect on they’d at the Corporate’s month, however now not flow or month, monetary efficiency. Subsequently, those quantities will have an effect on the Corporate’s skill to compare its month efficiency in flow and month classes.

⁽⁴⁾ The post-closing income have an effect on of quantities won through the Corporate beneath its post-closing contracts with shoppers of our companies divested in 2022 and 2023 used to be (i) $51 million for the second one quarter of 2024 and (ii) $27 million for the second one quarter of 2023. The Corporate believes that this offers helpful knowledge to traders to know the have an effect on that the post-closing contracts have had at the Corporate’s flow monetary efficiency.

⁽⁵⁾ See the hooked up schedules for definitions of non-GAAP metrics and reconciliations to GAAP figures.

⁽⁶⁾ Excludes Particular Pieces (internet of the source of revenue tax impact thereof) which (i) negatively impacted this metric through $75 million for the second one quarter of 2024 and (ii) definitely impacted this metric through $8.8 billion for the second one quarter of 2023.

⁽⁷⁾ Adjusted EBITDA and Adjusted EBITDA aside from Particular Pieces for the second one quarter of 2023 comprises $37 million from the EMEA industry, divested in Nov. 1, 2023, which is not going to recur during periods following the divestiture. The Corporate believes that those figures will permit analysts and traders to know the quantities related to those transactions to know the have an effect on they’d at the Corporate’s month, however now not flow or month, monetary efficiency. Subsequently, those quantities will have an effect on the Corporate’s skill to compare its month efficiency in flow and month classes.

⁽⁸⁾ The post-closing internet monetary affects to adjusted EBITDA of latest quantities won or paid through the Corporate beneath its post-closing contracts with the customers of our companies divested in 2022 and 2023 have been (i) a internet relief of $(48) million for the second one quarter of 2024 and (ii) a internet relief of $(51) million for the second one quarter 2023. The Corporate believes that this offers helpful knowledge to traders to know the have an effect on that the post-closing contracts have had at the Corporate’s monetary efficiency following the of entirety of those divestitures.

⁽⁹⁾ Excludes Particular Pieces within the quantities of (i) $136 million for the second one quarter of 2024 and (ii) $102 million for the primary quarter of 2023.

⁽¹⁰⁾ Capital expenditures for the second one quarter of 2023 comprises $34 million of capital expenditures in the case of EMEA industry divested on Nov. 1, 2023, which is not going to recur during periods following the divestiture. The Corporate believes that those figures will permit analysts and traders to know the quantities related to those transactions and techniques to know the have an effect on they’d at the Corporate’s month, however now not flow or month, capital expenditures. Subsequently, those quantities will have an effect on the Corporate’s skill to compare its month capital expenditure actions in flow and month classes.

⁽¹¹⁾ Excludes coins paid (won) for Particular Pieces within the quantities of (i) $86 million for the second one quarter of 2024 and (ii) internet 0 for the second one quarter of 2023.

Metrics⁽¹⁾

2d
Quarter

First
Quarter

QoQ
%

2d
Quarter

YoY
%

($ in tens of millions)

2024

2024

Exchange

2023

Exchange

Earnings By means of Gross sales Channel

Massive Undertaking

$     837

858

(2) %

899

(7) %

Mid-Marketplace Undertaking

478

486

(2) %

514

(7) %

Society Sector

448

420

7 %

415

8 %

North The united states Undertaking Channels

1,763

1,764

— %

1,828

(4) %

Wholesale

723

730

(1) %

803

(10) %

North The united states Industry Earnings

2,486

2,494

— %

2,631

(6) %

World and Alternative

91

97

(6) %

277

(67) %

Industry Branch Earnings

2,577

2,591

(1) %

2,908

(11) %

Cluster Markets Branch Earnings

691

699

(1) %

753

(8) %

General Earnings⁽²⁾

$  3,268

3,290

(1) %

3,661

(11) %

Industry Branch Earnings through Product Division

Develop

$  1,063

1,059

— %

1,144

(7) %

Nurture

751

777

(3) %

874

(14) %

Harvest

566

582

(3) %

691

(18) %

Subtotal

2,380

2,418

(2) %

2,709

(12) %

Alternative

197

173

14 %

199

(1) %

Industry Branch Earnings

$  2,577

2,591

(1) %

2,908

(11) %

Internet (Loss) Source of revenue

$      (49)

57

nm

(8,736)

(99) %

Internet (Loss) Source of revenue Margin

(1.5) %

1.7 %

nm

(238.6) %

(99) %

Internet (Loss) Source of revenue, Except for Particular Pieces

$    (124)

(41)

nm

98

nm

Internet (Loss) Source of revenue Margin, Except for Particular Pieces

(3.8) %

(1.2) %

nm

2.7 %

nm

Adjusted EBITDA, Except for Particular Pieces⁽³⁾

$  1,011

977

3 %

1,229

(18) %

Adjusted EBITDA Margin, Except for Particular Pieces

30.9 %

29.7 %

4 %

33.6 %

(8) %

Capital Expenditures⁽⁴⁾

$     753

713

6 %

796

(5) %

⁽¹⁾ See the notes to our in an instant previous chart for details about our utility of non-GAAP metrics, Particular Pieces, and reconciliations to GAAP.

⁽²⁾ Earnings for the second one quarter of 2023 comprises quantities from the 2023 divestiture and sale of CDN assurances. Earnings for the primary and 2nd quarter of 2024 and 2nd quarter of 2023 comprises quantities from the post-closing business contracts with the customers of our companies divested in 2022 and 2023. Please see footnotes 1 via 4 at the previous desk for main points.

⁽³⁾ Adjusted EBITDA aside from Particular Pieces for the fourth quarter of 2023 comprises the monetary affects from the 2023 divestiture and sale of CDN assurances. Adjusted EBITDA aside from Particular Pieces for the primary and 2nd quarter of 2024 and the primary quarter of 2023 comprises the monetary affects from the post-closing business contracts with the customers of our companies divested in 2022 and 2023. Please see footnotes 2, 7 and eight at the previous desk for main points.

⁽⁴⁾ Capital expenditures for the second one quarter 2023 comprises the affects of capital expenditures connected to our divested companies, which is not going to recur during periods following the of entirety of those divestitures. Please see footnote 10 at the previous desk for main points.

nm – Percentages more than 200% and comparisons between certain and damaging values are thought to be now not significant.

¹ See footnote 2 on web page 1 of this reduce.

Metric ⁽¹⁾⁽²⁾

Wave Outlook

Earlier Outlook

Adjusted EBITDA

$3.9 to $4.0 billion

$4.1 to $4.3 billion

Distant Money Tide⁽³⁾⁽⁴⁾

$1.0 to $1.2 billion

$100 to $300 million

Internet Money Pastime

$1.15 to $1.25 billion

$1.25 to $1.35 billion

Capital Expenditures

$3.1 to $3.3 billion

$2.7 to $2.9 billion

Money Source of revenue Taxes/(Refund)⁽⁴⁾

($200) to ($300) million

($200) to ($300) million

⁽¹⁾  For definitions of non-GAAP metrics and reconciliations to GAAP figures, see the hooked up schedules and our Investor Members of the family web site.

⁽²⁾  Outlook measures on this chart and the accompanying schedules (i) exclude the consequences of Particular Pieces, commendation impairments, month adjustments in our working or capital allocation plans, unexpected adjustments in law, rules or litigation, and alternative unexpected occasions or cases impacting our monetary efficiency and (ii) discuss simplest as of Aug. 6, 2024. See “Forward-Looking Statements.”

⁽³⁾  Assumes refuse discretionary 401-k plan contributions all through 2024.

⁽⁴⁾  Contains an roughly $700 million tax refund won all through the primary quarter 2024.

Lumen Applied sciences, Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

SIX MONTHS ENDED JUNE 30, 2024 AND 2023

(UNAUDITED)

($ in tens of millions, except for in keeping with percentage quantities; stocks in 1000’s)

3 months ended June 30,

(Scale down) /
Build up

Six months ended June 30,

(Scale down) /
Build up

2024

2023

2024

2023

OPERATING REVENUE

$            3,268

3,661

(11) %

6,558

7,399

(11) %

OPERATING EXPENSES

Value of products and services and merchandise
(unique of depreciation and
amortization)

1,653

1,740

(5) %

3,305

3,557

(7) %

Promoting, basic and administrative

742

790

(6) %

1,565

1,511

4 %

(Acquire) loss on sale of commercial

(5)

13

nm

17

90

(81) %

Depreciation and amortization

743

746

— %

1,491

1,479

1 %

Favor impairment

—

8,793

nm

—

8,793

nm

  General working bills

3,133

12,082

(74) %

6,378

15,430

(59) %

OPERATING INCOME (LOSS)

135

(8,421)

nm

180

(8,031)

nm

OTHER (EXPENSE) INCOME

Pastime expense

(373)

(294)

27 %

(664)

(573)

16 %

Internet acquire on early departure of debt

3

9

(67) %

278

618

(55) %

Alternative source of revenue (expense), internet

194

16

nm

267

(24)

nm

  General alternative (expense) source of revenue, internet

(176)

(269)

(35) %

(119)

21

nm

Source of revenue tax expense

(8)

(46)

(83) %

(53)

(215)

(75) %

NET (LOSS) INCOME

$               (49)

(8,736)

(99) %

8

(8,225)

nm

BASIC (LOSS) EARNINGS PER
SHARE

$            (0.05)

(8.88)

(99) %

0.01

(8.37)

nm

DILUTED (LOSS) EARNINGS PER
SHARE

$            (0.05)

(8.88)

(99) %

0.01

(8.37)

nm

WEIGHTED AVERAGE SHARES
OUTSTANDING

Unadorned

987,239

983,453

— %

986,047

982,505

— %

Diluted

987,239

983,453

— %

987,224

982,505

— %

Exclude: Particular Pieces⁽¹⁾

$               (75)

8,834

nm

(173)

8,420

nm

NET (LOSS) INCOME EXCLUDING
SPECIAL ITEMS

$             (124)

98

nm

(165)

195

nm

DILUTED (LOSS) EARNINGS PER
SHARE EXCLUDING SPECIAL
ITEMS

$            (0.13)

0.10

nm

(0.17)

0.20

nm

⁽¹⁾ Excludes the Particular Pieces described within the accompanying Non-GAAP Particular Pieces desk, internet of the source of revenue tax impact thereof.

nm – Percentages more than 200% and comparisons between certain and damaging values are thought to be now not significant.

Lumen Applied sciences, Inc.

CONSOLIDATED BALANCE SHEETS

AS OF JUNE 30, 2024 AND DECEMBER 31, 2023

(UNAUDITED)

($ in tens of millions)

June 30, 2024

December 31, 2023

ASSETS

CURRENT ASSETS

Money and coins equivalents

$                     1,495

2,234

Accounts receivable, much less allowance of $62 and $67

1,294

1,318

Alternative

971

1,223

   General flow belongings

3,760

4,775

Feature, plant and gear, internet of accrued depreciation of $22,073
and $21,318

20,089

19,758

GOODWILL AND OTHER ASSETS

Favor

1,964

1,964

Alternative intangible belongings, internet

5,127

5,470

Alternative, internet

2,003

2,051

    General commendation and alternative belongings

9,094

9,485

TOTAL ASSETS

$                   32,943

34,018

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES

Wave maturities of long-term debt

$                        192

157

Accounts payable

995

1,134

Gathered bills and alternative liabilities

Salaries and advantages

605

696

Source of revenue and alternative taxes

597

251

Wave working hire liabilities

281

268

Pastime

219

168

Alternative

179

213

Wave portion of deferred income

670

647

    General flow liabilities

3,738

3,534

LONG-TERM DEBT

18,411

19,831

DEFERRED CREDITS AND OTHER LIABILITIES

Deferred source of revenue taxes, internet

3,142

3,127

Get advantages plan duties, internet

2,437

2,490

Deferred income

2,112

1,969

Alternative

2,637

2,650

General deferred credit and alternative liabilities

10,328

10,236

STOCKHOLDERS’ EQUITY

Habitual inventory

1,016

1,008

Backup paid-in capital

18,135

18,126

Accrued alternative complete loss

(786)

(810)

Accrued shortage

(17,899)

(17,907)

General stockholders’ fairness

466

417

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$                   32,943

34,018

Lumen Applied sciences, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

SIX MONTHS ENDED JUNE 30, 2024 AND 2023

(UNAUDITED)

($ in tens of millions)

Six months ended June 30,

OPERATING ACTIVITIES

Internet source of revenue (loss)

$                                      8

(8,225)

Changes to reconcile internet source of revenue (loss) to internet coins supplied through
working actions:

Depreciation and amortization

1,491

1,479

Loss on sale of commercial

17

90

Favor impairment

—

8,793

Deferred source of revenue taxes

2

46

Provision for uncollectible accounts

39

47

Internet acquire on early departure of debt

(278)

(618)

Debt amendment prices and connected charges

(75)

—

Acquire on sale of funding

(205)

—

Unrealized loss on investments

2

81

Secure-based repayment

11

23

Adjustments in flow belongings and liabilities, internet

341

(1,388)

Depart advantages

(16)

(16)

Adjustments in alternative noncurrent belongings and liabilities, internet

301

132

Alternative, internet

(25)

51

Internet coins supplied through working actions

1,613

495

INVESTING ACTIVITIES

Capital expenditures

(1,466)

(1,436)

(Bills) proceeds from sale of commercial

(5)

3

Proceeds from sale of trait, plant and gear and alternative belongings

264

26

Alternative, internet

13

2

Internet coins impaired in making an investment actions

(1,194)

(1,405)

FINANCING ACTIVITIES

Internet proceeds from issuance of long-term debt

1,325

—

Bills of long-term debt

(1,997)

(100)

Internet (bills) proceeds on revolving sequence of credit score

(200)

200

Dividends paid

(3)

(9)

Debt issuance and extinguishment prices and connected charges

(282)

(13)

Alternative, internet

(3)

(6)

Internet coins (impaired in) supplied through financing actions

(1,160)

72

Internet scale down in coins, coins equivalents and limited coins

(741)

(838)

Money, coins equivalents and limited coins at starting of era

2,248

1,307

Money, coins equivalents and limited coins at finish of era

$                               1,507

469

Money, coins equivalents and limited coins:

Money and coins equivalents

$                               1,495

411

Money and coins equivalents and limited coins integrated in belongings held
on the market

—

47

Limited coins

12

11

 General

$                               1,507

469

Lumen Applied sciences, Inc.

OPERATING METRICS

(UNAUDITED)

Working Metrics

2Q24

1Q24

2Q23

Cluster Markets broadband subscribers

(in 1000’s)

Fiber broadband subscribers

992

952

877

Alternative broadband subscribers⁽¹⁾

1,666

1,758

2,032

Cluster Markets general broadband subscribers⁽²⁾

2,658

2,710

2,909

Cluster Markets broadband enabled gadgets⁽³⁾

(in tens of millions)

Fiber broadband enabled gadgets

3.9

3.8

3.4

Alternative broadband enabled gadgets

18.0

18.0

18.4

Cluster Markets general broadband enabled gadgets

21.9

21.8

21.8

⁽¹⁾ Alternative broadband subscribers are consumers that basically subscribe to decrease snatch copper-based broadband products and services advertised beneath the CenturyLink emblem.

⁽²⁾ Cluster Markets broadband subscribers are consumers that acquire broadband connection carrier via their present phone strains, stand-alone phone strains, or fiber-optic cables. Our technique for counting our Cluster Markets broadband subscribers comprises simplest the ones strains that we utility to lend products and services to exterior consumers and excludes strains impaired only through us and our associates. It additionally excludes unbundled loops and comprises stand-alone Cluster Markets broadband subscribers. We rely strains once we set up the carrier. Alternative corporations might utility other methodologies.

⁽³⁾ Represents the full collection of gadgets in a position to receiving our broadband products and services at era finish. Alternative corporations might utility other methodologies to rely their broadband enabled gadgets.

Lumen Applied sciences, Inc.

Non-GAAP Particular Pieces

(UNAUDITED)

($ in tens of millions)

Original QTD

Original YTD

Particular Pieces Impacting Adjusted EBITDA

2Q24

2Q23

2Q24

2Q23

Severance

$                 103

5

107

13

Shopper and alternative litigation

1

(1)

(1)

(1)

Internet (acquire) loss on sale of commercial

(5)

13

17

90

Transaction and official separation prices⁽¹⁾

23

10

191

39

Internet loss (acquire) on sale of choose CDN assurances and alternative

14

—

(8)

—

Actual property transactions⁽²⁾

—

75

—

75

General Particular Pieces impacting Adjusted EBITDA

$                 136

102

306

216

Original QTD

Original YTD

Particular Pieces Impacting Internet Source of revenue

2Q24

2Q23

2Q24

2Q23

Severance

$                 103

5

107

13

Shopper and alternative litigation

1

(1)

(1)

(1)

Internet (acquire) loss on sale of commercial

(5)

13

17

90

Transaction and official separation prices⁽¹⁾

23

10

191

39

Internet loss (acquire) on sale of choose CDN assurances and alternative

14

—

(8)

—

Actual property transactions⁽²⁾

—

75

—

75

Favor impairment

—

8,793

—

8,793

Internet acquire on early departure of debt⁽³⁾

(3)

(9)

(278)

(618)

Source of revenue from transition and official separation products and services⁽⁴⁾

(35)

(40)

(70)

(86)

Acquire on sale of funding

(205)

—

(205)

—

General Particular Pieces impacting Internet Source of revenue

(107)

8,846

(247)

8,305

Source of revenue tax impact of Particular Pieces⁽⁵⁾

32

(12)

74

115

General Particular Pieces impacting Internet Source of revenue, internet of tax

$                  (75)

8,834

(173)

8,420

Original QTD

Original YTD

Particular Pieces Impacting Money Flows

2Q24

2Q23

2Q24

2Q23

Severance

$                   83

7

101

12

Shopper and alternative litigation

1

—

(1)

—

Transaction and official separation prices⁽¹⁾

29

25

167

49

Source of revenue from transition and official separation products and services⁽⁴⁾

(27)

(32)

(52)

(91)

General Particular Pieces impacting Money Flows

$                   86

—

215

(30)

⁽¹⁾ Transaction and official separation prices related to (i) the sale of our Latin American industry on Aug. 1, 2022, (ii) the sale of our 20-state ILEC industry on Oct. 3, 2022, (iii) the sale of our EMEA industry on Nov. 1, 2023, (iv) our March 22, 2024 debt transaction assistance guarantee and (v) our analysis of alternative doable transactions.

⁽²⁾ Actual property transactions come with the Q2 2023 loss on donation of actual property.                                                 

⁽³⁾ Displays a acquire on account of (i) repurchase of $75 million combination most important in Q2 2024, (ii) debt transaction assistance guarantee and ensuing debt extinguishment in Q1 2024, (iii) $1.5 billion of debt exchanges in Q1 2023 and (iv) $19 million of debt exchanges in Q2 2023.                                                                                            

⁽⁴⁾ Source of revenue from transition and official separation products and services comprises fees we billed for transition products and services and IT skilled products and services supplied to the customers in reference to our 2022 and 2023 divestitures.

⁽⁵⁾ Tax impact calculated the usage of the annualized positive statutory tax fee, aside from any non-recurring discrete pieces, which used to be 30.0% for Q1 and Q2 of 2024 and 23.5% for Q1 and Q2 of 2023.

Lumen Applied sciences, Inc.

Non-GAAP Money Tide Reconciliation

(UNAUDITED)

($ in tens of millions)

Original QTD

Original YTD

2Q24

2Q23

2Q24

2Q23

Internet coins supplied through working actions⁽¹⁾

$                  511

(100)

1,613

495

Capital expenditures

(753)

(796)

(1,466)

(1,436)

Distant Money Tide⁽¹⁾

(242)

(896)

147

(941)

Money hobby paid

232

198

571

561

Pastime source of revenue

(14)

(3)

(72)

(16)

Unlevered Money Tide⁽¹⁾

$                  (24)

(701)

646

(396)

Distant Money Tide⁽¹⁾

$                (242)

(896)

147

(941)

Upload again: Severance⁽²⁾

83

7

101

12

Take away: Shopper and alternative litigation⁽²⁾

1

—

(1)

—

Upload again: Transaction and official separation prices⁽²⁾

29

25

167

49

Take away: Source of revenue from transition and official separation products and services⁽²⁾

(27)

(32)

(52)

(91)

Distant Money Tide aside from coins Particular Pieces⁽¹⁾

$                (156)

(896)

362

(971)

Unlevered Money Tide⁽¹⁾

$                  (24)

(701)

646

(396)

Upload again: Severance⁽²⁾

83

7

101

12

Take away: Shopper and alternative litigation⁽²⁾

1

—

(1)

—

Upload again: Transaction and official separation prices⁽²⁾

29

25

167

49

Take away: Source of revenue from transition and official separation products and services⁽²⁾

(27)

(32)

(52)

(91)

Unlevered Money Tide aside from coins Particular Pieces⁽¹⁾

$                   62

(701)

861

(426)

⁽¹⁾ Contains the have an effect on of (i) $700 million in coins tax refund won in Q1 2024, (ii) $938 million in coins tax bills in Q2 2023 and (iii) $90 million in coins tax bills in Q1 2023 connected to our 2022 divestitures.

⁽²⁾ Please see Non-GAAP Particular Pieces desk for main points of the Particular Pieces impacting coins integrated above.

Lumen Applied sciences, Inc.

Adjusted EBITDA Non-GAAP Reconciliation

(UNAUDITED)

($ in tens of millions)

Original QTD

Original YTD

2Q24

2Q23

2Q24

2Q23

Internet (loss) source of revenue

$               (49)

(8,736)

8

(8,225)

Source of revenue tax expense

8

46

53

215

General alternative expense (source of revenue), internet

176

269

119

(21)

Depreciation and amortization expense

743

746

1,491

1,479

Secure-based repayment (credit score) expense

(3)

9

11

23

Favor impairment

—

8,793

—

8,793

Adjusted EBITDA⁽¹⁾

$              875

1,127

1,682

2,264

Upload again: Severance⁽²⁾

103

5

107

13

Upload again: Shopper and alternative litigation⁽²⁾

1

(1)

(1)

(1)

Upload again: Internet (acquire) loss on sale of commercial⁽²⁾

(5)

13

17

90

Upload again: Transaction and official separation prices⁽²⁾

23

10

191

39

Upload again: Internet loss (acquire) on sale of choose CDN
assurances and alternative⁽²⁾

14

—

(8)

—

Upload again: Actual property transaction prices⁽²⁾

—

75

—

75

Adjusted EBITDA aside from Particular Pieces⁽¹⁾

$           1,011

1,229

1,988

2,480

Internet (loss) source of revenue aside from Particular Pieces⁽²⁾

$             (124)

98

(165)

195

General income

$           3,268

3,661

6,558

7,399

Internet (Loss) Source of revenue Margin

(1.5) %

(238.6) %

0.1 %

(111.2) %

Internet (Loss) Source of revenue Margin, aside from Particular Pieces

(3.8) %

2.7 %

(2.5) %

2.6 %

Adjusted EBITDA Margin

26.8 %

30.8 %

25.6 %

30.6 %

Adjusted EBITDA Margin aside from Particular Pieces

30.9 %

33.6 %

30.3 %

33.5 %

⁽¹⁾ Adjusted EBITDA and Adjusted EBITDA aside from Particular Pieces for the primary and 2nd quarter of 2023 comprises the monetary affects of (i) the EMEA industry divested on Nov. 1, 2023 and (ii) the Corporate’s choose CDN assurances bought Oct. 10, 2023 and each the primary and 2nd quarter of 2023 and 2024 come with the monetary have an effect on of the post-closing business contracts with the customers of the our lately divested companies. Please see footnote 1 at the first web page of this reduce for main points.

⁽²⁾ Please see Non-GAAP Particular Pieces desk for main points of the Particular Pieces integrated above.

Lumen Applied sciences, Inc.

2024 OUTLOOK ^{(1) (2) (3) (4)}

(UNAUDITED)

($ in tens of millions)

Adjusted EBITDA Outlook

Twelve Months Ended December 31, 2024

Dimension

Low

Top

Internet (loss) source of revenue

$                   (300)

100

Source of revenue tax expense

50

250

General alternative expense, internet

1,190

920

Depreciation and amortization expense

2,900

2,700

Secure-based repayment expense

60

30

Adjusted EBITDA

$                  3,900

4,000

Distant Money Tide Outlook

Twelve Months Ended December 31, 2024

Dimension

Low

Top

Internet coins supplied through working actions

$                  4,100

4,500

Capital expenditures

(3,100)

(3,300)

Distant Money Tide

$                  1,000

1,200

⁽¹⁾ For definitions of non-GAAP metrics and reconciliation to GAAP figures, see the above schedules and our Investor Members of the family web site.

⁽²⁾ Outlook measures on this chart (i) exclude the consequences of Particular Pieces, commendation impairments, month adjustments in our working or capital allocation plans, unexpected adjustments in law, rules or litigation, and alternative unexpected occasions or cases impacting our monetary efficiency and (ii) discuss simplest as of Aug. 6, 2024. See “Forward-Looking Statements.”

⁽³⁾ Assumes refuse discretionary 401-k plan contributions all through 2024.

⁽⁴⁾ Contains an roughly $700 million tax refund won all through the primary quarter 2024.