Lumen Technologies Inc

For the period ended Dec 31, 2024. Filed Feb 20, 2025.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2024 · Filed Feb 20, 2025

LUMN$4.71+9.0%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

	Years Ended December 31,
	2024	2023	2022
(Dollars in millions)
OPERATING ACTIVITIES
Net loss	$(55)	(10,298)	(1,548)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	2,956	2,985	3,239
Net loss (gain) on sale of businesses	17	121	(113)
Loss on disposal groups held for sale	—	—	40
Goodwill impairment	—	10,693	3,271
Impairment of long-lived assets	83	27	5
Deferred income taxes	(209)	8	(1,230)
Provision for uncollectible accounts	72	100	133
Net gain on early retirement of debt	(348)	(618)	(214)
Debt modification costs and related fees	(79)	—	—
Gain on sale of investment	(205)	—	—
Unrealized loss on investments	10	97	191
Stock-based compensation	29	52	98
Changes in current assets and liabilities:
Accounts receivable	19	102	(158)
Accounts payable	(202)	(97)	98
Accrued income and other taxes	(189)	(1,185)	972
Other current assets and liabilities, net	304	(549)	(372)
Retirement benefits	(181)	(1)	46
Change in deferred revenue	1,763	230	6
Changes in other noncurrent assets and liabilities, net	655	500	252
Other, net	(107)	(7)	19
Net cash provided by operating activities	4,333	2,160	4,735
INVESTING ACTIVITIES
Capital expenditures	(3,231)	(3,100)	(3,016)
Proceeds from sale of businesses	15	1,746	8,369
Proceeds from sale of property, plant and equipment, and other assets	366	165	120
Other, net	20	(12)	3
Net cash (used in) provided by investing activities	(2,830)	(1,201)	5,476
FINANCING ACTIVITIES
Net proceeds from issuance of long-term debt	1,325	—	—
Payments of long-term debt	(2,678)	(185)	(8,093)
Net (payments of) proceeds from revolving line of credit	(200)	200	(200)
Dividends paid	(3)	(11)	(780)
Debt issuance and extinguishment costs and related fees	(283)	(14)	—
Repurchases of common stock	—	—	(200)
Other, net	(12)	(8)	(40)
Net cash used in financing activities	(1,851)	(18)	(9,313)
Net (decrease) increase in cash, cash equivalents and restricted cash	(348)	941	898
Cash, cash equivalents and restricted cash at beginning of period	2,248	1,307	409
Cash, cash equivalents and restricted cash at end of period	$1,900	2,248	1,307

Supplemental cash flow information:
Income taxes refunded (paid), net	$242	(1,303)	(76)
Interest paid (net of capitalized interest of $176, $111 and $66)	(1,245)	(1,138)	(1,365)
Supplemental non-cash information regarding financing activities:
Cancellation of senior unsecured notes as part of exchange offers (Note 7)	$—	(1,554)	—
Issuance of senior secured notes as part of exchange offers (Note 7)	—	924	—
Cash, cash equivalents and restricted cash:
Cash and cash equivalents	$1,889	2,234	1,251
Cash and cash equivalents and restricted cash included in Assets held for sale	—	—	44
Restricted cash included in Other current assets	2	4	—
Restricted cash included in Other, net noncurrent assets	9	10	12
Total	$1,900	2,248	1,307

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