Technology

Lumen Technologies reports third quarter 2024 results

Published

3 weeks ago

November 5, 2024

DENVER, Nov. 5, 2024 /PRNewswire/ — Lumen Technologies, Inc. (NYSE: LUMN) reported results for the third quarter ended September 30, 2024.

Big Tech is Choosing Lumen to Build the Backbone for the AI Economy

Continued operational progress and sales momentum across our growth portfolio. Record quarter for net subscription adds in Quantum Fiber business.Delivered new Lumen Private Connectivity Fabric (or PCF) sales since our last earnings report, which provides additional liquidity and flexibility to continue reducing our overall debt profile.Growing adoption of Lumen Digital’s unique capabilities. Promising network-as-a-service adoption metrics helping to grow future enterprise revenue in digital services.

“The largest technology companies in the world are choosing Lumen to help build the backbone for the AI economy. What’s more, enterprises are recognizing that every AI strategy needs a network strategy, and they’re coming to Lumen for help,” said Kate Johnson, president and CEO of Lumen Technologies. “We continue to transform Lumen’s business while also leading a once in a generation expansion of the internet.”

Reported Net Loss of $(148) million for the third quarter 2024, compared to reported Net Loss of $(78) million for the third quarter 2023Reported diluted loss per share of $(0.15) for the third quarter 2024, compared to diluted loss per share of $(0.08) for the third quarter 2023. Excluding Special Items, diluted loss per share was $(0.13) for the third quarter 2024, compared to $(0.09) diluted loss per share for the third quarter 2023Generated Adjusted EBITDA of $899 million1 for the third quarter 2024, compared to $1.049 billion1 for the third quarter 2023, excluding the effects of Special Items of $56 million and $55 million, respectivelyReported Net Cash Provided by Operating Activities of $2.0 billion2 for the third quarter 2024Generated Free Cash Flow of $1.2 billion2 for the third quarter 2024, excluding cash paid for Special Items of $16 million, compared to Free Cash Flow of $43 million, excluding cash paid for specials items of $5 million, for the third quarter 2023

1 Adjusted EBITDA and Adjusted EBITDA excluding Special Items for the third quarter of 2023 includes $31 million from the EMEA business (defined below), divested on Nov. 1, 2023 and $17 million from those of our Content Delivery Network (“CDN”) customer contracts sold Oct. 10, 2023, which will not recur in subsequent periods. The Company believes that these figures will allow analysts and investors to understand the amounts associated with these transactions to understand the impact they had on the Company’s past, but not current or future, financial performance. Therefore, these amounts will impact the Company’s ability to match its past performance in current and future periods. The net post-closing financial impact of actual amounts received or paid by the Company under its post-closing agreements with the purchasers of its businesses divested in 2022 and 2023 were a reduction of $(38) million and $(40) million for the third quarter 2024 and 2023, respectively. The Company believes that this provides useful information to investors to understand the impact that the post-closing agreements have had on the Company’s activities and its current financial performance.

2 Includes the impact of $170 million voluntary pension contribution in third quarter 2024.

Financial Results

Metric, as reported

Third Quarter

($ in millions, except per share data)

2024

2023

Large Enterprise(1)

$ 839

914

Mid-Market Enterprise

471

506

Public Sector

427

445

North America Enterprise Channels

1,737

1,865

Wholesale

706

776

North America Business Revenue

2,443

2,641

International and Other(1)(2)

264

Business Segment Revenue

2,536

2,905

Mass Markets Segment Revenue

685

736

Total Revenue(3)(4)

$ 3,221

3,641

Cost of Services and Products

1,692

1,850

Selling, General and Administrative Expenses

696

791

Net Loss on Sale of Business

—

Stock-based Compensation Expense

Net Loss

(148)

(78)

Net Loss, Excluding Special Items(5)(6)

(133)

(85)

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

843

994

Adjusted EBITDA, Excluding Special Items(2)(5)(7)(8)(9)

899

1,049

Net Loss Margin

(4.6) %

(2.1) %

Net Loss Margin, Excluding Special Items(5)(6)

(4.1) %

(2.3) %

Adjusted EBITDA Margin(5)

26.2 %

27.3 %

Adjusted EBITDA Margin, Excluding Special Items(5)(9)

27.9 %

28.8 %

Net Cash Provided by Operating Activities

2,032

881

Capital Expenditures(10)

850

843

Unlevered Cash Flow(5)

1,470

358

Unlevered Cash Flow, Excluding Cash Special Items(5)(11)

1,486

363

Free Cash Flow(5)

1,182

Free Cash Flow, Excluding Cash Special Items(5)(11)

1,198

Net Loss per Common Share – Diluted

(0.15)

(0.08)

Net Loss per Common Share – Diluted, Excluding Special Items(5)(6)

(0.13)

(0.09)

Weighted Average Shares Outstanding (in millions) – Diluted

988.8

983.6

(1) International revenue amounts previously reported in Large Enterprise represent revenue related to our non-domestic regions including (i) Europe, Middle East and Africa (“EMEA”) through the sale of our EMEA business on Nov. 1, 2023 and (ii) Asia Pacific (“APAC”) and any other remaining international operations, which we do not expect to be significant or material in future periods. As such, prior period amounts related to our historical international operations have been reclassified within our Business Segment Revenue to the “International and Other” sales channel. These reporting changes had no impact on total operating revenue, total operating expenses or net income for any period.

(2) Subsequent to the sale of select Content Delivery Network (“CDN”) customer contracts announced on Oct. 10, 2023, certain prior period amounts related to our historical CDN revenue have been reclassified from “Harvest” to “International and Other” sales channel within the “Other” product in the Business Segment Revenue products to conform to our 2024 reporting presentation. These reporting changes had no impact on total operating revenue, total operating expenses or net income for any period. Revenue and Adjusted EBITDA excluding Special Items for the third quarter of 2023 includes $24 million and $17 million, respectively, from our divested CDN customer contracts. The Company believes that these figures will allow analysts and investors to understand the amounts associated with recent transactions and to understand the impacts they had on the Company’s past, but not current or future, financial performance. Therefore, these amounts will impact the Company’s ability to match its past performance in current and future periods.

(3) Revenue for the third quarter of 2023 includes $134 million from the EMEA business divested Nov. 1, 2023, which will not recur in periods following the divestiture. The Company believes that this figure will allow analysts and investors to understand the amounts associated with these transactions and to understand the impact they had on the Company’s past, but not current or future, financial performance. Therefore, these amounts will impact the Company’s ability to match its past performance in current and future periods.

(4) The post-closing revenue received by the Company under its post-closing agreements with purchasers of our businesses divested in 2022 and 2023 was (i) $46 million for the third quarter of 2024 and (ii) $23 million for the third quarter of 2023. The Company believes that this provides useful information to investors to understand the impact that the post-closing agreements have had on the Company’s current financial performance.

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

(6) Excludes Special Items (net of the income tax effect thereof) which (i) positively impacted this metric by $15 million for the third quarter of 2024 and (ii) negatively impacted this metric by $(7) million for the third quarter of 2023.

(7) Adjusted EBITDA and Adjusted EBITDA excluding Special Items for the third quarter of 2023 includes $31 million from the EMEA business, divested in Nov. 1, 2023, which will not recur in periods following the divestiture. The Company believes that these figures will allow analysts and investors to understand the amounts associated with these transactions to understand the impact they had on the Company’s past, but not current or future, financial performance. Therefore, these amounts will impact the Company’s ability to match its past performance in current and future periods.

(8) The post-closing net financial impacts to adjusted EBITDA of actual amounts received or paid by the Company under its post-closing agreements with the purchasers of our businesses divested in 2022 and 2023 were (i) a net reduction of $(38) million for the third quarter of 2024 and (ii) a net reduction of $(40) million for the third quarter 2023. The Company believes that this figure provides useful information to investors to understand the impact that the post-closing agreements have had on the Company’s financial performance following the completion of these divestitures.

(9) Excludes Special Items in the amounts of (i) $56 million for the third quarter of 2024 and (ii) $55 million for the third quarter of 2023.

(10) Capital expenditures for the third quarter of 2023 includes $21 million of capital expenditures relating to EMEA business divested on Nov. 1, 2023, which will not recur in periods following the divestiture. The Company believes that this figure will allow analysts and investors to understand the amounts associated with these transactions and programs to understand the impact they had on the Company’s past, but not current or future, capital expenditures. Therefore, these amounts will impact the Company’s ability to match its past capital expenditure activities in current and future periods.

(11) Excludes cash paid for Special Items in the net amounts of (i) $16 million for the third quarter of 2024 and (ii) $5 million for the third quarter of 2023.

Metrics(1)

Third
Quarter

Second
Quarter

QoQ
Percent

Third
Quarter

YoY
Percent

($ in millions)

2024

Change

2023

Change

Revenue By Sales Channel

Large Enterprise

$ 839

837

— %

914

(8) %

Mid-Market Enterprise

471

478

(1) %

506

(7) %

Public Sector

427

448

(5) %

445

(4) %

North America Enterprise Channels

1,737

1,763

(1) %

1,865

(7) %

Wholesale

706

723

(2) %

776

(9) %

North America Business Revenue

2,443

2,486

(2) %

2,641

(7) %

International and Other

2 %

264

(65) %

Business Segment Revenue

2,536

2,577

(2) %

2,905

(13) %

Mass Markets Segment Revenue

685

691

(1) %

736

(7) %

Total Revenue(2)

$ 3,221

3,268

(1) %

3,641

(12) %

Business Segment Revenue by Product Category

Grow

$ 1,076

1,063

1 %

1,131

(5) %

Nurture

729

751

(3) %

874

(17) %

Harvest

549

566

(3) %

662

(17) %

Subtotal

2,354

2,380

(1) %

2,667

(12) %

Other

182

197

(8) %

238

(24) %

Business Segment Revenue

$ 2,536

2,577

(2) %

2,905

(13) %

Net Loss

$ (148)

(49)

(78)

90 %

Net Loss Margin

(4.6) %

(1.5) %

(2.1) %

114 %

Net Loss, Excluding Special Items

$ (133)

(124)

7 %

(85)

56 %

Net Loss Income Margin, Excluding Special Items

(4.1) %

(3.8) %

9 %

(2.3) %

77 %

Adjusted EBITDA, Excluding Special Items(3)

$ 899

1,011

(11) %

1,049

(14) %

Adjusted EBITDA Margin, Excluding Special Items

27.9 %

30.9 %

(10) %

28.8 %

(3) %

Capital Expenditures(4)

$ 850

753

13 %

843

1 %

(1) See the notes to our immediately preceding chart for information about our use of non-GAAP metrics, Special Items, and reconciliations to GAAP.

(2) Revenue for the third quarter of 2023 includes amounts from the 2023 divestiture and sale of CDN contracts. Revenue for the second and third quarter of 2024 and third quarter of 2023 includes amounts from the post-closing commercial agreements with the purchasers of our businesses divested in 2022 and 2023. Refer to footnotes 1 through 4 on the preceding table for details.

(3) Adjusted EBITDA excluding Special Items for the third quarter of 2023 includes the financial impacts from the 2023 divestiture and sale of CDN contracts. Adjusted EBITDA excluding Special Items for the second and third quarter of 2024 and the third quarter of 2023 includes the financial impacts from the post-closing commercial agreements with the purchasers of our businesses divested in 2022 and 2023. Refer to footnotes 2, 7 and 8 on the preceding table for details.

(4) Capital expenditures for the third quarter 2023 includes the impacts of capital expenditures related to our divested businesses, which will not recur in periods following the completion of these divestitures. Refer to footnote 10 on the preceding table for details.

nm – Percentages greater than 200% and comparisons between positive and negative values are considered not meaningful.

Revenue
Total Revenue was $3.221 billion for the third quarter 2024, compared to $3.641 billion for the third quarter 2023.

Cash Flow
Free Cash Flow, excluding Special Items, was $1.198 billion in the third quarter 2024, compared to $43 million in the third quarter 2023.

As of September 30, 2024, Lumen had cash and cash equivalents of $2.640 billion.

2024 Financial Outlook

The Company updated its full-year 2024 financial outlook, which is detailed below:

Metric (1)(2)

Current Outlook

Previous Outlook

Adjusted EBITDA

$3.9 to $4.0 billion

Free Cash Flow(3)(4)

$1.2 to $1.4 billion

$1.0 to $1.2 billion

Net Cash Interest

$1.15 to $1.25 billion

Capital Expenditures

$3.1 to $3.3 billion

Cash Income Taxes/(Refund)(4)

($200) to ($300) million

(1) For definitions of non-GAAP metrics and reconciliations to GAAP figures, see the attached schedules and our Investor Relations website.

(2) Outlook measures in this chart and the accompanying schedules (i) exclude the effects of Special Items, goodwill impairments, future changes in our operating or capital allocation plans, unforeseen changes in regulation, laws or litigation, and other unforeseen events or circumstances impacting our financial performance and (ii) speak only as of Nov. 5, 2024. See “Forward-Looking Statements.”

(3) Current Outlook includes the voluntary pension contribution of $170 million during the third quarter 2024.

(4) Includes an approximately $700 million tax refund received during the first quarter 2024.

Investor Call

Lumen’s management team will host a conference call at 5:00 p.m. ET today, Nov. 5, 2024. The conference call will be streamed live over the Lumen website at ir.Lumen.com . Additional information regarding third quarter 2024 results, including the presentation materials, will be available on the Investor Relations website prior to the call. A webcast replay of the call will also be available on our website for one year.

About Lumen Technologies:

Lumen is unleashing the world’s digital potential. We ignite business growth by connecting people, data, and applications – quickly, securely, and effortlessly. As the trusted network for AI, Lumen uses the scale of our network to help companies realize AI’s full potential. From metro connectivity to long-haul data transport to our edge cloud, security, managed service, and digital platform capabilities, we meet our customers’ needs today and as they build for tomorrow.

For news and insights visit news.lumen.com, LinkedIn: /lumentechnologies, X:@lumentechco, Facebook: /lumentechnologies, Instagram:@lumentechnologies and YouTube: /lumentechnologies. Lumen and Lumen Technologies are registered trademarks of Lumen Technologies LLC in the United States. Lumen Technologies LLC is a wholly-owned affiliate of Lumen Technologies, Inc.

Forward-Looking Statements

Except for historical and factual information, the matters set forth in this release and other of our oral or written statements identified by words such as “estimates,” “expects,” “anticipates,” “believes,” “plans,” “intends,” “will,” and similar expressions are forward-looking statements as defined by the federal securities laws, and are subject to the “safe harbor” protections thereunder. These forward-looking statements are not guarantees of future results and are based on current expectations only, are inherently speculative, and are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control. Actual events and results may differ materially from those anticipated, estimated, projected or implied by us in those statements if one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect. Factors that could affect actual results include but are not limited to: the effects of intense competition from a wide variety of competitive providers, including decreased demand for our more mature service offerings and increased pricing pressures; the effects of new, emerging or competing technologies, including those that could make our products less desirable or obsolete; our ability to successfully and timely attain our key operating imperatives, including simplifying and consolidating our network, simplifying and automating our service support systems, attaining our Quantum Fiber buildout schedule, replacing aging or obsolete plant and equipment, strengthening our relationships with customers and attaining projected cost savings; our ability to successfully and timely monetize our network related assets through leases, commercial service arrangements or similar transactions (including as part of our Private Connectivity FabricSM solutions), including the possibility that the benefits of these initiatives may be less than anticipated, that the costs thereof may be more than anticipated, or that we may be unable to satisfy any conditions of any such transactions in a timely manner, or at all; our ability to safeguard our network, and to avoid the adverse impact of cyber-attacks, security breaches, service outages, system failures, or similar events impacting our network or the availability and quality of our services; the effects of ongoing changes in the regulation of the communications industry, including the outcome of legislative, regulatory or judicial proceedings relating to content liability standards, intercarrier compensation, universal service, service standards, broadband deployment, data protection, privacy and net neutrality; our ability to generate cash flows sufficient to fund our financial commitments and objectives, including our capital expenditures, operating costs, debt obligations, taxes, pension contributions and other benefits payments; our ability to effectively retain and hire key personnel and to successfully negotiate collective bargaining agreements on reasonable terms without work stoppages; our ability to successfully adjust to changes in customer demand for our products and services, including increased demand for high-speed data transmission services and artificial intelligence services; our ability to successfully maintain the quality and profitability of our existing product and service offerings, to introduce profitable new offerings on a timely and cost-effective basis and to transition customers from our legacy products to our newer offerings; our ability to successfully and timely implement our corporate strategies, including our transformation, buildout and deleveraging strategies; our ability to successfully and timely realize the anticipated benefits from our 2022 and 2023 divestitures, and to successfully operate and transform our remaining business; changes in our operating plans, corporate strategies, or capital allocation plans, whether based upon changes in our cash flows, cash requirements, financial performance, financial position, market or regulatory conditions, or otherwise; the impact of any future material acquisitions or divestitures that we may transact; the negative impact of increases in the costs of our pension, healthcare, post-employment or other benefits, including those caused by changes in capital markets, interest rates, mortality rates, demographics or regulations; the potential negative impact of customer or shareholder complaints, government investigations, security breaches or service outages impacting us or our industry; adverse changes in our access to credit markets on acceptable terms, whether caused by changes in our financial position, lower credit ratings, unstable markets, debt covenant restrictions or otherwise; our ability to meet the terms and conditions of our debt obligations and covenants, including our ability to make transfers of cash in compliance therewith; our ability to attain the anticipated benefits of our March 22, 2024 and September 24, 2024 debt transactions; our ability to maintain favorable relations with our security holders, key business partners, suppliers, vendors, landlords and lenders; our ability to timely obtain necessary hardware, software, equipment, services, governmental permits and other items on favorable terms; our ability to meet evolving environmental, social and governance (“ESG”) expectations and benchmarks, and effectively communicate and implement our ESG strategies; the potential adverse effects arising out of allegations regarding the release of hazardous materials into the environment from network assets owned or operated by us or our predecessors, including any resulting governmental actions, removal costs, litigation, compliance costs or penalties; our ability to collect our receivables from, or continue to do business with, financially-troubled customers; our ability to continue to use intellectual property used to conduct our operations; any adverse developments in legal or regulatory proceedings involving us; changes in tax, trade, pension, healthcare or other laws or regulations, in governmental support programs, or in general government funding levels, including those arising from governmental programs promoting broadband development; our ability to use our net operating loss carryforwards in the amounts projected; the effects of changes in accounting policies, practices or assumptions, including changes that could potentially require additional future impairment charges; the effects of adverse weather, terrorism, epidemics, pandemics, rioting, vandalism, societal unrest, political discord or other natural or man-made disasters or disturbances; the potential adverse effects if our internal controls over financial reporting have weaknesses or deficiencies, or otherwise fail to operate as intended; the effects of changes in interest rates or inflation; the effects of more general factors such as changes in exchange rates, in operating costs, in public policy, in the views of financial analysts, or in general market, labor, economic, public health or geopolitical conditions; and other risks referenced from time to time in our filings with the U.S. Securities and Exchange Commission. You are cautioned not to unduly rely upon our forward-looking statements, which speak only as of the date made. We undertake no obligation to publicly update or revise any forward-looking statements for any reason, whether as a result of new information, future events or developments, changed circumstances, or otherwise. Furthermore, any information about our intentions contained in any of our forward-looking statements reflects our intentions as of the date of such forward-looking statement, and is based upon, among other things, our assessment of regulatory, technological, industry, competitive, economic and market conditions as of such date. We may change our intentions, strategies or plans (including our capital allocation plans) at any time and without notice, based upon any changes in such factors or otherwise.

Reconciliation to GAAP

This release includes certain historical and forward-looking non-GAAP financial measures, including but not limited to Adjusted EBITDA and Adjusted EBITDA Margin, Free Cash Flow, Unlevered Cash Flow and adjustments to GAAP and non-GAAP measures to exclude the effect of Special Items.

In addition to providing key metrics for management to evaluate the Company’s performance, we believe these above-described measurements assist investors in their understanding of period-to-period operating performance and in identifying historical and prospective trends.

Reconciliations of non-GAAP financial measures to the most comparable GAAP measures are included in the attached financial schedules. Non-GAAP measures are not presented to be replacements or alternatives to the GAAP measures, and investors are urged to consider these non-GAAP measures in addition to, and not in substitution for, measures prepared in accordance with GAAP. Lumen may present or calculate its non-GAAP measures differently from other companies.

Lumen Technologies, Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

(UNAUDITED)

($ in millions, except per share amounts; shares in thousands)

Three months ended
September 30,

(Decrease) /
Increase

Nine months ended
September 30,

(Decrease) /
Increase

2024

2023

2024

2023

OPERATING REVENUE

$ 3,221

3,641

(12) %

9,779

11,040

(11) %

OPERATING EXPENSES

Cost of services and products (exclusive of depreciation and amortization)

1,692

1,850

(9) %

4,997

5,407

(8) %

Selling, general and administrative

696

791

(12) %

2,261

2,302

(2) %

Net loss on sale of business

—

112

(85) %

Depreciation and amortization

707

755

(6) %

2,198

2,234

(2) %

Goodwill impairment

—

8,793

Total operating expenses

3,095

3,418

(9) %

9,473

18,848

(50) %

OPERATING INCOME (LOSS)

126

223

(43) %

306

(7,808)

OTHER (EXPENSE) INCOME

Interest expense

(351)

(295)

19 %

(1,015)

(868)

17 %

Net (loss) gain on early retirement of debt

(1)

—

277

618

(55) %

Other income (expense), net

(13)

321

(37)

Total other expense, net

(298)

(308)

(3) %

(417)

(287)

45 %

Income tax benefit (expense)

(29)

(208)

(86) %

NET LOSS

$ (148)

(78)

90 %

(140)

(8,303)

BASIC LOSS PER SHARE

$ (0.15)

(0.08)

88 %

(0.14)

(8.45)

DILUTED LOSS PER SHARE

$ (0.15)

(0.08)

88 %

(0.14)

(8.45)

WEIGHTED AVERAGE SHARES OUTSTANDING

Basic

988,794

983,550

1 %

986,963

982,853

— %

Diluted

988,794

983,550

1 %

986,963

982,853

— %

Exclude: Special Items(1)

$ 15

(7)

(158)

8,413

NET (LOSS) INCOME EXCLUDING SPECIAL ITEMS

$ (133)

(85)

56 %

(298)

110

DILUTED (LOSS) EARNINGS PER SHARE EXCLUDING SPECIAL ITEMS

$ (0.13)

(0.09)

44 %

(0.30)

0.11

(1) Excludes the Special Items described in the accompanying Non-GAAP Special Items table, net of the income tax effect thereof.

nm – Percentages greater than 200% and comparisons between positive and negative values are considered not meaningful.

Lumen Technologies, Inc.

CONSOLIDATED BALANCE SHEETS

AS OF SEPTEMBER 30, 2024 AND DECEMBER 31, 2023

(UNAUDITED)

($ in millions)

September 30, 2024

December 31, 2023

ASSETS

CURRENT ASSETS

Cash and cash equivalents

$ 2,640

2,234

Accounts receivable, less allowance of $60 and $67

1,225

1,318

Other

871

1,223

Total current assets

4,736

4,775

Property, plant and equipment, net of accumulated depreciation of $22,525 and $21,318

20,344

19,758

GOODWILL AND OTHER ASSETS

Goodwill

1,964

Other intangible assets, net

4,967

5,470

Other, net

1,978

2,051

Total goodwill and other assets

8,909

9,485

TOTAL ASSETS

$ 33,989

34,018

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES

Current maturities of long-term debt

$ 415

157

Accounts payable

905

1,134

Accrued expenses and other liabilities

Salaries and benefits

700

696

Income and other taxes

434

251

Current operating lease liabilities

263

268

Interest

236

168

Other

179

213

Current portion of deferred revenue

808

647

Total current liabilities

3,940

3,534

LONG-TERM DEBT

18,142

19,831

DEFERRED CREDITS AND OTHER LIABILITIES

Deferred income taxes, net

3,138

3,127

Benefit plan obligations, net

2,249

2,490

Deferred revenue

3,541

1,969

Other

2,637

2,650

Total deferred credits and other liabilities

11,565

10,236

STOCKHOLDERS’ EQUITY

Common stock

1,015

1,008

Additional paid-in capital

18,140

18,126

Accumulated other comprehensive loss

(766)

(810)

Accumulated deficit

(18,047)

(17,907)

Total stockholders’ equity

342

417

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$ 33,989

34,018

Lumen Technologies, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023

(UNAUDITED)

($ in millions)

Nine months ended September 30,

2024

2023

OPERATING ACTIVITIES

Net loss

$ (140)

(8,303)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation and amortization

2,198

2,234

Net loss on sale of business

112

Goodwill impairment

—

8,793

Deferred income taxes

(6)

Provision for uncollectible accounts

Net gain on early retirement of debt

(277)

(618)

Debt modification costs and related fees

(80)

—

Gain on sale of investment

(205)

—

Unrealized loss on investments

Stock-based compensation

Changes in current assets and liabilities, net

531

(1,336)

Retirement benefits

(185)

(9)

Change in deferred revenue

1,572

161

Changes in other noncurrent assets and liabilities, net

185

Other, net

(50)

Net cash provided by operating activities

3,645

1,376

INVESTING ACTIVITIES

Capital expenditures

(2,316)

(2,279)

Proceeds from sale of business

Proceeds from sale of property, plant and equipment, and other assets

283

Other, net

Net cash used in investing activities

(1,999)

(2,232)

FINANCING ACTIVITIES

Net proceeds from issuance of long-term debt

1,325

—

Payments of long-term debt

(2,069)

(145)

Net (payments) proceeds on revolving line of credit

(200)

Dividends paid

(3)

(10)

Debt issuance and extinguishment costs and related fees

(282)

(14)

Other, net

(12)

(7)

Net cash used in by financing activities

(1,241)

(101)

Net increase (decrease) in cash, cash equivalents and restricted cash

405

(957)

Cash, cash equivalents and restricted cash at beginning of period

2,248

1,307

Cash, cash equivalents and restricted cash at end of period

$ 2,653

350

Cash, cash equivalents and restricted cash:

Cash and cash equivalents

$ 2,640

311

Cash and cash equivalents and restricted cash included in assets held for sale

—

Restricted cash

Total

$ 2,653

350

Lumen Technologies, Inc.

OPERATING METRICS

(UNAUDITED)

Operating Metrics

3Q24

2Q24

3Q23

Mass Markets broadband subscribers

(in thousands)

Fiber broadband subscribers

1,035

992

896

Other broadband subscribers(1)

1,566

1,666

1,940

Mass Markets total broadband subscribers(2)

2,601

2,658

2,836

Mass Markets broadband enabled units(3)

(in millions)

Fiber broadband enabled units

4.1

3.9

3.5

Other broadband enabled units

17.9

18.0

18.2

Mass Markets total broadband enabled units

22.0

21.9

21.7

(1) Other broadband subscribers are customers that primarily subscribe to lower speed copper-based broadband services marketed under the CenturyLink brand.

(2) Mass Markets broadband subscribers are customers that purchase broadband connection service through their existing telephone lines, stand-alone telephone lines, or fiber-optic cables. Our methodology for counting our Mass Markets broadband subscribers includes only those lines that we use to provide services to external customers and excludes lines used solely by us and our affiliates. It also excludes unbundled loops and includes stand-alone Mass Markets broadband subscribers. We count lines when we install the service. Other companies may use different methodologies.

(3) Represents the total number of units capable of receiving our broadband services at period end. Other companies may use different methodologies to count their broadband enabled units.

Description of Non-GAAP Metrics

Pursuant to Regulation G, the Company is hereby providing definitions of non-GAAP financial metrics and reconciliations to the most directly comparable GAAP measures.

The following describes and reconciles those financial measures as reported under accounting principles generally accepted in the United States (GAAP) with those financial measures as adjusted by the items detailed below and presented in the accompanying news release. These calculations are not prepared in accordance with GAAP and should not be viewed as alternatives to GAAP. In keeping with its historical financial reporting practices, the Company believes that the supplemental presentation of these calculations provides meaningful non-GAAP financial measures to help investors understand and compare business trends among different reporting periods on a consistent basis.

We use the term Special Items as a non-GAAP measure to describe items that impacted a period’s statement of operations for which investors may want to give special consideration due to their magnitude, nature or both. We do not call these items non-recurring because, while some are infrequent, others may recur in future periods.

Adjusted EBITDA ($) is defined as net income (loss) from the Statements of Operations before income tax (expense) benefit, total other income (expense), depreciation and amortization, stock-based compensation expense and impairments.

Adjusted EBITDA Margin (%) is defined as Adjusted EBITDA divided by total revenue.

Management believes that Adjusted EBITDA and Adjusted EBITDA Margin are relevant and useful metrics to provide to investors, as they are an important part of our internal reporting and are key measures used by management to evaluate profitability and operating performance of Lumen and to make resource allocation decisions. Management believes such measures are especially important in a capital-intensive industry such as telecommunications. Management also uses Adjusted EBITDA and Adjusted EBITDA Margin (and similarly uses these terms excluding Special Items) to compare our performance to that of our competitors and to eliminate certain non-cash and non-operating items in order to consistently measure from period to period our ability to fund capital expenditures, fund growth, service debt and determine bonuses. Adjusted EBITDA excludes non-cash stock compensation expense and impairments because of the non-cash nature of these items. Adjusted EBITDA also excludes interest income, interest expense and income taxes, and in our view constitutes an accrual-based measure that has the effect of excluding period-to-period changes in working capital and shows profitability without regard to the effects of capital or tax structure. Adjusted EBITDA also excludes depreciation and amortization expense because these non-cash expenses primarily reflect the impact of historical capital investments, as opposed to the cash impacts of capital expenditures made in recent periods, which may be evaluated through cash flow measures. Adjusted EBITDA further excludes the gain (or loss) on extinguishment and modification of debt and other income (expense), net, because these items are not related to the primary business operations of Lumen.

There are material limitations to using Adjusted EBITDA as a financial measure, including the difficulty associated with comparing companies that use similar performance measures whose calculations may differ from our calculations. Additionally, by excluding the above-listed items, Adjusted EBITDA may exclude items that investors believe are important components of our performance. Adjusted EBITDA and Adjusted EBITDA Margin (either with or without Special Items) should not be considered a substitute for other measures of financial performance reported in accordance with GAAP.

Unlevered Cash Flow is defined as net cash provided by (used in) operating activities less capital expenditures, plus cash interest paid and less interest income, all as disclosed in the Statements of Cash Flows or the Statements of Operations. Management believes that Unlevered Cash Flow is a relevant metric to provide to investors, because it reflects the operational performance of Lumen and, measured over time, enables management and investors to monitor the underlying business’ growth pattern and ability to generate cash. Unlevered Cash Flow (either with or without Special Items) excludes cash used for acquisitions and debt service and the impact of exchange rate changes on cash and cash equivalents balances.

There are material limitations to using Unlevered Cash Flow to measure our cash performance as it excludes certain material items that investors may believe are important components of our cash flows. Comparisons of our Unlevered Cash Flow to that of some of our competitors may be of limited usefulness. Additionally, this financial measure is subject to variability quarter over quarter as a result of the timing of payments related to accounts receivable, accounts payable, payroll and capital expenditures. Unlevered Cash Flow should not be used as a substitute for net change in cash, cash equivalents and restricted cash in the Consolidated Statements of Cash Flows.

Free Cash Flow is defined as net cash provided by (used in) operating activities less capital expenditures as disclosed in the Statements of Cash Flows. Management believes that Free Cash Flow is a relevant metric to provide to investors, as it is an indicator of our ability to generate cash to service our debt. Free Cash Flow excludes cash used for acquisitions, principal repayments and the impact of exchange rate changes on cash and cash equivalents balances.

There are material limitations to using Free Cash Flow to measure our performance as it excludes certain material items that investors may believe are important components of our cash flows. Comparisons of our Free Cash Flow to that of some of our competitors may be of limited usefulness since until recently we did not pay a significant amount of income taxes due to net operating loss carryforwards, and therefore generated higher cash flow than a comparable business that does pay income taxes. Additionally, this financial measure is subject to variability quarter over quarter as a result of the timing of payments related to interest expense, accounts receivable, accounts payable, payroll and capital expenditures. Free Cash Flow (either with or without Special Items) should not be used as a substitute for net change in cash, cash equivalents and restricted cash on the Consolidated Statements of Cash Flows.

Lumen Technologies, Inc.

Non-GAAP Special Items

(UNAUDITED)

($ in millions)

Actual QTD

Actual YTD

Special Items Impacting Adjusted EBITDA

3Q24

3Q23

3Q24

3Q23

Severance

$ 12

119

Consumer and other litigation

—

(3)

(1)

(4)

Net loss on sale of business

—

112

Transaction and separation costs(1)

232

Net gain on sale of select CDN contracts and other(2)

(1)

—

(9)

—

Real estate transactions(3)

—

Total Special Items impacting Adjusted EBITDA

$ 56

362

271

Actual QTD

Actual YTD

Special Items Impacting Net Income

3Q24

3Q23

3Q24

3Q23

Severance

$ 12

119

Consumer and other litigation

—

(3)

(1)

(4)

Net loss on sale of business

—

112

Transaction and separation costs(1)

232

Net gain on sale of select CDN contracts and other(2)

(1)

—

(9)

—

Real estate transactions(3)

—

Goodwill impairment

—

8,793

Net loss (gain) on early retirement of debt(4)

—

(277)

(618)

Income from transition and separation services(5)

(37)

(64)

(107)

(150)

Gain on sale of investment

—

(205)

—

Total Special Items impacting Net Income

(9)

(227)

8,296

Income tax effect of Special Items(6)

(5)

117

Total Special Items impacting Net Income, net of tax

$ 15

(7)

(158)

8,413

Actual QTD

Actual YTD

Special Items Impacting Cash Flows

3Q24

3Q23

3Q24

3Q23

Severance

$ 14

115

Consumer and other litigation

(3)

—

(3)

Transaction and separation costs(1)

198

Income from transition and separation services(5)

(30)

(27)

(82)

(118)

Total Special Items impacting Cash Flows

$ 16

231

(25)

(1) Transaction and separation costs associated with (i) the sale of our Latin American business on Aug. 1, 2022, (ii) the sale of our 20-state ILEC business on Oct. 3, 2022, (iii) the sale of our EMEA business on Nov. 1, 2023, (iv) our March 22, 2024 debt transaction support agreement and our September 24, 2024 exchange offer and (v) our evaluation of other potential transactions.

(2) Includes primarily the recognition of (i) Q1 2024 previously deferred gain on sale of select CDN contracts in October 2023, based on the transfer of remaining customer contracts as of March 31, 2024.

(3) Real estate transactions primarily include the Q2 2023 loss on donation of real estate.

(4) Reflects primarily net gains as a result of (i) repurchase of $75 million aggregate principal in Q2 2024, (ii) debt transaction support agreement and resulting 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.

(5) Income from transition and separation services includes charges we billed for transition services and IT professional services provided to the purchasers in connection with our 2022 and 2023 divestitures.

(6) Tax effect calculated using the annualized effective statutory tax rate, excluding any non-recurring discrete items, which was 30.0% for Q1 and Q2 of 2024, 26.0% for Q3 of 2024 and 23.5% for Q1, Q2 and Q3 of 2023.

Lumen Technologies, Inc.

Non-GAAP Cash Flow Reconciliation

(UNAUDITED)

($ in millions)

Actual QTD

Actual YTD

3Q24

3Q23

3Q24

3Q23

Net cash provided by operating activities(1)

$ 2,032

881

3,645

1,376

Capital expenditures

(850)

(843)

(2,316)

(2,279)

Free Cash Flow(1)

1,182

1,329

(903)

Cash interest paid

306

325

877

886

Interest income

(18)

(5)

(90)

(21)

Unlevered Cash Flow(1)

$ 1,470

358

2,116

(38)

Free Cash Flow(1)

$ 1,182

1,329

(903)

Add back: Severance(2)

115

Remove: Consumer and other litigation(2)

(3)

—

(3)

Add back: Transaction and separation costs(2)

198

Remove: Income from transition and separation services(2)

(30)

(27)

(82)

(118)

Free Cash Flow excluding cash Special Items(1)

$ 1,198

1,560

(928)

Unlevered Cash Flow(1)

$ 1,470

358

2,116

(38)

Add back: Severance(2)

115

Remove: Consumer and other litigation(2)

(3)

—

(3)

Add back: Transaction and separation costs(2)

198

Remove: Income from transition and separation services(2)

(30)

(27)

(82)

(118)

Unlevered Cash Flow excluding cash Special Items(1)

$ 1,486

363

2,347

(63)

(1) Includes the impact of (i) $170 million voluntary pension contribution in Q3 2024, (ii) $700 million in cash tax refund received in Q1 2024, (iii) $938 million in cash tax payments in Q2 2023 and (iv) $90 million in cash tax payments in Q1 2023 related to our 2022 divestitures.

(2) Refer to Non-GAAP Special Items table for details of the Special Items impacting cash included above.

Lumen Technologies, Inc.

Adjusted EBITDA Non-GAAP Reconciliation

(UNAUDITED)

($ in millions)

Actual QTD

Actual YTD

3Q24

3Q23

3Q24

3Q23

Net loss

$ (148)

(78)

(140)

(8,303)

Income tax (benefit) expense

(24)

(7)

208

Total other expense, net

298

308

417

287

Depreciation and amortization expense

707

755

2,198

2,234

Stock-based compensation expense

Goodwill impairment

—

8,793

Adjusted EBITDA(1)

$ 843

994

2,525

3,258

Add back: Severance(2)

119

Add back: Consumer and other litigation(2)

—

(3)

(1)

(4)

Add back: Net loss on sale of business(2)

—

112

Add back: Transaction and separation costs(2)

232

Add back: Net gain on sale of select CDN contracts and other(2)

(1)

—

(9)

—

Add back: Real estate transaction costs(2)

—

Adjusted EBITDA excluding Special Items(1)

$ 899

1,049

2,887

3,529

Net (loss) income excluding Special Items(2)

$ (133)

(85)

(298)

110

Total revenue

$ 3,221

3,641

9,779

11,040

Net Loss Margin

(4.6) %

(2.1) %

(1.4) %

(75.2) %

Net (Loss) Income Margin, excluding Special Items

(4.1) %

(2.3) %

(3.0) %

1.0 %

Adjusted EBITDA Margin

26.2 %

27.3 %

25.8 %

29.5 %

Adjusted EBITDA Margin excluding Special Items

27.9 %

28.8 %

29.5 %

32.0 %

(1) Adjusted EBITDA and Adjusted EBITDA excluding Special Items for the first and second quarter of 2023 includes the financial impacts of (i) the EMEA business divested on Nov. 1, 2023 and (ii) the Company’s select CDN contracts sold Oct. 10, 2023 and both the first and second quarter of 2023 and 2024 include the financial impact of the post-closing commercial agreements with the purchasers of our recently divested businesses. Refer to footnote 1 on the first page of this release for details.

(2) Refer to Non-GAAP Special Items table for details of the Special Items included above.

Outlook

To enhance the information in our outlook with respect to non-GAAP metrics, we are providing a range for certain GAAP measures that are components of the reconciliation of the non-GAAP metrics. The provision of these ranges is in no way meant to indicate that Lumen is explicitly or implicitly providing an outlook on those GAAP components of the reconciliation. In order to reconcile the non-GAAP financial metric to GAAP, Lumen has to use ranges for the GAAP components that arithmetically add up to the non-GAAP financial metric. While Lumen believes that it has used reasonable assumptions in connection with developing the outlook for its non-GAAP financial metrics, it fully expects that the ranges used for the GAAP components will vary from actual results. We will consider our outlook of non-GAAP financial metrics to be accurate if the specific non-GAAP metric is met or exceeded, even if the GAAP components of the reconciliation are different from those provided in an earlier reconciliation.

Lumen Technologies, Inc.

2024 OUTLOOK (1) (2) (3) (4)

(UNAUDITED)

($ in millions)

Adjusted EBITDA Outlook

Twelve Months Ended December 31, 2024

Range

Low

High

Net (loss) income

$ (300)

100

Income tax expense

250

Total other expense, net

1,190

920

Depreciation and amortization expense

2,900

2,700

Stock-based compensation expense

Adjusted EBITDA

$ 3,900

4,000

Free Cash Flow Outlook

Twelve Months Ended December 31, 2024

Range

Low

High

Net cash provided by operating activities

$ 4,300

4,700

Capital expenditures

(3,100)

(3,300)

Free Cash Flow

$ 1,200

1,400

(1) For definitions of non-GAAP metrics and reconciliation to GAAP figures, see the above schedules and our Investor Relations website.

(2) Outlook measures in this chart (i) exclude the effects of Special Items, goodwill impairments, future changes in our operating or capital allocation plans, unforeseen changes in regulation, laws or litigation, and other unforeseen events or circumstances impacting our financial performance and (ii) speak only as of Nov. 5, 2024. See “Forward-Looking Statements.”

(3) Outlook includes the voluntary pension contribution of $170 million during the third quarter 2024.

(4) Includes an approximately $700 million tax refund received during the first quarter 2024.

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SOURCE Lumen Technologies

Technology

PASHA Holding forges global connections at COP29

Published

60 minutes ago

November 23, 2024

BAKU, Azerbaijan, Nov. 23, 2024 /PRNewswire/ — PASHA Holding, a leading Azerbaijani company, successfully participated at COP29, reaffirming its dedication to climate action. As an Impact Partner at the event, PASHA Holding actively engaged in meaningful discussions, collaborated with global stakeholders, and shared its vision for a sustainable future.

The holding’s presence included a tailored booth in the Green Zone, alongside multiple thought-provoking sessions led by PASHA Holding companies, including PASHA Bank, Kapital Bank, PASHA Insurance, PASHA Life, AgroDairy, and PASHA Real Estate. These sessions addressed critical issues such as climate finance, sustainable agriculture, and the role of private sector leadership in fostering inclusive green transitions.

Through its participation, PASHA Holding leveraged the opportunity to exchange ideas, build relationships with regional and global peers, and learn from diverse experiences in tackling climate challenges. By engaging with stakeholders from government, international organizations, and the private sector, PASHA Holding enhanced its capacity to drive sustainable development initiatives in Azerbaijan and beyond.

Aytaj Mukhtazada, Head of PR and Communications at PASHA Holding, remarked:

“COP29 has been an extraordinary platform for us to amplify our sustainability vision and forge valuable connections. The insights gained and partnerships established here will enable us to align our strategies with global climate objectives while addressing the unique needs of our region. This experience underscores the importance of collaboration in creating impactful, long-term solutions to the challenges we all face.”

Key elements of PASHA Holding’s sustainability strategy include minimizing the environmental impact of its own operations, investing in projects that support the transition to net zero, and investing in technological innovation to address the challenges presented by climate change. In the near future, the group plans to conduct comprehensive diagnostics and gap analysis across its subsidiaries to set specific goals to decrease our carbon footprint, including supply chain, support the customers in their transition journeys and increase investments in green initiatives. Additionally, PASHA is committed to empowering its stakeholders through education and collaboration, ensuring that sustainability is embedded across the wider economy. These plans include supporting the development of a sustainable SME landscape in the country, aiding farmers in their green transition, and supporting innovation for developing decarbonization solutions.

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SOURCE PASHA Holding

Technology

Global Times: China vows to promote steady growth of foreign trade

Published

2 hours ago

November 23, 2024

BEIJING, Nov. 23, 2024 /PRNewswire/ — Officials from five Chinese departments including the Ministry of Commerce (MOFCOM), the Ministry of Foreign Affairs and the People’s Bank of China vowed to promote the steady growth of foreign trade at a press conference held on Friday in a move experts said is part of a package of policy measures to inject impetus and confidence into stabilizing the economy and help realize its annual economic targets.

Meanwhile, at the same press conference, the vice commerce minister highlighted China’s capacity in dealing with external shocks in the first explicit, publicly known response by a senior commerce official to the impact of the US’ potential 60 percent tariffs on Chinese imports. He stressed tariffs will only lead to high costs for consumers, and a stable, healthy and sustainable development of China-US economic and trade relations will benefit peoples of both countries and the world.

The press conference came after MOFCOM, together with the Ministry of Foreign Affairs, the Ministry of Industry and Information Technology, the People’s Bank of China and the General Administration of Customs rolled out nine measures to support foreign trade, involving support and guidance in insurance, financing, cross-border trade settlement, expanding scope on imports and exports, optimization of trade structure, visa facilitation and transportation.

Analysts noted that the latest move will further enhance the confidence of Chinese foreign trade enterprises, thereby injecting a stable and strong impetus to economic development, helping the country navigate the complexities of the global market.

Policy support

During the press conference, Chinese Vice Commerce Minister Wang Shouwen noted that the policy is aimed at responding to changes in the international trade situation and promoting solutions to practical difficulties faced by foreign trade enterprises in financing and maritime transport.

The raft of policy measures aimed at promoting the steady growth of foreign trade was deliberated and adopted by a State Council executive meeting on November 8.

The Ministry of Commerce on Thursday unveiled the policy measures in a notice. Among the nine specific measures, financial institutions are encouraged to increase financing support for micro, small and medium-sized companies based on market-oriented and law-based principles.

Efforts should be made to optimize cross-border trade settlement, promote the development of cross-border e-commerce, expand agricultural product exports, and support the imports of key equipment and energy resources, said the notice.

The overall situation of China’s foreign trade is relatively optimistic, but at the same time we should also see that uncertainties continue to accumulate. Maintaining stable growth in foreign trade and sustained improvement in competitiveness cannot be separated from policy support, Zhou Mi, a senior research fellow at the Chinese Academy of International Trade and Economic Cooperation, said on Friday.

“The timely joint efforts by five Chinese departments enhanced the confidence and expectations of Chinese foreign trade enterprises, and the measures will effectively help address problems of current foreign trade and future uncertainties,” Li Yong, a senior research fellow at the China Association of International Trade, told the Global Times on Friday.

Stable growth in foreign trade can provide more impetus for the domestic economy. The nine measures are part of a package of policy measures to inject growth momentum and confidence into stabilizing the economy, which will help realize the country’s annual economic targets, Wang Peng, an associate research fellow at the Beijing Academy of Social Sciences, said on Friday.

“Consumption, investment, exports and market sentiment all improved in October, and this trend is highly likely to continue in the last two months of the year, as the confidence of enterprises and consumers has been shored up thanks to the support policies,” Wang Peng told the Global Times.

Resilient against external shocks

At the press conference on Friday, Wang Shouwen also stressed that China has the capacity in dealing with external shocks largely owing to its resilient and vibrant economy that has great potential in a response to a question on the impact of the US’ potential 60 percent tariffs on Chinese imports.

China is building a “dual circulation” development pattern, which takes the domestic market as the mainstay while allowing domestic and international markets to reinforce each other. We are capable of resolving and withstanding the impact of external shocks, the official told reporters.

Wang Shouwen noted that history has also shown that the imposition of tariffs on China by a country does not solve the problem of its own trade deficit, on the contrary, it pushes up the prices of the country’s imports from China as well as from other countries.

This is because the tariffs are ultimately paid for by the consumers and the end-users of the importing country, which inevitably leads to an increase in the prices paid by consumers and an increase in the costs to the users, which also leads to inflation, the vice commerce minister further elaborated.

The vice commerce minister said that China and the US are the two largest economies in the world, and have strong complementarities. We believe that if China and the US can maintain a stable, healthy and sustainable development trend in their economic and trade relations, it will be beneficial to both the Chinese people and the American people, as well as the people of all countries in the world, and this is also what the international community expects, he said.

China is willing to engage in dialogue with the US on the basis of the principles of mutual respect, peaceful coexistence and win-win cooperation, in a bid to expand areas of cooperation, manage differences, and promote the stability of the bilateral trade and economic and trade relationship, Wang Shouwen said, noting that China will also firmly safeguard its own sovereignty, security and development interests.

Chinese companies have advantages in ordering, transportation, warehousing and other export-related areas that are difficult for other countries to replace, due to their complete supply chain and high production efficiency, Li said.

“Moreover, the country’s economic resilience provides enough market size to address some of the external risks. In particular, China has continued to promote new dynamics in foreign trade and new quality productive forces, which will cultivate new international competitive advantages,” Li noted.

“Years of China-US trade and investment have made the two sides interdependent. In addition to providing US consumers with cost-effective products, China’s exports of its intermediate products have become embedded in the US supply chain and have become part of the competitiveness of many US industries,” Li said, noting that the US needs to maintain rationality in its economic and trade policy toward China.

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SOURCE Global Times

Technology

ZICC: Closer China- Honduras Ties

Published

2 hours ago

November 23, 2024

BEIJING, Nov. 23, 2024 /PRNewswire/ — Renato Florentino, vice president of Honduras, accepted an exclusive interview with ZICC in Wuzhen during the 2024 World Internet Conference Wuzhen Summit. He said that China’s advancements in transportation, communication, and computing impressed him a lot. “We hope to continue to promote the cooperation between Honduras and China and maintain close cooperative relations,” he said.

SOURCE ZICC