Lumen Technologies, Inc. (NYSE:LUMN) Q1 2023 Earnings Conference Call May 2, 2023 5:00 PM ET

Company Participants

Mike McCormack - SVP, IR

Kate Johnson - President and CEO

Chris Stansbury - EVP and CFO

Conference Call Participants

Simon Flannery - Morgan Stanley

Michael Rollins - Citi

Philip Cusick - JPMorgan

David Barden - Bank of America

Batya Levi - UBS

Nick Del Deo - MoffettNathanson

Greg Williams - TD Cowen

Frank Louthan - Raymond James

Eric Luebchow - Wells Fargo

Jonathan Chaplin - New Street Research

Operator

Greetings and welcome to the Lumen Technologies First Quarter 2023 Earnings Call. During the presentation, all participants will be in a listen-only mode. Afterwards we will conduct a question-and-answer session. [Operator Instructions] As a reminder, this conference is being recorded Tuesday, May 2, 2023.

I would now like to turn the conference over to Mike McCormack, Senior Vice President, Investor Relations. Please go ahead.

Mike McCormack

Thanks, Darcy. Good afternoon, everyone, and thank you for joining Lumen Technologies first quarter 2023 earnings call. On the call today are Kate Johnson, President and Chief Executive Officer; and Chris Stansbury, Executive Vice President and Chief Financial Officer.

Before we begin, I need to call your attention to our Safe Harbor statement on Slide 2 of our first quarter 2023 presentation which notes that this conference call may include forward-looking statements subject to certain risks and uncertainties. All forward-looking statements should be considered in conjunction with the cautionary statements on Slide 2 and the Risk Factors in our SEC filings. We will be referring to certain non-GAAP financial measures reconciled to the most comparable GAAP measures, which can be found in our earnings press release. In addition, certain metrics discussed today exclude costs for special items as detailed in our earnings materials, which can be found on the Investor Relations section of Lumen's website.

With that, I'll turn the call over to Kate.

Kate Johnson

Thanks, Mike. Good afternoon, everyone, and thanks for joining us today.

Before I turn the call over to Chris to discuss our first quarter results, I want to give you an update on our company's turnaround plans. As I shared on our last call, we've established a new mission for Lumen to digitally connect people, data, and applications quickly, securely, and effortlessly. We assembled a new executive leadership team and created five core priorities for the company.

We then set financial expectations that included the funding of a portfolio of change programs to deliver on our revenue and EBITDA stability goals. It's still early days in our transformation journey. We're staffing up the change programs with the right talent. We're standing up an agile project framework to standardize how work gets done, and we're implementing business analytics across the company to help drive execution rigor.