Lumen Technologies, Inc. (NYSE:LUMN) Q2 2024 Earnings Conference Call August 6, 2024 5:00 PM ET

Company Participants

Jim Breen - Senior Vice President, Investor Relations
Kate Johnson - President & CEO
Chris Stansbury - EVP & CFO

Conference Call Participants

Michael Rollins - Citi
Sebastiano Petti - J.P. Morgan
Batya Levi - UBS
David Barden - Bank of America
Jim Schneider - Goldman Sachs
Jonathan Chaplin - New Street
Nick Del Deo - MoffettNathanson
Gregory Williams - TD Cowen
Frank Louthan - Raymond James
Eric Luebchow - Wells Fargo

Operator

Greetings, and welcome to Lumen Technologies’ Second Quarter 2024 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] And as a reminder, this conference is being recorded.

I would now like to turn the conference over to Jim Breen, Senior Vice President Investor Relations. Jim, please go ahead.

Jim Breen

Good afternoon, everyone, and thank you for joining Lumen Technologies second quarter 2024 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 1 of our second quarter 2024 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 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 in our Investor Relations section of our Lumen website.

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

Kate Johnson

Thanks, Jim. Good afternoon, everyone. Thanks for joining. I'm cognizant of the timing of this call, because over the past two days the markets have been a bit noisy with lots of uncertainty about the health of the economy in the next six to 12 to 18 months. And in contrast, the announcement we made last night about Lumen's pivot to growth is all about building critical infrastructure to support the AI economy for the next several decades.

And to net it out, there are three key takeaways from our call today. First, Lumen's enterprise operational turnaround is progressing well with continued sales momentum across our growth portfolio and further improvement in customer satisfaction. We are also executing extremely well in our Quantum Fiber business. Second, Lumen has been anointed as the trusted network for AI by some of the most important technology companies on earth. With over $5 billion in major partnership inked to date and visibility to nearly $7 billion more in opportunities, we see the market for Lumen's private connectivity fabric as providing a major positive momentum shift for this company. Third, given our success in forging these partnerships, we're seeing a significant improvement in our overall liquidity profile, further securing our ability to transform the company and pivot to growth.