Lumen Technologies (LUMN) FY2019 results: revenue $21.5 billion, down 5.0% on the year
Lumen Technologies, Inc. (LUMN) reported revenue of $21.5 billion for fiscal 2019, the year ended 31 December 2019, down 5.0% on the year before. Net income was -$5.3 billion, and diluted earnings per share $-4.92. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2020.
Revenue
$21.5 billion
-5.0% on the year
FY2012FY2019
Operating margin
-12.7%
2.5% a year earlier
FY2012FY2019
Net income
-$5.3 billion
FY2012FY2019
Diluted EPS
-$4.92
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
21,458
22,580
17,656
-5.0%
Cost of revenue
9,134
9,999
8,203
-8.7%
Gross profit
12,324
12,581
9,453
-2.0%
Gross margin
57.4%
55.7%
53.5%
Selling, general and administrative
3,715
4,165
3,508
-10.8%
Operating income
-2,726
570
2,009
Operating margin
-12.7%
2.5%
11.4%
Interest expense
2,021
2,177
1,481
-7.2%
Pre-tax income
-4,766
-1,563
540
Income tax
503
170
-849
+195.9%
Effective tax rate
n/a
n/a
-157.2%
Net income
-5,269
-1,733
1,389
Net margin
-24.6%
-7.7%
7.9%
Diluted EPS
-$4.92
-$1.63
$2.21
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
6,680
7,032
3,878
-5.0%
Capital expenditure
3,628
3,175
3,106
+14.3%
Free cash flow
3,052
3,857
772
-20.9%
Free cash flow margin
14.2%
17.1%
4.4%
Cash from investing
-3,570
-3,078
-8,871
Cash from financing
-1,911
-4,023
5,356
Depreciation and amortisation
4,829
5,120
3,936
-5.7%
Share-based compensation
162
186
111
-12.9%
Buybacks
0.0
n/a
17.0
Dividends paid
1,100
2,312
1,453
-52.4%
Dividend per share
$1.00
$2.16
$2.16
-53.7%
Diluted shares, weighted
1,071m
1,066m
629m
+0.5%
Shares outstanding at period end
1,090m
1,080m
1,069m
+0.9%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
13,470
19,828
23,491
-32.1%
Debt
34,694
36,061
37,726
-3.8%
Operating lease liabilities
1,342
n/a
n/a
Finance lease liabilities
185
n/a
n/a
Other liabilities
15,051
14,367
14,394
+4.8%
Total liabilities and equity
64,742
70,256
75,611
-7.8%
Fixed assets
26,079
26,408
26,852
-1.2%
Goodwill
21,534
28,031
30,475
-23.2%
Intangible assets
9,567
8,911
10,876
+7.4%
Cash and equivalents
1,690
488
551
+246.3%
Receivables
2,259
2,398
2,557
-5.8%
Other assets
3,613
4,020
4,300
-10.1%
Total assets
64,742
70,256
75,611
-7.8%
10-K for the year ended 31 December 2019, filed 28 February 2020: the filing.