Lumen Technologies (LUMN) FY2020 results: revenue $20.7 billion, down 3.5% on the year
Lumen Technologies, Inc. (LUMN) reported revenue of $20.7 billion for fiscal 2020, the year ended 31 December 2020, down 3.5% on the year before. Net income was -$1.2 billion, and diluted earnings per share $-1.14. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2021.
Revenue
$20.7 billion
-3.5% on the year
FY2013FY2020
Operating margin
4.6%
-12.7% a year earlier
FY2013FY2020
Net income
-$1.2 billion
FY2013FY2020
Diluted EPS
-$1.14
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
20,712
21,458
22,580
-3.5%
Cost of revenue
8,934
9,134
9,999
-2.2%
Gross profit
11,778
12,324
12,581
-4.4%
Gross margin
56.9%
57.4%
55.7%
Selling, general and administrative
3,464
3,715
4,165
-6.8%
Operating income
962
-2,726
570
Operating margin
4.6%
-12.7%
2.5%
Interest expense
1,668
2,021
2,177
-17.5%
Pre-tax income
-782
-4,766
-1,563
Income tax
450
503
170
-10.5%
Net income
-1,232
-5,269
-1,733
Net margin
-5.9%
-24.6%
-7.7%
Diluted EPS
-$1.14
-$4.92
-$1.63
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
6,524
6,680
7,032
-2.3%
Capital expenditure
3,729
3,628
3,175
+2.8%
Free cash flow
2,795
3,052
3,857
-8.4%
Free cash flow margin
13.5%
14.2%
17.1%
Cash from investing
-3,564
-3,570
-3,078
Cash from financing
-4,250
-1,911
-4,023
Depreciation and amortisation
4,710
4,829
5,120
-2.5%
Share-based compensation
175
162
186
+8.0%
Buybacks
0.0
0.0
n/a
Dividends paid
1,109
1,100
2,312
+0.8%
Dividend per share
$1.00
$1.00
$2.16
0.0%
Diluted shares, weighted
1,079m
1,071m
1,066m
+0.7%
Shares outstanding at period end
1,097m
1,090m
1,080m
+0.6%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
11,162
13,470
19,828
-17.1%
Debt
31,837
34,694
36,061
-8.2%
Operating lease liabilities
1,405
1,342
n/a
+4.7%
Finance lease liabilities
267
185
n/a
+44.3%
Other liabilities
14,723
15,051
14,367
-2.2%
Total liabilities and equity
59,394
64,742
70,256
-8.3%
Fixed assets
26,338
26,079
26,408
+1.0%
Goodwill
18,870
21,534
28,031
-12.4%
Intangible assets
8,219
9,567
8,911
-14.1%
Cash and equivalents
406
1,690
488
-76.0%
Receivables
1,962
2,259
2,398
-13.1%
Other assets
3,599
3,613
4,020
-0.4%
Total assets
59,394
64,742
70,256
-8.3%
10-K for the year ended 31 December 2020, filed 25 February 2021: the filing.