Lumen Technologies (LUMN) FY2022 results: revenue $17.5 billion, down 11.2% on the year

Lumen Technologies, Inc. (LUMN) reported revenue of $17.5 billion for fiscal 2022, the year ended 31 December 2022, down 11.2% on the year before. Net income was -$1.5 billion, and diluted earnings per share $-1.54. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2023.

Revenue

$17.5 billion

-11.2% on the year

FY2015FY2022

Operating margin

0.5%

21.8% a year earlier

FY2015FY2022

Net income

-$1.5 billion

FY2015FY2022

Diluted EPS

-$1.54

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	17,478	19,687	20,712	-11.2%
Cost of revenue	7,868	8,488	8,934	-7.3%
Gross profit	9,610	11,199	11,778	-14.2%
Gross margin	55.0%	56.9%	56.9%
Selling, general and administrative	3,078	2,895	3,464	+6.3%
Operating income	95.0	4,285	962	-97.8%
Operating margin	0.5%	21.8%	4.6%
Interest expense	1,332	1,522	1,668	-12.5%
Pre-tax income	-991	2,701	-782
Income tax	557	668	450	-16.6%
Effective tax rate	n/a	24.7%	n/a
Net income	-1,548	2,033	-1,232
Net margin	-8.9%	10.3%	-5.9%
Diluted EPS	-$1.54	$1.91	-$1.14

$ million except per share.

Free 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	4,735	6,501	6,524	-27.2%
Capital expenditure	3,016	2,900	3,729	+4.0%
Free cash flow	1,719	3,601	2,795	-52.3%
Free cash flow margin	9.8%	18.3%	13.5%
Cash from investing	5,476	-2,712	-3,564
Cash from financing	-9,313	-3,807	-4,250
Depreciation and amortisation	3,239	4,019	4,710	-19.4%
Share-based compensation	98.0	120	175	-18.3%
Buybacks	200	1,000	0.0	-80.0%
Dividends paid	780	1,087	1,109	-28.2%
Dividend per share	$0.75	$1.00	$1.00	-25.0%
Diluted shares, weighted	1,008m	1,067m	1,079m	-5.6%
Shares outstanding at period end	1,002m	1,024m	1,097m	-2.1%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	10,374	11,777	11,162	-11.9%
Debt	20,572	28,982	31,837	-29.0%
Operating lease liabilities	1,088	1,171	1,405	-7.1%
Finance lease liabilities	234	251	267	-6.8%
Other liabilities	13,313	15,812	14,723	-15.8%
Total liabilities and equity	45,581	57,993	59,394	-21.4%
Fixed assets	19,166	20,895	26,338	-8.3%
Goodwill	12,657	15,986	18,870	-20.8%
Intangible assets	6,166	6,970	8,219	-11.5%
Cash and equivalents	1,251	354	406	+253.4%
Receivables	1,508	1,544	1,962	-2.3%
Other assets	4,833	12,244	3,599	-60.5%
Total assets	45,581	57,993	59,394	-21.4%

10-K for the year ended 31 December 2022, filed 23 February 2023: the filing.