![]() One the aforementioned HR leader convinced the CEO that he(HR guy) had some insight on how to run a large telcom conglomerate and lobbied to install a new leader of operations. In my opinion there are 2 main reason for the distruction of this much shareholder value. This is the return we received from the “Tom Brady” of Telecom? This isnt exactly “Barbians at the Gate” type of story …but its close in a different sort of way. You combine that with CTL sacrificing its CFO as part of the merger agreement (im not exactly sure but I believe that the 元 CFO lasted a year), a CTL HR leader who was fixated on pedigree rather than performance and a new, rather toxic culture, that specifically targeted elimination for most legacy CTL leaders and you end up with a stock that went from $23.48 to currently under $6. Corvex kept up the marketing that CTL had 40% upside and suggesting that Story and team had better track records at driving Shareholder value. ![]() It appears Story used Corvex to help start the dominos and the outcome was the ousting of Post in favor of Story. ![]() Touting Jeff Story as a better choice to lead CTL shareholders to better returns than the then existing CEO Glen Post. Corvex was seen as a friendly activist investor. There is a quite alot that can learned in value creation by the 元 CTL merger/acq and shareholder ignorance or competencies. a previous $3.2B-$3.4B).įull disclosure - I was a former employee of Qwest/Centurylink for almost 7 years. Free cash flow was $620M, down from a year-ago $1.072B (excluding cash paid for special items of $342M and $32M respectively).Īn update to its outlook provided a boost to full-year free cash flow expectations (to $2.2B-$2.4B from $2.0B-$2.2B) and lower capex ($3B-$3.2B vs. Net cash from operations came to $1.123B for the quarter. Revenue breakout: International and Global Accounts, $853M (down 16.9%) Large Enterprise, $844M (down 10.4%) Mid-Market Enterprise, $618M (down 4.6%) Wholesale, $901M (up 1.2%) Mass Markets, $1.17B (down 14.9%). "Today's announced capital allocation change follows a very thoughtful process by our Board of Directors that we believe will provide a clear path to invest in growth, repurchase shares at attractive valuations, and maintain a strong balance sheet," says CEO Jeff Storey, set for retirement next week. 9, forward yield for the company had become an implied 13.46%. After its last dividend of $0.25 per share, paid on Sept. There won't be a dividend paid for the fourth quarter, the company confirmed. Net income ticked up to $578M from a year-ago $544M thanks to special items excluding those, net income would have fallen to $146M. Revenues fell by double digits to $4.39B, with broad declines in business accounts and mass markets. The company also entered an exclusive arrangement to sell its EMEA business to Colt Technology Services for $1.8B. The company was incorporated in 1968 and is headquartered in Monroe, Louisiana.Lumen Technologies ( NYSE: LUMN) has slipped 9.5% postmarket following a third-quarter earnings report where it missed on top and bottom lines and eliminated its dividend while authorizing a $1.5M share buyback. and changed its name to Lumen Technologies, Inc. The company was formerly known as CenturyLink, Inc. In addition, it offers voice and other services, including private line services, a direct circuit or channel specifically dedicated for connecting two or more organizational sites a portfolio of traditional time division multiplexing voice services and synchronous optical network-based ethernet, legacy data hosting services, and conferencing services. ![]() ![]() The company also provides fiber infrastructure services comprising high bandwidth optical wavelength networks and unlit optical fiber and related professional services. It offers compute and application services, such as edge cloud services, IT solutions, unified communication and collaboration solutions, colocation and data center services, content delivery services, and managed security services and IP and data services, including VPN data network, Ethernet, internet protocol (IP), and voice over internet protocol. The company operates in two segments, Business and Mass Markets. Lumen Technologies, Inc., a facilities-based technology and communications company, provides various integrated products and services under the Lumen, Quantum Fiber, and CenturyLink brands to business and residential customers in the United States and internationally. ![]()
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