Lumen Technologies, Inc. (NYSE:LUMN) TD Cowen Communications Infrastructure Summit Conference August 12, 2025 1:15 PM ET
Company Participants
Christopher David Stansbury – Executive VP & CFO
Conference Call Participants
Gregory Bradford Williams – TD Cowen, Research Division
Gregory Bradford Williams
Good afternoon. Welcome to our 11th Annual TD Cowen Communications Infrastructure Service Conference. My name is Greg Williams. I cover cable, wireless, telco and fiber here at TD Cowen. I’m joined in this session with Chris Stansbury, CFO of Lumen Technologies. So Chris, thanks for joining us.
Christopher David Stansbury
Yes, good to be here.
Question-and-Answer Session
Gregory Bradford Williams
The first question I want to start with is your stock was down after earnings quite a bit on what seemed like there’s a couple of reasons here and there, but not maybe 17% down. I was curious to hear your thoughts on that stock impact and what you need to do in terms of sort of execution to make it work.
Christopher David Stansbury
Yes. So in terms of what happened that day, obviously, it was a down market, a fairly down market that day. We’re kind of in between, I would say, phases in terms of investor sentiment. So we’re clearly making huge strides on capital structure on the underlying performance of the business, and that’s being recognized. But at the same time, we still have high leverage, right? Our leverage is at 4.9x. When the deal with AT&T closes, it will fall below 4. So there’s a lot of buy-side investors that have been building their case for Lumen, but they can’t invest until leverage falls below 4.
And so when you have that and you also look at the makeup of the existing investor base, there’s a lot of passive funds, again, computer trading. So the market starts to go
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