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  "documentTitle": "Lumen Technologies (LUMN)",
  "authorId": "53_Kerrisdale_Capital",
  "authorName": "Kerrisdale Capital",
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  "presentationDate": "2024-08-15 00:00:00",
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  "notes": "The slide uses a bridge-like calculation to derive the implied prepayment amount from changes in EBITDA, interest, and Capex guidance.",
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      "text": "Lumen has not disclosed the exact prepayment amount for the $5bn in contracts (neither for 2024 nor in aggregate) but based on the company's change in FCF outlook guidance and the management comments regarding the upfront nature of cash paid in advance of construction, we estimate ~$1.3bn will be received in 2H24E.",
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      "text": "Implied 2H24E PCF prepayment: 1,260",
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      "text": "The lack of financial detail included in the PCF deal announcements... has contributed to confusion in the market as to the deals' true cash flow significance.",
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      "text": "PCF is a “fabric” or bundle of services that includes dark fiber, wavelengths, and various lit services. Based on management comments...",
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      "kind": "title",
      "text": "What Does $5bn in PCF Contracts Really Mean for Lumen?",
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