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  "documentTitle": "Lumen Technologies (LUMN)",
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  "notes": "The slide combines qualitative analysis of operational risks with quantitative data on debt maturity and revenue performance.",
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      "kind": "callout",
      "text": "normalized Business segment revenue (excluding Other) fell -8.6% y/y in 2Q24, the worst in company history.",
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      "text": "Debt Maturity Profile ($bn)",
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      "text": "1. “Grow” (41% of Business). Both infrastructure and software products anticipated to grow including SD WAN, security solutions, IP transit, laid but unlit optical fiber known as “dark fiber”, wavelengths, and unified communications and collaboration or UC&C (VoIP,",
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      "text": "Debt Maturity: $7.5bn",
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      "text": "Contrary to management’s claim during recent earnings that “Lumen’s enterprise operational turnaround is progressing well,” normalized Business segment revenue (excluding Other) fell -8.6% y/y in 2Q24, the worst in company history.",
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      "kind": "paragraph",
      "text": "A word search for “billing” in Lumen’s earnings transcripts returns discussions of initiatives to fix and consolidate systems for billing, back office, network inventory and order entry going back years.",
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      "text": "Source: Kerrisdale analysis, Lumen 2Q24 trending schedules.",
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      "text": "Accelerating Revenue Declines: Not Just a Legacy Problem",
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