Lumen investor day takeaways…all better now?
Mission accomplished! Lumen’s turnaround is complete. This was the message at the 2/25 Lumen analyst day we attended in NYC, its first since CEO Kate Johnson joined 11/22. The 3 pillars supporting this claim include 1) the balance sheet is finally fixed. No small feat, but achieved at the cost of selling hard won FTTH assets at a discount to AT&T and mortgaging future services revenue in exchange for up-front construction PCF cash. 2) and 3) are changing out people and fixing on a strategy to become the AI network provider of choice. Turnarounds usually imply going from one direction to the opposite direction. This is more one of those ‘slow motion L turnarounds’, if there is such a thing. In this note we share our learnings and takeaways from the investor day.
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