Report
Matthew Dolgin

Generally Unimpressive 1Q for CenturyLink Benefits From Low Expectations; Maintaining FVE

In its first full quarter since acquiring Level 3 Communications, CenturyLink reported underwhelming results, in our view. Headline numbers, which were generally consistent with our anemic forecast, glossed over some concerning underlying metrics; however, there were also bright spots that leave room for optimism. Year-over-year pro forma revenue growth was down close to 2%, slightly worse than our negative 1% projection for 2018, and adjusted EBITDA margin came in just under 37%, in line with o...
Underlying
Lumen Technologies Inc.

CenturyLink, via its subsidiaries, is a communications company engaged in providing an array of integrated services to its business and residential customers. The company's segments include: International and Global Accounts Management, which provides products and services to global enterprise customers; Enterprise, which provides products and services to regional domestic and global enterprises; Small and Medium Business, which provides products and services to small and medium businesses directly and through its indirect channel partners; and Wholesale, which provides products and services to other communication providers across the wireline, wireless, cable, voice and data center sectors.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

Analysts
Matthew Dolgin

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