1

Adjusted EBITDA and Adjusted EBITDA excluding Special Items for the first quarter of 2023 includes $43 million from the EMEA business, divested in Nov. 1, 2023 and $18 million from certain of our CDN customer contracts sold Oct. 10, 2023, which will not recur in subsequent periods. The Company believes that these figures will allow analysts and investors to understand the amounts associated with these transactions to understand the impact they had on the Company's past, but not current or future, financial performance. Therefore, these amounts will impact the Company's ability to match its past performance in current and future periods. The post-closing financial impacts of actual amounts received or paid by the Company under the post-closing agreements with the purchasers of its businesses divested in 2022 and 2023 were a net reduction of $(46) million and $(48) million for the first quarter 2024 and 2023, respectively. The Company believes that this provides useful information to investors to understand the impact that the post-closing agreements have had on the Company's activities and its current financial performance.

2

Includes the impact of (i) $700 million in cash tax refund received in Q1 2024 and (ii) $90 million in cash tax payments in Q1 2023 related to our 2022 divestitures.

Financial Results 

Metric, as reported

First Quarter

($ in millions, except per share data)

2024

2023

Large Enterprise⁽¹⁾

$        858

911

Mid-Market Enterprise

486

523

Public Sector

420

432

North America Enterprise Channels

1,764

1,866

Wholesale

730

823

North America Business Revenue

2,494

2,689

International and Other⁽¹⁾⁽²⁾

97

279

Business Segment Revenue

2,591

2,968

Mass Markets Segment Revenue

699

770

Total Revenue⁽³⁾⁽⁴⁾

$      3,290

3,738

Cost of Services and Products

1,652

1,817

Selling, General and Administrative Expenses

823

721

Net Loss on Sale of Business

22

77

Stock-based Compensation Expense

14

14

Net Income

57

511

Net (Loss) Income, Excluding Special Items⁽⁵⁾⁽⁶⁾

(41)

97

Adjusted EBITDA^(2)(5)(7)(8)

807

1,137

Adjusted EBITDA, Excluding Special Items^{(2)(5)(7)(8)(9)}

977

1,251

Net Income Margin

1.7 %

13.7 %

Net (Loss) Income Margin, Excluding Special Items⁽⁵⁾⁽⁶⁾

(1.2) %

2.6 %

Adjusted EBITDA Margin⁽⁵⁾

24.5 %

30.4 %

Adjusted EBITDA Margin, Excluding Special Items⁽⁵⁾⁽⁹⁾

29.7 %

33.5 %

Net Cash Provided by Operating Activities

1,102

595

Capital Expenditures⁽¹⁰⁾

713

640

Unlevered Cash Flow⁽⁵⁾

670

305

Unlevered Cash Flow, Excluding Cash Special Items^(5)(11)

799

275

Free Cash Flow⁽⁵⁾

389

(45)

Free Cash Flow, Excluding Cash Special Items^(5)(11)

518

(75)

Net Income per Common Share - Diluted

0.06

0.52

Net (Loss) Income per Common Share - Diluted, Excluding Special Items⁽⁵⁾⁽⁶⁾

(0.04)

0.10

Weighted Average Shares Outstanding (in millions) - Diluted

986.3

982.3

⁽¹⁾ International revenue amounts previously reported in Large Enterprise represent revenue related to our non-domestic regions including (i) Europe, Middle East and Africa ("EMEA") through the sale of our EMEA business on Nov. 1, 2023 and (ii) Asia Pacific ("APAC") and any remaining international operations, which we do not expect to be significant or material in future periods. As such, prior period amounts related to our historical international operations have been reclassified within the Business Segment Revenue to the "International and Other" sales channel. These reporting changes had no impact on total operating revenue, total operating expenses or net income for any period.

⁽²⁾ Subsequent to the sale of select Content Delivery Network ("CDN") customer contracts announced on Oct. 10, 2023, certain prior period amounts related to our historical CDN revenue have been reclassified from "Harvest" to "International and Other" sales channel within the "Other" product in the Business Segment Revenue products to conform to our 2024 reporting presentation. These reporting changes had no impact on total operating revenue, total operating expenses or net income for any period. Revenue and Adjusted EBITDA excluding Special Items for the first quarter of 2023 includes $29 million and $18 million, respectively, from our divested CDN customer contracts. The Company believes that these figures will allow analysts and investors to understand the amounts associated with recent transactions and to understand the impacts they had on the Company's past, but not current or future, financial performance. Therefore, these amounts will impact the Company's ability to match its past performance in current and future periods.

⁽³⁾ Revenue for the first quarter of 2023 includes $139 million from the EMEA business divested Nov. 1, 2023, which will not recur in periods following the divestiture. The Company believes that these figures will allow analysts and investors to understand the amounts associated with these transactions and to understand the impact they had on the Company's past, but not current or future, financial performance. Therefore, these amounts will impact the Company's ability to match its past performance in current and future periods.

⁽⁴⁾ The post-closing revenue impact of amounts received by the Company under its post-closing agreements with purchasers of our businesses divested in 2022 and 2023 was (i) $43 million for the first quarter of 2024 and (ii) $28 million for the first quarter of 2023. The Company believes that this provides useful information to investors to understand the impact that the post-closing agreements have had on the Company's current financial performance.

⁽⁵⁾ See the attached schedules for definitions of non-GAAP metrics and reconciliations to GAAP figures.

⁽⁶⁾ Excludes Special Items (net of the income tax effect thereof) which negatively impacted this metric by (i) $(98) million for the first quarter of 2024 and (ii) $(414) million for the first quarter of 2023.

⁽⁷⁾ Adjusted EBITDA and Adjusted EBITDA excluding Special Items for the first quarter of 2023 includes $43 million from the EMEA business, divested in Nov. 1, 2023, which will not recur in periods following the divestiture. The Company believes that these figures will allow analysts and investors to understand the amounts associated with these transactions to understand the impact they had on the Company's past, but not current or future, financial performance. Therefore, these amounts will impact the Company's ability to match its past performance in current and future periods.

⁽⁸⁾ The post-closing net financial impacts to adjusted EBITDA of actual amounts received or paid by the Company under its post-closing agreements with the purchasers of our businesses divested in 2022 and 2023 were (i) a net reduction of $(46) million for the first quarter of 2024 and (ii) a net reduction of $(48) million for the first quarter 2023. The Company believes that this provides useful information to investors to understand the impact that the post-closing agreements have had on the Company's financial performance following the completion of these divestitures.

⁽⁹⁾ Excludes Special Items in the amounts of (i) $170 million for the first quarter of 2024 and (ii) $114 million for the first quarter of 2023.

⁽¹⁰⁾ Capital expenditures for the first quarter of 2023 includes $36 million of capital expenditures relating to EMEA business divested on Nov 1, 2023, which will not recur in periods following the divestiture. The Company believes that these figures will allow analysts and investors to understand the amounts associated with these transactions and programs to understand the impact they had on the Company's past, but not current or future, capital expenditures. Therefore, these amounts will impact the Company's ability to match its past capital expenditure activities in current and future periods.

⁽¹¹⁾ Excludes cash paid (received) for Special Items in the amounts of (i) $129 million for the first quarter of 2024 and (ii) $(30) million for the first quarter of 2023.

Metrics⁽¹⁾

First Quarter

Fourth Quarter

QoQ Percent

First Quarter

YoY Percent

($ in millions)

2024

2023

Change

2023

Change

Revenue By Sales Channel

Large Enterprise

$    858

894

(4) %

911

(6) %

Mid-Market Enterprise

486

501

(3) %

523

(7) %

Public Sector

420

497

(15) %

432

(3) %

North America Enterprise Channels

1,764

1,892

(7) %

1,866

(5) %

Wholesale

730

750

(3) %

823

(11) %

North America Business Revenue

2,494

2,642

(6) %

2,689

(7) %

International and Other

97

160

(39) %

279

(65) %

Business Segment Revenue

2,591

2,802

(8) %

2,968

(13) %

Mass Markets Segment Revenue

699

715

(2) %

770

(9) %

Total Revenue⁽²⁾

$  3,290

3,517

(6) %

3,738

(12) %

Business Segment Revenue by Product Category

Grow

$  1,059

1,085

(2) %

1,134

(7) %

Nurture

777

832

(7) %

913

(15) %

Harvest

582

620

(6) %

706

(18) %

Subtotal

2,418

2,537

(5) %

2,753

(12) %

Other

173

265

(35) %

215

(20) %

Business Segment Revenue

$  2,591

2,802

(8) %

2,968

(13) %

Net Income (Loss)

$      57

(1,995)

nm

511

(89) %

Net Income (Loss) Margin

1.7 %

(56.7) %

nm

13.7 %

(88) %

Net (Loss) Income, Excluding Special Items

$     (41)

83

nm

97

nm

Net (Loss) Income Margin, Excluding Special Items

(1.2) %

2.4 %

nm

2.6 %

nm

Adjusted EBITDA, Excluding Special Items⁽³⁾

$    977

1,099

(11) %

1,251

(22) %

Adjusted EBITDA Margin, Excluding Special Items

29.7 %

31.2 %

(5) %

33.5 %

(11) %

Capital Expenditures⁽⁴⁾

$    713

821

(13) %

640

11 %

⁽¹⁾ See the notes to our immediately preceding chart for information about our use of non-GAAP metrics, Special Items, and reconciliations to GAAP.

⁽²⁾ Revenue for the first and fourth quarter of 2023 includes amounts from the 2023 divestiture and sale of CDN contracts. Revenue for the first quarter of 2024 and first and fourth quarter of 2023 includes amounts from the post-closing commercial agreements with the purchasers of our businesses divested in 2022 and 2023. Refer to footnotes 1 through 4 on the preceding table for details.

⁽³⁾ Adjusted EBITDA excluding Special Items for the first and fourth quarter of 2023 includes the financial impacts from the 2023 divestiture and sale of CDN contracts. Adjusted EBITDA excluding Special Items for the first quarter of 2024 and the first and fourth quarter of 2023 includes the financial impacts from the post-closing commercial agreements with the purchasers of our businesses divested in 2022 and 2023. Refer to footnotes 2, 7 and 8 on the preceding table for details.

⁽⁴⁾ Capital expenditures for the first and fourth quarter 2023 includes the impacts of capital expenditures related to our divested businesses, which will not recur in periods following the completion of these divestitures. Refer to footnote 10 on the preceding table for details.

^nm - Percentages greater than 200% and comparisons between positive and negative values are considered not meaningful.

¹

 See footnote 2 on page 1 of this release.

Metric ⁽¹⁾⁽²⁾

Outlook

Adjusted EBITDA

$4.1 to $4.3 billion

Free Cash Flow⁽³⁾⁽⁴⁾

$100 to $300 million

Net Cash Interest

$1.25 to $1.35 billion

Capital Expenditures

$2.7 to $2.9 billion

Cash Income Taxes/(Refund)⁽⁴⁾

($200) to ($300) million

⁽¹⁾  For definitions of non-GAAP metrics and reconciliations to GAAP figures, see the attached schedules and our Investor Relations website.

⁽²⁾  Outlook measures in this chart and the accompanying schedules (i) exclude the effects of Special Items, goodwill impairments, future changes in our operating or capital allocation plans, unforeseen changes in regulation, laws or litigation, and other unforeseen events or circumstances impacting our financial performance and (ii) speak only as of Apr. 30, 2024. See "Forward-Looking Statements."

⁽³⁾  Assumes no discretionary pension plan contributions during 2024.

⁽⁴⁾  Includes an approximately $700 million tax refund received during the first quarter 2024.

Lumen Technologies, Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

THREE MONTHS ENDED MARCH 31, 2024 AND 2023

(UNAUDITED)

($ in millions, except per share amounts; shares in thousands)

Three months ended March 31,

(Decrease)

/ Increase

2024

OPERATING REVENUE

$            3,290

3,738

(12) %

OPERATING EXPENSES

Cost of services and products (exclusive of depreciation and amortization)

1,652

1,817

(9) %

Selling, general and administrative

823

721

14 %

Loss on sale of business

22

77

(71) %

Depreciation and amortization

748

733

2 %

Total operating expenses

3,245

3,348

(3) %

OPERATING INCOME

45

390

(88) %

OTHER INCOME (EXPENSE)

Interest expense

(291)

(279)

4 %

Net gain on early retirement of debt

275

609

(55) %

Other income (expense), net

73

(40)

nm

Total other income, net

57

290

(80) %

Income tax expense

(45)

(169)

(73) %

NET INCOME

$                 57

511

(89) %

BASIC EARNINGS PER SHARE

$              0.06

0.52

(88) %

DILUTED EARNINGS PER SHARE

$              0.06

0.52

(88) %

WEIGHTED AVERAGE SHARES OUTSTANDING

Basic

984,855

981,555

— %

Diluted

986,262

982,283

— %

Exclude: Special Items⁽¹⁾

$               (98)

(414)

(76) %

NET (LOSS) INCOME EXCLUDING SPECIAL ITEMS

$               (41)

97

nm

DILUTED (LOSS) EARNINGS PER SHARE EXCLUDING SPECIAL ITEMS

$            (0.04)

0.10

nm

(1) Excludes the Special Items described in the accompanying Non-GAAP Special Items table, net of the income tax effect thereof.

nm - Percentages greater than 200% and comparisons between positive and negative values are considered not meaningful.

Lumen Technologies, Inc.

CONSOLIDATED BALANCE SHEETS

AS OF MARCH 31, 2024 AND DECEMBER 31, 2023

(UNAUDITED)

($ in millions)

March 31, 2024

December 31, 2023

ASSETS

CURRENT ASSETS

Cash and cash equivalents

$                     1,580

2,234

Accounts receivable, less allowance of $67 and $67

1,322

1,318

Other

1,033

1,223

   Total current assets

3,935

4,775

Property, plant and equipment, net of accumulated depreciation of $21,725 and $21,318

19,908

19,758

GOODWILL AND OTHER ASSETS

Goodwill

1,964

1,964

Other intangible assets, net

5,290

5,470

Other, net

2,076

2,051

    Total goodwill and other assets

9,330

9,485

TOTAL ASSETS

$                   33,173

34,018

LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES

Current maturities of long-term debt

$                         86

157

Accounts payable

1,162

1,134

Accrued expenses and other liabilities

Salaries and benefits

578

696

Income and other taxes

761

251

Current operating lease liabilities

282

268

Interest

110

168

Other

172

213

Current portion of deferred revenue

665

647

    Total current liabilities

3,816

3,534

LONG-TERM DEBT

18,591

19,831

DEFERRED CREDITS AND OTHER LIABILITIES

Deferred income taxes, net

3,143

3,127

Benefit plan obligations, net

2,457

2,490

Deferred revenue

2,021

1,969

Other

2,641

2,650

Total deferred credits and other liabilities

10,262

10,236

STOCKHOLDERS' EQUITY

Common stock

1,016

1,008

Additional paid-in capital

18,137

18,126

Accumulated other comprehensive loss

(799)

(810)

Accumulated deficit

(17,850)

(17,907)

Total stockholders' equity

504

417

TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$                   33,173

34,018

Lumen Technologies, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

THREE MONTHS ENDED MARCH 31, 2024 AND 2023

(UNAUDITED)

($ in millions)

Three months ended March 31,

OPERATING ACTIVITIES

Net income

$                                    57

511

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

748

733

Loss on sale of business

22

77

Deferred income taxes

8

46

Provision for uncollectible accounts

23

27

Net gain on early retirement of debt

(275)

(609)

Debt modification costs and related fees

(79)

—

Unrealized (gain) loss on investments

(20)

80

Stock-based compensation

14

14

Changes in current assets and liabilities, net

479

(225)

Retirement benefits

(13)

(15)

Changes in other noncurrent assets and liabilities, net

198

(16)

Other, net

(60)

(28)

Net cash provided by operating activities

1,102

595

INVESTING ACTIVITIES

Capital expenditures

(713)

(640)

Proceeds from sale of property, plant and equipment and other assets

12

23

Other, net

3

1

Net cash used in investing activities

(698)

(616)

FINANCING ACTIVITIES

Net proceeds from issuance of long-term debt

1,325

—

Payments of long-term debt

(1,902)

(61)

Net payments on revolving line of credit

(200)

—

Dividends paid

(3)

(8)

Debt issuance and extinguishment costs and related fees

(278)

(11)

Other, net

(2)

(6)

Net cash used in financing activities

(1,060)

(86)

Net increase in cash, cash equivalents and restricted cash

(656)

(107)

Cash, cash equivalents and restricted cash at beginning of period

2,248

1,307

Cash, cash equivalents and restricted cash at end of period

$                               1,592

1,200

Cash, cash equivalents and restricted cash:

Cash and cash equivalents

$                               1,580

1,148

Cash and cash equivalents and restricted cash included in assets held for sale

—

41

Restricted cash

12

11

Total

$                               1,592

1,200

Lumen Technologies, Inc.

OPERATING METRICS

(UNAUDITED)

Operating Metrics

1Q24

4Q23

1Q23

Mass Markets broadband subscribers

(in thousands)

Fiber broadband subscribers

952

916

856

Other broadband subscribers⁽¹⁾

1,758

1,842

2,125

Mass Markets total broadband subscribers⁽²⁾

2,710

2,758

2,981

Mass Markets broadband enabled units⁽³⁾

(in millions)

Fiber broadband enabled units

3.8

3.7

3.3

Other broadband enabled units

18.0

18.1

18.5

Mass Markets total broadband enabled units

21.8

21.8

21.8

⁽¹⁾ Other broadband subscribers are customers that primarily subscribe to lower speed copper-based broadband services marketed under the CenturyLink brand.

⁽²⁾ Mass Markets broadband subscribers are customers that purchase broadband connection service through their existing telephone lines, stand-alone telephone lines, or fiber-optic cables. Our methodology for counting our Mass Markets broadband subscribers includes only those lines that we use to provide services to external customers and excludes lines used solely by us and our affiliates. It also excludes unbundled loops and includes stand-alone Mass Markets broadband subscribers. We count lines when we install the service. Other companies may use different methodologies.    

⁽³⁾ Represents the total number of units capable of receiving our broadband services at period end. Other companies may use different methodologies to count their broadband enabled units.

Lumen Technologies, Inc.

Non-GAAP Special Items

(UNAUDITED)

($ in millions)

Actual QTD

Special Items Impacting Adjusted EBITDA

1Q24

1Q23

Severance

$                      4

8

Consumer and other litigation

(2)

—

Loss on sale of business

22

77

Transaction and separation costs⁽¹⁾

168

29

Net gain on sale of select CDN contracts

(22)

—

Total Special Items impacting Adjusted EBITDA

$                 170

114

Actual QTD

Special Items Impacting Net Income

1Q24

1Q23

Severance

$                      4

8

Consumer and other litigation

(2)

—

Loss on sale of business

22

77

Transaction and separation costs⁽¹⁾

168

29

Net gain on sale of select CDN contracts

(22)

—

Net gain on early retirement of debt⁽²⁾

(275)

(609)

Income from transition and separation services⁽³⁾

(35)

(46)

Total Special Items impacting Net Income

(140)

(541)

Income tax effect of Special Items⁽⁴⁾

42

127

Total Special Items impacting Net Income, net of tax

$                  (98)

(414)

Actual QTD

Special Items Impacting Cash Flows

1Q24

Severance

$                   18

5

Consumer and other litigation

(2)

—

Transaction and separation costs⁽¹⁾

138

24

Income from transition and separation services⁽³⁾

(25)

(59)

Total Special Items impacting Cash Flows

$                 129

(30)

⁽¹⁾ Transaction and separation costs associated with (i) the sale of our Latin American business on Aug. 1, 2022, (ii) the sale of our 20-state ILEC business on Oct. 3, 2022, (iii) the sale of our EMEA business on Nov. 1, 2023, (iv) our March 22, 2024 debt transaction support agreement and (v) our evaluation of other potential transactions.

⁽²⁾ Reflects a gain as a result of (i) debt transaction support agreement and resulting debt extinguishment in Q1 2024 and (ii) $1.5 billion of debt exchanges in Q1 2023.                                                                                   

⁽³⁾ Income from transition and separation services includes charges we billed for transition services and IT professional services provided to the purchasers in connection with our 2022 and 2023 divestitures.

⁽⁴⁾ Tax effect calculated using the annualized effective statutory tax rate, excluding any non-recurring discrete items, which was 30.0% for Q1 2024 and 23.5% for Q1 of 2023.

Lumen Technologies, Inc.

Non-GAAP Cash Flow Reconciliation

(UNAUDITED)

($ in millions)

Actual QTD

1Q24

1Q23

Net cash provided by operating activities⁽¹⁾

$              1,102

595

Capital expenditures

(713)

(640)

Free Cash Flow⁽¹⁾

389

(45)

Cash interest paid

339

363

Interest income

(58)

(13)

Unlevered Cash Flow⁽¹⁾

$                 670

305

Free Cash Flow⁽¹⁾

$                 389

(45)

Add back: Severance⁽²⁾

18

5

Remove: Consumer and other litigation⁽²⁾

(2)

—

Add back: Transaction and separation costs⁽²⁾

138

24

Remove: Income from transition and separation services⁽²⁾

(25)

(59)

Free Cash Flow excluding cash Special Items⁽¹⁾

$                 518

(75)

Unlevered Cash Flow⁽¹⁾

$                 670

305

Add back: Severance⁽²⁾

18

5

Remove: Consumer and other litigation⁽²⁾

(2)

—

Add back: Transaction and separation costs⁽²⁾

138

24

Remove: Income from transition and separation services⁽²⁾

(25)

(59)

Unlevered Cash Flow excluding cash Special Items⁽¹⁾

$                 799

275

⁽¹⁾ Includes the impact of (i) $700 million in cash tax refund received in Q1 2024 and (ii) $90 million in cash tax payments in Q1 2023 related to our 2022 divestitures.

⁽²⁾ Refer to Non-GAAP Special Items table for details of the Special Items impacting cash included above.

Lumen Technologies, Inc.

Adjusted EBITDA Non-GAAP Reconciliation

(UNAUDITED)

($ in millions)

Actual QTD

1Q24

1Q23

Net income

$                57

511

Income tax expense

45

169

Total other income, net

(57)

(290)

Depreciation and amortization expense

748

733

Stock-based compensation expense

14

14

Adjusted EBITDA⁽¹⁾

$              807

1,137

Add back: Severance⁽²⁾

4

8

Add back: Consumer and other litigation⁽²⁾

(2)

—

Add back: Net loss on sale of business⁽²⁾

22

77

Add back: Transaction and separation costs⁽²⁾

168

29

Add back: Net gain on sale of select CDN contracts⁽²⁾

(22)

—

Adjusted EBITDA excluding Special Items⁽¹⁾

$              977

1,251

Net (loss) income excluding Special Items⁽²⁾

$              (41)

97

Total revenue

$          3,290

3,738

Net Income Margin

1.7 %

13.7 %

Net (Loss) Income Margin, excluding Special Items

(1.2) %

2.6 %

Adjusted EBITDA Margin

24.5 %

30.4 %

Adjusted EBITDA Margin excluding Special Items

29.7 %

33.5 %

⁽¹⁾ Adjusted EBITDA and Adjusted EBITDA excluding Special Items for the first quarter of 2023 includes the financial impacts of (i) the EMEA business divested on Nov. 1, 2023 and (ii) the Company's select CDN contracts sold Oct. 10, 2023 and both the first quarter 2023 and 2024 include the financial impact of the post-closing commercial agreements with the purchasers of the our recently divested businesses. Refer to footnote 1 on the first page of this release for details.

⁽²⁾ Refer to Non-GAAP Special Items table for details of the Special Items included above.

Lumen Technologies, Inc.

2024 OUTLOOK ^{(1) (2) (3) (4)}

(UNAUDITED)

($ in millions)

Adjusted EBITDA Outlook

Twelve Months Ended December 31, 2024

Range

Low

High

Net (loss) income

$                   (100)

400

Income tax expense

50

250

Total other expense, net

1,190

920

Depreciation and amortization expense

2,900

2,700

Stock-based compensation expense

60

30

Adjusted EBITDA

$                  4,100

4,300

Free Cash Flow Outlook

Twelve Months Ended December 31, 2024

Range

Low

High

Net cash provided by operating activities

$                  2,800

3,200

Capital expenditures

(2,700)

(2,900)

Free Cash Flow

$                     100

300

⁽¹⁾

 For definitions of non-GAAP metrics and reconciliation to GAAP figures, see the above schedules and our Investor Relations website.

⁽²⁾

Outlook measures in this chart (i) exclude the effects of Special Items, goodwill impairments, future changes in our operating or capital allocation plans, unforeseen changes in regulation, laws or litigation, and other unforeseen events or circumstances impacting our financial performance and (ii) speak only as of Apr. 30, 2024. See "Forward-Looking Statements."

⁽³⁾

Assumes no discretionary pension plan contributions during 2024.

⁽⁴⁾

Includes an approximately $700 million tax refund received during the first quarter 2024.