"The COVID-19 pandemic has highlighted both the importance of connectivity to how we live and work in today's economy, and how capable CenturyLink's fiber and IP-based network is in delivering those needs quickly, reliably, and at scale. The relevance and capability of our network, together with our financial strength, positions us well to support our customers and deliver long-term shareholder value," said Jeff Storey, president and CEO of CenturyLink.
CenturyLink has reported a net income of $314 million for the first quarter 2020, excluding Integration and Transformation Costs and Special Items, reported Net Income of $399 million. The company has noted a generated adjusted EBITDA of $2.243 billion for the first quarter 2020, excluding $34 million of Integration and Transformation Costs.
The company's expanded adjusted EBITDA margin, excluding Integration and Transformation Costs, moved to 42.9 percent in the first quarter 2020, from 41.7 percent in the first quarter 2019 and its generated net cash provided by operating activities reached $1.299 billion for the first quarter 2020.
CenturyLink's generated free cash flow was reported at $407 million for the first quarter 2020, excluding $82 million of cash paid for integration and transformation costs and special items. The company has achieved approximately $510 million of annualized run-rate adjusted EBITDA cost transformation savings against the three-year goal of $800 million to $1 billion.
Due to the impact of COVID-19 and economic uncertainty, the company withdrew its full year 2020 financial outlook for Adjusted EBITDA, Free Cash Flow and Capital Expenditures. Prior capital allocation decisions and refinancing activity lead to strong liquidity position; Company reaffirms deleveraging target and dividend policy.
CenturyLink reported total revenue was $5.228 billion for the first quarter 2020, compared to $5.427 billion for the first quarter 2019. The company's diluted earnings per share was $0.29 for the first quarter 2020, compared to ($5.77) for first quarter 2019.
The company's diluted earnings per share for the first quarter 2020 was $0.37, compared to $0.34 per share for the first quarter in 2019, excluding the aggregate effects of Integration and Transformation Costs and Special Items of $85 million and $6.525 billion, respectively.
As of March 31, 2020, CenturyLink had cash and cash equivalents of $1.564 billion, a portion of which was used to pay approximately $1.0 billion of the 5.625 percent senior notes at maturity on April 1, 2020.
"As we exit the first quarter 2020, we are in a strong financial position as a result of our capital allocation decisions and refinancing activity in 2019," said Neel Dev, CenturyLink's executive vice president and chief financial officer. "With a strong liquidity position, we are supporting and investing in our customers, our employees and our business."
CenturyLink (NYSE: CTL) is a technology leader delivering hybrid networking, cloud connectivity, and security solutions to customers around the world. Through its extensive global fiber network, CenturyLink provides secure and reliable services to meet the growing digital demands of businesses and consumers. CenturyLink strives to be the trusted connection to the networked world and is focused on delivering technology that enhances the customer experience.