Let's bring it all home. Lots covered. Thank you, Jim, for that overview. We're investing in three ways. We talked about the continued expansion of the physical network with upgrades. We talked about building a programmable network with our digital layer. And now we've talked about the connected ecosystem and how we bring third-party capabilities to enrich the offerings that we bring our customer. I believe that most of you have come here today to understand how does this pivot the company to growth. How do you get there? And so we wanted to take you through the path and we thought the best way to do that was to give you an illustrative example of a company and how they will consume our services. And the whole story starts with the fabric port, formerly known as Berkeley. This is the revenue socket for our business. Think iPhone, think computer. A piece of hardware that hosts these services. And the value of a fabric port grows with services, not with truck rolls. Okay, so that's an incredibly important part of our story because we're delivering cloud economics in the world of telecom. Increasing scaled revenue, reduced marginal cost, incredibly important part of our value prop over time. So, five different demand scenarios. Let's call it a manufacturing company with one site. Very simple example, but brings the whole story to life. Starting off, this manufacturing company, the CIO says, 'We got to get out of TDM circuits. We've outgrown them. We want to modernize our communication capability and our internet access. Let's buy a fabric port from Lumen. Let's put some internet on demand on that fabric port and maybe some voice, some Lumen cloud communications and let's see how that works.' One port, it might require a truck roll for that first instance. Multiple services get up and running. It's quick. It's secure. It's effortless. New CISO joins the company. Says, 'Guys, we need some security protection here.' He decides maybe he needs some immutable backup on Convault, maybe some firewall. Adds both of those services with Lumen Validated Design. Now you've got a secure connection, quick, secure, effortless. The data centers are aging. CIO's on the hook to migrate them to cloud. Chooses AWS for the apps, chooses GCP for the analytics. Multicloud gateway, the capability that Jim talked about that we just announced availability on Monday is essential to that storyboard. Same fabric port, more service, revenue growing across every one of these demand point examples. 30, 40 year old ERP. Time for an upgrade. Want to go SaaS? By the way, this is starting to sound a little bit like our journey at Lumen and but we got our ERP in this year. So we're pretty excited or last year. It's a tough scenario. First thing you got to do, go to that marketplace. Make sure you set up Lumen private data connection through the SaaS providers marketplace and get yourself access to a SaaS-based ERP and CRM platform. And then finally, maybe this CIO at this manufacturing company wants to build AI powered services franchise. And to do that, they need some models. They're going to put those in Azure. And they need lots and lots of data, which just happens to be over in GCP. And they need a 400 gig intercloud connection that they're going to buy through Lumen Connect in order to do this. Five different scenarios starting at $990 monthly recurring revenue with Lumen and growing to $5,500 of monthly recurring revenue with the company growing via addition of services on one fabric port over time. No truck rolls, remotely monitored through a single pane of glass. Lumen Connect. At the bottom of the chart behind me, you'll see the first two scenarios are really about north-south connectivity. This the simplest of the connection. The next three are really about the cloud core, cloud 2.0 and all of that complexity and growth that we see on the horizon. It's important to note that a customer can start anywhere on this journey, right? Anytime they get the fabric port, they can add services first or third party in any order that they see fit. Last point on this chart that I think is incredibly important is how'd you get the pricing, Kate? I want to say that the service prices that you see here are constant, but they reflect a discount providing at billing with a growing commitment with a customer. Just like in the cloud world, right? You make a big commitment, you get a bigger discount off your bill, but the service prices are the service prices. And that's reflected in this illustrative example that I just gave you. Let's click on that box all the way over on my left, your left, right, basic NAS services. This is where we have 2,000 customers that have chosen Lumen and decided to standardize on our fabric. We have learned a ton in the past two years. First of all, NAS became GA in January of 2024, and in August of 2025, we announced that we had a thousand customers that had adopted the platform. It's only six months since that point that we've now doubled the business. That's a pretty phenomenal growth rate. This is our organic growth platform inside the company. All of those customers now have fabric ports. All of them represent revenue sockets that we can sell into first and third party services. And we're learning a ton about the consumption business, right? Because that's different. It's different for telco, but we have many of us that came from cloud. We've seen this movie before and we're applying the lessons. Couple things that I want to point out. 2,000 customers have adopted it. We've actually sold 7,000 ports, more than 7,000 ports. Those customers, when Chris gets up here, he's going to show 3,800 of those ports are active. There's consumption happening across them, live services running. How does this work? A customer commits to the first port, then they start expanding. They have multiple ports, but we have to help them get to the consumption point. We have to if it's a net new customer, maybe we've got to send a truck out to do the first fabric port. As we turn more services on, the path to consumption gets shorter and shorter. But there is a moment where there's a purchase and then over time they've got to implement and then they get to consumption. And the reason why this is important is because the customer success function inside of our go to market team has traditionally been focused on stemming the decline of revenue. They're doing a pretty darn good job. If you look at our decline rates of legacy business compared to our competition, we are pivoting those resources to say, 'Okay, now that we've got the motions here, we want to add to your job that you're going to help our customers get to consumption faster, a faster path, more services, and how do we turn it on as quickly as humanly possible to get that J curve going?' I thought it might make sense to take you through the consumption of a real customer. This is an example of an engineering design firm that's multi-site. I did not give you the logo because these are real revenue consumption numbers. Land, expand, consume. That's the motion that we're driving with our organic growth engine to pivot the company to revenue growth. And it really starts with this customer decided they wanted one high-end on-net port to pilot their WAN modernization. They started using it. They turned it on quickly. They validated the design and they said this works. It's quick, secure, and effortless as advertised. Let's move forward. They expanded to 20 sites. Those sites were satellites. They had a mix of bandwidth needs. They weren't all high-end. They basically got to a point where all 20 of those sites were working and they said, 'Let's go out to all of our remaining sites.' They just happen to have 60 across North America. Again, different bandwidth at all these different sites. And that's important because if you're thinking, Kate, you told me $990 for a fabric port ID and some voice on it. Shouldn't that be $60,000 a month if there are 60 sites? It depends. It depends on the service. It depends on the bandwidth they're going to consume. And it depends on the overall commitment that they make because they will achieve discounts if they go all-in with Lumen. This is a common pattern and we're excited about the expansion and it represents all the things. If you looked at how many ports would this customer have that are active, the number will probably be right now less than 60 because they've purchased 60. So that's our sales number. But what's active? They're right in the middle of this implementation. When they get to full steady-state consumption, all of those ports will be considered in our active count. How do we grow from here? $46k a month, like that number to be higher. It's about third party and that's why the ecosystem is so instrumental to our growth story. This is new for telecom as well. This is a page taken out of the cloud book, right? That's why we're doing it because connected ecosystems represent opportunity. Executives who are trying to grow their company, they expect their technology partners to be a part of an ecosystem. They want us to do the work with the technology partners to take the friction out of the system. They want that thing working. They want to validate a design. They want to snap it in place and get to value as quickly as possible. And ecosystems on average deliver about a two times accelerated path to a return on investment with technology solutions which is why 75% of executives favor them. And finally, and I think this is a really important point because it too is new. Every dollar spent on our products and services inside of an ecosystem are likely to generate six to eight times those dollars in a services ecosystem on top. As we partner with the 17 companies on this page and the dozens more behind them, we are creating opportunity for services firms, consulting firms to come advise, guide, direct, design, implement all the things that they do. We represent an opportunity for them to grow. And when they get interested, there becomes this heat, this energy around the ecosystem that gives us a competitive advantage. Go with Lumen. They've got the service industry behind them. They've got a myriad of technology partners and they can help you go faster.
