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WINDSTREAM HOLDINGS, INC.

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2020 10-Q, filed Jul 30, 2020. Its latest SEC filing is a 15-12B from Sep 22, 2020.

The sections below describe the company as of the FY2019 annual report.

What Did They Do?

Provides managed network and software solutions to businesses, and sells broadband service bundles to consumers and small businesses.

How Did They Make Money?

Windstream earns money mainly by providing access to or use of its networks. Customers pay for communications services over the service period, with many recurring charges billed in advance; equipment is sold when delivered and accepted.

FY2019 revenue by product or service revenue
SegmentShareRevenue
Service
98%
FY2016: 98%
Product and fiber sales
1.8%
FY2016: 2.0%

Who Were Their Customers?

Consumers and small businesses buy broadband and related services; business customers subscribe to network and cloud communications services, while carriers and network operators buy bandwidth and transport. Enterprise sales come mainly through Windstream’s direct sales force, supplemented by dealers and agents.

Did Revenues Turn Into Profits?

No. It lost $3.2B in FY2019.

Operating income, FY2019
−56% of revenue
▼ Now a loss vs FY2018 ($296.6M, 5%)
Net income, FY2019
−62% of revenue
▲ +337% (Loss) vs FY2018 (−$723M, −13%)
Free cash flow, FY2019
−7% of revenue
▼ Now a loss vs FY2018 ($192.9M, 3%)

How Were They Changing?

Since the FY2019 annual report
Latest quarter: Q2 FY2020, the three months to Jun 30, 2020
Revenue
▼ −8%
vs $1.3B in Q2 FY2019
Net income
▼ −70% (Loss)
vs −$544.1M in Q2 FY2019
Service revenues share of revenue vs 98.7% in Q2 FY2019
  • Sep 22, 2020 Completed its financial restructuring and became privately held The restructuring reduced debt by more than $4 billion and provided access to approximately $2 billion in new capital.
  • Jul 1, 2020 Bankruptcy court confirmed the reorganization plan The plan sets out the terms of Windstream’s Chapter 11 reorganization.

Held flat. Revenue was $5.1B in FY2019, about the same as the $4.9B of FY2015.

Enterprise shifts toward software-managed services The latest report describes moving customers from legacy network products to cloud-based, software-managed solutions; the earlier report describes a portfolio of data, cloud, unified communications and managed services.

Revenue over time
Service Product and fiber sales
$10B$5B$0

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