2020 Q1 Form 10-Q Financial Statement

#000156276220000173 Filed on May 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $1.933B $2.101B
YoY Change -8.0% -4.46%
Cost Of Revenue $286.0M $794.0M
YoY Change -63.98% -7.13%
Gross Profit $1.647B $1.307B
YoY Change 26.01% -2.75%
Gross Profit Margin 85.2% 62.21%
Selling, General & Admin $444.0M $456.0M
YoY Change -2.63% -2.77%
% of Gross Profit 26.96% 34.89%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $415.0M $484.0M
YoY Change -14.26% -4.16%
% of Gross Profit 25.2% 37.03%
Operating Expenses $1.661B $1.762B
YoY Change -5.73% -3.87%
Operating Profit $272.0M $339.0M
YoY Change -19.76% -7.38%
Interest Expense $383.0M $379.0M
YoY Change 1.06% 1.34%
% of Operating Profit 140.81% 111.8%
Other Income/Expense, Net $5.000M -$9.000M
YoY Change -155.56% -212.5%
Pretax Income -$209.0M -$69.00M
YoY Change 202.9% -309.09%
Income Tax -$23.00M $18.00M
% Of Pretax Income
Net Earnings -$186.0M -$87.00M
YoY Change 113.79% -535.0%
Net Earnings / Revenue -9.62% -4.14%
Basic Earnings Per Share -$1.78 -$0.84
Diluted Earnings Per Share -$1.78 -$0.84
COMMON SHARES
Basic Shares Outstanding 104.4M 103.9M
Diluted Shares Outstanding 104.4M 103.9M

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $941.0M $119.0M
YoY Change 690.76% -40.8%
Cash & Equivalents $941.0M $119.0M
Short-Term Investments
Other Short-Term Assets $56.00M $61.00M
YoY Change -8.2% -10.29%
Inventory
Prepaid Expenses $98.00M $104.0M
Receivables $596.0M $715.0M
Other Receivables $27.00M $61.00M
Total Short-Term Assets $3.202B $1.110B
YoY Change 188.47% -7.65%
LONG-TERM ASSETS
Property, Plant & Equipment $12.89B $14.03B
YoY Change -8.15% -2.49%
Goodwill $6.383B
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $475.0M $470.0M
YoY Change 1.06% 109.82%
Total Long-Term Assets $14.29B $22.25B
YoY Change -35.8% -5.21%
TOTAL ASSETS
Total Short-Term Assets $3.202B $1.110B
Total Long-Term Assets $14.29B $22.25B
Total Assets $17.49B $23.36B
YoY Change -25.14% -5.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $357.0M $473.0M
YoY Change -24.52% -11.92%
Accrued Expenses $662.0M $265.0M
YoY Change 149.81% -11.96%
Deferred Revenue $46.00M $47.00M
YoY Change -2.13% 0.0%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $17.31B $393.0M
YoY Change 4303.56% -62.92%
Total Short-Term Liabilities $19.23B $2.010B
YoY Change 856.67% -24.41%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $16.53B
YoY Change -100.0% 0.34%
Other Long-Term Liabilities $411.0M $439.0M
YoY Change -6.38% 42.53%
Total Long-Term Liabilities $411.0M $16.97B
YoY Change -97.58% 5408.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.23B $2.010B
Total Long-Term Liabilities $411.0M $16.97B
Total Liabilities $19.64B $18.98B
YoY Change 3.5% -14.84%
SHAREHOLDERS EQUITY
Retained Earnings -$8.759B -$2.741B
YoY Change 219.55% 29.97%
Common Stock $4.843B $4.832B
YoY Change 0.23%
Preferred Stock
YoY Change
Treasury Stock (at cost) $13.00M $14.00M
YoY Change -7.14%
Treasury Stock Shares
Shareholders Equity -$4.493B $1.535B
YoY Change
Total Liabilities & Shareholders Equity $17.49B $23.36B
YoY Change -25.14% -5.33%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$186.0M -$87.00M
YoY Change 113.79% -535.0%
Depreciation, Depletion And Amortization $415.0M $484.0M
YoY Change -14.26% -4.16%
Cash From Operating Activities $477.0M $282.0M
YoY Change 69.15% 12.35%
INVESTING ACTIVITIES
Capital Expenditures -$286.0M -$305.0M
YoY Change -6.23% 2.69%
Acquisitions
YoY Change
Other Investing Activities -$2.000M $74.00M
YoY Change -102.7% 3600.0%
Cash From Investing Activities -$282.0M -$231.0M
YoY Change 22.08% -20.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $5.000M $1.995B
YoY Change -99.75% 22.62%
Cash From Financing Activities -13.00M -286.0M
YoY Change -95.45% 108.76%
NET CHANGE
Cash From Operating Activities 477.0M 282.0M
Cash From Investing Activities -282.0M -231.0M
Cash From Financing Activities -13.00M -286.0M
Net Change In Cash 182.0M -235.0M
YoY Change -177.45% 34.29%
FREE CASH FLOW
Cash From Operating Activities $477.0M $282.0M
Capital Expenditures -$286.0M -$305.0M
Free Cash Flow $763.0M $587.0M
YoY Change 29.98% 7.12%

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CY2020Q1 us-gaap Use Of Estimates
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<span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;letter-spacing: 0;margin: 0;padding: 0;">a) </span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;letter-spacing: 0;margin: 0;padding: 0;text-decoration: underline;">Basis of Presentation and Use of Estimates</span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;letter-spacing: 0;margin: 0;padding: 0;">:</span><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.63in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Frontier Communications Corporation and its subsidiaries are referred to as “we,” “us,” “our,” “Frontier,” or the “Company” in this report. Our interim unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and should be read in conjunction with the consolidated financial statements and notes included in our Annual Report on Form 10-K for the year ended December 31, 2019.</span><span style="white-space:pre-wrap; color: #000000;font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> Certain reclassifications of amounts previously reported have been made to conform to the current presentation. </span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">All significant intercompany balances and transactions have been eliminated in consolidation. These interim unaudited consolidated financial statements include all adjustments (consisting of normal recurring accruals) considered necessary, in the opinion of Frontier’s management, to present fairly the results for the interim periods shown. Revenues, net loss and cash flows for any interim periods are not necessarily indicative of results that may be expected for the full year. For our interim financial statements as of and for the period ended March 31, 2020, we evaluated subsequent events and transactions for potential recognition or disclosure through the date that we filed this Form 10-Q with the Securities and Exchange Commission (SEC).</span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.50in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;letter-spacing: 0;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.63in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The preparation of our interim financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities at the date of the financial statements, (ii) the disclosure of contingent assets and liabilities, and (iii) the reported amounts of revenue and expenses during the reporting period. Actual results may differ from those estimates. Estimates and judgments are used when accounting for the allowance for doubtful accounts, asset impairments, indefinite-lived intangibles, depreciation and amortization, income taxes, and pension and other postretirement benefits, among others.</span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.50in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Arial', 'sans-serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0.63in;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;letter-spacing: 0;margin: 0;padding: 0;">We operate in </span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;letter-spacing: 0;margin: 0;padding: 0;">one</span><span style="white-space:pre-wrap; font-family: 'Arial', 'sans-serif';font-size: 10pt;font-style: normal;font-weight: normal;letter-spacing: 0;margin: 0;padding: 0;"> reportable segment. Frontier provides both regulated and unregulated voice, data and video services to consumer, commercial and wholesale customers and is typically the incumbent voice services provider in its service areas.</span></p>
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43000000
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-186000000
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-87000000
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-186000000
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-87000000
CY2020Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
105060000
CY2019Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
105426000
CY2020Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
697000
CY2019Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
1541000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
104363000
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
103885000
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.78
CY2019Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.84
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
104363000
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
103885000
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
104363000
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
103885000
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.78
CY2019Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.84
CY2020Q1 ftrcq Number Of Stock Based Compensation Plan Under Which Grants Were Made
NumberOfStockBasedCompensationPlanUnderWhichGrantsWereMade
7
CY2020Q1 ftrcq Number Of Stock Based Compensation Plan Under Which Grants Were Not Made
NumberOfStockBasedCompensationPlanUnderWhichGrantsWereNotMade
6
CY2020Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
125000000
CY2019Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
25000000
CY2020Q1 ftrcq Capitalization Of Pension And Opeb Expense Related To Engineering And Plant Construction
CapitalizationOfPensionAndOpebExpenseRelatedToEngineeringAndPlantConstruction
7000000
CY2019Q1 ftrcq Capitalization Of Pension And Opeb Expense Related To Engineering And Plant Construction
CapitalizationOfPensionAndOpebExpenseRelatedToEngineeringAndPlantConstruction
6000000
CY2019Q4 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
DefinedBenefitPlanFairValueOfPlanAssets
2730000000
CY2020Q1 us-gaap Defined Benefit Plan Fair Value Of Plan Assets
DefinedBenefitPlanFairValueOfPlanAssets
2166000000
CY2020Q1 us-gaap Defined Benefit Plan Fair Value Of Plan Assets Period Increase Decrease
DefinedBenefitPlanFairValueOfPlanAssetsPeriodIncreaseDecrease
564000000
CY2020Q1 ftrcq Percentage Of Increase In Pension Plan
PercentageOfIncreaseInPensionPlan
0.21
CY2020Q1 us-gaap Pension Contributions
PensionContributions
327000000
CY2020Q1 us-gaap Defined Benefit Plan Actual Return On Plan Assets
DefinedBenefitPlanActualReturnOnPlanAssets
274000000
CY2020Q1 us-gaap Defined Benefit Plan Benefit Obligation Benefits Paid
DefinedBenefitPlanBenefitObligationBenefitsPaid
37000000
CY2020Q1 ftrcq Term Of Lease Arrangements Lower Range
TermOfLeaseArrangementsLowerRange
P1Y
CY2020Q1 ftrcq Term Of Lease Arrangements Upper Range
TermOfLeaseArrangementsUpperRange
P99Y

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