$FYBR
Frontier Communications Parent, Inc.

2020 Q2 Form 10-Q Financial Statement

#000156276220000319 Filed on August 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $1.801B $2.067B
YoY Change -12.87% -4.39%
Cost Of Revenue $685.0M $763.0M
YoY Change -10.22% -9.92%
Gross Profit $1.116B $1.304B
YoY Change -14.42% -0.84%
Gross Profit Margin 61.97% 63.09%
Selling, General & Admin $407.0M $445.0M
YoY Change -8.54% -3.26%
% of Gross Profit 36.47% 34.13%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $397.0M $454.0M
YoY Change -12.56% -6.58%
% of Gross Profit 35.57% 34.82%
Operating Expenses $1.661B $7.526B
YoY Change -77.93% 319.28%
Operating Profit $140.0M -$5.459B
YoY Change -102.56% -1587.47%
Interest Expense $160.0M $383.0M
YoY Change -58.22% -0.52%
% of Operating Profit 114.29%
Other Income/Expense, Net -$20.00M -$9.000M
YoY Change 122.22% -280.0%
Pretax Income -$238.0M -$5.851B
YoY Change -95.93% 15297.37%
Income Tax -$57.00M -$534.0M
% Of Pretax Income
Net Earnings -$181.0M -$5.317B
YoY Change -96.6% 29438.89%
Net Earnings / Revenue -10.05% -257.23%
Basic Earnings Per Share -$1.73 -$51.07
Diluted Earnings Per Share -$1.73 -$51.07
COMMON SHARES
Basic Shares Outstanding 104.5M 104.1M
Diluted Shares Outstanding 104.5M 104.1M

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.290B $267.0M
YoY Change 757.68% -30.47%
Cash & Equivalents $2.290B $267.0M
Short-Term Investments
Other Short-Term Assets $79.00M $60.00M
YoY Change 31.67% -67.91%
Inventory
Prepaid Expenses $147.0M $106.0M
Receivables $602.0M $674.0M
Other Receivables $59.00M $60.00M
Total Short-Term Assets $3.219B $2.614B
YoY Change 23.14% 83.05%
LONG-TERM ASSETS
Property, Plant & Equipment $12.85B $13.00B
YoY Change -1.18% -8.98%
Goodwill $276.0M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $565.0M $455.0M
YoY Change 24.18% 92.8%
Total Long-Term Assets $14.25B $14.95B
YoY Change -4.7% -35.84%
TOTAL ASSETS
Total Short-Term Assets $3.219B $2.614B
Total Long-Term Assets $14.25B $14.95B
Total Assets $17.47B $17.57B
YoY Change -0.56% -28.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $534.0M $452.0M
YoY Change 18.14% -11.89%
Accrued Expenses $60.00M $498.0M
YoY Change -87.95% -1.19%
Deferred Revenue $51.00M $41.00M
YoY Change 24.39%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $6.446B $440.0M
YoY Change 1365.0% -64.17%
Total Short-Term Liabilities $7.812B $2.300B
YoY Change 239.65% -24.74%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $16.36B
YoY Change -100.0% 0.91%
Other Long-Term Liabilities $406.0M $399.0M
YoY Change 1.75% -78.37%
Total Long-Term Liabilities $406.0M $16.76B
YoY Change -97.58% -7.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.812B $2.300B
Total Long-Term Liabilities $406.0M $16.76B
Total Liabilities $22.56B $19.06B
YoY Change 18.41% -14.66%
SHAREHOLDERS EQUITY
Retained Earnings -$8.940B -$8.067B
YoY Change 10.82%
Common Stock $4.843B $4.833B
YoY Change 0.21%
Preferred Stock
YoY Change
Treasury Stock (at cost) $13.00M $12.00M
YoY Change 8.33%
Treasury Stock Shares
Shareholders Equity -$5.097B -$3.771B
YoY Change
Total Liabilities & Shareholders Equity $17.47B $17.57B
YoY Change -0.56% -28.97%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$181.0M -$5.317B
YoY Change -96.6% 29438.89%
Depreciation, Depletion And Amortization $397.0M $454.0M
YoY Change -12.56% -6.58%
Cash From Operating Activities $473.0M $575.0M
YoY Change -17.74% -14.43%
INVESTING ACTIVITIES
Capital Expenditures -$225.0M -$275.0M
YoY Change -18.18% -14.33%
Acquisitions
YoY Change
Other Investing Activities $1.135B $1.000M
YoY Change 113400.0% -114.29%
Cash From Investing Activities $910.0M -$274.0M
YoY Change -432.12% -16.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -24.00M -153.0M
YoY Change -84.31% 37.84%
NET CHANGE
Cash From Operating Activities 473.0M 575.0M
Cash From Investing Activities 910.0M -274.0M
Cash From Financing Activities -24.00M -153.0M
Net Change In Cash 1.359B 148.0M
YoY Change 818.24% -36.48%
FREE CASH FLOW
Cash From Operating Activities $473.0M $575.0M
Capital Expenditures -$225.0M -$275.0M
Free Cash Flow $698.0M $850.0M
YoY Change -17.88% -14.4%

Facts In Submission

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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 June 30, 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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