$FYBR
Frontier Communications Parent, Inc.

2020 Q4 Form 10-Q Financial Statement

#000156276220000383 Filed on November 04, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2020 Q2
Revenue $1.695B $1.726B $1.801B
YoY Change -12.72% -13.57% -12.87%
Cost Of Revenue $629.0M $657.0M $685.0M
YoY Change -13.72% -14.79% -10.22%
Gross Profit $1.066B $1.069B $1.116B
YoY Change -12.12% -12.81% -14.42%
Gross Profit Margin 62.89% 61.94% 61.97%
Selling, General & Admin $393.0M $404.0M $407.0M
YoY Change -14.19% -9.21% -8.54%
% of Gross Profit 36.87% 37.79% 36.47%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $394.0M $392.0M $397.0M
YoY Change -6.19% -7.11% -12.56%
% of Gross Profit 36.96% 36.67% 35.57%
Operating Expenses $787.0M $1.456B $1.661B
YoY Change -10.36% -26.13% -77.93%
Operating Profit $277.0M $270.0M $140.0M
YoY Change 25.34% 938.46% -102.56%
Interest Expense -$112.0M -$135.0M $160.0M
YoY Change -72.0% -135.34% -58.22%
% of Operating Profit -40.43% -50.0% 114.29%
Other Income/Expense, Net -$14.00M -$20.00M
YoY Change 40.0% 122.22%
Pretax Income -$43.00M $4.000M -$238.0M
YoY Change -81.78% -101.09% -95.93%
Income Tax $7.000M -$11.00M -$57.00M
% Of Pretax Income -275.0%
Net Earnings -$50.00M $15.00M -$181.0M
YoY Change -69.14% -104.35% -96.6%
Net Earnings / Revenue -2.95% 0.87% -10.05%
Basic Earnings Per Share $0.14 -$1.73
Diluted Earnings Per Share -$478.5K $0.14 -$1.73
COMMON SHARES
Basic Shares Outstanding 104.8M 104.5M 104.5M
Diluted Shares Outstanding 104.9M 104.5M

Balance Sheet

Concept 2020 Q4 2020 Q3 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.829B $1.767B $2.290B
YoY Change 140.66% 158.71% 757.68%
Cash & Equivalents $1.829B $1.767B $2.290B
Short-Term Investments
Other Short-Term Assets $85.00M $104.0M $79.00M
YoY Change 60.38% 89.09% 31.67%
Inventory
Prepaid Expenses $90.00M $105.0M $147.0M
Receivables $553.0M $562.0M $602.0M
Other Receivables $79.00M $91.00M $59.00M
Total Short-Term Assets $2.654B $2.638B $3.219B
YoY Change -12.61% -12.33% 23.14%
LONG-TERM ASSETS
Property, Plant & Equipment $12.93B $12.86B $12.85B
YoY Change -0.25% -0.89% -1.18%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $533.0M $534.0M $565.0M
YoY Change 13.89% 16.34% 24.18%
Total Long-Term Assets $14.14B $14.15B $14.25B
YoY Change -2.15% -2.77% -4.7%
TOTAL ASSETS
Total Short-Term Assets $2.654B $2.638B $3.219B
Total Long-Term Assets $14.14B $14.15B $14.25B
Total Assets $16.80B $16.79B $17.47B
YoY Change -3.96% -4.41% -0.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $540.0M $564.0M $534.0M
YoY Change 23.57% 24.5% 18.14%
Accrued Expenses $95.00M $56.00M $60.00M
YoY Change -80.77% -85.15% -87.95%
Deferred Revenue $58.00M $59.00M $51.00M
YoY Change 41.46% 34.09% 24.39%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $5.781B $5.701B $6.446B
YoY Change 481.59% 473.54% 1365.0%
Total Short-Term Liabilities $7.140B $7.112B $7.812B
YoY Change 154.64% 159.56% 239.65%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $452.0M $394.0M $406.0M
YoY Change 9.71% -1.01% 1.75%
Total Long-Term Liabilities $452.0M $394.0M $406.0M
YoY Change -97.3% -97.64% -97.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.140B $7.112B $7.812B
Total Long-Term Liabilities $452.0M $394.0M $406.0M
Total Liabilities $21.70B $21.71B $22.56B
YoY Change -0.85% 11.68% 18.41%
SHAREHOLDERS EQUITY
Retained Earnings -$8.975B -$8.925B -$8.940B
YoY Change 4.69% 6.11% 10.82%
Common Stock $4.844B $4.845B $4.843B
YoY Change 0.04% 0.17% 0.21%
Preferred Stock
YoY Change
Treasury Stock (at cost) $14.00M $14.00M $13.00M
YoY Change 7.69% 16.67% 8.33%
Treasury Stock Shares
Shareholders Equity -$4.900B -$4.926B -$5.097B
YoY Change
Total Liabilities & Shareholders Equity $16.80B $16.79B $17.47B
YoY Change -3.96% -4.41% -0.56%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2020 Q2
OPERATING ACTIVITIES
Net Income -$50.00M $15.00M -$181.0M
YoY Change -69.14% -104.35% -96.6%
Depreciation, Depletion And Amortization $394.0M $392.0M $397.0M
YoY Change -6.19% -7.11% -12.56%
Cash From Operating Activities $497.0M $542.0M $473.0M
YoY Change 22.72% 120.33% -17.74%
INVESTING ACTIVITIES
Capital Expenditures -$356.0M -$314.0M -$225.0M
YoY Change 8.54% -1.26% -18.18%
Acquisitions
YoY Change
Other Investing Activities $22.00M $1.000M $1.135B
YoY Change 57.14% -66.67% 113400.0%
Cash From Investing Activities -$334.0M -$313.0M $910.0M
YoY Change 6.37% -0.63% -432.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -102.0M -754.0M -24.00M
YoY Change 628.57% -255.46% -84.31%
NET CHANGE
Cash From Operating Activities 497.0M 542.0M 473.0M
Cash From Investing Activities -334.0M -313.0M 910.0M
Cash From Financing Activities -102.0M -754.0M -24.00M
Net Change In Cash 61.00M -525.0M 1.359B
YoY Change -20.78% -226.2% 818.24%
FREE CASH FLOW
Cash From Operating Activities $497.0M $542.0M $473.0M
Capital Expenditures -$356.0M -$314.0M -$225.0M
Free Cash Flow $853.0M $856.0M $698.0M
YoY Change 16.37% 51.77% -17.88%

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;"> </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 income (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 September 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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CY2020Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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15000000
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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104135000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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104460000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2019Q3 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
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us-gaap Defined Benefit Plan Net Periodic Benefit Cost
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CY2020Q3 us-gaap Defined Benefit Pension Plan Current And Noncurrent Liabilities
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ftrcq Capitalization Of Pension And Opeb Expense Related To Engineering And Plant Construction
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ftrcq Capitalization Of Pension And Opeb Expense Related To Engineering And Plant Construction
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us-gaap Defined Benefit Plan Contributions By Employer
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