$FYBR
Frontier Communications Parent, Inc.

2021 Q2 Form 10-Q Financial Statement

#000156276221000179 Filed on April 30, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2021 Q1 2020 Q4
Revenue $1.616B $1.676B $1.695B
YoY Change -10.27% -13.3% -12.72%
Cost Of Revenue $606.0M $198.0M $629.0M
YoY Change -11.53% -30.77% -13.72%
Gross Profit $1.010B $1.478B $1.066B
YoY Change -9.5% -10.26% -12.12%
Gross Profit Margin 62.5% 88.19% 62.89%
Selling, General & Admin $398.0M $408.0M $393.0M
YoY Change -2.21% -8.11% -14.19%
% of Gross Profit 39.41% 27.6% 36.87%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $298.0M $387.0M $394.0M
YoY Change -24.94% -6.75% -6.19%
% of Gross Profit 29.5% 26.18% 36.96%
Operating Expenses $696.0M $408.0M $787.0M
YoY Change -58.1% -75.44% -10.36%
Operating Profit $314.0M $259.0M $277.0M
YoY Change 124.29% -4.78% 25.34%
Interest Expense -$91.00M $89.00M -$112.0M
YoY Change -156.88% -76.76% -72.0%
% of Operating Profit -28.98% 34.36% -40.43%
Other Income/Expense, Net -$3.000M $1.000M
YoY Change -85.0% -80.0%
Pretax Income $4.400B $147.0M -$43.00M
YoY Change -1948.74% -170.33% -81.78%
Income Tax -$180.0M $87.00M $7.000M
% Of Pretax Income -4.09% 59.18%
Net Earnings $4.580B $60.00M -$50.00M
YoY Change -2630.39% -132.26% -69.14%
Net Earnings / Revenue 283.42% 3.58% -2.95%
Basic Earnings Per Share $0.57
Diluted Earnings Per Share $18.74M $0.57 -$478.5K
COMMON SHARES
Basic Shares Outstanding 104.8M 104.6M 104.8M
Diluted Shares Outstanding 104.9M

Balance Sheet

Concept 2021 Q2 2021 Q1 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $993.0M $2.107B $1.829B
YoY Change -56.64% 123.91% 140.66%
Cash & Equivalents $993.0M $2.107B $1.829B
Short-Term Investments
Other Short-Term Assets $111.0M $43.00M $85.00M
YoY Change 40.51% -23.21% 60.38%
Inventory
Prepaid Expenses $85.00M $90.00M
Receivables $504.0M $519.0M $553.0M
Other Receivables $17.00M $41.00M $79.00M
Total Short-Term Assets $1.625B $2.847B $2.654B
YoY Change -49.52% -11.09% -12.61%
LONG-TERM ASSETS
Property, Plant & Equipment $8.686B $12.99B $12.93B
YoY Change -32.38% 0.75% -0.25%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $402.0M $528.0M $533.0M
YoY Change -28.85% 11.16% 13.89%
Total Long-Term Assets $13.48B $14.11B $14.14B
YoY Change -5.41% -1.21% -2.15%
TOTAL ASSETS
Total Short-Term Assets $1.625B $2.847B $2.654B
Total Long-Term Assets $13.48B $14.11B $14.14B
Total Assets $15.10B $16.96B $16.80B
YoY Change -13.54% -3.02% -3.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $561.0M $507.0M $540.0M
YoY Change 5.06% 42.02% 23.57%
Accrued Expenses $111.0M $144.0M $95.00M
YoY Change 85.0% -78.25% -80.77%
Deferred Revenue $15.00M $58.00M $58.00M
YoY Change -70.59% 26.09% 41.46%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $15.00M $5.782B $5.781B
YoY Change -99.77% -66.59% 481.59%
Total Short-Term Liabilities $1.391B $7.151B $7.140B
YoY Change -82.19% -62.81% 154.64%
LONG-TERM LIABILITIES
Long-Term Debt $7.007B
YoY Change
Other Long-Term Liabilities $2.114B $445.0M $452.0M
YoY Change 420.69% 8.27% 9.71%
Total Long-Term Liabilities $9.121B $445.0M $452.0M
YoY Change 2146.55% 8.27% -97.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.391B $7.151B $7.140B
Total Long-Term Liabilities $9.121B $445.0M $452.0M
Total Liabilities $10.85B $21.79B $21.70B
YoY Change -51.9% 10.95% -0.85%
SHAREHOLDERS EQUITY
Retained Earnings -$8.915B -$8.975B
YoY Change 1.78% 4.69%
Common Stock $4.844B $4.844B
YoY Change 0.02% 0.04%
Preferred Stock
YoY Change
Treasury Stock (at cost) $15.00M $14.00M
YoY Change 15.38% 7.69%
Treasury Stock Shares
Shareholders Equity $4.248B -$4.830B -$4.900B
YoY Change
Total Liabilities & Shareholders Equity $15.10B $16.96B $16.80B
YoY Change -13.54% -3.02% -3.96%

Cashflow Statement

Concept 2021 Q2 2021 Q1 2020 Q4
OPERATING ACTIVITIES
Net Income $4.580B $60.00M -$50.00M
YoY Change -2630.39% -132.26% -69.14%
Depreciation, Depletion And Amortization $298.0M $387.0M $394.0M
YoY Change -24.94% -6.75% -6.19%
Cash From Operating Activities -$939.0M $665.0M $497.0M
YoY Change -298.52% 39.41% 22.72%
INVESTING ACTIVITIES
Capital Expenditures -$385.0M -$384.0M -$356.0M
YoY Change 71.11% 34.27% 8.54%
Acquisitions
YoY Change
Other Investing Activities $6.000M -$2.000M $22.00M
YoY Change -99.47% 0.0% 57.14%
Cash From Investing Activities -$379.0M -$380.0M -$334.0M
YoY Change -141.65% 34.75% 6.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 197.0M -7.000M -102.0M
YoY Change -920.83% -46.15% 628.57%
NET CHANGE
Cash From Operating Activities -939.0M 665.0M 497.0M
Cash From Investing Activities -379.0M -380.0M -334.0M
Cash From Financing Activities 197.0M -7.000M -102.0M
Net Change In Cash -1.121B 278.0M 61.00M
YoY Change -182.49% 52.75% -20.78%
FREE CASH FLOW
Cash From Operating Activities -$939.0M $665.0M $497.0M
Capital Expenditures -$385.0M -$384.0M -$356.0M
Free Cash Flow -$554.0M $1.049B $853.0M
YoY Change -179.37% 37.48% 16.37%

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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, 2020. 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.</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-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;margin: 0;padding: 0;">For our interim financial statements as of and for the period ended March 31, 2021, 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: 1.18in;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;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 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><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-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;letter-spacing: 0;margin: 0;padding: 0;">Chapter 11 Cases - On April 14, 2020 (the Petition Date), Frontier Communications Corporation (as it may be reorganized pursuant to the Plan, Reorganized Frontier) and its subsidiaries (collectively, the Company Parties or the Debtors and, as they may be reorganized pursuant to the Plan (as defined herein), the Reorganized Company Parties or the Reorganized Debtors) commenced cases under chapter 11 (the Chapter 11 Cases) of title 11 of the United States Code (the Bankruptcy Code) in the U.S. Bankruptcy Court for the Southern District of New York (the Bankruptcy Court). On August 21, 2020, the Company Parties filed the Fifth Amended Joint Plan of Reorganization of Frontier Communications Corporation and Its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code (the Plan) with the Bankruptcy Court. On August 27, 2020, the Bankruptcy Court entered the Order Confirming the Fifth Amended Joint Plan of Reorganization of Frontier Communications Corporation and its Debtor Affiliates Pursuant to Chapter 11 of the Bankruptcy Code (the Confirmation Order), which approved and confirmed the Plan.</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><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;">The effective date of the Plan will occur after all conditions precedent to the Plan have been satisfied (the Effective Date), which is expected to occur on April 30, 2021, at which time we expect to emerge from the Chapter 11 Cases. See Note 3 for more information.</span></p>
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CY2021Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2020Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2021Q1 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.087
CY2020Q1 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
-0.012
CY2021Q1 cik0000020520 Effective Income Tax Rate Reconciliation Change In Certain Deferred Tax Balances
EffectiveIncomeTaxRateReconciliationChangeInCertainDeferredTaxBalances
0.609
CY2020Q1 cik0000020520 Effective Income Tax Rate Reconciliation Change In Certain Deferred Tax Balances
EffectiveIncomeTaxRateReconciliationChangeInCertainDeferredTaxBalances
0.006
CY2021Q1 cik0000020520 Effective Income Tax Rate Reconciliation Interest Expense Deduction
EffectiveIncomeTaxRateReconciliationInterestExpenseDeduction
-0.367
CY2021Q1 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Restructuring Charges
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseRestructuringCharges
0.051
CY2020Q1 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Restructuring Charges
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseRestructuringCharges
-0.034
CY2020Q1 cik0000020520 Effective Income Tax Rate Reconciliation Nondeductible Expense Gain Loss On Disposition Of Business Percent
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseGainLossOnDispositionOfBusinessPercent
-0.024
CY2020Q1 cik0000020520 Effective Income Tax Rate Reconciliation Tax Reserve Adjustment
EffectiveIncomeTaxRateReconciliationTaxReserveAdjustment
-0.025
CY2020Q1 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.007
CY2020Q1 cik0000020520 Effective Income Tax Rate Reconciliation Tax Credit Research And Development Percent
EffectiveIncomeTaxRateReconciliationTaxCreditResearchAndDevelopmentPercent
0.006
CY2021Q1 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.002
CY2020Q1 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.009
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.592
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.111
CY2021Q1 cik0000020520 Deferred Payments Related To Social Security Taxes
DeferredPaymentsRelatedToSocialSecurityTaxes
60000000
CY2020Q4 us-gaap Income Tax Receivable
IncomeTaxReceivable
13000000
CY2021Q1 us-gaap Income Tax Receivable
IncomeTaxReceivable
13000000
CY2021Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
138000000
CY2021Q1 cik0000020520 Deferred Tax Assets Valuation Allowance Net Of Federal Benefit
DeferredTaxAssetsValuationAllowanceNetOfFederalBenefit
125000000
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
60000000
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-186000000
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
60000000
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-186000000
CY2021Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
104786000
CY2020Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
105060000
CY2021Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
230000
CY2020Q1 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
697000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
104556000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
104363000
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.57
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.78
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
104556000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
104363000
CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
340000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
104896000
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
104363000
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.57
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.78
CY2021Q1 cik0000020520 Number Of Stock Based Compensation Plan Under Which Grants Were Made
NumberOfStockBasedCompensationPlanUnderWhichGrantsWereMade
4
CY2021Q1 cik0000020520 Total Disclosed Benefit Cost
TotalDisclosedBenefitCost
20000000
CY2020Q1 cik0000020520 Total Disclosed Benefit Cost
TotalDisclosedBenefitCost
125000000
CY2021Q1 cik0000020520 Capitalization Of Pension And Opeb Expense Related To Engineering And Plant Construction
CapitalizationOfPensionAndOpebExpenseRelatedToEngineeringAndPlantConstruction
6000000
CY2020Q1 cik0000020520 Capitalization Of Pension And Opeb Expense Related To Engineering And Plant Construction
CapitalizationOfPensionAndOpebExpenseRelatedToEngineeringAndPlantConstruction
7000000
CY2020Q1 us-gaap Defined Benefit Plan Expected Future Employer Contributions Current Fiscal Year
DefinedBenefitPlanExpectedFutureEmployerContributionsCurrentFiscalYear
147000000
CY2020Q4 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
27000000
CY2020Q4 us-gaap Defined Benefit Plan Expected Future Employer Contributions Remainder Of Fiscal Year
DefinedBenefitPlanExpectedFutureEmployerContributionsRemainderOfFiscalYear
120000000

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