2023 Q2 Form 10-Q Financial Statement

#000156276223000214 Filed on May 05, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $1.449B $1.440B $1.447B
YoY Change -0.69% -0.48% -13.66%
Cost Of Revenue $528.0M $542.0M $553.0M
YoY Change -3.3% -1.99% 179.29%
Gross Profit $921.0M $898.0M $894.0M
YoY Change 0.88% 0.45% -39.51%
Gross Profit Margin 63.56% 62.36% 61.78%
Selling, General & Admin $428.0M $417.0M $435.0M
YoY Change 0.23% -4.14% 6.62%
% of Gross Profit 46.47% 46.44% 48.66%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $354.0M $330.0M $284.0M
YoY Change 22.07% 16.2% -26.61%
% of Gross Profit 38.44% 36.75% 31.77%
Operating Expenses $428.0M $417.0M $719.0M
YoY Change -40.31% -42.0% 76.23%
Operating Profit $115.0M $143.0M $175.0M
YoY Change -41.33% -18.29% -32.43%
Interest Expense $149.0M $141.0M -$101.0M
YoY Change -233.04% -239.6% -213.48%
% of Operating Profit 129.57% 98.6% -57.71%
Other Income/Expense, Net $15.00M -$19.00M $75.00M
YoY Change -87.07% -125.33% 7400.0%
Pretax Income -$2.000M $4.000M $95.00M
YoY Change -101.18% -95.79% -35.37%
Income Tax $0.00 $1.000M $30.00M
% Of Pretax Income 25.0% 31.58%
Net Earnings -$2.000M $3.000M $65.00M
YoY Change -101.98% -95.38% 8.33%
Net Earnings / Revenue -0.14% 0.21% 4.49%
Basic Earnings Per Share -$0.01 $0.01 $0.27
Diluted Earnings Per Share -$0.01 $0.01 $265.0K
COMMON SHARES
Basic Shares Outstanding 245.4M 245.0M 244.4M
Diluted Shares Outstanding 245.5M 246.4M 245.3M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.237B $2.032B $2.200B
YoY Change -58.46% -7.64% 4.41%
Cash & Equivalents $662.0M $1.132B $1.300B
Short-Term Investments $575.0M $900.0M $900.0M
Other Short-Term Assets $22.00M $19.00M $31.00M
YoY Change -12.0% -38.71% -27.91%
Inventory
Prepaid Expenses $71.00M $63.00M $60.00M
Receivables $431.0M $430.0M $397.0M
Other Receivables $0.00 $0.00 $31.00M
Total Short-Term Assets $1.761B $2.544B $2.688B
YoY Change -49.71% -5.36% -5.58%
LONG-TERM ASSETS
Property, Plant & Equipment $13.35B $12.75B $9.575B
YoY Change 32.1% 33.14% -26.27%
Goodwill
YoY Change
Intangibles $3.746B $3.826B $4.147B
YoY Change -7.89% -7.74%
Long-Term Investments
YoY Change
Other Assets $290.0M $280.0M $345.0M
YoY Change -18.99% -18.84% -34.66%
Total Long-Term Assets $17.39B $16.85B $14.07B
YoY Change 19.65% 19.81% -0.33%
TOTAL ASSETS
Total Short-Term Assets $1.761B $2.544B $2.688B
Total Long-Term Assets $17.39B $16.85B $14.07B
Total Assets $19.15B $19.40B $16.76B
YoY Change 6.18% 15.77% -1.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.161B $1.368B $694.0M
YoY Change 41.93% 97.12% 36.88%
Accrued Expenses $163.0M $221.0M $199.0M
YoY Change -1.81% 11.06% 38.19%
Deferred Revenue $31.00M $30.00M $27.00M
YoY Change 14.81% 11.11% -53.45%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $15.00M $15.00M $15.00M
YoY Change 0.0% 0.0% -99.74%
Total Short-Term Liabilities $2.067B $2.311B $1.713B
YoY Change 16.19% 34.91% -76.05%
LONG-TERM LIABILITIES
Long-Term Debt $9.829B $9.839B $7.957B
YoY Change 7.66% 23.65%
Other Long-Term Liabilities $523.0M $493.0M $415.0M
YoY Change 23.93% 18.8% -6.74%
Total Long-Term Liabilities $10.35B $10.33B $8.372B
YoY Change 8.38% 23.41% 1781.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.067B $2.311B $1.713B
Total Long-Term Liabilities $10.35B $10.33B $8.372B
Total Liabilities $13.96B $14.24B $12.08B
YoY Change 5.43% 17.87% -44.58%
SHAREHOLDERS EQUITY
Retained Earnings $856.0M $858.0M $479.0M
YoY Change 47.59% 79.12% -105.37%
Common Stock $4.244B $4.222B $4.141B
YoY Change 2.17% 1.96% -14.51%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.192B $5.163B $4.678B
YoY Change
Total Liabilities & Shareholders Equity $19.15B $19.40B $16.76B
YoY Change 6.18% 15.77% -1.21%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$2.000M $3.000M $65.00M
YoY Change -101.98% -95.38% 8.33%
Depreciation, Depletion And Amortization $354.0M $330.0M $284.0M
YoY Change 22.07% 16.2% -26.61%
Cash From Operating Activities $276.0M $389.0M $528.0M
YoY Change 20.52% -26.33% -20.6%
INVESTING ACTIVITIES
Capital Expenditures $1.057B $1.154B -$447.0M
YoY Change -264.9% -358.17% 16.41%
Acquisitions
YoY Change
Other Investing Activities $329.0M $850.0M -$898.0M
YoY Change -123.52% -194.65% 44800.0%
Cash From Investing Activities -$728.0M -$304.0M -$1.345B
YoY Change -64.31% -77.4% 253.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $4.000M $3.000M
YoY Change 33.33%
Cash From Financing Activities -18.00M 725.0M -12.00M
YoY Change -101.54% -6141.67% 71.43%
NET CHANGE
Cash From Operating Activities 276.0M 389.0M 528.0M
Cash From Investing Activities -728.0M -304.0M -1.345B
Cash From Financing Activities -18.00M 725.0M -12.00M
Net Change In Cash -470.0M 810.0M -829.0M
YoY Change -26.68% -197.71% -398.2%
FREE CASH FLOW
Cash From Operating Activities $276.0M $389.0M $528.0M
Capital Expenditures $1.057B $1.154B -$447.0M
Free Cash Flow -$781.0M -$765.0M $975.0M
YoY Change -189.77% -178.46% -7.05%

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CY2023Q1 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;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 Parent, Inc. 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, 2022. 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, 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;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, business, and wholesale customers and is typically the incumbent voice services provider in its service areas. </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;">Certain reclassifications of prior period balances have been made to conform to the current period presentation. </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;">For our interim financial statements as of and for the period ended March 31, 2023, 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: 0.63in;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;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 application of allowance for credit losses, asset impairments, indefinite-lived intangibles, depreciation and amortization, income taxes, and pension and other postretirement benefits, among others. </span></p>
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