$FYBR
Frontier Communications Parent, Inc.

2023 Q3 Form 10-Q Financial Statement

#000156276223000309 Filed on August 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $1.436B $1.449B $1.459B
YoY Change -0.55% -0.69% -9.72%
Cost Of Revenue $545.0M $528.0M $546.0M
YoY Change 0.18% -3.3% -9.9%
Gross Profit $891.0M $921.0M $913.0M
YoY Change -1.0% 0.88% -9.6%
Gross Profit Margin 62.05% 63.56% 62.58%
Selling, General & Admin $405.0M $428.0M $427.0M
YoY Change -6.03% 0.23% 7.29%
% of Gross Profit 45.45% 46.47% 46.77%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $356.0M $354.0M $290.0M
YoY Change 20.27% 22.07% -2.68%
% of Gross Profit 39.96% 38.44% 31.76%
Operating Expenses $405.0M $428.0M $717.0M
YoY Change -44.29% -40.31% 3.02%
Operating Profit $114.0M $115.0M $196.0M
YoY Change -34.1% -41.33% -37.58%
Interest Expense $170.0M $149.0M -$112.0M
YoY Change 123.68% -233.04% 23.08%
% of Operating Profit 149.12% 129.57% -57.14%
Other Income/Expense, Net -$4.000M $15.00M $116.0M
YoY Change -102.05% -87.07% -3966.67%
Pretax Income $11.00M -$2.000M $170.0M
YoY Change -94.36% -101.18% -96.14%
Income Tax $0.00 $0.00 $69.00M
% Of Pretax Income 0.0% 40.59%
Net Earnings $11.00M -$2.000M $101.0M
YoY Change -90.83% -101.98% -97.79%
Net Earnings / Revenue 0.77% -0.14% 6.92%
Basic Earnings Per Share $0.05 -$0.01 $0.41
Diluted Earnings Per Share $0.05 -$0.01 $412.7K
COMMON SHARES
Basic Shares Outstanding 245.8M 245.4M 245.0M
Diluted Shares Outstanding 247.4M 245.5M 244.7M

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.223B $1.237B $2.978B
YoY Change -12.99% -58.46% 199.9%
Cash & Equivalents $948.0M $662.0M $678.0M
Short-Term Investments $1.275B $575.0M $2.300B
Other Short-Term Assets $47.00M $22.00M $25.00M
YoY Change 123.81% -12.0% -77.48%
Inventory
Prepaid Expenses $79.00M $71.00M $79.00M
Receivables $449.0M $431.0M $420.0M
Other Receivables $47.00M $0.00 $25.00M
Total Short-Term Assets $2.798B $1.761B $3.502B
YoY Change -9.1% -49.71% 115.51%
LONG-TERM ASSETS
Property, Plant & Equipment $13.62B $13.35B $10.11B
YoY Change 25.57% 32.1% 16.37%
Goodwill
YoY Change
Intangibles $3.665B $3.746B $4.067B
YoY Change -8.05% -7.89%
Long-Term Investments
YoY Change
Other Assets $425.0M $290.0M $358.0M
YoY Change 17.4% -18.99% -10.95%
Total Long-Term Assets $17.71B $17.39B $14.53B
YoY Change 16.56% 19.65% 7.84%
TOTAL ASSETS
Total Short-Term Assets $2.798B $1.761B $3.502B
Total Long-Term Assets $17.71B $17.39B $14.53B
Total Assets $20.51B $19.15B $18.04B
YoY Change 12.24% 6.18% 19.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $885.0M $1.161B $818.0M
YoY Change -11.06% 41.93% 45.81%
Accrued Expenses $222.0M $163.0M $166.0M
YoY Change -0.89% -1.81% 49.55%
Deferred Revenue $34.00M $31.00M $27.00M
YoY Change 25.93% 14.81% 80.0%
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% 0.0%
Total Short-Term Liabilities $2.051B $2.067B $1.779B
YoY Change 3.74% 16.19% 27.89%
LONG-TERM LIABILITIES
Long-Term Debt $11.26B $9.829B $9.130B
YoY Change 23.44% 7.66% 30.3%
Other Long-Term Liabilities $529.0M $523.0M $422.0M
YoY Change 6.65% 23.93% -80.04%
Total Long-Term Liabilities $11.79B $10.35B $9.552B
YoY Change 22.58% 8.38% 4.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.051B $2.067B $1.779B
Total Long-Term Liabilities $11.79B $10.35B $9.552B
Total Liabilities $15.27B $13.96B $13.24B
YoY Change 14.46% 5.43% 21.97%
SHAREHOLDERS EQUITY
Retained Earnings $867.0M $856.0M $580.0M
YoY Change 23.86% 47.59%
Common Stock $4.273B $4.244B $4.154B
YoY Change 2.4% 2.17%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.240B $5.192B $4.796B
YoY Change
Total Liabilities & Shareholders Equity $20.51B $19.15B $18.04B
YoY Change 12.24% 6.18% 19.42%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income $11.00M -$2.000M $101.0M
YoY Change -90.83% -101.98% -97.79%
Depreciation, Depletion And Amortization $356.0M $354.0M $290.0M
YoY Change 20.27% 22.07% -2.68%
Cash From Operating Activities $383.0M $276.0M $229.0M
YoY Change 34.86% 20.52% -124.39%
INVESTING ACTIVITIES
Capital Expenditures $671.0M $1.057B -$641.0M
YoY Change -186.92% -264.9% 66.49%
Acquisitions
YoY Change
Other Investing Activities -$748.0M $329.0M -$1.399B
YoY Change 3461.9% -123.52% -23416.67%
Cash From Investing Activities -$1.419B -$728.0M -$2.040B
YoY Change 78.94% -64.31% 438.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.428B -18.00M 1.170B
YoY Change 2240.98% -101.54% 493.91%
NET CHANGE
Cash From Operating Activities 383.0M 276.0M 229.0M
Cash From Investing Activities -1.419B -728.0M -2.040B
Cash From Financing Activities 1.428B -18.00M 1.170B
Net Change In Cash 392.0M -470.0M -641.0M
YoY Change -187.5% -26.68% -42.82%
FREE CASH FLOW
Cash From Operating Activities $383.0M $276.0M $229.0M
Capital Expenditures $671.0M $1.057B -$641.0M
Free Cash Flow -$288.0M -$781.0M $870.0M
YoY Change -127.27% -189.77% -257.04%

Facts In Submission

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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 June 30, 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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InvestmentAndOtherNonoperatingIncomeExpenseNet
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CY2022Q2 fybr Investment And Other Nonoperating Income Expense Net
InvestmentAndOtherNonoperatingIncomeExpenseNet
122000000
fybr Investment And Other Nonoperating Income Expense Net
InvestmentAndOtherNonoperatingIncomeExpenseNet
34000000
fybr Investment And Other Nonoperating Income Expense Net
InvestmentAndOtherNonoperatingIncomeExpenseNet
199000000
fybr Pension Remeasurement Gain Loss
PensionRemeasurementGainLoss
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CY2023Q1 fybr Pension Remeasurement Gain Loss
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-20000000
CY2023Q2 fybr Pension Remeasurement Gain Loss
PensionRemeasurementGainLoss
12000000
CY2023Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2022Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2023Q2 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
-0.328
CY2022Q2 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.150
us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.572
us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.120
CY2022Q2 fybr Effective Income Tax Rate Reconciliation Change In Certain Deferred Tax Balances
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0.017
fybr Effective Income Tax Rate Reconciliation Change In Certain Deferred Tax Balances
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CY2023Q2 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Other
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther
-0.063
CY2022Q2 fybr Effective Income Tax Rate Reconciliation Tax Reserve Adjustment
EffectiveIncomeTaxRateReconciliationTaxReserveAdjustment
0.003
fybr Effective Income Tax Rate Reconciliation Tax Reserve Adjustment
EffectiveIncomeTaxRateReconciliationTaxReserveAdjustment
-0.038
fybr Effective Income Tax Rate Reconciliation Tax Reserve Adjustment
EffectiveIncomeTaxRateReconciliationTaxReserveAdjustment
0.004
CY2022Q2 fybr Effective Income Tax Rate Reconciliation Tax Credit1
EffectiveIncomeTaxRateReconciliationTaxCredit1
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fybr Effective Income Tax Rate Reconciliation Tax Credit1
EffectiveIncomeTaxRateReconciliationTaxCredit1
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fybr Effective Income Tax Rate Reconciliation Tax Credit1
EffectiveIncomeTaxRateReconciliationTaxCredit1
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CY2023Q2 fybr Effective Income Tax Rate Reconciliation Nondeductible Expense Executive Compensation
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseExecutiveCompensation
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CY2022Q2 fybr Effective Income Tax Rate Reconciliation Nondeductible Expense Executive Compensation
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseExecutiveCompensation
0.024
fybr Effective Income Tax Rate Reconciliation Nondeductible Expense Executive Compensation
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseExecutiveCompensation
-0.222
fybr Effective Income Tax Rate Reconciliation Nondeductible Expense Executive Compensation
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseExecutiveCompensation
0.032
CY2023Q2 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
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CY2022Q2 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
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us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
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us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.593
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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CY2023Q2 us-gaap Deferred Tax Assets Valuation Allowance
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CY2023Q2 fybr Deferred Tax Assets Valuation Allowance Net Of Federal Benefit
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CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
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us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
166000000
CY2023Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
245474000
CY2022Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
244723000
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
245285000
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
244592000
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
245474000
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
244723000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
245285000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
244592000
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.41
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.00
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.68
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
245474000
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
244723000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
245285000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
244592000
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
245474000
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
244723000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
246517000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
244831000
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.41
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.00
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.68
fybr Capitalization Of Pension And Opeb Expense Related To Engineering And Plant Construction
CapitalizationOfPensionAndOpebExpenseRelatedToEngineeringAndPlantConstruction
9000000
fybr Capitalization Of Pension And Opeb Expense Related To Engineering And Plant Construction
CapitalizationOfPensionAndOpebExpenseRelatedToEngineeringAndPlantConstruction
11000000
fybr Opeb Remeasurement
OpebRemeasurement
150000000

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