Company Quick10K Filing
Cincinnati Bell
Price5.78 EPS-2
Shares50 P/E-4
MCap291 P/FCF2
Net Debt1,898 EBIT20
TEV2,189 TEV/EBIT111
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-05-05
10-K 2019-12-31 Filed 2020-02-24
10-Q 2019-09-30 Filed 2019-11-07
10-Q 2019-06-30 Filed 2019-08-08
10-Q 2019-03-31 Filed 2019-05-08
10-K 2018-12-31 Filed 2019-02-22
10-Q 2018-09-30 Filed 2018-11-08
10-Q 2018-06-30 Filed 2018-08-08
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-02-26
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-05-09
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-04
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-02-26
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-07
10-Q 2014-03-31 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-02-27
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-09
10-K 2012-12-31 Filed 2013-02-28
10-Q 2012-09-30 Filed 2012-10-29
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-07
10-K 2011-12-31 Filed 2012-02-28
10-Q 2011-09-30 Filed 2011-11-04
10-Q 2011-06-30 Filed 2011-08-04
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-02-28
10-Q 2010-09-30 Filed 2010-11-08
10-Q 2010-06-30 Filed 2010-08-09
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-05-07 Shareholder Vote, Other Events, Exhibits
8-K 2020-05-07 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2020-05-05 Earnings, Other Events, Exhibits
8-K 2020-04-28 Other Events, Exhibits
8-K 2020-04-27 Other Events
8-K 2020-03-13 Leave Agreement, Other Events, Exhibits
8-K 2020-03-09 Other Events, Exhibits
8-K 2020-03-06 Other Events, Exhibits
8-K 2020-03-05 Enter Agreement, Other Events, Exhibits
8-K 2020-03-04 Enter Agreement, Other Events, Exhibits
8-K 2020-03-02 Other Events, Exhibits
8-K 2020-02-28 Enter Agreement, Other Events, Exhibits
8-K 2020-02-13 Earnings, Other Events, Exhibits
8-K 2020-01-24 Other Events, Exhibits
8-K 2019-12-23 Enter Agreement, Exhibits
8-K 2019-12-23 Other Events, Exhibits
8-K 2019-11-07 Earnings, Regulation FD, Exhibits
8-K 2019-08-08 Earnings, Regulation FD, Exhibits
8-K 2019-05-12 Officers, Exhibits
8-K 2019-05-09 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-05-08 Earnings, Regulation FD, Exhibits
8-K 2019-05-02 Shareholder Vote
8-K 2019-02-14 Earnings, Regulation FD, Exhibits
8-K 2018-11-21 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-11-08 Earnings, Regulation FD, Exhibits
8-K 2018-10-25 Other Events, Exhibits
8-K 2018-08-08 Earnings, Regulation FD, Exhibits
8-K 2018-07-02 Enter Agreement, M&A, Off-BS Arrangement, Officers, Other Events, Exhibits
8-K 2018-07-02 Officers
8-K 2018-06-19 Other Events, Exhibits
8-K 2018-06-11 Other Events, Exhibits
8-K 2018-05-10 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2018-05-09 Earnings, Regulation FD, Exhibits
8-K 2018-05-09 Regulation FD, Exhibits
8-K 2018-05-01 Shareholder Vote
8-K 2018-05-01 Shareholder Vote
8-K 2018-05-01 Officers, Exhibits
8-K 2018-04-05 Enter Agreement, Exhibits
8-K 2018-03-02 Officers, Exhibits
8-K 2018-02-15 Earnings, Regulation FD, Exhibits

CBB 10Q Quarterly Report

Part I. Financial Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosure
Item 5. Other Information
Item 6. Exhibits
EX-10.1 cbb-ex101_31.htm
EX-31.1 cbb-ex311_9.htm
EX-31.2 cbb-ex312_6.htm
EX-32.1 cbb-ex321_7.htm
EX-32.2 cbb-ex322_8.htm

Cincinnati Bell Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
2.92.21.40.7-0.1-0.82012201420172020
Assets, Equity
0.50.40.30.10.0-0.12012201420172020
Rev, G Profit, Net Income
0.60.40.20.0-0.2-0.42012201420172020
Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2020

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from              to             

Commission File Number 1-8519

CINCINNATI BELL INC.

 

Ohio

 

31-1056105

(State of Incorporation)

 

(I.R.S. Employer Identification No.)

 

221 East Fourth Street, Cincinnati, Ohio 45202

(Address of principal executive offices) (Zip Code)

(513) 397-9900

(Registrant’s telephone number, including area code)

Title of Each Class

 

Trading Symbol(s)

 

Name of Each Exchange on

Which Registered

Common Shares ($0.01 par value)

 

CBB

 

New York Stock Exchange

Depositary Shares, each representing 1/20

interest in a Share of 6 ¾% Cumulative
Convertible Preferred Stock
, without par value

 

CBB.PB

 

New York Stock Exchange

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes       No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T ( § 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes       No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No  

Securities Registered Pursuant to Section 12(b) of the Act:

 

At April 30, 2020, there were 50,564,267 common shares outstanding.

 

 


 

TABLE OF CONTENTS

 

PART I. Financial Information

 

 

 

 

 

 

 

 

 

Description

 

 

 

Page

Item 1.

 

Financial Statements

 

 

 

 

Condensed Consolidated Statements of Operations (Unaudited) Three Months Ended March 31, 2020 and 2019

 

1

 

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) Three Months Ended March 31, 2020 and 2019

 

2

 

 

 

 

 

 

 

Condensed Consolidated Statements of Shareowners' Deficit (Unaudited) Three Months Ended March 31, 2020 and 2019

 

3

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets (Unaudited) March 31, 2020 and December 31, 2019

 

4

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows (Unaudited) Three Months Ended March 31, 2020 and 2019

 

5

 

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

 

6

 

 

 

 

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

21

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

 

34

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

34

 

 

 

 

 

 

 

PART II. Other Information

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

35

 

 

 

 

 

Item 1A.

 

Risk Factors

 

35

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

42

 

 

 

 

 

Item 3.

 

Default upon Senior Securities

 

42

 

 

 

 

 

Item 4.

 

Mine Safety Disclosure

 

42

 

 

 

 

 

Item 5.

 

Other Information

 

42

 

 

 

 

 

Item 6.

 

Exhibits

 

43

 

 

 

 

 

 

 

Signatures

 

44

 

 

 


 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in millions, except per share amounts)

(Unaudited)

 

 

 

Three Months Ended

March 31,

 

 

 

2020

 

 

2019

 

Revenue

 

$

380.0

 

 

$

379.6

 

 

 

 

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

 

 

 

Cost of services and products, excluding items below

 

 

193.7

 

 

 

197.7

 

Selling, general and administrative, excluding items below

 

 

88.0

 

 

 

86.1

 

Depreciation and amortization

 

 

74.2

 

 

 

79.4

 

Restructuring and severance related charges

 

 

15.2

 

 

 

3.3

 

Transaction and integration costs

 

 

29.1

 

 

 

3.0

 

Total operating costs and expenses

 

 

400.2

 

 

 

369.5

 

Operating (loss) income

 

 

(20.2

)

 

 

10.1

 

Interest expense

 

 

33.7

 

 

 

35.1

 

Other components of pension and postretirement benefit plans expense

 

 

2.6

 

 

 

2.6

 

Other income, net

 

 

(0.8

)

 

 

(1.0

)

Loss before income taxes

 

 

(55.7

)

 

 

(26.6

)

Income tax (benefit) expense

 

 

(21.7

)

 

 

0.3

 

Net loss

 

 

(34.0

)

 

 

(26.9

)

Preferred stock dividends

 

 

2.6

 

 

 

2.6

 

Net loss applicable to common shareowners

 

$

(36.6

)

 

$

(29.5

)

 

 

 

 

 

 

 

 

 

Basic and diluted net loss per common share

 

$

(0.72

)

 

$

(0.59

)

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

1


 

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Dollars in millions)

(Unaudited)

 

 

 

Three Months Ended

March 31,

 

 

 

2020

 

 

2019

 

Net loss

 

$

(34.0

)

 

$

(26.9

)

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

Foreign currency translation (loss) gain

 

 

(6.9

)

 

 

1.6

 

Cash flow hedges:

 

 

 

 

 

 

 

 

Unrealized loss on cash flow hedges arising during the period, net of tax of ($3.0), ($1.0)

 

 

(10.1

)

 

 

(3.1

)

Reclassification adjustment for net losses included in net income, net of tax of $0.3, $0.1

 

 

1.1

 

 

 

0.2

 

Defined benefit plans:

 

 

 

 

 

 

 

 

Amortization of prior service benefits included in net income, net of tax of ($0.1), ($0.1)

 

 

(0.5

)

 

 

(0.5

)

Amortization of net actuarial loss included in net income, net of tax of $1.0, $0.8

 

 

3.7

 

 

 

3.0

 

Total other comprehensive (loss) income

 

 

(12.7

)

 

 

1.2

 

Total comprehensive loss

 

$

(46.7

)

 

$

(25.7

)

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

2


 

CONDENSED CONSOLIDATED STATEMENTS OF SHAREOWNERS' DEFICIT

(Dollars in millions)

(Unaudited)

 

 

 

6 3/4 % Cumulative

Convertible

Preferred Shares

 

 

Common Shares

 

 

Additional

Paid-in

 

 

Accumulated

 

 

Accumulated

Other

Comprehensive

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Loss

 

 

Total

 

Balance at December 31, 2019

 

 

3.1

 

 

$

129.4

 

 

 

50.4

 

 

$

0.5

 

 

$

2,676.2

 

 

$

(2,776.0

)

 

$

(170.1

)

 

$

(140.0

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(34.0

)

 

 

 

 

 

(34.0

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12.7

)

 

 

(12.7

)

Shares issued under employee plans

 

 

 

 

 

 

 

 

0.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares purchased under employee plans and other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1.1

)

 

 

 

 

 

 

 

 

(1.1

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.7

 

 

 

 

 

 

 

 

 

1.7

 

Dividends on preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2.6

)

 

 

 

 

 

 

 

 

(2.6

)

Balance at March 31, 2020

 

 

3.1

 

 

$

129.4

 

 

 

50.6

 

 

$

0.5

 

 

$

2,674.2

 

 

$

(2,810.0

)

 

$

(182.8

)

 

$

(188.7

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2018

 

 

3.1

 

 

$

129.4

 

 

 

50.2

 

 

$

0.5

 

 

$

2,680.0

 

 

$

(2,709.4

)

 

$

(175.5

)

 

$

(75.0

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(26.9

)

 

 

 

 

 

(26.9

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.2

 

 

 

1.2

 

Shares issued under employee plans

 

 

 

 

 

 

 

 

0.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares purchased under employee plans and other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.8

)

 

 

 

 

 

 

 

 

(0.8

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.8

 

 

 

 

 

 

 

 

 

1.8

 

Dividends on preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2.6

)

 

 

 

 

 

 

 

 

(2.6

)

Balance at March 31, 2019

 

 

3.1

 

 

$

129.4

 

 

 

50.4

 

 

$

0.5

 

 

$

2,678.4

 

 

$

(2,736.3

)

 

$

(174.3

)

 

$

(102.3

)

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

3


 

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in millions, except share amounts)

(Unaudited)  

 

 

 

March 31,

 

 

December 31,

 

 

 

2020

 

 

2019

 

Assets

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

10.6

 

 

$

11.6

 

Receivables, less allowances of $16.7 and $14.3

 

 

270.0

 

 

 

307.7

 

Inventory, materials and supplies

 

 

43.3

 

 

 

44.6

 

Prepaid expenses

 

 

31.5

 

 

 

28.3

 

Other current assets

 

 

9.0

 

 

 

11.6

 

Total current assets

 

 

364.4

 

 

 

403.8

 

Property, plant and equipment, net

 

 

1,761.1

 

 

 

1,780.8

 

Operating lease right-of-use assets

 

 

34.1

 

 

 

35.8

 

Goodwill

 

 

156.8

 

 

 

160.5

 

Intangible assets, net

 

 

148.4

 

 

 

155.4

 

Deferred income tax assets

 

 

80.5

 

 

 

59.3

 

Other noncurrent assets

 

 

54.3

 

 

 

58.2

 

Total assets

 

$

2,599.6

 

 

$

2,653.8

 

Liabilities and Shareowners’ Deficit

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

21.8

 

 

$

22.3

 

Accounts payable

 

 

274.5

 

 

 

284.6

 

Unearned revenue and customer deposits

 

 

54.1

 

 

 

59.1

 

Accrued taxes

 

 

19.2

 

 

 

29.1

 

Accrued interest

 

 

24.6

 

 

 

26.8

 

Accrued payroll and benefits

 

 

43.5

 

 

 

49.0

 

Other current liabilities

 

 

51.6

 

 

 

52.6

 

Total current liabilities

 

 

489.3

 

 

 

523.5

 

Long-term debt, less current portion

 

 

1,927.2

 

 

 

1,901.3

 

Operating lease liabilities

 

 

31.2

 

 

 

32.1

 

Pension and postretirement benefit obligations

 

 

211.1

 

 

 

215.5

 

Pole license agreement obligation

 

 

37.7

 

 

 

38.0

 

Deferred income tax liabilities

 

 

10.7

 

 

 

11.7

 

Other noncurrent liabilities

 

 

81.1

 

 

 

71.7

 

Total liabilities

 

 

2,788.3

 

 

 

2,793.8

 

Shareowners’ deficit

 

 

 

 

 

 

 

 

Preferred stock, 2,357,299 shares authorized; 155,250 shares (3,105,000 depositary shares) of 6 3/4% Cumulative Convertible Preferred Stock issued and outstanding at March 31, 2020 and December 31, 2019; liquidation preference $1,000 per share ($50 per depositary share)

 

 

129.4

 

 

 

129.4

 

Common shares, $.01 par value; 96,000,000 shares authorized; 50,564,267 and 50,420,700 shares issued and outstanding at March 31, 2020 and December 31, 2019

 

 

0.5

 

 

 

0.5

 

Additional paid-in capital

 

 

2,674.2

 

 

 

2,676.2

 

Accumulated deficit

 

 

(2,810.0

)

 

 

(2,776.0

)

Accumulated other comprehensive loss

 

 

(182.8

)

 

 

(170.1

)

Total shareowners’ deficit

 

 

(188.7

)

 

 

(140.0

)

Total liabilities and shareowners’ deficit

 

$

2,599.6

 

 

$

2,653.8

 

 

The accompanying notes are an integral part of the condensed consolidated financial statements.

4


 

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in millions)

(Unaudited)

 

 

 

Three Months Ended

March 31,

 

 

 

2020

 

 

2019

 

Cash flows from operating activities

 

 

 

 

 

 

 

 

Net loss

 

$

(34.0

)

 

$

(26.9

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

74.2

 

 

 

79.4

 

Provision for loss on receivables

 

 

4.5

 

 

 

2.9

 

Noncash portion of interest expense

 

 

1.4

 

 

 

1.9

 

Deferred income taxes

 

 

(20.3

)

 

 

0.5

 

Pension and other postretirement payments in excess of expense

 

 

(0.2

)

 

 

(0.3

)

Stock-based compensation

 

 

1.7

 

 

 

1.8

 

Other, net

 

 

0.4

 

 

 

(1.3

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Decrease in receivables

 

 

29.0

 

 

 

82.3

 

(Increase) decrease in inventory, materials, supplies, prepaid expenses and other current assets

 

 

(0.5

)

 

 

7.5

 

Decrease in accounts payable

 

 

(5.3

)

 

 

(74.8

)

Decrease in accrued and other current liabilities

 

 

(25.1

)

 

 

(17.9

)

Decrease in other noncurrent assets

 

 

2.7

 

 

 

2.3

 

Increase (decrease) in other noncurrent liabilities

 

 

0.6

 

 

 

(0.6

)

Net cash provided by operating activities

 

 

29.1

 

 

 

56.8

 

Cash flows from investing activities

 

 

 

 

 

 

 

 

Capital expenditures

 

 

(50.9

)

 

 

(56.5

)

Other, net

 

 

 

 

 

(0.1

)

Net cash used in investing activities

 

 

(50.9

)

 

 

(56.6

)

Cash flows from financing activities

 

 

 

 

 

 

 

 

Net increase (decrease) in corporate credit and receivables facilities with initial maturities less than 90 days

 

 

31.1

 

 

 

(3.8

)

Repayment of debt

 

 

(6.2

)

 

 

(4.5

)

Debt issuance costs

 

 

 

 

 

(0.1

)

Dividends paid on preferred stock

 

 

(2.6

)