UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
For the quarterly period ended
or
For the transition period from _________to__________
Commission file number:
(Exact name of registrant as specified in its charter)
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(State or other jurisdiction of |
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incorporation or organization) |
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(Address of principal executive offices) |
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Registrant's telephone number, including area code: (
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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| The |
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.
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 during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
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 definition of “accelerated filer,” “large accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Smaller reporting 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
The number of shares outstanding of the registrant’s Common Stock as of May 2, 2022 was
FRONTIER COMMUNICATIONS PARENT, INC. AND SUBSIDIARIES
Table of Contents
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Part I. Financial Information (Unaudited) |
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Item 1. Financial Statements |
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Consolidated Balance Sheets as of March 31, 2022 (Successor), and December 31, 2021 (Predecessor) | 2 |
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 36 |
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Item 3. Quantitative and Qualitative Disclosures about Market Risk | 52 |
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53 | |
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Part II. Other Information |
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54 | |
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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 54 |
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PART I. FINANCIAL INFORMATION
Item 1.Financial Statements
($ in millions and shares in thousands, except for per-share amounts)
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| (Unaudited) |
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| March 31, 2022 |
| December 31, 2021 |
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| ASSETS |
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| Current assets: |
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| Cash and cash equivalents |
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| Short-term investments |
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| Accounts receivable, less allowances of $ |
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| Prepaid expenses |
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| Income taxes and other current assets |
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| Total current assets |
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| Property, plant and equipment, net |
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| Other intangibles, net |
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| Other assets |
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| Total assets |
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| LIABILITIES AND EQUITY |
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| Current liabilities: |
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| Long-term debt due within one year |
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| Accounts payable |
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| Advanced billings |
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| Accrued other taxes |
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| Accrued interest |
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| Pension and other postretirement benefits |
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| Other current liabilities |
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| Total current liabilities |
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| Deferred income taxes |
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| Pension and other postretirement benefits |
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| Other liabilities |
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| Long-term debt |
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| Total liabilities |
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| Equity: |
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| Common stock, $ |
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| December 31, 2021, respectively) |
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| Additional paid-in capital |
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| Retained earnings |
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| Accumulated other comprehensive income, net of tax |
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| Total equity |
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| Total liabilities and equity |
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The accompanying Notes are an integral part of these unaudited Consolidated Financial Statements.
PART I. FINANCIAL INFORMATION (Continued)
CONSOLIDATED STATEMENTS OF INCOME
($ in millions and shares in thousands, except for per-share amounts)
(Unaudited)
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| Successor |
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| For the three months |
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| Revenue |
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| Operating expenses: |
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| Cost of service |
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| Selling, general and administrative expenses |
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| Depreciation and amortization |
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| Restructuring costs and other charges |
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| Total operating expenses |
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| Operating income |
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| Investment and other income, net |
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| Reorganization items, net |
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| Interest expense (See Note 8) |
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| Income before income taxes |
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| Income tax expense |
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| Net income |
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| Basic net earnings per share |
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| attributable to Frontier common shareholders |
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| Diluted net earnings per share |
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| attributable to Frontier common shareholders |
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| Total weighted average shares outstanding - basic |
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| Total weighted average shares outstanding - diluted |
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The accompanying Notes are an integral part of these unaudited Consolidated Financial Statements.
PART I. FINANCIAL INFORMATION (Continued)
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
($ in millions)
(Unaudited)
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| Successor |
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| For the three months |
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| Net income |
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| Other comprehensive income (loss), net of tax |
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| Comprehensive income |
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The accompanying Notes are an integral part of these unaudited Consolidated Financial Statements.
PART I. FINANCIAL INFORMATION (Continued)
($ in millions and shares in thousands)
(Unaudited)
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| For the three months ended March 31, 2022 (Successor) |
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| Accumulated |
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| Additional |
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| Other |
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| Common Stock |
| Paid-In |
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| Comprehensive |
| Total |
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| Amount |
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Balance at January 1, 2022 |
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Stock plans |
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Net income |
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Other comprehensive |
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income (loss), net of tax |
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Balance at March 31, 2022 |
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| For the three months ended March 31, 2021 (Predecessor) |
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| Accumulated |
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| Additional |
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| Other |
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| Paid-In |
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| Amount |
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| Deficit |
| Income (Loss) |
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Balance at January 1, 2021 |
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Stock plans |
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