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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

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

For the quarterly period ended September 30, 2021

or

¨ 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: 001-11001

Picture 1

FRONTIER COMMUNICATIONS PARENT, INC.

(Exact name of registrant as specified in its charter)

Delaware

86-2359749

(State or other jurisdiction of

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

incorporation or organization)

401 Merritt 7

Norwalk, Connecticut

06851

(Address of principal executive offices)

(Zip Code)

Registrant's telephone number, including area code: (203) 614-5600

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, par value $0.01 per share

FYBR

The NASDAQ Stock Market LLC

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 x 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 during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes x 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 definition of “accelerated filer,” “large 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 x

Smaller reporting company x 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 x

The number of shares outstanding of the registrant’s Common Stock as of October 29, 2021 was 244,408,000.


FRONTIER COMMUNICATIONS PARENT, INC. AND SUBSIDIARIES

Table of Contents

Page

Part I. Financial Information (Unaudited)

Item 1. Financial Statements

Consolidated Balance Sheets as of September 30, 2021 (Successor) and December 31, 2020 (Predecessor)

2

Consolidated Statements of Operations for the three months ended September 30, 2021 (Successor), and the three months ended September 30, 2020 (Predecessor)

3

Consolidated Statements of Operations for the five months ended September 30, 2021 (Successor), the four months ended April 30, 2021 (Predecessor), and the nine months ended September 30, 2020 (Predecessor)

4

Consolidated Statements of Comprehensive Income (Loss) for the three months ended September 30, 2021 (Successor), and the three months ended September 30, 2020 (Predecessor), and the five months ended September 30, 2021 (Successor), the four months ended April 30, 2021 (Predecessor), and the nine months ended September 30, 2020 (Predecessor)

5

Consolidated Statements of Equity (Deficit) for the five months ended September 30, 2021 (Successor), the four months ended April 30, 2021 (Predecessor), and the nine months ended September 30, 2020 (Predecessor)

6

Consolidated Statements of Cash Flows for the five months ended September 30, 2021 (Successor), the four months ended April 30, 2021 (Predecessor), and the nine months ended September 30, 2020 (Predecessor)

7

Notes to Consolidated Financial Statements

8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

53

Item 3. Quantitative and Qualitative Disclosures about Market Risk

74

Item 4. Controls and Procedures

75

Part II. Other Information

Item 1. Legal Proceedings

76

Item 1A. Risk Factors

76

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

76

Item 6. Exhibits

77

Signature

78


PART I. FINANCIAL INFORMATION

Item 1.Financial Statements

FRONTIER COMMUNICATIONS PARENT, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

($ in millions and shares in thousands, except for per-share amounts)

(Unaudited)

Successor

Predecessor

September 30, 2021

December 31, 2020

ASSETS

Current assets:

Cash and cash equivalents

$

1,211 

$

1,829 

Accounts receivable, less allowances of $49 and $130, respectively

452 

553 

Contract acquisition costs

-

97 

Prepaid expenses

94 

90 

Income taxes and other current assets

30 

85 

Total current assets

1,787 

2,654 

Property, plant and equipment, net

8,918 

12,931 

Other intangibles, net

4,307 

677 

Other assets

376 

533 

Total assets

$

15,388 

$

16,795 

LIABILITIES AND EQUITY (DEFICIT)

Current liabilities:

Long-term debt due within one year

$

15 

$

5,781 

Accounts payable

583 

540 

Advanced billings

200 

202 

Accrued other taxes

208 

204 

Accrued interest

125 

47 

Pension and other postretirement benefits

48 

48 

Other current liabilities

301 

318 

Total current liabilities

1,480 

7,140 

Deferred income taxes

372 

343 

Pension and other postretirement benefits

1,731 

2,195 

Other liabilities

424 

452 

Long-term debt

6,996 

-

Total liabilities not subject to compromise

11,003 

10,130 

Liabilities subject to compromise

-

11,565 

Total liabilities

11,003 

21,695 

Equity (Deficit):

Successor common stock, $0.01 par value (1,750,000 shares authorized,

244,407 issued and outstanding at September 30, 2021)

2 

-

Predecessor common stock, $0.25 par value (175,000 authorized shares,

106,025 issued, and 104,793 outstanding at December 31, 2020)

-

27 

Additional paid-in capital

4,114 

4,817 

Retained earnings (deficit)

225 

(8,975)

Accumulated other comprehensive income (loss), net of tax

44 

(755)

Treasury common stock

-

(14)

Total equity (deficit)

4,385 

(4,900)

Total liabilities and equity (deficit)

$

15,388 

$

16,795 

The accompanying Notes are an integral part of these unaudited Consolidated Financial Statements.


2


PART I. FINANCIAL INFORMATION (Continued)

FRONTIER COMMUNICATIONS PARENT, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

($ in millions and shares in thousands, except for per-share amounts)

(Unaudited)

Successor

Predecessor

For the three months

For the three months

ended September 30,

ended September 30,

2021

2020

Revenue

$

1,576 

$

1,726 

Operating expenses:

Network access expenses

177 

226 

Network related expenses

413 

431 

Selling, general and administrative expenses

421 

404 

Depreciation and amortization

273 

392 

Restructuring costs and other charges

8 

3 

Total operating expenses

1,292 

1,456 

Operating income

284 

270 

Investment and other loss, net

(37)

(14)

Reorganization items, net

-

(131)

Interest expense (See note 3)

(90)

(121)

Income before income taxes

157 

4 

Income tax (benefit) expense

31 

(11)

Net income

126 

15 

Basic net earnings per share

attributable to Frontier common shareholders

$

0.52 

$

0.14 

Diluted net earnings per share