Company Quick10K Filing
Sprint
Price6.05 EPS-0
Shares4,098 P/E-47
MCap24,793 P/FCF3
Net Debt33,384 EBIT1,918
TEV58,177 TEV/EBIT30
TTM 2019-09-30, in MM, except price, ratios
10-Q 2019-12-31 Filed 2020-01-27
10-Q 2019-09-30 Filed 2019-11-12
10-Q 2019-06-30 Filed 2019-08-08
10-K 2019-03-31 Filed 2019-05-29
10-Q 2018-12-31 Filed 2019-01-31
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-07
10-K 2018-03-31 Filed 2018-05-24
10-Q 2017-12-31 Filed 2018-02-06
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-08-03
10-K 2017-03-31 Filed 2017-05-26
10-Q 2016-12-31 Filed 2017-02-06
10-Q 2016-09-30 Filed 2016-11-01
10-Q 2016-06-30 Filed 2016-08-09
10-K 2016-03-31 Filed 2016-05-17
10-Q 2015-12-31 Filed 2016-02-04
10-Q 2015-09-30 Filed 2015-11-09
10-Q 2015-06-30 Filed 2015-08-07
10-K 2015-03-31 Filed 2015-05-26
10-Q 2014-12-31 Filed 2015-02-05
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-08
10-K 2013-12-31 Filed 2014-02-24
10-Q 2013-09-30 Filed 2013-11-06
10-Q 2013-06-30 Filed 2013-08-05
10-Q 2013-03-31 Filed 2013-05-06
10-K 2012-12-31 Filed 2013-02-28
10-Q 2012-09-30 Filed 2012-11-07
10-Q 2012-06-30 Filed 2012-08-02
10-Q 2012-03-31 Filed 2012-05-03
10-Q 2011-09-30 Filed 2011-11-03
10-Q 2011-06-30 Filed 2011-08-04
10-Q 2011-03-31 Filed 2011-05-05
10-Q 2010-06-30 Filed 2010-08-05
10-Q 2010-03-31 Filed 2010-05-05
10-K 2009-12-31 Filed 2010-02-26
8-K 2020-04-01
8-K 2020-02-20
8-K 2020-02-11
8-K 2020-02-03
8-K 2020-01-30
8-K 2020-01-29
8-K 2020-01-27
8-K 2020-01-24
8-K 2019-11-04
8-K 2019-08-02
8-K 2019-07-26
8-K 2019-06-07
8-K 2019-05-20
8-K 2019-05-16
8-K 2019-05-07
8-K 2019-04-27
8-K 2019-01-31
8-K 2018-12-17
8-K 2018-12-03
8-K 2018-11-26
8-K 2018-10-31
8-K 2018-10-30
8-K 2018-08-07
8-K 2018-08-01
8-K 2018-06-29
8-K 2018-06-06
8-K 2018-05-23
8-K 2018-05-18
8-K 2018-05-14
8-K 2018-05-02
8-K 2018-05-01
8-K 2018-04-29
8-K 2018-03-21
8-K 2018-03-14
8-K 2018-03-12
8-K 2018-02-20
8-K 2018-02-09
8-K 2018-02-02
8-K 2018-01-16
8-K 2018-01-02

S 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements (Unaudited)
Note 1. Basis of Presentation and Other Information
Note 2. New Accounting Pronouncements
Note 3. Installment Receivables
Note 4. Financial Instruments
Note 5. Property, Plant and Equipment
Note 6. Intangible Assets
Note 7. Leases
Note 9. Revenues From Contracts with Customers
Note 10. Severance and Exit Costs
Note 11. Income Taxes
Note 12. Commitments and Contingencies
Note 13. per Share Data
Note 14. Segments
Note 15. Related - Party Transactions
Note 16. Guarantor Financial Information
Note 17. Additional Financial Information
Note 18. Subsequent Events
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 Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-4.1 sprintcorpdec-2019ex41.htm
EX-31.1 sprintcorpdec-2019ex311.htm
EX-31.2 sprintcorpdec-2019ex312.htm
EX-32.1 sprintcorpdec-2019ex321.htm
EX-32.2 sprintcorpdec-2019ex322.htm

Sprint Earnings 2019-12-31

Balance SheetIncome StatementCash Flow
907254361802012201420172020
Assets, Equity
10.07.75.43.20.9-1.42012201420172020
Rev, G Profit, Net Income
10.06.02.0-2.0-6.0-10.02012201420172020
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 December 31, 2019
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 1-04721
—————————————————————
SPRINT CORPORATION
(Exact name of registrant as specified in its charter)
—————————————————————
Delaware
46-1170005
(State or other jurisdiction of incorporation or organization)
(I.R.S. Employer Identification No.)
 
 
6200 Sprint Parkway,
Overland Park,
Kansas
66251
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code: (913794-1091
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, $0.01 par value
 
S
 
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  x    No   o
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  x    No   o
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.
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.     o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No   x
COMMON SHARES OUTSTANDING AT JANUARY 24, 2020:
Sprint Corporation Common Stock
4,111,432,945

 



SPRINT CORPORATION
TABLE OF CONTENTS
 








PART I — FINANCIAL INFORMATION

Item 1.
Financial Statements (Unaudited)

SPRINT CORPORATION
CONSOLIDATED BALANCE SHEETS  
 
December 31,
 
March 31,
 
2019
 
2019
 
(in millions, except share and
per share data)
ASSETS
Current assets:
 
 
 
Cash and cash equivalents
$
3,179

 
$
6,982

Short-term investments
62

 
67

Accounts and notes receivable, net of allowance for doubtful accounts and deferred interest of $410 and $363, respectively
3,873

 
3,554

Device and accessory inventory
1,117

 
999

Prepaid expenses and other current assets
1,224

 
1,289

Total current assets
9,455

 
12,891

Property, plant and equipment, net
20,827

 
21,201

Costs to acquire a customer contract
1,808

 
1,559

Operating lease right-of-use assets
6,713

 

Intangible assets
 
 
 
Goodwill
4,598

 
4,598

FCC licenses and other
41,492

 
41,465

Definite-lived intangible assets, net
918

 
1,769

Other assets
1,091

 
1,118

Total assets
$
86,902

 
$
84,601

LIABILITIES AND EQUITY
Current liabilities:
 
 
 
Accounts payable
$
3,396

 
$
3,961

Accrued expenses and other current liabilities
3,335

 
3,597

Current operating lease liabilities
1,860

 

Current portion of long-term debt, financing and finance lease obligations
3,880

 
4,557

Total current liabilities
12,471

 
12,115

Long-term debt, financing and finance lease obligations
33,507

 
35,366

Long-term operating lease liabilities
5,423

 

Deferred tax liabilities
7,038

 
7,556

Other liabilities
2,708

 
3,437

Total liabilities
61,147

 
58,474

Commitments and contingencies

 

Stockholders' equity:
 
 
 
Common stock, voting, par value $0.01 per share, 9.0 billion authorized, 4.112 billion and 4.081 billion issued, respectively
41

 
41

Paid-in capital
28,402

 
28,306

Treasury shares, at cost
(9
)
 

Accumulated deficit
(2,226
)
 
(1,883
)
Accumulated other comprehensive loss
(453
)
 
(392
)
Total stockholders' equity
25,755

 
26,072

Noncontrolling interests

 
55

Total equity
25,755

 
26,127

Total liabilities and equity
$
86,902

 
$
84,601

See Notes to the Consolidated Financial Statements

1




SPRINT CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
 
Three Months Ended
 
Nine Months Ended
 
December 31,
 
December 31,
 
2019
 
2018
 
2019
 
2018
 
(in millions, except per share amounts)
Net operating revenues:
 
 
 
 
 
 
 
Service
$
5,416

 
$
5,699

 
$
16,252

 
$
17,201

Equipment sales
1,372

 
1,589

 
3,784

 
4,180

Equipment rentals
1,292

 
1,313

 
3,981

 
3,778

 
8,080

 
8,601

 
24,017


25,159

Net operating expenses:
 
 
 
 
 
 
 
Cost of services (exclusive of depreciation and amortization included below)
1,718

 
1,648

 
5,203

 
5,019

Cost of equipment sales
1,646

 
1,734

 
4,346

 
4,521

Cost of equipment rentals (exclusive of depreciation below)
201

 
182

 
666

 
457

Selling, general and administrative
2,045

 
2,003

 
5,888

 
5,731

Depreciation - network and other
1,071

 
1,088

 
3,256

 
3,132

Depreciation - equipment rentals
1,011

 
1,137

 
3,096

 
3,454

Amortization
474

 
145

 
698

 
475

Other, net
(152
)
 
185

 
106

 
298

 
8,014

 
8,122

 
23,259


23,087

Operating income
66

 
479

 
758


2,072

Other (expense) income:
 
 
 
 
 
 
 
Interest expense
(589
)
 
(664
)
 
(1,802
)
 
(1,934
)
Other (expense) income, net
(6
)
 
32

 
36

 
153

 
(595
)
 
(632
)
 
(1,766
)

(1,781
)
(Loss) income before income taxes
(529
)
 
(153
)
 
(1,008
)

291

Income tax benefit (expense)
408

 
8

 
494

 
(56
)
Net (loss) income
(121
)
 
(145
)
 
(514
)

235

Less: Net loss (income) attributable to noncontrolling interests
1

 
4

 
9

 
(4
)
Net (loss) income attributable to Sprint Corporation
$
(120
)
 
$
(141
)
 
$
(505
)
 
$
231

 
 
 
 
 
 
 
 
Basic net (loss) income per common share attributable to Sprint Corporation
$
(0.03
)
 
$
(0.03
)
 
$
(0.12
)
 
$
0.06

Diluted net (loss) income per common share attributable to Sprint Corporation
$
(0.03
)
 
$
(0.03
)
 
$
(0.12
)
 
$
0.06

Basic weighted average common shares outstanding
4,109

 
4,078

 
4,098

 
4,050

Diluted weighted average common shares outstanding
4,109

 
4,078

 
4,098

 
4,110

 
 
 
 
 
 
 
 
Other comprehensive (loss) income, net of tax:
 
 
 
 
 
 
 
Net unrealized holding losses on securities and other
$

 
$
(2
)
 
$
(2
)
 
$
(9
)
Net unrealized holding gains (losses) on derivatives
4

 
(25
)
 
(23
)
 
(8
)
Net unrecognized net periodic pension and other postretirement benefits
(39
)
 
2

 
(36
)
 
5

Cumulative effect of accounting change

 

 

 
(8
)
Other comprehensive loss
(35
)
 
(25
)
 
(61
)
 
(20
)
Comprehensive (loss) income
$
(156
)
 
$
(170
)
 
$
(575
)
 
$
215

See Notes to the Consolidated Financial Statements

2





SPRINT CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS



 
Nine Months Ended
 
December 31,
 
2019
 
2018
 
(in millions)
Cash flows from operating activities:
 
 
 
Net (loss) income
$
(514
)
 
$
235

Adjustments to reconcile net (loss) income to net cash provided by operating activities:
 
 
 
Asset impairments
231

 

Depreciation and amortization
7,050

 
7,061

Provision for losses on accounts receivable
435

 
278

Share-based and long-term incentive compensation expense
90

 
101

Deferred income tax (benefit) expense
(532
)
 
25

Amortization of long-term debt premiums, net
(47
)
 
(94
)
Loss on disposal of property, plant and equipment
692

 
642

Deferred purchase price from sale of receivables

 
(223
)
Other changes in assets and liabilities:
 
 
 
Accounts and notes receivable
(754
)
 
65

Inventories and other current assets
650

 
248

Operating lease right-of-use assets
1,280

 

Accounts payable and other current liabilities
(436
)
 
(530
)
Current and long-term operating lease liabilities
(1,433
)
 

Non-current assets and liabilities, net
(172
)
 
(601
)
Other, net
225

 
375

Net cash provided by operating activities
6,765

 
7,582

Cash flows from investing activities:
 
 
 
Capital expenditures - network and other
(3,360
)
 
(3,814
)
Capital expenditures - leased devices
(5,449
)
 
(5,739
)
Expenditures relating to FCC licenses
(24
)
 
(145
)
Proceeds from sales and maturities of short-term investments
79

 
6,619

Purchases of short-term investments
(74
)
 
(5,152
)
Proceeds from sales of assets and FCC licenses
819

 
416

Proceeds from deferred purchase price from sale of receivables

 
223

Proceeds from corporate owned life insurance policies
5

 
110

Other, net
(27
)
 
52

Net cash used in investing activities
(8,031
)
 
(7,430
)
Cash flows from financing activities:
 
 
 
Proceeds from debt and financings
4,731

 
6,416

Repayments of debt, financing and finance lease obligations
(7,188
)
 
(6,937
)
Debt financing costs
(12
)
 
(286
)
Proceeds from issuance of common stock, net
(29
)
 
281

Acquisition of noncontrolling interest
(33
)
 

Other, net
1

 

Net cash used in financing activities
(2,530
)
 
(526
)
Net decrease in cash, cash equivalents and restricted cash
(3,796
)
 
(374
)
Cash, cash equivalents and restricted cash, beginning of period
7,063

 
6,659

Cash, cash equivalents and restricted cash, end of period
$
3,267

 
$
6,285

See Notes to the Consolidated Financial Statements

3




SPRINT CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(in millions)
 
 
Nine Months Ended December 31, 2019
 
Common Stock
 
Paid-in
Capital
 
Treasury Shares
 
(Accumulated
Deficit) Retained Earnings
 
Accumulated
Other
Comprehensive
Loss
 
Noncontrolling
Interests
 
Total Equity
 
Shares
 
Amount
Shares
 
Amount
Balance, March 31, 2019
4,081

 
$
41

 
$
28,306

 

 
$

 
$
(1,883
)
 
$
(392
)
 
$
55

 
$
26,127

Net loss
 
 
 
 
 
 
 
 
 
 
(111
)
 
 
 
(3
)
 
(114
)
Other comprehensive loss, net of tax
 
 
 
 
 
 
 
 
 
 
 
 
(22
)
 
 
 
(22
)
Issuance of common stock, net
11

 
 
 
(15
)
 

 
(2
)
 
 
 
 
 
 
 
(17
)
Share-based compensation expense
 
 
 
 
35

 
 
 
 
 
 
 
 
 
 
 
35

Other, net
 
 
 
 
(3
)
 
 
 
 
 
 
 
 
 
 
 
(3
)
Cumulative effect of accounting change
 
 
 
 
 
 
 
 
 
 
162

 
 
 
 
 
162

Balance, June 30, 2019
4,092

 
41

 
28,323

 

 
(2
)
 
(1,832
)
 
(414
)
 
52

 
26,168

Net loss
 
 
 
 
 
 
 
 
 
 
(274
)
 
 
 
(5
)
 
(279
)
Other comprehensive loss, net of tax
 
 
 
 
 
 
 
 
 
 
 
 
(4
)
 
 
 
(4
)
Issuance of common stock, net
16

 
 
 
(2
)
 
2

 
(14
)
 
 
 
 
 
 
 
(16
)
Share-based compensation expense
 
 
 
 
28

 
 
 
 
 
 
 
 
 
 
 
28

Balance, September 30, 2019
4,108

 
41

 
28,349

 
2

 
(16
)
 
(2,106
)
 
(418
)
 
47

 
25,897

Net loss
 
 
 
 
 
 
 
 
 
 
(120
)
 
 
 
(1
)
 
(121
)
Other comprehensive loss, net of tax
 
 
 
 
 
 
 
 
 
 
 
 
(35
)
 
 
 
(35
)
Issuance of common stock, net
4

 
 
 
(3
)
 
(1
)
 
7

 
 
 
 
 
 
 
4

Share-based compensation expense
 
 
 
 
27

 
 
 
 
 
 
 
 
 
 
 
27

Capital contribution by SoftBank
 
 
 
 
1

 
 
 
 
 
 
 
 
 
 
 
1

Acquisition of noncontrolling interest(1)
 
 
 
 
28

 
 
 
 
 
 
 
 
 
(46
)
 
(18
)
Balance, December 31, 2019
4,112

 
$
41

 
$
28,402

 
1

 
$
(9
)
 
$
(2,226
)
 
$
(453
)
 
$

 
$
25,755

_________________
(1)
On November 1, 2019, we acquired PRWireless PR, Inc’s. member shares in PRWireless Holdco, LLC for cash consideration of $33 million making Sprint the sole shareholder of PRWireless Holdco, LLC and removing the noncontrolling interest.
















See Notes to the Consolidated Financial Statements


4




SPRINT CORPORATION
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(in millions)

 
Nine Months Ended December 31, 2018
 
Common Stock
 
Paid-in
Capital
 
Treasury Shares
 
(Accumulated
Deficit) Retained Earnings
 
Accumulated
Other
Comprehensive
(Loss) Income
 
Noncontrolling
Interests
 
Total Equity
 
Shares
 
Amount
Shares
 
Amount
Balance, March 31, 2018
4,005

 
$
40

 
$
27,884

 

 
$

 
$
(1,255
)
 
$
(313
)
 
$
63

 
$
26,419

Net income (loss)
 
 
 
 
 
 
 
 
 
 
176

 
 
 
(3
)
 
173

Other comprehensive income, net of tax
 
 
 
 
 
 
 
 
 
 
 
 
4

 
 
 
4

Issuance of common stock, net
8

 
 
 
2

 
1