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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 June 30, 2019

 

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)

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 and posted 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 and post 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:

 

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

 

At July 31, 2019, there were 50,420,449 common shares outstanding.

 

 


 

TABLE OF CONTENTS

 

PART I. Financial Information

 

 

 

 

 

 

 

 

 

Description

 

 

 

Page

Item 1.

 

Financial Statements

 

 

 

 

Condensed Consolidated Statements of Operations (Unaudited) Three and Six Months Ended June 30, 2019 and 2018

 

1

 

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) Three and Six Months Ended June 30, 2019 and 2018

 

2

 

 

 

 

 

 

 

Condensed Consolidated Statements of Shareowners' Deficit (Unaudited) Three and Six Months Ended June 30, 2019 and 2018

 

3

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets (Unaudited) June 30, 2019 and December 31, 2018

 

4

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows (Unaudited) Six Months Ended June 30, 2019 and 2018

 

5

 

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements (Unaudited)

 

6

 

 

 

 

 

Item 2.

 

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

 

24

 

 

 

 

 

Item 3.

 

Quantitative and Qualitative Disclosures about Market Risk

 

37

 

 

 

 

 

Item 4.

 

Controls and Procedures

 

37

 

 

 

 

 

 

 

PART II. Other Information

 

 

 

 

 

 

 

Item 1.

 

Legal Proceedings

 

38

 

 

 

 

 

Item 1A.

 

Risk Factors

 

38

 

 

 

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

38

 

 

 

 

 

Item 3.

 

Default upon Senior Securities

 

38

 

 

 

 

 

Item 4.

 

Mine Safety Disclosure

 

38

 

 

 

 

 

Item 5.

 

Other Information

 

38

 

 

 

 

 

Item 6.

 

Exhibits

 

39

 

 

 

 

 

 

 

Signatures

 

40

 

 

 


 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in millions, except per share amounts)

(Unaudited)

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenue

 

$

384.2

 

 

$

296.8

 

 

$

763.8

 

 

$

592.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of services and products, excluding items below

 

 

195.5

 

 

 

152.3

 

 

 

393.2

 

 

 

301.7

 

Selling, general and administrative, excluding items below

 

 

87.2

 

 

 

66.1

 

 

 

173.3

 

 

 

134.5

 

Depreciation and amortization

 

 

74.2

 

 

 

50.9

 

 

 

153.6

 

 

 

102.1

 

Restructuring and severance related charges

 

 

1.8

 

 

 

4.6

 

 

 

5.1

 

 

 

4.9

 

Transaction and integration costs

 

 

0.6

 

 

 

2.7

 

 

 

3.6

 

 

 

4.9

 

Total operating costs and expenses

 

 

359.3

 

 

 

276.6

 

 

 

728.8

 

 

 

548.1

 

Operating income

 

 

24.9

 

 

 

20.2

 

 

 

35.0

 

 

 

44.4

 

Interest expense

 

 

34.9

 

 

 

31.8

 

 

 

70.0

 

 

 

62.6

 

Loss on extinguishment of debt

 

 

 

 

 

1.3

 

 

 

 

 

 

1.3

 

Other components of pension and postretirement benefit plans expense

 

 

3.0

 

 

 

3.2

 

 

 

5.6

 

 

 

6.5

 

Other expense (income), net

 

 

0.1

 

 

 

(0.8

)

 

 

(0.9

)

 

 

(1.2

)

Loss before income taxes

 

 

(13.1

)

 

 

(15.3

)

 

 

(39.7

)

 

 

(24.8

)

Income tax benefit

 

 

(7.6

)

 

 

(1.5

)

 

 

(7.3

)

 

 

(2.7

)

Net loss

 

 

(5.5

)

 

 

(13.8

)

 

 

(32.4

)

 

 

(22.1

)

Preferred stock dividends

 

 

2.6

 

 

 

2.6

 

 

 

5.2

 

 

 

5.2

 

Net loss applicable to common shareowners

 

$

(8.1

)

 

$

(16.4

)

 

$

(37.6

)

 

$

(27.3

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted net loss per common share

 

$

(0.16

)

 

$

(0.39

)

 

$

(0.75

)

 

$

(0.64

)

 

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

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net loss

 

$

(5.5

)

 

$

(13.8

)

 

$

(32.4

)

 

$

(22.1

)

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation gain (loss)

 

 

1.5

 

 

 

(2.5

)

 

 

3.1

 

 

 

(4.3

)

Cash flow hedges:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on cash flow hedges arising during the period, net of tax of ($2.3), ($0.4), ($3.3), ($0.4)

 

 

(7.8

)

 

 

(1.5

)

 

 

(10.9

)

 

 

(1.5

)

Reclassification adjustment for net losses included in net income, net of tax of $0.0, $0.1

 

 

0.2

 

 

 

 

 

 

0.4

 

 

 

 

Defined benefit plans:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net benefit arising from remeasurement during the period, net of tax of $0.0, $0.0

 

 

0.1

 

 

 

 

 

 

0.1

 

 

 

 

Amortization of prior service benefits included in net income, net of tax of ($0.2), ($0.2), ($0.3), ($0.4)

 

 

(0.5

)

 

 

(0.6

)

 

 

(1.0

)

 

 

(1.2

)

Amortization of net actuarial loss included in net income, net of tax of $0.9, $1.2, $1.7, $2.4

 

 

3.0

 

 

 

4.1

 

 

 

6.0

 

 

 

8.2

 

Total other comprehensive (loss) income

 

 

(3.5

)

 

 

(0.5

)

 

 

(2.3

)

 

 

1.2

 

Total comprehensive loss

 

$

(9.0

)

 

$

(14.3

)

 

$

(34.7

)

 

$

(20.9

)

 

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 March 31, 2019

 

 

3.1

 

 

$

129.4

 

 

 

50.4

 

 

$

0.5

 

 

$

2,678.4

 

 

$

(2,736.3

)

 

$

(174.3

)

 

$

(102.3

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5.5

)

 

 

 

 

 

(5.5

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3.5

)

 

 

(3.5

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.6

 

 

 

 

 

 

 

 

 

1.6

 

Dividends on preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2.6

)

 

 

 

 

 

 

 

 

(2.6

)

Balance at June 30, 2019

 

 

3.1

 

 

$

129.4

 

 

 

50.4

 

 

$

0.5

 

 

$

2,677.4

 

 

$

(2,741.8

)

 

$

(177.8

)

 

$

(112.3

)

Balance at March 31, 2018

 

 

3.1

 

 

$

129.4

 

 

 

42.4

 

 

$

0.4

 

 

$

2,562.2

 

 

$

(2,647.9

)

 

$

(172.0

)

 

$

(127.9

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(13.8

)

 

 

 

 

 

(13.8

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.5

)

 

 

(0.5

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.4

 

 

 

 

 

 

 

 

 

1.4

 

Dividends on preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2.6

)

 

 

 

 

 

 

 

 

(2.6

)

Balance at June 30, 2018

 

 

3.1

 

 

$

129.4

 

 

 

42.4

 

 

$

0.4

 

 

$

2,561.0

 

 

$

(2,661.7

)

 

$

(172.5

)

 

$

(143.4

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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, 2018

 

 

3.1

 

 

$

129.4

 

 

 

50.2

 

 

$

0.5

 

 

$

2,680.0

 

 

$

(2,709.4

)

 

$

(175.5

)

 

$

(75.0

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(32.4

)

 

 

 

 

 

(32.4

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2.3

)

 

 

(2.3

)

Shares issued under employee plans

 

 

 

 

 

 

 

 

0.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares purchased under employee plans and other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(0.8

)

 

 

 

 

 

 

 

 

(0.8

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.4

 

 

 

 

 

 

 

 

 

3.4

 

Dividends on preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5.2

)

 

 

 

 

 

 

 

 

(5.2

)

Balance at June 30, 2019

 

 

3.1

 

 

$

129.4

 

 

 

50.4

 

 

$

0.5

 

 

$

2,677.4

 

 

$

(2,741.8

)

 

$

(177.8

)

 

$

(112.3

)

Balance at December 31, 2017

 

 

3.1

 

 

$

129.4

 

 

 

42.2

 

 

$

0.4

 

 

$

2,565.6

 

 

$

(2,639.6

)

 

$

(173.7

)

 

$

(117.9

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(22.1

)

 

 

 

 

 

(22.1

)

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.2

 

 

 

1.2

 

Shares issued under employee plans

 

 

 

 

 

 

 

 

0.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares purchased under employee plans and other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2.0

)

 

 

 

 

 

 

 

 

(2.0

)

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2.6

 

 

 

 

 

 

 

 

 

2.6

 

Dividends on preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5.2

)

 

 

 

 

 

 

 

 

(5.2

)

Balance at June 30, 2018

 

 

3.1

 

 

$

129.4

 

 

 

42.4

 

 

$

0.4

 

 

$

2,561.0

 

 

$