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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Louisiana
(State or other jurisdiction of
incorporation or organization)
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72-0651161
(I.R.S. Employer
Identification No.)
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100 CenturyLink Drive,
Monroe, Louisiana
(Address of principal executive offices)
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71203
(Zip Code)
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Large accelerated filer
ý
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Accelerated filer
o
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Non-accelerated filer
o
(Do not check if a smaller reporting company)
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Smaller reporting company
o
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Emerging growth company
o
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* All references to "Notes" in this quarterly report refer to these Notes to Consolidated Financial Statements.
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•
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the effects of competition from a wide variety of competitive providers, including decreased demand for our traditional wireline service offerings and increased pricing pressures;
|
•
|
the effects of new, emerging or competing technologies, including those that could make our products less desirable or obsolete;
|
•
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the effects of ongoing changes in the regulation of the communications industry, including the outcome of regulatory or judicial proceedings relating to intercarrier compensation, interconnection obligations, universal service, broadband deployment, data protection and net neutrality;
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•
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our ability to timely realize the anticipated benefits of our recently-completed combination with Level 3, including our ability to attain anticipated cost savings, to use Level 3's net operating loss carryforwards in the amounts projected, to retain key personnel and to avoid unanticipated integration disruptions;
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•
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our ability to safeguard our network, and to avoid the adverse impact on our business from possible security breaches, service outages, system failures, equipment breakage, or similar events impacting our network or the availability and quality of our services;
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•
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our ability to effectively adjust to changes in the communications industry, and changes in the composition of our markets and product mix;
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•
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possible changes in the demand for our products and services, including our ability to effectively respond to increased demand for high-speed broadband service;
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•
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our ability to successfully maintain the quality and profitability of our existing product and service offerings, to provision them successfully to our customers and to introduce profitable new offerings on a timely and cost-effective basis;
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•
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our ability to generate cash flows sufficient to fund our financial commitments and objectives, including our capital expenditures, operating costs, debt repayments, periodic share repurchases, dividends, pension contributions and other benefits payments;
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•
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changes in our operating plans, corporate strategies, dividend payment plans or other capital allocation plans, whether based upon changes in our cash flows, cash requirements, financial performance, financial position, market conditions or otherwise;
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•
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our ability to effectively retain and hire key personnel and to successfully negotiate collective bargaining agreements on reasonable terms without work stoppages;
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•
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increases in the costs of our pension, health, post-employment or other benefits, including those caused by changes in markets, interest rates, mortality rates, demographics or regulations;
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•
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adverse changes in our access to credit markets on favorable terms, whether caused by changes in our financial position, lower debt credit ratings, unstable markets or otherwise;
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•
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our ability to meet the terms and conditions of our debt obligations;
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•
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our ability to maintain favorable relations with our key business partners, suppliers, vendors, landlords and financial institutions;
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•
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our ability to effectively manage our network buildout project and our other expansion opportunities;
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•
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our ability to collect our receivables from financially troubled customers;
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•
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any adverse developments in legal or regulatory proceedings involving us;
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•
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changes in tax, communications, pension, healthcare or other laws or regulations, in governmental support programs, or in general government funding levels;
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•
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the effects of changes in accounting policies or practices, including potential future impairment charges;
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•
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the effects of adverse weather, terrorism or other natural or man-made disasters;
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•
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the effects of more general factors such as changes in interest rates, in exchange rates, in operating costs, in general market, labor, economic or geo-political conditions, or in public policy; and
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•
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other risks identified in our "Risk Factors" disclosures included in our annual report on Form 10-K for the year ended December 31, 2017.
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|
Three Months Ended March 31,
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|||||
|
2018
|
|
2017
|
|||
|
(Dollars in millions, except per share amounts
and shares in thousands)
|
|||||
OPERATING REVENUES
|
$
|
5,945
|
|
|
4,209
|
|
OPERATING EXPENSES
|
|
|
|
|||
Cost of services and products (exclusive of depreciation and amortization)
|
2,803
|
|
|
1,888
|
|
|
Selling, general and administrative
|
1,109
|
|
|
810
|
|
|
Depreciation and amortization
|
1,283
|
|
|
880
|
|
|
Total operating expenses
|
5,195
|
|
|
3,578
|
|
|
OPERATING INCOME
|
750
|
|
|
631
|
|
|
OTHER (EXPENSE) INCOME
|
|
|
|
|||
Interest expense
|
(535
|
)
|
|
(318
|
)
|
|
Other income (expense), net
|
21
|
|
|
(6
|
)
|
|
Total other expense, net
|
(514
|
)
|
|
(324
|
)
|
|
INCOME BEFORE INCOME TAX EXPENSE
|
236
|
|
|
307
|
|
|
Income tax expense
|
121
|
|
|
144
|
|
|
NET INCOME
|
$
|
115
|
|
|
163
|
|
BASIC AND DILUTED EARNINGS PER COMMON SHARE
|
|
|
|
|||
BASIC
|
$
|
0.11
|
|
|
0.30
|
|
DILUTED
|
$
|
0.11
|
|
|
0.30
|
|
DIVIDENDS DECLARED PER COMMON SHARE
|
$
|
0.54
|
|
|
0.54
|
|
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING
|
|
|
|
|||
BASIC
|
1,065,796
|
|
|
540,458
|
|
|
DILUTED
|
1,069,183
|
|
|
541,522
|
|
|
Three Months Ended March 31,
|
|||||
|
2018
|
|
2017
|
|||
|
(Dollars in millions)
|
|||||
NET INCOME
|
$
|
115
|
|
|
163
|
|
OTHER COMPREHENSIVE INCOME:
|
|
|
|
|||
Items related to employee benefit plans:
|
|
|
|
|||
Change in net actuarial loss, net of $(11) and $(20) tax
|
33
|
|
|
31
|
|
|
Change in net prior service costs, net of $(1) and $(1) tax
|
2
|
|
|
2
|
|
|
Foreign currency translation adjustment and other, net of $(14) and $— tax
|
79
|
|
|
(2
|
)
|
|
Other comprehensive income
|
114
|
|
|
31
|
|
|
COMPREHENSIVE INCOME
|
$
|
229
|
|
|
194
|
|
|
As of
March 31, 2018 (Unaudited) |
|
As of
December 31, 2017 |
|||
|
(Dollars in millions
and shares in thousands)
|
|||||
ASSETS
|
|
|
|
|||
CURRENT ASSETS
|
|
|
|
|||
Cash and cash equivalents
|
$
|
501
|
|
|
551
|
|
Restricted cash - current
|
5
|
|
|
5
|
|
|
Accounts receivable, less allowance of $168 and $164
|
2,432
|
|
|
2,557
|
|
|
Assets held for sale
|
140
|
|
|
140
|
|
|
Other
|
1,105
|
|
|
941
|
|
|
Total current assets
|
4,183
|
|
|
4,194
|
|
|
Property, plant and equipment, net of accumulated depreciation of $25,116 and $24,352
|
26,826
|
|
|
26,852
|
|
|
GOODWILL AND OTHER ASSETS
|
|
|
|
|||
Goodwill
|
30,778
|
|
|
30,475
|
|
|
Restricted cash
|
31
|
|
|
31
|
|
|
Customer relationships, less accumulated amortization of $7,450 and $7,096
|
10,058
|
|
|
10,876
|
|
|
Other intangible assets, less accumulated amortization of $2,412 and $2,325
|
1,870
|
|
|
1,897
|
|
|
Other, net
|
1,047
|
|
|
1,286
|
|
|
Total goodwill and other assets
|
43,784
|
|
|
44,565
|
|
|
TOTAL ASSETS
|
$
|
74,793
|
|
|
75,611
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|||
CURRENT LIABILITIES
|
|
|
|
|||
Current maturities of long-term debt
|
$
|
437
|
|
|
443
|
|
Accounts payable
|
1,508
|
|
|
1,555
|
|
|
Accrued expenses and other liabilities
|
|
|
|
|||
Salaries and benefits
|
798
|
|
|
890
|
|
|
Income and other taxes
|
390
|
|
|
370
|
|
|
Interest
|
386
|
|
|
363
|
|
|
Other
|
428
|
|
|
344
|
|
|
Advance billings and customer deposits
|
820
|
|
|
892
|
|
|
Total current liabilities
|
4,767
|
|
|
4,857
|
|
|
LONG-TERM DEBT
|
36,940
|
|
|
37,283
|
|
|
DEFERRED CREDITS AND OTHER LIABILITIES
|
|
|
|
|||
Deferred income taxes, net
|
2,196
|
|
|
2,413
|
|
|
Benefit plan obligations, net
|
5,085
|
|
|
5,178
|
|
|
Other
|
2,362
|
|
|
2,389
|
|
|
Total deferred credits and other liabilities
|
9,643
|
|
|
9,980
|
|
|
COMMITMENTS AND CONTINGENCIES (Note 11)
|
|
|
|
|||
STOCKHOLDERS' EQUITY
|
|
|
|
|||
Preferred stock—non-redeemable, $25.00 par value, authorized 2,000 and 2,000 shares, issued and outstanding 7 and 7 shares
|
—
|
|
|
—
|
|
|
Common stock, $1.00 par value, authorized 1,600,000 and 1,600,000 shares, issued and outstanding 1,078,632 and 1,069,169 shares
|
1,079
|
|
|
1,069
|
|
|
Additional paid-in capital
|
23,316
|
|
|
23,314
|
|
|
Accumulated other comprehensive loss
|
(2,288
|
)
|
|
(1,995
|
)
|
|
Retained earnings
|
1,336
|
|
|
1,103
|
|
|
Total stockholders' equity
|
23,443
|
|
|
23,491
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
$
|
74,793
|
|
|
75,611
|
|
|
Three Months Ended March 31,
|
|||||
|
2018
|
|
2017
|
|||
|
(Dollars in millions)
|
|||||
OPERATING ACTIVITIES
|
|
|
|
|||
Net income
|
$
|
115
|
|
|
163
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|||
Depreciation and amortization
|
1,283
|
|
|
880
|
|
|
Deferred income taxes
|
123
|
|
|
(37
|
)
|
|
Impairment of assets
|
27
|
|
|
—
|
|
|
Provision for uncollectible accounts
|
47
|
|
|
47
|
|
|
Share-based compensation
|
41
|
|
|
21
|
|
|
Changes in current assets and liabilities:
|
|
|
|
|||
Accounts receivable
|
117
|
|
|
116
|
|
|
Accounts payable
|
(14
|
)
|
|
(81
|
)
|
|
Accrued income and other taxes
|
20
|
|
|
206
|
|
|
Other current assets and liabilities, net
|
(262
|
)
|
|
(266
|
)
|
|
Retirement benefits
|
(49
|
)
|
|
(25
|
)
|
|
Changes in other noncurrent assets and liabilities, net
|
145
|
|
|
12
|
|
|
Other, net
|
74
|
|
|
21
|
|
|
Net cash provided by operating activities
|
1,667
|
|
|
1,057
|
|
|
INVESTING ACTIVITIES
|
|
|
|
|||
Payments for property, plant and equipment and capitalized software
|
(805
|
)
|
|
(780
|
)
|
|
Proceeds from sale of property
|
3
|
|
|
45
|
|
|
Deposits received from assets held for sale
|
34
|
|
|
—
|
|
|
Other, net
|
—
|
|
|
3
|
|
|
Net cash used in investing activities
|
(768
|
)
|
|
(732
|
)
|
|
FINANCING ACTIVITIES
|
|
|
|
|||
Net proceeds from issuance of long-term debt
|
130
|
|
|
—
|
|
|
Payments of long-term debt
|
(68
|
)
|
|
(31
|
)
|
|
Net (payments) proceeds on revolving line of credit
|
(405
|
)
|
|
5
|
|
|
Dividends paid
|
(580
|
)
|
|
(296
|
)
|
|
Proceeds from issuance of common stock
|
—
|
|
|
3
|
|
|
Shares withheld to satisfy tax withholdings
|
(25
|
)
|
|
(14
|
)
|
|
Net cash used in financing activities
|
(948
|
)
|
|
(333
|
)
|
|
Effect of exchange rate changes on cash and cash equivalents
|
(1
|
)
|
|
—
|
|
|
Net decrease in cash, cash equivalents and restricted cash
|
(50
|
)
|
|
(8
|
)
|
|
Cash, cash equivalents and restricted cash at beginning of period
|
587
|
|
|
224
|
|
|
Cash, cash equivalents and restricted cash at end of period
|
$
|
537
|
|
|
216
|
|
Supplemental cash flow information:
|
|
|
|
|||
Income taxes (paid) refunded, net
|
$
|
(2
|
)
|
|
5
|
|
Interest paid (net of capitalized interest of $15 and $20)
|
$
|
(491
|
)
|
|
(255
|
)
|
|
Three Months Ended March 31,
|
|||||
|
2018
|
|
2017
|
|||
|
(Dollars in millions)
|
|||||
COMMON STOCK
|
|
|
|
|||
Balance at beginning of period
|
$
|
1,069
|
|
|
547
|
|
Issuance of common stock through dividend reinvestment, incentive and benefit plans
|
10
|
|
|
2
|
|
|
Balance at end of period
|
1,079
|
|
|
549
|
|
|
ADDITIONAL PAID-IN CAPITAL
|
|
|
|
|||
Balance at beginning of period
|
23,314
|
|
|
14,970
|
|
|
Issuance of common stock through dividend reinvestment, incentive and benefit plans
|
(6
|
)
|
|
2
|
|
|
Shares withheld to satisfy tax withholdings
|
(25
|
)
|
|
(14
|
)
|
|
Share-based compensation and other, net
|
33
|
|
|
15
|
|
|
Dividends declared
|
—
|
|
|
(240
|
)
|
|
Balance at end of period
|
23,316
|
|
|
14,733
|
|
|
ACCUMULATED OTHER COMPREHENSIVE LOSS
|
|
|
|
|||
Balance at beginning of period
|
(1,995
|
)
|
|
(2,117
|
)
|
|
Cumulative effect of adoption of ASU 2018-02,
Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income
|
(407
|
)
|
|
—
|
|
|
Other comprehensive income
|
114
|
|
|
31
|
|
|
Balance at end of period
|
(2,288
|
)
|
|
(2,086
|
)
|
|
RETAINED EARNINGS
|
|
|
|
|||
Balance at beginning of period
|
1,103
|
|
|
(1
|
)
|
|
Net income
|
115
|
|
|
163
|
|
|
Cumulative effect of adoption of ASU 2018-02,
Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income
|
407
|
|
|
—
|
|
|
Cumulative effect of adoption of ASU 2014-09,
Revenue from Contracts with Customers
|
297
|
|
|
—
|
|
|
Cumulative effect of adoption of ASU 2016-09,
Improvements to Employee Share-Based Payment Accounting
|
—
|
|
|
3
|
|
|
Dividends declared
|
(586
|
)
|
|
(55
|
)
|
|
Balance at end of period
|
1,336
|
|
|
110
|
|
|
TOTAL STOCKHOLDERS' EQUITY
|
$
|
23,443
|
|
|
13,306
|
|
•
|
the
517.3 million
shares of CenturyLink’s common stock (including those issued in connection with the Converted RSU Awards) issued to consummate the acquisition and the closing stock price of CenturyLink common stock at October 31, 2017 of
$18.99
;
|
•
|
the cash consideration of
$26.50
per share on the
362.2 million
common shares of Level 3 issued and outstanding as of October 31, 2017, and the cash consideration of
$1 million
paid on the Converted RSUs awards;
|
•
|
the estimated value of
$131 million
for the Continuing RSU Awards, which represents the pre-combination portion of Level 3’s share-based compensation awards replaced by CenturyLink share based awards; and
|
•
|
the approximately
$58.0 million
of cash paid to settle claims of former holders of dissenting shares.
|
|
Adjusted November 1, 2017 Balance as of December 31, 2017
|
|
Purchase Price Adjustments
|
|
Adjusted November 1, 2017 Balance as of March 31, 2018
|
||||
|
(Dollars in millions)
|
||||||||
Cash, accounts receivable and other current assets
(1)
|
$
|
3,317
|
|
|
(3
|
)
|
|
3,314
|
|
Property, plant and equipment
|
9,311
|
|
|
92
|
|
|
9,403
|
|
|
Identifiable intangible assets
(2)
|
|
|
|
|
|
|
|||
Customer relationships
|
8,964
|
|
|
(476
|
)
|
|
8,488
|
|
|
Other
|
391
|
|
|
(13
|
)
|
|
378
|
|
|
Other noncurrent assets
|
782
|
|
|
156
|
|
|
938
|
|
|
Current liabilities, excluding current maturities of long-term debt
|
(1,461
|
)
|
|
—
|
|
|
(1,461
|
)
|
|
Current maturities of long-term debt
|
(7
|
)
|
|
—
|
|
|
(7
|
)
|
|
Long-term debt
|
(10,888
|
)
|
|
—
|
|
|
(10,888
|
)
|
|
Deferred revenue and other liabilities
|
(1,629
|
)
|
|
(65
|
)
|
|
(1,694
|
)
|
|
Goodwill
|
10,837
|
|
|
304
|
|
|
11,141
|
|
|
Total estimated aggregate consideration
|
$
|
19,617
|
|
|
(5
|
)
|
|
19,612
|
|
(1)
|
Includes a preliminary estimated fair value of
$866 million
for accounts receivable, which had a gross contractual value of
$884 million
on November 1, 2017. The
$18 million
difference between the gross contractual value and the preliminary estimated fair value assigned represents our best estimate as of November 1, 2017 of contractual cash flows that will not be collected.
|
(2)
|
The preliminary estimate of the weighted-average amortization period for the acquired intangible assets is approximately
12.0 years
.
|
|
(Dollars in millions)
|
||
Remainder of 2018
|
$
|
1,313
|
|
2019
|
1,677
|
|
|
2020
|
1,575
|
|
|
2021
|
1,143
|
|
|
2022
|
957
|
|
|
Three Months Ended March 31,
|
|||||
|
2018
|
|
2017
|
|||
|
(Dollars in millions)
|
|||||
Transaction-related expenses
|
$
|
1
|
|
|
10
|
|
Integration-related expenses
|
70
|
|
|
—
|
|
|
Total acquisition-related expenses
|
$
|
71
|
|
|
10
|
|
|
Three Months Ended March 31, 2017
|
|
Operating revenues
|
6,194
|
|
Net income
|
172
|
|
Basic earnings per common share
|
0.16
|
|
Diluted earnings per common share
|
0.16
|
|
•
|
decreased operating revenues and expenses due to the elimination of deferred revenues associated with installation activities that were preliminarily assigned no value at the acquisition date (excluding certain deferred revenue associated with certain long-term prepaid customer capacity arrangements, which have been included at its current carrying value) and the elimination of transactions among CenturyLink and Level 3 that are now subject to intercompany elimination;
|
•
|
increased amortization expense related to identifiable intangible assets, net of decreased depreciation expense to reflect the preliminary fair value of property, plant and equipment;
|
•
|
increased interest expense resulting from (i) interest on the new debt to finance the combination and amortization of the related debt discount and debt issuance costs, (ii) the elimination of Level 3’s historical amortization of debt discount and debt issuance costs and (iii) a reduction in interest expense due to the accretion of an adjustment to reflect the increased preliminary fair value of the long-term debt of Level 3 recognized on the acquisition date; and
|
•
|
the related income tax effects.
|
|
Dollars in millions
|
||
Goodwill
|
$
|
1,142
|
|
Property, plant and equipment
|
1,051
|
|
|
Other intangible assets
|
249
|
|
|
Other assets
|
66
|
|
|
Less assets recorded as part of the failed-sale-leaseback
|
(526
|
)
|
|
Total net amount of assets derecognized
|
$
|
1,982
|
|
|
|
||
Capital lease obligations
|
$
|
294
|
|
Other liabilities
|
274
|
|
|
Less imputed financing obligations from the failed-sale-leaseback
|
(628
|
)
|
|
Total net imputed liabilities recognized
|
$
|
(60
|
)
|
|
Three Months Ended March 31, 2018
|
|||||||||
|
(Dollars in millions, except per share amounts
and shares in thousands)
|
|||||||||
|
Reported Balances as of March 31, 2018
|
|
Impact of 606
|
|
ASC 605
Historical Adjusted Balances
|
|||||
Operating revenues
|
$
|
5,945
|
|
|
15
|
|
|
$
|
5,960
|
|
Cost of services and products (exclusive of depreciation and amortization)
|
2,803
|
|
|
(4
|
)
|
|
2,799
|
|
||
Selling, general and administrative
|
1,109
|
|
|
13
|
|
|
1,122
|
|
||
Income tax expense
|
121
|
|
|
2
|
|
|
123
|
|
||
Net income
|
$
|
115
|
|
|
4
|
|
|
$
|
119
|
|
|
|
|
|
|
|
|||||
BASIC AND DILUTED EARNINGS PER COMMON SHARE
|
|
|
|
|
|
|||||
BASIC
|
$
|
0.11
|
|
|
—
|
|
|
$
|
0.11
|
|
DILUTED
|
$
|
0.11
|
|
|
—
|
|
|
$
|
0.11
|
|
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING
|
|
|
|
|
|
|||||
BASIC
|
1,065,796
|
|
|
—
|
|
|
1,065,796
|
|
||
DILUTED
|
1,069,183
|
|
|
—
|
|
|
1,069,183
|
|
|
As of March 31, 2018
|
|||||||||
|
(Dollars in millions)
|
|||||||||
|
Reported Balances as of March 31, 2018
|
|
Impact of 606
|
|
ASC 605
Historical Adjusted Balances
|
|||||
Other current assets
|
$
|
1,105
|
|
|
(171
|
)
|
|
$
|
934
|
|
Other long-term assets, net
|
1,047
|
|
|
(79
|
)
|
|
968
|
|
||
Advance billing and customer deposits
|
820
|
|
|
75
|
|
|
895
|
|
||
Deferred income taxes, net
|
2,196
|
|
|
(2
|
)
|
|
2,194
|
|
||
Other long-term liabilities
|
2,362
|
|
|
82
|
|
|
2,444
|
|
||
Retained earnings
|
1,336
|
|
|
(293
|
)
|
|
1,043
|
|
|
Three Months Ended March 31, 2018
|
|||||||||
|
(Dollars in millions)
|
|||||||||
|
Total Revenue
|
|
Adjustments for Non-ASC 606 Revenue (8)
|
|
Total Revenue from Contracts with Customers
|
|||||
Business segment
|
|
|
|
|
|
|||||
IP & Data Services (1)
|
$
|
1,748
|
|
|
—
|
|
|
$
|
1,748
|
|
Transport & Infrastructure (2)
|
1,362
|
|
|
(67
|
)
|
|
1,295
|
|
||
Voice & Collaboration (3)
|
1,111
|
|
|
—
|
|
|
1,111
|
|
||
IT & Managed Services (4)
|
162
|
|
|
—
|
|
|
162
|
|
||
Total business segment revenues
|
4,383
|
|
|
(67
|
)
|
|
4,316
|
|
||
|
|
|
|
|
|
|||||
Consumer segment
|
|
|
|
|
|
|||||
Voice & Collaboration (3)
|
526
|
|
|
—
|
|
|
526
|
|
||
IP & Data Services (5)
|
97
|
|
|
(9
|
)
|
|
88
|
|
||
Transport & Infrastructure (6)
|
756
|
|
|
(53
|
)
|
|
703
|
|
||
Total consumer segment revenues
|
1,379
|
|
|
(62
|
)
|
|
1,317
|
|
||
|
|
|
|
|
|
|||||
Non-segment revenues
|
|
|
|
|
|
|
|
|
||
Regulatory revenues (7)
|
183
|
|
|
(183
|
)
|
|
—
|
|
||
Total non-segment revenues
|
183
|
|
|
(183
|
)
|
|
—
|
|
||
|
|
|
|
|
|
|||||
Total revenues
|
$
|
5,945
|
|
|
(312
|
)
|
|
$
|
5,633
|
|
|
|
|
|
|
|
|||||
Timing of Revenue
|
|
|
|
|
|
|||||
Goods transferred at a point in time
|
|
|
|
|
$
|
39
|
|
|||
Services performed over time
|
|
|
|
|
5,594
|
|
||||
Total revenues from contracts with customers
|
|
|
|
|
$
|
5,633
|
|
(1
|
)
|
Includes primarily VPN data network, Ethernet, IP, video and ancillary revenues.
|
(2
|
)
|
Includes primarily broadband, private line (including business data services), colocation and data centers, wavelength and ancillary revenues.
|
(3
|
)
|
Includes local, long-distance and other ancillary revenues.
|
(4
|
)
|
Includes IT services and managed services revenues.
|
(5
|
)
|
Includes retail video revenues (including our facilities-based video revenues).
|
(6
|
)
|
Includes primarily broadband and equipment sales and professional services revenues.
|
(7
|
)
|
Includes CAF Phase I, CAF Phase 2, federal and state USF support revenue, sublease rental income and failed-sale leaseback income.
|
(8
|
)
|
Includes regulatory revenues, lease revenues, sublease rental income and failed sale leaseback income, which are not within the scope of ASC 606.
|
|
March 31, 2018
|
January 1, 2018
|
||||
|
(Dollars in millions)
|
|||||
Customer receivables
(1)
|
$
|
2,378
|
|
$
|
2,504
|
|
Contract liabilities
|
572
|
|
623
|
|
||
Contract assets
|
188
|
|
255
|
|
|
Three Months Ended March 31, 2018
|
|||||
|
(Dollars in millions)
|
|||||
|
Acquisition Costs
|
|
Fulfillment Costs
|
|||
Beginning of period balance
|
$
|
254
|
|
|
73
|
|
Costs incurred
|
37
|
|
|
6
|
|
|
Amortization
|
(37
|
)
|
|
(10
|
)
|
|
Impairments
|
—
|
|
|
—
|
|
|
End of period balance
|
$
|
254
|
|
|
69
|
|
|
Interest Rates
(1)
|
|
Maturities
|
|
As of
March 31, 2018
|
|
As of
December 31, 2017 |
|||
|
|
|
|
|
(Dollars in millions)
|
|||||
Senior Secured Debt:
|
|
|
|
|
|
|
|
|||
CenturyLink, Inc.
|
|
|
|
|
|
|
|
|||
2017 Revolving Credit Facility
(2)
|
N/A
|
|
2022
|
|
$
|
—
|
|
|
405
|
|
Term Loan A
|
4.627%
|
|
2022
|
|
1,686
|
|
|
1,575
|
|
|
Term Loan A-1
|
4.627%
|
|
2022
|
|
365
|
|
|
370
|
|
|
Term Loan B
|
4.627%
|
|
2025
|
|
5,985
|
|
|
6,000
|
|
|
Subsidiaries:
|
|
|
|
|
|
|
|
|||
Level 3 Financing, Inc.
|
|
|
|
|
|
|
|
|||
Tranche B 2024 Term Loan
|
4.111%
|
|
2024
|
|
4,611
|
|
|
4,611
|
|
|
Embarq Corporation subsidiaries
|
|
|
|
|
|
|
|
|||
First mortgage bonds
|
7.125% - 8.375%
|
|
2023 - 2025
|
|
138
|
|
|
151
|
|
|
Senior Notes and Other Debt:
|
|
|
|
|
|
|
|
|||
CenturyLink, Inc.
|
|
|
|
|
|
|
|
|||
Senior notes
|
5.625% - 7.650%
|
|
2019 - 2042
|
|
8,125
|
|
|
8,125
|
|
|
Subsidiaries:
|
|
|
|
|
|
|
|
|||
Level 3 Financing, Inc.
|
|
|
|
|
|
|
|
|||
Senior notes
|
5.125% - 6.125%
|
|
2021 - 2026
|
|
5,315
|
|
|
5,315
|
|
|
Level 3 Parent, LLC
|
|
|
|
|
|
|
|
|||
Senior notes
|
5.750%
|
|
2022
|
|
600
|
|
|
600
|
|
|
Qwest Corporation
|
|
|
|
|
|
|
|
|||
Senior notes
|
6.125% - 7.750%
|
|
2021 - 2057
|
|
7,294
|
|
|
7,294
|
|
|
Term loan
|
3.890%
|
|
2025
|
|
100
|
|
|
100
|
|
|
Qwest Capital Funding, Inc.
|
|
|
|
|
|
|
|
|||
Senior notes
|
6.500% - 7.750%
|
|
2018 - 2031
|
|
981
|
|
|
981
|
|
|
Embarq Corporation and subsidiary
|
|
|
|
|
|
|
|
|||
Senior note
|
7.995%
|
|
2036
|
|
1,485
|
|
|
1,485
|
|
|
Other
|
9.000%
|
|
2019
|
|
150
|
|
|
150
|
|
|
Capital lease and other obligations
|
Various
|
|
Various
|
|
868
|
|
|
891
|
|
|
Unamortized premiums and other, net
|
|
|
|
|
17
|
|
|
23
|
|
|
Unamortized debt issuance costs
|
|
|
|
|
(343
|
)
|
|
(350
|
)
|
|
Total long-term debt
|
|
|
|
|
37,377
|
|
|
37,726
|
|
|
Less current maturities
|
|
|
|
|
(437
|
)
|
|
(443
|
)
|
|
Long-term debt, excluding current maturities
|
|
|
|
|
$
|
36,940
|
|
|
37,283
|
|
(1)
|
As of
March 31, 2018
.
|
(2)
|
The aggregate amount outstanding on our revolving line of credit borrowings at
December 31, 2017
was
$405 million
, with a weighted-average interest rate of
4.186%
. At March 31, 2018, we had no borrowings outstanding under our 2017 credit facility or revolving line of credit. These amounts change on a regular basis.
|
•
|
Add a lender to the 2017 Revolving Credit Facility and to increase CenturyLink, Inc.’s borrowing capacity thereunder to approximately
$2.168 billion
; and
|
•
|
Add a lender to the Term Loan A credit facility and to increase CenturyLink, Inc.’s borrowing capacity thereunder to approximately
$1.707 billion
.
|
|
Severance
|
|
Real Estate
|
|||
|
(Dollars in millions)
|
|||||
Balance at December 31, 2017
|
$
|
33
|
|
|
64
|
|
Accrued to expense
|
45
|
|
|
2
|
|
|
Payments, net
|
(47
|
)
|
|
(4
|
)
|
|
Balance at March 31, 2018
|
$
|
31
|
|
|
62
|
|
|
Pension Plans
|
|||||
|
Three Months Ended March 31,
|
|||||
|
2018
|
|
2017
|
|||
|
(Dollars in millions)
|
|||||
Service cost
|
$
|
16
|
|
|
17
|
|
Interest cost
|
100
|
|
|
101
|
|
|
Expected return on plan assets
|
(173
|
)
|
|
(166
|
)
|
|
Recognition of prior service credit
|
(2
|
)
|
|
(2
|
)
|
|
Recognition of actuarial loss
|
44
|
|
|
51
|
|
|
Net periodic pension benefit (income) expense
|
$
|
(15
|
)
|
|
1
|
|
|
Post-Retirement Benefit Plans
|
|||||
|
Three Months Ended March 31,
|
|||||
|
2018
|
|
2017
|
|||
|
(Dollars in millions)
|
|||||
Service cost
|
$
|
4
|
|
|
4
|
|
Interest cost
|
24
|
|
|
25
|
|
|
Expected return on plan assets
|
—
|
|
|
—
|
|
|
Recognition of prior service cost
|
5
|
|
|
5
|
|
|
Net periodic post-retirement benefit expense
|
$
|
33
|
|
|
34
|
|
|
Three Months Ended March 31,
|
|||||
|
2018
|
|
2017
|
|||
|
(Dollars in millions, except per share amounts, shares in thousands)
|
|||||
Income (Numerator):
|
|
|
|
|||
Net income
|
$
|
115
|
|
|
163
|
|
Earnings applicable to non-vested restricted stock
|
—
|
|
|
—
|
|
|
Net income applicable to common stock for computing basic earnings per common share
|
115
|
|
|
163
|
|
|
Net income as adjusted for purposes of computing diluted earnings per common share
|
$
|
115
|
|
|
163
|
|
Shares (Denominator):
|
|
|
|
|||
Weighted-average number of shares:
|
|
|
|
|||
Outstanding during period
|
1,073,560
|
|
|
547,618
|
|
|
Non-vested restricted stock
|
(7,764
|
)
|
|
(7,160
|
)
|
|
Weighted-average shares outstanding for computing basic earnings per common share
|
1,065,796
|
|
|
540,458
|
|
|
Incremental common shares attributable to dilutive securities:
|
|
|
|
|||
Shares issuable under convertible securities
|
10
|
|
|
10
|
|
|
Shares issuable under incentive compensation plans
|
3,377
|
|
|
1,054
|
|
|
Number of shares as adjusted for purposes of computing diluted earnings per common share
|
1,069,183
|
|
|
541,522
|
|
|
Basic earnings per common share
|
$
|
0.11
|
|
|
0.30
|
|
Diluted earnings per common share
|
$
|
0.11
|
|
|
0.30
|
|
|
|
|
As of March 31, 2018
|
|
As of December 31, 2017
|
|||||||||
|
Input
Level
|
|
Carrying
Amount
|
|
Fair
Value
|
|
Carrying
Amount
|
|
Fair
Value
|
|||||
|
|
|
(Dollars in millions)
|
|||||||||||
Liabilities—Long-term debt, excluding capital lease and other obligations
|
2
|
|
$
|
36,509
|
|
|
35,677
|
|
|
36,835
|
|
|
36,402
|
|
•
|
Business Segment.
This segment consists generally of providing products and services to small, medium and enterprise business, wholesale and government customers, including other communication providers. Our products and services offered to these customers include our local and long-distance voice, VPN data network, private line (including business data services), Ethernet, information technology, wavelength, broadband, colocation and data center services, managed services, professional and other services provided in connection with selling equipment, network security and various other ancillary services, all of which are described further under "Products and Services Categories"; and
|
•
|
Consumer Segment.
This segment consists generally of providing products and services to residential customers. Our products and services offered to these customers include our broadband, local and long-distance voice, video and other ancillary services.
|
|
Three Months Ended March 31,
|
|||||
|
2018
|
|
2017
|
|||
|
(Dollars in millions)
|
|||||
Total reportable segment revenues
|
$
|
5,762
|
|
|
4,037
|
|
Total reportable segment expenses
|
3,226
|
|
|
2,206
|
|
|
Total reportable segment adjusted EBITDA
|
$
|
2,536
|
|
|
1,831
|
|
Total margin percentage
|
44
|
%
|
|
45
|
%
|
|
|
|
|
|
|||
Business segment:
|
|
|
|
|||
Revenues
|
$
|
4,383
|
|
|
2,590
|
|
Expenses
|
2,613
|
|
|
1,566
|
|
|
Adjusted EBITDA
|
$
|
1,770
|
|
|
1,024
|
|
Margin percentage
|
40
|
%
|
|
40
|
%
|
|
Consumer segment:
|
|
|
|
|||
Revenues
|
$
|
1,379
|
|
|
1,447
|
|
Expenses
|
613
|
|
|
640
|
|
|
Adjusted EBITDA
|
$
|
766
|
|
|
807
|
|
Margin percentage
|
56
|
%
|
|
56
|
%
|
•
|
IP and data services
, which include primarily VPN data networks, Ethernet, IP, video (including our facilities-based video services and Vyvx broadcast services) and other ancillary services;
|
•
|
Transport and infrastructure
, which include broadband, private line (including business data services), data center facilities and services, including cloud, hosting and application management solutions, wavelength, equipment sales and professional services, network security services and other ancillary services;
|
•
|
Voice and collaboration
, which includes primarily local and long-distance voice, including wholesale voice, and other ancillary service;
|
•
|
IT and managed services
, which include information technology services and managed services, which may be purchased in conjunction with our other network services; and
|
•
|
Regulatory revenues,
which consists of Universal Service Fund ("USF") and Connect America Fund ("CAF") support payments and other operating revenues. We receive federal support payments from both federal and state USF programs and from the federal CAF program. The USF and CAF support payments are government subsidies designed to reimburse us for various costs related to certain telecommunications services. We generate other operating revenues from the leasing and subleasing of space in our office buildings, warehouses and other properties and from rental income associated with the failed-sale-leaseback. Because we centrally manage the activities that generate these regulatory revenues, these revenues are not included in our segment revenues.
|
|
Three Months Ended March 31,
|
|||||
|
2018
|
|
2017
|
|||
|
(Dollars in millions)
|
|||||
Business segment
|
|
|
|
|||
IP & Data Services (1)
|
$
|
1,748
|
|
|
744
|
|
Transport & Infrastructure (2)
|
1,362
|
|
|
906
|
|
|
Voice & Collaboration (3)
|
1,111
|
|
|
788
|
|
|
IT & Managed Services (4)
|
162
|
|
|
152
|
|
|
Total business segment revenues
|
4,383
|
|
|
2,590
|
|
|
|
|
|
|
|||
Consumer segment
|
|
|
|
|||
IP & Data Services (5)
|
97
|
|
|
120
|
|
|
Transport & Infrastructure (6)
|
756
|
|
|
701
|
|
|
Voice & Collaboration (3)
|
526
|
|
|
626
|
|
|
Total consumer segment revenues
|
1,379
|
|
|
1,447
|
|
|
|
|
|
|
|||
Non-segment revenues
|
|
|
|
|||
Regulatory revenues (7)
|
183
|
|
|
172
|
|
|
Total non-segment revenues
|
183
|
|
|
172
|
|
|
|
|
|
|
|||
Total revenues
|
$
|
5,945
|
|
|
4,209
|
|
(1)
|
Includes primarily VPN data network, Ethernet, IP, video and ancillary revenues.
|
(2)
|
Includes primarily broadband, private line (including business data services), colocation and data centers, wavelength and ancillary revenues.
|
(3)
|
Includes local, long-distance and other ancillary revenues.
|
(4)
|
Includes IT services and managed services revenues.
|
(5)
|
Includes retail video revenues (including our facilities-based video revenues).
|
(6)
|
Includes primarily broadband and equipment sales and professional services revenues.
|
(7)
|
Includes CAF Phase I, CAF Phase 2, federal and state USF support revenue, sublease rental income and failed-sale leaseback income.
|
|
Three Months Ended March 31,
|
|||||
|
2018
|
|
2017
|
|||
|
(Dollars in millions)
|
|||||
Total reportable segment adjusted EBITDA
|
$
|
2,536
|
|
|
1,831
|
|
Regulatory revenues
|
183
|
|
|
172
|
|
|
Depreciation and amortization
|
(1,283
|
)
|
|
(880
|
)
|
|
Other operating expenses
|
(686
|
)
|
|
(492
|
)
|
|
Total other expense, net
|
(514
|
)
|
|
(324
|
)
|
|
Income before income tax expense
|
236
|
|
|
307
|
|
|
Income tax expense
|
(121
|
)
|
|
(144
|
)
|
|
Net income
|
$
|
115
|
|
|
163
|
|
|
As of
March 31, 2018 |
|
As of
December 31, 2017 |
|||
|
(Dollars in millions)
|
|||||
Prepaid expenses
|
$
|
353
|
|
|
294
|
|
Income tax receivable
|
256
|
|
|
258
|
|
|
Materials, supplies and inventory
|
111
|
|
|
128
|
|
|
Deferred activation and installation charges
|
157
|
|
|
128
|
|
|
Deferred commissions
|
134
|
|
|
—
|
|
|
Other
|
94
|
|
|
133
|
|
|
Total other current assets
|
$
|
1,105
|
|
|
941
|
|
|
As of
March 31, 2018 |
|
As of
December 31, 2017 |
|||
|
(Dollars in millions)
|
|||||
Other current liabilities:
|
|
|
|
|||
Accrued rent
|
$
|
28
|
|
|
34
|
|
Legal contingencies
|
46
|
|
|
45
|
|
|
Other
|
354
|
|
|
265
|
|
|
Total other current liabilities
|
$
|
428
|
|
|
344
|
|
|
Pension Plans
|
|
Post-Retirement
Benefit Plans |
|
Foreign Currency
Translation Adjustment and Other |
|
Total
|
|||||
|
(Dollars in millions)
|
|||||||||||
Balance at December 31, 2017
|
$
|
(1,731
|
)
|
|
(235
|
)
|
|
(29
|
)
|
|
(1,995
|
)
|
Other comprehensive income before reclassifications
|
—
|
|
|
—
|
|
|
79
|
|
|
79
|
|
|
Amounts reclassified from accumulated other comprehensive income
|
31
|
|
|
4
|
|
|
—
|
|
|
35
|
|
|
Net current-period other comprehensive income
|
31
|
|
|
4
|
|
|
79
|
|
|
114
|
|
|
Cumulative effect of adoption of ASU 2018-02,
Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income
|
(375
|
)
|
|
(32
|
)
|
|
—
|
|
|
(407
|
)
|
|
Balance at March 31, 2018
|
$
|
(2,075
|
)
|
|
(263
|
)
|
|
50
|
|
|
(2,288
|
)
|
Three Months Ended March 31, 2018
|
|
Decrease (Increase)
in Net Income |
|
Affected Line Item in Consolidated Statement of
Operations |
||
|
|
(Dollars in millions)
|
|
|
||
Amortization of pension & post-retirement plans
(1)
|
|
|
|
|
||
Net actuarial loss
|
|
$
|
44
|
|
|
Other income (expense), net
|
Prior service cost
|
|
3
|
|
|
Other income (expense), net
|
|
Total before tax
|
|
47
|
|
|
|
|
Income tax benefit
|
|
(12
|
)
|
|
Income tax expense
|
|
Net of tax
|
|
$
|
35
|
|
|
|
(1)
|
See Note 7—Employee Benefits for additional information on our net periodic benefit (expense) income related to our pension and post-retirement plans.
|
|
Pension Plans
|
|
Post-Retirement
Benefit Plans |
|
Foreign Currency
Translation Adjustment and Other |
|
Total
|
|||||
|
(Dollars in millions)
|
|||||||||||
Balance at December 31, 2016
|
$
|
(1,895
|
)
|
|
(162
|
)
|
|
(60
|
)
|
|
(2,117
|
)
|
Other comprehensive income (loss) before reclassifications
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
(2
|
)
|
|
Amounts reclassified from accumulated other comprehensive income
|
30
|
|
|
3
|
|
|
—
|
|
|
33
|
|
|
Net current-period other comprehensive income
|
30
|
|
|
3
|
|
|
(2
|
)
|
|
31
|
|
|
Balance at March 31, 2017
|
$
|
(1,865
|
)
|
|
(159
|
)
|
|
(62
|
)
|
|
(2,086
|
)
|
Three Months Ended March 31, 2017
|
|
Decrease (Increase)
in Net Income |
|
Affected Line Item in Consolidated Statement of
Operations |
||
|
|
(Dollars in millions)
|
|
|
||
Amortization of pension & post-retirement plans
(1)
|
|
|
|
|
||
Net actuarial loss
|
|
$
|
51
|
|
|
Other income (expense), net
|
Prior service cost
|
|
3
|
|
|
Other income (expense), net
|
|
Total before tax
|
|
54
|
|
|
|
|
Income tax benefit
|
|
(21
|
)
|
|
Income tax expense
|
|
Net of tax
|
|
$
|
33
|
|
|
|
(1)
|
See Note 7—Employee Benefits for additional information on our net periodic benefit (expense) income related to our pension and post-retirement plans.
|
•
|
Business Segment.
This segment consists generally of providing products and services to small, medium and enterprise business, wholesale and government customers, including other communication providers. Our products and services offered to these customers include our local and long-distance voice, VPN data network, private line (including business data services), Ethernet, information technology, wavelength, broadband, colocation and data center services, managed services, professional and other services provided in connection with selling equipment, network security and various other ancillary services, all of which are described further under "Operating Revenues"; and
|
•
|
Consumer Segment.
This segment consists generally of providing products and services to residential customers. Our products and services offered to these customers include our broadband, local and long-distance voice, video and other ancillary services.
|
|
Three Months Ended March 31,
|
|||||
|
2018
|
|
2017
|
|||
|
|
|||||
Operating revenues
|
$
|
5,945
|
|
|
4,209
|
|
Operating expenses
|
5,195
|
|
|
3,578
|
|
|
Operating income
|
750
|
|
|
631
|
|
|
Interest expense and other (expense) income, net
|
(514
|
)
|
|
(324
|
)
|
|
Income tax expense
|
121
|
|
|
144
|
|
|
Net income
|
$
|
115
|
|
|
163
|
|
Basic earnings per common share
|
$
|
0.11
|
|
|
0.30
|
|
Diluted earnings per common share
|
$
|
0.11
|
|
|
0.30
|
|
|
As of March 31,
|
|
Increase /
(Decrease)
|
|
% Change
|
||||||
|
2018
|
|
2017
|
|
|||||||
|
(in thousands)
|
|
|
||||||||
Operational metrics:
|
|
|
|
|
|
|
|
||||
Total consumer broadband subscribers
(1)
|
4,986
|
|
|
5,291
|
|
|
(305
|
)
|
|
(6
|
)%
|
Total employees
|
50.0
|
|
|
40.0
|
|
|
10.0
|
|
|
25
|
%
|
(1)
|
Consumer broadband subscribers are customers that purchase broadband connection service through their existing telephone lines, stand-alone telephone lines, or fiber-optic cables. Our methodology for counting our consumer broadband subscribers includes only those lines that we use to provide services to external customers and excludes lines used solely by us and our affiliates. It also excludes unbundled loops and includes stand-alone consumer broadband subscribers. We count lines when we install the service.
|
•
|
promote long-term relationships with our customers through bundling of integrated services;
|
•
|
increase the capacity, speed and usage of our networks;
|
•
|
provide a wide array of diverse services, including enhanced or additional services that may become available in the future due to, among other things, advances in technology or improvements in our infrastructure;
|
•
|
provide our premium services to a higher percentage of our customers;
|
•
|
pursue acquisitions of additional assets if available at attractive prices;
|
•
|
increase prices on our products and services if and when practicable; and
|
•
|
market our products and services to new customers.
|
•
|
IP and data services
, which include primarily VPN data networks, Ethernet, IP, video (including our facilities-based video services and Vyvx broadcast services) and other ancillary services;
|
•
|
Transport and infrastructure
, which include broadband, private line (including business data services), data center facilities and services, including cloud, hosting and application management solutions, wavelength, equipment sales and professional services, network security services and other ancillary services;
|
•
|
Voice and collaboration
, which includes primarily local and long-distance voice, including wholesale voice, and other ancillary service;
|
•
|
IT and managed services
, which include information technology services and managed services, which may be purchased in conjunction with our other network services; and
|
•
|
Regulatory revenues,
which consist of Universal Service Fund ("USF") and Connect America Fund ("CAF") support payments and other operating revenues. We receive federal support payments from both federal and state USF programs and from the federal CAF program. The USF and CAF support payments are government subsidies designed to reimburse us for various costs related to certain telecommunications services. We generate other operating revenues from the leasing and subleasing of space in our office buildings, warehouses and other properties and from rental income associated with the failed-sale-leaseback. Because we centrally manage the activities that generate these regulatory revenues, these revenues are not included in our segment revenues.
|
|
Three Months Ended March 31,
|
|
Increase /
(Decrease) |
|
% Change
|
|||||||
|
2018
|
|
2017
|
|
|
|||||||
|
(Dollars in millions)
|
|
|
|||||||||
IP & Data Services (1)
|
$
|
1,845
|
|
|
864
|
|
|
981
|
|
|
114
|
%
|
Transport & Infrastructure (2)
|
2,118
|
|
|
1,607
|
|
|
511
|
|
|
32
|
%
|
|
Voice & Collaboration (3)
|
1,637
|
|
|
1,414
|
|
|
223
|
|
|
16
|
%
|
|
IT & Managed Services (4)
|
162
|
|
|
152
|
|
|
10
|
|
|
7
|
%
|
|
Regulatory revenues (5)
|
183
|
|
|
172
|
|
|
11
|
|
|
6
|
%
|
|
Total operating revenues
|
$
|
5,945
|
|
|
4,209
|
|
|
1,736
|
|
|
41
|
%
|
(1)
|
Includes primarily VPN data network, Ethernet, IP, video and ancillary revenues.
|
(2)
|
Includes primarily broadband, private line (including business data services), colocation and data centers, wavelength and ancillary revenues.
|
(3)
|
Includes local, long-distance and other ancillary revenues.
|
(4)
|
Includes IT services and managed services revenues.
|
(5)
|
Includes CAF Phase I, CAF Phase 2, federal and state USF support revenue, sublease rental income and failed-sale leaseback income.
|
|
Three Months Ended March 31,
|
|
Increase /
(Decrease) |
|
% Change
|
|||||||
|
2018
|
|
2017
|
|
|
|||||||
|
(Dollars in millions)
|
|
|
|||||||||
Cost of services and products (exclusive of depreciation and amortization)
|
$
|
2,803
|
|
|
1,888
|
|
|
915
|
|
|
48
|
%
|
Selling, general and administrative
|
1,109
|
|
|
810
|
|
|
299
|
|
|
37
|
%
|
|
Depreciation and amortization
|
1,283
|
|
|
880
|
|
|
403
|
|
|
46
|
%
|
|
Total operating expenses
|
$
|
5,195
|
|
|
3,578
|
|
|
1,617
|
|
|
45
|
%
|
|
Three Months Ended March 31,
|
|
Increase / (Decrease)
|
|
% Change
|
|||||||
|
2018
|
|
2017
|
|
|
|||||||
|
(Dollars in millions)
|
|
|
|||||||||
Depreciation
|
$
|
839
|
|
|
605
|
|
|
234
|
|
|
39
|
%
|
Amortization
|
444
|
|
|
275
|
|
|
169
|
|
|
61
|
%
|
|
Total depreciation and amortization
|
$
|
1,283
|
|
|
880
|
|
|
403
|
|
|
46
|
%
|
|
Three Months Ended March 31,
|
|
Increase /
(Decrease) |
|
% Change
|
|||||||
|
2018
|
|
2017
|
|
|
|||||||
|
(Dollars in millions)
|
|
|
|||||||||
Interest expense
|
$
|
(535
|
)
|
|
(318
|
)
|
|
217
|
|
|
68
|
%
|
Other income (expense), net
|
21
|
|
|
(6
|
)
|
|
27
|
|
|
nm
|
|
|
Total other expense, net
|
$
|
(514
|
)
|
|
(324
|
)
|
|
190
|
|
|
59
|
%
|
Income tax expense
|
$
|
121
|
|
|
144
|
|
|
(23
|
)
|
|
(16
|
)%
|
|
Three Months Ended March 31,
|
|||||
|
2018
|
|
2017
|
|||
|
(Dollars in millions)
|
|||||
Business segment:
|
|
|
|
|||
Revenues
|
$
|
4,383
|
|
|
2,590
|
|
Expenses
|
2,613
|
|
|
1,566
|
|
|
Adjusted EBITDA
|
$
|
1,770
|
|
|
1,024
|
|
Margin percentage
|
40
|
%
|
|
40
|
%
|
|
Consumer segment:
|
|
|
|
|||
Revenues
|
$
|
1,379
|
|
|
1,447
|
|
Expenses
|
613
|
|
|
640
|
|
|
Adjusted EBITDA
|
$
|
766
|
|
|
807
|
|
Margin percentage
|
56
|
%
|
|
56
|
%
|
|
Business Segment
|
|||||||||||
|
Three Months Ended March 31,
|
|
Increase /
(Decrease) |
|
%Change
|
|||||||
|
2018
|
|
2017
|
|
||||||||
|
(Dollars in millions)
|
|
|
|||||||||
Segment revenues:
|
|
|
|
|
|
|
|
|||||
IP & Data Services (1)
|
$
|
1,748
|
|
|
744
|
|
|
1,004
|
|
|
135
|
%
|
Transport & Infrastructure (2)
|
1,362
|
|
|
906
|
|
|
456
|
|
|
50
|
%
|
|
Voice & Collaboration (3)
|
1,111
|
|
|
788
|
|
|
323
|
|
|
41
|
%
|
|
IT & Managed Services (4)
|
162
|
|
|
152
|
|
|
10
|
|
|
7
|
%
|
|
Total segment revenues
|
4,383
|
|
|
2,590
|
|
|
1,793
|
|
|
69
|
%
|
|
|
|
|
|
|
|
|
|
|||||
Segment expenses:
|
|
|
|
|
|
|
|
|||||
Total expenses
|
2,613
|
|
|
1,566
|
|
|
1,047
|
|
|
67
|
%
|
|
Segment adjusted EBITDA
|
$
|
1,770
|
|
|
1,024
|
|
|
746
|
|
|
73
|
%
|
Segment margin percentage
|
40
|
%
|
|
40
|
%
|
|
|
|
|
|
|
(1)
|
Includes primarily VPN data network, Ethernet, IP, video and ancillary revenues.
|
(2)
|
Includes primarily broadband, private line (including business data services), colocation and data centers, wavelength and ancillary revenues.
|
(3)
|
Includes local, long-distance and other ancillary revenues.
|
(4)
|
Includes IT services and managed services revenues.
|
|
Consumer Segment
|
|||||||||||
|
Three Months Ended March 31,
|
|
Increase /
(Decrease)
|
|
% Change
|
|||||||
|
2018
|
|
2017
|
|
||||||||
|
(Dollars in millions)
|
|
|
|||||||||
Segment revenues:
|
|
|
|
|
|
|
|
|||||
IP & Data Services (1)
|
$
|
97
|
|
|
120
|
|
|
(23
|
)
|
|
(19
|
)%
|
Transport & Infrastructure (2)
|
756
|
|
|
701
|
|
|
55
|
|
|
8
|
%
|
|
Voice & Collaboration (3)
|
526
|
|
|
626
|
|
|
(100
|
)
|
|
(16
|
)%
|
|
Total segment revenues
|
1,379
|
|
|
1,447
|
|
|
(68
|
)
|
|
(5
|
)%
|
|
|
|
|
|
|
|
|
|
|||||
Segment expenses:
|
|
|
|
|
|
|
|
|||||
Total expenses
|
613
|
|
|
640
|
|
|
(27
|
)
|
|
(4
|
)%
|
|
Segment adjusted EBITDA
|
$
|
766
|
|
|
807
|
|
|
(41
|
)
|
|
(5
|
)%
|
Segment margin percentage
|
56
|
%
|
|
56
|
%
|
|
|
|
|
|
|
(1
|
)
|
Includes retail video revenues (including our facilities-based video revenues).
|
(2
|
)
|
Includes primarily broadband and equipment sales and professional services revenues.
|
(3
|
)
|
Includes local, long-distance and other ancillary revenues.
|
Borrower
|
|
Moody's Investors Service, Inc.
|
|
Standard & Poor's
|
|
Fitch Ratings
|
CenturyLink, Inc.:
|
|
|
|
|
|
|
Unsecured
|
|
B2
|
|
B+
|
|
BB
|
Secured
|
|
Ba3
|
|
BBB-
|
|
BB+
|
|
|
|
|
|
|
|
Qwest Corporation:
|
|
|
|
|
|
|
Unsecured
|
|
Ba2
|
|
BBB-
|
|
BB+
|
|
|
|
|
|
|
|
Level 3 Parent, LLC:
|
|
|
|
|
|
|
Unsecured
|
|
B1
|
|
B+
|
|
BB-
|
|
|
|
|
|
|
|
Level 3 Financing, Inc.
|
|
|
|
|
|
|
Unsecured
|
|
Ba3
|
|
BB
|
|
BB
|
Secured
|
|
Ba1
|
|
BBB-
|
|
BBB-
|
|
Three Months Ended March 31,
|
|
Increase /
(Decrease) |
||||||
|
2018
|
|
2017
|
|
|||||
|
(Dollars in millions)
|
||||||||
Net cash provided by operating activities
|
$
|
1,667
|
|
|
1,057
|
|
|
610
|
|
Net cash used in investing activities
|
(768
|
)
|
|
(732
|
)
|
|
36
|
|
|
Net cash used in financing activities
|
(948
|
)
|
|
(333
|
)
|
|
615
|
|
•
|
Add a lender to the 2017 Revolving Credit Facility and to increase CenturyLink, Inc.’s borrowing capacity thereunder to approximately
$2.168 billion
; and
|
•
|
Add a lender to the Term Loan A credit facility and to increase CenturyLink, Inc.’s borrowing capacity thereunder to approximately
$1.707 billion
.
|
|
Total Number of
Shares Withheld
for Taxes
|
|
Average Price Paid
Per Share
|
|||
Period
|
|
|
|
|||
January 2018
|
128,717
|
|
|
$
|
15.45
|
|
February 2018
|
764,257
|
|
|
18.11
|
|
|
March 2018
|
545,083
|
|
|
17.50
|
|
|
Total
|
1,438,057
|
|
|
|
Exhibit
Number
|
Description
|
||
2.1
|
|||
3.1
|
|||
3.2
|
|||
4.1
|
|||
4.2
|
Instrument relating to Credit Agreement assumed by CenturyLink, Inc. on November 1, 2017.
|
||
|
a.
|
||
|
b.
|
||
4.3
|
Instruments relating to CenturyLink, Inc.'s public senior debt.
(1)
|
||
|
a.
|
Indenture, dated as of March 31, 1994, by and between Century Telephone Enterprises, Inc. (currently named CenturyLink, Inc.) and Regions Bank (successor-in-interest to First American Bank & Trust of Louisiana), as Trustee.
|
|
|
|
(i).
|
Form of 7.2% Senior Notes, Series D, due 2025 (incorporated by reference to Exhibit 4.27 of CenturyLink, Inc.'s annual report on Form 10-K for the year ended December 31, 1995 (File No. 001-07784) filed with the Securities and Exchange Commission on March 18, 1996).
|
|
|
(ii).
|
Form of 6.875% Debentures, Series G, due 2028, (incorporated by reference to Exhibit 4.9 of CenturyLink, Inc.'s annual report on Form 10-K for the year ended December 31, 1997 (File No. 001-07784) filed with the Securities and Exchange Commission on March 16, 1998).
|
|
b.
|
||
|
|
(i).
|
|
|
c.
|
||
|
|
(i).
|
Exhibit
Number
|
Description
|
||
|
d.
|
||
|
|
(i).
|
|
|
e.
|
||
|
|
(i).
|
|
|
f.
|
||
|
|
(i).
|
|
|
g.
|
||
|
|
(i).
|
|
|
h.
|
||
|
|
(i).
|
|
4.4
|
Instruments relating to indebtedness of Qwest Communications International, Inc. and its subsidiaries.
(1)
|
||
|
a.
|
||
|
|
(i).
|
|
|
b.
|
Exhibit
Number
|
Description
|
||
|
|
(i).
|
|
|
c.
|
Indenture, dated as of June 29, 1998, by and among U S WEST Capital Funding, Inc. (currently named Qwest Capital Funding, Inc.), U S WEST, Inc. (predecessor to Qwest Communications International Inc.) and The First National Bank of Chicago, as trustee (incorporated by reference to Exhibit 4(a) of U S WEST, Inc.'s Current Report on Form 8-K (File No. 001-14087) filed with the Securities and Exchange Commission on November 18, 1998).
|
|
|
|
(i).
|
|
|
d.
|
Indenture, dated as of October 15, 1999, by and between US West Communications, Inc. (currently named Qwest Corporation) and Bank One Trust Company, N.A., as trustee (incorporated by reference to Exhibit 4(b) of Qwest Corporation's annual report on Form 10-K for the year ended December 31, 1999 (File No. 001-03040) filed with the Securities and Exchange Commission on March 3, 2000).
|
|
|
|
(i).
|
|
|
|
(ii).
|
|
|
|
(iii).
|
|
|
|
(iv).
|
|
|
|
(v).
|
|
|
|
(vi).
|
|
|
|
(vii).
|
|
|
|
(viii).
|
|
|
|
(ix).
|
|
|
|
(x).
|
Exhibit
Number
|
Description
|
||
|
e.
|
||
4.5
|
Instruments relating to indebtedness of Embarq Corporation.
(1)
|
||
|
a.
|
||
|
b.
|
||
4.6
|
Instruments relating to indebtedness of Level 3 Communications, Inc. and its subsidiaries.
(1)
|
||
|
a.
|
||
|
|
(i).
|
|
|
|
(ii).
|
|
|
|
(iii).
|
|
|
b.
|
||
|
|
(i).
|
|
|
|
(ii).
|
Exhibit
Number
|
Description
|
||
|
|
(iii).
|
|
|
c.
|
||
|
|
(i).
|
|
|
d.
|
||
|
|
(i).
|
|
|
|
(ii).
|
|
|
|
(iii).
|
|
|
e.
|
||
|
|
(i).
|
Exhibit
Number
|
Description
|
||
|
|
(ii).
|
|
|
|
(iii).
|
|
|
f.
|
||
|
|
(i).
|
|
|
|
(ii).
|
|
|
|
(iii).
|
|
|
g.
|
||
|
|
(i).
|
|
|
|
(ii).
|
Exhibit
Number
|
Description
|
||
101*
|
Financial statements from the Quarterly Report on Form 10-Q of CenturyLink, Inc. for the period ended March 31, 2018, formatted in XBRL: (i) the Consolidated Statements of Operations, (ii) the Consolidated Statements of Comprehensive Income, (iii) the Consolidated Balance Sheets, (iv) the Consolidated Statements of Cash Flows, (v) the Consolidated Statements of Stockholders' Equity and (vi) the Notes to Consolidated Financial Statements.
|
*
|
Exhibit filed herewith.
|
(1)
|
Certain of the items in Sections 4.5, 4.6, 4.7 and 4.8 (i) omit supplemental indentures or other instruments governing debt that has been retired, or (ii) refer to trustees who may have been replaced, acquired or affected by similar changes. In accordance with Item 601(b) (4) (iii) (A) of Regulation S-K, copies of certain instruments defining the rights of holders of certain of our long-term debt are not filed herewith. Pursuant to this regulation, we hereby agree to furnish a copy of any such instrument to the SEC upon request.
|
|
CENTURYLINK, INC.
|
|
|
By:
|
/s/ Eric J. Mortensen
|
|
Eric J. Mortensen
Senior Vice President - Interim Controller
(Principal Accounting Officer)
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|---|---|---|
VANGUARD GROUP INC | 109,301,827 | 580,392,701 | |
CHARLES SCHWAB INVESTMENT MANAGEMENT INC | 26,472,492 | 140,568,933 | |
GEODE CAPITAL MANAGEMENT, LLC | 23,366,279 | 124,145,818 | |
FIRST TRUST ADVISORS LP | 18,232,078 | 96,812,334 | |
CITADEL ADVISORS LLC | 17,975,262 | 95,448,641 | |
HSBC HOLDINGS PLC | 17,749,792 | 95,749,541 | |
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | 12,725,190 | 67,570,759 | |
NORGES BANK | 11,984,593 | 63,638,189 | |
Front Street Capital Management, Inc. | 11,825,502 | 62,793 | |
RENAISSANCE TECHNOLOGIES LLC | 11,664,009 | 61,935,888 | |
Palestra Capital Management LLC | 11,167,585 | 59,299,876 | |
DIMENSIONAL FUND ADVISORS LP | 9,812,495 | 52,111,239 | |
SUSQUEHANNA INTERNATIONAL GROUP, LLP | 9,359,494 | 49,698,913 | |
TWO SIGMA INVESTMENTS, LP | 8,856,838 | 47,029,810 | |
LM Asset (IM) Inc. | 8,817,300 | 49,931,170 | |
Allianz Asset Management GmbH | 8,772,315 | 34,387,475 | |
TWO SIGMA ADVISERS, LP | 7,505,114 | 39,852,155 | |
JANE STREET GROUP, LLC | 5,962,099 | 31,658,745 | |
MILLENNIUM MANAGEMENT LLC | 5,744,368 | 30,502,594 | |
SIMPLEX TRADING, LLC | 5,553,736 | 29,488 | |
WHITEBOX ADVISORS LLC | 4,800,000 | 25,488,000 | |
GROUP ONE TRADING LLC | 4,788,808 | 25,428,570 | |
Parametric Portfolio Associates LLC | 4,705,595 | 53,032 | |
D. E. Shaw & Co., Inc. | 4,380,024 | 23,257,927 | |
Cubist Systematic Strategies, LLC | 4,240,360 | 22,516,313 | |
VOLORIDGE INVESTMENT MANAGEMENT, LLC | 4,050,748 | 21,509,472 | |
Connor, Clark & Lunn Investment Management Ltd. | 4,029,938 | 21,398,971 | |
Legal & General Group Plc | 3,329,673 | 17,680,563 | |
Nuveen Asset Management, LLC | 3,110,557 | 16,517,058 | |
Mitsubishi UFJ Trust & Banking Corp | 3,101,395 | 16,468,407 | |
RHUMBLINE ADVISERS | 3,092,677 | 12,123,269 | |
AMUNDI ASSET MANAGEMENT US, INC. | 2,819,017 | 37,634 | |
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 2,684,888 | 14,256,756 | |
Public Sector Pension Investment Board | 2,528,387 | 13,425,735 | |
VICTORY CAPITAL MANAGEMENT INC | 2,448,046 | 9,596,340 | |
Trexquant Investment LP | 2,435,026 | 12,929,988 | |
VAN DEN BERG MANAGEMENT I, INC | 2,432,914 | 12,918,771 | |
FMR LLC | 2,288,476 | 12,151,810 | |
AustralianSuper Pty Ltd | 2,145,528 | 8,410,470 | |
Swiss National Bank | 1,899,900 | 10,088,469 | |
Man Group plc | 1,745,445 | 9,268,313 | |
California Public Employees Retirement System | 1,673,977 | 8,888,818 | |
Lombard Odier Asset Management (USA) Corp | 1,640,000 | 8,708,400 | |
DEUTSCHE BANK AG\ | 1,589,213 | 8,438,721 | |
HRT FINANCIAL LP | 1,475,797 | 7,836 | |
IMC-Chicago, LLC | 1,471,800 | 5,769,456 | |
Sequoia Financial Advisors, LLC | 1,370,598 | 5,372,745 | |
CREDIT SUISSE AG/ | 1,357,979 | 2,118,447 | |
Squarepoint Ops LLC | 1,254,245 | 6,660,041 | |
WOLVERINE TRADING, LLC | 1,209,500 | 6,531,300 | |
Walleye Trading LLC | 1,175,300 | 6,240,843 | |
Kore Advisors LP | 1,124,800 | 5,972,688 | |
PANAGORA ASSET MANAGEMENT INC | 1,122,560 | 5,960,794 | |
Crescent Park Management, L.P. | 1,117,000 | 5,931,270 | |
Twin Tree Management, LP | 1,029,000 | 5,463,990 | |
NEW YORK STATE TEACHERS RETIREMENT SYSTEM | 1,009,058 | 3,956 | |
PEAK6 Investments LLC | 1,000,000 | 7,100,000 | |
INTECH INVESTMENT MANAGEMENT LLC | 979,487 | 5,201,076 | |
Thrivent Financial for Lutherans | 968,838 | 5,145 | |
Assenagon Asset Management S.A. | 935,386 | 3,666,713 | |
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | 906,722 | 4,814,694 | |
PRICE T ROWE ASSOCIATES INC /MD/ | 809,269 | 4,298 | |
ALGERT GLOBAL LLC | 796,988 | 4,232 | |
AJO, LP | 746,637 | 9,967 | |
EATON VANCE MANAGEMENT | 696,893 | 5,074 | |
LMR Partners LLP | 664,900 | 3,530,619 | |
MetLife Investment Management, LLC | 609,620 | 3,237,082 | |
AQR CAPITAL MANAGEMENT LLC | 604,224 | 3,208,429 | |
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | 587,251 | 2,302,024 | |
Quantitative Investment Management, LLC | 582,192 | 3,091 | |
YOUSIF CAPITAL MANAGEMENT, LLC | 581,643 | 2,280,041 | |
Ensign Peak Advisors, Inc | 580,421 | 3,082,035 | |
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. | 576,400 | 3,060,684 | |
Quantbot Technologies LP | 571,725 | 3,035,860 | |
Graham Capital Management, L.P. | 567,910 | 3,015,602 | |
State of Alaska, Department of Revenue | 562,296 | 2,204 | |
FOURSIXTHREE CAPITAL LP | 550,000 | 2,920,500 | |
ACADIAN ASSET MANAGEMENT LLC | 534,034 | 2,831 | |
MANUFACTURERS LIFE INSURANCE COMPANY, THE | 531,579 | 2,822,684 | |
AMUNDI | 522,434 | 2,883,836 | |
WESTERLY CAPITAL MANAGEMENT, LLC | 500,000 | 2,655,000 | |
Aperio Group, LLC | 492,929 | 4,806 | |
STATE OF WISCONSIN INVESTMENT BOARD | 485,141 | 2,576,099 | |
COMMONWEALTH EQUITY SERVICES, LLC | 482,723 | 2,563 | |
Louisiana State Employees Retirement System | 478,000 | 1,873,760 | |
Voya Investment Management LLC | 475,968 | 2,527,390 | |
Pathstone Holdings, LLC | 450,293 | 2,391,058 | |
Verition Fund Management LLC | 444,980 | 2,362,844 | |
Caption Management, LLC | 440,600 | 2,339,586 | |
COMERICA BANK | 433,280 | 2,300,715 | |
CONGRESS ASSET MANAGEMENT CO | 417,482 | 1,636,529 | |
LONESTAR CAPITAL MANAGEMENT LLC | 400,000 | 2,124,000 | |
GENDELL JEFFREY L | 400,000 | 2,124,000 | |
CHOREO, LLC | 398,535 | 1,562,258 | |
PICTET ASSET MANAGEMENT LTD | 396,801 | 5,393 | |
SNOW CAPITAL MANAGEMENT LP | 395,640 | 5,282 | |
KENNEDY CAPITAL MANAGEMENT LLC | 385,181 | 2,045,311 | |
Optimal Asset Management, Inc. | 384,511 | 4,764 | |
LPL Financial LLC | 380,016 | 1,489,662 | |
State of New Jersey Common Pension Fund D | 365,696 | 1,941,846 |
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|---|---|---|
Mr. “Terry” Clontz has served as a director since 2017 | |||
Quincy L. Allen INDEPENDENT 65 years old Director since: 2021 Committees: HRC ( Chair ), NCG Skills: | |||
Mr. Brown has served as a director since 2009 | |||
T. Michael Glenn INDEPENDENT 69 years old Chairman of the Board Director since: 2017 Committees: HRC Skills: | |||
T. Michael Glenn INDEPENDENT 69 years old Chairman of the Board Director since: 2017 Committees: HRC Skills: | |||
Martha Helena Béjar INDEPENDENT 62 years old Director since: 2016 Committees: HRC, NCG ( Chair ) Skills: | |||
Ms. Siegel has served as a director since 2009 | |||
Kevin P. Chilton INDEPENDENT 70 years old Director since: 2017 Committees: A, RS ( Chair ) Skills: | |||
James Fowler INDEPENDENT 53 years old Director since: 2023 Committees: A, RS Skills: | |||
Hal Stanley Jones INDEPENDENT 72 years old Director since: 2020 Committees: A ( Chair ), RS Skills: | |||
Diankha Linear INDEPENDENT 51 years old Director since: 2024 Committees: NCG, RS Skills: | |||
Christopher Capossela INDEPENDENT 55 years old Director since: 2024 Committees: A, HRC Skills: |
Name and
Principal Position |
Year | Salary |
Bonus
|
Stock
Awards
|
Non-equity
Incentive Plan
Compensation
|
Change in
Pension
Value
|
All Other
Compensation
|
Total | |||||||||||||||||||||||||||
Current NEOs
|
|||||||||||||||||||||||||||||||||||
Kate Johnson
President and CEO
|
2024 | $ | 1,283,607 | — | $ | 6,135,630 | $ | 2,957,252 | $ | — | $ | 123,502 | $ | 10,499,991 | |||||||||||||||||||||
2023 | 1,200,000 | — | 6,215,329 | 1,996,800 | — | 180,834 | 9,592,963 | ||||||||||||||||||||||||||||
2022 | 180,840 | $ | 1,000,000 | 3,013,700 | 329,129 | — | 254,461 | 4,778,130 | |||||||||||||||||||||||||||
Chris D. Stansbury
EVP and CFO
|
2024 | $ | 841,803 | — | $ | 2,368,137 | $ | 1,117,496 | $ | — | $ | 30,300 | $ | 4,357,736 | |||||||||||||||||||||
2023 | 800,000 | — | 3,271,226 | 915,200 | — | 10,354 | 4,996,780 | ||||||||||||||||||||||||||||
2022 | 565,200 | $ | 150,000 | 8,792,466 | 642,915 | — | 10,854 | 10,161,435 | |||||||||||||||||||||||||||
David Ward
EVP, Chief Technology & Product Officer
|
2024 | $ | 622,920 | $ | 1,000,000 | $ | 2,481,228 | $ | 661,541 | $ | — | $ | 13,800 | $ | 4,779,489 | ||||||||||||||||||||
Ashley Haynes-Gaspar
EVP, Chief Revenue Officer
|
2024 | $ | 625,019 | $ | 250,000 | $ | 1,011,840 | $ | 663,770 | $ | — | $ | 21,462 | $ | 2,572,091 | ||||||||||||||||||||
2023 | 553,972 | 250,000 | 2,160,675 | 483,950 | — | 9,000 | 3,457,597 | ||||||||||||||||||||||||||||
Former NEOs | |||||||||||||||||||||||||||||||||||
Stacey Goff
Former EVP, General Counsel and Secretary
|
2024 | $ | 411,202 | $ | 1,125,000 | $ | — | $ | 393,006 | $ | 144,894 | $ | 1,599,900 | $ | 3,674,002 | ||||||||||||||||||||
2023 | 700,000 | — | 1,079,907 | 698,880 | 176,563 | 63,999 | 2,719,349 | ||||||||||||||||||||||||||||
2022 | 656,338 | — | 2,336,539 | 716,721 | — | 44,653 | 3,754,251 | ||||||||||||||||||||||||||||
Chadwick Ho
Former EVP and Chief Legal Officer and Secretary
|
2024 | $ | 392,077 | $ | 650,000 | $ | 1,051,282 | $ | 312,284 | $ | — | $ | 11,754 | $ | 2,417,397 | ||||||||||||||||||||
Satish Lakshmanan
Former EVP, Chief Product Officer
|
2024 | $ | 354,645 | $ | 1,400,000 | $ | 1,309,237 | $ | 282,471 | $ | — | $ | 1,100,000 | $ | 4,446,353 |
No Customers Found
Suppliers
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|---|---|---|
Johnson Kathleen E | - | 6,889,250 | 2,278,360 |
Stansbury Christopher | - | 5,210,220 | 500,000 |
Johnson Kathleen E | - | 3,883,710 | 1,188,720 |
Stansbury Christopher | - | 2,633,000 | 500,000 |
Ward David D. | - | 1,458,020 | 0 |
Haynes-Gaspar Ashley | - | 1,255,410 | 0 |
HO CHADWICK | - | 854,701 | 0 |
Chotai Sham | - | 640,287 | 0 |
CLONTZ STEVEN T | - | 583,152 | 500 |
Genschaw Andrea | - | 432,643 | 3,560 |
Fowler James | - | 384,056 | 0 |
GLENN T MICHAEL | - | 272,019 | 77,143 |
SIEGEL LAURIE | - | 194,452 | 30,000 |
BROWN PETER C | - | 164,426 | 0 |
Linear Diankha | - | 34,317 | 0 |
Capossela Christopher C | - | 15,608 | 0 |