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QUARTERLY FINANCIAL DATA (Tables)
12 Months Ended
Jun. 30, 2018
QUARTERLY FINANCIAL DATA  
Schedule of Quarterly Results

The following table presents the unaudited quarterly results for the year ended June 30, 2018:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2018 Quarter Ended

 

    

September 30

    

December 31(1)

    

March 31(2)

    

June 30(3)

    

Total

 

 

(in millions)

Revenue

 

$

643.5

 

$

653.5

 

$

649.4

 

$

657.6

 

$

2,604.0

Operating costs and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating costs (excluding depreciation and amortization and including stock-based compensation)

 

 

235.7

 

 

232.0

 

 

234.9

 

 

239.3

 

 

941.9

Selling, general and administrative expenses (including stock-based compensation)

 

 

128.3

 

 

121.6

 

 

118.0

 

 

121.9

 

 

489.8

Depreciation and amortization

 

 

184.1

 

 

195.9

 

 

191.2

 

 

176.2

 

 

747.4

Total operating costs and expenses

 

 

548.1

 

 

549.5

 

 

544.1

 

 

537.4

 

 

2,179.1

Operating income

 

 

95.4

 

 

104.0

 

 

105.3

 

 

120.2

 

 

424.9

Other expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(73.6)

 

 

(73.1)

 

 

(75.3)

 

 

(77.8)

 

 

(299.8)

Loss on extinguishment of debt

 

 

(4.9)

 

 

 —

 

 

 —

 

 

 —

 

 

(4.9)

Foreign currency gain/(loss) on intercompany loans

 

 

10.8

 

 

3.1

 

 

13.9

 

 

(22.4)

 

 

5.4

Other income, net

 

 

0.9

 

 

0.4

 

 

0.4

 

 

0.7

 

 

2.4

Total other expenses, net

 

 

(66.8)

 

 

(69.6)

 

 

(61.0)

 

 

(99.5)

 

 

(296.9)

Income from operations before income taxes

 

 

28.6

 

 

34.4

 

 

44.3

 

 

20.7

 

 

128.0

Provision for income taxes

 

 

5.4

 

 

22.9

 

 

20.9

 

 

(23.1)

 

 

26.1

Net income

 

$

23.2

 

$

11.5

 

$

23.4

 

$

43.8

 

$

101.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share(4):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

0.09

 

$

0.05

 

$

0.09

 

$

0.18

 

$

0.41

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

The Company recorded a provisional tax expense in the quarter ending December 31, 2017 of $44.1 million to record the impact of U.S. Tax Reform.

(2)

The Company recorded a provisional tax expense in the quarter ending March 31, 2018 of $4.6 million to record the impact of U.S. Tax Reform.

(3)

The Company recorded a provisional tax benefit in the quarter ending June 30, 2018 of $(23.9) million to record the impact of U.S. Tax Reform

(4)

The total earnings per share for the quarters may not equal earnings per share for the respective years because the per share amounts for each quarter and for each year are computed based on their respective discrete periods.

 

The following table presents the unaudited quarterly results for the year ended June 30, 2017:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2017 Quarter Ended

 

    

September 30

    

December 31

    

March 31 (1) (2)

    

June 30  (2)

    

Total

 

 

(in millions)

Revenue

 

$

504.9

 

$

506.7

 

$

550.2

 

$

638.0

 

$

2,199.8

Operating costs and expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating costs (excluding depreciation and amortization and including stock-based compensation)

 

 

173.8

 

 

179.9

 

 

195.0

 

 

234.2

 

 

782.9

Selling, general and administrative expenses (including stock-based compensation)

 

 

105.6

 

 

104.7

 

 

108.8

 

 

117.1

 

 

436.2

Depreciation and amortization

 

 

138.5

 

 

131.4

 

 

155.7

 

 

181.3

 

 

606.9

Total operating costs and expenses

 

 

417.9

 

 

416.0

 

 

459.5

 

 

532.6

 

 

1,826.0

Operating income

 

 

87.0

 

 

90.7

 

 

90.7

 

 

105.4

 

 

373.8

Other expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(53.3)

 

 

(53.7)

 

 

(63.0)

 

 

(71.5)

 

 

(241.5)

Loss on extinguishment of debt

 

 

 —

 

 

 —

 

 

(4.5)

 

 

(13.7)

 

 

(18.2)

Foreign currency gain/(loss) on intercompany loans

 

 

(11.2)

 

 

(17.4)

 

 

3.9

 

 

14.4

 

 

(10.3)

Other (expense)/income, net

 

 

(0.2)

 

 

0.4

 

 

0.5

 

 

(0.4)

 

 

0.3

Total other expenses, net

 

 

(64.7)

 

 

(70.7)

 

 

(63.1)

 

 

(71.2)

 

 

(269.7)

Income from operations before income taxes

 

 

22.3

 

 

20.0

 

 

27.6

 

 

34.2

 

 

104.1

Provision for income taxes

 

 

6.6

 

 

0.2

 

 

0.6

 

 

11.0

 

 

18.4

Net income

 

$

15.7

 

$

19.8

 

$

27.0

 

$

23.2

 

$

85.7

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share(3):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

0.06

 

$

0.08

 

$

0.11

 

$

0.09

 

$

0.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1)

The Company realized an increase in revenue and operating expenses beginning March 1, 2017 as a result of the acquisition of Electric Lightwave.

(2)

The Company recognized a loss on debt extinguishment associated with the write-off of unamortized debt issuance costs in the third and fourth quarters. See Note 7 – Long Term Debt.

(3)

The total earnings per share for the quarters may not equal earnings per share for the respective years because the per share amounts for each quarter and for each year are computed based on their respective discrete periods.