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CenturyLink - Fundamentalanalyse - Jahresbericht / Bilanz / Geschäftsbericht

CenturyLink (ISIN: US1567001060, WKN: 866405) Kursdatum: 21.07.2017 Kurs: 23,370 USD
Beschreibung Daten
Symbol CTL
Marktkapitalisierung 12.635.668.480,00 USD
Land Vereinigte Staaten von Amerika
Indizes S&P 500
Sektor Versorger
Rohdaten nach US GAAP in Millionen USD
Aktiensplits 1999-04-01 - 3:2 | 1998-04-01 - 3:2 |
Internet
Letztes Bilanz Update 23.02.2017

Fundamentaldaten

Fundamental Verhältnisse errechnet am: 21.07.2017
KFCV KCV DIV Rendite GKR EKQ KGV KUV KBV
7,77 2,74 9,24% 1,33 28,50 20,15 0,72 0,94

Firmenbeschreibung

Quarterly Financial Data (Unaudited) FirstQuarter SecondQuarter ThirdQuarter FourthQuarter Total (Dollars in millions, except per share amounts)2015         Operating revenues$4,451 4,419 4,554 4,476 17,900Operating income649 549 656 751 2,605Net income192 143 205 338 878Basic earnings per common share0.34 0.26 0.37 0.62 1.58Diluted earnings per common share0.34 0.26 0.37 0.62 1.582014         Operating revenues$4,538 4,541 4,514 4,438 18,031Operating income653 655 619 483 2,410Net income203 193 188 188 772Basic earnings per common share0.35 0.34 0.33 0.33 1.36Diluted earnings per common share0.35 0.34 0.33 0.33 1.36During the third quarter of 2015, we recognized an incremental $158 million of revenue associated with the FCC's CAF Phase 2 support program, and an additional incremental $57 million in the fourth quarter of 2015. During the fourth quarter of 2015, we also recognized a tax benefit of approximately $34 million related to affiliate debt rationalization, research and development tax credits of $28 million for 2011 through 2015, and a $16 million tax decrease due to changes in state taxes caused by apportionment changes, state tax rate changes and the changes in the expected utilization of net operating losses ("NOLs").During the fourth quarter of 2014, we recognized a $60 million tax benefit associated with a deduction for the tax basis for worthless stock in a wholly-owned foreign subsidiary as a result of developments in bankruptcy proceedings involving its sole asset that occurred in the first quarter of 2014. During the fourth quarter of 2014, we also recognized a pension settlement charge of $63 million.

Firmenstrategie

The accompanying consolidated financial statements include our accounts and the accounts of our subsidiaries. Intercompany amounts and transactions with our consolidated subsidiaries have been eliminated.To simplify the overall presentation of our consolidated financial statements, we report immaterial amounts attributable to noncontrolling interests in certain of our subsidiaries as follows: (i) income attributable to noncontrolling interests in other income, net, (ii) equity attributable to noncontrolling interests in additional paid-in capital and (iii) cash flows attributable to noncontrolling interests in other, net financing activities.

RevenueRecognitionPolicyTextBlock

Revenue Recognition

We recognize revenue for services when the related services are provided. Recognition of certain payments received in advance of services being provided is deferred until the service is provided. These advance payments include activation and installation charges, which we recognize as revenue over the expected customer relationship period, which ranges from eighteen months to over ten years depending on the service. We also defer costs for customer activations and installations. The deferral of customer activation and installation costs is limited to the amount of revenue deferred on advance payments. Costs in excess of advance payments are recorded as expense in the period such costs are incurred. Expected customer relationship periods are estimated using historical experience. In most cases, termination fees or other fees on existing contracts that are negotiated in conjunction with new contracts are deferred and recognized over the new contract term.

We offer bundle discounts to our customers who receive certain groupings of services. These bundle discounts are recognized concurrently with the associated revenue and are allocated to the various services in the bundled offering based on the estimated selling price of services included in each bundled combination.

Customer arrangements that include both equipment and services are evaluated to determine whether the elements are separable. If the elements are deemed separable and separate earnings processes exist, the revenue associated with the customer arrangement is allocated to each element based on the relative estimated selling price of the separate elements. We have estimated the selling prices of each element by reference to vendor-specific objective evidence of selling prices when the elements are sold separately. The revenue associated with each element is then recognized as earned. For example, if we receive an advance payment when we sell equipment and continuing service together, we immediately recognize as revenue the amount allocated to the equipment as long as all the conditions for revenue recognition have been satisfied. The portion of the advance payment allocated to the service based upon its relative selling price is recognized ratably over the longer of the contractual period or the expected customer relationship period.

We periodically transfer optical capacity assets on our network to other telecommunications service carriers. These transactions are structured as indefeasible rights of use, commonly referred to as IRUs, which are the exclusive right to use a specified amount of capacity or fiber for a specified term, typically 20 years. We account for the cash consideration received on transfers of optical capacity assets and on all of the other elements deliverable under an IRU, as revenue ratably over the term of the agreement. We have not recognized revenue on any contemporaneous exchanges of our optical capacity assets for other optical capacity assets.

In connection with offering products and services provided by third-party vendors, we review the relationship between us, the vendor and the end customer to assess whether revenue should be reported on a gross or net basis. In assessing whether revenue should be reported on a gross or net basis, we consider whether we act as a principal in the transaction, take title to the products, have risk and rewards of ownership or act as an agent or broker. Based on our agreements with DIRECTV and Verizon Wireless, we offer these services through sales agency relationships which are reported on a net basis.

We have service level commitments pursuant to contracts with certain of our customers. To the extent that such service levels are not achieved or are otherwise disputed due to performance or service issues or other service interruptions or conditions, we will estimate the amount of credits to be issued and record a reduction to revenues, with a corresponding increase in the credit reserve.

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Segment Information

We are organized into operating segments based on customer type, business and consumer. These operating segments are our two reportable segments in our consolidated financial statements:

Business Segment. Consists generally of providing strategic, legacy and data integration products and services to small, medium and enterprise business, wholesale and governmental customers, including other communication providers. Our strategic products and services offered to these customers include our MPLS, private line (including special access), Ethernet, high-speed Internet, colocation, managed hosting, cloud hosting and other ancillary services. Our legacy services offered to these customers primarily include switched access and local and long-distance voice services, including the sale of unbundled network elements ("UNEs") which allow our wholesale customers to use all or part of our network to provide voice and data services to their customers. Our data integration offerings include the sale of telecommunications equipment located on customers' premises and related professional services. These services include network management, installation and maintenance of data equipment and the building of proprietary fiber-optic broadband networks; and
Consumer Segment. Consists generally of providing strategic and legacy products and services to residential customers. Our strategic products and services offered to these customers include our high-speed Internet, video (including our Prism TV services) and wireless services. Our legacy services offered to these customers include local and long-distance voice services.

The following table summarizes our segment results for 2015, 2014 and 2013 based on the segment categorization we were operating under at December 31, 2015.

 
Years Ended December 31,
 
2015
 
2014
 
2013
 
(Dollars in millions)
Total segment revenues
$
16,668

 
17,028

 
17,095

Total segment expenses
8,459

 
8,509

 
8,167

Total segment income
$
8,209

 
8,519

 
8,928

Total margin percentage
49
%
 
50
%
 
52
%
Business segment:
 
 
 
 
 
Revenues
$
10,647

 
11,034

 
11,091

Expenses
6,034

 
6,089

 
5,808

Income
$
4,613

 
4,945

 
5,283

Margin percentage
43
%
 
45
%
 
48
%
Consumer segment:
 
 
 
 
 
Revenues
$
6,021

 
5,994

 
6,004

Expenses
2,425

 
2,420

 
2,359

Income
$
3,596

 
3,574

 
3,645

Margin percentage
60
%
 
60
%
 
61
%


Product and Service Categories

We categorize our products, services and revenues among the following four categories:

Strategic services, which include primarily high-speed Internet, MPLS (which is a data networking technology that can deliver the quality of service required to support real-time voice and video), private line (including special access), Ethernet, colocation, hosting (including cloud hosting and managed hosting), video (including our facilities-based video services, which we now offer in 16 markets), VoIP and Verizon Wireless and other ancillary services;
Legacy services, which include primarily local and long-distance voice services, including the sale of UNEs, switched access and Integrated Services Digital Network ("ISDN") services (which use regular telephone lines to support voice, video and data applications);
Data integration, which includes the sale of telecommunications equipment located on customers' premises and related professional services, such as network management, installation and maintenance of data equipment and building of proprietary fiber-optic broadband networks for our governmental and business customers; and
Other operating revenues, which consist primarily of CAF support payments, USF support payments and USF surcharges. We receive federal support payments from both CAF Phase 1 and CAF Phase 2 programs, and support payments from both federal and state USF programs. These support payments are government subsidies designed to reimburse us for various costs related to certain telecommunications services, including the costs of deploying, maintaining and operating voice and high-speed Internet infrastructure in high-cost rural areas where we are not able to recover our costs from our customers. USF surcharges are the amounts we collect based on specific items we list on our customers' invoices to fund the FCC's universal service programs. We also generate other operating revenues from leasing and subleasing of space in our office buildings, warehouses and other properties. Because we centrally manage the activities that generate these other operating revenues, these revenues are not included in our segment revenues.

Our operating revenues for our products and services consisted of the following categories for the years ended December 31, 2015, 2014 and 2013:

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Earnings (Loss) Per Common Share

Basic and diluted earnings (loss) per common share for the years ended December 31, 2015, 2014 and 2013 were calculated as follows:

 
Years Ended December 31,
 
2015
 
2014
 
2013
 
(Dollars in millions)
Strategic services
 
 
 
 
 
Business high-bandwidth data services (1)
$
2,816

 
2,579

 
2,230

Business low-bandwidth data services (2)
2,052

 
2,345

 
2,577

Business hosting services (3)
1,281

 
1,316

 
1,259

Other business strategic services (4)
162

 
76

 
60

Consumer high-speed Internet services (5)
2,611

 
2,469

 
2,358

Other consumer strategic services (6)
421

 
381

 
292

Total strategic services revenues
9,343

 
9,166
 
Years Ended December 31,
 
2015
 
2014
 
2013
 
(Dollars in millions, except per share amounts, shares in thousands)
Income (Loss) (Numerator):
 
 
 
 
 
Net income (loss)
$
878

 
772

 
(239
)
Earnings applicable to non-vested restricted stock

 

 

Net income (loss) applicable to common stock for computing basic earnings (loss) per common share
878

 
772

 
(239
)
Net income (loss) as adjusted for purposes of computing diluted earnings (loss) per common share
$
878

 
772

 
(239
)
Shares (Denominator):
 
 
 
 
 
Weighted average number of shares:
 
 
 
 
 
Outstanding during period
559,260

 
572,748

 
604,404

Non-vested restricted stock
(4,982
)
 
(4,313
)
 
(3,512
)
Weighted average shares outstanding for computing basic earnings (loss) per common share
554,278

 
568,435

 
600,892

Incremental common shares attributable to dilutive securities:
 
 
 
 
 
Shares issuable under convertible securities
10

 
10

 

Shares issuable under incentive compensation plans
805

 
1,294

 

Number of shares as adjusted for purposes of computing diluted earnings (loss) per common share
555,093

 
569,739

 
600,892

Basic earnings (loss) per common share
$
1.58

 
1.36

 
(0.40
)
Diluted earnings (loss) per common share
$
1.58

 
1.36

 
(0.40
)


Our calculation of diluted earnings (loss) per common share excludes shares of common stock that are issuable upon exercise of stock options when the exercise price is greater than the average market price of our common stock. We also exclude unvested restricted stock awards that are antidilutive as a result of unrecognized compensation cost. Such shares averaged 3.1 million, 2.5 million and 2.7 million for 2015, 2014 and 2013, respectively. For the year ended December 31, 2013, due to the net loss position, we excluded from the calculation of diluted loss per share 1.3 million shares which were potentially issuable under incentive compensation plans or convertible securities, as their effect, if included, would have been anti-dilutive.