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    Frontier Reports Fourth-Quarter and Full-Year 2024 Results

    2/20/25 4:05:00 PM ET
    $FYBR
    Telecommunications Equipment
    Telecommunications
    Get the next $FYBR alert in real time by email
    • Delivered full-year organic revenue growth for the first time in more than 15 years
    • Accelerated full-year organic Adjusted EBITDA growth
    • Added record fiber broadband customers in 2024 while continuing to grow ARPU

    Frontier Communications Parent, Inc. (NASDAQ:FYBR) ("Frontier") reported fourth-quarter and full-year 2024 results today. Additional information about the year and the past four years of the company's turnaround can be found in its investor presentation here.

    "2024 was a landmark year for Frontier, marking the culmination of an ambitious turnaround that started when we emerged from bankruptcy in 2021," said Nick Jeffery, President and Chief Executive Officer of Frontier. "Our goal was to return the company to growth, and in less than four years, we delivered. For the first time in more than 15 years, we achieved full-year organic revenue growth, propelled by 19.2% growth in fiber customers and 13.5% growth in fiber revenues."

    Jeffery continued, "This transformation is a testament to our entire leadership team, our employees' relentless execution, and the power of a clear strategy and shared purpose. Today, we stand as the nation's largest pure-play fiber internet provider, bringing critical connectivity to nearly 8 million homes and businesses. I am incredibly proud of what this team has accomplished in Building Gigabit America and creating a fiber network that will have lasting value for this country for years to come."

    Full-Year 2024 Highlights

    • Added 1.3 million new fiber passings to reach 7.8 million locations passed with fiber
    • Added a record 385,000 fiber broadband customers, resulting in fiber broadband customer growth of 19.2% year-over-year
    • Consumer fiber broadband ARPU of $65.54, up 3.4% year-over-year
    • Delivered revenue of $5.94 billion, operating income of $353 million, and Adjusted EBITDA of $2.25 billion1
    • Executed cash capital expenditures of $2.78 billion plus $463 million of vendor financing payments, for total capital investment of $3.25 billion2
    • Generated net cash from operations of $1.62 billion
    • Achieved $597 million of gross annualized cost savings

    Fourth-Quarter 2024 Highlights

    • Added 241,000 fiber passings to reach 7.8 million total locations passed with fiber
    • Added 97,000 fiber broadband customers, resulting in fiber broadband customer growth of 19.2% year-over-year
    • Consumer fiber broadband ARPU of $65.98, up 2.8% year-over-year
    • Revenue of $1.51 billion increased 5.6% year-over-year as growth in fiber-based products was partly offset by declines in copper-based products
    • Operating income of $86 million and net loss of $118 million
    • Adjusted EBITDA of $595 million increased 8.4% year-over-year driven by revenue growth and lower content expense, partially offset by higher customer acquisition costs
    • Cash capital expenditures of $792 million plus $48 million of vendor financing payments resulted in total cash capital investment of $840 million
    • Generated net cash from operations of $294 million
    • Secured a $1.5 billion delayed draw term loan to efficiently fund our fiber build

    Fourth-Quarter 2024 Consumer Results

    • Consumer revenue of $798 million increased 3.1% year-over-year as growth in fiber-based products was partly offset by declines in copper-based products
    • Consumer fiber revenue of $557 million increased 15.1% year-over-year as growth in broadband was partly offset by declines in video and voice
    • Consumer fiber broadband revenue of $436 million increased 23.2% year-over-year driven by growth in both fiber broadband customers and ARPU
    • Consumer fiber broadband customer net additions of 92,000 resulted in consumer fiber broadband customer growth of 19.8% year-over-year
    • Consumer fiber broadband customer churn of 1.31% compared to 1.20% in the fourth quarter of 2023

    Fourth-Quarter 2024 Business and Wholesale Results

    • Business and Wholesale revenue of $692 million increased 9.0% year-over-year primarily driven by growth in fiber-based products
    • Business and Wholesale fiber revenue of $333 million increased 19.8% year-over-year driven by growth in data and internet services
    • Business and Wholesale fiber broadband customer net additions of 5,000 resulted in Business and Wholesale fiber broadband customer growth of 10.9% year-over-year
    • Business and Wholesale fiber broadband ARPU of $100.08 increased 1.2% year-over-year3
    • Business and Wholesale fiber broadband customer churn of 1.31% compared to 1.17% in the fourth quarter of 20233

    Capital Structure

    As of December 31, 2024, Frontier had total liquidity of $2.9 billion, including a cash balance of approximately $0.8 billion, capacity on our delayed draw term loan facility of $1.5 billion and approximately $0.7 billion of available borrowing capacity on its revolving credit facility. Frontier's net leverage ratio on December 31, 2024, was approximately 4.8x3. Frontier has no long-term debt maturities prior to 2027.

    Pending Acquisition by Verizon

    As previously announced, on September 4, 2024, Verizon Communications Inc. ("Verizon") and Frontier entered into a definitive agreement (the "merger agreement") for Verizon to acquire Frontier (the "transaction"). In light of the pending transaction, Frontier will not be hosting a conference call or providing a financial outlook.

    The transaction is expected to close by the first quarter of 2026, subject to certain required regulatory approvals, and the satisfaction or waiver of the other conditions to the transaction described in the merger agreement. On February 14, 2025, the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, expired.

    ____________________

    1 Adjusted EBITDA is a non-GAAP measure of performance. See "Non-GAAP Measures" for a description of this measure and its calculation. See Schedule A for a reconciliation of Adjusted EBITDA to net loss.

    2 Cash capital investment includes capital expenditures and vendor financing payments for capital spend.

    3 Business and Wholesale churn and ARPU methodologies exclude circuits or fiber-to-the-tower churn.

    4 Net leverage ratio is a non-GAAP measure. See "Non-GAAP Measures" and the condensed consolidated balance sheet data contained herein for a description and calculation of net leverage ratio.

    About Frontier

    Frontier (NASDAQ:FYBR) is the largest pure-play fiber provider in the U.S. Driven by our purpose, Building Gigabit America®, we deliver blazing-fast broadband connectivity that unlocks the potential of millions of consumers and businesses. For more information, visit www.frontier.com.

    Non-GAAP Financial Measures

    Frontier uses certain non-GAAP financial measures in evaluating its performance, including EBITDA, EBITDA margin, Adjusted EBITDA, Adjusted EBITDA margin, operating free cash flow, adjusted operating expenses, and net leverage ratio, each of which is described below. Management uses these non-GAAP financial measures internally to (i) assist in analyzing Frontier's underlying financial performance from period to period, (ii) analyze and evaluate strategic and operational decisions, (iii) establish criteria for compensation decisions, and (iv) assist in the understanding of Frontier's ability to generate cash flow and, as a result, to plan for future capital and operational decisions. Management believes that the presentation of these non-GAAP financial measures provides useful information to investors regarding Frontier's financial condition and results of operations because these measures, when used in conjunction with related GAAP financial measures, (i) provide a more comprehensive view of Frontier's core operations and ability to generate cash flow, (ii) provide investors with the financial analytical framework upon which management bases financial, operational, compensation, and planning decisions, and (iii) present measurements that investors and rating agencies have indicated to management are useful to them in assessing Frontier and its results of operations.

    A reconciliation of these measures to the most comparable financial measures calculated and presented in accordance with GAAP is included in the accompanying tables. These non-GAAP financial measures are not measures of financial performance or liquidity under GAAP, nor are they alternatives to GAAP measures, and they may not be comparable to similarly titled measures of other companies.

    EBITDA is defined as net income (loss) less income tax expense (benefit), interest expense, investment and other income (loss), pension settlement costs, reorganization items, and depreciation and amortization. EBITDA margin is calculated by dividing EBITDA by total revenue.

    Adjusted EBITDA is defined as EBITDA, as described above, adjusted to exclude certain pension/OPEB expenses, restructuring costs and other charges, stock-based compensation, and certain other non-recurring items. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by total revenue.

    Management uses EBITDA, EBITDA margin, Adjusted EBITDA and Adjusted EBITDA margin to assist it in comparing performance from period to period and as measures of operational performance. Management believes that these non-GAAP measures provide useful information for investors in evaluating Frontier's operational performance from period to period because they exclude depreciation and amortization expenses related to investments made in prior periods and are determined without regard to capital structure or investment activities. By excluding capital expenditures, debt repayments and dividends, among other factors, these non-GAAP financial measures have certain shortcomings. Management compensates for these shortcomings by utilizing these non-GAAP financial measures in conjunction with the comparable GAAP financial measures.

    Management defines operating free cash flow as net cash provided from operating activities less capital expenditures, less payments on vendor financing related to capital expenditures. Management uses operating free cash flow to assist it in comparing liquidity from period to period and to obtain a more comprehensive view of Frontier's core operations and ability to generate cash flow. Management believes that this non-GAAP measure is useful to investors in evaluating cash available to service debt and pay dividends. This non-GAAP financial measure has certain shortcomings; it does not represent the residual cash flow available for discretionary expenditures, as items such as debt repayments are not deducted in determining such measure. Management compensates for these shortcomings by utilizing this non-GAAP financial measure in conjunction with the comparable GAAP financial measure.

    Adjusted operating expenses is defined as operating expenses adjusted to exclude depreciation and amortization, restructuring and other charges, certain pension/OPEB expenses, stock-based compensation, and certain other non-recurring items. Investors have indicated that this non-GAAP measure is useful in evaluating Frontier's performance.

    Net leverage ratio is calculated as net debt (total debt less cash and cash equivalents and short-term investments) divided by Adjusted EBITDA for the most recent four quarters. Investors have indicated that this non-GAAP measure is useful in evaluating Frontier's debt levels.

    The information in this press release should be read in conjunction with the financial statements and footnotes contained in Frontier's documents filed with the SEC.

    Forward-Looking Statements

    This release contains "forward-looking statements" related to future events, including our 2025 outlook. Forward-looking statements address our expectations or beliefs concerning future events, including, without limitation, the proposed merger with Verizon (the "Merger"), future operating and financial performance, our ability to implement our ability to implement strategic initiatives, such as our fiber build and fiber penetration and our ability to realize cost saving initiatives, our ability to comply with the covenants in the agreements governing our indebtedness, our capital expenditures, and other matters. These statements are made on the basis of management's views and assumptions, as of the time the statements are made, regarding future events and performance and contain words such as „expect," "anticipate," "intend," "plan," "believe," "seek," "see," "may," "will," "would," or "target." Forward-looking statements by their nature address matters that are, to different degrees, uncertain. A wide range of factors could materially affect future developments and performance, including but not limited to: the risk that the Merger may not be completed in a timely manner or at all; the possibility that any or all of the various conditions to the consummation of the Merger may not be satisfied or waived, including the failure to receive any required regulatory approvals from any applicable governmental entities (or any conditions, limitations or restrictions placed on such approvals); the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement relating to the Merger, including in circumstances which would require us to pay a termination fee; the effect of the pendency of the Merger on our ability to attract, motivate or retain key executives and employees, our ability to maintain relationships with our customers, suppliers and other business counterparties, or our operating results and business generally; risks related to the Merger diverting management's attention from our ongoing business operations; the risk that the Company's stock price may decline significantly if the Merger is not consummated; our significant indebtedness, our ability to incur substantially more debt in the future, and covenants in the agreements governing our current indebtedness that may reduce our operating and financial flexibility; declines in Adjusted EBITDA and revenue relative to historical levels that we are unable to offset; economic uncertainty, volatility in financial markets, and rising interest rates could limit our ability to access capital or increase the cost of capital needed to fund business operations; our ability to successfully implement strategic initiatives and realize productivity improvements; our ability to secure necessary construction resources, materials and permits for our fiber buildout initiative in a timely and cost-effective manner; inflationary pressures on costs, including tight labor markets, increased fuel and electricity costs and potential disruptions in our supply chain, which could adversely impact our financial condition or results of operations and hinder our fiber expansion plans; our ability to effectively manage our operations, operating expenses, capital expenditures, debt service requirements and cash paid for income taxes and liquidity; the impact of potential information technology or data security breaches or other cyber-attacks or other disruptions; the impact of laws and regulations relating to the handling of privacy and data protection; competition from cable, wireless carriers, satellite providers, wireline carriers, fiber "overbuilders" and over the top companies, and the risk that we will not respond on a timely or profitable basis; our ability to successfully adjust to changes in the communications industry, including the effects of technological changes and competition on our capital expenditures, products and service offerings; our ability to retain or attract new customers and to maintain relationships with existing customers, including wholesale customers; our reliance on a limited number of key supplies and vendors; declines in revenue from our voice services, switched and nonswitched access and video and data services that we cannot stabilize or offset with increases in revenue from other products and services; our ability to secure, continue to use or renew intellectual property and other licenses used in our business; our ability to dispose of certain assets or asset groups or to make acquisition of certain assets on terms that are attractive to us, or at all; the effects of changes in the availability of and requirements for receiving federal and state universal service funding, grants or other subsidies and our ability to obtain future subsidies; our ability to comply with applicable CAF II and RDOF requirements and the risk of discontinuance of funding, penalties or obligations to return certain CAF II and RDOF funds; our ability to defend against litigation or government investigations and potentially unfavorable results from current pending and future litigation or investigations; our ability to comply with applicable federal and state consumer protection requirements; the effects of governmental legislation and regulation on our business, including costs, disruptions, possible limitations on operating flexibility and changes to the competitive landscape resulting from such legislation or regulation; the impact of regulatory, investigative and legal proceedings and legal compliance risks; our ability to effectively manage service quality in the states in which we operate and meet mandated service quality metrics or regulatory requirements; the effects of changes in income tax rates, tax laws, regulations or rulings, or federal or state tax assessments, including the risk that such changes may benefit our competitors more than us, as well as potential future decreases in the value of our deferred tax assets; the effects of changes in accounting policies or practices; our ability to successfully renegotiate union contracts; the effects of increased medical expenses and pension and postemployment expenses; changes in pension plan assumptions, interest rates, discount rates, regulatory rules and/or the value of our pension plan assets; the impact of adverse changes in economic, political and market conditions in the areas that we serve, the U.S. and globally, including but not limited to, disruption in our supply chain, inflation in pricing for key materials or labor, the imposition of trade tariffs or other adverse changes resulting from epidemics, pandemics and outbreaks of contagious diseases, natural disasters, economic or political instability, terrorist attacks and wars, including the ongoing war in Ukraine and the Israel–Hamas war, or other adverse widespread developments; potential adverse impacts of climate change and increasingly stringent environmental laws, rules and regulations, and customer expectations and other environmental liabilities; potential adverse impacts from natural disasters, wildfires and other severe weather events impacting our network, operations and customer base in certain markets; market overhang due to substantial common stock holdings by our former creditors; certain provisions of Delaware law and our certificate of incorporation that may prevent efforts by our stockholders to change the direction or management of our company; and certain other factors set forth in our other filings with the SEC. This list of factors that may affect future performance and the accuracy of forward-looking statements is illustrative and is not intended to be exhaustive. You should consider these important factors, as well as the risks and other factors contained in Frontier's filings with the SEC, including our most recent report on Form 10-K. These risks and uncertainties may cause actual future results to be materially different than those expressed in such forward-looking statements. We do not intend, nor do we undertake any duty, to update any forward-looking statements.

     

     

     

     

     

     

     

     

     

    Frontier Communications Parent, Inc.

    Unaudited Financial Data

     

     

     

     

     

     

     

     

     

     

     

     

    For the

     

    For the

     

    For the

     

     

    three months ended

     

    three months ended

     

    three months ended

     

     

    December 31,

     

    September 30,

     

    December 31,

    ($ in millions and shares in thousands, except per share amounts)

     

    2024

     

    2024

     

    2023

     

     

     

     

     

    Statements of Operations Data

     

     

     

     

     

     

     

     

     

    Revenue

     

    $

    1,506

     

     

    $

    1,489

     

     

    $

    1,426

     

     

     

     

     

     

     

     

     

     

     

    Operating expenses:

     

     

     

     

     

     

     

     

     

    Cost of service

     

     

    534

     

     

     

    538

     

     

     

    510

     

    Selling, general, and administrative expenses

     

     

    421

     

     

     

    427

     

     

     

    396

     

    Depreciation and amortization

     

     

    429

     

     

     

    410

     

     

     

    375

     

    Restructuring costs and other charges

     

     

    36

     

     

     

    28

     

     

     

    25

     

    Total operating expenses

     

     

    1,420

     

     

     

    1,403

     

     

     

    1,306

     

     

     

     

     

     

     

     

     

     

     

    Operating income

     

     

    86

     

     

     

    86

     

     

     

    120

     

     

     

     

     

     

     

     

     

     

     

    Investment and other income (loss), net

     

     

    (12

    )

     

     

    29

     

     

     

    177

     

    Interest expense

     

     

    (203

    )

     

     

    (203

    )

     

     

    (193

    )

     

     

     

     

     

     

     

     

     

     

    Income (loss) before income taxes

     

     

    (129

    )

     

     

    (88

    )

     

     

    104

     

    Income tax expense (benefit)

     

     

    (11

    )

     

     

    (6

    )

     

     

    87

     

     

     

     

     

     

     

     

     

     

     

    Net income (loss)

     

    $

    (118

    )

     

    $

    (82

    )

     

    $

    17

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Weighted average shares outstanding - basic

     

     

    249,185

     

     

     

    248,986

     

     

     

    245,799

     

    Weighted average shares outstanding - diluted

     

     

    249,185

     

     

     

    248,986

     

     

     

    249,576

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Basic net earnings (loss) per common share

     

    $

    (0.47

    )

     

    $

    (0.33

    )

     

    $

    0.07

     

    Diluted net earnings (loss) per common share

     

    $

    (0.47

    )

     

    $

    (0.33

    )

     

    $

    0.07

     

     

     

     

     

     

     

     

     

     

     

    Other Financial Data:

     

     

     

     

     

     

     

     

     

    Capital expenditures

     

    $

    792

     

     

    $

    699

     

     

    $

    329

     

     

     

     

     

     

     

     

    Frontier Communications Parent, Inc.

    Unaudited Financial Data

     

     

     

     

     

     

     

     

     

    For the

     

    For the

     

     

    year ended

     

    year ended

     

     

    December 31,

     

    December 31,

    ($ in millions and shares in thousands, except per share amounts)

    2024

     

    2023

     

     

     

     

     

    Statements of Income Data

     

     

     

     

     

     

    Revenue

     

    $

    5,937

     

     

    $

    5,751

     

     

     

     

     

     

     

     

    Operating expenses:

     

     

     

     

     

     

    Cost of service

     

     

    2,110

     

     

     

    2,125

     

    Selling, general, and administrative expenses

     

     

    1,725

     

     

     

    1,646

     

    Depreciation and amortization

     

     

    1,625

     

     

     

    1,415

     

    Restructuring costs and other charges

     

     

    124

     

     

     

    73

     

    Total operating expenses

     

     

    5,584

     

     

     

    5,259

     

     

     

     

     

     

     

     

    Operating income

     

     

    353

     

     

     

    492

     

     

     

     

     

     

     

     

    Investment and other income, net

     

     

    105

     

     

     

    278

     

    Interest expense

     

     

    (804

    )

     

     

    (653

    )

     

     

     

     

     

     

     

    Income (loss) before income taxes

     

     

    (346

    )

     

     

    117

     

    Income tax expense (benefit)

     

     

    (24

    )

     

     

    88

     

    Net income (loss)

     

    $

    (322

    )

     

    $

    29

     

     

     

     

     

     

     

     

    Weighted average shares outstanding - basic

     

     

    248,184

     

     

     

    245,517

     

    Weighted average shares outstanding - diluted

     

     

    248,184

     

     

     

    248,549

     

     

     

     

     

     

     

     

    Basic net earnings (loss) per common share

     

    $

    (1.30

    )

     

    $

    0.12

     

    Diluted net earnings (loss) per common share

     

    $

    (1.30

    )

     

    $

    0.12

     

     

     

     

     

     

     

     

    Other Financial Data:

     

     

     

     

     

     

    Capital expenditures

     

    $

    2,783

     

     

    $

    3,211

     

     

     

     

     

     

     

     

     

     

     

    Frontier Communications Parent, Inc.

    Unaudited Financial Data

     

     

     

     

     

     

     

     

     

     

     

     

    For the quarter ended

     

     

    December 31,

     

    September 30,

     

    December 31,

    ($ in millions)

     

    2024

     

    2024

     

    2023

     

     

     

     

     

     

     

    Selected Statement of Income Data

     

     

     

     

     

     

     

     

     

    Revenue:

     

     

     

     

     

     

     

     

     

    Data and Internet services

     

    $

    1,029

     

     

    $

    1,004

     

     

    $

    897

     

    Voice services

     

     

    297

     

     

    301

     

     

    329

    Video services

     

     

    79

     

     

     

    83

     

     

     

    97

     

    Other

     

     

    85

     

     

     

    83

     

     

     

    86

     

    Revenue from contracts with customers

     

     

    1,490

     

     

     

    1,471

     

     

     

    1,409

     

    Subsidy and other revenue

     

     

    16

     

     

     

    18

     

     

     

    17

     

    Total revenue

     

    $

    1,506

     

     

    $

    1,489

     

     

    $

    1,426

     

     

     

     

     

     

     

     

     

     

     

    Other Financial Data

     

     

     

     

     

     

     

     

     

    Revenue:

     

     

     

     

     

     

     

     

     

    Consumer

     

    $

    798

     

     

    $

    789

     

     

    $

    774

     

    Business and wholesale

     

     

    692

     

     

     

    682

     

     

     

    635

     

    Revenue from contracts with customers

     

    $

    1,490

     

     

    $

    1,471

     

     

    $

    1,409

     

     

     

     

     

     

     

     

     

     

     

    Fiber

     

    $

    890

     

     

    $

    867

     

     

    $

    762

     

    Copper

     

     

    600

     

     

     

    604

     

     

     

    647

     

    Revenue from contracts with customers

     

    $

    1,490

     

     

    $

    1,471

     

     

    $

    1,409

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    For the year ended

     

    For the year ended

     

     

     

     

    December 31,

     

    December 31,

     

     

    ($ in millions)

     

    2024

     

    2023

     

     

     

     

     

     

     

     

     

     

     

     

    Selected Statement of Income Data

     

     

     

     

     

     

     

     

     

    Revenue:

     

     

     

     

     

     

     

     

     

    Data and Internet services

     

    $

    3,963

     

     

    $

    3,534

     

     

     

     

    Voice services

     

     

    1,231

     

     

     

    1,373

     

     

     

     

    Video services

     

     

    344

     

     

     

    430

     

     

     

     

    Other

     

     

    335

     

     

     

    339

     

     

     

     

    Revenue from contracts with customers

     

     

    5,873

     

     

     

    5,676

     

     

     

     

    Subsidy and other revenue

     

     

    64

     

     

     

    75

     

     

     

     

    Total revenue

     

    $

    5,937

     

     

    $

    5,751

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Other Financial Data

     

     

     

     

     

     

     

     

     

    Revenue:

     

     

     

     

     

     

     

     

     

    Consumer

     

    $

    3,163

     

     

    $

    3,097

     

     

     

     

    Business and wholesale

     

     

    2,710

     

     

     

    2,579

     

     

     

     

    Revenue from contracts with customers

     

    $

    5,873

     

     

    $

    5,676

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Fiber

     

    $

    3,402

     

     

    $

    2,997

     

     

     

     

    Copper

     

     

    2,471

     

     

     

    2,679

     

     

     

     

    Revenue from contracts with customers

     

    $

    5,873

     

     

    $

    5,676

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Frontier Communications Parent, Inc.

    Unaudited Operating Data

     

     

     

     

     

     

     

     

     

     

     

     

     

    As of and for the three months ended

     

    For the year ended

     

     

    December 31,

    2024

    September 30,

    2024

    December 31,

    2023

    December 31,

    2024

    December 31,

    2023

     

     

     

     

     

     

     

     

     

     

     

    Broadband customer metrics (1)

     

     

     

     

     

     

     

     

     

     

    Broadband customers (in thousands)

     

     

    3,094

     

     

     

    3,057

     

     

     

    2,943

     

     

     

    3,094

     

     

     

    2,943

     

    Net customer additions

     

     

    37

     

     

     

    47

     

     

     

    30

     

     

     

    151

     

     

     

    75

     

     

     

     

     

     

     

     

     

     

     

     

    Consumer customer metrics

     

     

     

     

     

     

     

     

     

     

    Customers (in thousands)

     

     

    3,193

     

     

     

    3,176

     

     

     

    3,129

     

     

     

    3,193

     

     

     

    3,129

     

    Net customer additions (losses)

     

     

    17

     

     

     

    22

     

     

     

    11

     

     

     

    64

     

     

     

    (4

    )

    Average monthly consumer

     

     

     

     

     

     

     

     

     

     

    revenue per customer

     

    $

    83.58

     

     

    $

    83.12

     

     

    $

    82.54

     

     

    $

    83.53

     

     

    $

    82.53

     

    Customer monthly churn

     

     

    1.68

    %

     

     

    1.80

    %

     

     

    1.43

    %

     

     

    1.65

    %

     

     

    1.52

    %

     

     

     

     

     

     

     

     

     

     

     

    Employees

     

     

    13,025

     

     

     

    12,950

     

     

     

    13,297

     

     

     

    13,025

     

     

     

    13,297

     

     

     

     

     

     

     

     

     

     

     

     

    (1) Amounts presented include related metrics for our wholesale customers.

     

     

     

     

     

     

     

    Frontier Communications Parent, Inc.

    Condensed Consolidated Balance Sheet Data

     

     

     

     

     

     

     

     

     

     

     

     

    ($ in millions)

     

    December 31, 2024

     

    December 31, 2023

     

     

     

     

     

     

     

    ASSETS

     

     

     

     

     

     

    Current assets:

     

     

     

     

     

     

    Cash and cash equivalents

     

    $

    750

     

     

    $

    1,125

     

    Short-term investments

     

     

    -

     

     

     

    1,075

     

    Accounts receivable, net

     

     

    379

     

     

     

    446

    Other current assets

     

     

    131

     

     

     

    135

     

    Total current assets

     

     

    1,260

     

     

     

    2,781

     

     

     

     

     

     

     

     

    Property, plant and equipment, net

     

     

    15,678

     

     

     

    13,933

     

    Other assets

     

     

    3,676

     

     

     

    3,979

     

    Total assets

     

    $

    20,614

     

     

    $

    20,693

     

     

     

     

     

     

     

     

    LIABILITIES AND EQUITY

     

     

     

     

     

     

    Current liabilities:

     

     

     

     

     

     

    Long-term debt due within one year

     

    $

    10

     

     

    $

    15

     

    Accounts payable and other current liabilities

     

     

    2,279

     

     

     

    2,260

     

    Total current liabilities

     

     

    2,289

     

     

     

    2,275

     

     

     

     

     

     

     

     

    Deferred income taxes and other liabilities

     

     

    1,833

     

     

     

    1,893

     

    Long-term debt

     

     

    11,551

     

     

     

    11,246

     

    Equity

     

     

    4,941

     

     

     

    5,279

     

    Total liabilities and equity

     

    $

    20,614

     

     

    $

    20,693

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    As of

     

     

     

     

     

    December 31, 2024

     

     

     

    Leverage Ratio

     

     

     

     

     

     

    Numerator:

     

     

     

     

     

     

    Long-term debt due within one year

     

    $

    10

     

     

     

     

    Long-term debt

     

     

    11,551

     

     

     

     

    Total debt

     

    $

    11,561

     

     

     

     

    Less: Cash and cash equivalents

     

     

    (750

    )

     

     

     

    Net debt

     

    $

    10,811

     

     

     

     

     

     

     

     

     

     

     

    Denominator:

     

     

     

     

     

     

    Adjusted EBITDA - last 4 quarters

     

    $

    2,251

     

     

     

     

     

     

     

     

     

     

     

    Net Leverage Ratio

     

     

    4.8x

     

     

     

     

     

     

     

     

     

     

    Frontier Communications Parent, Inc.

    Unaudited Consolidated Cash Flow Data

     

     

     

     

     

     

     

    For the three months ended

     

     

    December 31, 2024

     

    December 31, 2023

    ($ in millions)

     

     

     

     

     

     

     

     

     

     

     

    Cash flows provided from (used by) operating activities:

     

     

     

     

     

     

    Net (loss) income

     

    $

    (118

    )

     

    $

    17

     

    Adjustments to reconcile net loss to net cash provided from

     

     

     

     

     

     

    (used by) operating activities:

     

     

     

     

     

     

    Depreciation and amortization

     

     

    429

     

     

     

    375

     

    Pension/OPEB special termination benefit enhancements

     

     

    1

     

     

     

    -

     

    Stock-based compensation

     

     

    14

     

     

     

    27

     

    Amortization of premium

     

     

    (5

    )

     

     

    (4

    )

    Bad debt expense

     

     

    9

     

     

     

    11

     

    Other adjustments

     

     

    -

     

     

     

    3

     

    Deferred income taxes

     

     

    (9

    )

     

     

    79

     

    Change in accounts receivable

     

     

    31

     

     

     

    (8

    )

    Change in long-term pension and other postretirement liabilities

     

     

    14

     

     

     

    (176

    )

    Change in accounts payable and other liabilities

     

     

    (91

    )

     

     

    (46

    )

    Change in prepaid expenses, income taxes, and other assets

     

     

    19

     

     

     

    18

     

    Net cash provided from operating activities

     

     

    294

     

     

     

    296

     

     

     

     

     

     

     

     

    Cash flows provided from (used by) investing activities:

     

     

     

     

     

     

    Capital expenditures

     

     

    (792

    )

     

     

    (329

    )

    Purchases of short-term investments (1)

     

     

    -

     

     

     

    (425

    )

    Sale of short-term investments (1)

     

     

    -

     

     

     

    625

     

    Purchases of long-term investments

     

     

    -

     

     

     

    1

     

    Proceeds from sale of asset

     

     

    8

     

     

     

    18

     

    Other

     

     

    1

     

     

     

    5

     

    Net cash used by investing activities

     

     

    (783

    )

     

     

    (105

    )

     

     

     

     

     

     

     

    Cash flows provided from (used by) financing activities:

     

     

     

     

     

     

    Long-term debt payments

     

     

    (2

    )

     

     

    (4

    )

    Payments of vendor financing

     

     

    (48

    )

     

     

    (5

    )

    Financing costs paid

     

     

    (2

    )

     

     

    (6

    )

    Finance lease obligation payments

     

     

    (8

    )

     

     

    (7

    )

    Proceeds from sale and lease-back transactions

     

     

    -

     

     

     

    9

     

    Taxes paid on behalf of employees for shares withheld

     

     

    (16

    )

     

     

    -

     

    Other

     

     

    (4

    )

     

     

    7

     

    Net cash used by financing activities

     

     

    (80

    )

     

     

    (6

    )

     

     

     

     

     

     

     

    Increase (Decrease) in cash, cash equivalents, and restricted cash

     

     

    (569

    )

     

     

    185

     

    Cash, cash equivalents, and restricted cash at the beginning of the period

     

     

    1,480

     

     

     

    1,054

     

     

     

     

     

     

     

     

    Cash, cash equivalents, and restricted cash at the end of the period

     

    $

    911

     

     

    $

    1,239

     

     

     

     

     

     

     

     

    Supplemental cash flow information:

     

     

     

     

     

     

    Cash paid during the period for:

     

     

     

     

     

     

    Interest

     

    $

    270

     

     

    $

    262

     

    Income tax payments (refunds), net

     

    $

    (2

    )

     

    $

    (1

    )

     

     

     

     

     

     

     

    Non-cash investing activities:

     

     

     

     

     

     

    Increase (Decrease) in capital expenditures due to

     

     

     

     

     

     

    changes in accounts payable and accrued liabilities

     

    $

    (37

    )

     

    $

    188

     

    Increase (Decrease) in capital expenditures due to

     

     

     

     

     

     

    changes in vendor financing

     

    $

    (39

    )

     

    $

    255

     

     

     

     

     

     

     

     

    (1) Amounts represent cash movement to/from short-term investments. Given the long-term nature of the fiber build, we have invested cash in short-term investments to improve interest income while preserving funding flexibility.

     

     

     

     

     

     

     

    Frontier Communications Parent, Inc.

    Unaudited Consolidated Cash Flow Data

     

     

     

     

     

     

     

    For the year ended

     

     

    December 31, 2024

    December 31, 2023

    ($ in millions)

     

     

     

     

     

     

     

     

     

     

     

    Cash flows provided from (used by) operating activities:

     

     

     

     

     

     

    Net (loss) income

     

    $

    (322

    )

     

    $

    29

     

    Adjustments to reconcile net loss to net cash provided from

     

     

     

     

     

     

    (used by) operating activities:

     

     

     

     

     

     

    Depreciation and amortization

     

     

    1,625

     

     

     

    1,415

     

    Pension/OPEB special termination benefit enhancements

     

     

    12

     

     

     

    -

     

    Stock-based compensation

     

     

    68

     

     

     

    108

     

    Amortization of premium

     

     

    (20

    )

     

     

    (25

    )

    Bad debt expense

     

     

    39

     

     

     

    35

     

    Other adjustments

     

     

    10

     

     

     

    12

     

    Deferred income taxes

     

     

    (27

    )

     

     

    78

     

    Change in accounts receivable

     

     

    28

     

     

     

    (43

    )

    Change in long-term pension and other postretirement liabilities

     

     

    (142

    )

     

     

    (325

    )

    Change in accounts payable and other liabilities

     

     

    301

     

     

     

    55

     

    Change in prepaid expenses, income taxes, and other assets

     

     

    49

     

     

     

    5

     

    Net cash provided from operating activities

     

     

    1,621

     

     

     

    1,344

     

     

     

     

     

     

     

     

    Cash flows provided from (used by) investing activities:

     

     

     

     

     

     

    Capital expenditures

     

     

    (2,783

    )

     

     

    (3,211

    )

    Purchases of short-term investments (1)

     

     

    -

     

     

     

    (2,275

    )

    Sale of short-term investments (1)

     

     

    1,075

     

     

     

    2,950

     

    Purchases of long-term investments

     

     

    -

     

     

     

    (62

    )

    Proceeds on sale of assets

     

     

    20

     

     

     

    36

     

    Other

     

     

    7

     

     

     

    6

     

    Net cash used by investing activities

     

     

    (1,681

    )

     

     

    (2,556

    )

     

     

     

     

     

     

     

    Cash flows provided from (used by) financing activities:

     

     

     

     

     

     

    Long-term debt payments

     

     

    (412

    )

     

     

    (68

    )

    Proceeds from long-term debt borrowings

     

     

    750

     

     

     

    2,278

     

    Payments of vendor financing

     

     

    (463

    )

     

     

    (5

    )

    Premium paid to retire debt

     

     

    -

     

     

     

    (10

    )

    Financing costs paid

     

     

    (31

    )

     

     

    (62

    )

    Finance lease obligation payments

     

     

    (31

    )

     

     

    (25

    )

    Proceeds from sale and lease-back transactions

     

     

    -

     

     

     

    30

     

    Taxes paid on behalf of employees for shares withheld

     

     

    (65

    )

     

     

    (9

    )

    Other

     

     

    (16

    )

     

     

    -

     

    Net cash provided from (used by) financing activities

     

     

    (268

    )

     

     

    2,129

     

     

     

     

     

     

     

     

    Increase (Decrease) in cash, cash equivalents, and restricted cash

     

     

    (328

    )

     

     

    917

     

    Cash, cash equivalents, and restricted cash at the beginning of the period

     

     

    1,239

     

     

     

    322

     

     

     

     

     

     

     

     

    Cash, cash equivalents, and restricted cash at the end of the period

     

    $

    911

     

     

    $

    1,239

     

     

     

     

     

     

     

     

    Supplemental cash flow information:

     

     

     

     

     

     

    Cash paid during the period for:

     

     

     

     

     

     

    Interest

     

    $

    835

     

     

    $

    711

     

    Income tax (refund) payments, net

     

    $

    (10

    )

     

    $

    -

     

     

     

     

     

     

     

     

    Non-cash investing activities:

     

     

     

     

     

     

    Decrease in capital expenditures due to

     

     

     

     

     

     

    changes in accounts payable and accrued liabilities

     

    $

    (40

    )

     

    $

    (326

    )

    Increase (Decrease) in capital expenditures due to

     

     

     

     

     

     

    changes in vendor financing

     

    $

    (239

    )

     

    $

    255

     

     

     

     

     

     

     

     

    (1) Amounts represent cash movement to/from short-term investments. Given the long-term nature of the fiber build, we have invested cash in short-term investments to improve interest income while preserving funding flexibility.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    SCHEDULE A

    Frontier Communications Parent, Inc.

    Unaudited Financial Data

    Reconciliation of Non-GAAP Financial Measures

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    For the three months ended

     

    For the year ended

     

     

    December 31,

     

    September 30,

     

    December 31,

     

    December 31,

     

    December 31,

    ($ in millions)

     

    2024

     

    2024

     

    2023

     

    2024

     

    2023

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net income (loss)

     

    $

    (118

    )

     

    $

    (82

    )

     

    $

    17

     

     

    $

    (322

    )

     

    $

    29

     

    Add back (subtract):

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Income tax expense (benefit)

     

     

    (11

    )

     

     

    (6

    )

     

     

    87

     

     

     

    (24

    )

     

     

    88

     

    Interest expense

     

     

    203

     

     

     

    203

     

     

     

    193

     

     

     

    804

     

     

     

    653

     

    Investment and other income (loss), net

     

     

    12

     

     

     

    (29

    )

     

     

    (177

    )

     

     

    (105

    )

     

     

    (278

    )

    Operating income

     

     

    86

     

     

     

    86

     

     

     

    120

     

     

     

    353

     

     

     

    492

     

    Depreciation and amortization

     

     

    429

     

     

     

    410

     

     

     

    375

     

     

     

    1,625

     

     

     

    1,415

     

    EBITDA

     

    $

    515

     

     

    $

    496

     

     

    $

    495

     

     

    $

    1,978

     

     

    $

    1,907

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Add back:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Pension/OPEB expense

     

    $

    10

     

     

    $

    8

     

     

    $

    10

     

     

    $

    36

     

     

    $

    41

     

    Restructuring costs and other charges

     

     

    36

     

     

     

    28

     

     

     

    25

     

     

     

    124

     

     

     

    73

     

    Stock-based compensation

     

     

    14

     

     

     

    17

     

     

     

    27

     

     

     

    68

     

     

     

    108

     

    Storm-related costs

     

     

    20

     

     

     

    -

     

     

     

    -

     

     

     

    20

     

     

     

    6

     

    Legal settlements (recoveries)

     

     

    -

     

     

     

    -

     

     

     

    (8

    )

     

     

    25

     

     

     

    (8

    )

    Adjusted EBITDA

     

    $

    595

     

     

    $

    549

     

     

    $

    549

     

     

    $

    2,251

     

     

    $

    2,127

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    EBITDA margin

     

     

    34.2

    %

     

     

    33.3

    %

     

     

    34.7

    %

     

     

    33.3

    %

     

     

    33.2

    %

    Adjusted EBITDA margin

     

     

    39.5

    %

     

     

    36.9

    %

     

     

    38.5

    %

     

     

    37.9

    %

     

     

    37.0

    %

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Free Cash Flow

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net cash provided from

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    operating activities

     

    $

    294

     

     

    $

    618

     

     

    $

    296

     

     

    $

    1,621

     

     

    $

    1,344

     

    Capital expenditures

     

     

    (792

    )

     

     

    (699

    )

     

     

    (329

    )

     

     

    (2,783

    )

     

     

    (3,211

    )

    Payment of vendor financing- capital

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    expenditures

     

     

    (48

    )

     

     

    -

     

     

     

    (4

    )

     

     

    (463

    )

     

     

    (4

    )

    Operating free cash flow

     

    $

    (546

    )

     

    $

    (81

    )

     

    $

    (37

    )

     

    $

    (1,625

    )

     

    $

    (1,871

    )

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    SCHEDULE B

    Frontier Communications Parent, Inc.

    Unaudited Consolidated Financial Data

    Reconciliation of Non-GAAP Financial Measures

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    For the three months ended

     

    For the year ended

     

     

    December 31,

     

    September 30,

     

    December 31,

     

    December 31,

     

    December 31,

    ($ in millions)

     

    2024

     

    2024

     

    2023

     

    2024

     

    2023

    Adjusted Operating Expenses

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Total operating expenses

     

    $

    1,420

     

     

    $

    1,403

     

     

    $

    1,306

     

     

    $

    5,584

     

     

    $

    5,259

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Subtract:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Depreciation and amortization

     

     

    429

     

     

     

    410

     

     

     

    375

     

     

     

    1,625

     

     

     

    1,415

     

    Pension/OPEB expense

     

     

    10

     

     

    8

     

     

    10

     

     

     

    36

     

     

    41

     

    Restructuring costs and other charges

     

     

    36

     

     

     

    28

     

     

     

    25

     

     

     

    124

     

     

     

    73

     

    Stock-based compensation

     

     

    14

     

     

     

    17

     

     

     

    27

     

     

     

    68

     

     

     

    108

     

    Storm-related costs

     

     

    20

     

     

     

    -

     

     

     

    -

     

     

     

    20

     

     

     

    6

     

    Legal settlements (recoveries)

     

     

    -

     

     

     

    -

     

     

     

    (8

    )

     

     

    25

     

     

     

    (8

    )

    Adjusted operating expenses

     

    $

    911

     

     

    $

    940

     

     

    $

    877

     

     

    $

    3,686

     

     

    $

    3,624

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    SCHEDULE C

    Frontier Communications Parent, Inc.

    Selected Financial and Operating Data (1)

    (Unaudited)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    As of or for the quarter ended

     

    For the year ended

     

     

     

    December 31,

    2024

    September 30,

    2024

    December 31,

    2023

    December 31,

    2024

    December 31,

    2023

     

     

     

     

     

     

     

     

     

     

     

     

    Broadband Revenue ($ in millions)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Total Company

    Fiber

     

    $

    478

     

    $

    454

     

    $

    391

     

    $

    1,778

     

    $

    1,458

     

    Copper

     

     

    138

     

     

    141

     

     

    159

     

     

    585

     

     

    674

     

    Total

     

    $

    616

     

    $

    595

     

    $

    550

     

    $

    2,363

     

    $

    2,132

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Estimated Fiber Passings (in millions)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Base Fiber Passings

     

     

     

    3.2

     

     

    3.2

     

     

    3.2

     

     

     

     

     

     

    Total Fiber Passings

     

     

     

    7.8

     

     

    7.6

     

     

    6.5

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Estimated Broadband Fiber % Penetration

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Base Fiber Penetration

     

     

     

    46.2%

     

     

    45.7%

     

     

    44.5%

     

     

     

     

     

     

    Total Fiber Penetration

     

     

     

    30.6%

     

     

    30.2%

     

     

    30.9%

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Broadband Customers, end of period (in thousands)

     

     

     

     

     

     

     

     

     

     

    Consumer

    Fiber

     

     

    2,249

     

     

    2,157

     

     

    1,878

     

     

     

     

     

     

     

    Copper

     

     

    612

     

     

    666

     

     

    822

     

     

     

     

     

     

     

    Total

     

     

    2,861

     

     

    2,823

     

     

    2,700

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Business + Wholesale (2)

    Fiber

     

     

    143

     

     

    138

     

     

    129

     

     

     

     

     

     

     

    Copper

     

     

    90

     

     

    96

     

     

    114

     

     

     

     

     

     

     

    Total

     

     

    233

     

     

    234

     

     

    243

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Broadband Net Adds (in thousands)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Consumer

    Fiber

     

     

    92

     

     

    104

     

     

    81

     

     

     

     

     

     

     

    Copper

     

     

    (54)

     

     

    (55)

     

     

    (48)

     

     

     

     

     

     

     

    Total

     

     

    38

     

     

    49

     

     

    33

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Business + Wholesale (2)

    Fiber

     

     

    5

     

     

    4

     

     

    3

     

     

     

     

     

     

     

    Copper

     

     

    (6)

     

     

    (6)

     

     

    (6)

     

     

     

     

     

     

     

    Total

     

     

    (1)

     

     

    (2)

     

     

    (3)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Broadband Churn

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Consumer

    Fiber

     

     

    1.31%

     

     

    1.49%

     

     

    1.20%

     

     

    1.36%

     

     

    1.32%

     

    Copper

     

     

    2.54%

     

     

    2.37%

     

     

    1.86%

     

     

    2.22%

     

     

    1.90%

     

    Total

     

     

    1.59%

     

     

    1.71%

     

     

    1.41%

     

     

    1.58%

     

     

    1.52%

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Business + Wholesale (2)

    Fiber

     

     

    1.31%

     

     

    1.50%

     

     

    1.17%

     

     

    1.36%

     

     

    1.28%

     

    Copper

     

     

    2.09%

     

     

    2.05%

     

     

    1.73%

     

     

    2.03%

     

     

    1.74%

     

    Total

     

     

    1.62%

     

     

    1.73%

     

     

    1.44%

     

     

    1.65%

     

     

    1.52%

    Broadband ARPU

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Consumer

    Fiber

     

    $

    65.98

     

    $

    65.40

     

    $

    64.16

     

    $

    65.54

     

    $

    63.39

     

    Copper

     

     

    62.12

     

     

    59.16

     

     

    54.22

     

     

    58.96

     

     

    52.43

     

    Total

     

    $

    65.11

     

    $

    63.85

     

    $

    61.02

     

    $

    63.78

     

    $

    59.52

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Business + Wholesale (2)

    Fiber

     

    $

    100.08

     

    $

    98.71

     

    $

    98.86

     

    $

    98.78

     

    $

    99.86

     

    Copper

     

     

    64.94

     

     

    64.98

     

     

    59.87

     

     

    63.70

     

     

    60.39

     

    Total

     

    $

    86.09

     

    $

    84.52

     

    $

    80.17

     

    $

    83.67

     

    $

    79.85

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (1) Certain operational metrics, including passings, penetration, Base Fiber penetration, ARPU and churn are defined in the accompanying Trending Schedule available at Frontier's website https://investor.frontier.com.

    (2) Business + Wholesale customers include our small, medium business, larger enterprise (SME) customers and wholesale subscribers.

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250220801603/en/

    Investor Contact

    Spencer Kurn

    SVP, Investor Relations

    +1 401-225-0475

    [email protected]

    Media Contact

    Chrissy Murray

    VP, Corporate Communications

    +1 504-952-4225

    [email protected]

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    • Frontier Communications Parent downgraded by Raymond James

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      10/28/24 7:45:18 AM ET
      $FYBR
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    $FYBR
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    • Starboard Value Nominates Three Highly Qualified and Independent Candidates for Election to Algonquin Power's Board of Directors

      Starboard Value LP (together with its affiliates, "Starboard" or "we") is the largest shareholder of Algonquin Power & Utilities Corp. (NYSE:AQN) (TSE: AQN) ("Algonquin" or the "Company") with an ownership stake of approximately 9.0%. Today, Starboard announced that it has nominated three highly qualified candidates (the "Starboard Nominees") for election to the Company's Board of Directors (the "Board") at the 2024 Annual General Meeting of Shareholders (the "Annual Meeting"), which has been scheduled for June 4, 2024. The Starboard Nominees are Brett Carter, Chris Lopez and Rob Schriesheim. In connection with its nominations, Starboard sent the below letter to the members of the Board.

      3/21/24 5:09:00 PM ET
      $AQN
      $BAC
      $DUK
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    • Frontier Announces Appointment of Woody Young to its Board of Directors

      Provides Value Creation Update Frontier Communications Parent, Inc. (NASDAQ:FYBR) ("Frontier" or the "Company") today announced the appointment of Woody Young to its Board of Directors, effective immediately. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240205071834/en/Mr. Woody Young (Photo: Business Wire) Mr. Young is the former Chairman of Mergers and Acquisitions at Perella Weinberg Partners, where he also led the firm's U.S. telecommunications and media advisory businesses. He previously served as the Co-Head of Global Telecommunications, Media, and Technology at Lazard. "We are delighted to welcome Woody Young to Fro

      2/5/24 8:00:00 AM ET
      $FYBR
      Telecommunications Equipment
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    • Frontier Appoints Newmark to Manage its Real-Estate Portfolio

       Newmark's technology platform will further streamline Frontier's operations and drive efficiencies Frontier (NASDAQ:FYBR): TL;DR – The Byte-Size Download: Happening: Today, Frontier (NASDAQ:FYBR) announced it appointed Newmark, a world leader in commercial real estate, to manage its real-estate portfolio. Newmark's leading-edge, real-estate technology platform, Newlitic, and market expertise will help Frontier further streamline operations and identify cost savings opportunities. Why it Matters: Frontier's real-estate portfolio is made up of thousands of properties, including leased, owned and specialized network facilities, across 25 states. The entire portfolio will now be managed

      1/17/23 8:00:00 AM ET
      $FYBR
      $NMRK
      Telecommunications Equipment
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      Real Estate
      Finance

    $FYBR
    Large Ownership Changes

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    • Amendment: SEC Form SC 13D/A filed by Frontier Communications Parent Inc.

      SC 13D/A - Frontier Communications Parent, Inc. (0000020520) (Subject)

      12/12/24 4:15:11 PM ET
      $FYBR
      Telecommunications Equipment
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    • SEC Form SC 13G filed by Frontier Communications Parent Inc.

      SC 13G - Frontier Communications Parent, Inc. (0000020520) (Subject)

      12/10/24 10:13:50 AM ET
      $FYBR
      Telecommunications Equipment
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    • Amendment: SEC Form SC 13D/A filed by Frontier Communications Parent Inc.

      SC 13D/A - Frontier Communications Parent, Inc. (0000020520) (Subject)

      12/9/24 6:13:16 PM ET
      $FYBR
      Telecommunications Equipment
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