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    Frontier Reports Third-Quarter 2024 Results

    11/5/24 4:30:00 PM ET
    $FYBR
    Telecommunications Equipment
    Telecommunications
    Get the next $FYBR alert in real time by email

     

    Frontier Communications Parent, Inc. (NASDAQ:FYBR) ("Frontier") reported third-quarter 2024 results today.

    Third-Quarter 2024 Highlights

    • Added 381,000 fiber passings to reach 7.6 million total locations passed with fiber
    • Added 108,000 fiber broadband customers, resulting in fiber broadband customer growth of 19.3% year-over-year
    • Consumer fiber broadband ARPU of $65.40, up 1.4% year-over-year
    • Revenue of $1.49 billion increased 3.7% 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 $82 million
    • Adjusted EBITDA of $549 million increased 4.4% year-over-year driven by revenue growth and lower costs of service that were partly offset by higher customer acquisition costs1
    • Total cash capital expenditures of $699 million
    • Generated net cash from operations of $618 million

    Third-Quarter 2024 Consumer Results

    • Consumer revenue of $789 million increased 0.3% year-over-year as growth in fiber was partly offset by declines in copper
    • Consumer fiber revenue of $537 million increased 12.1% year-over-year as growth in broadband was partly offset by declines in video and voice
    • Consumer fiber broadband revenue of $414 million increased 21.8% year-over-year driven by growth in both fiber broadband customers and ARPU
    • Consumer fiber broadband customer net additions of 104,000 resulted in consumer fiber broadband customer growth of 20.0% year-over-year
    • Consumer fiber broadband customer churn of 1.49% compared to 1.47% in the third quarter of 2023

    Third-Quarter 2024 Business and Wholesale Results

    • Business and Wholesale revenue of $682 million increased 7.6% year-over-year as growth in fiber was partly offset by declines in copper
    • Business and Wholesale fiber revenue of $330 million increased 17.4% year-over-year driven by growth in data and internet services
    • Business and Wholesale fiber broadband customer net additions of 4,000 resulted in Business and Wholesale fiber broadband customer growth of 9.5% year-over-year
    • Business and Wholesale fiber broadband customer churn of 1.50% compared to 1.24% in the third quarter of 20232
    • Business and Wholesale fiber broadband ARPU of $98.71 increased 0.2% year-over-year2

    Capital Structure

    As of September 30, 2024, Frontier had total liquidity of $2.0 billion, including a cash balance of approximately $1.3 billion, and approximately $0.7 billion of available borrowing capacity on its revolving credit facility. Frontier's net leverage ratio on September 30, 2024, was approximately 4.6x3. 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 Communications Parent, Inc. entered into a definitive agreement (the "merger agreement") for Verizon to acquire Frontier (the "transaction"). In connection with the proposed transaction, Frontier filed a definitive proxy statement with the U.S. Securities and Exchange Commission (the "SEC") and will hold a related special meeting of stockholders on November 13, 2024. Frontier's Board of Directors continues to believe the transaction with Verizon at $38.50 per share is the best outcome for stockholders and strongly recommends stockholders vote "FOR" the transaction on November 13. For additional information, please reference our stockholder presentation here.

    The transaction is expected to close by the first quarter of 2026, subject to receipt of requisite approval from Frontier's stockholders and certain required regulatory approvals, and the satisfaction or waiver of the other conditions to the transaction described in the merger agreement.

    Due to the pending transaction, Frontier will not host a conference call to review the third quarter or provide a financial outlook.

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

    3 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. Forward-looking statements address our expectations or beliefs concerning future events, including, without limitation, future operating and financial performance, our ability to implement our growth strategy 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: 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, including our fiber expansion plans; our ability to successfully implement strategic initiatives, including our fiber buildout and other initiatives to enhance revenue 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 hire or retain key personnel; 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 federal and state universal service funding or other subsidies to us and our competitors and our ability to obtain future subsidies; our ability to comply with the applicable CAF II and RDOF requirements and the risk of 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, 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; 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; the risk that the proposed transaction with Verizon may not be completed in a timely manner or at all; the failure to receive, on a timely basis or otherwise, the required approval of the proposed transaction by Frontier's stockholders; the possibility that any or all of the various conditions to the consummation of the proposed transaction 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 possibility that competing offers or acquisition proposals for Frontier will be made; the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement relating to the proposed transaction, including in circumstances which would require Frontier to pay a termination fee to Verizon; the effect of the announcement or pendency of the proposed transaction on Frontier's ability to attract, motivate or retain key executives and employees, its ability to maintain relationships with its customers, suppliers and other business counterparties, or its operating results and business generally; risks related to the proposed transaction diverting management's attention from Frontier's ongoing business operations; the amount of costs, fees and expenses related to the proposed transaction; the risk that Frontier's stock price may decline significantly if the transaction is not consummated; the risk of shareholder litigation in connection with the proposed transaction, including resulting expense or delay; 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 reports on Form 10-K and Form 10-Q. 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.

    Participants in the Solicitation

    Frontier and Frontier's directors, executive officers and other members of management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies from the stockholders of Frontier in connection with the proposed transactions. Information about Frontier's directors and executive officers is set forth in the Frontier Proxy Statement on Schedule 14A for its 2024 Annual Meeting of Shareholders, which was filed with the SEC on April 3, 2024. To the extent holdings of Frontier's securities by its directors or executives officers have changed since the amounts set forth in such 2024 proxy statement, such changes have been or will be reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC, including the Form 4s filed by: John Harrobin on May 7, 2024; William McGloin on May 7, 2024 and June 21, 2024; Scott C. Beasley on May 7, 2024; Mark D. Nielsen on May 7, 2024; John G. Stratton on May 7, 2024; Veronica Bloodworth on May 7, 2024; Alan Gardner on May 7, 2024; Maryann Turcke on May 30, 2024; Kevin L. Beebe on May 30, 2024; George Haywood Young III on May 30, 2024; Pamela L. Coe on May 30, 2024; Lisa Chang on May 30, 2024; Stephen Charles Pusey on May 30, 2024; Pratabkumar Vemana on May 30, 2024; and Margaret Mary Smyth on May 30, 2024. Additional information regarding the identity of potential participants, and their direct or indirect interests, by security holdings or otherwise, is included in Frontier's definitive proxy statement relating to the proposed transactions, which was filed with the SEC on October 7, 2024. These documents may be obtained free of charge from the SEC's website at www.sec.gov or Frontier's website at investor.frontier.com.

    Important Additional Information and Where to Find It

    This communication may be deemed to be solicitation material in respect of the proposed acquisition of Frontier by Verizon. In connection with the proposed transaction, on October 7, 2024, Frontier filed a definitive proxy statement with the SEC. INVESTORS AND STOCKHOLDERS OF FRONTIER ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH THE SEC, INCLUDING FRONTIER'S PROXY STATEMENT, BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and stockholders are or will be able to obtain the documents free of charge either from the SEC's website at www.sec.gov or from Frontier's Investor Relations website at investor.frontier.com or by contacting Frontier's Investor Relations by e-mail at [email protected].

    No Offer or Solicitation

    This communication is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made in the United States absent registration under the U.S. Securities Act of 1933, as amended, or pursuant to an exemption from, or in a transaction not subject to, such registration requirements.

     

     

     

     

     

     

     

     

     

     

    Frontier Communications Parent, Inc.

    Unaudited Financial Data

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    For the

     

    For the

     

     

    For the

     

     

    three months ended

     

    three months ended

     

     

    three months ended

     

     

    September 30,

     

    June 30,

     

     

    September 30,

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

     

    2024

     

    2024

     

     

    2023

     

     

     

     

     

     

    Statements of Operations Data

     

     

     

     

     

     

     

     

     

     

    Revenue

     

    $

    1,489

     

    $

    1,480

     

     

    $

    1,436

     

     

     

     

     

     

     

     

     

     

     

    Operating expenses:

     

     

     

     

     

     

     

     

     

     

    Cost of service

     

     

    538

     

     

    516

     

     

     

    545

    Selling, general, and administrative expenses

     

     

    427

     

     

    449

     

     

     

    405

    Depreciation and amortization

     

     

    410

     

     

    398

     

     

     

    356

    Restructuring costs and other charges

     

     

    28

     

     

    26

     

     

     

    16

    Total operating expenses

     

     

    1,403

     

     

    1,389

     

     

     

    1,322

     

     

     

     

     

     

     

     

     

     

     

    Operating income

     

     

    86

     

     

    91

     

     

     

    114

     

     

     

     

     

     

     

     

     

     

     

    Investment and other income (loss), net

     

     

    29

     

     

    (24)

     

     

     

    67

    Interest expense

     

     

    (203)

     

     

    (199)

     

     

     

    (170)

     

     

     

     

     

     

     

     

     

     

     

    Income (loss) before income taxes

     

     

    (88)

     

     

    (132)

     

     

     

    11

    Income tax benefit

     

     

    (6)

     

     

    (9)

     

     

     

    -

     

     

     

     

     

     

     

     

     

     

     

    Net income (loss)

     

    $

    (82)

     

    $

    (123)

     

     

    $

    11

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Weighted average shares outstanding - basic

     

     

    248,986

     

     

    248,754

     

     

     

    245,761

    Weighted average shares outstanding - diluted

     

     

    248,986

     

     

    248,754

     

     

     

    247,447

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Basic net earnings (loss) per common share

     

    $

    (0.33)

     

    $

    (0.49)

     

     

    $

    0.05

    Diluted net earnings (loss) per common share

     

    $

    (0.33)

     

    $

    (0.49)

     

     

    $

    0.05

     

     

     

     

     

     

     

     

     

     

     

    Other Financial Data:

     

     

     

     

     

     

     

     

     

     

    Capital expenditures

     

    $

    699

     

    $

    626

     

     

    $

    671

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Frontier Communications Parent, Inc.

    Unaudited Financial Data

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    For the

     

    For the

     

     

    nine months ended

     

    nine months ended

     

     

    September 30,

     

    September 30,

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

    2024

     

    2023

     

     

     

     

     

     

    Statements of Income Data

     

     

     

     

     

     

     

    Revenue

     

    $

    4,431

     

    $

    4,325

     

     

     

     

     

     

     

     

     

    Operating expenses:

     

     

     

     

     

     

     

    Cost of service

     

     

    1,576

     

     

    1,615

     

    Selling, general, and administrative expenses

     

     

    1,304

     

     

    1,250

     

    Depreciation and amortization

     

     

    1,196

     

     

    1,040

     

    Restructuring costs and other charges

     

     

    88

     

     

    48

     

    Total operating expenses

     

     

    4,164

     

     

    3,953

     

     

     

     

     

     

     

     

     

    Operating income

     

     

    267

     

     

    372

     

     

     

     

     

     

     

     

     

    Investment and other income, net

     

     

    117

     

     

    101

     

    Interest expense

     

     

    (601)

     

     

    (460)

     

     

     

     

     

     

     

     

     

    Income (loss) before income taxes

     

     

    (217)

     

     

    13

     

    Income tax expense (benefit)

     

     

    (13)

     

     

    1

     

    Net income (loss)

     

    $

    (204)

     

    $

    12

     

     

     

     

     

     

     

     

     

    Weighted average shares outstanding - basic

     

     

    247,866

     

     

    245,431

     

    Weighted average shares outstanding - diluted

     

     

    247,866

     

     

    247,336

     

     

     

     

     

     

     

     

     

    Basic net earnings (loss) per common share

     

    $

    (0.82)

     

    $

    0.05

     

    Diluted net earnings (loss) per common share

     

    $

    (0.82)

     

    $

    0.05

     

     

     

     

     

     

     

     

     

    Other Financial Data:

     

     

     

     

     

     

     

    Capital expenditures

     

    $

    1,991

     

    $

    2,882

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Frontier Communications Parent, Inc.

     

    Unaudited Financial Data

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    For the quarter ended

     

     

     

    September 30,

     

     

    June 30,

     

     

     

    September 30,

    ($ in millions)

     

    2024

     

     

    2024

     

     

     

    2023

     

     

     

     

     

     

     

     

     

     

    Selected Statement of Income Data

     

     

     

     

     

     

     

     

     

     

     

     

    Revenue:

     

     

     

     

     

     

     

     

     

     

     

     

    Data and Internet services

     

    $

    1,004

     

     

    $

    983

     

     

     

    $

    895

    Voice services

     

     

    301

     

     

     

    312

     

     

     

     

    341

    Video services

     

     

    83

     

     

     

    88

     

     

     

     

    104

    Other

     

     

    83

     

     

     

    83

     

     

     

     

    81

    Revenue from contracts with customers

     

     

    1,471

     

     

     

    1,466

     

     

     

     

    1,421

    Subsidy and other revenue

     

     

    18

     

     

     

    14

     

     

     

     

    15

    Total revenue

     

    $

    1,489

     

     

    $

    1,480

     

     

     

    $

    1,436

     

     

     

     

     

     

     

     

     

     

     

     

     

    Other Financial Data

     

     

     

     

     

     

     

     

     

     

     

     

    Revenue:

     

     

     

     

     

     

     

     

     

     

     

     

    Consumer

     

    $

    789

     

     

    $

    789

     

     

     

    $

    787

    Business and wholesale

     

     

    682

     

     

     

    677

     

     

     

     

    634

    Revenue from contracts with customers

     

    $

    1,471

     

     

    $

    1,466

     

     

     

    $

    1,421

     

     

     

     

     

     

     

     

     

     

     

     

     

    Fiber

     

    $

    867

     

     

    $

    840

     

     

     

    $

    760

    Copper

     

     

    604

     

     

     

    626

     

     

     

     

    661

    Revenue from contracts with customers

     

    $

    1,471

     

     

    $

    1,466

     

     

     

    $

    1,421

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    For the nine months ended

     

     

    For the nine months ended

     

     

     

     

     

     

    September 30,

     

     

    September 30,

     

     

     

     

    ($ in millions)

     

    2024

     

     

    2023

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Selected Statement of Income Data

     

     

     

     

     

     

     

     

     

     

     

     

    Revenue:

     

     

     

     

     

     

     

     

     

     

     

     

    Data and Internet services

     

    $

    2,934

     

     

    $

    2,637

     

     

     

     

     

    Voice services

     

     

    934

     

     

     

    1,044

     

     

     

     

     

    Video services

     

     

    265

     

     

     

    333

     

     

     

     

     

    Other

     

     

    250

     

     

     

    253

     

     

     

     

     

    Revenue from contracts with customers

     

     

    4,383

     

     

     

    4,267

     

     

     

     

     

    Subsidy and other revenue

     

     

    48

     

     

     

    58

     

     

     

     

     

    Total revenue

     

    $

    4,431

     

     

    $

    4,325

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Other Financial Data

     

     

     

     

     

     

     

     

     

     

     

     

    Revenue:

     

     

     

     

     

     

     

     

     

     

     

     

    Consumer

     

    $

    2,365

     

     

    $

    2,323

     

     

     

     

     

    Business and wholesale

     

     

    2,018

     

     

     

    1,944

     

     

     

     

     

    Revenue from contracts with customers

     

    $

    4,383

     

     

    $

    4,267

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Fiber

     

    $

    2,512

     

     

    $

    2,235

     

     

     

     

     

    Copper

     

     

    1,871

     

     

     

    2,032

     

     

     

     

     

    Revenue from contracts with customers

     

    $

    4,383

     

     

    $

    4,267

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Frontier Communications Parent, Inc.

    Unaudited Operating Data

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    As of and for the three months ended

     

    For the nine months ended

     

     

    September 30,

    2024

     

    June 30,

    2024

     

    September 30,

    2023

     

    September 30,

    2024

     

    September 30,

    2023

     

     

     

     

     

     

     

     

     

     

     

    Broadband customer metrics (1)

     

     

     

     

     

     

     

     

     

     

    Broadband customers (in thousands)

     

     

    3,057

     

     

    3,010

     

     

    2,913

     

     

    3,057

     

     

    2,913

    Net customer additions

     

     

    47

     

     

    36

     

     

    15

     

     

    114

     

     

    45

     

     

     

     

     

     

     

     

     

     

     

    Consumer customer metrics

     

     

     

     

     

     

     

     

     

     

    Customers (in thousands)

     

     

    3,176

     

     

    3,154

     

     

    3,118

     

     

    3,176

     

     

    3,118

    Net customer additions (losses)

     

     

    22

     

     

    14

     

     

    (9)

     

     

    47

     

     

    (15)

    Average monthly consumer

     

     

     

     

     

     

     

     

     

     

    revenue per customer

     

    $

    83.12

     

    $

    83.57

     

    $

    83.99

     

    $

    83.51

     

    $

    82.49

    Customer monthly churn

     

     

    1.80%

     

     

    1.65%

     

     

    1.70%

     

     

    1.64%

     

     

    1.55%

     

     

     

     

     

     

     

     

     

     

     

    Employees

     

     

    12,950

     

     

    12,960

     

     

    13,756

     

     

    12,950

     

     

    13,756

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

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

     

     

     

     

     

     

     

     

     

    Frontier Communications Parent, Inc.

    Condensed Consolidated Balance Sheet Data

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (Unaudited)

     

     

     

     

    ($ in millions)

     

    September 30, 2024

     

     

     

    December 31, 2023

     

     

     

     

     

     

     

     

     

    ASSETS

     

     

     

     

     

     

     

     

    Current assets:

     

     

     

     

     

     

     

     

    Cash and cash equivalents

     

    $

    1,320

     

     

     

    $

    1,125

    Short-term investments

     

     

    -

     

     

     

     

    1,075

    Accounts receivable, net

     

     

    419

     

     

     

     

    446

    Other current assets

     

     

    147

     

     

     

     

    135

    Total current assets

     

     

    1,886

     

     

     

     

    2,781

     

     

     

     

     

     

     

     

     

    Property, plant and equipment, net

     

     

    15,226

     

     

     

     

    13,933

    Other assets

     

     

    3,747

     

     

     

     

    3,979

    Total assets

     

    $

    20,859

     

     

     

    $

    20,693

     

     

     

     

     

     

     

     

     

    LIABILITIES AND EQUITY

     

     

     

     

     

     

     

     

    Current liabilities:

     

     

     

     

     

     

     

     

    Long-term debt due within one year

     

    $

    10

     

     

     

    $

    15

    Accounts payable and other current liabilities

     

     

    2,443

     

     

     

     

    2,260

    Total current liabilities

     

     

    2,453

     

     

     

     

    2,275

     

     

     

     

     

     

     

     

     

    Deferred income taxes and other liabilities

     

     

    1,784

     

     

     

     

    1,893

    Long-term debt

     

     

    11,556

     

     

     

     

    11,246

    Equity

     

     

    5,066

     

     

     

     

    5,279

    Total liabilities and equity

     

    $

    20,859

     

     

     

    $

    20,693

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    As of

     

     

     

     

     

     

     

    September 30, 2024

     

     

     

     

     

    Leverage Ratio

     

     

     

     

     

     

     

     

    Numerator:

     

     

     

     

     

     

     

     

    Long-term debt due within one year

     

    $

    10

     

     

     

     

     

    Long-term debt

     

     

    11,556

     

     

     

     

     

    Total debt

     

    $

    11,566

     

     

     

     

     

    Less: Cash and cash equivalents

     

     

    (1,320)

     

     

     

     

     

    Net debt

     

    $

    10,246

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Denominator:

     

     

     

     

     

     

     

     

    Adjusted EBITDA - last 4 quarters

     

    $

    2,205

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net Leverage Ratio

     

     

    4.6x

     

     

     

     

     

     

     

     

     

     

     

     

     

    Frontier Communications Parent, Inc.

    Unaudited Consolidated Cash Flow Data

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    For the three months ended

     

     

    September 30, 2024

     

    September 30, 2023

    ($ in millions)

     

     

     

     

     

     

     

     

     

     

     

    Cash flows provided from (used by) operating activities:

     

     

     

     

     

     

    Net income (loss)

     

    $

    (82)

     

    $

    11

    Adjustments to reconcile net loss to net cash provided from

     

     

     

     

     

     

    (used by) operating activities:

     

     

     

     

     

     

    Depreciation and amortization

     

     

    410

     

     

    356

    Pension/OPEB special termination benefit enhancements

     

     

    1

     

     

    -

    Stock-based compensation

     

     

    17

     

     

    30

    Amortization of premium

     

     

    (5)

     

     

    (6)

    Bad debt expense

     

     

    10

     

     

    8

    Other adjustments

     

     

    3

     

     

    7

    Deferred income taxes

     

     

    (8)

     

     

    (1)

    Change in accounts receivable

     

     

    5

     

     

    (26)

    Change in long-term pension and other postretirement liabilities

     

     

    (38)

     

     

    (98)

    Change in accounts payable and other liabilities

     

     

    316

     

     

    113

    Change in prepaid expenses, income taxes, and other assets

     

     

    (11)

     

     

    (11)

    Net cash provided from operating activities

     

     

    618

     

     

    383

     

     

     

     

     

     

     

    Cash flows provided from (used by) investing activities:

     

     

     

     

     

     

    Capital expenditures

     

     

    (699)

     

     

    (671)

    Purchases of short-term investments (1)

     

     

    -

     

     

    (1,275)

    Sale of short-term investments (1)

     

     

    -

     

     

    575

    Purchases of long-term investments

     

     

    -

     

     

    (63)

    Proceeds from sale of asset

     

     

    8

     

     

    14

    Other

     

     

    -

     

     

    1

    Net cash used by investing activities

     

     

    (691)

     

     

    (1,419)

     

     

     

     

     

     

     

    Cash flows provided from (used by) financing activities:

     

     

     

     

     

     

    Long-term debt payments

     

     

    (403)

     

     

    (56)

    Proceeds from long-term debt borrowings

     

     

    750

     

     

    1,528

    Premium paid to retire debt

     

     

    -

     

     

    (10)

    Financing costs paid

     

     

    (29)

     

     

    (43)

    Finance lease obligation payments

     

     

    (8)

     

     

    (6)

    Proceeds from sale and lease-back transactions

     

     

    -

     

     

    21

    Taxes paid on behalf of employees for shares withheld

     

     

    -

     

     

    (2)

    Other

     

     

    (3)

     

     

    (4)

    Net cash provided from financing activities

     

     

    307

     

     

    1,428

     

     

     

     

     

     

     

    Increase in cash, cash equivalents, and restricted cash

     

     

    234

     

     

    392

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

     

     

    1,246

     

     

    662

     

     

     

     

     

     

     

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

     

    $

    1,480

     

    $

    1,054

     

     

     

     

     

     

     

    Supplemental cash flow information:

     

     

     

     

     

     

    Cash paid during the period for:

     

     

     

     

     

     

    Interest

     

    $

    153

     

    $

    135

    Income tax payments (refunds), net

     

    $

    1

     

    $

    -

     

     

     

     

     

     

     

     

     

     

     

     

     

    -

    (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 nine months ended

     

     

    September 30, 2024

     

    September 30, 2023

    ($ in millions)

     

     

     

     

     

     

     

     

     

     

     

    Cash flows provided from (used by) operating activities:

     

     

     

     

     

     

    Net income (loss)

     

    $

    (204)

     

    $

    12

    Adjustments to reconcile net loss to net cash provided from

     

     

     

     

     

     

    (used by) operating activities:

     

     

     

     

     

     

    Depreciation and amortization

     

     

    1,196

     

     

    1,040

    Pension/OPEB special termination benefit enhancements

     

     

    11

     

     

    -

    Stock-based compensation

     

     

    54

     

     

    81

    Amortization of premium

     

     

    (15)

     

     

    (21)

    Bad debt expense

     

     

    30

     

     

    24

    Other adjustments

     

     

    10

     

     

    9

    Deferred income taxes

     

     

    (18)

     

     

    (1)

    Change in accounts receivable

     

     

    (3)

     

     

    (35)

    Change in long-term pension and other postretirement liabilities

     

     

    (156)

     

     

    (149)

    Change in accounts payable and other liabilities

     

     

    392

     

     

    101

    Change in prepaid expenses, income taxes, and other assets

     

     

    30

     

     

    (13)

    Net cash provided from operating activities

     

     

    1,327

     

     

    1,048

     

     

     

     

     

     

     

    Cash flows provided from (used by) investing activities:

     

     

     

     

     

     

    Capital expenditures

     

     

    (1,991)

     

     

    (2,882)

    Purchases of short-term investments (1)

     

     

    -

     

     

    (1,850)

    Sale of short-term investments (1)

     

     

    1,075

     

     

    2,325

    Purchases of long-term investments

     

     

    -

     

     

    (63)

    Proceeds on sale of assets

     

     

    12

     

     

    18

    Other

     

     

    6

     

     

    1

    Net cash used by investing activities

     

     

    (898)

     

     

    (2,451)

     

     

     

     

     

     

     

    Cash flows provided from (used by) financing activities:

     

     

     

     

     

     

    Long-term debt payments

     

     

    (410)

     

     

    (64)

    Proceeds from long-term debt borrowings

     

     

    750

     

     

    2,278

    Payments of vendor financing

     

     

    (415)

     

     

    -

    Premium paid to retire debt

     

     

    -

     

     

    (10)

    Proceeds from financing lease transactions

     

     

    -

     

     

    (56)

    Financing costs paid

     

     

    (29)

     

     

    21

    Finance lease obligation payments

     

     

    (23)

     

     

    (18)

    Taxes paid on behalf of employees for shares withheld

     

     

    (49)

     

     

    (9)

    Other

     

     

    (12)

     

     

    (7)

    Net cash provided from (used by) financing activities

     

     

    (188)

     

     

    2,135

     

     

     

     

     

     

     

    Increase in cash, cash equivalents, and restricted cash

     

     

    241

     

     

    732

    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

     

    $

    1,480

     

    $

    1,054

     

     

     

     

     

     

     

    Supplemental cash flow information:

     

     

     

     

     

     

    Cash paid during the period for:

     

     

     

     

     

     

    Interest

     

    $

    565

     

    $

    449

    Income tax (refund) payments, net

     

    $

    (8)

     

    $

    1

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (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 nine months ended

     

     

     

    September 30,

     

    June 30,

     

    September 30,

     

    September 30,

     

    September 30,

    ($ in millions)

     

     

    2024

     

    2024

     

    2023

     

    2024

     

    2023

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net income (loss)

     

     

    $

    (82)

     

    $

    (123)

     

    $

    11

     

    $

    (204)

     

    $

    12

    Add back (subtract):

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Income tax expense (benefit)

     

     

     

    (6)

     

     

    (9)

     

     

    -

     

     

    (13)

     

     

    1

    Interest expense

     

     

     

    203

     

     

    199

     

     

    170

     

     

    601

     

     

    460

    Investment and other (income) loss, net

     

     

     

    (29)

     

     

    24

     

     

    (67)

     

     

    (117)

     

     

    (101)

    Operating income

     

     

     

    86

     

     

    91

     

     

    114

     

     

    267

     

     

    372

    Depreciation and amortization

     

     

     

    410

     

     

    398

     

     

    356

     

     

    1,196

     

     

    1,040

    EBITDA

     

     

    $

    496

     

    $

    489

     

    $

    470

     

    $

    1,463

     

    $

    1,412

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Add back:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Pension/OPEB expense

     

     

    $

    8

     

    $

    9

     

    $

    9

     

    $

    26

     

    $

    31

    Restructuring costs and other charges

     

     

     

    28

     

     

    26

     

     

    16

     

     

    88

     

     

    48

    Stock-based compensation

     

     

     

    17

     

     

    11

     

     

    30

     

     

    54

     

     

    81

    Storm-related costs

     

     

     

    -

     

     

    -

     

     

    1

     

     

    -

     

     

    6

    Legal settlement

     

     

     

    -

     

     

    25

     

     

    -

     

     

    25

     

     

    -

    Adjusted EBITDA

     

     

    $

    549

     

    $

    560

     

    $

    526

     

    $

    1,656

     

    $

    1,578

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    EBITDA margin

     

     

     

    33.3%

     

     

    33.0%

     

     

    32.7%

     

     

    33.0%

     

     

    32.6%

    Adjusted EBITDA margin

     

     

     

    36.9%

     

     

    37.8%

     

     

    36.6%

     

     

    37.4%

     

     

    36.5%

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Free Cash Flow

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Net cash provided from

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    operating activities

     

     

    $

    618

     

    $

    374

     

    $

    383

     

    $

    1,327

     

    $

    1,048

    Capital expenditures

     

     

     

    (699)

     

     

    (626)

     

     

    (671)

     

     

    (1,991)

     

     

    (2,882)

    Payment of vendor financing- capital

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    expenditures

     

     

     

    -

     

     

    (52)

     

     

    -

     

     

    (415)

     

     

    -

    Operating free cash flow

     

     

    $

    (81)

     

    $

    (304)

     

    $

    (288)

     

    $

    (1,079)

     

    $

    (1,834)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    SCHEDULE B

    Frontier Communications Parent, Inc.

    Unaudited Consolidated Financial Data

    Reconciliation of Non-GAAP Financial Measures

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    For the three months ended

     

    For the nine months ended

     

     

    September 30,

     

    June 30,

     

    September 30,

     

    September 30,

     

    September 30,

    ($ in millions)

     

    2024

     

    2024

     

    2023

     

    2024

     

    2023

    Adjusted Operating Expenses

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Total operating expenses

     

    $

    1,403

     

    $

    1,389

     

    $

    1,322

     

    $

    4,164

     

    $

    3,953

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Subtract:

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Depreciation and amortization

     

     

    410

     

     

    398

     

     

    356

     

     

    1,196

     

     

    1,040

    Pension/OPEB expense

     

     

    8

     

     

    9

     

     

    9

     

     

    26

     

     

    31

    Restructuring costs and other charges

     

     

    28

     

     

    26

     

     

    16

     

     

    88

     

     

    48

    Stock-based compensation

     

     

    17

     

     

    11

     

     

    30

     

     

    54

     

     

    81

    Storm-related costs

     

     

    -

     

     

    -

     

     

    1

     

     

    -

     

     

    6

    Legal settlement

     

     

    -

     

     

    25

     

     

    -

     

     

    25

     

     

    -

    Adjusted operating expenses

     

    $

    940

     

    $

    920

     

    $

    910

     

    $

    2,775

     

    $

    2,747

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    SCHEDULE C

    Frontier Communications Parent, Inc.

    Selected Financial and Operating Data (1)

    (Unaudited)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    As of or for the quarter ended

     

     

    For the nine months ended

     

     

     

     

     

    September 30,

    2024

     

    June 30,

    2024

     

     

    September 30,

    2023

     

     

    September 30,

    2024

     

    September 30,

    2023

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Broadband Revenue ($ in millions)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Total Company

    Fiber

     

     

    $

    454

     

    $

    432

     

     

    $

    377

     

     

    $

    1,300

     

    $

    1,067

     

     

    Copper

     

     

     

    141

     

     

    151

     

     

     

    169

     

     

     

    447

     

     

    515

     

     

    Total

     

     

    $

    595

     

    $

    583

     

     

    $

    546

     

     

    $

    1,747

     

    $

    1,582

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Estimated Fiber Passings (in millions)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Base Fiber Passings

     

     

     

     

    3.2

     

     

    3.2

     

     

     

    3.2

     

     

     

     

     

     

     

     

    Total Fiber Passings

     

     

     

     

    7.6

     

     

    7.2

     

     

     

    6.2

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Estimated Broadband Fiber % Penetration

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Base Fiber Penetration

     

     

     

     

    45.7%

     

     

    45.3%

     

     

     

    43.9%

     

     

     

     

     

     

     

     

    Total Fiber Penetration

     

     

     

     

    30.2%

     

     

    30.4%

     

     

     

    31.2%

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Broadband Customers, end of period (in thousands)

     

     

     

     

     

     

     

     

     

     

     

     

     

    Consumer

    Fiber

     

     

     

    2,157

     

     

    2,053

     

     

     

    1,797

     

     

     

     

     

     

     

     

     

    Copper

     

     

     

    666

     

     

    721

     

     

     

    870

     

     

     

     

     

     

     

     

     

    Total

     

     

     

    2,823

     

     

    2,774

     

     

     

    2,667

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Business + Wholesale (2)

    Fiber

     

     

     

    138

     

     

    134

     

     

     

    126

     

     

     

     

     

     

     

     

     

    Copper

     

     

     

    96

     

     

    102

     

     

     

    120

     

     

     

     

     

     

     

     

     

    Total

     

     

     

    234

     

     

    236

     

     

     

    246

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Broadband Net Adds (in thousands)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Consumer

    Fiber

     

     

     

    104

     

     

    90

     

     

     

    75

     

     

     

     

     

     

     

     

     

    Copper

     

     

     

    (55)

     

     

    (50)

     

     

     

    (58)

     

     

     

     

     

     

     

     

     

    Total

     

     

     

    49

     

     

    40

     

     

     

    17

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Business + Wholesale (2)

    Fiber

     

     

     

    4

     

     

    2

     

     

     

    4

     

     

     

     

     

     

     

     

     

    Copper

     

     

     

    (6)

     

     

    (6)

     

     

     

    (6)

     

     

     

     

     

     

     

     

     

    Total

     

     

     

    (2)

     

     

    (4)

     

     

     

    (2)

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Broadband Churn

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Consumer

    Fiber

     

     

     

    1.49%

     

     

    1.40%

     

     

     

    1.47%

     

     

     

    1.38%

     

     

    1.36%

     

     

    Copper

     

     

     

    2.37%

     

     

    2.02%

     

     

     

    2.18%

     

     

     

    2.11%

     

     

    1.91%

     

     

    Total

     

     

     

    1.71%

     

     

    1.57%

     

     

     

    1.72%

     

     

     

    1.58%

     

     

    1.56%

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Business + Wholesale (2)

    Fiber

     

     

     

    1.50%

     

     

    1.31%

     

     

     

    1.24%

     

     

     

    1.38%

     

     

    1.32%

     

     

    Copper

     

     

     

    2.05%

     

     

    1.99%

     

     

     

    1.68%

     

     

     

    2.01%

     

     

    1.75%

     

     

    Total

     

     

     

    1.73%

     

     

    1.61%

     

     

     

    1.46%

     

     

     

    1.66%

     

     

    1.54%

    Broadband ARPU

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Consumer

    Fiber

     

     

    $

    65.40

     

    $

    65.32

     

     

    $

    64.49

     

     

    $

    65.41

     

    $

    63.10

     

     

    Copper

     

     

     

    59.16

     

     

    58.26

     

     

     

    54.62

     

     

     

    57.86

     

     

    51.81

     

     

    Total

     

     

    $

    63.85

     

    $

    63.41

     

     

    $

    61.15

     

     

    $

    63.33

     

    $

    58.99

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    Business + Wholesale (2)

    Fiber

     

     

    $

    98.71

     

    $

    97.83

     

     

    $

    98.54

     

     

    $

    98.36

     

    $

    100.23

     

     

    Copper

     

     

     

    64.98

     

     

    63.83

     

     

     

    59.87

     

     

     

    63.26

     

     

    60.56

     

     

    Total

     

     

    $

    84.52

     

    $

    85.57

     

     

    $

    79.35

     

     

    $

    82.86

     

    $

    79.76

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    (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/20241105965514/en/

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    • Chief Accounting Officer Mcgloin William covered exercise/tax liability with 32 shares, decreasing direct ownership by 0.21% to 15,486 units (SEC Form 4)

      4 - Frontier Communications Parent, Inc. (0000020520) (Issuer)

      6/25/25 9:30:09 PM ET
      $FYBR
      Telecommunications Equipment
      Telecommunications
    • Director Turcke Maryann was granted 4,709 shares, increasing direct ownership by 13% to 41,079 units (SEC Form 4)

      4 - Frontier Communications Parent, Inc. (0000020520) (Issuer)

      6/3/25 9:00:09 PM ET
      $FYBR
      Telecommunications Equipment
      Telecommunications
    • Director Vemana Pratabkumar was granted 4,517 shares, increasing direct ownership by 17% to 30,436 units (SEC Form 4)

      4 - Frontier Communications Parent, Inc. (0000020520) (Issuer)

      6/3/25 9:00:07 PM ET
      $FYBR
      Telecommunications Equipment
      Telecommunications

    $FYBR
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    Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

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    • Frontier Communications Parent downgraded by Raymond James

      Raymond James downgraded Frontier Communications Parent from Mkt Perform to Underperform

      2/6/25 7:06:03 AM ET
      $FYBR
      Telecommunications Equipment
      Telecommunications
    • Frontier Communications Parent downgraded by The Benchmark Company

      The Benchmark Company downgraded Frontier Communications Parent from Buy to Hold

      12/6/24 7:43:22 AM ET
      $FYBR
      Telecommunications Equipment
      Telecommunications
    • Frontier Communications Parent downgraded by Raymond James

      Raymond James downgraded Frontier Communications Parent from Strong Buy to Mkt Perform

      10/28/24 7:45:18 AM ET
      $FYBR
      Telecommunications Equipment
      Telecommunications

    $FYBR
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    $FYBR
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    $FYBR
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    • Frontier Reports First-Quarter 2025 Results

      Fiber-first strategy delivered record first-quarter revenue and Adjusted EBITDA growth Fiber broadband revenue growth accelerated to 24% year-over-year driven by strong customer and ARPU growth Fiber build crossed the 8 million passings milestone, representing fiber footprint growth of ~2.5x from 2020 Frontier Communications Parent, Inc. (NASDAQ:FYBR) ("Frontier") reported first-quarter 2025 results today. "We had the strongest start to a year yet, led by continued strength in our fiber business," said Nick Jeffery, President and Chief Executive Officer of Frontier. "Consumers, business owners and technology companies are increasingly relying on fiber to power networks and connect t

      4/29/25 4:05:00 PM ET
      $FYBR
      Telecommunications Equipment
      Telecommunications
    • Frontier to Report First-Quarter 2025 Earnings on April 29, 2025

      Frontier Communications Parent, Inc. (NASDAQ:FYBR): What's happening? Frontier Communications Parent, Inc. (NASDAQ:FYBR) ("Frontier") today announced it will report its first-quarter 2025 financial results after the market closes on Tuesday, April 29, 2025. Pending Acquisition by Verizon As previously announced, on September 4, 2024, Verizon Communications Inc. ("Verizon") and Frontier Communications Parent, Inc. entered into a definitive agreement for Verizon to acquire Frontier (the "transaction"). Due to the pending transaction, Frontier will not host a conference call to review quarterly results or provide a financial outlook. About Frontier Frontier (NASDAQ:FYBR) is the largest p

      4/15/25 4:05:00 PM ET
      $FYBR
      Telecommunications Equipment
      Telecommunications
    • Frontier Reports Fourth-Quarter and Full-Year 2024 Results

      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. "

      2/20/25 4:05:00 PM ET
      $FYBR
      Telecommunications Equipment
      Telecommunications
    • 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
      $FYBR
      Electric Utilities: Central
      Utilities
      Major Banks
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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
      Telecommunications
    • 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
      Telecommunications
      Real Estate
      Finance
    • 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
      Telecommunications
    • 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
      Telecommunications
    • 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
      Telecommunications