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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Frontier Communications Parent Inc | NASDAQ:FYBR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.06 | -0.22% | 26.66 | 25.62 | 27.38 | 27.16 | 26.61 | 26.90 | 1,806,864 | 01:00:00 |
|
|
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
1919 McKinney Avenue, Dallas, Texas
|
75201
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
||
|
|
|
Item 2.02 |
Results of Operations and Financial Condition
|
Item 9.01 |
Financial Statements and Exhibits
|
(d)
|
Exhibits
|
Exhibit
Number
|
Description
|
|
Press Release
|
||
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document)
|
FRONTIER COMMUNICATIONS PARENT, INC.
|
||
Date: November 1, 2023
|
By:
|
/s/ Scott Beasley
|
Scott Beasley
|
||
Executive Vice President, Chief Financial Officer
|
• |
Reported year-over-year consumer revenue growth for the first time as a new public company, powered by accelerating fiber revenue growth
|
• |
Delivered fastest year-over-year EBITDA growth in more than six years
|
• |
Passed 332,000 new fiber locations
|
• |
Added 79,000 fiber broadband customers, resulting in fiber broadband customer growth of 19% year-over-year
|
• |
Revenue of $1.44 billion, net income of $11 million and Adjusted EBITDA of $526 million
|
• |
Capital expenditures of $671 million, including $143 million of non-subsidy-related build capital expenditures and $25 million of subsidy-related build capital expenditures
|
• |
Net cash from operations of $383 million driven by strong operating performance and increased focus on working capital management
|
• |
Achieved annualized run-rate cost savings of $484 million
|
• |
Completed $2.1 billion of fiber securitization transactions in August 2023
|
• |
Announced corporate headquarters relocation to Dallas, Texas
|
• |
Revenue of $1.44 billion decreased 0.6% year-over-year as growth in fiber-based products was offset by declines in copper-based products
|
• |
Operating income of $114 million and net income of $11 million
|
• |
Adjusted EBITDA of $526 million increased 3.5% year-over-year, as revenue declines were offset by lower content expenses and cost-savings
|
• |
Adjusted EBITDA margin of 36.6% increased from 35.2% in the third quarter of 2022
|
• |
Capital expenditures of $671 million decreased from $772 million in the third quarter of 2022, primarily due to lower pre-work capital spent to pass new fiber locations
|
• |
Consumer revenue of $787 million increased 0.3% year-over-year as strong growth in fiber broadband was substantially offset by declines in copper products
|
• |
Consumer fiber revenue of $479 million increased 13.0% year-over-year as growth in broadband, voice, and other offset declines in video
|
• |
Consumer fiber broadband revenue of $340 million increased 22.3% year-over-year driven by growth in fiber broadband customers and ARPU
|
• |
Consumer fiber broadband customer net additions of 75,000 resulted in consumer fiber broadband customer growth of 19.6% year-over-year
|
• |
Consumer fiber broadband customer churn of 1.47% decreased from 1.60% in the third quarter of 2022
|
• |
Consumer fiber broadband ARPU of $64.49 increased 2.4% year-over-year, due to increased customer in-take ARPU and annual price increases
|
• |
Business and wholesale revenue of $634 million decreased 1.1% year-over-year as growth in fiber was offset by declines in copper
|
• |
Business and wholesale fiber revenue of $281 million increased 5.2% year-over-year as growth in data and voice was partly offset by declines in other
|
• |
Business fiber broadband customer net additions of 4,000 resulted in business fiber broadband customer growth of 12.5% year-over-year
|
• |
Business fiber broadband customer churn of 1.26% decreased from 1.36% in the third quarter of 2022
|
• |
Business fiber broadband ARPU of $101.36 decreased 5.5% year-over-year
|
• |
Adjusted EBITDA of $2.11 - $2.16 billion
|
• |
New fiber passings of 1.3 million
|
• |
Cash capital expenditures of $3.00 - $3.20 billion
|
• |
Cash taxes of approximately $20 million
|
• |
Pension and OPEB expense of approximately $50 million (net of capitalization)
|
• |
Cash pension and OPEB contributions of approximately $125 million
|
• |
Net cash interest payments of approximately $700 million, an increase from prior guidance of $655 million, reflecting the $1.6 billion of debt raised in August 2023
|
Investor Contact
|
Media Contact
|
Spencer Kurn
|
Chrissy Murray
|
SVP, Investor Relations
|
VP, Corporate Communications
|
+1 401-225-0475
|
+1 504-952-4225
|
spencer.kurn@ftr.com
|
chrissy.murray@ftr.com
|
|
For the
three months ended
|
For the
three months ended
|
For the
three months ended
|
|||||||||
($ in millions and shares in thousands, except per share amounts)
|
September 30,
2023
|
June 30,
2023
|
September 30,
2022
|
|||||||||
|
||||||||||||
Statements of Income Data
|
||||||||||||
Revenue
|
$
|
1,436
|
$
|
1,449
|
$
|
1,444
|
||||||
|
||||||||||||
Operating expenses:
|
||||||||||||
Cost of service
|
545
|
528
|
544
|
|||||||||
Selling, general, and administrative expenses
|
405
|
428
|
431
|
|||||||||
Depreciation and amortization
|
356
|
354
|
296
|
|||||||||
Restructuring costs and other charges
|
16
|
24
|
4
|
|||||||||
Total operating expenses
|
1,322
|
1,334
|
1,275
|
|||||||||
|
||||||||||||
Operating income
|
114
|
115
|
169
|
|||||||||
|
||||||||||||
Investment and other income, net
|
67
|
32
|
211
|
|||||||||
Pension settlement costs
|
-
|
-
|
(50
|
)
|
||||||||
Interest expense
|
(170
|
)
|
(149
|
)
|
(135
|
)
|
||||||
|
||||||||||||
Income (loss) before income taxes
|
11
|
(2
|
)
|
195
|
||||||||
Income tax expense
|
-
|
-
|
75
|
|||||||||
|
||||||||||||
Net income (loss)
|
$
|
11
|
$
|
(2
|
)
|
$
|
120
|
|||||
|
||||||||||||
|
||||||||||||
Weighted average shares outstanding - basic
|
245,761
|
245,474
|
244,984
|
|||||||||
Weighted average shares outstanding - diluted
|
247,447
|
245,474
|
245,212
|
|||||||||
|
||||||||||||
|
||||||||||||
Basic net (loss) earnings per common share
|
$
|
0.05
|
$
|
(0.01
|
)
|
$
|
0.49
|
|||||
Diluted net (loss) earnings per common share
|
$
|
0.05
|
$
|
(0.01
|
)
|
$
|
0.49
|
|||||
|
||||||||||||
Other Financial Data:
|
||||||||||||
Capital expenditures
|
$
|
671
|
$
|
1,057
|
$
|
772
|
|
For the
nine months ended
|
For the
nine months ended
|
||||||
($ in millions and shares in thousands, except per share amounts)
|
September 30,
2023
|
September 30,
2022
|
||||||
|
||||||||
Statements of Income Data
|
||||||||
Revenue
|
$
|
4,325
|
$
|
4,350
|
||||
|
||||||||
Operating expenses:
|
||||||||
Cost of service
|
1,615
|
1,643
|
||||||
Selling, general, and administrative expenses
|
1,250
|
1,293
|
||||||
Depreciation and amortization
|
1,040
|
870
|
||||||
Restructuring costs and other charges
|
48
|
88
|
||||||
Total operating expenses
|
3,953
|
3,894
|
||||||
|
||||||||
Operating income
|
372
|
456
|
||||||
|
||||||||
Investment and other income, net
|
101
|
410
|
||||||
Pension settlement costs
|
-
|
(50
|
)
|
|||||
Interest expense
|
(460
|
)
|
(356
|
)
|
||||
|
||||||||
Income before income taxes
|
13
|
460
|
||||||
Income tax expense
|
1
|
174
|
||||||
Net income
|
$
|
12
|
$
|
286
|
||||
|
||||||||
Weighted average shares outstanding - basic
|
245,431
|
244,711
|
||||||
Weighted average shares outstanding - diluted
|
247,336
|
245,080
|
||||||
|
||||||||
Basic net earnings per common share
|
$
|
0.05
|
$
|
1.17
|
||||
Diluted net earnings per common share
|
$
|
0.05
|
$
|
1.17
|
||||
|
||||||||
Other Financial Data:
|
||||||||
Capital expenditures
|
$
|
2,882
|
$
|
1,860
|
|
For the quarter ended
|
|||||||||||
($ in millions)
|
September 30,
2023
|
June 30,
2023
|
September 30,
2022
|
|||||||||
|
||||||||||||
Selected Statement of Income Data
|
||||||||||||
Revenue:
|
||||||||||||
Data and Internet services
|
$
|
895
|
$
|
880
|
$
|
848
|
||||||
Voice services
|
341
|
347
|
369
|
|||||||||
Video services
|
104
|
112
|
127
|
|||||||||
Other
|
81
|
89
|
82
|
|||||||||
Revenue from contracts with customers
|
1,421
|
1,428
|
1,426
|
|||||||||
Subsidy and other revenue
|
15
|
21
|
18
|
|||||||||
Total revenue
|
$
|
1,436
|
$
|
1,449
|
$
|
1,444
|
||||||
|
||||||||||||
Other Financial Data
|
||||||||||||
Revenue:
|
||||||||||||
Consumer
|
$
|
787
|
$
|
775
|
$
|
785
|
||||||
Business and wholesale
|
634
|
653
|
641
|
|||||||||
Revenue from contracts with customers
|
$
|
1,421
|
$
|
1,428
|
$
|
1,426
|
||||||
|
||||||||||||
Fiber
|
$
|
760
|
$
|
746
|
$
|
691
|
||||||
Copper
|
661
|
682
|
735
|
|||||||||
Revenue from contracts with customers
|
$
|
1,421
|
$
|
1,428
|
$
|
1,426
|
|
For the nine months ended
|
For the nine months ended
|
||||||
($ in millions)
|
September 30,
2023
|
September 30,
2022
|
||||||
|
||||||||
Selected Statement of Income Data
|
||||||||
Revenue:
|
||||||||
Data and Internet services
|
$
|
2,637
|
$
|
2,531
|
||||
Voice services
|
1,044
|
1,136
|
||||||
Video services
|
333
|
398
|
||||||
Other
|
253
|
245
|
||||||
Revenue from contracts with customers
|
4,267
|
4,310
|
||||||
Subsidy and other revenue
|
58
|
40
|
||||||
Total revenue
|
$
|
4,325
|
$
|
4,350
|
||||
|
||||||||
Other Financial Data
|
||||||||
Revenue:
|
||||||||
Consumer
|
$
|
2,323
|
$
|
2,352
|
||||
Business and wholesale
|
1,944
|
1,958
|
||||||
Revenue from contracts with customers
|
$
|
4,267
|
$
|
4,310
|
||||
|
||||||||
Fiber
|
$
|
2,235
|
$
|
2,048
|
||||
Copper
|
2,032
|
2,262
|
||||||
Revenue from contracts with customers
|
$
|
4,267
|
$
|
4,310
|
|
As of and for the three months ended
|
For the nine months ended
|
||||||||||||||||||
|
September 30, 2023
|
June 30, 2023
|
September 30, 2022
|
September 30, 2023
|
September 30, 2022
|
|||||||||||||||
|
||||||||||||||||||||
Consumer customer metrics
|
||||||||||||||||||||
Customers (in thousands)
|
3,118
|
3,127
|
3,142
|
3,118
|
3,142
|
|||||||||||||||
Net customer additions (losses)
|
(9
|
)
|
(13
|
)
|
(17
|
)
|
(15
|
)
|
(23
|
)
|
||||||||||
Average monthly consumer revenue per customer
|
$
|
83.99
|
$
|
82.48
|
$
|
83.05
|
$
|
82.49
|
$
|
82.68
|
||||||||||
Customer monthly churn
|
1.70
|
%
|
1.53
|
%
|
1.76
|
%
|
1.55
|
%
|
1.55
|
%
|
||||||||||
|
||||||||||||||||||||
Broadband customer metrics (1)
|
||||||||||||||||||||
Broadband customers (in thousands)
|
2,881
|
2,865
|
2,831
|
2,881
|
2,831
|
|||||||||||||||
Net customer additions
|
16
|
2
|
4
|
42
|
32
|
|||||||||||||||
|
||||||||||||||||||||
Employees
|
13,756
|
14,099
|
14,746
|
13,756
|
14,746
|
($ in millions)
|
(Unaudited)
September 30, 2023
|
December 31, 2022
|
||||||
|
||||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
948
|
$
|
322
|
||||
Short-term investments
|
1,275
|
1,750
|
||||||
Accounts receivable, net
|
449
|
438
|
||||||
Other current assets
|
126
|
87
|
||||||
Total current assets
|
2,798
|
2,597
|
||||||
|
||||||||
Property, plant and equipment, net
|
13,621
|
11,850
|
||||||
Other assets
|
4,090
|
4,177
|
||||||
Total assets
|
$
|
20,509
|
$
|
18,624
|
||||
|
||||||||
LIABILITIES AND EQUITY
|
||||||||
Current liabilities:
|
||||||||
Long-term debt due within one year
|
$
|
15
|
$
|
15
|
||||
Accounts payable and other current liabilities
|
2,036
|
2,280
|
||||||
Total current liabilities
|
2,051
|
2,295
|
||||||
|
||||||||
Deferred income taxes and other liabilities
|
1,960
|
2,085
|
||||||
Long-term debt
|
11,258
|
9,110
|
||||||
Equity
|
5,240
|
5,134
|
||||||
Total liabilities and equity
|
$
|
20,509
|
$
|
18,624
|
||||
As of
September 30, 2023
|
||||||||
Leverage Ratio
|
||||||||
Numerator:
|
||||||||
Long-term debt due within one year
|
$ |
15 |
||||||
Long-term debt
|
11,258 |
|||||||
Total debt
|
$ |
11,273 | ||||||
Less: Cash and cash equivalents
|
(948 | ) |
||||||
Short-term investments
|
(1,275 | ) |
||||||
Net debt
|
$ |
9,050 |
||||||
Denominator:
|
||||||||
Adjusted EBITDA - last 4 quarters
|
$ |
2,106 | ||||||
Net Leverage Ratio
|
4.3 |
% |
|
For the three
months ended
|
For the three
months ended
|
||||||
|
September 30, 2023
|
September 30, 2022
|
||||||
($ in millions)
|
||||||||
|
||||||||
Cash flows provided from (used by) operating activities:
|
||||||||
Net income
|
$
|
11
|
$
|
120
|
||||
Adjustments to reconcile net loss to net cash provided from (used by) operating activities:
|
||||||||
Depreciation and amortization
|
356
|
296
|
||||||
Pension settlement costs
|
-
|
50
|
||||||
Stock-based compensation
|
30
|
19
|
||||||
Amortization of premium
|
(6
|
)
|
(7
|
)
|
||||
Bad debt expense
|
8
|
5
|
||||||
Other adjustments
|
7
|
-
|
||||||
Deferred income taxes
|
(1
|
)
|
74
|
|||||
Change in accounts receivable
|
(26
|
)
|
(8
|
)
|
||||
Change in long-term pension and other postretirement liabilities
|
(98
|
)
|
(285
|
)
|
||||
Change in accounts payable and other liabilities
|
113
|
17
|
||||||
Change in prepaid expenses, income taxes, and other assets
|
(11
|
)
|
3
|
|||||
Net cash provided from operating activities
|
383
|
284
|
||||||
|
||||||||
Cash flows provided from (used by) investing activities:
|
||||||||
Capital expenditures
|
(671
|
)
|
(772
|
)
|
||||
Purchases of short-term investments (1)
|
(1,275
|
)
|
(625
|
)
|
||||
Sale of short-term investments (1)
|
575
|
600
|
||||||
Purchases of long-term investments
|
(63
|
)
|
-
|
|||||
Proceeds from sale of asset
|
14
|
3
|
||||||
Other
|
1
|
1
|
||||||
Net cash used by investing activities
|
(1,419
|
)
|
(793
|
)
|
||||
|
||||||||
Cash flows provided from (used by) financing activities:
|
||||||||
Long-term debt payments
|
(56
|
)
|
(4
|
)
|
||||
Proceeds from long-term debt borrowings
|
1,528
|
-
|
||||||
Premium paid to retire debt
|
(10
|
)
|
-
|
|||||
Financing costs paid
|
(43
|
)
|
-
|
|||||
Finance lease obligation payments
|
(6
|
)
|
(5
|
)
|
||||
Proceeds from sale and lease-back transactions
|
21
|
70
|
||||||
Taxes paid on behalf of employees for shares withheld
|
(2
|
)
|
-
|
|||||
Other
|
(4
|
)
|
-
|
|||||
Net cash provided from (used by) financing activities
|
1,428
|
61
|
||||||
|
||||||||
Increase (Decrease) in cash, cash equivalents, and restricted cash
|
392
|
(448
|
)
|
|||||
Cash, cash equivalents, and restricted cash at the beginning of the period
|
662
|
708
|
||||||
|
||||||||
Cash, cash equivalents, and restricted cash at the end of the period
|
$
|
1,054
|
$
|
260
|
||||
|
||||||||
Supplemental cash flow information:
|
||||||||
Cash paid during the period for:
|
||||||||
Interest
|
$
|
135
|
$
|
88
|
||||
Income tax payments, net
|
$
|
-
|
$
|
(2
|
)
|
|
For the nine months ended
|
For the nine months ended
|
||||||
|
September 30, 2023
|
September 30, 2022
|
||||||
($ in millions)
|
||||||||
|
||||||||
Cash flows provided from (used by) operating activities:
|
||||||||
Net income
|
$
|
12
|
$
|
286
|
||||
Adjustments to reconcile net loss to net cash provided from
|
||||||||
(used by) operating activities:
|
||||||||
Depreciation and amortization
|
1,040
|
870
|
||||||
Pension settlement costs
|
-
|
50
|
||||||
Stock-based compensation
|
81
|
54
|
||||||
Amortization of (premium) discount
|
(21
|
)
|
(21
|
)
|
||||
Lease impairment
|
-
|
44
|
||||||
Bad debt expense
|
24
|
19
|
||||||
Other adjustments
|
9
|
1
|
||||||
Deferred income taxes
|
(1
|
)
|
167
|
|||||
Change in accounts receivable
|
(35
|
)
|
16
|
|||||
Change in long-term pension and other postretirement liabilities
|
(149
|
)
|
(527
|
)
|
||||
Change in accounts payable and other liabilities
|
101
|
94
|
||||||
Change in prepaid expenses, income taxes, and other assets
|
(13
|
)
|
(12
|
)
|
||||
Net cash provided from operating activities
|
1,048
|
1,041
|
||||||
|
||||||||
Cash flows provided from (used by) investing activities:
|
||||||||
Capital expenditures
|
(2,882
|
)
|
(1,860
|
)
|
||||
Purchases of short-term investments (1)
|
(1,850
|
)
|
(3,225
|
)
|
||||
Sale of short-term investments (1)
|
2,325
|
900
|
||||||
Purchases of long-term investments
|
(63
|
)
|
-
|
|||||
Proceeds on sale of assets
|
18
|
4
|
||||||
Other
|
1
|
3
|
||||||
Net cash used by investing activities
|
(2,451
|
)
|
(4,178
|
)
|
||||
|
||||||||
Cash flows provided from (used by) financing activities:
|
||||||||
Long-term debt payments
|
(64
|
)
|
(11
|
)
|
||||
Proceeds from long-term debt borrowings
|
2,278
|
1,200
|
||||||
Premium paid to retire debt
|
(10
|
)
|
-
|
|||||
Financing costs paid
|
(56
|
)
|
(17
|
)
|
||||
Finance lease obligation payments
|
(18
|
)
|
(15
|
)
|
||||
Proceeds from sale and lease-back transactions
|
21
|
70
|
||||||
Taxes paid on behalf of employees for shares withheld
|
(9
|
)
|
(7
|
)
|
||||
Other
|
(7
|
)
|
(1
|
)
|
||||
Net cash provided from financing activities
|
2,135
|
1,219
|
||||||
|
||||||||
Increase (Decrease) in cash, cash equivalents, and restricted cash
|
732
|
(1,918
|
)
|
|||||
Cash, cash equivalents, and restricted cash at the beginning of the period
|
322
|
2,178
|
||||||
|
||||||||
Cash, cash equivalents, and restricted cash at the end of the period
|
$
|
1,054
|
$
|
260
|
||||
|
||||||||
Supplemental cash flow information:
|
||||||||
Cash paid during the period for:
|
||||||||
Interest
|
$
|
449
|
$
|
286
|
||||
Income tax payments, net
|
$
|
1
|
$
|
7
|
|
For the three months ended
|
For the nine months ended
|
||||||||||||||||||
($ in millions)
|
September 30,
2023
|
June 30,
2023
|
September 30,
2022
|
September 30,
2023
|
September 30,
2022
|
|||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Net income (loss)
|
$
|
11
|
$
|
(2
|
)
|
$
|
120
|
$
|
12
|
$
|
286
|
|||||||||
Add back (subtract):
|
||||||||||||||||||||
Income tax expense
|
-
|
-
|
75
|
1
|
174
|
|||||||||||||||
Interest expense
|
170
|
149
|
135
|
460
|
356
|
|||||||||||||||
Investment and other income, net
|
(67
|
)
|
(32
|
)
|
(211
|
)
|
(101
|
)
|
(410
|
)
|
||||||||||
Pension settlement costs
|
-
|
-
|
50
|
-
|
50
|
|||||||||||||||
Operating income
|
114
|
115
|
169
|
372
|
456
|
|||||||||||||||
Depreciation and amortization
|
356
|
354
|
296
|
1,040
|
870
|
|||||||||||||||
EBITDA
|
$
|
470
|
$
|
469
|
$
|
465
|
$
|
1,412
|
$
|
1,326
|
||||||||||
|
||||||||||||||||||||
Add back:
|
||||||||||||||||||||
Pension/OPEB expense
|
$
|
9
|
$
|
11
|
$
|
13
|
$
|
31
|
$
|
50
|
||||||||||
Restructuring costs and other charges (1)
|
16
|
24
|
4
|
48
|
88
|
|||||||||||||||
Rebranding costs
|
-
|
-
|
7
|
-
|
26
|
|||||||||||||||
Stock-based compensation
|
30
|
27
|
19
|
81
|
54
|
|||||||||||||||
Storm-related costs
|
1
|
2
|
-
|
6
|
-
|
|||||||||||||||
Legal settlements
|
-
|
-
|
-
|
-
|
8
|
|||||||||||||||
Adjusted EBITDA
|
$
|
526
|
$
|
533
|
$
|
508
|
$
|
1,578
|
$
|
1,552
|
||||||||||
|
||||||||||||||||||||
EBITDA margin
|
32.7
|
%
|
32.4
|
%
|
32.2
|
%
|
32.6
|
%
|
30.5
|
%
|
||||||||||
Adjusted EBITDA margin
|
36.6
|
%
|
36.8
|
%
|
35.2
|
%
|
36.5
|
%
|
35.7
|
%
|
||||||||||
|
||||||||||||||||||||
Free Cash Flow
|
||||||||||||||||||||
Net cash provided from operating activities
|
$
|
383
|
$
|
276
|
$
|
284
|
$
|
1,048
|
$
|
1,041
|
||||||||||
Capital expenditures
|
(671
|
)
|
(1,057
|
)
|
(772
|
)
|
(2,882
|
)
|
(1,860
|
)
|
||||||||||
Operating free cash flow
|
$
|
(288
|
)
|
$
|
(781
|
)
|
$
|
(488
|
)
|
$
|
(1,834
|
)
|
$
|
(819
|
)
|
|
For the three months ended
|
For the nine months ended
|
||||||||||||||||||
($ in millions)
|
September 30,
2023
|
June 30,
2023
|
September 30,
2022
|
September 30,
2023
|
September 30,
2022
|
|||||||||||||||
Adjusted Operating Expenses
|
||||||||||||||||||||
|
||||||||||||||||||||
Total operating expenses
|
$
|
1,322
|
$
|
1,334
|
$
|
1,275
|
$
|
3,953
|
$
|
3,894
|
||||||||||
|
||||||||||||||||||||
Subtract:
|
||||||||||||||||||||
Depreciation and amortization
|
356
|
354
|
296
|
1,040
|
870
|
|||||||||||||||
Pension/OPEB expense
|
9
|
11
|
13
|
31
|
50
|
|||||||||||||||
Restructuring costs and other charges (1)
|
16
|
24
|
4
|
48
|
88
|
|||||||||||||||
Rebranding costs
|
-
|
-
|
7
|
-
|
26
|
|||||||||||||||
Stock-based compensation
|
30
|
27
|
19
|
81
|
54
|
|||||||||||||||
Storm-related costs
|
1
|
2
|
-
|
6
|
-
|
|||||||||||||||
Legal settlements
|
-
|
-
|
-
|
-
|
8
|
|||||||||||||||
Adjusted operating expenses
|
$
|
910
|
$
|
916
|
$
|
936
|
$
|
2,747
|
$
|
2,798
|
|
|
As of or for the quarter ended
|
For the nine months ended
|
||||||||||||||||||
|
|
September 30, 2023
|
June 30, 2023
|
September 30, 2022
|
September 30, 2023
|
September 30, 2022
|
|||||||||||||||
|
|
||||||||||||||||||||
Broadband Revenue ($ in millions)
|
|||||||||||||||||||||
Total Company
|
Fiber
|
$
|
377
|
$
|
356
|
$
|
312
|
$
|
1,067
|
$
|
900
|
||||||||||
Copper |
169
|
173
|
195
|
515
|
587
|
||||||||||||||||
Total |
$
|
546
|
$
|
529
|
$
|
507
|
$
|
1,582
|
$
|
1,487
|
|||||||||||
|
|
||||||||||||||||||||
Estimated Fiber Passings (in millions)
|
|||||||||||||||||||||
Base Fiber Passings
|
|
3.2
|
3.2
|
3.2
|
|||||||||||||||||
Total Fiber Passings
|
|
6.2
|
5.8
|
4.8
|
|||||||||||||||||
|
|
||||||||||||||||||||
Estimated Broadband Fiber % Penetration
|
|||||||||||||||||||||
Base Fiber Penetration
|
|
43.9
|
%
|
43.4
|
%
|
42.9
|
%
|
||||||||||||||
Total Fiber Penetration
|
|
31.2
|
%
|
31.6
|
%
|
33.6
|
%
|
||||||||||||||
|
|
||||||||||||||||||||
Broadband Customers, end of period (in thousands)
|
|||||||||||||||||||||
Consumer
|
Fiber
|
1,797
|
1,722
|
1,502
|
|||||||||||||||||
Copper |
870
|
928
|
1,105
|
||||||||||||||||||
Total |
2,667
|
2,650
|
2,607
|
||||||||||||||||||
|
|
||||||||||||||||||||
Business (1)
|
Fiber
|
117
|
113
|
104
|
|||||||||||||||||
Copper |
97
|
102
|
120
|
||||||||||||||||||
Total |
214
|
215
|
224
|
||||||||||||||||||
|
|
||||||||||||||||||||
Broadband Net Adds (in thousands)
|
|||||||||||||||||||||
Consumer
|
Fiber
|
75
|
63
|
64
|
|||||||||||||||||
Copper |
(58
|
)
|
(59
|
)
|
(58
|
)
|
|||||||||||||||
Total |
17
|
4
|
6
|
||||||||||||||||||
|
|
||||||||||||||||||||
Business (1)
|
Fiber
|
4
|
3
|
2
|
|||||||||||||||||
Copper |
(5
|
)
|
(5
|
)
|
(4
|
)
|
|||||||||||||||
Total |
(1
|
)
|
(2
|
)
|
(2
|
)
|
|||||||||||||||
|
|
||||||||||||||||||||
Broadband Churn
|
|||||||||||||||||||||
Consumer
|
Fiber
|
1.47
|
%
|
1.41
|
%
|
1.60
|
%
|
1.36
|
%
|
1.41
|
%
|
||||||||||
Copper |
2.18
|
%
|
1.84
|
%
|
2.02
|
%
|
1.91
|
%
|
1.76
|
%
|
|||||||||||
Total |
1.72
|
%
|
1.57
|
%
|
1.79
|
%
|
1.56
|
%
|
1.57
|
%
|
|||||||||||
|
|
||||||||||||||||||||
Business (1)
|
Fiber
|
1.26
|
%
|
1.31
|
%
|
1.36
|
%
|
1.34
|
%
|
1.29
|
%
|
||||||||||
Copper |
1.84
|
%
|
1.83
|
%
|
1.82
|
%
|
1.89
|
%
|
1.68
|
%
|
|||||||||||
Total |
1.53
|
%
|
1.56
|
%
|
1.61
|
%
|
1.61
|
%
|
1.51
|
%
|
|||||||||||
Broadband ARPU
|
|||||||||||||||||||||
Consumer
|
Fiber
|
$
|
64.49
|
$
|
63.12
|
$
|
62.97
|
$
|
63.10
|
$
|
62.84
|
||||||||||
Copper |
54.62
|
51.90
|
49.65
|
51.81
|
47.93
|
||||||||||||||||
Total |
$
|
61.15
|
$
|
59.06
|
$
|
57.17
|
$
|
58.99
|
$
|
56.04
|
|||||||||||
|
|
||||||||||||||||||||
Business (1)
|
Fiber
|
$
|
101.36
|
$
|
102.89
|
$
|
107.28
|
$
|
102.84
|
$
|
106.84
|
||||||||||
|
Copper |
66.87
|
68.20
|
65.26
|
67.38
|
64.41
|
|||||||||||||||
|
Total |
$
|
85.33
|
$
|
85.57
|
$
|
84.49
|
$
|
85.61
|
$
|
83.16
|
||||||||||
|
|
||||||||||||||||||||
Reconciliation: Broadband ARPU
|
|||||||||||||||||||||
Consumer Fiber Broadband ARPU
|
$
|
64.49
|
$
|
63.12
|
$
|
62.97
|
$
|
63.10
|
$
|
62.84
|
|||||||||||
Gift card impact
|
0.16
|
1.34
|
1.66
|
1.06
|
1.38
|
||||||||||||||||
Adjusted Consumer Fiber Broadband ARPU
|
$
|
64.65
|
$
|
64.46
|
$
|
64.63
|
$
|
64.16
|
$
|
64.22
|
Document and Entity Information |
Nov. 01, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Nov. 01, 2023 |
Entity File Number | 001-11001 |
Entity Registrant Name | Frontier Communications Parent, Inc. |
Entity Central Index Key | 0000020520 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 86-2359749 |
Entity Address, Address Line One | 401 Merritt 7 |
Entity Address, City or Town | Norwalk |
Entity Address, State or Province | CT |
Entity Address, Postal Zip Code | 06851 |
City Area Code | 972 |
Local Phone Number | 445-0042 |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Trading Symbol | FYBR |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
1 Year Frontier Communications ... Chart |
1 Month Frontier Communications ... Chart |
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