- Delivered full-year organic revenue growth for the first time
in more than 15 years
- Accelerated full-year organic Adjusted EBITDA growth
- Added record fiber broadband customers in 2024 while continuing
to grow ARPU
Frontier Communications Parent, Inc. (NASDAQ: FYBR) (“Frontier”)
reported fourth-quarter and full-year 2024 results today.
Additional information about the year and the past four years of
the company’s turnaround can be found in its investor presentation
here.
"2024 was a landmark year for Frontier, marking the culmination
of an ambitious turnaround that started when we emerged from
bankruptcy in 2021,” said Nick Jeffery, President and Chief
Executive Officer of Frontier. “Our goal was to return the company
to growth, and in less than four years, we delivered. For the first
time in more than 15 years, we achieved full-year organic revenue
growth, propelled by 19.2% growth in fiber customers and 13.5%
growth in fiber revenues.”
Jeffery continued, “This transformation is a testament to our
entire leadership team, our employees’ relentless execution, and
the power of a clear strategy and shared purpose. Today, we stand
as the nation’s largest pure-play fiber internet provider, bringing
critical connectivity to nearly 8 million homes and businesses. I
am incredibly proud of what this team has accomplished in Building
Gigabit America and creating a fiber network that will have lasting
value for this country for years to come."
Full-Year 2024 Highlights
- Added 1.3 million new fiber passings to reach 7.8 million
locations passed with fiber
- Added a record 385,000 fiber broadband customers, resulting in
fiber broadband customer growth of 19.2% year-over-year
- Consumer fiber broadband ARPU of $65.54, up 3.4%
year-over-year
- Delivered revenue of $5.94 billion, operating income of $353
million, and Adjusted EBITDA of $2.25 billion1
- Executed cash capital expenditures of $2.78 billion plus $463
million of vendor financing payments, for total capital investment
of $3.25 billion2
- Generated net cash from operations of $1.62 billion
- Achieved $597 million of gross annualized cost savings
Fourth-Quarter 2024 Highlights
- Added 241,000 fiber passings to reach 7.8 million total
locations passed with fiber
- Added 97,000 fiber broadband customers, resulting in fiber
broadband customer growth of 19.2% year-over-year
- Consumer fiber broadband ARPU of $65.98, up 2.8%
year-over-year
- Revenue of $1.51 billion increased 5.6% year-over-year as
growth in fiber-based products was partly offset by declines in
copper-based products
- Operating income of $86 million and net loss of $118
million
- Adjusted EBITDA of $595 million increased 8.4% year-over-year
driven by revenue growth and lower content expense, partially
offset by higher customer acquisition costs
- Cash capital expenditures of $792 million plus $48 million of
vendor financing payments resulted in total cash capital investment
of $840 million
- Generated net cash from operations of $294 million
- Secured a $1.5 billion delayed draw term loan to efficiently
fund our fiber build
Fourth-Quarter 2024 Consumer Results
- Consumer revenue of $798 million increased 3.1% year-over-year
as growth in fiber-based products was partly offset by declines in
copper-based products
- Consumer fiber revenue of $557 million increased 15.1%
year-over-year as growth in broadband was partly offset by declines
in video and voice
- Consumer fiber broadband revenue of $436 million increased
23.2% year-over-year driven by growth in both fiber broadband
customers and ARPU
- Consumer fiber broadband customer net additions of 92,000
resulted in consumer fiber broadband customer growth of 19.8%
year-over-year
- Consumer fiber broadband customer churn of 1.31% compared to
1.20% in the fourth quarter of 2023
Fourth-Quarter 2024 Business and Wholesale Results
- Business and Wholesale revenue of $692 million increased 9.0%
year-over-year primarily driven by growth in fiber-based
products
- Business and Wholesale fiber revenue of $333 million increased
19.8% year-over-year driven by growth in data and internet
services
- Business and Wholesale fiber broadband customer net additions
of 5,000 resulted in Business and Wholesale fiber broadband
customer growth of 10.9% year-over-year
- Business and Wholesale fiber broadband ARPU of $100.08
increased 1.2% year-over-year3
- Business and Wholesale fiber broadband customer churn of 1.31%
compared to 1.17% in the fourth quarter of 20233
Capital Structure
As of December 31, 2024, Frontier had total liquidity of $2.9
billion, including a cash balance of approximately $0.8 billion,
capacity on our delayed draw term loan facility of $1.5 billion and
approximately $0.7 billion of available borrowing capacity on its
revolving credit facility. Frontier’s net leverage ratio on
December 31, 2024, was approximately 4.8x3. Frontier has no
long-term debt maturities prior to 2027.
Pending Acquisition by Verizon
As previously announced, on September 4, 2024, Verizon
Communications Inc. (“Verizon”) and Frontier entered into a
definitive agreement (the “merger agreement”) for Verizon to
acquire Frontier (the “transaction”). In light of the pending
transaction, Frontier will not be hosting a conference call or
providing a financial outlook.
The transaction is expected to close by the first quarter of
2026, subject to certain required regulatory approvals, and the
satisfaction or waiver of the other conditions to the transaction
described in the merger agreement. On February 14, 2025, the
applicable waiting period under the Hart-Scott-Rodino Antitrust
Improvements Act of 1976, as amended, expired.
____________________
1 Adjusted EBITDA is a non-GAAP measure of
performance. See “Non-GAAP Measures” for a description of this
measure and its calculation. See Schedule A for a reconciliation of
Adjusted EBITDA to net loss.
2 Cash capital investment includes capital
expenditures and vendor financing payments for capital spend.
3 Business and Wholesale churn and ARPU
methodologies exclude circuits or fiber-to-the-tower churn.
4 Net leverage ratio is a non-GAAP
measure. See “Non-GAAP Measures” and the condensed consolidated
balance sheet data contained herein for a description and
calculation of net leverage ratio.
About Frontier
Frontier (NASDAQ: FYBR) is the largest pure-play fiber provider
in the U.S. Driven by our purpose, Building Gigabit America®, we
deliver blazing-fast broadband connectivity that unlocks the
potential of millions of consumers and businesses. For more
information, visit www.frontier.com.
Non-GAAP Financial Measures
Frontier uses certain non-GAAP financial measures in evaluating
its performance, including EBITDA, EBITDA margin, Adjusted EBITDA,
Adjusted EBITDA margin, operating free cash flow, adjusted
operating expenses, and net leverage ratio, each of which is
described below. Management uses these non-GAAP financial measures
internally to (i) assist in analyzing Frontier's underlying
financial performance from period to period, (ii) analyze and
evaluate strategic and operational decisions, (iii) establish
criteria for compensation decisions, and (iv) assist in the
understanding of Frontier's ability to generate cash flow and, as a
result, to plan for future capital and operational decisions.
Management believes that the presentation of these non-GAAP
financial measures provides useful information to investors
regarding Frontier’s financial condition and results of operations
because these measures, when used in conjunction with related GAAP
financial measures, (i) provide a more comprehensive view of
Frontier’s core operations and ability to generate cash flow, (ii)
provide investors with the financial analytical framework upon
which management bases financial, operational, compensation, and
planning decisions, and (iii) present measurements that investors
and rating agencies have indicated to management are useful to them
in assessing Frontier and its results of operations.
A reconciliation of these measures to the most comparable
financial measures calculated and presented in accordance with GAAP
is included in the accompanying tables. These non-GAAP financial
measures are not measures of financial performance or liquidity
under GAAP, nor are they alternatives to GAAP measures, and they
may not be comparable to similarly titled measures of other
companies.
EBITDA is defined as net income (loss) less income tax expense
(benefit), interest expense, investment and other income (loss),
pension settlement costs, reorganization items, and depreciation
and amortization. EBITDA margin is calculated by dividing EBITDA by
total revenue.
Adjusted EBITDA is defined as EBITDA, as described above,
adjusted to exclude certain pension/OPEB expenses, restructuring
costs and other charges, stock-based compensation, and certain
other non-recurring items. Adjusted EBITDA margin is calculated by
dividing Adjusted EBITDA by total revenue.
Management uses EBITDA, EBITDA margin, Adjusted EBITDA and
Adjusted EBITDA margin to assist it in comparing performance from
period to period and as measures of operational performance.
Management believes that these non-GAAP measures provide useful
information for investors in evaluating Frontier’s operational
performance from period to period because they exclude depreciation
and amortization expenses related to investments made in prior
periods and are determined without regard to capital structure or
investment activities. By excluding capital expenditures, debt
repayments and dividends, among other factors, these non-GAAP
financial measures have certain shortcomings. Management
compensates for these shortcomings by utilizing these non-GAAP
financial measures in conjunction with the comparable GAAP
financial measures.
Management defines operating free cash flow as net cash provided
from operating activities less capital expenditures, less payments
on vendor financing related to capital expenditures. Management
uses operating free cash flow to assist it in comparing liquidity
from period to period and to obtain a more comprehensive view of
Frontier’s core operations and ability to generate cash flow.
Management believes that this non-GAAP measure is useful to
investors in evaluating cash available to service debt and pay
dividends. This non-GAAP financial measure has certain
shortcomings; it does not represent the residual cash flow
available for discretionary expenditures, as items such as debt
repayments are not deducted in determining such measure. Management
compensates for these shortcomings by utilizing this non-GAAP
financial measure in conjunction with the comparable GAAP financial
measure.
Adjusted operating expenses is defined as operating expenses
adjusted to exclude depreciation and amortization, restructuring
and other charges, certain pension/OPEB expenses, stock-based
compensation, and certain other non-recurring items. Investors have
indicated that this non-GAAP measure is useful in evaluating
Frontier’s performance.
Net leverage ratio is calculated as net debt (total debt less
cash and cash equivalents and short-term investments) divided by
Adjusted EBITDA for the most recent four quarters. Investors have
indicated that this non-GAAP measure is useful in evaluating
Frontier’s debt levels.
The information in this press release should be read in
conjunction with the financial statements and footnotes contained
in Frontier’s documents filed with the SEC.
Forward-Looking Statements
This release contains “forward-looking statements” related to
future events, including our 2025 outlook. Forward-looking
statements address our expectations or beliefs concerning future
events, including, without limitation, the proposed merger with
Verizon (the “Merger”), future operating and financial performance,
our ability to implement our ability to implement strategic
initiatives, such as our fiber build and fiber penetration and our
ability to realize cost saving initiatives, our ability to comply
with the covenants in the agreements governing our indebtedness,
our capital expenditures, and other matters. These statements are
made on the basis of management's views and assumptions, as of the
time the statements are made, regarding future events and
performance and contain words such as „expect,” "anticipate,”
“intend,” "plan,” "believe," "seek," "see," "may," ”will," ”would,"
or ”target." Forward-looking statements by their nature address
matters that are, to different degrees, uncertain. A wide range of
factors could materially affect future developments and
performance, including but not limited to: the risk that the Merger
may not be completed in a timely manner or at all; the possibility
that any or all of the various conditions to the consummation of
the Merger may not be satisfied or waived, including the failure to
receive any required regulatory approvals from any applicable
governmental entities (or any conditions, limitations or
restrictions placed on such approvals); the occurrence of any
event, change or other circumstance that could give rise to the
termination of the merger agreement relating to the Merger,
including in circumstances which would require us to pay a
termination fee; the effect of the pendency of the Merger on our
ability to attract, motivate or retain key executives and
employees, our ability to maintain relationships with our
customers, suppliers and other business counterparties, or our
operating results and business generally; risks related to the
Merger diverting management’s attention from our ongoing business
operations; the risk that the Company’s stock price may decline
significantly if the Merger is not consummated; our significant
indebtedness, our ability to incur substantially more debt in the
future, and covenants in the agreements governing our current
indebtedness that may reduce our operating and financial
flexibility; declines in Adjusted EBITDA and revenue relative to
historical levels that we are unable to offset; economic
uncertainty, volatility in financial markets, and rising interest
rates could limit our ability to access capital or increase the
cost of capital needed to fund business operations; our ability to
successfully implement strategic initiatives and realize
productivity improvements; our ability to secure necessary
construction resources, materials and permits for our fiber
buildout initiative in a timely and cost-effective manner;
inflationary pressures on costs, including tight labor markets,
increased fuel and electricity costs and potential disruptions in
our supply chain, which could adversely impact our financial
condition or results of operations and hinder our fiber expansion
plans; our ability to effectively manage our operations, operating
expenses, capital expenditures, debt service requirements and cash
paid for income taxes and liquidity; the impact of potential
information technology or data security breaches or other
cyber-attacks or other disruptions; the impact of laws and
regulations relating to the handling of privacy and data
protection; competition from cable, wireless carriers, satellite
providers, wireline carriers, fiber "overbuilders" and over the top
companies, and the risk that we will not respond on a timely or
profitable basis; our ability to successfully adjust to changes in
the communications industry, including the effects of technological
changes and competition on our capital expenditures, products and
service offerings; our ability to retain or attract new customers
and to maintain relationships with existing customers, including
wholesale customers; our reliance on a limited number of key
supplies and vendors; declines in revenue from our voice services,
switched and nonswitched access and video and data services that we
cannot stabilize or offset with increases in revenue from other
products and services; our ability to secure, continue to use or
renew intellectual property and other licenses used in our
business; our ability to dispose of certain assets or asset groups
or to make acquisition of certain assets on terms that are
attractive to us, or at all; the effects of changes in the
availability of and requirements for receiving federal and state
universal service funding, grants or other subsidies and our
ability to obtain future subsidies; our ability to comply with
applicable CAF II and RDOF requirements and the risk of
discontinuance of funding, penalties or obligations to return
certain CAF II and RDOF funds; our ability to defend against
litigation or government investigations and potentially unfavorable
results from current pending and future litigation or
investigations; our ability to comply with applicable federal and
state consumer protection requirements; the effects of governmental
legislation and regulation on our business, including costs,
disruptions, possible limitations on operating flexibility and
changes to the competitive landscape resulting from such
legislation or regulation; the impact of regulatory, investigative
and legal proceedings and legal compliance risks; our ability to
effectively manage service quality in the states in which we
operate and meet mandated service quality metrics or regulatory
requirements; the effects of changes in income tax rates, tax laws,
regulations or rulings, or federal or state tax assessments,
including the risk that such changes may benefit our competitors
more than us, as well as potential future decreases in the value of
our deferred tax assets; the effects of changes in accounting
policies or practices; our ability to successfully renegotiate
union contracts; the effects of increased medical expenses and
pension and postemployment expenses; changes in pension plan
assumptions, interest rates, discount rates, regulatory rules
and/or the value of our pension plan assets; the impact of adverse
changes in economic, political and market conditions in the areas
that we serve, the U.S. and globally, including but not limited to,
disruption in our supply chain, inflation in pricing for key
materials or labor, the imposition of trade tariffs or other
adverse changes resulting from epidemics, pandemics and outbreaks
of contagious diseases, natural disasters, economic or political
instability, terrorist attacks and wars, including the ongoing war
in Ukraine and the Israel–Hamas war, or other adverse widespread
developments; potential adverse impacts of climate change and
increasingly stringent environmental laws, rules and regulations,
and customer expectations and other environmental liabilities;
potential adverse impacts from natural disasters, wildfires and
other severe weather events impacting our network, operations and
customer base in certain markets; market overhang due to
substantial common stock holdings by our former creditors; certain
provisions of Delaware law and our certificate of incorporation
that may prevent efforts by our stockholders to change the
direction or management of our company; and certain other factors
set forth in our other filings with the SEC. This list of factors
that may affect future performance and the accuracy of
forward-looking statements is illustrative and is not intended to
be exhaustive. You should consider these important factors, as well
as the risks and other factors contained in Frontier's filings with
the SEC, including our most recent report on Form 10-K. These risks
and uncertainties may cause actual future results to be materially
different than those expressed in such forward-looking statements.
We do not intend, nor do we undertake any duty, to update any
forward-looking statements.
Frontier Communications
Parent, Inc.
Unaudited Financial
Data
For the
For the
For the
three months ended
three months ended
three months ended
December 31,
September 30,
December 31,
($ in millions and
shares in thousands, except per share amounts)
2024
2024
2023
Statements of Operations Data
Revenue
$
1,506
$
1,489
$
1,426
Operating expenses:
Cost of service
534
538
510
Selling, general, and administrative
expenses
421
427
396
Depreciation and amortization
429
410
375
Restructuring costs and other charges
36
28
25
Total operating expenses
1,420
1,403
1,306
Operating income
86
86
120
Investment and other income (loss),
net
(12
)
29
177
Interest expense
(203
)
(203
)
(193
)
Income (loss) before income taxes
(129
)
(88
)
104
Income tax expense (benefit)
(11
)
(6
)
87
Net income (loss)
$
(118
)
$
(82
)
$
17
Weighted average shares outstanding -
basic
249,185
248,986
245,799
Weighted average shares outstanding -
diluted
249,185
248,986
249,576
Basic net earnings (loss) per common
share
$
(0.47
)
$
(0.33
)
$
0.07
Diluted net earnings (loss) per common
share
$
(0.47
)
$
(0.33
)
$
0.07
Other Financial Data:
Capital expenditures
$
792
$
699
$
329
Frontier Communications
Parent, Inc.
Unaudited Financial
Data
For the
For the
year ended
year ended
December 31,
December 31,
($ in millions and
shares in thousands, except per share amounts)
2024
2023
Statements of Income Data
Revenue
$
5,937
$
5,751
Operating expenses:
Cost of service
2,110
2,125
Selling, general, and administrative
expenses
1,725
1,646
Depreciation and amortization
1,625
1,415
Restructuring costs and other charges
124
73
Total operating expenses
5,584
5,259
Operating income
353
492
Investment and other income, net
105
278
Interest expense
(804
)
(653
)
Income (loss) before income taxes
(346
)
117
Income tax expense (benefit)
(24
)
88
Net income (loss)
$
(322
)
$
29
Weighted average shares outstanding -
basic
248,184
245,517
Weighted average shares outstanding -
diluted
248,184
248,549
Basic net earnings (loss) per common
share
$
(1.30
)
$
0.12
Diluted net earnings (loss) per common
share
$
(1.30
)
$
0.12
Other Financial Data:
Capital expenditures
$
2,783
$
3,211
Frontier Communications
Parent, Inc.
Unaudited Financial
Data
For the quarter ended
December 31,
September 30,
December 31,
($ in
millions)
2024
2024
2023
Selected Statement of Income
Data
Revenue:
Data and Internet services
$
1,029
$
1,004
$
897
Voice services
297
301
329
Video services
79
83
97
Other
85
83
86
Revenue from contracts with customers
1,490
1,471
1,409
Subsidy and other revenue
16
18
17
Total revenue
$
1,506
$
1,489
$
1,426
Other Financial Data
Revenue:
Consumer
$
798
$
789
$
774
Business and wholesale
692
682
635
Revenue from contracts with customers
$
1,490
$
1,471
$
1,409
Fiber
$
890
$
867
$
762
Copper
600
604
647
Revenue from contracts with customers
$
1,490
$
1,471
$
1,409
For the year ended
For the year ended
December 31,
December 31,
($ in
millions)
2024
2023
Selected Statement of Income
Data
Revenue:
Data and Internet services
$
3,963
$
3,534
Voice services
1,231
1,373
Video services
344
430
Other
335
339
Revenue from contracts with customers
5,873
5,676
Subsidy and other revenue
64
75
Total revenue
$
5,937
$
5,751
Other Financial Data
Revenue:
Consumer
$
3,163
$
3,097
Business and wholesale
2,710
2,579
Revenue from contracts with customers
$
5,873
$
5,676
Fiber
$
3,402
$
2,997
Copper
2,471
2,679
Revenue from contracts with customers
$
5,873
$
5,676
Frontier Communications
Parent, Inc.
Unaudited Operating
Data
As of and for the three months
ended
For the year ended
December 31, 2024
September 30, 2024
December 31, 2023
December 31, 2024
December 31, 2023
Broadband customer metrics (1)
Broadband customers (in thousands)
3,094
3,057
2,943
3,094
2,943
Net customer additions
37
47
30
151
75
Consumer customer metrics
Customers (in thousands)
3,193
3,176
3,129
3,193
3,129
Net customer additions (losses)
17
22
11
64
(4
)
Average monthly consumer
revenue per customer
$
83.58
$
83.12
$
82.54
$
83.53
$
82.53
Customer monthly churn
1.68
%
1.80
%
1.43
%
1.65
%
1.52
%
Employees
13,025
12,950
13,297
13,025
13,297
(1) Amounts presented include related
metrics for our wholesale customers.
Frontier Communications
Parent, Inc.
Condensed Consolidated Balance
Sheet Data
($ in
millions)
December 31, 2024
December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents
$
750
$
1,125
Short-term investments
-
1,075
Accounts receivable, net
379
446
Other current assets
131
135
Total current assets
1,260
2,781
Property, plant and equipment, net
15,678
13,933
Other assets
3,676
3,979
Total assets
$
20,614
$
20,693
LIABILITIES AND
EQUITY
Current liabilities:
Long-term debt due within one year
$
10
$
15
Accounts payable and other current
liabilities
2,279
2,260
Total current liabilities
2,289
2,275
Deferred income taxes and other
liabilities
1,833
1,893
Long-term debt
11,551
11,246
Equity
4,941
5,279
Total liabilities and equity
$
20,614
$
20,693
As of
December 31, 2024
Leverage
Ratio
Numerator:
Long-term debt due within one year
$
10
Long-term debt
11,551
Total debt
$
11,561
Less: Cash and cash equivalents
(750
)
Net debt
$
10,811
Denominator:
Adjusted EBITDA - last 4 quarters
$
2,251
Net Leverage Ratio
4.8x
Frontier Communications
Parent, Inc.
Unaudited Consolidated Cash
Flow Data
For the three months
ended
December 31, 2024
December 31, 2023
($ in
millions)
Cash flows provided from (used by)
operating activities:
Net (loss) income
$
(118
)
$
17
Adjustments to reconcile net loss to net
cash provided from
(used by) operating activities:
Depreciation and amortization
429
375
Pension/OPEB special termination benefit
enhancements
1
-
Stock-based compensation
14
27
Amortization of premium
(5
)
(4
)
Bad debt expense
9
11
Other adjustments
-
3
Deferred income taxes
(9
)
79
Change in accounts receivable
31
(8
)
Change in long-term pension and other
postretirement liabilities
14
(176
)
Change in accounts payable and other
liabilities
(91
)
(46
)
Change in prepaid expenses, income taxes,
and other assets
19
18
Net cash provided from operating
activities
294
296
Cash flows provided from (used by)
investing activities:
Capital expenditures
(792
)
(329
)
Purchases of short-term investments
(1)
-
(425
)
Sale of short-term investments (1)
-
625
Purchases of long-term investments
-
1
Proceeds from sale of asset
8
18
Other
1
5
Net cash used by investing
activities
(783
)
(105
)
Cash flows provided from (used by)
financing activities:
Long-term debt payments
(2
)
(4
)
Payments of vendor financing
(48
)
(5
)
Financing costs paid
(2
)
(6
)
Finance lease obligation payments
(8
)
(7
)
Proceeds from sale and lease-back
transactions
-
9
Taxes paid on behalf of employees for
shares withheld
(16
)
-
Other
(4
)
7
Net cash used by financing
activities
(80
)
(6
)
Increase (Decrease) in cash, cash
equivalents, and restricted cash
(569
)
185
Cash, cash equivalents, and restricted
cash at the beginning of the period
1,480
1,054
Cash, cash equivalents, and restricted
cash at the end of the period
$
911
$
1,239
Supplemental cash flow
information:
Cash paid during the period
for:
Interest
$
270
$
262
Income tax payments (refunds), net
$
(2
)
$
(1
)
Non-cash investing activities:
Increase (Decrease) in capital
expenditures due to
changes in accounts payable and accrued
liabilities
$
(37
)
$
188
Increase (Decrease) in capital
expenditures due to
changes in vendor financing
$
(39
)
$
255
(1) Amounts represent cash movement
to/from short-term investments. Given the long-term nature of the
fiber build, we have invested cash in short-term investments to
improve interest income while preserving funding flexibility.
Frontier Communications
Parent, Inc.
Unaudited Consolidated Cash
Flow Data
For the year ended
December 31, 2024
December 31, 2023
($ in
millions)
Cash flows provided from (used by)
operating activities:
Net (loss) income
$
(322
)
$
29
Adjustments to reconcile net loss to net
cash provided from
(used by) operating activities:
Depreciation and amortization
1,625
1,415
Pension/OPEB special termination benefit
enhancements
12
-
Stock-based compensation
68
108
Amortization of premium
(20
)
(25
)
Bad debt expense
39
35
Other adjustments
10
12
Deferred income taxes
(27
)
78
Change in accounts receivable
28
(43
)
Change in long-term pension and other
postretirement liabilities
(142
)
(325
)
Change in accounts payable and other
liabilities
301
55
Change in prepaid expenses, income taxes,
and other assets
49
5
Net cash provided from operating
activities
1,621
1,344
Cash flows provided from (used by)
investing activities:
Capital expenditures
(2,783
)
(3,211
)
Purchases of short-term investments
(1)
-
(2,275
)
Sale of short-term investments (1)
1,075
2,950
Purchases of long-term investments
-
(62
)
Proceeds on sale of assets
20
36
Other
7
6
Net cash used by investing
activities
(1,681
)
(2,556
)
Cash flows provided from (used by)
financing activities:
Long-term debt payments
(412
)
(68
)
Proceeds from long-term debt
borrowings
750
2,278
Payments of vendor financing
(463
)
(5
)
Premium paid to retire debt
-
(10
)
Financing costs paid
(31
)
(62
)
Finance lease obligation payments
(31
)
(25
)
Proceeds from sale and lease-back
transactions
-
30
Taxes paid on behalf of employees for
shares withheld
(65
)
(9
)
Other
(16
)
-
Net cash provided from (used by)
financing activities
(268
)
2,129
Increase (Decrease) in cash, cash
equivalents, and restricted cash
(328
)
917
Cash, cash equivalents, and restricted
cash at the beginning of the period
1,239
322
Cash, cash equivalents, and restricted
cash at the end of the period
$
911
$
1,239
Supplemental cash flow
information:
Cash paid during the period
for:
Interest
$
835
$
711
Income tax (refund) payments, net
$
(10
)
$
-
Non-cash investing activities:
Decrease in capital expenditures due
to
changes in accounts payable and accrued
liabilities
$
(40
)
$
(326
)
Increase (Decrease) in capital
expenditures due to
changes in vendor financing
$
(239
)
$
255
(1) Amounts represent cash movement
to/from short-term investments. Given the long-term nature of the
fiber build, we have invested cash in short-term investments to
improve interest income while preserving funding flexibility.
SCHEDULE A
Frontier Communications
Parent, Inc.
Unaudited Financial
Data
Reconciliation of Non-GAAP
Financial Measures
For the three months
ended
For the year ended
December 31,
September 30,
December 31,
December 31,
December 31,
($ in
millions)
2024
2024
2023
2024
2023
Net income (loss)
$
(118
)
$
(82
)
$
17
$
(322
)
$
29
Add back (subtract):
Income tax expense (benefit)
(11
)
(6
)
87
(24
)
88
Interest expense
203
203
193
804
653
Investment and other income (loss),
net
12
(29
)
(177
)
(105
)
(278
)
Operating income
86
86
120
353
492
Depreciation and amortization
429
410
375
1,625
1,415
EBITDA
$
515
$
496
$
495
$
1,978
$
1,907
Add back:
Pension/OPEB expense
$
10
$
8
$
10
$
36
$
41
Restructuring costs and other charges
36
28
25
124
73
Stock-based compensation
14
17
27
68
108
Storm-related costs
20
-
-
20
6
Legal settlements (recoveries)
-
-
(8
)
25
(8
)
Adjusted EBITDA
$
595
$
549
$
549
$
2,251
$
2,127
EBITDA margin
34.2
%
33.3
%
34.7
%
33.3
%
33.2
%
Adjusted EBITDA margin
39.5
%
36.9
%
38.5
%
37.9
%
37.0
%
Free Cash
Flow
Net cash provided from
operating activities
$
294
$
618
$
296
$
1,621
$
1,344
Capital expenditures
(792
)
(699
)
(329
)
(2,783
)
(3,211
)
Payment of vendor financing- capital
expenditures
(48
)
-
(4
)
(463
)
(4
)
Operating free cash flow
$
(546
)
$
(81
)
$
(37
)
$
(1,625
)
$
(1,871
)
SCHEDULE B
Frontier Communications
Parent, Inc.
Unaudited Consolidated
Financial Data
Reconciliation of Non-GAAP
Financial Measures
For the three months
ended
For the year ended
December 31,
September 30,
December 31,
December 31,
December 31,
($ in
millions)
2024
2024
2023
2024
2023
Adjusted Operating
Expenses
Total operating expenses
$
1,420
$
1,403
$
1,306
$
5,584
$
5,259
Subtract:
Depreciation and amortization
429
410
375
1,625
1,415
Pension/OPEB expense
10
8
10
36
41
Restructuring costs and other charges
36
28
25
124
73
Stock-based compensation
14
17
27
68
108
Storm-related costs
20
-
-
20
6
Legal settlements (recoveries)
-
-
(8
)
25
(8
)
Adjusted operating expenses
$
911
$
940
$
877
$
3,686
$
3,624
SCHEDULE C
Frontier Communications
Parent, Inc.
Selected Financial and
Operating Data (1)
(Unaudited)
As of or for the quarter
ended
For the year ended
December 31, 2024
September 30, 2024
December 31, 2023
December 31, 2024
December 31, 2023
Broadband Revenue
($ in millions)
Total Company
Fiber
$
478
$
454
$
391
$
1,778
$
1,458
Copper
138
141
159
585
674
Total
$
616
$
595
$
550
$
2,363
$
2,132
Estimated Fiber
Passings (in millions)
Base Fiber Passings
3.2
3.2
3.2
Total Fiber Passings
7.8
7.6
6.5
Estimated
Broadband Fiber % Penetration
Base Fiber Penetration
46.2%
45.7%
44.5%
Total Fiber Penetration
30.6%
30.2%
30.9%
Broadband
Customers, end of period (in thousands)
Consumer
Fiber
2,249
2,157
1,878
Copper
612
666
822
Total
2,861
2,823
2,700
Business + Wholesale (2)
Fiber
143
138
129
Copper
90
96
114
Total
233
234
243
Broadband Net
Adds (in thousands)
Consumer
Fiber
92
104
81
Copper
(54)
(55)
(48)
Total
38
49
33
Business + Wholesale (2)
Fiber
5
4
3
Copper
(6)
(6)
(6)
Total
(1)
(2)
(3)
Broadband
Churn
Consumer
Fiber
1.31%
1.49%
1.20%
1.36%
1.32%
Copper
2.54%
2.37%
1.86%
2.22%
1.90%
Total
1.59%
1.71%
1.41%
1.58%
1.52%
Business + Wholesale (2)
Fiber
1.31%
1.50%
1.17%
1.36%
1.28%
Copper
2.09%
2.05%
1.73%
2.03%
1.74%
Total
1.62%
1.73%
1.44%
1.65%
1.52%
Broadband
ARPU
Consumer
Fiber
$
65.98
$
65.40
$
64.16
$
65.54
$
63.39
Copper
62.12
59.16
54.22
58.96
52.43
Total
$
65.11
$
63.85
$
61.02
$
63.78
$
59.52
Business + Wholesale (2)
Fiber
$
100.08
$
98.71
$
98.86
$
98.78
$
99.86
Copper
64.94
64.98
59.87
63.70
60.39
Total
$
86.09
$
84.52
$
80.17
$
83.67
$
79.85
(1) Certain operational metrics, including
passings, penetration, Base Fiber penetration, ARPU and churn are
defined in the accompanying Trending Schedule available at
Frontier's website https://investor.frontier.com.
(2) Business + Wholesale customers include
our small, medium business, larger enterprise (SME) customers and
wholesale subscribers.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250220801603/en/
Investor Contact Spencer Kurn SVP, Investor Relations +1
401-225-0475 spencer.kurn@ftr.com
Media Contact Chrissy Murray VP, Corporate Communications
+1 504-952-4225 chrissy.murray@ftr.com
Frontier Communications ... (NASDAQ:FYBR)
과거 데이터 주식 차트
부터 1월(1) 2025 으로 2월(2) 2025
Frontier Communications ... (NASDAQ:FYBR)
과거 데이터 주식 차트
부터 2월(2) 2024 으로 2월(2) 2025
