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Frontier Communications Accelerates Fiber Build Out to Reach 10 Million Locations By End of 2025

Reports Second-Quarter 2021 Financial Results

  • Increases 2021 target to extend fiber network to more than 600,000 locations, with approximately 157,000 locations completed in the second quarter
  • Second-quarter revenue of $1.62 billion, Adjusted EBITDA of $633 million, and operating income of $298 million1
  • Liquidity of approximately $1.5 billion that will help fund fiber network expansion
  • Company to provide strategy update and review second-quarter results at Investor Day beginning today at 11:00 am ET; webcast available at http://investor.frontier.com

Frontier Communications Parent, Inc. (NASDAQ: FYBR) (“Frontier” or the “Company”) today announced that it has accelerated the extension of its fiber network and has set a new objective to reach 10 million total locations by the end of 2025. Frontier made significant progress toward this objective in the second quarter of 2021, building fiber to approximately 157,000 new locations. Frontier now expects to reach 600,000 new locations in 2021, resulting in approximately 4 million fiber locations passed by the end of the year.

Nick Jeffery, President and Chief Executive Officer of Frontier, said, “The acceleration of our fiber network expansion is clear evidence that Frontier’s transformation is taking hold. Over the past several months, we’ve made real progress in executing our strategy – by adding world-class leadership, introducing a purpose-driven culture, improving the customer experience, and making our operations more efficient and sustainable.

“Demand for high-speed broadband is growing rapidly, and fiber is the best product to meet the needs of consumers and businesses. Frontier is already doing what customers want and cable can’t – delivering symmetrical download and upload speeds with far lower latency than our competition. Early next year, we will start delivering 2 gigabit per second services, further stretching our performance lead to where only fiber can compete. We have hard work ahead of us, but momentum is increasing as we rally the Frontier team around our mission to Build Gigabit America.”

At its virtual investor day to be held today, Frontier will provide an update on the fiber buildout and other priorities resulting from its strategic review. These include:

  • Frontier’s current ability to provide a best-in-class offering featuring symmetrical 1 gigabit per second download and upload speeds;
  • Plans to launch a symmetrical 2 gigabit per second offering in the first quarter of 2022 that will unlock next-generation digital experiences for customers;
  • Plans to deploy fiber to reach 10 million locations by 2025; and
  • A new target of $250 million run rate savings by 2023 from simplifying the Company’s operations and improving the customer experience.

Second-Quarter 2021 Financial Results2

Frontier today also reported its financial results for the second quarter ended June 30, 2021.

Regarding the results, Mr. Jeffery added, “Our second-quarter results reflect continuing momentum in our fiber expansion strategy, with all key fiber metrics in line or above expectations. In particular, we accelerated our fiber build out, continued our customer momentum with another strong quarter of consumer fiber net adds, and reduced our consumer churn. Taken together, it was another strong quarter that positions Frontier well as we head into the second half of the year.”

Frontier reported consolidated revenue for the second quarter of 2021 of $1.62 billion, a 7.9% decline from consolidated revenue reported in the second quarter of 2020, due to declining consumer copper subscribers and wholesale revenue, and the impact of fresh start accounting. Frontier’s overall data and internet services revenue of $839 million decreased slightly in the second quarter of 2021 primarily due to declining copper subscribers. fiber broadband revenue was $268 million, a 13.6% increase over the second quarter of 2020, due to subscriber gains and higher ARPU. Consumer fiber net adds were approximately 12,000 in the quarter, the eighth consecutive quarter of positive consumer fiber net adds, resulting in broadband customer growth of 3.3% relative to the second quarter of 2020.

Second quarter 2021 operating income was $298 million. Net income was $4.58 billion due to approximately $4.2 billion of reorganization gains in the quarter, primarily related to the extinguishment of debt.

  • Adjusted EBITDA was $633 million and Adjusted EBITDA margin was 39.2%, compared to Adjusted EBITDA of $703 million and Adjusted EBITDA Margin of 40.1% in the second quarter of 2020.
  • The $70 million year-over-year decline in Adjusted EBITDA was driven by revenue declines, partially offset by cost savings initiatives, including the emphasis on reducing video content costs.
  • Capital expenditures increased to $385 million in the quarter from $225 million in the second quarter of 2020, as fiber expansion initiatives accelerated.

Consumer Results

  • Consumer revenue was $826 million, a 6.0% decline from the second quarter of 2020, as fiber revenue growth was offset by copper revenue declines and the impact of fresh start accounting.
  • Consumer customer churn was 1.54%, down slightly from 1.63% in the second quarter of 2020.
  • Fiber broadband revenue was $238 million, a 14.4% increase over the second quarter of 2020.
  • Fiber broadband customer net adds were 12,000, an increase over 8,000 net adds in the second quarter of 2020.
  • Fiber broadband customer churn was 1.53%, consistent with churn of 1.52% in the second quarter of 2020.
  • Fiber broadband ARPU was $63.10, a 10.9% increase over the second quarter of 2020, as customers continue to upgrade to faster speeds.

Business and Wholesale Results

  • Business and wholesale revenue was $707 million, a 9.5% decline from the second quarter of 2020, primarily due to proactive strategic repositioning with key business partners to reset pricing in exchange for higher win shares in the future and higher overall expected cash flow stability.
  • Business and wholesale broadband customer churn was 1.5%, a decline from 1.9% in the second quarter of 2020.
  • Fiber broadband revenue, excluding wholesale, was $30 million, a 5.6% increase over the second quarter of 2020.
  • Fiber broadband ARPU was $104.66, a 4.4% increase over the second quarter of 2020.

Capital Structure

Frontier currently has total liquidity of approximately $1.5 billion, including a cash balance of approximately $1 billion and $535 million of available capacity in its revolving credit facility as of June 30, 2021. The Company’s net debt to Adjusted EBITDA ratio is approximately of 2.2x. Frontier has no long-term debt maturities prior to 2027.

2021 Outlook

Frontier today updated its operational and financial guidance expectations for 2021, primarily in connection with the acceleration of its fiber build. As part of its emergence from Chapter 11, Frontier has adopted fresh start accounting in accordance with ASC 852. Additional details on the impact of fresh start accounting were detailed in an 8-K filed with the SEC on July 30, 2021.

Frontier’s guidance for the full year 2021 is as follows:

  • Adjusted EBITDA of $2.4-$2.5 billion, consistent with previous guidance, despite a negative non-cash impact of approximately $50 million resulting from fresh start accounting adjustments
  • Cash capital expenditures of approximately $1.8 billion, higher than previous guidance primarily related to the Company’s accelerated fiber build plans in 2021 and 2022
  • Fiber build to at least 600,000 locations in 2021, up from previous guidance of 495,000 locations in 2021
  • Cash taxes of approximately $50 million, consistent with previous guidance
  • Cash interest payments of approximately $365 million, consistent with previous guidance
  • Cash pension and OPEB of approximately $70 million (net of capitalization), down from previous guidance of $120 million

Investor Day

Frontier is hosting a virtual investor day on Thursday, Aug. 5 at 11:00 a.m. ET. The event will include an update on Frontier’s strategic review, including its fiber expansion plan, operational initiatives, and enhanced investor reporting package. Frontier will also discuss its second-quarter financial results as part of the investor day. A Q&A session will follow the formal presentation.

Presenters at the investor day will include John Stratton, Executive Chairman of the Board of Directors; Nick Jeffery, President and Chief Executive Officer; Scott Beasley, Chief Financial Officer; Veronica Bloodworth, Chief Network Officer; and Spencer Kurn, Senior Vice President of Investor Relations.

The investor day webcast and presentation materials will be accessible through Frontier’s Investor Relations website at https://investor.frontier.com and will remain archived at this location.

About Frontier Communications

Frontier Communications offers a variety of services to residential and business customers over its fiber-optic and copper networks in 25 states, including video, high-speed Internet, advanced voice, and Frontier Secure® digital protection solutions. Frontier Business™ offers communications solutions to small, medium, and enterprise businesses. More information about Frontier is available at 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 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, gains/losses on extinguishment of debt, 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.

Adjusted net income (loss) attributable to Frontier common shareholders is defined as net income (loss) attributable to Frontier common shareholders and excludes restructuring costs and other charges, pension settlement costs, reorganization items, certain income tax items and the income tax effect of these items, and certain other non-recurring items. Adjusting for these items allows investors to better understand and analyze Frontier’s financial performance over the periods presented.

Management defines operating free cash flow, a non-GAAP measure, as net cash provided from operating activities less 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 and preferred stock dividends 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, goodwill impairment 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) 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 U.S. Securities and Exchange Commission.

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, our future operating and financial performance, our ability to comply with the covenants in the agreements governing our indebtedness 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; our ability to successfully implement strategic initiatives, including our fiber buildout and other initiatives to enhance revenue and realize productivity improvements; competition from cable, wireless and wireline carriers, satellite, 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; risks related to disruption in our networks, infrastructure and information technology that result in customer loss and/or incurrence of additional expenses; the impact of potential information technology or data security breaches or other cyber-attacks or other disruptions; our ability to retain or attract new customers and to maintain relationships with 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, including participation in the proposed RDOF program; our ability to meet our CAF II and RDOF obligations and the risk of penalties or obligations to return certain CAF II and RDOF funds; our ability to defend against litigation and potentially unfavorable results from current pending and future litigation; 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; the effects of changes in income tax rates, tax laws, regulations or rulings, or federal or state tax assessments; 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 likelihood that our historical financial information may no longer be indicative of our future performance and our implementation of fresh start accounting; adverse changes in economic, political and market conditions in the areas that we serve, the U.S. and globally; potential adverse impacts of the COVID-19 pandemic on our business and operations, including potential disruptions to the work of our employees arising from health and safety measures such as social distancing and working remotely, our ability to effectively manage increased demand on our network, our ability to maintain relationships with our current or prospective customers and vendors as well as their abilities to perform under current or proposed arrangements with us, and stress on our supply chain; risks associated with our emergence from the Chapter 11 Cases, including, but not limited to, the continuing effects of the Chapter 11 Cases on us and our relationships with our suppliers, customers, service providers or employees and changes in the composition of our board of directors and senior management; volatility in the trading price of our common stock, which has a limited trading history; substantial market overhang from the common stock issued in the Chapter 11 reorganization; 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 U.S. Securities and Exchange Commission, 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.

____________________

1

Unless otherwise noted, all figures for full year and Q2 2021 include pre-emergence and emergence results.

2

Prior year comparisons are adjusted for Disposal of Northwest Operations. See Schedule C and Schedule E for a reconciliation of reported results to the results adjusted for the Disposal of Northwest Operations. Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures of performance, See “Non-GAAP Measures” for a description of these measures and its calculation. See Schedule A for a reconciliation of Adjusted EBITDA to net income/(loss). As part of its emergence from Chapter 11, Frontier adopted fresh start accounting in accordance with ASC 852. As a result, Frontier’s consolidated financial statements after April 30, 2021 will not be comparable to Frontier’s consolidated financial statements prior to that date. See Frontier’s Form 8-K filed with the SEC on July 30, 2021, for further details on the impact of fresh start accounting.

Frontier Communications Parent, Inc.
Unaudited Consolidated Financial Data
Reconciliation of Non-GAAP financial results for Combined Frontier
 
Note: The following results are reported separately for the month ended April 30, 2021 (our Predecessor period prior to emergence) and for the two months ended June 30, 2021 (our Successor period). While the basis of accounting for the Predecessor and Successor are different as a result of the application of fresh start accounting, we have calculated combined Non-GAAP results for the three months ended June 30, 2021.
 
For the two months ended For the one month ended For the three months ended
June 30, 2021 April 30, 2021 June 30, 2021 March 31, 2021 June 30, 2020
($ in millions and shares in thousands, except per share amounts) (Successor) (Predecessor) (Non-GAAP Combined) (Predecessor) (Predecessor)
 
Statement of Operations Data
Revenue $

1,061

$

555

$

1,616

$

1,676

$

1,801

 
Operating expenses:
Network access expenses

127

66

193

198

255

Network related expenses

269

144

413

422

430

Selling, general and administrative expenses

269

129

398

408

407

Depreciation and amortization

179

119

298

387

397

Loss on disposal of Northwest Operations

-

-

-

-

136

Restructuring costs and other charges

11

5

16

2

36

Total operating expenses

855

463

1,318

1,417

1,661

 
Operating income

206

92

298

259

140

 
Investment and other income (loss), net

(2)

(1)

(3)

2

(20)

Pension settlement costs

-

-

-

-

(56)

Reorganization items, net

-

4,196

4,196

(25)

(142)

Interest expense

(62)

(29)

(91)

(89)

(160)

 
Income (loss) before income taxes

142

4,258

4,400

147

(238)

Income tax expense (benefit)

43

(223)

(180)

87

(57)

 
Net income (loss)

99

4,481

4,580

60

(181)

 
 
Weighted average shares outstanding - basic

244,401

104,662

188,516

104,556

104,525

Weighted average shares outstanding - diluted

244,401

105,002

188,516

104,896

104,525

 
Basic and diluted net earnings (loss) per common share $

0.41

$

42.81

$

NM

$

0.57

$

(1.73)

Diluted net earnings (loss) per common share $

0.41

$

42.68

$

NM

$

0.57

$

(1.73)

 
Other Financial Data:
Capital expenditures $

269

$

116

$

385

$

384

$

225

 
NM - Not meaningful
 
Frontier Communications Parent, Inc.
Unaudited Consolidated Financial Data
Reconciliation of Non-GAAP financial results for Combined Frontier
 
Note: The following results are reported separately for the four months ended April 30, 2021 (our Predecessor period prior to emergence) and for the two months ended June 30, 2021 (our Successor period). While the basis of accounting for the Predecessor and Successor are different as a result of the application of fresh start accounting, we have calculated combined Non-GAAP results for the six months ended June 30, 2021.
 
For the two months ended For the four months ended For the six months ended
June 30, 2021 April 30, 2021 June 30, 2021 June 30, 2020
($ in millions and shares in thousands, except per share amounts) (Successor) (Predecessor) (Non-GAAP Combined) (Predecessor)
 
Statement of Operations Data
Revenue $

1,061

$

2,231

$

3,292

$

3,734

 
Operating expenses:
Network access expenses

127

264

391

541

Network related expenses

269

566

835

874

Selling, general and administrative expenses

269

537

806

851

Depreciation and amortization

179

506

685

812

Loss on disposal of Northwest Operations

-

-

-

160

Restructuring costs and other charges

11

7

18

84

Total operating expenses

855

1,880

2,735

3,322

Operating income

206

351

557

412

 
Investment and other income (loss), net

(2)

1

(1)

(15)

Pension settlement costs

-

-

-

(159)

Reorganization items, net

-

4,171

4,171

(142)

Interest expense

(62)

(118)

(180)

(543)

 
Income (loss) before income taxes

142

4,405

4,547

(447)

Income tax expense (benefit)

43

(136)

(93)

(80)

 
Net income (loss)

99

4,541

4,640

(367)

 
Weighted average shares outstanding - basic

244,401

104,584

156,996

104,437

Weighted average shares outstanding - diluted

244,401

104,924

156,996

104,437

 
Basic net earnings (loss) per common share $

0.41

$

43.42

$

NM

$

(3.51)

Diluted net earnings (loss) per common share $

0.41

$

43.28

$

NM

$

(3.51)

 
Other Financial Data:
Capital expenditures $

269

$

500

$

769

$

511

 
NM - Not meaningful
 
 

Frontier Communications Parent, Inc.

Unaudited Financial Data for Non-GAAP Combined Frontier and for Remaining Properties

 
Note: The following results are reported separately for the one and four months ended April 30, 2021 (our Predecessor period prior to emergence) and for the two months ended June 30, 2021 (our Successor period). While the basis of accounting for the Predecessor and Successor are different as a result of the application of fresh start accounting, we have calculated combined Non-GAAP results for the three and six months ended June 30, 2021. Additionally, the following financial information presents disaggregation of revenue for the operations located in the remaining 25 states (“Remaining Properties”) after excluding the Northwest Operations (“Northwest Ops”) through the date of sale from the Consolidated Company's results. See Schedule C for a reconciliation to the Total Company Results.
 

For the two months ended

 

 

 

 

For the one month ended

 

 

For the three months ended

June 30, 2021

 

 

 

 

April 30, 2021

 

 

June 30, 2021

 

 

March 31, 2021

 

 

June 30, 2020

($ in millions)

(Successor)

 

 

 

 

(Predecessor)

 

 

(Non-GAAP Combined)

 

 

(Predecessor)

 

 

(Predecessor)

 
Selected Statement of Operations Data
Revenue:
Data and Internet services $

556

$

283

$

839

$

842

$

849

Voice services

283

160

443

487

509

Video services

105

54

159

169

197

Other

62

30

92

95

105

Revenue from contracts with customers

1,006

527

1,533

1,593

1,660

Subsidy and other revenue

55

28

83

83

94

Total revenue $

1,061

$

555

$

1,616

$

1,676

$

1,754

 
Other Financial Data
Revenue:
Consumer (1) $

543

$

283

$

826

$

850

$

879

Business and Wholesale (1)

463

244

707

743

781

Revenue from contracts with customers

1,006

527

1,533

1,593

1,660

Subsidy and other revenue

55

28

83

83

94

Total revenue $

1,061

$

555

$

1,616

$

1,676

$

1,754

 
 
For the two months ended For the four months ended For the six months ended
June 30, 2021 April 30, 2021 June 30, 2021 June 30, 2020
($ in millions) (Successor) (Predecessor) (Non-GAAP Combined) (Predecessor)
 
Selected Statement of Operations Data
Revenue:
Data and Internet services $

556

$

1,125

$

1,681

$

1,704

Voice services

283

647

930

1,038

Video services

105

223

328

409

Other

62

125

187

213

Revenue from contracts with customers

1,006

2,120

3,126

3,364

Subsidy and other revenue

55

111

166

178

Total revenue $

1,061

$

2,231

$

3,292

$

3,542

 
Other Financial Data
Revenue:
Consumer (1) $

543

$

1,133

$

1,676

$

1,779

Business and Wholesale (1)

463

987

1,450

1,585

Revenue from contracts with customers

1,006

2,120

3,126

3,364

Subsidy and other revenue

55

111

166

178

Total revenue $

1,061

$

2,231

$

3,292

$

3,542

 
 
Frontier Communications Parent, Inc.
Unaudited Operating Data for Remaining Properties
 
 
Note: The following table presents operating metrics for the operations located in the remaining 25 states (“Remaining Properties”) after excluding the Northwest Operations (“Northwest Ops”) through the date of sale from the Consolidated Company's results. See Schedule D for a reconciliation to the Total Company Results.
 
As of and for the three months ended As of and for the six months ended
June 30, 2021 March 31, 2021 June 30, 2020 June 30, 2021 June 30, 2020
 
Consumer customer metrics (2)
Customers (in thousands)

 

3,196

 

3,234

 

3,342

 

3,196

 

3,342

Net customer additions (losses)

 

(38)

 

(30)

 

(32)

 

(68)

 

(71)

Average monthly consumer
revenue per customer

$

85.65

$

87.16

$

87.22

$

86.34

$

87.87

Customer monthly churn

 

1.54%

 

1.45%

 

1.63%

 

1.49%

 

1.74%

 
Broadband customer metrics (1) (2)
Broadband customers (in thousands)

 

2,798

 

2,820

 

2,881

 

2,798

 

2,881

Net customer additions (losses)

 

(22)

 

(14)

 

(18)

 

(36)

 

(38)

 
Employees

 

16,005

 

16,201

 

16,420

 

16,005

 

16,420

 
(1) Due to changes in methodology during the second quarter of 2021, historical periods have been updated to reflect the comparable amounts.
(2) Excludes wholesale customers.

Frontier Communications Parent, Inc.

Condensed Consolidated Balance Sheet Data
 
 
(Unaudited)
Successor Predecessor
($ in millions) June 30, 2021 December 31, 2020
 
ASSETS
Current assets:
Cash and cash equivalents

$

993

$

1,829

Accounts receivable, net

504

553

Other current assets

128

272

Total current assets

1,625

2,654

 
Property, plant and equipment, net

8,686

12,931

Other assets

4,791

1,210

Total assets

$

15,102

$

16,795

 
LIABILITIES AND EQUITY (DEFICIT)
Current liabilities:
Long-term debt due within one year

$

15

$

5,781

Accounts payable and other current liabilities

1,376

1,359

Total current liabilities

1,391

7,140

 
Deferred income taxes and other liabilities

2,456

2,990

Liabilities subject to compromise

-

11,565

Long-term debt

7,007

-

Equity (deficit)

4,248

(4,900)

Total liabilities and equity (deficit)

$

15,102

$

16,795

 
 
 
As of
June 30, 2021
Leverage Ratio
Numerator:
Long-term debt due within one year

$

15

Long-term debt

7,007

Total debt

$

7,022

Less: Cash and cash equivalents

(993)

Net debt

$

6,029

 
Denominator:
Adjusted EBITDA - last 4 quarters

$

2,686

 
Net Leverage Ratio 2.2x

Frontier Communications Parent, Inc.

Unaudited Financial Data for Non-GAAP Combined Frontier
 
Note: The following results are reported separately for the month ended April 30, 2021 (our Predecessor period prior to emergence) and for the two months ended June 30, 2021 (our Successor period). While the basis of accounting for the Predecessor and Successor are different as a result of the application of fresh start accounting, we have calculated combined Non-GAAP results for the six months ended June 30, 2021.
 
For the two months ended For the one month ended For the three months ended
June 30, 2021 April 30, 2021 June 30, 2021 June 30, 2020
($ in millions) (Successor) (Predecessor) (Non-GAAP Combined) (Predecessor)
 
Cash flows provided from (used by) operating activities:
Net income (loss)

$

99

$

4,481

$

4,580

$

(181)

Adjustments to reconcile net loss to net cash provided from
(used by) operating activities:
Depreciation and amortization

179

119

298

397

Pension settlement costs

-

-

-

56

Stock-based compensation

-

-

-

1

Amortization of deferred financing costs

-

-

-

3

Non-cash reorganization items, net

-

(5,467)

(5,467)

85

Other adjustments

(5)

-

(5)

1

Deferred income taxes

37

(232)

(195)

(62)

Loss on disposal of Northwest Operations

-

-

-

136

Change in accounts receivable

12

2

14

(6)

Change in accounts payable and other liabilities

51

(216)

(165)

168

Change in prepaid expenses, income taxes, and other assets

7

(6)

1

(125)

Net cash provided from (used by) operating activities

380

(1,319)

(939)

473

 
Cash flows provided from (used by) investing activities:
Capital expenditures

(269)

(116)

(385)

(225)

Proceeds from sale of Northwest Operations

-

-

-

1,131

Proceeds on sale of assets

-

7

7

3

Other

-

(1)

(1)

1

Net cash provided from (used by) investing activities

(269)

(110)

(379)

910

 
Cash flows used by financing activities:
Long-term debt payments

(4)

(1)

(5)

-

Proceeds from long-term debt borrowings

-

225

225

-

Financing costs paid

-

(4)

(4)

(19)

Finance lease obligation payments

(4)

(2)

(6)

(5)

Other

1

(14)

(13)

-

Net cash provided from (used by) financing activities

(7)

204

197

(24)

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

104

(1,225)

(1,121)

1,359

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

940

2,165

2,165

991

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

$

1,044

$

940

$

1,044

$

2,350

 
Supplemental cash flow information:
Cash paid during the period for:
Interest

$

84

$

44

$

128

$

264

Income tax payments, net

$

24

$

9

$

33

$

-

Reorganization items, net

$

-

$

1,341

$

1,341

$

34

Frontier Communications Parent, Inc.

Unaudited Financial Data for Non-GAAP Combined Frontier
 
Note: The following results are reported separately for the four months ended April 30, 2021 (our Predecessor period prior to emergence) and for the two months ended June 30, 2021 (our Successor period). While the basis of accounting for the Predecessor and Successor are different as a result of the application of fresh start accounting, we have calculated combined Non-GAAP results for the six months ended June 30, 2021.
 
For the two months ended For the four months ended For the six months ended
June 30, 2021 April 30, 2021 June 30, 2021 June 30, 2020
($ in millions) (Successor) (Predecessor) (Non-GAAP Combined) (Predecessor)
 
Cash flows provided from (used by) operating activities:
Net income (loss)

$

99

$

4,541

$

4,640

$

(367)

Adjustments to reconcile net loss to net cash provided from
(used by) operating activities:
Depreciation and amortization

179

506

685

812

Pension settlement costs

-

-

-

159

Stock-based compensation

-

(1)

(1)

2

Amortization of deferred financing costs

-

-

-

11

Non-cash reorganization items, net

-

(5,467)

(5,467)

85

Other adjustments

(5)

1

(4)

2

Deferred income taxes

37

(148)

(111)

(92)

Loss on disposal of Northwest Operations

-

-

-

160

Change in accounts receivable

12

36

48

23

Change in accounts payable and other liabilities

51

(168)

(117)

278

Change in prepaid expenses, income taxes, and other assets

7

46

53

(123)

Net cash provided from (used by) operating activities

380

(654)

(274)

950

 
Cash flows provided from (used by) investing activities:
Capital expenditures

(269)

(500)

(769)

(511)

Proceeds from sale of Northwest Operations

-

-

-

1,131

Proceeds on sale of assets

-

9

9

5

Other

-

1

1

3

Net cash provided from (used by) investing activities

(269)

(490)

(759)

628

 
Cash flows used by financing activities:
Long-term debt payments

(4)

(1)

(5)

(5)

Proceeds from long-term debt borrowings

-

225

225

-

Financing costs paid

-

(4)

(4)

(19)

Finance lease obligation payments

(4)

(7)

(11)

(13)

Other

1

(16)

(15)

-

Net cash provided from (used by) financing activities

(7)

197

190

(37)

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

104

(947)

(843)

1,541

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

940

1,887

1,887

809

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

$

1,044

$

940

$

1,044

$

2,350

 

 

 

 

Supplemental cash flow information:

 

 

 

 

Cash paid during the period for:

 

 

 

 

Interest

$

84

$

84

$

168

$

427

Income tax payments, net

$

24

$

9

$

33

$

1

Reorganization items, net

$

-

$

1,397

$

1,397

$

34

 
SCHEDULE A
Frontier Communications Parent, Inc.
Unaudited Financial Data for Non-GAAP Combined Frontier and for Remaining Properties
Reconciliation of Non-GAAP Financial Measures
 
Note: The following results are reported separately for the one and four months ended April 30, 2021 (our Predecessor period prior to emergence) and for the two months ended June 30, 2021 (our Successor period). While the basis of accounting for the Predecessor and Successor are different as a result of the application of fresh start accounting, we have calculated combined Non-GAAP results for the three and six months ended June 30, 2021.
 
For the three months ended For the six months ended
June 30, 2021 March 31, 2021 June 30, 2020 June 30, 2021 June 30, 2020
($ in millions) (Non-GAAP Combined) (Predecessor) (Predecessor) (Non-GAAP Combined) (Predecessor)
 
 
Net income (loss)

$

4,580

$

60

$

(210)

$

4,640

$

(493)

Add back (subtract):

 

 

 

 

Income tax expense (benefit)

 

(180)

 

87

 

(57)

 

(93)

(80)

Interest expense

 

91

 

89

 

160

 

180

543

Investment and other (income) loss, net

 

3

 

(2)

 

20

 

1

15

Pension settlement costs

 

-

 

-

 

56

 

-

159

Reorganization items, net

 

(4,196)

 

25

 

142

 

(4,171)

142

Operating income

 

298

 

259

 

111

 

557

286

Depreciation and amortization

 

298

 

387

 

397

 

685

812

EBITDA

$

596

$

646

$

508

$

1,242

$

1,098

 

 

 

 

Add back:

 

 

 

 

Pension/OPEB expense

 

21

 

23

 

23

 

44

46

Restructuring costs and other charges

 

16

 

2

 

36

 

18

84

Stock-based compensation

 

-

 

(1)

 

1

 

(1)

2

Storm-related insurance proceeds

 

-

 

-

 

(1)

 

-

(1)

Loss on disposal of Northwest Operations

 

-

 

-

 

136

 

-

160

Adjusted EBITDA

$

633

$

670

$

703

$

1,303

$

1,389

 
EBITDA margin

36.9%

38.5%

29.0%

37.7%

31.0%

Adjusted EBITDA margin

39.2%

40.0%

40.1%

39.6%

39.2%

SCHEDULE B
Frontier Communications Parent, Inc.
Unaudited Consolidated Financial Data
Reconciliation of Non-GAAP Financial Measures for Remaining Properties
 
Note: The following results include activity for the one and four months ended April 30, 2021 (our Predecessor period prior to emergence) and for the two months ended June 30, 2021 (our Successor period). While the basis of accounting for the Predecessor and Successor are different as a result of the application of fresh start accounting, we have calculated combined Non-GAAP results for the three and six months ended June 30, 2021. The following table presents Non-GAAP measures for the operations located in the remaining 25 states (“Remaining Properties”) after excluding the Northwest Operations (“Northwest Ops”) through the date of sale from the consolidated Company's results. See Schedule F for a reconciliation to the Total Company results.
 
 
 
For the three months ended For the six months ended
June 30, 2021 March 31, 2021 June 30, 2020 June 30, 2021 June 30, 2020
($ in millions) (Non-GAAP Combined) (Predecessor) (Predecessor) (Non-GAAP Combined) (Predecessor)
 
Adjusted Operating Expenses
 
Total operating expenses $

1,318

$

1,417

$

1,643

$

2,735

$

3,256

 
Subtract:
Depreciation and amortization

298

387

397

685

812

Loss on disposal of Northwest Operations

-

-

136

-

160

Pension/OPEB expense

21

23

23

44

46

Restructuring costs and other charges

16

2

36

18

84

Stock-based compensation

-

(1)

1

(1)

2

Storm-related insurance proceeds

-

-

(1)

-

(1)

Adjusted operating expenses $

983

$

1,006

$

1,051

$

1,989

$

2,153

SCHEDULE C
Frontier Communications Parent, Inc.
Unaudited Consolidated Financial Data
Reconciliation of Non-GAAP Financial Measures for Remaining Properties to Consolidated Frontier
 
For the three months ended
June 30, 2021 March 31, 2021 June 30, 2020
(Non-GAAP Combined) (Predecessor) (Predecessor)
 
Consolidated Consolidated Consolidated Northwest Remaining
($ in millions) Frontier Frontier Frontier Ops (1) Properties
 
Data and Internet services $

839

$

842

$

874

$

25

$

849

Voice services

443

487

523

14

509

Video services

159

169

200

3

197

Other

92

95

108

3

105

Revenue from contracts with customers

1,533

1,593

1,705

45

1,660

Subsidy revenue

83

83

96

2

94

Revenue

1,616

1,676

1,801

47

1,754

 
Operating expenses (2):
Network access expenses

193

198

255

4

251

Network related expenses

413

422

430

7

423

Selling, general and administrative expenses

398

408

407

7

400

Depreciation and amortization

298

387

397

-

397

Loss on disposal of Northwest Operations

-

-

136

-

136

Restructuring costs and other charges

16

2

36

-

36

Total operating expenses

1,318

1,417

1,661

18

1,643

 
Operating income

298

259

140

29

111

 
Consumer (3) $

826

$

850

$

904

$

25

$

879

Business and wholesale (3)

707

743

801

20

781

Revenue from contracts with customers

1,533

1,593

1,705

45

1,660

Subsidy revenue

83

83

96

2

94

Total revenue $

1,616

$

1,676

$

1,801

$

47

$

1,754

 
 
For the six months ended
June 30, 2021 June 30, 2020
(Non-GAAP Combined) (Predecessor)
 
Consolidated Consolidated Northwest Remaining
($ in millions) Frontier Frontier Ops (1) Properties
 
Data and Internet services $

1,681

$

1,806

$

102

$

1,704

Voice services

930

1,095

57

1,038

Video services

328

422

13

409

Other

187

225

12

213

Revenue from contracts with customers

3,126

3,548

184

3,364

Subsidy revenue

166

186

8

178

Revenue

3,292

3,734

192

3,542

 
Operating expenses (2):
Network access expenses

391

541

14

527

Network related expenses

835

874

26

848

Selling, general and administrative expenses

806

851

26

825

Depreciation and amortization

685

812

-

812

Loss on disposal of Northwest Operations

-

160

-

160

Restructuring costs and other charges

18

84

-

84

Total operating expenses

2,735

3,322

66

3,256

 
Operating income

557

412

126

286

 
Consumer (3) $

1,676

$

1,881

$

102

$

1,779

Business and wholesale (3)

1,450

1,667

82

1,585

Revenue from contracts with customers

3,126

3,548

184

3,364

Subsidy revenue

166

186

8

178

Total revenue $

3,292

$

3,734

$

192

$

3,542

 
(1) Amounts represent the financial results of our Northwest Operations for the three and six months ended June 30, 2020.
(2) Operating expenses for Northwest Ops do not include allocated expenses which are included in operating expenses for our Remaining Properties.
(3) Due to changes in methodology during the second quarter of 2021, historical periods have been updated to reflect the comparable amounts.
SCHEDULE D
Frontier Communications Parent, Inc.
Unaudited Operating Data for Remaining Properties
 
As of and for the three months ended
June 30, 2021 March 31, 2021 June 30, 2020
Consolidated Consolidated Consolidated Northwest Remaining
Frontier Frontier Frontier Ops Properties
Consumer customer metrics (1)
Customers (in thousands)

 

3,196

 

3,234

 

3,342

 

-

 

3,342

Net customer additions (losses)

 

(38)

 

(30)

 

(362)

 

(330)

 

(32)

Average monthly consumer
revenue per customer

$

85.65

$

87.16

$

85.53

$

76.74

$

87.22

Customer monthly churn

 

1.54%

 

1.45%

 

1.63%

 

1.51%

 

1.63%

 
Broadband customer metrics (1)
Broadband customers (in thousands)

 

2,798

 

2,820

 

N/A

 

N/A

 

2,881

Net customer additions (losses)

 

(22)

 

(14)

 

N/A

 

N/A

 

(18)

 
Employees

 

16,005

 

16,201

 

16,420

 

-

 

16,420

 
 
As of and for the six months ended
June 30, 2021 June 30, 2020
Consolidated Consolidated Northwest Remaining
Frontier Frontier Ops Properties
Consumer customer metrics (1)
Customers (in thousands)

 

3,196

 

3,342

 

-

 

3,342

Net customer additions (losses)

 

(68)

 

(406)

 

(335)

 

(71)

Average monthly consumer
revenue per customer

$

86.34

$

87.21

$

76.74

$

87.87

Customer monthly churn

 

1.49%

 

1.72%

 

1.51%

 

1.74%

 
Broadband customer metrics (1)
Broadband customer (in thousands)

 

2,798

 

N/A

 

N/A

 

2,881

Net customer additions (losses)

 

(36)

 

N/A

 

N/A

 

(38)

 
(1) Due to changes in methodology during the second quarter of 2021, historical periods have been updated to reflect the comparable amounts.
SCHEDULE E
Frontier Communications Parent, Inc.
Unaudited Consolidated Financial Data
Reconciliation of Non-GAAP Financial Measures for Remaining Properties to Consolidated Frontier
 
For the three months ended
June 30, 2021 March 31, 2021 June 30, 2020
(Non-GAAP Combined) (Predecessor) (Predecessor)
 
Consolidated Consolidated Consolidated Northwest Remaining
($ in millions) Frontier Frontier Frontier Ops (1) Properties
 
 
Net income (loss)

$

4,580

$

60

$

(181)

$

29

$

(210)

Add back (subtract):
Income tax expense (benefit)

(180)

87

(57)

-

(57)

Interest expense

91

89

160

-

160

Investment and other loss, net

3

(2)

20

-

20

Pension settlement costs

-

-

56

-

56

Reorganization items, net

(4,196)

25

142

-

142

Operating income

298

259

140

29

111

 
Depreciation and amortization

298

387

397

-

397

EBITDA

596

646

537

29

508

 
Add back:
Pension/OPEB expense

21

23

23

-

23

Restructuring costs and other charges

16

2

36

-

36

Stock-based compensation expense

-

(1)

1

-

1

Storm-related insurance proceeds

-

-

(1)

-

(1)

Loss on disposal of Northwest Operations

-

-

136

-

136

Adjusted EBITDA $

633

$

670

$

732

$

29

$

703

 
EBITDA margin

36.9%

38.5%

29.8%

61.7%

29.0%

Adjusted EBITDA margin

39.2%

40.0%

40.6%

61.7%

40.1%

 
Free Cash Flow
Net cash provided from
(used by) operating activities $

(939)

$

665

$

473

N/A

N/A

Capital expenditures

(385)

(384)

(225)

N/A

N/A

Operating free cash flow $

(1,324)

$

281

$

248

N/A

N/A

 
For the six months ended
June 30, 2021 June 30, 2020
(Non-GAAP Combined) (Predecessor)
 
Consolidated Consolidated Northwest Remaining
($ in millions) Frontier Frontier Ops (1) Properties
 
Net income (loss)

$

4,640

$

(367)

$

126

$

(493)

Add back (subtract):
Income tax benefit

(93)

(80)

-

(80)

Interest expense

180

543

-

543

Investment and other loss (income), net

1

15

-

15

Pension settlement costs

-

159

-

159

Loss on extinguishment of debt

-

-

-

-

Reorganization items, net

(4,171)

142

-

142

Operating income

557

412

126

286

 
Depreciation and amortization

685

812

-

812

EBITDA

1,242

1,224

126

1,098

 
Add back:
Pension/OPEB expense

44

46

-

46

Restructuring costs and other charges

18

84

-

84

Stock-based compensation

(1)

2

-

2

Storm-related insurance proceeds

-

(1)

-

(1)

Loss on disposal of Northwest Operations

-

160

-

160

Adjusted EBITDA $

1,303

$

1,515

$

126

$

1,389

 
EBITDA margin

37.7%

32.8%

65.6%

31.0%

Adjusted EBITDA margin

39.6%

40.6%

65.6%

39.2%

 
Free Cash Flow
Net cash provided from
(used by) operating activities $

(274)

$

950

N/A

N/A

Capital expenditures

(769)

(511)

N/A

N/A

Operating free cash flow $

(1,043)

$

439

N/A

N/A

 
(1) Amounts represent the financial results of our Northwest Operations for the three and six months ended June 30, 2020. Net loss does not include the impact of income taxes and interest expense.
 
SCHEDULE F
Frontier Communications Parent, Inc.
Unaudited Consolidated Financial Data
Reconciliation of Non-GAAP Financial Measures for Remaining Properties to Consolidated Frontier
 
 
For the three months ended
June 30, 2021 March 31, 2021 June 30, 2020
(Non-GAAP Combined) (Predecessor) (Predecessor)
 
Consolidated Consolidated Consolidated Northwest Remaining
($ in millions) Frontier Frontier Frontier Ops (2) Properties
 
Adjusted Operating Expenses
 
Total operating expenses (1)

$

1,318

$

1,417

$

1,661

$

18

$

1,643

 
Subtract:
Depreciation and amortization

298

387

397

-

397

Loss on disposal of Northwest Operations

-

-

136

-

136

Pension/OPEB expense

21

23

23

-

23

Restructuring costs and other charges

16

2

36

-

36

Stock-based compensation

-

(1)

1

-

1

Storm-related insurance proceeds

-

-

(1)

-

(1)

Adjusted operating expenses

$

983

$

1,006

$

1,069

$

18

$

1,051

 
For the six months ended
June 30, 2021 June 30, 2020
(Non-GAAP Combined) (Predecessor)
 
Consolidated Consolidated Northwest Remaining
($ in millions) Frontier Frontier Ops (2) Properties
 
Adjusted Operating Expenses
 
Total operating expenses (1)

$

2,735

$

3,322

$

66

$

3,256

 
Subtract:
Depreciation and amortization

685

812

-

812

Loss on disposal of Northwest Operations

-

160

-

160

Pension/OPEB expense

44

46

-

46

Restructuring costs and other charges

18

84

-

84

Stock-based compensation expense

(1)

2

-

2

Storm-related insurance proceeds

-

(1)

-

(1)

Adjusted operating expenses

$

1,989

$

2,219

$

66

$

2,153

 
 
 
(1) Amounts represent the financial results of our Northwest Operations for the six months ended June 30, 2020.
(2) Operating expenses for Northwest Ops do not include allocated expenses which are included in operating expenses for our Remaining Properties.
Schedule G
Frontier Communications Corporation
Selected Financial and Operating Data for Remaining Properties, Excluding Northwest Operations
(Unaudited)
 
As of or for the Quarter Ended
03/31/19 06/30/19 09/30/19 12/30/19 03/31/20 06/30/20 09/30/20 12/31/20 03/31/21 06/30/21
Broadband Revenue ($ in millions)
Total Company Fiber

 

 

 

$

240

$

250

$

256

$

268

Copper

211

209

207

207

Total $

451

$

459

$

463

$

475

 
Estimated Fiber Passings (in millions) (2)
Base Fiber Passings

3.2

3.2

3.2

3.2

3.2

3.2

Total Fiber Passings

3.2

3.2

3.3

3.3

3.4

3.6

 
Estimated Broadband Fiber % Penetration (2)
Base Fiber Penetration

40.7%

40.8%

41.0%

41.2%

41.3%

41.2%

Total Fiber Penetration

40.6%

40.7%

40.8%

40.3%

39.5%

38.1%

 
Broadband Customers, end of period (in thousands) (2)
Consumer Fiber

1,211

1,201

1,201

1,205

1,215

1,223

1,229

1,238

1,251

1,263

Copper

1,565

1,523

1,475

1,442

1,419

1,401

1,381

1,349

1,327

1,297

Total

2,776

2,724

2,676

2,647

2,634

2,624

2,610

2,587

2,578

2,560

 
Business (1) Fiber

96

96

95

95

94

93

94

95

95

95

Copper

196

189

183

177

170

164

157

152

147

143

Total

292

285

278

272

264

257

251

247

242

238

 
Broadband Net Adds (in thousands) (2)
Consumer Fiber

(7)

(10)

-

4

10

8

6

9

13

12

Copper

(19)

(42)

(48)

(33)

(23)

(18)

(20)

(32)

(22)

(30)

Total

(26)

(52)

(48)

(29)

(13)

(10)

(14)

(23)

(9)

(18)

 
Business (1) Fiber

-

-

(1)

-

(1)

(1)

1

1

-

-

Copper

(7)

(7)

(6)

(6)

(7)

(6)

(7)

(5)

(5)

(4)

Total

(7)

(7)

(7)

(6)

(8)

(7)

(6)

(4)

(5)

(4)

 
Broadband Churn (2)
Consumer Fiber

2.73%

2.76%

2.64%

2.21%

1.94%

1.52%

1.80%

1.56%

1.41%

1.53%

Copper

2.38%

2.63%

2.90%

2.53%

2.36%

2.03%

2.11%

1.96%

1.62%

1.67%

Total

2.53%

2.69%

2.79%

2.38%

2.17%

1.79%

1.97%

1.77%

1.52%

1.60%

 
Business (1) Fiber

2.33%

2.38%

2.43%

2.15%

2.25%

1.99%

1.62%

1.43%

1.32%

1.22%

Copper

2.25%

2.20%

2.28%

2.18%

2.16%

1.90%

2.03%

1.78%

1.72%

1.69%

Total

2.28%

2.26%

2.33%

2.17%

2.19%

1.93%

1.88%

1.65%

1.57%

1.50%

 
Broadband ARPU (2) (3)
Consumer Fiber $

57.66

$

56.62

$

56.37

$

56.69

$

56.80

$

56.92

$

57.58

$

59.72

$

60.73

$

63.10

Copper

39.53

40.18

40.75

40.97

41.15

41.93

42.16

42.61

43.23

44.80

Total $

47.42

$

47.38

$

47.69

$

48.08

$

48.33

$

48.88

$

49.38

$

50.73

$

51.66

$

53.75

 
Business (1) Fiber $

98.16

$

100.89

$

100.47

$

99.58

$

100.30

$

100.27

$

100.85

$

101.56

$

101.34

$

104.66

Copper

61.95

64.07

63.53

64.09

65.21

64.74

64.92

66.12

65.74

64.20

Total $

73.70

$

76.27

$

76.02

$

76.34

$

77.60

$

77.53

$

78.11

$

79.50

$

79.52

$

80.20

 
 
June 30, 2021 June 30, 2020
Broadband Revenue
Total Company Fiber $

524

Copper

414

Total $

938

 
Broadband Churn (2)
Consumer Fiber

1.47%

1.73%

Copper

1.65%

2.20%

Total

1.56%

1.98%

 
Business (1) Fiber

1.27%

2.12%

Copper

1.70%

2.03%

Total

1.53%

2.06%

 
Broadband ARPU (2) (3)
Consumer Fiber $

61.88

$

56.89

Copper

43.98

41.55

Total $

52.67

$

48.62

 
Business (1) Fiber $

102.92

$

100.35

Copper

64.97

65.00

Total $

79.84

$

77.60

 
(1) Business customers include our small, medium business and larger enterprise (SME) customers. Wholesale customers are excluded.
(2) Due to changes in methodology during the second quarter of 2021, historical periods have been updated to reflect the comparable amounts.
(3) Due to changes in classification of equipment revenue from other revenue to broadband revenue during the second quarter of 2021, historical periods have been updated to reflect the comparable amounts.

 

@FrontierCorp Reports Q2 Results. Frontier Accelerates Fiber Build Out; Reports 2Q 2021 Financial Results

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