• |
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’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 gigabits 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.
|
• |
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 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 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.
|
• |
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 $120 million
|
For the two months ended
|
For the one month ended
|
For the three months ended
|
||||||||||||||||||||
June 30, 2021
|
April 30, 2021
|
June 30, 2021
|
March 31, 2021
|
June 30, 2020
|
||||||||||||||||||
($ 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
|
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
|
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
|
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
|
(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
|
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
|
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
|
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
|
%
|
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
|
For the three months ended
|
||||||||||||||||||||
June 30, 2021
|
March 31, 2021
|
June 30, 2020
|
||||||||||||||||||
(Non-GAAP Combined)
|
(Predecessor)
|
(Predecessor)
|
||||||||||||||||||
($ in millions)
|
Consolidated
Frontier
|
Consolidated
Frontier
|
Consolidated
Frontier
|
Northwest
Ops (1)
|
Remaining
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)
|
|||||||||||||||
($ in millions)
|
Consolidated
Frontier
|
Consolidated
Frontier
|
Northwest
Ops (1)
|
Remaining
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
|
As of and for the three months ended
|
||||||||||||||||||||
June 30, 2021
|
March 31, 2021
|
June 30, 2020
|
||||||||||||||||||
Consolidated
Frontier
|
Consolidated
Frontier
|
Consolidated
Frontier
|
Northwest
Ops
|
Remaining
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
Frontier
|
Consolidated
Frontier
|
Northwest
Ops
|
Remaining
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
|
)
|
For the three months ended
|
||||||||||||||||||||
June 30, 2021
|
March 31, 2021
|
June 30, 2020
|
||||||||||||||||||
(Non-GAAP Combined)
|
(Predecessor)
|
(Predecessor)
|
||||||||||||||||||
($ in millions)
|
Consolidated
Frontier
|
Consolidated
Frontier
|
Consolidated
Frontier
|
Northwest
Ops (1)
|
Remaining
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)
|
|||||||||||||||
($ in millions)
|
Consolidated
Frontier
|
Consolidated
Frontier
|
Northwest
Ops (1)
|
Remaining
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
|
For the three months ended
|
||||||||||||||||||||
June 30, 2021
|
March 31, 2021
|
June 30, 2020
|
||||||||||||||||||
(Non-GAAP Combined)
|
(Predecessor)
|
(Predecessor)
|
||||||||||||||||||
($ in millions)
|
Consolidated
Frontier
|
Consolidated
Frontier
|
Consolidated
Frontier
|
Northwest
Ops (2)
|
Remaining
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)
|
|||||||||||||||
($ in millions)
|
Consolidated
Frontier
|
Consolidated
Frontier
|
Northwest
Ops (2)
|
Remaining
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
|
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
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
$
|
240
|
$
|
250
|
$
|
256
|
$
|
268
|
||||||||||||||||||||||||||
Copper
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
211
|
209
|
207
|
207
|
|||||||||||||||||||||||||||||||
Total
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
$
|
451
|
$
|
459
|
$
|
463
|
$
|
475
|
|||||||||||||||||||||||||||
Estimated Fiber Passings (in millions) (2)
|
|||||||||||||||||||||||||||||||||||||||||
Base Fiber Passings
|
N/A
|
N/A
|
N/A
|
N/A
|
3.2
|
3.2
|
3.2
|
3.2
|
3.2
|
3.2
|
|||||||||||||||||||||||||||||||
Total Fiber Passings
|
N/A
|
N/A
|
N/A
|
N/A
|
3.2
|
3.2
|
3.3
|
3.3
|
3.4
|
3.6
|
|||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||||||||
Estimated Broadband Fiber % Penetration (2)
|
|||||||||||||||||||||||||||||||||||||||||
Base Fiber Penetration
|
N/A
|
N/A
|
N/A
|
N/A
|
40.7
|
%
|
40.8
|
%
|
41.0
|
%
|
41.2
|
%
|
41.3
|
%
|
41.2
|
%
|
|||||||||||||||||||||||||
Total Fiber Penetration
|
N/A
|
N/A
|
N/A
|
N/A
|
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
|
For the six months ended
|
|||||||||
June 30, 2021
|
June 30, 2020
|
||||||||
Broadband Revenue
|
|||||||||
Total Company
|
Fiber
|
$
|
524
|
N/A
|
|||||
Copper
|
414
|
N/A
|
|||||||
Total
|
$
|
938
|
N/A
|
||||||
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
|