• |
Achieved year-over-year EBITDA growth through the first half of 2023
|
• |
Reported year-over-year business and wholesale revenue growth for the first time in six years
|
• |
Disciplined pricing actions led to approximately 3% sequential consumer fiber broadband ARPU growth
|
• |
Fiber securitization transaction highlights value of fiber infrastructure and unlocks attractive financing source
|
• |
Passed 316,000 new fiber locations
|
• |
Added 66,000 fiber broadband customers, resulting in fiber broadband customer growth of 19% year-over-year
|
• |
Revenue of $1.45 billion, net loss of $2 million and Adjusted EBITDA of $533 million
|
• |
Capital expenditures of $1.06 billion, including $419 million of non-subsidy-related build capital expenditures and $35 million of subsidy-related build capital expenditures
|
• |
Net cash from operations of $276 million driven by strong operating performance and increased focus on working capital management
|
• |
Achieved annualized run-rate cost savings of $460 million
|
• |
Revenue of $1.45 billion decreased 0.7% year-over-year as growth in fiber-based products was offset by declines in copper-based products
|
• |
Operating income was $115 million and net loss was $2 million
|
• |
Adjusted EBITDA of $533 million decreased 0.4% year-over-year, as revenue declines were partly offset by lower content expenses and cost-saving initiatives
|
• |
Further adjusted for the non-recurring $8 million sales tax refund incurred in the second quarter of 2022, Adjusted EBITDA would have increased 1.1% year-over-year
|
• |
Adjusted EBITDA margin of 36.8% increased from 36.7% in the second quarter of 2022
|
• |
Further adjusted for the non-recurring $8 million sales tax refund incurred in the second quarter of 2022, Adjusted EBITDA margin would have increased to 36.8% from 36.1% in the second quarter of 2022
|
• |
Capital expenditures of $1.06 billion increased from $0.64 billion in the second quarter of 2022 as fiber expansion initiatives accelerated
|
• |
Consumer revenue of $775 million decreased 2.0% year-over-year as strong growth in fiber broadband was offset by declines in copper products
|
• |
Consumer fiber revenue of $462 million increased 9.7% year-over-year as growth in broadband, voice, and other offset declines in video
|
• |
Consumer fiber broadband revenue of $320 million increased 19.4% year-over-year driven by growth in fiber broadband customers
|
• |
Consumer fiber broadband customer net additions of 63,000 resulted in consumer fiber broadband customer growth of 19.7% year-over-year
|
• |
Consumer fiber broadband customer churn of 1.41% decreased from 1.43% in the second quarter of 2022
|
• |
Consumer fiber broadband ARPU of $63.12 decreased 0.4% year-over-year, with a 2.7% sequential increase due to increased customer in-take ARPU in the $70 range and annual price increases
|
• |
Business and wholesale revenue of $653 million increased 0.3% year-over-year as growth in fiber was partly offset by declines in copper
|
• |
Business and wholesale fiber revenue of $284 million increased 7.6% year-over-year as growth in data and voice was partly offset by declines in other
|
• |
Business fiber broadband customer churn of 1.31% increased from 1.28% in the second quarter of 2022
|
• |
Business fiber broadband ARPU of $102.89 decreased 4.0% year-over-year
|
• |
Adjusted EBITDA of $2.11 - $2.16 billion
|
• |
New fiber passings of 1.3 million
|
• |
Cash capital expenditures of $3.00 - $3.20 billion
|
• |
Cash taxes of approximately $20 million
|
• |
Net cash interest payments of approximately $655 million
|
• |
Pension and OPEB expense of approximately $50 million (net of capitalization)
|
• |
Cash pension and OPEB contributions of approximately $125 million
|
Investor Contact
|
Media Contact
|
Spencer Kurn
|
Chrissy Murray
|
SVP, Investor Relations
|
VP, Corporate Communications
|
+1 401-225-0475
|
+1 504-952-4225
|
spencer.kurn@ftr.com
|
chrissy.murray@ftr.com
|
For the
three months ended
|
For the
three months ended
|
For the
three months ended
|
||||||||||
($ in millions and shares in thousands, except per share amounts)
|
June 30,
2023
|
March 31,
2023
|
June 30,
2022
|
|||||||||
Statements of Income Data
|
||||||||||||
Revenue
|
$
|
1,449
|
$
|
1,440
|
$
|
1,459
|
||||||
Operating expenses:
|
||||||||||||
Cost of service
|
528
|
542
|
546
|
|||||||||
Selling, general, and administrative expenses
|
428
|
417
|
427
|
|||||||||
Depreciation and amortization
|
354
|
330
|
290
|
|||||||||
Restructuring costs and other charges
|
24
|
8
|
30
|
|||||||||
Total operating expenses
|
1,334
|
1,297
|
1,293
|
|||||||||
Operating income
|
115
|
143
|
166
|
|||||||||
Investment and other income, net
|
32
|
2
|
122
|
|||||||||
Interest expense
|
(149
|
)
|
(141
|
)
|
(118
|
)
|
||||||
Income (loss) before income taxes
|
(2
|
)
|
4
|
170
|
||||||||
Income tax expense
|
-
|
1
|
69
|
|||||||||
Net (loss) income
|
$
|
(2
|
)
|
$
|
3
|
$
|
101
|
|||||
Weighted average shares outstanding - basic
|
245,474
|
245,081
|
244,723
|
|||||||||
Weighted average shares outstanding - diluted
|
245,474
|
246,425
|
244,723
|
|||||||||
Basic net (loss) earnings per common share
|
$
|
(0.01
|
)
|
$
|
0.01
|
$
|
0.41
|
|||||
Diluted net (loss) earnings per common share
|
$
|
(0.01
|
)
|
$
|
0.01
|
$
|
0.41
|
|||||
Other Financial Data:
|
||||||||||||
Capital expenditures
|
$
|
1,057
|
$
|
1,154
|
$
|
641
|
For the
six months ended
|
For the
six months ended
|
|||||||
($ in millions and shares in thousands, except per share amounts)
|
June 30,
2023
|
June 30,
2022
|
||||||
Statements of Income Data
|
||||||||
Revenue
|
$
|
2,889
|
$
|
2,906
|
||||
Operating expenses:
|
||||||||
Cost of service
|
1,070
|
1,099
|
||||||
Selling, general, and administrative expenses
|
845
|
862
|
||||||
Depreciation and amortization
|
684
|
574
|
||||||
Restructuring costs and other charges
|
32
|
84
|
||||||
Total operating expenses
|
2,631
|
2,619
|
||||||
Operating income
|
258
|
287
|
||||||
Investment and other income, net
|
34
|
199
|
||||||
Interest expense
|
(290
|
)
|
(221
|
)
|
||||
Income before income taxes
|
2
|
265
|
||||||
Income tax expense
|
1
|
99
|
||||||
Net income
|
$
|
1
|
$
|
166
|
||||
Weighted average shares outstanding - basic
|
245,285
|
244,592
|
||||||
Weighted average shares outstanding - diluted
|
246,517
|
244,831
|
||||||
Basic net earnings per common share
|
$
|
0.00
|
$
|
0.68
|
||||
Diluted net earnings per common share
|
$
|
0.00
|
$
|
0.68
|
||||
Other Financial Data:
|
||||||||
Capital expenditures
|
$
|
2,211
|
$
|
1,088
|
For the quarter ended
|
||||||||||||
($ in millions)
|
June 30,
2023
|
March 31,
2023
|
June 30,
2022
|
|||||||||
Selected Statement of Income Data
|
||||||||||||
Revenue:
|
||||||||||||
Data and Internet services
|
$
|
880
|
$
|
862
|
$
|
847
|
||||||
Voice services
|
347
|
356
|
381
|
|||||||||
Video services
|
112
|
117
|
134
|
|||||||||
Other
|
89
|
83
|
80
|
|||||||||
Revenue from contracts with customers
|
1,428
|
1,418
|
1,442
|
|||||||||
Subsidy and other revenue
|
21
|
22
|
17
|
|||||||||
Total revenue
|
$
|
1,449
|
$
|
1,440
|
$
|
1,459
|
||||||
Other Financial Data
|
||||||||||||
Revenue:
|
||||||||||||
Consumer
|
$
|
775
|
$
|
761
|
$
|
791
|
||||||
Business and wholesale
|
653
|
657
|
651
|
|||||||||
Revenue from contracts with customers
|
$
|
1,428
|
$
|
1,418
|
$
|
1,442
|
||||||
Fiber
|
$
|
746
|
$
|
729
|
$
|
685
|
||||||
Copper
|
682
|
689
|
757
|
|||||||||
Revenue from contracts with customers
|
$
|
1,428
|
$
|
1,418
|
$
|
1,442
|
For the six months ended
|
For the six months ended
|
|||||||
($ in millions)
|
June 30,
2023
|
June 30,
2022
|
||||||
Selected Statement of Income Data
|
||||||||
Revenue:
|
||||||||
Data and Internet services
|
$
|
1,742
|
$
|
1,683
|
||||
Voice services
|
703
|
767
|
||||||
Video services
|
229
|
271
|
||||||
Other
|
172
|
163
|
||||||
Revenue from contracts with customers
|
2,846
|
2,884
|
||||||
Subsidy and other revenue
|
43
|
22
|
||||||
Total revenue
|
$
|
2,889
|
$
|
2,906
|
||||
Other Financial Data
|
||||||||
Revenue:
|
||||||||
Consumer
|
$
|
1,536
|
$
|
1,567
|
||||
Business and wholesale
|
1,310
|
1,317
|
||||||
Revenue from contracts with customers
|
$
|
2,846
|
$
|
2,884
|
||||
Fiber
|
$
|
1,475
|
$
|
1,357
|
||||
Copper
|
1,371
|
1,527
|
||||||
Revenue from contracts with customers
|
$
|
2,846
|
$
|
2,884
|
As of and for the three months ended
|
For the six months ended
|
|||||||||||||||||||
June 30, 2023
|
March 31, 2023
|
June 30, 2022
|
June 30, 2023
|
June 30, 2022
|
||||||||||||||||
Consumer customer metrics
|
||||||||||||||||||||
Customers (in thousands)
|
3,127
|
3,140
|
3,159
|
3,127
|
3,159
|
|||||||||||||||
Net customer additions (losses)
|
(13
|
)
|
7
|
(10
|
)
|
(6
|
)
|
(6
|
)
|
|||||||||||
Average monthly consumer
|
||||||||||||||||||||
revenue per customer
|
$
|
82.48
|
$
|
80.87
|
$
|
83.35
|
$
|
81.70
|
$
|
82.51
|
||||||||||
Customer monthly churn
|
1.53
|
%
|
1.43
|
%
|
1.53
|
%
|
1.48
|
%
|
1.44
|
%
|
||||||||||
Broadband customer metrics (1)
|
||||||||||||||||||||
Broadband customers (in thousands)
|
2,865
|
2,863
|
2,827
|
2,865
|
2,827
|
|||||||||||||||
Net customer additions
|
2
|
24
|
8
|
26
|
28
|
|||||||||||||||
Employees
|
14,099
|
14,523
|
15,074
|
14,099
|
15,074
|
(1)
|
Amounts presented exclude related metrics for our wholesale customers.
|
($ in millions)
|
(Unaudited)
June 30, 2023 |
December 31, 2022
|
||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
662
|
$
|
322
|
||||
Short-term investments
|
575
|
1,750
|
||||||
Accounts receivable, net
|
431
|
438
|
||||||
Other current assets
|
93
|
87
|
||||||
Total current assets
|
1,761
|
2,597
|
||||||
Property, plant and equipment, net
|
13,353
|
11,850
|
||||||
Other assets
|
4,036
|
4,177
|
||||||
Total assets
|
$
|
19,150
|
$
|
18,624
|
||||
LIABILITIES AND EQUITY
|
||||||||
Current liabilities:
|
||||||||
Long-term debt due within one year
|
$
|
15
|
$
|
15
|
||||
Accounts payable and other current liabilities
|
2,052
|
2,280
|
||||||
Total current liabilities
|
2,067
|
2,295
|
||||||
Deferred income taxes and other liabilities
|
2,062
|
2,085
|
||||||
Long-term debt
|
9,829
|
9,110
|
||||||
Equity
|
5,192
|
5,134
|
||||||
Total liabilities and equity
|
$
|
19,150
|
$
|
18,624
|
As of
June 30, 2023 |
||||
Leverage Ratio
|
||||
Numerator:
|
||||
Long-term debt due within one year
|
$
|
15
|
||
Long-term debt
|
9,829
|
|||
Total debt
|
$
|
9,844
|
||
Less: Cash and cash equivalents
|
(662
|
)
|
||
Short-term investments
|
(575
|
)
|
||
Net debt
|
$
|
8,607
|
||
Denominator:
|
||||
Adjusted EBITDA - last 4 quarters
|
$
|
2,088
|
||
Net Leverage Ratio
|
4.1
|
x
|
For the three
months ended
|
For the three
months ended
|
|||||||
June 30, 2023
|
June 30, 2022
|
|||||||
($ in millions)
|
||||||||
Cash flows provided from (used by) operating activities:
|
||||||||
Net income (loss)
|
$
|
(2
|
)
|
$
|
101
|
|||
Adjustments to reconcile net loss to net cash provided from (used by) operating activities:
|
||||||||
Depreciation and amortization
|
354
|
290
|
||||||
Stock-based compensation
|
27
|
20
|
||||||
Amortization of premium
|
(8
|
)
|
(7
|
)
|
||||
Bad debt expense
|
9
|
14
|
||||||
Other adjustments
|
1 |
1
|
||||||
Deferred income taxes
|
-
|
68
|
||||||
Change in accounts receivable
|
(11
|
)
|
(37
|
)
|
||||
Change in long-term pension and other postretirement liabilities
|
(44
|
)
|
(242
|
)
|
||||
Change in accounts payable and other liabilities
|
(42
|
)
|
51
|
|||||
Change in prepaid expenses, income taxes, and other assets
|
(8
|
)
|
(30
|
)
|
||||
Net cash provided from operating activities
|
276
|
229
|
||||||
Cash flows provided from (used by) investing activities:
|
||||||||
Capital expenditures
|
(1,057
|
)
|
(641
|
)
|
||||
Purchases of short-term investments (1)
|
(350
|
)
|
(1,700
|
)
|
||||
Sale of short-term investments (1)
|
675
|
300
|
||||||
Proceeds from sale of asset
|
-
|
1
|
||||||
Other
|
4
|
-
|
||||||
Net cash used by investing activities
|
(728
|
)
|
(2,040
|
)
|
||||
Cash flows provided from (used by) financing activities:
|
||||||||
Long-term debt payments
|
(4
|
)
|
(3
|
)
|
||||
Proceeds from long-term debt borrowings
|
-
|
1,200
|
||||||
Financing costs paid
|
-
|
(17
|
)
|
|||||
Finance lease obligation payments
|
(7
|
)
|
(5
|
)
|
||||
Taxes paid on behalf of employees for shares withheld
|
(4
|
)
|
(6
|
)
|
||||
Other
|
(3
|
)
|
1
|
|||||
Net cash provided from (used by) financing activities
|
(18
|
)
|
1,170
|
|||||
Increase (Decrease) in cash, cash equivalents, and restricted cash
|
(470
|
)
|
(641
|
)
|
||||
Cash, cash equivalents, and restricted cash at the beginning of the period
|
1,132 |
1,349
|
||||||
Cash, cash equivalents, and restricted cash at the end of the period
|
$
|
662 |
|
$
|
708
|
|||
Supplemental cash flow information:
|
||||||||
Cash paid during the period for:
|
||||||||
Interest
|
$
|
231
|
$
|
162
|
||||
Income tax payments, net
|
$
|
(4
|
)
|
$
|
7
|
(1)
|
Amounts represent cash movement to/from short-term investments. Given the long-term nature of the fiber build, we have invested cash in
short-term investments to improve interest income while preserving funding flexibility.
|
For the six months ended
|
For the six months ended
|
|||||||
June 30, 2023
|
June 30, 2022
|
|||||||
($ in millions)
|
||||||||
Cash flows provided from (used by) operating activities:
|
||||||||
Net income
|
$
|
1
|
$
|
166
|
||||
Adjustments to reconcile net loss to net cash provided from (used by) operating activities:
|
||||||||
Depreciation and amortization
|
684
|
574
|
||||||
Stock-based compensation
|
51
|
35
|
||||||
Amortization of (premium) discount
|
(15
|
)
|
(14
|
)
|
||||
Lease impairment
|
-
|
44
|
||||||
Bad debt expense
|
16
|
14
|
||||||
Other adjustments
|
2
|
1
|
||||||
Deferred income taxes
|
-
|
93
|
||||||
Change in accounts receivable
|
(9
|
)
|
24
|
|||||
Change in long-term pension and other postretirement liabilities
|
(51
|
)
|
(242
|
)
|
||||
Change in accounts payable and other liabilities
|
(12
|
)
|
77
|
|||||
Change in prepaid expenses, income taxes, and other assets
|
(2
|
)
|
(15
|
)
|
||||
Net cash provided from operating activities
|
665
|
757
|
||||||
Cash flows provided from (used by) investing activities:
|
||||||||
Capital expenditures
|
(2,211
|
)
|
(1,088
|
)
|
||||
Purchases of short-term investments (1)
|
(575
|
)
|
(2,600
|
)
|
||||
Sale of short-term investments (1)
|
1,750
|
300
|
||||||
Proceeds on sale of assets
|
4
|
1
|
||||||
Other
|
-
|
2
|
||||||
Net cash used by investing activities
|
(1,032
|
)
|
(3,385
|
)
|
||||
Cash flows provided from (used by) financing activities:
|
||||||||
Long-term debt payments
|
(8
|
)
|
(7
|
)
|
||||
Proceeds from long-term debt borrowings
|
750
|
1,200
|
||||||
Financing costs paid
|
(13
|
)
|
(17
|
)
|
||||
Finance lease obligation payments
|
(12
|
)
|
(10
|
)
|
||||
Taxes paid on behalf of employees for shares withheld
|
(7
|
)
|
(7
|
)
|
||||
Other
|
(3
|
)
|
(1
|
)
|
||||
Net cash provided from financing activities
|
707
|
1,158
|
||||||
Increase (Decrease) in cash, cash equivalents, and restricted cash
|
340
|
(1,470
|
)
|
|||||
Cash, cash equivalents, and restricted cash at the beginning of the period
|
322
|
2,178
|
||||||
Cash, cash equivalents, and restricted cash at the end of the period
|
$
|
662
|
$
|
708
|
||||
Supplemental cash flow information:
|
||||||||
Cash paid during the period for:
|
||||||||
Interest
|
$
|
314
|
$
|
198
|
||||
Income tax payments, net
|
$
|
1
|
$
|
9
|
(1)
|
Amounts represent cash movement to/from short-term investments. Given the long-term nature of the fiber build, we have invested cash in
short-term investments to improve interest income while preserving funding flexibility.
|
For the three months ended
|
For the six months ended
|
|||||||||||||||||||
($ in millions)
|
June 30,
2023
|
March 31,
2023
|
June 30,
2022
|
June 30,
2023
|
June 30,
2022
|
|||||||||||||||
Net income (loss)
|
$
|
(2
|
)
|
$
|
3
|
$
|
101
|
$
|
1
|
$
|
166
|
|||||||||
Add back (subtract):
|
||||||||||||||||||||
Income tax expense
|
-
|
1
|
69
|
1
|
99
|
|||||||||||||||
Interest expense
|
149
|
141
|
118
|
290
|
221
|
|||||||||||||||
Investment and other income, net
|
(32
|
)
|
(2
|
)
|
(122
|
)
|
(34
|
)
|
(199
|
)
|
||||||||||
Operating income
|
115
|
143
|
166
|
258
|
287
|
|||||||||||||||
Depreciation and amortization
|
354
|
330
|
290
|
684
|
574
|
|||||||||||||||
EBITDA
|
$
|
469
|
$
|
473
|
$
|
456
|
$
|
942
|
$
|
861
|
||||||||||
Add back:
|
||||||||||||||||||||
Pension/OPEB expense
|
$
|
11
|
$
|
11
|
$
|
18
|
$
|
22
|
$
|
37
|
||||||||||
Restructuring costs and other charges(1)
|
24
|
8
|
30
|
32
|
84
|
|||||||||||||||
Rebranding costs
|
-
|
-
|
11
|
-
|
19
|
|||||||||||||||
Stock-based compensation
|
27
|
24
|
20
|
51
|
35
|
|||||||||||||||
Storm-related costs
|
2
|
3
|
-
|
5
|
-
|
|||||||||||||||
Legal settlements
|
-
|
-
|
-
|
-
|
8
|
|||||||||||||||
Adjusted EBITDA
|
$
|
533
|
$
|
519
|
$
|
535
|
$
|
1,052
|
$
|
1,044
|
||||||||||
EBITDA margin
|
32.4
|
%
|
32.8
|
%
|
31.3
|
%
|
32.6
|
%
|
29.6
|
%
|
||||||||||
Adjusted EBITDA margin
|
36.8
|
%
|
36.0
|
%
|
36.7
|
%
|
36.4
|
%
|
35.9
|
%
|
||||||||||
Free Cash Flow
|
||||||||||||||||||||
Net cash provided from operating activities
|
$
|
276
|
$
|
389
|
$
|
229
|
$
|
665
|
$
|
757
|
||||||||||
Capital expenditures
|
(1,057
|
)
|
(1,154
|
)
|
(641
|
)
|
(2,211
|
)
|
(1,088
|
)
|
||||||||||
Operating free cash flow
|
$
|
(781
|
)
|
$
|
(765
|
)
|
$
|
(412
|
)
|
$
|
(1,546
|
)
|
$
|
(331
|
)
|
(1)
|
Includes $44 million of lease impairment charges for the six months ended June 30, 2022.
|
For the three months ended
|
For the six months ended
|
|||||||||||||||||||
($ in millions)
|
June 30,
2023
|
March 31,
2023
|
June 30,
2022
|
June 30,
2023
|
June 30,
2022
|
|||||||||||||||
Adjusted Operating Expenses
|
||||||||||||||||||||
Total operating expenses
|
$
|
1,334
|
$
|
1,297
|
$
|
1,293
|
$
|
2,631
|
$
|
2,619
|
||||||||||
Subtract:
|
||||||||||||||||||||
Depreciation and amortization
|
354
|
330
|
290
|
684
|
574
|
|||||||||||||||
Pension/OPEB expense
|
11
|
11
|
18
|
22
|
37
|
|||||||||||||||
Restructuring costs and other charges(1)
|
24
|
8
|
30
|
32
|
84
|
|||||||||||||||
Rebranding costs
|
-
|
-
|
11
|
-
|
19
|
|||||||||||||||
Stock-based compensation
|
27
|
24
|
20
|
51
|
35
|
|||||||||||||||
Storm-related costs
|
2
|
3
|
-
|
5
|
-
|
|||||||||||||||
Legal settlements
|
- | - | - | - | 8 | |||||||||||||||
Adjusted operating expenses
|
$
|
916
|
$
|
921
|
$
|
924
|
$
|
1,837
|
$
|
1,862
|
(1)
|
Includes $44 million of lease impairment charges for the six months ended June 30, 2022.
|
As of or for the quarter ended
|
For the six months ended
|
||||||||||||||||||||
June 30, 2023
|
March 31, 2023
|
June 30, 2022
|
June 30, 2023
|
June 30, 2022
|
|||||||||||||||||
Broadband Revenue ($ in millions)
|
|||||||||||||||||||||
Total Company
|
Fiber
|
$
|
356
|
$
|
334
|
$
|
302
|
$
|
690
|
$
|
588
|
||||||||||
|
Copper |
173
|
173
|
197
|
346
|
392
|
|||||||||||||||
Total
|
$
|
529
|
$
|
507
|
$
|
499
|
$
|
1,036
|
$
|
980
|
|||||||||||
Estimated Fiber Passings (in millions)
|
|||||||||||||||||||||
Base Fiber Passings
|
3.2
|
3.2
|
3.2
|
||||||||||||||||||
Total Fiber Passings
|
5.8
|
5.5
|
4.4
|
||||||||||||||||||
Estimated Broadband Fiber % Penetration
|
|||||||||||||||||||||
Base Fiber Penetration
|
43.4
|
%
|
43.5
|
%
|
42.6
|
%
|
|||||||||||||||
Total Fiber Penetration
|
31.6
|
%
|
32.2
|
%
|
34.8
|
%
|
|||||||||||||||
Broadband Customers, end of period (in thousands)
|
|||||||||||||||||||||
Consumer
|
Fiber
|
1,722
|
1,659
|
1,438
|
|||||||||||||||||
|
Copper |
928
|
987
|
1,163
|
|||||||||||||||||
|
Total |
2,650
|
2,646
|
2,601
|
|||||||||||||||||
Business (1)
|
Fiber
|
113
|
110
|
102
|
|||||||||||||||||
|
Copper |
102
|
107
|
124
|
|||||||||||||||||
|
Total |
215
|
217
|
226
|
|||||||||||||||||
Broadband Net Adds (in thousands)
|
|||||||||||||||||||||
Consumer
|
Fiber
|
63
|
84
|
50
|
|||||||||||||||||
|
Copper |
(59
|
)
|
(56
|
)
|
(41
|
)
|
||||||||||||||
|
Total |
4
|
28
|
9
|
|||||||||||||||||
Business (1)
|
Fiber
|
3
|
3
|
4
|
|||||||||||||||||
|
Copper |
(5
|
)
|
(7
|
)
|
(5
|
)
|
||||||||||||||
|
Total |
(2
|
)
|
(4
|
)
|
(1
|
)
|
||||||||||||||
Broadband Churn
|
|||||||||||||||||||||
Consumer
|
Fiber
|
1.41
|
%
|
1.20
|
%
|
1.43
|
%
|
1.30
|
%
|
1.31
|
%
|
||||||||||
|
Copper |
1.84
|
%
|
1.71
|
%
|
1.73
|
%
|
1.78
|
%
|
1.63
|
%
|
||||||||||
|
Total |
1.57
|
%
|
1.40
|
%
|
1.57
|
%
|
1.48
|
%
|
1.46
|
%
|
||||||||||
Business (1)
|
Fiber
|
1.31
|
%
|
1.45
|
%
|
1.28
|
%
|
1.38
|
%
|
1.26
|
%
|
||||||||||
|
Copper |
1.83
|
%
|
1.98
|
%
|
1.63
|
%
|
1.91
|
%
|
1.61
|
%
|
||||||||||
|
Total |
1.56
|
%
|
1.72
|
%
|
1.48
|
%
|
1.64
|
%
|
1.46
|
%
|
||||||||||
Broadband ARPU
|
|||||||||||||||||||||
Consumer
|
Fiber
|
$
|
63.12
|
$
|
61.44
|
$
|
63.35
|
$
|
62.31
|
$
|
62.76
|
||||||||||
|
Copper |
51.90
|
48.88
|
48.47
|
50.39
|
47.09
|
|||||||||||||||
|
Total |
$
|
59.06
|
$
|
56.59
|
$
|
56.57
|
$
|
57.84
|
$
|
55.48
|
||||||||||
Business (1)
|
Fiber
|
$
|
102.89
|
$
|
104.38
|
$
|
107.19
|
$
|
103.72
|
$
|
106.43
|
||||||||||
|
Copper |
68.20
|
67.21
|
63.00
|
67.65
|
63.96
|
|||||||||||||||
|
Total |
$
|
85.57
|
$
|
85.57
|
$
|
82.53
|
$
|
85.83
|
$
|
82.41
|
||||||||||
Reconciliation: Broadband ARPU
|
|||||||||||||||||||||
Consumer Fiber Broadband ARPU
|
$
|
63.12
|
$
|
61.44
|
$
|
63.35
|
$
|
62.31
|
$
|
62.76
|
|||||||||||
Gift card impact
|
1.34
|
1.68
|
1.38
|
1.51
|
1.24
|
||||||||||||||||
Adjusted Consumer Fiber Broadband ARPU
|
$
|
64.46
|
$
|
63.12
|
$
|
64.73
|
$
|
63.82
|
$
|
64.00
|
(1)
|
Business customers include our small, medium business and larger enterprise (SME) customers. Wholesale customers are excluded.
|