|
|
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
|
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
||
|
|
|
Item 2.02 |
Results of Operations and Financial Condition
|
Item 9.01 |
Financial Statements and Exhibits
|
(d) |
Exhibits
|
Exhibit
Number
|
Description
|
|
Press Release
|
||
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document)
|
FRONTIER COMMUNICATIONS PARENT, INC.
|
||
Date: May 3, 2024
|
By: |
/s/ Scott Beasley
|
Scott Beasley
|
||
Executive Vice President, Chief Financial Officer
|
• |
Delivered year-over-year revenue growth for the first quarter since 2015
|
• |
Accelerated Adjusted EBITDA growth to 5% year-over-year
|
• |
Accelerated fiber broadband revenue growth of 24% year-over-year driven by strong customer and ARPU growth
|
• |
Added 322,000 fiber passings to reach 6.8 million total locations passed with fiber
|
• |
Added 88,000 fiber broadband customers, resulting in fiber broadband customer growth of 18% year-over-year
|
• |
Revenue of $1.46 billion increased 1.5% year-over-year as growth in fiber-based products was partly offset by declines in copper-based products
|
• |
Operating income of $90 million and net income of $1 million
|
• |
Adjusted EBITDA of $547 million increased 5.4% year-over-year driven by revenue growth and cost savings1
|
• |
Cash capital expenditures of $666 million plus $363 million of vendor financing payments, for total cash capital investment of $1.0 billion2
|
• |
Generated net cash from operations of $335 million
|
• |
Consumer revenue of $787 million increased 3.4% year-over-year as growth in fiber was partly offset by declines in copper
|
• |
Consumer fiber revenue of $505 million increased 12.7% year-over-year as growth in broadband was partly offset by declines in video and voice
|
• |
Consumer fiber broadband revenue of $375 million increased 25.8% year-over-year driven by growth in both fiber broadband customers and ARPU
|
• |
Consumer fiber broadband customer net additions of 85,000 resulted in consumer fiber broadband customer growth of 18.3% year-over-year
|
• |
Consumer fiber broadband customer churn of 1.24% compared to 1.20% in the first quarter of 2023
|
• |
Consumer fiber broadband ARPU of $65.18 increased 6.1% year-over-year
|
• |
Business and Wholesale revenue of $659 million was stable year-over-year as growth in fiber was largely offset by declines in copper
|
• |
Business and Wholesale fiber revenue of $300 million increased 6.8% year-over-year as growth in data was partly offset by declines in voice
|
• |
Business and Wholesale fiber broadband customer net additions of 3,000 resulted in Business and Wholesale fiber broadband customer growth of 11.9% year-over-year
|
• |
Business and Wholesale fiber broadband customer churn of 1.32% compared to 1.43% in the first quarter of 20233
|
• |
Business and Wholesale fiber broadband ARPU of $98.40 decreased 3.5% year-over-year4
|
• |
Adjusted EBITDA of $2.20 - $2.25 billion1
|
• |
Fiber passing additions of 1.3 million
|
• |
Cash capital investment of $3.00 - $3.20 billion2
|
• |
Cash taxes of approximately $20 million
|
• |
Net cash interest payments of approximately $750 million
|
• |
Pension and OPEB expense of approximately $40 million (net of capitalization)
|
• |
Cash pension and OPEB contributions of approximately $125 million
|
Investor Contact
|
Media Contact
|
Spencer Kurn
|
Chrissy Murray
|
SVP, Investor Relations
|
VP, Corporate Communications
|
+1 401-225-0475
|
+1 504-952-4225
|
spencer.kurn@ftr.com
|
chrissy.murray@ftr.com
|
For the
three months ended
|
For the
three months ended
|
|||||||
($ in millions and shares in thousands, except per share amounts)
|
March 31,
2024
|
March 31,
2023
|
||||||
Statements of Operations Data
|
||||||||
Revenue
|
$
|
1,462
|
$
|
1,440
|
||||
Operating expenses:
|
||||||||
Cost of service
|
522
|
542
|
||||||
Selling, general, and administrative expenses
|
428
|
417
|
||||||
Depreciation and amortization
|
388
|
330
|
||||||
Restructuring costs and other charges
|
34
|
8
|
||||||
Total operating expenses
|
1,372
|
1,297
|
||||||
Operating income
|
90
|
143
|
||||||
Investment and other income, net
|
112
|
2
|
||||||
Interest expense
|
(199
|
)
|
(141
|
)
|
||||
Income before income taxes
|
3
|
4
|
||||||
Income tax expense
|
2
|
1
|
||||||
Net income
|
$
|
1
|
$
|
3
|
||||
Weighted average shares outstanding - basic
|
246,301
|
245,081
|
||||||
Weighted average shares outstanding - diluted
|
247,040
|
246,425
|
||||||
Basic net earnings per common share
|
$
|
0.00
|
$
|
0.01
|
||||
Diluted net earnings per common share
|
$
|
0.00
|
$
|
0.01
|
||||
Other Financial Data:
|
||||||||
Capital expenditures
|
$
|
666
|
$
|
1,154
|
|
For the three months ended
|
|||||||||||
($ in millions)
|
March 31,
2024
|
December 31,
2023
|
March 31,
2023
|
|||||||||
|
||||||||||||
Selected Statement of Income Data
|
||||||||||||
Revenue:
|
||||||||||||
Data and Internet services
|
$
|
947
|
$
|
897
|
$
|
862
|
||||||
Voice services
|
321
|
329
|
356
|
|||||||||
Video services
|
94
|
97
|
117
|
|||||||||
Other
|
84
|
86
|
83
|
|||||||||
Revenue from contracts with customers
|
1,446
|
1,409
|
1,418
|
|||||||||
Subsidy and other revenue
|
16
|
17
|
22
|
|||||||||
Total revenue
|
$
|
1,462
|
$
|
1,426
|
$
|
1,440
|
||||||
|
||||||||||||
Other Financial Data
|
||||||||||||
Revenue:
|
||||||||||||
Consumer
|
$
|
787
|
$
|
774
|
$
|
761
|
||||||
Business and wholesale
|
659
|
635
|
657
|
|||||||||
Revenue from contracts with customers
|
$
|
1,446
|
$
|
1,409
|
$
|
1,418
|
||||||
|
||||||||||||
Fiber
|
$
|
805
|
$
|
762
|
$
|
729
|
||||||
Copper
|
641
|
647
|
689
|
|||||||||
Revenue from contracts with customers
|
$
|
1,446
|
$
|
1,409
|
$
|
1,418
|
|
As of and for the three months ended
|
|||||||||||
|
March 31, 2024
|
December 31, 2023
|
March 31, 2023
|
|||||||||
|
||||||||||||
Broadband customer metrics (1)
|
||||||||||||
Broadband customers (in thousands)
|
2,974
|
2,943
|
2,894
|
|||||||||
Net customer additions
|
31
|
30
|
26
|
|||||||||
|
||||||||||||
Consumer customer metrics
|
||||||||||||
Customers (in thousands)
|
3,140
|
3,129
|
3,140
|
|||||||||
Net customer additions
|
11
|
11
|
7
|
|||||||||
Average monthly consumer revenue per customer
|
$
|
83.65
|
$
|
82.54
|
$
|
80.87
|
||||||
Customer monthly churn
|
1.47
|
%
|
1.43
|
%
|
1.43
|
%
|
||||||
|
||||||||||||
Employees
|
13,227
|
13,297
|
14,523
|
(1)
|
Amounts presented include related metrics for our wholesale customers.
|
($ in millions)
|
(Unaudited)
March 31, 2024
|
December 31, 2023
|
||||||
|
||||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
1,296
|
$
|
1,125
|
||||
Short-term investments
|
225
|
1,075
|
||||||
Accounts receivable, net
|
447
|
446
|
||||||
Other current assets
|
113
|
135
|
||||||
Total current assets
|
2,081
|
2,781
|
||||||
|
||||||||
Property, plant and equipment, net
|
14,296
|
13,933
|
||||||
Other assets
|
3,820
|
3,979
|
||||||
Total assets
|
$
|
20,197
|
$
|
20,693
|
||||
|
||||||||
LIABILITIES AND EQUITY
|
||||||||
Current liabilities:
|
||||||||
Long-term debt due within one year
|
$
|
15
|
$
|
15
|
||||
Accounts payable and other current liabilities
|
1,925
|
2,260
|
||||||
Total current liabilities
|
1,940
|
2,275
|
||||||
|
||||||||
Deferred income taxes and other liabilities
|
1,758
|
1,893
|
||||||
Long-term debt
|
11,240
|
11,246
|
||||||
Equity
|
5,259
|
5,279
|
||||||
Total liabilities and equity
|
$
|
20,197
|
$
|
20,693
|
|
As of
March 31, 2024
|
|||
Leverage Ratio
|
||||
Numerator:
|
||||
Long-term debt due within one year
|
$
|
15
|
||
Long-term debt
|
11,240
|
|||
Total debt
|
$
|
11,255
|
||
Less: Cash and cash equivalents
|
(1,296
|
) | ||
Short-term investments
|
(225
|
) |
||
Net debt
|
$
|
9,734
|
||
|
||||
Denominator:
|
||||
Adjusted EBITDA - last 4 quarters
|
$
|
2,155
|
||
Net Leverage Ratio
|
4.5
|
x |
|
For the three months ended
|
|||||||
|
March 31, 2024
|
March 31, 2023
|
||||||
($ in millions)
|
||||||||
|
||||||||
Cash flows provided from (used by) operating activities:
|
||||||||
Net income
|
$
|
1
|
$
|
3
|
||||
Adjustments to reconcile net loss to net cash provided from
|
||||||||
(used by) operating activities:
|
||||||||
Depreciation and amortization
|
388
|
330
|
||||||
Pension/OPEB special termination benefit enhancements
|
7
|
-
|
||||||
Stock-based compensation
|
26
|
24
|
||||||
Amortization of premium
|
(5
|
)
|
(7
|
)
|
||||
Bad debt expense
|
9
|
7
|
||||||
Other adjustments
|
4
|
1
|
||||||
Deferred income taxes
|
-
|
-
|
||||||
Change in accounts receivable
|
(9
|
)
|
2
|
|||||
Change in long-term pension and other postretirement liabilities
|
(146
|
)
|
(7
|
)
|
||||
Change in accounts payable and other liabilities
|
27
|
30
|
||||||
Change in prepaid expenses, income taxes, and other assets
|
33
|
6
|
||||||
Net cash provided from operating activities
|
335
|
389
|
||||||
|
||||||||
Cash flows provided from (used by) investing activities:
|
||||||||
Capital expenditures
|
(666
|
)
|
(1,154
|
)
|
||||
Purchases of short-term investments (1)
|
-
|
(225
|
)
|
|||||
Sale of short-term investments (1)
|
850
|
1,075
|
||||||
Other
|
2
|
-
|
||||||
Net cash provided from (used by) investing activities
|
186
|
(304
|
)
|
|||||
|
||||||||
Cash flows provided from (used by) financing activities:
|
||||||||
Long-term debt payments
|
(4
|
)
|
(4
|
)
|
||||
Proceeds from long-term debt borrowings
|
-
|
750
|
||||||
Payments of vendor financing
|
(363
|
)
|
-
|
|||||
Financing costs paid
|
-
|
(13
|
)
|
|||||
Finance lease obligation payments
|
(7
|
)
|
(5
|
)
|
||||
Taxes paid on behalf of employees for shares withheld
|
(43
|
)
|
(3
|
)
|
||||
Other
|
(6
|
)
|
-
|
|||||
Net cash provided from (used by) financing activities
|
(423
|
)
|
725
|
|||||
|
||||||||
Increase (Decrease) in cash, cash equivalents, and restricted cash
|
98
|
810
|
||||||
Cash, cash equivalents, and restricted cash at the beginning of the period
|
1,239
|
322
|
||||||
|
||||||||
Cash, cash equivalents, and restricted cash at the end of the period
|
$
|
1,337
|
$
|
1,132
|
||||
|
||||||||
Supplemental cash flow information:
|
||||||||
Cash paid during the period for:
|
||||||||
Interest
|
$
|
149
|
$
|
83
|
||||
Income tax (refund) payments, net
|
$
|
(13
|
)
|
$
|
5
|
(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
|
|||||||||||
($ in millions)
|
March 31,
2024
|
December 31,
2023
|
March 31,
2023
|
|||||||||
|
||||||||||||
Net income
|
$
|
1
|
$
|
17
|
$
|
3
|
||||||
Add back (subtract):
|
||||||||||||
Income tax expense
|
2
|
87
|
1
|
|||||||||
Interest expense
|
199
|
193
|
141
|
|||||||||
Investment and other income, net
|
(112
|
)
|
(177
|
)
|
(2
|
)
|
||||||
Operating income
|
90
|
120
|
143
|
|||||||||
Depreciation and amortization
|
388
|
375
|
330
|
|||||||||
EBITDA
|
$
|
478
|
$
|
495
|
$
|
473
|
||||||
|
||||||||||||
Add back:
|
||||||||||||
Pension/OPEB expense
|
$
|
9
|
$
|
10
|
$
|
11
|
||||||
Restructuring costs and other charges
|
34
|
25
|
8
|
|||||||||
Stock-based compensation
|
26
|
27
|
24
|
|||||||||
Storm-related costs
|
-
|
-
|
3
|
|||||||||
Legal recoveries
|
-
|
(8
|
)
|
-
|
||||||||
Adjusted EBITDA
|
$
|
547
|
$
|
549
|
$
|
519
|
||||||
|
||||||||||||
EBITDA margin
|
32.7
|
%
|
34.7
|
%
|
32.8
|
%
|
||||||
Adjusted EBITDA margin
|
37.4
|
%
|
38.5
|
%
|
36.0
|
%
|
||||||
|
||||||||||||
Free Cash Flow
|
||||||||||||
Net cash provided from operating activities
|
$
|
335
|
$
|
296
|
$
|
389
|
||||||
Capital expenditures
|
(666
|
)
|
(329
|
)
|
(1,154
|
)
|
||||||
Payment of vendor financing- capital expenditures
|
(363
|
)
|
(4
|
)
|
-
|
|||||||
Operating free cash flow
|
$
|
(694
|
)
|
$
|
(37
|
)
|
$
|
(765
|
)
|
|
For the three months ended
|
|||||||||||
($ in millions)
|
March 31,
2024
|
December 31,
2023
|
March 31,
2023
|
|||||||||
Adjusted Operating Expenses
|
||||||||||||
|
||||||||||||
Total operating expenses
|
$
|
1,372
|
$
|
1,306
|
$
|
1,297
|
||||||
|
||||||||||||
Subtract:
|
||||||||||||
Depreciation and amortization
|
388
|
375
|
330
|
|||||||||
Pension/OPEB expense
|
9
|
10
|
11
|
|||||||||
Restructuring costs and other charges
|
34
|
25
|
8
|
|||||||||
Stock-based compensation
|
26
|
27
|
24
|
|||||||||
Storm-related costs
|
-
|
-
|
3
|
|||||||||
Legal recoveries
|
-
|
(8
|
)
|
-
|
||||||||
Adjusted operating expenses
|
$
|
915
|
$
|
877
|
$
|
921
|
|
|
As of or for the three months ended
|
|||||||||||
|
|
March 31, 2024
|
December 31, 2023
|
March 31, 2023
|
|||||||||
|
|
||||||||||||
Broadband Revenue ($ in millions)
|
|||||||||||||
Total Company
|
Fiber
|
$
|
414
|
$
|
391
|
$
|
334
|
||||||
Copper
|
155
|
159
|
173
|
||||||||||
Total
|
$
|
569
|
$
|
550
|
$
|
507
|
|||||||
|
|
||||||||||||
Estimated Fiber
Passings (in millions)
|
|||||||||||||
Base Fiber Passings
|
|
3.2
|
3.2
|
3.2
|
|||||||||
Total Fiber Passings
|
|
6.8
|
6.5
|
5.5
|
|||||||||
|
|
||||||||||||
Estimated Broadband Fiber % Penetration
|
|||||||||||||
Base Fiber Penetration
|
|
44.9
|
%
|
44.5
|
%
|
43.5
|
%
|
||||||
Total Fiber Penetration
|
|
30.7
|
%
|
30.9
|
%
|
32.2
|
%
|
||||||
|
|
||||||||||||
Broadband Customers,
end of period (in thousands)
|
|||||||||||||
Consumer
|
Fiber
|
1,963
|
1,878
|
1,659
|
|||||||||
Copper
|
771
|
822
|
987
|
||||||||||
Total
|
2,734
|
2,700
|
2,646
|
||||||||||
|
|
||||||||||||
Business + Wholesale (2)
|
Fiber
|
132
|
129
|
118
|
|||||||||
Copper
|
108
|
114
|
130
|
||||||||||
Total
|
240
|
243
|
248
|
||||||||||
|
|
||||||||||||
Broadband Net Adds (in thousands)
|
|||||||||||||
Consumer
|
Fiber
|
85
|
81
|
84
|
|||||||||
Copper
|
(51
|
)
|
(48
|
)
|
(56
|
)
|
|||||||
Total
|
34
|
33
|
28
|
||||||||||
|
|
||||||||||||
Business + Wholesale (2)
|
Fiber
|
3
|
3
|
4
|
|||||||||
Copper
|
(6
|
)
|
(6
|
)
|
(6
|
)
|
|||||||
Total
|
(3
|
)
|
(3
|
)
|
(2
|
)
|
|||||||
|
|
||||||||||||
Broadband Churn
|
|||||||||||||
Consumer
|
Fiber
|
1.24
|
%
|
1.20
|
%
|
1.20
|
%
|
||||||
Copper
|
1.93
|
%
|
1.86
|
%
|
1.71
|
%
|
|||||||
Total
|
1.45
|
%
|
1.41
|
%
|
1.40
|
%
|
|||||||
|
|
||||||||||||
Business + Wholesale (2)
|
Fiber
|
1.32
|
%
|
1.17
|
%
|
1.43
|
%
|
||||||
Copper
|
2.01
|
%
|
1.73
|
%
|
1.88
|
%
|
|||||||
Total
|
1.64
|
%
|
1.44
|
%
|
1.67
|
%
|
|||||||
Broadband ARPU
|
|||||||||||||
Consumer
|
Fiber
|
$
|
65.18
|
$
|
64.16
|
$
|
61.44
|
||||||
Copper
|
56.16
|
54.22
|
48.88
|
||||||||||
Total
|
$
|
62.53
|
$
|
61.02
|
$
|
56.59
|
|||||||
|
|
||||||||||||
Business + Wholesale (2)
|
Fiber
|
$
|
98.40
|
$
|
98.86
|
$
|
101.92
|
||||||
Copper
|
60.81
|
59.87
|
60.59
|
||||||||||
Total
|
$
|
81.07
|
$
|
80.17
|
$
|
79.79
|
|||||||
|
|
||||||||||||
Reconciliation: Broadband ARPU
|
|||||||||||||
Consumer Fiber Broadband ARPU
|
$
|
65.18
|
$
|
64.16
|
$
|
61.44
|
|||||||
Gift card impact
|
0.17
|
0.17
|
1.68
|
||||||||||
Adjusted Consumer Fiber Broadband ARPU
|
$
|
65.35
|
$
|
64.33
|
$
|
63.12
|
(1)
|
Certain operational metrics, including passings, penetration, Base Fiber penetration, ARPU and churn are defined in the accompanying Trending Schedule available
at Frontier's website https://investor.frontier.com.
|
(2)
|
Business + Wholesale customers include our small, medium business, larger enterprise (SME) customers and wholesale subscribers.
|
Document and Entity Information |
May 03, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | May 03, 2024 |
Entity File Number | 001-11001 |
Entity Registrant Name | Frontier Communications Parent, Inc. |
Entity Central Index Key | 0000020520 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 86-2359749 |
Entity Address, Address Line One | 1919 McKinney Avenue |
Entity Address, City or Town | Dallas |
Entity Address, State or Province | TX |
Entity Address, Postal Zip Code | 75201 |
City Area Code | 972 |
Local Phone Number | 445-0042 |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Trading Symbol | FYBR |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
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