Frontier Communications(FYBR)

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Frontier Communications(FYBR) - 2019 Q3 - Quarterly Report
2019-11-06 21:19
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________to__________ Commission file number: 001-11001 C:\Users\biantorn\Deskt FRONTIER COMMUNICATIONS CORPORATION (Exact name of registrant as specified in its charter) FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, ...
Frontier Communications(FYBR) - 2019 Q3 - Earnings Call Presentation
2019-11-06 05:32
INVESTOR UPDATE Third Quarter 2019 November 5, 2019 © 2019 Frontier Communications Agenda | --- | --- | --- | |-------|-----------------------------------|-------------------------------------------------------| | | STRATEGIC AND OPERATIONAL REVIEW | DANIEL M C CARTHY President & Chief Executive Officer | | | | | | | | SHELDON BRUHA | | | FINANCIAL REVIEW | | Executive Vice President & Chief Financial Officer 2 Business Update | --- | --- | --- | --- | |-------|---------------------------------------------- ...
Frontier Communications(FYBR) - 2019 Q3 - Earnings Call Transcript
2019-11-06 02:47
Frontier Communications Corporation (FTR) Q3 2019 Earnings Conference Call November 5, 2019 4:30 PM ET Company Participants Luke Szymczak - Investor Relations Dan McCarthy - President and Chief Executive Officer Sheldon Bruha - Executive Vice President and Chief Financial Officer Operator Ladies and gentlemen, thank you for standing by and welcome to the Frontier Communications Third Quarter 2019 Earnings Conference Call. Please be advised that today’s conference is being recorded. I would now like to hand ...
Frontier Communications(FYBR) - 2019 Q2 - Quarterly Report
2019-08-07 21:20
Customer Metrics - Frontier Communications had approximately 4.3 million customers and 3.6 million broadband subscribers as of June 30, 2019[164]. - Consumer customer churn increased to 2.14% for the three months ended June 30, 2019, compared to 1.95% for the same period in 2018[173]. - Broadband subscribers decreased by approximately 71,000 for the three months ended June 30, 2019, compared to a loss of 32,000 in the same period of 2018[176]. - Video subscribers decreased by approximately 54,000 for the three months ended June 30, 2019, resulting in 738,000 linear video subscribers[178]. Financial Performance - Total revenue decreased by $95 million, or 4%, to $2,067 million for the three months ended June 30, 2019, compared to $2,162 million in 2018[180]. - Average monthly consumer revenue per customer (ARPC) increased by $3.40, or 4%, to $88.68 for the three months ended June 30, 2019[173]. - Commercial customer revenue decreased by $48 million, or 5%, for the three months ended June 30, 2019[180]. - The decrease in consolidated total revenue for the six months ended June 30, 2019, was primarily due to fewer customers, partially offset by improved consumer ARPC[183]. - Video services revenue decreased due to a net decrease in total video subscribers for the three and six months ended June 30, 2019[191]. - Other revenue decreased primarily due to a decline in switched access revenue, influenced by reduced rates mandated by regulatory changes[193]. Expenses and Impairments - Network access expenses decreased by $51 million (14%) for the three months and $85 million (11%) for the six months ended June 30, 2019, driven by lower video content costs[196][198]. - Network related expenses decreased by $33 million (7%) for the three months and $60 million (6%) for the six months ended June 30, 2019, attributed to decreased compensation costs and network services costs[200][201]. - Selling, general and administrative expenses (SG&A) decreased by $15 million (3%) for the three months and $28 million (3%) for the six months ended June 30, 2019, mainly due to lower outside service and compensation costs[203][205]. - Goodwill impairment of $5,449 million was recorded for the three and six months ended June 30, 2019, due to a decline in share price and lower profitability outlook[210]. - A loss on disposal of $384 million was recorded during the three months ended June 30, 2019, related to the evaluation of asset recoverability[212]. - Restructuring costs and other charges increased to $31 million for the three months and $59 million for the six months ended June 30, 2019, due to workforce reductions and transformation program costs[214][216]. Net Loss and Tax Benefits - Basic and diluted net loss attributable to common shareholders was $(5,404) million, or $(51.97) per share, for the first six months of 2019, compared to a net loss of $(105) million, or $(1.35) per share, in the same period of 2018[225]. - Income tax benefit of $516 million was recorded on a pre-tax loss of $5,920 million for the six months ended June 30, 2019, primarily driven by the tax impact of the goodwill impairment[223]. Cash Flow and Capital Expenditures - Operating cash flows decreased by $66 million to $857 million for the six months ended June 30, 2019, primarily due to lower revenues[230]. - Capital expenditures for the six months ended June 30, 2019, were $580 million, down from $618 million in the same period of 2018[233]. Debt and Financing - The company completed a private offering of $1,650 million aggregate principal amount of 8.00% First Lien Secured Notes due 2027 on March 15, 2019[235]. - During the six months ended June 30, 2019, the company used cash on hand for the scheduled retirement of $358 million principal amount of senior indebtedness[239]. - The company has $9 million of debt maturing in the last six months of 2019, $245 million maturing in 2020, and $327 million maturing in 2021[243]. - The company has a $1,740 million senior secured term loan B facility maturing on June 15, 2024, and an $850 million secured revolving credit facility maturing on February 27, 2024[246]. - As of June 30, 2019, the estimated fair value of the company's total debt was approximately $12.8 billion, with a weighted average borrowing rate of 8.91% and a weighted average maturity of about seven years[280]. - As of June 30, 2019, 88% of the company's total debt had fixed interest rates, with only 12% exposed to floating rates[279]. Regulatory and Market Conditions - The company accepted the CAF Phase II offer, providing for $332 million in annual support through 2020 to enable broadband service to approximately 774,000 households[258]. - The FCC proposed two auctions totaling $20.4 billion for the Rural Digital Opportunity Fund, which could materially change the funding level for the company as early as 2021[272]. - The company is currently unable to predict the impact of regulatory changes on revenues due to ongoing litigation and changes in legislation[275]. - The company’s trading price declined to historically low levels in 2019, leading to a significant deterioration in business outlook[265]. - The company’s market multiples approach for enterprise fair value is sensitive to changes in estimated annual EBITDA, with a $100 million decline in EBITDA potentially leading to impairment of the remaining $276 million goodwill balance[267]. Pension and Cash Position - As of June 30, 2019, the company had unrestricted cash and cash equivalents totaling $267 million[227]. - The working capital surplus increased to $314 million compared to a deficit of $1,231 million at December 31, 2018[228]. - The company’s pension plan assets increased from $2,348 million at December 31, 2018, to $2,621 million at June 30, 2019, marking a 12% increase[282]. - The company has no significant equity security investments outside of its pension plan assets, limiting its exposure to equity price risk[281]. - As of June 30, 2019, the company was in compliance with all of its indenture and credit facility covenants[255].
Frontier Communications(FYBR) - 2019 Q2 - Earnings Call Transcript
2019-08-06 23:58
Frontier Communications Corporation (FTR) Q2 2019 Results Earnings Conference Call August 6, 2019 4:30 PM ET Company Participants Luke Szymczak - VP, IR Dan McCarthy - President and CEO Sheldon Bruha - SVP and Interim CFO Conference Call Participants Operator Good day, ladies and gentlemen. And welcome to the Frontier Communications Second Quarter 2019 Earnings Conference Call. At this time all participants are in a listen-only mode. [Operator Instructions] It is now pleasure to introduce Vice President of ...
Frontier Communications(FYBR) - 2019 Q2 - Earnings Call Presentation
2019-08-06 22:57
INVESTOR UPDATE Second Quarter 2019 August 6, 2019 © 2019 Frontier Communications Agenda | --- | --- | --- | |-------|-----------------------------------|-------------------------------------------------------| | | STRATEGIC AND OPERATIONAL REVIEW | DANIEL M C CARTHY President & Chief Executive Officer | | | | | | | | SHELDON BRUHA | | | FINANCIAL REVIEW | | Executive Vice President & Chief Financial Officer 2 Business Update 3 | --- | --- | --- | --- | |-------|--------------------------------------------- ...
Frontier Communications(FYBR) - 2019 Q1 - Quarterly Report
2019-05-02 20:22
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2019 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________to__________ Commission file number: 001-11001 FRONTIER COMMUNICATIONS CORPORATION (Exact name of registrant as specified in its charter) Delaware 06-0619596 (S ...
Frontier Communications(FYBR) - 2019 Q1 - Earnings Call Presentation
2019-05-01 14:11
INVESTOR UPDATE First Quarter 2019 April 30, 2019 © 2019 Frontier Communications Agenda | --- | --- | --- | |-------|-----------------------------------|---------------------------------------------------------| | | STRATEGIC AND OPERATIONAL REVIEW | DANIEL MCCARTHY President & Chief Executive Officer | | | | | | | | Senior Vice President & Interim Chief Financial Officer | | | FINANCIAL REVIEW FINANCIAL REVIEW | SHELDON BRUHA SHELDON BRUHA | Senior Vice President & Interim Chief Financial Officer 2 Busines ...
Frontier Communications(FYBR) - 2019 Q1 - Earnings Call Transcript
2019-05-01 01:44
Frontier Communications Corporation (FTR) Q1 2019 Results Conference Call April 30, 2019 4:30 PM ET Company Participants Luke Szymczak - VP, IR Dan McCarthy - President and CEO Sheldon Bruha - SVP and Interim CFO Conference Call Participants Batya Levi - UBS Matthew Niknam - Deutsche Bank Frank Louthan - Raymond James David Barden - Bank of America Mike McCormack - Guggenheim Partners Michael Rollins - Citi Philip Cusick - JP Morgan Simon Flannery - Morgan Stanley Operator Good day and welcome to the Fronti ...
Frontier Communications(FYBR) - 2018 Q4 - Annual Report
2019-02-28 22:50
FRONTIER COMMUNICATIONS CORPORATION (Exact name of registrant as specified in its charter) Delaware 06-0619596 (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF ...