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Mar 31, 2023
Frontier Communications Q1 2023 Earnings Report
Frontier Communications reported its Q1 2023 results, achieving EBITDA growth for the first time in five years and adding a record number of fiber broadband customers.
Key Takeaways
Frontier Communications reported a revenue of $1.44 billion and a net income of $3 million. The company achieved EBITDA growth for the first time in five years, driven by strong operational performance and increased focus on working capital management. Frontier added a record 87,000 fiber broadband customers and raised its cost savings target by $100 million one year ahead of plan.
Delivered year-over-year EBITDA growth for the first time in more than five years.
Added a record 87,000 fiber broadband customers.
Revenue of $1.44 billion, net income of $3 million and Adjusted EBITDA of $519 million.
Raised cost savings target by $100 million one year ahead of plan.
Revenue by Segment
Forward Guidance
Frontier reaffirmed its 2023 guidance for Adjusted EBITDA, Fiber build, Cash taxes, Pension and OPEB expense, and Cash pension and OPEB contributions, while updating guidance for capital expenditures and interest expense.
Positive Outlook
- Adjusted EBITDA of $2.11 - $2.16 billion
- Fiber build of 1.3 million new locations
- Cash taxes of approximately $20 million
- Pension and OPEB expense of approximately $50 million
- Cash pension and OPEB contributions of approximately $125 million
Challenges Ahead
- Cash capital expenditures of $3.00 - $3.20 billion, an increase from prior guidance of $2.80 billion.
- Net cash interest payments of approximately $655 million, an increase from prior guidance of $630 million.
- Higher inventory levels
- Fiber build costs
Historical Earnings Impact
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Avg. Return Before/After Earnings
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