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Jun 30, 2021
Frontier Communications Q2 2021 Earnings Report
Frontier Communications accelerated fiber build out and reported second-quarter 2021 financial results.
Key Takeaways
Frontier Communications reported Q2 2021 financial results, showing progress in its fiber expansion strategy. The company accelerated its fiber build out, added consumer fiber net subscribers, and reduced consumer churn. Consolidated revenue was $1.62 billion, and operating income was $298 million.
Increased 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 million
Liquidity of approximately $1.5 billion to fund fiber network expansion
Plans to deploy fiber to reach 10 million locations by 2025
Revenue by Segment
Forward Guidance
Frontier updated its operational and financial guidance expectations for 2021, primarily in connection with the acceleration of its fiber build.
Positive Outlook
- 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
Historical Earnings Impact
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Avg. Return Before/After Earnings
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