8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported):   February 23, 2022

Frontier Communications Parent, Inc.

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation)

001-11001	86-2359749
(Commission File Number)	(IRS Employer Identification No.)

401 Merritt 7, Norwalk, Connecticut	06851
(Address of principal executive offices)	(Zip Code)

(203) 614-5600

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
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))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	FYBR	The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

On February 23, 2022, Frontier Communications Parent, Inc. (“Frontier”) issued a press release announcing its financial results for the fourth quarter and full year ended December 31, 2021.  A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.

As previously announced, Frontier will hold a conference call at 8:30 a.m., Eastern Time, on February 23, 2022, to discuss its fourth-quarter and full-year 2021 financial results.  Also furnished and incorporated by reference herein as Exhibit 99.2 is supplemental material to be used in connection with the conference call. This information is available on Frontier’s Investor Relations website at www.frontier.com/ir.

The information provided pursuant to this Item 2.02, including Exhibits 99.1 and 99.2, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any of Frontier’s other filings under the Securities Act of 1933 or the Exchange Act.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit Number	Description
99.1	Press Release
99.2	Presentation Regarding Financial Results
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		FRONTIER COMMUNICATIONS PARENT, INC.
Date:  February 23, 2022	By:	/s/  Scott Beasley
		Scott Beasley
		Executive Vice President, Chief Financial Officer

EX-99.1

Exhibit 99.1

Frontier Delivers Record Operational Results as it Becomes a Fiber-First Company

Reports Fourth-Quarter and Full-Year 2021 Financial Results

NORWALK, Conn., Feb. 23, 2022-- Frontier Communications Parent, Inc. (NASDAQ: FYBR) (“Frontier” or the “Company”) reported fourth-quarter and full-year 2021 results today, delivering record operational results as it becomes a fiber-first company.

“2021 was a year of remarkable transformation reflected in our strong fourth-quarter and full-year results”, said Nick Jeffery, President and Chief Executive Officer of Frontier. “The team rallied around our purpose of Building Gigabit America™ in March and spent the next nine months breaking our own records for building and selling fiber. As we added new fiber customers, we also made service improvements that earned us a positive fiber Net Promoter Score for the first time in the company’s history. In the fourth quarter, we gained momentum and hit an inflection point, reaching positive total broadband net adds for the first time in more than five years.

“The future is fiber, and we are well on our way to becoming a fiber-first company. Yesterday, we became the only major broadband provider to launch 2 Gig fiber service network-wide, extending our leadership position as customers demand faster speeds.”

Full-year 2021 Highlights:

• Built fiber to approximately 638,000 locations, bringing total fiber passings to 4.0 million by the end of the 2021

• Added a record 99,000 fiber broadband customer net additions, 75% of which came in the second half of the year, resulting in fiber broadband customer growth of 7.4% from 2020

• Revenue of $6.41 billion, net income of $4.96 billion, and Adjusted EBITDA of $2.48 billion

• Capital expenditures of $1.70 billion, including $0.46 billion of non-subsidy-related build capital expenditures

• Began executing on plans to reach at least 10 million locations with fiber by 2025

• Recruited a new board of directors and management team with deep experience in telecom and turnarounds

Fourth-quarter 2021 Highlights:

• Built fiber to a record 192,000 locations

• Added a record 45,000 fiber broadband customer net additions, reaching an inflection point in positive total broadband customer net additions for the first time in more than five years

• Revenue of $1.54 billion, net income of $189 million, and Adjusted EBITDA of $585 million

• Capital expenditures of $559 million, including $161 million of non-subsidy-related build capital expenditures

• Delivered record-low churn across both fiber and copper broadband customers

• Achieved positive fiber Net Promoter Scores for the first time in company history

• Raised $1 billion of debt to fund fiber build plans

Fourth-quarter 2021 Consolidated Financial Results¹

Frontier reported consolidated revenue for the fourth quarter ended December 31, 2021 of $1.54 billion, a 6.3% decline from consolidated revenue reported in the fourth quarter of 2020, as growth in consumer fiber broadband was offset by declines in video, voice, wholesale, and other.  Other revenue was particularly impacted by the sale of our CPE business in the fourth quarter, which resulted in lower revenue but had minimal impact on EBITDA.

Fourth quarter 2021 operating income was $272 million and net income was $189 million.

Adjusted EBITDA was $585 million and Adjusted EBITDA margin was 37.9%, compared to Adjusted EBITDA of $676 million and Adjusted EBITDA Margin of 41.0% in the fourth quarter of 2020.² The year-over-year decline in Adjusted EBITDA and Adjusted EBITDA Margin was driven by revenue declines, partially offset by lower video content expense, lower cost of service from lower call and repair volumes, and cost savings initiatives.

Capital expenditures were $559 million, an increase from $356 million in the fourth quarter of 2020, as fiber expansion initiatives accelerated.

Fourth-quarter 2021 Consumer Results

• Consumer revenue of $782 million, a decline of 5.9% from the fourth quarter of 2020, as strong growth in fiber broadband was offset by declines in legacy video, voice, and other

• Consumer fiber revenue of $405 million, a decline of 1.6% from the fourth quarter of 2020 as growth in consumer broadband revenue was offset by declines in voice, video, and other

¹ Prior year comparisons are adjusted for the disposal of Northwest Operations. See Schedule C and Schedule E for a reconciliation of reported results to the results adjusted for the disposal of Northwest Operations. Upon emergence from bankruptcy, Frontier adopted fresh start accounting in accordance with ASC 852.  As a result, Frontier’s consolidated financial statements after April 30, 2021 are not comparable to prior periods. All year-over-year comparisons in this release have been normalized to reflect the impact of fresh start accounting. See Frontier’s Form 8-K filed with the SEC on July 30, 2021, for further details on the impact of fresh start accounting.  See Frontier’s supplemental trending information, available at www.frontier.com/ir, for information setting forth the impact of fresh start accounting for periods presented.

² Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP measures of performance, See “Non-GAAP Measures” for a description of these measures and its calculation. See Schedule A for a reconciliation of Adjusted EBITDA to net income/(loss).

• Consumer fiber broadband revenue of $245 million, an increase of 10.9% over the fourth quarter of 2020, driven by strong growth in fiber broadband customers and average revenue per customer (ARPU)

• Consumer fiber broadband customer net additions of 44,000, the 10th consecutive quarter of positive consumer fiber net additions and an almost five-fold increase from 9,000 net additions in the fourth quarter of 2020, resulting in fiber broadband customer growth of 7.9% from the fourth quarter of 2020

• Consumer fiber broadband customer churn of 1.32%, an improvement from 1.56% in the fourth quarter of 2020

• Consumer fiber broadband ARPU of $62.21, an increase of 4.2% over the fourth quarter of 2020, as customers continue to upgrade to faster speeds

Fourth-quarter 2021 Business and Wholesale Results

• Business and wholesale revenue of $677 million, a decline of 6.0% from the fourth quarter of 2020, primarily due to proactive strategic repositioning with key business partners to reset pricing in exchange for higher win shares in the future, and higher overall expected cash flow stability

• Business and wholesale fiber revenue of $270 million, a decline of 1.1% from the fourth quarter of 2020

• Business fiber broadband customer churn of 1.23%, an improvement from 1.43% in the fourth quarter of 2020

• Business fiber broadband ARPU of $106.87, an increase of 5.2% from the fourth quarter of 2020

Capital Structure

In the fourth quarter of 2021, Frontier successfully raised $1.0 billion of 6.000% second lien secured debt. As of the end of 2021, Frontier had total liquidity of approximately $2.6 billion, including a cash balance of approximately $2.1 billion and $0.5 billion of available borrowing capacity on its revolving credit facility. Frontier’s net leverage ratio for the four quarters ended December 31, 2021, was approximately 2.4x.³ Frontier has no long-term debt maturities prior to 2027.

2022 Outlook

Frontier’s guidance for the full year 2022 is:

• Adjusted EBITDA of $2.00 - $2.15 billion

• Fiber build to at least 1 million new locations

• Cash capital expenditures of $2.40 - $2.50 billion

• Cash taxes of approximately $20 million

• Cash interest payments of approximately $430 million

³ Net leverage ratio is a non-GAAP measure. See “Non-GAAP Measures” and the condensed consolidated balance sheet data contained herein for a description and calculation of net leverage ratio.

• Cash Pension and OPEB expense of approximately $75 million (net of capitalization)

• Cash pension and OPEB contributions, including a catch-up from contribution waivers during bankruptcy, of approximately $135 million (net of capitalization)

Conference Call Information

As previously announced, Frontier will host a conference call with the financial community to discuss fourth-quarter and full-year 2021 results today, February 23, 2022, beginning at 8:30 a.m. Eastern Time.

The conference call webcast and presentation materials are accessible through Frontier’s Investor Relations website and will remain archived at this location.

Investor Contact

Spencer Kurn

SVP, Investor Relations

+1 401 225 0475

spencer.kurn@ftr.com

About Frontier Communications

Frontier is a leading communications provider offering gigabit speeds to empower and connect millions of consumers and businesses across 25 states. It is building critical digital infrastructure across the country with its fiber-optic network and cloud-based solutions, enabling connections today and future proofing for tomorrow. Rallied around a single purpose, Building Gigabit America^TM, the Company is focused on supporting a digital society, closing the digital divide, and working toward a more sustainable environment. Frontier is preparing today for a better tomorrow. Visit www.frontier.com.

Non-GAAP Financial Measures

Frontier uses certain non-GAAP financial measures in evaluating its performance, including EBITDA, EBITDA margin, Adjusted EBITDA, Adjusted EBITDA margin, operating free cash flow, adjusted operating expenses, and net leverage ratio, each of which is described below. Management uses these non-GAAP financial measures internally to (i) assist in analyzing Frontier's underlying financial performance from period to period, (ii) analyze and evaluate strategic and operational decisions, (iii) establish criteria for compensation decisions, and (iv) assist in the understanding of Frontier's ability to generate cash flow and, as a result, to plan for future capital and operational decisions. Management believes that the presentation of these non-GAAP financial measures provides useful information to investors regarding Frontier’s financial condition and results of operations because these measures, when used in conjunction with related GAAP financial measures, (i) provide a more comprehensive view of Frontier’s core operations and ability to generate cash flow, (ii) provide investors with the financial analytical framework upon which management bases financial, operational, compensation, and planning decisions, and (iii) present measurements that investors and rating agencies have indicated to management are useful to them in assessing Frontier and its results of operations.

A reconciliation of these measures to the most comparable financial measures calculated and presented in accordance with GAAP is included in the accompanying tables. These non-GAAP financial measures are not measures of financial performance or liquidity under GAAP, nor are they alternatives to GAAP measures, and they may not be comparable to similarly titled measures of other companies.

EBITDA is defined as net income (loss) less income tax expense (benefit), interest expense, investment and other income (loss), pension settlement costs, losses on extinguishment of debt, reorganization items, and depreciation and amortization. EBITDA margin is calculated by dividing EBITDA by total revenue.

Adjusted EBITDA is defined as EBITDA, as described above, adjusted to exclude, certain pension/OPEB expenses, restructuring costs and other charges, stock-based compensation, and certain other non-recurring items. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by total revenue.

Management uses EBITDA, EBITDA margin, Adjusted EBITDA and Adjusted EBITDA margin to assist it in comparing performance from period to period and as measures of operational performance. Management believes that these non-GAAP measures provide useful information for investors in evaluating Frontier’s operational performance from period to period because they exclude depreciation and amortization expenses related to investments made in prior periods and are determined without regard to capital structure or investment activities. By excluding capital expenditures, debt repayments and dividends, among other factors, these non-GAAP financial measures have certain shortcomings. Management compensates for these shortcomings by utilizing these non-GAAP financial measures in conjunction with the comparable GAAP financial measures.

Adjusted net income (loss) attributable to Frontier common shareholders is defined as net income (loss) attributable to Frontier common shareholders and excludes restructuring costs and other charges, pension settlement costs, reorganization items, certain income tax items and the income tax effect of these items, and certain other non-recurring items. Adjusting for these items allows investors to better understand and analyze Frontier’s financial performance over the periods presented.

Management defines operating free cash flow, a non-GAAP measure, as net cash provided from operating activities less capital expenditures. Management uses operating free cash flow to assist it in comparing liquidity from period to period and to obtain a more comprehensive view of Frontier’s core operations and ability to generate cash flow. Management believes that this non-GAAP measure is useful to investors in evaluating cash available to service debt and pay dividends. This non-GAAP financial measure has certain shortcomings; it does not represent the residual cash flow available for discretionary expenditures, as items such as debt repayments and preferred stock dividends are not deducted in determining such measure. Management compensates for these shortcomings by utilizing this non-GAAP financial measure in conjunction with the comparable GAAP financial measure.

Adjusted operating expenses is defined as operating expenses adjusted to exclude depreciation and amortization, restructuring and other charges, goodwill impairment charges, certain pension/OPEB expenses, stock-based compensation, and certain other non-recurring items. Investors have indicated that this non-GAAP measure is useful in evaluating Frontier’s performance.

Net leverage ratio is calculated as net debt (total debt less cash and cash equivalents) divided by Adjusted EBITDA for the most recent four quarters. Investors have indicated that this non-GAAP measure is useful in evaluating Frontier’s debt levels.

The information in this press release should be read in conjunction with the financial statements and footnotes contained in Frontier’s documents filed with the U.S. Securities and Exchange Commission.

Forward-Looking Statements

This release contains "forward-looking statements" related to future events. Forward-looking statements address our expectations or beliefs concerning future events, including, without limitation, our future operating and financial performance, our implementation of strategic initiatives, and our ability to comply with the covenants in the agreements governing our indebtedness and other matters. These statements are made on the basis of management’s views and assumptions, as of the time the statements are made, regarding future events and performance and contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “may,” “will,” “would,” or “target.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain. A wide range of factors could materially affect future developments and performance, including but not limited to: our significant indebtedness, our ability to incur substantially more debt in the future, and covenants in the agreements governing our current indebtedness that may reduce our operating and financial flexibility; declines in Adjusted EBITDA relative to historical levels that we are unable to offset; our ability to successfully implement strategic initiatives, including our fiber buildout and other initiatives to enhance revenue and realize productivity and service improvements; our ability to secure necessary construction resources, materials and permits for our fiber buildout initiative in a timely and cost effective manner; potential disruptions in our supply chain and the effects of inflation resulting from the COVID-19 pandemic, the global microchip shortage, or otherwise, which could adversely impact our business and hinder our fiber expansion plans; our ability to effectively manage our operations, operating expenses, capital expenditures, debt service requirement and cash paid for income taxes and liquidity; competition from cable, wireless and wireline carriers, satellite, fiber “overbuilders” and OTT companies, and the risk that we will not respond on a timely or profitable basis; our ability to successfully adjust to changes in the communications industry, including the effects of technological changes and competition on our capital expenditures, products and service offerings; risks related to disruption in our networks, infrastructure and information technology that result in customer loss and/or incurrence of additional expenses; the impact of potential information technology or data security breaches or other cyber-attacks or other disruptions; our ability to retain or attract new customers and to maintain relationships with customers; our reliance on a limited number of key supplies and vendors; declines in revenue from our voice services, switched and nonswitched access and video and data services that we cannot stabilize or offset with increases in revenue from other products and services; our ability to secure, continue to use or renew intellectual property and other licenses used in our business; our ability to hire or retain key personnel; our ability to dispose of certain assets or asset groups or to make acquisition of certain assets on terms that are attractive to us, or at all;  the effects of changes in the availability of federal and state universal service funding or other subsidies to us and our competitors and our ability to obtain future subsidies, including participation in the proposed RDOF program; our ability to comply with the applicable CAF II and RDOF requirements and the risk of penalties or obligations to return certain CAF II and RDOF funds; our ability to defend against litigation and potentially unfavorable results from current pending and future litigation; our ability to comply with applicable federal and state consumer protection requirements; the effects of governmental legislation and regulation on our business, including costs, disruptions, possible limitations on operating flexibility and changes to the competitive landscape resulting from such legislation or regulation; the impact of regulatory, investigative and legal proceedings and legal compliance risks; our ability to effectively manage service quality in the states in which we operate and meet mandated service quality metrics; the effects of changes in income tax rates, tax laws, regulations or rulings, or federal or state tax assessments; the effects of changes in accounting policies or practices; our ability to successfully renegotiate union contracts; the effects of increased medical expenses and pension and postemployment expenses; changes in pension plan assumptions, interest rates, discount rates, regulatory rules and/or the value of our pension plan assets; the likelihood that our historical financial information may no longer be indicative of our future performance and our implementation of fresh start accounting; the impact of adverse changes in economic, political and market conditions in the areas that we serve, the U.S. and globally, including, but not limited to, disruption in our supply chain, inflation in pricing for key materials or labor, or other adverse changes resulting from epidemics, pandemics and outbreaks of contagious diseases, including the COVID-19 pandemic, natural disasters, economic or political instability or other adverse public health developments; potential adverse impacts of the COVID-19 pandemic on our business and operations, including potential disruptions to the work of our employees arising from health and safety measures such as social distancing, working remotely and recent applicable federal, state, and local mandates, and prohibitions, our ability to effectively manage increased demand on our network, our ability to maintain relationships with our current or prospective customers and vendors as well as their abilities to perform under current or proposed arrangements with us; risks associated with our emergence from the Chapter 11 Cases, including, but not limited to, the continuing effects of the Chapter 11 Cases on us and our relationships with our suppliers, customers, service providers or employees and changes in the composition of our board of directors and senior management;  volatility in the trading price of our common stock, which has a limited trading history; substantial market overhang from the common stock issued in the Chapter 11 reorganization; certain provisions of Delaware law and our certificate of incorporation that may prevent efforts by our stockholders to change the direction or management of our Company; and certain other factors set forth in our other filings with the SEC.  This list of factors that may affect future performance and the accuracy of forward-looking statements is illustrative and is not intended to be exhaustive.  You should consider these important factors, as well as the risks and other factors contained in Frontier’s filings with the U.S. Securities and Exchange Commission, including our most recent reports on Form 10-K and Form 10-Q.  These risks and uncertainties may cause actual future results to be materially different than those expressed in such forward-looking statements.  We do not intend, nor do we undertake any duty, to update any forward-looking statements.

Frontier Communications Parent, Inc.

Unaudited Consolidated Financial Data

Reconciliation of Non-GAAP financial Results for Combined Frontier

	For the three months ended			For the three months ended			For the three months ended
	December 31, 2021			September 30, 2021			December 31, 2020
	(Successor)			(Successor)			(Predecessor)
($ in millions and shares in thousands, except per share amounts)
Statement of Operations Data
Revenue	$	1,543		$	1,576		$	1,695
Operating expenses:
Cost of service		546			590			629
Selling, general and administrative expenses		441			421			393
Depreciation and amortization		282			273			394
Loss on disposal of Northwest Operations		-			-			2
Restructuring costs and other charges		2			8			-
Total operating expenses		1,271			1,292			1,418
Operating income		272			284			277
Investment and other income (loss), net		34			(37	)		(14	)
Loss on early extinguishment of debt		-			-			(72	)
Reorganization items, net		-			-			(136	)
Interest expense		(105	)		(90	)		(98	)
Income (loss) before income taxes		201			157			(43	)
Income tax expense		12			31			7
Net income (loss)	$	189		$	126		$	(50	)
Weighted average shares outstanding - basic		244,308			244,403			104,489
Weighted average shares outstanding - diluted		244,840			245,667			104,489
Basic and diluted net earnings per common share	$	0.77		$	0.52		$	(0.48	)
Diluted net earnings per common share	$	0.77		$	0.51		$	(0.48	)
Other Financial Data:
Capital expenditures	$	559		$	377		$	356

Frontier Communications Parent, Inc.

Unaudited Consolidated Financial Data

Reconciliation of Non-GAAP financial results for Combined Frontier

Note: The following results are reported separately for the four months ended April 30, 2021 (our Predecessor period prior to emergence) and for the eight months ended December 31, 2021 (our Successor period).  While the basis of accounting for the Predecessor and Successor are different as a result of the application of fresh start accounting, we have calculated combined Non-GAAP results for the year ended December 31, 2021.

	For the eight months ended			For the four months ended			For the year ended
	December 31, 2021			April 30, 2021			December 31, 2021			December 31, 2020
($ in millions and shares in thousands, except per share amounts)
	(Successor)			(Predecessor)			(Non-GAAP Combined)			(Predecessor)
Statement of Operations Data
Revenue	$	4,180		$	2,231		$	6,411		$	7,155
Operating expenses:
Cost of service		1,532			830			2,362			2,701
Selling, general and administrative expenses		1,131			537			1,668			1,648
Depreciation and amortization		734			506			1,240			1,598
Loss on disposal of Northwest Operations		-			-			-			162
Restructuring costs and other charges		21			7			28			87
Total operating expenses		3,418			1,880			5,298			6,196
Operating income		762			351			1,113			959
Investment and other income (loss), net		(5	)		1			(4	)		(43	)
Pension settlement costs		-			-			-			(159	)
Loss on early extinguishment of debt		-			-			-			(72	)
Reorganization items, net		-			4,171			4,171			(409	)
Interest expense		(257	)		(118	)		(375	)		(762	)
Income (loss) before income taxes		500			4,405			4,905			(486	)
Income tax expense (benefit)		86			(136	)		(50	)		(84	)
Net income (loss)	$	414		$	4,541		$	4,955		$	(402	)
Weighted average shares outstanding - basic		244,405			104,584		NM				104,467
Weighted average shares outstanding - diluted		245,885			104,924		NM				104,467
Basic net earnings (loss) per common share	$	1.69		$	43.42		NM			$	(3.85	)
Diluted net earnings (loss) per common share	$	1.68		$	43.28		NM			$	(3.85	)
Other Financial Data:
Capital expenditures	$	1,205		$	500		$	1,705		$	1,181

NM - Not meaningful

Frontier Communications Parent, Inc.

Unaudited Financial Data for Non-GAAP Combined Frontier and for Remaining Properties

Note: The following results are reported separately for the four months ended April 30, 2021 (our Predecessor period prior to emergence) and for the eight months ended December 31, 2021 (our Successor period).  While the basis of accounting for the Predecessor and Successor are different as a result of the application of fresh start accounting, we have calculated combined Non-GAAP results for the year ended December 31, 2021. Additionally, the following financial information presents disaggregation of revenue for the operations located in the remaining 25 states (“Remaining Properties”) after excluding the Northwest Operations (“Northwest Ops”) through the date of sale from the Consolidated Company's results. See Schedule C for a reconciliation to the Total Company Results.

	For the three months ended				For the three months ended
	December 31, 2021		September 30, 2021		December 31, 2020
($ in millions)
	(Successor)		(Successor)		(Predecessor)
Selected Statement of Operations Data
Revenue:
Data and Internet services	$	834	$	834	$	834
Voice services		397		411		490
Video services		143		149		181
Other		85		99		101
Revenue from contracts with customers		1,459		1,493		1,606
Subsidy and other revenue		84		83		89
Total revenue	$	1,543	$	1,576	$	1,695
Other Financial Data
Revenue:
Consumer (1)	$	782	$	800	$	863
Business and Wholesale (1)		677		693		743
Revenue from contracts with customers	$	1,459	$	1,493	$	1,606
Fiber	$	675	$	684	$	689
Copper		784		809		867
Other		-		-		50
Revenue from contracts with customers	$	1,459	$	1,493	$	1,606

	For the eight months ended		For the four months ended		For the year ended
	December 31, 2021		April 30, 2021		December 31, 2021		December 31, 2020
($ in millions)	(Successor)		(Predecessor)		(Non-GAAP Combined)		(Predecessor)
Selected Statement of Operations Data
Revenue:
Data and Internet services	$	2,224	$	1,125	$	3,349	$	3,376
Voice services		1,091		647		1,738		2,028
Video services		397		223		620		776
Other		246		125		371		417
Revenue from contracts with customers		3,958		2,120		6,078		6,597
Subsidy and other revenue		222		111		333		366
Total revenue	$	4,180	$	2,231	$	6,411	$	6,963
Other Financial Data
Revenue:
Consumer (1)	$	2,125	$	1,133	$	3,258	$	3,507
Business and Wholesale (1)		1,833		987		2,820		3,090
Revenue from contracts with customers	$	3,958	$	2,120	$	6,078	$	6,597
Fiber	$	1,814	$	903	$	2,717	$	2,812
Copper		2,144		1,140		3,284		3,603
Other		-		77		77		182
Revenue from contracts with customers	$	3,958	$	2,120	$	6,078	$	6,597

⁽¹⁾ Due to changes in accounting policy during the second quarter of 2021, historical periods have been updated to reflect the comparable amounts.

Frontier Communications Parent, Inc.

Unaudited Operating Data for Remaining Properties

Note: The following table presents operating metrics for the operations located in the remaining 25 states (“Remaining Properties”) after excluding the Northwest Operations (“Northwest Ops”) through the date of sale from the Consolidated Company's results. See Schedule D for a reconciliation to the Total Company Results.

	As of and for the three months ended									For the year ended
	December 31, 2021			September 30, 2021			December 31, 2020			December 31, 2021			December 31, 2020
Consumer customer metrics (1)
Customers (in thousands)		3,165			3,173			3,264			3,165			3,264
Net customer additions (losses)		(8	)		(23	)		(42	)		(99	)		(148	)
Average monthly consumer revenue per customer	$	82.29		$	83.77		$	87.57		$	84.70		$	87.52
Customer monthly churn		1.45	%		1.64	%		1.67	%		1.52	%		1.74	%
Broadband customer metrics (1) (2)
Broadband customers (in thousands)		2,799			2,789			2,834			2,799			2,834
Net customer additions (losses)		10			(9	)		(27	)		(34	)		(85	)
Employees		15,640			15,803			16,200			15,640			16,200

⁽¹⁾ Due to changes in accounting policy during the second quarter of 2021, historical periods have been updated to reflect the comparable amounts.

⁽²⁾ Excludes wholesale customers.

Frontier Communications Parent, Inc.

Condensed Consolidated Balance Sheet Data

	(Unaudited)
	Successor		Predecessor
($ in millions)	December 31, 2021		December 31, 2020
ASSETS
Current assets:
Cash and cash equivalents	$	2,127	$	1,829
Accounts receivable, net		458		553
Other current assets		103		272
Total current assets		2,688		2,654
Property, plant and equipment, net		9,199		12,931
Other assets		4,594		1,210
Total assets	$	16,481	$	16,795
LIABILITIES AND EQUITY (DEFICIT)
Current liabilities:
Long-term debt due within one year	$	15	$	5,781
Accounts payable and other current liabilities		1,436		1,359
Total current liabilities		1,451		7,140
Deferred income taxes and other liabilities		2,462		2,990
Liabilities subject to compromise		-		11,565
Long-term debt		7,968		-
Equity (deficit)		4,600		(4,900	)
Total liabilities and equity (deficit)	$	16,481	$	16,795

	As of December 31, 2021
Leverage Ratio
Numerator:
Long-term debt due within one year	$	15
Long-term debt		7,968
Total debt	$	7,983
Less: Cash and cash equivalents		(2,127	)
Net debt	$	5,856
Denominator:
Adjusted EBITDA - last 4 quarters	$	2,475
Net Leverage Ratio		2.4	x

Frontier Communications Parent, Inc.

Unaudited Consolidated Cash Flow Data

	For the three months ended			For the three months ended
	December 31, 2021			December 31, 2020
($ in millions)	(Successor)			(Predecessor)
Cash flows provided from (used by) operating activities:
Net income	$	189		$	(50	)
Adjustments to reconcile net loss to net cash provided from (used by) operating activities:
Depreciation and amortization		282			394
Loss on extinguishment of debt		-			72
Stock-based compensation		10			-
Amortization of deferred financing costs		-			2
Non-cash reorganization items, net		-			8
Other adjustments		(7	)		3
Deferred income taxes		13			9
Loss on disposal of Northwest Operations		-			2
Change in accounts receivable		(6	)		10
Change in accounts payable and other liabilities		(34	)		8
Change in prepaid expenses, income taxes, and other assets		21			39
Net cash provided from operating activities		468			497
Cash flows used by investing activities:
Capital expenditures		(559	)		(356	)
Proceeds on sale of assets		7			20
Other		4			2
Net cash used by investing activities		(548	)		(334	)
Cash flows provided from (used by) financing activities:
Long-term debt payments		(9	)		(4,943	)
Proceeds from long-term debt borrowings		1,000			4,950
Financing costs paid		(13	)		(102	)
Finance lease obligation payments		(4	)		(5	)
Other		23			(1	)
Net cash provided from (used by) financing activities		997			(101	)
Increase (Decrease) in cash, cash equivalents, and restricted cash		917			62
Cash, cash equivalents, and restricted cash at the beginning of the period		1,261			1,825
Cash, cash equivalents, and restricted cash at the end of the period	$	2,178		$	1,887
Supplemental cash flow information:
Cash paid during the period for:
Interest	$	160		$	64
Income tax payments, net	$	1		$	2
Reorganization items, net	$	-		$	136

Frontier Communications Parent, Inc.

Unaudited Financial Data for Non-GAAP Combined Frontier

Note: The following results are reported separately for the four months ended April 30, 2021 (our Predecessor period prior to emergence) and for the eight months ended September 30, 2021 (our Successor period).  While the basis of accounting for the Predecessor and Successor are different as a result of the application of fresh start accounting, we have calculated combined Non-GAAP results for the year ended December 31, 2021.

	For the eight months ended			For the four months ended			For the year ended
	December 31, 2021			April 30, 2021			December 31, 2021			December 31, 2020
($ in millions)	(Successor)			(Predecessor)			(Non-GAAP Combined)			(Predecessor)
Cash flows provided from (used by) operating activities:
Net income (loss)	$	414		$	4,541		$	4,955		$	(402	)
Adjustments to reconcile net loss to net cash provided from (used by) operating activities:
Depreciation and amortization		734			506			1,240			1,598
Loss on extinguishment of debt		-			-			-			72
Pension settlement costs		-			-			-			159
Stock-based compensation		18			(1	)		17			3
Amortization of deferred financing costs		-			-			-			15
Non-cash reorganization items, net		-			(5,467	)		(5,467	)		93
Other adjustments		(18	)		1			(17	)		6
Deferred income taxes		81			(148	)		(67	)		(91	)
Loss on disposal of Northwest Operations		-			-			-			162
Change in accounts receivable		59			36			95			73
Change in accounts payable and other liabilities		115			(168	)		(53	)		342
Change in prepaid expenses, income taxes, and other assets		48			46			94			(41	)
Net cash provided from (used by) operating activities		1,451			(654	)		797			1,989
Cash flows used by investing activities:
Capital expenditures		(1,205	)		(500	)		(1,705	)		(1,181	)
Proceeds from sale of Northwest Operations		-			-			-			1,131
Proceeds on sale of assets		7			9			16			27
Other		5			1			6			4
Net cash used by investing activities		(1,193	)		(490	)		(1,683	)		(19	)
Cash flows provided from (used by) financing activities:
Long-term debt payments		(17	)		(1	)		(18	)		(4,948	)
Proceeds from long-term debt borrowings		1,000			225			1,225			4,950
Repayment of revolving debt		-			-			-			(749	)
Financing costs paid		(13	)		(4	)		(17	)		(121	)
Finance lease obligation payments		(13	)		(7	)		(20	)		(23	)
Other		23			(16	)		7			(2	)
Net cash provided from (used by) financing activities		980			197			1,177			(893	)
Increase (Decrease) in cash, cash equivalents, and restricted cash		1,238			(947	)		291			1,077
Cash, cash equivalents, and restricted cash at the beginning of the period		940			1,887			1,887			810
Cash, cash equivalents, and restricted cash at the end of the period	$	2,178		$	940		$	2,178		$	1,887
Supplemental cash flow information:
Cash paid during the period for:
Interest	$	281		$	84		$	365		$	612
Income tax payments, net	$	28		$	9		$	37		$	8
Reorganization items, net	$	-		$	1,397		$	1,397		$	270

SCHEDULE A

Frontier Communications Parent, Inc.

Unaudited Financial Data for Non-GAAP Combined Frontier and for Remaining Properties

Reconciliation of Non-GAAP Financial Measures

Note: The following results include activity for the three months ended September 30 and December 31, 2021 (our Successor period) and the three months ended December 31, 2020 (our Predecessor period prior to emergence). While the basis of accounting for the Predecessor and Successor are different as a result of the application of fresh start accounting, we have calculated combined Non-GAAP results for the year ended December 31, 2021.

	For the three months ended									For the year ended
	December 31, 2021			September 30, 2021			December 31, 2020			December 31, 2021			December 31, 2020
($ in millions)
	(Successor)			(Successor)			(Predecessor)			(Non-GAAP Combined)			(Predecessor)
Net income (loss)	$	189		$	126		$	(50	)	$	4,955		$	(528	)
Add back (subtract):
Income tax expense (benefit)		12			31			7			(50	)		(84	)
Interest expense		105			90			98			375			762
Investment and other income (loss), net		(34	)		37			14			4			43
Pension settlement costs		-			-			-			-			159
Loss on early extinguishment of debt		-			-			72			-			72
Reorganization items, net		-			-			136			(4,171	)		409
Operating income		272			284			277			1,113			833
Depreciation and amortization		282			273			394			1,240			1,598
EBITDA	$	554		$	557		$	671		$	2,353		$	2,431
Add back:
Pension/OPEB expense	$	19		$	18		$	20		$	81		$	90
Restructuring costs and other charges		2			8			-			28			87
Stock-based compensation		10			8			-			17			3
Storm-related insurance proceeds		-			(4	)		-			(4	)		(1	)
Loss on disposal of Northwest Operations		-			-			2			-			162
Adjusted EBITDA	$	585		$	587		$	693		$	2,475		$	2,772
EBITDA margin		35.9	%		35.3	%		39.6	%		36.7	%		34.9	%
Adjusted EBITDA margin		37.9	%		37.2	%		40.9	%		38.6	%		39.8	%

SCHEDULE B

Frontier Communications Parent, Inc.

Unaudited Consolidated Financial Data

Reconciliation of Non-GAAP Financial Measures for Remaining Properties

Note: The following results include activity for the Predecessor period prior to emergence and for the Successor period.  While the basis of accounting for the Predecessor and Successor are different as a result of the application of fresh start accounting, we have calculated combined Non-GAAP results for the year ended December 31, 2021. The following table presents Non-GAAP measures for the operations located in the remaining 25 states (“Remaining Properties”) after excluding the Northwest Operations (“Northwest Ops”) through the date of sale from the consolidated Company's results. See Schedule F for a reconciliation to the Total Company results.

	For the three months ended							For the year ended
	December 31, 2021		September 30, 2021			December 31, 2020		December 31, 2021			December 31, 2020
	(Successor)		(Successor)			(Predecessor)		(Non-GAAP			(Predecessor)
($ in millions)								Combined)
Adjusted Operating Expenses
Total operating expenses	$	1,271	$	1,292		$	1,418	$	5,298		$	6,130
Subtract:
Depreciation and amortization		282		273			394		1,240			1,598
Loss on disposal of Northwest Operations		-		-			2		-			162
Pension/OPEB expense		19		18			20		81			90
Restructuring costs and other charges		2		8			-		28			87
Stock-based compensation		10		8			-		17			3
Storm-related insurance proceeds		-		(4	)		-		(4	)		(1	)
Adjusted operating expenses	$	958	$	989		$	1,002	$	3,936		$	4,191

SCHEDULE C

Frontier Communications Parent, Inc.

Unaudited Consolidated Financial Data

Reconciliation of Non-GAAP Financial Measures for Remaining Properties to Consolidated Frontier

	For the three months ended
	December 31, 2021		September 30, 2021		December 31, 2020
	(Successor)		(Successor)		(Predecessor)
	Consolidated Frontier		Consolidated Frontier		Consolidated Frontier		Northwest Ops		Remaining Properties
($ in millions)
Data and Internet services	$	834	$	834	$	834	$	-	$	834
Voice services		397		411		490		-		490
Video services		143		149		181		-		181
Other		85		99		101		-		101
Revenue from contracts with customers		1,459		1,493		1,606		-		1,606
Subsidy revenue		84		83		89		-		89
Revenue		1,543		1,576		1,695		-		1,695
Operating expenses (2):
Cost of service		546		590		629		-		629
Selling, general and administrative expenses		441		421		393		-		393
Depreciation and amortization		282		273		394		-		394
Loss on disposal of Northwest Operations		-		-		2		-		2
Restructuring costs and other charges		2		8		-		-		-
Total operating expenses		1,271		1,292		1,418		-		1,418
Operating income		272		284		277		-		277
Consumer (3)	$	782	$	800	$	863	$	-	$	863
Business and wholesale (3)		677		693		743		-		743
Revenue from contracts with customers		1,459		1,493		1,606		-		1,606
Fiber		675		684		689		-		689
Copper		784		809		867		-		867
Other		-		-		50		-		50
Revenue from contracts with customers	$	1,459	$	1,493	$	1,606	$	-	$	1,606

	For the year ended
	December 31, 2021		December 31, 2020
	(Non-GAAP Combined)		(Predecessor)
	Consolidated Frontier		Consolidated Frontier		Northwest Ops (1)		Remaining Properties
($ in millions)
Data and Internet services	$	3,349	$	3,478	$	102	$	3,376
Voice services		1,738		2,085		57		2,028
Video services		620		789		13		776
Other		371		429		12		417
Revenue from contracts with customers		6,078		6,781		184		6,597
Subsidy revenue		333		374		8		366
Revenue		6,411		7,155		192		6,963
Operating expenses (2):
Cost of service		2,362		2,701		40		2,661
Selling, general and administrative expenses		1,668		1,648		26		1,622
Depreciation and amortization		1,240		1,598		-		1,598
Loss on disposal of Northwest Operations		-		162		-		162
Restructuring costs and other charges		28		87		-		87
Total operating expenses		5,298		6,196		66		6,130
Operating income		1,113		959		126		833
Consumer (3)	$	3,258	$	3,609	$	102	$	3,507
Business and wholesale (3)		2,820		3,172		82		3,090
Revenue from contracts with customers		6,078		6,781		184		6,597
Fiber		2,717		2,887		75		2,812
Copper		3,284		3,707		104		3,603
Other		77		187		5		182
Revenue from contracts with customers	$	6,078	$	6,781	$	184	$	6,597

⁽¹⁾ Amounts represent the financial results of our Northwest Operations for the year ended December 31, 2020.

⁽²⁾ Operating expenses for Northwest Ops do not include allocated expenses which are included in operating expenses for our Remaining Properties.

⁽³⁾ Due to changes in accounting policy during the second quarter of 2021, historical periods have been updated to reflect the comparable amounts.

SCHEDULE D

Frontier Communications Parent, Inc.

Unaudited Operating Data for Remaining Properties

	As of and for the three months ended
	December 31, 2021			September 30, 2021			December 31, 2020
	Consolidated Frontier			Consolidated Frontier			Consolidated Frontier			Northwest Ops		Remaining Properties
Consumer customer metrics (1)
Customers (in thousands)		3,165			3,173			3,264			-		3,264
Net customer additions (losses)		(8	)		(23	)		(42	)		-		(42	)
Average monthly consumer revenue per customer	$	82.29		$	83.77		$	87.57			N/A	$	87.57
Customer monthly churn		1.45	%		1.64	%		1.67	%		N/A		1.67	%
Broadband customer metrics (1)
Broadband customers (in thousands)		2,799			2,789			N/A			N/A		2,834
Net customer additions (losses)		10			(9	)		N/A			N/A		(27	)
Employees		15,640			15,803			16,200			-		16,200

	For the year ended
	December 31, 2021			December 31, 2020
	Consolidated Frontier			Consolidated Frontier			Northwest Ops			Remaining Properties
Consumer customer metrics (1)
Customers (in thousands)		3,165			3,264			-			3,264
Net customer additions (losses)		(99	)		(483	)		(335	)		(148	)
Average monthly consumer revenue per customer	$	84.70		$	87.19		$	76.74		$	87.52
Customer monthly churn		1.52	%		1.73	%		1.51	%		1.74	%
Broadband customer metrics (1)
Broadband customer (in thousands)		2,799			N/A			N/A			2,834
Net customer additions (losses)		(34	)		N/A			N/A			(85	)

⁽¹⁾ Due to changes in accounting policy during the second quarter of 2021, historical periods have been updated to reflect the comparable amounts.

SCHEDULE E

Frontier Communications Parent, Inc.

Unaudited Consolidated Financial Data

Reconciliation of Non-GAAP Financial Measures for Remaining Properties to Consolidated Frontier

	For the three months ended
	December 31, 2021			September 30, 2021			December 31, 2020
	(Successor)			(Successor)			(Predecessor)
	Consolidated Frontier			Consolidated Frontier			Consolidated Frontier			Northwest Ops		Remaining Properties
($ in millions)
Net income (loss)	$	189		$	126		$	(50	)	$	-	$	(50	)
Add back (subtract):
Income tax expense		12			31			7			-		7
Interest expense		105			90			98			-		98
Investment and other income (loss), net		(34	)		37			14			-		14
Loss on extinguishment of debt		-			-			72			-		72
Reorganization items, net		-			-			136			-		136
Operating income		272			284			277			-		277
Depreciation and amortization		282			273			394			-		394
EBITDA		554			557			671			-		671
Add back:
Pension/OPEB expense		19			18			20			-		20
Restructuring costs and other charges		2			8			-			-		-
Stock-based compensation expense		10			8			-			-		-
Storm-related insurance proceeds		-			(4	)		-			-		-
Loss on disposal of Northwest Operations		-			-			2			-		2
Adjusted EBITDA	$	585		$	587		$	693		$	-	$	693
EBITDA margin		35.9	%		35.3	%		39.6	%		N/A		39.6	%
Adjusted EBITDA margin		37.9	%		37.2	%		40.9	%		N/A		40.9	%
Free Cash Flow
Net cash provided from (used by) operating activities	$	468		$	603		$	497			N/A		N/A
Capital expenditures		(559	)		(377	)		(356	)		N/A		N/A
Operating free cash flow	$	(91	)	$	226		$	141			N/A		N/A

	For the year ended
	December 31, 2021			December 31, 2020
	(Non-GAAP Combined)			(Predecessor)
	Consolidated Frontier			Consolidated Frontier			Northwest Ops (1)			Remaining Properties
($ in millions)
Net income (loss)	$	4,955		$	(402	)	$	126		$	(528	)
Add back (subtract):
Income tax expense (benefit)		(50	)		(84	)		-			(84	)
Interest expense		375			762			-			762
Investment and other income, net		4			43			-			43
Pension settlement costs		-			159			-			159
Loss on extinguishment of debt		-			72			-			72
Reorganization items, net		(4,171	)		409			-			409
Operating income		1,113			959			126			833
Depreciation and amortization		1,240			1,598			-			1,598
EBITDA		2,353			2,557			126			2,431
Add back:
Pension/OPEB expense		81			90			-			90
Restructuring costs and other charges		28			87			-			87
Stock-based compensation		17			3			-			3
Storm-related insurance proceeds		(4	)		(1	)		-			(1	)
Loss on disposal of Northwest Operations		-			162			-			162
Adjusted EBITDA	$	2,475		$	2,898		$	126		$	2,772
EBITDA margin		36.7	%		35.7	%		65.6	%		34.9	%
Adjusted EBITDA margin		38.6	%		40.5	%		65.6	%		39.8	%
Free Cash Flow
Net cash provided from (used by) operating activities	$	797		$	1,989			N/A			N/A
Capital expenditures		(1,705	)		(1,181	)		N/A			N/A
Operating free cash flow	$	(908	)	$	808			N/A			N/A

⁽¹⁾ Amounts represent the financial results of our Northwest Operations for year ended December 31, 2020. Net loss does not include the impact of income taxes and interest expense.

SCHEDULE F

Frontier Communications Parent, Inc.

Unaudited Consolidated Financial Data

Reconciliation of Non-GAAP Financial Measures for Remaining Properties to Consolidated Frontier

	For the three months ended
	December 31, 2021		September 30, 2021			December 31, 2020
	(Successor)		(Successor)			(Predecessor)
	Consolidated Frontier		Consolidated Frontier			Consolidated Frontier		Northwest Ops		Remaining Properties
($ in millions)
Adjusted Operating Expenses
Total operating expenses (2)	$	1,271	$	1,292		$	1,418	$	-	$	1,418
Subtract:
Depreciation and amortization		282		273			394		-		394
Loss on disposal of Northwest Operations		-		-			2		-		2
Pension/OPEB expense		19		18			20		-		20
Restructuring costs and other charges		2		8			-		-		-
Stock-based compensation		10		8			-		-		-
Storm-related insurance proceeds		-		(4	)		-		-		-
Adjusted operating expenses	$	958	$	989		$	1,002	$	-	$	1,002

	For the year ended
	December 31,			December 31,
	2021			2020
	(Non-GAAP Combined)			(Predecessor)
	Consolidated Frontier			Consolidated Frontier			Northwest Ops (1)		Remaining Properties
($ in millions)
Adjusted Operating Expenses
Total operating expenses (2)	$	5,298		$	6,196		$	66	$	6,130
Subtract:
Depreciation and amortization		1,240			1,598			-		1,598
Loss on disposal of Northwest Operations		-			162			-		162
Pension/OPEB expense		81			90			-		90
Restructuring costs and other charges		28			87			-		87
Stock-based compensation expense		17			3			-		3
Storm-related insurance proceeds		(4	)		(1	)		-		(1	)
Adjusted operating expenses	$	3,936		$	4,257		$	66	$	4,191

⁽¹⁾ Amounts represent the financial results of our Northwest Operations for the year ended December 31, 2020.

⁽²⁾ Operating expenses for Northwest Ops do not include allocated expenses which are included in operating expenses for our Remaining Properties.

SCHEDULE G

Frontier Communications Parent, Inc.

Selected Financial and Operating Data for Remaining Properties, Excluding Northwest Operations

(Unaudited)

		As of or for the quarter ended
		December 31, 2021			September 30, 2021			December 31, 2020
Broadband Revenue ($ in millions)
Total Company	Fiber	$	277		$	274		$	250
	Copper		197			204			209
	Total	$	474		$	478		$	459
Estimated Fiber Passings (in millions) (2)
Base Fiber Passings			3.2			3.2			3.2
Total Fiber Passings			4.0			3.8			3.3
Estimated Broadband Fiber % Penetration (2)
Base Fiber Penetration			41.9	%		41.5	%		41.2	%
Total Fiber Penetration			36.4	%		37.0	%		40.3	%
Broadband Customers, end of period (in thousands) (2)
Consumer	Fiber		1,336			1,292			1,238
	Copper		1,234			1,264			1,349
	Total		2,570			2,556			2,587
Business (1)	Fiber		96			95			95
	Copper		133			138			152
	Total		229			233			247
Broadband Net Adds (in thousands) (2)
Consumer	Fiber		44			29			9
	Copper		(30	)		(33	)		(32	)
	Total		14			(4	)		(23	)
Business (1)	Fiber		1			-			1
	Copper		(5	)		(4	)		(5	)
	Total		(4	)		(4	)		(4	)
Broadband Churn (2)
Consumer	Fiber		1.32	%		1.56	%		1.56	%
	Copper		1.69	%		1.89	%		1.96	%
	Total		1.50	%		1.73	%		1.77	%
Business (1)	Fiber		1.23	%		1.26	%		1.43	%
	Copper		1.64	%		1.62	%		1.78	%
	Total		1.47	%		1.48	%		1.65	%
Broadband ARPU (2) (3)
Consumer	Fiber	$	62.21		$	63.35		$	59.72
	Copper		45.33			45.44			42.61
	Total	$	53.99		$	54.38		$	50.73
Business (1)	Fiber	$	106.87		$	104.76		$	101.56
	Copper		62.54			64.03			66.12
	Total	$	80.87		$	80.47		$	79.50

		For the year ended
		December 31, 2021			December 31, 2020
Broadband Revenue
Total Company	Fiber	$	1,075			N/A
	Copper		815			N/A
	Total	$	1,890			N/A
Broadband Churn (2)
Consumer	Fiber		1.45	%		1.71	%
	Copper		1.72	%		2.11	%
	Total		1.59	%		1.92	%
Business (1)	Fiber		1.26	%		1.82	%
	Copper		1.67	%		1.97	%
	Total		1.50	%		1.91	%
Broadband ARPU (2) (3)
Consumer	Fiber	$	62.34		$	57.79
	Copper		44.69			41.96
	Total	$	53.43		$	49.34
Business (1)	Fiber	$	104.39		$	100.93
	Copper		64.12			65.27
	Total	$	80.26		$	78.26

⁽¹⁾ Business customers include our small, medium business and larger enterprise (SME) customers. Wholesale customers are excluded.

⁽²⁾ Due to changes in accounting policy during the second quarter of 2021, historical periods have been updated to reflect the comparable amounts.

⁽³⁾ Due to changes in classification of equipment revenue from other revenue to broadband revenue during the second quarter of 2021, historical periods have been updated to reflect the comparable amounts.

EX-99.2

Exhibit 99.2

 Frontier (FYBR)Fourth Quarter 2021 Results  February 23, 2022 

 Safe Harbor statement  This presentation contains "forward-looking statements" related to future events. Forward-looking statements address our expectations or beliefs concerning future events, including, without limitation, our future operating and financial performance, our implementation of strategic initiatives, and our ability to comply with the covenants in the agreements governing our indebtedness and other matters. These statements are made on the basis of management’s views and assumptions, as of the time the statements are made, regarding future events and performance and contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “may,” “will,” “would,” or “target.” Forward-looking statements by their nature address matters that are, to different degrees, uncertain. A wide range of factors could materially affect future developments and performance, including but not limited to: our significant indebtedness, our ability to incur substantially more debt in the future, and covenants in the agreements governing our current indebtedness that may reduce our operating and financial flexibility; declines in Adjusted EBITDA relative to historical levels that we are unable to offset; our ability to successfully implement strategic initiatives, including our fiber buildout and other initiatives to enhance revenue and realize productivity and service improvements; our ability to secure necessary construction resources, materials and permits for our fiber buildout initiative in a timely and cost effective manner; potential disruptions in our supply chain and the effects of inflation resulting from the COVID-19 pandemic, the global microchip shortage, or otherwise, which could adversely impact our business and hinder our fiber expansion plans; our ability to effectively manage our operations, operating expenses, capital expenditures, debt service requirement and cash paid for income taxes and liquidity; competition from cable, wireless and wireline carriers, satellite, fiber “overbuilders” and OTT companies, and the risk that we will not respond on a timely or profitable basis; our ability to successfully adjust to changes in the communications industry, including the effects of technological changes and competition on our capital expenditures, products and service offerings; risks related to disruption in our networks, infrastructure and information technology that result in customer loss and/or incurrence of additional expenses; the impact of potential information technology or data security breaches or other cyber-attacks or other disruptions; our ability to retain or attract new customers and to maintain relationships with customers; our reliance on a limited number of key supplies and vendors; declines in revenue from our voice services, switched and nonswitched access and video and data services that we cannot stabilize or offset with increases in revenue from other products and services; our ability to secure, continue to use or renew intellectual property and other licenses used in our business; our ability to hire or retain key personnel; our ability to dispose of certain assets or asset groups or to make acquisition of certain assets on terms that are attractive to us, or at all; the effects of changes in the availability of federal and state universal service funding or other subsidies to us and our competitors and our ability to obtain future subsidies, including participation in the proposed RDOF program; our ability to comply with the applicable CAF II and RDOF requirements and the risk of penalties or obligations to return certain CAF II and RDOF funds; our ability to defend against litigation and potentially unfavorable results from current pending and future litigation; our ability to comply with applicable federal and state consumer protection requirements; the effects of governmental legislation and regulation on our business, including costs, disruptions, possible limitations on operating flexibility and changes to the competitive landscape resulting from such legislation or regulation; the impact of regulatory, investigative and legal proceedings and legal compliance risks; our ability to effectively manage service quality in the states in which we operate and meet mandated service quality metrics; the effects of changes in income tax rates, tax laws, regulations or rulings, or federal or state tax assessments; the effects of changes in accounting policies or practices; our ability to successfully renegotiate union contracts; the effects of increased medical expenses and pension and postemployment expenses; changes in pension plan assumptions, interest rates, discount rates, regulatory rules and/or the value of our pension plan assets; the likelihood that our historical financial information may no longer be indicative of our future performance and our implementation of fresh start accounting; the impact of adverse changes in economic, political and market conditions in the areas that we serve, the U.S. and globally, including, but not limited to, disruption in our supply chain, inflation in pricing for key materials or labor, or other adverse changes resulting from epidemics, pandemics and outbreaks of contagious diseases, including the COVID-19 pandemic, natural disasters, economic or political instability or other adverse public health developments; potential adverse impacts of the COVID-19 pandemic on our business and operations, including potential disruptions to the work of our employees arising from health and safety measures such as social distancing, working remotely and recent applicable federal, state, and local mandates, and prohibitions, our ability to effectively manage increased demand on our network, our ability to maintain relationships with our current or prospective customers and vendors as well as their abilities to perform under current or proposed arrangements with us; risks associated with our emergence from the Chapter 11 Cases, including, but not limited to, the continuing effects of the Chapter 11 Cases on us and our relationships with our suppliers, customers, service providers or employees and changes in the composition of our board of directors and senior management; volatility in the trading price of our common stock, which has a limited trading history; substantial market overhang from the common stock issued in the Chapter 11 reorganization; certain provisions of Delaware law and our certificate of incorporation that may prevent efforts by our stockholders to change the direction or management of our Company; and certain other factors set forth in our other filings with the SEC. This list of factors that may affect future performance and the accuracy of forward-looking statements is illustrative and is not intended to be exhaustive. You should consider these important factors, as well as the risks and other factors contained in Frontier’s filings with the U.S. Securities and Exchange Commission, including our most recent reports on Form 10-K and Form 10-Q. These risks and uncertainties may cause actual future results to be materially different than those expressed in such forward-looking statements. We do not intend, nor do we undertake any duty, to update any forward-looking statements.Non-GAAP Financial MeasuresCertain financial measures included herein, including Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Operating Expenses and Operating Free Cash Flow, are not made in accordance with U.S. GAAP, and use of such terms varies from others in the same industry. Non-GAAP financial measures should not be considered as alternatives to net income (loss), net income margin or any other performance measures derived in accordance with U.S. GAAP as measures of operating performance or cash flows as measures of liquidity. Non-GAAP financial measures have important limitations as analytical tools, and you should not consider them in isolation or as substitutes for results as reported under U.S. GAAP. This presentation includes a reconciliation of certain non-GAAP financial measures to the most directly comparable financial measures calculated in accordance with U.S. GAAP. Projected GAAP financial measures and reconciliations of projected non-GAAP financial measures are not provided herein because such GAAP financial measures are not available on a forward-looking basis and such reconciliations could not be derived without unreasonable effort.This presentation uses the term “Implied Enterprise Value”, “Implied EV” and other similar terms, which is calculated using a trend line implied by our peers and certain assumed levels of broadband penetration. This term does not necessarily represent our actual enterprise value. Note Regarding Classifications of ResultsUnless otherwise indicated, the information presented herein, including operational, non-GAAP measures, and commentary pertain to the Remaining Properties only. “Remaining Properties,” as defined in Frontier’s 10-K for the year ended December 31, 2020, comprises the 25 states Frontier currently operates in and excludes Washington, Oregon, Idaho, and Montana due to the divestiture of operations and assets in these states effective May 1, 2020. “Consolidated” refers to the entire business, which may include financial data from Washington, Oregon, Idaho, and Montana for the periods through May 1, 2020. References to “Northwest Ops” refer to the metrics of the four Northwest states. Upon emergence from bankruptcy, Frontier adopted fresh start accounting in accordance with ASC 852. Unless otherwise noted, all figures and growth rates have been normalized to reflect the impact of fresh start accounting.   Forward looking language 

   3  © Frontier Communications.   John StrattonExecutive Chairman of the Board        • • • • • • • 

   Frontier today: company overview                                                                                                      Key operational & financial metrics1  Frontier footprint  $6.4BLTM Revenue as ofQ4 ‘21  $2.5BLTM Adjusted EBITDA as of Q4 ‘21  2.8MBroadband Customers2  $1.1BLTM Adjusted EBITDA from Fiber as of Q4 ‘21  23kTowers within 1 mile of Frontier fiber  400kBusinesses within 250 feet of Frontier fiber  1. All metrics shown are adjusted for the sale of Northwest Operations and have been normalized to reflect the impact of fresh start accounting. EBITDA and Adjusted EBITDA are non-GAAP measures. See Appendix slides for reconciliations to the closest GAAP measure. See Frontier’s supplemental trending schedules, available at www.frontier.com/ir, for information regarding certain GAAP and non-GAAP measures, including the impact of fresh start accounting. 2. Including consumer and business broadband subscribers 

   2021 was a pivotal year as we built a new team and began executing on our fiber-centric strategy  2021        March  Listed on NASDAQ Trading under FYBR    May  April    July    August    September    October    Today                   Q2-Q3      President & CEO  Nick Jeffery joins  New Board of Directors announced  February      New management team formed  Launched Consumer Emergence Offer  Announced plans to reach 10M+ fiber locations by 2025 at Inaugural Investor Day  Finished record quarter of fiber build and fiber net adds  Executed $1B debt offering  Launched 2Gbps Broadband Service  Q4 Earnings Call    2022 

   We achieved several key inflection points in 2021, with more to come in 2022 and 2023  Q2 2021    Inflection of Fiber Build  Q3 2021    Inflection of Fiber Broadband Net Adds  Q4 2021    Inflection of Total Broadband Net Adds  Projected Late 2022  Sequential EBITDA growth  Projected 2023  Year-over-year EBITDA and Revenue growth 

       Long-term trends in the private and public sector continue to create positive momentum for the business  Data usage expected to triple over next five yearsFiber is the best product to meet this demandFrontier has a cost advantage in building fiber and deploying faster speeds over time  Government broadband stimulus spending expected to increase 5-6x over the next few years1 Building Gigabit America™ is our purpose and aligned with Government initiativesOur incumbent position provides significant speed and cost advantages to building fiber        Our products connect people to the Digital SocietyWe are developing a talented, diverse, and sustainable workforce We are stewards of the environmentWe are committed to the highest principles of governance  Growth in demand for high-speed broadband  Increased public funding to bridge digital divide  Expanded focus on ESG investing                                            1. Wall Street research 

   We continue to make progress on the 4 levers of value creation that we laid out at our August Investor Day        BuildingGigabitAmerica™                                                                                    PenetrationWin customers in our fiber footprint  Operational efficiencySimplify and digitize operations  Customer ExperienceDeliver an exceptional endto end customer journey  Fiber DeploymentAccelerate our fiber build  1  2  3  4         

   9  © Frontier Communications.   Nick JefferyPresident & Chief Executive Officer          • • • • • • • 

 We made significant progress executing on our strategic priorities in Q4    Built a record 192,000 new fiber locations, reaching target of ~4M total fiber locations at the end of 2021                          Added a record 45,000 fiber broadband customer net additions, over 50% higher than prior record set in Q3-2021                  Achieved positive total broadband customer growth for the first time in more than 5 years            Earned record-high NPS scores and record-low churn through strong operational execution                                Launched nation’s only network-wide 2Gig fiber internet service in February 2022                               

         BuildingGigabitAmerica™                                                                                    PenetrationWin customers in our fiber footprint  Operational efficiencySimplify and digitize operations  Customer ExperienceDeliver an exceptional endto end customer journey  Fiber DeploymentAccelerate our fiber build  1  2  3  4         

     We achieved a record quarter of new fiber passings in Q4 and finished 2021 with ~4M fiber passings…    Wave 2: 10M+ fiber passings by end of 2025   Wave 1: 4M+ fiber passings by end of 2021  2Q21  4Q20  3Q20  1Q20  3Q21  4Q21  2Q20  1Q21  2020  2022  2021  2023  2024  2025  1M+ expected in 2022  1. Consumer and business locations with less than 5 units per location included in expansion passings.  Quarterly Fiber Expansion Passings1, Thousand passings  Projected Fiber Passings1, Million passings     

 …and we put the foundation in place to scale even more rapidly in the next 18 months  Key foundational elements implemented in 2021    Expanded pool of suppliers for both labor and materials    Signed multi-year agreements with key partners to secure supply while meeting cost targets    Improved permitting process to reduce time to permit    Enhanced power of our network with industry-leading trial of 25Gig                                           

         BuildingGigabitAmerica™                                                                                    PenetrationWin customers in our fiber footprint  Operational efficiencySimplify and digitize operations  Customer ExperienceDeliver an exceptional endto end customer journey  Fiber DeploymentAccelerate our fiber build  1  2  3  4         

               Consumer Fiber: We have come a long way since early 2021 by fixing the basics of our consumer business…    Value-Added Services      Early 2022  Pre-Emergence: Early 2021  Consumer Offer  Standardized 3 tier offer for 500Mpbs, 1 Gig, and 2 GigFastest entry speeds, best value, fastest top performance  Complex legacy pricing offers, with unclear value proposition and added operational complexity  Launched best in-home Wi-Fi experience  Expanded OTT partnerships  Limited roadmap beyond OTT Partnership with DirectTV StreamLimited in-home Wi-Fi capability  Brand Reputation  Fiber NPS scores up 30+ points since early 2021  Tarnished brand with Fiber NPS scores in negative 20s   Digital Customer Acquisition  New partnership with Red Ventures to develop digital channel marketing and intelligence strategies, while building Frontier capabilitiesConsumer e-cart, AI-powered A/B testing and mix optimization  Limited digital customer acquisition capabilities                                     

     …and our strong execution has led to two successive quarters of record consumer fiber broadband growth    4Q21  1Q20  2Q20  3Q20  4Q20  2Q21  1Q21  3Q21  ~5X growth      We added a record number of fiber broadband customers, almost 5X the previous Q4…  Consumer Fiber Broadband Net Adds, ‘000 customers      …driving fiber broadband customer growth of 8% this year  Consumer Fiber Broadband Consumers, ‘000 customers  1Q21  4Q21  4Q20  1Q20  3Q21  2Q21  2Q20  3Q20  +8% 

   Base fiber penetration improved to 41.9%, and Expansion fiber penetration exceeded the high end of target range                                                  41.2%  2Q20  41.0%  4Q21  41.2%  3Q20  1Q21  40.7%  40.8%  41.3%  41.5%  41.9%  1Q20  2Q21  3Q21  4Q20        Base fiber penetration improved to 41.9%, led by gains in TX and FL   Base Fiber Penetration, % of passings      86k passings in cohort have hit 12-month mark; we continue to expect 15-20% penetration for Wave 2  Expansion Fiber Penetration,% of passings  22%  2020 Build CohortPenetration at 12 months 

   We are widening our network advantages against the competition  2Gbps Further enhances our industry leading consumer offering  $54.99   Fastest entry speedsSpeeds starting at 500Mbps                  Compelling value No Activation Fee. No Hidden Fees. Everyday Low Price           Top performance Symmetrical speeds upto 2Gbps, the highest in-market  2 Gbps        Stream with high resolution video quality  Multiple users or large families simultaneously  Telecommute and video conference with confidence  Symmetrical speeds up to 500Mbps  500Mbps  $79.99   Total home Wi-Fi, powering all your users, devices and online activities  Symmetrical speeds up to 1Gbps  1Gbps1  $149.99   Symmetrical speeds up to 2Gbps  2Gbps  Our flagship speed  Our fastest speed available  Game with ultimate performance  Unlock the power of 8K TV and AR/VR   8K  1. Max wired speeds of 940/880, actual speeds may vary  Total home Wi-Fi, My Premium Tech, Multi-Device Security                                                                                                                       

 Business and Wholesale: We have also made significant progress in turning around our business and wholesale segment  Pre-Emergence: Early 2021  Early 2022    Wholesale                  Limited strategic partnerships with key carriers  Multi-year strategic agreement with AT&T, to boost connectivity to cell towers and enterprise customers    SMB            Complex offer and pricing with unclear value propositionGeneric marketing campaigns, based on broader Consumer campaignsInbound-centric acquisition structure, absence of robust outbound channelsLack of local engagement and regionalized focusNo program in place to migrate fiber-eligible copper customers  Simple three tier offer with attractive pricing and Business Suite includedNeeds-based SMB dedicated marketing campaignsRefined and optimized inbound and outbound channel strategyRegional campaigns tailored to drive local engagement in key marketsProactive effort to migrate fiber-eligible copper customers     Enterprise              Unclear segmentation and lack of well-defined coverage modelProduct portfolio centered on legacy products with product gapsFragmented sales operations and customer management structure and limited CRM capability  Refined segmentation and coverage model to focus on highest potential customers and prospectsSimplified portfolio with focus on strategic productsConsolidated sales operations and customer management structure with optimized CRM platform 

         BuildingGigabitAmerica™                                                                                    PenetrationWin customers in our fiber footprint  Operational efficiencySimplify and digitize operations  Customer ExperienceDeliver an exceptional endto end customer journey  Fiber DeploymentAccelerate our fiber build  1  2  3  4         

         Early 2022  Pre-Emergence: Early 2021  Through our relentless focus on the customer experience, we have begun regaining loyalty   Next Day Install  Customer Billing  Equipment Returns  Customer Communications  Simplified, paperless billing and emphasis on auto-pay  Paper billing with inconsistent format  Streamlined IVR, automated and simplified SMS and email communications, online FAQs and self-help tools  Customer communications driven by manual call center processes  Next-day install availability across bulk of footprint  Long install intervals with frequent delays, resulting in cancelled orders  Simplified, automated return process with mail-in option and QR code  Manual equipment return requiring Technician pick up or customer drop off                                       

         Fiber Net Promoter Score up ~33 points from January to December 2021      Fiber and copper churn both down more than 20 points year-over-year  Jan-21  Apr-21  Feb-21  Mar-21  May-21  Aug-21  Jun-21  Jul-21  Sep-21  Oct-21  Nov-21  Dec-21  Our Fiber NPS turned positive for the first time in Q4, and our churn continues to improve  4Q21  4Q20  Fiber  -24 pts  4Q21  4Q20  Copper  -27 pts  Frontier 2021 Fiber Net Promoter Score  Consumer Broadband Churn, % 

   23  © Frontier Communications.   Scott BeasleyChief Financial Officer          • • • • • • • 

   Q4 2021:Financial Highlights  Note: Adjusted EBITDA is a non-GAAP measure. See Appendix for reconciliations to closest GAAP measures.    $468M of Net Cash from Operations, driven by healthy operating performance and increased focus on working capital management  $273M of Adjusted EBITDA from Fiber Products, roughly flat sequentially as higher Consumer Fiber performance was offset by lower voice and other  $585M of Adjusted EBITDA, roughly flat sequentially across Fiber and Copper  $189M Net Income  $1.54B Revenue, including roughly flat sequential data revenue but lower voice revenue                     

 Fiber broadband revenue growth remained strong, partly offsetting voice and video declines    Revenue from Fiber1, $M  Revenue Commentary  Revenue from Copper1, $M  Q4 2020  685  Q4 2021  Q3 2021  675  684  Q3 2021  Q4 2020  784  Q4 2021  809  866      Business and Wholeslae  Consumer  1. Excluding subsidy and other revenue. See the supplemental trending schedules, available at www.frontier.com/ir, for information regarding certain GAAP and non-GAAP financial measures, including the impact of fresh start accounting.   Revenue from fiber declined sequentially, as broadband growth was offset by video and voice declines  Consumer Fiber broadband revenue grew 11% year-over-year  Business and wholesale fiber revenue declined ~1% year-over-year  Revenue from copper products declined ~9% year-over-year, driven by declines across consumer, business and wholesale  Copper consumer broadband revenue declined ~3% year-over-year, while voice and video declines were more significant  

     Q4 2021 Adjusted EBITDA1, $M  Adjusted EBITDA Commentary  Fiber represents the majority of Adjusted EBITDA, and should continue growing as we expand our fiber network    Fiber Products  Copper Products  1. EBITDA and Adjusted EBITDA are non-GAAP financial measures. See the supplemental trending schedules, available at www.frontier.com/ir, and the Appendix hereto for information regarding Adjusted EBITDA from Fiber and Copper products.   Adjusted EBITDA from Fiber products was roughly flat year-over-year, as strong consumer broadband growth and margin improvements were offset by revenue declines in voice and wholesale  Adjusted EBITDA from Fiber products now represents 54% of total EBITDA, up from 48% in the fourth quarter of 2020  Adjusted EBITDA from Copper products was in-line with our expectations, and we expect year-over-year declines to moderate over the next several quarters 

         BuildingGigabitAmerica™                                                                                    PenetrationWin customers in our fiber footprint  Operational efficiencySimplify and digitize operations  Customer ExperienceDeliver an exceptional endto end customer journey  Fiber DeploymentAccelerate our fiber build  1  2  3  4         

       Fit for the Future Update: We surpassed our in-year target for 2021, and are on track to exceed our original savings targets   2021  $25M  2022  2023  $100M  $250M  Gross run-rate savings (Announced at Aug 2021 Investor Day)  Additional $150M+ one-time cash benefits from divesting non-core assets        On track to exceed original targets   Exceeded original target with ~$90M of run-rate savings             Fit for the Future Program Targets         

 We continue to simplify our business to reduce our cost structure and redeploy capital into our fiber growth strategy  Closeretail stores              Consolidate excess locations to reduce operating expenses and redeploy cash  Divest non-productive real estate                                Reviewing ancillary businesses with low margin or non-recurring revenues  Review options on CPE business  Objective  Progress in 2021  Exit retail stores, which are not reflective of consumer broadband buying behavior      Diversify base of key suppliers while consolidating overall vendor base  Transform Procurement    Sold 18 properties for cash proceeds of $42M  Closed more than 50 retail stores in 2H 2021Redeployed efforts into digital interaction  Divested CPE business in Q4-21 to focus on core connectivity ($50M of revenue but minimal EBITDA)  Diversified Fiber Build Supplier baseConsolidated long tail of tactical vendors                                 

 We continue to simplify our business to reduce our cost structure and redeploy capital into our fiber growth strategy  Closeretail stores              Consolidate excess locations to reduce operating expenses and redeploy cash  Divest non-productive real estate                                Reviewing ancillary businesses with low margin or non-recurring revenues  Review options on CPE business  Objective  Progress in 2021  Exit retail stores, which are not reflective of consumer broadband buying behavior      Diversify base of key suppliers while consolidating overall vendor base  Transform Procurement    Sold 18 properties for cash proceeds of $42M  Closed 13 retail stores in 2H 2021Redeployed efforts into digital interaction  Divested CPE business in Q4-21 to focus on core connectivity ($50M of revenue but minimal EBITDA)  Diversified Fiber Build Supplier baseConsolidated long tail of tactical vendors                                 

 Disciplined Capital Allocation: We are rigorously focused on improving our return on capital    Fiber build will be primary focus of capital allocation; dynamic model to target highest IRR opportunities for revenue growth and cost reduction  We generated $468M of net cash from operating activities in the fourth quarter  Committed to disciplined balance sheet management; with net leverage in “mid-threes”  Strong cash flow generation  Disciplined balance sheet management  Rigorous capital allocation decision-making                                                                     

 Strong liquidity to fund fiber build, with no significant maturities before 2027   Maturity Profile as of December 31, 20211, $M   2029  2024  2023  2022  2025  2026  2027  2028  2030  2031  1. Excludes amortization payments of ~$15 million per year on Term Loan.2. Leverage ratio is a non-GAAP measure. See supplemental trending schedules available at www.frontier.com/ir.  4Q21 Leverage Ratio  Weighted Average Cost of Debt  Weighted Average Life of Debt  Current Liquidity  2.4x2  5.7%  7.7 years  $2.6B, including ~$2.1B of cash 

 Introducing 2022 Financial Guidance  Adjusted EBITDA  Capital Expenditures        Fiber Build  Note: Projected GAAP financial measures and reconciliations of projected non-GAAP financial measures are not provided herein because such GAAP financial measures are not available on a forward-looking basis and such reconciliations could not be derived without unreasonable effort. Adjusted EBITDA is a non-GAAP Financial measure.   $2.40 - 2.50B  1M+ locations  $2.00 - 2.15B                                                                   

               Favorable market structure                           Strong & growing demand                              Clear strategy & purpose            Ample liquidity & access to capital                    Strong & experienced leadership team                            Superior product                                    Frontier Investment Thesis 

   34  © Frontier Communications.           Q&A  • • • • • • • 

   35  © Frontier Communications.           • • • • • • •  Appendix 

 Non-GAAP Financial Measures – Remaining Properties   (Millions)  Q1 2020  Q2 2020  Q3 2020  Q4 2020  Q1 2021  Q2 2021  Q3 2021  Net Income (Loss)   $(283)   $(210)   $15    $(50)   $60    $4,580    $126   Add back (Subtract)  Income Tax Expense (Benefit)   (23)   (57)   (11)   7    87    (180)   31   Interest Expense   383    160    121    98    89    91    90   Investment and Other (income) Loss, Net   (5)   20    14    14    (2)   3    37   Pension Settlement Costs   103    56   -  -  -  -  -  Loss on Extinguishment of Debt  -  -  --   72   -  -  -  Reorganization Items, Net  -   142    131    136    25    (4,196)  -  Operating Income   175    111    270    277    259    298    284   Depreciation and Amortization   415    397    392    394    387    298    273   EBITDA   $590    $508    $662    $671    $646    $596    $557   Add back:  Pension / OPEB Expense   $23    $23    $24    $20    $23    $21    $18   Restructuring Costs and Other Charges   48    36    3   -   2    16    8   Stock-based Compensation Expense   1    1    1   -   (1)  -   8   Storm Related Insurance Proceeds  -   (1)  -  -  -  -   (4)  Gain/Loss on Disposal of NW Operations    24    136   -   2   -  -  -  Adjusted EBITDA   $686    $703    $690    $693    $670    $633    $587   EBITDA margin  33.0%   29.0%   38.4%   39.6%   38.5%   36.9%   35.3%   Adjusted EBITDA margin  38.4%   40.1%   40.0%   40.9%   40.0%   39.2%   37.2%   Q4 2021   $189    12    105    (34)  -  -  -   272    282    $554    $19    2    10   -  -   $585   35.9%   37.9%  

XML

Document and Entity Information	Feb. 23, 2022
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Feb. 23, 2022
Entity Registrant Name	Frontier Communications Parent, Inc.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-11001
Entity Tax Identification Number	86-2359749
Entity Address, Address Line One	401 Merritt 7
Entity Address, City or Town	Norwalk
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06851
City Area Code	203
Local Phone Number	614-5600
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000020520
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	FYBR
Security Exchange Name	NASDAQ