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):   November 2, 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 November 2, 2022, Frontier Communications Parent, Inc. (“Frontier”) issued a press release announcing its financial results for the quarter ended September 30, 2022.  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 November 2, 2022, to discuss its third quarter 2022 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:  November 2, 2022	By:	/s/  Scott Beasley
		Scott Beasley
		Executive Vice President, Chief Financial Officer

EX-99.1

Exhibit 99.1

Frontier Delivers Another Quarter of Record Operational Results

Reports Third-Quarter 2022 Financial Results, Raises Cost Saving Target

NORWALK, Conn., November 2, 2022 -- Frontier Communications Parent, Inc. (NASDAQ: FYBR) (“Frontier”) reported third-quarter 2022 results today.

“We delivered another quarter of record-breaking operational results,” said Nick Jeffery, President and Chief Executive Officer of Frontier. “Our team set a new pace for building and selling fiber this quarter. At the same time, we radically simplified our business and delivered significant cost savings ahead of plan. This is a sign of a successful turnaround.

“Our team has rallied around our purpose of Building Gigabit America and is laser-focused on executing our fiber-first strategy.  As the second-largest fiber builder and the largest pure-play fiber provider in the country, we are well-positioned to win.”

Third-quarter 2022 Highlights¹

• Built fiber to a record 351,000 locations to reach a total of 4.8 million fiber locations, nearly halfway to our target of 10 million fiber locations

• Added a record 66,000 fiber broadband customers, resulting in fiber broadband customer growth of 15.8% compared with the third quarter of 2021

• Revenue of $1.44 billion, net income of $120 million, and Adjusted EBITDA of $508 million

• Capital expenditures of $772 million, including $18 million of subsidy-related build capital expenditures, $442 million of non-subsidy-related build capital expenditures, and $170 million of customer-acquisition capital expenditures.

• Net cash from operations of $284 million, driven by healthy operating performance and increased focus on working capital management

• Nearly achieved our $250 million gross annual cost savings target more than one year ahead of plan, enabling us to raise our target to $400 million by the end of 2024

Third-quarter 2022 Consolidated Financial Results

Frontier reported consolidated revenue for the quarter ended September 30, 2022, of $1.44 billion, an 8.4% decline compared with the quarter ended September 30, 2021, as growth in consumer fiber broadband was offset by declines in subsidy, video, voice, and wholesale.

• Consolidated revenue growth was particularly impacted by the expiration of CAF II funding at the end of the fourth quarter of 2021

• Excluding subsidy-related revenue, consolidated revenue for the quarter ended September 30, 2022, declined 4.5% compared with the quarter ended September 30, 2021, an improvement in the year-over-year rate of decline reported for the quarter ended June 30, 2022

¹ 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).

Third-quarter 2022 operating income was $169 million and net income was $120 million.

Adjusted EBITDA was $508 million and Adjusted EBITDA margin was 35.2%, compared to Adjusted EBITDA of $587 million and Adjusted EBITDA margin of 37.2% in the third quarter of 2021.² The year-over-year decline in Adjusted EBITDA and Adjusted EBITDA margin was primarily driven by revenue declines and higher energy-related costs, partially offset by lower video content expense, lower selling, general and administrative expenses, and cost-saving initiatives.

Capital expenditures were $772 million, an increase from $377 million in the third quarter of 2021, as fiber expansion initiatives accelerated.

Third-quarter 2022 Consumer Results

• Consumer revenue of $785 million declined 1.9% from the third quarter of 2021, as strong growth in fiber broadband was offset by declines in legacy video, voice, and other

• Consumer fiber revenue of $424 million increased 3.6% over the third quarter of 2021, as growth in consumer broadband revenue offset declines in voice, video, and other

• Consumer fiber broadband revenue of $278 million increased 14.4% over the third quarter of 2021, driven by growth in fiber broadband customers

• Consumer fiber broadband customer net additions of 64,000, a two-fold increase from the third quarter of 2021, resulted in consumer fiber broadband customer growth of 16.3% from the third quarter of 2021

• Consumer fiber broadband customer churn of 1.60% increased from 1.56% in the third quarter of 2021, primarily due to higher involuntary disconnects

• Consumer fiber broadband ARPU of $62.97 declined 0.6% from the third quarter of 2021, as price increases and speed upgrades were offset by the introduction of autopay and gift-card incentives in the third quarter of 2021.  Excluding the impact of gift-card accounting, consumer fiber broadband ARPU increased 1.6% over the third quarter of 2021

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).

Third-quarter 2022 Business and Wholesale Results

• Business and wholesale revenue of $641 million declined 7.5% from the third quarter of 2021, primarily due to declines in our copper footprint

• Business and wholesale fiber revenue of $267 million increased 1.1% sequentially, but declined 2.9% from the third quarter of 2021

• Business fiber broadband customer churn of 1.36% increased from 1.26% in the third quarter of 2021

• Business fiber broadband ARPU of $107.28 increased 2.4% from the third quarter of 2021

Capital Structure

As of September 30, 2022, Frontier had total liquidity of $3.3 billion, including a cash and short-term investments balance of approximately $2.6 billion and $0.8 billion of available borrowing capacity on its revolving credit facility. Frontier’s net leverage ratio for the four quarters ended September 30, 2022, was approximately 3.1x.³ Frontier has no long-term debt maturities prior to 2027.

2022 Outlook⁴

Frontier today reaffirmed its operational and financial guidance expectations for 2022.

Frontier’s guidance for the full year 2022 is:

• Adjusted EBITDA of $2.05 - $2.15 billion

• Fiber build of 1.1 - 1.2 million new locations

• Cash capital expenditures of $2.50 - $2.60 billion

• Cash taxes of approximately $20 million

• Net cash interest payments of approximately $485 million

• 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

Conference Call Information

As previously announced, Frontier will host a conference call with the financial community to discuss third-quarter 2022 results today, November 2, 2022, beginning at 8:30 a.m. Eastern Time.

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.

⁴  The operational and financial guidance expectations for 2022 comprise forward-looking statements related to future events.  See “Forward-Looking Statements” below.  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.

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

Investor Contact	Media Contact
Spencer Kurn	Chrissy Murray
SVP, Investor Relations	VP, Corporate Communications
+1 401 225 0475	+1 504-952-4225
spencer.kurn@ftr.com	chrissy.murray@ftr.com

About Frontier

Frontier is a leading communications provider offering gigabit speeds to empower and connect millions of consumers and businesses in 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, 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.

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, 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 and short-term investments) 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, including the reaffirmed 2022 financial and operational outlook. Forward-looking statements address our expectations or beliefs concerning future events, including, without limitation, our outlook with respect to future operating and financial performance, expected results from our implementation of strategic and cost savings 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 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 non-switched 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, increased fuel and electricity costs, the cost of borrowing, 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 substantial common stock holdings by our former creditors 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 Financial Data

	For the			For the			For the
	three months ended			three months ended			three months ended
	September 30,			June 30,			September 30,
($ in millions and shares in thousands, except per share amounts)	2022			2022			2021
	(Successor)			(Successor)			(Successor)
Statements of Income Data
Revenue	$	1,444		$	1,459		$	1,576
Operating expenses:
Cost of service		544			546			590
Selling, general, and administrative expenses		431			427			421
Depreciation and amortization		296			290			273
Restructuring costs and other charges		4			30			8
Total operating expenses		1,275			1,293			1,292
Operating income		169			166			284
Investment and other income (loss), net		211			122			(37	)
Pension settlement costs		(50	)		-			-
Interest expense		(135	)		(118	)		(90	)
Income before income taxes		195			170			157
Income tax expense		75			69			31
Net income	$	120		$	101		$	126
Weighted average shares outstanding - basic		244,984			244,723			244,403
Weighted average shares outstanding - diluted		245,212			244,723			245,667
Basic net earnings per common share	$	0.49		$	0.41		$	0.52
Diluted net earnings per common share	$	0.49		$	0.41		$	0.51
Other Financial Data:
Capital expenditures	$	772		$	641		$	377

Frontier Communications Parent, Inc.

Unaudited Financial Data

Note: The following results are reported separately for the four months ended April 30, 2021 (our Predecessor period prior to emergence) and for the five 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 nine months ended September 30, 2021.

	For the nine			For the five			For the four			For the nine
	months ended			months ended			months ended			months ended
	September 30,			September 30,			April 30,			September 30,
($ in millions and shares in thousands, except per share amounts)	2022			2021			2021			2021
	(Successor)			(Successor)			(Predecessor)			(Non-GAAP Combined)
Statement of Operations Data
Revenue	$	4,350		$	2,637		$	2,231		$	4,868
Operating expenses:
Cost of service		1,643			986			830			1,816
Selling, general and administrative expenses		1,293			690			537			1,227
Depreciation and amortization		870			452			506			958
Restructuring costs and other charges		88			19			7			26
Total operating expenses		3,894			2,147			1,880			4,027
Operating income		456			490			351			841
Investment and other income (loss), net		410			(39	)		1			(38	)
Pension settlement costs		(50	)		-			-			-
Reorganization items, net		-			-			4,171			4,171
Interest expense		(356	)		(152	)		(118	)		(270	)
Income before income taxes		460			299			4,405			4,704
Income tax expense (benefit)		174			74			(136	)		(62	)
Net income	$	286		$	225		$	4,541		$	4,766
Weighted average shares outstanding - basic		244,711			244,402			104,584		NM
Weighted average shares outstanding - diluted		245,080			245,600			104,924		NM
Basic net earnings per common share	$	1.17		$	0.92		$	43.42		NM
Diluted net earnings per common share	$	1.17		$	0.92		$	43.28		NM
Other Financial Data:
Capital expenditures	$	1,860		$	646		$	500		$	1,146

NM - Not meaningful

Frontier Communications Parent, Inc.

Unaudited Financial Data

Note: The following results are reported separately for the four months ended April 30, 2021 (our Predecessor period prior to emergence) and for the five 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 nine months ended September 30, 2021.

	For the three months ended		For the three months ended		For the three months ended
	September 30,		June 30,		September 30,
($ in millions)	2022		2022		2021
	(Successor)		(Successor)		(Successor)
Selected Statement of Operations Data
Revenue:
Data and Internet services	$	848	$	847	$	834
Voice services		369		381		411
Video services		127		134		149
Other		82		80		99
Revenue from contracts with customers		1,426		1,442		1,493
Subsidy and other revenue		18		17		83
Total revenue	$	1,444	$	1,459	$	1,576
Other Financial Data
Revenue:
Consumer	$	785	$	791	$	800
Business and Wholesale		641		651		693
Revenue from contracts with customers	$	1,426	$	1,442	$	1,493
Fiber	$	691	$	685	$	684
Copper		735		757		809
Revenue from contracts with customers	$	1,426	$	1,442	$	1,493

	For the nine months ended		For the five months ended		For the four months ended		For the nine months ended
	September 30,		September 30,		April 30,		September 30,
($ in millions)	2022		2021		2021		2021
	(Successor)		(Successor)		(Predecessor)		(Non-GAAP Combined)
Selected Statement of Operations Data
Revenue:
Data and Internet services	$	2,531	$	1,390	$	1,125	$	2,515
Voice services		1,136		694		647		1,341
Video services		398		254		223		477
Other		245		161		125		286
Revenue from contracts with customers		4,310		2,499		2,120		4,619
Subsidy and other revenue		40		138		111		249
Total revenue	$	4,350	$	2,637	$	2,231	$	4,868
Other Financial Data
Revenue:
Consumer	$	2,352	$	1,343	$	1,133	$	2,476
Business and Wholesale		1,958		1,156		987		2,143
Revenue from contracts with customers	$	4,310	$	2,499	$	2,120	$	4,619
Fiber	$	2,048	$	1,139	$	903	$	2,042
Copper		2,262		1,360		1,140		2,500
Other		-		-		77		77
Revenue from contracts with customers	$	4,310	$	2,499	$	2,120	$	4,619

Frontier Communications Parent, Inc.

Unaudited Operating Data

	As of and for the three months ended									For the nine months ended
	September 30, 2022			June 30, 2022			September 30, 2021			September 30, 2022			September 30, 2021
Consumer customer metrics
Customers (in thousands)		3,142			3,159			3,173			3,142			3,173
Net customer losses		(17	)		(10	)		(23	)		(23	)		(92	)
Average monthly consumer
revenue per customer	$	83.05		$	83.35		$	83.77		$	82.68		$	85.49
Customer monthly churn		1.76	%		1.53	%		1.64	%		1.55	%		1.54	%
Broadband customer metrics
Broadband customers (in thousands)		2,831			2,827			2,789			2,831			2,789
Net customer additions (losses)		4			8			(9	)		32			(44	)
Employees		14,746			15,074			15,803			14,746			15,803

Frontier Communications Parent, Inc.

Condensed Consolidated Balance Sheet Data

	(Unaudited)
($ in millions)	September 30, 2022		December 31, 2021
ASSETS
Current assets:
Cash and cash equivalents	$	230	$	2,127
Short-term investments		2,325		-
Accounts receivable, net		422		458
Other current assets		101		103
Total current assets		3,078		2,688
Property, plant and equipment, net		10,847		9,199
Other assets		4,348		4,594
Total assets	$	18,273	$	16,481
LIABILITIES AND EQUITY
Current liabilities:
Long-term debt due within one year	$	15	$	15
Accounts payable and other current liabilities		1,962		1,436
Total current liabilities		1,977		1,451
Deferred income taxes and other liabilities		2,243		2,462
Long-term debt		9,120		7,968
Equity		4,933		4,600
Total liabilities and equity	$	18,273	$	16,481

	As of
	September 30, 2022
Leverage Ratio
Numerator:
Long-term debt due within one year	$	15
Long-term debt		9,120
Total debt	$	9,135
Less: Cash and cash equivalents		(230	)
Short-term investments		(2,325	)
Net debt	$	6,580
Denominator:
Adjusted EBITDA - last 4 quarters	$	2,137
Net Leverage Ratio		3.1	x

Frontier Communications Parent, Inc.

Unaudited Consolidated Cash Flow Data

	For the three			For the three
	months ended			months ended
	September 30, 2022			September 30, 2021
($ in millions)	(Successor)			(Successor)
Cash flows provided from (used by) operating activities:
Net income	$	120		$	126
Adjustments to reconcile net loss to net cash provided from
(used by) operating activities:
Depreciation and amortization		296			273
Pension settlement costs		50			-
Stock-based compensation		19			8
Other adjustments		(7	)		(6	)
Bad debt expense		5			10
Deferred income taxes		74			31
Change in accounts receivable		(8	)		43
Change in pension and other postretirement liabilities		(285	)		60
Change in accounts payable and other liabilities		17			38
Change in prepaid expenses, income taxes, and other assets		3			20
Net cash provided from operating activities		284			603
Cash flows used by investing activities:
Capital expenditures		(772	)		(377	)
Proceeds on sale of assets		3			-
Purchases of short-term investments (1)		(625	)		-
Sale of short-term  investments (1)		600			-
Other		1			1
Net cash used by investing activities		(793	)		(376	)
Cash flows provided from (used by) financing activities:
Long-term debt payments		(4	)		(4	)
Finance lease obligation payments		(5	)		(5	)
Proceeds from sale and lease-back transactions		70			-
Other		-			(1	)
Net cash provided from (used by) financing activities		61			(10	)
Increase (Decrease) in cash, cash equivalents, and restricted cash		(448	)		217
Cash, cash equivalents, and restricted cash at the beginning of the period		708			1,044
Cash, cash equivalents, and restricted cash at the end of the period	$	260		$	1,261
Supplemental cash flow information:
Cash paid during the period for:
Interest	$	88		$	37
Income tax payments (refunds), net	$	(2	)	$	3
Reorganization items, net	$	-		$	-

⁽¹⁾ Amounts represent cash movement to/from short-term investments. Given the long-term nature of the fiber build, we have invested cash in short-term investments to improve interest income while preserving funding flexibility.

Frontier Communications Parent, Inc.

Unaudited Consolidated Cash Flow Data

Note: The following results are reported separately for the four months ended April 30, 2021 (our Predecessor period prior to emergence) and for the five 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 nine months ended September 30, 2021.

	For the nine			For the five			For the four			For the nine
	months ended			months ended			months ended			months ended
	September 30, 2022			September 30, 2021			April 30, 2021			September 30, 2021
($ in millions)	(Successor)			(Successor)			(Predecessor) (1)			(Non-GAAP Combined)
Cash flows provided from (used by) operating activities:
Net income	$	286		$	225		$	4,541		$	4,766
Adjustments to reconcile net loss to net cash provided from
(used by) operating activities:
Depreciation and amortization		870			452			506			958
Pension settlement costs		50			-			-			-
Stock-based compensation		54			8			(1	)		7
Non-cash reorganization items, net		-			-			(5,467	)		(5,467	)
Lease impairment		44			-			-			-
Bad debt expense		19			16			-			16
Other adjustments		(20	)		(11	)		1			(10	)
Deferred income taxes		167			68			(148	)		(80	)
Change in accounts receivable		16			49			36			85
Change in pension and other postretirement liabilities		(527	)		60			(12	)		48
Change in accounts payable and other liabilities		94			89			(156	)		(67	)
Change in prepaid expenses, income taxes, and other assets		(12	)		27			46			73
Net cash provided from (used by) operating activities		1,041			983			(654	)		329
Cash flows provided from (used by) investing activities:
Capital expenditures		(1,860	)		(646	)		(500	)		(1,146	)
Purchases of short-term investments (2)		(3,225	)		-			-			-
Sale of short-term  investments (2)		900			-			-			-
Proceeds on sale of assets		4			-			9			9
Other		3			1			1			2
Net cash used by investing activities		(4,178	)		(645	)		(490	)		(1,135	)
Cash flows provided from (used by) financing activities:
Long-term debt payments		(11	)		(8	)		(1	)		(9	)
Proceeds from long-term debt borrowings		1,200			-			225			225
Financing costs paid		(17	)		-			(4	)		(4	)
Finance lease obligation payments		(15	)		(9	)		(7	)		(16	)
Proceeds from sale and lease-back transactions		70			-			-			-
Taxes paid on behalf of employees for shares withheld		(7	)		-			-			-
Other		(1	)		-			(16	)		(16	)
Net cash provided from (used by) financing activities		1,219			(17	)		197			180
Increase (Decrease) in cash, cash equivalents, and restricted cash		(1,918	)		321			(947	)		(626	)
Cash, cash equivalents, and restricted cash at the beginning of the period		2,178			940			1,887			1,887
Cash, cash equivalents, and restricted cash at the end of the period	$	260		$	1,261		$	940		$	1,261
Supplemental cash flow information:
Cash paid during the period for:
Interest	$	286		$	121		$	84		$	205
Income tax payments, net	$	7		$	27		$	9		$	36
Reorganization items, net	$	-		$	-		$	1,397		$	1,397

⁽¹⁾ Due to change in policy subsequent to bankruptcy, Bad debt expense and other numbers in the Successor and Predecessor periods are not comparable.

⁽²⁾ Amounts represent cash movement to/from short-term investments. Given the long-term nature of the fiber build, we have invested cash in short-term investments to improve interest income while preserving funding flexibility.

SCHEDULE A

Frontier Communications Parent, Inc.

Unaudited Financial Data

Reconciliation of Non-GAAP Financial Measures

Note: 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 nine months ended September 30, 2021.

	For the three months ended									For the nine months ended
	September 30,			June 30,			September 30,			September 30,			September 30,
($ in millions)	2022			2022			2021			2022			2021
	(Successor)			(Successor)			(Successor)			(Successor)			(Non-GAAP Combined)
Net income	$	120		$	101		$	126		$	286		$	4,766
Add back (subtract):
Income tax expense (benefit)		75			69			31			174			(62	)
Interest expense		135			118			90			356			270
Investment and other (income) loss, net		(211	)		(122	)		37			(410	)		38
Pension settlement costs		50			-			-			50			-
Reorganization items, net		-			-			-			-			(4,171	)
Operating income		169			166			284			456			841
Depreciation and amortization		296			290			273			870			958
EBITDA	$	465		$	456		$	557		$	1,326		$	1,799
Add back:
Pension/OPEB expense	$	13		$	18		$	18		$	50		$	62
Restructuring costs and other charges (1)		4			30			8			88			26
Rebranding costs		7			11			-			26			-
Stock-based compensation		19			20			8			54			7
Storm-related insurance proceeds		-			-			(4	)		-			(4	)
Legal settlement		-			-			-			8			-
Adjusted EBITDA	$	508		$	535		$	587		$	1,552		$	1,890
EBITDA margin		32.2	%		31.3	%		35.3	%		30.5	%		37.0	%
Adjusted EBITDA margin		35.2	%		36.7	%		37.2	%		35.7	%		38.8	%
Free Cash Flow
Net cash provided from operating activities	$	284		$	229		$	603		$	1,041		$	329
Capital expenditures		(772	)		(641	)		(377	)		(1,860	)		(1,146	)
Operating free cash flow	$	(488	)	$	(412	)	$	226		$	(819	)	$	(817	)

⁽¹⁾ Includes $44 million of lease impairment charges for the nine months ended September 30, 2022.

SCHEDULE B

Frontier Communications Parent, Inc.

Unaudited Consolidated Financial Data

Reconciliation of Non-GAAP Financial Measures

Note: 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 nine months ended September 30, 2021.

	For the three months ended							For the nine months ended
	September 30,		June 30,		September 30,			September 30,		September 30,
($ in millions)	2022		2022		2021			2022		2021
	(Successor)		(Successor)		(Successor)			(Successor)		(Non-GAAP Combined)
Adjusted Operating Expenses
Total operating expenses	$	1,275	$	1,293	$	1,292		$	3,894	$	4,027
Subtract:
Depreciation and amortization		296		290		273			870		958
Pension/OPEB expense		13		18		18			50		62
Restructuring costs and other charges (1)		4		30		8			88		26
Rebranding costs		7		11		-			26		-
Stock-based compensation		19		20		8			54		7
Storm-related insurance proceeds		-		-		(4	)		-		(4	)
Legal settlement		-		-		-			8		-
Adjusted operating expenses	$	936	$	924	$	989		$	2,798	$	2,978

⁽¹⁾ Includes $44 million of lease impairment charges for the nine months ended September 30, 2022.

SCHEDULE C

Frontier Communications Parent, Inc.

Selected Financial and Operating Data

(Unaudited)

Note: 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 nine months ended September 30, 2021.

		As of or for the quarter ended									For the nine months ended
		September 30, 2022			June 30, 2022			September 30, 2021			September 30, 2022			September 30, 2021
		(Successor)			(Successor)			(Successor)			(Successor)			(Non-GAAP Combined)
Broadband Revenue ($ in millions)
Total Company	Fiber	$	312		$	302		$	274		$	900		$	798
	Copper		195			197			204			587			618
	Total	$	507		$	499		$	478		$	1,487		$	1,416
Estimated Fiber Passings (in millions)
Base Fiber Passings			3.2			3.2			3.2
Total Fiber Passings			4.8			4.4			3.8
Estimated Broadband Fiber % Penetration
Base Fiber Penetration			42.9	%		42.6	%		41.5	%
Total Fiber Penetration			33.6	%		34.8	%		37.0	%
Broadband Customers, end of period (in thousands)
Consumer	Fiber		1,502			1,438			1,292
	Copper		1,105			1,163			1,264
	Total		2,607			2,601			2,556
Business(1)	Fiber		104			102			95
	Copper		120			124			138
	Total		224			226			233
Broadband Net Adds (in thousands)
Consumer	Fiber		64			50			29
	Copper		(58	)		(41	)		(33	)
	Total		6			9			(4	)
Business (1)	Fiber		2			4			-
	Copper		(4	)		(5	)		(4	)
	Total		(2	)		(1	)		(4	)
Broadband Churn
Consumer	Fiber		1.60	%		1.43	%		1.56	%		1.41	%		1.50	%
	Copper		2.02	%		1.73	%		1.89	%		1.76	%		1.73	%
	Total		1.79	%		1.57	%		1.73	%		1.57	%		1.62	%
Business (1)	Fiber		1.36	%		1.28	%		1.26	%		1.29	%		1.27	%
	Copper		1.82	%		1.63	%		1.62	%		1.68	%		1.68	%
	Total		1.61	%		1.48	%		1.48	%		1.51	%		1.52	%
Broadband ARPU
Consumer	Fiber	$	62.97		$	63.35		$	63.35		$	62.84		$	62.38
	Copper		49.65			48.47			45.44			47.93			44.47
	Total	$	57.17		$	56.57		$	54.38		$	56.04		$	53.25
Business (1)	Fiber	$	107.28		$	107.19		$	104.76		$	106.84		$	103.55
	Copper		65.26			63.00			64.03			64.41			64.65
	Total	$	84.49		$	82.53		$	80.47		$	83.16		$	80.05
Reconciliation: Broadband ARPU
Consumer	Consumer Fiber Broadband ARPU	$	62.97		$	63.35		$	63.35		$	62.84		$	62.38
	Gift card impact		1.66			1.38			0.24			1.38			0.08
	Adjusted Consumer Fiber Broadband ARPU	$	64.63		$	64.73		$	63.59		$	64.22		$	62.46

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

EX-99.2

Exhibit 99.2

 1  November 2, 2022  FRONTIER  third QUARTER  2022 RESULTS 

 2  Safe Harbor Statement  Forward-Looking Statements  This release contains "forward-looking statements" related to future events, including the updated reaffirmed 2022 financial and operational outlook. Forward-looking statements address our expectations or beliefs concerning future events, including, without limitation, our outlook with respect to future operating and financial performance, expected results from our implementation of strategic and cost savings 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 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 non-switched 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, increased fuel and electricity costs, the cost of borrowing, 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 substantial common stock holdings by our former creditors 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 Measures  Certain financial measures included herein, including Adjusted EBITDA, Adjusted EBITDA Margin, Leverage Ratio, 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.  

 3  JOHN  STRATTON  Executive Chairman of the Board 

 4  Frontier today: Company overview  1. All metrics reflect Last Twelve Months’ as of 09/30/22. EBITDA, Adjusted EBITDA, and Fiber 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.  2. Including consumer and business broadband subscribers  15.3M  Total Passings  4.8M  Fiber Passings  2.8M  Broadband Customers2  1.6M  Fiber Broadband Customers2  $5.9B  Revenue1  $2.7B  Fiber Revenue1  $2.1B  Adjusted EBITDA1  $1.1B  Fiber Adjusted EBITDA1  Frontier Footprint  Key Operational & Financial Metrics 

 5  Fiber Deployment  Fiber Penetration  Operational Efficiency  Accelerate our fiber build  Customer Experience  Win customers in our fiber footprint  Simplify and digitize operations  Deliver an exceptional end-to-end customer journey  1  2  3  4  We have demonstrated resilience by executing in a challenging operating environment 

 6  Long-term trends remain encouraging, and Frontier is best positioned to meet growing demand for data  Combines North America Mobile Network Traffic & Consumer Internet Traffic, Credit Suisse Report 2021   Over next three years – Source: Wall Street research  Fiber drivers  Industry drivers  Exploding data consumption: 3x increase expected in data usage by 20251   Growing Gov’t stimulus: 5-6x increase expected in government broadband spend2   Superior product: Higher speed, low latency, symmetric up/down vs. cable  Best scale economics: Core network now 10Gbps with lower cost of delivery given passive infrastructure  Future proof: Government preference for fiber to build broadband infrastructure  Incumbent and first-mover advantage: 2nd largest fiber builder in America with significant speed and cost advantages  Attractive returns: Fiber build expected to yield mid-to-high teens IRRs  Proven leadership: High performing team with strong track record of success  Well funded: Strong balance sheet, low leverage, healthy free cash flow net of build and customer acquisition costs  Frontier drivers 

 7  We remain committed to the highest standards of ESG  Frontier’s sustainability program:   Building energy-efficient fiber networks  Establishing Frontier Green initiatives  Greening our fleet  Reducing our energy use  Managing our carbon footprint  Frontier’s first-ever social impact program:   Represents a commitment to accelerating digital inclusion  Supports the company’s purpose of Building Gigabit America by using its fiber technology and resources to connect more people to the digital society  Frontier’s governance program:   Diverse Board representation with oversight of material ESG issues  Comprehensive compliance and ethics programs   Robust Code of Conduct and practices, including data privacy and security  

 8  nick  Jeffery  President & Chief Executive Officer 

 9  Our operating momentum remained strong in 3Q22  Built a record 351,000 new fiber locations, and nearly reached the halfway point to our 10M fiber locations target  Nearly achieved $250M cost savings target more than one year ahead of plan, leading us to raise our target to $400M by the end of 2024  Added a record 66,000 fiber broadband customers, ~2x higher than the same period a year ago  SMB reached record gross and net adds, with enterprise and wholesale showing early signs of improvement  Healthy free cash flow generation net of fiber investments and acquisition costs 

 Key Inflection Points  Achieved  On Track  Year-over-year revenue and EBITDA growth  2023  Fiber EBITDA > copper EBITDA  Consumer fiber broadband customer base > consumer copper broadband customer base  Scale fiber broadband net add production   3Q21  Total broadband net adds turn positive  4Q21  Further accelerate the fiber build  Sequential EBITDA growth  2Q22  Sustainable EBITDA inflection  4Q22  Scale the fiber build  2Q21  We are consistently delivering our transformation  Nearly achieved initial cost savings target   Raised cost savings target  3Q22 

 11  Fiber deployment: We are nearly halfway to our 10M fiber target, and have significantly scaled our build…  1. Consumer and business locations with less than 5 units per location included in expansion passings.  Quarterly Fiber Expansion Passings1Thousand passings  2Q21  4Q21  4Q20  1Q22  1Q21  3Q21  3Q22  2Q22  ~6x scaling of fiber build  On track to diversify our build into at least twelve states by the end of the year  Managing through inflation and labor challenges while realizing cost efficiencies as the build scales  Signed additional contracts for equipment and labor  Fiber build has scaled in-line with our expectations 

 12  Consumer fiber penetration: Broadband customer growth continues to accelerate  Consumer Fiber Broadband Net Adds‘000 customers  …driving fiber broadband customer growth of 16% in the past 12 months  Consumer fiber broadband net adds increased ~2X the previous 3Q…  1Q21  3Q22  2Q21  3Q21  2Q22  4Q21  1Q22  +16%  1Q21  2Q21  3Q21  1Q22  2Q22  4Q21  3Q22  ~2x growth  Consumer Fiber Broadband Customers‘000 customers 

 13  Fiber penetration: Base fiber penetration improved to 42.9%; expansion fiber penetration is exceeding targets  Base Fiber Penetration1% of passings  Expansion Fiber Penetration1 % of passings  Expansion fiber penetration exceeding targets  Base fiber penetration improved 140bps year-over-year to 42.9%  2021 Build Cohort  2020 Build Cohort  42.4%  1Q21  3Q21  2Q21  4Q21  41.5%  41.9%  3Q22  42.9%  2Q22  41.2%  41.3%  42.6%  1Q22  +140 bps  12-month  24-month  12-month  Target Range2  1. Base Fiber penetration represents all customers as a percentage of passings in our fiber footprint of 3.2M locations at the end of 2019. Expansion Fiber penetration represents all customers as a percentage of passings in our footprint where we have built fiber since the end of 2019 at respective 12-month anniversaries after being passed with fiber.   2. Target Range is penetration of 15-20% at the 12-month anniversary and 25-30% at the 24-month anniversary after being passed with fiber in our Expansion Fiber footprint. 

 14  Structural price increases and rising Gig+ speed adoption support long-term ARPU growth…  Consumer Fiber Gig+ Mix  %  Adjusted Consumer Fiber Broadband ARPU$ per month  Consumer Fiber broadband ARPU grew 2% year-over-year1, driven by annual price increases and improved speed mix  Gig+ mix of consumer fiber activations has climbed for new activations, with significant opportunity still in base  Embedded Base  Activations2  Adjusted for the impact of gift card accounting  Activations include customers who are new to Frontier as well as migrations from copper   Gig+  < 1Gig  45-50%  50-55%  15-20%  85-90%  1Q21  $63.35  $60.73  $64.63  $62.21  2Q21  $62.97  2Q22  $63.10  $62.75  $63.35  3Q21  4Q21  $62.10  1Q22  3Q22  $60.73  $63.10  $63.59  $63.21  $64.73  +2%  Reported ARPU  Gift Card Impact 

 15  … and our pricing ladder has evolved to create additional opportunities to grow ARPU  15  10%+ higher acquisition ARPU post August pricing launch  SMB Pricing Evolution   Launched 2Gbps service footprint-wide  Enhance Product  Simplified to broadband-only pricing tiers with flexible add-ons  Simplify Pricing Ladder  Launched RingCentral and reset pricing for security and static IP  Monetize Value Added Services  Incentivized customers to adopt 1Gbps+ speeds  Upsell to Higher Speeds 

 Improve customer experience until fiber becomes available  We remain disciplined in our Copper footprint   16  Key Actions  Upgrade to fiber  Key Priorities  Disciplined focus  Targeting the right customers  Dedicated retention specialists  Copper-specific customer communications  Investing in our copper plant 

 17  SMB, Enterprise, and Wholesale: Positive momentum  Enterprise  Wholesale  SMB  +10% acquisition ARPU growth  Highest YTD bookings in September  Fiber-to-the-tower momentum  Record Gig+ mix  Favorable sales mix  Winning ethernet share with top accounts  Sharp increase in net adds  Sharp increase in order book  Sharp increase in ethernet bookings  New leadership teams  New leadership teams  New leadership teams 

 18  Scott  Beasley  Chief Financial Officer 

 19  Financial highlights  Q3 2022  $1.44B Revenue, as sequentially higher data and internet services revenue was offset by lower voice and video revenue  $120M Net Income  $508M of Adjusted EBITDA, lower sequentially due to seasonally higher energy and growth-related subscriber acquisition costs  $276M of Adjusted EBITDA from Fiber Products, lower sequentially as higher revenue was offset by higher energy and growth-related subscriber acquisition costs  $284M of Net Cash from Operations, driven by healthy operating performance and continued focus on liquidity and working capital management 

 Revenue from Fiber1, $M  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.   Revenue Commentary  Consumer Fiber broadband revenue grew ~14% year-over-year, leading to overall Consumer Fiber revenue growth  Video Fiber revenue declined year-over-year but has minimal impact on EBITDA  Voice Fiber revenue declined year-over-year but was roughly flat sequentially   Business and Wholesale Fiber revenue declined ~3% year-over-year but increased sequentially  Copper revenue declined 9% year-over-year, driven by declines across consumer, business and wholesale  Consumer Copper broadband revenue declined 3% year-over-year, but was roughly flat sequentially  685  3Q21  2Q22  3Q22  684  691  Business and Wholesale  Consumer  2Q22  3Q21  3Q22  735  809  757  Revenue from Copper1, $M  Consumer Fiber broadband revenue accelerated to 14% 

 EBITDA poised to reach sustainable inflection next quarter  Adjusted EBITDA from Fiber products declined 1% year-over-year as revenue growth was offset by seasonally higher energy and growth-related subscriber acquisition costs  Adjusted EBITDA from Copper products declined 5% year-over-year, representing a significant moderation in declines versus prior quarters  Adjusted EBITDA from Fiber and Copper products combined declined 3% year-over-year, a significant improvement versus the trailing five quarters  3Q22 Adjusted EBITDA1, $M  Adjusted EBITDA Commentary  1. Excluding subsidy and other revenue. 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.   Fiber  Copper 

 22  We have $3.3B of liquidity to fund the fiber build, with no significant debt maturities before 2027   Liquidity  $M, as of September 30, 2022  2028  2022  2023  2031  2024  2027  2029  2025  2030  2026  Maturity Profile2  $M, as of September 30, 2022  3.1x3  3Q22 Leverage Ratio  6.4%  Weighted Average Cost of Debt  6.9 Years  Weighted Average Life of Debt  As of June 30, 2021  Excludes amortization payments of ~$15 million per year on Term Loan.  Leverage ratio is a non-GAAP measure. See supplemental trending schedules available at www.frontier.com/ir.  Wave 2 Build  At Emergence1  3Q22  Available   Revolver Capacity  Cash &   Short-term   Investments  1,528  3,322  84%  Share of Debt at Fixed Interest Rates 

 We are raising our cost savings target and have made rapid progress against our initial plan  Year End 2023 Target  $250M  Year End 2024 Target  $400M  Targets  Close retail stores  Divest non-productive real estate  Transform procurement  Review strategic options on ancillary, non-core businesses  Paperless-billing  Consolidate call centers  Simplification Initiatives  Streamline field-operations and logistics 

 Products that are critical for connecting to the digital society  Cost structure to endure inflationary environment  Balance sheet insulated from rising interest rates  We are well positioned to withstand the economic environment  84% of debt is at fixed interest rates1  No significant maturities until 2027  100 basis point increase in interest rates results in incremental annual cash interest expense of ~$15M  Inflationary fuel, energy, and labor costs represent small portion of cost structure  Multi-year agreements in place with key material and labor partners  Fit for the Future cost reduction program ahead of plan, will help offset inflationary pressures  Provide a wide range of products and services with un-matched value  Bringing more value to customers is at the core of everything we do  Customer health metrics continue to trend favorably   1. As of 9/30/2022 

 25  Reiterating 2022 financial guidance  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.   Capital Expenditures  $2.40-2.50B  $2.50-2.60B  Fiber Build Locations  1.0M  1.1-1.2M  Adjusted EBITDA  $2.00-2.15B  $2.05-2.15B  2022 Outlook  As of February 23, 2022  2022 Outlook  As of August 5, 2022 

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

 27  Q & A 

 28  appendix 

 EBITDA margin  38.5%   36.9%   35.3%   35.9%   28.0%   Adjusted EBITDA margin  40.0%   39.2%   37.2%   37.9%   35.2%    (Millions)  1Q21  2Q21  3Q21  4Q21  1Q22  Net Income   $60    $4,580    $126    $189    $65   Add back (Subtract)  Income Tax Expense (Benefit)   87    (180)   31    12    30   Interest Expense   89    91    90    105    103   Investment and Other (Income) Loss, Net   (2)   3    37    (34)   (77)  Reorganization Items, Net   25    (4,196)  -  -  -  Operating Income   259    298    284    272    121   Depreciation and Amortization   387    298    273    282    284   EBITDA   $646    $596    $557    $554    $405   Add back:  Pension / OPEB Expense   $23    $21    $18    $19    $19   Restructuring Costs and Other Charges   2    16    8    2    54   Rebranding Costs  -  -  -  -   8   Stock-based Compensation Expense   (1)  -   8    10    15   Legal Settlement  -  -  -  -   8   Storm Related Insurance Proceeds  -  -   (4)  -  -  Adjusted EBITDA   $670    $633    $587    $585    $509   Non-GAAP Financial Measures  2Q22   $101    69    118    (122)  -   166    290    $456    $18    30    11    20   -  -   $535   31.3%   36.7%   3Q22   $120    75    135    (211)  -   169    296    $465    $13    4    7    19   -  -   $508   Pension Settlement Costs  -  -  -  -  -  -   50   32.2%   35.2%  

XML

Document and Entity Information	Nov. 02, 2022
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 02, 2022
Entity File Number	001-11001
Entity Registrant Name	Frontier Communications Parent, Inc.
Entity Central Index Key	0000020520
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-2359749
Entity Address, Address Line One	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
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	FYBR
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false