FTRCQ Frontier Communications Corporation Class B

Frontier Communications Names John Maduri EVP, Consumer Sales, Marketing & Product

Frontier Communications Corporation (NASDAQ:FTR) today announced that John Maduri, a telecommunications expert with 30 years in the industry, has been named to the position of Executive Vice President, Consumer Sales, Marketing & Product. Maduri will join the Company on July 24 and succeed Cecilia McKenney, who is leaving Frontier to pursue other opportunities.

“John brings a wealth of impressive industry experience to a critical role at Frontier,” said Dan McCarthy, Frontier’s President and CEO. “Focusing on consumer sales is a top priority for us and John’s leadership and remarkable track record will ensure that we continue to improve customer acquisition, care and retention. He will play an integral part in driving our many consumer-focused initiatives to improve results.”

McCarthy continued, “I want to thank Cecilia for her many contributions to Frontier over her eleven years of service to the Company. Cecilia played an instrumental role in leading our human resources and customer service functions and, more recently, in heading our consumer sales operations. She provided valuable leadership during a time when the company doubled in size through acquisitions and faced challenging market conditions. We wish her the very best.”

John Maduri joins Frontier after serving as President of the Commercial Business Unit of Cable & Wireless Communications Plc (CWC) where he led the creation and growth of that key operating segment. Maduri had P&L responsibility for the Commercial Business Unit, and his rigorous focus on execution led to year-over-year EBITDA growth. From 2005 to 2013, Maduri was CEO of Xplornet Communications Inc., where he built the business from start-up to become Canada’s leading rural broadband provider with a customer base of 200,000. Maduri served as president of Telus, a $9.7B telecommunications company in Calgary, Alberta, from 2000 to 2004. Prior to joining Telus, Maduri held positions of increasing responsibility with Rogers Communications, Canada’s largest publicly traded national wireless services provider.

About Frontier Communications

Frontier Communications Corporation (NASDAQ: FTR) is a leader in providing communications services to urban, suburban, and rural communities in 29 states. Frontier offers a variety of services to residential customers over its fiber-optic and copper networks, including video, high-speed internet, advanced voice, and Frontier Secure® digital protection solutions. Business Edge™ offers communications solutions to small, medium, and enterprise businesses. More information about Frontier is available at www.frontier.com.

EN
14/06/2017

Underlying

Reports on Frontier Communications Corporation Class B

Vikash Harlalka
  • Vikash Harlalka

FYBR Quick Hit: ABS debt priced

Frontier announced pricing for its latest ABS debt this afternoon, raising $750MM. The offering consists of $530MM Class A-2 notes at 6.2%, $73MM Class B notes at 7.0%, and $147MM Class C notes at 11.2%. The average cost of debt is 7.4%, which is in-line with our expectation, and ~140bps lower than their last ABS debt issuance. These new tranches of debt have an anticipated repayment period of 7 years (vs. 5 years on the last issuance).

Jonathan Chaplin
  • Jonathan Chaplin

FYBR: Cash flow in steady state

Frontier management has set targets for EBITDA of $4BN and operating FCF of $3BN on a footprint with 10MM fiber locations, in steady state. We built a simple model to vet this outcome. Our model arrives at slightly lower EBITDA and UFCF; however, modest cost cuts get us to the target, and cost cuts are likely. In addition to vetting steady-state targets, the model illuminates how value is created in the fiber business. We built it so that you can easily change assumptions and see the impact on v...

Jonathan Chaplin
  • Jonathan Chaplin

ACP Part V: FCC releases survey results

The FCC released a survey that included more than 5,000 ACP households today. The FCC repeated the mistake of prior surveys by asking whether households were new to broadband with ACP as opposed to subscribers that are new to broadband with one of the subsidy programs that followed the pandemic (stimulus checks; EBB; ACP). They also asked the important question, which is “what will you do when ACP ends”. Our quick analysis here focuses mostly on the social costs of ACP going away. We will ...

Jonathan Chaplin
  • Jonathan Chaplin

FYBR: updating capex and funding through 2026

The Company’s new Capex disclosure provides a clear map for cash capex for the fiber project for the remainder of the 10MM location plan, which will take them into 2026. Stronger confidence in the capex trajectory for the next three years lends confidence to the FCF trajectory and funding requirements (we have eliminated a variable). This should make it easier for investors on the sidelines to underwrite the investment case.

Jonathan Chaplin
  • Jonathan Chaplin

Frontier Model Update

This note focuses on changes to the model following 4Q23 results. Earlier today, we published a review of results and additional thoughts following the earnings call. Our net adds, revenue and EBITDA are slightly higher. Capex and FCF burn are also higher. Our long-term thesis remains unchanged. Price target is $54.

ResearchPool Subscriptions

Get the most out of your insights

Get in touch