FTRCQ Frontier Communications Corporation Class B

Frontier Communications: Cox Media Group Continues to Ignore Frontier Customers in KIRO-TV Dispute

NORWALK, Conn.--(BUSINESS WIRE)--

“Frontier is disappointed that Cox continues to deny our customers access to KIRO-TV and is now demanding even higher rates than it originally offered to Frontier. In fact, Cox is seeking to nearly double its rate over the next three years, rates that would directly affect customer bills,” said Steve Ward, Frontier Senior Vice President, Video Technology and Content. “Resolving this dispute and returning KIRO to our lineup is a priority for Frontier. Unfortunately, our attempts to reach a fair agreement have been rejected by Cox, and their actions amount to a refusal to participate in meaningful discussions.”

Ward added, “Large station owners like Cox Media Group are generously subsidized with publicly-owned TV spectrum worth millions of dollars. Their tactics, including blackouts and skyrocketing rate demands, are not consistent with using the broadcast medium to serve the public interest. It’s time for big TV station owners like Cox to stop these anti-consumer tactics and get back to the table with realistic and fair proposals.”

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. Frontier Business offers communications solutions to small, medium, and enterprise businesses. More information about Frontier is available at www.frontier.com.

EN
08/02/2018

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FTRCQFrontier Communications Corporation Class B

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Reports on Frontier Communications Corporation Class B

Vikash Harlalka
  • Vikash Harlalka
FTRCQ Frontier Commun...

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).

FTRCQ FRONTIER COMMUNICATIONS CORPORATION CLASS B
06/06/24 June 6, 2024 1 EN
Jonathan Chaplin
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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...

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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 ...

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FTRCQ FRONTIER COMMUNICATIONS CORPORATION CLASS B
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Jonathan Chaplin
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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.

FTRCQ FRONTIER COMMUNICATIONS CORPORATION CLASS B
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Jonathan Chaplin
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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.

FTRCQ FRONTIER COMMUNICATIONS CORPORATION CLASS B
02/24/24 February 24, 2024 1 EN

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