Q2 2024 Frontier Communications Parent Inc Earnings Call Transcript
Key Points
- Frontier Communications Parent Inc (FYBR) achieved its fastest quarter of organic growth in over a decade, driven by record fiber broadband net additions and strong ARPU growth.
- The company added a record 92,000 new fiber broadband customers in Q2, marking a 37% increase from the previous year.
- Frontier exceeded 7 million fiber passings, moving closer to its goal of 10 million locations.
- The company's fiber penetration reached 45% in its base fiber footprint, demonstrating strong market acceptance and brand recovery.
- Frontier's cost-saving initiatives have resulted in $580 million in savings since 2021, contributing to a 5% EBITDA growth for the quarter.
- Frontier reported a net loss of $123 million for the quarter, primarily due to a non-cash pension re-measurement and a $25 million one-time legal settlement.
- Consumer fiber broadband churn remained flat at 1.4%, indicating no improvement in customer retention.
- The company anticipates potential headwinds from the Affordable Connectivity Program (ACP) impact in the second half of the year.
- Despite strong growth, the company’s adjusted SG&A expenses were elevated for the second quarter in a row, driven by higher marketing and commissions costs.
- The company’s copper business revenue remains under pressure, with ongoing declines expected despite some stabilization efforts.
Good morning. Thank you for attending today's Frontier Communications' second quarter 2024 earnings call. My name is Cole, and I'll be the moderator for today's call. (Operator Instructions) I'd now like to turn it over to Spencer Kurn. Please go ahead.
Good morning, and welcome to Frontier Communications' second quarter 2024 earnings call. This is Spencer Kurn, Frontier's Head of Investor Relations, and I'm joined on the call today by Nick Jeffery, our President and CEO; and Scott Beasley, our CFO. Today's presentation can be followed within the webcast available in the Events and Presentations section of our Investor Relations website.
Before we start, please see our Safe Harbor disclaimer on slide 2. This is a reminder that this conference call may include forward-looking statements that involve risks and uncertainties that may cause actual results to differ materially from those expressed today. During the call, we may also refer to certain non-GAAP
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