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Investor Update
First Quarter 2012
May 7, 2012
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2
Safe Harbor Statement
Forward-Looking Language
This document contains forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in
the financial statements. Statements that are not historical facts are forward-looking statements made pursuant to the safe harbor provisions of The Private Securities Litigation
Reform Act of 1995. Words such as “believe,” “anticipate,” “expect” and similar expressions are intended to identify forward-looking statements. Forward-looking statements
(including oral representations) are only predictions or statements of current plans, which we review continuously. Forward-looking statements may differ from actual future results
due to, but not limited to, and our future results may be materially affected by, potential risks or uncertainties. You should understand that it is not possible to predict or identify all
potential risks or uncertainties. We note the following as a partial list: the risk that the growth opportunities from the Transaction may not be fully realized or may take longer to
realize than expected; the effects of greater than anticipated competition requiring new pricing, marketing strategies or new product or service offerings and the risk that we will not
respond on a timely or profitable basis; reductions in the number of our access lines that cannot be offset by increases in broadband subscribers and sales of other products and
services; the effects of competition from cable, wireless and other wireline carriers; our ability to maintain relationships with customers, employees or suppliers; the effects of
ongoing changes in the regulation of the communications industry as a result of federal and state legislation and regulation, or changes in the enforcement or interpretation of such
legislation and regulation; the effects of any unfavorable outcome with respect to any current or future legal, governmental or regulatory proceedings, audits or disputes; the effects
of changes in the availability of federal and state universal funding to us and our competitors; our ability to adjust successfully to changes in the communications industry and to
implement strategies for growth; continued reductions in switched access revenues as a result of regulation, competition or technology substitutions; our ability to effectively
manage service quality in our territories and meet mandated service quality metrics; our ability to successfully introduce new product offerings, including our ability to offer bundled
service packages on terms that are both profitable to us and attractive to customers; changes in accounting policies or practices adopted voluntarily or as required by generally
accepted accounting principles or regulations; our ability to effectively manage our operations, operating expenses and capital expenditures, and to repay, reduce or refinance our
debt; the effects of changes in both general and local economic conditions on the markets that we serve, which can affect demand for our products and services, customer
purchasing decisions, collectability of revenues and required levels of capital expenditures related to new construction of residences and businesses; the effects of technological
changes and competition on our capital expenditures and product and service offerings, including the lack of assurance that our network improvements will be sufficient to meet or
exceed the capabilities and quality of competing networks; the effects of increased medical and pension expenses and related funding requirements; changes in income tax rates,
tax laws, regulations or rulings, or federal or state tax assessments; the effects of state regulatory cash management practices that could limit our ability to transfer cash among
our subsidiaries or dividend funds up to the parent company; our ability to successfully renegotiate union contracts in 2012 and thereafter; changes in pension plan assumptions
and/or the value of our pension plan assets, which would require us to make increased contributions to the pension plan in 2013 and beyond; the effects of customer bankruptcies
and home foreclosures, which could result in difficulty in collection of revenues and loss of customers; adverse changes in the credit markets or in the ratings given to our debt
securities by nationally accredited ratings organizations, which could limit or restrict the availability, or increase the cost, of financing; limitations on the amount of capital stock that
we can issue to make acquisitions or to raise additional capital until July 2012; our indemnity obligation to Verizon for taxes which may be imposed upon them as a result of
changes in ownership of our stock may discourage, delay or prevent a third party from acquiring control of us during the two-year period ending July 2012 in a transaction that
stockholders might consider favorable; our ability to pay dividends on our common shares, which may be affected by our cash flow from operations, amount of capital
expenditures, debt service requirements, cash paid for income taxes and liquidity; and the effects of severe weather events such as hurricanes, tornadoes, ice storms or other
natural or man-made disasters. These and other uncertainties related to our business are described in greater detail in our filings with the Securities and Exchange Commission,
including our reports on Forms 10-K and 10-Q, and the foregoing information should be read in conjunction with these filings. We undertake no obligation to publicly update or
revise any forward-looking statements or to make any other forward-looking statement, whether as a result of new information, future events or otherwise unless required to do so
by securities laws.
the financial statements. Statements that are not historical facts are forward-looking statements made pursuant to the safe harbor provisions of The Private Securities Litigation
Reform Act of 1995. Words such as “believe,” “anticipate,” “expect” and similar expressions are intended to identify forward-looking statements. Forward-looking statements
(including oral representations) are only predictions or statements of current plans, which we review continuously. Forward-looking statements may differ from actual future results
due to, but not limited to, and our future results may be materially affected by, potential risks or uncertainties. You should understand that it is not possible to predict or identify all
potential risks or uncertainties. We note the following as a partial list: the risk that the growth opportunities from the Transaction may not be fully realized or may take longer to
realize than expected; the effects of greater than anticipated competition requiring new pricing, marketing strategies or new product or service offerings and the risk that we will not
respond on a timely or profitable basis; reductions in the number of our access lines that cannot be offset by increases in broadband subscribers and sales of other products and
services; the effects of competition from cable, wireless and other wireline carriers; our ability to maintain relationships with customers, employees or suppliers; the effects of
ongoing changes in the regulation of the communications industry as a result of federal and state legislation and regulation, or changes in the enforcement or interpretation of such
legislation and regulation; the effects of any unfavorable outcome with respect to any current or future legal, governmental or regulatory proceedings, audits or disputes; the effects
of changes in the availability of federal and state universal funding to us and our competitors; our ability to adjust successfully to changes in the communications industry and to
implement strategies for growth; continued reductions in switched access revenues as a result of regulation, competition or technology substitutions; our ability to effectively
manage service quality in our territories and meet mandated service quality metrics; our ability to successfully introduce new product offerings, including our ability to offer bundled
service packages on terms that are both profitable to us and attractive to customers; changes in accounting policies or practices adopted voluntarily or as required by generally
accepted accounting principles or regulations; our ability to effectively manage our operations, operating expenses and capital expenditures, and to repay, reduce or refinance our
debt; the effects of changes in both general and local economic conditions on the markets that we serve, which can affect demand for our products and services, customer
purchasing decisions, collectability of revenues and required levels of capital expenditures related to new construction of residences and businesses; the effects of technological
changes and competition on our capital expenditures and product and service offerings, including the lack of assurance that our network improvements will be sufficient to meet or
exceed the capabilities and quality of competing networks; the effects of increased medical and pension expenses and related funding requirements; changes in income tax rates,
tax laws, regulations or rulings, or federal or state tax assessments; the effects of state regulatory cash management practices that could limit our ability to transfer cash among
our subsidiaries or dividend funds up to the parent company; our ability to successfully renegotiate union contracts in 2012 and thereafter; changes in pension plan assumptions
and/or the value of our pension plan assets, which would require us to make increased contributions to the pension plan in 2013 and beyond; the effects of customer bankruptcies
and home foreclosures, which could result in difficulty in collection of revenues and loss of customers; adverse changes in the credit markets or in the ratings given to our debt
securities by nationally accredited ratings organizations, which could limit or restrict the availability, or increase the cost, of financing; limitations on the amount of capital stock that
we can issue to make acquisitions or to raise additional capital until July 2012; our indemnity obligation to Verizon for taxes which may be imposed upon them as a result of
changes in ownership of our stock may discourage, delay or prevent a third party from acquiring control of us during the two-year period ending July 2012 in a transaction that
stockholders might consider favorable; our ability to pay dividends on our common shares, which may be affected by our cash flow from operations, amount of capital
expenditures, debt service requirements, cash paid for income taxes and liquidity; and the effects of severe weather events such as hurricanes, tornadoes, ice storms or other
natural or man-made disasters. These and other uncertainties related to our business are described in greater detail in our filings with the Securities and Exchange Commission,
including our reports on Forms 10-K and 10-Q, and the foregoing information should be read in conjunction with these filings. We undertake no obligation to publicly update or
revise any forward-looking statements or to make any other forward-looking statement, whether as a result of new information, future events or otherwise unless required to do so
by securities laws.
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Non-GAAP Financial Measures
The Company uses certain non-GAAP financial measures in evaluating its performance. These include free cash flow, EBITDA or “operating cash flow,” which
we define as operating income plus depreciation and amortization (“EBITDA”), and Adjusted EBITDA; a reconciliation of the differences between EBITDA and
free cash flow and the most comparable financial measures calculated and presented in accordance with GAAP is included in the appendix. The non-GAAP
financial measures are by definition not measures of financial performance under GAAP and are not alternatives to operating income or net income reflected in
the statement of operations or to cash flow as reflected in the statement of cash flows and are not necessarily indicative of cash available to fund all cash flow
needs. The non-GAAP financial measures used by the Company may not be comparable to similarly titled measures of other companies.
we define as operating income plus depreciation and amortization (“EBITDA”), and Adjusted EBITDA; a reconciliation of the differences between EBITDA and
free cash flow and the most comparable financial measures calculated and presented in accordance with GAAP is included in the appendix. The non-GAAP
financial measures are by definition not measures of financial performance under GAAP and are not alternatives to operating income or net income reflected in
the statement of operations or to cash flow as reflected in the statement of cash flows and are not necessarily indicative of cash available to fund all cash flow
needs. The non-GAAP financial measures used by the Company may not be comparable to similarly titled measures of other companies.
The Company believes that the presentation of non-GAAP financial measures provides useful information to investors regarding the Company’s financial
condition and results of operations because these measures, when used in conjunction with related GAAP financial measures, (i) together provide a more
comprehensive view of the Company’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) presents measurements that investors and rating agencies
have indicated to management are useful to them in assessing the Company and its results of operations. In addition, the Company believes that free cash
flow and EBITDA, as the Company defines them, can assist in comparing performance from period to period, without taking into account factors affecting cash
flow reflected in the statement of cash flows, including changes in working capital and the timing of purchases and payments.
condition and results of operations because these measures, when used in conjunction with related GAAP financial measures, (i) together provide a more
comprehensive view of the Company’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) presents measurements that investors and rating agencies
have indicated to management are useful to them in assessing the Company and its results of operations. In addition, the Company believes that free cash
flow and EBITDA, as the Company defines them, can assist in comparing performance from period to period, without taking into account factors affecting cash
flow reflected in the statement of cash flows, including changes in working capital and the timing of purchases and payments.
The Company has shown adjustments to its financial presentations to exclude certain costs because investors have indicated to management that such
adjustments are useful to them in assessing the Company and its results of operations. These adjustments are detailed in the Appendix for the reconciliation
of free cash flow and operating cash flow.
adjustments are useful to them in assessing the Company and its results of operations. These adjustments are detailed in the Appendix for the reconciliation
of free cash flow and operating cash flow.
Management uses these non-GAAP financial measures to (i) assist in analyzing the Company’s underlying financial performance from period to period, (ii)
evaluate the financial performance of its business units, (iii) analyze and evaluate strategic and operational decisions, (iv) establish criteria for compensation
decisions, and (v) assist management in understanding the Company’s ability to generate cash flow and, as a result, to plan for future capital and operational
decisions. Management uses these non-GAAP financial measures in conjunction with related GAAP financial measures. These non-GAAP financial measures
have certain shortcomings. In particular, free cash flow does not represent the residual cash flow available for discretionary expenditures, since items such as
debt repayments and dividends are not deducted in determining such measure. EBITDA has similar shortcomings as interest, income taxes, capital
expenditures, debt repayments and dividends are not deducted in determining this measure. Management compensates for the shortcomings of these
measures by utilizing them in conjunction with their comparable GAAP financial measures. The information in this document should be read in conjunction with
the financial statements and footnotes contained in our documents filed with the U.S. Securities and Exchange Commission.
evaluate the financial performance of its business units, (iii) analyze and evaluate strategic and operational decisions, (iv) establish criteria for compensation
decisions, and (v) assist management in understanding the Company’s ability to generate cash flow and, as a result, to plan for future capital and operational
decisions. Management uses these non-GAAP financial measures in conjunction with related GAAP financial measures. These non-GAAP financial measures
have certain shortcomings. In particular, free cash flow does not represent the residual cash flow available for discretionary expenditures, since items such as
debt repayments and dividends are not deducted in determining such measure. EBITDA has similar shortcomings as interest, income taxes, capital
expenditures, debt repayments and dividends are not deducted in determining this measure. Management compensates for the shortcomings of these
measures by utilizing them in conjunction with their comparable GAAP financial measures. The information in this document should be read in conjunction with
the financial statements and footnotes contained in our documents filed with the U.S. Securities and Exchange Commission.
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Quarterly Snapshot
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Summary
● Solid quarter of customer metrics, expanding margins, and
stable leverage
stable leverage
Solid quarter of customer metrics, expanding margins, and
stable leverage
stable leverage
● Invested $209M into our network to reach 40,000 new homes
and increase broadband speeds
and increase broadband speeds
Invested $209M into our network to reach 40,000 new homes
and increase broadband speeds
and increase broadband speeds
● Acquisition systems integration successfully completed with
final 9-State conversion in March 2012
final 9-State conversion in March 2012
Acquisition systems integration successfully completed with
final 9-State conversion in March 2012
final 9-State conversion in March 2012
● Focus on revenue improvement, broadband penetration and
operational excellence
operational excellence
Focus on revenue improvement, broadband penetration and
operational excellence
operational excellence
● New organizational structure with all customer-facing activities
reporting to Daniel McCarthy, President & Chief Operating
Officer
reporting to Daniel McCarthy, President & Chief Operating
Officer
New organizational structure with all customer-facing activities
reporting to Daniel McCarthy, President & Chief Operating
Officer
reporting to Daniel McCarthy, President & Chief Operating
Officer
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Executing on Our Strategy
Keep the Customer in the Center of our Go-to-Market
Drive Revenue Growth | Lead With Broadband | Deliver Operational Excellence | Create Shareholder Value | |||
§ Double + Triple Play Bundles § WiFi + Mobility • VoIP • Cloud • Security • Home Automation • CPE | § Reach / Access § Speeds | § Process Simplification | § Improve Free Cash Flow |
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Financial Highlights
● Access line loss of 7.9% lowest to date, and expanding
broadband and video net subscriber additions
broadband and video net subscriber additions
Access line loss of 7.9% lowest to date, and expanding
broadband and video net subscriber additions
broadband and video net subscriber additions
● Residential ARPU grew sequentially, 44% reduction in
sequential revenue loss
sequential revenue loss
Residential ARPU grew sequentially, 44% reduction in
sequential revenue loss
sequential revenue loss
● Business ARPU grew sequentially, key products (Ethernet,
DIA, wireless backhaul, CPE) grew 6.6% annually
DIA, wireless backhaul, CPE) grew 6.6% annually
Business ARPU grew sequentially, key products (Ethernet,
DIA, wireless backhaul, CPE) grew 6.6% annually
DIA, wireless backhaul, CPE) grew 6.6% annually
● Adjusted EBITDA grew 1% sequentially; margin 49%, strongest
to date on $13M of incremental synergies and organic cost
control
to date on $13M of incremental synergies and organic cost
control
Adjusted EBITDA grew 1% sequentially; margin 49%, strongest
to date on $13M of incremental synergies and organic cost
control
to date on $13M of incremental synergies and organic cost
control
● FCF of $253M on track to achieve $900M-$1.0B guidance
FCF of $253M on track to achieve $900M-$1.0B guidance
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Business Update
Organization
Organization
● Metro Ethernet revenues +5.6% yr/yr in 1Q12; Wireless
backhaul revenues +16% yr/yr in 1Q12
backhaul revenues +16% yr/yr in 1Q12
Metro Ethernet revenues +5.6% yr/yr in 1Q12; Wireless
backhaul revenues +16% yr/yr in 1Q12
backhaul revenues +16% yr/yr in 1Q12
● Continued focus on value-added services, higher speeds,
and strategic partnerships
and strategic partnerships
Continued focus on value-added services, higher speeds,
and strategic partnerships
and strategic partnerships
● Financial improvements driven by network enhancement
and local engagement
and local engagement
Financial improvements driven by network enhancement
and local engagement
and local engagement
● Opportunity for incremental revenues: Frontier Secure with
identity protection, WiFi, mobility, video
identity protection, WiFi, mobility, video
Opportunity for incremental revenues: Frontier Secure with
identity protection, WiFi, mobility, video
identity protection, WiFi, mobility, video
Commercial
Commercial
Residential
Residential
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Conversion Impacts
● Acquired West Virginia metrics
continue to improve dramatically
continue to improve dramatically
Acquired West Virginia metrics
continue to improve dramatically
continue to improve dramatically
● Oct 1, 2011 conversion of 4 states
(NC,SC,IN,MI) already showing
traction
(NC,SC,IN,MI) already showing
traction
Oct 1, 2011 conversion of 4 states
(NC,SC,IN,MI) already showing
traction
(NC,SC,IN,MI) already showing
traction
● On track for Acquired to reach 8%
access line decline goal as we enter
2013
access line decline goal as we enter
2013
On track for Acquired to reach 8%
access line decline goal as we enter
2013
access line decline goal as we enter
2013
Notes: Broadband availability for 2Q10 updated for current data and methodology.
Notes: Broadband availability for 2Q10 updated for current data and methodology.
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Key Metrics
● Broadband net adds
+25% sequentially led
by DSL
+25% sequentially led
by DSL
Broadband net adds
+25% sequentially led
by DSL
+25% sequentially led
by DSL
● Video selling well in
bundles. Net adds led
by DISH and lower
FiOS disconnects
bundles. Net adds led
by DISH and lower
FiOS disconnects
Video selling well in
bundles. Net adds led
by DISH and lower
FiOS disconnects
bundles. Net adds led
by DISH and lower
FiOS disconnects
● Line loss improved
sharply to 7.9%
sharply to 7.9%
Line loss improved
sharply to 7.9%
sharply to 7.9%
● Churn steady;
showed minor
conversion impacts
showed minor
conversion impacts
Churn steady;
showed minor
conversion impacts
showed minor
conversion impacts
Notes: (1) Comparisons to amounts prior to 7/1/10 pro forma for the Acquired Properties. Subscriber units in 000s
Notes: (1) Comparisons to amounts prior to 7/1/10 pro forma for the Acquired Properties. Subscriber units in 000s
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Revenues
● Regulatory
revenues 11.7% of
1Q12 total
revenues 11.7% of
1Q12 total
Regulatory
revenues 11.7% of
1Q12 total
revenues 11.7% of
1Q12 total
● Switched access
5.5% and
subsidies 3.8% of
total revenue 2
5.5% and
subsidies 3.8% of
total revenue 2
Switched access
5.5% and
subsidies 3.8% of
total revenue 2
5.5% and
subsidies 3.8% of
total revenue 2
Notes: $ Millions; Numbers may not sum due to rounding. (1) as a percentage of Customer Revenue. (2) Excludes
surcharges
surcharges
Notes: $ Millions; Numbers may not sum due to rounding. (1) as a percentage of Customer Revenue. (2) Excludes
surcharges
surcharges
● Business
represents 52% of
total customer
revenues
represents 52% of
total customer
revenues
Business
represents 52% of
total customer
revenues
represents 52% of
total customer
revenues
● Business ARPU
up 9% yr/yr to
$637
up 9% yr/yr to
$637
Business ARPU
up 9% yr/yr to
$637
up 9% yr/yr to
$637
● High exposure to
business and
broadband
revenues. Key
focus on raising
this level.
business and
broadband
revenues. Key
focus on raising
this level.
High exposure to
business and
broadband
revenues. Key
focus on raising
this level.
business and
broadband
revenues. Key
focus on raising
this level.
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Residential & Business
● Acquired Residential
ARPU has +8% upside
to Legacy levels
ARPU has +8% upside
to Legacy levels
Acquired Residential
ARPU has +8% upside
to Legacy levels
ARPU has +8% upside
to Legacy levels
● Residential products-
per-customer +6.4%
yr/yr to 2.5 driven by
broadband
per-customer +6.4%
yr/yr to 2.5 driven by
broadband
Residential products-
per-customer +6.4%
yr/yr to 2.5 driven by
broadband
per-customer +6.4%
yr/yr to 2.5 driven by
broadband
● Mix of larger
customers favorably
impacting ARPU.
1Q12 seasonality on
CPE sales
customers favorably
impacting ARPU.
1Q12 seasonality on
CPE sales
Mix of larger
customers favorably
impacting ARPU.
1Q12 seasonality on
CPE sales
customers favorably
impacting ARPU.
1Q12 seasonality on
CPE sales
Notes: 1) Sequential quarterly change.
Notes: 1) Sequential quarterly change.
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Cash Operating Expenses
Notes: $ Millions; Please see Non-GAAP reconciliations in Appendix.
Notes: $ Millions; Please see Non-GAAP reconciliations in Appendix.
● Cash operating
expenses down $19M
sequentially
expenses down $19M
sequentially
Cash operating
expenses down $19M
sequentially
expenses down $19M
sequentially
● Continued extensive
focus and discipline
on synergy list
focus and discipline
on synergy list
Continued extensive
focus and discipline
on synergy list
focus and discipline
on synergy list
$19 Million
Reduction
Reduction
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Cost Savings
Notes: $ Millions
Notes: $ Millions
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Capital Expenditures
Notes: $ Millions. Numbers may not sum due to rounding.
Notes: $ Millions. Numbers may not sum due to rounding.
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Cash Flow
● 1Q12 Adjusted
EBITDA margin 49%
EBITDA margin 49%
1Q12 Adjusted
EBITDA margin 49%
EBITDA margin 49%
● 1Q12 FCF payout
ratio of 39%
ratio of 39%
1Q12 FCF payout
ratio of 39%
ratio of 39%
● Building cash for debt
repayment and
business investment
repayment and
business investment
Building cash for debt
repayment and
business investment
repayment and
business investment
Notes: $ Millions; See Appendix for calculation of Free Cash Flow (FCF).
Notes: $ Millions; See Appendix for calculation of Free Cash Flow (FCF).
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Credit & Liquidity
● Leverage (Net Debt /
EBITDA) has reduced
slightly
EBITDA) has reduced
slightly
Leverage (Net Debt /
EBITDA) has reduced
slightly
EBITDA) has reduced
slightly
● $1.3B of current
liquidity.
liquidity.
$1.3B of current
liquidity.
liquidity.
Notes: $ Millions. (1) Includes Restricted Cash; (2) Calculation excludes $63M of escrow cash.
Notes: $ Millions. (1) Includes Restricted Cash; (2) Calculation excludes $63M of escrow cash.
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Debt Profile
● Annualized 1Q12 FCF after dividends of $613M
Annualized 1Q12 FCF after dividends of $613M
● 7.9% Weighted Average Cost of Debt. Next significant maturity is
$581M 6.25% notes due 1/15/13
$581M 6.25% notes due 1/15/13
7.9% Weighted Average Cost of Debt. Next significant maturity is
$581M 6.25% notes due 1/15/13
$581M 6.25% notes due 1/15/13
● Expect to file a new SEC shelf registration statement in the near
future to replace expired shelf
future to replace expired shelf
Expect to file a new SEC shelf registration statement in the near
future to replace expired shelf
future to replace expired shelf
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Guidance
Notes: $ Millions. See Appendix for calculation of Free Cash Flow.
Notes: $ Millions. See Appendix for calculation of Free Cash Flow.
● Capital expenditures in 2012 include increased broadband expansion
and speed, fiber-to-the-cell, and other strategic investments
and speed, fiber-to-the-cell, and other strategic investments
Capital expenditures in 2012 include increased broadband expansion
and speed, fiber-to-the-cell, and other strategic investments
and speed, fiber-to-the-cell, and other strategic investments
● Expect additional integration expense and capital resulting from March
2012 conversion and other cost synergy initiatives
2012 conversion and other cost synergy initiatives
Expect additional integration expense and capital resulting from March
2012 conversion and other cost synergy initiatives
2012 conversion and other cost synergy initiatives
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Appendix
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Access Lines by State
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Reconciliation of Non-GAAP Financial Measures
Notes: (1) The definition of free cash flow has been revised to add back severance and early retirement costs, with all prior periods conformed to the current
calculation.
calculation.
Notes: (1) The definition of free cash flow has been revised to add back severance and early retirement costs, with all prior periods conformed to the current
calculation.
calculation.
Notes: Numbers may not sum due to rounding.
Notes: Numbers may not sum due to rounding.
Three Months Ended
Three Months Ended
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Reconciliation of Non-GAAP Financial Measures
Notes: Numbers may not sum due to rounding.
Notes: Numbers may not sum due to rounding.
Three Months Ended
Three Months Ended
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Frontier Communications Corp.
(NASDAQ: FTR)
Investor Relations
Investor Relations
Frontier Communications Corp.
Frontier Communications Corp.
3 High Ridge Park
3 High Ridge Park
Stamford, CT 06905
Stamford, CT 06905
203.614.4606
203.614.4606
IR@FTR.com
IR@FTR.com