Frontier Communications Parent (FYBR) Proxy Filing summary

Executive summary

• Reported Q3 2024 revenue of $1.49 billion, up 3.7% year-over-year, driven by fiber product growth offsetting copper declines.

• Added 381,000 fiber passings, reaching 7.6 million total, and 108,000 fiber broadband customers, a 19.3% year-over-year increase.

• Adjusted EBITDA rose 4.4% year-over-year to $549 million, with net cash from operations at $618 million and capital expenditures of $699 million.

• Net loss for Q3 was $82 million; net leverage ratio stood at 4.6x with $2.0 billion in liquidity and no long-term debt maturities before 2027.

• Pending acquisition by Verizon at $38.50 per share, with a special stockholder meeting scheduled for November 13, 2024.

Voting matters and shareholder proposals

• Special meeting of stockholders on November 13, 2024, to vote on the proposed acquisition by Verizon.

• Board of Directors recommends voting in favor of the Verizon transaction.

Board of directors and corporate governance

• Information on directors and executive officers, including recent changes in beneficial ownership, is available in the 2024 proxy statement and recent SEC filings.

• Directors and management are participants in the proxy solicitation for the Verizon transaction.