Frontier Communications Parent, Inc. (NASDAQ:FYBR) Q4 2022 Earnings Conference Call February 24, 2023 8:30 AM ET

Company Participants

Spencer Kurn - Investor Relations

John Stratton - Chairman

Nick Jeffery - President and Chief Executive Officer

Scott Beasley - Chief Financial Officer

Conference Call Participants

Brett Feldman - Goldman Sachs

Philip Cusick - JPMorgan

Michael Rollins - Citi

Jonathan Chaplin - New Street

Frank Louthan - Raymond James

Greg Williams - Cowen

Nick Del Deo - MoffettNathanson

Operator

Hello and welcome to the Frontier Communications Fourth Quarter 2022 Earnings Call. My name is Harry and I will be your operator today. [Operator Instructions] And I would now like to hand over to Spencer Kurn to begin. Spencer, please go ahead when you are ready.

Spencer Kurn

Good morning and welcome to Frontier Communications fourth quarter 2022 earnings call. This is Spencer Kurn, Frontier’s Head of Investor Relations. And joining me on the call today are John Stratton, our Chairman; Nick Jeffery, our President and CEO; and Scott Beasley, our CFO. Today’s presentation can be followed within the webcast available at the Events and Presentations section of our Investor Relations website.

Before we start, please turn to Slide 2. Here, you will see our Safe Harbor disclaimer. 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 financial measures, which are defined and reconciled in our earnings presentation, press release and trending schedule.

And with that, I will turn the call over to John.

John Stratton

Thanks, Spencer and good morning everyone. As you saw in our press release, the team delivered another strong quarter of operational results. Frontier’s transformation into a growing digital infrastructure company is fast becoming our reality.

If you turn to Slide 4, you will see an updated company overview through the fourth quarter. Let me run you through a few highlights. We ended 2022 with 5.2 million fiber passings crossing the halfway mark to our target of 10 million passings. We have also continued to expand our customer reach. We now serve 2.8 million broadband customers. In 2022, we generated $5.8 billion of revenue and $2.1 billion of adjusted EBITDA. This represents a 36% adjusted EBITDA margin. Our acute focus on our fiber investments and the team’s consistent execution, have delivered strong results. In 2022, fiber products alone generated $2.8 billion of revenue and $1.2 billion of EBITDA, that’s a 42% EBITDA margin.