Frontier Communications Parent (FYBR) 5 May 232023 Q1 Earnings call transcript

Good morning. Thank you for attending today’s Frontier Communications First Quarter 2023 Earnings Call. My name is Megan, and I will be your moderator for today’s call. [Operator Instructions]

I would now like to pass the conference over to Spencer Kurn, Head of Investor Relations with Frontier Communications. Mr. proceed. please Kurn,

welcome call. and Investor Communications quarter first Good is to Spencer earnings This of Kurn, XXXX morning Frontier Frontier's Relations. Head

our available President Investor on are presentation Beasley, of can me call our within Chairman; Relations Events Today’s Stratton, Nick the and followed webcast section Joining our CFO. Jeffery, the CEO; and the our be and in Scott website. John today Presentations

turn please Slide to Before we start, X.

that disclaimer. you uncertainties call this will results reminder see from is Here, that that and expressed materially those actual conference Harbor include risks This statements Safe cause forward-looking to may differ today. a our involve may

release we measures, also and our defined and the to certain press in may trending which call, schedule. are non-GAAP financial reconciled During presentation, refer earnings

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

good Spencer, and Thanks, everyone. morning,

in As press that time critical year-over-year grown quarter year We the this delivered and of its another on EBITDA. Frontier yet, is results top Frontier where EBITDA a the strong XXXX release, bottom most X both and described to years return more to growth than return reached And the milestone you lines. operational we as has saw growth. in our first

steps towards us QX Our growth EBITDA that goal. nicely

quarter Before we a look are step we at review in back the where X. today let's detail, and take on Slide

represents improved. and now footprint customer revenue reach, our Fiber our majority and customers, and Over profile past fiber we’ve financial has years, EBITDA. the significantly expanded X of our our our the our

and $X.X a EBITDA. alone XX our products revenue $X.X at XX% generated billion That's trailing look in of the months, you EBITDA margin. If billion fiber

first tracking engine familiar seriously see our scaling you'll slide, Slide to inflection last Since over powering our next is the chart, points X we years. return is X the how our began growth. to fiber a in our nearly in fiber been since record every hit in adds build and broadband public as critical fiber a record builds of has XXXX, team company. we relentless reemerged second our milestones. net the quarter fiber achieving We've Turning quarter

cost found them saving more ambitious And Nick EBITDA strong year, end improving financials scope We've a and growth. will targets, as quarter at also of of operational plan in fourth recall, performance ahead last you this the greater minutes. achieved sequential few about set our gave way of as opportunity to by talk pursue. shown even our to

Our this absolute hasn't over by A XXXX. mentioned, results financial growth in has XX in to Frontier see accomplished EBITDA further even powering years. year improved, the more growth well-positioned deliver achieved, growth quarter for We're greater been tailwinds the that substantial follow. first years. in performance in as full with to EBITDA EBITDA time years for X we the Once than

that but specific the levers our creation. of aspect performance frame to evident, what growth. lost terms a On drives an to financial moment There's believe I'll amidst self value of I'll of our this all easily is next that slide, in describe build. I the other take

has As fiber two defining know, build you characteristics.

X last At significant fiber roughly the nearly million That's upfront fiber X Frontier investment. location. homes. billion we've per $X.X infrastructure and years, First, in fiber invested over built requires to $XXX

The second characteristic, deliver EBITDA and growth. builds fiber substantial predictable

to rates with high XX degree of consistency, build we shown a fiber achieve after can to XX% As XX XX% and of our months, that we we've after penetration XX% XX% months.

expected growth, costs. penetration it's this one-time by largely alongside significantly grown has our acquisition been offset revenue While

more XX In million. EBITDA, $XXX the the result, million this next in estimated home trailing release in months, about EBITDA. as expect an X has So cohort a this same million to we million however, contributed only X months, cohort home $XX XX substantially

to we substantial why million and in And this delevering the teens. very release the cohort goal generate why that's business, of of once EBITDA attractive initially what million. high business. will in results the X the This returns more full achieves is love same powerful homes. than drives also in fiber XX% at it $XXX we're And built, range EBITDA it And penetration when the our maturity, building way mid is of

want Everything turn build the I our it sell has Gigabit Building Before Frontier a four our now the our purpose delivering purpose, powered improve has and once entire around which fiber, to over workforce team achieved drive rallied. experience, again Nick, for pillar to operational I recognize on strategy: by is team fiber, America, customer efficiency. this

with our unwavering and continue on team pursuit XXXX. confidence progress. their Nick extraordinary goals our I’m we'll our And of pleased our I the been have deliver for an employees. and in have that for customers building company to

Nick, over quarter. to review first the performance our in you to

start and morning, strong what an X shared, a proud growth good had operational winning We first for a John. transformation. period this I we XXXX. of the time. to with John team's We've And a years. such here in accomplished to we're at to our of It's important everybody exceptional a shared quarter-after-quarter. Thanks we've as team. milestone in Thanks, feeling the Frontier in delivered short on all EBITDA this performance year-on-year time hit be news

you Slide first see of detailed X, results. On can our a quarter breakdown

Our fiber year. off fast to start build is a this

ever start fiber strongest year In our fact, new it with a build. we've was had to the that

of of we than the XX% we quarter more put context. first in first first triple the in and passings XXXX. built quarter quarter in the into the the That XXXX Let's XXX,XXX build the amount

year line with we now strategy ARPU to at quarter. blazing more are fiber dive ago into than our minutes. bring the in more We more XX,XXX sold businesses few rates changes this record in a and network. and go-to-market sold That's made our XX% we'll market, which fiber homes fast connected to to again we a

report is is successful trick course, We our growth total revenue savings that we've forward bringing is Which achieve Fiber of the is this, also day What's our savings. remarkable as revenue fiber segments that been by a business we're and And million able customers. while winning of another to $XXX to with this same time the quarter, business turnaround. wholesale delivered the full year. stabilizes. at proud I'm delivering growth cost to X% why

So we by million raised XXXX. end the savings targets of to $XXX our

to Now Slide let's XX. turn

last fiber As accelerate efficiency. return to strong a we discussed to that this to operational report build our about growth our off and plan pleased I'm XXXX to X.X quarter, our is is to million year locations start.

I the move we growth, on our Before fiber customer an to update moment to of a to provide want build. cost our take

increase. release we press our in And higher expenditures read slightly are this you this there morning, now expect of capital this two drivers year. As

to build our costs, we is others, the higher also we've geographies, buildings, and the higher from second when The like and seen first build saw new ease in inventory labor scaling our opportunistically decision is drive supply quarter, many inflation costs. chain

on with teens cost per also faster call. will impact this mid year, temporary penetration, a high have in model factors cover seeing location to higher ARPU to greater and remain these economic we're our our this IRR. leading intact the better While in margin, later Scott detail

Now our growth engine. let's about talk customer

X years, the we are we transformed the we've the way way sell we perceived. price Over last and how

on As Slide it's working. XX, you can see

markets to the the these right. accelerating. we We're in we three customer the types serve love all Our trends is up to for reasons. see of are and And winning growth

fiber can't. a growing Fiber are It's is over in possible. the that of demand. choice. cable The first number people given fiber what does cable choosing And the simple. is It best is when experience internet

We're growth Frontier love and delivering people is lives in add our product to the Secondly, customer a people's that fiber. proof value numbers.

Thirdly, proposition our is unmatched. value

while improved point. about We even our attractive next. best an we implemented ARPU, in higher talk drive price product have customer And which the the momentum at changes to market we'll

of months as customer building platforms, turnaround, XX first our our sales focused on and rebuilding and scaling the Over as we marketing well trust.

that approach bring with to us we're the more in making market. that ARPU, Now have will foundations on those overall solidified, adjustments our line

higher actions If you our to the to ARPU. recent begun pricing consumer see you'll next how have turn drive slide,

and Firstly, drive effective ladder to our Gig+ speed base. we've customer at been speed mix of using across higher our a price

customers In Gig+ we choosing have speeds. base, XX% our our XX% fact, of new and now of

and new actually tech Whole Secondly, services. as premium doubled a monetize we've add few we've just support, our rates to added begun we like Home value in services Wi-Fi months. And tax

of eliminating the price Thirdly, our locks use and promotional we've intensity, discounts. moderated significantly reducing

we of come. to $XX $XX actions together our customer driven the increase These cost this a in what's continued in sharp in and price And pressures. adjustments to have new good through a the inflationary lastly, now of some range, pass quarter to ARPU, is is annual which indication

our sales On that to mix with contain results the few. strategy just wholesale. smart services also for value next price launch are We've like and the of the a higher shifted support escalators tech is and backup, same encouraging. with us slide, product our business monetized to customer voice And enhanced you working multiyear speeds. and linked high really inflation contracts premium the Ethernet, in improved bandwidth our We've pricing towards structure added internet can name and see

Since on the driving XX%, by saw businesses XX%. up for service great to It's our fourth Gig+ to new value quarter, customer ARPU that are these nearly us see renewed SMB activations and bookings X%, greater and up customers. points X are both added our increased focus value is for

financial growth slide, business broadband next I is both who growth. impact we It's record run actions. clear up are the on want customer being broadband. future With of our double digits demand and of that speed revenue speed meeting activations, owners break down for to high the fiber to customers growing proof the fiber reliable these On and fiber matters small Gig+ SMB businesses.

services to Wi-Fi full we transforming network our the business business. winning they based suite double-digit bookings Enterprise by And Cisco into marrying launched a today, record And capabilities successfully And managed fiber legacy from just digital products of copper and with growth also and Meraki in giving infrastructure like is our a best business with we're security, customers our need. in offer and revenue a managed business wholesale our fiber internet, award partnership had services. Cisco QX.

our major help our infrastructure tower data to digital their customer our partners, wireless of operators to renewed Our to proof wireless focus increasingly future is fiber strategy. the support networks. up four modern have and to is All And fiber is critical our our demands improve experience. now infrastructure a great on the helping example use fiber backhaul signed

sectors long-term leadership a to I'm that's the and encouraged to these And and meeting and returning and business team opportunities growth. in committed revenue these stability these needs strong businesses both our in are our results thanks financial to wholesale. by customers' both

we two we're and can the direction. continues at you see NPS continue XX, both of they're heart churn And customers that to rise our by to We and low. experience. driven decisions our We company want both. our is how remains in internet Slide improve the customer metrics going right track which experience is and to look On customer at and that be the service, two the customers love. and with our starts to things, ends product on the doing,

Let's everything talk Analytics satisfaction by customer equal that study speed. with faster product. showed better gets A that Recon recent speeds higher and

provider to Ookla's As we were go recent to launch the customer the as are ranked faster. customers giving network internet fastest gig We speed we're recognized wide, Gig+ first option broadband, upload symmetrical X a speed And the and being speed leader. in meeting demand in the for both test. as fiber America

a we've easy internet also together. to now obsessed, bill customer partnership. our and made to on And to we us. will switch offer un-cable TV with for business live speed, and we're it our themselves simple expanding it do with YouTube fiber Beyond customers simple TV to make service, and easier We integrated

We're organization we of request into calling new remove care Giga, for customer billing hassle infusing it's like to the AI simple And chatbot know with working. questions. our customer our

at down the volumes over we've approximately center base. really are years, grown a customer same call This whilst the past XX% is our Our time win-win. broadband X

and We for frustration our are saving our customers saving time and business. costs

recaps quarter well. XX Slide first the

all operational and new as proud in is translating across parts far a into business just our I'm Our how of incredibly X years company. growth we've success come financial of

Even with net record and cable growth the the first engine, all just in adds quarter more entire fiber cylinders. We a another broadband size. the U.S footprint had is X/XX that's consumer Our industry than fiber firing combined. on

SMB our and wholesale accelerating growth now stabilizing. are is and engine businesses second Our enterprise

fewer emerging We simpler a frontier. and customer experiences, customer and interactions, are fiber a infrastructure digital as more AI better first, agile first, company, and quality fast creating better

life. driving to huge Gigabit Scott, bringing it And our I team turn thank to purpose say year I such we've Before that's the you and of pleased a that with the to want started to our transformation, Building good momentum. I'm America over

Scott, over to you.

as was Revenue good billion, which were well sequentially. up quarter Internet as and higher. Nick, start you, morning, Thank Data our and I'll everyone. subsidy with services financial first was $X.XX results. revenues

video fiber first were continue transition Our voice a revenues to business. and as we lower our

million million revenue adjusted year-over-year fiber of in combined EBITDA. adjusted as with are This of significant of growth products. $XX and we reductions. million cost $X EBITDA up $XXX from our income came net was We strong

we As to strong in higher had acquisition expected, related base. growth our costs customer fiber

net million we of to $X.X the figure months. $XXX cash from generated trailing bringing Additionally, billion operations, XX over this

of generation healthy Our cash demonstrates CapEx the our before profile underlying flow cash business.

On our fiber expansion strength see the and markets. customer of across Slide can XX, you growth base

First, over we we steady growth had had additions last At broadband And net the customer of years. first acceleration the quarter. customer in see fiber the the first our you in quarter, annual base. nearly X can record XX% the end

we XXX basis The rate least and the fiber our give to gains achieve on X.X of that to XX.X%, where over base steady are to we and path confidence locations, year. up increased footprint, million us at the points XX past penetration points our customers in put since This track last million an years. target up a next on us have fiber basis momentum X to X to X.X eventual XX% the continues quarter, penetration

above mark to penetration a want XXXX shows our continuing mark. than to first This our consumer and working. higher at basis XX-month XXX our playbook for Roughly it cohort. class expansion Second, achieved recognize refine XX-month points is I of playbook developing our team XX% that XXXX the expansion for to deliver the expectations. cohort of

we it. where at the mark, Our right XXXX XX-month penetration expect XX% reached cohort

Consumer driving XX, fiber Slide year-over-year, X% healthy revenue broadband business to grew year-over-year driven XX% to X% consumer performance. by consumer growth accelerated fiber overall and revenue Moving our business growth.

wholesale enterprise results. a delivering Additionally, renewed and small business, on focus is

from wholesale and grew consistent revenue Fiber X% last with year-over-year, growth quarter. business our

The declined the new scale are quarters legacy revenue the second with decline as using and copper expand fiber consistent relationships builder in expected. customers. our the country, product largest As prior quarter we was in with to existing as

X Slide Turning time and growth, year-over-year we the initiatives. two first revenue strong savings quarter, cost the in This a fiber achieved is years. to than growth more first XX, for of EBITDA result things, in

in both and confidence deliver we full EBITDA will revenue year growth us Our gives that progress XXXX. in

a gives aggressive on business bit over detail our taking Slide simplification. XX more and our to business actions transform We're grow margins time.

one million million than $XXX to pulling savings, and forward expected. year. $XXX one This additional initially target our represents raising it sooner by we are We in year

transformation, customers almost Our our streamlining increasing part every field and across operations. service a directly self flow expansion efforts portion reinvest will strategy, include reducing customer including service these and of experience we call back into continue our AI productivity improving of a usage office productivity, business, fiber improved to initiatives Consistent with while and operations better volumes by of will customer into and savings options, margins. portion our giving

fiber to on $XXX end $X and turn available At the billion short-term million now to fund of cash our billion the approximately liquidity will $X.X the of of XX. and on of quarter, We investments our comprised capacity build, revolver. Slide first we had structure of capital

the addition liquidity, healthy strong sheet balance to flexibility. have also In we

of leverage Approximately X.Xx the net is earlier Our we significant have fixed debt than at of was not quarter. XXXX. our rates, end the and any at do XX% maturities

I'll now XXXX guidance. turn our to

expect low adjusted to to growth representing billion mid-single-digit versus $X.XX continue billion, EBITDA XXXX. to $X.XX We of

million second the EBITDA EBITDA second up range, the we of million tax the we and the for quarter, revenue million of in one-time to last $X sequentially with $XXX $XXX In expect also benefits quarter XXXX, full flat is year in We year. growth. expect adjusted roughly received adjusted which

increase the as We actions well. $X.X capital higher approximately year-over-year expectation expect EBITDA of of and growth $X.X back half we $X.X accelerate from expenditures our accelerate half XXXX, Roughly ARPU now billion the levels. from billion. simplification inventory to up expect As billion, to in our of previous is of

contracts our coming comes build multiyear well The new some as of labor rates renewal. our states scaling other half from into for from as up higher

this As to $X,XXX of what year. our we $X,XXX the first seen fiber quarter the be costs Nick the mentioned, expect year, in in on to range based build we've

our build will builds in around states, to increased an and multi-dwelling build project as that in we confident able are cost We units. on aerial lower focus per $X,XXX costs mix locations are total new be location our

our we to XXXX. with previous front be end guidance, Consistent CapEx in expect loaded

be expect in down at levels half to similar of CapEx We before second the the stepping the second year. quarter into

financial close results our in strong our thanking for the I'll quarter. operational prepared and remarks by the team

our to a is wireless a meeting need. blazing quarter fiber different. is demand proven because product has working, latency, superior every and team are are customer we ever-increasing and symmetrical fast to speeds fixed strategy leadership we cable It Fiber data. for that real this the first was with quarter well-positioned meet works low Our and no

competitors un-cabled continue seeing up every to are more Building Fulfilling for cable and we in come. the Gigabit themselves possible nearly Americans to our digital to number outpace sign it making record for a generations to and We are society America, we of market, customers for purpose our of more Frontier fiber. connect to

over turn now for Spencer open the I'll to back to the call line questions.

Scott. Thanks,

we Operator, ready to that like Before kindly are the analysts line, themselves open for request Q&A. one to now question. we we'd limit

[Operator Goldman with of Sachs. Brett the Instructions] Feldman question from first comes line Our

Your line now open. is

for taking question. Great. the Thanks

other deploying One think going we've maybe And about to some year, where of further that that? funding to additional the fiber to gotten you you of think the steps not plan? do you build We've getting adjust fiber I'm is of mitigate you. out, you would around does the how continue from you're how Do just Scott, then would to options including it Or was to took care -- questions think than emerging here. if you How that? the but you you to this funding just for year. curious securitizations. build a see earlier elevated, Thank about Obviously, about modify disposal forward. how remain continue cost do have think this bit expected great questions you your been at with thinking financing tools you sticking

sure. questions. take Yes, me those Brett, let both of

the of into by first others, There mid a in on IRR are still So of and very that our million costs, list costs. variables the number location to high-teens at go one penetration the $XX top attractive build. we of build followed the confident including build different ARPU are

if better-than-expected originally penetration we slightly set would build year, we you is seeing as remained heard record had inflect. expected, and even new higher cost ARPU QX our to finally we're a than So this have that in starting

that So confident out. locations the XX build to attractive million are still we're

On that feel the have. options around second financing, your good we about we question really of set

lien capacity first traditional have We remaining.

We have asset-backed monitoring the come securitizations the closely to -- that have we're market.

encouraged the asset fiber that as digital are class. home is We to seen increasingly infrastructure a

we've have that before, like And between we a runway. feel discussed and options capital very those so solid other we

you. Thank

next Operator, question.

you. Thank

question New from line next Jonathan comes Our of Street. the with Chaplin

line Your open. now is

just Thanks. much into how that follow-up forward you One did question Brett's a The on -- manage of in savings now capture wanted pulled specifically? new the as savings million XQ and little is question of were then bit the well. to new you've I question, $XXX the XXXX,

expected than in the And came a then it seems in little bit XQ. you like EBITDA slower

as subscribers? a is in subscribers savings. growth -- well? something obviously the expected fiber were You there there faster there other you from have headwinds Or or Was tailwind than and just bigger-than-expected headwind some

on in to sort to whether get a million. specifically, now an was XX Thanks. it just sounds sort of million XX sense wanted clarify question, shift to And terms? then that the I intentional longer focus million XX of like Brett's just no of is

addressable change It's in Yes. of terms No Jonathan. the set. overall Hey, John opportunity Stratton.

to very us -- heads have as We've are for focused saying passings that's But the quite first additional we million. been see XX on profitable. what an and we down million million we've that another do X opportunity several described for years. now So much we as X

there. So no change

Jonathan, me Yes, your let sure. first questions. take

will QX, pulled new savings, So not in back year we we a and of much very that of that next from was of by we EBITDA that through QX $XXX right the million total it's on give into are the of execute year. million it initiatives a us exit the million will increased $XXX $XXX executing forward or now half QX healthy rate year

portion the captured. a been So of already has XXX original

of year. I XXX be of new the implemented but of that loaded think, quarter, we've a the this total heavily end as back-end will XXX

the then And on headwind QX, you're exactly in question second right. of kind of

seen All at far. XX faster XX-month of by is And important broadband of the there, a new which is then the total penetration. XX% was fiber at expected adds growth. faster-than-expected related headwind that net a secondly, you top numbers months, Two record very that record the after XX,XXX have to range. end We set new might the

presented things two but EBITDA good a that's bit combined of those headwind. a headwind, So a EBITDA

Awesome. Thanks guys.

Operator Jonathan. -- thanks,

will take question. the next We

Thank you.

Our from Cowen. next comes the of with line question Williams Greg

Your open. is now line

you. Thank Great.

noted labor You thoughts are that renewals and coming Just is. noted lock there. as and is is versus a these with your beyond, of of it cost curious, you hear concern [ph] XXXX of your because occur that I'm due some the up, build lot another imagine of outsourced could I pool? to to contractor increasing BEAD chase that money curious cost in same labor Thanks. could in-house us is labor, there your ability rates? How to help rising the much wave

Sure, Yes. Greg.

go me the bit through Let a dynamic here. of

a strong half was not that others momentum of So behind as discount. it. that really part increase the have back, operational opportunistic said was QX far had. the inventory. QX of to we was we of that equipment secure in ever. build pulled were the Part quarter the was to about at we biggest able But CapEx related

CapEx. new legacy half markets costs some was as those. other we a markets about new labor higher the and then those combination of half and that's of reset And So the markets in

the headwinds have labor infrastructure future. number offer other pressure, a builds, low significantly presents I seeing to we some pulled labor back players but Obviously, and country -- may then and is construction the Yes, their wage unemployment also still some up the down, which costs think of are tailwinds related that it's in is to in potential industry.

And it's years. settle where into the too so towards those of early exactly kind I end of 'XX say next the to few think back out and

question I think same BEAD, early your the about I On It's say. answer. give too to

a around still of does run unknowns processes builders. it BEAD. finally award the to When and states How of the lot the there's timing to get the allocated their state. think I contracts does

And don't near of see competition for so we some term, a labor see medium may the in but in to competition lot there. the out you years, BEAD from

That’s helpful. you. Thank

Thanks, the Operator, take will we next question. Greg.

Thank you.

Our Del of with next the question line MoffettNathanson. comes from Nick Deo

is Your line now open.

Hey. Good guys. morning,

as Just cushion, on to level how about the also front, inventory capital. ties of right I obviously, you think up it inventory hold? mean, but do the a

So we think having on how Is it inventory that then as cadence, right you this the should about I'd year. build for you progress expand be amount million million how trend reiterated your just you you coming floor just being think interested of the still X.X the over expectation time the in locations build. on should the as for and through years? And obviously, X.X

Nick. Sure,

take those. Let me

of half we've our was accelerated inventory in back equipment in biggest So and call last into inventory, completely year. we build. eased in our year build. single building build this environment. hand year inventory when And of the and exactly and pacing also eased it, we to That late to this in to I second mouth a take in We risk ago, were say, probably were living the a a different room the the, step were

now. we And so carrying are level of higher inventory a

the year. we the That's that You'll about the and see on will into derisking year years at used at inventory the get than end the build. that more later future the see as of million today $XXX But quarter throughout build. of end the of the

building the also selling don't And too two inventory, we building need the with we're say to thing because dynamics. then then drivers said which build tie this same X.X see we trying least We of last out [ph] our want to has and -- right, are for the build fiber and build. two ourselves deliver years. want to cash is important most to on year we'd what And our much we quarter, make sure balance cadence, the but team the is fast that in the they you're at

guys. Thanks,

Operator, question. take the we will next

Thank you.

line Our of last the question James. comes Frank with Raymond Louthan from

Your open. line is now

I to target fixed there's ask seeing that. you. But market. wanted is I I kind the product. what level, appreciate that's of and a for some impacting you're on that. a wireless get how maybe Great. better market And fully at Thank fiber And there can competitors Florida, is California, from difficult old target the of that the it market? your and more Frontier. gross kind the And of seeing making characterize you're Texas, what you markets on between adds the legacy Thanks. then Fios and any

it's Yes, Frank, Nick. I'll take that question.

construction we because devices, much And which selling households to fixed access, by is it And which that the is quartile, the very it's fiber consume that. fiber different market month. -- mobile much an fiber a apartments to data average of XK than of clearly a access. customers mean is I about right top catered quarter, really sites, with caters PlayStations, for As and many terabyte are customer than is segment of a XX But it's really connected at now. more not average on. FWA and on. proposition before, a so something services times that's smaller more we've a so and well wireless feature full said segment a our And TVs to

very to is point they're propositions. first the So make different

we Second we've watch as FWA thing closely said is extremely on previous calls.

very fact on add performance performance, the or And just reflects otherwise. our a that significant so gross we think far, see And propositions. that not different impact do they're I very,

Veronica course, Dixit. Ettienne I network Stratton mean Vishal and question, has, fixed given the wireless has, I do have and and have, extensive experience we and of access, that, the mobile on Brandt

to data teams come we our you for significant networks we of question question network. because, the handle the we But of volumes on and segment, don't level a to at of uneconomic, wireless FWA engineered answer have industry the all no, a as see are that's is from on our FWA. see know, is many that question of a become mean think does wireless the to your understanding So mobile for not of about. impact significant I result usage a we good economics as performance short what our kind there the

you. So operator, question, Thank if next we can.

currently questions time. are at this waiting [Operator There no Instructions] additional

operator. Thanks,

we joining, Thank to you call quarter. talk I for all will conclude we can next think the you now. and

Communications' participation. of you Frontier hope first the your your I concludes have That day. for a XXXX quarter Thank you wonderful earnings call. rest