02/23/2024 | Press release | Distributed by Public on 02/23/2024 06:24
|
• |
Delivered first full year of organic Adjusted EBITDA growth in more than 10 years
|
|
• |
Guides to accelerated mid-single-digit Adjusted EBITDA growth in 2024
|
|
• |
Reached milestone of two million fiber broadband customers after doubling fiber footprint since 2020
|
|
• |
Passed 1.32 million new fiber locations to reach 6.5 million total fiber locations
|
|
• |
Added a record 318,000 fiber broadband customers, resulting in fiber broadband customer growth of 19% year-over-year
|
|
• |
Delivered revenue of $5.75 billion, net income of $29 million, and Adjusted EBITDA of $2.13 billion1
|
|
• |
Executed cash capital expenditures of $3.21 billion plus $4 million of vendor financing payments, for total capital investment of $3.22 billion2
|
|
• |
Generated net cash from operations of $1.34 billion
|
|
• |
Achieved $527 million of gross annualized cost savings, surpassing target of $500 million
|
|
• |
Completed landmark $2.1 billion of fiber securitization transactions
|
|
• |
Passed 333,000 new fiber locations
|
|
• |
Added 84,000 fiber broadband customers
|
|
• |
Revenue of $1.43 billion decreased 0.8% year-over-year as growth in fiber-based products was offset by declines in copper-based products
|
|
• |
Operating income of $120 million and net income of $17 million
|
|
• |
Adjusted EBITDA of $549 million increased 4.0% year-over-year, as revenue declines were offset by lower content expenses and cost-savings1
|
|
• |
Adjusted EBITDA margin of 38.5% increased from 36.7% in the fourth quarter of 20221
|
|
• |
Executed cash capital expenditures of $329 million plus $4 million of vendor financing payments, for total capital investment of $333 million2
|
|
• |
Generated net cash from operations of $296 million
|
|
• |
Consumer revenue of $774 million increased 1.3% year-over-year as strong growth in fiber broadband was partly offset by declines in copper products
|
|
• |
Consumer fiber revenue of $484 million increased 11.0% year-over-year as growth in broadband was partly offset by declines in video, voice, and other
|
|
• |
Consumer fiber broadband revenue of $354 million increased 25.1% year-over-year driven by growth in both fiber broadband customers and ARPU
|
|
• |
Consumer fiber broadband customer net additions of 81,000 resulted in consumer fiber broadband customer growth of 19.2% year-over-year
|
|
• |
Consumer fiber broadband customer churn of 1.20% decreased from 1.32% in the fourth quarter of 2022
|
|
• |
Consumer fiber broadband ARPU of $64.16 increased 4.8% year-over-year, due to increased customer in-take ARPU and annual price increases
|
|
• |
Business and Wholesale revenue of $635 million decreased 3.6% year-over-year driven by declines in both fiber and copper
|
|
• |
Business and Wholesale fiber revenue of $278 million decreased 2.5% year-over-year as growth in data and voice was offset by declines in other, which were primarily driven by one-time benefits in the fourth quarter of 2022 that did not repeat
|
|
• |
Business and Wholesale fiber broadband customer net additions of 3,000 resulted in Business and Wholesale fiber broadband customer growth of 13.2% year-over-year
|
|
• |
Business and Wholesale fiber broadband customer churn of 1.17% decreased from 1.31% in the fourth quarter of 20223
|
|
• |
Business and Wholesale fiber broadband ARPU of $98.86 decreased 6.2% year-over-year4
|
|
• |
Adjusted EBITDA of $2.20 - $2.25 billion1
|
|
• |
New fiber passings of 1.3 million
|
|
• |
Cash capital investment of $3.00 - $3.20 billion2
|
|
• |
Cash taxes of approximately $20 million
|
|
• |
Net cash interest payments of approximately $750 million
|
|
• |
Pension and OPEB expense of approximately $40 million (net of capitalization)
|
|
• |
Cash pension and OPEB contributions of approximately $125 million
|
Investor Contact
|
Media Contact
|
Spencer Kurn
|
Chrissy Murray
|
SVP, Investor Relations
|
VP, Corporate Communications
|
+1 401-225-0475
|
+1 504-952-4225
|
For the
three months ended
|
For the
three months ended
|
For the
three months ended
|
||||||||||
($ in millions and shares in thousands, except per share amounts)
|
December 31,
2023
|
September 30,
2023
|
December 31,
2022
|
|||||||||
Statements of Income Data
|
||||||||||||
Revenue
|
$
|
1,426
|
$
|
1,436
|
$
|
1,437
|
||||||
Operating expenses:
|
||||||||||||
Cost of service
|
510
|
545
|
526
|
|||||||||
Selling, general, and administrative expenses
|
396
|
405
|
452
|
|||||||||
Depreciation and amortization
|
375
|
356
|
312
|
|||||||||
Restructuring costs and other charges
|
25
|
16
|
11
|
|||||||||
Total operating expenses
|
1,306
|
1,322
|
1,301
|
|||||||||
Operating income
|
120
|
114
|
136
|
|||||||||
Investment and other income, net
|
177
|
67
|
144
|
|||||||||
Pension settlement costs
|
-
|
-
|
(5
|
)
|
||||||||
Interest expense
|
(193
|
)
|
(170
|
)
|
(136
|
)
|
||||||
Income before income taxes
|
104
|
11
|
139
|
|||||||||
Income tax expense (benefit)
|
87
|
-
|
(16
|
)
|
||||||||
Net income
|
$
|
17
|
$
|
11
|
$
|
155
|
||||||
Weighted average shares outstanding - basic
|
245,799
|
245,761
|
245,010
|
|||||||||
Weighted average shares outstanding - diluted
|
249,576
|
247,447
|
245,395
|
|||||||||
Basic net earnings per common share
|
$
|
0.07
|
$
|
0.05
|
$
|
0.63
|
||||||
Diluted net earnings per common share
|
$
|
0.07
|
$
|
0.05
|
$
|
0.63
|
||||||
Other Financial Data:
|
||||||||||||
Capital expenditures
|
$
|
329
|
$
|
671
|
$
|
878
|
|
For the
year ended
|
For the
year ended
|
||||||
($ in millions and shares in thousands, except per share amounts)
|
December 31,
2023
|
December 31,
2022
|
||||||
Statements of Income Data
|
||||||||
Revenue
|
$
|
5,751
|
$
|
5,787
|
||||
Operating expenses:
|
||||||||
Cost of service
|
2,125
|
2,169
|
||||||
Selling, general, and administrative expenses
|
1,646
|
1,745
|
||||||
Depreciation and amortization
|
1,415
|
1,182
|
||||||
Restructuring costs and other charges
|
73
|
99
|
||||||
Total operating expenses
|
5,259
|
5,195
|
||||||
Operating income
|
492
|
592
|
||||||
Investment and other income, net
|
278
|
554
|
||||||
Pension settlement costs
|
-
|
(55
|
)
|
|||||
Interest expense
|
(653
|
)
|
(492
|
)
|
||||
Income before income taxes
|
117
|
599
|
||||||
Income tax expense
|
88
|
158
|
||||||
Net income
|
$
|
29
|
$
|
441
|
||||
Weighted average shares outstanding - basic
|
245,517
|
244,781
|
||||||
Weighted average shares outstanding - diluted
|
248,459
|
245,280
|
||||||
Basic net earnings per common share
|
$
|
0.12
|
$
|
1.80
|
||||
Diluted net earnings per common share
|
$
|
0.12
|
$
|
1.80
|
||||
Other Financial Data:
|
||||||||
Capital expenditures
|
$
|
3,211
|
$
|
2,738
|
For the quarter ended
|
||||||||||||
($ in millions)
|
December 31,
2023
|
September 30,
2023
|
December 31,
2022
|
|||||||||
Selected Statement of Income Data
|
||||||||||||
Revenue:
|
||||||||||||
Data and Internet services
|
$
|
897
|
$
|
895
|
$
|
859
|
||||||
Voice services
|
329
|
341
|
362
|
|||||||||
Video services
|
97
|
104
|
122
|
|||||||||
Other
|
86
|
81
|
80
|
|||||||||
Revenue from contracts with customers
|
1,409
|
1,421
|
1,423
|
|||||||||
Subsidy and other revenue
|
17
|
15
|
14
|
|||||||||
Total revenue
|
$
|
1,426
|
$
|
1,436
|
$
|
1,437
|
||||||
Other Financial Data
|
||||||||||||
Revenue:
|
||||||||||||
Consumer
|
$
|
774
|
$
|
787
|
$
|
764
|
||||||
Business and wholesale
|
635
|
634
|
659
|
|||||||||
Revenue from contracts with customers
|
$
|
1,409
|
$
|
1,421
|
$
|
1,423
|
||||||
Fiber
|
$
|
762
|
$
|
760
|
$
|
721
|
||||||
Copper
|
647
|
661
|
702
|
|||||||||
Revenue from contracts with customers
|
$
|
1,409
|
$
|
1,421
|
$
|
1,423
|
For the year ended
|
For the year ended
|
|||||||
($ in millions)
|
December 31,
2023
|
December 31,
2022
|
||||||
Selected Statement of Income Data
|
||||||||
Revenue:
|
||||||||
Data and Internet services
|
$
|
3,534
|
$
|
3,390
|
||||
Voice services
|
1,373
|
1,498
|
||||||
Video services
|
430
|
520
|
||||||
Other
|
339
|
325
|
||||||
Revenue from contracts with customers
|
5,676
|
5,733
|
||||||
Subsidy and other revenue
|
75
|
54
|
||||||
Total revenue
|
$
|
5,751
|
$
|
5,787
|
||||
Other Financial Data
|
||||||||
Revenue:
|
||||||||
Consumer
|
$
|
3,097
|
$
|
3,116
|
||||
Business and wholesale
|
2,579
|
2,617
|
||||||
Revenue from contracts with customers
|
$
|
5,676
|
$
|
5,733
|
||||
Fiber
|
$
|
2,997
|
$
|
2,769
|
||||
Copper
|
2,679
|
2,964
|
||||||
Revenue from contracts with customers
|
$
|
5,676
|
$
|
5,733
|
As of and for the three months ended
|
For the year ended
|
|||||||||||||||||||
December 31, 2023
|
September 30, 2023
|
December 31, 2022
|
December 31, 2023
|
December 31, 2022
|
||||||||||||||||
Broadband customer metrics (1)
|
||||||||||||||||||||
Broadband customers (in thousands)
|
2,943
|
2,913
|
2,868
|
2,943
|
2,868
|
|||||||||||||||
Net customer additions
|
30
|
15
|
8
|
75
|
41
|
|||||||||||||||
Consumer customer metrics
|
||||||||||||||||||||
Customers (in thousands)
|
3,129
|
3,118
|
3,133
|
3,129
|
3,133
|
|||||||||||||||
Net customer additions (losses)
|
11
|
(9
|
)
|
(9
|
)
|
(4
|
)
|
(32
|
)
|
|||||||||||
Average monthly consumer revenue per customer
|
$
|
82.54
|
$
|
83.99
|
$
|
81.13
|
$
|
82.53
|
$
|
82.30
|
||||||||||
Customer monthly churn
|
1.43
|
%
|
1.70
|
%
|
1.53
|
%
|
1.52
|
%
|
1.54
|
%
|
||||||||||
Employees
|
13,297
|
13,756
|
14,708
|
13,297
|
14,708
|
($ in millions)
|
(Unaudited)
December 31, 2023
|
December 31, 2022
|
||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
1,125
|
$
|
322
|
||||
Short-term investments
|
1,075
|
1,750
|
||||||
Accounts receivable, net
|
446
|
438
|
||||||
Other current assets
|
135
|
87
|
||||||
Total current assets
|
2,781
|
2,597
|
||||||
Property, plant and equipment, net
|
13,933
|
11,850
|
||||||
Other assets
|
3,979
|
4,177
|
||||||
Total assets
|
$
|
20,693
|
$
|
18,624
|
||||
LIABILITIES AND EQUITY
|
||||||||
Current liabilities:
|
||||||||
Long-term debt due within one year
|
$
|
15
|
$
|
15
|
||||
Accounts payable and other current liabilities
|
2,260
|
2,280
|
||||||
Total current liabilities
|
2,275
|
2,295
|
||||||
Deferred income taxes and other liabilities
|
1,893
|
2,085
|
||||||
Long-term debt
|
11,246
|
9,110
|
||||||
Equity
|
5,279
|
5,134
|
||||||
Total liabilities and equity
|
$
|
20,693
|
$
|
18,624
|
|
As of
December 31, 2023
|
|||
Leverage Ratio
|
||||
Numerator:
|
||||
Long-term debt due within one year
|
$
|
15
|
||
Long-term debt
|
11,246
|
|||
Total debt
|
$
|
11,261
|
||
Less: Cash and cash equivalents
|
(1,125
|
) |
||
Short-term investments
|
(1,075
|
) |
||
Net debt
|
$
|
9,061
|
||
Denominator:
|
||||
Adjusted EBITDA - last 4 quarters
|
$
|
2,127
|
||
Net Leverage Ratio
|
4.3x
|
For the three
months ended
|
For the three
months ended
|
|||||||
December 31, 2023
|
December 31, 2022
|
|||||||
($ in millions)
|
||||||||
Cash flows provided from (used by) operating activities:
|
||||||||
Net income
|
$
|
17
|
$
|
155
|
||||
Adjustments to reconcile net loss to net cash provided from (used by) operating activities:
|
||||||||
Depreciation and amortization
|
375
|
312
|
||||||
Pension settlement costs
|
-
|
5
|
||||||
Stock-based compensation
|
27
|
29
|
||||||
Amortization of premium
|
(4
|
)
|
(7
|
)
|
||||
Bad debt expense
|
11
|
7
|
||||||
Other adjustments
|
3
|
(1
|
)
|
|||||
Deferred income taxes
|
79
|
(3
|
)
|
|||||
Change in accounts receivable
|
(8
|
)
|
(23
|
)
|
||||
Change in long-term pension and other postretirement liabilities
|
(176
|
)
|
(129
|
)
|
||||
Change in accounts payable and other liabilities
|
(46
|
)
|
(44
|
)
|
||||
Change in prepaid expenses, income taxes, and other assets
|
18
|
59
|
||||||
Net cash provided from operating activities
|
296
|
360
|
||||||
Cash flows provided from (used by) investing activities:
|
||||||||
Capital expenditures
|
(329
|
)
|
(878
|
)
|
||||
Purchases of short-term investments (1)
|
(425
|
)
|
(1,125
|
)
|
||||
Sale of short-term investments (1)
|
625
|
1,700
|
||||||
Purchases of long-term investments
|
1
|
-
|
||||||
Proceeds from sale of asset
|
18
|
9
|
||||||
Other
|
5
|
4
|
||||||
Net cash used by investing activities
|
(105
|
)
|
(290
|
)
|
||||
Cash flows provided from (used by) financing activities:
|
||||||||
Long-term debt payments
|
(4
|
)
|
(3
|
)
|
||||
Payments of vendor financing
|
(5
|
)
|
-
|
|||||
Financing costs paid
|
(6
|
)
|
-
|
|||||
Finance lease obligation payments
|
(7
|
)
|
-
|
|||||
Proceeds from sale and lease-back transactions
|
9
|
(4
|
)
|
|||||
Taxes paid on behalf of employees for shares withheld
|
-
|
(1
|
)
|
|||||
Other
|
7
|
-
|
||||||
Net cash used by financing activities
|
(6
|
)
|
(8
|
)
|
||||
Increase in cash, cash equivalents, and restricted cash
|
185
|
62
|
||||||
Cash, cash equivalents, and restricted cash at the beginning of the period
|
1,054
|
260
|
||||||
Cash, cash equivalents, and restricted cash at the end of the period
|
$
|
1,239
|
$
|
322
|
||||
Supplemental cash flow information:
|
||||||||
Cash paid during the period for:
|
||||||||
Interest
|
$
|
262
|
$
|
226
|
||||
Income tax payments (refunds), net
|
$
|
(1
|
)
|
$
|
1
|
|||
Non-cash investing activities:
|
||||||||
Increase in capital expenditures due to changes in accounts payable and accrued liabilities
|
$
|
188
|
$
|
366
|
||||
Increase in capital expenditures due to changes in vendor financing
|
$
|
255
|
$
|
-
|
For the year ended
|
For the year ended
|
|||||||
December 31, 2023
|
December 31, 2022
|
|||||||
($ in millions)
|
||||||||
Cash flows provided from (used by) operating activities:
|
||||||||
Net income
|
$
|
29
|
$
|
441
|
||||
Adjustments to reconcile net loss to net cash provided from
|
||||||||
(used by) operating activities:
|
||||||||
Depreciation and amortization
|
1,415
|
1,182
|
||||||
Pension settlement costs
|
-
|
55
|
||||||
Stock-based compensation
|
108
|
82
|
||||||
Amortization of premium
|
(25
|
)
|
(28
|
)
|
||||
Lease impairment
|
-
|
44
|
||||||
Bad debt expense
|
35
|
26
|
||||||
Other adjustments
|
12
|
-
|
||||||
Deferred income taxes
|
78
|
164
|
||||||
Change in accounts receivable
|
(43
|
)
|
(7
|
)
|
||||
Change in long-term pension and other postretirement liabilities
|
(325
|
)
|
(656
|
)
|
||||
Change in accounts payable and other liabilities
|
55
|
51
|
||||||
Change in prepaid expenses, income taxes, and other assets
|
5
|
47
|
||||||
Net cash provided from operating activities
|
1,344
|
1,401
|
||||||
Cash flows provided from (used by) investing activities:
|
||||||||
Capital expenditures
|
(3,211
|
)
|
(2,738
|
)
|
||||
Purchases of short-term investments (1)
|
(2,275
|
)
|
(4,350
|
)
|
||||
Sale of short-term investments (1)
|
2,950
|
2,600
|
||||||
Purchases of long-term investments
|
(62
|
)
|
-
|
|||||
Proceeds on sale of assets
|
36
|
13
|
||||||
Other
|
6
|
7
|
||||||
Net cash used by investing activities
|
(2,556
|
)
|
(4,468
|
)
|
||||
Cash flows provided from (used by) financing activities:
|
||||||||
Long-term debt payments
|
(68
|
)
|
(14
|
)
|
||||
Proceeds from long-term debt borrowings
|
2,278
|
1,200
|
||||||
Payments of vendor financing
|
(5
|
)
|
-
|
|||||
Premium paid to retire debt
|
(10
|
)
|
-
|
|||||
Financing costs paid
|
(62
|
)
|
(17
|
)
|
||||
Finance lease obligation payments
|
(25
|
)
|
(19
|
)
|
||||
Proceeds from sale and lease-back transactions
|
30
|
70
|
||||||
Taxes paid on behalf of employees for shares withheld
|
(9
|
)
|
(8
|
)
|
||||
Other
|
-
|
(1
|
)
|
|||||
Net cash provided from financing activities
|
2,129
|
1,211
|
||||||
Increase (Decrease) in cash, cash equivalents, and restricted cash
|
917
|
(1,856
|
)
|
|||||
Cash, cash equivalents, and restricted cash at the beginning of the period
|
322
|
2,178
|
||||||
Cash, cash equivalents, and restricted cash at the end of the period
|
$
|
1,239
|
$
|
322
|
||||
Supplemental cash flow information:
|
||||||||
Cash paid during the period for:
|
||||||||
Interest
|
$
|
711
|
$
|
512
|
||||
Income tax payments, net
|
$
|
-
|
$
|
8
|
||||
Non-cash investing activities:
|
||||||||
Increase (Decrease) in capital expenditures due to changes in accounts payable and accrued liabilities
|
$
|
(326
|
)
|
$
|
797
|
|||
Increase in capital expenditures due to changes in vendor financing
|
$
|
255
|
$
|
-
|
|
For the three months ended
|
For the year ended
|
||||||||||||||||||
($ in millions)
|
December 31,
2023
|
September 30,
2023
|
December 31,
2022
|
December 31,
2023
|
December 31,
2022
|
|||||||||||||||
Net income
|
$
|
17
|
$
|
11
|
$
|
155
|
$
|
29
|
$
|
441
|
||||||||||
Add back (subtract):
|
||||||||||||||||||||
Income tax expense (benefit)
|
87
|
-
|
(16
|
)
|
88
|
158
|
||||||||||||||
Interest expense
|
193
|
170
|
136
|
653
|
492
|
|||||||||||||||
Investment and other income, net
|
(177
|
)
|
(67
|
)
|
(144
|
)
|
(278
|
)
|
(554
|
)
|
||||||||||
Pension settlement costs
|
-
|
-
|
5
|
-
|
55
|
|||||||||||||||
Operating income
|
120
|
114
|
136
|
492
|
592
|
|||||||||||||||
Depreciation and amortization
|
375
|
356
|
312
|
1,415
|
1,182
|
|||||||||||||||
EBITDA
|
$
|
495
|
$
|
470
|
$
|
448
|
$
|
1,907
|
$
|
1,774
|
||||||||||
Add back:
|
||||||||||||||||||||
Pension/OPEB expense
|
$
|
10
|
$
|
9
|
$
|
11
|
$
|
41
|
$
|
61
|
||||||||||
Restructuring costs and other charges (1)
|
25
|
16
|
11
|
73
|
99
|
|||||||||||||||
Rebranding costs
|
-
|
-
|
6
|
-
|
32
|
|||||||||||||||
Stock-based compensation
|
27
|
30
|
28
|
108
|
82
|
|||||||||||||||
Storm-related costs
|
-
|
1
|
7
|
6
|
7
|
|||||||||||||||
Legal settlements (recoveries)
|
(8
|
)
|
-
|
17
|
(8
|
)
|
25
|
|||||||||||||
Adjusted EBITDA
|
$
|
549
|
$
|
526
|
$
|
528
|
$
|
2,127
|
$
|
2,080
|
||||||||||
EBITDA margin
|
34.7
|
%
|
32.7
|
%
|
31.2
|
%
|
33.2
|
%
|
30.7
|
%
|
||||||||||
Adjusted EBITDA margin
|
38.5
|
%
|
36.6
|
%
|
36.7
|
%
|
37.0
|
%
|
35.9
|
%
|
||||||||||
Free Cash Flow
|
||||||||||||||||||||
Net cash provided from operating activities
|
$
|
296
|
$
|
383
|
$
|
360
|
$
|
1,344
|
$
|
1,401
|
||||||||||
Capital expenditures
|
(329
|
)
|
(671
|
)
|
(878
|
)
|
(3,211
|
)
|
(2,738
|
)
|
||||||||||
Payment of vendor financing- capital expenditures
|
(4
|
)
|
-
|
-
|
(4
|
)
|
-
|
|||||||||||||
Operating free cash flow
|
$
|
(37
|
)
|
$
|
(288
|
)
|
$
|
(518
|
)
|
$
|
(1,871
|
)
|
$
|
(1,337
|
)
|
For the three months ended
|
For the year ended
|
|||||||||||||||||||
($ in millions)
|
December 31,
2023
|
September 30,
2023
|
December 31,
2022
|
December 31,
2023
|
December 31,
2022
|
|||||||||||||||
Adjusted Operating Expenses
|
||||||||||||||||||||
Total operating expenses
|
$
|
1,306
|
$
|
1,322
|
$
|
1,301
|
$
|
5,259
|
$
|
5,195
|
||||||||||
Subtract:
|
||||||||||||||||||||
Depreciation and amortization
|
375
|
356
|
312
|
1,415
|
1,182
|
|||||||||||||||
Pension/OPEB expense
|
10
|
9
|
11
|
41
|
61
|
|||||||||||||||
Restructuring costs and other charges (1)
|
25
|
16
|
11
|
73
|
99
|
|||||||||||||||
Rebranding costs
|
-
|
-
|
6
|
-
|
32
|
|||||||||||||||
Stock-based compensation
|
27
|
30
|
28
|
108
|
82
|
|||||||||||||||
Storm-related costs
|
-
|
1
|
7
|
6
|
7
|
|||||||||||||||
Legal settlements (recoveries)
|
(8
|
)
|
-
|
17
|
(8
|
)
|
25
|
|||||||||||||
Adjusted operating expenses
|
$
|
877
|
$
|
910
|
$
|
909
|
$
|
3,624
|
$
|
3,707
|
As of or for the three months ended
|
For the year ended
|
||||||||||||||||||||
December 31, 2023
|
September 30, 2023
|
December 31, 2022
|
December 31, 2023
|
December 31, 2022
|
|||||||||||||||||
Broadband Revenue ($ in millions)
|
|||||||||||||||||||||
Total Company
|
Fiber
|
$
|
391
|
$
|
377
|
$
|
318
|
$
|
1,458
|
$
|
1,218
|
||||||||||
|
Copper
|
159
|
169
|
182
|
674
|
769
|
|||||||||||||||
|
Total |
$
|
550
|
$
|
546
|
$
|
500
|
$
|
2,132
|
$
|
1,987
|
||||||||||
Estimated Fiber Passings (in millions)
|
|||||||||||||||||||||
Base Fiber Passings
|
3.2
|
3.2
|
3.2
|
||||||||||||||||||
Total Fiber Passings
|
6.5
|
6.2
|
5.2
|
||||||||||||||||||
Estimated Broadband Fiber % Penetration
|
|||||||||||||||||||||
Base Fiber Penetration
|
44.5
|
%
|
43.9
|
%
|
43.2
|
%
|
|||||||||||||||
Total Fiber Penetration
|
30.9
|
%
|
31.2
|
%
|
32.6
|
%
|
|||||||||||||||
Broadband Customers, end of period (in thousands)
|
|||||||||||||||||||||
Consumer
|
Fiber
|
1,878
|
1,797
|
1,575
|
|||||||||||||||||
|
Copper |
822
|
870
|
1,043
|
|||||||||||||||||
|
Total |
2,700
|
2,667
|
2,618
|
|||||||||||||||||
Business + Wholesale (1)
|
Fiber
|
129
|
126
|
114
|
|||||||||||||||||
|
Copper
|
114
|
120
|
136
|
|||||||||||||||||
|
Total |
243
|
246
|
250
|
|||||||||||||||||
Broadband Net Adds (in thousands)
|
|||||||||||||||||||||
Consumer
|
Fiber
|
81
|
75
|
73
|
|||||||||||||||||
|
Copper
|
(48
|
)
|
(58
|
)
|
(62
|
)
|
||||||||||||||
|
Total
|
33
|
17
|
11
|
|||||||||||||||||
Business + Wholesale (1)
|
Fiber
|
3
|
4
|
4
|
|||||||||||||||||
|
Copper |
(6
|
)
|
(6
|
)
|
(7
|
)
|
||||||||||||||
|
Total |
(3
|
)
|
(2
|
)
|
(3
|
)
|
||||||||||||||
Broadband Churn
|
|||||||||||||||||||||
Consumer
|
Fiber
|
1.20
|
%
|
1.47
|
%
|
1.32
|
%
|
1.32
|
%
|
1.38
|
%
|
||||||||||
|
Copper |
1.86
|
%
|
2.18
|
%
|
1.88
|
%
|
1.90
|
%
|
1.79
|
%
|
||||||||||
|
Total |
1.41
|
%
|
1.72
|
%
|
1.55
|
%
|
1.52
|
%
|
1.56
|
%
|
||||||||||
Business + Wholesale (1)
|
Fiber
|
1.17
|
%
|
1.24
|
%
|
1.31
|
%
|
1.28
|
%
|
1.29
|
%
|
||||||||||
|
Copper |
1.73
|
%
|
1.68
|
%
|
1.81
|
%
|
1.74
|
%
|
1.66
|
%
|
||||||||||
|
Total |
1.44
|
%
|
1.46
|
%
|
1.59
|
%
|
1.52
|
%
|
1.50
|
%
|
||||||||||
Broadband ARPU
|
|||||||||||||||||||||
Consumer
|
Fiber
|
$
|
64.16
|
$
|
64.49
|
$
|
61.20
|
$
|
63.39
|
$
|
62.45
|
||||||||||
|
Copper |
54.22
|
54.62
|
48.70
|
52.43
|
48.13
|
|||||||||||||||
|
Total |
$
|
61.02
|
$
|
61.15
|
$
|
56.06
|
$
|
59.52
|
$
|
56.05
|
||||||||||
Business + Wholesale (1)
|
Fiber
|
$
|
98.86
|
$
|
98.54
|
$
|
105.34
|
$
|
99.86
|
$
|
104.99
|
||||||||||
|
Copper |
59.87
|
59.87
|
60.18
|
60.39
|
59.03
|
|||||||||||||||
|
Total |
$
|
80.17
|
$
|
79.35
|
$
|
80.28
|
$
|
79.85
|
$
|
78.39
|
||||||||||
Reconciliation: Broadband ARPU
|
|||||||||||||||||||||
Consumer Fiber Broadband ARPU
|
$
|
64.16
|
$
|
64.49
|
$
|
61.20
|
$
|
63.39
|
$
|
62.45
|
|||||||||||
Gift card impact
|
0.17
|
0.16
|
2.10
|
0.83
|
1.56
|
||||||||||||||||
Adjusted Consumer Fiber Broadband ARPU
|
$
|
64.33
|
$
|
64.65
|
$
|
63.30
|
$
|
64.22
|
$
|
64.01
|