Good day. Thank you for standing by. Welcome to the Frontier Communications Investor Presentation. I would now like to hand the conference over to your speaker today, Mr. Sheldon Bruha. Please go ahead. Good morning, everyone, and thank you for joining us on the Frontier Communications first quarter 2021 earnings and restructuring emergence investor presentation. I'm Sheldon Bruha, the Chief Financial Officer of the company. Joining me today is John Stratton, incoming Executive Chairman, and Nick Jeffery, President and CEO. At the outset, I would like to inform you that this presentation can be found and followed within the webcast and is available on the Webcasts and Events section of our investor relations website. During this call, we will be making certain forward-looking statements. Forward-looking statements, by their nature, address matters that are uncertain and involve risks, which could cause actual results to be materially different from those expressed in such forward-looking statements. Please review the cautionary language regarding forward-looking statements found on page two of the presentation. On this call, we will discuss certain non-GAAP financial measures. Please refer to the presentation for how management defines these measures and certain shortcomings associated with these measures. Reconciliations of these non-GAAP measures to the closest GAAP measures can be found in the presentation. I will now hand the call over to John Stratton, incoming Executive Chairman of the Board, who will lead off today's presentation. Okay. Thank you, Sheldon, and thanks all of you for joining us today. Just briefly, for those of you that I haven't met, I joined Frontier as a board observer in May of 2020 and was later named the company's Executive Chairman pending our emergence from bankruptcy. Prior to joining Frontier, I served in a variety of roles at Verizon Communications, most recently as President of Global Operations, with responsibility for the $120 billion P&L of the company's network businesses, which included our wireless business, enterprise, and consumer, which included, of course, the company's Fios business, most relevant to where we are here today with Frontier. To begin our discussion, I'd ask you to turn to slide five. After almost two years of hard work, we're excited to be emerging today from our Chapter 11 financial restructuring and expect to begin trading on the Nasdaq this coming Tuesday, May 4th, under the ticker FYBR. I'd like to take a moment to thank everyone who helped us to get to this point, including our current board of directors, the management team, our dedicated employees, and our advisors. Our presentation today is designed to give you a vision of Frontier's path forward, our business today, the opportunity ahead, and our strategic positioning in the market. Overall, we hope you'll leave today with a better understanding of our current opportunity and the transition that we're undergoing to build a new future at Frontier. On to slide six. Our future here at Frontier requires a very strong foundation. This begins with an outstanding leadership team, which we've built not only by bringing in Nick Jeffery as our new CEO and other key executives, but also a new board of directors, who I'll introduce in just a moment. Strategically, we're most focused on the expansion of our fiber network, with our initial emphasis on building over 3 million new fiber passings in the very near term. Operational improvement at Frontier is underway. We focused on simplifying and streamlining processes, generating systems improvement to benefit customers, and improving efficiency for our employees. We'll emerge from Chapter 11 with a strong financial position, significant liquidity, low leverage, and strong cash flow that will support us as we continue deploying fiber throughout our nationwide footprint. On slide seven, as we've mentioned, we've been able to attract exceptional talent and have recently added two industry-leading executives, as you see here on this slide. Nick Jeffery, our CEO, is a telecom industry veteran with over 30 years of deep operational expertise and leadership experience. Nick joined Frontier from Vodafone, where he most recently served as CEO of its U.K. company. This was a business that historically had performed quite poorly and for many years was losing share, outgunned by aggressive competitors, its brand perception tarnished by substandard customer support. Under Nick's guidance, the company engineered a substantial transformation and turnaround, driving wireless market share growth, improving service delivery, and re-energizing the brand. In addition to repairing its wireless business, Nick also launched a consumer broadband service, and rapidly it became the U.K.'s fastest-growing provider, gaining over 1 million customers and the highest-rated brand NPS scores within three short years. Clearly an ideal fit for the task ahead at Frontier. Veronica Bloodworth, our new Chief Network Officer, recently joined Frontier from AT&T, where she spent 23 years and helped architect AT&T's IP strategy, yielding 3 million builds per year. Veronica has extensive experience with the planning, design, construction, and capital maintenance of fiber networks, having overseen deployment to 14 million customers while at AT&T. Turning to slide eight, we've spent a significant amount of time and energy recruiting a talented new board of directors. This new board brings a diverse wealth of experience from relevant disciplines. All functional areas are well represented with high levels of subject matter expertise across key areas, including digital transformation, brand development, capital investment, operational efficiency, and telecom strategy. We're very excited about this new board, and so I'll run you through a quick introduction. In addition to myself as Executive Chairman and Nick, our CEO, we have Kevin Beebe, the co-founder of Astra Capital Management and formerly Alltel's head of operations. I should note that Kevin has been on Frontier's board since 2019, including the finance committee that led the restructuring efforts that we've just completed. Lisa Chang, who is currently Chief People Officer at Coca-Cola, Pamela Coe, the former Deputy General Counsel and Corporate Secretary at Liberty Media, Steve Pusey, the former Global CTO of Vodafone, Maryann Turcke, who's the former Chief Operating Officer of the National Football League, and Prat Vemana, who is currently the Chief Digital Officer of Kaiser Permanente. These leaders will work diligently with the management team to drive a clearly defined set of immediate objectives critical to Frontier's path forward. What does Frontier look like today, and how do we think about this business? If you move to slide nine, I'll try to answer this here. Our new future starts on excellent footing. We believe that Frontier has the foundation to become the largest U.S. pure-play fiber provider, which Nick will cover later in the section. Going forward, our story is based on two primary components, our base fiber network and our expansion fiber network. Simply put, the base fiber network is fiber that's in the ground today, already generating solid cash flow. The expansion fiber network is the unique and significant opportunity that we have to convert our cache of millions of copper locations into fiber, replicating a proven and successful model to unlock massive value. On slide 10, just a bit more about what's in place today to illustrate each of these assets a bit more specifically. Network passings on the left side of the chart include both consumer and commercial locations. As of March 31st, we serve 11.8 million copper locations. With fiber, we passed 3.4 million total locations, most of which are the 3.2 million passings in our base network, which we define as all of those built prior to 2020. We plan to ring-fence these 3.2 million passings going forward, and we'll continuously inform the market how we're doing there. This should serve as a reference for you as you model our business. How are we doing on penetration? ARPU. It's a means for you to understand not only how these markets are faring, but also to update the inputs you use as you model the potential of our new fiber build. The expansion fiber network is everything we build from January 2020 forward. To date, we've built 200,000 of these passings, but we're just getting started. Going forward, as these networks are deployed, you should expect us to inform you of our progress on the pace of our build and the level of demand we generate to fill it, penetration by cohort. Lastly, as we upgrade our copper customers to fiber, you should expect the copper passings to decline as copper internet or DSL broadband will generally not be offered after the upgrade, and the locations here will be reclassified as fiber. We'll take a closer look at our fiber network on slide 11. Our existing fiber network generated $2.6 billion of revenue, with roughly $1 billion of adjusted EBITDA in 2020. On both metrics, that's about 40% of our overall business, excluding subsidies. While our future may be in fiber, we still have roots in copper. Our copper business generated $3.8 billion of revenue and $1.4 billion of adjusted EBITDA last year. Over time, we expect to aggressively shift our business mix with a larger percentage of both revenue and margin coming from fiber as we implement our expansion plan. Turning to slide 12, our plans are built on the substantial foundation of this expansive existing network of fiber, our base fiber network. As described, this base network is already well established with 1.3 million customers and penetration approaching 42%. To enhance and further develop the power of this network, we focused on three core value drivers, penetration gains, ARPU accretion, and increased cost efficiencies. On penetration, over time, we believe we could achieve a penetration rate of 50%, which alone would substantially increase the value of our fiber network. Let me take you further into this point on slide 13. We see a clear correlation between valuation and penetration. Companies that are able to achieve greater levels of penetration are clearly more highly valued by the market. Using the trend line in this analysis implied by our peers and our current penetration of roughly 41.5%, our analysis yields an implied enterprise value for our existing base fiber network of $11 billion today. As we aspire to move up and to the right and as we seek to approach 50% fiber penetration in the near term, we'll drive further value growth for our shareholders. We feel confident in our ability to meet that target for a number of reasons. Many of our cable peers who are north of 50% penetration today have a product that is arguably inferior to the product and services we'll offer on our fiber networks. When we acquired much of our fiber from Verizon, penetration was in the high 40s, even approaching 50%, which then dropped sharply in subsequent years due to significant operational challenges. Our recent operating initiatives have resulted in seven consecutive quarters of positive net adds and increased fiber penetration. We have much more to do here, but it is an encouraging reversal of our prior trends. Like our peers, we'll continue to evaluate ways to increase profitability in all aspects of our residential, commercial, and wholesale businesses for the benefit of our shareholders. Bringing the methodology discussed on slide 12 and 13 together on slide 14, our 3.2 million base fiber passings today translate to $11 billion of implied enterprise value, as described by the trend line on that prior slide. This methodology would imply roughly an 11 x EBITDA multiple for our fiber business. Together with our copper business, that equates to $15 billion of implied total EV today. If we're able to increase our fiber penetration to 50%, it would drive that value to $14 billion for the fiber network alone, implying a total EV of $18 billion when including the copper network. It's important to note, this analysis doesn't include any additional upside from our expansion plan. That's to say, if our fiber footprint remained exactly constant and we only work to increase one dimension, our fiber penetration, our business can achieve a valuation of $18 billion. While we expect the value of our copper business to decrease and negatively impact total potential EV, there is substantial upside when taking these two networks together, as we work to at least double and potentially triple the size of our fiber network over time. There'll be more on this in the following slide. As we look to the future, we have an exciting opportunity to further our growth. We've identified over 10 million additional locations where we can build out fiber with very attractive financial returns. However, we've done more than just identify. The build-out of the first 3.4 million of those passings is fully underway, with 200,000 already constructed. You'll hear much more about that from Nick in just a moment. We've strategically prioritized our build-outs to target the highest IRR projects first to maximize value. The 3.4 million builds currently in progress are expected to produce program IRRs of at least 24%. The next tier of opportunity and the speed with which we'll accomplish the whole of our builds is currently being evaluated in a strategic review. We recognize that time to market is an absolutely critical success factor. To that end, Nick and his leadership team are driving two critical questions: how far and how fast? This work by the management team, in conjunction with our new board, will be completed over the next 100 days. We plan to share the outputs of this process and the shape of our ambition in an investor day that will be held in August. In addition to framing the size and speed of our fiber investments, as referenced earlier, we're also generating additional disclosure metrics to complement our story and better communicate the value proposition of our assets to the market. Having given you an overview of this significant value creation opportunity for Frontier post-emergence, I'd like to turn the call over now to our new CEO, Nick Jeffrey, to introduce himself and provide more detail on our strategy, why Frontier is well-positioned to succeed. Nick? Thank you, John. Before we get into the detail on slide 18, I'd just like to take a minute, if I can, to say that I decided to join Frontier because of the enormous opportunity I see for the company to create value. Frontier today has a solid foundation of owned fiber assets, a significant customer base, and strong competitive positioning. This enables Frontier to win in key markets and to successfully execute on a unique investment opportunity to create shareholder value. Our network spans 25 states with 180,000 fiber route miles, making it one of the largest fiber networks in the U.S. This big GB-capable network passes three million residential homes or 3.4 million total passing, with greater than 41% penetration where we build fiber today. We positioned ourselves as one of the U.S.'s largest local exchange carriers. In the last 12 months, we generated $7 billion of revenue and $2.8 billion of adjusted EBITDA, which represents a 40% adjusted EBITDA margin. From a competitive standpoint, we've proven that we can win market share where we have fiber. Furthermore, almost the entirety of our homes passed face one or no broadband competitors, giving us a significant opportunity to build upon the strong foundation of our current network. I joined Frontier well aware of the issues that the company has faced over time, and with a sense of real urgency to bring about change to help improve execution and make smart investments for the future. A fiber-centric future for Frontier is economically desirable, operationally deliverable, and we believe our unique market dynamics make us well positioned to win. Frontier's purpose is to be a leader in building Gigabit America. We will connect more rural areas, upgrade our lower network speeds, make quality internet more accessible, and play our role in providing the U.S. with the digital infrastructure it needs to succeed over the coming years. Moving on to slide 19, as we look to capitalize on our attractive fiber assets, favorable industry dynamics will continue to provide tailwinds to our business. Not only are data speeds continuing to get faster, but customers are continuing to consume data at a faster pace. The number of connected devices inside the home, applications downloaded on mobile devices, and demand for over-the-top video are expected to increase at double-digit growth rates over the next several years. We believe these industry dynamics together present the perfect opportunity for high-speed fiber network operators like ourselves to profitably grow our business. On slide 20, we believe fiber is the best product to meet this rising demand for data, not only due to its superiority to alternatives like cable today, but also because we believe it will maintain its superiority in the years to come. Today, fiber has 34% faster download speeds, 17.6 x faster upload speeds, and 42% lower latency levels than cable. This means fiber is the perfect technology to support the rising demand we've seen for home video conferencing, the need to upload and share large files through the cloud, and for low latency applications like gaming. Looking forward, fiber will continue to outpace alternatives by featuring symmetrical download and upload speeds and a clear path to 10 GB services. Our assets have longevity. The fiber we're laying today will last up to 50 years and will cost less to maintain than alternatives. As slide 21 illustrates, the U.S. broadband market is uniquely primed for explosive growth. There are approximately 128 million homes in the United States today, only 30% of which are currently passed by fiber. In contrast, Europe's rollout of fiber is more advanced than in the U.S., with many countries now above 80% fiber passing to total homes. With this backdrop, the U.S. companies that can execute on fiber deployment should create significant value for their shareholders. We truly believe fiber to the home will be the most important digital infrastructure for the year over the next decade. Moving on to the next slide, it's clear that the market has already acknowledged this opportunity, as reflected in the robust valuations that the overbuilders have attracted. Over the course of the last 24 months alone, we've seen EV to EBITDA multiples with a value above 20 x, reflecting this market sentiment. A fiber-centric company such as Frontier can be right in that ballpark, now more than ever, given our right-sized balance sheet, strategic upgrade plan, and resulting potential for tremendous growth. On slide 23, we show key statistics on our fiber network through the lens of our entire business. Frontier today is one of the largest fiber-to-the-home platforms in the United States. We have over 3.4 million total fiber passings today, and as John has covered, plans to at least double this footprint over the coming years. Within our footprint, we are well positioned competitively. Today, 88% of our fiber footprint has one or no competitors. Penetration in these markets could improve significantly as consumer demand for bandwidth in the home continues to accelerate. Similarly, 87% of our copper footprint has one or no incumbent wireline competitors, suggesting that the penetration potential for our fiber build-out should be significant. The demographics in these markets are also favorable, as the majority of these markets are growing and exhibit higher than average household income with a younger population, correlating tightly with higher broadband usage. One of the most important points I want to cover is our advantage in deploying fiber, as shown on slide 24. As an incumbent, Frontier has several advantages in building our modern fiber network, including existing rights of way, fiber network infrastructure, conduit and procurement, and of course, economies of scale. We're able to use these advantages to yield lower build costs, faster network deployments, more effective penetration, and more efficient planning processes. We have a terrific workforce of thousands of employees who build this fiber rapidly, which newer entrants or smaller players cannot easily replicate. Taken together, it's clear that Frontier has the scale, resources, and established network to build at a competitive advantage to other players. Turning to page 25, we are already seeing evidence of our advantages playing out in the business today. We have seen seven consecutive quarters of positive consumer fiber net adds. We are accelerating the construction of new fiber, and our penetration is increasing with a clear path towards 50%+ penetration, which again, we believe will translate to significant value creation for our shareholders. On the right, we can see our focus on the customer experience has begun to show results, with residential fiber churn having decreased from 2.7% in the third quarter of 2019 to 1.4% today. We expect to continue to improve churn as further operational efficiencies and improvements are implemented. Moving to the next slide, we're going to accelerate the initiatives already in place over the course of 2021. We're focused on maintaining and accelerating the positive momentum in penetration, churn, and ARPU. The right sizing of our fiber business has been evident for several quarters, and we have every intent of exceeding the prior quarter's performance on fiber. We're equally focused on costs, aggressively looking for all opportunities to reduce expenses. Investments are being made both in the ground as we build fiber, but also in gross adds as we welcome new subscribers onto our growing network. Video will remain on hold, reflecting changing consumer habits and the move to over-the-top television. Looking forward, we have already taken proactive steps to improve the business. Most significantly, we have reviewed our carrier relationships with key business partners, resetting current pricing contracts in exchange for a higher share of future, more sustainable revenue opportunities. This will improve our competitiveness in the market, whilst it does result in a decline in revenue for 2021, this change will be offset by volume gains and is NPV positive, a value creation net win for Frontier. That said, secular trends will continue in copper revenues and voice overall as customers move away from landlines. We are aggressively targeting data products and the conversion of copper to fiber in response. Further, our investment in fiber and driving new customer adoption will see a commensurate investment in gross adds as we target further penetration gains, and ultimately set the course for our future as a modern data provider. Whilst it's relatively early in my tenure at Frontier, it's clear to me that we have set our 2021 objectives in full alignment with both the realities and opportunities in our business. Secular headwinds are not being ignored, the team have a long-term focus that can leverage all elements of the business, whether in decline or on the rise, to deliver a return to growth and generate substantial stakeholder value. This outlook on our 2021 business drives the guidance we're providing on slide 27. Notably, we expect declines in EBITDA driven by voice revenue declines. We have an established track record of managing operating expenses, so this adjusted EBITDA is mostly top-line driven. The most compelling part of 2021 is fiber growth. This is headlined by our target to build 495,000 new fiber locations over the year. You'll note that capital expenditures increased year-over-year, driven mostly by these expansion initiatives. As John has already mentioned, we are undertaking a full strategic review of our business. The level of our fiber build here is our baseline. We plan to provide updates to this during our August Investor Day. As I mentioned earlier, Frontier's purpose is to be a leader in building Gigabit America. We will connect more rural areas, upgrade our lower network speeds, and make quality internet more accessible. We will have more to share on this at our Investor Day in August, and I'm very much looking forward to coming back to you at that point with further details on our vision and plans for Frontier. Looking forward, it's clear we have a lot to do, but I could not be more excited by the opportunity ahead. I'll now hand over to Sheldon, who'll go into more detail on our financial performance. Sheldon, over to you. Thank you, Nick. Our first quarter results were in line with our expectations, with progress in several key areas, but still a lot of work to do to transform the business and realize the potential that John and Nick outlined. The results included a seventh consecutive quarter of positive net additions to our fiber broadband service. During the quarter, we had 11,000 net fiber broadband consumer customers, growing penetration of our existing network, in addition to adding customers on the upgraded fiber footprint we began deploying last year. Our net add improvement is aided by significant improvement in churn versus prior periods. Consumer customer churn was 1.45%, with strong improvements in both fiber and copper broadband churn. Our churn performance was aided by several initiatives to improve the profile of our customer acquisitions, including recent initiatives to no longer sell low-speed offerings of one to three megabits of our copper broadband, that has historically had high rates of churn and challenging customer lifetime value. Before turning to the financial performance, I'll highlight that we had another active month in April on our capital structure as we accessed the capital markets again to further improve interest expense and liquidity for the company in advance of emergence, which I'll be reviewing further in a moment. Turning to slide 31, I'll make a few comments on the financial performance for the quarter. The prior year periods have been adjusted to exclude the contribution from the Northwest operations, which were sold exactly one year ago. All comparisons here are on an apples to apples basis. Total revenue was $1.676 billion, a 6.3% decline from a year ago. Looking at revenue performance by product, total data and internet services revenue declined modestly against prior year. Within that category, our fiber broadband revenues grew by $19 million, or over 8%, reflecting the operational focus and upside potential of this business. As I mentioned, both fiber and copper broadband products had materially improved churn performance, reflecting recent churn reduction initiatives. This was during a quarter in which we implemented price increases on both existing and new broadband customers. Operating expenses declined $96 million versus prior year, reflecting continued cost management, including content cost improvements as we renegotiated or dropped premium content channels. Our adjusted EBITDA margin improved to 40%, versus 38.4% one year ago. We expect the margin to decline during the remainder of 2021 as we ramp up gross add activity on our fiber network, resulting in increased operating expense, and as we incur near-term pricing impact of our strategic repositioning in our wholesale business. Moving on to our capital spending on slide 32. During the first quarter, we built fiber to approximately 100,000 new locations. This is more than the total number of locations we built in all of 2020. This demonstrates the pace of our fiber upgrade program as we ramp activities to deliver the 495,000 new fiber locations in 2021 that Nick mentioned earlier. We continue to be pleased with the results we are seeing in both the cost of the build and the early penetration of the footprint, and we intend to provide more details on this important aspect of our transformation during our Investor Day that we'll be planning later this summer. Turning to slide 33. We've also done a considerable amount of work on our capital structure. This work was not just confined to the reorganization transactions that were approved as part of our Chapter 11 cases. We were extremely opportunistic in the capital markets as well. During the last six-plus months, we refinanced all $5 billion of secured debt issued by our parent company. In some cases, we refinanced the debt a second time within this time period. Not only did this result in significant interest expense savings of just over $75 million per year, but also extended our debt maturities. As you'll see here on the slide, we've worked to ensure we remain as unencumbered as possible as we focus on our expansion plans and fiber build, freeing ourselves of any funded debt maturities until 2027. I also want to note that there are a couple of last pieces of the capital structure that are being finalized at emergence. As part of our term loan repricing earlier this month, we raised an additional $225 million via an add-on to that facility. That add-on will close today, providing us additional liquidity. Secondly, the $750 million of take-back debt will be issued today. The interest rate coupon on the second lien take-back debt will be 5.875%, a significant improvement over the 6.75% coupon of the period pursued second lien notes that we issued in November. Moving on to my last slide, the work we've done on our capital structure provides us the financial flexibility to execute on our expansion plans. With a $625 million revolving credit facility, largely unutilized, and approximately $800 million in post-emergence cash, which includes the $225 million from the term loan add-on, we expect to have approximately $1.3 billion in liquidity at emergence. Not only are we emerging with strong liquidity, we're also emerging with industry-low levels of net leverage of 2.2 x. We're well-positioned financially to become the frontier of the future. With that, I'll turn this back over to John for closing comments. Okay, in summary, Frontier emerges later today with a host of advantages as we seek to rebuild our business. A solid foundation of critical telecommunications infrastructure, including fiber-rich assets such as a 3+ million homes passed already in place, an opportunity to grow much further. We enjoy strong industry fundamentals and strong tailwinds, this provides us great opportunity to grow the business further. Perhaps most importantly, all of this comes with a commitment to improve the customer experience. We have an opportunity to rebuild our brand, it starts with the customer, the service that we provide, the ability to deliver great value that's recognized both by our customers as well as the industry at large. Finally, our restructured balance sheet provides us the flexibility to pursue our ambitions with great optimism. That concludes our prepared remarks. We'll now open the call for your questions. Operator? Thank you, sir. As a reminder to ask a question you need to press star one on your telephone. Please stand by while we compile the Q&A roster. Our first question is from Greg Williams from Cowen. Your line is open. Great. Thanks for taking my questions. I appreciate the call today. If I could put two data points together on the presentation. One, John, you mentioned time to markets of the essence, how fast and getting up to speed as fast as possible on the build-out. I think on slide 22, you're mentioning the amount of PE and infrastructure funds that are just awash with capital and entering the space. If timing is of the essence and you want to build out as fast as possible, would you be willing to sell some of your copper assets to accelerate the fiber build? The second question is, we're hearing some conversation about resource constraints and delays, chip shortages, network equipment, capacitors. Yesterday in Consolidated Communications' call, they mentioned resin for the conduits, and even the workforce, and then AT&T said that they're a little bit skittish about delays. Are you seeing any possible delays in the roll-outs due to these constraints? Thank you. Yeah. Thanks, Greg, for your questions, and I'll hit them in reverse order. First on supply chain. We've been stepping our pace up, as was evidenced in the commentary that Nick had. Nick's expectation is that we'll continue to ramp the build through this year with an exit velocity that would allow us to go even substantially further in 2022. As of yet, no indication of supply chain issues that would crimp the pace of our build. Obviously, we've got to keep an eye on this. With Veronica's leadership, our expectation here is to provide with our partners a longer-term level of commitments, the visibility to the size of our build and what they should then be able to plan around, which makes all of those elements, both from a material and labor perspective, much smoother to the benefit of both us and our partners. Regarding the possibility of selling assets and the like, I'd like to push that question, Greg, to our August review. Nick is leading a strategic review now that looks at both the size of our build, the speed with which we'll get it done, and then what are the best means for us to think about resourcing that build as we go forward. We'll push that question to August, but recognizing the fact that we see that our ability to move very quickly may have a positive effect in terms of pointing the over-builders to markets that may be less competitive for them as we leverage the advantages that Nick spoke about on cost and time to market. Operator, next question. Fair enough, John. Thank you. Thanks, Greg. Your next question is from Phil Cusick from JP Morgan. Hey, guys. Thanks. I guess two, if I can. Nick, if you had the cash, how quickly could you build the 3 million lines that you're working on? Can you give us a preview of the strategic review of additional lines? What are the criteria you're looking at least? Thanks. Yeah. Thanks, Phil. Why don't I take the one on how quickly, and Sheldon, perhaps you could take us through how we're prioritizing. Phil, on how quickly, as you heard in the presentation, we have been very fortunate in being able to hire Veronica Bloodworth into the team to lead our networks organization. Veronica came from AT&T, where, of course, she was building fiber at a rate of about 3 million homes passed per year and brings substantial operational experience of the practicalities of ramping a build. Now, what I've already done in Veronica's short tenure in the company is ask her to think about how we can at least double the build rate next year and also work through with me the physical and indeed capital constraints to find the optimal rate of build to maximize shareholder value. That's what we are focused on throughout this build. That's work that's already in flight. You can be safe in assuming we will see a material acceleration, but the exact details of that, we're going to come back to you later in the year. Sheldon, do you want to just talk about how we prioritize builds? Sure, from a prioritization standpoint, clearly, our builds in the early part of this is really focused on the highest IRR potential ones. We're going to begin going after those first. Certainly, within some other constraints where we are focusing on some of the high priority states, as we've been talking about historically, the CTFC markets, the California, Texas, Florida, Connecticut markets would fall in that prioritization. Plus, even within that, we're trying to densify as much as possible these builds in locations to build on the scales within those footprints. We are concentrating the densification of fiber further within the states, within the territories we're building. Thanks, Sheldon. Okay. Okay. Operator, next question, please. Your next question is from Jonathan Chaplin from New Street Research. Your line is open. Thanks. A question for Nick, actually. I think so much of the opportunity that you've laid out will strike investors as very compelling. The big challenge, I imagine, is in execution. It's sort of taking the old Frontier and turning it into the new Frontier. Nick, for those who aren't familiar with your track record at Vodafone, I'm wondering if you can touch on the turnaround that you engineered in the U.K. business there, and how it sort of matches or doesn't match the task ahead of you at Frontier over the course of the next few years, and where you see the biggest challenges as being in going after the vision that you've started to outline here. Yeah, Jonathan. Thank you. Great question. I'll try and keep it focused on Frontier, but just to recap quickly. For the last five years, I led the turnaround of Vodafone's home market in the U.K. It was a company about the same size in terms of revenue as Frontier, but with a much more complicated product offering, both wireless and wireline and services, and in a highly competitive market with four or five infrastructure competitors and at least 16 retail competitors in a much, much smaller market space than the U.S. That was a company that had been neglected for many years. The brand had drifted, revenues were declining, market share was declining in every single segment. NPS was significantly negative, huge IT problems, huge customer service problems, and extremely low employee engagement. Five years later on, it was growing in all segments, taking market share in all segments. It had beaten every competitor on every metric for seven consecutive straight quarters, the highest NPS in the company's 33 year history, and the best employee engagement in the Vodafone Group. When I first spoke to John about Frontier, John actually said to me, "Hey, you know what? Frontier is very similar in lots of ways to Vodafone." That really rang a bell for me because I absolutely loved turning that company around. What I've seen in my first 40 days at Frontier is exactly the same set of things. The way to get at it is really to focus on operational basics. Really inch by inch, mile by mile, improving customer service, making sure that operational excellence is delivered right throughout the build process, making sure that we put through the many small but together significant improvements in IT systems, and then build on that with really accelerating the application of digital to automate services, to increase reliability, to reduce error rates, and of course, to produce a much better customer offer. There's the final thing, which is an absolute obsession with competition and winning in the market. To be all over every move every competitor makes, every second of the day, and to really be on top of customer trends, both as you see them and as you anticipate them. I am completely convinced that it's exactly the same recipe here at Frontier, albeit in a much bigger market, but with much less competitive intensity, and indeed, a simpler product portfolio. Jonathan, I don't know if that answers your question. Hope so. No, that was outstanding. Thanks, Nick. All right. Your next- Thank you. Operator, next question, please. Thank you, sir. Your next question is from Nick Del Deo from MoffettNathanson. Your line is open. Thanks for taking my questions. I appreciate the informative presentation. Obviously, congrats on getting to your emergence and your listing. I guess what needs to happen to get your fiber penetration back up to 50%, in terms of service, brand, marketing, et cetera? Kind of tied into that, how should we think about the 50% penetration in a P x Q framework? Some operators are more aggressive on price to drive volume, some the opposite. How do you think about that balance? Yeah. Thanks for your question, Nick. Nick Jeffery, I'll ask you to maybe take that one, and particularly on the balance question. We've talked a lot about the pace of penetration gain and the importance, for example, of building the value of the ARPU, as we transition to a more broadband-centric offering. Maybe, Nick, just a piece on that and your broader thoughts about how we restore proper market share. Yeah. Thanks, John. And thanks, Nick. The first thing on market share is, I think if we look at a couple of data points just to begin with, the first of which is the Fios network when it came across to us was already at close to 50% penetration. Secondly, we have a number of our state operations today are already at close to 50% penetration. In a sense, is this possible is already proven in fact. The question is, why has share not been going up as it should do, and what have we got to do to get share growing back up again? In a way, this answers part of the P x Q question as well. The first thing is, I think we have to build a really much more compelling customer offer and brand. People don't buy fiber. They buy what fiber does for them in their homes and businesses. That's very much the way we need to start thinking about how we sell and market the services that Frontier provides. As people use more data, as we all do in our lives, we're already seeing people trading up to faster GB services. We're already seeing people willing to pay more for that. Those two things put together is why our ARPU on fiber has already started to creep up. Now, have we optimized that as accurately as we could to market dynamics and customer needs? Probably not. Have we got the brand being an accelerant rather than a break on that? Probably not. That's work in flight, work that we're already beginning to deliver. We also need to think about the extra services that customers would be willing to buy. It's not just moving up a price speed ladder, but it's also moving up a value-added services ladder in the household as well. Do people want security? Do they want Wi-Fi 6? Do they want mesh Wi-Fi? So on. Then using really sophisticated digital marketing techniques to optimize that mix down to individual household level. I think as we begin to put those things in place, as we've already started to, then we'll begin to see a much more active management, firstly up of penetration, and hopefully up of ARPU as well. Okay. Operator. Thank you, Nick. Your next question is from Brett Feldman from Goldman Sachs. Your line is open. Thanks for taking the question. Congratulations on getting through the New York reorganization process. I'm actually going to follow up on what you were just discussing in terms of additional services. You did not mention mobile. Comcast and Charter in particular have done very well bundling in a mobile offering, and they continue to make that a very compelling value proposition, which I think makes the broadband customers very sticky. I'm curious whether you see mobile potentially fitting in, and if you're seeking or if you think you need a mobile partner. A separate question. When I look at the CapEx guidance you gave for the year and some of the data points you gave around the cost of deploying fiber, it seems like the fiber expansion is actually a relatively small component of the capital budget. I'm curious what's comprising the rest, and are there any legacy capital projects you may be wrapping up that could allow you to reallocate that budget into fiber and therefore fund a more accelerated rollout? Thank you. Yeah. Thanks, Brett, for your question. Sheldon, I'm going to pump the capital question to you in just a moment. As we talk about mobile and the like, this is a topic that Nick and I have, I think between us, about 65 years of experience running mobile businesses. Look, I think that it's an interesting idea, and obviously it's informative to keep an eye on Charter and Comcast progress there, which has been pretty exceptional. That said, we have a ton of opportunity right ahead of us right now. What we want to be careful about is to not distract the company as we start the initial base business of building the fiber, expanding our marketing and sales capabilities to rapidly not only build, but penetrate those markets as we build them. I would never say never to an opportunity like mobile, but in the near term, we're going to focus on the knitting up of our primary fiber offerings. With that said, Sheldon, could you take Brett's question regarding the capital side? Sure. Thanks, Brett. Look, within our capital, I think you've highlighted the real driver of the increase year-over-year is related to the investments we're doing on the fiber expansion program. I mean, the rest of our mix of capital expenditures are going to be traditionally around sort of the cost for gross additions and what we're doing to acquire customers, not just the fiber customers, but new customers across our business, our various other network investment initiatives. On this one, I think maybe to get to your point, we still are investing CapEx related to the CASB program, which as people know, sort of the subsidy program ends here in 2022. We have some remaining builds that we are doing here in 2021 that will no longer continue beyond the 2021 period. There is a sizable portion of the CapEx spend that will no longer be dedicated to CAF that will be essentially available for other opportunities. There is a little bit more investment as well this year as we're coming through some of the emergence and as well as some of the introduction here of the new leadership in terms of looking at some of the technology platforms and other sort of maintenance spend around the portfolio that has stepped up a little bit this year as well. Great. Thank you. Okay. Thanks, Brett. Operator, we have time for one more question, please. Yes, sir. Next question is from Simon Flannery from Morgan Stanley. Your line is open. Thanks for the presentation. Can you give us a little bit of insight into the ramp rate of penetration when you do initial passings? I think you'd done 60,000 last year. You'd had some good results. What's the kind of the first year kind of trajectory, and how does it ramp from there? When do you think we'll start to see the revenue trends starting to inflect higher, where you're seeing significant improvements in year-over-year declines? Thanks. Thank you, Simon. Nick, in just a moment, I'm going to pass the question to you. Before I do, I want to restate something I mentioned in the prepared remarks earlier. I think the heart of your question, Simon, is really critical, and it is one of the more important drivers of success that we're going to need to demonstrate as we move forward here. To that end, from the standpoint of our disclosures and the transparency with which we want to run the business, I referenced earlier that the base fiber network, that is the 3.2 million subs that are already in place, we're effectively going to put a wall around those from a standpoint of reporting so as to be able to inform all of you and the marketplace broadly about the success we've had in raising penetration beyond sort of its current 41%. Also how we take the other drivers, ARPU gains, cost efficiency, expanding margins, et cetera, with the notion that that then is a baseline or a reference point for you to consider as you input to your models the value of the new fiber that we then go and build. As it relates to the new fiber, I think it's important for us to be able to communicate to the marketplace the pace of our build and then also the pace of our penetration, right to your very point, Simon. Again, I'll ask Nick to comment on this more. You should expect us to be communicating on a cohort by cohort basis. How do we look at 12 months, 18 months, 24 months, et cetera, as we go forward? Not only for the purpose of our external reporting and our conversations with you, but obviously as Nick's gearing up his operational engine and the means by which we measure success inside the business and drive our initiatives inside the company, this will be the focus on both sides of that wall. Nick, further thoughts on the early-stage penetration? Yeah, John. Thanks. Great question. Just to remind ourselves, I mean, we already have just over 41% penetration in our mature base already and of course, as we've said, see potential to move this to 50% over time. In new areas, we estimate we'll ramp to about 35% plus penetration over a four-year cycle and then on beyond that to 40% plus. Really the key point for future quarterly results, as John says, is for us to show very clearly the cohort analysis between the mature base and the new builds at different ages so that we can be clear with you on how penetration is changing and of course how the cost to build is also developing as well. You'll see that in our upcoming quarterly releases. Great. Any color on the revenue trajectory when you get this crossover effect and the revenue trajectory improves? Yeah to work through and some of these repricings on the wholesale deals. Yeah. Thanks, Simon. I think what you should expect is that the trajectories of the business begin to improve after 2022. As you just referenced, there's really a couple of factors here. We have the weighting between copper, its contribution versus fiber. What is the crossover point, right, as we do the new build and penetrate those markets. There is also a CAF II effect. We'll have that last bit of subsidy falls off and then you'll see the effect of that next year. We begin to build back. The expectation is the EBITDA trajectory comes first and then revenue just behind that as we lever up the new build. This is subject to further evaluation, though. It should be clear that in the work that Nick is doing right now, we will be recalibrating the whole of our expectation set. We've talked to a 3 million unit build historically in the last whatever, seven, eight months. It is our expectation that we're going to significantly increase that and also the pace of that build. The resultant revenue trajectories and EBITDA will be updated to reflect that new plan as we go. That's the work ahead. We're down into that in a pretty detailed level already and expect to release more information on that as we get back together in the month of August. Hopefully that's helpful, Simon. Yeah. Very helpful. Thank you. Okay, operator, we'll now move to conclude the call. 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