Focus on Customer Profitability: Improved
Financial Trends in Customer ARPU and Revenue
Growth in Fiber Customer Net Adds and Mobile
Line Net Adds
Positive Trends in Customer Experience,
Network, and Operations
Altice USA (NYSE: ATUS) today reports results for the first
quarter ended March 31, 2024.
Dennis Mathew, Altice USA Chairman and Chief Executive
Officer, said: "Our first-quarter results are reflective of the
progress we are making to improve our operations and financial
performance, which we are confident will set us on a path to
achieve sustainable long-term growth. We report improvements in
year-over-year trends in customer ARPU and Revenue and generated
positive Free Cash Flow in the quarter. We are delivering quality
and value to our customers by strengthening our networks, improving
our execution discipline, enhancing our product portfolio, and
accelerating local go-to-market strategies, and we are proud to
once again report growth in our fiber and mobile customer bases
alongside continued improvement across key operational and customer
experience metrics. Our focus remains on driving profitable
customer relationships and elevating network and service quality,
all while maintaining financial discipline."
First Quarter 2024 Financial
Overview
- Total Revenue of $2.3 billion (-1.9% year over
year).
- Residential Revenue(1) of $1.8 billion (-2.9% year over
year).
- Residential Revenue per user (ARPU)(2) of $135.67 (+0.3%
or +$0.35 year over year).
- Business Services Revenue of $364.9 million (+0.3% year
over year).
- Lightpath revenue growth of +3.6% year over year.
- SMB / Other decline of -0.8% year over year.
- News and Advertising Revenue of $105.7 million (+7.1%
year over year).
- Excluding political advertising revenue, News and Advertising
grew +1.8% year over year.
- Net income (loss) attributable to stockholders of ($21.2)
million (($0.05)/share on a diluted basis) in Q1 2024 and $25.9
million ($0.06/share on a diluted basis) in Q1 2023.
- Net cash flows from operating activities of $399.7
million in Q1 2024 and $416.8 million in Q1 2023.
- Adjusted EBITDA(3) of $846.6 million (-2.5% year over
year), and margin of 37.6%.
- Cash capital expenditures of $336.1 million (-42.3% year
over year), capital intensity of 14.9% (11.1% excluding FTTH and
new builds). The Company expects to continue to invest in key
growth initiatives, with anticipated cash capex of approximately
$1.6 billion to $1.7 billion in Full Year 2024.
- Operating Free Cash Flow(3) of $510.5 million (+78.8%
year over year), and margin of 22.7%.
- Free Cash Flow(3) of $63.6 million.
First Quarter 2024 Key Operational
Highlights
- Improved Customer Experience (CX) Leading to Higher
Satisfaction Scores CX improvements year-over-year across a
variety of metrics driven by a 'First Time Right' approach:
- ~1.7 million fewer inbound calls(4) LTM Q1 2024.
- ~235k fewer truck rolls(5) LTM Q1 2024.
- +63% increase in self-install rate(6) Q1 2024.
- +13pts improvement in tNPS(7) Q1 2024.
- Strong Fiber Net Adds; Reaching 395k Fiber Customers,
an +88% increase in total fiber customers compared to Q1
2023
- Optimum's best quarter for fiber customer net additions of +53k
in Q1 2024, driven by increased migrations of existing customers
and fiber gross additions.
- Penetration of the fiber network reached 14.2% at the end of Q1
2024, up from 8.8% at the end of Q1 2023.
- Optimum Mobile Net Add Growth +29k in Q1 2024; 3.8x Growth
Year Over Year; Reaching 352k Lines
- Optimum Mobile line net additions of +29k in Q1 2024, compared
to +8k in Q1 2023.
- Optimum Mobile grew customer service ARPU(8) by $4.30 in Q1
2024 year over year.
- Mobile customer penetration of the broadband base was 5.3% at
the end of Q1 2024, up from 3.5% at the end of Q1 2023.
- 64% of customers are on unlimited or unlimited max mobile plans
as of the end of Q1 2024.
- In Q1 2024, Optimum Mobile launched in business services, and
later this year the Company expects to expand mobile product
offerings to tablets, smart watches, device protection and to
launch accessories in e-commerce platforms.
- Total Broadband Primary Service Units (PSUs) net losses of
-30k
- Broadband net losses were -30k in Q1 2024, compared to -19k in
Q1 2023.
- Continued Progress in Building Quality Broadband Network
Experiences
- Optimum Fiber Internet network was recognized by Ookla®
Speedtest® for delivering New York and New Jersey’s fastest and
most reliable internet speeds, and titled lowest latency across New
York, New Jersey, and Connecticut.
- Up to 8 Gig symmetrical speeds are available across Optimum
East Fiber footprint.
- Fiber passings additions of +45k in Q1 2024, reaching 2.8
million fiber passings, and targeting approximately 3 million
passings by year end 2024.
- Total passings additions of +51k in Q1 2024, reaching 9.7
million total passings, and will add more than 175k passings in
full year 2024.
- Improved Go-to-Market and Base Management with Newly
Established Brand Platform
- Where Local is Big Time brand platform centers on the
ability to bring the reach and connectivity resources of a large
national provider with the familiarity, connection, and localized
attention of a small business.
- Enhanced base management strategies include speed right-sizing
~300k qualifying customers to higher speed tiers.
Debt Maturities Addressed Near
Term
- In January 2024, CSC Holdings issued $2,050 million in
aggregate principal amount of senior guaranteed notes due 2029 at
an interest rate of 11.750% which will mature on January 31, 2029.
The proceeds from these notes were used to repay the outstanding
balance of Term Loan B and Incremental Term Loan B-3 in full, as
well as pay the fees, costs and expenses associated with these
transactions.
- In February 2024, CSC Holdings redeemed in full the 5.250%
Senior Notes due 2024 and 5.250% Series B Senior Notes, and drew
down $750 million under the revolving credit facility to repay
these notes.
Balance Sheet Review as of March 31,
2024
- Net debt(9) for CSC Holdings, LLC Restricted
Group was $23,059 million at the end of Q1 2024, representing
net leverage of 7.1x L2QA(10).
- The weighted average cost of debt for CSC Holdings, LLC
Restricted Group was 6.6% and the weighted average life of debt was
4.9 years.
- Net debt(9) for Cablevision Lightpath LLC was
$1,421 million at the end of Q1 2024, representing net leverage of
5.7x L2QA.
- The weighted average cost of debt for Cablevision Lightpath LLC
was 5.4% and the weighted average life of debt was 3.8 years.
- Consolidated net debt(9) for Altice USA was
$24,458 million, representing consolidated net leverage of 7.0x
L2QA.
- The weighted average cost of debt for consolidated Altice USA
was 6.5% and the weighted average life of debt was 4.8 years.
Shares Outstanding
As of March 31, 2024, the Company had 459,961,698 combined
shares of Class A and Class B common stock outstanding.
Customer Metrics
(in thousands, except per customer
amounts)
Q1-23
Q2-23
Q3-23
Q4-23
FY-23
Q1-24
Total Passings(11)
9,512.2
9,578.6
9,609.0
9,628.7
9,628.7
9,679.3
Total Passings additions
48.4
66.4
30.4
19.7
164.9
50.6
Total Customer
Relationships(12)(13)
Residential
4,472.4
4,429.5
4,391.5
4,363.1
4,363.1
4,326.8
SMB
380.9
381.0
381.1
380.3
380.3
379.7
Total Unique Customer Relationships
4,853.3
4,810.5
4,772.6
4,743.5
4,743.5
4,706.5
Residential net additions (losses)
(26.1
)
(42.9
)
(38.0
)
(28.4
)
(135.4
)
(36.3
)
Business Services net additions
(losses)
(0.3
)
0.1
0.1
(0.8
)
(0.9
)
(0.7
)
Total customer net additions (losses)
(26.4
)
(42.7
)
(37.9
)
(29.2
)
(136.2
)
(37.0
)
Residential PSUs
Broadband
4,263.7
4,227.0
4,196.0
4,169.0
4,169.0
4,139.7
Video
2,380.5
2,312.2
2,234.6
2,172.4
2,172.4
2,094.7
Telephony
1,703.5
1,640.8
1,572.7
1,515.3
1,515.3
1,452.1
Broadband net additions (losses)
(19.2
)
(36.8
)
(31.0
)
(27.0
)
(113.9
)
(29.4
)
Video net additions (losses)
(58.6
)
(68.3
)
(77.6
)
(62.2
)
(266.7
)
(77.7
)
Telephony net additions (losses)
(60.6
)
(62.7
)
(68.1
)
(57.4
)
(248.9
)
(63.1
)
Residential ARPU ($)(1)(2)
135.32
137.44
138.42
136.01
136.80
135.67
SMB PSUs
Broadband
349.0
349.1
349.4
348.9
348.9
348.5
Video
95.3
93.7
91.9
89.6
89.6
87.3
Telephony
210.0
208.0
205.9
203.2
203.2
200.7
Broadband net additions (losses)
(0.1
)
0.1
0.3
(0.5
)
(0.2
)
(0.4
)
Video net additions (losses)
(2.0
)
(1.6
)
(1.8
)
(2.3
)
(7.7
)
(2.3
)
Telephony net additions (losses)
(2.3
)
(2.0
)
(2.1
)
(2.6
)
(9.1
)
(2.6
)
Total Mobile Lines
Mobile ending lines
247.9
264.2
288.2
322.2
322.2
351.6
Mobile ending lines excluding free
service(14)
223.3
257.9
288.1
322.2
322.2
351.6
Mobile line net additions
7.6
16.3
24.1
34.0
82.0
29.3
Mobile line net additions ex-free
service(14)
14.6
34.6
30.3
34.1
113.5
29.3
Fiber (FTTH) Customer Metrics
(in thousands)
Q1-23
Q2-23
Q3-23
Q4-23
FY-23
Q1-24
FTTH Total Passings(15)
2,373.0
2,659.5
2,720.2
2,735.2
2,735.2
2,780.0
FTTH Total Passing additions
214.2
286.6
60.7
14.9
576.4
44.8
FTTH Residential
207.2
245.9
289.3
333.8
333.8
385.2
FTTH SMB
2.7
3.9
5.7
7.6
7.6
9.4
FTTH Total customer
relationships(16)
209.9
249.7
295.1
341.4
341.4
394.6
FTTH Residential net additions
37.2
38.6
43.4
44.5
163.8
51.4
FTTH SMB net additions
0.9
1.2
1.9
1.8
5.8
1.9
FTTH Total customer net
additions
38.1
39.8
45.3
46.3
169.7
53.2
Altice USA Consolidated Operating
Results
(in thousands, except per share data)
(Unaudited)
Three Months Ended
March 31,
2024
2023
Revenue:
Broadband
$
916,994
$
957,045
Video
755,594
770,601
Telephony
70,965
77,681
Mobile(1)
24,893
15,526
Residential revenue(1)
1,768,446
1,820,853
Business services and wholesale
364,861
363,641
News and Advertising
105,725
98,737
Other(1)
11,903
10,747
Total revenue
2,250,935
2,293,978
Operating expenses:
Programming and other direct costs
743,887
771,719
Other operating expenses
674,250
651,245
Restructuring, impairments and other
operating items
51,253
29,672
Depreciation and amortization (including
impairments)
388,391
416,212
Operating income
393,154
425,130
Other income (expense):
Interest expense, net
(437,141
)
(389,278
)
Gain on investments and sale of affiliate
interests, net
292
192,010
Loss on derivative contracts, net
—
(166,489
)
Gain (loss) on interest rate swap
contracts, net
42,303
(14,429
)
Gain (loss) on extinguishment of debt and
write-off of deferred financing costs
(7,035
)
4,393
Other income (loss), net
(1,545
)
10,205
Income (loss) before income
taxes
(9,972
)
61,542
Income tax expense
(2,924
)
(30,372
)
Net income (loss)
(12,896
)
31,170
Net income attributable to noncontrolling
interests
(8,297
)
(5,305
)
Net income (loss) attributable to
Altice USA stockholders
$
(21,193
)
$
25,865
Basic net income (loss) per
share
$
(0.05
)
$
0.06
Diluted net income (loss) per
share
$
(0.05
)
$
0.06
Basic weighted average common
shares
457,369
454,686
Diluted weighted average common
shares
457,369
455,594
Altice USA Consolidated Statements of
Cash Flows
(in thousands)
(Unaudited)
Three Months Ended March 31,
2024
2023
Cash flows from operating activities:
Net income (loss)
$
(12,896
)
$
31,170
Adjustments to reconcile net income (loss)
to net cash provided by operating activities:
Depreciation and amortization (including
impairments)
388,391
416,212
Loss (gain) on investments and sale of
affiliate interests, net
(292
)
(192,010
)
Loss on derivative contracts, net
—
166,489
Loss (gain) on extinguishment of debt and
write-off of deferred financing costs
7,035
(4,393
)
Amortization of deferred financing costs
and discounts (premiums) on indebtedness
6,893
10,719
Share-based compensation
13,757
(2,623
)
Deferred income taxes
86,595
(57,248
)
Decrease in right-of-use assets
11,488
11,324
Provision for doubtful accounts
21,998
20,259
Other
1,510
316
Change in operating assets and
liabilities, net of effects of acquisitions and dispositions
Accounts receivable, trade
20,908
26,364
Prepaid expenses and other assets
(85,655
)
(45,931
)
Amounts due from and due to affiliates
15,606
10,084
Accounts payable and accrued
liabilities
(64,859
)
(20,577
)
Deferred revenue
3,056
13,833
Interest rate swap contracts
(13,874
)
32,858
Net cash provided by operating
activities
399,661
416,846
Cash flows from investing activities:
Capital expenditures
(336,095
)
(582,897
)
Other, net
318
(198
)
Net cash used in investing activities
(335,777
)
(583,095
)
Cash flows from financing activities:
Proceeds from long-term debt
2,950,000
350,000
Repayment of debt
(2,967,306
)
(268,936
)
Proceeds from derivative contracts in
connection with the settlement of collateralized debt
—
38,902
Principal payments on finance lease
obligations
(35,396
)
(37,861
)
Payment related to acquisition of a
noncontrolling interest
(7,261
)
—
Additions to deferred financing costs
(17,138
)
—
Other, net
(3,775
)
(700
)
Net cash provided by (used in) financing
activities
(80,876
)
81,405
Net decrease in cash and cash
equivalents
(16,992
)
(84,844
)
Effect of exchange rate changes on cash
and cash equivalents
(612
)
(190
)
Net decrease in cash and cash
equivalents
(17,604
)
(85,034
)
Cash, cash equivalents and restricted cash
at beginning of year
302,338
305,751
Cash, cash equivalents and restricted cash
at end of year
$
284,734
$
220,717
Reconciliation of Non-GAAP Financial Measures
We define Adjusted EBITDA, which is a non-GAAP financial
measure, as net income (loss) excluding income taxes, non-operating
income or expenses, gain (loss) on extinguishment of debt and
write-off of deferred financing costs, gain (loss) on interest rate
swap contracts, gain (loss) on derivative contracts, gain (loss) on
investments and sale of affiliate interests, interest expense, net,
depreciation and amortization, share-based compensation,
restructuring, impairments and other operating items (such as
significant legal settlements and contractual payments for
terminated employees).
Adjusted EBITDA eliminates the significant non-cash depreciation
and amortization expense that results from the capital-intensive
nature of our business and from intangible assets recognized from
acquisitions, as well as certain non-cash and other operating items
that affect the period-to-period comparability of our operating
performance. In addition, Adjusted EBITDA is unaffected by our
capital and tax structures and by our investment activities.
We believe Adjusted EBITDA is an appropriate measure for
evaluating our operating performance. Adjusted EBITDA and similar
measures with similar titles are common performance measures used
by investors, analysts and peers to compare performance in our
industry. Internally, we use revenue and Adjusted EBITDA measures
as important indicators of our business performance and evaluate
management’s effectiveness with specific reference to these
indicators. We believe Adjusted EBITDA provides management and
investors a useful measure for period-to-period comparisons of our
core business and operating results by excluding items that are not
comparable across reporting periods or that do not otherwise relate
to our ongoing operating results. Adjusted EBITDA should be viewed
as a supplement to and not a substitute for operating income
(loss), net income (loss), and other measures of performance
presented in accordance with GAAP. Since Adjusted EBITDA is not a
measure of performance calculated in accordance with GAAP, this
measure may not be comparable to similar measures with similar
titles used by other companies.
We also use Operating Free Cash Flow (defined as Adjusted EBITDA
less cash capital expenditures), and Free Cash Flow (defined as net
cash flows from operating activities less cash capital
expenditures) as indicators of our financial performance. We
believe these measures are two of several benchmarks used by
investors, analysts and peers for comparison of performance in our
industry, although they may not be directly comparable to similar
measures reported by other companies.
Reconciliation of Net Income to
Adjusted EBITDA and Operating Free Cash Flow
(in thousands)
(unaudited)
Three Months Ended
March 31,
2024
2023
Net income (loss)
$
(12,896
)
$
31,170
Income tax expense
2,924
30,372
Other loss (income), net
1,545
(10,205
)
Loss (gain) on interest rate swap
contracts, net
(42,303
)
14,429
Loss on derivative contracts, net
—
166,489
Gain on investments and sale of affiliate
interests, net
(292
)
(192,010
)
Loss (gain) on extinguishment of debt and
write-off of deferred financing costs
7,035
(4,393
)
Interest expense, net
437,141
389,278
Depreciation and amortization
388,391
416,212
Restructuring, impairments and other
operating items
51,253
29,672
Share-based compensation
13,757
(2,623
)
Adjusted EBITDA
846,555
868,391
Capital expenditures (cash)
336,095
582,897
Operating Free Cash Flow
$
510,460
$
285,494
Reconciliation of net cash flow from
operating activities to Free Cash Flow (Deficit)
(unaudited):
Three Months Ended
March 31,
2024
2023
Net cash flows from operating
activities
$
399,661
$
416,846
Capital Expenditures (cash)
336,095
582,897
Free Cash Flow (Deficit)
$
63,566
$
(166,051
)
Consolidated Net Debt as of March 31, 2024
CSC Holdings, LLC Restricted Group
(in $m)
Principal
Amount
Coupon /
Margin
Maturity
Drawn RCF
$
1,600
SOFR+2.350%
2027
Term Loan B-5
2,880
L+2.500%(17)
2027
Term Loan B-6
1,982
SOFR+4.500%
2028(18
)
Guaranteed Notes
1,310
5.500
%
2027
Guaranteed Notes
1,000
5.375
%
2028
Guaranteed Notes
1,000
11.250
%
2028
Guaranteed Notes
2,050
11.750
%
2029
Guaranteed Notes
1,750
6.500
%
2029
Guaranteed Notes
1,100
4.125
%
2030
Guaranteed Notes
1,000
3.375
%
2031
Guaranteed Note
1,500
4.500
%
2031
Senior Notes
1,046
7.500
%
2028
Legacy unexchanged Cequel Notes
4
7.500
%
2028
Senior Notes
2,250
5.750
%
2030
Senior Notes
2,325
4.625
%
2030
Senior Notes
500
5.000
%
2031
CSC Holdings, LLC Restricted Group
Gross Debt
23,297
CSC Holdings, LLC Restricted Group
Cash
(238
)
CSC Holdings, LLC Restricted Group Net
Debt
$
23,059
CSC Holdings, LLC Restricted Group
Undrawn RCF
$
737
Cablevision Lightpath LLC (in
$m)
Principal Amount
Coupon / Margin
Maturity
Drawn RCF(19)
$
—
SOFR+3.360%
Term Loan
581
SOFR+3.360%
2027
Senior Secured Note
450
3.875
%
2027
Senior Notes
415
5.625
%
2028
Cablevision Lightpath Gross
Debt
1,446
Cablevision Lightpath Cash
(25
)
Cablevision Lightpath Net Debt
$
1,421
Cablevision Lightpath Undrawn
RCF
$
115
Net Leverage Schedules as of March 31,
2024 (in $m)
CSC Holdings Restricted
Group(20)
Cablevision Lightpath
LLC
CSC Holdings
Consolidated(21)
Altice USA
Consolidated
Gross Debt Consolidated(22)
$
23,297
$
1,446
$
24,742
$
24,742
Cash
(238
)
(25
)
(284
)
(284
)
Net Debt Consolidated(22)
$
23,059
$
1,421
$
24,458
$
24,458
LTM EBITDA
$
3,341
$
247
$
3,587
$
3,587
L2QA EBITDA
$
3,252
$
248
$
3,500
$
3,500
Net Leverage (LTM)
6.9
x
5.8
x
6.8
x
6.8
x
Net Leverage (L2QA)
7.1
x
5.7
x
7.0
x
7.0
x
WACD (%)
6.6
%
5.4
%
6.6
%
6.5
%
Reconciliation to Financial Reported
Debt
Actual
Total Debenture and Loans from
Financial Institutions (Carrying Amount)
$
24,686
Unamortized financing costs, discounts and
fair value adjustments, net of unamortized premiums
56
Gross Debt Consolidated(22)
24,742
Finance leases and other notes
376
Total Debt
25,118
Cash
(284
)
Net Debt
$
24,834
(1)
Beginning in the second quarter of 2023, mobile service revenue
previously included in mobile revenue is now separately reported in
residential revenue and business services revenue. In addition,
mobile equipment revenue previously included in mobile revenue is
now included in other revenue. Prior period amounts have been
revised to conform with this presentation.
(2)
Average revenue per user (ARPU) is calculated by dividing the
average monthly revenue for the respective period derived from the
sale of broadband, video, telephony and mobile services to
residential customers by the average number of total residential
customers for the same period and excludes mobile-only customer
relationships. ARPU amounts for prior periods have been adjusted to
include mobile service revenue.
(3)
See “Reconciliation of Non-GAAP Financial Measures” beginning on
page 7 of this release.
(4)
Inbounds technical, care and support call volumes over the last
twelve month period (LTM).
(5)
Truck rolls, or service visits, excluding employee initiated
special request orders over the last twelve month period (LTM).
(6)
Self-install % increase is the change in percentage of residential
installs at eligible addresses choosing self-install, excluding
fiber installs.
(7)
Transactional NPS (tNPS) represents the average monthly metric for
the quarter that blends Care, Field, Retail and Sales across Fixed,
Mobile, and Advanced Support.
(8)
Mobile revenue per customer (ARPU) is calculated by dividing the
average monthly mobile service revenue, excluding mobile equipment
revenue, by the average number of total mobile customers for the
same period.
(9)
Net debt, defined as the principal amount of debt less cash, and
excluding finance leases and other notes.
(10)
L2QA leverage is calculated as quarter end net leverage divided by
the last two quarters of Adjusted EBITDA annualized.
(11)
Total passings represents the estimated number of single residence
homes, apartments and condominium units passed by the HFC and FTTH
network in areas serviceable without further extending the
transmission lines. In addition, it includes commercial
establishments that have connected to our HFC and FTTH network.
Broadband services were not available to approximately 30 thousand
total passings and telephony services were not available to
approximately 500 thousand total passings.
(12)
Total Unique Customer Relationships represent the number of
households/businesses that receive at least one of the Company’s
fixed-line services. Customers represent each customer account (set
up and segregated by customer name and address), weighted equally
and counted as one customer, regardless of size, revenue generated,
or number of boxes, units, or outlets on our hybrid-fiber-coaxial
(HFC) and fiber-to-the-home (FTTH) network. Free accounts are
included in the customer counts along with all active accounts, but
they are limited to a prescribed group. Most of these accounts are
also not entirely free, as they typically generate revenue through
pay-per-view or other pay services and certain equipment fees. Free
status is not granted to regular customers as a promotion. In
counting bulk Residential customers, such as an apartment building,
we count each subscribing family unit within the building as one
customer, but do not count the master account for the entire
building as a customer. We count a bulk commercial customer, such
as a hotel, as one customer, and do not count individual room units
at that hotel.
(13)
Total Customer Relationship metrics do not include mobile-only
customers.
(14)
Reported ending mobile lines include lines receiving free service.
Adjusted mobile lines exclude additions relating to mobile lines
receiving free service from all periods presented, and includes net
additions from when customers previously on free service start
making payments.
(15)
Represents the estimated number of single residence homes,
apartments and condominium units passed by the FTTH network in
areas serviceable without further extending the transmission lines.
In addition, it includes commercial establishments that have
connected to our FTTH network.
(16)
Represents number of households/businesses that receive at least
one of the Company's fixed-line services on our FTTH network. FTTH
customers represent each customer account (set up and segregated by
customer name and address), weighted equally and counted as one
customer, regardless of size, revenue generated, or number of
boxes, units, or outlets on our FTTH network. Free accounts are
included in the customer counts along with all active accounts, but
they are limited to a prescribed group. Most of these accounts are
also not entirely free, as they typically generate revenue through
pay-per view or other pay services and certain equipment fees. Free
status is not granted to regular customers as a promotion. In
counting bulk residential customers, such as an apartment building,
we count each subscribing family unit within the building as one
customer, but do not count the master account for the entire
building as a customer. We count a bulk commercial customer, such
as a hotel, as one customer, and do not count individual room units
at that hotel.
(17)
These loans use Synthetic USD LIBOR, calculated as Term SOFR plus a
spread adjustment.
(18)
The Incremental Term Loan B-6 is due on the earlier of (i) January
15, 2028 and (ii) April 15, 2027 if, as of such date, any
Incremental Term Loan B-5 borrowings are still outstanding, unless
the Incremental Term Loan B-5 maturity date has been extended to a
date falling after January 15, 2028.
(19)
Under the extension amendment to the Lightpath credit agreement
entered into in February 2024, $95 million of revolving credit
commitments, if drawn, would be due on June 15, 2027 and $20
million of revolving credit commitments, if drawn, would be due on
November 30, 2025.
(20)
CSC Holdings, LLC Restricted Group excludes the unrestricted
subsidiaries, primarily Cablevision Lightpath LLC and NY
Interconnect, LLC.
(21)
CSC Holdings Consolidated includes the CSC Holdings, LLC
Restricted Group and the unrestricted subsidiaries.
(22) Principal amount of debt excluding finance leases and
other notes.
Numerical information is presented on a rounded basis using
actual amounts. Minor differences in totals and percentage
calculations may exist due to rounding.
About Altice USA
Altice USA (NYSE: ATUS) is one of the largest broadband
communications and video services providers in the United States,
delivering broadband, video, mobile, proprietary content and
advertising services to approximately 4.7 million residential and
business customers across 21 states through its Optimum brand. The
Company operates a4, an advanced advertising and data business,
which provides audience-based, multiscreen advertising solutions to
local, regional and national businesses and advertising clients.
Altice USA also offers hyper-local, national, international and
business news through its News 12 and i24NEWS networks.
FORWARD-LOOKING STATEMENTS
Certain statements in this earnings release constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements include, but are not limited to, all statements other
than statements of historical facts contained in this earnings
release, including, without limitation, those regarding our
intentions, beliefs or current expectations concerning, among other
things: our future financial conditions and performance, results of
operations and liquidity, including Free Cash Flow and capital
expenditures; our strategy, objectives, prospects, trends, service
and operational improvements, base management strategy, capital
expenditure plans, fiber and mobile growth, passings, upgrade
plans, and leverage targets; our ability to achieve operational
performance improvements; and future developments in the markets in
which we participate or are seeking to participate. These
forward-looking statements can be identified by the use of
forward-looking terminology, including the terms “anticipate”,
“believe”, “could”, “estimate”, “expect”, “forecast”, “intend”,
“may”, “plan”, “project”, “should”, “target”, or “will” or, in each
case, their negative, or other variations or comparable
terminology. Where, in any forward-looking statement, we express an
expectation or belief as to future results or events, such
expectation or belief is expressed in good faith and believed to
have a reasonable basis, but there can be no assurance that the
expectation or belief will result or be achieved or accomplished.
To the extent that statements in this earnings release are not
recitations of historical fact, such statements constitute
forward-looking statements, which, by definition, involve risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied by such statements including risks
referred to in our SEC filings, including our Annual Report on Form
10-K for the fiscal year ended December 31, 2023 and Quarterly
Reports on Form 10-Q. You are cautioned to not place undue reliance
on Altice USA’s forward-looking statements. Any forward-looking
statement speaks only as of the date on which it was made. Altice
USA specifically disclaims any obligation to publicly update or
revise any forward-looking statement, as of any future date.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240502836420/en/
Investor Relations John Hsu: +1 917 405 2097 /
john.hsu@alticeusa.com Sarah Freedman: +1 631 660 8714 /
sarah.freedman@alticeusa.com Media Relations Lisa Anselmo:
+1 516 279 9461 / lisa.anselmo@alticeusa.com Janet Meahan: +1 516
519 2353 / janet.meahan@alticeusa.com
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