Exhibit 99.1 | ||
Earnings Release | ||
• | Revenue growth +4.1% YoY in Q3 2018 to $2.42 billion, driven by Residential revenue growth of +2.4%, Business Services revenue growth of +6.0% and advertising revenue growth of +37.8% |
• | Adjusted EBITDA grew +5.8% YoY in Q3 2018 to $1.07 billion; Adjusted EBITDA margin highest ever level at 44.3% (+6.8% YoY Adjusted EBITDA growth and margin of 44.7% excluding impact of consolidating i24 losses) |
• | Operating Free Cash Flow (“OpFCF”)(1) declined -2.8% YoY in Q3 2018 to $736 million with an OpFCF margin of 30.4% vs. 32.6% in Q3 2017 with higher investment in key growth initiatives |
• | Free Cash Flow(2) grew +28.0% YoY in Q3 2018 to $276 million (YTD $937m, +66.4% YoY), supporting $241 million of share repurchases; initial target up to $500m of share repurchases in 2H 2018 (total shareholder return ~$2bn in FY 2018(3)) |
(1) | See “Reconciliation of Net income (loss) to Adjusted EBITDA and Adjusted EBITDA less Cash Capital Expenditures” on page 9 of this release. Operating Free Cash Flow (“OpFCF”) defined here as Adjusted EBITDA less cash capital expenditures. |
(2) | Free Cash Flow defined here as cash flow from operating activities less cash capital expenditures (including deductions of cash interest, cash taxes and net changes in working capital). |
(3) | Including $1.5 billion one-time special cash dividend (paid in June 2018) and up to $500 million of share repurchases. |
Earnings Release | ||
Three Months Ended September 30, | ||||||||
($k) | 2018 | 2017 | ||||||
Actual | Actual | |||||||
Revenue | $ | 2,417,801 | $ | 2,322,521 | ||||
Adjusted EBITDA(1) | 1,070,525 | 1,012,314 | ||||||
Net income (loss) attributable to Altice USA, Inc. stockholders | 32,553 | (192,569 | ) | |||||
Capital Expenditures (cash) | 334,527 | 255,329 |
• | Total unique Residential customer relationships stable YoY (+0.1% YoY) with quarterly net losses of -5k in Q3 2018 improving compared to prior year (-8k in Q3 2017). Suddenlink driving improved customer trends YoY again with Optimum trends reflecting normal seasonality and timing of recent rate event |
• | Pay TV RGU quarterly net losses of -28k in Q3 2018 were better than the prior year (-33k in Q3 2017) due to another significant improvement in Suddenlink’s performance (-7k losses in Q3 2018 vs. -14k in Q3 2017) |
• | Residential broadband RGU quarterly net additions of +14k in line with prior year (vs. +16k in Q3 2017) |
• | Residential ARPU per unique customer increased 2.3% YoY to $143.0 in Q3 2018 following recent rate event, supporting an acceleration in Residential revenue growth to +2.4% YoY |
• | Business Services revenue growth of +6.0% YoY in Q3 2018 boosted by strength in Enterprise & Carrier segment growing +7.4% YoY and SMB growth of +5.3% YoY |
• | Advertising revenue growth of 37.8% YoY in Q3 2018 supported by the growth of new local and national multi-screen advertising solutions provided by a4, as well as NY Interconnect delivering strong growth based on political and enlarged structure |
• | Continued enhancement of data services with an increased demand for higher speed tiers and growing data usage; approximately 80% of Residential broadband gross additions are now taking download speeds of 200Mbps or higher at the end of Q3 with an average data usage of over 240GB per month |
• | Initial rollout of Altice One is now complete and available to more than 80% of the Altice USA footprint with recent expansion across Suddenlink footprint. Altice USA has reached over 200k unique Altice One customers (>4% of total customers), adding approximately 100k Altice One customers per quarter on a run-rate basis as of the end of Q3 2018 |
• | Launched up to 1Gbps 1P fiber (FTTH) broadband service with advanced wireless gateway and Smart WiFi with meshing capabilities |
Earnings Release | ||
• | Revenue growth ~2.5-3.0% YoY |
• | Adjusted EBITDA margin expansion |
• | To increase investment for the continued rollout of Altice One, fiber (FTTH) deployment, and new mobile network but annual capex is now expected to be less than $1.3bn |
• | Approximately 80% of Altice USA’s Residential broadband gross additions are taking download speed tiers of 200Mbps or higher as of the end of Q3 2018 (47% of the Residential customer base now take speeds of 200Mbps or higher, more than doubling from 23% at the end of Q3 2017, and 79% of the customer base take speeds of 100Mbps or higher); |
• | These upgrades are allowing the company to meet customer demand for higher broadband speeds with the average broadband speed taken by Altice USA’s customer base up 63% YoY to 172Mbps at the end of Q3 2018 (from 106Mbps at the end of Q3 2017 and just 56Mbps at the end of Q3 2016). Average data usage per customer reached over 240GB as of the end of Q3 2018, growing over 20% YoY as customers are using Altice USA’s broadband services more and more. Optimum customers are connecting 11 devices in the home on average. |
Earnings Release | ||
• | Altice One is also improving customers’ broadband experience with an advanced WiFi router and WiFi mini repeaters. Altice USA has reached over 200k unique Altice One customers (>4% of total customers), adding approximately 100k Altice One customers per quarter on a run-rate basis as of the end of Q3 2018. |
(4) | Based on Sprint analysis of Speedtest Intelligence data average download speeds for Sprint Long Island market from July 2017 to July 2018 for All Mobile Results |
Earnings Release | ||
• | Exchange of existing Cequel senior secured and senior notes into new Cequel senior secured and senior notes issued by the same issuers, which will automatically convert into new senior guaranteed and senior notes of CSC Holdings, LLC upon satisfaction of certain conditions, including the consummation of the Combination; |
• | Refinancing of existing Cequel Credit Facility with proceeds of a new Term Loan at CSC Holdings, LLC. |
Earnings Release | ||
• | Reported revenue growth for Altice USA of +4.1% YoY in Q3 2018 to $2,418m: |
◦ | Optimum revenue growth +3.6% YoY; |
◦ | Suddenlink revenue growth +5.3% YoY. |
• | Adjusted EBITDA grew +5.8% YoY in Q3 2018 to $1.07 billion; Adjusted EBITDA margin highest ever level at 44.3% (+6.8% YoY Adjusted EBITDA growth and margin of 44.7% excluding impact of consolidating i24 losses): |
◦ | Optimum Adjusted EBITDA growth of +6.0% YoY; Adjusted EBITDA margin increased +1.0 percentage point YoY to 43.1% due to realization of efficiency savings (vs. 42.1% in Q3 2017); |
◦ | Suddenlink Adjusted EBITDA grew 5.1% YoY; Adjusted EBITDA margin in line with prior year at 47.1% (vs. 47.2% in Q3 2017). |
• | Cash capex for Altice USA was $335 million in Q3 2018, representing 13.8% of revenue. |
• | Operating Free Cash Flow declined -2.8% YoY in Q3 2018 to $736 million, mostly reflecting increased investment in new fiber (FTTH), the launch of Altice One and initial mobile capex. |
• | Free Cash Flow for Altice USA grew +28.0% YoY in Q3 2018 to $276 million (YTD $937m, +66.4% YoY). |
• | Altice USA saw improved residential customer trends YoY with total unique Residential customer relationship quarterly net losses of -5k in Q3 2018 (vs. -8k in Q3 2017). This included Residential broadband RGU net additions of +14k, pay TV RGU net losses of -28k, and telephony RGU net losses of -12k in Q3 2018 (vs. +16k, -33k, and +3k respectively in Q3 2017). Altice USA Residential ARPU per unique customer increased 2.3% YoY in Q3 2018 to $143.0 following the recent rate event: |
◦ | Optimum unique Residential customer relationship net losses of -7k in Q3 2018 reflect normal seasonality but were slightly higher than -2k net losses in Q3 2017 due to the timing of the recent rate event. Optimum saw broadband RGU net additions of +2k, -21k pay TV RGU net losses and -7k telephony RGU net losses (compared to Q3 2017 with +7k broadband RGUs net additions, -19k pay TV RGU net losses and +5k telephony RGU additions). Optimum Residential ARPU per unique customer grew +1.2% YoY benefiting from recent rate event, partly offset by loss of pay-per view fight revenue from Q3 2017; |
◦ | Suddenlink unique Residential customer relationship net additions of +2k in Q3 2018 improved compared to -6k net losses in Q3 2017, continuing the improvements in trends from recent quarters. Broadband RGUs grew in Q3 2018 with quarterly net additions of +13k (compared to broadband RGU net additions of +9k in Q3 2017). Pay TV RGU net losses of -7k were again significantly better than the prior year (-14k in Q3 2017). Telephony RGU net losses of -5k compared to -1k in Q3 2017. Residential ARPU per unique customer grew +5.1% YoY benefiting from the recent rate event. |
• | Altice USA’s Business Services revenue increased +6.0% YoY in Q3 2018 boosted by strength in the Enterprise & Carrier segment +7.4% due to several large wins in the Education & Carrier verticals. SMB revenue increased +5.3% YoY in Q3 supported by customer growth and increase in ARPU by sell-in of more services. Overall customer growth of +2.0% YoY due to improved value proposition with voice and data bundles and reduced churn. |
• | Altice USA’s Advertising revenue increased +37.8% YoY in Q3 2018 due to an increase in targeted data and analytics revenue and increase in political. The NY Interconnect in particular is delivering strong growth based on political, benefiting from its enlarged structure. Separately Altice USA, through its data and analytics subsidiary a4, has launched Athena, a new self-serve client application for end-to-end multi-screen campaign management with “one-stop shopping” for advertisers. Athena is the main growth driver |
Earnings Release | ||
• | Altice USA’s programming costs increased +3.9% YoY in Q3 2018 due primarily to an increase in contractual programming rates, partially offset by the decrease in video customers. Programming costs per video customer are still expected to increase by high single digits going forward (+7.3% YoY in Q3 2018): |
◦ | Optimum’s programming costs increased +0.5% YoY in Q3 2018 to $485m; |
◦ | Suddenlink’s programming costs increased +14.9% YoY in Q3 2018 to $169m. |
• | Net debt for Altice USA at the end of the third quarter was $21,562m(5), a reduction of $93m from the end of the second quarter of 2018 reflecting free cash flow generation partly offset by share repurchases. This represents consolidated L2QA net leverage for Altice USA of 5.2x on a reported basis at the end of September 2018 (5.2x LTM). The leverage target for Altice USA remains 4.5-5.0x net debt to EBITDA. |
• | Altice USA has seen significant and rapid deleveraging at both Optimum and Suddenlink since the completion of their respective acquisitions as a result of underlying growth and improved cash flow generation (consolidated L2QA net leverage has fallen from 6.7x at Q2 2016 to 5.2x in Q3 2018). |
• | Altice USA’s blended weighted average cost of debt was 6.4% and the blended weighted average life was 6.1 years at the end of September 2018. There are no material maturities until 2021 and near-term maturities are covered by a $2.6bn revolving credit facility. |
(5) | Excluding leases / other debt. |
Earnings Release | ||
Altice USA Consolidated Operating Results | |||||||
(Dollars in thousands, except per share data) | |||||||
Three Months Ended September 30, | |||||||
2018 | 2017 (6) | ||||||
Actual | Actual | ||||||
Revenue: | |||||||
Pay TV | $ | 1,054,667 | $ | 1,069,946 | |||
Broadband | 729,907 | 658,278 | |||||
Telephony | 161,351 | 172,479 | |||||
Business services and wholesale | 344,193 | 324,642 | |||||
Advertising | 123,066 | 89,292 | |||||
Other | 4,617 | 7,884 | |||||
Total revenue | 2,417,801 | 2,322,521 | |||||
Operating expenses: | |||||||
Programming and other direct costs | 790,533 | 755,101 | |||||
Other operating expenses | 569,070 | 570,111 | |||||
Restructuring and other expense | 16,587 | 53,448 | |||||
Depreciation and amortization | 536,053 | 823,286 | |||||
Operating income | 505,558 | 120,575 | |||||
Other income (expense): | |||||||
Interest expense, net | (388,167 | ) | (378,105 | ) | |||
Gain (loss) on investments and sale of affiliate interests, net | 111,684 | (18,900 | ) | ||||
Loss on derivative contracts, net | (79,628 | ) | (16,763 | ) | |||
Gain (loss) on interest rate swap contracts | (19,554 | ) | 1,051 | ||||
Loss on extinguishment of debt and write-off of deferred financing costs | — | (38,858 | ) | ||||
Other expense, net | (186 | ) | (2,984 | ) | |||
Income (loss) before income taxes | 129,707 | (333,984 | ) | ||||
Income tax benefit (expense) | (95,968 | ) | 141,550 | ||||
Net income (loss) | 33,739 | (192,434 | ) | ||||
Net income attributable to noncontrolling interests | (1,186 | ) | (135 | ) | |||
Net income (loss) attributable to Altice USA stockholders | $ | 32,553 | $ | (192,569 | ) | ||
Basic net income (loss) per share | $ | 0.04 | $ | (0.26 | ) | ||
Diluted net income (loss) per share | $ | 0.04 | $ | (0.26 | ) | ||
Basic and diluted weighted average common shares | 732,963 | 737,069 |
(6) | Amounts for 2017 have been adjusted following required GAAP accounting standard changes to reflect the adoption of ASC 606, Revenue from Contracts with Customers, and ASU No. 2017-07 Compensation Retirement Benefits (Topic 715) |
Earnings Release | ||
Earnings Release | ||
Altice USA | Three Months Ended September 30, | ||||||
(Dollars in thousands) | 2018 | 2017 (7) | |||||
Actual | Actual | ||||||
Net income (loss) | $ | 33,739 | $ | (192,434 | ) | ||
Income tax expense (benefit) | 95,968 | (141,550 | ) | ||||
Other expense, net | 186 | 2,984 | |||||
Loss (gain) on interest rate swap contracts | 19,554 | (1,051 | ) | ||||
Loss on derivative contracts, net | 79,628 | 16,763 | |||||
Loss (gain) on investments and sale of affiliate interests, net | (111,684 | ) | 18,900 | ||||
Loss on extinguishment of debt and write-off of deferred financing costs | — | 38,858 | |||||
Interest expense, net | 388,167 | 378,105 | |||||
Depreciation and amortization | 536,053 | 823,286 | |||||
Restructuring and other expenses | 16,587 | 53,448 | |||||
Share-based compensation | 12,327 | 15,005 | |||||
Adjusted EBITDA | $ | 1,070,525 | $ | 1,012,314 | |||
Capital Expenditures (accrued) | 392,498 | 283,047 | |||||
Adjusted EBITDA less Capex (accrued) | $ | 678,027 | $ | 729,267 | |||
Capital Expenditures (cash) | 334,527 | 255,329 | |||||
Adjusted EBITDA less Capex (cash) | $ | 735,998 | $ | 756,985 |
Cablevision | Three Months Ended September 30, | ||||||
(Dollars in thousands) | 2018 | 2017 (7) | |||||
Actual | Actual | ||||||
Operating income (loss) | $ | 340,455 | $ | (3,103 | ) | ||
Depreciation and amortization | 378,549 | 656,122 | |||||
Restructuring and other expenses | 14,122 | 35,364 | |||||
Share-based compensation | 9,038 | 11,555 | |||||
Adjusted EBITDA | $ | 742,164 | $ | 699,938 | |||
Capital Expenditures (accrued) | 262,095 | 192,391 | |||||
Adjusted EBITDA less Capex (accrued) | $ | 480,069 | $ | 507,547 | |||
Capital Expenditures (cash) | 217,326 | 180,287 | |||||
Adjusted EBITDA less Capex (cash) | $ | 524,838 | $ | 519,651 |
(7) | Amounts for 2017 have been adjusted following required GAAP accounting standard changes to reflect the adoption of ASC 606, Revenue from Contracts with Customers, and ASU No. 2017-07 Compensation Retirement Benefits (Topic 715). |
Earnings Release | ||
Suddenlink | Three Months Ended September 30, | ||||||
(Dollars in thousands) | 2018 | 2017 (8) | |||||
Actual | Actual | ||||||
Operating income | $ | 165,103 | $ | 123,678 | |||
Depreciation and amortization | 157,504 | 167,164 | |||||
Restructuring and other expenses | 2,465 | 18,084 | |||||
Share-based compensation | 3,289 | 3,450 | |||||
Adjusted EBITDA | $ | 328,361 | $ | 312,376 | |||
Capital Expenditures (accrued) | 130,403 | 90,656 | |||||
Adjusted EBITDA less Capex (accrued) | $ | 197,958 | $ | 221,720 | |||
Capital Expenditures (cash) | 117,201 | 75,042 | |||||
Adjusted EBITDA less Capex (cash) | $ | 211,160 | $ | 237,334 |
(8) | Amounts for 2017 have been adjusted following required GAAP accounting standard changes to reflect the adoption of ASC 606, Revenue from Contracts with Customers, and ASU No. 2017-07 Compensation Retirement Benefits (Topic 715). |
Earnings Release | ||
Altice USA Customer Metrics (in thousands, except per customer amounts) | |||||||||||||||||||||||
Q1-17 | Q2-17 | Q3-17 | Q4-17 | FY-17 | Q1-18 | Q2-18 | Q3-18 | ||||||||||||||||
Homes passed (9) | 8,547.2 | 8,570.1 | 8,577.2 | 8,620.9 | 8,620.9 | 8,642.0 | 8,671.0 | 8,701.7 | |||||||||||||||
Residential (B2C) | 4,548.4 | 4,536.9 | 4,529.0 | 4,535.0 | 4,535.0 | 4,543.4 | 4,539.8 | 4,534.9 | |||||||||||||||
SMB (B2B) | 364.7 | 367.3 | 369.1 | 371.3 | 371.3 | 373.2 | 375.3 | 376.3 | |||||||||||||||
Total Unique Customer Relationships (10) | 4,913.1 | 4,904.3 | 4,898.1 | 4,906.3 | 4,906.3 | 4,916.6 | 4,915.1 | 4,911.2 | |||||||||||||||
Pay TV | 3,499.8 | 3,462.7 | 3,430.2 | 3,405.5 | 3,405.5 | 3,375.1 | 3,350.9 | 3,322.8 | |||||||||||||||
Broadband | 4,002.8 | 4,004.4 | 4,020.9 | 4,046.2 | 4,046.2 | 4,072.6 | 4,082.1 | 4,096.3 | |||||||||||||||
Telephony | 2,551.0 | 2,543.8 | 2,547.2 | 2,557.4 | 2,557.4 | 2,549.7 | 2,545.6 | 2,533.5 | |||||||||||||||
Total B2C RGUs | 10,053.6 | 10,010.9 | 9,998.3 | 10,009.1 | 10,009.1 | 9,997.4 | 9,978.6 | 9,952.6 | |||||||||||||||
B2C ARPU ($) (11) | 138.87 | 138.83 | 139.77 | 139.75 | 139.46 | 139.63 | 140.19 | 142.96 |
Optimum Customer Metrics (in thousands, except per customer amounts) | |||||||||||||||||||||||
Q1-17 | Q2-17 | Q3-17 | Q4-17 | FY-17 | Q1-18 | Q2-18 | Q3-18 | ||||||||||||||||
Homes passed (9) | 5,128.4 | 5,139.7 | 5,134.4 | 5,163.9 | 5,163.9 | 5,174.0 | 5,187.3 | 5,197.3 | |||||||||||||||
Residential (B2C) | 2,886.9 | 2,889.1 | 2,887.0 | 2,893.4 | 2,893.4 | 2,888.0 | 2,889.7 | 2,882.8 | |||||||||||||||
SMB (B2B) | 261.2 | 261.8 | 261.9 | 262.6 | 262.6 | 263.2 | 263.8 | 263.1 | |||||||||||||||
Total Unique Customer Relationships (10) | 3,148.2 | 3,150.9 | 3,148.9 | 3,156.0 | 3,156.0 | 3,151.2 | 3,153.5 | 3,145.9 | |||||||||||||||
Pay TV | 2,412.8 | 2,400.9 | 2,382.2 | 2,363.2 | 2,363.2 | 2,340.1 | 2,327.3 | 2,306.6 | |||||||||||||||
Broadband | 2,636.4 | 2,646.0 | 2,653.1 | 2,670.0 | 2,670.0 | 2,673.4 | 2,681.3 | 2,682.9 | |||||||||||||||
Telephony | 1,955.0 | 1,954.3 | 1,958.8 | 1,965.0 | 1,965.0 | 1,953.5 | 1,949.4 | 1,942.8 | |||||||||||||||
Total B2C RGUs | 7,004.2 | 7,001.2 | 6,994.1 | 6,998.2 | 6,998.2 | 6,967.0 | 6,958.0 | 6,932.3 | |||||||||||||||
B2C ARPU ($) (11) | 155.52 | 155.47 | 156.55 | 155.39 | 155.79 | 154.48 | 155.69 | 158.39 |
Suddenlink Customer Metrics (in thousands, except per customer amounts) | |||||||||||||||||||||||
Q1-17 | Q2-17 | Q3-17 | Q4-17 | FY-17 | Q1-18 | Q2-18 | Q3-18 | ||||||||||||||||
Homes passed (9) | 3,418.7 | 3,430.4 | 3,442.8 | 3,457.1 | 3,457.1 | 3,468.0 | 3,483.7 | 3,504.4 | |||||||||||||||
Residential (B2C) | 1,661.5 | 1,647.8 | 1,642.0 | 1,641.5 | 1,641.5 | 1,655.5 | 1,650.1 | 1,652.1 | |||||||||||||||
SMB (B2B) | 103.4 | 105.5 | 107.2 | 108.7 | 108.7 | 109.9 | 111.5 | 113.2 | |||||||||||||||
Total Unique Customer Relationships (10) | 1,764.9 | 1,753.3 | 1,749.2 | 1,750.2 | 1,750.2 | 1,765.4 | 1,761.6 | 1,765.3 | |||||||||||||||
Pay TV | 1,087.0 | 1,061.8 | 1,048.0 | 1,042.4 | 1,042.4 | 1,035.0 | 1,023.6 | 1,016.2 | |||||||||||||||
Broadband | 1,366.5 | 1,358.4 | 1,367.8 | 1,376.2 | 1,376.2 | 1,399.2 | 1,400.8 | 1,413.4 | |||||||||||||||
Telephony | 596.0 | 589.5 | 588.4 | 592.3 | 592.3 | 596.2 | 596.1 | 590.7 | |||||||||||||||
Total B2C RGUs | 3,049.4 | 3,009.7 | 3,004.2 | 3,010.9 | 3,010.9 | 3,030.4 | 3,020.5 | 3,020.3 | |||||||||||||||
B2C ARPU ($) (11) | 109.88 | 109.81 | 110.30 | 112.21 | 110.81 | 113.58 | 113.10 | 115.98 |
(9) | Homes passed represents the estimated number of single residence homes, apartments and condominium units passed by the cable distribution network in areas serviceable without further extending the transmission lines. In addition, it includes commercial establishments that have connected to our cable distribution network. For Cequel, broadband services were not available to approximately 100 homes passed and telephony services were not available to approximately 500 homes passed. |
(10) | 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. In calculating the number of customers, we count all customers other than inactive/disconnected customers. 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. |
(11) | ARPU calculated by dividing the average monthly revenue for the respective quarter or annual periods derived from the sale of broadband, pay television and telephony services to Residential customers for the respective quarter by the average number of total Residential customers for the same period. Historical ARPU figures have been adjusted to reflect the adoption of the accounting standard change ASC 606, Revenue from Contracts with Customers. |
Earnings Release | ||
Altice USA (Cablevision PF for Combination) In $m | Actual | Coupon / Margin | Maturity |
Guaranteed Notes | 1,000 | 6.625% | 2025 |
Guaranteed Notes | 1,310 | 5.500% | 2027 |
Guaranteed Notes | 1,000 | 5.375% | 2028 |
New Guaranteed Notes | 1,096 | 5.375% | 2023 |
New Guaranteed Notes | 1,499 | 5.500% | 2026 |
Senior Notes | 526 | 8.625% | 2019 |
Senior Notes | 1,000 | 6.750% | 2021 |
Senior Notes | 1,800 | 10.125% | 2023 |
Senior Notes | 750 | 5.250% | 2024 |
Senior Notes | 1,684 | 10.875% | 2025 |
New Senior Notes | 1,241 | 5.125% | 2021 |
New Senior Notes | 618 | 7.750% | 2025 |
New Senior Notes | 1,046 | 7.500% | 2028 |
Term Loan | 2,963 | L+2.250% | 2025 |
Term Loan B-2 | 1,496 | L+2.500% | 2026 |
New Term Loan B-3 | 1,275 | L+2.250% | 2026 |
Drawn RCF | 575 | L+3.250% | 2021 |
Other debt & leases | 27 | ||
Cablevision Total Debt LLC | 20,906 | ||
Senior Notes | 500 | 8.000% | 2020 |
Senior Notes | 649 | 5.875% | 2022 |
Cablevision Total Debt Corp | 22,055 | ||
Total Cash | (486) | ||
Cablevision Net Debt | 21,569 | ||
Legacy unexchanged Cequel Notes | 20 | ||
Altice USA Net Debt | 21,589 | ||
Undrawn RCF | 2,075 | ||
WACD (%) | 6.4% | ||
Earnings Release | ||
In $m | |
Altice USA | Pro Forma |
Gross Debt Consolidated | $22,075 |
Cash | (486) |
Net Debt Consolidated | 21,589 |
LTM EBITDA GAAP(12) | 4,113 |
L2QA EBITDA GAAP(12) | 4,163 |
Net Leverage (LTM) | 5.2x |
Net Leverage (L2QA) | 5.2x |
WACD | 6.4% |
In $m | |||
Altice USA Reconciliation to Financial Reported Debt | Actual | Pro forma | |
Total Debenture and Loans from Financial Institutions (Carrying Amount) | $21,577 | $21,577 | |
Unamortized Financing Costs | 264 | 264 | |
Fair Value Adjustments | 181 | 181 | |
Total Value of Debenture and Loans from Financial Institutions (Principal Amount) | 22,022 | 22,022 | |
Other Debt & Capital Leases | 27 | 27 | |
Refinancing impact | 0 | 26 | |
Gross Debt Consolidated | 22,049 | 22,075 | |
Cash | (486) | (486) | |
Net Debt Consolidated | 21,563 | 21,589 |
(12) | Excludes management fees |
Earnings Release | ||
Cablevision Operating Results | |||||||
(Dollars in thousands) | |||||||
Three Months Ended September 30, | |||||||
2018 | 2017 (13) | ||||||
Actual | Actual | ||||||
Revenue: | |||||||
Pay TV | $ | 783,252 | $ | 798,583 | |||
Broadband | 457,709 | 416,972 | |||||
Telephony | 130,494 | 140,830 | |||||
Business services and wholesale | 242,305 | 230,200 | |||||
Advertising | 105,719 | 72,316 | |||||
Other | 2,209 | 2,458 | |||||
Total revenue | 1,721,688 | 1,661,359 | |||||
Operating expenses: | |||||||
Programming and other direct costs | 585,117 | 570,995 | |||||
Other operating expenses | 403,445 | 401,981 | |||||
Restructuring and other expense | 14,122 | 35,364 | |||||
Depreciation and amortization | 378,549 | 656,122 | |||||
Operating income (loss) | $ | 340,455 | $ | (3,103 | ) |
Suddenlink Operating Results | |||||||
(Dollars in thousands) | |||||||
Three Months Ended September 30, | |||||||
2018 | 2017 (13) | ||||||
Actual | Actual | ||||||
Revenue: | |||||||
Pay TV | $ | 271,415 | $ | 271,363 | |||
Broadband | 272,198 | 241,306 | |||||
Telephony | 30,857 | 31,649 | |||||
Business services and wholesale | 101,888 | 94,442 | |||||
Advertising | 18,107 | 17,456 | |||||
Other | 2,408 | 5,426 | |||||
Total revenue | 696,873 | 661,642 | |||||
Operating expenses: | |||||||
Programming and other direct costs | 206,120 | 184,283 | |||||
Other operating expenses | 165,681 | 168,433 | |||||
Restructuring and other expense | 2,465 | 18,084 | |||||
Depreciation and amortization | 157,504 | 167,164 | |||||
Operating income | $ | 165,103 | $ | 123,678 |
(13) | Amounts for 2017 have been adjusted following required GAAP accounting standard changes to reflect the adoption of ASC 606, Revenue from Contracts with Customers, and ASU No. 2017-07 Compensation Retirement Benefits (Topic 715) |
Earnings Release | ||