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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 For the quarterly period endedSeptember 30, 2020
 
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 For the transition period from to 
 
Commission File NumberRegistrant; State of Incorporation; Address and Telephone Number IRS Employer Identification No.
    
001-38126
atus-20200930_g1.jpg
38-3980194
Altice USA, Inc.
  Delaware  
  1 Court Square West  
  Long Island City, New York11101  
 (516)803-2300 
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes
No
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).
Yes
No

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one)
Large Accelerated FilerAccelerated filer
Non-accelerated filerSmaller reporting company
(Do not check if a smaller reporting company)Emerging growth company





If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act).
YesNo
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Class A Common Stock, par value $0.01 per share ATUSNYSE
Number of shares of common stock outstanding as of October 23, 2020558,409,957 





ALTICE USA, INC. AND SUBSIDIARIES
FORM 10-Q
TABLE OF CONTENTS

Page
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements  
ALTICE USA, INC. AND SUBSIDIARIES
Consolidated Financial Statements
Consolidated Balance Sheets - September 30, 2020 (Unaudited) and December 31, 2019
Consolidated Statements of Operations - Three and nine months ended September 30, 2020 and 2019 (Unaudited)
Consolidated Statements of Comprehensive Income - Three and nine months ended September 30, 2020 and 2019 (Unaudited)
Consolidated Statements of Stockholders' Equity - Three and nine months ended September 30, 2020 and 2019 (Unaudited)
Consolidated Statements of Cash Flows - Nine months ended September 30, 2020 and 2019 (Unaudited)
Combined Notes to Consolidated Financial Statements (Unaudited)
Supplemental Financial Statements Furnished: 
CSC HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Financial Statements
Consolidated Balance Sheets - September 30, 2020 (Unaudited) and December 31, 2019
Consolidated Statements of Operations - Three and nine months ended September 30, 2020 and 2019 (Unaudited)
Consolidated Statements of Comprehensive Income - Three and nine months ended September 30, 2020 and 2019 (Unaudited)
Consolidated Statements of Member's Equity - Three and nine months ended September 30, 2020 and 2019 (Unaudited)
Consolidated Statements of Cash Flows - Nine months ended September 30, 2020 and 2019 (Unaudited)
Combined Notes to Consolidated Financial Statements (Unaudited)
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
SIGNATURES




1



Part I.    FINANCIAL INFORMATION
This Form 10-Q contains statements that constitute forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Act of 1934, as amended.  In this Form 10-Q there are statements concerning our future operating results and future financial performance.  Words such as "expects", "anticipates", "believes", "estimates", "may", "will", "should", "could", "potential", "continue", "intends", "plans" and similar words and terms used in the discussion of future operating results, future financial performance and future events identify forward-looking statements.  Investors are cautioned that such forward-looking statements are not guarantees of future performance, results or events and involve risks and uncertainties and that actual results or developments may differ materially from the forward-looking statements as a result of various factors. 
We operate in a highly competitive, consumer and technology driven and rapidly changing business that is affected by government regulation and economic, strategic, technological, political and social conditions. Various factors could adversely affect our operations, business or financial results in the future and cause our actual results to differ materially from those contained in the forward-looking statements. In addition, important factors that could cause our actual results to differ materially from those in our forward-looking statements include:
competition for broadband, video and telephony customers from existing competitors (such as broadband communications companies, direct broadcast satellite ("DBS") providers and Internet-based providers) and new competitors entering our footprint;
changes in consumer preferences, laws and regulations or technology that may cause us to change our operational strategies;
increased difficulty negotiating programming agreements on favorable terms, if at all, resulting in increased costs to us and/or the loss of popular programming;
increasing programming costs and delivery expenses related to our products and services;
our ability to achieve anticipated customer and revenue growth, to successfully introduce new products and services and to implement our growth strategy;
our ability to complete our capital investment plans on time and on budget, including our plan to build a fiber-to-the-home ("FTTH") network, and deploy Altice One, our home communications hub;
our ability to develop mobile voice and data services and our ability to attract customers to these services;
the effects of economic conditions or other factors which may negatively affect our customers’ demand for our current and future products and services;
the effects of industry conditions;
demand for digital and linear advertising products and services;
our substantial indebtedness and debt service obligations;
adverse changes in the credit market;
changes as a result of any tax reforms that may affect our business;
financial community and rating agency perceptions of our business, operations, financial condition and the industries in which we operate;
the restrictions contained in our financing agreements;
our ability to generate sufficient cash flow to meet our debt service obligations;
fluctuations in interest rates which may cause our interest expense to vary from quarter to quarter;
technical failures, equipment defects, physical or electronic break-ins to our services, computer viruses and similar problems;



2


the disruption or failure of our network, information systems or technologies as a result of computer hacking, computer viruses, "cyber-attacks," misappropriation of data, outages, natural disasters, and other material events;
the impact from the coronavirus ("COVID-19") pandemic;
our ability to obtain necessary hardware, software, communications equipment and services and other items from our vendors at reasonable costs;
our ability to effectively integrate acquisitions and to maximize expected operating efficiencies from our acquisitions or as a result of the transactions, if any;
significant unanticipated increases in the use of bandwidth-intensive Internet-based services;
the outcome of litigation, government investigations and other proceedings;
our ability to successfully operate our business following the completion of our separation from Altice Europe; and
other risks and uncertainties inherent in our cable and other broadband communications businesses and our other businesses, including those listed under the caption "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained in Altice USA's Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") filed on February 14, 2020 (the "Annual Report") and in "Part II, Item 1A. Risk Factors" included herein.
These factors are not necessarily all of the important factors that could cause our actual results to differ materially from those expressed in any of our forward-looking statements. Other unknown or unpredictable factors could cause our actual results to differ materially from those expressed in any of our forward-looking statements.
Given these uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements are made only as of the date of this Quarterly Report. Except to the extent required by law, we do not undertake, and specifically decline any obligation, to update any forward-looking statements or to publicly announce the results of any revisions to any of such statements to reflect future events or developments. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.
You should read this Quarterly Report with the understanding that our actual future results, levels of activity, performance and events and circumstances may be materially different from what we expect. We qualify all forward-looking statements by these cautionary statements.
Certain numerical figures included in this Quarterly Report have been subject to rounding adjustments. Accordingly, such numerical figures shown as totals in various tables may not be arithmetic aggregations of the figures that precede them.



3


Item 1. Financial Statements
ALTICE USA, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
September 30, 2020December 31, 2019
(Unaudited)
ASSETS
Current Assets:
Cash and cash equivalents$119,055 $701,898 
Restricted cash865,270 262 
Accounts receivable, trade (less allowance for doubtful accounts of $40,839 and $14,683)
405,005 457,118 
Prepaid expenses and other current assets215,973 215,304 
Amounts due from affiliates1,583 6,774 
Total current assets1,606,886 1,381,356 
Property, plant and equipment, net of accumulated depreciation of $6,158,261 and $5,276,921
5,760,704 5,753,401 
Right-of-use operating lease assets237,497 280,340 
Investment securities pledged as collateral1,987,109 1,931,697 
Derivative contracts27,798 25,207 
Other assets
89,741 92,622 
Amortizable intangibles, net of accumulated amortization of $4,227,398 and $3,670,679
2,961,759 3,481,109 
Indefinite-lived cable television franchises13,068,017 13,020,081 
Goodwill8,160,501 8,142,309 
Total assets$33,900,012 $34,108,122 

See accompanying notes to consolidated financial statements.
4



ALTICE USA, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (continued)
(In thousands, except share and per share amounts)

 September 30, 2020December 31, 2019
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable$837,506 $799,618 
Interest payable223,965 385,655 
Accrued employee related costs125,052 111,337 
Amounts due to affiliates5,642 7,456 
Deferred revenue127,501 124,777 
Debt226,032 170,682 
Other current liabilities416,009 378,954 
Total current liabilities1,961,707 1,978,479 
Other liabilities230,416 204,904 
Deferred tax liability4,850,241 4,762,595 
Liabilities under derivative contracts366,814 255,666 
Right-of-use operating lease liability253,430 269,062 
Long-term debt, net of current maturities25,476,051 24,249,603 
Total liabilities33,138,659 31,720,309 
Commitments and contingencies (Note 16)
Redeemable equity16,010 108,551 
Stockholders' Equity:
Preferred stock, $0.01 par value, 100,000,000 shares authorized, no shares issued and outstanding
  
Class A common stock: $0.01 par value, 4,000,000,000 shares authorized, 383,862,589 shares issued and 377,121,626 shares outstanding as of September 30, 2020 and 457,207,079 shares issued and 446,749,307 shares outstanding as of December 31, 2019
3,839 4,572 
Class B common stock: $0.01 par value, 1,000,000,000 shares authorized, 490,086,674 issued, 186,031,999 shares outstanding as of September 30, 2020 and 186,245,832 shares outstanding as of December 31, 2019
1,860 1,862 
Class C common stock: $0.01 par value, 4,000,000,000 shares authorized, no shares issued and outstanding
  
Paid-in capital405,043 2,039,918 
Retained earnings 496,477 390,766 
907,219 2,437,118 
Treasury stock, at cost (6,740,963 and 10,457,772 Class A common shares at September 30, 2020 and December 31, 2019, respectively)
(163,867)(163,904)
Accumulated other comprehensive loss(8,806)(3,250)
Total stockholders' equity 734,546 2,269,964 
Noncontrolling interest10,797 9,298 
Total stockholders' equity 745,343 2,279,262 
 $33,900,012 $34,108,122 

See accompanying notes to consolidated financial statements.
5


ALTICE USA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)

Three Months Ended
September 30,
Nine Months Ended
September 30,
2020201920202019
Revenue (including revenue from affiliates of $4,188, $70, $11,055, and $1,158 respectively) (See Note 15)
$2,433,986 $2,438,662 $7,359,221 $7,286,310 
Operating expenses:
Programming and other direct costs (including charges from affiliates of $3,621, $3,508, $7,548 and $7,282, respectively) (See Note 15)
783,934 820,896 2,509,323 2,452,875 
Other operating expenses (including charges from affiliates of $2,413, $1,602, $8,515 and $5,868, respectively) (See Note 15)
558,092 568,233 1,683,038 1,702,124 
Restructuring and other expense
40,419 12,381 88,679 39,090 
Depreciation and amortization (including impairments)
502,248 565,637 1,571,611 1,695,685 
 1,884,693 1,967,147 5,852,651 5,889,774 
Operating income549,293 471,515 1,506,570 1,396,536 
Other income (expense):
Interest expense
(322,618)(388,800)(1,038,854)(1,158,301)
Interest income164 1,524 1,974 3,948 
Gain on investments and sale of affiliate interests, net314,177 120,253 56,301 478,124 
Gain (loss) on derivative contracts, net(261,597)(77,333)26,203 (303,986)
Loss on interest rate swap contracts, net(158)(11,163)(88,725)(61,735)
Loss on extinguishment of debt and write-off of deferred financing costs
(250,489)(503)(250,489)(159,599)
Other income (expense), net1,685 (226)3,277 66 
(518,836)(356,248)(1,290,313)(1,201,483)
Income before income taxes30,457 115,267 216,257 195,053 
Income tax expense(33,186)(37,871)(109,047)(56,445)
Net income (loss)(2,729)77,396 107,210 138,608 
Net income attributable to noncontrolling interests(1,966)(157)(1,499)(1)
Net income (loss) attributable to Altice USA, Inc. stockholders$(4,695)$77,239 $105,711 $138,607 

Income (loss) per share:
Basic income (loss) per share$(0.01)$0.12 $0.18 $0.21 
Basic weighted average common shares (in thousands)571,031 643,797 593,262 668,929 
Diluted income (loss) per share$(0.01)$0.12 $0.18 $0.21 
Diluted weighted average common shares (in thousands)571,031 646,006 595,479  669,855 
See accompanying notes to consolidated financial statements.
6



ALTICE USA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)

Three Months Ended
September 30,
Nine Months Ended
September 30,
2020201920202019
Net income (loss)$(2,729)$77,396 $107,210 $138,608 
Other comprehensive income (loss):
Defined benefit pension plans:
Unrecognized actuarial gain (loss)5,183 (15,860)(6,406)(19,508)
Applicable income taxes(1,374)4,298 1,724 5,287 
Unrecognized gain (loss) arising during period, net of income taxes3,809 (11,562)(4,682)(14,221)
Settlement loss included in other expense, net
122 1,091 895 1,629 
Applicable income taxes(39)(295)(246)(441)
Settlement loss included in other expense, net, net of income taxes83 796 649 1,188 
Foreign currency translation adjustment
(582)(385)(1,523)(965)
Applicable income taxes 105  261 
Foreign currency translation adjustment, net(582)(280)(1,523)(704)
Other comprehensive income (loss)3,310 (11,046)(5,556)(13,737)
Comprehensive income581 66,350 101,654 124,871 
Comprehensive income attributable to noncontrolling interests(1,966)(157)(1,499)(1)
Comprehensive income (loss) attributable to Altice USA, Inc. stockholders$(1,385)$66,193 $100,155  $124,870 

See accompanying notes to consolidated financial statements.

7



ALTICE USA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(In thousands)
(Unaudited)


Class A
Common
Stock

Class B
Common
Stock
Paid-in
Capital
Retained Earnings Treasury StockAccumulated
Other
Comprehensive
Loss
Total
Stockholders'
Equity
Non-controlling
Interest
Total
Equity
Balance at January 1, 2020
$4,572 $1,862 $2,039,918 $390,766 $(163,904)$(3,250)$2,269,964 $9,298 $2,279,262 
Net loss attributable to stockholders
— — — (858)— — (858)— (858)
Net loss attributable to noncontrolling interests
— — — — — — — (680)(680)
Pension liability adjustments, net of income taxes
— — — — — (9,503)(9,503)— (9,503)
Foreign currency translation adjustment, net of income taxes
— — — — — (424)(424)— (424)
Share-based compensation expense
— — 27,370 — — — 27,370 — 27,370 
Redeemable equity vested
— — 29,479 — — — 29,479 — 29,479 
Change in redeemable equity
— — 13,260 — — — 13,260 — 13,260 
Class A shares acquired through share repurchase program and retired
(312)— (749,686)— — — (749,998)— (749,998)
Issuance of common shares pursuant to employee long term incentive plan
1 — 2,495 — 11 — 2,507 — 2,507 
Balance at March 31, 2020
$4,261 $1,862 $1,362,836 $389,908 $(163,893)$(13,177)$1,581,797 $8,618 $1,590,415 

See accompanying notes to consolidated financial statements.


8


ALTICE USA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (continued)
(In thousands)
(Unaudited)


Class A
Common
Stock

Class B
Common
Stock
Paid-in
Capital
Retained Earnings Treasury StockAccumulated
Other
Comprehensive
Loss
Total
Stockholders'
Equity
Non-controlling
Interest
Total
Equity
Balance at March 31, 2020
$4,261 $1,862 $1,362,836 $389,908 $(163,893)$(13,177)$1,581,797 $8,618 $1,590,415 
Net income attributable to stockholders
— — — 111,264 — — 111,264 — 111,264 
Net income attributable to noncontrolling interests— — — — — — — 213 213 
Pension liability adjustments, net of income taxes
— — — — — 1,576 1,576 — 1,576 
Foreign currency translation adjustment, net of income taxes
— — — — — (517)(517)— (517)
Share-based compensation expense
— — 33,683 — — — 33,683 — 33,683 
Redeemable equity vested
— — 59,081 — — — 59,081 — 59,081 
Change in redeemable equity
— — (8,764)— — — (8,764)— (8,764)
Class A shares acquired through share repurchase program and retired
(258)— (630,979)— — — (631,237)— (631,237)
Issuance of common shares pursuant to employee long term incentive plan
2 — 1,939 — 24 — 1,965 — 1,965 
Balance at June 30, 2020
$4,005 $1,862 $817,796 $501,172 $(163,869)$(12,118)$1,148,848 $8,831 $1,157,679 

See accompanying notes to consolidated financial statements.




9


ALTICE USA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (continued)
(In thousands)
(Unaudited)


Class A
Common
Stock

Class B
Common
Stock
Paid-in
Capital
Retained Earnings Treasury StockAccumulated
Other
Comprehensive
Loss
Total
Stockholders'
Equity
Non-controlling
Interest
Total
Equity
Balance at June 30, 2020
$4,005 $1,862 $817,796 $501,172 $(163,869)$(12,118)$1,148,848 $8,831 $1,157,679 
Net loss attributable to stockholders— — — (4,695)— — (4,695)— (4,695)
Net income attributable to noncontrolling interests— — — — — — — 1,966 1,966 
Pension liability adjustments, net of income taxes
— — — — — 3,894 3,894 — 3,894 
Foreign currency translation adjustment, net of income taxes
— — — — — (582)(582)— (582)
Share-based compensation expense
— — 34,057 — — — 34,057 — 34,057 
Redeemable equity vested
— — 5,219 — — — 5,219 — 5,219 
Change in redeemable equity
— — (5,734)— — — (5,734)— (5,734)
Class A shares acquired through share repurchase program and retired
(169)— (448,684)— — — (448,853)— (448,853)
Conversion of Class B to Class A shares
2 (2)— — — — — — — 
Issuance of common shares pursuant to employee long term incentive plan
1 — 2,389 — 2 — 2,392 — 2,392 
Balance at September 30, 2020$3,839 $1,860 $405,043 $496,477 $(163,867)$(8,806)$734,546 $10,797 $745,343 


See accompanying notes to consolidated financial statements.

10


ALTICE USA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (continued)
(In thousands)
(Unaudited)


Class A
Common
Stock

Class B
Common
Stock
Paid-in
Capital
Retained EarningsTreasury StockAccumulated
Other
Comprehensive
Loss
Total
Stockholders'
Equity
Non-controlling
Interest
Total
Equity
Balance at January 1, 2019
$4,961 $2,130 $3,423,803 $251,830 $ $(11,783)$3,670,941 $9,295 $3,680,236 
Net loss attributable to stockholders
— — — (24,999)— — (24,999)— (24,999)
Net loss attributable to noncontrolling interests
— — — — — — — (199)(199)
Distributions to noncontrolling interests
— — — — — — —  (1,000)(1,000)
Pension liability adjustments, net of income taxes
— — — — — 3,752 3,752 — 3,752 
Foreign currency translation adjustment, net of income taxes
— — — — — (181)(181)— (181)
Share-based compensation expense (equity classified)
— — 13,790 — — — 13,790 — 13,790 
Redeemable equity vested
— — 1,364 — — 1,364 — 1,364 
Change in redeemable equity
— — (61,696)— — — (61,696)— (61,696)
Class A shares acquired through share repurchase program and retired
(294)— (599,707)— — — (600,001)— (600,001)
Conversion of Class B to Class A shares
242 (242) — — —  —  
Balance at March 31, 2019
$4,909 $1,888 $2,777,554 $226,831 $ $(8,212)$3,002,970 $8,096 $3,011,066 

See accompanying notes to consolidated financial statements.
11



ALTICE USA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (continued)
(In thousands)
(Unaudited)

Class A Common StockClass B Common StockPaid-in CapitalRetained EarningsTreasury StockAccumulated Other Comprehensive LossTotal Stockholders' EquityNon-controlling InterestTotal Equity
Balance at March 31, 2019
$4,909 $