0001702780--12-312024FYfalsexbrli:sharesiso4217:USDiso4217:USDxbrli:sharesatus:segmentxbrli:pure00017027802024-01-012024-09-3000017027802024-10-3100017027802024-09-3000017027802023-12-310001702780us-gaap:RelatedPartyMember2024-09-300001702780us-gaap:RelatedPartyMember2023-12-310001702780us-gaap:CommonClassAMember2024-09-300001702780us-gaap:CommonClassAMember2023-12-310001702780us-gaap:CommonClassBMember2024-09-300001702780us-gaap:CommonClassBMember2023-12-310001702780us-gaap:CommonClassCMember2023-12-310001702780us-gaap:CommonClassCMember2024-09-300001702780us-gaap:RelatedPartyMember2024-07-012024-09-300001702780us-gaap:RelatedPartyMember2023-07-012023-09-300001702780us-gaap:RelatedPartyMember2024-01-012024-09-300001702780us-gaap:RelatedPartyMember2023-01-012023-09-3000017027802024-07-012024-09-3000017027802023-07-012023-09-3000017027802023-01-012023-09-300001702780us-gaap:RetainedEarningsMember2024-07-012024-09-300001702780us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-12-310001702780us-gaap:CommonStockMemberus-gaap:CommonClassBMember2023-12-310001702780us-gaap:AdditionalPaidInCapitalMember2023-12-310001702780us-gaap:RetainedEarningsMember2023-12-310001702780us-gaap:TreasuryStockCommonMember2023-12-310001702780us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001702780us-gaap:ParentMember2023-12-310001702780us-gaap:NoncontrollingInterestMember2023-12-310001702780us-gaap:RetainedEarningsMember2024-01-012024-03-310001702780us-gaap:ParentMember2024-01-012024-03-3100017027802024-01-012024-03-310001702780us-gaap:NoncontrollingInterestMember2024-01-012024-03-310001702780us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310001702780us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310001702780us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-01-012024-03-310001702780us-gaap:TreasuryStockCommonMember2024-01-012024-03-310001702780us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-03-310001702780us-gaap:CommonStockMemberus-gaap:CommonClassBMember2024-03-310001702780us-gaap:AdditionalPaidInCapitalMember2024-03-310001702780us-gaap:RetainedEarningsMember2024-03-310001702780us-gaap:TreasuryStockCommonMember2024-03-310001702780us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310001702780us-gaap:ParentMember2024-03-310001702780us-gaap:NoncontrollingInterestMember2024-03-3100017027802024-03-310001702780us-gaap:RetainedEarningsMember2024-04-012024-06-300001702780us-gaap:ParentMember2024-04-012024-06-3000017027802024-04-012024-06-300001702780us-gaap:NoncontrollingInterestMember2024-04-012024-06-300001702780us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-04-012024-06-300001702780us-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-300001702780us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-04-012024-06-300001702780us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-06-300001702780us-gaap:CommonStockMemberus-gaap:CommonClassBMember2024-06-300001702780us-gaap:AdditionalPaidInCapitalMember2024-06-300001702780us-gaap:RetainedEarningsMember2024-06-300001702780us-gaap:TreasuryStockCommonMember2024-06-300001702780us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300001702780us-gaap:ParentMember2024-06-300001702780us-gaap:NoncontrollingInterestMember2024-06-3000017027802024-06-300001702780us-gaap:ParentMember2024-07-012024-09-300001702780us-gaap:NoncontrollingInterestMember2024-07-012024-09-300001702780us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300001702780us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300001702780us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-07-012024-09-300001702780us-gaap:CommonStockMemberus-gaap:CommonClassAMember2024-09-300001702780us-gaap:CommonStockMemberus-gaap:CommonClassBMember2024-09-300001702780us-gaap:AdditionalPaidInCapitalMember2024-09-300001702780us-gaap:RetainedEarningsMember2024-09-300001702780us-gaap:TreasuryStockCommonMember2024-09-300001702780us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300001702780us-gaap:ParentMember2024-09-300001702780us-gaap:NoncontrollingInterestMember2024-09-300001702780us-gaap:CommonStockMemberus-gaap:CommonClassAMember2022-12-310001702780us-gaap:CommonStockMemberus-gaap:CommonClassBMember2022-12-310001702780us-gaap:AdditionalPaidInCapitalMember2022-12-310001702780us-gaap:RetainedEarningsMember2022-12-310001702780us-gaap:TreasuryStockCommonMember2022-12-310001702780us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001702780us-gaap:ParentMember2022-12-310001702780us-gaap:NoncontrollingInterestMember2022-12-3100017027802022-12-310001702780us-gaap:RetainedEarningsMember2023-01-012023-03-310001702780us-gaap:ParentMember2023-01-012023-03-3100017027802023-01-012023-03-310001702780us-gaap:NoncontrollingInterestMember2023-01-012023-03-310001702780us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310001702780us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310001702780us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-01-012023-03-310001702780us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-03-310001702780us-gaap:CommonStockMemberus-gaap:CommonClassBMember2023-03-310001702780us-gaap:AdditionalPaidInCapitalMember2023-03-310001702780us-gaap:RetainedEarningsMember2023-03-310001702780us-gaap:TreasuryStockCommonMember2023-03-310001702780us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310001702780us-gaap:ParentMember2023-03-310001702780us-gaap:NoncontrollingInterestMember2023-03-3100017027802023-03-310001702780us-gaap:RetainedEarningsMember2023-04-012023-06-300001702780us-gaap:ParentMember2023-04-012023-06-3000017027802023-04-012023-06-300001702780us-gaap:NoncontrollingInterestMember2023-04-012023-06-300001702780us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-012023-06-300001702780us-gaap:AdditionalPaidInCapitalMember2023-04-012023-06-300001702780us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-06-300001702780us-gaap:CommonStockMemberus-gaap:CommonClassBMember2023-06-300001702780us-gaap:AdditionalPaidInCapitalMember2023-06-300001702780us-gaap:RetainedEarningsMember2023-06-300001702780us-gaap:TreasuryStockCommonMember2023-06-300001702780us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300001702780us-gaap:ParentMember2023-06-300001702780us-gaap:NoncontrollingInterestMember2023-06-3000017027802023-06-300001702780us-gaap:RetainedEarningsMember2023-07-012023-09-300001702780us-gaap:ParentMember2023-07-012023-09-300001702780us-gaap:NoncontrollingInterestMember2023-07-012023-09-300001702780us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300001702780us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300001702780us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-09-300001702780us-gaap:CommonStockMemberus-gaap:CommonClassBMember2023-09-300001702780us-gaap:AdditionalPaidInCapitalMember2023-09-300001702780us-gaap:RetainedEarningsMember2023-09-300001702780us-gaap:TreasuryStockCommonMember2023-09-300001702780us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300001702780us-gaap:ParentMember2023-09-300001702780us-gaap:NoncontrollingInterestMember2023-09-3000017027802023-09-300001702780atus:CSCHoldingsMember2024-09-300001702780atus:CSCHoldingsMember2023-12-310001702780us-gaap:RelatedPartyMemberatus:CSCHoldingsMember2024-09-300001702780us-gaap:RelatedPartyMemberatus:CSCHoldingsMember2023-12-310001702780atus:CSCHoldingsMember2024-07-012024-09-300001702780atus:CSCHoldingsMember2023-07-012023-09-300001702780atus:CSCHoldingsMember2024-01-012024-09-300001702780atus:CSCHoldingsMember2023-01-012023-09-300001702780us-gaap:AdditionalPaidInCapitalMemberatus:CSCHoldingsMember2024-07-012024-09-300001702780us-gaap:AdditionalPaidInCapitalMemberatus:CSCHoldingsMember2023-12-310001702780us-gaap:AccumulatedOtherComprehensiveIncomeMemberatus:CSCHoldingsMember2023-12-310001702780us-gaap:ParentMemberatus:CSCHoldingsMember2023-12-310001702780us-gaap:NoncontrollingInterestMemberatus:CSCHoldingsMember2023-12-310001702780us-gaap:AdditionalPaidInCapitalMemberatus:CSCHoldingsMember2024-01-012024-03-310001702780us-gaap:ParentMemberatus:CSCHoldingsMember2024-01-012024-03-310001702780atus:CSCHoldingsMember2024-01-012024-03-310001702780us-gaap:NoncontrollingInterestMemberatus:CSCHoldingsMember2024-01-012024-03-310001702780us-gaap:AccumulatedOtherComprehensiveIncomeMemberatus:CSCHoldingsMember2024-01-012024-03-310001702780us-gaap:AdditionalPaidInCapitalMemberatus:CSCHoldingsMember2024-03-310001702780us-gaap:AccumulatedOtherComprehensiveIncomeMemberatus:CSCHoldingsMember2024-03-310001702780us-gaap:ParentMemberatus:CSCHoldingsMember2024-03-310001702780us-gaap:NoncontrollingInterestMemberatus:CSCHoldingsMember2024-03-310001702780atus:CSCHoldingsMember2024-03-310001702780us-gaap:AdditionalPaidInCapitalMemberatus:CSCHoldingsMember2024-04-012024-06-300001702780us-gaap:ParentMemberatus:CSCHoldingsMember2024-04-012024-06-300001702780atus:CSCHoldingsMember2024-04-012024-06-300001702780us-gaap:NoncontrollingInterestMemberatus:CSCHoldingsMember2024-04-012024-06-300001702780us-gaap:AccumulatedOtherComprehensiveIncomeMemberatus:CSCHoldingsMember2024-04-012024-06-300001702780us-gaap:AdditionalPaidInCapitalMemberatus:CSCHoldingsMember2024-06-300001702780us-gaap:AccumulatedOtherComprehensiveIncomeMemberatus:CSCHoldingsMember2024-06-300001702780us-gaap:ParentMemberatus:CSCHoldingsMember2024-06-300001702780us-gaap:NoncontrollingInterestMemberatus:CSCHoldingsMember2024-06-300001702780atus:CSCHoldingsMember2024-06-300001702780us-gaap:ParentMemberatus:CSCHoldingsMember2024-07-012024-09-300001702780us-gaap:NoncontrollingInterestMemberatus:CSCHoldingsMember2024-07-012024-09-300001702780us-gaap:AccumulatedOtherComprehensiveIncomeMemberatus:CSCHoldingsMember2024-07-012024-09-300001702780us-gaap:AdditionalPaidInCapitalMemberatus:CSCHoldingsMember2024-09-300001702780us-gaap:AccumulatedOtherComprehensiveIncomeMemberatus:CSCHoldingsMember2024-09-300001702780us-gaap:ParentMemberatus:CSCHoldingsMember2024-09-300001702780us-gaap:NoncontrollingInterestMemberatus:CSCHoldingsMember2024-09-300001702780us-gaap:AdditionalPaidInCapitalMemberatus:CSCHoldingsMember2022-12-310001702780us-gaap:AccumulatedOtherComprehensiveIncomeMemberatus:CSCHoldingsMember2022-12-310001702780us-gaap:ParentMemberatus:CSCHoldingsMember2022-12-310001702780us-gaap:NoncontrollingInterestMemberatus:CSCHoldingsMember2022-12-310001702780atus:CSCHoldingsMember2022-12-310001702780us-gaap:AdditionalPaidInCapitalMemberatus:CSCHoldingsMember2023-01-012023-03-310001702780us-gaap:ParentMemberatus:CSCHoldingsMember2023-01-012023-03-310001702780atus:CSCHoldingsMember2023-01-012023-03-310001702780us-gaap:NoncontrollingInterestMemberatus:CSCHoldingsMember2023-01-012023-03-310001702780us-gaap:AccumulatedOtherComprehensiveIncomeMemberatus:CSCHoldingsMember2023-01-012023-03-310001702780us-gaap:AdditionalPaidInCapitalMemberatus:CSCHoldingsMember2023-03-310001702780us-gaap:AccumulatedOtherComprehensiveIncomeMemberatus:CSCHoldingsMember2023-03-310001702780us-gaap:ParentMemberatus:CSCHoldingsMember2023-03-310001702780us-gaap:NoncontrollingInterestMemberatus:CSCHoldingsMember2023-03-310001702780atus:CSCHoldingsMember2023-03-310001702780us-gaap:AdditionalPaidInCapitalMemberatus:CSCHoldingsMember2023-04-012023-06-300001702780us-gaap:ParentMemberatus:CSCHoldingsMember2023-04-012023-06-300001702780atus:CSCHoldingsMember2023-04-012023-06-300001702780us-gaap:NoncontrollingInterestMemberatus:CSCHoldingsMember2023-04-012023-06-300001702780us-gaap:AccumulatedOtherComprehensiveIncomeMemberatus:CSCHoldingsMember2023-04-012023-06-300001702780us-gaap:AdditionalPaidInCapitalMemberatus:CSCHoldingsMember2023-06-300001702780us-gaap:AccumulatedOtherComprehensiveIncomeMemberatus:CSCHoldingsMember2023-06-300001702780us-gaap:ParentMemberatus:CSCHoldingsMember2023-06-300001702780us-gaap:NoncontrollingInterestMemberatus:CSCHoldingsMember2023-06-300001702780atus:CSCHoldingsMember2023-06-300001702780us-gaap:AdditionalPaidInCapitalMemberatus:CSCHoldingsMember2023-07-012023-09-300001702780us-gaap:ParentMemberatus:CSCHoldingsMember2023-07-012023-09-300001702780us-gaap:NoncontrollingInterestMemberatus:CSCHoldingsMember2023-07-012023-09-300001702780us-gaap:AccumulatedOtherComprehensiveIncomeMemberatus:CSCHoldingsMember2023-07-012023-09-300001702780us-gaap:AdditionalPaidInCapitalMemberatus:CSCHoldingsMember2023-09-300001702780us-gaap:AccumulatedOtherComprehensiveIncomeMemberatus:CSCHoldingsMember2023-09-300001702780us-gaap:ParentMemberatus:CSCHoldingsMember2023-09-300001702780us-gaap:NoncontrollingInterestMemberatus:CSCHoldingsMember2023-09-300001702780atus:CSCHoldingsMember2023-09-300001702780atus:BroadbandMember2024-07-012024-09-300001702780atus:BroadbandMember2023-07-012023-09-300001702780atus:BroadbandMember2024-01-012024-09-300001702780atus:BroadbandMember2023-01-012023-09-300001702780atus:PayTVMember2024-07-012024-09-300001702780atus:PayTVMember2023-07-012023-09-300001702780atus:PayTVMember2024-01-012024-09-300001702780atus:PayTVMember2023-01-012023-09-300001702780atus:TelephonyMember2024-07-012024-09-300001702780atus:TelephonyMember2023-07-012023-09-300001702780atus:TelephonyMember2024-01-012024-09-300001702780atus:TelephonyMember2023-01-012023-09-300001702780atus:MobileServicesMember2024-07-012024-09-300001702780atus:MobileServicesMember2023-07-012023-09-300001702780atus:MobileServicesMember2024-01-012024-09-300001702780atus:MobileServicesMember2023-01-012023-09-300001702780atus:TotalResidentialRevenueMember2024-07-012024-09-300001702780atus:TotalResidentialRevenueMember2023-07-012023-09-300001702780atus:TotalResidentialRevenueMember2024-01-012024-09-300001702780atus:TotalResidentialRevenueMember2023-01-012023-09-300001702780atus:BusinessServicesandWholesaleMember2024-07-012024-09-300001702780atus:BusinessServicesandWholesaleMember2023-07-012023-09-300001702780atus:BusinessServicesandWholesaleMember2024-01-012024-09-300001702780atus:BusinessServicesandWholesaleMember2023-01-012023-09-300001702780atus:AdvertisingandNewsMember2024-07-012024-09-300001702780atus:AdvertisingandNewsMember2023-07-012023-09-300001702780atus:AdvertisingandNewsMember2024-01-012024-09-300001702780atus:AdvertisingandNewsMember2023-01-012023-09-300001702780atus:ProductsAndServicesOtherIncludingMobileEquipmentMember2024-07-012024-09-300001702780atus:ProductsAndServicesOtherIncludingMobileEquipmentMember2023-07-012023-09-300001702780atus:ProductsAndServicesOtherIncludingMobileEquipmentMember2024-01-012024-09-300001702780atus:ProductsAndServicesOtherIncludingMobileEquipmentMember2023-01-012023-09-300001702780us-gaap:FranchiseMember2024-07-012024-09-300001702780us-gaap:FranchiseMember2024-01-012024-09-300001702780us-gaap:FranchiseMember2023-07-012023-09-300001702780us-gaap:FranchiseMember2023-01-012023-09-300001702780us-gaap:CustomerContractsMembersrt:MinimumMember2024-09-300001702780us-gaap:CustomerContractsMembersrt:MaximumMember2024-09-300001702780us-gaap:RestrictedStockMember2024-07-012024-09-300001702780us-gaap:RestrictedStockMember2023-07-012023-09-300001702780us-gaap:RestrictedStockMember2024-01-012024-09-300001702780us-gaap:RestrictedStockMember2023-01-012023-09-300001702780atus:DeferredCashDenominatedAwardMember2024-07-012024-09-300001702780atus:DeferredCashDenominatedAwardMember2023-07-012023-09-300001702780atus:DeferredCashDenominatedAwardMember2024-01-012024-09-300001702780atus:DeferredCashDenominatedAwardMember2023-01-012023-09-300001702780us-gaap:EmployeeSeveranceMember2024-07-012024-09-300001702780us-gaap:EmployeeSeveranceMember2023-07-012023-09-300001702780us-gaap:EmployeeSeveranceMember2024-01-012024-09-300001702780us-gaap:EmployeeSeveranceMember2023-01-012023-09-300001702780atus:FacilityRealignmentandOtherCostsMember2024-07-012024-09-300001702780atus:FacilityRealignmentandOtherCostsMember2023-07-012023-09-300001702780atus:FacilityRealignmentandOtherCostsMember2024-01-012024-09-300001702780atus:FacilityRealignmentandOtherCostsMember2023-01-012023-09-300001702780us-gaap:CustomerRelationshipsMember2024-09-300001702780us-gaap:CustomerRelationshipsMember2023-12-310001702780us-gaap:CustomerRelationshipsMembersrt:MinimumMember2024-09-300001702780us-gaap:CustomerRelationshipsMembersrt:MaximumMember2024-09-300001702780us-gaap:TradeNamesMember2024-09-300001702780us-gaap:TradeNamesMember2023-12-310001702780us-gaap:TradeNamesMembersrt:MinimumMember2024-09-300001702780us-gaap:TradeNamesMembersrt:MaximumMember2024-09-300001702780us-gaap:OtherIntangibleAssetsMember2024-09-300001702780us-gaap:OtherIntangibleAssetsMember2023-12-310001702780us-gaap:OtherIntangibleAssetsMembersrt:MinimumMember2024-09-300001702780us-gaap:OtherIntangibleAssetsMembersrt:MaximumMember2024-09-300001702780atus:CSCHoldings5.25NotesdueJune12024Memberus-gaap:SeniorNotesMember2024-09-300001702780atus:CSCHoldings5.25NotesdueJune12024Memberus-gaap:SeniorNotesMember2023-12-310001702780atus:CSCHoldingsCablevision7500NotesDueApril12028Memberus-gaap:SeniorNotesMember2024-09-300001702780atus:CSCHoldingsCablevision7500NotesDueApril12028Memberus-gaap:SeniorNotesMember2023-12-310001702780atus:CSCHoldings7.500NotesdueApril12028Memberus-gaap:SeniorNotesMember2024-09-300001702780atus:CSCHoldings7.500NotesdueApril12028Memberus-gaap:SeniorNotesMember2023-12-310001702780atus:CSCHoldings5750NotesDueJanuary152030Memberus-gaap:SeniorNotesMember2024-09-300001702780atus:CSCHoldings5750NotesDueJanuary152030Memberus-gaap:SeniorNotesMember2023-12-310001702780atus:CSCHoldings4625NotesDueDecember12030Memberus-gaap:SeniorNotesMember2024-09-300001702780atus:CSCHoldings4625NotesDueDecember12030Memberus-gaap:SeniorNotesMember2023-12-310001702780atus:CSCHoldings5000NotesDueNovember152031Memberus-gaap:SeniorNotesMember2024-09-300001702780atus:CSCHoldings5000NotesDueNovember152031Memberus-gaap:SeniorNotesMember2023-12-310001702780atus:CSCHoldings5.5NotesdueApril152027Memberus-gaap:SecuredDebtMember2024-09-300001702780atus:CSCHoldings5.5NotesdueApril152027Memberus-gaap:SeniorSubordinatedNotesMember2024-09-300001702780atus:CSCHoldings5.5NotesdueApril152027Memberus-gaap:SecuredDebtMember2023-12-310001702780atus:CSCHoldings5.5NotesdueApril152027Memberus-gaap:SeniorSubordinatedNotesMember2023-12-310001702780atus:A5.375SeniorGuaranteedNotesDueFebruary12028Memberus-gaap:SecuredDebtMember2024-09-300001702780atus:A5.375SeniorGuaranteedNotesDueFebruary12028Memberus-gaap:SeniorSubordinatedNotesMember2024-09-300001702780atus:A5.375SeniorGuaranteedNotesDueFebruary12028Memberus-gaap:SecuredDebtMember2023-12-310001702780atus:A5.375SeniorGuaranteedNotesDueFebruary12028Memberus-gaap:SeniorSubordinatedNotesMember2023-12-310001702780atus:CSCHoldings6500NotesDueFebruary12029Memberus-gaap:SecuredDebtMember2024-09-300001702780atus:CSCHoldings6500NotesDueFebruary12029Memberus-gaap:SeniorSubordinatedNotesMember2024-09-300001702780atus:CSCHoldings6500NotesDueFebruary12029Memberus-gaap:SecuredDebtMember2023-12-310001702780atus:CSCHoldings6500NotesDueFebruary12029Memberus-gaap:SeniorSubordinatedNotesMember2023-12-310001702780atus:CSCHoldings4125NotesDueDecember12030Memberus-gaap:SecuredDebtMember2024-09-300001702780atus:CSCHoldings4125NotesDueDecember12030Memberus-gaap:SeniorSubordinatedNotesMember2024-09-300001702780atus:CSCHoldings4125NotesDueDecember12030Memberus-gaap:SecuredDebtMember2023-12-310001702780atus:CSCHoldings4125NotesDueDecember12030Memberus-gaap:SeniorSubordinatedNotesMember2023-12-310001702780atus:Cablevision8.0NotesdueApril152020Memberus-gaap:SecuredDebtMember2024-09-300001702780atus:Cablevision8.0NotesdueApril152020Memberus-gaap:SeniorSubordinatedNotesMember2024-09-300001702780atus:Cablevision8.0NotesdueApril152020Memberus-gaap:SecuredDebtMember2023-12-310001702780atus:Cablevision8.0NotesdueApril152020Memberus-gaap:SeniorSubordinatedNotesMember2023-12-310001702780atus:CSCHoldings4500SeniorGuaranteedNotesDueNovember152021Memberus-gaap:SecuredDebtMember2024-09-300001702780atus:CSCHoldings4500SeniorGuaranteedNotesDueNovember152021Memberus-gaap:SeniorSubordinatedNotesMember2024-09-300001702780atus:CSCHoldings4500SeniorGuaranteedNotesDueNovember152021Memberus-gaap:SecuredDebtMember2023-12-310001702780atus:CSCHoldings4500SeniorGuaranteedNotesDueNovember152021Memberus-gaap:SeniorSubordinatedNotesMember2023-12-310001702780atus:CSCHoldings112500SeniorGuaranteedNotesDueMay152028Memberus-gaap:SecuredDebtMember2024-09-300001702780atus:CSCHoldings112500SeniorGuaranteedNotesDueMay152028Memberus-gaap:SeniorSubordinatedNotesMember2024-09-300001702780atus:CSCHoldings112500SeniorGuaranteedNotesDueMay152028Memberus-gaap:SecuredDebtMember2023-12-310001702780atus:CSCHoldings112500SeniorGuaranteedNotesDueMay152028Memberus-gaap:SeniorSubordinatedNotesMember2023-12-310001702780atus:CSCHoldings11.7500SeniorGuaranteedNotesDueJan312029Memberus-gaap:SecuredDebtMember2024-09-300001702780atus:CSCHoldings11.7500SeniorGuaranteedNotesDueJan312029Memberus-gaap:SeniorSubordinatedNotesMember2024-09-300001702780atus:CSCHoldingsRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2024-09-300001702780atus:CSCHoldingsRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2023-12-310001702780atus:CSCHoldingsTermLoanBMemberus-gaap:SecuredDebtMember2024-09-300001702780atus:CSCHoldingsTermLoanBMemberus-gaap:SecuredDebtMember2023-12-310001702780atus:IncrementalTermLoanB3Memberus-gaap:SecuredDebtMember2024-09-300001702780atus:IncrementalTermLoanB3Memberus-gaap:SecuredDebtMember2023-12-310001702780atus:IncrementalTermLoanB5Memberus-gaap:SecuredDebtMember2024-09-300001702780atus:IncrementalTermLoanB5Memberus-gaap:SecuredDebtMember2023-12-310001702780atus:IncrementalTermLoanB6Memberus-gaap:SecuredDebtMember2024-09-300001702780atus:IncrementalTermLoanB6Memberus-gaap:SecuredDebtMember2023-12-310001702780atus:CablevisionLightpathLLC5625NotesDueSeptember152028Memberus-gaap:SeniorNotesMember2024-09-300001702780atus:CablevisionLightpathLLC5625NotesDueSeptember152028Memberus-gaap:SeniorNotesMember2023-12-310001702780atus:CablevisionLightpathLLC3875NotesDueSeptember152027Memberus-gaap:SecuredDebtMember2024-09-300001702780atus:CablevisionLightpathLLC3875NotesDueSeptember152027Memberus-gaap:SecuredDebtMember2023-12-310001702780atus:CablevisionLightpathTermBLoanMemberus-gaap:SecuredDebtMember2024-09-300001702780atus:CablevisionLightpathTermBLoanMemberus-gaap:SecuredDebtMember2023-12-310001702780atus:CablevisionLightpathRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2024-09-300001702780atus:CablevisionLightpathRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2023-12-310001702780atus:CablevisionLightpathMember2024-09-300001702780atus:CablevisionLightpathMember2023-12-310001702780us-gaap:LoansPayableMember2024-09-300001702780us-gaap:LoansPayableMember2023-12-310001702780atus:CreditFacilityMember2024-09-300001702780atus:CreditFacilityMember2023-12-310001702780us-gaap:LoansPayableMember2024-09-300001702780us-gaap:LoansPayableMember2023-12-310001702780us-gaap:ShortTermDebtMember2024-09-300001702780us-gaap:ShortTermDebtMember2023-12-310001702780us-gaap:LongTermDebtMember2024-09-300001702780us-gaap:LongTermDebtMember2023-12-310001702780atus:CablevisionLightpathTermBLoanMemberus-gaap:SecuredDebtMemberatus:AlternateBaseRateMember2024-01-012024-09-300001702780atus:IncrementalTermLoanB5Memberus-gaap:SecuredDebtMember2024-07-012024-09-300001702780atus:IncrementalTermLoanB5Memberus-gaap:SecuredDebtMemberatus:SyntheticLIBORMember2024-01-012024-09-300001702780atus:CablevisionLightpathTermBLoanMemberus-gaap:SecuredDebtMemberatus:FedRatePrimeRateAndAlternateBaseRateMember2024-01-012024-09-300001702780atus:IncrementalTermLoanB5Memberus-gaap:SecuredDebtMemberatus:AlternateBaseRateMember2024-01-012024-09-300001702780atus:IncrementalTermLoanB6Memberus-gaap:SecuredDebtMember2024-07-012024-09-300001702780atus:IncrementalTermLoanB6Memberus-gaap:SecuredDebtMemberatus:SyntheticLIBORMember2024-01-012024-09-300001702780us-gaap:SecuredDebtMemberatus:SyntheticLIBORRateOneMonthMember2024-01-012024-09-300001702780us-gaap:SecuredDebtMemberatus:SyntheticLIBORRateThreeMonthsMember2024-01-012024-09-300001702780us-gaap:SecuredDebtMemberatus:SyntheticLIBORRateSixMonthsMember2024-01-012024-09-300001702780atus:CablevisionLightpathTermBLoanMemberus-gaap:SecuredDebtMemberus-gaap:SecuredOvernightFinancingRateSofrMember2024-01-012024-09-300001702780atus:CSCHoldings5.25NotesdueJune12024Member2024-09-300001702780atus:CSCHoldingsRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2024-01-012024-09-300001702780atus:CSCHoldingsTermLoansBAndB3Member2024-01-012024-09-300001702780atus:CSCHoldings5.25NotesdueJune12024Member2024-01-012024-09-300001702780atus:CablevisionLightpathRevolvingCreditFacilityMemberus-gaap:RevolvingCreditFacilityMember2024-01-012024-09-300001702780atus:A2027RevolvingCreditCommitmentsMember2024-01-012024-09-300001702780atus:A2025RevolvingCreditCommitmentsMember2024-01-012024-09-300001702780atus:SupplyChainFinancingMember2023-12-310001702780atus:SupplyChainFinancingMember2024-01-012024-09-300001702780atus:SupplyChainFinancingMember2024-09-3000017027802023-01-240001702780us-gaap:InterestRateSwapMemberatus:CSCHoldingsMemberatus:DerivativeInstrumentMaturityDate2026Fixed2161Member2024-09-300001702780us-gaap:InterestRateSwapMemberatus:CSCHoldingsMemberatus:DerivativeInstrumentMaturityDate2026Fixed2161Member2024-01-012024-09-300001702780us-gaap:InterestRateSwapMemberatus:CSCHoldingsMember2024-01-012024-09-300001702780us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMemberatus:LongTermDerivativeContractsMember2024-09-300001702780us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMemberatus:LongTermDerivativeContractsMember2023-12-310001702780us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMemberatus:LongtermLiabilitiesUnderDerivativeContractsMember2024-09-300001702780us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMemberatus:LongtermLiabilitiesUnderDerivativeContractsMember2023-12-310001702780atus:MonetizationContractsMember2024-07-012024-09-300001702780atus:MonetizationContractsMember2023-07-012023-09-300001702780atus:MonetizationContractsMember2024-01-012024-09-300001702780atus:MonetizationContractsMember2023-01-012023-09-300001702780atus:ComcastStockMember2024-07-012024-09-300001702780atus:ComcastStockMember2023-07-012023-09-300001702780atus:ComcastStockMember2024-01-012024-09-300001702780atus:ComcastStockMember2023-01-012023-09-300001702780us-gaap:InterestRateSwapMemberatus:CablevisionLightpathMemberatus:DerivativeInstrumentMaturityDate2026Fixed2161Member2024-09-300001702780us-gaap:InterestRateSwapMemberatus:CablevisionLightpathMemberatus:DerivativeInstrumentMaturityDate2026Fixed3.523Member2024-09-300001702780us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001702780us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001702780us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2024-09-300001702780us-gaap:FairValueInputsLevel2Memberus-gaap:InterestRateSwapMemberus-gaap:FairValueMeasurementsRecurringMember2023-12-310001702780us-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberatus:CSCHoldingsMemberus-gaap:LineOfCreditMember2024-09-300001702780us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberatus:CSCHoldingsMemberus-gaap:LineOfCreditMember2024-09-300001702780us-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberatus:CSCHoldingsMemberus-gaap:LineOfCreditMember2023-12-310001702780us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberatus:CSCHoldingsMemberus-gaap:LineOfCreditMember2023-12-310001702780us-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberatus:CSCHoldingsMemberatus:SeniorGuaranteeNotesMember2024-09-300001702780us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberatus:CSCHoldingsMemberatus:SeniorGuaranteeNotesMember2024-09-300001702780us-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberatus:CSCHoldingsMemberatus:SeniorGuaranteeNotesMember2023-12-310001702780us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberatus:CSCHoldingsMemberatus:SeniorGuaranteeNotesMember2023-12-310001702780us-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberatus:CSCHoldingsMemberus-gaap:SeniorDebtObligationsMember2024-09-300001702780us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberatus:CSCHoldingsMemberus-gaap:SeniorDebtObligationsMember2024-09-300001702780us-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberatus:CSCHoldingsMemberus-gaap:SeniorDebtObligationsMember2023-12-310001702780us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberatus:CSCHoldingsMemberus-gaap:SeniorDebtObligationsMember2023-12-310001702780us-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberatus:CSCHoldingsMemberus-gaap:NotesPayableOtherPayablesMember2024-09-300001702780us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberatus:CSCHoldingsMemberus-gaap:NotesPayableOtherPayablesMember2024-09-300001702780us-gaap:FairValueInputsLevel2Memberus-gaap:CarryingReportedAmountFairValueDisclosureMemberatus:CSCHoldingsMemberus-gaap:NotesPayableOtherPayablesMember2023-12-310001702780us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberatus:CSCHoldingsMemberus-gaap:NotesPayableOtherPayablesMember2023-12-310001702780us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-09-300001702780us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-09-300001702780us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310001702780us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310001702780us-gaap:EmployeeStockOptionMemberatus:A2017LTIPMember2024-07-012024-09-300001702780us-gaap:EmployeeStockOptionMemberatus:A2017LTIPMember2023-07-012023-09-300001702780us-gaap:EmployeeStockOptionMemberatus:A2017LTIPMember2024-01-012024-09-300001702780us-gaap:EmployeeStockOptionMemberatus:A2017LTIPMember2023-01-012023-09-300001702780us-gaap:EmployeeStockOptionMemberatus:A2017LTIPMember2024-09-300001702780us-gaap:PerformanceSharesMemberatus:A2017LTIPMember2024-07-012024-09-300001702780us-gaap:PerformanceSharesMemberatus:A2017LTIPMember2023-07-012023-09-300001702780us-gaap:PerformanceSharesMemberatus:A2017LTIPMember2024-01-012024-09-300001702780us-gaap:PerformanceSharesMemberatus:A2017LTIPMember2023-01-012023-09-300001702780us-gaap:PerformanceSharesMemberatus:A2017LTIPMember2024-09-300001702780us-gaap:RestrictedStockUnitsRSUMemberatus:A2019LTIPMember2024-07-012024-09-300001702780us-gaap:RestrictedStockUnitsRSUMemberatus:A2019LTIPMember2023-07-012023-09-300001702780us-gaap:RestrictedStockUnitsRSUMemberatus:A2019LTIPMember2024-01-012024-09-300001702780us-gaap:RestrictedStockUnitsRSUMemberatus:A2019LTIPMember2023-01-012023-09-300001702780us-gaap:RestrictedStockUnitsRSUMemberatus:A2019LTIPMember2024-09-300001702780atus:DeferredCashDenominatedAwardMemberatus:A2019LTIPMember2024-07-012024-09-300001702780atus:DeferredCashDenominatedAwardMemberatus:A2019LTIPMember2023-07-012023-09-300001702780atus:DeferredCashDenominatedAwardMemberatus:A2019LTIPMember2024-01-012024-09-300001702780atus:DeferredCashDenominatedAwardMemberatus:A2019LTIPMember2023-01-012023-09-300001702780atus:OtherAwardsMemberatus:A2019LTIPMember2024-07-012024-09-300001702780atus:OtherAwardsMemberatus:A2019LTIPMember2023-07-012023-09-300001702780atus:OtherAwardsMemberatus:A2019LTIPMember2024-01-012024-09-300001702780atus:OtherAwardsMemberatus:A2019LTIPMember2023-01-012023-09-300001702780atus:OtherAwardsMemberatus:A2019LTIPMember2024-09-300001702780us-gaap:RestrictedStockUnitsRSUMemberatus:A2017LTIPMember2023-12-310001702780us-gaap:RestrictedStockUnitsRSUMemberatus:A2017LTIPMember2024-01-012024-09-300001702780us-gaap:RestrictedStockUnitsRSUMemberatus:A2017LTIPMember2024-09-300001702780atus:DeferredCashDenominatedAwardMemberatus:A2017LTIPMember2023-12-310001702780atus:DeferredCashDenominatedAwardMemberatus:A2017LTIPMember2023-01-012023-09-300001702780atus:DeferredCashDenominatedAwardMemberatus:A2017LTIPMember2024-01-012024-09-300001702780atus:DeferredCashDenominatedAwardMemberatus:A2017LTIPMember2024-09-300001702780srt:MaximumMember2024-09-300001702780atus:ClassA1ManagementIncentiveUnitsMemberatus:A2021LightpathIncentivePlanMember2024-01-012024-09-300001702780atus:ClassA2ManagementIncentiveUnitsMemberatus:A2021LightpathIncentivePlanMember2024-01-012024-09-300001702780us-gaap:RelatedPartyMemberatus:AlticeManagementAmericasMember2024-09-300001702780us-gaap:RelatedPartyMemberatus:AlticeManagementAmericasMember2023-12-310001702780us-gaap:RelatedPartyMemberatus:OtherRelatedPartyMember2024-09-300001702780us-gaap:RelatedPartyMemberatus:OtherRelatedPartyMember2023-12-310001702780us-gaap:RelatedPartyMemberatus:AlticeManagementInternationalMember2024-09-300001702780us-gaap:RelatedPartyMemberatus:AlticeManagementInternationalMember2023-12-310001702780us-gaap:AdditionalPaidInCapitalMemberatus:CSCHoldingsMember2024-01-012024-09-300001702780us-gaap:RelatedPartyMemberatus:CaptiveMember2024-09-300001702780us-gaap:RelatedPartyMemberatus:CaptiveMember2024-01-012024-09-300001702780atus:WarnerMatterMember2024-09-300001702780atus:CSCHoldingsRestrictedGroupMember2024-09-300001702780atus:UnrestrictedGroupMember2024-09-300001702780srt:ConsolidationEliminationsMember2024-09-300001702780atus:CSCHoldingsRestrictedGroupMember2024-07-012024-09-300001702780atus:UnrestrictedGroupMember2024-07-012024-09-300001702780srt:ConsolidationEliminationsMember2024-07-012024-09-300001702780atus:CSCHoldingsRestrictedGroupMember2024-01-012024-09-300001702780atus:UnrestrictedGroupMember2024-01-012024-09-300001702780srt:ConsolidationEliminationsMember2024-01-012024-09-300001702780atus:CSCHoldingsRestrictedGroupMember2023-07-012023-09-300001702780atus:UnrestrictedGroupMember2023-07-012023-09-300001702780srt:ConsolidationEliminationsMember2023-07-012023-09-300001702780atus:CSCHoldingsRestrictedGroupMember2023-01-012023-09-300001702780atus:UnrestrictedGroupMember2023-01-012023-09-300001702780srt:ConsolidationEliminationsMember2023-01-012023-09-30
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 ended | September 30, 2024 | |
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 Number | | Registrant; State of Incorporation; Address and Telephone Number | | IRS Employer Identification No. |
| | | | | | | |
| 001-38126 | | | | 38-3980194 |
| | Altice USA, Inc. | | |
| | | Delaware | | |
| | | 1 Court Square West | | |
| | | Long Island City, | New York | 11101 | | |
| | | (516) | 803-2300 | | | |
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Class A Common Stock, par value $0.01 per share | ATUS | NYSE |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | |
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 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. |
| | | | |
| Large Accelerated Filer | ☒ | | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | | 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 Exchange Act). | Yes | ☐ | No | ☒ |
| | | | | |
| Number of shares of common stock outstanding as of October 31, 2024 | 461,625,436 | |
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, 2024 (Unaudited) and December 31, 2023 | |
| Consolidated Statements of Operations - Three and nine months ended September 30, 2024 and 2023 (Unaudited) | |
| Consolidated Statements of Comprehensive Income - Three and nine months ended September 30, 2024 and 2023 (Unaudited) | |
| Consolidated Statements of Stockholders' Deficiency - Three and nine months ended September 30, 2024 and 2023 (Unaudited) | |
| Consolidated Statements of Cash Flows - Nine months ended September 30, 2024 and 2023 (Unaudited) | |
| Combined Notes to Consolidated Financial Statements (Unaudited) | |
| Supplemental Financial Statements Furnished: | |
| CSC HOLDINGS, LLC AND SUBSIDIARIES | |
| Consolidated Financial Statements | |
| Consolidated Balance Sheets - September 30, 2024 (Unaudited) and December 31, 2023 | |
| Consolidated Statements of Operations - Three and nine months ended September 30, 2024 and 2023 (Unaudited) | |
| Consolidated Statements of Comprehensive Income - Three and nine months ended September 30, 2024 and 2023 (Unaudited) | |
| Consolidated Statements of Member's Deficiency - Three and nine months ended September 30, 2024 and 2023 (Unaudited) | |
| Consolidated Statements of Cash Flows - Nine months ended September 30, 2024 and 2023 (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 5. Other Information | |
| Item 6. Exhibits | |
| SIGNATURES | |
Part I. FINANCIAL INFORMATION
Item 1. Financial Statements
| | | | | | | | | | | |
ALTICE USA, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts) |
| September 30, 2024 (Unaudited) | | December 31, 2023 |
| ASSETS | | | |
| Current Assets: | | | |
| Cash and cash equivalents | $ | 250,001 | | | $ | 302,058 | |
| Restricted cash | 290 | | | 280 | |
Accounts receivable, trade (less allowance for credit losses of $24,984 and $21,915, respectively) | 315,894 | | | 357,597 | |
| | | |
Prepaid expenses and other current assets ($575 and $407 due from affiliates, respectively) | 299,148 | | | 174,859 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| Total current assets | 865,333 | | | 834,794 | |
Property, plant and equipment, net of accumulated depreciation of $8,671,638 and $8,162,442, respectively | 8,352,062 | | | 8,117,757 | |
| | | |
| Right-of-use operating lease assets | 231,255 | | | 255,545 | |
| | | |
| | | |
| Other assets | 88,380 | | | 195,114 | |
Amortizable intangibles, net of accumulated amortization of $6,114,684 and $5,874,612, respectively | 1,036,275 | | | 1,259,335 | |
| Indefinite-lived cable television franchises | 13,216,355 | | | 13,216,355 | |
| Goodwill | 8,044,716 | | | 8,044,716 | |
| Total assets | $ | 31,834,376 | | | $ | 31,923,616 | |
| LIABILITIES AND STOCKHOLDERS' DEFICIENCY | | | |
| Current Liabilities: | | | |
| Accounts payable | $ | 1,016,588 | | | $ | 936,950 | |
| Interest payable | 291,497 | | | 274,507 | |
| Accrued employee related costs | 172,150 | | | 182,146 | |
| | | |
| Deferred revenue | 85,289 | | | 85,018 | |
| Debt | 273,804 | | | 359,407 | |
Other current liabilities ($25,991 and $71,523 due to affiliates, respectively) | 285,722 | | | 470,096 | |
| Total current liabilities | 2,125,050 | | | 2,308,124 | |
| Other liabilities | 265,284 | | | 221,249 | |
| Deferred tax liability | 4,843,531 | | | 4,848,460 | |
| | | |
| Right-of-use operating lease liability | 244,220 | | | 264,647 | |
| Long-term debt, net of current maturities | 24,778,868 | | | 24,715,554 | |
| Total liabilities | 32,256,953 | | | 32,358,034 | |
| Commitments and contingencies (Note 15) | | | |
| | | |
| Stockholders' Deficiency: | | | |
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, 277,932,987 shares issued and 276,965,358 outstanding as of September 30, 2024 and 271,772,978 shares issued and outstanding as of December 31, 2023 | 2,779 | | | 2,718 | |
Class B common stock: $0.01 par value, 1,000,000,000 shares authorized, 490,086,674 issued, 184,224,015 shares outstanding as of September 30, 2024 and 184,224,428 shares outstanding as of December 31, 2023 | 1,842 | | | 1,842 | |
Class C common stock: $0.01 par value, 4,000,000,000 shares authorized, no shares issued and outstanding | — | | | — | |
| Paid-in capital | 225,467 | | | 187,186 | |
| Accumulated deficit | (649,877) | | | (601,075) | |
| (419,789) | | | (409,329) | |
Treasury stock, at cost (967,629 shares of Class A common stock at September 30, 2024) | (10) | | | — | |
| Accumulated other comprehensive loss | (7,313) | | | (12,851) | |
| Total Altice USA stockholders' deficiency | (427,112) | | | (422,180) | |
| Noncontrolling interests | 4,535 | | | (12,238) | |
| Total stockholders' deficiency | (422,577) | | | (434,418) | |
| Total liabilities and stockholders' deficiency | $ | 31,834,376 | | | $ | 31,923,616 | |
See accompanying notes to consolidated financial statements.
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, |
| 2024 | | 2023 | | 2024 | | 2023 |
Revenue (including revenue from affiliates of $74, $637, $386 and $1,319, respectively) (See Note 14) | $ | 2,227,700 | | | $ | 2,317,200 | | | $ | 6,719,390 | | | $ | 6,935,452 | |
| Operating expenses: | | | | | | | |
Programming and other direct costs (including charges from affiliates of $2,449, $3,615, $8,951 and $9,337, respectively) (See Note 14) | 711,330 | | | 750,538 | | | 2,174,677 | | | 2,284,537 | |
Other operating expenses (including charges from affiliates of $13,429, $30,064, $34,188 and $39,859, respectively) (See Note 14) | 674,564 | | | 667,278 | | | 2,019,356 | | | 1,974,651 | |
| Restructuring, impairments and other operating items (See Note 7) | 10,871 | | | 4,453 | | | 15,525 | | | 39,303 | |
| Depreciation and amortization (including impairments) | 386,342 | | | 402,366 | | | 1,170,503 | | | 1,237,283 | |
| | 1,783,107 | | | 1,824,635 | | | 5,380,061 | | | 5,535,774 | |
| Operating income | 444,593 | | | 492,565 | | | 1,339,329 | | | 1,399,678 | |
| Other income (expense): | | | | | | | |
| Interest expense, net | (448,168) | | | (420,216) | | | (1,328,264) | | | (1,216,203) | |
| 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 | (45,657) | | | 31,972 | | | 10,220 | | | 78,708 | |
| Gain (loss) on extinguishment of debt and write-off of deferred financing costs | — | | | — | | | (7,035) | | | 4,393 | |
| Other income (loss), net | (1,495) | | | (1,470) | | | (4,526) | | | 7,165 | |
| (495,320) | | | (389,714) | | | (1,329,313) | | | (1,100,416) | |
| Income (loss) before income taxes | (50,727) | | | 102,851 | | | 10,016 | | | 299,262 | |
| Income tax benefit (expense) | 9,892 | | | (27,336) | | | (42,045) | | | (106,433) | |
| Net income (loss) | (40,835) | | | 75,515 | | | (32,029) | | | 192,829 | |
| Net income attributable to noncontrolling interests | (2,135) | | | (8,676) | | | (16,773) | | | (21,825) | |
| Net income (loss) attributable to Altice USA, Inc. stockholders | $ | (42,970) | | | $ | 66,839 | | | $ | (48,802) | | | $ | 171,004 | |
| Income (loss) per share: | | | | | | | |
| Basic income (loss) per share | $ | (0.09) | | | $ | 0.15 | | | $ | (0.11) | | | $ | 0.38 | |
| Basic weighted average common shares (in thousands) | 460,626 | | | 454,730 | | | 459,335 | | | 454,702 | |
| | | | | | | |
| Diluted income (loss) per share | $ | (0.09) | | | $ | 0.15 | | | $ | (0.11) | | | $ | 0.38 | |
| Diluted weighted average common shares (in thousands) | 460,626 | | | 455,076 | | | 459,335 | | | 455,118 | |
| Cash dividends declared per common share | $ | — | | | $ | — | | | $ | — | | | $ | — | |
See accompanying notes to consolidated financial statements.
ALTICE USA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| Net income (loss) | $ | (40,835) | | | $ | 75,515 | | | $ | (32,029) | | | $ | 192,829 | |
| Other comprehensive income: | | | | | | | |
| Defined benefit pension plans | (1,293) | | | 2,417 | | | 8,141 | | | 9,825 | |
| Applicable income taxes | 350 | | | (653) | | | (2,200) | | | (2,657) | |
| Defined benefit pension plans, net of income taxes | (943) | | | 1,764 | | | 5,941 | | | 7,168 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Foreign currency translation adjustment | 414 | | | (2,026) | | | (403) | | | (1,474) | |
| Other comprehensive income (loss) | (529) | | | (262) | | | 5,538 | | | 5,694 | |
| Comprehensive income (loss) | (41,364) | | | 75,253 | | | (26,491) | | | 198,523 | |
| Comprehensive income attributable to noncontrolling interests | (2,135) | | | (8,676) | | | (16,773) | | | (21,825) | |
| Comprehensive income (loss) attributable to Altice USA, Inc. stockholders | $ | (43,499) | | | $ | 66,577 | | | $ | (43,264) | | | $ | 176,698 | |
See accompanying notes to consolidated financial statements.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
ALTICE USA, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIENCY (In thousands) (Unaudited) |
|
Class A
Common
Stock | |
Class B
Common
Stock | | Paid-in
Capital | | Accumulated
Deficit | | Treasury Stock | | Accumulated
Other Comprehensive
Loss | | Total
Altice USA
Stockholders' Deficiency | | Non-controlling
Interests | | Total
Deficiency |
| Balance at January 1, 2024 | $ | 2,718 | | | $ | 1,842 | | | $ | 187,186 | | | $ | (601,075) | | | $ | — | | | $ | (12,851) | | | $ | (422,180) | | | $ | (12,238) | | | $ | (434,418) | |
| Net loss attributable to Altice USA stockholders | — | | | — | | | — | | | (21,193) | | | — | | | — | | | (21,193) | | | — | | | (21,193) | |
| Net income attributable to noncontrolling interests | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 8,297 | | | 8,297 | |
| | | | | | | | | | | | | | | | | |
| Pension liability adjustments, net of income taxes | — | | | — | | | — | | | — | | | — | | | 4,255 | | | 4,255 | | | — | | | 4,255 | |
| Foreign currency translation adjustment | — | | | — | | | — | | | — | | | — | | | (612) | | | (612) | | | — | | | (612) | |
| Share-based compensation expense (equity classified) | — | | | — | | | 6,484 | | | — | | | — | | | — | | | 6,484 | | | — | | | 6,484 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Other, net | 49 | | | — | | | 2,043 | | | — | | | (10) | | | — | | | 2,082 | | | — | | | 2,082 | |
| Balance at March 31, 2024 | 2,767 | | | 1,842 | | | 195,713 | | | (622,268) | | | (10) | | | (9,208) | | | (431,164) | | | (3,941) | | | (435,105) | |
| Net income attributable to Altice USA stockholders | — | | | — | | | — | | | 15,361 | | | — | | | — | | | 15,361 | | | — | | | 15,361 | |
| Net income attributable to noncontrolling interests | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 6,341 | | | 6,341 | |
| Pension liability adjustments, net of income taxes | — | | | — | | | — | | | — | | | — | | | 2,629 | | | 2,629 | | | — | | | 2,629 | |
| Foreign currency translation adjustment | — | | | — | | | — | | | — | | | — | | | (205) | | | (205) | | | — | | | (205) | |
| Share-based compensation expense (equity classified) | — | | | — | | | 15,147 | | | — | | | — | | | — | | | 15,147 | | | — | | | 15,147 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Other, net | 6 | | | — | | | (868) | | | — | | | — | | | — | | | (862) | | | — | | | (862) | |
| Balance at June 30, 2024 | $ | 2,773 | | | $ | 1,842 | | | $ | 209,992 | | | $ | (606,907) | | | $ | (10) | | | $ | (6,784) | | | $ | (399,094) | | | $ | 2,400 | | | $ | (396,694) | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
ALTICE USA, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIENCY (Continued) (In thousands) (Unaudited) |
| Class A
Common
Stock | | Class B
Common
Stock | | Paid-in
Capital | | Accumulated
Deficit | | Treasury Stock | | Accumulated
Other Comprehensive
Income | | Total
Altice USA
Stockholder' Deficiency | | Non-controlling
Interests | | Total
Deficiency |
| Balance at June 30, 2024 | $ | 2,773 | | | $ | 1,842 | | | $ | 209,992 | | | $ | (606,907) | | | $ | (10) | | | $ | (6,784) | | | $ | (399,094) | | | $ | 2,400 | | | $ | (396,694) | |
| Net loss attributable to stockholders | — | | | — | | | — | | | (42,970) | | | — | | | — | | | (42,970) | | | — | | | (42,970) | |
| Net income attributable to noncontrolling interests | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 2,135 | | | 2,135 | |
| Pension liability adjustments, net of income taxes | — | | | — | | | — | | | — | | | — | | | (943) | | | (943) | | | — | | | (943) | |
| Foreign currency translation adjustment | — | | | — | | | — | | | — | | | — | | | 414 | | | 414 | | | — | | | 414 | |
| Share-based compensation expense (equity classified) | — | | | — | | | 16,188 | | | — | | | — | | | — | | | 16,188 | | | — | | | 16,188 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Other, net | 6 | | | — | | | (713) | | | — | | | — | | | — | | | (707) | | | — | | | (707) | |
| Balance at September 30, 2024 | $ | 2,779 | | | $ | 1,842 | | | $ | 225,467 | | | $ | (649,877) | | | $ | (10) | | | $ | (7,313) | | | $ | (427,112) | | | $ | 4,535 | | | $ | (422,577) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
ALTICE USA, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIENCY (continued) (In thousands) (Unaudited) |
| Class A
Common
Stock | | Class B
Common
Stock | | Paid-in
Capital | | Accumulated
Deficit | | Treasury Stock | | Accumulated
Other Comprehensive
Loss | | Total
Altice USA
Stockholders' Deficiency | | Non-controlling
Interests | | Total
Deficiency |
| Balance at January 1, 2023 | $ | 2,719 | | | $ | 1,843 | | | $ | 182,701 | | | $ | (654,273) | | | $ | — | | | $ | (8,201) | | | $ | (475,211) | | | $ | (28,701) | | | $ | (503,912) | |
| Net income attributable to Altice USA to stockholders | — | | | — | | | — | | | 25,865 | | | — | | | — | | | 25,865 | | | — | | | 25,865 | |
| Net income attributable to noncontrolling interests | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 5,305 | | | 5,305 | |
| | | | | | | | | | | | | | | | | |
| Pension liability adjustments, net of income taxes | — | | | — | | | — | | | — | | | — | | | 1,061 | | | 1,061 | | | — | | | 1,061 | |
| Foreign currency translation adjustment | — | | | — | | | — | | | — | | | — | | | (188) | | | (188) | | | (2) | | | (190) | |
| Share-based compensation benefit (equity classified) | — | | | — | | | (8,718) | | | — | | | — | | | — | | | (8,718) | | | — | | | (8,718) | |
| Change in noncontrolling interest | — | | | — | | | (14,166) | | | — | | | — | | | — | | | (14,166) | | | (8,027) | | | (22,193) | |
| Other, net | (15) | | | — | | | (67) | | | — | | | — | | | — | | | (82) | | | — | | | (82) | |
| Balance at March 31, 2023 | 2,704 | | | 1,843 | | | 159,750 | | | (628,408) | | | — | | | (7,328) | | | (471,439) | | | (31,425) | | | (502,864) | |
| Net income attributable to stockholders | — | | | — | | | — | | | 78,300 | | | — | | | — | | | 78,300 | | | — | | | 78,300 | |
| Net income attributable to noncontrolling interests | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 7,844 | | | 7,844 | |
| Pension liability adjustments, net of income taxes | — | | | — | | | — | | | — | | | — | | | 4,343 | | | 4,343 | | | — | | | 4,343 | |
| Foreign currency translation adjustment | — | | | — | | | — | | | — | | | — | | | 740 | | | 740 | | | (2) | | | 738 | |
| Share-based compensation expense (equity classified) | — | | | — | | | 9,091 | | | — | | | — | | | — | | | 9,091 | | | — | | | 9,091 | |
| Change to noncontrolling interest | — | | | — | | | 175 | | | — | | | — | | | — | | | 175 | | | 400 | | | 575 | |
| Distributions to noncontrolling interests | — | | | — | | | — | | | — | | | — | | | — | | | — | | | (1,077) | | | (1,077) | |
| Other, net | — | | | — | | | (83) | | | — | | | — | | | — | | | (83) | | | — | | | (83) | |
| Balance at June 30, 2023 | $ | 2,704 | | | $ | 1,843 | | | $ | 168,933 | | | $ | (550,108) | | | $ | — | | | $ | (2,245) | | | $ | (378,873) | | | $ | (24,260) | | | $ | (403,133) | |
See accompanying notes to consolidated financial statements.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
ALTICE USA, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIENCY (Continued) (In thousands) (Unaudited) |
| Class A
Common
Stock | | Class B
Common
Stock | | Paid-in
Capital | | Accumulated
Deficit | | Treasury Stock | | Accumulated
Other Comprehensive
Income | | Total
Altice USA
Stockholder' Deficiency | | Non-controlling
Interests | | Total
Deficiency |
| Balance at June 30, 2023 | $ | 2,704 | | | $ | 1,843 | | | $ | 168,933 | | | $ | (550,108) | | | $ | — | | | $ | (2,245) | | | $ | (378,873) | | | $ | (24,260) | | | $ | (403,133) | |
| Net income attributable to stockholders | — | | | — | | | — | | | 66,839 | | | — | | | — | | | 66,839 | | | — | | | 66,839 | |
| Net income attributable to noncontrolling interests | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 8,676 | | | 8,676 | |
| Pension liability adjustments, net of income taxes | — | | | — | | | — | | | — | | | — | | | 1,764 | | | 1,764 | | | — | | | 1,764 | |
| Foreign currency translation adjustment | — | | | — | | | — | | | — | | | — | | | (2,026) | | | (2,026) | | | (4) | | | (2,030) | |
| Share-based compensation expense (equity classified) | — | | | — | | | 6,062 | | | — | | | — | | | — | | | 6,062 | | | — | | | 6,062 | |
| | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | |
| Change in noncontrolling interest | — | | | — | | | 1,176 | | | — | | | — | | | — | | | 1,176 | | | (664) | | | 512 | |
| Other, net | — | | | — | | | (31) | | | — | | | — | | | — | | | (31) | | | — | | | (31) | |
| Balance at September 30, 2023 | $ | 2,704 | | | $ | 1,843 | | | $ | 176,140 | | | $ | (483,269) | | | $ | — | | | $ | (2,507) | | | $ | (305,089) | | | $ | (16,252) | | | $ | (321,341) | |
See accompanying notes to consolidated financial statements.
ALTICE USA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
| | | | | | | | | | | | | | |
| Nine Months Ended September 30, | | | |
| | 2024 | | 2023 | | | |
| Cash flows from operating activities: | | | | | | |
| Net income (loss) | $ | (32,029) | | | $ | 192,829 | | | | |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | | | | | | |
| Depreciation and amortization (including impairments) | 1,170,503 | | | 1,237,283 | | | | |
| | | | | | |
| | | | | | |
| 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 | 15,470 | | | 26,334 | | | | |
| | | | | | |
| Share-based compensation | 50,351 | | | 29,368 | | | | |
| Deferred income taxes | (7,129) | | | (187,295) | | | | |
| Decrease in right-of-use assets | 33,729 | | | 34,633 | | | | |
| Allowance for credit losses | 68,433 | | | 62,148 | | | | |
| Other | 5,469 | | | 9,406 | | | | |
| Change in operating assets and liabilities, net of effects of acquisitions and dispositions: | | | | | | |
| Accounts receivable, trade | (24,721) | | | (29,403) | | | | |
| Prepaid expenses and other assets | (127,820) | | | (76,862) | | | | |
| Amounts due from and due to affiliates | (45,700) | | | 56,193 | | | | |
| Accounts payable and accrued liabilities | (89,539) | | | (2,374) | | | | |
| Deferred revenue | 8,589 | | | 9,531 | | | | |
| Interest rate swap contracts | 110,130 | | | (1,692) | | | | |
| Net cash provided by operating activities | 1,142,479 | | | 1,330,185 | | | | |
| Cash flows from investing activities: | | | | | | |
| Capital expenditures | (1,042,975) | | | (1,409,561) | | | | |
| Payments for acquisitions, net of cash acquired | (5,748) | | | — | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| Other, net | 2,743 | | | (1,677) | | | | |
| Net cash used in investing activities | (1,045,980) | | | (1,411,238) | | | | |
| Cash flows from financing activities: | | | | | | |
| Proceeds from long-term debt | 3,875,000 | | 2,350,000 | | | |
| Repayment of debt | (3,891,175) | | | (2,215,112) | | | | |
| | | | | | |
| Proceeds from derivative contracts in connection with the settlement of collateralized debt | — | | | 38,902 | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| Principal payments on finance lease obligations | (99,426) | | | (112,795) | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| Payment related to acquisition of a noncontrolling interest | (7,261) | | | (7,035) | | | | |
| Additions to deferred financing costs | (18,936) | | | — | | | | |
| Other, net | (6,345) | | | (8,521) | | | | |
| Net cash provided by (used in) financing activities | (148,143) | | | 45,439 | | | | |
| Net decrease in cash and cash equivalents | (51,644) | | | (35,614) | | | | |
| Effect of exchange rate changes on cash and cash equivalents | (403) | | | (1,482) | | | | |
| Net decrease in cash, cash equivalents and restricted cash | (52,047) | | | (37,096) | | | | |
| Cash, cash equivalents and restricted cash at beginning of year | 302,338 | | | 305,751 | | | | |
| Cash, cash equivalents and restricted cash at end of period | $ | 250,291 | | | $ | 268,655 | | | | |
See accompanying notes to consolidated financial statements.
| | | | | | | | | | | |
CSC HOLDINGS, LLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands, except unit amounts)
|
| September 30, 2024 (Unaudited) | | December 31, 2023 |
| ASSETS | | | |
| Current Assets: | | | |
| Cash and cash equivalents | $ | 240,066 | | | $ | 302,051 | |
| Restricted cash | 290 | | | 280 | |
Accounts receivable, trade (less allowance for credit losses of $24,984 and $21,915, respectively) | 315,894 | | | 357,597 | |
| | | |
Prepaid expenses and other current assets ($1,573 and $407 due from affiliates, respectively) | 302,739 | | | 174,859 | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| Total current assets | 858,989 | | | 834,787 | |
Property, plant and equipment, net of accumulated depreciation of $8,671,638 and $8,162,442, respectively | 8,352,062 | | | 8,117,757 | |
| | | |
| Right-of-use operating lease assets | 231,255 | | | 255,545 | |
| | | |
| | | |
| Other assets | 103,322 | | | 195,114 | |
Amortizable intangibles, net of accumulated amortization of $6,114,684 and $5,874,612, respectively | 1,036,275 | | | 1,259,335 | |
| Indefinite-lived cable television franchises | 13,216,355 | | | 13,216,355 | |
| Goodwill | 8,044,716 | | | 8,044,716 | |
| Total assets | $ | 31,842,974 | | | $ | 31,923,609 | |
| | | | | | | | | | | |
| LIABILITIES AND MEMBER'S DEFICIENCY | | | |
| Current Liabilities: | | | |
| Accounts payable | $ | 1,016,588 | | | $ | 936,950 | |
| Interest payable | 291,497 | | | 274,507 | |
| Accrued employee related costs | 172,150 | | | 182,146 | |
| | | |
| Deferred revenue | 85,289 | | | 85,018 | |
| Notes payable to affiliate (Note 14) | 92,500 | | | — | |
| Debt | 273,804 | | | 359,407 | |
Other current liabilities ($25,991 and $71,523 due to affiliates, respectively) | 265,961 | | | 470,097 | |
| Total current liabilities | 2,197,789 | | | 2,308,125 | |
| | | |
| Other liabilities | 199,633 | | | 221,249 | |
| Deferred tax liability | 4,849,302 | | | 4,851,959 | |
| | | |
| Right-of-use operating lease liability | 244,220 | | | 264,647 | |
| | | |
| Long-term debt, net of current maturities | 24,778,868 | | | 24,715,554 | |
| Total liabilities | 32,269,812 | | | 32,361,534 | |
| Commitments and contingencies (Note 15) | | | |
| | | |
| | | |
Member's deficiency (100 membership units issued and outstanding) | (424,060) | | | (412,836) | |
| Accumulated other comprehensive loss | (7,313) | | | (12,851) | |
| Total member's deficiency | (431,373) | | | (425,687) | |
| Noncontrolling interests | 4,535 | | | (12,238) | |
| Total deficiency | (426,838) | | | (437,925) | |
| Total liabilities and member's deficiency | $ | 31,842,974 | | | $ | 31,923,609 | |
See accompanying notes to consolidated financial statements.
CSC HOLDINGS LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
Revenue (including revenue from affiliates of $74, $637, $386 and $1,319, respectively) (See Note 14) | $ | 2,227,700 | | | $ | 2,317,200 | | | $ | 6,719,390 | | | $ | 6,935,452 | |
| Operating expenses: | | | | | | | |
Programming and other direct costs (including charges from affiliates of $2,449, $3,615, $8,951 and $9,337, respectively) (See Note 14) | 711,330 | | | 750,538 | | | 2,174,677 | | | 2,284,537 | |
Other operating expenses (including charges from affiliates of $13,429, $30,064, $34,188 and $39,859, respectively) (See Note 14) | 675,366 | | | 667,278 | | | 2,020,158 | | | 1,974,651 | |
| Restructuring, impairments and other operating items (See Note 7) | 10,871 | | | 4,453 | | | 15,525 | | | 39,303 | |
| Depreciation and amortization (including impairments) | 386,342 | | | 402,366 | | | 1,170,503 | | | 1,237,283 | |
| | 1,783,909 | | | 1,824,635 | | | 5,380,863 | | | 5,535,774 | |
| Operating income | 443,791 | | | 492,565 | | | 1,338,527 | | | 1,399,678 | |
| Other income (expense): | | | | | | | |
| Interest expense, net | (448,228) | | | (420,216) | | | (1,328,324) | | | (1,216,203) | |
| 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 | (45,657) | | | 31,972 | | | 10,220 | | | 78,708 | |
| Gain (loss) on extinguishment of debt and write-off of deferred financing costs | — | | | — | | | (7,035) | | | 4,393 | |
| Other income (loss), net | (1,495) | | | (1,470) | | | (4,526) | | | 7,165 | |
| (495,380) | | | (389,714) | | | (1,329,373) | | | (1,100,416) | |
| Income (loss) before income taxes | (51,589) | | | 102,851 | | | 9,154 | | | 299,262 | |
| Income tax benefit (expense) | 10,064 | | | (27,336) | | | (41,873) | | | (106,433) | |
| Net income (loss) | (41,525) | | | 75,515 | | | (32,719) | | | 192,829 | |
| Net income attributable to noncontrolling interests | (2,135) | | | (8,676) | | | (16,773) | | | (21,825) | |
| Net income (loss) attributable to CSC Holdings, LLC sole member | $ | (43,660) | | | $ | 66,839 | | | $ | (49,492) | | | $ | 171,004 | |
See accompanying notes to consolidated financial statements.
CSC HOLDINGS, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended September 30, | | Nine Months Ended September 30, |
| 2024 | | 2023 | | 2024 | | 2023 |
| Net income (loss) | $ | (41,525) | | | $ | 75,515 | | | $ | (32,719) | | | $ | 192,829 | |
| Other comprehensive income: | | | | | | | |
| Defined benefit pension plans | (1,293) | | | 2,417 | | | 8,141 | | | 9,825 | |
| Applicable income taxes | 350 | | | (653) | | | (2,200) | | | (2,657) | |
| Defined benefit pension plans, net of income taxes | (943) | | | 1,764 | | | 5,941 | | | 7,168 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Foreign currency translation adjustment | 414 | | | (2,026) | | | (403) | | | (1,474) | |
| Other comprehensive income | (529) | | | (262) | | | 5,538 | | | 5,694 | |
| Comprehensive income (loss) | (42,054) | | | 75,253 | | | (27,181) | | | 198,523 | |
| Comprehensive income attributable to noncontrolling interests | (2,135) | | | (8,676) | | | (16,773) | | | (21,825) | |
| Comprehensive income (loss) attributable to CSC Holdings, LLC sole member | $ | (44,189) | | | $ | 66,577 | | | $ | (43,954) | | | $ | 176,698 | |
See accompanying notes to consolidated financial statements.
CSC HOLDINGS, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF MEMBER'S DEFICIENCY
(In thousands)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Member's
Deficiency | | Accumulated
Other Comprehensive Loss | | Total
Member's Deficiency | | Noncontrolling
Interests | | Total
Deficiency |
| | | | | | | | | |
| Balance at January 1, 2024 | $ | (412,836) | | | $ | (12,851) | | | $ | (425,687) | | | $ | (12,238) | | | $ | (437,925) | |
| Net loss attributable to CSC Holdings, LLC sole member | (21,193) | | | — | | | (21,193) | | | — | | | (21,193) | |
| Net loss attributable to noncontrolling interests | — | | | — | | | — | | | 8,297 | | | 8,297 | |
| | | | | | | | | |
| Pension liability adjustments, net of income taxes | — | | | 4,255 | | | 4,255 | | | — | | | 4,255 | |
| Foreign currency translation adjustment | — | | | (612) | | | (612) | | | — | | | (612) | |
| Share-based compensation expense (equity classified) | 6,484 | | | — | | | 6,484 | | | — | | | 6,484 | |
| | | | | | | | | |
| | | | | | | | | |
| Cash distributions to parent | (3,775) | | | — | | | (3,775) | | | — | | | (3,775) | |
| Non-cash contributions from parent | 5,858 | | | — | | | 5,858 | | | — | | | 5,858 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| Balance at March 31, 2024 | (425,462) | | | (9,208) | | | (434,670) | | | (3,941) | | | (438,611) | |
| Net income attributable to CSC Holdings, LLC sole member | 15,361 | | | — | | | 15,361 | | | — | | | 15,361 | |
| Net income attributable to noncontrolling interests | — | | | — | | | — | | | 6,341 | | | 6,341 | |
| Pension liability adjustments, net of income taxes | — | | | 2,629 | | | 2,629 | | | — | | | 2,629 | |
| Foreign currency translation adjustment | — | | | (205) | | | (205) | | | — | | | (205) | |
| Share-based compensation expense (equity classified) | 15,147 | | | — | | | 15,147 | | | — | | | 15,147 | |
| | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
| Cash distributions to parent | (863) | | | — | | | (863) | | | — | | | (863) | |
| Balance at June 30, 2024 | (395,817) | | | (6,784) | | | (402,601) | | | 2,400 | | | (400,201) | |
| Net income attributable to CSC Holdings, LLC sole member | (43,660) | | | — | | | (43,660) | | | — | | | (43,660) | |
| Net income attributable to noncontrolling interests | — | | | — | | | — | | |
