TechDogs-"Altice USA Reports Third Quarter 2023 Results"

Networking Solutions

Altice USA Reports Third Quarter 2023 Results

By Business Wire

Business Wire
Overall Rating

Second Quarter of Improved Broadband Net Adds Year-over-Year

Acceleration in Mobile Line Net Adds, Achieving Third Quarter of Mobile Line Net Add Growth

Best Fiber Customer Growth Quarter, Ending Q3 at 295K Fiber Customers

NEW YORK--(BUSINESS WIRE)--Altice USA (NYSE: ATUS) today reports results for the third quarter ended September 30, 2023.

Dennis Mathew, Altice USA Chairman and Chief Executive Officer, said: "The close of the third quarter marks one year since I joined Altice USA as CEO and it has been a year of transformation as we established and quickly began to execute against our core strategy of delivering the best customer experiences, best customer relationships, and best network, all with the best people.

I am pleased that in the third quarter we saw improvements across the business, including overall financial performance, broadband subscriber relationship trends, mobile net additions, fiber customer growth, customer satisfaction and operational metrics, among other areas. Specifically, for the second quarter in a row, we drove improved broadband net adds on a year-over-year basis, highlighting the progress we are making to strengthen our operations, compete effectively, and enhance the quality of our Optimum experiences. With our continued sharpened focus on leading with operational and financial discipline, we remain optimistic about our ability to return to sustainable broadband and cash flow growth."

Key Operational Highlights for the Quarter

  • Year-over-Year (YoY) Improvement in Total Broadband Primary Service Units (PSUs)
    Broadband net losses were -31k in Q3 2023, compared to -43k in Q3 2022, representing a 13k improvement in broadband net add performance trends.
  • Best Quarter for Fiber Net Adds; Reaches 295k Fiber Customers
    Fiber (FTTH) customer net additions were +45k in Q3 2023, our best quarter for fiber net adds. Fiber broadband net adds were driven by both higher fiber gross additions and increased migrations of existing customers. Total fiber broadband customers reached 295k as of the end of Q3 2023.
  • Optimum Mobile Net Add Growth of +24k is 5x Growth YoY; Reaches 288k Lines
    Optimum Mobile saw the third straight quarter of growth, adding +24k mobile net additions in Q3 2023 (+30k net additions excluding customers receiving free service(1)), reaching 6.3% penetration of the Company's total broadband customer base, up from 5.1% penetration in Q3-22.
  • Improved Customer Experience (CX) Leading to Higher Satisfaction Scores
    Optimum saw CX improvements across a variety of metrics including:
  • +22pts improvement in tNPS(2) in Q3-23 vs Q3-22(2).
  • +71% increase in self-install rate for qualified new customers in Q3-23 vs Q3-22(3).
  • ~300k fewer truck rolls last twelve months (LTM) as of Q3-23(4).
  • ~1.3 million fewer inbound calls LTM as of Q3-23(5).

Driving Continued Progress in Building and Delivering Best-in-Class Network Experiences

  • Fiber Rollout Continues
    Optimum added +61k new FTTH passings in the quarter, and 561k YTD, reaching 2.72 million passings.
  • Optimum 8 Gig Internet Launched to Entire East Fiber Footprint
    Optimum 8 Gig symmetrical Fiber is available to all fiber passings in the Optimum East footprint, rolling out 8 Gig to majority of the fiber footprint earlier than planned, before year-end. At the end of Q3 2023, 47% of the Optimum East footprint had multi-Gig speeds available, up from 30% in Q2-23.
  • Optimum Multi-Gig Offerings Pick Up Steam
    1 Gig broadband or higher speed tier sell-in to all new customers, where 1 Gig or higher services are available, was 46% in the quarter. Approximately 23% of the Residential broadband customer base currently take 1 Gig or higher speeds, representing a significant growth opportunity for the Company. 1 Gig or higher speeds are available to 95% of our total footprint.
  • Continued Demand for Speed and Data Usage from Optimum Customers
    • Broadband speeds taken on average have nearly doubled in the past three years to 432 Mbps.
    • Broadband-only customer usage averaged 659 GB per month, which is 23% higher than the average usage of the entire customer base (535 GB per month). The top 10% of broadband residential customers are using approximately 2 TB per month.
  • Continued New Build Activity to Drive Growth
    The Company continues its network edge-outs, and added +30k passings in Q3 2023 (+145k passings YTD), and continues to see strong momentum in growing customer penetration, typically reaching approximately 40% within one year of rollout in new-build areas.

Third Quarter Financial Overview

  • Total Revenue was $2.32 billion, down -3.2% YoY
    This included Residential revenue decline of -3.4% YoY, Business Services revenue growth of +0.1% YoY and News & Advertising revenue decline of -10.8% YoY (or News & Advertising revenue growth of +4.9% YoY excluding political revenue).
  • Residential Revenue(6) was $1.83 billion, down -3.4% YoY
    Driven mostly due to the loss of higher ARPU video customers over the last year.
  • Residential revenue per customer(7) was $138.42
    Grew sequentially +$0.98 in Q3-23 vs Q2-23, and was down -0.6% YoY.
  • Business Services Revenue was $366.9 million, grew +0.1% YoY
    This included Lightpath revenue growth of +2.3% YoY, and SMB / Other decline of -0.7% YoY.
  • News and Advertising Revenue was $107.5 million, down -10.8% YoY
    Excluding political revenue, News & Advertising grew +4.9% YoY.
  • Net income attributable to stockholders was $66.8 million ($0.15/share on a diluted basis)
  • Net cash flows from operating activities were $474.5 million
  • Adjusted EBITDA(8) was $915.5 million
    Margin of 39.5%, and declined -4.1% YoY.
  • Cash capital expenditures of $353.2 million
    Represented 15.2% of revenue (8.8% of revenue excluding FTTH and new builds) and down -28.4% YoY.
  • Operating Free Cash Flow(8) was $562.3 million
    Margin of 24.3%, and grew +22.0% YoY.
  • Free Cash Flow(8) was $121.3 million
    Decline of -10.6% YoY.

Balance Sheet Review as of September 30, 2023

  • Net debt for CSC Holdings, LLC Restricted Group was $23,087 million at the end of Q3 2023(9), representing net leverage of 6.7x Adjusted EBITDA on a Last Two Quarters Annualized (L2QA) basis. The weighted average cost of debt for CSC Holdings, LLC Restricted Group was 6.1% as of the end of Q3 2023 and the weighted average life was 5.0 years. The Company aims to return to a leverage target of 4.5x to 5.0x net debt / Adjusted EBITDA on an L2QA basis for its CSC Holdings, LLC debt silo over time.
  • Net debt for Cablevision Lightpath LLC was $1,429 million at the end of Q3 2023(9), representing net leverage of 5.8x L2QA. The weighted average cost of debt for Cablevision Lightpath LLC was 5.4% as of the end of Q3 2023 and the weighted average life was 4.3 years.
  • Consolidated net debt for Altice USA was $24,499 million(9), representing consolidated net leverage of 6.7x L2QA.

Shares Outstanding

As of September 30, 2023, the Company had 454,732,471 combined Class A and Class B shares outstanding.

Customer Metrics

(in thousands, except per customer amounts)

Q1-22

Q2-22

Q3-22

Q4-22

FY-22

Q1-23

Q2-23

Q3-23

Total Passings(10)

9,304.9

9,363.1

9,414.9

9,463.8

9,463.8

9,512.2

9,578.6

9,609.0

Total Passings additions

41.6

58.2

51.8

48.8

200.5

48.4

66.4

30.4

Total Customer Relationships(11)(12)

Residential

4,612.1

4,564.2

4,514.7

4,498.5

4,498.5

4,472.4

4,429.5

4,391.5

SMB

382.9

383.1

382.5

381.2

381.2

380.9

381.0

381.1

Total Unique Customer Relationships

4,995.0

4,947.3

4,897.2

4,879.7

4,879.7

4,853.3

4,810.5

4,772.6

Residential net additions (losses)

(20.7)

(47.9)

(49.5)

(16.2)

(134.3)

(26.1)

(42.9)

(38.0)

Business Services net additions (losses)

1.0

0.2

(0.6)

(1.3)

(0.7)

(0.3)

0.1

0.1

Total customer net additions (losses)

(19.8)

(47.7)

(50.1)

(17.5)

(135.0)

(26.4)

(42.7)

(37.9)

Residential PSUs

Broadband

4,373.2

4,333.6

4,290.6

4,282.9

4,282.9

4,263.7

4,227.0

4,196.0

Video

2,658.7

2,574.2

2,491.8

2,439.0

2,439.0

2,380.5

2,312.2

2,234.6

Telephony

1,951.5

1,886.9

1,818.9

1,764.1

1,764.1

1,703.5

1,640.8

1,572.7

Broadband net additions (losses)

(13.0)

(39.6)

(43.0)

(7.7)

(103.3)

(19.2)

(36.8)

(31.0)

Video net additions (losses)

(73.6)

(84.5)

(82.4)

(52.8)

(293.2)

(58.6)

(68.3)

(77.6)

Telephony net additions (losses)

(53.7)

(64.7)

(68.0)

(54.8)

(241.1)

(60.6)

(62.7)

(68.1)

Residential ARPU ($)(6)(7)

139.00

141.36

139.24

135.86

138.83

135.32

137.44

138.42

SMB PSUs

Broadband

350.4

350.7

350.2

349.1

349.1

349.0

349.1

349.4

Video

102.6

101.0

99.1

97.3

97.3

95.3

93.7

91.9

Telephony

216.8

215.3

214.0

212.3

212.3

210.0

208.0

205.9

Broadband net additions (losses)

1.1

0.3

(0.5)

(1.1)

(0.2)

(0.1)

0.1

0.3

Video net additions (losses)

(1.6)

(1.6)

(1.9)

(1.8)

(6.9)

(2.0)

(1.6)

(1.8)

Telephony net additions (losses)

(2.0)

(1.6)

(1.3)

(1.7)

(6.5)

(2.3)

(2.0)

(2.1)

Total Mobile Lines

Mobile ending lines

198.3

231.3

236.1

240.3

240.3

247.9

264.2

288.2

Mobile ending lines excluding free service(1)

190.0

195.5

202.7

208.7

208.7

223.3

257.9

288.1

Mobile line net additions

11.9

33.0

4.8

4.1

53.8

7.6

16.3

24.1

Mobile line net additions ex-free service(1)

3.6

5.5

7.2

6.0

22.3

14.6

34.6

30.3

Fiber (FTTH) Customer Metrics

(in thousands)

Q1-22

Q2-22

Q3-22

Q4-22

FY-22

Q1-23

Q2-23

Q3-23

FTTH Total Passings(13)

1,316.6

1,587.1

1,908.2

2,158.7

2,158.7

2,373.0

2,659.5

2,720.2

FTTH Total Passing additions

145.7

270.4

321.2

250.5

987.8

214.2

286.6

60.7

FTTH Residential

80.4

103.7

134.2

170.0

170.0

207.2

245.9

289.3

FTTH SMB

0.6

0.7

1.2

1.7

1.7

2.7

3.9

5.7

FTTH Total customer relationships(14)

81.0

104.4

135.3

171.7

171.7

209.9

249.7

295.1

FTTH Residential net additions

11.1

23.3

30.5

35.8

100.7

37.2

38.6

43.4

FTTH SMB net additions

0.2

0.2

0.4

0.6

1.4

0.9

1.2

1.9

FTTH Total customer net additions

11.3

23.5

30.9

36.4

102.1

38.1

39.8

45.3

Altice USA Consolidated Operating Results

(in thousands, except per share data)

(unaudited)

Three Months Ended

September 30,

Nine Months Ended

September 30,

2023

2022

2023

2022

Revenue:

Broadband

$

961,751

$

981,842

$

2,884,661

$

2,970,039

Video

775,818

816,001

2,321,557

2,499,437

Telephony

73,640

83,097

227,390

252,952

Mobile(6)

20,320

15,216

53,993

47,021

Residential revenue(6)

1,831,529

1,896,156

5,487,601

5,769,449

Business services and wholesale

366,852

366,662

1,095,197

1,105,905

News and Advertising

107,484

120,522

319,686

368,447

Other(6)

11,335

10,212

32,968

34,662

Total revenue

2,317,200

2,393,552

6,935,452

7,278,463

Operating expenses:

Programming and other direct costs

750,538

782,121

2,284,537

2,429,925

Other operating expenses

667,278

694,390

1,974,651

2,009,760

Restructuring expense and other operating items

4,453

4,007

39,303

10,058

Depreciation and amortization (including impairments)

402,366

445,769

1,237,283

1,327,243

Operating income

492,565

467,265

1,399,678

1,501,477

Other income (expense):

Interest expense, net

(420,216

)

(340,989

)

(1,216,203

)

(954,564

)

Gain (loss) on investments, net

(425,686

)

192,010

(902,060

)

Gain (loss) on derivative contracts, net

323,668

(166,489

)

643,856

Gain on interest rate swap contracts, net

31,972

105,945

78,708

268,960

Gain on extinguishment of debt and write-off of deferred financing costs

4,393

Other income (loss), net

(1,470

)

3,245

7,165

8,196

Income before income taxes

102,851

133,448

299,262

565,865

Income tax expense

(27,336

)

(35,827

)

(106,433

)

(152,563

)

Net income

75,515

97,621

192,829

413,302

Net income attributable to noncontrolling interests

(8,676

)

(12,670

)

(21,825

)

(25,626

)

Net income attributable to Altice USA stockholders

$

66,839

$

84,951

$

171,004

$

387,676

Basic net income per share

$

0.15

$

0.19

$

0.38

$

0.86

Diluted net income per share

$

0.15

$

0.19

$

0.38

$

0.86

Basic weighted average common shares

454,730

453,239

454,702

453,233

Diluted weighted average common shares

455,076

453,390

455,118

453,284

Altice USA Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

Nine Months Ended September 30,

2023

2022

Cash flows from operating activities:

Net income

$

192,829

$

413,302

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization (including impairments)

1,237,283

1,327,243

Loss (gain) on investments

(192,010

)

902,060

Loss (gain) on derivative contracts, net

166,489

(643,856

)

Gain on extinguishment of debt and write-off of deferred financing costs

(4,393

)

Amortization of deferred financing costs and discounts (premiums) on indebtedness

26,334

61,447

Share-based compensation

29,368

114,410

Deferred income taxes

(187,295

)

(89,240

)

Decrease in right-of-use assets

34,633

33,315

Provision for doubtful accounts

62,148

65,281

Other

9,406

(492

)

Change in operating assets and liabilities, net of effects of acquisitions and dispositions:

Accounts receivable, trade

(29,403

)

389

Prepaid expenses and other assets

(76,862

)

15,730

Amounts due from and due to affiliates

56,193

(1,732

)

Accounts payable and accrued liabilities

(2,374

)

17,776

Deferred revenue

9,531

(5,508

)

Interest rate swap contracts

(1,692

)

(304,409

)

Net cash provided by operating activities

1,330,185

1,905,716

Cash flows from investing activities:

Capital expenditures

(1,409,561

)

(1,371,056

)

Payments for acquisitions, net of cash acquired

(2,060

)

Other, net

(1,677

)

(2,985

)

Net cash used in investing activities

(1,411,238

)

(1,376,101

)

Cash flows from financing activities:

Proceeds from long-term debt

2,350,000

1,565,000

Repayment of debt

(2,215,112

)

(1,942,428

)

Proceeds from derivative contracts in connection with the settlement of collateralized debt

38,902

Principal payments on finance lease obligations

(112,795

)

(97,165

)

Payment to acquire noncontrolling interest

(7,035

)

Other, net

(8,521

)

(207

)

Net cash provided by (used in) financing activities

45,439

(474,800

)

Net increase (decrease) in cash and cash equivalents

(35,614

)

54,815

Effect of exchange rate changes on cash and cash equivalents

(1,482

)

51

Net increase (decrease) in cash and cash equivalents

(37,096

)

54,866

Cash, cash equivalents and restricted cash at beginning of year

305,751

195,975

Cash, cash equivalents and restricted cash at end of period

$

268,655

$

250,841

Reconciliation of Non-GAAP Financial Measures:

We define Adjusted EBITDA, which is a non-GAAP financial measure, as net income (loss) excluding income taxes, non-operating income or expenses, gain (loss) on extinguishment of debt and write-off of deferred financing costs, gain (loss) on interest rate swap contracts, gain (loss) on derivative contracts, gain (loss) on investments and sale of affiliate interests, interest expense, net, depreciation and amortization, share-based compensation, restructuring expense and other operating items (such as significant legal settlements, contractual payments for terminated employees, and impairments).

Adjusted EBITDA eliminates the significant non-cash depreciation and amortization expense that results from the capital-intensive nature of our business and from intangible assets recognized from acquisitions, as well as certain non-cash and other operating items that affect the period-to-period comparability of our operating performance. In addition, Adjusted EBITDA is unaffected by our capital and tax structures and by our investment activities.

We believe Adjusted EBITDA is an appropriate measure for evaluating the operating performance of the Company. Adjusted EBITDA and similar measures with similar titles are common performance measures used by investors, analysts and peers to compare performance in our industry. Internally, we use revenue and Adjusted EBITDA measures as important indicators of our business performance and evaluate management’s effectiveness with specific reference to these indicators. We believe Adjusted EBITDA provides management and investors a useful measure for period-to-period comparisons of our core business and operating results by excluding items that are not comparable across reporting periods or that do not otherwise relate to the Company’s ongoing operating results. Adjusted EBITDA should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), and other measures of performance presented in accordance with GAAP. Since Adjusted EBITDA is not a measure of performance calculated in accordance with GAAP, this measure may not be comparable to similar measures with similar titles used by other companies.

We also use Operating Free Cash Flow (defined as Adjusted EBITDA less cash capital expenditures), and Free Cash Flow (defined as net cash flows from operating activities less cash capital expenditures) as indicators of the Company’s financial performance. We believe these measures are two of several benchmarks used by investors, analysts and peers for comparison of performance in the Company’s industry, although they may not be directly comparable to similar measures reported by other companies.

Reconciliation of net income to Adjusted EBITDA and Operating Free Cash Flow

(in thousands)

(unaudited)

Three Months Ended

September 30,

Nine Months Ended

September 30,

2023

2022

2023

2022

Net income

$

75,515

$

97,621

$

192,829

$

413,302

Income tax expense

27,336

35,827

106,433

152,563

Other loss (income), net

1,470

(3,245

)

(7,165

)

(8,196

)

Gain on interest rate swap contracts, net

(31,972

)

(105,945

)

(78,708

)

(268,960

)

Loss (gain) on derivative contracts, net

(323,668

)

166,489

(643,856

)

Loss (gain) on investments, net

425,686

(192,010

)

902,060

Gain on extinguishment of debt and write-off of deferred financing costs

(4,393

)

Interest expense, net

420,216

340,989

1,216,203

954,564

Depreciation and amortization

402,366

445,769

1,237,283

1,327,243

Restructuring expense and other operating items

4,453

4,007

39,303

10,058

Share-based compensation

16,115

37,349

29,368

114,410

Adjusted EBITDA

915,499

954,390

2,705,632

2,953,188

Capital Expenditures (cash)

353,219

493,559

1,409,561

1,371,056

Operating Free Cash Flow

$

562,280

$

460,831

$

1,296,071

$

1,582,132

Reconciliation of net cash flow from operating activities to Free Cash Flow (Deficit)

(unaudited):

Net cash flows from operating activities

$

474,498

$

629,162

$

1,330,185

$

1,905,716

Capital Expenditures (cash)

353,219

493,559

1,409,561

1,371,056

Free Cash Flow (Deficit)

$

121,279

$

135,603

$

(79,376

)

$

534,660

Consolidated Net Debt as of September 30, 2023(9)

CSC Holdings, LLC Restricted Group (in $m)

Principal

Amount

Coupon /

Margin

Maturity

Drawn RCF

$850

SOFR+2.350%

2025(15)

Term Loan

1,524

L+2.250%(16)

2025

Term Loan B-3

523

L+2.250%(16)

2026

Term Loan B-5

2,895

L+2.500%(16)

2027

Term Loan B-6

1,992

SOFR+4.500%

2028(17)

Guaranteed Notes

1,310

5.500%

2027

Guaranteed Notes

1,000

5.375%

2028

Guaranteed Notes

1,000

11.250%

2028

Guaranteed Notes

1,750

6.500%

2029

Guaranteed Notes

1,100

4.125%

2030

Guaranteed Notes

1,000

3.375%

2031

Guaranteed Notes

1,500

4.500%

2031

Senior Notes

750

5.250%

2024

Senior Notes

1,046

7.500%

2028

Legacy unexchanged Cequel Notes

4

7.500%

2028

Senior Notes

2,250

5.750%

2030

Senior Notes

2,325

4.625%

2030

Senior Notes

500

5.000%

2031

CSC Holdings, LLC Restricted Group Gross Debt

23,319

CSC Holdings, LLC Restricted Group Cash

(232)

CSC Holdings, LLC Restricted Group Net Debt

$23,087

CSC Holdings, LLC Restricted Group Undrawn RCF

$1,491

Cablevision Lightpath LLC (in $m)

Principal Amount

Coupon / Margin

Maturity

Drawn RCF

$—

SOFR+3.360%

2025

Term Loan

584

SOFR+3.360%

2027

Senior Secured Notes

450

3.875%

2027

Senior Notes

415

5.625%

2028

Cablevision Lightpath Gross Debt

1,449

Cablevision Lightpath Cash

(20)

Cablevision Lightpath Net Debt

$1,429

Cablevision Lightpath Undrawn RCF

$100

Net Leverage Schedules as of September 30, 2023 (in $m)

CSC Holdings

Restricted

Group(18)

Cablevision

Lightpath LLC

CSC Holdings

Consolidated(19)

Altice USA

Consolidated

Gross Debt Consolidated(20)

$23,319

$1,449

$24,768

$24,768

Cash

(232)

(20)

(268)

(268)

Net Debt Consolidated(9)

$23,087

$1,429

$24,499

$24,499

LTM EBITDA

$3,381

$237

$3,619

$3,619

L2QA EBITDA

$3,431

$246

$3,674

$3,674

Net Leverage (LTM)

6.8x

6.0x

6.8x

6.8x

Net Leverage (L2QA)

6.7x

5.8x

6.7x

6.7x

WACD (%)

6.1%

5.4%

6.1%

6.1%

Reconciliation to Financial Reported Debt (in $m)

Actual

Total Debenture and Loans from Financial Institutions (Carrying Amount)

$24,708

Unamortized financing costs, discounts and fair value adjustments, net of unamortized premiums

60

Gross Debt Consolidated(20)

24,768

Finance leases and other notes

410

Total Debt

25,178

Cash

(268)

Net Debt

$24,910

(1)

Reported ending mobile lines include lines receiving free service. Adjusted mobile lines exclude additions relating to mobile lines receiving free service from all periods presented, and includes net additions from when customers previously on free service start making payments.

(2)

Transactional NPS (tNPS) represents the average monthly metric for the quarter that blends Care, Field, Retail and Sales across Fixed, Mobile, and Advanced Support.

(3)

Self-install % increase is the change in percentage of residential installs at eligible addresses choosing self-install, excluding fiber installs.

(4)

LTM truck rolls exclude employee initiated special request orders, compared to immediately prior twelve-month period (October 1, 2021 – September 30, 2022).

(5)

Last twelve months (“LTM”) inbounds calls refers to technical, care and support call, compared to immediately prior twelve-month period (October 1, 2021 – September 30, 2022).

(6)

Beginning in the second quarter of 2023, mobile service revenue previously included in mobile revenue is now separately reported in residential revenue and business services revenue. In addition, mobile equipment revenue previously included in mobile revenue is now included in other revenue. Prior period amounts have been revised to conform with this presentation.

(7)

Residential revenue per customer (ARPU) is calculated by dividing the average monthly revenue for the respective period derived from the sale of broadband, video, telephony and mobile services to residential customers by the average number of total residential customers for the same period and excludes mobile-only customer relationships. ARPU amounts for prior periods have been adjusted to include mobile service revenue.

(8)

See “Reconciliation of Non-GAAP Financial Measures” on page 7 of this release.

(9)

Net debt, defined as the principal amount of debt less cash, and excluding finance leases and other notes.

(10)

Total passings represents the estimated number of single residence homes, apartments and condominium units passed by the HFC and FTTH network in areas serviceable without further extending the transmission lines. In addition, it includes commercial establishments that have connected to our HFC and FTTH network. Broadband services were not available to approximately 30 thousand total passings and telephony services were not available to approximately 500 thousand total passings.

(11)

Total Unique Customer Relationships represent the number of households/businesses that receive at least one of the Company’s fixed-line services. Customers represent each customer account (set up and segregated by customer name and address), weighted equally and counted as one customer, regardless of size, revenue generated, or number of boxes, units, or outlets on our hybrid-fiber-coaxial (HFC) and fiber-to-the-home (FTTH) network. Free accounts are included in the customer counts along with all active accounts, but they are limited to a prescribed group. Most of these accounts are also not entirely free, as they typically generate revenue through pay-per-view or other pay services and certain equipment fees. Free status is not granted to regular customers as a promotion. In counting bulk Residential customers, such as an apartment building, we count each subscribing family unit within the building as one customer, but do not count the master account for the entire building as a customer. We count a bulk commercial customer, such as a hotel, as one customer, and do not count individual room units at that hotel.

(12)

Total Customer Relationship metrics do not include mobile-only customers.

(13)

Represents the estimated number of single residence homes, apartments and condominium units passed by the FTTH network in areas serviceable without further extending the transmission lines. In addition, it includes commercial establishments that have connected to our FTTH network.

(14)

Represents number of households/businesses that receive at least one of the Company's fixed-line services on our FTTH network. FTTH customers represent each customer account (set up and segregated by customer name and address), weighted equally and counted as one customer, regardless of size, revenue generated, or number of boxes, units, or outlets on our FTTH network. Free accounts are included in the customer counts along with all active accounts, but they are limited to a prescribed group. Most of these accounts are also not entirely free, as they typically generate revenue through pay-per view or other pay services and certain equipment fees. Free status is not granted to regular customers as a promotion. In counting bulk residential customers, such as an apartment building, we count each subscribing family unit within the building as one customer, but do not count the master account for the entire building as a customer. We count a bulk commercial customer, such as a hotel, as one customer, and do not count individual room units at that hotel.

(15)

The CSC Holdings' revolving credit facility is due on the earlier of (i) July 13, 2027 and (ii) April 17, 2025 if, as of such date, any Term Loan borrowings are still outstanding, unless the Term Loan maturity date has been extended to a date falling after July 13, 2027.

(16)

These loans use Synthetic USD LIBOR, calculated as Term SOFR plus a spread adjustment.

(17)

The Term Loan B-6 is due on the earlier of (i) January 15, 2028 and (ii) April 15, 2027 if, as of such date, any Term Loan B-5 are still outstanding, unless the Term Loan B-5 maturity date has been extended to a date falling after January 15, 2028.

(18)

CSC Holdings, LLC Restricted Group excludes the unrestricted subsidiaries, primarily Cablevision Lightpath LLC and NY Interconnect, LLC.

(19)

CSC Holdings Consolidated includes the CSC Holdings, LLC Restricted Group and the unrestricted subsidiaries.

(20)

Principal amount of debt excluding finance leases and other notes and collateralized debt.


Contacts

Investor Relations
Sarah Freedman: +1 631 660 8714 / sarah.freedman@alticeusa.com

Communications
Lisa Anselmo: +1 516 279 9461 / lisa.anselmo@alticeusa.com
Janet Meahan: +1 516 519 2353 / janet.meahan@alticeusa.com


Read full story here

First published on Thu, Nov 2, 2023

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