0001628280-21-014758.txt : 20210728 0001628280-21-014758.hdr.sgml : 20210728 20210728172239 ACCESSION NUMBER: 0001628280-21-014758 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 97 CONFORMED PERIOD OF REPORT: 20210630 FILED AS OF DATE: 20210728 DATE AS OF CHANGE: 20210728 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Altice USA, Inc. CENTRAL INDEX KEY: 0001702780 STANDARD INDUSTRIAL CLASSIFICATION: CABLE & OTHER PAY TELEVISION SERVICES [4841] IRS NUMBER: 383980194 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-38126 FILM NUMBER: 211123765 BUSINESS ADDRESS: STREET 1: 1 COURT SQUARE WEST CITY: LONG ISLAND CITY STATE: NY ZIP: 11101 BUSINESS PHONE: (516) 803-2300 MAIL ADDRESS: STREET 1: 1 COURT SQUARE WEST CITY: LONG ISLAND CITY STATE: NY ZIP: 11101 10-Q 1 atus-20210630.htm 10-Q atus-20210630
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 For the quarterly period endedJune 30, 2021
 
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 For the transition period from to 
 
Commission File NumberRegistrant; State of Incorporation; Address and Telephone NumberIRS Employer Identification No.
    
001-38126
atus-20210630_g1.jpg
38-3980194
Altice USA, Inc.
  Delaware  
  1 Court Square West  
  Long Island City, New York11101  
 (516)803-2300 
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes
No
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).
Yes
No

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





If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act).
YesNo
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Class A Common Stock, par value $0.01 per share ATUSNYSE
Number of shares of common stock outstanding as of July 23, 2021457,128,386 





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 - June 30, 2021 (Unaudited) and December 31, 2020
Consolidated Statements of Operations - Three and six months ended June 30, 2021 and 2020 (Unaudited)
Consolidated Statements of Comprehensive Income - Three and six months ended June 30, 2021 and 2020 (Unaudited)
Consolidated Statements of Stockholders' Equity (Deficiency) - Three and six months ended June 30, 2021 and 2020 (Unaudited)
Consolidated Statements of Cash Flows - Six months ended June 30, 2021 and 2020 (Unaudited)
Combined Notes to Consolidated Financial Statements (Unaudited)
Supplemental Financial Statements Furnished: 
CSC HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Financial Statements
Consolidated Balance Sheets - June 30, 2021 (Unaudited) and December 31, 2020
Consolidated Statements of Operations - Three and six months ended June 30, 2021 and 2020 (Unaudited)
Consolidated Statements of Comprehensive Income - Three and six months ended June 30, 2021 and 2020 (Unaudited)
Consolidated Statements of Member's Equity (Deficiency) - Three and six months ended June 30, 2021 and 2020 (Unaudited)
Consolidated Statements of Cash Flows - Six months ended June 30, 2021 and 2020 (Unaudited)
Combined Notes to Consolidated Financial Statements (Unaudited)
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
SIGNATURES

1


Part I.    FINANCIAL INFORMATION
This Form 10-Q contains statements that constitute forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Act of 1934, as amended.  In this Form 10-Q there are statements concerning our future operating results and future financial performance.  Words such as "expects", "anticipates", "believes", "estimates", "may", "will", "should", "could", "potential", "continue", "intends", "plans" and similar words and terms used in the discussion of future operating results, future financial performance and future events identify forward-looking statements.  Investors are cautioned that such forward-looking statements are not guarantees of future performance, results or events and involve risks and uncertainties and that actual results or developments may differ materially from the forward-looking statements as a result of various factors. 
We operate in a highly competitive, consumer and technology driven and rapidly changing business that is affected by government regulation and economic, strategic, technological, political and social conditions. Various factors could adversely affect our operations, business or financial results in the future and cause our actual results to differ materially from those contained in the forward-looking statements. In addition, important factors that could cause our actual results to differ materially from those in our forward-looking statements include:
competition for broadband, video and telephony customers from existing competitors (such as broadband communications companies, direct broadcast satellite ("DBS") providers, wireless data and telephony providers, and Internet-based providers) and new competitors entering our footprint;
changes in consumer preferences, laws and regulations or technology that may cause us to change our operational strategies;
increased difficulty negotiating programming agreements on favorable terms, if at all, resulting in increased costs to us and/or the loss of popular programming;
increasing programming costs and delivery expenses related to our products and services;
our ability to achieve anticipated customer and revenue growth, to successfully introduce new products and services and to implement our growth strategy;
our ability to complete our capital investment plans on time and on budget, including our plan to build a fiber-to-the-home ("FTTH") network, and deploy Altice One, our home communications hub;
our ability to develop mobile voice and data services and our ability to attract customers to these services;
the effects of economic conditions or other factors which may negatively affect our customers’ demand for our current and future products and services;
the effects of industry conditions;
demand for digital and linear advertising products and services;
our substantial indebtedness and debt service obligations;
adverse changes in the credit market;
changes as a result of any tax reforms that may affect our business;
financial community and rating agency perceptions of our business, operations, financial condition and the industries in which we operate;
the restrictions contained in our financing agreements;
our ability to generate sufficient cash flow to meet our debt service obligations;
fluctuations in interest rates which may cause our interest expense to vary from quarter to quarter;
technical failures, equipment defects, physical or electronic break-ins to our services, computer viruses and similar problems;
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the disruption or failure of our network, information systems or technologies as a result of computer hacking, computer viruses, "cyber-attacks," misappropriation of data, outages, natural disasters, and other material events;
the impact from the coronavirus ("COVID-19") pandemic;
our ability to obtain necessary hardware, software, communications equipment and services and other items from our vendors at reasonable costs;
our ability to effectively integrate acquisitions and to maximize expected operating efficiencies from our acquisitions or as a result of the transactions, if any;
significant unanticipated increases in the use of bandwidth-intensive Internet-based services;
the outcome of litigation, government investigations and other proceedings; and
other risks and uncertainties inherent in our cable and other broadband communications businesses and our other businesses, including those listed under the caption "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 11, 2021 (the "Annual Report").
These factors are not necessarily all of the important factors that could cause our actual results to differ materially from those expressed in any of our forward-looking statements. Other unknown or unpredictable factors could cause our actual results to differ materially from those expressed in any of our forward-looking statements.
Given these uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements are made only as of the date of this Quarterly Report. Except to the extent required by law, we do not undertake, and specifically decline any obligation, to update any forward-looking statements or to publicly announce the results of any revisions to any of such statements to reflect future events or developments. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.
You should read this Quarterly Report with the understanding that our actual future results, levels of activity, performance and events and circumstances may be materially different from what we expect. We qualify all forward-looking statements by these cautionary statements.
Certain numerical figures included in this Quarterly Report have been subject to rounding adjustments. Accordingly, such numerical figures shown as totals in various tables may not be arithmetic aggregations of the figures that precede them.
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Item 1. Financial Statements
ALTICE USA, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
June 30,
2021
(Unaudited)
December 31, 2020
ASSETS
Current Assets:
Cash and cash equivalents$221,319 $278,422 
Restricted cash264 264 
Accounts receivable, trade (less allowance for doubtful accounts of $24,910 and $25,198)
404,150 442,581 
Prepaid expenses and other current assets167,198 200,252 
Amounts due from affiliates3,669 4,262 
Derivative contracts3,967 50,785 
Total current assets800,567 976,566 
Property, plant and equipment, net of accumulated depreciation of $6,784,318 and $6,431,843
6,023,087 5,805,996 
Right-of-use operating lease assets230,650 241,342 
Investment securities pledged as collateral2,449,308 2,250,854 
Derivative contracts 4,774 
Other assets
88,869 87,429 
Amortizable intangibles, net of accumulated amortization of $4,736,420 and $4,409,312
2,516,702 2,781,116 
Indefinite-lived cable television franchises13,216,355 13,068,017 
Goodwill8,206,420 8,160,566 
Total assets
$33,531,958 $33,376,660 

See accompanying notes to consolidated financial statements.
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ALTICE USA, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (continued)
(In thousands, except share and per share amounts)
 June 30,
2021
(Unaudited)
December 31, 2020
LIABILITIES AND STOCKHOLDERS' DEFICIENCY
Current Liabilities:
Accounts payable$927,254 $795,576 
Interest payable253,945 252,060 
Accrued employee related costs108,598 142,116 
Amounts due to affiliates14,450 8,538 
Deferred revenue129,979 109,798 
Debt1,296,745 1,245,713 
Other current liabilities364,260 544,302 
Total current liabilities3,095,231 3,098,103 
Other liabilities158,107 192,563 
Deferred tax liability5,107,632 5,006,167 
Liabilities under derivative contracts580,251 523,150 
Right-of-use operating lease liability247,408 257,424 
Long-term debt, net of current maturities25,692,323 25,476,629 
Total liabilities34,880,952 34,554,036 
Commitments and contingencies (Note 16)
Redeemable equity 25,763 
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, 271,309,797 shares issued and 271,284,142 shares outstanding as of June 30, 2021 and 297,203,087 shares issued and 290,573,672 shares outstanding as of December 31, 2020
2,713 2,972 
Class B common stock: $0.01 par value, 1,000,000,000 shares authorized, 490,086,674 issued, 185,796,225 shares outstanding as of June 30, 2021 and 185,895,903 shares outstanding as of December 31, 2020
1,858 1,859 
Class C common stock: $0.01 par value, 4,000,000,000 shares authorized, no shares issued and outstanding
  
Paid-in capital  
Accumulated deficit(1,315,080)(985,641)
(1,310,509)(980,810)
Treasury stock, at cost (25,655 and 6,629,415 Class A common shares at June 30, 2021 and December 31, 2020, respectively)
 (163,866)
Accumulated other comprehensive income11,569 3,646 
Total Altice USA stockholders' deficiency(1,298,940)(1,141,030)
Noncontrolling interests(50,054)(62,109)
Total stockholders' deficiency(1,348,994)(1,203,139)
Total liabilities and stockholders' deficiency$33,531,958 $33,376,660 

See accompanying notes to consolidated financial statements.
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ALTICE USA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)

Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Revenue (including revenue from affiliates of $3,035, $3,379, $6,441 and $6,867 respectively) (See Note 15)
$2,516,008 $2,474,979 $4,994,829 $4,925,235 
Operating expenses:
Programming and other direct costs (including charges from affiliates of $4,504, $1,738, $6,732 and $3,927, respectively) (See Note 15)
849,872 860,875 1,701,736 1,725,389 
Other operating expenses (including charges from affiliates of $2,696, $2,161, $5,875 and $6,102, respectively) (See Note 15)
589,180 542,637 1,169,613 1,124,946 
Restructuring and other expense5,864 40,966 9,073 48,260 
Depreciation and amortization (including impairments)444,327 521,794 879,184 1,069,363 
 1,889,243 1,966,272 3,759,606 3,967,958 
Operating income626,765 508,707 1,235,223 957,277 
Other income (expense):
Interest expense(319,435)(351,025)(635,774)(716,236)
Interest income64 151 91 1,810 
Gain (loss) on investments and sale of affiliate interests, net125,019 197,597 198,472 (257,876)
Gain (loss) on derivative contracts, net(98,840)(152,061)(152,405)287,800 
Gain (loss) on interest rate swap contracts, net(21,574)(33,735)54,079 (88,567)
Loss on extinguishment of debt and write-off of deferred financing costs (51,712) (51,712) 
Other income, net2,467 669 5,326 1,592 
(364,011)(338,404)(581,923)(771,477)
Income before income taxes262,754 170,303 653,300 185,800 
Income tax expense(61,820)(58,826)(173,827)(75,861)
Net income200,934 111,477 479,473 109,939 
Net loss (income) attributable to noncontrolling interests(3,274)(213)(7,677)467 
Net income attributable to Altice USA, Inc. stockholders$197,660 $111,264 $471,796 $110,406 
Income per share:
Basic income per share$0.43 $0.19 $1.02 $0.18 
Basic weighted average common shares (in thousands)456,955 587,587 463,060 604,500 
 
Diluted income per share$0.43 $0.19 $1.00 $0.18 
Diluted weighted average common shares (in thousands)463,637  589,466 469,510 606,597 
Cash dividends declared per common share$  $ $ $ 

See accompanying notes to consolidated financial statements.
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ALTICE USA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)

Three Months Ended June 30,Six Months Ended June 30,
2021202020212020
Net income$200,934 $111,477 $479,473 $109,939 
Other comprehensive income (loss):
Defined benefit pension plans:
Unrecognized actuarial gain (loss)2,139 1,880 11,535 (11,589)
Applicable income taxes(579)(503)(3,069)3,096 
Unrecognized gain (loss) arising during period, net of income taxes1,560 1,377 8,466 (8,493)
Settlement loss (gain) included in other expense, net(647)271 (1,395)773 
Applicable income taxes175 (72)373 (207)
Settlement loss (gain) included in other expense, net, net of income taxes(472)199 (1,022)566 
Foreign currency translation adjustment(140)(517)479 (941)
Applicable income taxes    
Foreign currency translation adjustment, net(140)(517)479 (941)
Other comprehensive income (loss)948 1,059 7,923 (8,868)
Comprehensive income201,882 112,536 487,396 101,071 
Comprehensive loss (income) attributable to noncontrolling interests(3,274)(213)(7,677)467 
Comprehensive income attributable to Altice USA, Inc. stockholders$198,608  $112,323 $479,719 $101,538 

See accompanying notes to consolidated financial statements.

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

Class A
Common
Stock

Class B
Common
Stock
Paid-in
Capital
Accumulated DeficitTreasury StockAccumulated
Other
Comprehensive
Income
Total
Stockholders'
Deficiency
Non-controlling
Interests
Total
Deficiency
Balance at January 1, 2021$2,972 $1,859 $ $(985,641)$(163,866)$3,646 $(1,141,030) $(62,109)$(1,203,139)
Net income attributable to stockholders— — — 274,136 — — 274,136 — 274,136 
Net income attributable to noncontrolling interests— — — — — — — 4,403 4,403 
Pension liability adjustments, net of income taxes— — — — — 6,356 6,356 — 6,356 
Foreign currency translation adjustment, net of income taxes— — — — — 619 619 — 619 
Share-based compensation expense (equity classified)— — — 27,964 — — 27,964 — 27,964 
Redeemable equity vested— — — 20,131 — — 20,131 — 20,131 
Change in redeemable equity— — — 2,528 — — 2,528 — 2,528 
Class A shares acquired through share repurchase program and retired(152)— — (522,521)— — (522,673)— (522,673)
Conversion of Class B to Class A shares1 (1)— — — — — — — 
Issuance of common shares pursuant to employee long term incentive plan1 — — 2,037 6 — 2,044 — 2,044 
Other— —  (4,244)— — (4,244)4,302 58 
Balance at March 31, 2021$2,822 $1,858 $ $(1,185,610)$(163,860)$10,621 $(1,334,169)$(53,404)$(1,387,573)
Net income attributable to stockholders— — — 197,660 — — 197,660 — 197,660 
Net income attributable to noncontrolling interests— — — — — — — 3,274 3,274 
Pension liability adjustments, net of income taxes— — — — — 1,088 1,088 — 1,088 
Foreign currency translation adjustment, net of income taxes— — — — — (140)(140)— (140)
Share-based compensation expense (equity classified)— — — 27,385 — — 27,385 — 27,385 
Redeemable equity vested— — — 3,618 — — 3,618 — 3,618 
Change in redeemable equity— — — (514)— — (514)— (514)
Class A shares acquired through share repurchase program and retired(58)— — (202,787)— — (202,845)— (202,845)
Issuance of common shares pursuant to employee long term incentive plan8 — — (488)9,365 — 8,885 — 8,885 
Retirement of treasury stock(59)— — (154,436)154,495 — — — — 
Other— — 92 — — 92 76 168 
Balance at June 30, 2021$2,713 $1,858 $— $(1,315,080)$— $11,569 $(1,298,940)$(50,054)$(1,348,994)


See accompanying notes to consolidated financial statements.


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

Class A
Common
Stock

Class B
Common
Stock
Paid-in
Capital
Retained Earnings Treasury StockAccumulated
Other
Comprehensive
Loss
Total
Stockholders'
Equity
Non-controlling
Interest
Total
Equity
Balance at January 1, 2020$4,572 $1,862 $2,039,918 $390,766 $(163,904)$(3,250)$2,269,964 $9,298 $2,279,262 
Net loss attributable to stockholders— — — (858)— — (858) (858)
Net loss attributable to noncontrolling interests— — — — — — — (680)(680)
Pension liability adjustments, net of income taxes— — — — — (9,503)(9,503)— (9,503)
Foreign currency translation adjustment, net of income taxes— — — — — (424)(424)— (424)
Share-based compensation expense— 27,370 — — — 27,370 — 27,370 
Redeemable equity vested— — 29,479 — — — 29,479 — 29,479 
Change in redeemable equity— — 13,260 — — — 13,260 — 13,260 
Class A shares acquired through share repurchase program and retired(312)— (749,686)— — — (749,998)— (749,998)
Issuance of common shares pursuant to employee long term incentive plan1 — 2,495 — 11 — 2,507 — 2,507 
Balance at March 31, 2020$4,261 $1,862 $1,362,836 $389,908 $(163,893)$(13,177)$1,581,797 $8,618 $1,590,415 
Net income attributable to stockholders— — — 111,264 — — 111,264  111,264 
Net income attributable to noncontrolling interests— — — — — — — 213 213 
Pension liability adjustments, net of income taxes— — — — — 1,576 1,576 — 1,576 
Foreign currency translation adjustment, net of income taxes— — — — — (517)(517)— (517)
Share-based compensation expense— — 33,683 — — — 33,683  33,683 
Redeemable equity vested— — 59,081 — — — 59,081 — 59,081 
Change in redeemable equity— — (8,764)— — — (8,764)— (8,764)
Class A shares acquired through share repurchase program and retired
(258)— (630,979)— — — (631,237)— (631,237)
Issuance of common shares pursuant to employee long term incentive plan
2 — 1,939 —  24 — 1,965 — 1,965 
Balance at June 30, 2020$4,005 $1,862 $817,796 $501,172 $(163,869)$(12,118)$1,148,848 $8,831 $1,157,679 


See accompanying notes to consolidated financial statements.
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ALTICE USA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Six Months Ended June 30,
 20212020
Cash flows from operating activities:
Net income$479,473 $109,939 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including impairments)879,184 1,069,363 
Loss (gain) on investments and sale of affiliate interests, net(198,472)257,876 
Loss (gain) on derivative contracts, net152,405 (287,800)
Loss on extinguishment of debt and write-off of deferred financing costs51,712  
Amortization of deferred financing costs and discounts (premiums) on indebtedness45,917 48,217 
Share-based compensation expense 55,927 61,053 
Deferred income taxes98,769 51,105 
Decrease in right-of-use assets21,691 23,071 
Provision for doubtful accounts28,154 41,857 
Other4,344 3,156 
Change in assets and liabilities, net of effects of acquisitions and dispositions:
Accounts receivable, trade13,078 27,522 
Prepaid expenses and other assets31,631 (5,577)
Amounts due from and due to affiliates6,505 1,588 
Accounts payable and accrued liabilities(117,467)(2,540)
Deferred revenue5,782 (17,302)
Liabilities related to interest rate swap contracts(79,468)148,013 
Net cash provided by operating activities1,479,165 1,529,541 
Cash flows from investing activities: 
Capital expenditures(535,895)(527,805)
Payment for acquisitions, net of cash acquired(340,570) 
Other, net(1,074)1,925 
Net cash used in investing activities(877,539)(525,880)
Cash flows from financing activities:
Proceeds from long-term debt3,160,000 1,925,000 
Repayment of long-term debt(3,057,469)(277,114)
Proceeds from collateralized indebtedness and related derivative contracts, net185,105  
Repayment of collateralized indebtedness and related derivative contracts, net(185,105) 
Principal payments on finance lease obligations(37,560)(11,935)
Purchase of shares of Altice USA Class A common stock, pursuant to a share repurchase program(725,518)(1,381,235)
Other1,339 (7,191)
Net cash provided by (used in) financing activities(659,208)247,525 
Net increase (decrease) in cash and cash equivalents(57,582)1,251,186 
Effect of exchange rate changes on cash and cash equivalents479 (940)
Net increase (decrease) in cash and cash equivalents(57,103)1,250,246 
Cash, cash equivalents and restricted cash at beginning of year278,686 702,160 
Cash, cash equivalents and restricted cash at end of period$221,583 $1,952,406 

See accompanying notes to consolidated financial statements.
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CSC HOLDINGS, LLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
June 30,
2020
(Unaudited)
December 31, 2020
ASSETS
Current Assets:
Cash and cash equivalents$221,107 $277,938 
Restricted cash264 264 
Accounts receivable, trade (less allowance for doubtful accounts of $24,910 and $25,198)
404,150 442,581 
Prepaid expenses and other current assets166,985 200,252 
Amounts due from affiliates3,669 4,262 
Derivative contracts3,967 50,785 
Total current assets800,142 976,082