(Exact Name of Registrant as Specified in its Charter) | |||||||||||
(State of Incorporation) | |||||||||||
(Commission File Number) | (IRS Employer Identification Number) | ||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
(d) | Exhibits. | |||||||||||||
Exhibit | Description | |||||||||||||
Press Release dated November 4, 2021. | ||||||||||||||
104 | Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document |
ALTICE USA, INC. | |||||||||||
Dated: November 4, 2021 | By: | /s/ Michael E. Olsen | |||||||||
Michael E. Olsen | |||||||||||
EVP, General Counsel and Secretary |
Exhibit 99.1 | ||||||||
Earnings Release | ||||||||
Q3-21 Summary Financials | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||
($k) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Revenue | $2,574,882 | $2,433,986 | $7,569,711 | $7,359,221 | |||||||||||||||||||
Net income attributable to Altice USA, Inc. stockholders | 266,853 | (4,695) | 738,649 | 105,711 | |||||||||||||||||||
Adjusted EBITDA(1) | 1,164,804 | 1,126,670 | 3,344,211 | 3,263,834 | |||||||||||||||||||
Capital Expenditures (cash) | 309,172 | 201,572 | 845,067 | 729,377 |
Earnings Release | ||||||||
Revenue Growth and Adjusted EBITDA Detail | Q3-21 | YTD-21 | |||||||||
Total Revenue YoY | +5.8% | +2.9% | |||||||||
Adj. for RSN credits(3) | +2.3% | +1.6% | |||||||||
Adj. for RSN credits and air strand revenue(3)(4) | (0.4)% | +0.6% | |||||||||
Residential Revenue Growth YoY | +2.2% | +1.1% | |||||||||
Adj. for RSN credits(3) | (1.9)% | (0.4)% | |||||||||
Business Services Revenue Growth YoY | +21.7% | +8.0% | |||||||||
Adj. for RSN credits(3) | +21.0% | +7.8% | |||||||||
Adj. for RSN credits and air strand revenue(3)(4) | +2.0% | +1.5% | |||||||||
News & Advertising Revenue Growth YoY | +15.7% | +16.6% | |||||||||
Adjusted EBITDA Growth YoY | +3.4% | +2.5% | |||||||||
Adjusted EBITDA Margin | 45.2% | 44.2% | |||||||||
Adjusted EBITDA Margin ex-mobile(2) | 46.2% | 45.0% |
Residential unique customer relationships, broadband subscribers and organic net additions | ||||||||||||||||||||||||||
Subscribers (000s) | Q1-20 | Q2-20 | Q3-20(5) | Q4-20 | FY-20(5) | Q1-21 | Q2-21(6) | Q3-21 | ||||||||||||||||||
Residential ending relationships | 4,568.4 | 4,621.4 | 4,663.5 | 4,648.4 | 4,648.4 | 4,647.4 | 4,670.7 | 4,646.0 | ||||||||||||||||||
Residential organic net additions | 35.2 | 52.9 | 7.7 | (15.0) | 80.8 | (1.0) | (11.9) | (24.7) | ||||||||||||||||||
Broadband ending subscribers | 4,237.4 | 4,307.8 | 4,363.5 | 4,359.2 | 4,359.2 | 4,370.8 | 4,401.3 | 4,388.1 | ||||||||||||||||||
Broadband organic net additions | 50.0 | 70.4 | 26.0 | (4.3) | 142.1 | 11.5 | 0.2 | (13.1) |
Earnings Release | ||||||||
Earnings Release | ||||||||
Earnings Release | ||||||||
Earnings Release | ||||||||
Altice USA Consolidated Operating Results (In thousands, except per share data) (Unaudited) | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenue: | |||||||||||||||||||||||
Broadband | $ | 989,410 | $ | 941,237 | $ | 2,952,136 | $ | 2,747,129 | |||||||||||||||
Video | 877,422 | 867,021 | 2,675,861 | 2,766,608 | |||||||||||||||||||
Telephony | 99,943 | 115,995 | 310,298 | 358,347 | |||||||||||||||||||
Residential revenue | 1,966,775 | 1,924,253 | 5,938,295 | 5,872,084 | |||||||||||||||||||
Business services and wholesale | 440,813 | 362,215 | 1,180,039 | 1,092,309 | |||||||||||||||||||
News and Advertising | 143,625 | 124,177 | 380,462 | 326,348 | |||||||||||||||||||
Mobile | 20,456 | 19,722 | 60,355 | 57,944 | |||||||||||||||||||
Other | 3,213 | 3,619 | 10,560 | 10,536 | |||||||||||||||||||
Total revenue | 2,574,882 | 2,433,986 | 7,569,711 | 7,359,221 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Programming and other direct costs | 843,909 | 783,934 | 2,545,645 | 2,509,323 | |||||||||||||||||||
Other operating expenses | 590,519 | 558,092 | 1,760,132 | 1,683,038 | |||||||||||||||||||
Restructuring and other expense | 1,885 | 40,419 | 10,958 | 88,679 | |||||||||||||||||||
Depreciation and amortization (including impairments) | 447,958 | 502,248 | 1,327,142 | 1,571,611 | |||||||||||||||||||
Operating income | 690,611 | 549,293 | 1,925,834 | 1,506,570 | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest expense, net | (319,001) | (322,454) | (954,684) | (1,036,880) | |||||||||||||||||||
Gain (loss) on investments and sale of affiliate interests, net | (46,821) | 314,177 | 151,651 | 56,301 | |||||||||||||||||||
Gain (loss) on derivative contracts, net | 43,385 | (261,597) | (109,020) | 26,203 | |||||||||||||||||||
Gain (loss) on interest rate swap contracts | 5,521 | (158) | 59,600 | (88,725) | |||||||||||||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | — | (250,489) | (51,712) | (250,489) | |||||||||||||||||||
Other income, net | 2,280 | 1,685 | 7,606 | 3,277 | |||||||||||||||||||
Income before income taxes | 375,975 | 30,457 | 1,029,275 | 216,257 | |||||||||||||||||||
Income tax expense | (105,226) | (33,186) | (279,053) | (109,047) | |||||||||||||||||||
Net income (loss) | 270,749 | (2,729) | 750,222 | 107,210 | |||||||||||||||||||
Net loss (income) attributable to noncontrolling interests | (3,896) | (1,966) | (11,573) | (1,499) | |||||||||||||||||||
Net income (loss) attributable to Altice USA stockholders | $ | 266,853 | $ | (4,695) | $ | 738,649 | $ | 105,711 | |||||||||||||||
Basic net income (loss) per share | $ | 0.59 | $ | (0.01) | $ | 1.61 | $ | 0.18 | |||||||||||||||
Diluted net income (loss) per share | $ | 0.58 | $ | (0.01) | $ | 1.59 | $ | 0.18 | |||||||||||||||
Basic weighted average common shares | 454,049 | 571,031 | 460,023 | 593,262 | |||||||||||||||||||
Diluted weighted average common shares | 457,163 | 571,031 | 465,349 | 595,479 |
Earnings Release | ||||||||
Altice USA Consolidated Statements of Cash Flows (in thousands) (Unaudited) | |||||||||||
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 750,222 | $ | 107,210 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization (including impairments) | 1,327,142 | 1,571,611 | |||||||||
Loss (gain) on investments and sale of affiliate interests, net | (151,651) | (56,301) | |||||||||
Loss (gain) on derivative contracts, net | 109,020 | (26,203) | |||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | 51,712 | 250,489 | |||||||||
Amortization of deferred financing costs and discounts (premiums) on indebtedness | 69,176 | 69,296 | |||||||||
Share-based compensation expense | 80,277 | 96,974 | |||||||||
Deferred income taxes | 97,046 | 66,983 | |||||||||
Decrease in right-of-use assets | 32,694 | 34,778 | |||||||||
Provision for doubtful accounts | 46,448 | 50,383 | |||||||||
Other | 1,434 | 30,466 | |||||||||
Change in assets and liabilities, net of effects of acquisitions and dispositions: | |||||||||||
Accounts receivable, trade | (35,077) | 4,419 | |||||||||
Prepaid expenses and other assets | 33,381 | (5,976) | |||||||||
Amounts due from and due to affiliates | 12,804 | 3,377 | |||||||||
Accounts payable and accrued liabilities | (121,503) | (132,216) | |||||||||
Deferred revenue | (24,829) | (14,908) | |||||||||
Liabilities related to interest rate swap contracts | (100,817) | 138,279 | |||||||||
Net cash provided by operating activities | 2,177,479 | 2,188,661 | |||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | (845,067) | (729,377) | |||||||||
Payment for acquisitions, net of cash acquired | (340,444) | (150,115) | |||||||||
Other, net | (2,285) | 4,827 | |||||||||
Net cash used in investing activities | (1,187,796) | (874,665) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from long-term debt | 3,310,000 | 6,197,046 | |||||||||
Repayment of long-term debt | (3,483,026) | (5,374,522) | |||||||||
Proceeds from collateralized indebtedness, net | 185,105 | — | |||||||||
Repayment of collateralized indebtedness and related derivative contracts, net | (185,105) | — | |||||||||
Principal payments on finance lease obligations | (60,257) | (24,692) | |||||||||
Purchase of shares of Altice USA Class A common stock, pursuant to a share repurchase program | (804,928) | (1,814,689) | |||||||||
Other | 2,698 | (13,451) | |||||||||
Net cash used in financing activities | (1,035,513) | (1,030,308) | |||||||||
Net increase (decrease) in cash and cash equivalents | (45,830) | 283,688 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (140) | (1,523) | |||||||||
Net increase (decrease) in cash and cash equivalents | (45,970) | 282,165 | |||||||||
Cash, cash equivalents and restricted cash at beginning of year | 278,686 | 702,160 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 232,716 | $ | 984,325 |
Earnings Release | ||||||||
Earnings Release | ||||||||
Reconciliation of net income to Adjusted EBITDA and Operating Free Cash Flow (unaudited): | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income | $ | 270,749 | $ | (2,729) | $ | 750,222 | $ | 107,210 | |||||||||||||||
Income tax expense | 105,226 | 33,186 | 279,053 | 109,047 | |||||||||||||||||||
Other income, net | (2,280) | (1,685) | (7,606) | (3,277) | |||||||||||||||||||
Loss (gain) on interest rate swap contracts, net | (5,521) | 158 | (59,600) | 88,725 | |||||||||||||||||||
Loss (gain) on derivative contracts, net | (43,385) | 261,597 | 109,020 | (26,203) | |||||||||||||||||||
Loss (gain) on investments and sales of affiliate interests, net | 46,821 | (314,177) | (151,651) | (56,301) | |||||||||||||||||||
Loss on extinguishment of debt and write-off of deferred financing costs | — | 250,489 | 51,712 | 250,489 | |||||||||||||||||||
Interest expense, net | 319,001 | 322,454 | 954,684 | 1,036,880 | |||||||||||||||||||
Depreciation and amortization (including impairments) | 447,958 | 502,248 | 1,327,142 | 1,571,611 | |||||||||||||||||||
Restructuring and other expense | 1,885 | 40,419 | 10,958 | 88,679 | |||||||||||||||||||
Share-based compensation | 24,350 | 34,710 | 80,277 | 96,974 | |||||||||||||||||||
Adjusted EBITDA | 1,164,804 | 1,126,670 | 3,344,211 | 3,263,834 | |||||||||||||||||||
Capital Expenditures (cash) | 309,172 | 201,572 | 845,067 | 729,377 | |||||||||||||||||||
Operating Free Cash Flow | $ | 855,632 | $ | 925,098 | $ | 2,499,144 | $ | 2,534,457 |
Reconciliation of net cash flow from operating activities to Free Cash Flow (unaudited): | |||||||||||||||||||||||
Net cash flows from operating activities | $ | 698,314 | $ | 659,120 | $ | 2,177,479 | $ | 2,188,661 | |||||||||||||||
Capital Expenditures (cash) | 309,172 | 201,572 | 845,067 | 729,377 | |||||||||||||||||||
Free Cash Flow | $ | 389,142 | $ | 457,548 | $ | 1,332,412 | $ | 1,459,284 |
Customer Metrics(11) (in thousands, except per customer amounts) | ||||||||||||||||||||||||||||||||
Q1-20 | Q2-20 | Q3-20(5) | Q4-20 | FY-20(5) | Q1-21 | Q2-21(6) | Q3-21 | |||||||||||||||||||||||||
Total Passings(8) | 8,834.8 | 8,880.1 | 8,987.9 | 9,034.1 | 9,034.1 | 9,067.6 | 9,195.1 | 9,212.5 | ||||||||||||||||||||||||
Residential | 4,568.4 | 4,621.4 | 4,663.5 | 4,648.4 | 4,648.4 | 4,647.4 | 4,670.7 | 4,646.0 | ||||||||||||||||||||||||
SMB | 381.7 | 375.7 | 377.5 | 376.1 | 376.1 | 375.8 | 380.7 | 381.6 | ||||||||||||||||||||||||
Total Unique Customer Relationships(9) | 4,950.1 | 4,997.1 | 5,040.9 | 5,024.6 | 5,024.6 | 5,023.2 | 5,051.4 | 5,027.6 | ||||||||||||||||||||||||
Residential Customers: | ||||||||||||||||||||||||||||||||
Broadband | 4,237.4 | 4,307.8 | 4,363.5 | 4,359.2 | 4,359.2 | 4,370.8 | 4,401.3 | 4,388.1 | ||||||||||||||||||||||||
Video | 3,137.5 | 3,102.9 | 3,035.1 | 2,961.0 | 2,961.0 | 2,906.6 | 2,870.5 | 2,803.0 | ||||||||||||||||||||||||
Telephony | 2,359.8 | 2,337.1 | 2,279.5 | 2,214.0 | 2,214.0 | 2,161.2 | 2,118.4 | 2,057.1 | ||||||||||||||||||||||||
Residential ARPU ($)(10) | 143.39 | 144.38 | 138.16 | 140.09 | 142.11 | 142.24 | 142.24 | 140.73 |
Earnings Release | ||||||||
CSC Holdings, LLC (in $m) | Actual Principal Amount | Coupon / Margin | Maturity | ||||||||||||||
Drawn RCF | $150 | L+2.250% | 2024 | ||||||||||||||
Term Loan | 2,873 | L+2.250% | 2025 | ||||||||||||||
Term Loan B-3 | 1,243 | L+2.250% | 2026 | ||||||||||||||
Term Loan B-5 | 2,955 | L+2.500% | 2027 | ||||||||||||||
Guaranteed Notes | 1,310 | 5.500% | 2027 | ||||||||||||||
Guaranteed Notes | 1,000 | 5.375% | 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 | 1,000 | 6.750% | 2021 | ||||||||||||||
Senior Notes | 649 | 5.875% | 2022 | ||||||||||||||
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 Gross Debt | 23,405 | ||||||||||||||||
CSC Holdings Restricted Group Cash | (123) | ||||||||||||||||
CSC Holdings Net Debt | $23,282 | ||||||||||||||||
CSC Holdings Undrawn RCF | $2,185 | ||||||||||||||||
WACD (%) | 4.8% | ||||||||||||||||
Cablevision Lightpath LLC (in $m) | Actual Principal Amount | Coupon / Margin | Maturity | ||||||||||||||
Drawn RCF | $— | L+3.250% | 2025 | ||||||||||||||
Term Loan | 596 | 3.750% | 2027 | ||||||||||||||
Senior Secured Notes | 450 | 3.875% | 2027 | ||||||||||||||
Senior Notes | 415 | 5.625% | 2028 | ||||||||||||||
Lightpath Gross Debt | 1,461 | ||||||||||||||||
Lightpath Cash | (49) | ||||||||||||||||
Lightpath Net Debt | $1,411 | ||||||||||||||||
Lightpath Undrawn RCF | $100 | ||||||||||||||||
WACD (%) | 4.7% |
Earnings Release | ||||||||
Altice USA Consolidated (in $m) | Actual Principal Amount | |||||||
Altice USA Consolidated Gross Debt | $24,865 | |||||||
Cash | (232) | |||||||
Total Altice USA Consolidated Net Debt | 24,633 | |||||||
WACD (%) | 4.7% |
Lightpath | CSC Holdings(13) | Altice USA Consolidated | |||||||||||||||
Gross Debt Consolidated(12) | $1,461 | $23,405 | $24,865 | ||||||||||||||
Cash | (49) | (123) | (232) | ||||||||||||||
Net Debt Consolidated | $1,411 | $23,282 | $24,633 | ||||||||||||||
LTM EBITDA | $210 | $4,279 | $4,495 | ||||||||||||||
L2QA EBITDA | $199 | $4,328 | $4,539 | ||||||||||||||
Net Leverage (LTM) | 6.7x | 5.4x | 5.5x | ||||||||||||||
Net Leverage (L2QA) | 7.1x | 5.4x | 5.4x |
Reconciliation to Financial Reported Debt | |||||
Actual | |||||
Total Debenture and Loans from Financial Institutions (Carrying Amount) | $24,781 | ||||
Unamortized Financing Costs, Net of Premiums | 22 | ||||
Fair Value Adjustments | 62 | ||||
Gross Debt Consolidated | 24,865 | ||||
Finance leases and other notes | 294 | ||||
Total Debt | 25,159 | ||||
Cash | (232) | ||||
Net Debt | $24,927 |
Earnings Release | ||||||||
Earnings Release | ||||||||
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Cover page Document |
Nov. 04, 2021 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Nov. 04, 2021 |
Entity Registrant Name | Altice USA, Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-38126 |
Entity Tax Identification Number | 38-3980194 |
Entity Address, Address Line One | 1 Court Square West |
Entity Address, City or Town | Long Island City, |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 11101 |
City Area Code | 516 |
Local Phone Number | 803-2300 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Class A Common Stock, par value $0.01 per share |
Trading Symbol | ATUS |
Security Exchange Name | NYSE |
Entity Central Index Key | 0001702780 |
Amendment Flag | false |
Entity Emerging Growth Company | false |
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