(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 April 28, 2022. | ||||||||||||||
104 | Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document |
ALTICE USA, INC. | |||||||||||
Dated: April 28, 2022 | By: | /s/ Michael E. Olsen | |||||||||
Michael E. Olsen | |||||||||||
EVP, General Counsel and Secretary |
Exhibit 99.1 | ||||||||
Earnings Release | ||||||||
Q1-22 Summary Financials | Three Months Ended March 31, | ||||||||||
(in thousands) | 2022 | 2021 | |||||||||
Revenue | $2,421,897 | $2,478,821 | |||||||||
Net income attributable to Altice USA, Inc. stockholders | 196,551 | 274,136 | |||||||||
Adjusted EBITDA(2) | 991,730 | 1,074,805 | |||||||||
Capital Expenditures (cash) | 392,371 | 212,791 |
Revenue Growth and Adjusted EBITDA Detail | Q1-22 | |||||||
Total Revenue YoY | (2.3)% | |||||||
excl. air strand revenue(1) | (2.1)% | |||||||
Residential Revenue YoY | (3.6)% | |||||||
Business Services Revenue YoY | +0.1% | |||||||
excl. air strand revenue(1) | +1.5% | |||||||
News & Advertising Revenue YoY | +9.1% | |||||||
Adjusted EBITDA YoY | (7.7)% | |||||||
Adjusted EBITDA Margin | 40.9% |
Earnings Release | ||||||||
Residential unique customer relationships, broadband subscribers and organic net additions (losses) | ||||||||||||||||||||||||||||||||||||||
Subscribers (in thousands) | FY-20(3) | Q1-21 | Q2-21(4) | Q3-21 | Q4-21 | FY-21(4) | Q1-22 | |||||||||||||||||||||||||||||||
Residential ending customer relationships | 4,648.4 | 4,647.4 | 4,670.7 | 4,646.0 | 4,632.8 | 4,632.8 | 4,612.1 | |||||||||||||||||||||||||||||||
Residential customer organic net additions (losses) | 80.8 | (1.0) | (11.9) | (24.7) | (13.2) | (50.8) | (20.7) | |||||||||||||||||||||||||||||||
Broadband ending subscribers | 4,359.2 | 4,370.8 | 4,401.3 | 4,388.1 | 4,386.2 | 4,386.2 | 4,373.2 | |||||||||||||||||||||||||||||||
Broadband organic net additions (losses) | 142.1 | 11.5 | 0.2 | (13.1) | (1.9) | (3.3) | (13.0) |
Earnings Release | ||||||||
Earnings Release | ||||||||
Earnings Release | ||||||||
Altice USA Consolidated Operating Results (In thousands, except per share data) (Unaudited) | |||||||||||
Three Months Ended March 31, | |||||||||||
2022 | 2021 | ||||||||||
Revenue: | |||||||||||
Broadband | $ | 985,517 | $ | 970,571 | |||||||
Video | 841,887 | 905,834 | |||||||||
Telephony | 85,234 | 106,981 | |||||||||
Residential revenue | 1,912,638 | 1,983,386 | |||||||||
Business services and wholesale | 367,522 | 367,216 | |||||||||
News and Advertising | 114,675 | 105,070 | |||||||||
Mobile | 24,035 | 19,235 | |||||||||
Other | 3,027 | 3,914 | |||||||||
Total revenue | 2,421,897 | 2,478,821 | |||||||||
Operating expenses: | |||||||||||
Programming and other direct costs | 828,793 | 851,864 | |||||||||
Other operating expenses | 641,906 | 580,433 | |||||||||
Restructuring and other expense | 3,378 | 3,209 | |||||||||
Depreciation and amortization (including impairments) | 435,349 | 434,857 | |||||||||
Operating income | 512,471 | 608,458 | |||||||||
Other income (expense): | |||||||||||
Interest expense, net | (303,362) | (316,312) | |||||||||
Gain (loss) on investments | (150,773) | 73,453 | |||||||||
Gain (loss) on derivative contracts, net | 101,074 | (53,565) | |||||||||
Gain on interest rate swap contracts | 123,147 | 75,653 | |||||||||
Other income, net | 2,430 | 2,859 | |||||||||
Income before income taxes | 284,987 | 390,546 | |||||||||
Income tax expense | (82,846) | (112,007) | |||||||||
Net income | 202,141 | 278,539 | |||||||||
Net income attributable to noncontrolling interests | (5,590) | (4,403) | |||||||||
Net income attributable to Altice USA stockholders | $ | 196,551 | $ | 274,136 | |||||||
Basic net income per share | $ | 0.43 | $ | 0.58 | |||||||
Diluted net income per share | $ | 0.43 | $ | 0.58 | |||||||
Basic weighted average common shares | 453,229 | 469,233 | |||||||||
Diluted weighted average common shares | 453,229 | 475,448 |
Earnings Release | ||||||||
Altice USA Consolidated Statements of Cash Flows (in thousands) (Unaudited) | |||||||||||
March 31, | |||||||||||
2022 | 2021 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 202,141 | $ | 278,539 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization (including impairments) | 435,349 | 434,857 | |||||||||
Loss (gain) on investments | 150,773 | (73,453) | |||||||||
Loss (gain) on derivative contracts, net | (101,074) | 53,565 | |||||||||
Amortization of deferred financing costs and discounts (premiums) on indebtedness | 20,342 | 23,039 | |||||||||
Share-based compensation expense | 40,532 | 28,281 | |||||||||
Deferred income taxes | (16,149) | 29,165 | |||||||||
Decrease in right-of-use assets | 10,955 | 10,816 | |||||||||
Provision for doubtful accounts | 14,737 | 11,133 | |||||||||
Other | (287) | 1,074 | |||||||||
Change in assets and liabilities, net of effects of acquisitions and dispositions: | |||||||||||
Accounts receivable, trade | 9,112 | 55,293 | |||||||||
Prepaid expenses and other assets | (19,462) | (26,321) | |||||||||
Amounts due from and due to affiliates | (8,992) | 4,627 | |||||||||
Accounts payable and accrued liabilities | (13,477) | (29,696) | |||||||||
Deferred revenue | 14,613 | 38,501 | |||||||||
Liabilities related to interest rate swap contracts | (138,894) | (89,798) | |||||||||
Net cash provided by operating activities | 600,219 | 749,622 | |||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | (392,371) | (212,791) | |||||||||
Other, net | 888 | 2,143 | |||||||||
Net cash used in investing activities | (391,483) | (210,648) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from long-term debt | 150,000 | 150,000 | |||||||||
Repayment of long-term debt | (329,688) | (225,863) | |||||||||
Proceeds from collateralized indebtedness and related derivative contracts, net | — | 185,105 | |||||||||
Repayment of collateralized indebtedness and related derivative contracts, net | — | (185,105) | |||||||||
Principal payments on finance lease obligations | (28,941) | (18,330) | |||||||||
Purchase of shares of Altice USA Class A common stock, pursuant to a share repurchase program | — | (503,645) | |||||||||
Other | — | 393 | |||||||||
Net cash used in financing activities | (208,629) | (597,445) | |||||||||
Net increase (decrease) in cash and cash equivalents | 107 | (58,471) | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (170) | 620 | |||||||||
Net decrease in cash and cash equivalents | (63) | (57,851) | |||||||||
Cash, cash equivalents and restricted cash at beginning of year | 195,975 | 278,686 | |||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 195,912 | $ | 220,835 |
Earnings Release | ||||||||
Earnings Release | ||||||||
Reconciliation of net income to Adjusted EBITDA and Operating Free Cash Flow (unaudited): | |||||||||||
(in thousands) | Three Months Ended March 31, | ||||||||||
2022 | 2021 | ||||||||||
Net income | $ | 202,141 | $ | 278,539 | |||||||
Income tax expense | 82,846 | 112,007 | |||||||||
Other income, net | (2,430) | (2,859) | |||||||||
Gain on interest rate swap contracts, net | (123,147) | (75,653) | |||||||||
Loss (gain) on derivative contracts, net | (101,074) | 53,565 | |||||||||
Loss (gain) on investments | 150,773 | (73,453) | |||||||||
Interest expense, net | 303,362 | 316,312 | |||||||||
Depreciation and amortization (including impairments) | 435,349 | 434,857 | |||||||||
Restructuring and other expense | 3,378 | 3,209 | |||||||||
Share-based compensation | 40,532 | 28,281 | |||||||||
Adjusted EBITDA | 991,730 | 1,074,805 | |||||||||
Capital Expenditures (cash) | 392,371 | 212,791 | |||||||||
Operating Free Cash Flow | $ | 599,359 | $ | 862,014 |
Reconciliation of net cash flow from operating activities to Free Cash Flow (unaudited): | |||||||||||
Net cash flows from operating activities | $ | 600,219 | $ | 749,622 | |||||||
Capital Expenditures (cash) | 392,371 | 212,791 | |||||||||
Free Cash Flow | $ | 207,848 | $ | 536,831 |
Customer Metrics(10) (in thousands, except per customer amounts) | |||||||||||||||||||||||||||||||||||
FY-20(3) | Q1-21 | Q2-21(4) | Q3-21 | Q4-21 | FY-21(4) | Q1-22 | |||||||||||||||||||||||||||||
Total Passings(7) | 9,034.1 | 9,067.6 | 9,195.1 | 9,212.5 | 9,263.3 | 9,263.3 | 9,304.9 | ||||||||||||||||||||||||||||
Residential | 4,648.4 | 4,647.4 | 4,670.7 | 4,646.0 | 4,632.8 | 4,632.8 | 4,612.1 | ||||||||||||||||||||||||||||
SMB | 376.1 | 375.8 | 380.7 | 381.6 | 381.9 | 381.9 | 382.9 | ||||||||||||||||||||||||||||
Total Unique Customer Relationships(8) | 5,024.6 | 5,023.2 | 5,051.4 | 5,027.6 | 5,014.7 | 5,014.7 | 4,995.0 | ||||||||||||||||||||||||||||
Residential Customers: | |||||||||||||||||||||||||||||||||||
Broadband | 4,359.2 | 4,370.8 | 4,401.3 | 4,388.1 | 4,386.2 | 4,386.2 | 4,373.2 | ||||||||||||||||||||||||||||
Video | 2,961.0 | 2,906.6 | 2,870.5 | 2,803.0 | 2,732.3 | 2,732.3 | 2,658.7 | ||||||||||||||||||||||||||||
Telephony | 2,214.0 | 2,161.2 | 2,118.4 | 2,057.1 | 2,005.2 | 2,005.2 | 1,951.5 | ||||||||||||||||||||||||||||
Residential ARPU ($)(9) | 142.11 | 142.24 | 142.24 | 140.73 | 137.79 | 141.08 | 137.92 |
Fiber (FTTH) Customer Metrics (in thousands) | |||||||||||||||||||||||||||||||||||
FY-20 | Q1-21 | Q2-21 | Q3-21 | Q4-21 | FY-21 | Q1-22 | |||||||||||||||||||||||||||||
FTTH Total Passings(11) | 900.1 | 921.4 | 982.5 | 1,026.6 | 1,171.0 | 1,171.0 | 1,316.6 | ||||||||||||||||||||||||||||
FTTH Total customer relationships(12)(13) | 26.1 | 35.9 | 47.3 | 58.9 | 69.7 | 69.7 | 81.0 | ||||||||||||||||||||||||||||
FTTH Residential | 26.1 | 35.9 | 47.3 | 58.7 | 69.3 | 69.3 | 80.4 | ||||||||||||||||||||||||||||
FTTH SMB | 0.0 | 0.0 | 0.1 | 0.2 | 0.3 | 0.3 | 0.6 | ||||||||||||||||||||||||||||
Penetration of FTTH total passings(14) | 2.9% | 3.9% | 4.8% | 5.7% | 5.9% | 5.9% | 6.1% |
Earnings Release | ||||||||
CSC Holdings, LLC Restricted Group (in $m) | Principal Amount | Coupon / Margin | Maturity | ||||||||||||||
Drawn RCF | $740 | L+2.250% | 2024 | ||||||||||||||
Term Loan | 2,858 | L+2.250% | 2025 | ||||||||||||||
Term Loan B-3 | 1,237 | L+2.250% | 2026 | ||||||||||||||
Term Loan B-5 | 2,940 | 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 | 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, LLC Restricted Group Gross Debt | 22,958 | ||||||||||||||||
CSC Holdings, LLC Restricted Group Cash | (84) | ||||||||||||||||
CSC Holdings, LLC Restricted Group Net Debt | $22,874 | ||||||||||||||||
CSC Holdings, LLC Restricted Group Undrawn RCF | $1,601 | ||||||||||||||||
Cablevision Lightpath LLC (in $m) | Principal Amount | Coupon / Margin | Maturity | ||||||||||||||
Drawn RCF | $— | L+3.250% | 2025 | ||||||||||||||
Term Loan | 593 | 3.750% | 2027 | ||||||||||||||
Senior Secured Notes | 450 | 3.875% | 2027 | ||||||||||||||
Senior Notes | 415 | 5.625% | 2028 | ||||||||||||||
Cablevision Lightpath Gross Debt | 1,458 | ||||||||||||||||
Cablevision Lightpath Cash | (76) | ||||||||||||||||
Cablevision Lightpath Net Debt | $1,382 | ||||||||||||||||
Cablevision Lightpath Undrawn RCF | $100 |
Earnings Release | ||||||||
CSC Holdings Restricted Group(16) | Cablevision Lightpath LLC | CSC Holdings Consolidated(17) | Altice USA Consolidated | ||||||||||||||||||||
Gross Debt Consolidated(15) | $22,958 | $1,458 | $24,416 | $24,416 | |||||||||||||||||||
Cash | (84) | (76) | (194) | (196) | |||||||||||||||||||
Net Debt Consolidated | $22,874 | $1,382 | $24,222 | $24,220 | |||||||||||||||||||
LTM EBITDA | $4,128 | $206 | $4,344 | $4,344 | |||||||||||||||||||
L2QA EBITDA | $3,929 | $213 | $4,150 | $4,150 | |||||||||||||||||||
Net Leverage (LTM) | 5.5x | 6.7x | 5.6x | 5.6x | |||||||||||||||||||
Net Leverage (L2QA) | 5.8x | 6.5x | 5.8x | 5.8x | |||||||||||||||||||
WACD (%) | 4.7% | 4.3% | 4.6% | 4.6% |
Reconciliation to Financial Reported Debt | |||||
Actual | |||||
Total Debenture and Loans from Financial Institutions (Carrying Amount) | $24,355 | ||||
Unamortized Financing Costs, Net of Premiums | 17 | ||||
Fair Value Adjustments | 44 | ||||
Gross Debt Consolidated(15) | 24,416 | ||||
Finance leases and other notes | 370 | ||||
Total Debt | 24,786 | ||||
Cash | (196) | ||||
Net Debt | $24,590 |
Earnings Release | ||||||||
Earnings Release | ||||||||
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Cover page Document |
Apr. 28, 2022 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Apr. 28, 2022 |
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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