(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 February 14, 2024. | ||||||||||||||
104 | Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document |
ALTICE USA, INC. | |||||||||||
Dated: February 14, 2024 | By: | /s/ Michael E. Olsen | |||||||||
Michael E. Olsen | |||||||||||
General Counsel & Chief Corporate Responsibility Officer |
Customer Metrics (in thousands, except per customer amounts) | ||||||||||||||||||||||||||||||||
Q1-22 | Q2-22 | Q3-22 | Q4-22 | FY-22 | Q1-23 | Q2-23 | Q3-23 | Q4-23 | FY-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 | 9,628.7 | 9,628.7 | ||||||||||||||||||||||
Total Passings additions | 41.6 | 58.2 | 51.8 | 48.8 | 200.5 | 48.4 | 66.4 | 30.4 | 19.7 | 164.9 | ||||||||||||||||||||||
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 | 4,363.1 | 4,363.1 | ||||||||||||||||||||||
SMB | 382.9 | 383.1 | 382.5 | 381.2 | 381.2 | 380.9 | 381.0 | 381.1 | 380.3 | 380.3 | ||||||||||||||||||||||
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 | 4,743.5 | 4,743.5 | ||||||||||||||||||||||
Residential net additions (losses) | (20.7) | (47.9) | (49.5) | (16.2) | (134.3) | (26.1) | (42.9) | (38.0) | (28.4) | (135.4) | ||||||||||||||||||||||
Business Services net additions (losses) | 1.0 | 0.2 | (0.6) | (1.3) | (0.7) | (0.3) | 0.1 | 0.1 | (0.8) | (0.9) | ||||||||||||||||||||||
Total customer net additions (losses) | (19.8) | (47.7) | (50.1) | (17.5) | (135.0) | (26.4) | (42.7) | (37.9) | (29.2) | (136.2) | ||||||||||||||||||||||
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 | 4,169.0 | 4,169.0 | ||||||||||||||||||||||
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 | 2,172.4 | 2,172.4 | ||||||||||||||||||||||
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 | 1,515.3 | 1,515.3 | ||||||||||||||||||||||
Broadband net additions (losses) | (13.0) | (39.6) | (43.0) | (7.7) | (103.3) | (19.2) | (36.8) | (31.0) | (27.0) | (113.9) | ||||||||||||||||||||||
Video net additions (losses) | (73.6) | (84.5) | (82.4) | (52.8) | (293.2) | (58.6) | (68.3) | (77.6) | (62.2) | (266.7) | ||||||||||||||||||||||
Telephony net additions (losses) | (53.7) | (64.7) | (68.0) | (54.8) | (241.1) | (60.6) | (62.7) | (68.1) | (57.4) | (248.9) | ||||||||||||||||||||||
Residential ARPU ($)(1)(2) | 139.00 | 141.36 | 139.24 | 135.86 | 138.83 | 135.32 | 137.44 | 138.42 | 136.01 | 136.80 | ||||||||||||||||||||||
SMB PSUs | ||||||||||||||||||||||||||||||||
Broadband | 350.4 | 350.7 | 350.2 | 349.1 | 349.1 | 349.0 | 349.1 | 349.4 | 348.9 | 348.9 | ||||||||||||||||||||||
Video | 102.6 | 101.0 | 99.1 | 97.3 | 97.3 | 95.3 | 93.7 | 91.9 | 89.6 | 89.6 | ||||||||||||||||||||||
Telephony | 216.8 | 215.3 | 214.0 | 212.3 | 212.3 | 210.0 | 208.0 | 205.9 | 203.2 | 203.2 | ||||||||||||||||||||||
Broadband net additions (losses) | 1.1 | 0.3 | (0.5) | (1.1) | (0.2) | (0.1) | 0.1 | 0.3 | (0.5) | (0.2) | ||||||||||||||||||||||
Video net additions (losses) | (1.6) | (1.6) | (1.9) | (1.8) | (6.9) | (2.0) | (1.6) | (1.8) | (2.3) | (7.7) | ||||||||||||||||||||||
Telephony net additions (losses) | (2.0) | (1.6) | (1.3) | (1.7) | (6.5) | (2.3) | (2.0) | (2.1) | (2.6) | (9.1) | ||||||||||||||||||||||
Total Mobile Lines | ||||||||||||||||||||||||||||||||
Mobile ending lines | 198.3 | 231.3 | 236.1 | 240.3 | 240.3 | 247.9 | 264.2 | 288.2 | 322.2 | 322.2 | ||||||||||||||||||||||
Mobile ending lines excluding free service(13) | 190.0 | 195.5 | 202.7 | 208.7 | 208.7 | 223.3 | 257.9 | 288.1 | 322.2 | 322.2 | ||||||||||||||||||||||
Mobile line net additions | 11.9 | 33.0 | 4.8 | 4.1 | 53.8 | 7.6 | 16.3 | 24.1 | 34.0 | 82.0 | ||||||||||||||||||||||
Mobile line net additions ex-free service(13) | 3.6 | 5.5 | 7.2 | 6.0 | 22.3 | 14.6 | 34.6 | 30.3 | 34.1 | 113.5 |
Fiber (FTTH) Customer Metrics (in thousands) | ||||||||||||||||||||||||||||||||
Q1-22 | Q2-22 | Q3-22 | Q4-22 | FY-22 | Q1-23 | Q2-23 | Q3-23 | Q4-23 | FY-23 | |||||||||||||||||||||||
FTTH Total Passings(14) | 1,316.6 | 1,587.1 | 1,908.2 | 2,158.7 | 2,158.7 | 2,373.0 | 2,659.5 | 2,720.2 | 2,735.2 | 2,735.2 | ||||||||||||||||||||||
FTTH Total Passing additions | 145.7 | 270.4 | 321.2 | 250.5 | 987.8 | 214.2 | 286.6 | 60.7 | 14.9 | 576.4 | ||||||||||||||||||||||
FTTH Residential | 80.4 | 103.7 | 134.2 | 170.0 | 170.0 | 207.2 | 245.9 | 289.3 | 333.8 | 333.8 | ||||||||||||||||||||||
FTTH SMB | 0.6 | 0.7 | 1.2 | 1.7 | 1.7 | 2.7 | 3.9 | 5.7 | 7.6 | 7.6 | ||||||||||||||||||||||
FTTH Total customer relationships(15) | 81.0 | 104.4 | 135.3 | 171.7 | 171.7 | 209.9 | 249.7 | 295.1 | 341.4 | 341.4 | ||||||||||||||||||||||
FTTH Residential net additions | 11.1 | 23.3 | 30.5 | 35.8 | 100.7 | 37.2 | 38.6 | 43.4 | 44.5 | 163.8 | ||||||||||||||||||||||
FTTH SMB net additions | 0.2 | 0.2 | 0.4 | 0.6 | 1.4 | 0.9 | 1.2 | 1.9 | 1.8 | 5.8 | ||||||||||||||||||||||
FTTH Total customer net additions | 11.3 | 23.5 | 30.9 | 36.4 | 102.1 | 38.1 | 39.8 | 45.3 | 46.3 | 169.7 |
Altice USA Consolidated Operating Results (in thousands, except per share data) | |||||||||||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenue: | (unaudited) | ||||||||||||||||||||||
Broadband | $ | 939,811 | $ | 960,628 | $ | 3,824,472 | $ | 3,930,667 | |||||||||||||||
Video | 750,454 | 781,869 | 3,072,011 | 3,281,306 | |||||||||||||||||||
Telephony | 72,808 | 79,454 | 300,198 | 332,406 | |||||||||||||||||||
Mobile(1) | 23,019 | 14,811 | 77,012 | 61,832 | |||||||||||||||||||
Residential revenue(1) | 1,786,092 | 1,836,762 | 7,273,693 | 7,606,211 | |||||||||||||||||||
Business services and wholesale | 371,952 | 368,364 | 1,467,149 | 1,474,269 | |||||||||||||||||||
News and Advertising | 128,056 | 151,846 | 447,742 | 520,293 | |||||||||||||||||||
Other(1) | 15,512 | 12,224 | 48,480 | 46,886 | |||||||||||||||||||
Total revenue | 2,301,612 | 2,369,196 | 9,237,064 | 9,647,659 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Programming and other direct costs | 745,305 | 775,713 | 3,029,842 | 3,205,638 | |||||||||||||||||||
Other operating expenses | 671,607 | 725,709 | 2,646,258 | 2,735,469 | |||||||||||||||||||
Restructuring, impairments and other operating items | 175,424 | 120,227 | 214,727 | 130,285 | |||||||||||||||||||
Depreciation and amortization (including impairments) | 407,014 | 446,430 | 1,644,297 | 1,773,673 | |||||||||||||||||||
Operating income | 302,262 | 301,117 | 1,701,940 | 1,802,594 | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest expense, net | (422,917) | (377,072) | (1,639,120) | (1,331,636) | |||||||||||||||||||
Gain (loss) on investments and sale of affiliate interests, net | (11,773) | 242,268 | 180,237 | (659,792) | |||||||||||||||||||
Gain (loss) on derivative contracts, net | — | (218,041) | (166,489) | 425,815 | |||||||||||||||||||
Gain (loss) on interest rate swap contracts, net | (46,044) | 2,828 | 32,664 | 271,788 | |||||||||||||||||||
Gain (loss) on extinguishment of debt and write-off of deferred financing costs | — | (575) | 4,393 | (575) | |||||||||||||||||||
Other income (loss), net | (2,225) | 339 | 4,940 | 8,535 | |||||||||||||||||||
Income (loss) before income taxes | (180,697) | (49,136) | 118,565 | 516,729 | |||||||||||||||||||
Income tax benefit (expense) | 66,905 | (143,277) | (39,528) | (295,840) | |||||||||||||||||||
Net income (loss) | (113,792) | (192,413) | 79,037 | 220,889 | |||||||||||||||||||
Net income attributable to noncontrolling interests | (4,014) | (700) | (25,839) | (26,326) | |||||||||||||||||||
Net income (loss) attributable to Altice USA stockholders | $ | (117,806) | $ | (193,113) | $ | 53,198 | $ | 194,563 | |||||||||||||||
Basic net income (loss) per share | $ | (0.26) | $ | (0.43) | $ | 0.12 | $ | 0.43 | |||||||||||||||
Diluted net income (loss) per share | $ | (0.26) | $ | (0.43) | $ | 0.12 | $ | 0.43 | |||||||||||||||
Basic weighted average common shares | 454,785 | 453,276 | 454,723 | 453,244 | |||||||||||||||||||
Diluted weighted average common shares | 454,785 | 453,276 | 455,034 | 453,282 |
Altice USA Consolidated Statements of Cash Flows (in thousands) | |||||||||||
Twelve Months Ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net income | $ | 79,037 | $ | 220,889 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Depreciation and amortization (including impairments) | 1,644,297 | 1,773,673 | |||||||||
Loss (gain) on investments and sale of affiliate interests, net | (180,237) | 659,792 | |||||||||
Loss (gain) on derivative contracts, net | 166,489 | (425,815) | |||||||||
Loss (gain) on extinguishment of debt and write-off of deferred financing costs | (4,393) | 575 | |||||||||
Amortization of deferred financing costs and discounts (premiums) on indebtedness | 34,440 | 77,356 | |||||||||
Share-based compensation expense | 47,926 | 159,985 | |||||||||
Deferred income taxes | (226,915) | 36,385 | |||||||||
Decrease in right-of-use assets | 46,108 | 44,342 | |||||||||
Provision for doubtful accounts | 84,461 | 88,159 | |||||||||
Goodwill impairment | 163,055 | — | |||||||||
Other | 11,169 | 3,460 | |||||||||
Change in operating assets and liabilities, net of effects of acquisitions and dispositions: | |||||||||||
Accounts receivable, trade | (77,703) | (45,279) | |||||||||
Prepaid expenses and other assets | (54,782) | 50,419 | |||||||||
Amounts due from and due to affiliates | 50,831 | (7,749) | |||||||||
Accounts payable and accrued liabilities | (39,256) | 46,724 | |||||||||
Deferred revenue | 9,164 | (14,953) | |||||||||
Interest rate swap contracts | 72,707 | (301,062) | |||||||||
Net cash provided by operating activities | 1,826,398 | 2,366,901 | |||||||||
Cash flows from investing activities: | |||||||||||
Capital expenditures | (1,704,811) | (1,914,282) | |||||||||
Payments for acquisitions, net of cash acquired | — | (2,060) | |||||||||
Other, net | (1,712) | (5,168) | |||||||||
Net cash used in investing activities | (1,706,523) | (1,921,510) | |||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from long-term debt | 2,700,000 | 4,276,903 | |||||||||
Repayment of debt | (2,688,009) | (4,469,727) | |||||||||
Proceeds from derivative contracts in connection with the settlement of collateralized debt | 38,902 | — | |||||||||
Principal payments on finance lease obligations | (149,297) | (134,682) | |||||||||
Payments to acquire noncontrolling interest | (14,070) | — | |||||||||
Other, net | (10,117) | (8,400) | |||||||||
Net cash used in financing activities | (122,591) | (335,906) | |||||||||
Net increase (decrease) in cash and cash equivalents | (2,716) | 109,485 | |||||||||
Effect of exchange rate changes on cash and cash equivalents | (697) | 291 | |||||||||
Net increase (decrease) in cash and cash equivalents | (3,413) | 109,776 | |||||||||
Cash, cash equivalents and restricted cash at beginning of year | 305,751 | 195,975 | |||||||||
Cash, cash equivalents and restricted cash at end of year | $ | 302,338 | $ | 305,751 |
Reconciliation of Net Income to Adjusted EBITDA and Operating Free Cash Flow (in thousands) (unaudited) | |||||||||||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net income (loss) | $ | (113,792) | $ | (192,413) | $ | 79,037 | $ | 220,889 | |||||||||||||||
Income tax expense (benefit) | (66,905) | 143,277 | 39,528 | 295,840 | |||||||||||||||||||
Other loss (income), net | 2,225 | (339) | (4,940) | (8,535) | |||||||||||||||||||
Loss (gain) on interest rate swap contracts, net | 46,044 | (2,828) | (32,664) | (271,788) | |||||||||||||||||||
Loss (gain) on derivative contracts, net | — | 218,041 | 166,489 | (425,815) | |||||||||||||||||||
Loss (gain) on investments and sale of affiliate interests, net | 11,773 | (242,268) | (180,237) | 659,792 | |||||||||||||||||||
Loss (gain) on extinguishment of debt and write-off of deferred financing costs | — | 575 | (4,393) | 575 | |||||||||||||||||||
Interest expense, net | 422,917 | 377,072 | 1,639,120 | 1,331,636 | |||||||||||||||||||
Depreciation and amortization | 407,014 | 446,430 | 1,644,297 | 1,773,673 | |||||||||||||||||||
Restructuring, impairments and other operating items | 175,424 | 120,227 | 214,727 | 130,285 | |||||||||||||||||||
Share-based compensation | 18,558 | 45,575 | 47,926 | 159,985 | |||||||||||||||||||
Adjusted EBITDA | 903,258 | 913,349 | 3,608,890 | 3,866,537 | |||||||||||||||||||
Capital expenditures (cash) | 295,250 | 543,226 | 1,704,811 | 1,914,282 | |||||||||||||||||||
Operating Free Cash Flow | $ | 608,008 | $ | 370,123 | $ | 1,904,079 | $ | 1,952,255 |
Reconciliation of net cash flow from operating activities to Free Cash Flow (Deficit) (unaudited): | |||||||||||||||||||||||
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net cash flows from operating activities | $ | 496,213 | $ | 461,185 | $ | 1,826,398 | $ | 2,366,901 | |||||||||||||||
Capital Expenditures (cash) | 295,250 | 543,226 | 1,704,811 | 1,914,282 | |||||||||||||||||||
Free Cash Flow (Deficit) | $ | 200,963 | $ | (82,041) | $ | 121,587 | $ | 452,619 |
CSC Holdings, LLC Restricted Group (in $m) | Principal Amount | Pro Forma Principal Amount (9) | Coupon / Margin | Maturity | ||||||||||||||||
Drawn RCF | $825 | $1,575 | SOFR+2.350% | 2027 | ||||||||||||||||
Term Loan | 1,520 | — | L+2.250%(16) | 2025 | ||||||||||||||||
Term Loan B-3 | 522 | — | L+2.250%(16) | 2026 | ||||||||||||||||
Term Loan B-5 | 2,888 | 2,888 | L+2.500%(16) | 2027 | ||||||||||||||||
Term Loan B-6 | 1,987 | 1,987 | SOFR+4.500% | 2028(17) | ||||||||||||||||
Guaranteed Notes | 1,310 | 1,310 | 5.500% | 2027 | ||||||||||||||||
Guaranteed Notes | 1,000 | 1,000 | 5.375% | 2028 | ||||||||||||||||
Guaranteed Notes | 1,000 | 1,000 | 11.250% | 2028 | ||||||||||||||||
Guaranteed Notes | — | 2,050 | 11.750% | 2029 | ||||||||||||||||
Guaranteed Notes | 1,750 | 1,750 | 6.500% | 2029 | ||||||||||||||||
Guaranteed Notes | 1,100 | 1,100 | 4.125% | 2030 | ||||||||||||||||
Guaranteed Notes | 1,000 | 1,000 | 3.375% | 2031 | ||||||||||||||||
Guaranteed Notes | 1,500 | 1,500 | 4.500% | 2031 | ||||||||||||||||
Senior Notes | 750 | — | 5.250% | 2024 | ||||||||||||||||
Senior Notes | 1,046 | 1,046 | 7.500% | 2028 | ||||||||||||||||
Legacy unexchanged Cequel Notes | 4 | 4 | 7.500% | 2028 | ||||||||||||||||
Senior Notes | 2,250 | 2,250 | 5.750% | 2030 | ||||||||||||||||
Senior Notes | 2,325 | 2,325 | 4.625% | 2030 | ||||||||||||||||
Senior Notes | 500 | 500 | 5.000% | 2031 | ||||||||||||||||
CSC Holdings, LLC Restricted Group Gross Debt | 23,277 | 23,285 | ||||||||||||||||||
CSC Holdings, LLC Restricted Group Cash | (257) | (257) | ||||||||||||||||||
CSC Holdings, LLC Restricted Group Net Debt | $23,020 | $23,028 | ||||||||||||||||||
CSC Holdings, LLC Restricted Group Undrawn RCF | $1,516 | $767 | ||||||||||||||||||
Cablevision Lightpath LLC (in $m) | Principal Amount | Coupon / Margin | Maturity | ||||||||||||||
Drawn RCF | $— | SOFR+3.360% | 2025 | ||||||||||||||
Term Loan | 582 | SOFR+3.360% | 2027 | ||||||||||||||
Senior Secured Notes | 450 | 3.875% | 2027 | ||||||||||||||
Senior Notes | 415 | 5.625% | 2028 | ||||||||||||||
Cablevision Lightpath Gross Debt | 1,447 | ||||||||||||||||
Cablevision Lightpath Cash | (26) | ||||||||||||||||
Cablevision Lightpath Net Debt | $1,421 | ||||||||||||||||
Cablevision Lightpath Undrawn RCF | $100 |
Net Leverage Schedules as of December 31, 2023 (in $m) | |||||||||||||||||||||||
CSC Holdings Restricted Group(18) | Cablevision Lightpath LLC | CSC Holdings Consolidated(19) | Altice USA Consolidated | ||||||||||||||||||||
Gross Debt Consolidated(20) | $23,277 | $1,447 | $24,724 | $24,724 | |||||||||||||||||||
Cash | (257) | (26) | (302) | (302) | |||||||||||||||||||
Net Debt Consolidated(8) | $23,020 | $1,421 | $24,422 | $24,422 | |||||||||||||||||||
LTM EBITDA | $3,366 | $246 | $3,609 | $3,609 | |||||||||||||||||||
L2QA EBITDA | $3,393 | $246 | $3,638 | $3,638 | |||||||||||||||||||
Net Leverage (LTM) | 6.8x | 5.8x | 6.8x | 6.8x | |||||||||||||||||||
Net Leverage (L2QA) | 6.8x | 5.8x | 6.7x | 6.7x | |||||||||||||||||||
WACD (%) | 6.1% | 5.4% | 6.1% | 6.1% |
Reconciliation to Financial Reported Debt | |||||
Actual | |||||
Total Debenture and Loans from Financial Institutions (Carrying Amount) | $24,672 | ||||
Unamortized financing costs, discounts and fair value adjustments, net of unamortized premiums | 52 | ||||
Gross Debt Consolidated(20) | 24,724 | ||||
Finance leases and other notes | 403 | ||||
Total Debt | 25,127 | ||||
Cash | (302) | ||||
Net Debt | $24,825 |
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Cover page Document |
Feb. 14, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Feb. 14, 2024 |
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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