Altice USA Reports Fourth Quarter and Full Year 2022 Results

Reaches 2.2 Million Fiber Passings and More Than 170K Fiber Customers

NEW YORK–(BUSINESS WIRE)–Altice USA (NYSE: ATUS) today reports results for the fourth quarter and full year ended December 31, 2022.

Dennis Mathew, Altice USA Chief Executive Officer, said: “In the full year 2022, we made great progress against our key initiatives and began to see the benefits of our increased investments, notably around our fiber network expansion, accelerated new build activity, execution of the Suddenlink rebrand to Optimum, improvements in customer care and growing our distribution channels. We are pleased with our momentum as demonstrated by the sequential improvement in our subscriber trends in the fourth quarter. Looking ahead, we have a clear strategy centered around growing our broadband and mobile businesses by delivering best-in-class customer and employee experiences and we are committed to executing with discipline, setting us on a path to return to sustainable customer, revenue, and cash flow growth.”

Key Financial Highlights

  • Total Revenue declined -6.0% YoY in Q4 2022 to $2.37 billion (-4.7% excluding air strand revenue(1)), including Residential revenue decline of -5.0% YoY, Business Services revenue decline of -9.3% YoY (-0.4% excluding air strand revenue(1)) and News & Advertising revenue decline of -10.8% YoY. Total revenue declined -4.4% YoY in FY 2022 (-3.2% excluding air strand revenue(1)).
  • Net income (loss) attributable to stockholders was ($193.1) million in Q4 2022 (($0.43)/share on a diluted basis) compared to $251.7 million in Q4 2021 ($0.56/share on a diluted basis). Net income attributable to stockholders was $194.6 million ($0.43/share on a diluted basis) in FY 2022 compared to net income of $990.3 million in FY 2021 ($2.14/share on a diluted basis).
  • Net cash flows from operating activities were $461.2 million in Q4 2022, compared to $676.6 million in Q4 2021. Net cash flows from operating activities were $2.37 billion in FY 2022, compared to $2.85 billion in FY 2021.
  • Adjusted EBITDA(2) declined -15.7% YoY in Q4 2022 to $913.3 million (-12.8% excluding air strand revenue(1)) with a margin of 38.6%. Adjusted EBITDA declined -12.7% YoY to $3.87 billion (-10.3% excluding air strand revenue(1)) in FY 2022 with a margin of 40.1%.
  • Cash capital expenditures of $543.2 million in Q4 2022 represented 22.9% of revenue and were up 40.5% YoY. Cash capital expenditures of $1.91 billion in FY 2022 represented 19.8% of revenue and were up 55.4% YoY mainly driven by accelerated fiber-to-the-home (FTTH) rollout and new builds (10.4% of revenue excluding FTTH and new builds).
  • Operating Free Cash Flow(2) decreased -46.9% YoY to $370.1 million in Q4 2022 and decreased -38.9% YoY to $1.95 billion in FY 2022.
  • Free Cash Flow(2) was ($82.0) million in Q4 2022 and $452.6 million in FY 2022.

Q4-22 Summary Financials

Three Months Ended

December 31,

 

Twelve Months Ended

December 31,

(in thousands)

2022

 

2021

 

2022

 

2021

Revenue

$2,369,196

 

$2,521,138

 

$9,647,659

 

$10,090,849

Net income (loss) attributable to Altice USA, Inc. stockholders

(193,113)

 

251,662

 

194,563

 

990,311

Adjusted EBITDA(2)

913,349

 

1,083,040

 

3,866,537

 

4,427,251

Capital Expenditures (cash)

543,226

 

386,648

 

1,914,282

 

1,231,715

Revenue Growth and Adjusted EBITDA Detail

 

Q4-22

FY-22

 

 

 

 

 

 

Total Revenue YoY

 

(6.0

)%

(4.4

)%

excl. air strand revenue(1)

 

(4.7

)%

(3.2

)%

 

 

 

 

 

 

Residential Revenue YoY

 

(5.0

)%

(4.0

)%

 

 

 

 

 

 

Business Services Revenue YoY

 

(9.3

)%

(7.1

)%

excl. air strand revenue(1)

 

(0.4

)%

0.6

%

 

 

 

 

 

 

News & Advertising Revenue YoY

 

(10.8

)%

(5.5

)%

excl. political revenue

 

(25.0

)%

(10.5

)%

 

 

 

 

 

 

Adjusted EBITDA YoY

 

(15.7

)%

(12.7

)%

excl. air strand revenue(1)

 

(12.8

)%

(10.3

)%

Adjusted EBITDA Margin

 

38.6

%

40.1

%

Residential unique customer relationships(3), broadband subscribers and organic net additions (losses)(4)

Subscribers

(in thousands)

Q1-21

 

Q2-21(5)

 

Q3-21

 

Q4-21

 

FY-21(5)

 

Q1-22

 

Q2-22

 

Q3-22

 

Q4-22

 

FY-22

Residential ending customer relationships

4,647.4

 

4,670.7

 

4,646.0

 

4,632.8

 

4,632.8

 

4,612.1

 

4,564.2

 

4,514.7

 

4,498.5

 

4,498.5

Residential customer organic net losses

(1.0)

 

(11.9)

 

(24.7)

 

(13.2)

 

(50.8)

 

(20.7)

 

(47.9)

 

(49.5)

 

(16.2)

 

(134.3)

Broadband ending subscribers

4,370.8

 

4,401.3

 

4,388.1

 

4,386.2

 

4,386.2

 

4,373.2

 

4,333.6

 

4,290.6

 

4,282.9

 

4,282.9

Broadband organic net additions (losses)

11.5

 

0.2

 

(13.1)

 

(1.9)

 

(3.3)

 

(13.0)

 

(39.6)

 

(43.0)

 

(7.7)

 

(103.3)

Key Operational Highlights

  • Fiber Broadband Primary Service Units (PSUs): Quarterly FTTH broadband net additions were +36k in Q4 2022, more than three times the growth compared to Q4 2021 (+11k). Fiber broadband net adds were +102k in FY 2022 driven by both higher fiber gross additions and increased migrations of existing customers. Total fiber broadband customers reached 172k as of the end of FY 2022.
  • Total unique Residential customer relationships declined -2.9% YoY in Q4 2022. Quarterly unique Residential customer net losses in the quarter were -16k, compared to -13k in Q4 2021. Unique Residential customer net losses were -134k in FY 2022, compared to -51k organic net losses in FY 2021.

    • Residential Broadband PSUs: Quarterly Residential broadband net losses were -8k in Q4 2022, compared to -2k broadband net losses in Q4 2021. Residential broadband net losses were -103k in FY 2022, compared to -3k organic net losses in FY 2021.
    • Residential Video PSUs: Quarterly Residential video net losses were -53k in Q4 2022, compared to -71k video net losses in Q4 2021. Residential video net losses were -293k in FY 2022, compared to -241k organic net losses in 2021.
  • Residential revenue declined -5.0% YoY in Q4 2022 to $1.82 billion. Residential revenue declined -4.0% YoY to $7.54 billion in FY 2022.

    • Residential revenue per customer relationship declined -2.2% YoY in Q4 2022 to $134.76. Residential revenue per customer declined -2.4% YoY in FY 2022 to $137.70, mostly due to the loss of higher ARPU video customers.
  • Business Services revenue of $368.3 million was down -9.3% YoY in Q4 2022 due to the early termination of a backhaul contract for air strands which resulted in the recognition of deferred revenue and termination fees over the amended term in the prior year period. Excluding air strand revenue in the prior period, Business Services revenue was down -0.4% YoY(1). SMB / Other revenue was down -11.6% YoY in Q4 2022, or grew +0.2% YoY excluding air strand revenue(1). Lightpath revenue was down -1.9% YoY in Q4 2022. Business Services revenue was down -7.1% YoY in FY 2022, or grew +0.6% YoY excluding air strand revenue(1). SMB / Other revenue was down -9.3% YoY in FY 2022, or grew +1.0% YoY excluding air strand revenue(1). Lightpath revenue was down -0.3% YoY in FY 2022.
  • News and Advertising revenue was down -10.8% YoY to $151.8 million in Q4 2022, or down -25.0% YoY excluding political revenue. FY 2022 revenue was down -5.5% YoY to $520.3 million, or down -10.5% excluding political revenue.
  • Optimum Mobile has approximately 240k mobile lines(6) as of December 31, 2022 (+4k mobile net additions in Q4 2022 and +54k net adds in FY 2022), reaching 5.6% penetration of the Company’s residential broadband customer base.

Fiber Rollout, Multi-Gig Fiber Internet and Network Expansion Update

  • Fiber (FTTH) rollout update: As of Q4 2022, the Company has 2.16 million FTTH passings, adding +251k new FTTH passings in the fourth quarter and adding +988k in FY 2022. This represents the highest amount of annual incremental FTTH passings to date (vs. +271k new passings in FY 2021, and +390k new passings in FY 2020).
  • Rollout of Optimum 5 Gig and 2 Gig Fiber Internet service: In the last year the Company introduced both Optimum 5 Gbps (5 Gig) and 2 Gbps (2 Gig) Fiber Internet, with symmetrical data speeds up to 5 Gig and 2 Gig respectively. The new 5 Gig and 2 Gig Optimum Fiber Internet tiers are now available across Long Island and Connecticut in our fiber footprint. At the end of Q4 2022, 45% of the Company’s fiber passings had multi-gig speeds available.
  • 1 Gbps (1 Gig) broadband speed sell-in to all new customers, where 1 Gig or higher services are available, was 40% in Q4 2022. Approximately 20% of the Residential broadband customer base currently take 1 Gig speeds, representing a significant growth opportunity for the Company.
  • Broadband speeds taken on average have nearly doubled in the past three years to 402 Mbps in Q4 2022. Approximately 40% of the Company’s broadband customers remain on plans with download speeds of 200 Mbps or less, representing a sizable opportunity to continue to upgrade speeds. Broadband-only customer usage averaged 564 GB per month in Q4 2022, which is 22% higher than the average usage of the entire customer base (461 GB per month).
  • New build activity update: the Company has been accelerating the pace of its network edge-outs, adding +49k passings in Q4 2022, and a total of +200k total passings in the last twelve months (LTM). The Company continues to see strong momentum in growing customer penetration, typically reaching approximately 40% within a year of rollout in new-build areas. The Company is targeting an incremental 150k+ new passings in FY 2023.

FY 2023 Capex Guidance

  • The Company expects to continue to invest in key growth initiatives, with anticipated cash capex of approximately $1.7 billion to $1.8 billion in FY 2023.

Balance Sheet Review

As of December 31, 2022:

  • Net debt for CSC Holdings, LLC Restricted Group was $22,921 million at the end of Q4 2022(7), representing net leverage of 6.3x Adjusted EBITDA on a LTM basis, or 6.6x Adjusted EBITDA on a Last 2 Quarters Annualized (L2QA) basis. The weighted average cost of debt for CSC Holdings, LLC Restricted Group was 5.7% as of the end of Q4 2022 and the weighted average life was 5.7 years. The Company expects to return to a leverage target of 4.5x to 5.0x net debt / Adjusted EBITDA on a L2QA basis for its CSC Holdings, LLC debt silo over time.
  • Net debt for Cablevision Lightpath LLC was $1,353 million at the end of Q4 2022(7), representing net leverage of 6.0x LTM (5.7x L2QA). The weighted average cost of debt for Cablevision Lightpath LLC was 5.4% as of the end of Q4 2022 and the weighted average life was 5.1 years.
  • Consolidated net debt for Altice USA was $24,240 million(7), representing consolidated net leverage of 6.3x LTM (6.5x L2QA at the end of Q4 2022).

Successful Pricing of New Term Loan

On December 19, 2022, CSC Holdings entered into the thirteenth amendment under its existing credit facilities agreement (the “Thirteenth Amendment” or “Term Loan B-6”). The Term Loan B-6 provides for, among other things, new refinancing term loan commitments in an aggregate principal amount of $2.0 billion issued with an original issue discount of 200 basis points, with an extended maturity until the date that is the earlier of (i) January 15, 2028 and (ii) April 15, 2027 if, as of such date, any Term Loan B-5 borrowings are still outstanding, unless the Incremental Loan B-5 maturity date has been extended to a date falling after January 15, 2028.

Interest on the Term Loan B-6 will be calculated at a rate per annum equal to the Term SOFR rate or the alternate base rate, as applicable, plus the applicable margin, where the applicable margin is (i) with respect to any alternate base rate loan, 3.50% per annum and (ii) with respect to any Term SOFR loan, 4.50% per annum. The proceeds from the Term Loan B-6 were used to refinance (including by way of cashless roll) a portion of the Company’s Term Loan B-1 and Term Loan B-3.

Shares Outstanding

As of December 31, 2022, the Company had 456,162,292 combined Class A and Class B shares outstanding.

Altice USA Consolidated Operating Results

(In thousands, except per share data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

December 31,

 

Twelve Months Ended

December 31,

 

2022

 

2021

 

2022

 

2021

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Broadband

$

960,628

 

 

$

972,953

 

 

$

3,930,667

 

 

$

3,925,089

 

Video

 

781,869

 

 

 

850,344

 

 

 

3,281,306

 

 

 

3,526,205

 

Telephony

 

79,454

 

 

 

94,515

 

 

 

332,406

 

 

 

404,813

 

Residential revenue

 

1,821,951

 

 

 

1,917,812

 

 

 

7,544,379

 

 

 

7,856,107

 

Business services and wholesale

 

368,258

 

 

 

406,005

 

 

 

1,473,837

 

 

 

1,586,044

 

News and Advertising

 

151,846

 

 

 

170,205

 

 

 

520,293

 

 

 

550,667

 

Mobile

 

24,367

 

 

 

23,839

 

 

 

97,679

 

 

 

84,194

 

Other

 

2,774

 

 

 

3,277

 

 

 

11,471

 

 

 

13,837

 

Total revenue

 

2,369,196

 

 

 

2,521,138

 

 

 

9,647,659

 

 

 

10,090,849

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Programming and other direct costs

 

775,713

 

 

 

836,484

 

 

 

3,205,638

 

 

 

3,382,129

 

Other operating expenses

 

725,709

 

 

 

619,633

 

 

 

2,735,469

 

 

 

2,379,765

 

Restructuring expense and other operating items(17)

 

120,227

 

 

 

6,218

 

 

 

130,285

 

 

 

17,176

 

Depreciation and amortization (including impairments)

 

446,430

 

 

 

460,010

 

 

 

1,773,673

 

 

 

1,787,152

 

Operating income

 

301,117

 

 

 

598,793

 

 

 

1,802,594

 

 

 

2,524,627

 

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

(377,072

)

 

 

(311,907

)

 

 

(1,331,636

)

 

 

(1,266,591

)

Gain (loss) on investments

 

242,268

 

 

 

(240,549

)

 

 

(659,792

)

 

 

(88,898

)

Gain (loss) on derivative contracts, net

 

(218,041

)

 

 

194,931

 

 

 

425,815

 

 

 

85,911

 

Gain on interest rate swap contracts

 

2,828

 

 

 

33,135

 

 

 

271,788

 

 

 

92,735

 

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

 

(575

)

 

 

 

 

 

(575

)

 

 

(51,712

)

Other income, net

 

339

 

 

 

2,229

 

 

 

8,535

 

 

 

9,835

 

Income (loss) before income taxes

 

(49,136

)

 

 

276,632

 

 

 

516,729

 

 

 

1,305,907

 

Income tax expense

 

(143,277

)

 

 

(15,922

)

 

 

(295,840

)

 

 

(294,975

)

Net income (loss)

 

(192,413

)

 

 

260,710

 

 

 

220,889

 

 

 

1,010,932

 

Net income attributable to noncontrolling interests

 

(700

)

 

 

(9,048

)

 

 

(26,326

)

 

 

(20,621

)

Net income (loss) attributable to Altice USA stockholders

$

(193,113

)

 

$

251,662

 

 

$

194,563

 

 

$

990,311

 

Basic net income (loss) per share

$

(0.43

)

 

$

0.56

 

 

$

0.43

 

 

$

2.16

 

Diluted net income (loss) per share

$

(0.43

)

 

$

0.56

 

 

$

0.43

 

 

$

2.14

 

Basic weighted average common shares

 

453,276

 

 

 

453,228

 

 

 

453,244

 

 

 

458,311

 

Diluted weighted average common shares

 

453,276

 

 

 

453,230

 

 

 

453,282

 

 

 

462,295

 

Altice USA Consolidated Statements of Cash Flows

(in thousands)

(Unaudited)

 

December 31,

 

2022

 

2021

Cash flows from operating activities:

 

 

 

 

 

 

 

Net income

$

220,889

 

 

$

1,010,932

 

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

 

 

 

 

 

 

 

Depreciation and amortization (including impairments)

 

1,773,673

 

 

 

1,787,152

 

Loss on investments

 

659,792

 

 

 

88,898

 

Gain on derivative contracts, net

 

(425,815

)

 

 

(85,911

)

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

 

575

 

 

 

51,712

 

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

 

77,356

 

 

 

91,226

 

Share-based compensation expense

 

159,985

 

 

 

98,296

 

Deferred income taxes

 

36,385

 

 

 

40,701

 

Decrease in right-of-use assets

 

44,342

 

 

 

43,820

 

Provision for doubtful accounts

 

88,159

 

 

 

68,809

 

Other

 

3,460

 

 

 

4,928

 

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

 

 

 

 

 

 

 

Accounts receivable, trade

 

(45,279

)

 

 

(30,379

)

Prepaid expenses and other assets

 

50,419

 

 

 

28,343

 

Amounts due from and due to affiliates

 

(7,749

)

 

 

23,758

 

Accounts payable and accrued liabilities

 

46,724

 

 

 

(177,326

)

Deferred revenue

 

(14,953

)

 

 

(40,929

)

Interest rate swap contracts

 

(301,062

)

 

 

(149,952

)

Net cash provided by operating activities

 

2,366,901

 

 

 

2,854,078

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Capital expenditures

 

(1,914,282

)

 

 

(1,231,715

)

Payment for acquisitions, net of cash acquired

 

(2,060

)

 

 

(340,444

)

Other, net

 

(5,168

)

 

 

(1,444

)

Net cash used in investing activities

 

(1,921,510

)

 

 

(1,573,603

)

Cash flows from financing activities:

 

 

 

 

 

 

 

Proceeds from long-term debt

 

4,276,903

 

 

 

4,410,000

 

Repayment of debt

 

(4,469,727

)

 

 

(4,870,108

)

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

 

(134,682

)

 

 

(85,949

)

Purchase of shares of Altice USA Class A common stock, pursuant to a share repurchase program

 

 

 

 

(804,928

)

Other

 

(8,400

)

 

 

(11,539

)

Net cash used in financing activities

 

(335,906

)

 

 

(1,362,524

)

Net increase (decrease) in cash and cash equivalents

 

109,485

 

 

 

(82,049

)

Effect of exchange rate changes on cash and cash equivalents

 

291

 

 

 

(662

)

Net increase (decrease) in cash and cash equivalents

 

109,776

 

 

 

(82,711

)

Cash, cash equivalents and restricted cash at beginning of year

 

195,975

 

 

 

278,686

 

Cash, cash equivalents and restricted cash at end of period

$

305,751

 

 

$

195,975

 

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, 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.

We revised our definition of Adjusted EBITDA in the fourth quarter of 2022 to exclude the impact of significant legal settlements. This revision did not impact amounts reported in prior periods.

Reconciliation of net income to Adjusted EBITDA and Operating Free Cash Flow (unaudited):

 

 

 

 

 

 

 

 

(in thousands)

Three Months Ended

December 31,

 

Twelve Months Ended

December 31,

 

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

Net income (loss)

$

(192,413

)

 

$

260,710

 

 

$

220,889

 

 

$

1,010,932

 

Income tax expense

 

143,277

 

 

 

15,922

 

 

 

295,840

 

 

 

294,975

 

Other income, net

 

(339

)

 

 

(2,229

)

 

 

(8,535

)

 

 

(9,835

)

Gain on interest rate swap contracts, net

 

(2,828

)

 

 

(33,135

)

 

 

(271,788

)

 

 

(92,735

)

Loss (gain) on derivative contracts, net

 

218,041

 

 

 

(194,931

)

 

 

(425,815

)

 

 

(85,911

)

Loss (gain) on investments

 

(242,268

)

 

 

240,549

 

 

 

659,792

 

 

 

88,898

 

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

 

575

 

 

 

 

 

 

575

 

 

 

51,712

 

Interest expense, net

 

377,072

 

 

 

311,907

 

 

 

1,331,636

 

 

 

1,266,591

 

Depreciation and amortization (including impairments)

 

446,430

 

 

 

460,010

 

 

 

1,773,673

 

 

 

1,787,152

 

Restructuring expense and other operating items

 

120,227

 

 

 

6,218

 

 

 

130,285

 

 

 

17,176

 

Share-based compensation

 

45,575

 

 

 

18,019

 

 

 

159,985

 

 

 

98,296

 

Adjusted EBITDA

 

913,349

 

 

 

1,083,040

 

 

 

3,866,537

 

 

 

4,427,251

 

Capital Expenditures (cash)

 

543,226

 

 

 

386,648

 

 

 

1,914,282

 

 

 

1,231,715

 

Operating Free Cash Flow

$

370,123

 

 

$

696,392

 

 

$

1,952,255

 

 

$

3,195,536

 

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

 

 

 

 

 

 

 

 

Net cash flows from operating activities

$

461,185

 

 

$

676,599

 

$

2,366,901

 

$

2,854,078

Capital Expenditures (cash)

 

543,226

 

 

 

386,648

 

 

1,914,282

 

 

1,231,715

Free Cash Flow

$

(82,041

)

 

$

289,951

 

$

452,619

 

$

1,622,363

Customer Metrics (in thousands, except per customer amounts)

 

 

Q1-21

Q2-21(5)

Q3-21

Q4-21

 

FY-21(5)

 

Q1-22

Q2-22

Q3-22

Q4-22

 

FY-22

Total Passings(8)

 

9,067.6

9,195.1

9,212.5

9,263.3

 

9,263.3

 

9,304.9

9,363.1

9,414.9

9,463.8

 

9,463.8

Residential

 

4,647.4

4,670.7

4,646.0

4,632.8

 

4,632.8

 

4,612.1

4,564.2

4,514.7

4,498.5

 

4,498.5

SMB

 

375.8

380.7

381.6

381.9

 

381.9

 

382.9

383.1

382.5

381.2

 

381.2

Total Unique Customer Relationships(3)

 

5,023.2

5,051.4

5,027.6

5,014.7

 

5,014.7

 

4,995.0

4,947.3

4,897.2

4,879.7

 

4,879.7

Residential Customers:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Broadband

 

4,370.8

4,401.3

4,388.1

4,386.2

 

4,386.2

 

4,373.2

4,333.6

4,290.6

4,282.9

 

4,282.9

Video

 

2,906.6

2,870.5

2,803.0

2,732.3

 

2,732.3

 

2,658.7

2,574.2

2,491.8

2,439.0

 

2,439.0

Telephony

 

2,161.2

2,118.4

2,057.1

2,005.2

 

2,005.2

 

1,951.5

1,886.9

1,818.9

1,764.1

 

1,764.1

Residential ARPU ($)(9)

 

142.24

142.24

140.73

137.79

 

141.08

 

137.92

140.13

138.12

134.76

 

137.70

Fiber (FTTH) Customer Metrics (in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Q1-21

Q2-21

Q3-21

Q4-21

 

FY-21

 

Q1-22

Q2-22

Q3-22

Q4-22

 

FY-22

FTTH Total Passings(10)

 

921.4

982.5

1,026.6

1,171.0

 

1,171.0

 

1,316.6

1,587.1

1,908.2

2,158.7

 

2,158.7

FTTH Total customer relationships(11)

 

35.9

47.3

58.9

69.7

 

69.7

 

81.0

104.4

135.3

171.7

 

171.7

FTTH Residential

 

35.9

47.3

58.7

69.3

 

69.3

 

80.4

103.7

134.2

170.0

 

170.0

FTTH SMB

 

0.0

0.1

0.2

0.3

 

0.3

 

0.6

0.7

1.2

1.7

 

1.7

Consolidated Net Debt as of December 31, 2022

 
 

CSC Holdings, LLC Restricted Group (in $m)

Principal

Amount

 

Coupon /

Margin

 

Maturity

Drawn RCF

$1,575

 

S+2.350%

 

2025(12)

Term Loan

1,536

 

L+2.250%

 

2025

Term Loan B-3

527

 

L+2.250%

 

2026

Term Loan B-5

2,918

 

L+2.500%

 

2027

Term Loan B-6

2,002

 

S+4.500%

 

2028(13)

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

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

23,092

 

 

 

 

CSC Holdings, LLC Restricted Group Cash

(171)

 

 

 

 

CSC Holdings, LLC Restricted Group Net Debt

$22,921

 

 

 

 

 

 

 

 

 

 

CSC Holdings, LLC Restricted Group Undrawn RCF

$769

 

 

 

 

Contacts

Investor Relations
Nick Brown: +1 917 589 9983 / nick.brown@alticeusa.com
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

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