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Mar 31, 2021
Altice USA Q1 2021 Earnings Report
Altice USA reported first quarter 2021 results.
Key Takeaways
Altice USA reported a solid start to 2021 with revenue growth driven by broadband subscriptions and increased demand for higher speeds. The company delivered best-ever first quarter free cash flow and continued share repurchases.
Total Revenue grew +1.2% YoY in Q1 2021 to $2.48 billion, driven by Broadband revenue growth of +9.6% YoY.
Net income attributable to stockholders was $274.1 million in Q1 2021, or $0.58/share on a diluted basis.
Free Cash Flow increased +82.3% YoY in Q1 2021 to $536.8 million.
Residential revenue grew +1.3% YoY in Q1 2021 to $1.98 billion.
Revenue by Segment
Forward Guidance
Altice USA reiterates its financial outlook for FY 2021, expecting revenue and Adjusted EBITDA growth, cash capital expenditures between $1.3 to $1.4 billion, year-end leverage target less than 5.3x net debt / Adjusted EBITDA, and share repurchases of $1.5 billion.
Positive Outlook
- Revenue: Growth
- Adjusted EBITDA: Growth
- Share repurchases: $1.5 billion
Challenges Ahead
- Cash capital expenditures: $1.3 to $1.4 billion
- Year-end leverage target (CSC Holdings, LLC debt silo): < 5.3x net debt / Adjusted EBITDA on an L2QA basis
- The Company expects to return to a leverage target of 4.5x - 5.0x net debt / Adjusted EBITDA on an L2QA basis for its CSC Holdings, LLC debt silo over time.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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