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Sep 30, 2021
Altice USA Q3 2021 Earnings Report
Altice USA reported Q3 2021 results with revenue growth driven by Residential, Business Services, and News & Advertising.
Key Takeaways
Altice USA reported a 5.8% YoY increase in total revenue, reaching $2.57 billion in Q3 2021. Net income attributable to stockholders was $266.9 million, a significant improvement compared to the net loss in Q3 2020. The company is focusing on broadband customer growth and investing in its Residential business.
Total revenue grew by 5.8% YoY, driven by growth in Residential, Business Services, and News & Advertising segments.
Net income attributable to stockholders was $266.9 million, compared to a net loss of $4.7 million in the same quarter last year.
Adjusted EBITDA increased by 3.4% YoY to $1.16 billion with a margin of 45.2%.
Residential broadband net losses were -13k in Q3 2021, compared to +26k broadband net additions in Q3 2020.
Revenue by Segment
Forward Guidance
Altice USA updated its financial outlook for FY 2021, expecting revenue growth, adjusted EBITDA growth, cash capital expenditures of ~$1.3 billion, free cash flow of ~$1.6 billion, and share repurchases of < $1.0 billion.
Positive Outlook
- Revenue: Growth
- Adjusted EBITDA: Growth
- Cash capital expenditures: ~$1.3 billion
- Free Cash Flow: ~$1.6 billion
- Year-end leverage target (CSC Holdings, LLC debt silo): 5.4x net debt / Adjusted EBITDA on an L2QA basis
Challenges Ahead
- Share repurchases: < $1.0 billion
- 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.
- Additional FTTH capex to add an incremental 1 million passings in 2022 (reaching ~2.5 million FTTH total passings by the end of 2022)
- Additional New Build capex to add an incremental 175k+ new passings in 2022
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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