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Dec 31, 2020
Altice USA Q4 2020 Earnings Report
Altice USA reported strong Q4 2020 results, marked by revenue growth, increased net income, and significant free cash flow.
Key Takeaways
Altice USA reported a 2.5% YoY increase in total revenue to $2.54 billion in Q4 2020, driven by growth in Broadband and News & Advertising revenues. Net income attributable to stockholders was $330.5 million, or $0.60/share. Adjusted EBITDA increased by 6.1% YoY to $1.15 billion with a margin of 45.4%. Free cash flow increased 12.5% YoY to $446.9 million. The company returned $4.8 billion to shareholders through share repurchases in FY 2020.
Total revenue grew by 2.5% YoY, driven by Broadband and News & Advertising.
Net income attributable to stockholders was $330.5 million, or $0.60 per share.
Adjusted EBITDA increased by 6.1% YoY with a margin of 45.4%.
Free cash flow increased by 12.5% YoY to $446.9 million.
Revenue by Segment
Forward Guidance
Altice USA expects revenue and Adjusted EBITDA growth for 2021, with cash capex between $1.3 to $1.4 billion and share repurchases of $1.5 billion. The company expects leverage at year-end 2021 to be less than 5.3x (L2QA net debt to Adjusted EBITDA) for its CSC Holdings, LLC debt silo, with a target of 4.5x-5.0x L2QA EBITDA over time.
Positive Outlook
- Revenue Growth
- Adjusted EBITDA Growth
- Share repurchases of $1.5 billion
- Leverage at year-end 2021 to be less than 5.3x
- Target of 4.5x-5.0x L2QA EBITDA 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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