10-Q 1 atus-20230930.htm 10-Q atus-20230930
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549
FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 For the quarterly period endedSeptember 30, 2023

OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
 For the transition period from to 
 
Commission File NumberRegistrant; State of Incorporation; Address and Telephone NumberIRS Employer Identification No.
    
001-38126
alticelogoa65.jpg
38-3980194
Altice USA, Inc.
  Delaware  
  1 Court Square West  
  Long Island City, New York11101  
 (516)803-2300 
Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes
☒
No
☐
Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).
Yes
☒
No
☐
Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one)
Large Accelerated Filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐



If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Act).
Yes☐No☒
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Class A Common Stock, par value $0.01 per share ATUSNYSE
Number of shares of common stock outstanding as of October 27, 2023454,762,633 




ALTICE USA, INC. AND SUBSIDIARIES
FORM 10-Q
TABLE OF CONTENTS



Page
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements  
ALTICE USA, INC. AND SUBSIDIARIES
Consolidated Financial Statements
Consolidated Balance Sheets - September 30, 2023 (Unaudited) and December 31, 2022
Consolidated Statements of Operations - Three and nine months ended September 30, 2023 and 2022 (Unaudited)
Consolidated Statements of Comprehensive Income - Three and nine months ended September 30, 2023 and 2022 (Unaudited)
Consolidated Statements of Stockholders' Deficiency - Three and nine months ended September 30, 2023 and 2022 (Unaudited)
Consolidated Statements of Cash Flows - Nine months ended September 30, 2023 and 2022 (Unaudited)
Combined Notes to Consolidated Financial Statements (Unaudited)
Supplemental Financial Statements Furnished: 
CSC HOLDINGS, LLC AND SUBSIDIARIES
Consolidated Financial Statements
Consolidated Balance Sheets - September 30, 2023 (Unaudited) and December 31, 2022
Consolidated Statements of Operations - Three and nine months ended September 30, 2023 and 2022 (Unaudited)
Consolidated Statements of Comprehensive Income - Three and nine months ended September 30, 2023 and 2022 (Unaudited)
Consolidated Statements of Member's Deficiency - Three and nine months ended September 30, 2023 and 2022 (Unaudited)
Consolidated Statements of Cash Flows - Nine months ended September 30, 2023 and 2022 (Unaudited)
Combined Notes to Consolidated Financial Statements (Unaudited)
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Item 5. Other Information
Item 6. Exhibits
SIGNATURES

1

Part I.        FINANCIAL INFORMATION
This Form 10-Q contains statements that constitute forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Securities Act of 1934, as amended.  In this Form 10-Q there are statements concerning our future operating results and future financial performance. Words such as "expects", "anticipates", "believes", "estimates", "may", "will", "should", "could", "potential", "continue", "intends", "plans" and similar words and terms used in the discussion of future operating results, future financial performance and future events identify forward-looking statements.  Investors are cautioned that such forward-looking statements are not guarantees of future performance, results or events and involve risks and uncertainties and that actual results or developments may differ materially from the forward-looking statements as a result of various factors. 
We operate in a highly competitive, consumer and technology driven and rapidly changing business that is affected by government regulation and economic, strategic, technological, political and social conditions. Various factors could adversely affect our operations, business or financial results in the future and cause our actual results to differ materially from those contained in the forward-looking statements. In addition, important factors that could cause our actual results to differ materially from those in our forward-looking statements include:
•competition for broadband, video and telephony customers from existing competitors (such as broadband communications companies, direct broadcast satellite providers, wireless data and telephony providers, and Internet-based providers) and new fiber-based competitors entering our footprint;
•changes in consumer preferences, laws and regulations or technology that may cause us to change our operational strategies;
•increased difficulty negotiating programming agreements on favorable terms, if at all, resulting in increased costs to us and/or the loss of popular programming;
•increasing programming costs and delivery expenses related to our products and services;
•our ability to achieve anticipated customer and revenue growth, to successfully introduce new products and services and to implement our growth strategy;
•our ability to complete our capital investment plans on time and on budget, including our plan to build a parallel fiber-to-the-home ("FTTH") network;
•our ability to develop mobile voice and data services and our ability to attract customers to these services;
•the effects of economic conditions or other factors which may negatively affect our customers’ demand for our current and future products and services;
•the effects of industry conditions;
•demand for digital and linear advertising products and services;
•our substantial indebtedness and debt service obligations;
•adverse changes in the credit market;
•changes as a result of any tax reforms that may affect our business;
•financial community and rating agency perceptions of our business, operations, financial condition and the industries in which we operate;
•the restrictions contained in our financing agreements;
•our ability to generate sufficient cash flow to meet our debt service obligations;
•fluctuations in interest rates which may cause our interest expense to vary from quarter to quarter;
•technical failures, equipment defects, physical or electronic break-ins to our services, computer viruses and similar problems;
2

•cybersecurity incidents as a result of hacking, phishing, denial of service attacks, dissemination of computer viruses, ransomware and other malicious software, misappropriation of data, and other malicious attempts;
•disruptions to our networks, infrastructure and facilities as a result of natural disasters, power outages, accidents, maintenance failures, telecommunications failures, degradation of plant assets, terrorist attacks and similar events;
•labor shortages and supply chain disruptions;
•our ability to obtain necessary hardware, software, communications equipment and services and other items from our vendors at reasonable costs;
•our ability to effectively integrate acquisitions and to maximize expected operating efficiencies from our acquisitions or as a result of the transactions, if any;
•significant unanticipated increases in the use of bandwidth-intensive Internet-based services;
•the outcome of litigation, government investigations and other proceedings; and
•other risks and uncertainties inherent in our cable and broadband communications businesses and our other businesses, including those listed under the caption "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 22, 2023 (the "Annual Report").
These factors are not necessarily all of the important factors that could cause our actual results to differ materially from those expressed in any of our forward-looking statements. Other unknown or unpredictable factors could cause our actual results to differ materially from those expressed in any of our forward-looking statements.
Given these uncertainties, you are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements are made only as of the date of this Quarterly Report. Except to the extent required by law, we do not undertake, and specifically decline any obligation, to update any forward-looking statements or to publicly announce the results of any revisions to any of such statements to reflect future events or developments. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.
You should read this Quarterly Report with the understanding that our actual future results, levels of activity, performance and events and circumstances may be materially different from what we expect. We qualify all forward-looking statements by these cautionary statements.
Certain numerical figures included in this Quarterly Report have been subject to rounding adjustments. Accordingly, such numerical figures shown as totals in various tables may not be arithmetic aggregations of the figures that precede them.
3

Item 1.     Financial Statements
ALTICE USA, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
September 30, 2023
(Unaudited)
December 31, 2022
ASSETS
Current Assets:
Cash and cash equivalents$268,379 $305,484 
Restricted cash276 267 
Accounts receivable, trade (less allowance for doubtful accounts of $21,547 and $20,767, respectively)
333,247 365,992 
Prepaid expenses and other current assets ($570 and $572 due from affiliates, respectively)
199,169 130,684 
Derivative contracts— 263,873 
Investment securities pledged as collateral— 1,502,145 
Total current assets801,071 2,568,445 
Property, plant and equipment, net of accumulated depreciation of $8,114,453 and $7,785,397, respectively
8,101,182 7,500,780 
Right-of-use operating lease assets256,898 250,601 
Other assets 268,118 259,681 
Amortizable intangibles, net of accumulated amortization of $5,849,212 and $5,549,674, respectively
1,357,065 1,660,331 
Indefinite-lived cable television franchises13,216,355 13,216,355 
Goodwill8,207,771 8,208,773 
Total assets$32,208,460 $33,664,966 
LIABILITIES AND STOCKHOLDERS' DEFICIENCY
Current Liabilities:
Accounts payable$996,701 $1,213,806 
Interest payable286,638 252,351 
Accrued employee related costs170,974 139,328 
Deferred revenue85,856 80,559 
Debt1,116,457 2,075,077 
Other current liabilities ($77,048 and $20,857 due to affiliates, respectively)
471,696 278,580 
Total current liabilities3,128,322 4,039,701 
Other liabilities237,270 274,623 
Deferred tax liability4,892,280 5,081,661 
Right-of-use operating lease liability270,572 260,237 
Long-term debt, net of current maturities24,001,357 24,512,656 
Total liabilities32,529,801 34,168,878 
Commitments and contingencies (Note 14)
Redeemable noncontrolling interest— — 
Stockholders' Deficiency:
Preferred stock, $0.01 par value, 100,000,000 shares authorized, no shares issued and outstanding
— — 
Class A common stock: $0.01 par value, 4,000,000,000 shares authorized, 270,404,133 shares issued and outstanding as of September 30, 2023 and 271,851,984 shares issued and 271,833,063 shares outstanding as of December 31, 2022
2,704 2,719 
Class B common stock: $0.01 par value, 1,000,000,000 shares authorized, 490,086,674 issued, 184,328,338 shares outstanding as of September 30, 2023 and 184,329,229 shares outstanding as of December 31, 2022
1,843 1,843 
Class C common stock: $0.01 par value, 4,000,000,000 shares authorized, no shares issued and outstanding
— — 
Paid-in capital176,140 182,701 
Accumulated deficit(483,269)(654,273)
(302,582)(467,010)
Treasury stock, at cost (18,921 Class A common shares at December 31, 2022)
— — 
Accumulated other comprehensive loss(2,507)(8,201)
Total Altice USA stockholders' deficiency(305,089)(475,211)
Noncontrolling interests(16,252)(28,701)
Total stockholders' deficiency(321,341)(503,912)
Total liabilities and stockholders' deficiency$32,208,460 $33,664,966 
See accompanying notes to consolidated financial statements.
4

ALTICE USA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)

Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Revenue (including revenue from affiliates of $637, $649, $1,319, and $1,765, respectively) (See Note 13)
$2,317,200 $2,393,552 $6,935,452 $7,278,463 
Operating expenses:
Programming and other direct costs (including charges from affiliates of $3,615, $4,086, $9,337, and $11,419, respectively) (See Note 13)
750,538 782,121 2,284,537 2,429,925 
Other operating expenses (including charges from affiliates of $30,064, $3,111, $39,859, and $9,243, respectively) (See Note 13)
667,278 694,390 1,974,651 2,009,760 
Restructuring expense and other operating items4,453 4,007 39,303 10,058 
Depreciation and amortization (including impairments)402,366 445,769 1,237,283 1,327,243 
 1,824,635 1,926,287 5,535,774 5,776,986 
Operating income492,565 467,265 1,399,678 1,501,477 
Other income (expense):
Interest expense, net(420,216)(340,989)(1,216,203)(954,564)
Gain (loss) on investments, net— (425,686)192,010 (902,060)
Gain (loss) on derivative contracts, net— 323,668 (166,489)643,856 
Gain on interest rate swap contracts, net31,972 105,945 78,708 268,960 
Gain on extinguishment of debt and write-off of deferred financing costs — — 4,393 — 
Other income (loss), net(1,470)3,245 7,165 8,196 
(389,714)(333,817)(1,100,416)(935,612)
Income before income taxes102,851 133,448 299,262 565,865 
Income tax expense(27,336)(35,827)(106,433)(152,563)
Net income75,515 97,621 192,829 413,302 
Net income attributable to noncontrolling interests(8,676)(12,670)(21,825)(25,626)
Net income attributable to Altice USA, Inc. stockholders$66,839 $84,951 $171,004 $387,676 
Income per share:
Basic income per share$0.15 $0.19 $0.38 $0.86 
Basic weighted average common shares (in thousands)454,730 453,239 454,702 453,233 
Diluted income per share$0.15 $0.19 $0.38 $0.86 
Diluted weighted average common shares (in thousands)455,076 453,390 455,118 453,284 
Cash dividends declared per common share$— $— $—  $— 


See accompanying notes to consolidated financial statements.


5

ALTICE USA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)

Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Net income$75,515 $97,621 $192,829 $413,302 
Other comprehensive income (loss):
Defined benefit pension plans2,417 540 9,825 (1,515)
Applicable income taxes(653)(143)(2,657)400 
Defined benefit pension plans, net of income taxes1,764 397 7,168 (1,115)
Foreign currency translation adjustment(2,026)159 (1,474)50 
Other comprehensive income (loss)(262)556 5,694 (1,065)
Comprehensive income75,253 98,177 198,523 412,237 
Comprehensive income attributable to noncontrolling interests(8,676)(12,670)(21,825)(25,626)
Comprehensive income attributable to Altice USA, Inc. stockholders$66,577 $85,507 $176,698  $386,611 


See accompanying notes to consolidated financial statements.






















6




ALTICE USA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIENCY
(In thousands)
(Unaudited)

Class A
Common
Stock
Class B
Common
Stock		Paid-in
Capital		Accumulated
Deficit		Treasury StockAccumulated
Other Comprehensive
Income (Loss)		Total
Altice USA
Stockholders' Deficiency		Non-controlling
Interests		Total
Deficiency
Balance at January 1, 2023$2,719 $1,843 $182,701 $(654,273)$— $(8,201)$(475,211) $(28,701)$(503,912)
Net income attributable to stockholders— — — 25,865 — — 25,865 — 25,865 
Net income attributable to noncontrolling interests— — — — — — — 5,305 5,305 
Pension liability adjustments, net of income taxes— — — — — 1,061 1,061 — 1,061 
Foreign currency translation adjustment— — — — — (188)(188)(2)(190)
Share-based compensation expense (benefit)- equity classified— — (8,718)— — — (8,718)— (8,718)
Change in noncontrolling interest— — (14,166)— — — (14,166)(8,027)(22,193)
Other, net(15)— (67)— — — (82)— (82)
Balance at March 31, 20232,704 1,843 159,750 (628,408)— (7,328)(471,439)(31,425)(502,864)
Net income attributable to stockholders— — — 78,300 — — 78,300 — 78,300 
Net income attributable to noncontrolling interests— — — — — — — 7,844 7,844 
Pension liability adjustments, net of income taxes— — — — — 4,343 4,343 — 4,343 
Foreign currency translation adjustment— — — — — 740 740 (2)738 
Share-based compensation expense (equity classified)— — 9,091 — — — 9,091 — 9,091 
Change in noncontrolling interest— — 175 — — — 175 400 575 
Distributions to noncontrolling interests— — — — — — — (1,077)(1,077)
Other, net— — (83)— — — (83)— (83)
Balance at June 30, 2023$2,704 $1,843 $168,933 $(550,108)$— $(2,245)$(378,873)$(24,260)$(403,133)


See accompanying notes to consolidated financial statements.


7

ALTICE USA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIENCY (Continued)
(In thousands)
(Unaudited)
  
Class A
Common
Stock		Class B
Common
Stock		Paid-in
Capital		Accumulated
Deficit		Treasury StockAccumulated
Other Comprehensive
Income		Total
Altice USA
Stockholder' Deficiency		Non-controlling
Interests		Total
Deficiency
Balance at June 30, 2023$2,704 $1,843 $168,933 $(550,108)$— $(2,245)$(378,873) $(24,260)$(403,133)
Net income attributable to stockholders— — — 66,839 — — 66,839 — 66,839 
Net income attributable to noncontrolling interests— — — — — — — 8,676 8,676 
Pension liability adjustments, net of income taxes— — — — — 1,764 1,764 — 1,764 
Foreign currency translation adjustment— — — — — (2,026)(2,026)(4)(2,030)
Share-based compensation expense (equity classified)— — 6,062 — — — 6,062 — 6,062 
Change in noncontrolling interest— — 1,176 — — — 1,176 (664)512 
Other, net— — (31)— — — (31)— (31)
Balance at September 30, 2023$2,704 $1,843 $176,140 $(483,269)$— $(2,507)$(305,089)$(16,252)$(321,341)


See accompanying notes to consolidated financial statements.


8

ALTICE USA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIENCY (continued)
(In thousands)
(Unaudited)
Class A
Common
Stock		Class B
Common
Stock		Paid-in
Capital		Accumulated
Deficit		Treasury StockAccumulated
Other Comprehensive
Income		Total
Altice USA
Stockholders' Deficiency		Non-controlling
Interests		Total
Deficiency
Balance at January 1, 2022$2,703 $1,843 $18,005 $(848,836)$— $6,497 $(819,788)$(51,114)$(870,902)
Net income attributable to stockholders— — — 196,551 — — 196,551 — 196,551 
Net income attributable to noncontrolling interests— — — — — — — 5,590 5,590 
Pension liability adjustments, net of income taxes— — — — — 1,843 1,843 — 1,843 
Foreign currency translation adjustment— — — — — (170)(170)— (170)
Share-based compensation expense (equity classified)— — 40,512 — — — 40,512 — 40,512 
Issuance of common shares pursuant to employee long term incentive plan— — 10 — — — 10 — 10 
Balance at March 31, 20222,703 1,843 58,527 (652,285)— 8,170 (581,042)(45,524)(626,566)
Net income attributable to stockholders— — — 106,174 — — 106,174 — 106,174 
Net income attributable to noncontrolling interests— — — — — — — 7,366 7,366 
Pension liability adjustments, net of income taxes— — — — — (3,355)(3,355)— (3,355)
Foreign currency translation adjustment, net of income taxes— — — — — 61 61 — 61 
Share-based compensation expense (equity classified)— — 41,680 — — — 41,680 — 41,680 
Issuance of common shares pursuant to employee long term incentive plan— — 6 — — — 6 — 6 
Balance at June 30, 2022$2,703 $1,843 $100,213 $(546,111)$— $4,876 $(436,476)$(38,158)$(474,634)


See accompanying notes to consolidated financial statements.


9

ALTICE USA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIENCY (continued)
(In thousands)
(Unaudited)
  
Class A
Common
Stock		Class B
Common
Stock		Paid-in
Capital		Accumulated
Deficit		Treasury StockAccumulated
Other Comprehensive
Income		Total
Altice USA
Stockholders' Deficiency		Non-controlling
Interests		Total
Deficiency
Balance at June 30, 2022$2,703 $1,843 $100,213 $(546,111)$— $4,876 $(436,476) $(38,158)$(474,634)
Net income attributable to stockholders— — — 84,951 — — 84,951 — 84,951 
Net income attributable to noncontrolling interests— — — — — — — 12,670 12,670 
Distributions to noncontrolling interests— — — — — — — (62)(62)
Pension liability adjustments, net of income taxes— — — — — 397 397 — 397 
Foreign currency translation adjustment, net of income taxes— — — — — 159 159 — 159 
Share-based compensation expense (equity classified)— — 37,527 — — — 37,527 — 37,527 
Issuance of common shares pursuant to employee long term incentive plan1 — (80)— — — (79)— (79)
Balance at September 30, 2022$2,704 $1,843 $137,660 $(461,160)$— $5,432 $(313,521)$(25,550)$(339,071)


See accompanying notes to consolidated financial statements.


10

ALTICE USA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

Nine Months Ended September 30,
 20232022
Cash flows from operating activities:
Net income$192,829 $413,302 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including impairments)1,237,283 1,327,243 
Loss (gain) on investments(192,010)902,060 
Loss (gain) on derivative contracts, net166,489 (643,856)
Gain on extinguishment of debt and write-off of deferred financing costs(4,393)— 
Amortization of deferred financing costs and discounts (premiums) on indebtedness26,334 61,447 
Share-based compensation 29,368 114,410 
Deferred income taxes(187,295)(89,240)
Decrease in right-of-use assets34,633 33,315 
Provision for doubtful accounts62,148 65,281 
Other9,406 (492)
Change in operating assets and liabilities, net of effects of acquisitions and dispositions:
Accounts receivable, trade(29,403)389 
Prepaid expenses and other assets(76,862)15,730 
Amounts due from and due to affiliates56,193 (1,732)
Accounts payable and accrued liabilities(2,374)17,776 
Deferred revenue9,531 (5,508)
Interest rate swap contracts(1,692)(304,409)
Net cash provided by operating activities1,330,185 1,905,716 
Cash flows from investing activities: 
Capital expenditures(1,409,561)(1,371,056)
Payments for acquisitions, net of cash acquired— (2,060)
Other, net(1,677)(2,985)
Net cash used in investing activities(1,411,238)(1,376,101)
Cash flows from financing activities:
Proceeds from long-term debt2,350,000 1,565,000
Repayment of debt(2,215,112)(1,942,428)
Proceeds from derivative contracts in connection with the settlement of collateralized debt38,902 — 
Principal payments on finance lease obligations(112,795)(97,165)
Payment to acquire noncontrolling interest(7,035)— 
Other, net(8,521)(207)
Net cash provided by (used in) financing activities45,439 (474,800)
Net increase (decrease) in cash and cash equivalents(35,614)54,815 
Effect of exchange rate changes on cash and cash equivalents(1,482)51 
Net increase (decrease) in cash and cash equivalents(37,096)54,866 
Cash, cash equivalents and restricted cash at beginning of year305,751 195,975 
Cash, cash equivalents and restricted cash at end of period$268,655 $250,841 
See accompanying notes to consolidated financial statements.


11

CSC HOLDINGS, LLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
September 30, 2023
(Unaudited)
December 31, 2022
ASSETS
Current Assets:
Cash and cash equivalents$268,372 $305,477 
Restricted cash276 267 
Accounts receivable, trade (less allowance for doubtful accounts of $21,547 and $20,767, respectively)
333,247 365,992 
Prepaid expenses and other current assets ($570 and $572 due from affiliates, respectively)
199,169 130,684 
Derivative contracts— 263,873 
Investment securities pledged as collateral— 1,502,145 
Total current assets801,064 2,568,438 
Property, plant and equipment, net of accumulated depreciation of $8,114,453 and $7,785,397, respectively
8,101,182 7,500,780 
Right-of-use operating lease assets256,898 250,601 
Other assets
268,118 259,681 
Amortizable intangibles, net of accumulated amortization of $5,849,212 and $5,549,674, respectively
1,357,065 1,660,331 
Indefinite-lived cable television franchises13,216,355 13,216,355 
Goodwill8,207,771 8,208,773 
Total assets$32,208,453 $33,664,959 
LIABILITIES AND MEMBER'S DEFICIENCY
Current Liabilities:
Accounts payable$996,701 $1,213,806 
Interest payable286,638 252,351 
Accrued employee related costs170,974 139,328 
Deferred revenue85,856 80,559 
Debt1,116,457 2,075,077 
Other current liabilities ($77,048 and $20,857 due to affiliates, respectively)
471,697 278,580 
Total current liabilities3,128,323 4,039,701 
Other liabilities237,270 274,623 
Deferred tax liability4,900,912 5,090,294 
Right-of-use operating lease liability270,572 260,237 
Long-term debt, net of current maturities24,001,357 24,512,656 
Total liabilities32,538,434 34,177,511 
Commitments and contingencies (Note 14)
Redeemable noncontrolling interest— — 
 
Member's deficiency (100 membership units issued and outstanding)
(311,222)(475,650)
Accumulated other comprehensive loss(2,507)(8,201)
Total member's deficiency(313,729)(483,851)
Noncontrolling interests(16,252)(28,701)
Total deficiency(329,981)(512,552)
Total liabilities and member's deficiency$32,208,453 $33,664,959 


See accompanying notes to consolidated financial statements.



12

CSC HOLDINGS LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands)
(Unaudited)

Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Revenue (including revenue from affiliates of $637, $649, $1,319, and $1,765, respectively) (See Note 13)
$2,317,200 $2,393,552 $6,935,452 $7,278,463 
Operating expenses:
Programming and other direct costs (including charges from affiliates of $3,615, $4,086, $9,337, and $11,419, respectively) (See Note 13)
750,538 782,121 2,284,537 2,429,925 
Other operating expenses (including charges from affiliates of $30,064, $3,111, $39,859, and $9,243, respectively) (See Note 13)
667,278 694,390 1,974,651 2,009,760 
Restructuring expense and other operating items4,453 4,007 39,303 10,058 
Depreciation and amortization (including impairments)
402,366 445,769 1,237,283 1,327,243 
 1,824,635 1,926,287 5,535,774 5,776,986 
Operating income492,565 467,265 1,399,678 1,501,477 
Other income (expense):
Interest expense, net(420,216)(340,989)(1,216,203)(954,564)
Gain (loss) on investments, net— (425,686)192,010 (902,060)
Gain (loss) on derivative contracts, net— 323,668 (166,489)643,856 
Gain on interest rate swap contracts, net31,972 105,945 78,708 268,960 
Gain on extinguishment of debt and write-off of deferred financing costs— — 4,393 — 
Other income (loss), net(1,470)3,245 7,165 8,196 
(389,714)(333,817)(1,100,416)(935,612)
Income before income taxes102,851 133,448 299,262 565,865 
Income tax expense(27,336)(35,827)(106,433)(152,563)
Net income75,515 97,621 192,829 413,302 
Net income attributable to noncontrolling interests(8,676)(12,670)(21,825)(25,626)
Net income attributable to CSC Holdings, LLC sole member$66,839 $84,951 $171,004 $387,676 


See accompanying notes to consolidated financial statements.



13

CSC HOLDINGS, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(In thousands)
(Unaudited)

Three Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Net income$75,515 $97,621 $192,829 $413,302 
Other comprehensive income (loss):
Defined benefit pension plans2,417 540 9,825 (1,515)
Applicable income taxes(653)(143)(2,657)400 
Defined benefit pension plans, net of income taxes1,764 397 7,168 (1,115)
Foreign currency translation adjustment(2,026)159 (1,474)50 
Other comprehensive income (loss)(262)556 5,694 (1,065)
Comprehensive income75,253 98,177 198,523 412,237 
Comprehensive income attributable to noncontrolling interests(8,676)(12,670)(21,825)(25,626)
Comprehensive income attributable to CSC Holdings, LLC's sole member$66,577 $85,507 $176,698 $386,611 

See accompanying notes to consolidated financial statements.




14

CSC HOLDINGS, LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF MEMBER'S DEFICIENCY
(In thousands)
(Unaudited)

Member's
Deficiency		Accumulated
 Other Comprehensive Income (Loss)		Total
Member's Deficiency		Noncontrolling
Interests		Total
Deficiency
Balance at January 1, 2023$(475,650)$(8,201)$(483,851)$(28,701)$(512,552)
Net income attributable to CSC Holdings' sole member25,865 — 25,865 — 25,865 
Net income attributable to noncontrolling interests— — — 5,305 5,305 
Pension liability adjustments, net of income taxes— 1,061 1,061 — 1,061 
Foreign currency translation adjustment— (188)(188)(2)(190)
Share-based compensation expense (benefit)- equity classified(8,718)—