Company Quick10K Filing
Altice
Price28.60 EPS1
Shares670 P/E54
MCap19,158 P/FCF10
Net Debt23,882 EBIT1,677
TEV43,040 TEV/EBIT26
TTM 2019-09-30, in MM, except price, ratios
10-Q 2021-03-31 Filed 2021-04-28
10-K 2020-12-31 Filed 2021-02-12
10-Q 2020-09-30 Filed 2020-10-30
10-Q 2020-06-30 Filed 2020-07-31
10-Q 2020-03-31 Filed 2020-05-01
10-K 2019-12-31 Filed 2020-02-14
10-Q 2019-09-30 Filed 2019-11-05
10-Q 2019-06-30 Filed 2019-07-31
10-Q 2019-03-31 Filed 2019-05-02
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-09
10-Q 2018-03-31 Filed 2018-05-14
S-1 2018-01-08 Public Filing
10-K 2018-01-05 Filed 2018-03-06
10-Q 2017-09-30 Filed 2017-11-06
10-Q 2017-06-30 Filed 2017-08-04
8-K 2021-02-10 Earnings, Exhibits
8-K 2020-11-23
8-K 2020-10-29
8-K 2020-09-29
8-K 2020-08-03
8-K 2020-07-30
8-K 2020-06-16
8-K 2020-06-10
8-K 2020-06-02
8-K 2020-04-30
8-K 2020-02-12
8-K 2020-01-22
8-K 2019-12-31
8-K 2019-12-07
8-K 2019-11-05
8-K 2019-11-01
8-K 2019-10-28
8-K 2019-10-03
8-K 2019-09-18
8-K 2019-07-31
8-K 2019-07-12
8-K 2019-06-06
8-K 2019-05-02
8-K 2019-04-08
8-K 2019-02-22
8-K 2019-02-19
8-K 2019-02-11
8-K 2019-02-07
8-K 2019-01-31
8-K 2019-01-24
8-K 2019-01-24
8-K 2019-01-01
8-K 2018-11-27
8-K 2018-11-15
8-K 2018-11-05
8-K 2018-11-01
8-K 2018-10-19
8-K 2018-10-17
8-K 2018-10-02
8-K 2018-09-25
8-K 2018-08-02
8-K 2018-06-08
8-K 2018-06-07
8-K 2018-06-07
8-K 2018-05-21
8-K 2018-05-18
8-K 2018-05-14
8-K 2018-05-09
8-K 2018-04-23
8-K 2018-04-06
8-K 2018-04-05
8-K 2018-03-22
8-K 2018-02-27
8-K 2018-02-16
8-K 2018-02-08
8-K 2018-01-29
8-K 2018-01-12
8-K 2018-01-08
8-K 2017-12-30

ATUS 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1. Description of Business and Related Matters
Note 2. Basis of Presentation
Note 3. Common Stock
Note 4. Revenue
Note 5. Net Income (Loss) per Share
Note 6. Supplemental Cash Flow Information
Note 7. Restructuring and Other Expense
Note 8. Leases
Note 9. Intangible Assets
Note 10. Debt
Note 11. Derivative Contracts and Collateralized Indebtedness
Note 12. Fair Value Measurement
Note 13. Income Taxes
Note 14. Share - Based Compensation
Note 15. Affiliate and Related Party Transactions
Note 16. Commitments and Contingencies
Note 17. Subsequent Events
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 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 a3-31x21exhibit311.htm
EX-31.2 a3-31x21exhibit312.htm
EX-32 a3-31x21exhibit32.htm

Altice Earnings 2021-03-31

Balance SheetIncome StatementCash Flow
40322416802017201820192020
Assets, Equity
2.51.91.30.70.1-0.52017201820192020
Rev, G Profit, Net Income
1.00.5-0.0-0.6-1.1-1.62017201820192020
Ops, Inv, Fin

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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 endedMarch 31, 2021
 
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 Number IRS Employer Identification No.
    
001-38126
atus-20210331_g1.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 FilerAccelerated filer
Non-accelerated filerSmaller reporting company
(Do not check if a 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).
YesNo
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 April 19, 2021459,814,587 





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 - March 31, 2021 (Unaudited) and December 31, 2020
Consolidated Statements of Operations - Three months ended March 31, 2021 and 2020 (Unaudited)
Consolidated Statements of Comprehensive Income (Loss) - Three months ended March 31, 2021 and 2020 (Unaudited)
Consolidated Statements of Stockholders' Equity (Deficiency) - Three months ended March 31, 2021 and 2020 (Unaudited)
Consolidated Statements of Cash Flows - Three months ended March 31, 2021 and 2020 (Unaudited)
Combined Notes to Consolidated Financial Statements (Unaudited)
Supplemental Financial Statements Furnished: 
CSC HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Financial Statements
Consolidated Balance Sheets - March 31, 2021 (Unaudited) and December 31, 2020
Consolidated Statements of Operations - Three months ended March 31, 2021 and 2020 (Unaudited)
Consolidated Statements of Comprehensive Income (Loss) - Three months ended March 31, 2021 and 2020 (Unaudited)
Consolidated Statements of Member's Equity (Deficiency) - Three months ended March 31, 2021 and 2020 (Unaudited)
Consolidated Statements of Cash Flows - Three months ended March 31, 2021 and 2020 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 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
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 ("DBS") providers, wireless data and telephony providers, and Internet-based providers) and new 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 fiber-to-the-home ("FTTH") network, and deploy Altice One, our home communications hub;
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;


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the disruption or failure of our network, information systems or technologies as a result of computer hacking, computer viruses, "cyber-attacks," misappropriation of data, outages, natural disasters, and other material events;
the impact from the coronavirus ("COVID-19") pandemic;
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 other 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 11, 2021 (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.


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Item 1. Financial Statements
ALTICE USA, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31,
2021
(Unaudited)
December 31, 2020
ASSETS
Current Assets:
Cash and cash equivalents$220,571 $278,422 
Restricted cash264 264 
Accounts receivable, trade (less allowance for doubtful accounts of $22,395 and $25,198)
376,155 442,581 
Prepaid expenses and other current assets221,819 200,252 
Amounts due from affiliates3,795 4,262 
Derivative contracts8,252 50,785 
Total current assets830,856 976,566 
Property, plant and equipment, net of accumulated depreciation of $6,639,771 and $6,431,843
5,843,572 5,805,996 
Right-of-use operating lease assets234,358 241,342 
Investment securities pledged as collateral2,324,308 2,250,854 
Derivative contracts 4,774 
Other assets
92,137 87,429 
Amortizable intangibles, net of accumulated amortization of $4,574,426 and $4,409,312
2,616,017 2,781,116 
Indefinite-lived cable television franchises13,068,017 13,068,017 
Goodwill8,160,566 8,160,566 
Total assets
$33,169,831 $33,376,660 

See accompanying notes to consolidated financial statements.
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ALTICE USA, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (continued)
(In thousands, except share and per share amounts)
LIABILITIES AND STOCKHOLDERS' DEFICIENCYMarch 31,
2021
(Unaudited)
December 31, 2020
Current Liabilities:
Accounts payable$879,032 $795,576 
Interest payable233,968 252,060 
Accrued employee related costs104,220 142,116 
Amounts due to affiliates12,698 8,538 
Deferred revenue153,032 109,798 
Debt1,258,055 1,245,713 
Other current liabilities550,263 544,302 
Total current liabilities3,191,268 3,098,103 
Other liabilities172,766 192,563 
Deferred tax liability5,037,625 5,006,167 
Liabilities under derivative contracts472,402 523,150 
Right-of-use operating lease liability248,758 257,424 
Long-term debt, net of current maturities25,431,481 25,476,629 
Total liabilities34,554,300 34,554,036 
Commitments and contingencies (Note 16)
Redeemable equity3,104 25,763 
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, 282,245,265 shares issued and 276,179,014 shares outstanding as of March 31, 2021 and 297,203,087 shares issued and 290,573,672 shares outstanding as of December 31, 2020
2,822 2,972 
Class B common stock: $0.01 par value, 1,000,000,000 shares authorized, 490,086,674 issued, 185,798,393 shares outstanding as of March 31, 2021 and 185,895,903 shares outstanding as of December 31, 2020
1,858 1,859 
Class C common stock: $0.01 par value, 4,000,000,000 shares authorized, no shares issued and outstanding
  
Paid-in capital  
Accumulated deficit(1,185,610)(985,641)
(1,180,930)(980,810)
Treasury stock, at cost (6,066,251 and 6,629,415 Class A common shares at March 31, 2021 and December 31, 2020, respectively)
(163,860)(163,866)
Accumulated other comprehensive income10,621 3,646 
Total Altice USA stockholders' deficiency(1,334,169)(1,141,030)
Noncontrolling interests(53,404)(62,109)
Total stockholders' deficiency(1,387,573)(1,203,139)
Total liabilities and stockholders' deficiency$33,169,831 $33,376,660 

See accompanying notes to consolidated financial statements.
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ALTICE USA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)

Three Months Ended March 31,
20212020
Revenue (including revenue from affiliates of $3,406 and $3,488 respectively) (See Note 15)
$2,478,821 $2,450,256 
Operating expenses:
Programming and other direct costs (including charges from affiliates of $2,228 and $2,189 respectively) (See Note 15)
851,864 864,514 
Other operating expenses (including charges from affiliates of $3,179 and $3,941 respectively) (See Note 15)
580,433 582,309 
Restructuring and other expense
3,209 7,294 
Depreciation and amortization (including impairments)
434,857 547,569 
 1,870,363 2,001,686 
Operating income608,458 448,570 
Other income (expense):
Interest expense(316,339)(365,211)
Interest income27 1,659 
Gain (loss) on investments and sale of affiliate interests, net73,453 (455,473)
Gain (loss) on derivative contracts, net(53,565)439,861 
Gain (loss) on interest rate swap contracts, net75,653 (54,832)
Other income, net2,859 923 
(217,912)(433,073)
Income before income taxes390,546 15,497 
Income tax expense(112,007)(17,035)
Net income (loss)278,539 (1,538)
Net loss (income) attributable to noncontrolling interests(4,403)680 
Net income (loss) attributable to Altice USA, Inc. stockholders$274,136 $(858)

Income (loss) per share:
Basic income (loss) per share$0.58 $ 
Basic weighted average common shares (in thousands)469,233 621,414 
 
Diluted income (loss) per share$0.58 $ 
Diluted weighted average common shares (in thousands)475,448  621,414 
Cash dividends declared per common share
$  $ 

See accompanying notes to consolidated financial statements.
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ALTICE USA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands)
(Unaudited)

Three Months Ended March 31,
20212020
Net income (loss)$278,539 $(1,538)
Other comprehensive income (loss):
Defined benefit pension plans:
Unrecognized actuarial gain (loss)9,396 (13,469)
Applicable income taxes(2,490)3,598 
Unrecognized gain (loss) arising during period, net of income taxes6,906 (9,871)
Settlement loss (gain) included in other expense, net(748)502 
Applicable income taxes198 (134)
Settlement loss (gain) included in other expense, net, net of income taxes(550)368 
Foreign currency translation adjustment619 (424)
Applicable income taxes  
Foreign currency translation adjustment, net619 (424)
Other comprehensive income (loss)6,975 (9,927)
Comprehensive income (loss)285,514 (11,465)
Comprehensive loss (income) attributable to noncontrolling interests(4,403)680 
Comprehensive income (loss) attributable to Altice USA, Inc. stockholders$281,111  $(10,785)

See accompanying notes to consolidated financial statements.

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

Class A
Common
Stock

Class B
Common
Stock
Paid-in
Capital
Accumulated DeficitTreasury StockAccumulated
Other
Comprehensive
Income
Total
Stockholders'
Deficiency
Non-controlling
Interests
Total
Deficiency
Balance at January 1, 2021$2,972 $1,859 $ $(985,641)$(163,866)$3,646 $(1,141,030) $(62,109)$(1,203,139)
Net income attributable to stockholders— — — 274,136 — — 274,136 — 274,136 
Net income attributable to noncontrolling interests— — — — — — — 4,403 4,403 
Pension liability adjustments, net of income taxes— — — — — 6,356 6,356 — 6,356 
Foreign currency translation adjustment, net of income taxes— — — — — 619 619 — 619 
Share-based compensation expense (equity classified)— — — 27,964 — — 27,964 — 27,964 
Redeemable equity vested— — — 20,131 — — 20,131 — 20,131 
Change in redeemable equity— — — 2,528 — — 2,528 — 2,528 
Class A shares acquired through share repurchase program and retired(152)— — (522,521)— — (522,673)— (522,673)
Conversion of Class B to Class A shares1 (1)— — — — — — — 
Issuance of common shares pursuant to employee long term incentive plan1 — — 2,037 6 — 2,044 — 2,044 
Other— —  (4,244)— — (4,244)4,302 58 
Balance at March 31, 2021$2,822 $1,858 $ $(1,185,610)$(163,860)$10,621 $(1,334,169)$(53,404)$(1,387,573)


See accompanying notes to consolidated financial statements.


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

Class A
Common
Stock

Class B
Common
Stock
Paid-in
Capital
Retained Earnings Treasury StockAccumulated
Other
Comprehensive
Loss
Total
Stockholders'
Equity
Non-controlling
Interest
Total
Equity
Balance at January 1, 2020
$4,572 $1,862 $2,039,918 $390,766 $(163,904)$(3,250)$2,269,964 $9,298 $2,279,262 
Net loss attributable to stockholders
— — — (858)— — (858) (858)
Net loss attributable to noncontrolling interests
— — — — — — — (680)(680)
Pension liability adjustments, net of income taxes
— — — — — (9,503)(9,503)— (9,503)
Foreign currency translation adjustment, net of income taxes
— — — — — (424)(424)— (424)
Share-based compensation expense
— 27,370 — — — 27,370 — 27,370 
Redeemable equity vested
— — 29,479 — — — 29,479 — 29,479 
Change in redeemable equity
— — 13,260 — — — 13,260 — 13,260 
Class A shares acquired through share repurchase program and retired
(312)— (749,686)— — — (749,998)— (749,998)
Issuance of common shares pursuant to employee long term incentive plan
1 — 2,495 — 11 — 2,507 — 2,507 
Balance at March 31, 2020
$4,261 $1,862 $1,362,836 $389,908 $(163,893)$(13,177)$1,581,797 $8,618 $1,590,415 


See accompanying notes to consolidated financial statements.
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ALTICE USA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three Months Ended March 31,
 20212020
Cash flows from operating activities:
Net income (loss)$278,539 $(1,538)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization (including impairments)434,857 547,569 
Loss (gain) on investments and sale of affiliate interests, net(73,453)455,473 
Loss (gain) on derivative contracts, net53,565 (439,861)
Amortization of deferred financing costs and discounts (premiums) on indebtedness23,039 23,944 
Share-based compensation expense 28,281 27,946 
Deferred income taxes29,165 30,225 
Decrease in right-of-use assets10,816 11,474 
Provision for doubtful accounts11,133 19,880 
Other1,074 1,849 
Change in assets and liabilities, net of effects of acquisitions and dispositions:
Accounts receivable, trade55,293 (4,458)
Prepaid expenses and other assets(26,321)(34,800)
Amounts due from and due to affiliates4,627 3,894 
Accounts payable and accrued liabilities(29,696)(165,728)
Deferred revenue38,501 (5,153)
Liabilities related to interest rate swap contracts(89,798)122,849 
Net cash provided by operating activities749,622 593,565 
Cash flows from investing activities: 
Capital expenditures
(212,791)(299,082)
Other, net2,143 1,339 
Net cash used in investing activities(210,648)(297,743)
Cash flows from financing activities:
Proceeds from long-term debt150,000  
Repayment of long-term debt(225,863)(18,183)
Proceeds from collateralized indebtedness and related derivative contracts, net185,105  
Repayment of collateralized indebtedness and related derivative contracts, net
(185,105) 
Principal payments on finance lease obligations(18,330)(5,700)
Purchase of shares of Altice USA Class A common stock, pursuant to a share repurchase program
(503,645)(726,005)
Other393(2,915)
Net cash used in financing activities(597,445)(752,803)
Net decrease in cash and cash equivalents
(58,471)(456,981)
Effect of exchange rate changes on cash and cash equivalents620 (424)
Net decrease in cash and cash equivalents(57,851)(457,405)
Cash, cash equivalents and restricted cash at beginning of year278,686 702,160 
Cash, cash equivalents and restricted cash at end of period$220,835 $244,755 

See accompanying notes to consolidated financial statements.
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CSC HOLDINGS, LLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31,
2021
(Unaudited)
December 31, 2020
ASSETS
Current Assets:
Cash and cash equivalents$220,214 $277,938 
Restricted cash264 264 
Accounts receivable, trade (less allowance for doubtful accounts of $22,395 and $25,198)
376,155 442,581 
Prepaid expenses and other current assets221,819 200,252 
Amounts due from affiliates3,795 4,262 
Derivative contracts8,252 50,785 
Total current assets830,499 976,082 
Property, plant and equipment, net of accumulated depreciation of $6,639,771 and $6,431,843
5,843,572 5,805,996 
Right-of-use operating lease assets234,358 241,342 
Investment securities pledged as collateral2,324,308 2,250,854 
Derivative contracts 4,774 
Other assets
92,137 87,429 
Amortizable intangibles, net of accumulated amortization of $4,574,426 and
   $4,409,312
2,616,017 2,781,116 
Indefinite-lived cable television franchises13,068,017 13,068,017 
Goodwill8,160,566 8,160,566 
Total assets
$33,169,474 $33,376,176 

See accompanying notes to consolidated financial statements.

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CSC HOLDINGS, LLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (continued)
(In thousands, except per membership unit amounts)
LIABILITIES AND MEMBER'S DEFICIENCYMarch 31,
2021
(Unaudited)
December 31, 2020
Current Liabilities:
Accounts payable$879,032 $795,576 
Interest payable233,968 252,060 
Accrued employee related costs104,220 142,116 
Amounts due to affiliates12,698 8,538 
Deferred revenue153,032 109,798 
Debt1,258,055 1,245,713 
Other current liabilities530,853 543,834 
Total current liabilities3,171,858 3,097,635 
Other liabilities172,766 192,563 
Deferred tax liability5,065,438 5,033,980 
Liabilities under derivative contracts472,402 523,150 
Right-of-use operating lease liability248,758 257,424 
Long-term debt, net of current maturities25,431,481 25,476,629 
Total liabilities34,562,703 34,581,381 
Commitments and contingencies (Note 16)
Redeemable equity3,104 25,763 
 
Member's deficiency (100 membership units issued and outstanding)
(1,353,550)(1,172,505)
Accumulated other comprehensive income10,621 3,646 
Total member's deficiency(1,342,929)(1,168,859)
Noncontrolling interest(53,404)(62,109)
Total deficiency(1,396,333)(1,230,968)
Total liabilities and member's deficiency$33,169,474 $33,376,176 

See accompanying notes to consolidated financial statements.

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

Three Months Ended March 31,
20212020
Revenue (including revenue from affiliates of $3,406 and $3,488 respectively) (See Note 15)
$2,478,821 $2,450,256 
Operating expenses:
Programming and other direct costs (including charges from affiliates of $2,228 and $2,189 respectively) (See Note 15)
851,864 864,514 
Other operating expenses (including charges from affiliates of $3,179 and $3,941 respectively) (See Note 15)
580,433 582,309 
Restructuring and other expense
3,209 7,294 
Depreciation and amortization (including impairments)
434,857 547,569 
 1,870,363 2,001,686 
Operating income608,458 448,570 
Other income (expense):
Interest expense
(316,339)(365,211)
Interest income
27 1,659 
Gain (loss) on investments and sale of affiliate interests, net73,453 (