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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, 2024

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 FilerAccelerated filer
Non-accelerated filerSmaller 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 26, 2024459,961,698 





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, 2024 (Unaudited) and December 31, 2023
Consolidated Statements of Operations - Three months ended March 31, 2024 and 2023 (Unaudited)
Consolidated Statements of Comprehensive Income (Loss) - Three months ended March 31, 2024 and 2023 (Unaudited)
Consolidated Statements of Stockholders' Deficiency - Three months ended March 31, 2024 and 2023 (Unaudited)
Consolidated Statements of Cash Flows - Three months ended March 31, 2024 and 2023 (Unaudited)
Combined Notes to Consolidated Financial Statements (Unaudited)
Supplemental Financial Statements Furnished: 
CSC HOLDINGS, LLC AND SUBSIDIARIES
Consolidated Financial Statements
Consolidated Balance Sheets - March 31, 2024 (Unaudited) and December 31, 2023
Consolidated Statements of Operations - Three months ended March 31, 2024 and 2023 (Unaudited)
Consolidated Statements of Comprehensive Income (Loss) - Three months ended March 31, 2024 and 2023 (Unaudited)
Consolidated Statements of Member's Deficiency - Three months ended March 31, 2024 and 2023 (Unaudited)
Consolidated Statements of Cash Flows - Three months ended March 31, 2024 and 2023 (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
Item 1.     Financial Statements
ALTICE USA, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31, 2024
(Unaudited)
December 31, 2023
ASSETS
Current Assets:
Cash and cash equivalents$284,450 $302,058 
Restricted cash284 280 
Accounts receivable, trade (less allowance for doubtful accounts of $24,430 and $21,915, respectively)
314,691 357,597 
Prepaid expenses and other current assets ($407 and $407 due from affiliates, respectively)
258,284 174,859 
Derivative contracts51,212  
Total current assets908,921 834,794 
Property, plant and equipment, net of accumulated depreciation of $8,343,299 and $8,162,442, respectively
8,197,655 8,117,757 
Right-of-use operating lease assets244,712 255,545 
Other assets 159,094 195,114 
Amortizable intangibles, net of accumulated amortization of $5,958,636 and $5,874,612, respectively
1,175,517 1,259,335 
Indefinite-lived cable television franchises13,216,355 13,216,355 
Goodwill8,044,716 8,044,716 
Total assets$31,946,970 $31,923,616 
LIABILITIES AND STOCKHOLDERS' DEFICIENCY
Current Liabilities:
Accounts payable$963,226 $936,950 
Interest payable304,389 274,507 
Accrued employee related costs135,478 182,146 
Deferred revenue87,295 85,018 
Debt344,117 359,407 
Other current liabilities ($87,129 and $71,523 due to affiliates, respectively)
408,871 470,096 
Total current liabilities2,243,376 2,308,124 
Other liabilities229,796 221,249 
Deferred tax liability4,936,625 4,848,460 
Right-of-use operating lease liability254,576 264,647 
Long-term debt, net of current maturities24,717,702 24,715,554 
Total liabilities32,382,075 32,358,034 
Commitments and contingencies (Note 15)
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, 276,705,185 shares issued and 275,737,556 outstanding as of March 31, 2024 and 271,772,978 shares issued and outstanding as of December 31, 2023
2,767 2,718 
Class B common stock: $0.01 par value, 1,000,000,000 shares authorized, 490,086,674 issued, 184,224,142 shares outstanding as of March 31, 2024 and 184,224,428 shares outstanding as of December 31, 2023
1,842 1,842 
Class C common stock: $0.01 par value, 4,000,000,000 shares authorized, no shares issued and outstanding
  
Paid-in capital195,713 187,186 
Accumulated deficit(622,268)(601,075)
(421,946)(409,329)
Treasury stock, at cost (967,629 Class A common shares at March 31, 2024)
(10) 
Accumulated other comprehensive loss(9,208)(12,851)
Total Altice USA stockholders' deficiency(431,164)(422,180)
Noncontrolling interests(3,941)(12,238)
Total stockholders' deficiency(435,105)(434,418)
Total liabilities and stockholders' deficiency$31,946,970 $31,923,616 
See accompanying notes to consolidated financial statements.
2


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

Three Months Ended March 31,
20242023
Revenue (including revenue from affiliates of $210 and $78, respectively) (See Note 14)
$2,250,935 $2,293,978 
Operating expenses:
Programming and other direct costs (including charges from affiliates of $3,355 and $2,642, respectively) (See Note 14)
743,887 771,719 
Other operating expenses (including charges from affiliates of $12,289 and $4,676, respectively) (See Note 14)
674,250 651,245 
Restructuring, impairments and other operating items (See Note 7)51,253 29,672 
Depreciation and amortization (including impairments)388,391 416,212 
 1,857,781 1,868,848 
Operating income393,154 425,130 
Other income (expense):
Interest expense, net(437,141)(389,278)
Gain on investments and sale of affiliate interests, net292 192,010 
Loss on derivative contracts, net (166,489)
Gain (loss) on interest rate swap contracts, net42,303 (14,429)
Gain (loss) on extinguishment of debt and write-off of deferred financing costs (7,035)4,393 
Other income (loss), net(1,545)10,205 
(403,126)(363,588)
Income (loss) before income taxes(9,972)61,542 
Income tax expense(2,924)(30,372)
Net income (loss)(12,896)31,170 
Net income attributable to noncontrolling interests(8,297)(5,305)
Net income (loss) attributable to Altice USA, Inc. stockholders$(21,193)$25,865 
Income (loss) per share:
Basic income (loss) per share$(0.05)$0.06 
Basic weighted average common shares (in thousands)457,369 454,686 
Diluted income (loss) per share$(0.05)$0.06 
Diluted weighted average common shares (in thousands)457,369 455,594 
Cash dividends declared per common share$ $ 


See accompanying notes to consolidated financial statements.


3


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

Three Months Ended March 31,
20242023
Net income (loss)$(12,896)$31,170 
Other comprehensive income (loss):
Defined benefit pension plans5,825 1,454 
Applicable income taxes(1,570)(393)
Defined benefit pension plans, net of income taxes4,255 1,061 
Foreign currency translation adjustment(612)(190)
Other comprehensive income3,643 871 
Comprehensive income (loss)(9,253)32,041 
Comprehensive income attributable to noncontrolling interests(8,297)(5,305)
Comprehensive income (loss) attributable to Altice USA, Inc. stockholders$(17,550)$26,736 


See accompanying notes to consolidated financial statements.






















4





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, 2024$2,718 $1,842 $187,186 $(601,075)$ $(12,851)$(422,180) $(12,238)$(434,418)
Net loss attributable to Altice USA stockholders— — — (21,193)— — (21,193)— (21,193)
Net income attributable to noncontrolling interests— — — — — — — 8,297 8,297 
Pension liability adjustments, net of income taxes— — — — — 4,255 4,255 — 4,255 
Foreign currency translation adjustment— — — — — (612)(612)— (612)
Share-based compensation expense (equity classified)— — 6,484 — — — 6,484 — 6,484 
Other, net49 — 2,043 — (10)— 2,082 — 2,082 
Balance at March 31, 20242,767 1,842 195,713 (622,268)(10)(9,208)(431,164)(3,941)(435,105)

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 Altice USA 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 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)


See accompanying notes to consolidated financial statements.






5


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

Three Months Ended March 31,
 20242023
Cash flows from operating activities:
Net income (loss)$(12,896)$31,170 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization (including impairments)388,391 416,212 
Loss (gain) on investments and sale of affiliate interests, net(292)(192,010)
Loss on derivative contracts, net 166,489 
Loss (gain) on extinguishment of debt and write-off of deferred financing costs7,035 (4,393)
Amortization of deferred financing costs and discounts (premiums) on indebtedness6,893 10,719 
Share-based compensation 13,757 (2,623)
Deferred income taxes86,595 (57,248)
Decrease in right-of-use assets11,488 11,324 
Provision for doubtful accounts21,998 20,259 
Other1,510 316 
Change in operating assets and liabilities, net of effects of acquisitions and dispositions:
Accounts receivable, trade20,908 26,364 
Prepaid expenses and other assets(85,655)(45,931)
Amounts due from and due to affiliates15,606 10,084 
Accounts payable and accrued liabilities(64,859)(20,577)
Deferred revenue3,056 13,833 
Interest rate swap contracts(13,874)32,858 
Net cash provided by operating activities399,661 416,846 
Cash flows from investing activities: 
Capital expenditures(336,095)(582,897)
Other, net318 (198)
Net cash used in investing activities(335,777)(583,095)
Cash flows from financing activities:
Proceeds from long-term debt2,950,000350,000
Repayment of debt(2,967,306)(268,936)
Proceeds from derivative contracts in connection with the settlement of collateralized debt 38,902 
Principal payments on finance lease obligations(35,396)(37,861)
Payment related to acquisition of a noncontrolling interest(7,261) 
Additions to deferred financing costs(17,138) 
Other, net(3,775)(700)
Net cash provided by (used in) financing activities(80,876)81,405 
Net decrease in cash and cash equivalents(16,992)(84,844)
Effect of exchange rate changes on cash and cash equivalents(612)(190)
Net decrease in cash and cash equivalents(17,604)(85,034)
Cash, cash equivalents and restricted cash at beginning of year302,338 305,751 
Cash, cash equivalents and restricted cash at end of period$284,734 $220,717 
See accompanying notes to consolidated financial statements.


6


CSC HOLDINGS, LLC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31, 2024
(Unaudited)
December 31, 2023
ASSETS
Current Assets:
Cash and cash equivalents$284,444 $302,051 
Restricted cash284 280 
Accounts receivable, trade (less allowance for doubtful accounts of $24,430 and $21,915, respectively)
314,691 357,597 
Prepaid expenses and other current assets ($407 and $407 due from affiliates, respectively)
258,284 174,859 
Derivative contracts51,212  
Total current assets908,915 834,787 
Property, plant and equipment, net of accumulated depreciation of $8,343,299 and $8,162,442, respectively
8,197,655 8,117,757 
Right-of-use operating lease assets244,712 255,545 
Other assets
159,094 195,114 
Amortizable intangibles, net of accumulated amortization of $5,958,636 and $5,874,612, respectively
1,175,517 1,259,335 
Indefinite-lived cable television franchises13,216,355 13,216,355 
Goodwill8,044,716 8,044,716 
Total assets$31,946,964 $31,923,609 
LIABILITIES AND MEMBER'S DEFICIENCY
Current Liabilities:
Accounts payable$963,226 $936,950 
Interest payable304,389 274,507 
Accrued employee related costs135,478 182,146 
Deferred revenue87,295 85,018 
Debt344,117 359,407 
Other current liabilities ($87,129 and $71,523 due to affiliates, respectively)
408,871 470,097 
Total current liabilities2,243,376 2,308,125 
Other liabilities229,796 221,249 
Deferred tax liability4,940,125 4,851,959 
Right-of-use operating lease liability254,576 264,647 
Long-term debt, net of current maturities24,717,702 24,715,554 
Total liabilities32,385,575 32,361,534 
Commitments and contingencies (Note 15)
Member's deficiency (100 membership units issued and outstanding)
(425,462)(412,836)
Accumulated other comprehensive loss(9,208)(12,851)
Total member's deficiency(434,670)(425,687)
Noncontrolling interests(3,941)(12,238)
Total deficiency(438,611)(437,925)
Total liabilities and member's deficiency$31,946,964 $31,923,609 


See accompanying notes to consolidated financial statements.



7


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

Three Months Ended March 31,
20242023
Revenue (including revenue from affiliates of $210 and $78, respectively) (See Note 14)
$2,250,935 $2,293,978 
Operating expenses:
Programming and other direct costs (including charges from affiliates of $3,355 and $2,642, respectively) (See Note 14)
743,887 771,719 
Other operating expenses (including charges from affiliates of $12,289 and $4,676, respectively) (See Note 14)
674,250 651,245 
Restructuring, impairments and other operating items (See Note 7)51,253 29,672 
Depreciation and amortization (including impairments)
388,391 416,212 
 1,857,781 1,868,848 
Operating income393,154 425,130 
Other income (expense):
Interest expense, net(437,141)(389,278)
Gain on investments and sale of affiliate interests, net292 192,010 
Loss on derivative contracts, net (166,489)
Gain (loss) on interest rate swap contracts, net42,303 (14,429)
Gain (loss) on extinguishment of debt and write-off of deferred financing costs(7,035)4,393 
Other income (loss), net(1,545)10,205 
(403,126)(363,588)
Income (loss) before income taxes(9,972)61,542 
Income tax expense(2,924)(30,372)
Net income (loss)(12,896)31,170 
Net income attributable to noncontrolling interests(8,297)(5,305)
Net income (loss) attributable to CSC Holdings, LLC sole member$(21,193)$25,865 


See accompanying notes to consolidated financial statements.



8


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

Three Months Ended March 31,
20242023
Net income (loss)$(12,896)$31,170 
Other comprehensive income (loss):
Defined benefit pension plans5,825 1,454 
Applicable income taxes(1,570)(393)
Defined benefit pension plans, net of income taxes4,255 1,061 
Foreign currency translation adjustment(612)(190)
Other comprehensive income3,643 871 
Comprehensive income (loss)(9,253)32,041 
Comprehensive income attributable to noncontrolling interests(8,297)(5,305)
Comprehensive income (loss) attributable to CSC Holdings, LLC's sole member$(17,550)$26,736 

See accompanying notes to consolidated financial statements.



9


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, 2024$(412,836)$(12,851)$(425,687)$(12,238)$(437,925)
Net loss attributable to CSC Holdings' sole member(21,193)— (21,193)— (21,193)
Net income attributable to noncontrolling interests— — — 8,297 8,297 
Pension liability adjustments, net of income taxes— 4,255 4,255 — 4,255 
Foreign currency translation adjustment— (612)(612)— (612)
Share-based compensation expense (equity classified)6,484 — 6,484 — 6,484 
Cash distributions to parent(3,775)— (3,775)— (3,775)
Non-cash contributions from parent5,858 — 5,858 — 5,858 
Balance at March 31, 2024(425,462)(9,208)(434,670)(3,941)(438,611)

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, net of income taxes— (188)(188)(2)(190)
Share-based compensation benefit (equity classified)(8,718)— (8,718)— (8,718)
Change in noncontrolling interest(14,166)— (14,166)(8,027)(22,193)
Other, net(82)— (82)— (82)
Balance at March 31, 2023(472,751)(7,328)(480,079)(31,425)(511,504)


See accompanying notes to consolidated financial statements.


10


CSC HOLDINGS LLC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)
Three Months Ended March 31,
 20242023
Cash flows from operating activities:
Net income (loss)$(12,896)$31,170 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization (including impairments)388,391 416,212 
Loss (gain) on investments and sale of affiliate interests, net(292)(192,010)
Loss on derivative contracts, net 166,489 
Loss (gain) on extinguishment of debt and write-off of deferred financing costs7,035 (4,393)
Amortization of deferred financing costs and discounts (premiums) on indebtedness6,893 10,719 
Share-based compensation 13,757 (2,623)
Deferred income taxes86,595 (57,248)
Decrease in right-of-use assets11,488 11,324 
Provision for doubtful accounts21,998 20,259 
Other1,510 316 
Change in operating assets and liabilities, net of effects of acquisitions and dispositions:
Accounts receivable, trade20,908 26,364 
Prepaid expenses and other assets(85,655)(45,931)
Amounts due from and due to affiliates15,606 10,084 
Accounts payable and accrued liabilities(64,858)(20,577)
Deferred revenue3,056 13,833 
Interest rate swap contracts(13,874)32,858 
Net cash provided by operating activities399,662 416,846 
Cash flows from investing activities: 
Capital expenditures(336,095)(582,897)
Other, net318 (198)
Net cash used in investing activities(335,777)(583,095)
Cash flows from financing activities:
Proceeds from long-term debt2,950,000 350,000 
Repayment of debt(2,967,306)(268,936)
Proceeds from derivative contracts in connection with the settlement of collateralized debt 38,902 
Principal payments on finance lease obligations(35,396)(37,861)
Payment to acquire noncontrolling interest(7,261) 
Additions to deferred financing costs(17,138) 
Other, net(3,775)(700)
Net cash provided by (used in) financing activities(80,876)81,405 
Net decrease in cash and cash equivalents(16,991)(84,844)
Effect of exchange rate changes on cash and cash equivalents(612)(190)
Net decrease in cash and cash equivalents(17,603)(85,034)
Cash, cash equivalents and restricted cash at beginning of year302,331 305,744 
Cash, cash equivalents and restricted cash at end of period$284,728 $220,710 
See accompanying notes to consolidated financial statements.


11


ALTICE USA, INC. AND SUBSIDIARIES
COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in thousands, except share and per share amounts)
(Unaudited)



NOTE 1.    DESCRIPTION OF BUSINESS AND RELATED MATTERS
The Company and Related Matters
Altice USA, Inc. ("Altice USA") was incorporated in Delaware on September 14, 2015. Altice USA is majority-owned by Patrick Drahi through Next Alt S.à r.l. ("Next Alt"). Patrick Drahi also controls Altice Group Lux S.à r.l, ("Altice Europe") and its subsidiaries and other entities.
Altice USA, through CSC Holdings, LLC (a wholly-owned subsidiary of Cablevision) and its consolidated subsidiaries ("CSC Holdings," and collectively with Altice USA, the "Company", "we", "us" and "our"), principally delivers broadband, video, and telephony services to residential and business customers, as well as proprietary content and advertising services in the United States. We market our residential services under the Optimum brand and provide enterprise services under the Lightpath and Optimum Business brands. In addition, we offer a full service mobile offering to consumers across our footprint. As these businesses are managed on a consolidated basis, we classify our operations in one segment.
The accompanying consolidated financial statements ("consolidated financial statements") of Altice USA include the accounts of Altice USA and its majority-owned subsidiaries and the accompanying consolidated financial statements of CSC Holdings include the accounts of CSC Holdings and its majority-owned subsidiaries. The consolidated balance sheets and statements of operations of Altice USA are essentially identical to the consolidated balance sheets and statements of operations of CSC Holdings, with the following exceptions: Altice USA has additional cash and CSC Holdings has a higher deferred tax liability on their respective consolidated balance sheets. Additionally, CSC Holdings and its subsidiaries have certain intercompany receivables from and payables to Altice USA.
The combined notes to the consolidated financial statements relate to the Company, which, except as noted, are essentially identical for Altice USA and CSC Holdings. All significant intercompany transactions and balances between Altice USA and CSC Holdings and their respective consolidated subsidiaries are eliminated in both sets of consolidated financial statements. Intercompany transactions between Altice USA and CSC Holdings are not eliminated in the CSC Holdings consolidated financial statements, but are eliminated in the Altice USA consolidated financial statements.
The financial statements of CSC Holdings are included herein as supplemental information as CSC Holdings is not an SEC registrant.
NOTE 2.    BASIS OF PRESENTATION
The accompanying unaudited consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these financial statements do not include all the information and notes required for complete annual financial statements.
The interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023.
The financial statements presented in this report are unaudited; however, in the opinion of management, such financial statements include all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of the results for the periods presented.
The results of operations for the interim periods are not necessarily indicative of the results that might be expected for future interim periods or for the full year ending December 31, 2024.
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. See Note 11 for a discussion of fair value estimates.
Reclassifications
Certain reclassifications have been made to the 2023 amounts to conform to the 2024 presentation.


12


ALTICE USA, INC. AND SUBSIDIARIES
COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Dollars in thousands, except share and per share amounts)
(Unaudited)
NOTE 3.    ACCOUNTING STANDARDS
Recently Issued But Not Yet Adopted Accounting Pronouncements
ASU No. 2023-07 Segment Reporting—Improvements to Reportable Segment Disclosures
In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting—Improvements to Reportable Segment Disclosures, to improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities. ASU No. 2023-07 is meant to enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, and provide new segment disclosure requirements for entities with a single reportable segment. ASU 2023-07 is effective for annual periods beginning after December 15, 2023 (year ending December 31, 2024 for the Company). Early adoption is permitted. We are currently evaluating the impact of adopting ASU 2023-07.
ASU No. 2023-09 Income Taxes—Improvements to Income Tax Disclosures
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes—Improvements to Income Tax Disclosures, which require greater disaggregation of income tax disclosures related to the income tax rate reconciliation and income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024 (year ending December 31, 2025 for the Company). Early adoption is permitted. We are currently evaluating the impact of adopting ASU No. 2023-09.
NOTE 4.    REVENUE
The following table presents the composition of revenue:
Three Months Ended March 31,
20242023
Residential:
Broadband$916,994 $957,045 
Video755,594 770,601 
Telephony70,965 77,681 
Mobile (a)24,893 15,526 
Residential revenue (a)1,768,446 1,820,853 
Business services and wholesale (a)364,861 363,641 
News and advertising105,725 98,737 
Other (a)11,903 10,747 
Total revenue$2,250,935 $2,293,978 
(a)Beginning in the second quarter of 2023, mobile service revenue previously included in mobile revenue is now separately reported in residential revenue and business services revenue. In addition, mobile equipment revenue previously included in mobile revenue is now included in other revenue. Prior period amounts have been revised to conform with this presentation.
We are assessed non-income related taxes by governmental authorities, including franchising authorities (generally under multi-year agreements), and collect such taxes from our customers. In instances where the tax is being assessed directly on us, amounts paid to the governmental authorities are recorded as programming and other direct costs and amounts received from the customers are recorded as revenue. For the three months ended March 31, 2024 and 2023, the amount of franchise fees and certain other taxes and fees included as a component of revenue aggregated $54,694 and $56,455, respectively.
Customer Contract Costs
Deferred enterprise sales commission costs are included in other current and noncurrent assets in the consolidated balance sheets and totaled $18,283 and $18,109 as of March 31, 2024 and December 31, 2023, respectively.
A significant portion of our revenue is derived from residential and small and medium-sized business ("SMB") customer contracts which are month-to-month. As such, the amount of revenue related to unsatisfied performance


13


ALTICE USA, INC. AND SUBSIDIARIES
COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Dollars in thousands, except share and per share amounts)
(Unaudited)
obligations is not necessarily indicative of the future revenue to be recognized from our existing customer base. Contracts with enterprise customers generally range from three years to five years, and services may only be terminated in accordance with the contractual terms.
Concentration of Credit Risk
We did not have a single customer that represented 10% or more of our consolidated revenues for the three months ended March 31, 2024 and 2023 or 10% or more of our consolidated net trade receivables at March 31, 2024 and December 31, 2023, respectively.
NOTE 5.    NET INCOME (LOSS) PER SHARE
Basic net income (loss) per common share attributable to Altice USA stockholders is computed by dividing net income attributable to Altice USA stockholders by the weighted average number of common shares outstanding during the period. Diluted income per common share attributable to Altice USA stockholders reflects the dilutive effects of stock options, restricted stock, restricted stock units, and deferred cash-denominated awards. For awards that are performance based, the dilutive effect is reflected upon the achievement of the performance criteria. Diluted net loss per common share attributable to Altice USA stockholders excludes the effects of common stock equivalents as they are anti-dilutive.
The following table presents a reconciliation of weighted average shares used in the calculations of the basic and diluted net income per share attributable to Altice USA stockholders:
Three Months Ended March 31, 2023
(in thousands)
Basic weighted average shares outstanding454,686 
Effect of dilution:
Restricted stock245 
Deferred cash-denominated awards (Note 13)
663 
Diluted weighted average shares outstanding455,594 
Weighted average shares excluded from diluted weighted average shares outstanding:
Anti-dilutive shares50,539 
Share-based compensation awards whose performance metrics have not been achieved6,921 
Net income per membership unit for CSC Holdings is not presented since CSC Holdings is a limited liability company and a wholly-owned subsidiary of Altice USA.


14


ALTICE USA, INC. AND SUBSIDIARIES
COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Dollars in thousands, except share and per share amounts)
(Unaudited)
NOTE 6.    SUPPLEMENTAL CASH FLOW INFORMATION
Our non-cash investing and financing activities and other supplemental data were as follows:
Three Months Ended March 31,
20242023
Non-Cash Investing and Financing Activities:
Altice USA and CSC Holdings:
Property and equipment accrued but unpaid$320,389 $407,013 
Notes payable for the purchase of equipment and other assets36,278 70,440 
Right-of-use assets acquired in exchange for finance lease obligations
8,290 35,175 
Other1,798 — 
Supplemental Data:
Altice USA and CSC Holdings:
Cash interest paid, net of capitalized interest401,987 389,162 
Income taxes paid, net11,151 12,661 
NOTE 7.    RESTRUCTURING, IMPAIRMENTS AND OTHER OPERATING ITEMS
Our restructuring, impairments and other operating items are comprised of the following:
Three Months Ended March 31,
20242023
Contract termination costs (a)$37,136 $ 
Contractual payments for terminated employees5,993 28,019 
Facility realignment costs5,304 382 
Impairment of right-of-use operating lease assets1,027 5 
Other1,793 1,266 
$51,253 $29,672 
(a)    Represents the cost to early terminate a contract with a vendor.
NOTE 8.    GOODWILL AND INTANGIBLE ASSETS
Our amortizable intangible assets primarily consist of customer relationships acquired pursuant to business combinations and represent the value of the business relationship with those customers.
The following table summarizes information relating to our acquired amortizable intangible assets:
As of March 31, 2024
As of December 31, 2023
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying AmountEstimated Useful Lives
Customer relationships
$6,073,152 $(4,907,471)$1,165,681 $6,073,152 $(4,824,140)$1,249,012 
3 to 18 years
Trade names1,010,300 (1,010,300) 1,010,300 (1,010,300) 
4 to 7 years
Other amortizable intangibles
50,701 (40,865)9,836 50,495 (40,172)10,323 
1 to 15 years
$7,134,153 $(5,958,636)$1,175,517 $7,133,947 $(5,874,612)$1,259,335 
Amortization expense for the three months ended March 31, 2024 and 2023 aggregated $84,024 and $105,695, respectively.
Goodwill and the value of indefinite-lived cable franchises acquired in business combinations are not amortized. Rather, such assets are tested for impairment annually, as of October 1, or whenever events or changes in circumstances indicate that it is more likely than not that the assets may be impaired. The carrying amount of


15


ALTICE USA, INC. AND SUBSIDIARIES
COMBINED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
(Dollars in thousands, except share and per share amounts)
(Unaudited)
indefinite-lived cable franchise rights was $13,216,355 and goodwill was $8,044,716 as of March 31, 2024 and December 31, 2023.
NOTE 9.    DEBT
The following table provides details of our outstanding debt:
Interest Rate at March 31, 2024March 31, 2024December 31, 2023
Date IssuedMaturity DatePrincipal AmountCarrying Amount (a)Principal AmountCarrying Amount (a)
CSC Holdings Senior Notes:
May 23, 2014 (g) $— $ $750,000 $742,746 
October 18, 2018April 1, 20287.500 %4,118 4,115 4,118 4,114 
November 27, 2018April 1, 20287.500 %1,045,882 1,044,982 1,045,882 1,044,933 
July 10 and October 7, 2019January 15, 20305.750 %2,250,000 2,274,997 2,250,000 2,275,915 
June 16 and August 17, 2020December 1, 20304.625 %2,325,000 2,358,046 2,325,000 2,359,078 
May 13, 2021November 15, 20315.000 %500,000 498,563 500,000 498,525 
6,125,000  6,180,703 6,875,000 6,925,311 
CSC Holdings Senior Guaranteed Notes:
September 23, 2016April 15, 20275.500 %1,310,000 1,307,868 1,310,000 1,307,709 
January 29, 2018February 1, 20285.375 %1,000,000 996,162 1,000,000 995,940 
January 24, 2019February 1, 20296.500 %1,750,000 1,748,177 1,750,000 1,748,098 
June 16, 2020December 1, 20304.125 %1,100,000 1,096,607 1,100,000 1,096,499 
August 17, 2020February 15, 20313.375 %1,000,000 997,631 1,000,000 997,556 
May 13, 2021November 15, 20314.500 %1,500,000 1,495,715 1,500,000 1,495,598 
April 25, 2023May 15, 202811.250 %1,000,000 994,334 1,000,000 994,072 
January 25, 2024January 31, 202911.750 %2,050,000 2,031,568 — — 
10,710,000 10,668,062 8,660,000 8,635,472 
CSC Holdings Restricted Group Credit Facility:
Revolving Credit Facility (b)July 13, 20277.678 %1,600,000 1,596,861 825,000 821,632 
Term Loan B (f)  1,520,483 1,518,530 
Incremental Term Loan B-3 (f)  521,744 520,988 
Incremental Term Loan B-5 (c)April 15, 20277.940 %2,880,000 2,869,447 2,887,500 2,876,131 
Incremental Term Loan B-6 (d)January 15, 20289.825 %1,981,923 1,945,521 1,986,928 1,948,503 
6,461,923 6,411,829 7,741,655 7,685,784 
Lightpath Senior Notes:
September 29, 2020September 15, 20285.625 %415,000 409,407 415,000 409,136 
Lightpath Senior Secured Notes:
September 29, 2020September 15, 20273.875 %450,000 444,759 450,000 444,410 
Lightpath Term Loan (e)November 30, 20278.690 %580,500 571,011 582,000 571,898 
Lightpath Revolving Credit Facility    
1,445,500 1,425,177 1,447,000 1,425,444 
Finance lease obligations201,250 201,250 228,356 228,356 
Notes payable and supply chain financing174,798 174,798 174,594 174,594 
25,118,471 25,061,819 25,126,605 25,074,961 
Less: current portion of credit facility debt(56,019)(56,019)(61,177)(61,177)
Less: current portion of finance lease obligations(113,300)(113,300) (123,636)(123,636)
Less: current portion of notes payable and supply chain financing(174,798)(174,798)(174,594)(174,594)
(344,117)(344,117)(359,407)(359,407)
Long-term debt$24,774,354 $24,717,702 $24,767,198 $24,715,554 
(a)The carrying amount is