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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, 2022

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
atus-20220930_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
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 October 28, 2022454,668,428 





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, 2022 (Unaudited) and December 31, 2021
Consolidated Statements of Operations - Three and nine months ended September 30, 2022 and 2021 (Unaudited)
Consolidated Statements of Comprehensive Income - Three and nine months ended September 30, 2022 and 2021 (Unaudited)
Consolidated Statements of Stockholders' Deficiency - Three and nine months ended September 30, 2022 and 2021 (Unaudited)
Consolidated Statements of Cash Flows - Nine months ended September 30, 2022 and 2021 (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, 2022 (Unaudited) and December 31, 2021
Consolidated Statements of Operations - Three and nine months ended September 30, 2022 and 2021 (Unaudited)
Consolidated Statements of Comprehensive Income - Three and nine months ended September 30, 2022 and 2021 (Unaudited)
Consolidated Statements of Member's Deficiency - Three and nine months ended September 30, 2022 and 2021 (Unaudited)
Consolidated Statements of Cash Flows - Nine months ended September 30, 2022 and 2021 (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 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 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, and deploy Altice One, our entertainment and connectivity platform;
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;
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 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 16, 2022 (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, 2022
(Unaudited)
December 31, 2021
ASSETS
Current Assets:
Cash and cash equivalents$250,576 $195,711 
Restricted cash265 264 
Accounts receivable, trade (less allowance for doubtful accounts of $37,900 and $27,931, respectively)
343,355 406,952 
Prepaid expenses and other current assets ($519 and $3,776 due from affiliates, respectively)
164,412 183,714 
Derivative contracts481,914 2,993 
Investment securities pledged as collateral1,259,877  
Total current assets2,500,399 789,634 
Property, plant and equipment, net of accumulated depreciation of $7,649,014 and $7,142,852, respectively
7,077,966 6,340,467 
Right-of-use operating lease assets234,707 222,124 
Investment securities pledged as collateral 2,161,937 
Other assets 264,974 76,653 
Amortizable intangibles, net of accumulated amortization of $5,421,667 and $5,051,149, respectively
1,782,300 2,202,001 
Indefinite-lived cable television franchises13,216,355 13,216,355 
Goodwill8,205,863 8,205,863 
Total assets$33,282,564 $33,215,034 
LIABILITIES AND STOCKHOLDERS' DEFICIENCY
Current Liabilities:
Accounts payable$1,084,737 $1,023,045 
Interest payable224,278 244,934 
Accrued employee related costs155,384 124,941 
Deferred revenue90,040 94,943 
Debt2,062,295 917,313 
Other current liabilities ($26,821 and $31,810 due to affiliates, respectively)
352,772 329,943 
Total current liabilities3,969,506 2,735,119 
Other liabilities160,716 159,082 
Deferred tax liability4,956,050 5,048,129 
Liabilities under derivative contracts 276,933 
Right-of-use operating lease liability245,360 237,226 
Long-term debt, net of current maturities24,290,003 25,629,447 
Total liabilities33,621,635 34,085,936 
Commitments and contingencies (Note 14)
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, 270,358,014 shares issued and 270,338,751 shares outstanding as of September 30, 2022 and 270,341,685 shares issued and 270,320,798 shares outstanding as of December 31, 2021
2,704 2,703 
Class B common stock: $0.01 par value, 1,000,000,000 shares authorized, 490,086,674 issued, 184,329,677 shares outstanding as of September 30, 2022 and 184,333,342 shares outstanding as of December 31, 2021
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 capital137,660 18,005 
Accumulated deficit(461,160)(848,836)
(318,953)(826,285)
Treasury stock, at cost (19,263 and 20,887 Class A common shares, respectively)
  
Accumulated other comprehensive income5,432 6,497 
Total Altice USA stockholders' deficiency(313,521)(819,788)
Noncontrolling interests(25,550)(51,114)
Total stockholders' deficiency(339,071)(870,902)
Total liabilities and stockholders' deficiency$33,282,564 $33,215,034 
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,
2022202120222021
Revenue (including revenue from affiliates of $649, $3,277, $1,765, and $9,718, respectively) (See Note 13)
$2,393,552 $2,574,882 $7,278,463 $7,569,711 
Operating expenses:
Programming and other direct costs (including charges from affiliates of $4,086, $5,294, $11,419, and $12,026, respectively) (See Note 13)
782,121 843,909 2,429,925 2,545,645 
Other operating expenses (including charges from affiliates of $3,111, $3,274, $9,243 and $9,149, respectively) (See Note 13)
694,390 590,519 2,009,760 1,760,132 
Restructuring and other expense4,007 1,885 10,058 10,958 
Depreciation and amortization (including impairments)445,769 447,958 1,327,243 1,327,142 
 1,926,287 1,884,271 5,776,986 5,643,877 
Operating income467,265 690,611 1,501,477 1,925,834 
Other income (expense):
Interest expense, net(340,989)(319,001)(954,564)(954,684)
Gain (loss) on investments(425,686)(46,821)(902,060)151,651 
Gain (loss) on derivative contracts, net323,668 43,385 643,856 (109,020)
Gain on interest rate swap contracts, net105,945 5,521 268,960 59,600 
Loss on extinguishment of debt and write-off of deferred financing costs    (51,712)
Other income, net3,245 2,280 8,196 7,606 
(333,817)(314,636)(935,612)(896,559)
Income before income taxes133,448 375,975 565,865 1,029,275 
Income tax expense(35,827)(105,226)(152,563)(279,053)
Net income97,621 270,749 413,302 750,222 
Net income attributable to noncontrolling interests(12,670)(3,896)(25,626)(11,573)
Net income attributable to Altice USA, Inc. stockholders$84,951 $266,853 $387,676 $738,649 
Income per share:
Basic income per share$0.19 $0.59 $0.86 $1.61 
Basic weighted average common shares (in thousands)453,239 454,049 453,233 460,023 
 
Diluted income per share$0.19 $0.58 $0.86 $1.59 
Diluted weighted average common shares (in thousands)453,390 457,163 453,284 465,349 
Cash dividends declared per common share$ $ $  $ 

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,
2022202120222021
Net income$97,621 $270,749 $413,302 $750,222 
Other comprehensive income (loss):
Defined benefit pension plans540 (2,084)(1,515)8,056 
Applicable income taxes(143)555 400 (2,142)
Defined benefit pension plans, net of income taxes397 (1,529)(1,115)5,914 
Foreign currency translation adjustment159 (619)50 (140)
Applicable income taxes    
Foreign currency translation adjustment, net of income taxes159 (619)50 (140)
Other comprehensive income (loss)556 (2,148)(1,065)5,774 
Comprehensive income98,177 268,601 412,237 755,996 
Comprehensive income attributable to noncontrolling interests(12,670)(3,896)(25,626)(11,573)
Comprehensive income attributable to Altice USA, Inc. stockholders$85,507 $264,705 $386,611  $744,423 


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
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, net of income taxes— — — — — (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.
7


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
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)
8


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
Total
Altice USA
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.


9


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
Total
Altice USA
Stockholders'Deficiency
Non-controlling
Interests
Total
Deficiency
Balance at March 31, 2021$2,822 $1,858 $ $(1,185,610)$(163,860)$10,621 $(1,334,169)$(53,404)$(1,387,573)
Net income attributable to stockholders— — — 197,660 — — 197,660 — 197,660 
Net income attributable to noncontrolling interests— — — — — — — 3,274 3,274 
Pension liability adjustments, net of income taxes— — — — — 1,088 1,088 — 1,088 
Foreign currency translation adjustment, net of income taxes— — — — — (140)(140)— (140)
Share-based compensation expense (equity classified)— — — 27,385 — — 27,385 — 27,385 
Redeemable equity vested— — — 3,618 — — 3,618 — 3,618 
Change in redeemable equity— — — (514)— — (514)— (514)
Class A shares acquired through share repurchase program and retired(58)— — (202,787)— — (202,845)— (202,845)
Issuance of common shares pursuant to employee long term incentive plan8  — (488)9,365 — 8,885 — 8,885 
Retirement of treasury stock(59)— — (154,436)154,495 — — — — 
Other— — — 92 — — 92 76 168 
Balance at June 30, 2021$2,713 $1,858 $ $(1,315,080)$ $11,569 $(1,298,940)$(50,054)$(1,348,994)


See accompanying notes to consolidated financial statements.

10


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
Total
Altice USA
Stockholders'Deficiency
Non-controlling
Interests
Total
Deficiency
Balance at June 30, 2021$2,713 $1,858 $ $(1,315,080)$ $11,569 $(1,298,940)$(50,054)$(1,348,994)
Net income attributable to stockholders— — — 266,853 — — 266,853 — 266,853 
Net income attributable to noncontrolling interests— — —