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 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 2020-08-03 Other Events
8-K 2020-07-30 Earnings, Exhibits
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. Accounting Pronouncements
Note 4. Revenue
Note 5. Net Income 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 exhibit3116-30x20.htm
EX-31.2 exhibit3126-30x20.htm
EX-32 exhibit326-30x20.htm

Altice Earnings 2020-06-30

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

atus-20200630
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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 endedJune 30, 2020
 
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-20200630_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 July 24, 2020578,097,380  





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 - June 30, 2020 (Unaudited) and December 31, 2019
Consolidated Statements of Operations - Three and six months ended June 30, 2020 and 2019 (Unaudited)
Consolidated Statements of Comprehensive Income - Three and six months ended June 30, 2020 and 2019 (Unaudited)
Consolidated Statements of Stockholders' Equity - Three and six months ended June 30, 2020 and 2019 (Unaudited)
Consolidated Statements of Cash Flows - Six months ended June 30, 2020 and 2019 (Unaudited)
Combined Notes to Consolidated Financial Statements (Unaudited)
Supplemental Financial Statements Furnished: 
CSC HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Financial Statements
Consolidated Balance Sheets - June 30, 2020 (Unaudited) and December 31, 2019
Consolidated Statements of Operations - Three and six months ended June 30, 2020 and 2019 (Unaudited)
Consolidated Statements of Comprehensive Income - Three and six months ended June 30, 2020 and 2019 (Unaudited)
Consolidated Statements of Member's Equity - Three and six months ended June 30, 2020 and 2019 (Unaudited)
Consolidated Statements of Cash Flows - Six months ended June 30, 2020 and 2019 (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 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;
2




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;
our ability to successfully operate our business following the completion of our separation from Altice Europe; 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 Altice USA's Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC") filed on February 14, 2020 (the "Annual Report") and in "Part II, Item 1A. Risk Factors" included herein.
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)
June 30, 2020 (Unaudited)December 31, 2019
ASSETS
Current Assets:
Cash and cash equivalents$1,952,142  $701,898  
Restricted cash264  262  
Accounts receivable, trade (less allowance for doubtful accounts of $32,441 and $14,683)
387,739  457,118  
Prepaid expenses and other current assets209,916  215,304  
Amounts due from affiliates3,452  6,774  
Total current assets2,553,513  1,381,356  
Property, plant and equipment, net of accumulated depreciation of $5,880,504 and $5,276,921
5,723,109  5,753,401  
Right-of-use operating lease assets270,592  280,340  
Investment securities pledged as collateral1,674,395  1,931,697  
Derivative contracts225,791  25,207  
Other assets
106,840  92,622  
Amortizable intangibles, net of accumulated amortization of $4,054,809 and $3,670,679
3,097,216  3,481,109  
Indefinite-lived cable television franchises13,020,081  13,020,081  
Goodwill8,142,309  8,142,309  
Total assets
$34,813,846  $34,108,122  

See accompanying notes to consolidated financial statements.
4



ALTICE USA, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (continued)
(In thousands, except share and per share amounts)

 June 30, 2020 (Unaudited)December 31, 2019
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable$832,011  $799,618  
Interest payable381,482  385,655  
Accrued employee related costs109,334  111,337  
Amounts due to affiliates5,722  7,456  
Deferred revenue117,925  124,777  
Debt1,859,290  170,682  
Other current liabilities387,212  378,954  
Total current liabilities3,692,976  1,978,479  
Other liabilities215,781  204,904  
Deferred tax liability4,833,305  4,762,595  
Liabilities under derivative contracts312,916  255,666  
Right-of-use operating lease liability259,297  269,062  
Long-term debt, net of current maturities24,326,397  24,249,603  
Total liabilities33,640,672  31,720,309  
Commitments and contingencies (Note 16)
Redeemable equity15,495  108,551  
Stockholders' Equity:
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, 400,531,285 shares issued and 393,596,028 shares outstanding as of June 30, 2020 and 457,207,079 shares issued and 446,749,307 shares outstanding as of December 31, 2019
4,005  4,572  
Class B common stock: $0.01 par value, 1,000,000,000 shares authorized, 490,086,674 issued, 186,194,357 shares outstanding as of June 30, 2020 and 186,245,832 shares outstanding as of December 31, 2019
1,862  1,862  
Class C common stock: $0.01 par value, 4,000,000,000 shares authorized, no shares issued and outstanding
    
Paid-in capital817,796  2,039,918  
Retained earnings 501,172  390,766  
1,324,835  2,437,118  
Treasury stock, at cost (6,935,257 and 10,457,772 Class A common shares at June 30, 2020 and December 31, 2019, respectively)
(163,869) (163,904) 
Accumulated other comprehensive loss(12,118) (3,250) 
Total stockholders' equity 1,148,848  2,269,964  
Noncontrolling interest8,831  9,298  
Total stockholders' equity 1,157,679  2,279,262  
 $34,813,846  $34,108,122  

See accompanying notes to consolidated financial statements.
5



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

Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Revenue (including revenue from affiliates of $3,379, $496, $6,867, and $1,088 respectively) (See Note 15)
$2,474,979  $2,451,081  $4,925,235  $4,847,648  
Operating expenses:
Programming and other direct costs (including charges from affiliates of $1,738, $2,087, $3,927 and $3,774, respectively) (See Note 15)
860,875  818,994  1,725,389  1,631,979  
Other operating expenses (including charges from affiliates of $2,161, $2,020, $6,102 and $4,266, respectively) (See Note 15)
542,637  569,459  1,124,946  1,133,891  
Restructuring and other expense
40,966  11,465  48,260  26,709  
Depreciation and amortization (including impairments)
521,794  568,620  1,069,363  1,130,048  
 1,966,272  1,968,538  3,967,958  3,922,627  
Operating income508,707  482,543  957,277  925,021  
Other income (expense):
Interest expense
(351,025) (381,218) (716,236) (769,501) 
Interest income151  605  1,810  2,424  
Gain (loss) on investments and sale of affiliate interests, net
197,597  103,146  (257,876) 357,871  
Gain (loss) on derivative contracts, net(152,061) (49,624) 287,800  (226,653) 
Loss on interest rate swap contracts, net(33,735) (26,900) (88,567) (50,572) 
Loss on extinguishment of debt and write-off of deferred financing costs
  (1,194)   (159,096) 
Other income, net669  212  1,592  292  
(338,404) (354,973) (771,477) (845,235) 
Income before income taxes170,303  127,570  185,800  79,786  
Income tax expense(58,826) (41,160) (75,861) (18,574) 
Net income111,477  86,410  109,939  61,212  
Net loss (income) attributable to noncontrolling interests
(213) (43) 467  156  
Net income attributable to Altice USA, Inc. stockholders
$111,264  $86,367  $110,406  $61,368  

Income per share:
Basic income per share
$0.19  $0.13  $0.18  $0.09  
Basic weighted average common shares (in thousands)587,587  668,031  604,500  681,703  
 
Diluted income per share$0.19  $0.13  $0.18  $0.09  
Diluted weighted average common shares (in thousands)589,466  668,648  606,597   682,014  
See accompanying notes to consolidated financial statements.
6



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

Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Net income$111,477  $86,410  $109,939  $61,212  
Other comprehensive income (loss):
Defined benefit pension plans:
Unrecognized actuarial gain (loss)1,880  (8,567) (11,589) (3,648) 
Applicable income taxes(503) 2,282  3,096  989  
Unrecognized gain (loss) arising during period, net of income taxes
1,377  (6,285) (8,493) (2,659) 
Settlement loss included in other expense, net
271  367  773  538  
Applicable income taxes(72) (101) (207) (147) 
Settlement loss included in other expense, net, net of income taxes
199  266  566  391  
Foreign currency translation adjustment
(517) (336) (941) (580) 
Applicable income taxes  93    157  
Foreign currency translation adjustment, net
(517) (243) (941) (423) 
Other comprehensive income (loss)1,059  (6,262) (8,868) (2,691) 
Comprehensive income112,536  80,148  101,071  58,521  
Comprehensive loss (income) attributable to noncontrolling interests
(213) (43) 467  156  
Comprehensive income attributable to Altice USA, Inc. stockholders
$112,323  $80,105  $101,538   $58,677  

See accompanying notes to consolidated financial statements.

7



ALTICE USA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(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.


8


ALTICE USA, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (continued)
(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 March 31, 2020
$4,261  $1,862  $1,362,836  $389,908  $(163,893) $(