受此消息影响，Altice USA股价在周二大幅上涨16%。事实上，早在今年早些时候，Altice USA就曾与 债权人就重组其总额高达253亿美元的债务进行过谈判。然而，据当时报道，由于关税政策引发的市场 波动，相关谈判于4月份被迫搁置。 值得注意的是，近期以光纤电缆等基础设施为抵押的资产支持证券(ABS)市场发展迅速，成为企业融资 的重要渠道之一。例如，Zayo Group Holdings Inc.也在今年早些时候发行了总额达15亿美元的此类债 券，显示出市场对基础设施资产支持证券的浓厚兴趣。 Cablevision Lightpath LLC是一家光纤通信服务提供商，由Altice USA Inc.(ATUS.US)控股。该公司目前 正计划出售总额高达28亿美元的资产支持证券。根据7月3日提交给纽约公共服务委员会的文件，这些证 券将以公司拥有的光纤网络资产(包括管道和光缆)以及客户协议作为支持。 截至目前，Lightpath、Altice USA以及Lightpath的少数股东摩根士丹利基础设施合作伙伴的代表均未对 此消息作出回应。 目前，Lightpath面临较大的债务压力，公司共有72亿美元的债务 ...

Cablevision Lightpath, a fiber optic communications services provider that is majority controlled by Altice USA, is looking to sell as much as $2.8 billion of asset-backed securities https://t.co/JrWTLXOgRW ...

Core Viewpoint - Altice USA, Inc. reported disappointing first-quarter 2025 results, with both net income and revenues falling short of expectations, primarily due to weak demand in key segments, although there were positive developments in mobile and fiber customer growth, network upgrades, and customer care improvements [1][2]. Financial Performance - The company recorded a net loss of $71.3 million, or 16 cents per share, compared to a loss of $12.3 million, or 5 cents per share, in the same quarter last year, indicating a wider loss due to declining revenues [2]. - Total revenues for the quarter were $2.15 billion, down from $2.25 billion year-over-year, missing the consensus estimate of $2.16 billion, primarily due to reduced net sales from broadband and video customers [2]. - Operating income decreased to $343.5 million from $393.2 million in the prior-year quarter, while adjusted EBITDA fell to $799.01 million from $846.5 million [7]. Customer Metrics - FTTH (Fiber to the Home) broadband net additions exceeded 68,500 in the quarter, with total fiber broadband customers reaching 606,700 [4]. - Residential average revenue per user (ARPU) declined to $133.93 from $135.67 a year ago, reflecting a loss of higher ARPU video customers [4][6]. Segment Performance - Residential revenues, which include Broadband, Video, and Telephony, were $1.66 billion, down from $1.76 billion year-over-year, missing the estimate of $1.71 billion [6]. - Business services and Wholesale revenues slightly declined to $363.5 million from $364.9 million in the prior-year quarter, but net sales exceeded the revenue estimate of $341.8 million [5]. Growth Strategies - The company is making progress in its growth strategies by enhancing network capabilities and improving customer experience, with 2.99 billion FTTH passings at the quarter-end [3]. - Altice is on track to achieve its goal of adding 1 million fiber customers by the end of 2026, supported by new offerings like Whole Home WiFi and Total Care [2]. Cash Flow and Outlook - In the first quarter, Altice generated $187.4 million in cash from operating activities, down from $399.6 million a year ago, with a net debt of $24.9 billion as of March 31, 2025 [8]. - For 2025, the company expects revenues in the range of $8.6-8.7 billion and adjusted EBITDA of approximately $3.4 billion, with capital expenditures projected at $1.2 billion [10].

Revenue Performance - Total revenue for the three months ended March 31, 2025, was $2,152,282, a decrease of $98,653 compared to $2,250,935 in the same period of 2024[134]. - Residential revenue accounted for approximately 77.6% of total revenue, totaling $1,668,240, down from $1,768,446 in the prior year[134]. - Broadband revenue decreased by $17,433 to $899,561, while mobile revenue increased by $11,806 to $36,699[134]. - For the three months ended March 31, 2025, the net loss was $71,271, compared to a net loss of $12,896 for the same period in 2024[135]. - Adjusted EBITDA for the three months ended March 31, 2025 was $799,014, down from $846,555 in 2024, representing a decrease of 5.6%[135]. - Video revenue decreased by $90,026 (12%) to $665,568 for the three months ended March 31, 2025, attributed to declines in video customers and higher customer credits[139]. - Telephony revenue decreased by $4,553 (6%) to $66,412 for the three months ended March 31, 2025, due to declines in telephony customers[140]. - Other revenue increased by $6,184 (52%) to $18,087 for the three months ended March 31, 2025, mainly due to higher mobile equipment sales[146]. Customer Metrics - Approximately 4.5 million residential and business customers are served across 21 states, with a total of 9.9 million passings as of March 31, 2025[119]. - Total customer relationships as of March 31, 2025 were 4,505.9 thousand, a decrease from 4,550.3 thousand in 2024, indicating a decline in customer base[137]. - Broadband revenue decreased by $17,433 (2%) to $899,561 for the three months ended March 31, 2025, primarily due to declines in broadband customers[138]. - Mobile service revenue increased by $11,806 (47%) to $36,699 for the three months ended March 31, 2025, driven by an increase in mobile customers[141]. Operating Income and Expenses - Operating income for the three months ended March 31, 2025, was $343,458, down from $393,154 in the same period of 2024, reflecting a decrease of $49,696[134]. - Programming and other direct costs were $670,531, a decrease of $73,356 from $743,887 in the same period of 2024[134]. - Other operating expenses increased by $23,936 (4%) to $698,186 for the three months ended March 31, 2025, driven by higher labor-related costs and marketing expenses[150][153]. - Restructuring, impairments, and other operating items for Q1 2025 totaled $21,622, a decrease of 58% from $51,253 in Q1 2024[154]. - Depreciation and amortization increased by $30,094 (8%) to $418,485 in Q1 2025 compared to $388,391 in Q1 2024, driven by asset additions and accelerated depreciation[155][156]. Cash Flow and Debt - Free Cash Flow (Deficit) was $(168,641) in Q1 2025, a decrease of $232,207 from $63,566 in Q1 2024, attributed to increased interest payments and capital expenditures[160][161]. - Net cash flows from operating activities were $189,707 in Q1 2025, down from $399,662 in Q1 2024[171]. - Net cash provided by operating activities decreased to $187,483 for the three months ended March 31, 2025, compared to $399,661 in 2024, reflecting a decrease of $212,178[199]. - Net cash used in investing activities increased to $363,549 for the three months ended March 31, 2025, compared to $335,777 in 2024[201]. - Financing activities generated net cash of $198,727 for the three months ended March 31, 2025, a significant improvement from $(80,876) in 2024[202]. - As of March 31, 2025, total outstanding debt for CSC Holdings and Lightpath is $25,299,643, with interest expense for the quarter amounting to $430,658[179]. - Total amounts payable related to outstanding obligations for CSC Holdings and Lightpath are projected to be $31,647,534, with significant payments due in 2027 totaling $8,716,046[180]. Future Outlook - The company is investing in its FTTH network to deliver multi-gig broadband speeds to meet growing data needs[127]. - The company expects programming costs to increase in the future, impacting operating expenses[126]. - The company expects to utilize free cash flow and revolving credit facilities to manage debt obligations and capital expenditures[176][177]. - Existing cash balances and operating cash flows are projected to support the company's operating plan and debt service requirements for the next twelve months[177]. Financial Controls - The company reported no changes in internal control over financial reporting that materially affected its operations during Q1 2025[212]. - The evaluation of disclosure controls and procedures concluded that they were effective as of March 31, 2025, according to the Chief Executive Officer and Chief Financial Officer[211].

Core Insights - Altice USA, Inc. reported a revenue of $2.15 billion for Q1 2025, reflecting a year-over-year decline of 4.4% and an EPS of -$0.16, compared to -$0.05 a year ago [1] - The revenue fell short of the Zacks Consensus Estimate of $2.16 billion by 0.48%, while the EPS was significantly below the consensus estimate of -$0.09, resulting in a surprise of -77.78% [1] Financial Performance Metrics - The stock of Altice USA has returned +8.2% over the past month, underperforming the Zacks S&P 500 composite's +11.3% change, and currently holds a Zacks Rank 5 (Strong Sell) [3] - Unique Residential Customer Relationships stood at 4.13 million, slightly below the average estimate of 4.16 million [4] - Unique SMB Customer Relationships were reported at 375.3 thousand, compared to the average estimate of 376.09 thousand [4] - Pay TV/Video Subscribers totaled 1.79 million, below the average estimate of 1.82 million [4] - Broadband Subscribers reached 3.96 million, slightly below the estimated 3.98 million [4] Revenue Breakdown - Residential revenue from Video was $665.57 million, significantly lower than the average estimate of $704.84 million, marking an 11.9% year-over-year decline [4] - Residential revenue from Broadband was $899.56 million, slightly above the estimate of $889.88 million, with a year-over-year change of -1.9% [4] - Telephony revenue was reported at $66.41 million, exceeding the estimate of $61.41 million, representing a -6.4% change year-over-year [4] - Total Residential revenue was $1.67 billion, below the average estimate of $1.69 billion, reflecting a -5.7% year-over-year change [4] - News and Advertising revenue was $102.41 million, surpassing the estimate of $99.04 million, with a -3.1% change year-over-year [4] - Other revenue increased to $18.09 million, exceeding the estimate of $16.91 million, representing a +52% year-over-year change [4] - Mobile revenue was $36.70 million, above the estimate of $33.46 million, with a year-over-year change of +47.4% [4] - Business services and wholesale revenue was $363.55 million, slightly above the estimate of $359.47 million, with a year-over-year change of -0.4% [4]

Altice USA (ATUS) Q1 2025 Earnings Call May 08, 2025 08:30 AM ET Company Participants Sarah Freedman - VP - IRDennis Mathew - CEO & ChairmanMarc Sirota - Chief Financial OfficerRobert Palmisano - Senior Equity Research Associate Conference Call Participants Michael Rollins - AnalystJonathan Chaplin - Lead AnalystCraig Moffett - Partner & Senior AnalystSam McHugh - Analyst Operator Greetings, and welcome to the Altice USA Q1 twenty twenty five As a reminder, this conference is being recorded. It is now my pl ...

Altice USA (ATUS) Q1 2025 Earnings Call May 08, 2025 08:30 AM ET Speaker0 Greetings, and welcome to the Altice USA Q1 twenty twenty five As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Sarah Friedman, Vice President of Investor Relations. Speaker1 Thank you. Welcome to the Altice USA Q1 twenty twenty five earnings call. We are joined today by Altice USA's Chairman and CEO, Dennis Matthew and CFO, Mark Sarota, who together will take you through the presentation ...

Group 1: Earnings Performance - Altice USA reported a quarterly loss of $0.16 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.09, and compared to a loss of $0.05 per share a year ago, indicating an earnings surprise of -77.78% [1] - The company posted revenues of $2.15 billion for the quarter ended March 2025, missing the Zacks Consensus Estimate by 0.48%, and down from $2.25 billion in the same quarter last year [2] - Over the last four quarters, Altice USA has not surpassed consensus EPS estimates and has consistently missed revenue estimates [2] Group 2: Stock Performance and Outlook - Altice USA shares have increased by about 10% since the beginning of the year, contrasting with a -4.3% decline in the S&P 500 [3] - The company's earnings outlook is critical for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to those expectations [4] - The current consensus EPS estimate for the upcoming quarter is -$0.08 on revenues of $2.15 billion, and -$0.30 on revenues of $8.57 billion for the current fiscal year [7] Group 3: Industry Context - The Communication - Components industry, to which Altice USA belongs, is currently ranked in the bottom 17% of over 250 Zacks industries, indicating a challenging environment [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Altice USA's stock performance [5] - The unfavorable trend in estimate revisions has resulted in a Zacks Rank 5 (Strong Sell) for Altice USA, suggesting expected underperformance in the near future [6]

Altice USA Q1 2025 Results May 8, 2025 FORWARD-LOOKING STATEMENTS Certain statements in this presentation constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts contained in this presentation, including, without limitation, those regarding our intentions, beliefs or current expectations concerning, among other things: our future ...

Dennis Mathew, Altice USA Chairman and Chief Executive Officer, said: "Our first quarter results reflect steady progress against our operational and financial priorities. We achieved record customer growth in our fiber and mobile businesses and saw sequential improvement in our broadband subscriber performance, all while successfully completing two major programming negotiations with favorable outcomes and minimal disruptions to our customers. We are activating competitive strategies with enhanced go-to-mar ...