Altice USA(ATUS) - 2024 Q4 - Annual Results

Financial Performance - Total revenue for Q4 2024 was $2.2 billion, a decrease of 2.9% year over year, and $9.0 billion for FY 2024, down 3.1% year over year[4] - Adjusted EBITDA for Q4 2024 was $837.5 million, a decrease of 7.3% year over year, with a margin of 37.5%[4] - Adjusted EBITDA for the twelve months ended December 31, 2024, was $3,413,181, down 5.4% from $3,608,890 in 2023[21] - Operating income for the twelve months ended December 31, 2024, was $1,680,092, slightly down from $1,701,940 in 2023[13] - The Adjusted EBITDA margin for Q4 2024 was 37.5%, compared to 39.2% in Q4 2023[21] - Free Cash Flow for FY 2024 was $149.4 million, including $37.3 million of higher cash interest year over year[4] - Free Cash Flow for the twelve months ended December 31, 2024, increased to $149,388 from $121,587 in 2023, reflecting a growth of 22.9%[22] Revenue Breakdown - Residential revenue in Q4 2024 was $1.7 billion, down 5.6% year over year, and $6.9 billion for FY 2024, a decline of 4.6% year over year[4] - Residential ARPU for Q4-24 was $135.44, showing a slight decrease from $136.80 in FY-23[11] - Residential revenue decreased to $1,686,046 in Q4 2024 from $1,786,092 in Q4 2023, representing a decline of 5.6%[13] Customer Metrics - Fiber customer net additions reached 538k in FY 2024, a 58% increase compared to year-end 2023, with fiber network penetration at 18.2%[7] - Mobile lines increased by 43% year over year, totaling 460k lines at year-end 2024, with net additions of 137k for FY 2024[7] - Total customer relationships for FY-23 were 4,743.5 thousand, with a decline continuing into FY-24[11] - Total unique customer relationships for Altice USA are approximately 4.6 million across 21 states[31] - Total customer net losses for FY-23 were 136.2 thousand, with continued losses projected into FY-24[11] - Residential customer relationships decreased by 135.4 thousand in FY-23, with net losses continuing into FY-24, totaling 191.1 thousand by Q4-24[11] Capital Expenditures and Debt - Total cash capital expenditures for FY 2024 were $1.4 billion, a decrease of 15.9% year over year, with capital intensity at 16.0%[4] - Capital expenditures for the twelve months ended December 31, 2024, were $1,433,013, a decrease from $1,704,811 in 2023[15] - Consolidated net debt for Altice USA was $24.6 billion, representing a consolidated net leverage of 7.3x L2QA[10] - Total debt for Altice USA, including finance leases and supply chain financing, is $25,096 million, resulting in a net debt of $24,839 million[26] - Consolidated net debt for CSC Holdings, LLC as of December 31, 2024, is $23,241 million, with gross debt totaling $23,359 million[24] - The consolidated net leverage ratio for CSC Holdings is 7.2x based on LTM EBITDA of $3,162 million[25] Future Outlook - Future growth strategies include expanding broadband, fiber, video, and mobile services, with a focus on operational performance improvements[32] - The company anticipates continued revenue growth and operational efficiency improvements in the upcoming periods[32]