Altice USA(US:ATUS)2025-11-06 12:40Financial Performance - Total revenue for Q3 2025 was $2.11 billion, a decrease of 5.4% year over year[6] - Net loss attributable to stockholders was $1,625.9 million, or $(3.47) per share, including a non-cash impairment charge of approximately $1.6 billion[6] - Adjusted EBITDA for Q3 2025 was $830.7 million, down 3.6% year over year, with a margin of 39.4%[6] - Total revenue for Q3 2025 was $2,108,110, a decrease of 5.4% compared to $2,227,700 in Q3 2024[17] - Broadband revenue decreased to $873,449 in Q3 2025 from $913,417 in Q3 2024, a decline of 4.4%[17] - Net loss attributable to Altice USA stockholders for Q3 2025 was $1,625,899, compared to a net loss of $42,970 in Q3 2024[17] - Adjusted EBITDA for the nine months ended September 30, 2025, was $2,433,483, down from $2,575,708 in the same period of 2024, representing a decrease of 5.5%[24] - Operating income (loss) for Q3 2025 was $(1,164,784), compared to $444,593 in Q3 2024[17] - Free Cash Flow deficit was ($178.1) million, compared to a positive $76.9 million in Q3 2024[6] - Free Cash Flow (Deficit) for the nine months ended September 30, 2025, was $(318,267), compared to $99,504 in 2024[25] Subscriber Metrics - Total Broadband Primary Service Units (PSUs) experienced net losses of -58k, with total broadband subscribers ending at 4.2 million[6] - Fiber customer base reached 703k, a 46% increase compared to Q3 2024, with 23.0% penetration of the fiber network[11] - Mobile line net additions were +38k, with total mobile lines reaching 584k, a 39% increase year over year[11] Debt and Cash Position - Consolidated Net Debt for CSC Holdings, LLC as of September 30, 2025, is $22,890 million, with gross debt totaling $23,747 million[26] - The consolidated net debt for Altice USA is $25,351 million, with a total gross debt of $26,279 million[27] - The total cash position for CSC Holdings, LLC is $(857) million, while Cablevision Lightpath has cash of $(50) million[27] - Cash, cash equivalents, and restricted cash at the end of Q3 2025 totaled $1,043,664, an increase from $250,291 at the end of Q3 2024[18] Capital Expenditures - Capital expenditures for the nine months ended September 30, 2025, were $1,065,163, slightly higher than $1,042,975 in 2024[18] - The weighted average cost of debt (WACD) for CSC Holdings is 6.9%[27] Strategic Initiatives - The company plans to change its corporate name to Optimum Communications, Inc., effective November 7, 2025[10] - The company is focusing on operational efficiency, including workforce optimization and AI capabilities, as part of its 2025 priorities[33] - Revenue opportunities are targeted through broadband, mobile, and fiber growth, aiming to expand penetration of new and existing product offerings[33] - The company plans to enhance its network capabilities to deliver multi-gig speeds and expand its passings footprint[33] - The company is pursuing a sustainable capital structure, including capital structure transformation plans[33] - The company aims to achieve targets for Adjusted EBITDA and revenue through effective pricing and rate management strategies[33] - Future developments in the markets of interest are being closely monitored to adapt strategies accordingly[33] - The company is exploring strategic transactions, including its first-ever primarily HFC asset-backed loan[33] - Rebranding initiatives are underway, with anticipated benefits to enhance market presence[33] Market Conditions - There are expectations for macroeconomic conditions and consumer demand to influence subscriber and market share trends[33] - The company disclaims any obligation to update forward-looking statements, emphasizing the inherent risks and uncertainties involved[33] Operational Metrics - Gross margin reached an all-time high of 69.7%, supported by video gross margin expansion of approximately 350 basis points year over year[6] - The Adjusted EBITDA margin for Q3 2025 was 39.4%, compared to 38.7% in Q3 2024[24] - Net cash provided by operating activities for the nine months ended September 30, 2025, was $746,896, down from $1,142,479 in 2024[18] - The service call rate and service visit rate are annualized metrics reflecting customer support needs[29] - The company has a capital intensity ratio that reflects total cash capital expenditures as a percentage of total revenue[29]