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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Altice USA Inc | NYSE:ATUS | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.09 | 3.64% | 2.56 | 2.59 | 2.47 | 2.49 | 1,398,271 | 17:47:01 |
Improved Financial Trends Across Revenue, Adjusted EBITDA, and Customer ARPU in 2H-23
Acceleration in Fiber Customer Net Adds and Mobile Line Net Adds
Positive Trends in Customer Experience, Network, and Operations
Altice USA (NYSE: ATUS) today reports results for the fourth quarter and full year ended December 31, 2023.
Dennis Mathew, Altice USA Chairman and Chief Executive Officer, said: "2023 marked the beginning of a transformative journey for Optimum as we drove significant improvements across every area of our business by acting with operational and financial discipline. In the second half of 2023 we drove improvements in year-over-year trends across revenue, adjusted EBITDA and customer ARPU. We drove capital intensity down throughout the year, generated positive free cash flow in the full year, and proactively managed our debt maturity profile. I’m also proud of the notable achievements across our operations to improve customer experience, invest in quality networks and expansion to fuel broadband, and enhance our base management and go-to-market efforts to set the foundation for growth. We are well positioned as we enter 2024 and I am confident that we’re on the right path to return to sustainable long-term customer, revenue and adjusted EBITDA growth over time.”
Fourth Quarter and Full Year Financial Overview
Key Operational Highlights for the Fourth Quarter and Full Year
Proactive Focus on Debt Maturity Profile
Balance Sheet Review as of December 31, 2023
Shares Outstanding
As of December 31, 2023, the Company had 455,997,406 combined Class A and Class B shares outstanding.
Customer Metrics
(in thousands, except per customer amounts)
Q1-22
Q2-22
Q3-22
Q4-22
FY-22
Q1-23
Q2-23
Q3-23
Q4-23
FY-23
Total Passings(10)
9,304.9
9,363.1
9,414.9
9,463.8
9,463.8
9,512.2
9,578.6
9,609.0
9,628.7
9,628.7
Total Passings additions
41.6
58.2
51.8
48.8
200.5
48.4
66.4
30.4
19.7
164.9
Total Customer Relationships(11)(12)
Residential
4,612.1
4,564.2
4,514.7
4,498.5
4,498.5
4,472.4
4,429.5
4,391.5
4,363.1
4,363.1
SMB
382.9
383.1
382.5
381.2
381.2
380.9
381.0
381.1
380.3
380.3
Total Unique Customer Relationships
4,995.0
4,947.3
4,897.2
4,879.7
4,879.7
4,853.3
4,810.5
4,772.6
4,743.5
4,743.5
Residential net additions (losses)
(20.7)
(47.9)
(49.5)
(16.2)
(134.3)
(26.1)
(42.9)
(38.0)
(28.4)
(135.4)
Business Services net additions (losses)
1.0
0.2
(0.6)
(1.3)
(0.7)
(0.3)
0.1
0.1
(0.8)
(0.9)
Total customer net additions (losses)
(19.8)
(47.7)
(50.1)
(17.5)
(135.0)
(26.4)
(42.7)
(37.9)
(29.2)
(136.2)
Residential PSUs
Broadband
4,373.2
4,333.6
4,290.6
4,282.9
4,282.9
4,263.7
4,227.0
4,196.0
4,169.0
4,169.0
Video
2,658.7
2,574.2
2,491.8
2,439.0
2,439.0
2,380.5
2,312.2
2,234.6
2,172.4
2,172.4
Telephony
1,951.5
1,886.9
1,818.9
1,764.1
1,764.1
1,703.5
1,640.8
1,572.7
1,515.3
1,515.3
Broadband net additions (losses)
(13.0)
(39.6)
(43.0)
(7.7)
(103.3)
(19.2)
(36.8)
(31.0)
(27.0)
(113.9)
Video net additions (losses)
(73.6)
(84.5)
(82.4)
(52.8)
(293.2)
(58.6)
(68.3)
(77.6)
(62.2)
(266.7)
Telephony net additions (losses)
(53.7)
(64.7)
(68.0)
(54.8)
(241.1)
(60.6)
(62.7)
(68.1)
(57.4)
(248.9)
Residential ARPU ($)(1)(2)
139.00
141.36
139.24
135.86
138.83
135.32
137.44
138.42
136.01
136.80
SMB PSUs
Broadband
350.4
350.7
350.2
349.1
349.1
349.0
349.1
349.4
348.9
348.9
Video
102.6
101.0
99.1
97.3
97.3
95.3
93.7
91.9
89.6
89.6
Telephony
216.8
215.3
214.0
212.3
212.3
210.0
208.0
205.9
203.2
203.2
Broadband net additions (losses)
1.1
0.3
(0.5)
(1.1)
(0.2)
(0.1)
0.1
0.3
(0.5)
(0.2)
Video net additions (losses)
(1.6)
(1.6)
(1.9)
(1.8)
(6.9)
(2.0)
(1.6)
(1.8)
(2.3)
(7.7)
Telephony net additions (losses)
(2.0)
(1.6)
(1.3)
(1.7)
(6.5)
(2.3)
(2.0)
(2.1)
(2.6)
(9.1)
Total Mobile Lines
Mobile ending lines
198.3
231.3
236.1
240.3
240.3
247.9
264.2
288.2
322.2
322.2
Mobile ending lines excluding free service(13)
190.0
195.5
202.7
208.7
208.7
223.3
257.9
288.1
322.2
322.2
Mobile line net additions
11.9
33.0
4.8
4.1
53.8
7.6
16.3
24.1
34.0
82.0
Mobile line net additions ex-free service(13)
3.6
5.5
7.2
6.0
22.3
14.6
34.6
30.3
34.1
113.5
Fiber (FTTH) Customer Metrics
(in thousands)
Q1-22
Q2-22
Q3-22
Q4-22
FY-22
Q1-23
Q2-23
Q3-23
Q4-23
FY-23
FTTH Total Passings(14)
1,316.6
1,587.1
1,908.2
2,158.7
2,158.7
2,373.0
2,659.5
2,720.2
2,735.2
2,735.2
FTTH Total Passing additions
145.7
270.4
321.2
250.5
987.8
214.2
286.6
60.7
14.9
576.4
FTTH Residential
80.4
103.7
134.2
170.0
170.0
207.2
245.9
289.3
333.8
333.8
FTTH SMB
0.6
0.7
1.2
1.7
1.7
2.7
3.9
5.7
7.6
7.6
FTTH Total customer relationships(15)
81.0
104.4
135.3
171.7
171.7
209.9
249.7
295.1
341.4
341.4
FTTH Residential net additions
11.1
23.3
30.5
35.8
100.7
37.2
38.6
43.4
44.5
163.8
FTTH SMB net additions
0.2
0.2
0.4
0.6
1.4
0.9
1.2
1.9
1.8
5.8
FTTH Total customer net additions
11.3
23.5
30.9
36.4
102.1
38.1
39.8
45.3
46.3
169.7
Altice USA Consolidated Operating Results
(in thousands, except per share data)
Three Months Ended December 31,
Twelve Months Ended December 31,
2023
2022
2023
2022
Revenue:
(unaudited)
Broadband
$
939,811
$
960,628
$
3,824,472
$
3,930,667
Video
750,454
781,869
3,072,011
3,281,306
Telephony
72,808
79,454
300,198
332,406
Mobile(1)
23,019
14,811
77,012
61,832
Residential revenue(1)
1,786,092
1,836,762
7,273,693
7,606,211
Business services and wholesale
371,952
368,364
1,467,149
1,474,269
News and Advertising
128,056
151,846
447,742
520,293
Other(1)
15,512
12,224
48,480
46,886
Total revenue
2,301,612
2,369,196
9,237,064
9,647,659
Operating expenses:
Programming and other direct costs
745,305
775,713
3,029,842
3,205,638
Other operating expenses
671,607
725,709
2,646,258
2,735,469
Restructuring, impairments and other operating items
175,424
120,227
214,727
130,285
Depreciation and amortization (including impairments)
407,014
446,430
1,644,297
1,773,673
Operating income
302,262
301,117
1,701,940
1,802,594
Other income (expense):
Interest expense, net
(422,917
)
(377,072
)
(1,639,120
)
(1,331,636
)
Gain (loss) on investments and sale of affiliate interests, net
(11,773
)
242,268
180,237
(659,792
)
Gain (loss) on derivative contracts, net
—
(218,041
)
(166,489
)
425,815
Gain (loss) on interest rate swap contracts, net
(46,044
)
2,828
32,664
271,788
Gain (loss) on extinguishment of debt and write-off of deferred financing costs
—
(575
)
4,393
(575
)
Other income (loss), net
(2,225
)
339
4,940
8,535
Income (loss) before income taxes
(180,697
)
(49,136
)
118,565
516,729
Income tax benefit (expense)
66,905
(143,277
)
(39,528
)
(295,840
)
Net income (loss)
(113,792
)
(192,413
)
79,037
220,889
Net income attributable to noncontrolling interests
(4,014
)
(700
)
(25,839
)
(26,326
)
Net income (loss) attributable to Altice USA stockholders
$
(117,806
)
$
(193,113
)
$
53,198
$
194,563
Basic net income (loss) per share
$
(0.26
)
$
(0.43
)
$
0.12
$
0.43
Diluted net income (loss) per share
$
(0.26
)
$
(0.43
)
$
0.12
$
0.43
Basic weighted average common shares
454,785
453,276
454,723
453,244
Diluted weighted average common shares
454,785
453,276
455,034
453,282
Altice USA Consolidated Statements of Cash Flows (in thousands)
Twelve Months Ended December 31,
2023
2022
Cash flows from operating activities:
Net income
$
79,037
$
220,889
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization (including impairments)
1,644,297
1,773,673
Loss (gain) on investments and sale of affiliate interests, net
(180,237
)
659,792
Loss (gain) on derivative contracts, net
166,489
(425,815
)
Loss (gain) on extinguishment of debt and write-off of deferred financing costs
(4,393
)
575
Amortization of deferred financing costs and discounts (premiums) on indebtedness
34,440
77,356
Share-based compensation expense
47,926
159,985
Deferred income taxes
(226,915
)
36,385
Decrease in right-of-use assets
46,108
44,342
Provision for doubtful accounts
84,461
88,159
Goodwill impairment
163,055
—
Other
11,169
3,460
Change in operating assets and liabilities, net of effects of acquisitions and dispositions:
Accounts receivable, trade
(77,703
)
(45,279
)
Prepaid expenses and other assets
(54,782
)
50,419
Amounts due from and due to affiliates
50,831
(7,749
)
Accounts payable and accrued liabilities
(39,256
)
46,724
Deferred revenue
9,164
(14,953
)
Interest rate swap contracts
72,707
(301,062
)
Net cash provided by operating activities
1,826,398
2,366,901
Cash flows from investing activities:
Capital expenditures
(1,704,811
)
(1,914,282
)
Payments for acquisitions, net of cash acquired
—
(2,060
)
Other, net
(1,712
)
(5,168
)
Net cash used in investing activities
(1,706,523
)
(1,921,510
)
Cash flows from financing activities:
Proceeds from long-term debt
2,700,000
4,276,903
Repayment of debt
(2,688,009
)
(4,469,727
)
Proceeds from derivative contracts in connection with the settlement of collateralized debt
38,902
—
Principal payments on finance lease obligations
(149,297
)
(134,682
)
Payments to acquire noncontrolling interest
(14,070
)
—
Other, net
(10,117
)
(8,400
)
Net cash used in financing activities
(122,591
)
(335,906
)
Net increase (decrease) in cash and cash equivalents
(2,716
)
109,485
Effect of exchange rate changes on cash and cash equivalents
(697
)
291
Net increase (decrease) in cash and cash equivalents
(3,413
)
109,776
Cash, cash equivalents and restricted cash at beginning of year
305,751
195,975
Cash, cash equivalents and restricted cash at end of year
$
302,338
$
305,751
Reconciliation of Non-GAAP Financial Measures:
We define Adjusted EBITDA, which is a non-GAAP financial measure, as net income (loss) excluding income taxes, non-operating income or expenses, gain (loss) on extinguishment of debt and write-off of deferred financing costs, gain (loss) on interest rate swap contracts, gain (loss) on derivative contracts, gain (loss) on investments and sale of affiliate interests, interest expense, net, depreciation and amortization, share-based compensation, restructuring, impairments and other operating items (such as significant legal settlements and contractual payments for terminated employees).
Adjusted EBITDA eliminates the significant non-cash depreciation and amortization expense that results from the capital-intensive nature of our business and from intangible assets recognized from acquisitions, as well as certain non-cash and other operating items that affect the period-to-period comparability of our operating performance. In addition, Adjusted EBITDA is unaffected by our capital and tax structures and by our investment activities.
We believe Adjusted EBITDA is an appropriate measure for evaluating the operating performance of the Company. Adjusted EBITDA and similar measures with similar titles are common performance measures used by investors, analysts and peers to compare performance in our industry. Internally, we use revenue and Adjusted EBITDA measures as important indicators of our business performance and evaluate management’s effectiveness with specific reference to these indicators. We believe Adjusted EBITDA provides management and investors a useful measure for period-to-period comparisons of our core business and operating results by excluding items that are not comparable across reporting periods or that do not otherwise relate to the Company’s ongoing operating results. Adjusted EBITDA should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), and other measures of performance presented in accordance with GAAP. Since Adjusted EBITDA is not a measure of performance calculated in accordance with GAAP, this measure may not be comparable to similar measures with similar titles used by other companies.
We also use Operating Free Cash Flow (defined as Adjusted EBITDA less cash capital expenditures), and Free Cash Flow (defined as net cash flows from operating activities less cash capital expenditures) as indicators of the Company’s financial performance. We believe these measures are two of several benchmarks used by investors, analysts and peers for comparison of performance in the Company’s industry, although they may not be directly comparable to similar measures reported by other companies.
Reconciliation of Net Income to Adjusted EBITDA and Operating Free Cash Flow
(in thousands)
(unaudited)
Three Months Ended December 31,
Twelve Months Ended December 31,
2023
2022
2023
2022
Net income (loss)
$
(113,792
)
$
(192,413
)
$
79,037
$
220,889
Income tax expense (benefit)
(66,905
)
143,277
39,528
295,840
Other loss (income), net
2,225
(339
)
(4,940
)
(8,535
)
Loss (gain) on interest rate swap contracts, net
46,044
(2,828
)
(32,664
)
(271,788
)
Loss (gain) on derivative contracts, net
—
218,041
166,489
(425,815
)
Loss (gain) on investments and sale of affiliate interests, net
11,773
(242,268
)
(180,237
)
659,792
Loss (gain) on extinguishment of debt and write-off of deferred financing costs
—
575
(4,393
)
575
Interest expense, net
422,917
377,072
1,639,120
1,331,636
Depreciation and amortization
407,014
446,430
1,644,297
1,773,673
Restructuring, impairments and other operating items
175,424
120,227
214,727
130,285
Share-based compensation
18,558
45,575
47,926
159,985
Adjusted EBITDA
903,258
913,349
3,608,890
3,866,537
Capital expenditures (cash)
295,250
543,226
1,704,811
1,914,282
Operating Free Cash Flow
$
608,008
$
370,123
$
1,904,079
$
1,952,255
Reconciliation of net cash flow from operating activities to Free Cash Flow (Deficit)
(unaudited):
Three Months Ended December 31,
Twelve Months Ended December 31,
2023
2022
2023
2022
Net cash flows from operating activities
$
496,213
$
461,185
$
1,826,398
$
2,366,901
Capital Expenditures (cash)
295,250
543,226
1,704,811
1,914,282
Free Cash Flow (Deficit)
$
200,963
$
(82,041
)
$
121,587
$
452,619
Consolidated Net Debt as of December 31, 2023(9)
CSC Holdings, LLC Restricted Group (in $m)
Principal Amount
Pro Forma Principal Amount (9)
Coupon / Margin
Maturity
Drawn RCF
$825
$1,575
SOFR+2.350%
2027
Term Loan
1,520
—
L+2.250%(16)
2025
Term Loan B-3
522
—
L+2.250%(16)
2026
Term Loan B-5
2,888
2,888
L+2.500%(16)
2027
Term Loan B-6
1,987
1,987
SOFR+4.500%
2028(17)
Guaranteed Notes
1,310
1,310
5.500%
2027
Guaranteed Notes
1,000
1,000
5.375%
2028
Guaranteed Notes
1,000
1,000
11.250%
2028
Guaranteed Notes
—
2,050
11.750%
2029
Guaranteed Notes
1,750
1,750
6.500%
2029
Guaranteed Notes
1,100
1,100
4.125%
2030
Guaranteed Notes
1,000
1,000
3.375%
2031
Guaranteed Notes
1,500
1,500
4.500%
2031
Senior Notes
750
—
5.250%
2024
Senior Notes
1,046
1,046
7.500%
2028
Legacy unexchanged Cequel Notes
4
4
7.500%
2028
Senior Notes
2,250
2,250
5.750%
2030
Senior Notes
2,325
2,325
4.625%
2030
Senior Notes
500
500
5.000%
2031
CSC Holdings, LLC Restricted Group Gross Debt
23,277
23,285
CSC Holdings, LLC Restricted Group Cash
(257)
(257)
CSC Holdings, LLC Restricted Group Net Debt
$23,020
$23,028
CSC Holdings, LLC Restricted Group Undrawn RCF
$1,516
$767
Cablevision Lightpath LLC (in $m)
Principal Amount
Coupon / Margin
Maturity
Drawn RCF
$—
SOFR+3.360%
2025
Term Loan
582
SOFR+3.360%
2027
Senior Secured Notes
450
3.875%
2027
Senior Notes
415
5.625%
2028
Cablevision Lightpath Gross Debt
1,447
Cablevision Lightpath Cash
(26)
Cablevision Lightpath Net Debt
$1,421
Cablevision Lightpath Undrawn RCF
$100
Net Leverage Schedules as of December 31, 2023 (in $m)
CSC Holdings Restricted Group(18)
Cablevision Lightpath LLC
CSC Holdings Consolidated(19)
Altice USA Consolidated
Gross Debt Consolidated(20)
$23,277
$1,447
$24,724
$24,724
Cash
(257)
(26)
(302)
(302)
Net Debt Consolidated(8)
$23,020
$1,421
$24,422
$24,422
LTM EBITDA
$3,366
$246
$3,609
$3,609
L2QA EBITDA
$3,393
$246
$3,638
$3,638
Net Leverage (LTM)
6.8x
5.8x
6.8x
6.8x
Net Leverage (L2QA)
6.8x
5.8x
6.7x
6.7x
WACD (%)
6.1%
5.4%
6.1%
6.1%
Reconciliation to Financial Reported Debt
Actual
Total Debenture and Loans from Financial Institutions (Carrying Amount)
$24,672
Unamortized financing costs, discounts and fair value adjustments, net of unamortized premiums
52
Gross Debt Consolidated(20)
24,724
Finance leases and other notes
403
Total Debt
25,127
Cash
(302)
Net Debt
$24,825
(1)
Beginning in the second quarter of 2023, mobile service revenue previously included in mobile revenue is now separately reported in residential revenue and business services revenue. In addition, mobile equipment revenue previously included in mobile revenue is now included in other revenue. Prior period amounts have been revised to conform with this presentation.
(2)
Average revenue per user (ARPU) is calculated by dividing the average monthly revenue for the respective period derived from the sale of broadband, video, telephony and mobile services to residential customers by the average number of total residential customers for the same period and excludes mobile-only customer relationships. ARPU amounts for prior periods have been adjusted to include mobile service revenue.
(3)
See “Reconciliation of Non-GAAP Financial Measures” beginning on page 8 of this release.
(4)
Transactional NPS (tNPS) represents the average monthly metric for the quarter that blends Care, Field, Retail and Sales across Fixed, Mobile, and Advanced Support.
(5)
Self-install % increase is the change in percentage of residential installs at eligible addresses choosing self-install, excluding fiber installs.
(6)
Truck rolls exclude employee initiated special request orders.
(7)
Inbounds calls refers to technical, care and support call.
(8)
Net debt, defined as the principal amount of debt less cash, and excluding finance leases and other notes.
(9)
In January 2024, CSC Holdings issued $2,050,000 in aggregate principal amount of senior guaranteed notes due 2029 which bear interest at a rate of 11.750% maturing January 31, 2029. The proceeds from the sale of these notes were used to repay the outstanding principal balance of the Term Loan B loan and the Incremental Term Loan B-3 in full, and to pay fees, costs and expenses associated with these transactions. Also in January 2024, we notified the holders of our 5.250% Senior Notes due 2024 and 5.250% Series B Senior Notes due 2024 of our intent to redeem these notes in full. We expect to draw down $750,000 under our Revolving Credit Facility to redeem these notes on February 28, 2024.
(10)
Total passings represents the estimated number of single residence homes, apartments and condominium units passed by the HFC and FTTH network in areas serviceable without further extending the transmission lines. In addition, it includes commercial establishments that have connected to our HFC and FTTH network. Broadband services were not available to approximately 30 thousand total passings and telephony services were not available to approximately 500 thousand total passings.
(11)
Total Unique Customer Relationships represent the number of households/businesses that receive at least one of the Company’s fixed-line services. Customers represent each customer account (set up and segregated by customer name and address), weighted equally and counted as one customer, regardless of size, revenue generated, or number of boxes, units, or outlets on our hybrid-fiber-coaxial (HFC) and fiber-to-the-home (FTTH) network. Free accounts are included in the customer counts along with all active accounts, but they are limited to a prescribed group. Most of these accounts are also not entirely free, as they typically generate revenue through pay-per-view or other pay services and certain equipment fees. Free status is not granted to regular customers as a promotion. In counting bulk Residential customers, such as an apartment building, we count each subscribing family unit within the building as one customer, but do not count the master account for the entire building as a customer. We count a bulk commercial customer, such as a hotel, as one customer, and do not count individual room units at that hotel.
(12)
Total Customer Relationship metrics do not include mobile-only customers.
(13)
Reported ending mobile lines include lines receiving free service. Adjusted mobile lines exclude additions relating to mobile lines receiving free service from all periods presented, and includes net additions from when customers previously on free service start making payments.
(14)
Represents the estimated number of single residence homes, apartments and condominium units passed by the FTTH network in areas serviceable without further extending the transmission lines. In addition, it includes commercial establishments that have connected to our FTTH network.
(15)
Represents number of households/businesses that receive at least one of the Company's fixed-line services on our FTTH network. FTTH customers represent each customer account (set up and segregated by customer name and address), weighted equally and counted as one customer, regardless of size, revenue generated, or number of boxes, units, or outlets on our FTTH network. Free accounts are included in the customer counts along with all active accounts, but they are limited to a prescribed group. Most of these accounts are also not entirely free, as they typically generate revenue through pay-per view or other pay services and certain equipment fees. Free status is not granted to regular customers as a promotion. In counting bulk residential customers, such as an apartment building, we count each subscribing family unit within the building as one customer, but do not count the master account for the entire building as a customer. We count a bulk commercial customer, such as a hotel, as one customer, and do not count individual room units at that hotel.
(16)
These loans use Synthetic USD LIBOR, calculated as Term SOFR plus a spread adjustment.
(17)
The Term Loan B-6 is due on the earlier of (i) January 15, 2028 and (ii) April 15, 2027 if, as of such date, any Term Loan B-5 are still outstanding, unless the Term Loan B-5 maturity date has been extended to a date falling after January 15, 2028.
(18)
CSC Holdings, LLC Restricted Group excludes the unrestricted subsidiaries, primarily Cablevision Lightpath LLC and NY Interconnect, LLC.
(19)
CSC Holdings Consolidated includes the CSC Holdings, LLC Restricted Group and the unrestricted subsidiaries.
(20)
Principal amount of debt excluding finance leases and other notes and collateralized debt.
Numerical information is presented on a rounded basis using actual amounts. Minor differences in totals and percentage calculations may exist due to rounding.About Altice USA
Altice USA (NYSE: ATUS) is one of the largest broadband communications and video services providers in the United States, delivering broadband, video, mobile, proprietary content and advertising services to approximately 4.7 million residential and business customers across 21 states through its Optimum brand. The Company operates a4, an advanced advertising and data business, which provides audience-based, multiscreen advertising solutions to local, regional and national businesses and advertising clients. Altice USA also offers hyper-local, national, international and business news through its News 12 and i24NEWS networks.
FORWARD-LOOKING STATEMENT
Certain statements in this earnings release 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 earnings release, including, without limitation, those regarding our intentions, beliefs or current expectations concerning, among other things: our future financial conditions and performance, results of operations and liquidity; our strategy, objectives, prospects, trends, service and operational improvements, base management strategy, capital expenditure plans, fiber and mobile growth, and upgrade plans, and leverage targets; our ability to achieve operational performance improvements; and future developments in the markets in which we participate or are seeking to participate. These forward-looking statements can be identified by the use of forward-looking terminology, including the terms “anticipate”, “believe”, “could”, “estimate”, “expect”, “forecast”, “intend”, “may”, “plan”, “project”, “should”, “target”, or “will” or, in each case, their negative, or other variations or comparable terminology. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. To the extent that statements in this earnings release are not recitations of historical fact, such statements constitute forward-looking statements, which, by definition, involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements including risks referred to in our SEC filings, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 and reports on Form 10-Q. You are cautioned to not place undue reliance on Altice USA’s forward-looking statements. Any forward-looking statement speaks only as of the date on which it was made. Altice USA specifically disclaims any obligation to publicly update or revise any forward-looking statement, as of any future date.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240214021015/en/
Investor Relations Sarah Freedman: +1 631 660 8714 / sarah.freedman@alticeusa.com
Communications Lisa Anselmo: +1 516 279 9461 / lisa.anselmo@alticeusa.com Janet Meahan: +1 516 519 2353 / janet.meahan@alticeusa.com
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