Altice USA Reports Fourth Quarter and Full Year 2024 Results

Fiber Growth Accelerating; Surpassed 500k Customer Milestone; Achieved 3m Passings at Y/E 2024

Best Mobile Performance in 5 Years; +43% Increase in Mobile Lines Versus Y/E 2023

Continued Network Expansion and Rolling Out Multi-Gig Service, While Improving Capital Intensity

Video Evolution Offers Customers More Value Through New Optimized TV Packages

Lightpath Expands Presence in Hyperscaler and AI Ecosystem

Altice USA (NYSE: ATUS) today reports results for the fourth quarter and full year ended December 31, 2024.

Dennis Mathew, Altice USA Chairman and Chief Executive Officer, said: "2024 was a transformative year for Optimum, marked by significant progress in strengthening our operations, enhancing customer experiences, and reinforcing financial discipline. We delivered record fourth quarter and full-year fiber and mobile performance, improved operational efficiency, and maintained positive Free Cash Flow despite a challenging macro and competitive environment. As we enter phase two of our transformation in 2025, we remain focused on expanding our product portfolio and AI-driven capabilities, enhancing margins through continued efficiencies, and accelerating multi-gig availability — all while demonstrating strong capital stewardship to support our long-term growth objectives.”

Fourth Quarter and Full Year 2024 Financial Overview

Total revenue of $2.2 billion in Q4 2024 (-2.9% year over year), and $9.0 billion in FY 2024 (-3.1% year over year)
Residential revenue of $1.7 billion in Q4 2024 (-5.6% year over year), and $6.9 billion in FY 2024 (-4.6% year over year)
Residential revenue per user (“ARPU”)(1) of $133.95 in Q4 2024 (-1.5% year over year), and $135.44 in FY 2024 (-1.0% year over year)
Business Services revenue of $371.3 million in Q4 2024 (-0.2% year over year), and $1.5 billion in FY 2024 (+0.3% year over year)
News and Advertising revenue of $157.5 million in Q4 2024 (+23.0% year over year), and $486.2 million in FY 2024 (+8.6% year over year)
Net income (loss) attributable to stockholders of ($54.1) million ($(0.12)/share on a diluted basis) in Q4 2024 and ($102.9) million ($(0.22)/share on a diluted basis) in FY 2024, compared to ($117.8) million ($(0.26)/share on a diluted basis) in Q4 2023 and $53.2 million ($0.12/share on a diluted basis) in FY 2023
Net cash flows from operating activities of $1.6 billion in FY 2024 and $1.8 billion in FY 2023
Adjusted EBITDA(2) of $837.5 million (-7.3% year over year) and margin of 37.5% in Q4 2024. Adjusted EBITDA(2) of $3.4 billion (-5.4% year over year) and margin of 38.1% in FY 2024
Cash capital expenditures of $390.0 million (+32.1% year over year) and capital intensity(3) of 17.5% (14.8% excluding fiber and new builds) in Q4 2024. Cash capital expenditures of $1.4 billion (-15.9% year over year) and capital intensity(3) of 16.0% (13.0% excluding fiber and new builds) in FY 2024
Free Cash Flow(2) of $49.9 million in Q4 2024, and $149.4 million in FY 2024, including $37.3 million of higher cash interest in FY 2024 year over year

Fourth Quarter and Full Year 2024 Key Operational Highlights

Highest Ever Fiber Net Additions, Reaching 538k Fiber Customers, a +58% Increase in Total Fiber Customers Compared to Y/E 2023
- Fiber customer growth accelerated in Q4 2024 and FY 2024 with +57k and +197k fiber net additions, respectively, representing Optimum's best quarter and full year ever for fiber net adds
- Fiber network penetration reached 18.2% at the end of Q4 2024, up from 12.5% at the end of Q4 2023
Best Mobile Line Net Add Performance in 5 Years, Reaching 460k Lines, a +43% Increase in Ending Mobile Lines Compared to Y/E 2023
- Optimum Mobile added net mobile lines of +40k in Q4 2024 and +137k in FY 2024
- 5.7% of broadband base converged with mobile(4) at the end of Q4 2024, up from 3.5% at the end of Q4 2023
Evolving Video Strategy To Align Products and Offerings With Customer Preferences
- Keeping the customer at the center of the conversation and providing options and flexibility that customers want by leveraging data-driven viewership insights to guide negotiations and optimize value
- Introduced new TV packages in 2024 -- Entertainment TV, Extra TV, & Everything TV -- which drive more value via mutually beneficial programming agreements, offer consumers more content flexibility and are available alongside a customer's favorite streaming services via Optimum Stream
- Our new TV packages supported improvement in video gross add attachment rate(5) to ~20% in Q4 2024, up over 200 basis points quarter over quarter, inflecting on multi-year trends of declining video attachment rates
- FY 2024 video programming cost inflation per subscriber(6) improved over the last two years to ~4% in FY 2024, a marked improvement from the average cost inflation of 6-8% in the years prior.
Total Broadband Primary Service Units (PSUs) Net Losses of -39k(7) in Q4 2024 and -170k(7)(8) in FY 2024
- Broadband net losses were -39k(7) in Q4 2024, compared to -27k in Q4 2023, and -170k(7)(8) in FY 2024, compared to -114k in FY 2023
- Performance was driven by continued low levels of switching activity, competitive pressures across our footprint, and muted trends in the income-constrained segment
Optimum Network Expansion and Multi-Gig Rollout
- Total passings additions of +54k(7) in Q4 2024 and +210k(7) in FY 2024, reaching 9.8 million total passings and expanding Optimum's footprint by +2.1%(7) in FY 2024
- Fiber passings additions of +68k in Q4 2024 and +227k in FY 2024, reaching 3.0 million fiber passings and 18.2% penetration at Y/E 2024
- At the end of 2024, multi-gig speeds were enabled in ~30% of the total footprint (on fiber network), with a path to 65% multi-gig enabled by year end 2028 through fiber network growth and HFC mid-split upgrades
- Truck rolls(9) and service calls(10) each reduced by 11% in FY 2024
Lightpath Establishing a Presence Within the Hyperscaler and AI Ecosystem
- Lightpath's highest revenue of $414 million(11) in FY 2024 (+5.5% year over year)
- At the end of 2024, Lightpath had $110 million in awarded contracts with Hyperscalers and an AI-related infrastructure connectivity sales pipeline of nearly $1 billion across 10 markets, which is expected to continue to grow
- Lightpath completed its acquisition of substantially all of the assets of United Fiber and Data, which connects Lightpath’s existing network in NY with one of the largest data center markets in the world through long haul fiber, and increases the serviceable market in Manhattan by 20%

2025 Priorities

Revenue Opportunity
- Improve broadband subscriber trends; Increase value-added services; Grow mobile penetration; Expand B2B product portfolio
Operational Efficiency
- Expand product margins and the use of AI, digital, and self-service tools
Network Strength
- Grow fiber footprint through new builds; Grow multi-gig availability; Accelerate fiber migrations
Sustainable Capital Structure
- Deliver enhanced capital efficiency to support liquidity and growth objectives

Balance Sheet Review as of December 31, 2024

Net debt(12) for CSC Holdings, LLC Restricted Group was $23,241 million at the end of Q4 2024, representing net leverage of 7.4x L2QA(13)
- The weighted average cost of debt for CSC Holdings, LLC Restricted Group was 6.7% and the weighted average life of debt was 4.1 years
Net debt(12) for Cablevision Lightpath LLC was $1,438 million at the end of Q4 2024, representing net leverage of 5.6x L2QA(13)
- The weighted average cost of debt for Cablevision Lightpath LLC was 5.5% and the weighted average life of debt was 3.1 years
Consolidated net debt(12) for Altice USA was $24,644 million, representing consolidated net leverage of 7.3x L2QA(13)
- The weighted average cost of debt for consolidated Altice USA was 6.7% and the weighted average life of debt was 4.1 years

Shares Outstanding

As of December 31, 2024, Altice USA had 463,204,545 combined shares of Class A and Class B common stock outstanding.

Customer Metrics (in thousands, except per customer amounts)

Q1-23

Q2-23

Q3-23

Q4-23

FY-23

Q1-24

Q2-24

Q3-24

Q4-24

FY-24

Total Passings(7)(14)

9,512.2

9,578.6

9,609.0

9,628.7

9,679.3

9,746.4

9,784.7

9,830.8

Total Passings additions

48.4

66.4

30.4

19.7

164.9

50.6

67.2

38.3

54.4

210.4

Total Customer Relationships(7)(8)(15)(16)

Residential

4,472.4

4,429.5

4,391.5

4,363.1

4,326.8

4,272.3

4,217.5

4,173.7

SMB

380.9

381.0

381.1

380.3

379.7

378.4

376.6

Total Unique Customer Relationships

4,853.3

4,810.5

4,772.6

4,743.5

4,706.5

4,652.0

4,595.9

4,550.3

Residential net additions (losses)

(26.1)

(42.9)

(38.0)

(28.4)

(135.4)

(36.3)

(54.5)

(54.8)

(41.8)

(187.4)

Business Services net additions (losses)

(0.3)

0.1

(0.8)

(0.9)

(0.7)

0.0

(1.2)

(1.8)

(3.7)

Total customer net additions (losses)

(26.4)

(42.7)

(37.9)

(29.2)

(136.2)

(37.0)

(54.5)

(56.1)

(43.6)

(191.1)

Residential PSUs(7)(8)

Broadband

4,263.7

4,227.0

4,196.0

4,169.0

4,139.7

4,088.7

4,039.5

3,999.9

Video

2,380.5

2,312.2

2,234.6

2,172.4

2,094.7

2,021.9

1,944.8

1,880.1

Telephony

1,703.5

1,640.8

1,572.7

1,515.3

1,452.1

1,391.1

1,326.0

1,269.2

Broadband net additions (losses)

(19.2)

(36.8)

(31.0)

(27.0)

(113.9)

(29.4)

(51.0)

(49.2)

(37.7)

(167.3)

Video net additions (losses)

(58.6)

(68.3)

(77.6)

(62.2)

(266.7)

(77.7)

(72.8)

(77.0)

(64.3)

(291.8)

Telephony net additions (losses)

(60.6)

(62.7)

(68.1)

(57.4)

(248.9)

(63.1)

(61.1)

(65.1)

(56.7)

(246.0)

Residential ARPU(1) ($)

135.32

137.44

138.42

136.01

136.80

135.67

135.95

135.77

133.95

135.44

SMB PSUs

Broadband

349.0

349.1

349.4

348.9

348.5

348.8

347.7

346.1

Video

95.3

93.7

91.9

89.6

87.3

85.4

83.3

81.0

Telephony

210.0

208.0

205.9

203.2

200.7

199.2

196.8

194.5

Broadband net additions (losses)

(0.1)

0.1

0.3

(0.5)

(0.2)

(0.4)

0.3

(1.1)

(1.6)

(2.8)

Video net additions (losses)

(2.0)

(1.6)

(1.8)

(2.3)

(7.7)

(2.3)

(1.9)

(2.1)

(2.2)

(8.5)

Telephony net additions (losses)

(2.3)

(2.0)

(2.1)

(2.6)

(9.1)

(2.6)

(1.4)

(2.4)

(2.3)

(8.8)

Total Mobile Lines(17)

Mobile ending lines

247.9

264.2

288.2

322.2

351.6

384.5

420.1

459.6

Mobile ending lines excluding free service

223.3

257.9

288.1

322.2

351.6

384.5

420.1

459.6

Mobile line net additions

7.6

16.3

24.1

34.0

82.0

29.3

33.0

35.5

39.5

137.4

Mobile line net additions ex-free service

14.6

34.6

30.3

34.1

113.5

29.3

33.0

35.5

39.5

137.4

Fiber (“FTTH”) Customer Metrics (in thousands)

Q1-23

Q2-23

Q3-23

Q4-23

FY-23

Q1-24

Q2-24

Q3-24

Q4-24

FY-24

FTTH Total Passings(18)

2,373.0

2,659.5

2,720.2

2,735.2

2,780.0

2,842.0

2,893.7

2,961.8

FTTH Total Passing additions

214.2

286.6

60.7

14.9

576.4

44.8

62.0

51.7

68.1

226.6

FTTH Residential customer relationships

207.2

245.9

289.3

333.8

385.2

422.7

468.5

523.4

FTTH SMB customer relationships

2.7

3.9

5.7

7.6

9.4

11.4

13.1

14.7

FTTH Total Customer Relationships(19)

209.9

249.7

295.1

341.4

394.6

434.1

481.6

538.2

FTTH Residential net additions

37.2

38.6

43.4

44.5

163.8

51.4

37.5

45.7

55.0

189.6

FTTH SMB net additions

0.9

1.2

1.9

1.8

5.8

1.9

2.0

1.7

7.2

FTTH Total Customer Net Additions

38.1

39.8

45.3

46.3

169.7

53.2

39.5

47.4

56.6

196.8

Altice USA Consolidated Operating Results ($ and shares in thousands, except per share data)

Three Months Ended December 31,

Twelve Months Ended December 31,

2024

2023

2024

2023

(unaudited)

Revenue:

Broadband

900,060

939,811

3,645,460

3,824,472

Video

686,444

750,454

2,896,600

3,072,011

Telephony

65,393

72,808

277,938

300,198

Mobile

34,149

23,019

117,084

77,012

Residential revenue

1,686,046

1,786,092

6,937,082

7,273,693

Business services and wholesale

371,258

371,952

1,471,764

1,467,149

News and Advertising

157,485

128,056

486,172

447,742

Other

20,238

15,512

59,399

48,480

Total revenue

2,235,027

2,301,612

8,954,417

9,237,064

Operating expenses:

Programming and other direct costs

721,893

745,305

2,896,570

3,029,842

Other operating expenses

692,472

671,607

2,711,828

2,646,258

Restructuring, impairments and other operating items

8,171

175,424

23,696

214,727

Depreciation and amortization (including impairments)

471,728

407,014

1,642,231

1,644,297

Operating income

340,763

302,262

1,680,092

1,701,940

Other income (expense):

Interest expense, net

(434,902

)

(422,917

)

(1,763,166

)

(1,639,120

)

Gain (loss) on investments and sale of affiliate interests, net

378

(11,773

)

670

180,237

Loss on derivative contracts, net

—

(166,489

)

Gain (loss) on interest rate swap contracts, net

8,412

(46,044

)

18,632

32,664

Gain (loss) on extinguishment of debt and write-off of deferred financing costs

(5,866

)

—

(12,901

)

4,393

Other income (expense), net

(1,149

)

(2,225

)

(5,675

)

4,940

Income (loss) before income taxes

(92,364

)

(180,697

)

(82,348

)

118,565

Income tax benefit (expense)

46,116

66,905

4,071

(39,528

)

Net income (loss)

(46,248

)

(113,792

)

(78,277

)

79,037

Net income attributable to noncontrolling interests

(7,868

)

(4,014

)

(24,641

)

(25,839

)

Net income (loss) attributable to Altice USA stockholders

(54,116

)

(117,806

)

(102,918

)

53,198

Basic net income (loss) per share

(0.12

)

(0.26

)

(0.22

)

0.12

Diluted net income (loss) per share

(0.12

)

(0.26

)

(0.22

)

0.12

Basic weighted average common shares

461,536

454,785

459,888

454,723

Diluted weighted average common shares

461,536

454,785

459,888

455,034

Altice USA Consolidated Statements of Cash Flows ($ in thousands)

Twelve Months Ended December 31,

2024

2023

Cash flows from operating activities:

Net income (loss)

(78,277

)

79,037

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

Depreciation and amortization (including impairments)

1,642,231

1,644,297

Gain on investments and sale of affiliate interests, net

(670

)

(180,237

)

Loss on derivative contracts, net

—

166,489

Loss (gain) on extinguishment of debt and write-off of deferred financing costs

12,901

(4,393

)

Amortization of deferred financing costs and discounts (premiums) on indebtedness

19,628

34,440

Share-based compensation

67,162

47,926

Deferred income taxes

(396,052

)

(226,915

)

Decrease in right-of-use assets

44,632

46,108

Allowance for credit losses

86,561

84,461

Goodwill impairment

—

163,055

Other

6,436

11,169

Change in operating assets and liabilities, net of effects of acquisitions and dispositions:

Accounts receivable, trade

(58,917

)

(77,703

)

Prepaid expenses and other assets

30,205

(54,782

)

Amounts due from and due to affiliates

(44,486

)

50,831

Accounts payable and accrued liabilities

3,880

(68,784

)

Interest payable

131,701

29,528

Deferred revenue

11,018

9,164

Interest rate swap contracts

104,448

72,707

Net cash provided by operating activities

1,582,401

1,826,398

Cash flows from investing activities:

Capital expenditures

(1,433,013

)

(1,704,811

)

Payments for acquisitions, net of cash acquired

(38,532

)

—

Other, net

16,032

(1,712

)

Net cash used in investing activities

(1,455,513

)

(1,706,523

)

Cash flows from financing activities:

Proceeds from long-term debt

4,214,750

2,700,000

Repayment of debt

(4,223,233

)

(2,688,009

)

Proceeds from derivative contracts in connection with the settlement of collateralized debt

—

38,902

Principal payments on finance lease obligations

(127,349

)

(149,297

)

Payment related to acquisition of a noncontrolling interest

(7,261

)

(14,070

)

Additions to deferred financing costs

(19,560

)

(7,247

)

Other, net

(9,325

)

(2,870

)

Net cash used in financing activities

(171,978

)

(122,591

)

Net decrease in cash and cash equivalents

(45,090

)

(2,716

)

Effect of exchange rate changes on cash and cash equivalents

(424

)

(697

)

Net decrease in cash and cash equivalents

(45,514

)

(3,413

)

Cash, cash equivalents and restricted cash at beginning of year

302,338

305,751

Cash, cash equivalents and restricted cash at end of year

256,824

302,338

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). We define Adjusted EBITDA margin as Adjusted EBITDA divided by total revenue.

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 our operating performance. 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 our 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 U.S. generally accepted accounting principles (“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 Free Cash Flow (defined as net cash flows from operating activities less cash capital expenditures) as a liquidity measure. We believe this measure is useful to investors in evaluating our ability to service our debt and make continuing investments with internally generated funds, although it may not be directly comparable to similar measures reported by other companies.

Reconciliation of Net Income (Loss) to Adjusted EBITDA ($ in thousands) (unaudited)

Three Months Ended December 31,

Twelve Months Ended December 31,

2024

2023

2024

2023

Net income (loss)

(46,248

)

(113,792

)

(78,277

)

79,037

Income tax expense (benefit)

(46,116

)

(66,905

)

(4,071

)

39,528

Other loss (income), net

1,149

2,225

5,675

(4,940

)

Loss (gain) on interest rate swap contracts, net

(8,412

)

46,044

(18,632

)

(32,664

)

Loss on derivative contracts, net

—

166,489

Loss (gain) on investments and sale of affiliate interests, net

(378

)

11,773

(670

)

(180,237

)

Loss (gain) on extinguishment of debt and write-off of deferred financing costs

5,866

—

12,901

(4,393

)

Interest expense, net

434,902

422,917

1,763,166

1,639,120

Depreciation and amortization

471,728

407,014

1,642,231

1,644,297

Restructuring, impairments and other operating items

8,171

175,424

23,696

214,727

Share-based compensation

16,811

18,558

67,162

47,926

Adjusted EBITDA

837,473

903,258

3,413,181

3,608,890

Adjusted EBITDA margin

37.5

39.2

38.1

39.1

Reconciliation of net cash flow from operating activities to Free Cash Flow (in thousands) (unaudited):

Three Months Ended December 31,

Twelve Months Ended December 31,

2024

2023

2024

2023

Net cash flows from operating activities

439,922

496,213

1,582,401

1,826,398

Less: Capital expenditures (cash)

390,038

295,250

1,433,013

1,704,811

Free Cash Flow

49,884

200,963

149,388

121,587

Consolidated Net Debt as of December 31, 2024 ($ in millions)

CSC Holdings, LLC Restricted Group

Principal Amount

Coupon / Margin

Maturity

Drawn RCF

$1,700

SOFR+2.350%

2027

Term Loan B-5

2,858

L+2.500%(20)

2027

Term Loan B-6

1,967

SOFR+4.500%

2028(21)

Guaranteed Notes

1,310

5.500%

2027

Guaranteed Notes

1,000

5.375%

2028

Guaranteed Notes

1,000

11.250%

2028

Guaranteed Notes

2,050

11.750%

2029

Guaranteed Notes

1,750

6.500%

2029

Guaranteed Notes

1,100

4.125%

2030

Guaranteed Notes

1,000

3.375%

2031

Guaranteed Notes

1,500

4.500%

2031

Senior Notes

1,046

7.500%

2028

Legacy unexchanged Cequel Notes

7.500%

2028

Senior Notes

2,250

5.750%

2030

Senior Notes

2,325

4.625%

2030

Senior Notes

500

5.000%

2031

CSC Holdings, LLC Restricted Group Gross Debt

23,359

CSC Holdings, LLC Restricted Group Cash

(118)

CSC Holdings, LLC Restricted Group Net Debt

$23,241

CSC Holdings, LLC Restricted Group Undrawn RCF

$611

Cablevision Lightpath LLC

Principal Amount

Coupon / Margin

Maturity

Drawn RCF(22)

$—

SOFR+3.360%

Term Loan(22)

676

SOFR+3.360%

2027

Senior Secured Notes

450

3.875%

2027

Senior Notes

415

5.625%

2028

Cablevision Lightpath Gross Debt

1,541

Cablevision Lightpath Cash

(103)

Cablevision Lightpath Net Debt

$1,438

Cablevision Lightpath Undrawn RCF

$115

Net Leverage Schedule as of December 31, 2024 ($ in millions)

CSC Holdings Restricted Group(23)

Cablevision Lightpath LLC

CSC Holdings Consolidated(24)

Altice USA Consolidated

Gross Debt Consolidated(25)

$23,359

$1,541

$24,900

Cash

(118)

(103)

(246)

(257)

Net Debt Consolidated(12)

$23,241

$1,438

$24,654

$24,644

LTM EBITDA

$3,162

$248

$3,411

$3,413

L2QA(13) EBITDA

$3,136

$256

$3,395

$3,399

Net Leverage (LTM)

7.3x

5.8x

7.2x

Net Leverage (L2QA)(13)

7.4x

5.6x

7.3x

WACD (%)

6.7%

5.5%

6.7%

Reconciliation to Financial Reported Debt

Altice USA Consolidated

Total Debenture and Loans from Financial Institutions (Carrying Amount)

$24,861

Unamortized financing costs and discounts, net of unamortized premiums

Gross Debt Consolidated(25)

24,900

Finance leases and supply chain financing

196

Total Debt

25,096

Cash

(257)

Net Debt Including Finance Leases and Supply Chain Financing

$24,839

(1)

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.

(2)

See “Reconciliation of Non-GAAP Financial Measures” beginning on page 8 of this earnings release.

(3)

Capital intensity refers to total cash capital expenditures as a percentage of total revenue.

(4)

Broadband base converged with mobile is expressed as the percentage of customers subscribing to both broadband and mobile services divided by the total broadband customer base. Excludes mobile only customers.

(5)

Video gross add attachment rate represents the percent of total customer gross additions that subscribe to a video product.

(6)

Video programming cost inflation per subscriber is calculated as the change in total residential and SMB video programming costs divided by the average number of video subscribers.

(7)

Subscriber net additions (losses) and passings additions exclude 8.3k passings, 2.1k customer relationships, 1.9k broadband subscribers and 0.5k video subscribers that were transferred in connection with a small system sale in Q4 2024.

(8)

Customer metrics as of September 30, 2024 reflect adjustments to align to the Company’s bulk residential subscriber count policy, resulting in an increase of 4.7 thousand residential customer relationships, 3.8 thousand broadband customers and 5.2 thousand video customers. The impact of these adjustments to customer relationships, broadband and video customer net additions was not material for any period presented and as such prior period metrics were not restated.

(9)

Compares truck rolls, excluding employee initiated special request orders, in FY 2024 compared to FY 2023.

(10)

Compares technical, care and support calls volume in FY 2024 compared to FY 2023.

(11)

Lightpath revenue is reported on a consolidated basis and eliminates intercompany revenue.

(12)

Net debt, defined as the principal amount of debt less cash, and excluding finance leases and other notes.

(13)

L2QA leverage is calculated as quarter end net leverage divided by the last two quarters of Adjusted EBITDA annualized.

(14)

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.

(15)

Total Unique Customer Relationships represent the number of households/businesses that receive at least one of our 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 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)

Total Customer Relationship metrics do not include mobile-only customers.

(17)

Mobile lines represent the number of residential and business customers’ wireless connections, which include mobile phone handsets and other mobile wireless connected devices. An individual customer relationship may have multiple mobile lines. The 2024 and 2023 ending lines include approximately 4.4 thousand and 2.8 thousand lines related to business customers, respectively. The revenue related to these business customers is reflected in "Business services and wholesale" in the table above. Mobile ending lines include lines receiving free service. Mobile ending lines excluding free service 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.

(18)

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.

(19)

Represents number of households/businesses that receive at least one of our 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 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.

(20)

The Incremental Term Loan B-5 bears interest at a rate equal to Synthetic USD London Interbank Offered Rate plus 2.50% per annum through March 31, 2025. Thereafter, we will be required to pay interest at a rate equal to the alternate base rate (“ABR”), plus the applicable margin, where the ABR is the greater of (x) prime rate or (y) the federal funds effective rate plus 50 basis points and the applicable margin for any ABR loan is 1.50% per annum.

(21)

The Incremental 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 Incremental Term Loan B-5 borrowings are still outstanding, unless the Incremental Term Loan B-5 maturity date has been extended to a date falling after January 15, 2028.

(22)

Under the extension amendment to the Lightpath credit agreement entered into in February 2024, the aggregate principal amount of revolving loan commitments available under the credit agreement increased to $115 million, of which $95 million of revolving credit commitments, if drawn, would be due on June 15, 2027 and $20 million of revolving credit commitments, if drawn, would be due on November 30, 2025. In addition, Lightpath entered into an incremental amendment to its credit agreement in November 2024, whereby it incurred an additional $100 million of term loans, which increased the aggregate principal amount of term loans outstanding under the credit agreement to $676 million as of December 31, 2024.

(23)

CSC Holdings, LLC Restricted Group excludes the unrestricted subsidiaries, primarily Cablevision Lightpath LLC and NY Interconnect, LLC.

(24)

CSC Holdings Consolidated includes the CSC Holdings, LLC Restricted Group and the unrestricted subsidiaries.

(25)

Principal amount of debt excluding finance leases and other notes.

Certain numerical information is presented on a rounded basis. 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 4.6 million residential and business customers across 21 states through its Optimum brand. We operate Optimum Media, an advanced advertising and data business, which provides audience-based, multiscreen advertising solutions to local, regional and national businesses and advertising clients. We also operate News 12, which is focused on delivering best-in-class hyperlocal news content.

FORWARD-LOOKING STATEMENTS

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, our revenue streams, results of operations and liquidity; our strategy, objectives, prospects, trends, service and operational improvements, capital expenditure plans, broadband, fiber, video and mobile growth, product offerings (including multi-gig plans) sales pipeline, network expansion and passings; our ability to achieve operational performance improvements (including our AI capabilities); our ability to achieve near and longer term revenue, penetration, operational efficiency and capital structure opportunities (including mobile lines, fiber subscribers, fiber penetration, gross margin, operating expenses, EBITDA margins and annual capital expenditures); 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 without limitation the terms “anticipate”, “believe”, “could”, “estimate”, “expect”, “forecast”, “intend”, “may”, “opportunity”, “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, 2024. 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/20250213839100/en/

Investor Relations John Hsu: +1 917 405 2097 / john.hsu@alticeusa.com Sarah Freedman: +1 631 660 8714 / sarah.freedman@alticeusa.com Media Relations Lisa Anselmo: +1 516 279 9461 / lisa.anselmo@alticeusa.com Janet Meahan: +1 516 519 2353 / janet.meahan@alticeusa.com

Altice USA (NYSE:ATUS)
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