MEDIACOM COMMUNICATIONS CORPORATION today released combined unaudited financial and operating highlights for the three months and full year ended December 31, 2019.
Mediacom Combined Results for Fourth Quarter 2019*
- Revenues were $513.9 million, reflecting a 3.5% increase from the prior year period
- Adjusted OIBDA was $212.3 million, reflecting an 8.2% increase from the prior year period
- Capital expenditures were $70.5 million, compared to $96.3 million in the prior year period
- Free cash flow was $122.1 million, compared to $76.6 million in the prior year period
- Ending primary service units (“PSUs”) of 2,651,000, a 0.1% decrease from December 31, 2018
- Ending customer relationships of 1,363,000, a 0.4% increase from December 31, 2018
- Net leverage ratio of 2.57x, compared to 2.91x at December 31, 2018
- Interest coverage ratio of 10.79x, compared to 8.41x at December 31, 2018
Mediacom Combined Results for Full Year 2019*
- Revenues were $2,031.2 million, reflecting a 3.8% increase from the prior year
- Adjusted OIBDA was $808.0 million, reflecting an 8.5% increase from the prior year
- Capital expenditures were $296.6 million, compared to $333.7 million in the prior year
- Free cash flow was $418.9 million, compared to $319.5 million in the prior year
- Net leverage ratio of 2.70x, compared to 3.07x at December 31, 2018
- Interest coverage ratio of 8.73x, compared to 8.12x at December 31, 2018
- Ending net debt of $2,185.3 million, a $101.0 million reduction from December 31, 2018
Reference to “Mediacom Combined” reflects the combined results of Mediacom Broadband LLC and Mediacom LLC, eliminating intercompany amounts.
About Mediacom
Mediacom Communications Corporation is the 5th largest cable operator in the U.S. serving almost 1.4 million customers in smaller markets primarily in the Midwest and Southeast. Mediacom offers a wide array of information, communications and entertainment services to households and businesses, including video, high-speed data, phone, and home security and automation. Through Mediacom Business, the company provides innovative broadband solutions to commercial and public sector customers of all sizes, and sells advertising and production services under the OnMedia brand. More information about Mediacom is available at www.mediacomcable.com.
|
TABLE 1* Mediacom Communications Corporation Selected Combined Financial and Operating Data (Dollars in thousands, except per unit data) (Unaudited) |
||||||||||
|
|
Three Months Ended |
|
||||||||
|
|
2019 |
2018 |
YoY% Change |
|||||||
|
High-speed data (“HSD”) |
$ |
217,820 |
|
$ |
196,024 |
|
11.1 |
% |
||
|
Video |
|
178,653 |
|
|
185,974 |
|
(3.9 |
%) |
||
|
Phone |
|
29,926 |
|
|
29,244 |
|
2.3 |
% |
||
|
Business services |
|
72,639 |
|
|
68,639 |
|
5.8 |
% |
||
|
Advertising |
|
14,877 |
|
|
16,551 |
|
(10.1 |
%) |
||
|
Total revenues |
$ |
513,915 |
|
$ |
496,432 |
|
3.5 |
% |
||
|
Service costs |
|
(208,791 |
) |
|
(208,846 |
) |
(0.0 |
%) |
||
|
SG&A expenses |
|
(81,743 |
) |
|
(82,388 |
) |
(0.8 |
%) |
||
|
Management fees |
|
(11,500 |
) |
|
(10,500 |
) |
9.5 |
% |
||
|
OIBDA (a) |
$ |
211,881 |
|
$ |
194,698 |
|
8.8 |
% |
||
|
Non-cash, share based compensation |
|
385 |
|
|
1,543 |
|
(75.0 |
%) |
||
|
Adjusted OIBDA (a) |
$ |
212,266 |
$ |
196,241 |
8.2 |
% |
||||
|
Cash interest expense (a) |
|
(19,670 |
) |
|
(23,338 |
) |
(15.7 |
%) |
||
|
Capital expenditures |
|
(70,515 |
) |
|
(96,272 |
) |
(26.8 |
%) |
||
|
Free cash flow (a) |
$ |
122,081 |
|
$ |
76,631 |
|
59.3 |
% |
||
|
|
|
|
|
|||||||
|
Adjusted OIBDA margin (b) |
|
41.3 |
% |
|
39.5 |
% |
|
|||
|
|
|
|
|
|||||||
|
|
|
|
|
|||||||
|
|
December 31, 2019 |
December 31, 2018 |
YoY% Change |
|||||||
|
HSD customers |
|
1,328,000 |
|
|
1,264,000 |
|
5.1 |
% |
||
|
Video customers |
|
710,000 |
|
|
776,000 |
|
(8.5 |
%) |
||
|
Phone customers |
|
613,000 |
|
|
614,000 |
|
(0.2 |
%) |
||
|
Primary service units (“PSUs”) |
|
2,651,000 |
|
|
2,654,000 |
|
(0.1 |
%) |
||
|
|
|
|
|
|||||||
|
HSD customer increases |
|
12,000 |
|
|
4,000 |
|
|
|||
|
Video customer declines |
|
(19,000 |
) |
|
(17,000 |
) |
|
|||
|
Phone customer (declines) increases |
|
(3,000 |
) |
|
5,000 |
|
|
|||
|
Quarterly PSU declines |
|
(10,000 |
) |
|
(8,000 |
) |
|
|||
|
|
|
|
|
|||||||
|
Customer relationships (c) |
|
1,363,000 |
|
|
1,357,000 |
|
0.4 |
% |
||
|
|
|
|
|
|||||||
|
Average total monthly revenue per: |
|
|
|
|||||||
|
PSU (d) |
$ |
64.50 |
|
$ |
62.26 |
|
3.6 |
% |
||
|
Customer relationship (e) |
$ |
125.50 |
|
$ |
121.59 |
|
3.2 |
% |
||
|
|
|
|
|
|||||||
|
|
|
|
|
|||||||
|
|
December 31, 2019 |
December 31, 2018 |
|
|||||||
|
Bank credit facility |
$ |
2,215,000 |
|
$ |
2,158,250 |
|
|
|||
|
5½% senior notes due 2021 |
― |
|
200,000 |
|
|
|||||
|
Total debt (f) |
$ |
2,215,000 |
|
$ |
2,358,250 |
|
|
|||
|
Cash |
|
(29,733 |
) |
|
(71,994 |
) |
|
|||
|
Net debt (f) |
$ |
2,185,267 |
|
$ |
2,286,256 |
|
|
|||
|
|
|
|
|
|||||||
|
Net leverage ratio (g) |
2.57x |
2.91x |
|
|||||||
|
Interest coverage ratio (h) |
10.79x |
8.41x |
|
|||||||
* See Table 7 for information about our use of non-GAAP measures and definitions of OIBDA and free cash flow and Table 8 for footnotes.
|
TABLE 2* Mediacom Communications Corporation Selected Combined Financial and Operating Data (Dollars in thousands, except per unit data) (Unaudited) |
||||||||||
|
|
Year Ended |
|
||||||||
|
|
2019 |
2018 |
YoY% Change |
|||||||
|
High-speed data (“HSD”) |
$ |
840,958 |
|
$ |
748,403 |
|
12.4 |
% |
||
|
Video |
|
738,542 |
|
|
768,271 |
|
(3.9 |
%) |
||
|
Phone |
|
119,145 |
|
|
114,491 |
|
4.1 |
% |
||
|
Business services |
|
285,403 |
|
|
270,493 |
|
5.5 |
% |
||
|
Advertising |
|
47,192 |
|
|
54,783 |
|
(13.9 |
%) |
||
|
Total revenues |
$ |
2,031,240 |
|
$ |
1,956,441 |
|
3.8 |
% |
||
|
Service costs |
|
(854,862 |
) |
|
(844,022 |
) |
1.3 |
% |
||
|
SG&A expenses |
|
(325,881 |
) |
|
(328,941 |
) |
(0.9 |
%) |
||
|
Management fees |
|
(44,000 |
) |
|
(40,000 |
) |
10.0 |
% |
||
|
OIBDA (a) |
$ |
806,497 |
|
$ |
743,478 |
|
8.5 |
% |
||
|
Non-cash, share based compensation |
|
1,539 |
|
|
1,543 |
|
(0.3 |
%) |
||
|
Adjusted OIBDA (a) |
$ |
808,036 |
|
$ |
745,021 |
|
8.5 |
% |
||
|
Cash interest expense (a) |
|
(92,524 |
) |
|
(91,763 |
) |
0.8 |
% |
||
|
Capital expenditures |
|
(296,597 |
) |
|
(333,726 |
) |
(11.1 |
%) |
||
|
Free cash flow (a) |
$ |
418,915 |
|
$ |
319,532 |
|
31.1 |
% |
||
|
|
|
|
|
|||||||
|
Adjusted OIBDA margin (b) |
|
39.8 |
% |
|
38.1 |
% |
|
|||
|
|
|
|
|
|||||||
|
|
|
|
|
|||||||
|
|
December 31, 2019 |
December 31, 2018 |
YoY% Change |
|||||||
|
HSD customers |
|
1,328,000 |
|
|
1,264,000 |
|
5.1 |
% |
||
|
Video customers |
|
710,000 |
|
|
776,000 |
|
(8.5 |
%) |
||
|
Phone customers |
|
613,000 |
|
|
614,000 |
|
(0.2 |
%) |
||
|
Primary service units (“PSUs”) |
|
2,651,000 |
|
|
2,654,000 |
|
(0.1 |
%) |
||
|
|
|
|
|
|||||||
|
HSD customer increases |
|
64,000 |
|
|
55,000 |
|
|
|||
|
Video customer declines |
|
(66,000 |
) |
|
(45,000 |
) |
|
|||
|
Phone customer (declines) increases |
|
(1,000 |
) |
|
50,000 |
|
|
|||
|
Annual PSU (declines) increases |
|
(3,000 |
) |
|
60,000 |
|
|
|||
|
|
|
|
|
|||||||
|
Customer relationships (c) |
|
1,363,000 |
|
|
1,357,000 |
|
0.4 |
% |
||
|
|
|
|
|
|||||||
|
Average total monthly revenue per: |
|
|
|
|||||||
|
PSU (d) |
$ |
63.82 |
|
$ |
62.13 |
|
2.7 |
% |
||
|
Customer relationship (e) |
$ |
124.46 |
|
$ |
119.88 |
|
3.8 |
% |
||
|
|
|
|
|
|||||||
|
|
|
|
|
|||||||
|
|
December 31, 2019 |
December 31, 2018 |
|
|||||||
|
Bank credit facility |
$ |
2,215,000 |
|
$ |
2,158,250 |
|
|
|||
|
5½% senior notes due 2021 |
― |
|
200,000 |
|
|
|||||
|
Total debt (f) |
$ |
2,215,000 |
|
$ |
2,358,250 |
|
|
|||
|
Cash |
|
(29,733 |
) |
|
(71,994 |
) |
|
|||
|
Net debt (f) |
$ |
2,185,267 |
|
$ |
2,286,256 |
|
|
|||
|
|
|
|
|
|||||||
|
Net leverage ratio (g) |
2.70x |
3.07x |
|
|||||||
|
Interest coverage ratio (h) |
8.73x |
8.12x |
|
|||||||
* See Table 7 for information about our use of non-GAAP measures and definitions of OIBDA and free cash flow and Table 8 for footnotes.
|
TABLE 3* Mediacom Communications Corporation Selected Combined Financial and Operating Data (Dollars in thousands, except per unit data) (Unaudited) |
||||||||||||||
|
|
Three Months Ended |
|||||||||||||
|
|
Mediacom |
Mediacom |
Eliminations |
Mediacom |
||||||||||
|
High-speed data (“HSD”) |
$ |
117,823 |
|
$ |
99,997 |
|
― |
$ |
217,820 |
|
||||
|
Video |
|
96,878 |
|
|
81,775 |
|
― |
|
178,653 |
|
||||
|
Phone |
|
16,103 |
|
|
13,823 |
|
― |
|
29,926 |
|
||||
|
Business services |
|
44,103 |
|
|
28,536 |
|
― |
|
72,639 |
|
||||
|
Advertising |
|
12,737 |
|
|
2,140 |
|
― |
|
14,877 |
|
||||
|
Total revenues |
$ |
287,644 |
|
$ |
226,271 |
|
― |
$ |
513,915 |
|
||||
|
Service costs |
|
(112,217 |
) |
|
(96,574 |
) |
― |
|
(208,791 |
) |
||||
|
SG&A expenses |
|
(49,038 |
) |
|
(32,705 |
) |
― |
|
(81,743 |
) |
||||
|
Management fees |
|
(6,900 |
) |
|
(4,600 |
) |
― |
|
(11,500 |
) |
||||
|
OIBDA (a) |
$ |
119,489 |
|
$ |
92,392 |
|
― |
$ |
211,881 |
|
||||
|
Investment income from affiliate |
― |
|
4,500 |
|
(4,500 |
) |
― |
|||||||
|
Non-cash share-based compensation |
|
204 |
|
|
181 |
|
― |
|
385 |
|
||||
|
Adjusted OIBDA (a) |
$ |
119,693 |
|
$ |
97,073 |
|
(4,500 |
) |
$ |
212,266 |
|
|||
|
Cash interest expense (a) |
|
(10,313 |
) |
|
(9,357 |
) |
― |
|
(19,670 |
) |
||||
|
Capital expenditures |
|
(36,615 |
) |
|
(33,900 |
) |
― |
|
(70,515 |
) |
||||
|
Dividend to preferred members |
|
(4,500 |
) |
― |
|
4,500 |
― |
|||||||
|
Free cash flow (a) |
$ |
68,265 |
|
$ |
53,816 |
|
― |
$ |
122,081 |
|
||||
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
||||||||||
|
|
Mediacom |
Mediacom |
Mediacom |
|||||||||||
|
HSD customers |
|
732,000 |
|
|
596,000 |
|
|
|
1,328,000 |
|
||||
|
Video customers |
|
389,000 |
|
|
321,000 |
|
|
|
710,000 |
|
||||
|
Phone customers |
|
338,000 |
|
|
275,000 |
|
|
|
613,000 |
|
||||
|
Primary service units (“PSUs”) |
|
1,459,000 |
|
|
1,192,000 |
|
|
|
2,651,000 |
|
||||
|
|
|
|
|
|
||||||||||
|
HSD customer increases |
|
6,000 |
|
|
6,000 |
|
|
|
12,000 |
|
||||
|
Video customer declines |
|
(11,000 |
) |
|
(8,000 |
) |
|
|
(19,000 |
) |
||||
|
Phone customer declines |
|
(2,000 |
) |
|
(1,000 |
) |
|
|
(3,000 |
) |
||||
|
Quarterly PSU declines |
|
(7,000 |
) |
|
(3,000 |
) |
|
|
(10,000 |
) |
||||
|
|
|
|
|
|
||||||||||
|
Customer relationships (c) |
|
752,000 |
|
|
611,000 |
|
|
|
1,363,000 |
|
||||
|
|
|
|
|
|
||||||||||
|
Average total monthly revenue per: |
|
|
|
|
||||||||||
|
PSU (d) |
$ |
65.56 |
|
$ |
63.20 |
|
|
$ |
64.50 |
|
||||
|
Customer relationship (e) |
$ |
127.08 |
|
$ |
123.54 |
|
|
$ |
125.50 |
|
||||
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
||||||||||
|
|
Mediacom |
Mediacom |
Mediacom |
|||||||||||
|
Bank credit facility |
$ |
1,102,625 |
|
$ |
1,112,375 |
|
|
$ |
2,215,000 |
|
||||
|
5½% senior notes due 2021 |
― |
― |
|
― |
||||||||||
|
Total debt (f) |
$ |
1,102,625 |
|
$ |
1,112,375 |
|
|
$ |
2,215,000 |
|
||||
|
Cash |
|
(15,482 |
) |
|
(14,251 |
) |
|
|
(29,733 |
) |
||||
|
Net debt (f) |
$ |
1,087,143 |
|
$ |
1,098,124 |
|
|
$ |
2,185,267 |
|
||||
|
|
|
|
|
|
||||||||||
|
Net leverage ratio (g) |
2.27x |
2.83x |
|
2.57x |
||||||||||
|
Interest coverage ratio (h) |
11.61x |
10.37x |
|
10.79x |
||||||||||
* See Table 7 for information about our use of non-GAAP measures and definitions of OIBDA and free cash flow and Table 8 for footnotes.
|
TABLE 4* Mediacom Communications Corporation Selected Combined Financial and Operating Data (Dollars in thousands, except per unit data) (Unaudited) |
||||||||||||||
|
|
Three Months Ended |
|||||||||||||
|
|
Mediacom |
Mediacom |
Eliminations |
Mediacom |
||||||||||
|
High-speed data (“HSD”) |
$ |
106,564 |
|
$ |
89,460 |
|
― |
$ |
196,024 |
|
||||
|
Video |
|
102,322 |
|
|
83,652 |
|
― |
|
185,974 |
|
||||
|
Phone |
|
15,687 |
|
|
13,557 |
|
― |
|
29,244 |
|
||||
|
Business services |
|
41,879 |
|
|
26,760 |
|
― |
|
68,639 |
|
||||
|
Advertising |
|
13,397 |
|
|
3,154 |
|
― |
|
16,551 |
|
||||
|
Total revenues |
$ |
279,849 |
|
$ |
216,583 |
|
― |
$ |
496,432 |
|
||||
|
Service costs |
|
(112,437 |
) |
|
(96,409 |
) |
― |
|
(208,846 |
) |
||||
|
SG&A expenses |
|
(49,016 |
) |
|
(33,372 |
) |
― |
|
(82,388 |
) |
||||
|
Management fees |
|
(6,325 |
) |
|
(4,175 |
) |
― |
|
(10,500 |
) |
||||
|
OIBDA (a) |
$ |
112,071 |
|
$ |
82,627 |
|
― |
$ |
194,698 |
|
||||
|
Investment income from affiliate |
― |
|
4,500 |
|
(4,500 |
) |
― |
|||||||
|
Non-cash share-based compensation |
|
818 |
|
|
725 |
|
― |
|
1,543 |
|
||||
|
Adjusted OIBDA (a) |
$ |
112,889 |
|
$ |
87,852 |
|
(4,500 |
) |
$ |
196,241 |
|
|||
|
Cash interest expense (a) |
|
(12,608 |
) |
|
(10,730 |
) |
― |
|
(23,338 |
) |
||||
|
Capital expenditures |
|
(49,490 |
) |
|
(46,782 |
) |
― |
|
(96,272 |
) |
||||
|
Dividend to preferred members |
|
(4,500 |
) |
― |
4,500 |
|
― |
|||||||
|
Free cash flow (a) |
$ |
46,291 |
|
$ |
30,340 |
|
― |
$ |
76,631 |
|
||||
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
||||||||||
|
|
Mediacom |
Mediacom |
Mediacom |
|||||||||||
|
HSD customers |
|
699,000 |
|
|
565,000 |
|
|
|
1,264,000 |
|
||||
|
Video customers |
|
428,000 |
|
|
348,000 |
|
|
|
776,000 |
|
||||
|
Phone customers |
|
339,000 |
|
|
275,000 |
|
|
|
614,000 |
|
||||
|
Primary service units (“PSUs”) |
|
1,466,000 |
|
|
1,188,000 |
|
|
|
2,654,000 |
|
||||
|
|
|
|
|
|
||||||||||
|
HSD customer increases (declines) |
|
5,000 |
|
|
(1,000 |
) |
|
|
4,000 |
|
||||
|
Video customer declines |
|
(9,000 |
) |
|
(8,000 |
) |
|
|
(17,000 |
) |
||||
|
Phone customer increases |
|
3,000 |
|
|
2,000 |
|
|
|
5,000 |
|
||||
|
Quarterly PSU declines |
|
(1,000 |
) |
|
(7,000 |
) |
|
|
(8,000 |
) |
||||
|
|
|
|
|
|
||||||||||
|
Customer relationships (c) |
|
753,000 |
|
|
604,000 |
|
|
|
1,357,000 |
|
||||
|
|
|
|
|
|
||||||||||
|
Average total monthly revenue per: |
|
|
|
|
||||||||||
|
PSU (d) |
$ |
63.61 |
|
$ |
60.59 |
|
|
$ |
62.26 |
|
||||
|
Customer relationship (e) |
$ |
123.64 |
|
$ |
119.03 |
|
|
$ |
121.59 |
|
||||
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
||||||||||
|
|
Mediacom |
Mediacom |
Mediacom |
|||||||||||
|
Bank credit facility |
$ |
1,024,375 |
|
$ |
1,133,875 |
|
|
$ |
2,158,250 |
|
||||
|
5½% senior notes due 2021 |
|
200,000 |
|
― |
|
|
200,000 |
|
||||||
|
Total debt (f) |
$ |
1,224,375 |
|
$ |
1,133,875 |
|
|
$ |
2,358,250 |
|
||||
|
Cash |
|
(29,964 |
) |
|
(42,030 |
) |
|
|
(71,994 |
) |
||||
|
Net debt (f) |
$ |
1,194,411 |
|
$ |
1,091,845 |
|
|
$ |
2,286,256 |
|
||||
|
|
|
|
|
|
||||||||||
|
Net leverage ratio (g) |
2.65x |
|
3.11x |
|
|
2.91x |
||||||||
|
Interest coverage ratio (h) |
8.95x |
|
8.19x |
|
|
8.41x |
||||||||
* See Table 7 for information about our use of non-GAAP measures and definitions of OIBDA and free cash flow and Table 8 for footnotes.
|
TABLE 5* Mediacom Communications Corporation Selected Combined Financial and Operating Data (Dollars in thousands, except per unit data) (Unaudited) |
||||||||||||||
|
|
Year Ended |
|||||||||||||
|
|
Mediacom |
Mediacom |
Eliminations |
Mediacom |
||||||||||
|
High-speed data (“HSD”) |
$ |
455,828 |
|
$ |
385,130 |
|
― |
$ |
840,958 |
|
||||
|
Video |
|
402,240 |
|
|
336,302 |
|
― |
|
738,542 |
|
||||
|
Phone |
|
64,343 |
|
|
54,802 |
|
― |
|
119,145 |
|
||||
|
Business services |
|
173,822 |
|
|
111,581 |
|
― |
|
285,403 |
|
||||
|
Advertising |
|
39,578 |
|
|
7,614 |
|
― |
|
47,192 |
|
||||
|
Total revenues |
$ |
1,135,811 |
|
$ |
895,429 |
|
― |
$ |
2,031,240 |
|
||||
|
Service costs |
|
(461,663 |
) |
|
(393,199 |
) |
― |
|
(854,862 |
) |
||||
|
SG&A expenses |
|
(196,527 |
) |
|
(129,354 |
) |
― |
|
(325,881 |
) |
||||
|
Management fees |
|
(26,400 |
) |
|
(17,600 |
) |
― |
|
(44,000 |
) |
||||
|
OIBDA (a) |
$ |
451,221 |
|
$ |
355,276 |
|
― |
$ |
806,497 |
|
||||
|
Investment income from affiliate |
― |
|
18,000 |
|
(18,000 |
) |
― |
|||||||
|
Non-cash share-based compensation |
|
816 |
|
|
723 |
|
― |
|
1,539 |
|
||||
|
Adjusted OIBDA (a) |
$ |
452,037 |
|
$ |
373,999 |
|
(18,000 |
) |
$ |
808,036 |
|
|||
|
Cash interest expense (a) |
|
(48,972 |
) |
|
(43,552 |
) |
― |
|
(92,524 |
) |
||||
|
Capital expenditures |
|
(155,704 |
) |
|
(140,893 |
) |
― |
|
(296,597 |
) |
||||
|
Dividend to preferred members |
|
(18,000 |
) |
― |
18,000 |
|
― |
|||||||
|
Free cash flow (a) |
$ |
229,361 |
|
$ |
189,554 |
|
― |
$ |
418,915 |
|
||||
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
||||||||||
|
|
Mediacom |
Mediacom |
Mediacom |
|||||||||||
|
HSD customers |
|
732,000 |
|
|
596,000 |
|
|
|
1,328,000 |
|
||||
|
Video customers |
|
389,000 |
|
|
321,000 |
|
|
|
710,000 |
|
||||
|
Phone customers |
|
338,000 |
|
|
275,000 |
|
|
|
613,000 |
|
||||
|
Primary service units (“PSUs”) |
|
1,459,000 |
|
|
1,192,000 |
|
|
|
2,651,000 |
|
||||
|
|
|
|
|
|
||||||||||
|
HSD customer increases |
|
33,000 |
|
|
31,000 |
|
|
|
64,000 |
|
||||
|
Video customer declines |
|
(39,000 |
) |
|
(27,000 |
) |
|
|
(66,000 |
) |
||||
|
Phone customer declines |
|
(1,000 |
) |
― |
|
|
(1,000 |
) |
||||||
|
Annual PSU (declines) increases |
|
(7,000 |
) |
|
4,000 |
|
|
|
(3,000 |
) |
||||
|
|
|
|
|
|
||||||||||
|
Customer relationships (c) |
|
752,000 |
|
|
611,000 |
|
|
|
1,363,000 |
|
||||
|
|
|
|
|
|
||||||||||
|
Average total monthly revenue per: |
|
|
|
|
||||||||||
|
PSU (d) |
$ |
64.72 |
|
$ |
62.71 |
|
|
$ |
63.82 |
|
||||
|
Customer relationship (e) |
$ |
125.78 |
|
$ |
122.83 |
|
|
$ |
124.46 |
|
||||
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
||||||||||
|
|
Mediacom |
Mediacom |
Mediacom |
|||||||||||
|
Bank credit facility |
$ |
1,102,625 |
|
$ |
1,112,375 |
|
|
$ |
2,215,000 |
|
||||
|
5½% senior notes due 2021 |
― |
― |
|
― |
||||||||||
|
Total debt (f) |
$ |
1,102,625 |
|
$ |
1,112,375 |
|
|
$ |
2,215,000 |
|
||||
|
Cash |
|
(15,482 |
) |
|
(14,251 |
) |
|
|
(29,733 |
) |
||||
|
Net debt (f) |
$ |
1,087,143 |
|
$ |
1,098,124 |
|
|
$ |
2,185,267 |
|
||||
|
|
|
|
|
|
||||||||||
|
Net leverage ratio (g) |
2.40x |
2.94x |
|
|
2.70x |
|||||||||
|
Interest coverage ratio (h) |
9.23x |
8.59x |
|
|
8.73x |
|||||||||
* See Table 7 for information about our use of non-GAAP measures and definitions of OIBDA and free cash flow and Table 8 for footnotes.
|
TABLE 6* Mediacom Communications Corporation Selected Combined Financial and Operating Data (Dollars in thousands, except per unit data) (Unaudited) |
||||||||||||||
|
|
Year Ended |
|||||||||||||
|
|
Mediacom |
Mediacom |
Eliminations |
Mediacom |
||||||||||
|
High-speed data (“HSD”) |
$ |
406,922 |
|
$ |
341,481 |
|
― |
$ |
748,403 |
|
||||
|
Video |
|
422,485 |
|
|
345,786 |
|
― |
|
768,271 |
|
||||
|
Phone |
|
61,647 |
|
|
52,844 |
|
― |
|
114,491 |
|
||||
|
Business services |
|
165,665 |
|
|
104,828 |
|
― |
|
270,493 |
|
||||
|
Advertising |
|
43,957 |
|
|
10,826 |
|
― |
|
54,783 |
|
||||
|
Total revenues |
$ |
1,100,676 |
|
$ |
855,765 |
|
― |
$ |
1,956,441 |
|
||||
|
Service costs |
|
(456,527 |
) |
|
(387,495 |
) |
― |
|
(844,022 |
) |
||||
|
SG&A expenses |
|
(197,594 |
) |
|
(131,347 |
) |
― |
|
(328,941 |
) |
||||
|
Management fees |
|
(24,000 |
) |
|
(16,000 |
) |
― |
|
(40,000 |
) |
||||
|
OIBDA (a) |
$ |
422,555 |
|
$ |
320,923 |
|
― |
$ |
743,478 |
|
||||
|
Investment income from affiliate |
― |
|
18,000 |
|
(18,000 |
) |
― |
|||||||
|
Non-cash share-based compensation |
|
818 |
|
|
725 |
|
― |
|
1,543 |
|
||||
|
Adjusted OIBDA (a) |
$ |
423,373 |
|
$ |
339,648 |
|
(18,000 |
) |
$ |
745,021 |
|
|||
|
Cash interest expense (a) |
|
(52,890 |
) |
|
(38,873 |
) |
― |
|
(91,763 |
) |
||||
|
Capital expenditures |
|
(178,061 |
) |
|
(155,665 |
) |
― |
|
(333,726 |
) |
||||
|
Dividend to preferred members |
|
(18,000 |
) |
― |
18,000 |
|
― |
|||||||
|
Free cash flow (a) |
$ |
174,422 |
|
$ |
145,110 |
|
― |
$ |
319,532 |
|
||||
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
||||||||||
|
|
Mediacom |
Mediacom |
Mediacom |
|||||||||||
|
HSD customers |
|
699,000 |
|
|
565,000 |
|
|
|
1,264,000 |
|
||||
|
Video customers |
|
428,000 |
|
|
348,000 |
|
|
|
776,000 |
|
||||
|
Phone customers |
|
339,000 |
|
|
275,000 |
|
|
|
614,000 |
|
||||
|
Primary service units (“PSUs”) |
|
1,466,000 |
|
|
1,188,000 |
|
|
|
2,654,000 |
|
||||
|
|
|
|
|
|
||||||||||
|
HSD customer increases |
|
31,000 |
|
|
24,000 |
|
|
|
55,000 |
|
||||
|
Video customer declines |
|
(27,000 |
) |
|
(18,000 |
) |
|
|
(45,000 |
) |
||||
|
Phone customer increases |
|
27,000 |
|
|
23,000 |
|
|
|
50,000 |
|
||||
|
Annual PSU increases |
|
31,000 |
|
|
29,000 |
|
|
|
60,000 |
|
||||
|
|
|
|
|
|
||||||||||
|
Customer relationships (c) |
|
753,000 |
|
|
604,000 |
|
|
|
1,357,000 |
|
||||
|
|
|
|
|
|
||||||||||
|
Average total monthly revenue per: |
|
|
|
|
||||||||||
|
PSU (d) |
$ |
63.24 |
|
$ |
60.77 |
|
|
$ |
62.13 |
|
||||
|
Customer relationship (e) |
$ |
121.65 |
|
$ |
117.68 |
|
|
$ |
119.88 |
|
||||
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
||||||||||
|
|
Mediacom |
Mediacom |
Mediacom |
|||||||||||
|
Bank credit facility |
$ |
1,024,375 |
|
$ |
1,133,875 |
|
|
$ |
2,158,250 |
|
||||
|
5½% senior notes due 2021 |
|
200,000 |
|
― |
|
|
200,000 |
|
||||||
|
Total debt (f) |
$ |
1,224,375 |
|
$ |
1,133,875 |
|
|
$ |
2,358,250 |
|
||||
|
Cash |
|
(29,964 |
) |
|
(42,030 |
) |
|
|
(71,994 |
) |
||||
|
Net debt (f) |
$ |
1,194,411 |
|
$ |
1,091,845 |
|
|
$ |
2,286,256 |
|
||||
|
|
|
|
|
|
||||||||||
|
Net leverage ratio (g) |
2.82x |
3.21x |
|
3.07x |
||||||||||
|
Interest coverage ratio (h) |
8.00x |
8.74x |
|
8.12x |
||||||||||
* See Table 7 for information about our use of non-GAAP measures and definitions of OIBDA and free cash flow and Table 8 for footnotes.
TABLE 7
Use of Non-GAAP Financial Measures
“OIBDA,” “Adjusted OIBDA,” “cash interest expense” and “free cash flow” are not financial measures calculated in accordance with generally accepted accounting principles (“GAAP”) in the United States. We define OIBDA as operating income before depreciation and amortization and Adjusted OIBDA as OIBDA plus investment income from affiliate and excluding non-cash share-based compensation. OIBDA and Adjusted OIBDA may not be comparable to similarly titled measures used by other companies, which may have different depreciation and amortization policies, and are key components in our covenant calculations.
We define cash interest expense as interest expense, net, less amortization of deferred financing costs. Cash interest expense excludes the amortization of financing costs which were paid upon the financing of the relevant debt.
For Mediacom Broadband LLC, we define free cash flow as Adjusted OIBDA less capital expenditures, cash interest expense and dividends to preferred members. For Mediacom LLC, we define free cash flow as Adjusted OIBDA less capital expenditures and cash interest expense. Free cash flow may not be comparable to similarly titled measures reported by other companies.
TABLE 8
Footnotes
|
(a) |
See Table 7 for information regarding our use of non-GAAP financial measures. |
|
(b) |
Represents Adjusted OIBDA as a percentage of total revenues. |
|
(c) |
Represents the total number of customers that take at least one service, without regard to which service(s) customers purchase. |
|
(d) |
Represents average total monthly revenues for the period divided by average PSUs for such period. |
|
(e) |
Represents average total monthly revenues for the period divided by average customer relationships for such period. |
|
(f) |
Total debt excludes the effect of deferred financing costs, net. |
|
(g) |
Represents total debt minus cash at period end divided by annualized Adjusted OIBDA for the period. |
|
(h) |
Represents Adjusted OIBDA divided by cash interest expense for the period. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20200220005485/en/