Earnings

MEDIACOM PARK, N.Y.--(BUSINESS WIRE)--MEDIACOM COMMUNICATIONS CORPORATION today released combined unaudited financial and operating highlights for the three months and full year ended December 31, 2021.

The company’s fourth quarter performance marks Mediacom’s 100^th consecutive quarter of year-over-year revenue growth, a remarkable accomplishment achieved possibly by only a handful of companies in the modern history of American business.

In honor of this significant milestone, Rocco B. Commisso, Mediacom’s founder, Chairman and CEO has issued a commemorative letter to be read in connection with the earnings release. A copy of the Chairman’s Letter can be found at http://mediacomcable.com/about/news/chairmans-letter-2022/

Mediacom Combined Results for Fourth Quarter 2021*

• Revenues were $561.2 million, a 2.2% increase from the prior year period
  • Revenues, excluding advertising, increased 5.7% from the prior year period
• Adjusted OIBDA was $266.9 million, an 8.2% increase from the prior year period
  • Adjusted OIBDA, excluding advertising, increased 15.2% from the prior year period
• After-tax free cash flow was $136.2 million, a 7.6% decrease from the prior year period
  • Income taxes were $27.8 million, compared to $3.9 million during the prior year period
• High-speed data customers were 1,463,000, a 1.7% increase from December 31, 2020
• Net debt of $1.232 billion, a $482 million reduction from December 31, 2020
• Net leverage ratio of 1.15x, compared to 1.74x at December 31, 2020

Mediacom Combined Results for Full Year 2021*

• Revenues were $2.223 billion, a 4.3% increase from the prior year
  • Revenues, excluding advertising, increased 5.7% from the prior year
• Adjusted OIBDA was $1.001 billion, an 11.3% increase from the prior year
  • Adjusted OIBDA, excluding advertising, increased 14.6% from the prior year
• After-tax free cash flow was $510.1 million, a 2.3% decrease from the prior year
  • Income taxes were $128.9 million, compared to $15.7 million during the prior year

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* See Table 7 regarding our usage and definition of non-GAAP financial measures, and Table 8 for footnotes.

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* See Table 7 regarding our usage and definitions of non-GAAP financial measures, and Table 8 for footnotes.

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* See Table 7 regarding our usage and definitions of non-GAAP financial measures, and Table 8 for footnotes.

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* See Table 7 regarding our usage and definitions of non-GAAP financial measures, and Table 8 for footnotes.

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* See Table 7 regarding our usage and definitions of non-GAAP financial measures, and Table 8 for footnotes.
Due to rounding of Mediacom Broadband and Mediacom LLC results, slight differences may exist with actual Mediacom Combined results.

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* See Table 7 regarding our usage and definitions of non-GAAP financial measures, and Table 8 for footnotes.

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* See Table 7 regarding our usage and definitions of non-GAAP financial measures, and Table 8 for footnotes.
Due to rounding of Mediacom Broadband and Mediacom LLC results, slight differences may exist with actual Mediacom Combined results.

TABLE 7
Use of Non-GAAP Financial Measures

“OIBDA,” “Adjusted OIBDA,” “cash interest expense,” “income taxes” and “after-tax 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.

We define income taxes as the restricted payments (“RPs”) made by Mediacom Broadband LLC and Mediacom LLC to fund their pro rata share of federal and state income taxes owed by their parent company. These RPs reflected amounts that Mediacom Broadband LLC and Mediacom LLC would have incurred during the three months and full year ended December 31, 2021 and 2020, respectively, in the event they were each tax-paying corporations.

For Mediacom Broadband LLC, we define after-tax free cash flow as Adjusted OIBDA less capital expenditures, cash interest expense, income taxes and dividends to preferred members. For Mediacom LLC, we define free cash flow as Adjusted OIBDA less capital expenditures, cash interest expense and income taxes. After-tax free cash flow may not be comparable to similarly titled measures reported by other companies.

Reference to “Mediacom Combined” reflects the combined results of Mediacom Broadband LLC and Mediacom LLC, eliminating intercompany amounts between them.

TABLE 8
Footnotes

(a) See Table 7 for information regarding our usage of non-GAAP financial measures.

(b) Represents Adjusted OIBDA as a percentage of total revenues.

(c) Total debt excludes the effect of deferred financing costs, net.

(d) Represents unused and available commitments under our revolving credit facilities after giving effect to outstanding borrowings and letters of credit issued thereunder.

(e) Represents net debt at period end divided by annualized Adjusted OIBDA for the period.

(f) Represents Adjusted OIBDA divided by cash interest expense for the period.

About Mediacom

Mediacom Communications Corporation is the 5th largest cable operator in the United States and the leading gigabit broadband provider to smaller markets primarily in the Midwest and Southeast. Through its fiber-rich network, Mediacom provides high-speed data, video and phone services to 1.5 million households and businesses across 22 states. The company delivers scalable broadband solutions to commercial and public-sector customers of all sizes through Mediacom Business, and sells advertising and production services under the OnMedia brand. More information about Mediacom is available at www.mediacomcable.com.