Mediacom Combined Results for Fourth Quarter 2020*
- Revenues were $549.4 million, a 6.9% increase from the prior year period
- Adjusted OIBDA was $246.8 million, a 16.3% increase from the prior year period
- Free cash flow was $151.4 million, a 24.0% increase from the prior year period
- High-speed data (“HSD”) customers were 1,438,000, an 8.3% increase from December 31, 2019
- Net debt of $1.714 billion, a $472 million reduction from December 31, 2019
- Net leverage ratio of 1.74x, compared to 2.57x at December 31, 2019
Mediacom Combined Results for Full Year 2020*
- Revenues were $2.131 billion, a 4.9% increase from the prior year period
- Adjusted OIBDA was $898.9 million, a 11.2% increase from the prior year period
- Free cash flow was $538.0 million, a 28.4% increase from the prior year period
“I am proud to announce record-breaking 2020 results, a truly exceptional performance in the face of the economic and operating challenges caused by the coronavirus pandemic,” stated Rocco B. Commisso, Mediacom’s founder, Chairman and Chief Executive Officer. “During the fourth quarter of 2020, not only did we achieve the 96th consecutive quarter of year-over-year revenue growth, an extraordinary feat, but Adjusted OIBDA rose 16.3% and we generated free cash flow of $151 million, both all-time records.
For full-year 2020, Adjusted OIBDA grew to $899 million, or 11.2%, representing Mediacom’s highest organic annual growth rate ever, and among the highest reported for 2020 in the U.S. telecommunications industry. Noteworthy is our ever-growing free cash flow which has enabled Mediacom to reduce debt by $600 million during the past two years, despite funding $1 billion for capital investments and the acquisition and support of ACF Fiorentina. Our outstanding financial performance strengthened the balance sheet even more, with net leverage declining to 1.7x, validating S&P’s decision to upgrade Mediacom’s credit rating to BBB investment grade in August of last year.
During these very difficult and trying times, Mediacom’s hard-working frontline employees have been critical to the mission of delivering fast and reliable broadband connections to our residential customers and their families, as well as to our commercial clients. Mediacom’s fiber-rich network performed remarkably well after COVID struck, handling significant increases in average bandwidth consumption per user and strong Internet customer growth, clearly demonstrating that our long-standing strategy of massive reinvestment in our broadband network continues to pay substantial dividends.”
* See Table 7 regarding our use of non-GAAP measures and definitions of Adjusted OIBDA and free cash flow and Table 8 for footnotes.
TABLE 1* Mediacom Communications Corporation Selected Combined Financial and Operating Data (Dollars in thousands, except per unit data) (Unaudited) |
||||||||||
|
Three Months Ended |
|
||||||||
|
|
2020 |
|
|
2019 |
|
YoY% Change |
|||
High-speed data (“HSD”) |
$ |
249,803 |
|
$ |
217,820 |
|
14.7 |
% |
||
Video |
|
166,658 |
|
|
178,653 |
|
(6.7 |
%) |
||
Phone |
|
29,280 |
|
|
29,926 |
|
(2.2 |
%) |
||
Business services |
|
74,321 |
|
|
72,639 |
|
2.3 |
% |
||
Advertising |
|
29,304 |
|
|
14,877 |
|
97.0 |
% |
||
Total revenues |
$ |
549,366 |
|
$ |
513,915 |
|
6.9 |
% |
||
Service costs |
|
(205,690 |
) |
|
(208,791 |
) |
(1.5 |
%) |
||
SG&A expenses |
|
(81,612 |
) |
|
(81,743 |
) |
(0.2 |
%) |
||
Management fees |
|
(16,000 |
) |
|
(11,500 |
) |
39.1 |
% |
||
OIBDA (a) |
$ |
246,064 |
|
$ |
211,881 |
|
16.1 |
% |
||
Non-cash, share based compensation |
|
707 |
|
|
385 |
|
83.6 |
% |
||
Adjusted OIBDA (a) |
$
|
246,771
|
|
$
|
212,266
|
|
16.3 |
% |
||
Cash interest expense (a) |
|
(6,807 |
) |
|
(19,670 |
) |
(65.4 |
%) |
||
Capital expenditures |
|
(88,595 |
) |
|
(70,515 |
) |
25.6 |
% |
||
Free cash flow (a) |
$ |
151,369 |
|
$ |
122,081 |
|
24.0 |
% |
||
|
|
|
|
|||||||
Adjusted OIBDA margin (b) |
|
44.9 |
% |
|
41.3 |
% |
|
|||
|
|
|
|
|||||||
|
|
|
|
|||||||
|
December 31, 2020 |
December 31, 2019 |
YoY% Change |
|||||||
HSD customers |
|
1,438,000 |
|
|
1,328,000 |
|
8.3 |
% |
||
Video customers |
|
643,000 |
|
|
710,000 |
|
(9.4 |
%) |
||
Phone customers |
|
586,000 |
|
|
613,000 |
|
(4.4 |
%) |
||
Primary service units (“PSUs”) |
|
2,667,000 |
|
|
2,651,000 |
|
0.6 |
% |
||
|
|
|
|
|||||||
HSD customer increases |
|
13,000 |
|
|
12,000 |
|
|
|||
Video customer declines |
|
(20,000 |
) |
|
(19,000 |
) |
|
|||
Phone customer declines |
|
(13,000 |
) |
|
(3,000 |
) |
|
|||
Quarterly PSU declines |
|
(20,000 |
) |
|
(10,000 |
) |
|
|||
|
|
|
|
|||||||
|
|
|
|
|||||||
|
|
|
|
|||||||
|
|
|
|
|||||||
|
December 31, 2020 |
December 31, 2019 |
|
|||||||
Total debt (c) |
$ |
1,750,000 |
|
$ |
2,215,000 |
|
|
|||
Cash |
|
(36,414 |
) |
|
(29,733 |
) |
|
|||
Net debt |
$ |
1,713,586 |
|
$ |
2,185,267 |
|
|
|||
|
|
|
|
|||||||
Unused lines of credit (d) |
$ |
679,606 |
|
$ |
628,823 |
|
|
|||
|
|
|
|
|||||||
Net leverage ratio (e) |
1.74x |
2.57x |
|
|||||||
Interest coverage ratio (f) |
36.25x |
10.79x |
|
_______________
* See Table 7 for information about our use of non-GAAP measures and definitions of OIBDA, Adjusted 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 |
|
||||||||
|
|
2020 |
|
|
2019 |
|
YoY% Change |
|||
High-speed data (“HSD”) |
$ |
943,988 |
|
$ |
840,958 |
|
12.3 |
% |
||
Video |
|
707,510 |
|
|
738,542 |
|
(4.2 |
%) |
||
Phone |
|
117,919 |
|
|
119,145 |
|
(1.0 |
%) |
||
Business services |
|
294,966 |
|
|
285,403 |
|
3.4 |
% |
||
Advertising |
|
66,841 |
|
|
47,192 |
|
41.6 |
% |
||
Total revenues |
$ |
2,131,224 |
|
$ |
2,031,240 |
|
4.9 |
% |
||
Service costs |
|
(856,916 |
) |
|
(854,862 |
) |
0.2 |
% |
||
SG&A expenses |
|
(325,259 |
) |
|
(325,881 |
) |
(0.2 |
%) |
||
Management fees |
|
(53,000 |
) |
|
(44,000 |
) |
20.5 |
% |
||
OIBDA (a) |
$ |
896,049 |
|
$ |
806,497 |
|
11.1 |
% |
||
Non-cash, share based compensation |
|
2,828 |
|
|
1,539 |
|
83.8 |
% |
||
Adjusted OIBDA (a) |
$
|
898,877
|
|
$
|
808,036
|
|
11.2 |
% |
||
Cash interest expense (a) |
|
(39,887 |
) |
|
(92,524 |
) |
(56.9 |
%) |
||
Capital expenditures |
|
(320,953 |
) |
|
(296,597 |
) |
8.2 |
% |
||
Free cash flow (a) |
$ |
538,037 |
|
$ |
418,915 |
|
28.4 |
% |
||
|
|
|
|
|||||||
Adjusted OIBDA margin (b) |
|
42.2 |
% |
|
39.8 |
% |
|
|||
|
|
|
|
|||||||
|
|
|
|
|||||||
|
December 31, 2020 |
December 31, 2019 |
YoY% Change |
|||||||
HSD customers |
|
1,438,000 |
|
|
1,328,000 |
|
8.3 |
% |
||
Video customers |
|
643,000 |
|
|
710,000 |
|
(9.4 |
%) |
||
Phone customers |
|
586,000 |
|
|
613,000 |
|
(4.4 |
%) |
||
Primary service units (“PSUs”) |
|
2,667,000 |
|
|
2,651,000 |
|
0.6 |
% |
||
|
|
|
|
|||||||
HSD customer increases |
|
110,000 |
|
|
64,000 |
|
|
|||
Video customer declines |
|
(67,000 |
) |
|
(66,000 |
) |
|
|||
Phone customer declines |
|
(27,000 |
) |
|
(1,000 |
) |
|
|||
Annual PSU increases (declines) |
|
16,000 |
|
|
(3,000 |
) |
|
|||
|
|
|
|
|||||||
|
|
|
|
|||||||
|
|
|
|
|||||||
|
|
|
|
|||||||
|
December 31, 2020 |
December 31, 2019 |
|
|||||||
Total debt (c) |
$ |
1,750,000 |
|
$ |
2,215,000 |
|
|
|||
Cash |
|
(36,414 |
) |
|
(29,733 |
) |
|
|||
Net debt |
$ |
1,713,586 |
|
$ |
2,185,267 |
|
|
|||
|
|
|
|
|||||||
Unused lines of credit (d) |
$ |
679,606 |
|
$ |
628,823 |
|
|
|||
|
|
|
|
|||||||
Net leverage ratio (e) |
1.91x |
2.70x |
|
|||||||
Interest coverage ratio (f) |
22.54x |
8.73x |
|
_______________
* See Table 7 for information about our use of non-GAAP measures and definitions of OIBDA, Adjusted 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 LLC |
Eliminations |
Mediacom |
|
||||||||||
High-speed data (“HSD”) |
$ |
133,228 |
|
$ |
116,575 |
|
― |
$ |
249,803 |
|
|
||||
Video |
|
89,272 |
|
|
77,386 |
|
― |
|
166,658 |
|
|
||||
Phone |
|
15,632 |
|
|
13,648 |
|
― |
|
29,280 |
|
|
||||
Business services |
|
44,617 |
|
|
29,704 |
|
― |
|
74,321 |
|
|
||||
Advertising |
|
25,916 |
|
|
3,388 |
|
― |
|
29,304 |
|
|
||||
Total revenues |
$ |
308,665 |
|
$ |
240,701 |
|
― |
$ |
549,366 |
|
|
||||
Service costs |
|
(109,791 |
) |
|
(95,899 |
) |
― |
|
(205,690 |
) |
|
||||
SG&A expenses |
|
(49,611 |
) |
|
(32,001 |
) |
― |
|
(81,612 |
) |
|
||||
Management fees |
|
(9,600 |
) |
|
(6,400 |
) |
― |
|
(16,000 |
) |
|
||||
OIBDA (a) |
$ |
139,663 |
|
$ |
106,401 |
|
― |
$ |
246,064 |
|
|
||||
Investment income from affiliate |
― |
|
4,500 |
|
(4,500 |
) |
― |
|
|||||||
Non-cash share-based compensation |
|
385 |
|
|
322 |
|
― |
|
707 |
|
|
||||
Adjusted OIBDA (a) |
$ |
140,048 |
|
$ |
111,223 |
|
(4,500 |
) |
$ |
246,771 |
|
|
|||
Cash interest expense (a) |
|
(3,214 |
) |
|
(3,593 |
) |
― |
|
(6,807 |
) |
|
||||
Capital expenditures |
|
(45,832 |
) |
|
(42,763 |
) |
― |
|
(88,595 |
) |
|
||||
Dividend to preferred members |
|
(4,500 |
) |
― |
4,500 |
|
― |
|
|||||||
Free cash flow (a) |
$ |
86,502 |
|
$ |
64,867 |
|
― |
$ |
151,369 |
|
|
||||
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
||||||||||
|
Mediacom |
Mediacom LLC |
Mediacom |
|
|||||||||||
HSD customers |
|
784,000 |
|
|
654,000 |
|
|
|
1,438,000 |
|
|
||||
Video customers |
|
350,000 |
|
|
293,000 |
|
|
|
643,000 |
|
|
||||
Phone customers |
|
320,000 |
|
|
266,000 |
|
|
|
586,000 |
|
|
||||
Primary service units (“PSUs”) |
|
1,454,000 |
|
|
1,213,000 |
|
|
|
2,667,000 |
|
|
||||
|
|
|
|
|
|
||||||||||
HSD customer increases |
|
3,000 |
|
|
10,000 |
|
|
|
13,000 |
|
|
||||
Video customer declines |
|
(11,000 |
) |
|
(9,000 |
) |
|
|
(20,000 |
) |
|
||||
Phone customer declines |
|
(8,000 |
) |
|
(5,000 |
) |
|
|
(13,000 |
) |
|
||||
Quarterly PSU declines |
|
(16,000 |
) |
|
(4,000 |
) |
|
|
(20,000 |
) |
|
||||
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
||||||||||
|
Mediacom |
Mediacom LLC |
|
Mediacom |
|
||||||||||
Total debt (c) |
$ |
905,313 |
|
$ |
844,688 |
|
|
$ |
1,750,000 |
|
|
||||
Cash |
|
(19,008 |
) |
|
(17,406 |
) |
|
|
(36,414 |
) |
|
||||
Net debt |
$ |
886,305 |
|
$ |
827,282 |
|
|
$ |
1,713,586 |
|
|
||||
|
|
|
|
|
|
||||||||||
Unused lines of credit (d) |
$ |
365,846 |
|
$ |
313,760 |
|
|
$ |
679,606 |
|
|
||||
|
|
|
|
|
|
||||||||||
Net leverage ratio (e) |
1.58x |
1.86x |
|
1.74x |
|
||||||||||
Interest coverage ratio (f) |
43.57x |
30.96x |
|
36.25x |
|
_______________
* See Table 7 for information about our use of non-GAAP measures and definitions of OIBDA, Adjusted OIBDA and free cash flow 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 4* Mediacom Communications Corporation Selected Combined Financial and Operating Data (Dollars in thousands, except per unit data) (Unaudited) |
|||||||||||||||
|
Three Months Ended |
||||||||||||||
|
Mediacom |
Mediacom LLC |
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 LLC |
|
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 |
) |
|
||||
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
||||||||||
|
Mediacom |
Mediacom LLC |
Mediacom |
|
|||||||||||
Total debt (c) |
$ |
1,102,625 |
|
$ |
1,112,375 |
|
|
$ |
2,215,000 |
|
|
||||
Cash |
|
(15,482 |
) |
|
(14,251 |
) |
|
|
(29,733 |
) |
|
||||
Net debt |
$ |
1,087,143 |
|
$ |
1,098,124 |
|
|
$ |
2,185,267 |
|
|
||||
|
|
|
|
|
|
||||||||||
Unused lines of credit (d) |
$ |
266,871 |
|
$ |
361,952 |
|
|
$ |
628,823 |
|
|
||||
|
|
|
|
|
|
||||||||||
Net leverage ratio (e) |
2.27x |
2.83x |
|
2.57x |
|
||||||||||
Interest coverage ratio (f) |
11.61x |
10.37x |
|
10.79x |
|
_______________
* See Table 7 for information about our use of non-GAAP measures and definitions of OIBDA, Adjusted OIBDA and free cash flow 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 5* Mediacom Communications Corporation Selected Combined Financial and Operating Data (Dollars in thousands, except per unit data) (Unaudited) |
|||||||||||||||
|
Year Months Ended |
||||||||||||||
|
Mediacom |
Mediacom LLC |
Eliminations |
Mediacom |
|
||||||||||
High-speed data (“HSD”) |
$ |
505,822 |
|
$ |
438,166 |
|
― |
$ |
943,988 |
|
|
||||
Video |
|
380,358 |
|
|
327,152 |
|
― |
|
707,510 |
|
|
||||
Phone |
|
63,213 |
|
|
54,706 |
|
― |
|
117,919 |
|
|
||||
Business services |
|
177,651 |
|
|
117,315 |
|
― |
|
294,966 |
|
|
||||
Advertising |
|
58,217 |
|
|
8,624 |
|
― |
|
66,841 |
|
|
||||
Total revenues |
$ |
1,185,261 |
|
$ |
945,963 |
|
― |
$ |
2,131,224 |
|
|
||||
Service costs |
|
(459,973 |
) |
|
(396,943 |
) |
― |
|
(856,916 |
) |
|
||||
SG&A expenses |
|
(197,153 |
) |
|
(128,106 |
) |
― |
|
(325,259 |
) |
|
||||
Management fees |
|
(31,800 |
) |
|
(21,200 |
) |
― |
|
(53,000 |
) |
|
||||
OIBDA (a) |
$ |
496,335 |
|
$ |
399,714 |
|
― |
$ |
896,049 |
|
|
||||
Investment income from affiliate |
― |
|
18,000 |
|
(18,000 |
) |
― |
|
|||||||
Non-cash share-based compensation |
|
1,509 |
|
|
1,319 |
|
― |
|
2,828 |
|
|
||||
Adjusted OIBDA (a) |
$ |
497,844 |
|
$ |
419,033 |
|
(18,000 |
) |
$ |
898,877 |
|
|
|||
Cash interest expense (a) |
|
(19,462 |
) |
|
(20,425 |
) |
― |
|
(39,887 |
) |
|
||||
Capital expenditures |
|
(164,959 |
) |
|
(155,994 |
) |
― |
|
(320,953 |
) |
|
||||
Dividend to preferred members |
|
(18,000 |
) |
― |
18,000 |
|
― |
|
|||||||
Free cash flow (a) |
$ |
295,423 |
|
$ |
242,614 |
|
― |
$ |
538,037 |
|
|
||||
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
||||||||||
|
Mediacom |
Mediacom LLC |
Mediacom |
|
|||||||||||
HSD customers |
|
784,000 |
|
|
654,000 |
|
|
|
1,438,000 |
|
|
||||
Video customers |
|
350,000 |
|
|
293,000 |
|
|
|
643,000 |
|
|
||||
Phone customers |
|
320,000 |
|
|
266,000 |
|
|
|
586,000 |
|
|
||||
Primary service units (“PSUs”) |
|
1,454,000 |
|
|
1,213,000 |
|
|
|
2,667,000 |
|
|
||||
|
|
|
|
|
|
||||||||||
HSD customer increases |
|
52,000 |
|
|
58,000 |
|
|
|
110,000 |
|
|
||||
Video customer declines |
|
(39,000 |
) |
|
(28,000 |
) |
|
|
(67,000 |
) |
|
||||
Phone customer declines |
|
(18,000 |
) |
|
(9,000 |
) |
|
|
(27,000 |
) |
|
||||
Annual PSU (declines) increases |
|
(5,000 |
) |
|
21,000 |
|
|
|
16,000 |
|
|
||||
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
||||||||||
|
Mediacom |
Mediacom LLC |
Mediacom |
|
|||||||||||
Total debt (c) |
$ |
905,313 |
|
$ |
844,688 |
|
|
$ |
1,750,000 |
|
|
||||
Cash |
|
(19,008 |
) |
|
(17,406 |
) |
|
|
(36,414 |
) |
|
||||
Net debt |
$ |
886,305 |
|
$ |
827,282 |
|
|
$ |
1,713,586 |
|
|
||||
|
|
|
|
|
|
||||||||||
Unused lines of credit (d) |
$ |
365,846 |
|
$ |
313,760 |
|
|
$ |
679,606 |
|
|
||||
|
|
|
|
|
|
||||||||||
Net leverage ratio (e) |
1.78x |
1.97x |
|
1.91x |
|
||||||||||
Interest coverage ratio (f) |
25.58x |
20.52x |
|
22.54x |
|
_______________
* See Table 7 for information about our use of non-GAAP measures and definitions of OIBDA, Adjusted OIBDA and free cash flow 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 6* Mediacom Communications Corporation Selected Combined Financial and Operating Data (Dollars in thousands, except per unit data) (Unaudited) |
|||||||||||||||
|
Year Ended |
||||||||||||||
|
Mediacom |
Mediacom LLC |
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 LLC |
|
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 |
) |
|
||||
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
||||||||||
|
Mediacom |
Mediacom LLC |
Mediacom |
|
|||||||||||
Total debt (c) |
$ |
1,102,625 |
|
$ |
1,112,375 |
|
|
$ |
2,215,000 |
|
|
||||
Cash |
|
(15,482 |
) |
|
(14,251 |
) |
|
|
(29,733 |
) |
|
||||
Net debt |
$ |
1,087,143 |
|
$ |
1,098,124 |
|
|
$ |
2,185,267 |
|
|
||||
|
|
|
|
|
|
||||||||||
Unused lines of credit (d) |
$ |
266,871 |
|
$ |
361,952 |
|
|
$ |
628,823 |
|
|
||||
|
|
|
|
|
|
||||||||||
Net leverage ratio (e) |
2.40x |
2.94x |
|
2.70x |
|
||||||||||
Interest coverage ratio (f) |
9.23x |
8.59x |
|
8.73x |
|
_______________
* See Table 7 for information about our use of non-GAAP measures and definitions of OIBDA, Adjusted OIBDA and free cash flow 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” 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.
Reference to “Mediacom Combined” reflects the combined results of Mediacom Broadband LLC and Mediacom LLC, eliminating intercompany amounts.
TABLE 8
Footnotes
- See Table 7 for information regarding our use of non-GAAP financial measures.
- Represents Adjusted OIBDA as a percentage of total revenues.
- Total debt excludes the effect of deferred financing costs, net.
- Represents unused and available commitments under our revolving credit facilities after giving effect to outstanding borrowings and letters of credit
- Represents net debt at period end divided by annualized Adjusted OIBDA for the period.
- Represents Adjusted OIBDA divided by cash interest expense for the period.
About Mediacom
Mediacom Communications Corporation is the 5th largest cable operator in the U.S. serving over 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.