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Mediacom Reports Fourth Quarter and Full Year 2021 Results

Marks Historic Achievement of 100th Consecutive Quarter of Revenue Growth

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 100th 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

__________________________
* See Table 7 regarding our usage and definition of non-GAAP financial measures, 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
December 31,

 

 

 

 

 

2021

 

 

 

2020

 

 

YoY% Change

High-speed data (“HSD”)

 

$

277,262

 

 

$

249,803

 

 

11.0%

Video

 

 

167,754

 

 

 

166,658

 

 

0.7%

Phone

 

 

27,270

 

 

 

29,280

 

 

(6.9%)

Business services

 

 

77,392

 

 

 

74,321

 

 

4.1%

Advertising

 

 

11,556

 

 

 

29,304

 

 

(60.6%)

Total revenues

 

$

561,234

 

 

$

549,366

 

 

2.2%

Service costs

 

 

(210,354

)

 

 

(205,690

)

 

2.3%

SG&A expenses

 

 

(70,839

)

 

 

(81,612

)

 

(13.2%)

Management fees

 

 

(14,000

)

 

 

(16,000

)

 

(12.5%)

OIBDA (a)

 

$

266,041

 

 

$

246,064

 

 

8.1%

Non-cash, share based compensation

 

 

907

 

 

 

707

 

 

28.3%

Adjusted OIBDA (a)

 

$ 

266,948

 

 

$ 

246,771

   

8.2%

Capital expenditures

 

 

(98,151

)

 

 

(88,595

)

 

10.8%

Cash interest expense (a)

 

 

(4,787

)

 

 

(6,807

)

 

(29.7%)

Income taxes (a)

 

 

(27,766

)

 

 

(3,927

)

 

NM

After-tax free cash flow (a)

 

$

136,244

 

 

$

147,442

 

 

(7.6%)

 

 

 

   

 

   

 

Adjusted OIBDA margin (b)

 

 

47.6

%

 

 

44.9

%

 

 

 

 

 

   

 

   

 

 

 

 

   

 

   

 

 

 

December 31, 2021

 

December 31, 2020

 

YoY% Change

HSD customers

 

 

1,463,000

 

 

 

1,438,000

 

 

1.7%

Video customers

 

 

572,000

 

 

 

643,000

 

 

(11.0%)

Phone customers

 

 

537,000

 

 

 

586,000

 

 

(8.4%)

Primary service units (“PSUs”)

 

 

2,572,000

 

 

 

2,667,000

 

 

(3.6%)

 

 

 

   

 

   

 

HSD customer (declines) increases

 

 

(3,000

)

 

 

13,000

 

 

 

Video customer declines

 

 

(18,000

)

 

 

(20,000

)

 

 

Phone customer declines

 

 

(12,000

)

 

 

(13,000

)

 

 

Quarterly PSU declines

 

 

(33,000

)

 

 

(20,000

)

 

 

 

 

 

   

 

   

 

 

 

 

   

 

   

 

 

 

 

   

 

   

 

 

 

December 31, 2021

 

December 31, 2020

 

 

Total debt (c)

 

$

1,370,000

 

 

$

1,750,000

 

 

 

Cash and cash equivalents

 

 

(137,782

)

 

 

(36,414

)

 

 

Net debt

 

$

1,232,218

 

 

$

1,713,586

 

 

 

 

 

 

   

 

   

 

Unused lines of credit (d)

 

$

722,932

 

 

$

679,606

 

 

 

 

 

 

   

 

   

 

Net leverage ratio (e)

 

1.15x

   

1.74x

   

 

Interest coverage ratio (f)

 

55.77x

   

36.25x

   

 

__________________________
* See Table 7 regarding our usage and definitions of non-GAAP financial measures, 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
December 31,

 

 

 

 

 

2021

 

 

 

2020

 

 

YoY% Change

High-speed data (“HSD”)

 

$

1,078,823

 

 

$

943,988

 

 

14.3%

Video

 

 

682,354

 

 

 

707,510

 

 

(3.6%)

Phone

 

 

112,471

 

 

 

117,919

 

 

(4.6%)

Business services

 

 

307,992

 

 

 

294,966

 

 

4.4%

Advertising

 

 

41,171

 

 

 

66,841

 

 

(38.4%)

Total revenues

 

$

2,222,811

 

 

$

2,131,224

 

 

4.3%

Service costs

 

 

(855,687

)

 

 

(856,916

)

 

(0.1%)

SG&A expenses

 

 

(309,796

)

 

 

(325,259

)

 

(4.8%)

Management fees

 

 

(60,000

)

 

 

(53,000

)

 

13.2%

OIBDA (a)

 

$

997,328

 

 

$

896,049

 

 

11.3%

Non-cash, share based compensation

 

 

3,537

 

 

 

2,828

 

 

25.1%

Adjusted OIBDA (a)

 

$ 

1,000,865

   

$ 

898,877

   

11.3%

Capital expenditures

 

 

(339,908

)

 

 

(320,953

)

 

5.9%

Cash interest expense (a)

 

 

(21,894

)

 

 

(39,887

)

 

(45.1%)

Income taxes (a)

 

 

(128,934

)

 

 

(15,706

)

 

NM

After-tax free cash flow (a)

 

$

510,129

 

 

$

522,331

 

 

(2.3%)

 

 

 

   

 

   

 

Adjusted OIBDA margin (b)

 

 

45.0

%

 

 

42.2

%

 

 

 

 

 

   

 

   

 

 

 

 

   

 

   

 

 

 

December 31, 2021

 

December 31, 2020

 

YoY% Change

HSD customers

 

 

1,463,000

 

 

 

1,438,000

 

 

1.7%

Video customers

 

 

572,000

 

 

 

643,000

 

 

(11.0%)

Phone customers

 

 

537,000

 

 

 

586,000

 

 

(8.4%)

Primary service units (“PSUs”)

 

 

2,572,000

 

 

 

2,667,000

 

 

(3.6%)

 

 

 

   

 

   

 

HSD customer increases

 

 

25,000

 

 

 

110,000

 

 

 

Video customer declines

 

 

(71,000

)

 

 

(67,000

)

 

 

Phone customer declines

 

 

(49,000

)

 

 

(27,000

)

 

 

Annual PSU (declines) increases

 

 

(95,000

)

 

 

16,000

 

 

 

 

 

 

   

 

   

 

 

 

 

   

 

   

 

 

 

 

   

 

   

 

 

 

December 31, 2021

 

December 31, 2020

 

 

Total debt (c)

 

$

1,370,000

 

 

$

1,750,000

 

 

 

Cash and cash equivalents

 

 

(137,782

)

 

 

(36,414

)

 

 

Net debt

 

$

1,232,218

 

 

$

1,713,586

 

 

 

 

 

 

   

 

   

 

Unused lines of credit (d)

 

$

722,932

 

 

$

679,606

 

 

 

 

 

 

   

 

   

 

Net leverage ratio (e)

 

1.23x

   

1.91x

   

 

Interest coverage ratio (f)

 

45.71x

   

22.54x

   

 

__________________________
* See Table 7 regarding our usage and definitions of non-GAAP financial measures, 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
December 31, 2021

 

 

Mediacom
Broadband

 

Mediacom
LLC

 

Eliminations

 

Mediacom
Combined

High-speed data (“HSD”)

 

$

145,001

 

 

$

132,261

 

 

   

$

277,262

 

Video

 

 

89,661

 

 

 

78,093

 

 

   

 

167,754

 

Phone

 

 

14,330

 

 

 

12,940

 

 

   

 

27,270

 

Business services

 

 

46,133

 

 

 

31,259

 

 

   

 

77,392

 

Advertising

 

 

9,835

 

 

 

1,721

 

 

   

 

11,556

 

Total revenues

 

$

304,960

 

 

$

256,274

 

 

   

$

561,234

 

Service costs

 

 

(113,050

)

 

 

(97,304

)

 

   

 

(210,354

)

SG&A expenses

 

 

(42,697

)

 

 

(28,142

)

 

   

 

(70,839

)

Management fees

 

 

(8,400

)

 

 

(5,600

)

 

   

 

(14,000

)

OIBDA (a)

 

$

140,813

 

 

$

125,228

 

 

   

$

266,041

 

Investment income from affiliate

 

   

 

4,500

 

 

(4,500

)

 

 

Non-cash share-based compensation

 

 

454

 

 

 

453

 

 

   

 

907

 

Adjusted OIBDA (a)

 

$

141,267

 

 

$

130,181

 

 

(4,500

)

 

$

266,948

 

Capital expenditures

 

 

(42,505

)

 

 

(55,646

)

 

   

 

(98,151

)

Cash interest expense (a)

 

 

(3,336

)

 

 

(1,451

)

 

   

 

(4,787

)

Income taxes (a)

 

 

(13,668

)

 

 

(14,098

)

 

   

 

(27,766

)

Dividend to preferred members

 

 

(4,500

)

 

   

4,500

 

 

 

After-tax free cash flow (a)

 

$

77,258

 

 

$

58,986

 

 

   

$

136,244

 

 

 

 

   

 

   

 

   

 

 
                         

 

 

Mediacom
Broadband

 

Mediacom
LLC

       

Mediacom
Combined

HSD customers

 

 

788,000

 

 

 

675,000

 

 

 

   

 

1,463,000

 

Video customers

 

 

308,000

 

 

 

264,000

 

 

 

   

 

572,000

 

Phone customers

 

 

289,000

 

 

 

248,000

 

 

 

   

 

537,000

 

Primary service units (“PSUs”)

 

 

1,385,000

 

 

 

1,187,000

 

 

 

   

 

2,572,000

 

 

 

 

   

 

   

 

   

 

 

HSD customer (declines) increases

 

 

(5,000

)

 

 

2,000

 

 

 

   

 

(3,000

)

Video customer declines

 

 

(11,000

)

 

 

(7,000

)

 

 

   

 

(18,000

)

Phone customer declines

 

 

(8,000

)

 

 

(4,000

)

 

 

   

 

(12,000

)

Quarterly PSU declines

 

 

(24,000

)

 

 

(9,000

)

 

 

   

 

(33,000

)

 

 

 

   

 

   

 

   

 

 

 

 

 

   

 

   

 

   

 

 

 

 

 

   

 

   

 

   

 

 

 

 

 

   

 

   

 

   

 

 

 

 

Mediacom
Broadband

 

Mediacom
LLC

       

Mediacom
Combined

Total debt (c)

 

$

878,750

 

 

$

491,250

 

 

 

   

$

1,370,000

 

Cash and cash equivalents

 

 

(63,243

)

 

 

(74,539

)

 

 

   

 

(137,782

)

Net debt

 

$

815,507

 

 

$

416,711

 

 

 

   

$

1,232,218

 

 

 

 

   

 

   

 

   

 

 

Unused lines of credit (d)

 

$

360,996

 

 

$

361,936

 

 

 

   

$

722,932

 

 

 

 

   

 

   

 

   

 

 

Net leverage ratio (e)

 

1.44x

   

0.80x

   

 

   

1.15x

 

Interest coverage ratio (f)

 

42.35x

   

89.72x

   

 

   

55.77x

 

__________________________
* See Table 7 regarding our usage and definitions of non-GAAP financial measures, 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
December 31, 2020

 

 

Mediacom
Broadband

 

Mediacom
LLC

 

Eliminations

 

Mediacom
Combined

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

 

Capital expenditures

 

 

(45,832

)

 

 

(42,763

)

 

   

 

(88,595

)

Cash interest expense (a)

 

 

(3,214

)

 

 

(3,593

)

 

   

 

(6,807

)

Income taxes (a)

 

 

(2,861

)

 

 

(1,066

)

 

   

 

(3,927

)

Dividend to preferred members

 

 

(4,500

)

 

   

4,500

 

 

 

After-tax free cash flow (a)

 

$

83,641

 

 

$

63,801

 

 

   

$

147,442

 

 

 

 

   

 

   

 

   

 

 
                         

 

 

Mediacom
Broadband

 

Mediacom
LLC

       

Mediacom
Combined

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
Broadband

 

Mediacom
LLC

       

Mediacom
Combined

Total debt (c)

 

$

905,313

 

 

$

844,688

 

 

 

   

$

1,750,000

 

Cash and cash equivalents

 

 

(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 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 5*

Mediacom Communications Corporation

Selected Combined Financial and Operating Data

(Dollars in thousands, except per unit data)

(Unaudited)

         

 

 

Year Ended
December 31, 2021

 

 

Mediacom
Broadband

 

Mediacom
LLC

 

Eliminations

 

Mediacom
Combined

High-speed data (“HSD”)

 

$

568,714

 

 

$

510,109

 

 

   

$

1,078,823

 

Video

 

 

364,097

 

 

 

318,257

 

 

   

 

682,354

 

Phone

 

 

59,490

 

 

 

52,981

 

 

   

 

112,471

 

Business services

 

 

184,047

 

 

 

123,945

 

 

   

 

307,992

 

Advertising

 

 

34,898

 

 

 

6,273

 

 

   

 

41,171

 

Total revenues

 

$

1,211,246

 

 

$

1,011,565

 

 

   

$

2,222,811

 

Service costs

 

 

(457,628

)

 

 

(398,059

)

 

   

 

(855,687

)

SG&A expenses

 

 

(186,616

)

 

 

(123,180

)

 

   

 

(309,796

)

Management fees

 

 

(36,000

)

 

 

(24,000

)

 

   

 

(60,000

)

OIBDA (a)

 

$

531,002

 

 

$

466,326

 

 

   

$

997,328

 

Investment income from affiliate

 

   

 

18,000

 

 

(18,000

)

 

 

Non-cash share-based compensation

 

 

1,769

 

 

 

1,768

 

 

   

 

3,537

 

Adjusted OIBDA (a)

 

$

532,771

 

 

$

486,094

 

 

(18,000

)

 

$

1,000,865

 

Capital expenditures

 

 

(164,231

)

 

 

(175,677

)

 

   

 

(339,908

)

Cash interest expense (a)

 

 

(13,382

)

 

 

(8,512

)

 

   

 

(21,894

)

Income taxes (a)

 

 

(73,028

)

 

 

(55,906

)

 

   

 

(128,934

)

Dividend to preferred members

 

 

(18,000

)

 

   

18,000

 

 

 

After-tax free cash flow (a)

 

$

264,130

 

 

$

245,999

 

 

   

$

510,129

 

 

 

 

   

 

   

 

   

 

 

 

 

 

   

 

   

 

   

 

 

 

 

Mediacom
Broadband

 

Mediacom
LLC

       

Mediacom
Combined

HSD customers

 

 

788,000

 

 

 

675,000

 

 

 

   

 

1,463,000

 

Video customers

 

 

308,000

 

 

 

264,000

 

 

 

   

 

572,000

 

Phone customers

 

 

289,000

 

 

 

248,000

 

 

 

   

 

537,000

 

Primary service units (“PSUs”)

 

 

1,385,000

 

 

 

1,187,000

 

 

 

   

 

2,572,000

 

 

 

 

   

 

   

 

   

 

 

HSD customer increases

 

 

4,000

 

 

 

21,000

 

 

 

   

 

25,000

 

Video customer declines

 

 

(42,000

)

 

 

(29,000

)

 

 

   

 

(71,000

)

Phone customer declines

 

 

(31,000

)

 

 

(18,000

)

 

 

   

 

(49,000

)

Annual PSU declines

 

 

(69,000

)

 

 

(26,000

)

 

 

   

 

(95,000

)

 

 

 

   

 

   

 

   

 

 

 

 

 

   

 

   

 

   

 

 

 

 

 

   

 

   

 

   

 

 

 

 

 

   

 

   

 

   

 

 

 

 

Mediacom
Broadband

 

Mediacom
LLC

       

Mediacom
Combined

Total debt (c)

 

$

878,750

 

 

$

491,250

 

 

 

   

$

1,370,000

 

Cash and cash equivalents

 

 

(63,243

)

 

 

(74,539

)

 

 

   

 

(137,782

)

Net debt

 

$

815,507

 

 

$

416,711

 

 

 

   

$

1,232,218

 

 

 

 

   

 

   

 

   

 

 

Unused lines of credit (d)

 

$

360,996

 

 

$

361,936

 

 

 

   

$

722,932

 

 

 

 

   

 

   

 

   

 

 

Net leverage ratio (e)

 

1.53x

   

0.86x

   

 

   

1.23x

 

Interest coverage ratio (f)

 

39.81x

   

57.11x

   

 

   

45.71x

 

__________________________
* See Table 7 regarding our usage and definitions of non-GAAP financial measures, 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
December 31, 2020

 

 

Mediacom
Broadband

 

Mediacom
LLC

 

Eliminations

 

Mediacom
Combined

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

 

Capital expenditures

 

 

(164,959

)

 

 

(155,994

)

 

   

 

(320,953

)

Cash interest expense (a)

 

 

(19,462

)

 

 

(20,425

)

 

   

 

(39,887

)

Income taxes (a)

 

 

(11,442

)

 

 

(4,264

)

 

   

 

(15,706

)

Dividend to preferred members

 

 

(18,000

)

 

   

18,000

 

 

 

Free cash flow (a)

 

$

283,981

 

 

$

238,350

 

 

   

$

522,331

 

 

 

 

   

 

   

 

   

 

 

 

 

 

   

 

   

 

   

 

 

 

 

Mediacom
Broadband

 

Mediacom
LLC

       

Mediacom
Combined

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
Broadband

 

Mediacom
LLC

       

Mediacom
Combined

Total debt (c)

 

$

905,313

 

 

$

844,688

 

 

 

   

$

1,750,000

 

Cash and cash equivalents

 

 

(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 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.

Contacts

Investor Relations
Jack P. Griffin
Group Vice President,
Corporate Finance
(845) 443-2654

Media Relations
Thomas J. Larsen
Senior Vice President,
Government and Public Relations
(845) 443-2754