Earnings

Mediacom Combined Earnings

Mediacom Communications Reports Combined Results for Fourth Quarter and Full Year 2019

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, 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
December 31,

 

 

 

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
December 31,

 

 

 

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
December 31, 2019

 

Mediacom
Broadband

 

Mediacom
LLC

 

Eliminations

   

Mediacom
Combined

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
Broadband

 

Mediacom
LLC

       

Mediacom
Combined

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
Broadband

 

Mediacom
LLC

       

Mediacom
Combined

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
December 31, 2018

 

Mediacom
Broadband

 

Mediacom
LLC

   

Eliminations

 

Mediacom
Combined

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
Broadband

 

Mediacom
LLC

         

Mediacom
Combined

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
Broadband

 

Mediacom
LLC

         

Mediacom
Combined

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
December 31, 2019

 

Mediacom
Broadband

 

Mediacom
LLC

 

Eliminations

 

Mediacom
Combined

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
Broadband

 

Mediacom
LLC

       

Mediacom
Combined

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
Broadband

 

Mediacom
LLC

       

Mediacom
Combined

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
December 31, 2018

 

Mediacom
Broadband

 

Mediacom
LLC

 

Eliminations

 

Mediacom
Combined

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
Broadband

 

Mediacom
LLC

       

Mediacom
Combined

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
Broadband

 

Mediacom
LLC

       

Mediacom
Combined

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.

 

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