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

Mediacom Combined Results for First Quarter 2021*

  • Revenues were $547.5 million, a 5.8% increase from the prior year period
  • Adjusted OIBDA was $236.3 million, a 15.2% increase from the prior year period
  • After-tax free cash flow was $129.5 million, a 19.2% increase from the prior year period
  • High-speed data customers were 1,454,000, a 7.8% increase from the prior year period
  • Net debt of $1.581 billion, a $527 million reduction from March 31, 2020
  • Net leverage ratio of 1.67x, compared to 2.57x at March 31, 2020

“The first quarter of 2021 marked another exceptional operating period for Mediacom, as we registered our third straight quarter of industry-leading Adjusted OIBDA growth with a 15.2% increase from the prior year period and extended our streak of year-over-year revenue growth to 97 consecutive quarters,” stated Rocco B. Commisso, Mediacom’s founder, Chairman and Chief Executive Officer. “Notably, despite Mediacom becoming a meaningful taxpayer in 2021, we generated $129.5 million of after-tax free cash flow, and our net debt leverage declined to an all-time low of 1.67x.”

“The COVID crisis has been one of the most operationally challenging periods in Mediacom’s history. I’m proud that the contributions of all of our employees have been recognized by numerous organizations, including Deloitte and the Wall Street Journal, who recently named Mediacom as a 2021 US Best Managed Company.”

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 over 1.4 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.

_______________
*See Table 4 regarding our usage and definitions of non-GAAP financial measures, and Table 5 for footnotes.

 

TABLE 1*

Mediacom Communications Corporation

Selected Combined Financial and Operating Data

(Dollars in thousands, except per unit data)

(Unaudited)

         

 

 

Three Months Ended
March 31,

 

 

 

 

 

2021

 

 

 

2020

 

 

YoY% Change

High-speed data (“HSD”)

 

$

258,721

 

 

$

223,449

 

 

15.8

%

Video

 

 

174,218

 

 

 

181,294

 

 

(3.9

%)

Phone

 

 

28,819

 

 

 

29,697

 

 

(3.0

%)

Business services

 

 

75,208

 

 

 

70,638

 

 

6.5

%

Advertising

 

 

10,496

 

 

 

12,398

 

 

(15.3

%)

Total revenues

 

$

547,462

 

 

$

517,476

 

 

5.8

%

Service costs

 

 

(215,579

)

 

 

(216,068

)

 

(0.2

%)

SG&A expenses

 

 

(80,507

)

 

 

(84,975

)

 

(5.3

%)

Management fees

 

 

(16,000

)

 

 

(12,000

)

 

33.3

%

OIBDA (a)

 

$

235,376

 

 

$

204,433

 

 

15.1

%

Non-cash, share based compensation

 

 

876

 

 

 

707

 

 

23.9

%

Adjusted OIBDA (a)

 

$

236,252

   

$

205,140

 

 

15.2

%

Capital expenditures

 

 

(67,866

)

 

 

(76,689

)

 

(11.5

%)

Cash interest expense (a)

 

 

(6,377

)

 

 

(15,869

)

 

(59.8

%)

Estimated federal / state taxes (a)

 

 

(32,514

)

 

 

(3,926

)

 

NM

 

After-tax free cash flow (a)

 

$

129,495

 

 

$

108,656

 

 

19.2

%

 

 

 

 

 

 

 

Adjusted OIBDA margin (b)

 

 

43.2

%

 

 

39.6

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2021

 

March 31, 2020

 

YoY% Change

HSD customers

 

 

1,454,000

 

 

 

1,349,000

 

 

7.8

%

Video customers

 

 

626,000

 

 

 

693,000

 

 

(9.7

%)

Phone customers

 

 

574,000

 

 

 

608,000

 

 

(5.6

%)

Primary service units (“PSUs”)

 

 

2,654,000

 

 

 

2,650,000

 

 

0.2

%

 

 

 

 

 

 

 

HSD customer increases

 

 

16,000

 

 

 

21,000

 

 

 

Video customer declines

 

 

(17,000

)

 

 

(17,000

)

 

 

Phone customer declines

 

 

(12,000

)

 

 

(5,000

)

 

 

Quarterly PSU declines

 

 

(13,000

)

 

 

(1,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31, 2021

 

March 31, 2020

 

 

Total debt (c)

 

$

1,615,000

 

 

$

2,140,000

 

 

 

Cash

 

 

(34,068

)

 

 

(32,484

)

 

 

Net debt

 

$

1,580,932

 

 

$

2,107,516

 

 

 

 

 

 

 

 

 

 

Unused lines of credit (d)

 

$

657,093

 

 

$

610,533

 

 

 

 

 

 

 

 

 

 

Net leverage ratio (e)

 

1.67x

 

2.57x

 

 

Interest coverage ratio (f)

 

37.05x

 

12.93x

 

 

_______________
*See Table 4 regarding our usage and definitions of non-GAAP financial measures, and Table 5 for footnotes.

 

TABLE 2*

Mediacom Communications Corporation

Selected Combined Financial and Operating Data

(Dollars in thousands, except per unit data)

(Unaudited)

     

 

 

Three Months Ended
March 31, 2021

 

 

Mediacom
Broadband

 

Mediacom
LLC

 

Eliminations

 

Mediacom
Combined

High-speed data (“HSD”)

 

$

137,732

 

 

$

120,989

 

 

 

$

258,721

 

Video

 

 

93,394

 

 

 

80,824

 

 

 

 

174,218

 

Phone

 

 

15,341

 

 

 

13,478

 

 

 

 

28,819

 

Business services

 

 

44,956

 

 

 

30,252

 

 

 

 

75,208

 

Advertising

 

 

9,003

 

 

 

1,493

 

 

 

 

10,496

 

Total revenues

 

$

300,426

 

 

$

247,036

 

 

 

$

547,462

 

Service costs

 

 

(115,736

)

 

 

(99,843

)

 

 

 

(215,579

)

SG&A expenses

 

 

(48,311

)

 

 

(32,196

)

 

 

 

(80,507

)

Management fees

 

 

(9,600

)

 

 

(6,400

)

 

 

 

(16,000

)

OIBDA (a)

 

$

126,779

 

 

$

108,597

 

 

 

$

235,376

 

Investment income from affiliate

 

 

 

4,500

 

 

(4,500)

 

Non-cash share-based compensation

 

 

438

 

 

 

438

 

 

 

 

876

 

Adjusted OIBDA (a)

 

$

127,217

 

 

$

113,535

 

 

(4,500)

 

$

236,252

 

Capital expenditures

 

 

(34,107

)

 

 

(33,759

)

 

 

 

(67,866

)

Cash interest expense (a)

 

 

(3,293

)

 

 

(3,084

)

 

 

 

(6,377

)

Estimated federal / state taxes (a)

 

 

(19,559

)

 

 

(12,955

)

 

 

 

(32,514

)

Dividend to preferred members

 

 

(4,500

)

 

 

4,500

 

After-tax free cash flow (a)

 

$

65,758

 

 

$

63,737

 

 

 

$

129,495

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mediacom
Broadband

 

Mediacom
LLC

     

Mediacom
Combined

HSD customers

 

 

791,000

 

 

 

663,000

 

 

 

 

 

1,454,000

 

Video customers

 

 

341,000

 

 

 

285,000

 

 

 

 

 

626,000

 

Phone customers

 

 

313,000

 

 

 

261,000

 

 

 

 

 

574,000

 

Primary service units (“PSUs”)

 

 

1,445,000

 

 

 

1,209,000

 

 

 

 

 

2,654,000

 

 

 

 

 

 

 

 

 

 

HSD customer increases

 

 

7,000

 

 

 

9,000

 

 

 

 

 

16,000

 

Video customer declines

 

 

(9,000

)

 

 

(8,000

)

 

 

 

 

(17,000

)

Phone customer declines

 

 

(7,000

)

 

 

(5,000

)

 

 

 

 

(12,000

)

Quarterly PSU declines

 

 

(9,000

)

 

 

(4,000

)

 

 

 

 

(13,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mediacom
Broadband

 

Mediacom
LLC

     

Mediacom
Combined

Total debt (c)

 

$

898,750

 

 

$

716,250

 

 

 

 

$

1,615,000

 

Cash

 

 

(16,117

)

 

 

(17,951

)

 

 

 

 

(34,068

)

Net debt

 

$

882,633

 

 

$

698,299

 

 

 

 

$

1,580,932

 

 

 

 

 

 

 

 

 

 

Unused lines of credit(d)

 

$

365,996

 

 

$

291,097

 

 

 

 

$

657,093

 

 

 

 

 

 

 

 

 

 

Net leverage ratio (e)

 

1.73x

 

1.54x

 

 

 

1.67x

Interest coverage ratio (f)

 

38.63x

 

36.81x

 

 

 

37.05x

_______________
*See Table 4 regarding our usage and definitions of non-GAAP financial measures, and Table 5 for footnotes.

 

TABLE 3*

Mediacom Communications Corporation

Selected Combined Financial and Operating Data

(Dollars in thousands, except per unit data)

(Unaudited)

     

 

 

Three Months Ended
March 31, 2020

 

 

Mediacom
Broadband

 

Mediacom
LLC

 

Eliminations

 

Mediacom
Combined

High-speed data (“HSD”)

 

$

120,810

 

 

$

102,639

 

 

 

$

223,449

 

Video

 

 

98,266

 

 

 

83,028

 

 

 

 

181,294

 

Phone

 

 

16,010

 

 

 

13,687

 

 

 

 

29,697

 

Business services

 

 

42,818

 

 

 

27,820

 

 

 

 

70,638

 

Advertising

 

 

10,610

 

 

 

1,788

 

 

 

 

12,398

 

Total revenues

 

$

288,514

 

 

$

228,962

 

 

 

$

517,476

 

Service costs

 

 

(116,492

)

 

 

(99,576

)

 

 

 

(216,068

)

SG&A expenses

 

 

(51,519

)

 

 

(33,456

)

 

 

 

(84,975

)

Management fees

 

 

(7,200

)

 

 

(4,800

)

 

 

 

(12,000

)

OIBDA (a)

 

$

113,303

 

 

$

91,130

 

 

 

$

204,433

 

Investment income from affiliate

 

 

 

4,500

 

 

(4,500)

 

Non-cash share-based compensation

 

 

375

 

 

 

332

 

 

 

 

707

 

Adjusted OIBDA (a)

 

$

113,678

 

 

$

95,962

 

 

(4,500)

 

$

205,140

 

Capital expenditures

 

 

(40,017

)

 

 

(36,672

)

 

 

 

(76,689

)

Cash interest expense (a)

 

 

(8,048

)

 

 

(7,821

)

 

 

 

(15,869

)

Estimated federal / state taxes (a)

 

 

(2,860

)

 

 

(1,066

)

 

 

 

(3,926

)

Dividend to preferred members

 

 

(4,500

)

 

 

4,500

 

After-tax free cash flow (a)

 

$

58,253

 

 

$

50,403

 

 

 

$

108,656

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mediacom
Broadband

 

Mediacom
LLC

     

Mediacom
Combined

HSD customers

 

 

743,000

 

 

 

606,000

 

 

 

 

 

1,349,000

 

Video customers

 

 

380,000

 

 

 

313,000

 

 

 

 

 

693,000

 

Phone customers

 

 

335,000

 

 

 

273,000

 

 

 

 

 

608,000

 

Primary service units (“PSUs”)

 

 

1,458,000

 

 

 

1,192,000

 

 

 

 

 

2,650,000

 

 

 

 

 

 

 

 

 

 

HSD customer increases

 

 

11,000

 

 

 

10,000

 

 

 

 

 

21,000

 

Video customer declines

 

 

(9,000

)

 

 

(8,000

)

 

 

 

 

(17,000

)

Phone customer declines

 

 

(3,000

)

 

 

(2,000

)

 

 

 

 

(5,000

)

Quarterly PSU declines

 

 

(1,000

)

 

 

 

 

 

(1,000

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mediacom
Broadband

 

Mediacom
LLC

     

Mediacom
Combined

Total debt (c)

 

$

1,042,500

 

 

$

1,097,500

 

 

 

 

$

2,140,000

 

Cash

 

 

(16,957

)

 

 

(15,527

)

 

 

 

 

(32,484

)

Net debt

 

$

1,025,543

 

 

$

1,081,973

 

 

 

 

$

2,107,516

 

 

 

 

 

 

 

 

 

 

Unused lines of credit(d)

 

$

248,346

 

 

$

362,187

 

 

 

 

$

610,533

 

 

 

 

 

 

 

 

 

 

Net leverage ratio (e)

 

2.26x

 

2.82x

 

 

 

2.57x

Interest coverage ratio (f)

 

14.13x

 

12.27x

 

 

 

12.93x

_______________
*See Table 4 regarding our usage and definitions of non-GAAP financial measures, and Table 5 for footnotes.

TABLE 4
Use of Non-GAAP Financial Measures

“OIBDA,” “Adjusted OIBDA,” “cash interest expense,” “cash 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 estimated federal and state taxes as the estimated amount of federal and state income taxes that Mediacom Broadband LLC and Mediacom LLC would have paid during the three months ended March 31, 2021 and 2020, 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, estimated federal and state taxes and dividends to preferred members. For Mediacom LLC, we define free cash flow as Adjusted OIBDA less capital expenditures, cash interest expense and estimated federal and state 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.

TABLE 5
Footnotes

  1. See Table 4 for information regarding our usage of non-GAAP financial measures.
  2. Represents Adjusted OIBDA as a percentage of total revenues.
  3. Total debt excludes the effect of deferred financing costs, net.
  4. Represents unused and available commitments under our revolving credit facilities after giving effect to outstanding borrowings and letters of credit issued thereunder.
  5. Represents net debt at period end divided by annualized Adjusted OIBDA for the period.
  6. 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

 

Release Summary

Mediacom Communications Reports Combined Results for First Quarter 2021

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