Investor News Release

Mediacom Communications Reports Combined Results for Fourth Quarter and Full Year 2016

MEDIACOM PARK, N.Y.--(BUSINESS WIRE)--Mediacom Communications Corporation today released combined unaudited financial and operating highlights for the three months ended December 31, 2016.

Mediacom Combined Results for Fourth Quarter 2016*

Revenues were $460.5 million, reflecting a 5.2% increase from the prior year period
OIBDA was $183.2 million, reflecting a 5.9% increase from the prior year period
Capital expenditures were $88.2 million, compared to $76.7 million in the prior year period
Free cash flow was $65.4 million, compared to $60.2 million in the prior year period
Ending primary service units ("PSUs") of 2,463,000, a 3.8% increase from December 31, 2015
Ending customer relationships of 1,352,000, a 2.7% increase from December 31, 2015
Total leverage ratio of 3.79x, compared to 4.33x at December 31, 2015
Interest coverage ratio of 6.20x, compared to 4.78x at December 31, 2015
Ending total debt of $2,775.0 million, a $225.0 million reduction from December 31, 2015

Mediacom Combined Results for Full Year 2016*

Revenues were $1,810.3 million, reflecting a 5.2% increase from the prior year
OIBDA was $694.0 million, reflecting a 5.4% increase from the prior year
Capital expenditures were $335.2 million, compared to $288.2 million in the prior year
Free cash flow was $237.0 million, compared to $222.4 million in the prior year
Total leverage ratio of 4.00x, compared to 4.56x at December 31, 2015
Interest coverage ratio of 5.70x, compared to 4.46x at December 31, 2015

Reference to "Mediacom Combined" reflects the combined results of Mediacom Broadband LLC and Mediacom LLC, eliminating intercompany amounts. Mediacom LLC information is being voluntarily provided, as Mediacom LLC's contractual obligation to file quarterly, annual and other periodic reports with the Securities and Exchange Commission ("SEC") has terminated as a result of the redemption of Mediacom LLC's 7 ¼% senior notes due 2022 on February 15, 2017. Mediacom Combined information is being provided for convenience and informational purposes, and does not modify or supplement the previously released separate financial results of Mediacom Broadband LLC. Holders of Mediacom Broadband LLC debt should refer to its separate financial and operating results, which were previously released and furnished with the SEC on Form 8-K on February 23, 2017.

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.

________________________

* 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 1* Mediacom Communications Corporation Selected Combined Financial and Operating Data (Dollars in thousands, except per unit data) (Unaudited)

	Three Months Ended December 31,
	2016				2015		YoY% Change
Video	$	198,994		$	196,552		1.2	%
High-speed data		156,698			139,428		12.4	%
Phone		26,666			27,611		(3.4	%)
Business services		59,419			55,127		7.8	%
Advertising		18,683			19,013		(1.7	%)
Total revenues	$	460,460		$	437,731		5.2	%
Service costs		(188,466	)		(181,480	)	3.8	%
SG&A expenses		(79,832	)		(75,220	)	6.1	%
Management fees		(9,000	)		(8,000	)	12.5	%
OIBDA ^(a)	$	183,162		$	173,031		5.9	%
Cash interest expense ^(a)		(29,566	)		(36,196	)	(18.3	%)
Capital expenditures ^(b)		(88,204	)		(76,679	)	15.0	%
Free cash flow ^(a)	$	65,392		$	60,156		8.7	%

OIBDA margin ^(c)		39.8	%		39.5	%


	December 31, 2016			December 31, 2015			YoY% Change
Video customers		828,000			855,000		(3.2	%)
High-speed data ("HSD") customers		1,156,000			1,085,000		6.5	%
Phone customers		479,000			433,000		10.6	%
Primary service units ("PSUs")		2,463,000			2,373,000		3.8	%

Video customer declines		(6,000	)		(7,000	)
HSD customer increases		11,000			18,000
Phone customer increases		12,000			9,000
Quarterly PSU increases		17,000			20,000

Customer relationships ^(d)		1,352,000			1,317,000		2.7	%

Average total monthly revenue per:
PSU ^(e)	$	62.53		$	61.75		1.3	%
Customer relationship ^(f)	$	113.90		$	111.25		2.4	%


	December 31, 2016			December 31, 2015
Bank credit facility	$	2,025,000		$	2,250,000
5½% senior notes due 2021		200,000			200,000
7¼% senior notes due 2022		250,000			250,000
6⅜% senior notes due 2023		300,000			300,000
Total debt ^(g)	$	2,775,000		$	3,000,000

Total leverage ratio ^(h)	3.79x			4.33x
Interest coverage ratio ⁽ⁱ⁾	6.20x			4.78x

_____________

* 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,
	2016			2015			YoY% Change
Video	$	802,204		$	799,816		0.3	%
High-speed data		603,375			535,562		12.7	%
Phone		109,228			113,241		(3.5	%)
Business services		230,636			210,406		9.6	%
Advertising		64,812			62,047		4.5	%
Total revenues	$	1,810,255		$	1,721,072		5.2	%
Service costs		(761,839	)		(728,863	)	4.5	%
SG&A expenses		(319,442	)		(301,860	)	5.8	%
Management fees		(35,000	)		(32,000	)	9.4	%
OIBDA ^(a)	$	693,974		$	658,349		5.4	%
Cash interest expense ^(a)		(121,760	)		(147,659	)	(17.5	%)
Capital expenditures ^(b)		(335,173	)		(288,245	)	16.3	%
Free cash flow ^(a)	$	237,041		$	222,445		6.6	%

OIBDA margin ^(c)		38.3	%		38.3	%


	December 31, 2016			December 31, 2015			YoY% Change
Video customers		828,000			855,000		(3.2	%)
HSD customers		1,156,000			1,085,000		6.5	%
Phone customers		479,000			433,000		10.6	%
Primary service units ("PSUs")		2,463,000			2,373,000		3.8	%

Video customer declines		(27,000	)		(35,000	)
HSD customer increases		71,000			72,000
Phone customer increases		46,000			33,000
Annual PSU increases		90,000			70,000

Customer relationships ^(d)		1,352,000			1,317,000		2.7	%

Average total monthly revenue per:
PSU ^(e)	$	62.39		$	61.34		1.7	%
Customer relationship ^(f)	$	113.04		$	110.50		2.3	%


	December 31, 2016			December 31, 2015
Bank credit facility	$	2,025,000		$	2,250,000
5½% senior notes due 2021		200,000			200,000
7¼% senior notes due 2022		250,000			250,000
6⅜% senior notes due 2023		300,000			300,000
Total debt ^(g)	$	2,775,000		$	3,000,000

Total leverage ratio ^(h)	4.00x			4.56x
Interest coverage ratio ⁽ⁱ⁾	5.70x			4.46x

____________

* 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, 2016
	Mediacom			Mediacom					Mediacom
	Broadband			LLC			Eliminations		Combined
Video	$	111,620		$	87,374		―		$	198,994
High-speed data		85,952			70,746		―			156,698
Phone		14,157			12,509		―			26,666
Business services		36,431			22,988		―			59,419
Advertising		14,794			3,889		―			18,683
Total revenues	$	262,954		$	197,506		―		$	460,460
Service costs		(103,391	)		(85,075	)	―			(188,466	)
SG&A expenses		(47,968	)		(31,864	)	―			(79,832	)
Management fees		(5,350	)		(3,650	)	―			(9,000	)
OIBDA ^(a)	$	106,245		$	76,917		―		$	183,162
Investment income from affiliate	―				4,500		(4,500	)	―
Adjusted OIBDA ^(a)	$	106,245		$	81,417		(4,500	)	$	183,162
Cash interest expense ^(a)		(17,652	)		(11,914	)	―			(29,566	)
Capital expenditures ^(b)		(48,216	)		(39,988	)	―			(88,204	)
Dividend to preferred members		(4,500	)	―			4,500		―
Free cash flow ^(a)	$	35,877		$	29,515		―		$	65,392


	Mediacom			Mediacom					Mediacom
	Broadband			LLC					Combined
Video customers		463,000			365,000					828,000
HSD customers		643,000			513,000					1,156,000
Phone customers		264,000			215,000					479,000
Primary service units ("PSUs")		1,370,000			1,093,000					2,463,000

Video customer declines		(3,000	)		(3,000	)				(6,000	)
HSD customer increases		7,000			4,000					11,000
Phone customer increases		7,000			5,000					12,000
Quarterly PSU increases		11,000			6,000					17,000

Customer relationships ^(d)		754,000			598,000					1,352,000

Average total monthly revenue per:
PSU ^(e)	$	64.24		$	60.40				$	62.53
Customer relationship ^(f)	$	117.02		$	110.00				$	113.90


	Mediacom			Mediacom					Mediacom
	Broadband			LLC					Combined
Bank credit facility	$	1,128,000		$	897,000				$	2,025,000
5½% senior notes due 2021		200,000		―						200,000
7¼% senior notes due 2022	―				250,000					250,000
6⅜% senior notes due 2023		300,000		―						300,000
Total debt ^(g)	$	1,628,000		$	1,147,000				$	2,775,000

Total leverage ratio ^(h)	3.83x			3.52x					3.79x
Interest coverage ratio ⁽ⁱ⁾	6.02x			6.83x					6.20x

_____________

* 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, 2015
	Mediacom			Mediacom					Mediacom
	Broadband			LLC			Eliminations		Combined
Video	$	110,728		$	85,824		―		$	196,552
High-speed data		76,853			62,575		―			139,428
Phone		14,672			12,939		―			27,611
Business services		33,772			21,355		―			55,127
Advertising		14,838			4,175		―			19,013
Total revenues	$	250,863		$	186,868		―		$	437,731
Service costs		(99,013	)		(82,467	)	―			(181,480	)
SG&A expenses		(45,771	)		(29,449	)	―			(75,220	)
Management fees		(4,750	)		(3,250	)	―			(8,000	)
OIBDA ^(a)	$	101,329		$	71,702		―		$	173,031
Investment income from affiliate	―				4,500		(4,500	)	―
Adjusted OIBDA ^(a)	$	101,329		$	76,202		(4,500	)	$	173,031
Cash interest expense ^(a)		(21,604	)		(14,592	)	―			(36,196	)
Capital expenditures ^(b)		(39,818	)		(36,861	)	―			(76,679	)
Dividend to preferred members		(4,500	)	―			4,500		―
Free cash flow ^(a)	$	35,407		$	24,749		―		$	60,156


	Mediacom			Mediacom					Mediacom
	Broadband			LLC					Combined
Video customers		480,000			375,000					855,000
HSD customers		605,000			480,000					1,085,000
Phone customers		239,000			194,000					433,000
Primary service units ("PSUs")		1,324,000			1,049,000					2,373,000

Video customer declines		(2,000	)		(5,000	)				(7,000	)
HSD customer increases		12,000			6,000					18,000
Phone customer increases		6,000			3,000					9,000
Quarterly PSU increases		16,000			4,000					20,000

Customer relationships ^(d)		732,000			585,000					1,317,000

Average total monthly revenue per:
PSU ^(e)	$	63.54		$	59.49				$	61.75
Customer relationship ^(f)	$	114.94		$	106.66				$	111.25


	Mediacom			Mediacom					Mediacom
	Broadband			LLC					Combined
Bank credit facility	$	1,329,750		$	920,250				$	2,250,000
5½% senior notes due 2021		200,000		―						200,000
7¼% senior notes due 2022	―				250,000					250,000
6⅜% senior notes due 2023		300,000		―						300,000
Total debt ^(g)	$	1,829,750		$	1,170,250				$	3,000,000

Total leverage ratio ^(h)	4.51x			3.84x					4.33x
Interest coverage ratio ⁽ⁱ⁾	4.69x			5.22x					4.78x

________________

* 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, 2016
	Mediacom			Mediacom					Mediacom
	Broadband			LLC			Eliminations		Combined
Video	$	450,658		$	351,546		―		$	802,204
High-speed data		331,778			271,597		―			603,375
Phone		57,999			51,229		―			109,228
Business services		141,054			89,582		―			230,636
Advertising		51,750			13,062		―			64,812
Total revenues	$	1,033,239		$	777,016		―		$	1,810,255
Service costs		(419,406	)		(342,433	)	―			(761,839	)
SG&A expenses		(193,669	)		(125,773	)	―			(319,442	)
Management fees		(20,800	)		(14,200	)	―			(35,000	)
OIBDA ^(a)	$	399,364		$	294,610		―		$	693,974
Investment income from affiliate	―				18,000		(18,000	)	―
Adjusted OIBDA ^(a)	$	399,364		$	312,610		(18,000	)	$	693,974
Cash interest expense ^(a)		(73,108	)		(48,652	)	―			(121,760	)
Capital expenditures ^(b)		(179,696	)		(155,477	)	―			(335,173	)
Dividend to preferred members		(18,000	)	―			18,000		―
Free cash flow ^(a)	$	128,560		$	108,481		―		$	237,041


	Mediacom			Mediacom					Mediacom
	Broadband			LLC					Combined
Video customers		463,000			365,000					828,000
HSD customers		643,000			513,000					1,156,000
Phone customers		264,000			215,000					479,000
Primary service units ("PSUs")		1,370,000			1,093,000					2,463,000

Video customer declines		(17,000	)		(10,000	)				(27,000	)
HSD customer increases		38,000			33,000					71,000
Phone customer increases		25,000			21,000					46,000
Annual PSU increases		46,000			44,000					90,000

Customer relationships ^(d)		754,000			598,000					1,352,000

Average total monthly revenue per:
PSU ^(e)	$	63.92		$	60.46				$	62.39
Customer relationship ^(f)	$	115.89		$	109.47				$	113.04


	Mediacom			Mediacom					Mediacom
	Broadband			LLC					Combined
Bank credit facility	$	1,128,000		$	897,000				$	2,025,000
5½% senior notes due 2021		200,000		―						200,000
7¼% senior notes due 2022	―				250,000					250,000
6⅜% senior notes due 2023		300,000		―						300,000
Total debt ^(g)	$	1,628,000		$	1,147,000				$	2,775,000

Total leverage ratio ^(h)	4.08x			3.67x					4.00x
Interest coverage ratio ⁽ⁱ⁾	5.46x			6.43x					5.70x

______________

* 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, 2015
	Mediacom			Mediacom					Mediacom
	Broadband			LLC			Eliminations		Combined
Video	$	451,446		$	348,370		―		$	799,816
High-speed data		295,049			240,513		―			535,562
Phone		60,087			53,154		―			113,241
Business services		128,684			81,722		―			210,406
Advertising		47,096			14,951		―			62,047
Total revenues	$	982,362		$	738,710		―		$	1,721,072
Service costs		(401,751	)		(327,112	)	―			(728,863	)
SG&A expenses		(182,144	)		(119,716	)	―			(301,860	)
Management fees		(19,000	)		(13,000	)	―			(32,000	)
OIBDA ^(a)	$	379,467		$	278,882		―		$	658,349
Investment income from affiliate	―				18,000		(18,000	)	―
Adjusted OIBDA ^(a)	$	379,467		$	296,882		(18,000	)	$	658,349
Cash interest expense ^(a)		(87,759	)		(59,900	)	―			(147,659	)
Capital expenditures ^(b)		(151,204	)		(137,041	)	―			(288,245	)
Dividend to preferred members		(18,000	)	―			18,000		―
Free cash flow ^(a)	$	122,504		$	99,941		―		$	222,445


	Mediacom			Mediacom					Mediacom
	Broadband			LLC					Combined
Video customers		480,000			375,000					855,000
HSD customers		605,000			480,000					1,085,000
Phone customers		239,000			194,000					433,000
Primary service units ("PSUs")		1,324,000			1,049,000					2,373,000

Video customer declines		(20,000	)		(15,000	)				(35,000	)
HSD customer increases		41,000			31,000					72,000
Phone customer increases		21,000			12,000					33,000
Annual PSU increases		42,000			28,000					70,000

Customer relationships ^(d)		732,000			585,000					1,317,000

Average total monthly revenue per:
PSU ^(e)	$	62.83		$	59.48				$	61.34
Customer relationship ^(f)	$	113.54		$	106.69				$	110.50


	Mediacom			Mediacom					Mediacom
	Broadband			LLC					Combined
Bank credit facility	$	1,329,750		$	920,250				$	2,250,000
5½% senior notes due 2021		200,000		―						200,000
7¼% senior notes due 2022	―				250,000					250,000
6⅜% senior notes due 2023		300,000		―						300,000
Total debt ^(g)	$	1,829,750		$	1,170,250				$	3,000,000

Total leverage ratio ^(h)	4.82x			3.94x					4.56x
Interest coverage ratio ⁽ⁱ⁾	4.32x			4.96x					4.46x

_________________

* 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. 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 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)		Capital expenditures exclude changes in accrued property, plant and equipment. For Mediacom Broadband LLC changes in accrued property, plant and equipment represented cash uses of $3.3 million and $3.8 million for three months and full year ended December 31, 2016, respectively, and cash sources of $4.4 million and $4.9 million for the three months and full year ended December 31, 2015, respectively. For Mediacom LLC, changes in accrued property, plant and equipment represented cash uses of $0.4 million and $4.4 million for the three months and full year ended December 31, 2016, respectively, and cash sources of $3.9 million and $6.4 million for the three months and full year ended December 31, 2015, respectively.

(c)		Represents OIBDA as a percentage of total revenues.

(d)		Represents the total number of customers that take at least one service, without regard to which service(s) customers purchase.

(e)		Represents average total monthly revenues for the period divided by average PSUs for such period.

(f)		Represents average total monthly revenues for the period divided by average customer relationships for such period.

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

(h)		For Mediacom Combined and Mediacom Broadband LLC, represents total debt at period end divided by annualized OIBDA for the period. For Mediacom LLC, represents total debt at period end divided by annualized Adjusted OIBDA for the period.

(i)		For Mediacom Combined and Mediacom Broadband LLC, represents OIBDA divided by cash interest expense for the period. For Mediacom LLC, represents Adjusted OIBDA divided by cash interest expense for the period.

Contacts

Mediacom Communications Corporation
Investor Relations
Jack P. Griffin, 845-443-2654
Vice President, Corporate Finance
or
Media Relations
Thomas J. Larsen, 845-443-2754
Senior Vice President, Government and Public Relations