Delaware | 333-72440 | 06-1615412 | ||
(State of incorporation) | (Commission File No.) | (IRS Employer Identification No.) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit No. | Description | |||
99.1 | Press release issued by the Registrant on November 9, 2011 |
Mediacom Broadband LLC |
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By: | /s/ Mark E. Stephan | |||
Mark E. Stephan | ||||
Executive Vice President and Chief Financial Officer |
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For Immediate Release |
| Revenues were $220.2 million, a 4.5% increase from the prior year period | ||
| Operating income before depreciation and amortization (OIBDA) was $83.4 million, a 13.0% increase from the prior year period | ||
| Free cash flow of $9.0 million, compared to $8.0 million in the prior year period |
| Revenues were $170.6 million, a 4.3% increase from the prior year period | ||
| Adjusted OIBDA was $69.2 million, a 10.9% increase from the prior year period | ||
| Free cash flow of $19.3 million, compared to $18.3 million in the prior year period |
Contacts: |
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Investor Relations
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Media Relations | |
Calvin G. Craib
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Thomas J. Larsen | |
Senior Vice President, Corporate Finance
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Group Vice President, Legal and Public Affairs | |
(845) 695-2675
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(845) 695-2754 |
* | Adjusted OIBDA is OIBDA plus investment income from affiliate. See Table 4 for information regarding our use of non-GAAP measures. |
Three Months Ended | ||||||||||||
September 30, | ||||||||||||
2011 | 2010 | YoY% Change | ||||||||||
Video |
$ | 127,916 | $ | 128,566 | (0.5 | )% | ||||||
High-speed data |
62,358 | 53,606 | 16.3 | % | ||||||||
Phone |
17,914 | 16,117 | 11.1 | % | ||||||||
Advertising |
12,056 | 12,499 | (3.5 | )% | ||||||||
Total revenues |
$ | 220,244 | $ | 210,788 | 4.5 | % | ||||||
Service costs |
(88,566 | ) | (90,019 | ) | (1.6 | )% | ||||||
SG&A expenses |
(44,872 | ) | (42,986 | ) | 4.4 | % | ||||||
Management fees |
(3,414 | ) | (3,985 | ) | (14.3 | )% | ||||||
OIBDA (a) |
$ | 83,392 | $ | 73,798 | 13.0 | % | ||||||
Cash interest expense (a) |
(26,781 | ) | (26,921 | ) | (0.5 | )% | ||||||
Capital expenditures (b) |
(43,154 | ) | (34,386 | ) | 25.5 | % | ||||||
Dividend to preferred members |
(4,500 | ) | (4,500 | ) | NM | |||||||
Free cash flow (a) |
$ | 8,957 | $ | 7,991 | 12.1 | % | ||||||
OIBDA margin (c) |
37.9 | % | 35.0 | % | ||||||||
September 30, 2011 | September 30, 2010 | |||||||||||
Bank credit facility |
$ | 1,497,000 | $ | 1,368,500 | ||||||||
81/2% senior notes due 2015 |
500,000 | 500,000 | ||||||||||
Total debt |
$ | 1,997,000 | $ | 1,868,500 | ||||||||
Unused revolving credit commitments |
$ | 278,200 | $ | 427,200 | ||||||||
Total leverage ratio (d) |
5.99 | x | 6.33 | x | ||||||||
Interest coverage ratio (e) |
3.11 | x | 2.74 | x | ||||||||
September 30, 2011 | September 30, 2010 | |||||||||||
Basic subscribers |
612,000 | 668,000 | ||||||||||
High-speed data customers |
467,000 | 453,000 | ||||||||||
Phone customers |
179,000 | 171,000 | ||||||||||
Primary service units (PSUs) |
1,258,000 | 1,292,000 | ||||||||||
Digital customers |
403,000 | 400,000 | ||||||||||
Revenue generating units |
1,661,000 | 1,692,000 | ||||||||||
Customer relationships (f) |
708,000 | 733,000 | ||||||||||
Average total monthly revenue per: |
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Basic subscriber (g) |
$ | 117.84 | $ | 104.48 | ||||||||
PSU (h) |
$ | 57.83 | $ | 54.38 | ||||||||
Customer relationships (i) |
$ | 102.61 | $ | 95.27 |
* | See Tables 3 and 4. |
Page 2 of 5
Three Months Ended | ||||||||||||
September 30, | ||||||||||||
2011 | 2010 | YoY% Change | ||||||||||
Video |
$ | 99,926 | $ | 100,298 | (0.4 | )% | ||||||
High-speed data |
50,357 | 44,348 | 13.5 | % | ||||||||
Phone |
16,316 | 14,681 | 11.1 | % | ||||||||
Advertising |
3,987 | 4,237 | (5.9 | )% | ||||||||
Total revenues |
$ | 170,586 | $ | 163,564 | 4.3 | % | ||||||
Service costs |
(73,636 | ) | (74,278 | ) | (0.9 | )% | ||||||
SG&A expenses |
(29,601 | ) | (28,282 | ) | 4.7 | % | ||||||
Management fees |
(2,644 | ) | (3,093 | ) | (14.5 | )% | ||||||
OIBDA (a) |
$ | 64,705 | $ | 57,911 | 11.7 | % | ||||||
Investment income from affiliate |
4,500 | 4,500 | NM | |||||||||
Adjusted OIBDA (a) |
$ | 69,205 | $ | 62,411 | 10.9 | % | ||||||
Cash interest expense (a) |
(23,232 | ) | (22,704 | ) | 2.3 | % | ||||||
Capital expenditures |
(26,678 | ) | (21,435 | ) | 24.5 | % | ||||||
Free cash flow (a) |
$ | 19,295 | $ | 18,272 | 5.6 | % | ||||||
Adjusted OIBDA margin (j) |
40.6 | % | 38.2 | % | ||||||||
September 30, 2011 | September 30, 2010 | |||||||||||
Bank credit facility |
$ | 1,253,000 | $ | 1,172,000 | ||||||||
91/8% senior notes due 2019 |
350,000 | 350,000 | ||||||||||
Total debt |
$ | 1,603,000 | $ | 1,522,000 | ||||||||
Unused revolving credit commitments |
$ | 122,800 | $ | 303,800 | ||||||||
Total leverage ratio (d) |
5.79 | x | 6.10 | x | ||||||||
Interest coverage ratio (e) |
2.98 | x | 2.75 | x | ||||||||
September 30, 2011 | September 30, 2010 | |||||||||||
Basic subscribers |
488,000 | 535,000 | ||||||||||
High-speed data customers |
383,000 | 374,000 | ||||||||||
Phone customers |
159,000 | 153,000 | ||||||||||
Primary service units (PSUs) |
1,030,000 | 1,062,000 | ||||||||||
Digital customers |
300,000 | 317,000 | ||||||||||
Revenue generating units |
1,330,000 | 1,379,000 | ||||||||||
Customer relationship (f) |
576,000 | 596,000 | ||||||||||
Average total monthly revenue per: |
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Basic subscriber (g) |
$ | 114.53 | $ | 101.53 | ||||||||
PSU (h) |
$ | 54.73 | $ | 51.51 | ||||||||
Customer relationship (i) |
$ | 97.79 | $ | 91.10 |
* | See Tables 3 and 4. |
Page 3 of 5
Three Months Ended | ||||||||
September 30, | ||||||||
2011 | 2010 | |||||||
Free cash flow |
$ | 8,957 | $ | 7,991 | ||||
Capital expenditures |
43,154 | 34,386 | ||||||
Dividend to preferred members |
4,500 | 4,500 | ||||||
Other expense, net |
(456 | ) | (643 | ) | ||||
Share-based compensation |
| 321 | ||||||
Changes in assets and liabilities, net |
32,895 | 18,129 | ||||||
Net cash flows provided by operating activities |
$ | 89,050 | $ | 64,684 | ||||
OIBDA |
$ | 83,392 | $ | 73,798 | ||||
Depreciation and amortization |
(35,503 | ) | (33,022 | ) | ||||
Operating income |
$ | 47,889 | $ | 40,776 | ||||
Cash interest expense |
$ | 26,781 | $ | 26,921 | ||||
Amortization of deferred financing costs |
1,116 | 1,030 | ||||||
Interest expense, net |
$ | 27,897 | $ | 27,951 | ||||
Three Months Ended | ||||||||
September 30, | ||||||||
2011 | 2010 | |||||||
Free cash flow |
$ | 19,295 | $ | 18,272 | ||||
Capital expenditures |
26,678 | 21,435 | ||||||
Other expense, net |
(504 | ) | (717 | ) | ||||
Share-based compensation |
| 146 | ||||||
Changes in assets and liabilities, net |
(12,910 | ) | (24,795 | ) | ||||
Net cash flows provided by operating activities |
$ | 32,559 | $ | 14,341 | ||||
Adjusted OIBDA |
$ | 69,205 | $ | 62,411 | ||||
Investment income from affiliate |
(4,500 | ) | (4,500 | ) | ||||
OIBDA |
$ | 64,705 | $ | 57,911 | ||||
Depreciation and amortization |
(29,450 | ) | (26,593 | ) | ||||
Operating income |
$ | 35,255 | $ | 31,318 | ||||
Cash interest expense |
$ | 23,232 | $ | 22,704 | ||||
Amortization of deferred financing costs |
961 | 839 | ||||||
Interest expense, net |
$ | 24,193 | $ | 23,543 | ||||
Page 4 of 5
(a) | See above for information about our use of Non-GAAP financial measures. | |
(b) | Excludes $2.2 million of non-cash transactions representing capital expenditures which were accrued during the quarter ended September 30, 2011. | |
(c) | Represents OIBDA as a percentage of total revenues. | |
(d) | For Mediacom Broadband LLC, represents total debt at quarter end divided by annualized OIBDA for the quarter. For Mediacom LLC, represents total debt at quarter end divided by annualized Adjusted OIBDA for the quarter. | |
(e) | For Mediacom Broadband LLC, represents OIBDA divided by cash interest expense. For Mediacom LLC, represents Adjusted OIBDA divided by cash interest expense. | |
(f) | Represents the total number of customers that receive at least one level of service, without regard to which service(s) customers purchase. | |
(g) | Represents average total monthly revenues for the quarter divided by average basic subscribers for such quarter. | |
(h) | Represents average total monthly revenues for the quarter divided by average PSUs for such quarter. | |
(i) | Represents average total monthly revenues for the quarter divided by average customer relationships for such quarter. | |
(j) | Represents Adjusted OIBDA as a percentage of total revenues. |
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