ALTICE USA, INC., 10-K filed on 3/6/2018
Annual Report
Document and Entity Information (USD $)
12 Months Ended
Dec. 31, 2017
Jun. 30, 2017
Feb. 16, 2018
Common Class A
Feb. 16, 2018
Common Class B
Document and Entity Information [Abstract]
 
 
 
 
Entity Registrant Name
Altice USA, Inc. 
 
 
 
Entity Central Index Key
0001702780 
 
 
 
Current Fiscal Year End Date
--12-31 
 
 
 
Entity Filer Category
Non-accelerated Filer 
 
 
 
Document Fiscal Year Focus
2017 
 
 
 
Document Fiscal Period Focus
FY 
 
 
 
Document Type
10-K 
 
 
 
Amendment Flag
false 
 
 
 
Document Period End Date
Dec. 31, 2017 
 
 
 
Entity Well-known Seasoned Issuer
No 
 
 
 
Entity Voluntary Filers
No 
 
 
 
Entity Current Reporting Status
Yes 
 
 
 
Entity Public Float
 
$ 3,712,484,222 
 
 
Class of Stock [Line Items]
 
 
 
 
Entity Common Stock, Shares Outstanding
 
 
246,982,292 
490,086,674 
CONSOLIDATED BALANCE SHEETS (USD $)
In Thousands, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Current Assets:
 
 
Cash and cash equivalents
$ 273,329 
$ 486,792 
Restricted cash
252 
16,301 
Accounts receivable, trade (less allowance for doubtful accounts of $13,420 and $11,677)
370,765 
349,626 
Prepaid expenses and other current assets (including a prepayment to an affiliate of $19,563 in 2017) (See Note 14)
135,313 
88,151 
Amounts due from affiliates
21,356 
22,182 
Investment securities pledged as collateral
741,515 
Derivative contracts
52,545 
352 
Total current assets
853,560 
1,704,919 
Property, plant and equipment, net of accumulated depreciation of $2,599,579 and $1,039,297
6,063,829 
6,597,635 
Investment in affiliates
930 
5,606 
Investment securities pledged as collateral
1,720,357 
741,515 
Derivative contracts
10,604 
Other assets (including a prepayment to an affiliate of $6,539 in 2017) (See Note 14)
53,254 
48,545 
Amortizable intangible assets, net of accumulated amortization
5,066,454 
6,352,644 
Indefinite-lived cable television franchises
13,020,081 
13,020,081 
Goodwill
7,996,760 
7,992,700 
Total assets
34,775,225 
36,474,249 
Current Liabilities:
 
 
Accounts payable
790,220 
705,672 
Accrued liabilities:
 
 
Interest
397,422 
576,778 
Employee related costs
132,641 
232,864 
Other accrued expenses
408,632 
352,315 
Amounts due to affiliates
13,946 
127,363 
Deferred revenue
104,220 
94,816 
Liabilities under derivative contracts
52,545 
13,158 
Collateralized indebtedness
622,332 
Credit facility debt
42,650 
33,150 
Senior notes and debentures
507,744 
926,045 
Capital lease obligations
9,539 
15,013 
Notes payable
33,424 
5,427 
Total current liabilities
2,492,983 
3,704,933 
Defined benefit plan obligations
103,163 
84,106 
Notes payable to affiliates and related parties
1,750,000 
Other liabilities
137,895 
113,485 
Deferred tax liability
4,775,115 
7,966,815 
Liabilities under derivative contracts
187,406 
78,823 
Collateralized indebtedness
1,349,474 
663,737 
Credit facility debt
4,600,873 
3,411,640 
Senior guaranteed notes
2,291,185 
2,289,494 
Senior notes and debentures
13,061,503 
14,291,786 
Capital lease obligations
12,441 
13,142 
Notes payable
32,478 
8,299 
Deficit investments in affiliates
3,579 
Total liabilities
29,048,095 
34,376,260 
Commitments and contingencies
   
   
Redeemable equity
231,290 
68,147 
Stockholders' Equity:
 
 
Preferred stock, $.01 par value, 100,000,000 shares authorized, no shares issued and outstanding at December 31, 2017
Paid-in capital
4,642,128 
3,003,554 
Retained earnings (accumulated deficit)
854,824 
(975,978)
Total stockholders' equity before accumulated other comprehensive Income and non-controlling interest
5,504,323 
2,027,576 
Accumulated other comprehensive income (loss)
(10,022)
1,979 
Total stockholders' equity
5,494,301 
2,029,555 
Noncontrolling interest
1,539 
287 
Total stockholders' equity
5,495,840 
2,029,842 
Total liabilities and stockholders' equity
34,775,225 
36,474,249 
Common Class A
 
 
Stockholders' Equity:
 
 
Common stock
2,470 
Common Class B
 
 
Stockholders' Equity:
 
 
Common stock
4,901 
Common Class C
 
 
Stockholders' Equity:
 
 
Common stock
Undesignated Common Stock
 
 
Stockholders' Equity:
 
 
Common stock
Customer relationships
 
 
Current Assets:
 
 
Amortizable intangible assets, net of accumulated amortization
4,561,863 
5,345,608 
Trade names
 
 
Current Assets:
 
 
Amortizable intangible assets, net of accumulated amortization
478,509 
983,386 
Amortizable intangible assets
 
 
Current Assets:
 
 
Amortizable intangible assets, net of accumulated amortization
$ 26,082 
$ 23,650 
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
In Thousands, except Share data, unless otherwise specified
Dec. 31, 2017
Dec. 31, 2016
Current Assets:
 
 
Accounts receivable, trade allowance for doubtful accounts
$ 13,420 
$ 11,677 
Prepayment to affiliate included in prepaid expenses and other current assets
135,313 
88,151 
Property, plant and equipment, accumulated depreciation
2,599,579 
1,039,297 
Amortizable intangible assets, accumulated amortization
2,008,573 
666,766 
Stockholders' Equity:
 
 
Preferred stock, par value (in dollars per share)
$ 0.01 
$ 0.01 
Preferred stock, shares authorized (in shares)
100,000,000 
100,000,000 
Preferred stock, shares issued (in shares)
Preferred stock, shares outstanding (in shares)
Common stock, par value (in dollars per share)
$ 0.01 
$ 0.01 
Common stock, shares authorized (in shares)
 
1,000 
Common stock, shares issued (in shares)
 
100 
Common stock, shares outstanding (in shares)
 
100 
Common Class A
 
 
Stockholders' Equity:
 
 
Common stock, par value (in dollars per share)
$ 0.01 
 
Common stock, shares authorized (in shares)
4,000,000,000 
 
Common stock, shares issued (in shares)
246,982,292 
 
Common stock, shares outstanding (in shares)
246,982,292 
 
Common Class B
 
 
Stockholders' Equity:
 
 
Common stock, par value (in dollars per share)
$ 0.01 
 
Common stock, shares authorized (in shares)
1,000,000,000 
 
Common stock, shares issued (in shares)
490,086,674 
 
Common stock, shares outstanding (in shares)
490,086,674 
 
Common Class C
 
 
Stockholders' Equity:
 
 
Common stock, par value (in dollars per share)
$ 0.01 
 
Common stock, shares authorized (in shares)
4,000,000,000 
 
Common stock, shares issued (in shares)
 
Common stock, shares outstanding (in shares)
 
Customer relationships
 
 
Current Assets:
 
 
Amortizable intangible assets, accumulated amortization
1,409,021 
580,276 
Trade names
 
 
Current Assets:
 
 
Amortizable intangible assets, accumulated amortization
588,574 
83,397 
Amortizable intangible assets
 
 
Current Assets:
 
 
Amortizable intangible assets, accumulated amortization
10,978 
3,093 
Affiliates
 
 
Current Assets:
 
 
Prepayment to affiliate included in prepaid expenses and other current assets
19,563 
 
Prepayment to affiliate in other assets
$ 6,539 
 
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Income Statement [Abstract]
 
 
Revenue (including revenue from affiliates of $2,205 and $1,086, respectively) (See Note 14)
$ 9,326,570 
$ 6,017,212 
Operating expenses:
 
 
Programming and other direct costs (including charges from affiliates of $4,176 and $1,947, respectively) (See Note 14)
3,035,655 
1,911,230 
Other operating expenses (including charges from affiliates of $106,084 and $18,854, respectively) (See Note 14)
2,342,655 
1,705,615 
Restructuring and other expense
152,401 
240,395 
Depreciation and amortization (including impairments)
2,930,475 
1,700,306 
Total operating expenses
8,461,186 
5,557,546 
Operating income
865,384 
459,666 
Other income (expense):
 
 
Interest expense (including interest expense to affiliates and related parties of $90,405 and $112,712, respectively) (See Note 14)
(1,603,132)
(1,456,541)
Interest income
1,921 
13,811 
Gain on investments, net
237,354 
141,896 
Loss on derivative contracts, net
(236,330)
(53,696)
Gain (loss) on interest rate swap contracts
5,482 
(72,961)
Loss on extinguishment of debt and write-off of deferred financing costs (including $513,723 related to affiliates and related parties in 2017) (See Note 14)
(600,240)
(127,649)
Other income (expense), net
(1,788)
4,329 
Total other income (expense)
(2,196,733)
(1,550,811)
Loss before income taxes
(1,331,349)
(1,091,145)
Income tax benefit
2,852,967 
259,666 
Net income (loss)
1,521,618 
(831,479)
Net loss (income) attributable to noncontrolling interests
(1,587)
(551)
Net income (loss) attributable to Altice USA, Inc. stockholders
$ 1,520,031 
$ (832,030)
Basic income (loss) per share (in dollars per share)
$ 2.18 
$ (1.28)
Basic weighted average common shares (in thousands) (in shares)
696,055,000 
649,525,000 
Diluted income (loss) per share (in dollars per share)
$ 2.18 
$ (1.28)
Diluted weighted average common shares (in thousands) (in shares)
696,055,000 
649,525,000 
Cash dividends declared per common share (in dollars per share)
$ 1.29 
$ 0.69 
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Income Statement [Abstract]
 
 
Revenue from affiliates
$ 2,205 
$ 1,086 
Programming and other direct costs from affiliates
4,176 
1,947 
Other operating expenses from affiliates
106,084 
18,854 
Interest expense to related parties and affiliates
90,405 
112,712 
Loss on extinguishment of debt and write-off of deferred financing costs (including $513,723 related to affiliates and related parties in 2017) (See Note 14)
$ 513,723 
$ 0 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2017
Sep. 30, 2017
Jun. 30, 2017
Mar. 31, 2017
Dec. 31, 2016
Sep. 30, 2016
Jun. 30, 2016
Mar. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
 
 
 
 
 
 
 
 
 
 
Net income (loss)
$ 2,254,682 
$ (182,086)
$ (474,790)
$ (76,188)
$ (236,049)
$ (172,553)
$ (282,129)
$ (140,748)
$ 1,521,618 
$ (831,479)
Defined benefit pension plans:
 
 
 
 
 
 
 
 
 
 
Unrecognized actuarial gain (loss)
 
 
 
 
 
 
 
 
(18,632)
3,452 
Applicable income taxes
 
 
 
 
 
 
 
 
7,441 
(1,381)
Unrecognized gain (loss) arising during period, net of income taxes
 
 
 
 
 
 
 
 
(11,191)
2,071 
Curtailment loss, net of settlement losses of $1,845 for 2017 included in net periodic benefit cost
 
 
 
 
 
 
 
 
(1,350)
(154)
Applicable income taxes
 
 
 
 
 
 
 
 
540 
62 
Curtailment loss, net of settlement losses included in net periodic benefit cost, net of income taxes
 
 
 
 
 
 
 
 
(810)
(92)
Other comprehensive gain (loss)
 
 
 
 
 
 
 
 
(12,001)
1,979 
Comprehensive income (loss)
 
 
 
 
 
 
 
 
1,509,617 
(829,500)
Comprehensive income attributable to noncontrolling interests
 
 
 
 
 
 
 
 
(1,587)
(551)
Comprehensive Income (loss) attributable to Altice USA, Inc. stockholders
 
 
 
 
 
 
 
 
$ 1,508,030 
$ (830,051)
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Statement of Comprehensive Income [Abstract]
 
 
Settlement loss (gain) related to pension plan
$ 1,845 
$ 0 
CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (USD $)
In Thousands, unless otherwise specified
Total
Organizational Transactions Prior to IPO
IPO
Total Stockholders' Equity
Total Stockholders' Equity
Organizational Transactions Prior to IPO
Total Stockholders' Equity
IPO
Paid-in Capital
Paid-in Capital
Organizational Transactions Prior to IPO
Paid-in Capital
IPO
Retained Earnings (Accumulated Deficit)
Accumulated Other Comprehensive Income
Non-controlling Interest
Common Class A
Common Stock
Common Class A
Common Stock
Organizational Transactions Prior to IPO
Common Class A
Common Stock
IPO
Common Class B
Common Stock
Common Class B
Common Stock
Organizational Transactions Prior to IPO
Beginning balance at Dec. 31, 2015
$ 2,108,080 
 
 
$ 2,108,080 
 
 
$ 2,252,028 
 
 
$ (143,948)
$ 0 
$ 0 
$ 0 
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to stockholders
(832,030)
 
 
(832,030)
 
 
 
 
 
(832,030)
 
 
 
 
 
 
 
Noncontrolling interests acquired
(264)
 
 
 
 
 
 
 
 
 
 
(264)
 
 
 
 
 
Net income attributable to noncontrolling interests
551 
 
 
 
 
 
 
 
 
 
 
551 
 
 
 
 
 
Pension liability adjustments, net of income taxes
1,979 
 
 
1,979 
 
 
 
 
 
 
1,979 
 
 
 
 
 
 
Share-based compensation expense
14,368 
 
 
14,368 
 
 
14,368 
 
 
 
 
 
 
 
 
 
 
Change in redeemable equity
(68,148)
 
 
(68,148)
 
 
(68,148)
 
 
 
 
 
 
 
 
 
 
Contributions from stockholders
1,246,499 
 
 
1,246,499 
 
 
1,246,499 
 
 
 
 
 
 
 
 
 
 
Distributions to stockholders/non-controlling interest
(445,176)
 
 
(445,176)
 
 
(445,176)
 
 
 
 
 
 
 
 
 
 
Excess tax benefit on share-based awards
31 
 
 
31 
 
 
31 
 
 
 
 
 
 
 
 
 
 
Tax impact related to the Newsday Holdings, LLC transactions
3,952 
 
 
3,952 
 
 
3,952 
 
 
 
 
 
 
 
 
 
 
Ending balance at Dec. 31, 2016
2,029,842 
 
 
2,029,555 
 
 
3,003,554 
 
 
(975,978)
1,979 
287 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to stockholders
1,520,031 
 
 
1,520,031 
 
 
 
 
 
1,520,031 
 
 
 
 
 
 
 
Net income attributable to noncontrolling interests
1,587 
 
 
 
 
 
 
 
 
 
 
1,587 
 
 
 
 
 
Pension liability adjustments, net of income taxes
(12,001)
 
 
(12,001)
 
 
 
 
 
 
(12,001)
 
 
 
 
 
 
Share-based compensation expense
57,430 
 
 
57,430 
 
 
57,430 
 
 
 
 
 
 
 
 
 
 
Change in redeemable equity
(163,142)
 
 
(163,142)
 
 
(163,142)
 
 
 
 
 
 
 
 
 
 
Contributions from stockholders
1,135 
 
 
1,135 
 
 
1,135 
 
 
 
 
 
 
 
 
 
 
Distributions to stockholders/non-controlling interest
(840,035)
 
 
(839,700)
 
 
(839,700)
 
 
 
 
(335)
 
 
 
 
 
Transfer of goodwill
(23,101)
 
 
(23,101)
 
 
(23,101)
 
 
 
 
 
 
 
 
 
 
Recognition of previously unrealized excess tax benefits related to share-based awards in connection with the adoption of ASU 2016-09
310,771 
 
 
310,771 
 
 
 
 
 
310,771 
 
 
 
 
 
 
 
Issuance of common stock pursuant to IPO
 
2,264,252 
349,071 
 
2,264,252 
349,071 
 
2,257,002 
348,950 
 
 
 
 
2,349 
121 
 
4,901 
Ending balance at Dec. 31, 2017
$ 5,495,840 
 
 
$ 5,494,301 
 
 
$ 4,642,128 
 
 
$ 854,824 
$ (10,022)
$ 1,539 
$ 2,470 
 
 
$ 4,901 
 
CONSOLIDATED STATEMENT OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities:
 
 
Net income (loss)
$ 1,521,618 
$ (831,479)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
 
 
Depreciation and amortization (including impairments)
2,930,475 
1,700,306 
Impairment of assets included in restructuring charges
2,445 
Gain on sale of affiliate interests
(206)
Equity in net loss of affiliates
10,040 
1,132 
Gain on investments, net
(237,354)
(141,896)
Loss on derivative contracts, net
236,330 
53,696 
Loss on extinguishment of debt and write-off of deferred financing costs
600,240 
127,649 
Amortization of deferred financing costs and discounts (premiums) on indebtedness
31,046 
27,799 
Settlement loss related to pension plan
1,845 
3,298 
Share-based compensation expense
57,430 
14,368 
Deferred income taxes
(2,871,144)
(263,989)
Excess tax benefit on share-based awards
(31)
Provision for doubtful accounts
74,183 
53,249 
Change in assets and liabilities, net of effects of acquisitions and dispositions:
 
 
Accounts receivable, trade
(89,683)
(58,760)
Other receivables
(12,832)
9,413 
Prepaid expenses and other assets
(32,927)
56,395 
Amounts due from and due to affiliates
(32,970)
41,351 
Accounts payable
69,088 
(11,814)
Accrued liabilities
(265,031)
312,871 
Deferred revenue
12,310 
9,835 
Liabilities related to interest rate swap contracts
(921)
78,823 
Net cash provided by operating activities
2,001,743 
1,184,455 
Cash flows from investing activities:
 
 
Payment for acquisition, net of cash acquired
(46,703)
(8,988,774)
Net proceeds from sale of affiliate interests
13,825 
Capital expenditures
(991,364)
(625,541)
Proceeds related to sale of equipment, including costs of disposal
9,743 
5,885 
Increase in other investments
(4,773)
(4,608)
Settlement of put-call options
(97,410)
Additions to other intangible assets
(1,707)
(106)
Net cash used in investing activities
(1,132,214)
(9,599,319)
Cash flows from financing activities:
 
 
Proceeds from credit facility debt
5,593,675 
5,510,256 
Repayment of credit facility debt
(4,411,581)
(9,133,543)
Proceeds from notes payable to affiliates and related parties
1,750,000 
Issuance of senior notes
1,310,000 
Proceeds from collateralized indebtedness
838,794 
179,388 
Repayment of collateralized indebtedness and related derivative contracts
(831,059)
(143,102)
Distributions to stockholders
(919,317)
(366,000)
Repayment of senior notes, including premiums and fees
(1,729,400)
Proceeds from notes payable
33,733 
Excess tax benefit on share-based awards
31 
Principal payments on capital lease obligations
(15,157)
(18,837)
Additions to deferred financing costs
(8,600)
(203,712)
Proceeds from IPO, net of fees
349,071 
Contributions from stockholders
1,135 
1,246,499 
Distributions to noncontrolling interests, net
(335)
Net cash provided by (used in) financing activities
(1,099,041)
131,421 
Net decrease in cash and cash equivalents
(229,512)
(8,283,443)
Cash, cash equivalents and restricted cash at beginning of year
503,093 
8,786,536 
Cash, cash equivalents and restricted cash at end of year
$ 273,581 
$ 503,093 
CVC - CONSOLIDATED BALANCE SHEETS (Cablevision Systems Corporation And Subsidiaries, USD $)
In Thousands, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2015
CNYG Class A Common Stock
Dec. 31, 2015
CNYG Class B Common Stock
Dec. 31, 2015
RMG Class A Common Stock
Dec. 31, 2015
RMG Class B Common Stock
Dec. 31, 2015
Cable television franchises
Current Assets:
 
 
 
 
 
 
Cash and cash equivalents
$ 1,003,279 
 
 
 
 
 
Restricted cash
1,600 
 
 
 
 
 
Accounts receivable, trade (less allowance for doubtful accounts of $13,420 and $11,677)
266,383 
 
 
 
 
 
Prepaid expenses and other current assets (including a prepayment to an affiliate of $19,563 in 2017) (See Note 14)
123,242 
 
 
 
 
 
Amounts due from affiliates
767 
 
 
 
 
 
Deferred tax asset
14,596 
 
 
 
 
 
Investment securities pledged as collateral
455,386 
 
 
 
 
 
Derivative contracts
10,333 
 
 
 
 
 
Total current assets
1,875,586 
 
 
 
 
 
Property, plant and equipment, net of accumulated depreciation of $2,599,579 and $1,039,297
3,017,015 
 
 
 
 
 
Investment in affiliates
 
 
 
 
 
Investment securities pledged as collateral
756,596 
 
 
 
 
 
Derivative contracts
72,075 
 
 
 
 
 
Other assets (including a prepayment to an affiliate of $6,539 in 2017) (See Note 14)
32,920 
 
 
 
 
 
Amortizable intangible assets, net of accumulated amortization
36,951 
 
 
 
 
 
Trademarks and other indefinite-lived intangible assets
7,250 
 
 
 
 
 
Indefinite-lived cable television franchises
 
 
 
 
 
731,848 
Goodwill
262,345 
 
 
 
 
 
Deferred financing costs, net of accumulated amortization of $8,150
7,588 
 
 
 
 
 
Total assets
6,800,174 
 
 
 
 
 
Current Liabilities:
 
 
 
 
 
 
Accounts payable
453,653 
 
 
 
 
 
Accrued liabilities:
 
 
 
 
 
 
Interest
119,005 
 
 
 
 
 
Employee related costs
344,091 
 
 
 
 
 
Other accrued expenses
169,899 
 
 
 
 
 
Amounts due to affiliates
29,729 
 
 
 
 
 
Deferred revenue
55,545 
 
 
 
 
 
Liabilities under derivative contracts
2,706 
 
 
 
 
 
Credit facility debt
562,898 
 
 
 
 
 
Collateralized indebtedness
416,621 
 
 
 
 
 
Senior notes and debentures
 
 
 
 
 
Capital lease obligations
20,350 
 
 
 
 
 
Notes payable
13,267 
 
 
 
 
 
Total current liabilities
2,187,764 
 
 
 
 
 
Long-term defined benefit plan obligations
99,228 
 
 
 
 
 
Other liabilities
165,768 
 
 
 
 
 
Deferred tax liability
704,835 
 
 
 
 
 
Credit facility debt
1,951,556 
 
 
 
 
 
Collateralized indebtedness
774,703 
 
 
 
 
 
Senior guaranteed notes
 
 
 
 
 
Senior notes and debentures
5,801,011 
 
 
 
 
 
Capital lease obligations
25,616 
 
 
 
 
 
Notes payable
1,277 
 
 
 
 
 
Total liabilities
11,711,758 
 
 
 
 
 
Commitments and contingencies
   
 
 
 
 
 
Stockholders' Equity:
 
 
 
 
 
 
Preferred Stock, $.01 par value, 50,000,000 shares authorized, none issued
 
 
 
 
 
Common Stock
 
3,042 
541 
 
Paid-in capital
792,351 
 
 
 
 
 
Retained earnings (accumulated deficit)
(4,059,411)
 
 
 
 
 
Total stockholders' equity before accumulated other comprehensive Income and non-controlling interest
(3,263,477)
 
 
 
 
 
Treasury stock, at cost (81,624,493 CNYG Class A common shares)
(1,610,167)
 
 
 
 
 
Accumulated other comprehensive income (loss)
(37,672)
 
 
 
 
 
Total stockholders' equity
(4,911,316)
 
 
 
 
 
Noncontrolling interest
(268)
 
 
 
 
 
Total stockholders' equity
(4,911,584)
 
 
 
 
 
Total liabilities and stockholders' equity
$ 6,800,174 
 
 
 
 
 
CVC - CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (Cablevision Systems Corporation And Subsidiaries, USD $)
In Thousands, except Share data, unless otherwise specified
Dec. 31, 2015
Dec. 31, 2015
CNYG Class A Common Stock
Dec. 31, 2015
CNYG Class B Common Stock
Dec. 31, 2015
RMG Class A Common Stock
Dec. 31, 2015
RMG Class B Common Stock
Current Assets:
 
 
 
 
 
Accounts receivable, trade allowance for doubtful accounts
$ 6,039 
 
 
 
 
Property, plant and equipment, accumulated depreciation
9,625,348 
 
 
 
 
Amortizable intangible assets, accumulated amortization
60,310 
 
 
 
 
Deferred financing costs, accumulated amortization
$ 8,150 
 
 
 
 
Stockholders' Equity:
 
 
 
 
 
Preferred stock, par value (in dollars per share)
$ 0.01 
 
 
 
 
Preferred stock, shares authorized (in shares)
50,000,000 
 
 
 
 
Preferred stock, shares issued (in shares)
 
 
 
 
Common stock, par value (in dollars per share)
 
$ 0.01 
$ 0.01 
$ 0.01 
$ 0.01 
Common stock, shares authorized (in shares)
 
800,000,000 
320,000,000 
600,000,000 
160,000,000 
Common stock, shares issued (in shares)
 
304,196,703 
54,137,673 
Common stock, shares outstanding (in shares)
 
222,572,210 
54,137,673 
 
 
Treasury stock (in shares)
 
81,624,493 
 
 
 
CVC - CONSOLIDATED STATEMENT OF OPERATIONS (Cablevision Systems Corporation And Subsidiaries, USD $)
In Thousands, except Share data, unless otherwise specified
6 Months Ended 12 Months Ended
Jun. 20, 2016
Dec. 31, 2015
Revenue (including revenue from affiliates of $2,205 and $1,086, respectively) (See Note 14)
$ 3,137,604 
$ 6,545,545 
Operating expenses:
 
 
Programming and other direct costs (including charges from affiliates of $4,176 and $1,947, respectively) (See Note 14)
1,088,555 
2,269,290 
Other operating expenses (including charges from affiliates of $106,084 and $18,854, respectively) (See Note 14)
1,136,970 
2,546,319 
Restructuring and other expense
22,223 
16,213 
Depreciation and amortization (including impairments)
414,550 
865,252 
Total operating expenses
2,662,298 
5,697,074 
Operating income
475,306 
848,471 
Other income (expense):
 
 
Interest expense (including interest expense to affiliates and related parties of $90,405 and $112,712, respectively) (See Note 14)
(287,098)
(585,764)
Interest income
1,590 
925 
Gain on investments, net
129,990 
(30,208)
Loss on equity derivative contracts, net
(36,283)
104,927 
Loss on extinguishment of debt and write-off of deferred financing costs (including $513,723 related to affiliates and related parties in 2017) (See Note 14)
(1,735)
Other income, net
4,855 
6,045 
Total other income (expense)
(186,946)
(505,810)
Loss before income taxes
288,360 
342,661 
Income tax benefit
(124,848)
(154,872)
Income from continuing operations, net of income taxes
163,512 
187,789 
Income (loss) from discontinued operations, net of income taxes
(12,541)
Net income (loss)
163,512 
175,248 
Net loss (income) attributable to noncontrolling interests
236 
201 
Net income (loss) attributable to Altice USA, Inc. stockholders
163,748 
175,449 
Basic income (loss) per share attributable to Cablevision Systems Corporation stockholder(s):
 
 
Income from continuing operations, net of income taxes (in dollars per share)
$ 0.60 
$ 0.70 
Income (loss) from discontinued operations, net of income taxes (in dollars per share)
$ 0.00 
$ (0.05)
Net income (in dollars per share)
$ 0.60 
$ 0.65 
Basic weighted average common shares (in thousands) (in shares)
272,035,000 
269,388,000 
Diluted income (loss) per share attributable to Cablevision Systems Corporation stockholder(s):
 
 
Income from continuing operations, net of income taxes (in dollars per share)
$ 0.58 
$ 0.68 
Income (loss) from discontinued operations, net of income taxes (in dollars per share)
$ 0.00 
$ (0.05)
Net income (in dollars per share)
$ 0.58 
$ 0.63 
Diluted weighted average common shares (in thousands)
280,199,000 
276,339,000 
Amounts attributable to Cablevision Systems Corporation stockholder(s):
 
 
Income from continuing operations, net of income taxes
163,748 
187,990 
Income (loss) from discontinued operations, net of income taxes
(12,541)
Net income (loss) attributable to Altice USA, Inc. stockholders
$ 163,748 
$ 175,449 
Cash dividends declared per common share (in dollars per share)
$ 0.00 
$ 0.45 
CVC - CONSOLIDATED STATEMENT OF OPERATIONS (Parenthetical) (USD $)
In Thousands, unless otherwise specified
12 Months Ended 6 Months Ended 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Jun. 20, 2016
Cablevision Systems Corporation And Subsidiaries
Dec. 31, 2015
Cablevision Systems Corporation And Subsidiaries
Revenue from affiliates
$ 2,205 
$ 1,086 
$ 2,088 
$ 5,343 
Programming and other direct costs from affiliates
4,176 
1,947 
84,636 
176,909 
Related Party Transaction, Other Operating Expense
$ 106,084 
$ 18,854 
$ 2,182 
$ 5,372 
CVC - CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Cablevision Systems Corporation And Subsidiaries, USD $)
In Thousands, unless otherwise specified
6 Months Ended 12 Months Ended
Jun. 20, 2016
Dec. 31, 2015
Net income
$ 163,512 
$ 175,248 
Defined benefit pension and postretirement plans (see Note 13):
 
 
Unrecognized actuarial gain
68 
2,694 
Applicable income taxes
(28)
(1,106)
Unrecognized gain (loss) arising during period, net of income taxes
40 
1,588 
Amortization of actuarial losses, net included in net periodic benefit cost
929 
1,224 
Applicable income taxes
(388)
(502)
Amortization of actuarial losses, net included in net periodic benefit cost, net of income taxes
541 
722 
Settlement income included in net periodic benefit cost
1,655 
3,822 
Applicable income taxes
(679)
(1,569)
Curtailment loss, net of settlement losses included in net periodic benefit cost, net of income taxes
976 
2,253 
Other comprehensive gain (loss)
1,557 
4,563 
Comprehensive income (loss)
165,069 
179,811 
Comprehensive income attributable to noncontrolling interests
236 
201 
Comprehensive Income (loss) attributable to Altice USA, Inc. stockholders
$ 165,305 
$ 180,012 
CVC - CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY (USD $)
In Thousands, unless otherwise specified
Total
Paid-in Capital
Retained Earnings (Accumulated Deficit)
Accumulated Other Comprehensive Income
Total Stockholders' Equity (Deficiency)
Non-controlling Interest
Cablevision Systems Corporation And Subsidiaries
Cablevision Systems Corporation And Subsidiaries
Paid-in Capital
Cablevision Systems Corporation And Subsidiaries
Retained Earnings (Accumulated Deficit)
Cablevision Systems Corporation And Subsidiaries
Treasury Stock
Cablevision Systems Corporation And Subsidiaries
Accumulated Other Comprehensive Income
Cablevision Systems Corporation And Subsidiaries
Total Stockholders' Equity (Deficiency)
Cablevision Systems Corporation And Subsidiaries
Non-controlling Interest
CNYG Class A Common Stock
Cablevision Systems Corporation And Subsidiaries
Common Stock
CNYG Class B Common Stock
Cablevision Systems Corporation And Subsidiaries
Common Stock
Beginning balance at Dec. 31, 2014
 
 
 
 
 
 
$ (5,040,690)
$ 823,103 
$ (4,234,860)
$ (1,591,021)
$ (42,235)
$ (5,041,469)
$ 779 
$ 3,003 
$ 541 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to stockholders
 
 
 
 
 
 
175,449 
 
175,449 
 
 
175,449 
 
 
 
Net income attributable to noncontrolling interests
 
 
 
 
 
 
(146)
 
 
 
 
 
(146)
 
 
Pension and postretirement plan liability adjustments, net of income taxes
 
 
 
 
 
 
4,563 
 
 
 
4,563 
4,563 
 
 
 
Proceeds from exercise of options and issuance of restricted shares
 
 
 
 
 
 
18,687 
18,648 
 
 
 
18,687 
 
39 
 
Recognition of equity-based stock compensation arrangements
 
 
 
 
 
 
60,817 
60,817 
 
 
 
60,817 
 
 
 
Treasury stock acquired from forfeiture and acquisition of restricted shares
 
 
 
 
 
 
(19,141)
 
(19,146)
 
(19,141)
 
 
 
Excess tax benefit on share-based awards
 
 
 
 
 
 
5,694 
5,694 
 
 
 
5,694 
 
 
 
Dividends on CNYG Class A and CNYG Class B common stock
 
 
 
 
 
 
(124,752)
(124,752)
 
 
 
(124,752)
 
 
 
Adjustments to/Contributions from noncontrolling interests
 
 
 
 
 
 
7,935 
8,836 
 
 
 
8,836 
(901)
 
 
Ending balance at Dec. 31, 2015
2,108,080 
 
 
 
(4,911,584)
792,351 
(4,059,411)
(1,610,167)
(37,672)
(4,911,316)
(268)
3,042 
541 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to stockholders
(140,748)
 
 
 
 
 
94,377 
 
 
 
 
 
 
 
 
Ending balance at Mar. 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Beginning balance at Dec. 31, 2015
 
 
 
 
(4,911,584)
792,351 
(4,059,411)
(1,610,167)
(37,672)
(4,911,316)
(268)
3,042 
541 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to stockholders
 
 
 
 
 
 
163,748 
 
163,748 
 
 
163,748 
 
 
 
Net income attributable to noncontrolling interests
 
 
 
 
 
 
(236)
 
 
 
 
 
(236)
 
 
Pension and postretirement plan liability adjustments, net of income taxes
 
 
 
 
 
 
1,557 
 
 
 
1,557 
1,557 
 
 
 
Proceeds from exercise of options and issuance of restricted shares
 
 
 
 
 
 
14,559 
14,544 
 
 
 
14,559 
 
15 
 
Recognition of equity-based stock compensation arrangements
 
 
 
 
 
 
24,997 
24,997 
 
 
 
24,997 
 
 
 
Treasury stock acquired from forfeiture and acquisition of restricted shares
 
 
 
 
 
 
(41,469)
 
(41,470)
 
(41,469)
 
 
 
Tax withholding associated with shares issued for equity-based compensation
 
 
 
 
 
 
(6,034)
(6,030)
 
 
 
(6,034)
 
(4)
 
Dividends on CNYG Class A and CNYG Class B common stock
 
 
 
 
 
 
(82)
(82)
 
 
 
(82)
 
 
 
Adjustments to/Contributions from noncontrolling interests
 
 
 
 
 
 
240 
 
 
 
 
 
240 
 
 
Ending balance at Jun. 20, 2016
 
 
 
 
 
 
(4,754,140)
825,945 
(3,895,663)
(1,651,637)
(36,115)
(4,753,876)
(264)
3,053 
541 
Beginning balance at Dec. 31, 2015
2,108,080 
2,252,028 
(143,948)
2,108,080 
 
 
 
 
 
 
 
 
541 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to stockholders
(832,030)
 
(832,030)
 
(832,030)
 
 
 
 
 
 
 
 
 
 
Recognition of equity-based stock compensation arrangements
14,368 
14,368 
 
 
14,368 
 
 
 
 
 
 
 
 
 
 
Ending balance at Dec. 31, 2016
2,029,842 
3,003,554 
(975,978)
1,979 
2,029,555 
287 
 
 
 
 
 
 
 
 
 
Beginning balance at Mar. 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to stockholders
 
 
 
 
 
 
69,371 
 
 
 
 
 
 
 
 
Ending balance at Jun. 20, 2016
 
 
 
 
 
 
(4,754,140)
 
 
 
 
 
 
 
541 
Beginning balance at Dec. 31, 2016
2,029,842 
3,003,554 
(975,978)
1,979 
2,029,555 
287 
 
 
 
 
 
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to stockholders
1,520,031 
 
1,520,031 
 
1,520,031 
 
 
 
 
 
 
 
 
 
 
Recognition of equity-based stock compensation arrangements
57,430 
57,430 
 
 
57,430 
 
 
 
 
 
 
 
 
 
 
Ending balance at Dec. 31, 2017
$ 5,495,840 
$ 4,642,128 
$ 854,824 
$ (10,022)
$ 5,494,301 
$ 1,539 
 
 
 
 
 
 
 
 
 
CVC - CONSOLIDATED STATEMENT OF CASH FLOWS (Cablevision Systems Corporation And Subsidiaries, USD $)
In Thousands, unless otherwise specified
6 Months Ended 12 Months Ended
Jun. 20, 2016
Dec. 31, 2015
Cash flows from operating activities: